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: 3/31/13

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.

TABLE OF CONTENTS

	SCHEDULES OF INVESTMENTS
2	Artisan Emerging Markets Fund
6	Artisan Global Equity Fund
9	Artisan Global Opportunities Fund
11	Artisan Global Value Fund
13	Artisan International Fund
16	Artisan International Small Cap Fund
18	Artisan International Value Fund
21	Artisan Mid Cap Fund
24	Artisan Mid Cap Value Fund
27	Artisan Small Cap Fund
30	Artisan Small Cap Value Fund
33	Artisan Value Fund
35	STATEMENTS OF ASSETS AND LIABILITIES
38	STATEMENTS OF OPERATIONS
41	STATEMENTS OF CHANGES IN NET ASSETS
48	FINANCIAL HIGHLIGHTS

58	NOTES TO FINANCIAL STATEMENTS
85	SHAREHOLDER EXPENSE EXAMPLE
88	FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS
93	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
94	SHAREHOLDER MEETING RESULTS
96	PROXY VOTING POLICIES AND PROCEDURES
97	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 offered through Artisan Partners Distributors LLC, member FINRA.

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.5%
BRAZIL - 12.3%
Anhanguera Educacional Participacoes S.A.		297,300	$	4,807
Arteris S.A.		327,100		3,652
Banco do Brasil S.A.(1)(2)		107,980		1,463
Banco do Brasil S.A.		422,600		5,726
BM&FBovespa S.A.		1,016,176		6,834
BR Properties S.A.		379,620		4,223
Cosan S.A. Industria e Comercio		190,900		4,266
Hypermarcas S.A.(3)		1,362,438		10,794
Magazine Luiza S.A.		659,700		2,971
Magnesita Refratarios S.A.		839,400		2,982
PDG Realty S.A. Empreendimentos e Participacoes		2,230,051		3,476
Petroleo Brasileiro S.A.		1,693,889		14,083
Vale S.A.		896,013		15,484
				80,761
CHILE - 1.4%
SACI Falabella		446,951		5,384
Sonda S.A.		1,052,188		3,678
				9,062
CHINA - 12.2%
Ajisen China Holdings Ltd.(4)		6,671,913		5,300
Chaoda Modern Agriculture Holdings Ltd.(2)(3)(4)		12,474,536		69
China High Precision Automation Group Ltd.(2)(4)		9,066,000		145
China Life Insurance Co., Ltd., Class H(4)		2,608,800		6,797
China Resources Power Holdings Co., Ltd.(4)		2,888,000		8,676
China Shenhua Energy Co., Ltd., Class H(4)		1,084,500		3,932
China Unicom Hong Kong Ltd.(4)		3,679,500		4,922
CNOOC Ltd.(4)		6,015,000		11,513
Digital China Holdings Ltd.(4)		3,994,460		5,404
GOME Electrical Appliances Holding Ltd.(3)(4)		37,645,881		4,126
Huabao International Holdings Ltd.(4)		11,831,322		5,127
Mindray Medical International Ltd. (DR)		156,965		6,269
Noah Holdings Ltd. (DR)		387,618		2,818
Sinopharm Group Co., Ltd., Class H(4)		2,020,500		6,527
Springland International Holdings Ltd.(4)		5,416,590		2,742
Zhuzhou CSR Times Electric Co., Ltd., Class H(4)		1,982,515		5,644
				80,011
COLOMBIA - 1.0%
Grupo de Inversiones Suramericana S.A.(4)		311,427		6,650
EGYPT - 0.3%
Egyptian Financial Group-Hermes Holding(3)		1,578,964	$	2,260
HONG KONG - 1.3%
AIA Group Ltd.(4)		1,347,065		5,887
Chow Tai Fook Jewellery Group Ltd.(4)		1,750,600		2,388
				8,275
INDIA - 5.9%
Hindalco Industries Ltd.(4)		2,405,972		4,060
ICICI Bank Ltd.(4)		241,952		4,690
India Cements Ltd.(4)		1,993,053		3,058
Mahindra & Mahindra Ltd.(4)		273,327		4,338
Oil India Ltd.(1)(2)(4)		307,655		2,876
Oil India(4)		48,028		449
Petronet LNG Ltd.(4)		1,387,580		3,498
Power Finance Corp. Ltd.(4)		888,924		2,993
Reliance Infrastructure Ltd.(4)		530,646		3,190
Shriram Transport Finance Co., Ltd.(4)		171,142		2,187
Tech Mahindra Ltd.(4)		289,792		5,652
Welspun Corp. Ltd.(4)		1,927,446		1,795
				38,786
INDONESIA - 5.0%
Astra International Tbk PT(4)		13,963,870		11,361
Bank Negara Indonesia Persero Tbk PT(4)		20,994,518		10,926
Gudang Garam Tbk PT(4)		657,473		3,322
Indofood CBP Sukses Makmur Tbk PT(4)		7,354,000		7,273
				32,882
ITALY - 0.9%
Tenaris S.A. (DR)		144,947		5,911
KAZAKHSTAN - 0.8%
KazMunaiGas Exploration Production JSC (DR)(4)		271,850		5,167
KOREA - 13.7%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		278,194		6,876
E-Mart Co., Ltd.		24,792		4,902
KB Financial Group, Inc.		261,792		8,824
Kia Motors Corp.		208,684		10,428
Lock & Lock Co., Ltd.		132,734		3,293
Samsung Electronics Co., Ltd.		33,123		45,460
Shinhan Financial Group Co., Ltd.		287,450		10,438
				90,221

2 Artisan Funds

	Shares Held		Value
MALAYSIA - 0.6%
AirAsia BHD		4,017,400	$	3,672
MEXICO - 5.6%
America Movil S.A.B. de C.V., Series L(4)		11,987,987		12,617
Credito Real S.A.B. de C.V.(3)(4)		2,360,727		4,069
Grupo Financiero Banorte S.A.B. de C.V.(4)		786,779		6,314
Grupo Televisa S.A.B., Series CPO(4)		1,248,346		6,666
Infraestructura Energetica Nova S.A.B. de C.V.(3)		836,558		2,665
OHL Mexico S.A.B. de C.V.(3)(4)		1,669,318		4,620
				36,951
PERU - 0.7%
Cementos Pacasmayo SAA(4)		26,169		76
Cementos Pacasmayo SAA (DR)		314,622		4,672
				4,748
PHILIPPINES - 0.7%
Philippine Long Distance Telephone Co.(4)		61,030		4,429
POLAND - 0.6%
Alior Bank S.A.(3)(4)		176,377		3,766
RUSSIA - 7.2%
Globaltrans Investment plc (DR)(4)		360,239		5,691
LSR Group (DR)(4)		1,025,936		4,445
Lukoil OAO (DR)(4)		235,672		15,199
Mobile Telesystems OJSC(4)		804,505		7,141
Polymetal International plc(4)		353,465		4,670
Sberbank of Russia(4)		3,255,775		10,346
				47,492
SOUTH AFRICA - 4.5%
African Bank Investments Ltd.(4)		1,568,255		5,168
FirstRand Ltd.(4)		1,484,424		5,200
Harmony Gold Mining Co., Ltd.(4)		739,858		4,761
Impala Platinum Holdings Ltd.(4)		403,585		5,943
Naspers Ltd., Class N(4)		137,758		8,582
				29,654
SWEDEN - 0.4%
Alliance Oil Co., Ltd. (DR)(3)(4)		369,541		2,946
SWITZERLAND - 0.5%
Dufry AG(3)(4)		28,601		3,552
TAIWAN - 10.7%
Chinatrust Financial Holding Co., Ltd.		11,276,879		6,694
Chinatrust Financial Holding Company Ltd. Rights Exp. 04/15/2013.(2)(4)		1,049,955		97
E Ink Holdings, Inc.		4,348,000		3,432
Far Eastern New Century Corp.		5,048,339		5,191
Hon Hai Precision Industry Co., Ltd.		5,215,213		14,528
TAIWAN (CONTINUED)
HTC Corp.		546,251		4,466
MediaTek, Inc.		780,794		8,930
Taiwan Fertilizer Co., Ltd.		2,318,000		5,558
Taiwan Semiconductor Manufacturing Co., Ltd.		6,470,647		21,747
				70,643
THAILAND - 3.3%
Advanced Info Service PCL (DR)		695,300		5,698
Bangkok Bank PCL (DR)		1,575,800		12,215
PTT Exploration & Production PCL(4)		128,900		651
PTT Exploration & Production PCL (DR)		651,316		3,292
				21,856
TURKEY - 4.1%
Arcelik AS		664,920		4,778
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,236,872		5,224
Tekfen Holding AS		852,057		3,626
Turk Hava Yollari(3)		981,349		4,057
Turkiye Halk Bankasi AS		479,134		5,177
Turkiye Sinai Kalkinma Bankasi AS		3,124,095		4,299
				27,161
UNITED ARAB EMIRATES - 0.6%
Air Arabia PJSC		19,785,394		4,175
UNITED KINGDOM - 0.6%
Antofagasta plc(4)		257,986		3,863
UNITED STATES - 0.6%
CTC Media, Inc.		327,440		3,860
Total common stocks (Cost $631,123)				628,754
PREFERRED STOCKS - 2.1%
BRAZIL - 1.8%
Cia Energetica de Minas Gerais(5)		497,038		5,834
Randon Participacoes S.A.(5)		999,024		6,210
				12,044
COLOMBIA - 0.3%
Grupo de Inversiones Suramericana S.A.(4)(5)		77,235		1,658
Total preferred stocks (Cost $12,630)				13,702

Artisan Funds 3

	Par Amount		Value
CONVERTIBLE DEBENTURES - 0.0%†
BRAZIL - 0.0%†
PDG Realty S.A. Empreendimentos e Participacoes (0.0%, 9/19/16)(2)(3)(4)	$	3,720	$	79
Total convertible debentures (Cost $127)				79
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value 25,066 (Cost $25,066)(6)		25,066		25,066
Total investments - 101.4% (Cost $668,946)				667,601
Other assets less liabilities - (1.4%)				(8,996	)
Total net assets - 100.0%(7)			$	658,605

^†  Amount rounds to less than 0.1%.

⁽¹⁾  The shares were acquired in a private placement and are restricted. The shares are freely tradable 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	$	1,463		0.2	%
Oil India		2/1/2013		3,018		2,876		0.4	%

⁽²⁾  Security has been determined to be illiquid under procedures established by the board of directors of Artisan Partners Funds, Inc. (“Artisan Funds”). In total, the value of securities determined to be illiquid was $4,729, or 0.7% of total net assets.

⁽³⁾  Non-income producing security.

⁽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 $295,233 or 44.8% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁵⁾  Non-voting shares.

⁽⁶⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.125	%		2/29/2016	$	721
U.S. Treasury Note		3.125	%		5/15/2019		24,851
						$	25,572

⁽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, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	84,838		12.8	%
Consumer Staples		26,360		4.0
Energy		73,783		11.2
Financials		157,388		23.8
Healthcare		12,796		2.0
Industrials		53,414		8.0
Information Technology		113,442		17.3
Materials		65,342		10.0
Telecommunication Services		34,807		5.4
Utilities		20,365		3.1
Short-term investments		25,066		3.8
Total investments	$	667,601		101.4	%
CURRENCY EXPOSURE - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	92,884		13.9	%
British pound		8,533		1.3
Chilean peso		9,062		1.4
Colombian peso		8,308		1.2
Egyptian pound		2,260		0.3
Hong Kong dollar		79,199		11.9
Indian rupee		38,786		5.8
Indonesian rupiah		32,882		4.9
Korean won		90,221		13.5
Malaysian ringgit		3,672		0.6
Mexican peso		36,951		5.5
Peruvian nuevo sol		76		-	(1)
Philippine peso		4,429		0.7
Polish zloty		3,766		0.6
South African rand		29,654		4.4
Swedish krona		2,946		0.4
Swiss franc		3,552		0.5
Taiwan dollar		70,643		10.6
Thai baht		21,856		3.3
Turkish lira		27,161		4.1
U.S. dollar		96,585		14.5
UAE dirham		4,175		0.6
Total investments	$	667,601		100.0	%

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

4 Artisan Funds

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		6.9	%
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		3.3
Vale S.A.	Brazil		2.4
Lukoil OAO	Russia		2.3
Hon Hai Precision Industry Co., Ltd.	Taiwan		2.2
Petroleo Brasileiro S.A.	Brazil		2.1
America Movil S.A.B. de C.V.	Mexico		1.9
Bangkok Bank PCL	Thailand		1.8
CNOOC Ltd.	China		1.8
Astra International Tbk PT	Indonesia		1.7
Total			26.4	%

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

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

Artisan Funds 5

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.7%
BELGIUM - 1.6%
Anheuser-Busch InBev N.V.(1)		10,268	$	1,018
BRAZIL - 0.9%
International Meal Co. Holdings S.A.		45,300		581
CAMBODIA - 2.3%
NagaCorp Ltd.(1)		1,742,000		1,473
CANADA - 1.6%
Canadian Pacific Railway Ltd.		7,555		986
CHINA - 4.0%
21Vianet Group, Inc. (DR)(2)		175,595		1,650
Baidu, Inc. (DR)(2)		10,100		886
				2,536
FRANCE - 4.6%
Eurofins Scientific(1)		5,639		1,188
Naturex(1)		7,724		593
Pernod-Ricard S.A.(1)		8,722		1,088
				2,869
GERMANY - 6.6%
Baader Bank AG(1)		52,689		129
Brenntag AG(1)		2,676		418
Draegerwerk AG & Co. KGaA(1)		11,363		1,232
HeidelbergCement AG(1)		4,759		342
Linde AG(1)		5,699		1,060
Wirecard AG(1)		34,930		964
				4,145
HONG KONG - 2.5%
AIA Group Ltd.(1)		360,595		1,576
INDIA - 1.2%
Housing Development Finance Corp.(1)		51,084		774
INDONESIA - 2.3%
Bank Rakyat Indonesia Persero Tbk PT(1)		824,000		744
Mayora Indah Tbk PT(1)		255,000		712
				1,456
IRELAND - 2.8%
CRH plc(1)		13,588		300
Glanbia plc(1)		122,088		1,450
				1,750
JAPAN - 5.8%
Bit-isle, Inc.		106,900		1,485
Calbee, Inc.		6,500		527
Japan Tobacco, Inc.		33,600		1,071
Sugi Holdings Co., Ltd.		16,200		577
				3,660
MALAYSIA - 1.2%
Astro Malaysia Holdings Bhd		851,700		776
NETHERLANDS - 1.5%
Unilever N.V. (DR)(1)		22,696		930
NEW ZEALAND - 2.7%
Xero Ltd.(1)(2)		182,898		1,688
NIGERIA - 2.0%
Dangote Cement plc		1,190,511		1,115
Nestle Nigeria plc		25,500		152
				1,267
PHILIPPINES - 0.9%
Alliance Global Group, Inc.(1)		1,135,130		587
RUSSIA - 0.3%
MD Medical Group Investments plc (DR)(1)(2)		9,475		167
SPAIN - 0.2%
Baron de Ley(1)(2)		2,260		144
SWITZERLAND - 8.7%
AFG Arbonia-Forster Holding AG(1)(2)		20,629		557
Nestle S.A.(1)		21,381		1,547
Sonova Holding AG(1)		6,979		838
Tecan Group AG(1)		10,545		989
UBS AG(1)		98,670		1,515
				5,446
THAILAND - 0.2%
Big C Supercenter PCL		20,300		149
UNITED KINGDOM - 5.8%
Prudential plc(1)		47,226		768
SABMiller plc(1)		25,251		1,330
Spirax-Sarco Engineering plc(1)		16,448		674
WPP plc(1)		55,732		891
				3,663

6 Artisan Funds

	Shares Held		Value
UNITED STATES - 35.0%
Allergan, Inc.		5,906	$	659
American Express Co.		26,655		1,798
Ariad Pharmaceuticals, Inc.(2)		29,043		525
B/E Aerospace, Inc.(2)		20,134		1,214
Chipotle Mexican Grill, Inc.(2)		2,862		933
Colgate-Palmolive Co.		6,056		715
Comcast Corp., Class A		26,559		1,116
Dollar Tree, Inc.(2)		16,102		780
eBay, Inc.(2)		10,386		563
GNC Holdings, Inc., Class A		73,198		2,875
Google, Inc., Class A(2)		1,882		1,494
Interpublic Group of Cos., Inc.		78,308		1,020
Liberty Global, Inc., Class A(2)		10,210		749
Marsh & McLennan Cos., Inc.		35,425		1,345
Mastercard, Inc., Class A		2,374		1,285
Molson Coors Brewing Co., Class B(3)		33,733		1,651
Monster Beverage Corp.(2)		9,336		446
PetSmart, Inc.		14,929		927
Walt Disney Co.		11,404		648
Yum! Brands, Inc.		18,711		1,346
				22,089
Total common stocks (Cost $53,600)				59,730
PREFERRED STOCKS - 2.8%
GERMANY - 1.5%
Henkel AG & Co. KGaA(1)(3)		9,878		951
KOREA - 1.3%
Samsung Electronics Co., Ltd.(3)		1,066		839
Total preferred stocks (Cost $1,614)				1,790
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $1,665 (Cost $1,665)(4)	$	1,665	$	1,665
Total investments - 100.2% (Cost $56,879)				63,185
Other assets less liabilities - (0.2%)				(130	)
Total net assets - 100.0%(5)			$	63,055

⁽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 $28,637 or 45.4% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽²⁾  Non-income producing security.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.125	%		2/29/2016	$	1,700

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	14,115		22.3	%
Consumer Staples		15,051		23.7
Financials		8,649		13.7
Healthcare		5,598		9.0
Industrials		4,436		7.1
Information Technology		10,854		17.2
Materials		2,817		4.5
Short-term investments		1,665		2.7
Total investments	$	63,185		100.2	%

CURRENCY EXPOSURE - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	581		0.9	%
British pound		3,663		5.8
Euro		11,807		18.7
Hong Kong dollar		3,049		4.8
Indian rupee		774		1.2
Indonesian rupiah		1,456		2.3
Japanese yen		3,660		5.8
Korean won		839		1.3
Malaysian ringgit		776		1.2
New Zealand dollar		1,688		2.7
Nigerian naira		1,267		2.0
Philippine peso		587		0.9
Swiss franc		5,446		8.6
Thai baht		149		0.3
U.S. dollar		27,443		43.5
Total investments	$	63,185		100.0	%

Artisan Funds 7

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
GNC Holdings, Inc.	United States		4.6	%
American Express Co.	United States		2.9
Xero Ltd.	New Zealand		2.7
Molson Coors Brewing Co.	United States		2.6
21Vianet Group, Inc.	China		2.6
AIA Group Ltd.	Hong Kong		2.5
Nestle S.A.	Switzerland		2.5
UBS AG	Switzerland		2.4
Google, Inc.	United States		2.4
Bit-isle, Inc.	Japan		2.4
Total			27.6	%

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

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

8 Artisan Funds

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.2%
AUSTRALIA - 1.2%
James Hardie Industries plc (DR)(1)		604,976	$	6,328
BRAZIL - 5.2%
Anhanguera Educacional Participacoes S.A.		591,896		9,569
BR Malls Participacoes S.A.		394,400		4,934
Qualicorp S.A.(2)		653,131		6,565
Raia Drogasil S.A.		618,700		6,595
				27,663
CANADA - 2.1%
Tourmaline Oil Corp.(2)		289,928		11,211
CHINA - 0.8%
Tsingtao Brewery Co., Ltd., Class H(1)		698,414		4,436
FRANCE - 5.3%
Ingenico(1)		115,134		6,826
Sanofi(1)		208,080		21,219
				28,045
GERMANY - 3.0%
Linde AG(1)		27,300		5,078
SAP AG (DR)		138,066		11,120
				16,198
HONG KONG - 1.4%
Hong Kong Exchanges and Clearing Ltd.(1)		440,282		7,520
INDIA - 1.4%
HDFC Bank Ltd. (DR)		197,761		7,400
INDONESIA - 1.4%
Bank Central Asia Tbk PT(1)		6,449,242		7,592
JAPAN - 3.1%
FANUC Corp.		64,279		9,894
Rakuten, Inc.		379,000		3,853
Yahoo Japan Corp.		5,800		2,668
				16,415
MEXICO - 0.5%
TF Administradora Industrial S de RL de C.V.(2)		1,174,200		2,624
PORTUGAL - 0.7%
Jeronimo Martins SGPS S.A.(1)		204,900		3,990
SWEDEN - 5.1%
Hexagon AB, Class B(1)		895,782		24,431
Volvo AB, Class B(1)		181,100		2,639
				27,070
TAIWAN - 1.2%
MediaTek, Inc.		579,100		6,623
UNITED KINGDOM - 8.9%
ARM Holdings plc(1)		1,203,936		16,936
Intertek Group plc(1)		132,878		6,865
Rotork plc(1)		308,023		13,621
Standard Chartered plc(1)		387,231		10,031
				47,453
UNITED STATES - 54.9%
Agilent Technologies, Inc.		122,339		5,135
Amazon.com, Inc.(2)		40,900		10,899
Anadarko Petroleum Corp.		64,600		5,649
Apple, Inc.		21,378		9,463
Applied Materials, Inc.		479,900		6,469
Biogen Idec, Inc.(2)		107,792		20,794
Cerner Corp.(2)		112,077		10,619
Citigroup, Inc.		348,100		15,400
Discover Financial Services		475,285		21,312
eBay, Inc.(2)		555,693		30,130
Facebook, Inc., Class A(2)		272,113		6,961
Gilead Sciences, Inc.(2)		271,600		13,289
Google, Inc., Class A(2)		39,712		31,532
IHS, Inc., Class A(2)		195,757		20,500
Monsanto Co.		276,366		29,192
Ralph Lauren Corp.		75,134		12,721
Regeneron Pharmaceuticals, Inc.(2)		139,461		24,601
Salesforce.com, Inc.(2)		56,057		10,025
Starbucks Corp.		145,190		8,270
				292,961
Total common stocks (Cost $437,017)				513,529

Artisan Funds 9

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $24,576 (Cost $24,576)(3)	$	24,576	$	24,576
Total investments - 100.8% (Cost $461,593)				538,105
Other assets less liabilities - (0.8%)				(4,467	)
Total net assets - 100.0%(4)			$	533,638

⁽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 $137,512 or 25.8% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽²⁾  Non-income producing security.

⁽³⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	25,073

⁽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, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	45,312		8.4	%
Consumer Staples		15,021		2.8
Energy		16,860		3.2
Financials		76,813		14.4
Healthcare		102,222		19.2
Industrials		53,519		10.0
Information Technology		163,184		30.6
Materials		40,598		7.6
Short-term investments		24,576		4.6
Total investments	$	538,105		100.8	%

CURRENCY EXPOSURE - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar	$	6,328			1.2	%
Brazilian real		27,663			5.1
British pound		47,453			8.8
Canadian dollar		11,211			2.1
Euro		37,113			6.9
Hong Kong dollar		11,956			2.2
Indonesian rupiah		7,592			1.4
Japanese yen		16,415	*		3.1
Mexican peso		2,624			0.5
Swedish krona		27,070			5.0
Taiwan dollar		6,623			1.2
U.S. dollar		336,057			62.5
Total investments	$	538,105			100.0	%

* Currency exposure is offset by foreign currency forward contracts noted in the table below:

Counterparty	Contract Settlement Date	Contract Amount					Unrealized Appreciation/ (Depreciation)
		Deliver		Receive
State Street Bank and Trust Company	8/15/2013	JPY	574,004		USD	6,145	$	41
State Street Bank and Trust Company	8/15/2013	JPY	86,092		USD	913		(3	)
State Street Bank and Trust Company	8/15/2013	JPY	82,392		USD	857		(19	)
		JPY	742,488		USD	7,915	$	19

JPY - Japanese yen

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Google, Inc.	United States		5.9	%
eBay, Inc.	United States		5.6
Monsanto Co.	United States		5.5
Regeneron Pharmaceuticals, Inc.	United States		4.6
Hexagon AB	Sweden		4.6
Discover Financial Services	United States		4.0
Sanofi	France		4.0
Biogen Idec, Inc.	United States		3.9
IHS, Inc.	United States		3.8
ARM Holdings plc	United Kingdom		3.2
Total			45.1	%

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.

10 Artisan Funds

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 88.6%
BELGIUM - 1.8%
Groupe Bruxelles Lambert S.A.(1)		124,772	$	9,545
CANADA - 2.1%
Imperial Oil Ltd.		280,580		11,468
FRANCE - 0.8%
Total S.A.(1)		84,828		4,055
GERMANY - 1.5%
HeidelbergCement AG(1)		108,913		7,831
JAPAN - 3.0%
Credit Saison Co., Ltd.		100,000		2,490
Kao Corp.		329,800		10,791
Sankyo Co., Ltd.		61,057		2,889
				16,170
KOREA - 0.2%
Kia Motors Corp.		17,646		882
NETHERLANDS - 1.8%
DE Master Blenders 1753 N.V.(1)(2)		231,703		3,583
ING Groep N.V. (DR)(1)(2)		703,095		5,053
TNT Express N.V.(1)		162,314		1,194
				9,830
NORWAY - 1.3%
Orkla ASA(1)		871,255		6,990
SWITZERLAND - 4.8%
Adecco S.A.(1)		178,952		9,813
Novartis AG(1)		215,547		15,349
Pargesa Holding S.A.(1)		7,583		516
				25,678
UNITED KINGDOM - 14.1%
Compass Group plc(1)		1,472,807		18,819
Diageo plc(1)		346,303		10,905
Direct Line Insurance Group plc(1)		773,070		2,396
Lloyds Banking Group plc(1)(2)		11,254,655		8,373
TESCO plc(1)		2,195,677		12,766
Unilever plc (DR)		343,805		14,522
Vodafone Group plc(1)		2,818,459		8,000
				75,781
UNITED STATES - 57.2%
3M Co.		159,949		17,004
Accenture plc, Class A		74,191		5,636
American Express Co.		193,849		13,077
Aon plc		314,084		19,316
Arch Capital Group Ltd.(2)(3)		347,841		18,286
Bank of New York Mellon Corp.		648,680		18,157
Chubb Corp.		125,550		10,989
Cisco Systems, Inc.		440,599		9,213
Flextronics International Ltd.(2)		417,610		2,823
Google, Inc., Class A(2)		21,797		17,308
Hasbro, Inc.		221,921		9,751
Johnson & Johnson		208,915		17,033
Marsh & McLennan Cos., Inc.		408,036		15,493
Mastercard, Inc., Class A		30,442		16,473
Medtronic, Inc.		298,975		14,040
Microsoft Corp.		545,137		15,596
Oracle Corp.		552,238		17,859
Parker Hannifin Corp.		75,255		6,892
Progressive Corp.		393,793		9,951
Signet Jewelers Ltd.		169,963		11,388
Target Corp.		172,557		11,812
TE Connectivity Ltd.		496,808		20,831
Wal-Mart Stores, Inc.		97,174		7,272
				306,200
Total common stocks (Cost $410,451)				474,430
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 11.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $58,950 (Cost $58,950)(4)	$	58,950	$	58,950
Total investments - 99.6% (Cost $469,401)				533,380
Other assets less liabilities - 0.4%				2,302
Total net assets - 100.0%(5)			$	535,682

Artisan Funds 11

⁽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 $125,188 or 23.4% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽²⁾  Non-income producing security.

⁽³⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (10) in Notes to Financial Statements.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S.Treasury Bond		2.750	%		8/15/2042	$	60,130

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	55,541		10.3	%
Consumer Staples		66,829		12.5
Energy		15,523		2.9
Financials		133,642		25.0
Healthcare		46,422		8.7
Industrials		34,903		6.5
Information Technology		105,739		19.7
Materials		7,831		1.5
Telecommunication Services		8,000		1.5
Short-term investments		58,950		11.0
Total investments	$	533,380		99.6	%

CURRENCY EXPOSURE - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
British pound	$	61,259			11.5	%
Canadian dollar		11,468			2.1
Euro		31,261			5.9
Japanese yen		16,170	*		3.0
Korean won		882			0.2
Norwegian krone		6,990			1.3
Swiss franc		25,678			4.8
U.S. dollar		379,672			71.2
Total investments	$	533,380			100.0	%

* Currency exposure is offset by foreign currency forward contracts noted in the table below:

Counterparty	Contract Settlement Date	Contract Amount					Unrealized Appreciation/ (Depreciation)
		Deliver		Receive
State Street Bank and Trust Company	8/15/2013	JPY	1,105,416		USD	11,835	$	79
State Street Bank and Trust Company	8/15/2013	JPY	114,734		USD	1,195		(25	)
State Street Bank and Trust Company	8/15/2013	JPY	96,984		USD	1,056		25
		JPY	1,317,134		USD	14,086	$	79

JPY - Japanese yen

USD - U.S.dollar

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
TE Connectivity Ltd.	United States		3.9	%
Aon plc	United States		3.6
Compass Group plc	United Kingdom		3.5
Arch Capital Group Ltd.	United States		3.4
Bank of New York Mellon Corp.	United States		3.4
Oracle Corp.	United States		3.3
Google, Inc.	United States		3.2
Johnson & Johnson	United States		3.2
3M Co.	United States		3.2
Mastercard, Inc.	United States		3.1
Total			33.8	%

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

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

12 Artisan Funds

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.0%
AUSTRALIA - 0.2%
Westfield Group(1)		2,420,738	$	27,401
BELGIUM - 4.7%
Anheuser-Busch InBev N.V.(1)		4,283,426		424,540
Telenet Group Holding N.V.(1)		885,638		43,791
UCB S.A.(1)		1,140,527		72,864
				541,195
BRAZIL - 0.2%
BM&FBovespa S.A.		4,044,700		27,201
CANADA - 3.7%
Canadian Pacific Railway Ltd.		3,247,923		423,756
CHINA - 4.8%
Baidu, Inc. (DR)(2)		3,441,995		301,863
China Resources Land Ltd.(1)		45,146,759		126,776
Tencent Holdings Ltd.(1)		4,011,029		127,736
				556,375
DENMARK - 0.1%
Rockwool International AS, Class B(1)		68,595		8,388
FRANCE - 7.1%
LVMH Moet Hennessy Louis Vuitton S.A.(1)		339,313		58,293
Pernod-Ricard S.A.(1)		1,906,345		237,797
Schneider Electric S.A.(1)		2,527,554		184,873
Unibail-Rodamco SE		804,734		187,432
Zodiac Aerospace(1)		1,304,875		152,130
				820,525
GERMANY - 18.2%
Allianz SE(1)		843,492		114,611
Bayer AG(1)		2,163,621		223,238
Beiersdorf AG(1)		2,261,385		208,905
Brenntag AG(1)		1,033,265		161,371
Deutsche Post AG(1)		10,193,761		235,242
HeidelbergCement AG(1)		2,041,789		146,810
Kabel Deutschland Holding AG(1)		2,115,492		195,069
Linde AG(1)		2,565,955		477,322
Muenchener Rueckversicherungs AG(1)		1,853,518		346,787
				2,109,355
HONG KONG - 5.0%
AIA Group Ltd.(1)		87,285,761		381,462
Hongkong Land Holdings Ltd.(1)		10,216,259		75,782
Sino Land Co., Ltd.(1)		41,363,112		70,314
Sun Hung Kai Properties Ltd.(1)		4,125,900		55,585
				583,143
INDIA - 0.3%
Coal India Ltd.(1)		6,990,891		39,930
INDONESIA - 0.5%
Bank Rakyat Indonesia Persero Tbk PT(1)		64,854,500		58,539
IRELAND - 1.3%
CRH plc(1)		6,667,001		147,318
ITALY - 0.2%
Fiat Industrial S.p.A.(1)		1,558,400		17,539
JAPAN - 10.8%
Honda Motor Co., Ltd.		12,194,483		460,524
Japan Tobacco, Inc.		13,308,963		424,145
NGK Insulators Ltd.		12,015,793		129,304
Nissan Motor Co., Ltd.		10,604,200		101,947
Ono Pharmaceutical Co., Ltd.		126,400		7,694
Toyota Motor Corp.		2,509,500		129,560
				1,253,174
KOREA - 0.6%
Samsung Electronics Co., Ltd.		54,062		74,198
MALAYSIA - 0.1%
Astro Malaysia Holdings Bhd		17,259,700		15,718
NETHERLANDS - 4.5%
Koninklijke Vopak N.V.(1)		1,361,291		82,110
Unilever N.V. (DR)(1)		9,445,813		387,224
Ziggo N.V.(1)		1,541,985		54,290
				523,624
NIGERIA - 0.4%
Nigerian Breweries plc		50,488,097		51,972
SPAIN - 0.5%
Grifols S.A.(1)(2)		1,603,591		59,629
Grifols S.A., Class B(1)(2)(3)		97,089		2,787
				62,416

Artisan Funds 13

	Shares Held		Value
SWITZERLAND - 10.0%
Actelion Ltd.(1)		316,110	$	17,178
Credit Suisse Group AG(1)		3,131,042		82,633
Holcim Ltd.(1)		1,839,810		146,780
Nestle S.A.(1)		5,682,211		411,085
Roche Holding AG(1)(3)		805,004		187,947
Swiss Re AG(1)		1,125,402		91,590
UBS AG(1)		9,027,079		138,630
Zurich Insurance Group AG(1)		280,687		78,172
				1,154,015
UNITED KINGDOM - 13.8%
British Land Co. plc(1)		8,266,109		68,306
Diageo plc(1)		1,948,575		61,359
HSBC Holdings plc(1)		23,001,241		244,869
Imperial Tobacco Group plc(1)		6,238,704		218,436
InterContinental Hotels Group plc(1)		1,553,115		47,485
Johnson Matthey plc(1)		3,119,370		109,112
Land Securities Group plc(1)		10,695,415		134,804
Meggitt plc(1)		12,283,375		91,989
Prudential plc(1)		3,808,618		61,975
Rolls-Royce Holdings plc(1)		3,959,645		68,041
SABMiller plc(1)		5,174,027		272,493
Standard Chartered plc(1)		3,059,488		79,256
WPP plc(1)		8,863,553		141,770
				1,599,895
UNITED STATES - 6.0%
Covidien plc		4,493,252		304,822
Liberty Global, Inc., Class A(2)		1,211,260		88,907
Schlumberger Ltd.		2,459,887		184,221
Sensata Technologies Holding N.V.(2)		1,854,015		60,942
Virgin Media, Inc.		1,076,648		52,723
				691,615
Total common stocks (Cost $8,332,196)				10,787,292
PREFERRED STOCKS - 1.8%
GERMANY - 1.8%
Henkel AG & Co. KGaA(1)(3)		2,107,452		202,911
Total preferred stocks (Cost $150,213)				202,911
	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $410,797 (Cost $410,797)(4)	$	410,797	$	410,797
Total investments - 98.3% (Cost $8,893,206)				11,401,000
Other assets less liabilities - 1.7%				196,955
Total net assets - 100.0%(5)			$	11,597,955

⁽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 $7,963,274 or 68.7% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽²⁾  Non-income producing security.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S.Treasury Bond		2.750	%		8/15/2042	$	398,380
U.S.Treasury Bond		3.125	%		11/15/2041		20,634
						$	419,014

⁽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.

14 Artisan Funds

PORTFOLIO DIVERSIFICATION - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,291,996		11.2	%
Consumer Staples		2,900,867		25.0
Energy		224,151		1.9
Financials		2,452,125		21.1
Healthcare		876,159		7.5
Industrials		1,615,685		14.0
Information Technology		503,797		4.3
Materials		1,027,342		8.9
Telecommunication Services		98,081		0.9
Short-term investments		410,797		3.5
Total investments	$	11,401,000		98.3	%

CURRENCY EXPOSURE - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	27,401		0.2	%
Brazilian real		27,201		0.2
British pound		1,599,895		14.0
Danish krone		8,388		0.1
Euro		4,424,883		38.8
Hong Kong dollar		761,873		6.7
Indian rupee		39,930		0.4
Indonesian rupiah		58,539		0.5
Japanese yen		1,253,174		11.0
Korean won		74,198		0.7
Malaysian ringgit		15,718		0.1
Nigerian naira		51,972		0.5
Swiss franc		1,154,015		10.1
U.S. dollar		1,903,813		16.7
Total investments	$	11,401,000		100.0	%

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Linde AG	Germany		4.1	%
Honda Motor Co., Ltd.	Japan		4.0
Anheuser-Busch InBev N.V.	Belgium		3.7
Japan Tobacco, Inc.	Japan		3.7
Canadian Pacific Railway Ltd.	Canada		3.6
Nestle S.A.	Switzerland		3.5
Unilever N.V.	Netherlands		3.3
AIA Group Ltd.	Hong Kong		3.3
Muenchener Rueckversicherungs AG	Germany		3.0
Covidien plc	United States		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 accompanying notes are an integral part of the financial statements.

Artisan Funds 15

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.2%
BRAZIL - 5.2%
International Meal Co. Holdings S.A.		1,358,100	$	17,407
M Dias Branco S.A.		476,100		18,966
Raia Drogasil S.A.		783,600		8,353
				44,726
CANADA - 1.1%
CAE, Inc.		986,683		9,645
CHINA - 11.8%
21Vianet Group, Inc. (DR)(1)		1,118,946		10,518
AMVIG Holdings Ltd.(2)		12,448,000		4,624
Beijing Enterprises Water Group Ltd.(2)		83,632,000		25,014
China Everbright International Ltd.(2)		11,654,000		8,324
Golden Eagle Retail Group Ltd.(2)		1,464,000		2,652
Intime Department Store Group Co., Ltd.(2)		12,631,300		14,539
New World Department Store China Ltd.(2)		9,750,000		5,658
SOHO China Ltd.(2)		12,605,500		10,511
Yingde Gases(2)		18,196,000		20,299
				102,139
DENMARK - 1.1%
Rockwool International AS, Class B(2)		5,893		721
Royal Unibrew AS(2)		95,727		8,524
				9,245
FRANCE - 8.9%
Eurofins Scientific(2)		183,586		38,680
IPSOS(2)		558,064		19,552
Rubis SCA(2)		305,759		18,634
				76,866
GERMANY - 13.1%
Deutz AG(1)(2)		2,075,002		10,914
Draegerwerk AG & Co. KGaA(2)		92,909		10,072
Sixt AG(2)		462,883		9,091
Wacker Neuson SE(2)		577,425		8,362
Wirecard AG(2)		2,695,690		74,426
				112,865
HONG KONG - 0.9%
SJM Holdings Ltd.(2)		3,212,932		8,052
INDONESIA - 4.2%
Ace Hardware Indonesia Tbk PT(2)		173,118,300		14,820
Mayora Indah Tbk PT(2)		1,688,500		4,714
Nippon Indosari Corpindo Tbk PT(2)		10,230,500		7,585
Tempo Scan Pacific Tbk PT(2)		23,832,400		9,447
				36,566
IRELAND - 4.7%
Glanbia plc(2)		3,455,298		41,027
ITALY - 2.5%
Davide Campari-Milano S.p.A.(2)		1,112,071		8,666
MARR S.p.A.(2)		1,177,082		12,927
				21,593
JAPAN - 7.0%
Bit-isle, Inc.		1,209,900		16,811
Calbee, Inc.		273,600		22,176
Sugi Holdings Co., Ltd.		607,400		21,616
				60,603
KENYA - 1.3%
East African Breweries Ltd.(2)		3,088,500		11,222
KOREA - 2.1%
GS Retail Co., Ltd.		414,640		10,994
S1 Corp.		122,966		7,007
				18,001
MALAYSIA - 0.3%
Oldtown Bhd		2,909,600		2,311
PHILIPPINES - 3.0%
Alliance Global Group, Inc.(2)		22,538,600		11,657
Megaworld Corp.(2)		151,381,000		14,396
				26,053
SINGAPORE - 6.3%
Petra Foods Ltd.(2)		4,941,000		16,593
SIA Engineering Co., Ltd.(2)		4,009,700		15,371
Super Group Ltd.(2)		7,179,000		22,605
				54,569
SWITZERLAND - 4.1%
Schindler Holding AG(2)(3)		110,400		16,187
Tecan Group AG(2)		203,634		19,098
				35,285
UNITED KINGDOM - 15.6%
APR Energy plc(2)		1,238,944		15,926
Babcock International Group plc(2)		2,415,499		40,031
Barratt Developments plc(1)(2)		4,074,891		16,984
Big Yellow Group plc(2)		3,360,579		18,166
Britvic plc(2)		3,745,010		25,301
Catlin Group Ltd.(2)		1,028,859		8,160
Dignity plc(2)		487,048		10,528
				135,096
Total common stocks (Cost $591,139)				805,864

16 Artisan Funds

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $53,000 (Cost $53,000)(4)	$	53,000	$	53,000
Total investments - 99.3% (Cost $644,139)				858,864
Other assets less liabilities - 0.7%				6,108
Total net assets - 100.0%(5)			$	864,972

⁽¹⁾  Non-income producing security.

⁽²⁾  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $660,060 or 76.3% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽³⁾  Non-voting shares.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S.Treasury Bond		4.500	%		8/15/2039	$	54,063

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	110,192		12.8	%
Consumer Staples		243,580		28.2
Financials		51,233		6.0
Healthcare		77,297		9.0
Industrials		137,310		15.9
Information Technology		101,755		11.7
Materials		24,923		2.8
Utilities		59,574		6.8
Short-term investments		53,000		6.1
Total investments	$	858,864		99.3	%

CURRENCY EXPOSURE - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	44,726		5.2	%
British pound		135,096		15.7
Canadian dollar		9,645		1.1
Danish krone		9,245		1.1
Euro		252,351		29.4
Hong Kong dollar		99,673		11.6
Indonesian rupiah		36,566		4.3
Japanese yen		60,603		7.1
Kenyan shilling		11,222		1.3
Korean won		18,001		2.1
Malaysian ringgit		2,311		0.3
Philippine peso		26,053		3.0
Singapore dollar		54,569		6.3
Swiss franc		35,285		4.1
U.S. dollar		63,518		7.4
Total investments	$	858,864		100.0	%

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		8.6	%
Glanbia plc	Ireland		4.7
Babcock International Group plc	United Kingdom		4.6
Eurofins Scientific	France		4.5
Britvic plc	United Kingdom		2.9
Beijing Enterprises Water Group Ltd.	China		2.9
Super Group Ltd.	Singapore		2.6
Calbee, Inc.	Japan		2.6
Sugi Holdings Co., Ltd.	Japan		2.5
Yingde Gases	China		2.3
Total			38.2	%

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

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

Artisan Funds 17

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 89.4%
BELGIUM - 1.9%
Groupe Bruxelles Lambert S.A.(1)		2,128,955	$	162,862
CANADA - 2.0%
Imperial Oil Ltd.		4,357,238		178,090
CHINA - 1.7%
Baidu, Inc. (DR)(2)		1,674,038		146,813
DENMARK - 1.6%
Carlsberg AS, Class B(1)		1,489,434		145,283
FRANCE - 4.3%
Societe Television Francaise 1(1)		4,857,308		54,540
Sodexo(1)		1,237,316		115,367
Sodexo Prime De Fidelite Common Stock(1)(3)		1,284,779		119,793
Total S.A.(1)		1,790,901		85,599
				375,299
GERMANY - 4.3%
Deutsche Boerse AG(1)		1,724,740		104,451
HeidelbergCement AG(1)		2,970,687		213,599
Wincor Nixdorf AG(1)		1,114,944		55,395
				373,445
HONG KONG - 1.0%
Guoco Group Ltd.(1)		7,185,736		87,910
IRELAND - 1.0%
ICON plc(2)(4)		2,738,042		88,411
JAPAN - 8.6%
Aderans Co., Ltd.(2)(4)		2,281,800		38,105
Credit Saison Co., Ltd.		6,698,859		166,805
Kao Corp.		8,277,800		270,841
Nifco, Inc.		1,986,600		47,019
Sankyo Co., Ltd.		1,513,092		71,608
Stanley Electric Co., Ltd.		8,893,700		156,550
				750,928
KOREA - 0.4%
Kia Motors Corp.		698,155		34,889
NETHERLANDS - 4.7%
DE Master Blenders 1753 N.V.(1)(2)		2,825,243		43,693
ING Groep N.V. (DR)(1)(2)		17,695,518		127,173
Koninklijke Philips Electronics N.V.(1)		5,659,143		168,182
Reed Elsevier N.V.(1)		1,813,470		31,086
TNT Express N.V.(1)		5,419,770		39,869
				410,003
NORWAY - 1.3%
Orkla ASA(1)		14,545,035		116,696
SWITZERLAND - 7.6%
Adecco S.A.(1)		2,463,647		135,089
Novartis AG(1)		4,031,745		287,106
Panalpina Welttransport Holding AG(1)(4)		1,705,789		150,483
Pargesa Holding S.A.(1)		1,344,272		91,508
				664,186
UNITED KINGDOM - 29.0%
Alent plc(1)(2)(4)		15,006,706		86,120
Carpetright plc(1)(2)		2,700,501		25,825
Compass Group plc(1)		39,269,357		501,769
Diageo plc(1)		6,463,587		203,532
Direct Line Insurance Group plc(1)		13,085,557		40,553
Lloyds Banking Group plc(1)(2)		226,620,610		168,608
Michael Page International plc(1)		14,858,794		95,606
QinetiQ Group plc(1)(4)		65,981,897		208,056
Reed Elsevier plc(1)		27,131,455		323,000
Savills plc(1)(4)		9,922,476		82,303
Tesco plc(1)		54,177,166		314,989
Unilever plc (DR)		6,236,848		263,444
Vesuvius plc(1)(4)		15,937,388		85,779
Vodafone Group plc(1)		48,550,528		137,803
				2,537,387
UNITED STATES - 20.0%
Accenture plc, Class A		1,670,439		126,903
Aon plc		5,373,790		330,488
Arch Capital Group Ltd.(2)(4)		6,806,741		357,831
Covidien plc		4,341,386		294,520
Flextronics International Ltd.(2)		6,585,778		44,520
Signet Jewelers Ltd.		3,216,058		215,476
TE Connectivity Ltd.		9,021,585		378,274
				1,748,012
Total common stocks (Cost $6,058,866)				7,820,214

18 Artisan Funds

	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 10.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $891,920 (Cost $891,919)(5)	$	891,919	$	891,919
Total investments - 99.6% (Cost $6,950,785)				8,712,133
Other assets less liabilities - 0.4%				36,290
Total net assets - 100.0%(6)			$	8,748,423

⁽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 $4,609,627 or 52.7% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽²⁾  Non-income producing security.

⁽³⁾  Shares are registered with the issuing company and not tradable until converted back to bearer shares.

⁽⁴⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (10) in Notes to Financial Statements.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	775,372
U.S. Treasury Bond		8.125	%		5/15/2021		134,393
						$	909,765

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

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,696,922		19.5	%
Consumer Staples		1,396,583		15.8
Energy		263,689		3.0
Financials		1,720,491		19.7
Healthcare		670,037		7.7
Industrials		883,064		10.1
Information Technology		751,906		8.5
Materials		299,719		3.5
Telecommunication Services		137,803		1.6
Short-term investments		891,919		10.2
Total investments	$	8,712,133		99.6	%

CURRENCY EXPOSURE - March 31, 2013 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
British pound	$	2,273,943			26.1	%
Canadian dollar		178,090			2.1
Danish krone		145,283			1.7
Euro		1,321,609			15.2
Hong Kong dollar		87,910			1.0
Japanese yen		750,928	*		8.6
Korean won		34,889			0.4
Norwegian krone		116,696			1.3
Swiss franc		664,186			7.6
U.S. dollar		3,138,599			36.0
Total investments	$	8,712,133			100.0	%

* Currency exposure is offset by foreign currency forward contracts noted in the table below:

	Contract Settlement Date	Contract Amount					Unrealized Appreciation
Counterparty		Deliver		Receive
State Street Bank and Trust Company	8/15/2013	JPY	51,047,417		USD	546,511	$	3,653
State Street Bank and Trust Company	8/15/2013	JPY	3,207,188		USD	34,463		356
State Street Bank and Trust Company	8/15/2013	JPY	1,721,204		USD	18,506		202
		JPY	55,975,809		USD	599,480	$	4,211

JPY - Japanese yen

USD - U.S. dollar

Artisan Funds 19

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Compass Group plc	United Kingdom		5.7	%
TE Connectivity Ltd.	United States		4.3
Arch Capital Group Ltd.	United States		4.1
Aon plc	United States		3.8
Reed Elsevier plc	United Kingdom		3.7
Tesco plc	United Kingdom		3.6
Covidien plc	United States		3.4
Novartis AG	Switzerland		3.3
Kao Corp.	Japan		3.1
Unilever plc	United Kingdom		3.0
Total			38.0	%

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.

20 Artisan Funds

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.4%
CONSUMER DISCRETIONARY - 17.3%
Auto Components - 2.1%
BorgWarner, Inc.(1)		2,048,114	$	158,401
Automobiles - 0.5%
Tesla Motors, Inc.(1)		1,064,585		40,337
Distributors - 1.5%
LKQ Corp.(1)		5,269,140		114,656
Hotels, Restaurants & Leisure - 2.4%
Chipotle Mexican Grill, Inc.(1)		326,624		106,437
Starwood Hotels & Resorts Worldwide, Inc.		1,112,499		70,900
				177,337
Specialty Retail - 5.2%
L Brands, Inc.		2,319,975		103,610
Tractor Supply Co.		1,297,900		135,151
Urban Outfitters, Inc.(1)		1,430,200		55,406
Williams-Sonoma, Inc.		1,867,300		96,203
				390,370
Textiles, Apparel & Luxury Goods - 5.6%
Fossil, Inc.(1)		1,086,735		104,978
Lululemon Athletica, Inc.(1)		1,153,216		71,903
Ralph Lauren Corp.		1,032,922		174,884
Under Armour, Inc., Class A(1)		1,433,100		73,375
				425,140
CONSUMER STAPLES - 0.9%
Food Products - 0.9%
Mead Johnson Nutrition Co.		834,900		64,663
ENERGY - 6.2%
Energy Equipment & Services - 3.7%
Core Laboratories N.V.		501,010		69,099
Dresser-Rand Group, Inc.(1)		1,649,127		101,685
Oceaneering International, Inc.		1,627,100		108,056
				278,840
Oil, Gas & Consumable Fuels - 2.5%
Cabot Oil & Gas Corp.		788,890		53,337
Noble Energy, Inc.		1,153,200		133,379
				186,716
FINANCIALS - 5.2%
Capital Markets - 1.3%
Ares Capital Corp.		4,757,609		86,113
LPL Financial Holdings, Inc.		473,800		15,275
				101,388
Commercial Banks - 0.4%
HDFC Bank Ltd. (DR)(2)		850,190		31,814
Consumer Finance - 3.4%
Discover Financial Services		5,630,410		252,468
Diversified Financial Services - 0.1%
IntercontinentalExchange, Inc.(1)		59,100		9,637
HEALTHCARE - 24.0%
Biotechnology - 9.5%
Alexion Pharmaceuticals, Inc.(1)		1,173,400		108,117
Ariad Pharmaceuticals, Inc.(1)		4,217,240		76,290
Cepheid, Inc.(1)(3)		3,731,000		143,159
Incyte Corp. Ltd.(1)		1,883,682		44,097
Isis Pharmaceuticals, Inc.(1)		3,803,300		64,428
Regeneron Pharmaceuticals, Inc.(1)		1,610,013		284,006
				720,097
Health Care Providers & Services - 4.0%
Cigna Corp.		2,722,500		169,802
DaVita HealthCare Partners, Inc.(1)		872,800		103,505
HMS Holdings Corp.(1)		1,130,600		30,696
				304,003
Health Care Technology - 5.2%
athenahealth, Inc.(1)(3)		1,786,315		173,344
Cerner Corp.(1)		2,283,824		216,392
				389,736
Life Sciences Tools & Services - 5.2%
Agilent Technologies, Inc.		2,554,915		107,230
Covance, Inc.(1)		966,600		71,838
Illumina, Inc.(1)		930,600		50,252
Mettler-Toledo International, Inc.(1)		746,200		159,105
				388,425
Pharmaceuticals - 0.1%
Zoetis, Inc.(1)		330,000		11,022
INDUSTRIALS - 15.7%
Building Products - 1.8%
Owens Corning(1)		3,427,700		135,154

Artisan Funds 21

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Electrical Equipment - 3.3%
AMETEK, Inc.		1,789,500	$	77,593
Rockwell Automation, Inc.		1,279,800		110,511
Roper Industries, Inc.		487,512		62,065
				250,169
Machinery - 4.4%
Chart Industries, Inc.(1)		1,076,300		86,115
Cummins, Inc.		922,600		106,846
Pall Corp.		1,126,100		76,992
Woodward, Inc.		1,474,300		58,618
				328,571
Professional Services - 6.2%
IHS, Inc., Class A(1)		2,482,817		260,000
Verisk Analytics, Inc., Class A(1)		3,396,327		209,316
				469,316
INFORMATION TECHNOLOGY - 26.1%
Communications Equipment - 0.5%
Palo Alto Networks, Inc.(1)		663,200		37,537
Electronic Equipment & Instruments - 5.7%
FLIR Systems, Inc.(3)		3,179,100		82,688
IPG Photonics Corp.(3)		2,234,100		148,366
Trimble Navigation Ltd.(1)		6,524,230		195,467
				426,521
Internet Software & Services - 3.2%
LinkedIn Corp., Class A(1)		918,000		161,623
MercadoLibre, Inc.		804,963		77,728
				239,351
IT Services - 0.7%
Teradata Corp.(1)		919,004		53,771
Semiconductors & Semiconductor Equipment - 7.5%
Altera Corp.		2,659,200		94,322
Applied Materials, Inc.		10,573,100		142,525
ARM Holdings plc (DR)(2)		4,902,325		207,712
Cree, Inc.(1)		1,545,700		84,565
Freescale Semiconductor Ltd.(1)		2,676,100		39,847
				568,971
Software - 8.5%
ANSYS, Inc.(1)		1,094,418		89,107
Citrix Systems, Inc.(1)		295,818		21,346
Concur Technologies, Inc.(1)		2,082,830		143,007
Red Hat, Inc.(1)		1,980,041		100,111
Salesforce.com, Inc.(1)		881,911		157,712
ServiceNow, Inc.(1)		1,466,400		53,084
VMware, Inc., Class A(1)		757,868		59,781
Workday, Inc., Class A(1)		328,673		20,256
				644,404
Total common stocks (Cost $4,733,501)				7,198,815
	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $385,180 (Cost $385,180)(4)	$	385,180	$	385,180
Total investments - 100.5% (Cost $5,118,681)				7,583,995
Other assets less liabilities - (0.5%)				(39,744	)
Total net assets - 100.0%(5)			$	7,544,251

⁽¹⁾  Non-income producing security.

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

Security	Country	Trading Currency
ARM Holdings plc (DR)	United Kingdom		U.S. dollar
HDFC Bank Ltd. (DR)	India		U.S. dollar

⁽³⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (10) in Notes to Financial Statements.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	392,888

⁽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.

22 Artisan Funds

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Regeneron Pharmaceuticals, Inc.	United States		3.8	%
IHS, Inc.	United States		3.4
Discover Financial Services	United States		3.4
Cerner Corp.	United States		2.9
Verisk Analytics, Inc.	United States		2.8
ARM Holdings plc	United Kingdom		2.8
Trimble Navigation Ltd.	United States		2.6
Ralph Lauren Corp.	United States		2.3
athenahealth, Inc.	United States		2.3
Cigna Corp.	United States		2.2
Total			28.5	%

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

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

Artisan Funds 23

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 94.5%
CONSUMER DISCRETIONARY - 11.1%
Diversified Consumer Services - 2.8%
H&R Block, Inc.		9,065,561	$	266,709
Internet & Catalog Retail - 0.8%
Liberty Interactive Corp., Class A(1)		3,682,752		78,737
Leisure Equipment & Products - 2.3%
Mattel, Inc.		4,981,170		218,125
Media - 1.7%
Omnicom Group, Inc.		2,797,495		164,772
Specialty Retail - 1.8%
Bed Bath & Beyond, Inc.(1)		2,620,400		168,806
Textiles, Apparel & Luxury Goods - 1.7%
Coach, Inc.		3,234,200		161,678
CONSUMER STAPLES - 3.7%
Food & Staples Retailing - 3.7%
Kroger Co.		8,026,528		265,999
Sysco Corp.		2,478,753		87,178
				353,177
ENERGY - 11.8%
Energy Equipment & Services - 5.3%
Ensco plc, Class A		3,129,840		187,790
McDermott International, Inc.(1)		11,378,788		125,053
Patterson-UTI Energy, Inc.(2)		7,837,674		186,850
				499,693
Oil, Gas & Consumable Fuels - 6.5%
Cimarex Energy Co.		3,163,395		238,647
Hess Corp.		2,596,766		185,954
SM Energy Co.		527,200		31,221
Southwestern Energy Co.(1)		4,449,968		165,806
				621,628
FINANCIALS - 21.4%
Capital Markets - 1.2%
Northern Trust Corp.		1,983,038		108,195
FINANCIALS (CONTINUED)
Diversified Financial Services - 2.3%
NYSE Euronext		5,665,800		218,926
Insurance - 15.6%
Alleghany Corp.(1)		624,951		247,430
Allied World Assurance Co. Holdings AG		1,215,743		112,724
Allstate Corp.		4,697,873		230,525
Aon plc		2,444,628		150,345
Arch Capital Group Ltd.(1)(2)		3,805,486		200,054
Fidelity National Financial, Inc., Class A		547,600		13,816
Loews Corp.		3,505,661		154,494
Progressive Corp.		9,596,396		242,501
Torchmark Corp.		2,325,282		139,052
				1,490,941
Real Estate Investment Trusts (REITs) - 2.3%
Annaly Capital Management, Inc.		5,653,994		89,842
Hatteras Financial Corp.(2)		4,733,255		129,833
				219,675
HEALTHCARE - 3.9%
Health Care Equipment & Supplies - 1.4%
Becton Dickinson and Co.		1,381,008		132,038
Health Care Providers & Services - 2.5%
Cigna Corp.		3,825,599		238,603
INDUSTRIALS - 15.2%
Aerospace & Defense - 3.5%
L-3 Communications Holdings, Inc.		1,640,737		132,768
Rockwell Collins, Inc.		2,266,326		143,051
Spirit Aerosystems Holdings, Inc., Class A(1)		2,855,672		54,229
				330,048
Commercial Services & Supplies - 1.1%
Republic Services, Inc.		3,281,441		108,288
Construction & Engineering - 2.6%
Jacobs Engineering Group, Inc.(1)		4,367,396		245,622
Electrical Equipment - 1.7%
Hubbell, Inc., Class B		1,723,380		167,357

24 Artisan Funds

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Professional Services - 5.2%
Dun & Bradstreet Corp.		1,994,821	$	166,867
Manpower, Inc.		2,596,773		147,289
Towers Watson & Co., Class A		2,691,275		186,559
				500,715
Road & Rail - 1.1%
Ryder System, Inc.(2)		1,699,723		101,559
INFORMATION TECHNOLOGY - 25.1%
Computers & Peripherals - 1.2%
Lexmark International, Inc., Class A(2)		4,320,195		114,053
Electronic Equipment & Instruments - 9.1%
Arrow Electronics, Inc.(1)(2)		5,264,461		213,842
Avnet, Inc.(1)(2)		6,916,979		250,395
FLIR Systems, Inc.(2)		7,896,622		205,391
Ingram Micro, Inc., Class A(1)(2)		10,198,360		200,704
				870,332
Internet Software & Services - 1.5%
Open Text Corp.(1)(3)		2,407,998		142,144
IT Services - 4.8%
Broadridge Financial Solutions, Inc.		5,299,860		131,649
SAIC, Inc.		10,729,534		145,385
Western Union Co.		11,886,350		178,771
				455,805
Semiconductors & Semiconductor Equipment - 6.5%
Analog Devices, Inc.		5,110,973		237,609
Applied Materials, Inc.		13,090,327		176,458
Lam Research Corp.(1)		4,969,332		206,028
				620,095
Software - 2.0%
Autodesk, Inc.(1)		2,360,780		97,358
Synopsys, Inc.(1)		2,585,055		92,752
				190,110
MATERIALS - 1.3%
Metals & Mining - 1.3%
Kinross Gold Corp.(3)		16,249,800		128,861
UTILITIES - 1.0%
Electric Utilities - 0.6%
OGE Energy Corp.		826,270		57,822
Multi-Utilities - 0.3%
SCANA Corp.		590,195		30,195
Water Utilities - 0.1%
American Water Works Co., Inc.		90,300		3,742
Total common stocks (Cost $6,798,378)				9,008,451
	Par Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $594,982 (Cost $594,981)(4)	$	594,981	$	594,981
Total investments - 100.7% (Cost $7,393,359)				9,603,432
Other assets less liabilities - (0.7%)				(64,603	)
Total net assets - 100.0%(5)			$	9,538,829

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (10) 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
Kinross Gold Corp.		Canada		U.S. dollar
Open Text Corp.		Canada		U.S. dollar

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		0.875	%		7/31/2019	$	51,498
U.S. Treasury Note		1.000	%		8/31/2019		85,463
U.S. Treasury Note		2.625	%		11/15/2020		122,182
U.S. Treasury Note		3.625	%		8/15/2019		174,428
U.S. Treasury Bond		8.125	%		5/15/2021		173,312
						$	606,883

⁽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.

Artisan Funds 25

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
H&R Block, Inc.	United States		2.8	%
Kroger Co.	United States		2.8
Avnet, Inc.	United States		2.6
Alleghany Corp.	United States		2.6
Jacobs Engineering Group, Inc.	United States		2.6
Progressive Corp.	United States		2.5
Cimarex Energy Co.	United States		2.5
Cigna Corp.	United States		2.5
Analog Devices, Inc.	United States		2.5
Allstate Corp.	United States		2.4
Total			25.8	%

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

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

26 Artisan Funds

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 96.0%
CONSUMER DISCRETIONARY - 12.8%
Automobiles - 0.5%
Tesla Motors, Inc.(1)		151,600	$	5,744
Distributors - 2.0%
LKQ Corp.(1)		999,500		21,749
Hotels, Restaurants & Leisure - 2.8%
Dunkin’ Brands Group, Inc.		833,100		30,725
Internet & Catalog Retail - 1.3%
HomeAway, Inc.(1)		419,400		13,631
Media - 0.7%
Pandora Media, Inc.(1)		544,800		7,714
Specialty Retail - 4.3%
Five Below, Inc.(1)		86,000		3,259
Francesca’s Holdings Corp.(1)		661,700		18,964
Hibbett Sports, Inc.(1)		140,200		7,889
Monro Muffler Brake, Inc.		284,400		11,294
Restoration Hardware Holdings, Inc.(1)		148,200		5,187
				46,593
Textiles, Apparel & Luxury Goods - 1.2%
Deckers Outdoor Corp.(1)		123,100		6,855
Tumi Holdings, Inc.(1)		268,900		5,631
				12,486
CONSUMER STAPLES - 4.5%
Food & Staples Retailing - 2.0%
Fresh Market, Inc.(1)		371,600		15,893
PriceSmart, Inc.		70,700		5,503
				21,396
Food Products - 2.5%
Annie’s, Inc.(1)		208,600		7,981
TreeHouse Foods, Inc.(1)		286,075		18,638
				26,619
ENERGY - 3.9%
Energy Equipment & Services - 2.2%
Dril-Quip, Inc.(1)		246,100		21,452
Geospace Technologies Corp.(1)		27,400		2,957
				24,409
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels - 1.7%
Oasis Petroleum, Inc.(1)		137,900		5,250
Rosetta Resources, Inc.(1)		267,800		12,742
				17,992
FINANCIALS - 2.0%
Capital Markets - 2.0%
Ares Capital Corp.		1,207,483		21,855
HEALTHCARE - 20.8%
Biotechnology - 8.1%
Ariad Pharmaceuticals, Inc.(1)		1,025,800		18,557
Cepheid, Inc.(1)(2)		893,600		34,288
Incyte Corp. Ltd.(1)		720,300		16,862
Isis Pharmaceuticals, Inc.(1)		1,097,600		18,593
				88,300
Health Care Equipment & Supplies - 3.9%
DexCom, Inc.(1)		996,100		16,655
Endologix, Inc.(1)		327,100		5,283
GenMark Diagnostics, Inc.(1)		763,800		9,868
HeartWare International, Inc.(1)		116,225		10,278
				42,084
Health Care Providers & Services - 0.5%
Acadia Healthcare Co., Inc.(1)		198,300		5,828
Health Care Technology - 6.5%
athenahealth, Inc.(1)(2)		291,800		28,316
HMS Holdings Corp.(1)		1,018,900		27,663
Vocera Communications, Inc.(1)		589,200		13,552
				69,531
Life Sciences Tools & Services -1.8%
Bruker Corp.(1)		1,007,500		19,243
INDUSTRIALS - 20.2%
Aerospace & Defense - 2.1%
Teledyne Technologies, Inc.(1)		296,300		23,242
Commercial Services & Supplies - 0.7%
Team, Inc.(1)		174,400		7,163
Electrical Equipment - 4.3%
Acuity Brands, Inc.		430,800		29,876
Regal-Beloit Corp.		204,000		16,638
				46,514

Artisan Funds 27

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Machinery - 7.1%
Chart Industries, Inc.(1)		259,900	$	20,794
ExOne Co.(1)		102,600		3,437
IDEX Corp.		345,500		18,457
Proto Labs, Inc.(1)		117,900		5,789
Westport Innovations, Inc.(1)(3)		169,800		5,011
Woodward, Inc.		573,300		22,794
				76,282
Professional Services - 1.8%
Advisory Board Co.(1)		380,700		19,994
Trading Companies & Distributors - 4.2%
Beacon Roofing Supply, Inc.(1)		1,168,200		45,163
INFORMATION TECHNOLOGY - 31.8%
Communications Equipment - 1.6%
Acme Packet, Inc.(1)		270,400		7,901
Aruba Networks, Inc.(1)		371,200		9,184
				17,085
Computers & Peripherals - 0.2%
Fusion-io, Inc.(1)		153,900		2,519
Electronic Equipment & Instruments - 6.2%
Cognex Corp.		674,400		28,426
FEI Co.		221,100		14,272
IPG Photonics Corp.(2)		355,600		23,615
				66,313
Internet Software & Services - 3.2%
CoStar Group, Inc.(1)		150,800		16,507
Demandware, Inc.(1)		275,800		6,991
MercadoLibre, Inc.		116,300		11,230
				34,728
Semiconductors & Semiconductor Equipment - 2.3%
Aixtron SE NA (DR)(3)		786,400		11,529
Cavium, Inc.(1)		348,800		13,537
				25,066
Software - 18.3%
CommVault Systems, Inc.(1)		551,600		45,220
Concur Technologies, Inc.(1)		398,900		27,389
Fortinet, Inc.(1)		1,069,100		25,316
Guidewire Software, Inc.(1)		646,200		24,840
Informatica Corp.(1)		796,700		27,462
NetSuite, Inc.(1)		184,600		14,779
PROS Holdings, Inc.(1)		105,500		2,866
RealPage, Inc.(1)		829,700		17,183
INFORMATION TECHNOLOGY (CONTINUED)
Software (Continued)
Tyler Technologies, Inc.(1)		151,600		9,287
Ultimate Software Group, Inc.(1)		31,900		3,323
				197,665
Total common stocks (Cost $800,237)				1,037,633
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 10.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $107,469 (Cost $107,469)(4)	$	107,469	$	107,469
Total investments - 106.0% (Cost $907,706)				1,145,102
Other assets less liabilities - (6.0%)				(64,466	)
Total net assets - 100.0%(5)			$	1,080,636

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (10) 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
Aixtron SE NA (DR)	Germany	U.S. dollar
Westport Innovations, Inc.	Canada	U.S. dollar

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	109,623

⁽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.

28 Artisan Funds

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
CommVault Systems, Inc.	United States		4.2	%
Beacon Roofing Supply, Inc.	United States		4.2
Cepheid, Inc.	United States		3.2
Dunkin’ Brands Group, Inc.	United States		2.8
Acuity Brands, Inc.	United States		2.8
Cognex Corp.	United States		2.6
athenahealth, Inc.	United States		2.6
HMS Holdings Corp.	United States		2.6
Informatica Corp.	United States		2.5
Concur Technologies, Inc.	United States		2.5
Total			30.0	%

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

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

Artisan Funds 29

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.4%
CONSUMER DISCRETIONARY - 13.4%
Diversified Consumer Services - 4.5%
Coinstar, Inc.(1)		889,900	$	51,988
Matthews International Corp., Class A		1,286,900		44,900
Regis Corp.		1,356,900		24,682
				121,570
Hotels, Restaurants & Leisure - 1.7%
WMS Industries, Inc.(1)		1,827,900		46,081
Household Durables - 0.5%
Universal Electronics, Inc.(1)		650,803		15,131
Media - 2.2%
Arbitron, Inc.		127,300		5,966
DreamWorks Animation SKG, Inc., Class A(1)		2,090,700		39,640
Meredith Corp.		356,655		13,646
				59,252
Specialty Retail - 3.5%
Jos A Bank Clothiers, Inc.(1)		673,600		26,877
Men’s Wearhouse, Inc.		301,200		10,066
Rent-A-Center, Inc.		1,527,862		56,439
				93,382
Textiles, Apparel & Luxury Goods - 1.0%
Skechers U.S.A., Inc., Class A(1)		1,254,800		26,539
CONSUMER STAPLES - 1.2%
Food Products - 1.2%
Darling International, Inc.(1)		965,100		17,333
Dole Food Co., Inc.(1)		1,291,600		14,079
				31,412
ENERGY - 13.6%
Energy Equipment & Services - 8.3%
Era Group, Inc.(1)		187,500		3,937
Gulfmark Offshore, Inc., Class A		1,062,900		41,411
Key Energy Services, Inc.(1)		2,249,800		18,178
Lufkin Industries, Inc.		213,000		14,141
Newpark Resources, Inc.(1)		2,120,000		19,674
Parker Drilling Co.(1)		2,883,247		12,340
SEACOR Holdings, Inc.		187,600		13,822
Superior Energy Services, Inc.(1)		674,725		17,523
ENERGY (CONTINUED)
Energy Equipment & Services (Continued)
Tidewater, Inc.		827,600		41,794
Unit Corp.(1)		901,100		41,045
				223,865
Oil, Gas & Consumable Fuels - 5.3%
Cloud Peak Energy, Inc.(1)		2,719,400		51,071
Comstock Resources, Inc.(1)		1,515,090		24,620
Forest Oil Corp.(1)		1,373,590		7,225
World Fuel Services Corp.		1,503,900		59,735
				142,651
FINANCIALS - 5.8%
Diversified Financial Services - 1.0%
PICO Holdings, Inc.(1)(2)		1,212,510		26,918
Insurance - 2.9%
Allied World Assurance Co. Holdings AG		224,355		20,802
Endurance Specialty Holdings Ltd.		274,023		13,101
Platinum Underwriters Holdings Ltd.		793,300		44,274
				78,177
Real Estate Investment Trusts (REITs) - 1.9%
Anworth Mortgage Asset Corp.		3,471,400		21,974
Hatteras Financial Corp.(2)		1,042,000		28,582
				50,556
HEALTHCARE - 3.3%
Biotechnology - 0.1%
Enzon Pharmaceuticals, Inc.		892,400		3,391
Health Care Equipment & Supplies -1.4%
CONMED Corp.		893,059		30,418
Merit Medical Systems, Inc.(1)		584,200		7,162
				37,580
Health Care Providers & Services - 0.5%
Owens & Minor, Inc.		439,500		14,310
Life Sciences Tools & Services - 1.3%
ICON plc(1)(2)(3)		1,059,941		34,226

30 Artisan Funds

	Shares Held		Value
INDUSTRIALS - 25.6%
Aerospace & Defense - 2.2%
Cubic Corp.		428,200	$	18,293
Curtiss-Wright Corp.		841,700		29,207
Spirit Aerosystems Holdings, Inc., Class A(1)		634,579		12,050
				59,550
Air Freight & Logistics - 1.1%
Atlas Air Worldwide Holdings, Inc.(1)		725,800		29,584
Airlines - 0.6%
Hawaiian Holdings, Inc.(1)(2)		2,616,700		15,072
Commercial Services & Supplies - 2.0%
Quad/Graphics, Inc.		715,200		17,122
Tetra Tech, Inc.(1)		1,230,000		37,503
				54,625
Construction & Engineering - 5.9%
Comfort Systems USA, Inc.		1,268,708		17,877
EMCOR Group, Inc.		2,083,662		88,327
Granite Construction, Inc.		800,562		25,490
Orion Marine Group, Inc.(1)(2)		1,461,005		14,521
Tutor Perini Corp.(1)		672,900		12,987
				159,202
Electrical Equipment - 0.6%
Encore Wire Corp.		463,400		16,228
Machinery - 4.5%
Astec Industries, Inc.		670,981		23,437
CIRCOR International, Inc.		262,064		11,138
Harsco Corp.		468,699		11,610
Kaydon Corp.		1,215,400		31,090
Mueller Industries, Inc.		250,124		13,329
Woodward, Inc.		733,333		29,157
				119,761
Professional Services - 5.4%
CRA International, Inc.(1)(2)		641,709		14,355
FTI Consulting, Inc.(1)		1,843,965		69,444
Towers Watson & Co., Class A		496,387		34,409
TrueBlue, Inc.(1)		1,222,188		25,837
				144,045
Road & Rail - 3.0%
Ryder System, Inc.(2)		1,363,064		81,443
Trading Companies & Distributors - 0.3%
Kaman Corp.		260,600		9,244
INFORMATION TECHNOLOGY - 24.3%
Communications Equipment -2.2%
ADTRAN, Inc.		3,051,700		59,966
INFORMATION TECHNOLOGY (CONTINUED)
Computers & Peripherals - 4.5%
Diebold, Inc.		1,755,566		53,229
Intermec, Inc.(1)		144,779		1,423
Lexmark International, Inc., Class A(2)		1,167,587		30,824
Logitech International S.A.(3)		145,900		1,017
QLogic Corp.(1)		2,960,200		34,338
				120,831
Electronic Equipment & Instruments - 4.9%
Arrow Electronics, Inc.(1)(2)		1,023,947		41,593
Benchmark Electronics, Inc.(1)		1,077,401		19,415
Park Electrochemical Corp.		504,600		12,786
Power-One, Inc.(1)		2,592,500		10,759
Tech Data Corp.(1)		1,037,500		47,320
				131,873
Internet Software & Services - 0.9%
EarthLink, Inc.		4,534,140		24,575
IT Services - 2.9%
CACI International, Inc., Class A(1)		687,650		39,794
Sykes Enterprises, Inc.(1)(2)		2,419,896		38,622
				78,416
Semiconductors & Semiconductor Equipment - 5.1%
Intersil Corp., Class A		4,100,000		35,711
Nanometrics, Inc.(1)		1,074,100		15,499
Rudolph Technologies, Inc.(1)		1,088,651		12,824
Ultratech, Inc.(1)(2)		1,599,637		63,234
Volterra Semiconductor Corp.(1)		596,100		8,465
				135,733
Software - 3.8%
MicroStrategy, Inc., Class A(1)		314,371		31,777
Progress Software Corp.(1)		1,878,023		42,781
Websense, Inc.(1)		1,815,537		27,233
				101,791
MATERIALS - 5.2%
Chemicals - 4.0%
HB Fuller Co.		1,824,433		71,299
Kraton Performance Polymers, Inc.(1)		147,800		3,459
Minerals Technologies, Inc.		181,100		7,517
Sensient Technologies Corp.		643,515		25,155
				107,430
Metals & Mining - 1.2%
Schnitzer Steel Industries, Inc., Class A		1,200,800		32,013

Artisan Funds 31

	Shares Held		Value
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 1.0%
Atlantic Tele-Network, Inc.		531,414	$	25,779
Neutral Tandem, Inc.		300,901		984
				26,763
Total common stocks (Cost $2,086,302)				2,513,186
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $148,507 (Cost $148,507)(4)	$	148,507	$	148,507
Total investments - 98.9% (Cost $2,234,809)				2,661,693
Other assets less liabilities - 1.1%				29,815
Total net assets - 100.0%(5)			$	2,691,508

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (10) 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	Ireland		U.S. dollar
Logitech International S.A.	Switzerland		U.S. dollar

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		3.125	%		11/15/2041	$	78,885
U.S. Treasury Bond		4.500	%		8/15/2039		72,598
						$	151,483

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

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

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
EMCOR Group, Inc.	United States		3.3	%
Ryder System, Inc.	United States		3.0
HB Fuller Co.	United States		2.7
FTI Consulting, Inc.	United States		2.6
Ultratech, Inc.	United States		2.4
ADTRAN, Inc.	United States		2.2
World Fuel Services Corp.	United States		2.2
Rent-A-Center, Inc.	United States		2.1
Diebold, Inc.	United States		2.0
Coinstar, Inc.	United States		1.9
Total			24.4	%

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.

32 Artisan Funds

ARTISAN VALUE FUND

Schedule of Investments – March 31, 2013 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 86.7%
CONSUMER DISCRETIONARY - 1.8%
Diversified Consumer Services - 1.8%
H&R Block, Inc.		607,040	$	17,859
CONSUMER STAPLES - 2.8%
Food & Staples Retailing - 2.8%
Kroger Co.		865,665		28,688
ENERGY - 19.8%
Energy Equipment & Services - 8.6%
Baker Hughes, Inc.		640,580		29,729
National Oilwell Varco, Inc.		436,100		30,854
Noble Corp.		662,515		25,275
				85,858
Oil, Gas & Consumable Fuels - 11.2%
Apache Corp.		531,730		41,029
Chevron Corp.		190,845		22,676
Cimarex Energy Co.		381,360		28,770
Royal Dutch Shell plc (DR)(1)		301,400		19,639
				112,114
FINANCIALS - 20.0%
Capital Markets - 1.9%
Bank of New York Mellon Corp.		692,245		19,376
Insurance - 16.1%
Alleghany Corp.(2)		61,541		24,365
Allstate Corp.		431,995		21,198
Arch Capital Group Ltd.(2)(3)		505,100		26,553
Berkshire Hathaway, Inc., Class B(2)		381,145		39,715
Chubb Corp.		336,780		29,479
Progressive Corp.		796,110		20,118
				161,428
Real Estate Investment Trusts (REITs) - 2.0%
Annaly Capital Management, Inc.		1,224,450		19,456
HEALTHCARE - 7.6%
Health Care Equipment & Supplies - 2.1%
Becton Dickinson and Co.		218,040		20,847
HEALTHCARE (CONTINUED)
Health Care Providers & Services - 5.5%
Cigna Corp.		470,190		29,326
WellPoint, Inc.		389,915		25,824
				55,150
INDUSTRIALS - 4.5%
Construction & Engineering - 2.1%
Jacobs Engineering Group, Inc.(2)		369,875		20,802
Road & Rail - 2.4%
CSX Corp.		972,200		23,945
INFORMATION TECHNOLOGY - 20.6%
Communications Equipment - 2.4%
Cisco Systems, Inc.		1,131,930		23,669
Computers & Peripherals - 5.5%
Apple, Inc.		124,988		55,324
Electronic Equipment & Instruments - 1.0%
Avnet, Inc.(2)(3)		272,265		9,856
IT Services - 2.4%
Western Union Co.		1,613,455		24,266
Semiconductors & Semiconductor Equipment - 2.5%
Texas Instruments, Inc.		713,590		25,318
Software - 6.8%
Microsoft Corp.		1,231,678		35,238
Oracle Corp.		1,020,560		33,005
				68,243
MATERIALS - 6.7%
Chemicals - 4.0%
EI du Pont de Nemours & Co.		454,995		22,368
Mosaic Co.		301,730		17,986
				40,354
Metals & Mining - 2.7%
Newmont Mining Corp.		631,920		26,471

Artisan Funds 33

	Shares Held		Value
TELECOMMUNICATION SERVICES - 2.9%
Wireless Telecommunication Services - 2.9%
Vodafone Group plc (DR)(1)		1,011,470	$	28,736
Total common stocks (Cost $723,542)				867,760
PREFERRED STOCKS - 5.7%
INFORMATION TECHNOLOGY - 5.7%
Semiconductors & Semiconductor Equipment - 5.7%
Samsung Electronics Co., Ltd.(1)(4)		72,996		57,473
Total preferred stocks (Cost $49,897)				57,473
CONVERTIBLE PREFERRED STOCKS - 0.3%
ENERGY - 0.3%
Apache Corp., Series D(4) 6.000% due 8/01/2013		58,135		2,589
Total Convertible Preferred Stocks (Cost $2,601)				2,589
	Par Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.01%, dated 3/28/13, due 4/1/13, maturity value $69,803 (Cost $69,803)(5)	$	69,803	$	69,803
Total investments - 99.7% (Cost $845,843)				997,625
Other assets less liabilities - 0.3%				2,615
Total net assets - 100.0%(6)			$	1,000,240

⁽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
Royal Dutch Shell plc (DR)	United Kingdom	U.S. dollar
Samsung Electronics Co., Ltd.	Korea	Korean won
Vodafone Group plc (DR)	United Kingdom	U.S. dollar

⁽²⁾  Non-income producing security.

⁽³⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended. See Note (10) in Notes to Financial Statements.

⁽⁴⁾  Non-voting shares.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Bond		4.500	%		8/15/2039	$	71,205

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

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

(DR) Depositary Receipt, voting rights may vary.

TOP TEN HOLDINGS - March 31, 2013 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.7	%
Apple, Inc.	United States		5.5
Apache Corp.	United States		4.4
Berkshire Hathaway, Inc.	United States		4.0
Microsoft Corp.	United States		3.5
Oracle Corp.	United States		3.3
National Oilwell Varco, Inc.	United States		3.1
Baker Hughes, Inc.	United States		3.0
Chubb Corp.	United States		2.9
Cigna Corp.	United States		2.9
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.

34 Artisan Funds

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2013 (Unaudited)

Dollar values in thousands

	EMERGING MARKETS			GLOBAL EQUITY			GLOBAL OPPORTUNITIES			GLOBAL VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	642,535		$	61,520		$	513,529		$	456,144
Investments in securities, affiliated, at value		–			–			–			18,286
Short-term investments (repurchase agreements), at value		25,066			1,665			24,576			58,950
Total investments		667,601			63,185			538,105			533,380
Cash		15			26			–	(1)		12
Foreign currency		209			1			9			61
Unrealized gain on foreign currency forward contracts		–			–			41			104
Receivable from investments sold		2,341			137			1,206			1,593
Receivable from fund shares sold		1,073			412			4,260			5,962
Dividends and interest receivable		2,857			76			394			551
Prepaid expenses		5			–	(1)		2			2
Total assets		674,101			63,837			544,017			541,665
LIABILITIES:
Unrealized loss on foreign currency forward contracts		–			–			22			25
Payable for investments purchased		8,640			615			9,920			5,071
Payable for fund shares redeemed		5,838			34			243			742
Payable for operating expenses		329			126			184			136
Payable for foreign taxes*		689			7			10			9
Total liabilities		15,496			782			10,379			5,983
Total net assets	$	658,605		$	63,055		$	533,638		$	535,682
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	769,629		$	55,376		$	466,983		$	465,698
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		(1,740	)		6,304			76,536			64,055
Accumulated undistributed net investment (loss)		(3,342	)		(82	)		(2,093	)		(234	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(105,942	)		1,457			(7,788	)		6,163
Total net assets	$	658,605		$	63,055		$	533,638		$	535,682
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares				$	63,055		$	396,795		$	437,866
Institutional Shares	$	445,178					$	136,843		$	97,816
Advisor Shares	$	213,427
Shares outstanding (indefinite number of shares authorized, $0.01 par value)
Investor Shares					4,357,376			25,470,096			33,635,388
Institutional Shares		34,907,843						8,761,369			7,515,652
Advisor Shares		16,703,305
Net asset value per share
Investor Shares				$	14.47		$	15.58		$	13.02
Institutional Shares	$	12.75					$	15.62		$	13.01
Advisor Shares	$	12.78
Cost of securities of unaffiliated issuers held	$	668,946		$	56,879		$	461,593		$	455,949
Cost of securities of affiliated issuers held	$	–		$	–		$	–		$	13,452
Cost of foreign currency	$	210		$	1		$	9		$	61
*Including foreign taxes on unrealized gains	$	369		$	1		$	–		$	–

⁽¹⁾  Amount rounds to less than $1.

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

Artisan Funds 35

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2013 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL			INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE			MID CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	10,990,203		$	805,864		$	6,723,126		$	6,651,258
Investments in securities, affiliated, at value		–			–			1,097,088			547,557
Short-term investments (repurchase agreements), at value		410,797			53,000			891,919			385,180
Total investments		11,401,000			858,864			8,712,133			7,583,995
Cash		–	(1)		–	(1)		1			1,808
Foreign currency		15,148			42			4,633			–
Unrealized gain on foreign currency forward contracts		–			–			4,211			–
Receivable from investments sold		152,670			6,096			15,643			21,134
Receivable from fund shares sold		27,438			1,713			30,970			10,626
Dividends and interest receivable		38,388			1,285			18,612			1,330
Prepaid expenses		66			5			47			43
Total assets		11,634,710			868,005			8,786,250			7,618,936
LIABILITIES:
Payable for investments purchased		22,437			1,446			21,148			67,013
Payable for fund shares redeemed		9,829			1,162			14,474			5,370
Payable for operating expenses		2,816			279			1,783			2,302
Payable for foreign taxes		1,673			146			422			–
Total liabilities		36,755			3,033			37,827			74,685
Total net assets	$	11,597,955		$	864,972		$	8,748,423		$	7,544,251
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	10,536,585		$	624,756		$	6,782,153		$	4,901,253
Net unrealized appreciation on investments and foreign currency related transactions		2,507,601			214,705			1,765,220			2,465,314
Accumulated undistributed net investment income (loss)		19,272			(2,554	)		(3,480	)		(51,962	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(1,465,503	)		28,065			204,530			229,646
Total net assets	$	11,597,955		$	864,972		$	8,748,423		$	7,544,251
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	8,322,899		$	864,972		$	6,776,350		$	5,001,006
Institutional Shares	$	3,275,056					$	1,972,073		$	2,543,245
Shares outstanding (indefinite number of shares authorized, $0.01 par value)
Investor Shares		319,540,289			36,302,009			207,266,633			122,538,296
Institutional Shares		124,989,588						60,191,293			59,869,410
Net asset value per share
Investor Shares	$	26.05		$	23.83		$	32.69		$	40.81
Institutional Shares	$	26.20					$	32.76		$	42.48
Cost of securities of unaffiliated issuers held	$	8,893,206		$	644,139		$	6,211,664		$	4,702,703
Cost of securities of affiliated issuers held	$	–		$	–		$	739,121		$	415,978
Cost of foreign currency	$	15,135		$	42		$	4,627		$	–

⁽¹⁾  Amount rounds to less than $1.

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

36 Artisan Funds

ARTISAN FUNDS

Statements of Assets and Liabilities �� March 31, 2013 (Unaudited) (Continued)

Dollar values in thousands

	MID CAP VALUE		SMALL CAP			SMALL CAP VALUE			VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	7,405,770	$	951,414		$	2,123,796		$	891,413
Investments in securities, affiliated, at value		1,602,681		86,219			389,390			36,409
Short-term investments (repurchase agreements), at value		594,981		107,469			148,507			69,803
Total investments		9,603,432		1,145,102			2,661,693			997,625
Cash		2,905		454			543			367
Foreign currency		–		–			–			–	(1)
Receivable from investments sold		8,715		3,399			28,160			–
Receivable from fund shares sold		30,034		13,755			3,555			2,575
Dividends and interest receivable		13,589		52			1,347			1,333
Prepaid expenses		52		5			16			5
Total assets		9,658,727		1,162,767			2,695,314			1,001,905
LIABILITIES:
Payable for investments purchased		101,720		81,007			796			–
Payable for fund shares redeemed		15,201		870			2,053			1,227
Payable for operating expenses		2,977		254			957			358
Payable for foreign taxes		–		–			–			80
Total liabilities		119,898		82,131			3,806			1,665
Total net assets	$	9,538,829	$	1,080,636		$	2,691,508		$	1,000,240
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	7,148,142	$	968,836		$	2,311,384		$	856,231
Net unrealized appreciation on investments and foreign currency related transactions		2,210,073		237,396			426,884			151,771
Accumulated undistributed net investment income (loss)		17,193		(5,915	)		(410	)		1,627
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		163,421		(119,681	)		(46,350	)		(9,389	)
Total net assets	$	9,538,829	$	1,080,636		$	2,691,508		$	1,000,240
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	8,855,367	$	975,441		$	2,344,554		$	770,804
Institutional Shares	$	683,462	$	105,195		$	346,954		$	229,436
Shares outstanding (indefinite number of shares authorized, $0.01 par value)
Investor Shares		366,222,589		42,040,150			140,916,109			61,421,472
Institutional Shares		28,256,704		4,531,556			20,856,665			18,264,977
Net asset value per share
Investor Shares	$	24.18	$	23.20		$	16.64		$	12.55
Institutional Shares	$	24.19	$	23.21		$	16.64		$	12.56
Cost of securities of unaffiliated issuers held	$	6,116,019	$	851,086		$	1,962,110		$	825,606
Cost of securities of affiliated issuers held	$	1,277,340	$	56,620		$	272,699		$	20,237
Cost of foreign currency	$	–	$	–		$	–		$	–	(1)

⁽¹⁾  Amount rounds to less than $1.

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

Artisan Funds 37

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2013 (Unaudited)

Dollar values in thousands

	EMERGING MARKETS			GLOBAL EQUITY			GLOBAL OPPORTUNITIES			GLOBAL VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)	$	5,932		$	164		$	888		$	3,366
Interest		1			–	(1)		1			2
Total investment income		5,933			164			889			3,368
EXPENSES:
Advisory fees		3,950			164			1,768			1,742
Transfer agent fees
Investor Shares					66			389			359
Institutional Shares		10						9			6
Advisor Shares		341
Shareholder communications
Investor Shares					8			34			27
Institutional Shares		10						9			5
Advisor Shares		31
Custodian fees		358			45			59			36
Accounting fees		34			27			35			34
Professional fees		53			23			75			31
Registration fees
Investor Shares					28			26			54
Institutional Shares		25						33			15
Advisor Shares		15
Directors’ fees		12			3			5			4
Other operating expenses		13			3			9			8
Total operating expenses		4,852			367			2,451			2,321
Less amounts waived or paid by the Adviser		–			(121	)		–			–
Net expenses		4,852			246			2,451			2,321
Net investment income (loss)		1,081			(82	)		(1,562	)		1,047
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(3)		(13,141	)		1,669			(1,492	)		5,660
Investments, from affiliated issuers		–			–			–			(19	)
Foreign currency related transactions		(191	)		11			572			1,411
		(13,332	)		1,680			(920	)		7,052
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(4)		24,705			3,834			36,923			32,517
Investments, from affiliated issuers		–			–			–			3,104
Foreign currency related transactions		(28	)		–	(1)		49			139
		24,677			3,834			36,972			35,760
Net gain on investments and foreign currency related transactions		11,345			5,514			36,052			42,812
Net increase in net assets resulting from operations	$	12,426		$	5,432		$	34,490		$	43,859
(1) Amount rounds to less than $1.
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	569		$	6		$	11		$	85
(3) Net of foreign taxes withheld on realized gains		223			–			–			–
(4) Net of increase (decrease) in foreign taxes on unrealized gains		(697	)		(2	)		(33	)		–

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

38 Artisan Funds

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2013 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL			INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE		MID CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	81,216		$	3,319		$	58,270	$	23,133
Dividends, from affiliated issuers(2)		–			–			2,387		1,787
Interest		8			2			38		17
Total investment income		81,224			3,321			60,695		24,937
EXPENSES:
Advisory fees		48,906			4,854			35,313		32,245
Transfer agent fees
Investor Shares		7,722			649			4,675		6,347
Institutional Shares		12						11		14
Shareholder communications
Investor Shares		568			36			399		428
Institutional Shares		60						19		41
Custodian fees		1,679			179			928		87
Accounting fees		35			26			35		29
Professional fees		303			75			214		177
Registration fees
Investor Shares		137			32			154		73
Institutional Shares		30						40		94
Directors’ fees		142			11			100		95
Other operating expenses		100			10			73		68
Total operating expenses		59,694			5,872			41,961		39,698
Net investment income (loss)		21,530			(2,551	)		18,734		(14,761	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		326,612			59,778			155,685		325,347
Investments, from affiliated issuers		–			–			17,422		14,730
Foreign currency related transactions		(1,728	)		26			87,066		–
		324,884			59,804			260,173		340,077
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(3)		839,653			56,800			670,091		319,987
Investments, from affiliated issuers		–			–			130,686		42,720
Foreign currency related transactions		(118	)		(9	)		8,936		–
		839,535			56,791			809,713		362,707
Net gain on investments and foreign currency related transactions		1,164,419			116,595			1,069,886		702,784
Net increase in net assets resulting from operations	$	1,185,949		$	114,044		$	1,088,620	$	688,023
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	4,205		$	230		$	2,441	$	35
(2) Net of foreign taxes withheld on dividends, affiliated issuers		–			–			94		–
(3) Net of increase (decrease) in foreign taxes on unrealized gains		(87	)		–			–		–

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

Artisan Funds 39

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2013 (Unaudited)(Continued)

Dollar values in thousands

	MID CAP VALUE			SMALL CAP			SMALL CAP VALUE			VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	74,262		$	2,287		$	19,382		$	9,911
Dividends, from affiliated issuers		11,702			203			9,262			–
Interest		21			2			7			2
Total investment income		85,985			2,492			28,651			9,913
EXPENSES:
Advisory fees		39,044			4,152			12,242			3,210
Transfer agent fees
Investor Shares		8,932			746			2,561			952
Institutional Shares		11			8			9			9
Shareholder communications
Investor Shares		1,025			60			295			75
Institutional Shares		11			6			20			10
Custodian fees		74			17			36			26
Accounting fees		29			28			29			34
Professional fees		233			38			78			40
Registration fees
Investor Shares		161			63			39			64
Institutional Shares		48			24			19			14
Directors’ fees		114			11			37			12
Other operating expenses		81			13			30			14
Total operating expenses		49,763			5,166			15,395			4,460
Net investment income (loss)		36,222			(2,674	)		13,256			5,453
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		218,417			10,045			(2,306	)		30,985
Investments, from affiliated issuers		(4,579	)		(1,082	)		(20,736	)		1,036
Foreign currency related transactions		–			–			–			(18	)
		213,838			8,963			(23,042	)		32,003
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		1,028,733			83,434			219,615			56,628
Investments, from affiliated issuers		343,376			11,009			96,928			10,499
Foreign currency related transactions		���			–			–			(8	)
		1,372,109			94,443			316,543			67,119
Net gain on investments and foreign currency related transactions		1,585,947			103,406			293,501			99,122
Net increase in net assets resulting from operations	$	1,622,169		$	100,732		$	306,757		$	104,575
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	186		$	–		$	–		$	130

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

40 Artisan Funds

ARTISAN FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	EMERGING MARKETS						GLOBAL EQUITY
	Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012			Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012
OPERATIONS:
Net investment income (loss)	$	1,081		$	8,746		$	(82	)	$	53
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(13,141	)		(80,098	)		1,669			684
Foreign currency related transactions		(191	)		(735	)		11			(1	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		24,705			163,379			3,834			2,936
Foreign currency related transactions		(28	)		77			–	(2)		(2	)
Net increase in net assets resulting from operations		12,426			91,369			5,432			3,670
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares								(47	)		(28	)
Institutional Shares		(7,538	)		(3,946	)
Advisor Shares		(3,431	)		(1,843	)
Net realized gains on investment transactions:
Investor Shares								(857	)		(191	)
Institutional Shares		–			(1,096	)
Advisor Shares		–			(777	)
Total distributions paid to shareholders		(10,969	)		(7,662	)		(904	)		(219	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(130,108	)		34,270			42,989			1,179
Total increase (decrease) in net assets		(128,651	)		117,977			47,517			4,630
Net assets, beginning of period		787,256			669,279			15,538			10,908
Net assets, end of period	$	658,605		$	787,256		$	63,055		$	15,538
Accumulated undistributed net investment income (loss)	$	(3,342	)	$	6,546		$	(82	)	$	47

⁽¹⁾  Unaudited.

⁽²⁾  Amount rounds to less than $1.

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

Artisan Funds 41

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL OPPORTUNITIES						GLOBAL VALUE
	Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012			Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012
OPERATIONS:
Net investment income (loss)	$	(1,562	)	$	(716	)	$	1,047		$	683
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(1,492	)		16,957			5,660			502
Investments, from affiliated issuers		–			–			(19	)		(14	)
Foreign currency related transactions		572			(88	)		1,411			5
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		36,923			36,773			32,517			25,676
Investments, from affiliated issuers		–			–			3,104			1,091
Foreign currency related transactions		49			(32	)		139			(77	)
Net increase in net assets resulting from operations		34,490			52,894			43,859			27,866
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			–			(1,216	)		–
Institutional Shares		–			–			(386	)		–
Net realized gains on investment transactions:
Investor Shares		–			(1,240	)		(639	)		(1,393	)
Institutional Shares		–			(371	)		(169	)		–
Total distributions paid to shareholders		–			(1,611	)		(2,410	)		(1,393	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		186,875			105,263			228,327			173,767
Total increase in net assets		221,365			156,546			269,776			200,240
Net assets, beginning of period		312,273			155,727			265,906			65,666
Net assets, end of period	$	533,638		$	312,273		$	535,682		$	265,906
Accumulated undistributed net investment income (loss)	$	(2,093	)	$	(531	)	$	(234	)	$	321

⁽¹⁾  Unaudited.

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

42 Artisan Funds

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL						INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012			Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012
OPERATIONS:
Net investment income (loss)	$	21,530		$	121,639		$	(2,551	)	$	7,836
Net realized gain (loss) on:
Investments, from unaffiliated issuers		326,612			179,992			59,778			14,946
Foreign currency related transactions		(1,728	)		(3,404	)		26			(122	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		839,653			1,971,511			56,800			121,874
Foreign currency related transactions		(118	)		641			(9	)		14
Net increase in net assets resulting from operations		1,185,949			2,270,379			114,044			144,548
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(82,687	)		(87,816	)		(7,730	)		(2,354	)
Institutional Shares		(37,967	)		(33,126	)
Total distributions paid to shareholders		(120,654	)		(120,942	)		(7,730	)		(2,354	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		882,370			(325,555	)		42,609			19,129
Total increase in net assets		1,947,665			1,823,882			148,923			161,323
Net assets, beginning of period		9,650,290			7,826,408			716,049			554,726
Net assets, end of period	$	11,597,955		$	9,650,290		$	864,972		$	716,049
Accumulated undistributed net investment income (loss)	$	19,272		$	118,396		$	(2,554	)	$	7,727

⁽¹⁾  Unaudited.

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

Artisan Funds 43

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE						MID CAP
	Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012			Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012
OPERATIONS:
Net investment income (loss)	$	18,734		$	59,429		$	(14,761	)	$	(44,869	)
Net realized gain on:
Investments, from unaffiliated issuers		155,685			20,969			325,347			309,531
Investments, from affiliated issuers		17,422			994			14,730			13,853
Foreign currency related transactions		87,066			10,327			–			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		670,091			226,062			319,987			911,798
Investments, from affiliated issuers		130,686			764,492			42,720			51,943
Foreign currency related transactions		8,936			(7,179	)		–			–
Net increase in net assets resulting from operations		1,088,620			1,075,094			688,023			1,242,256
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(53,270	)		(1,955	)		–			–
Institutional Shares		(19,853	)		(1,195	)		–			–
Net realized gains on investment transactions:
Investor Shares		(25,891	)		(9,181	)		(225,704	)		–
Institutional Shares		(8,359	)		(3,059	)		(83,801	)		–
Total distributions paid to shareholders		(107,373	)		(15,390	)		(309,505	)		–
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		1,127,941			1,304,049			447,788			464,933
Total increase in net assets		2,109,188			2,363,753			826,306			1,707,189
Net assets, beginning of period		6,639,235			4,275,482			6,717,945			5,010,756
Net assets, end of period	$	8,748,423		$	6,639,235		$	7,544,251		$	6,717,945
Accumulated undistributed net investment income (loss)	$	(3,480	)	$	50,909		$	(51,962	)	$	(37,201	)

⁽¹⁾  Unaudited.

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

44 Artisan Funds

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	MID CAP VALUE						SMALL CAP
	Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012			Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012
OPERATIONS:
Net investment income (loss)	$	36,222		$	51,496		$	(2,674	)	$	(3,774	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		218,417			453,876			10,045			22,381
Investments, from affiliated issuers		(4,579	)		15,545			(1,082	)		1,624
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		1,028,733			825,447			83,434			82,519
Investments, from affiliated issuers		343,376			(16,781	)		11,009			13,021
Net increase in net assets resulting from operations		1,622,169			1,329,583			100,732			115,771
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(43,589	)		(43,082	)		–			–
Institutional Shares		(3,530	)		–			–			–
Net realized gains on investment transactions:
Investor Shares		(361,176	)		(499,737	)		–			–
Institutional Shares		(20,573	)		–			–			–
Total distributions paid to shareholders		(428,868	)		(542,819	)		–			–
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		315,987			1,042,313			253,011			284,422
Total increase in net assets		1,509,288			1,829,077			353,743			400,193
Net assets, beginning of period		8,029,541			6,200,464			726,893			326,700
Net assets, end of period	$	9,538,829		$	8,029,541		$	1,080,636		$	726,893
Accumulated undistributed net investment income (loss)	$	17,193		$	28,090		$	(5,915	)	$	(3,241	)

⁽¹⁾ Unaudited.

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

Artisan Funds 45

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SMALL CAP VALUE						VALUE
	Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012			Six Months Ended 3/31/2013(1)			Year Ended 9/30/2012
OPERATIONS:
Net investment income	$	13,256		$	9,195		$	5,453		$	5,333
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(2,306	)		101,642			30,985			20,478
Investments, from affiliated issuers		(20,736	)		(50,502	)		1,036			(298	)
Foreign currency related transactions		–			–			(18	)		(37	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		219,615			235,092			56,628			105,516
Investments, from affiliated issuers		96,928			123,867			10,499			3,179
Foreign currency related transactions		–			–			(8	)		(3	)
Net increase in net assets resulting from operations		306,757			419,294			104,575			134,168
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(17,878	)		(1,078	)		(5,169	)		(3,915	)
Institutional Shares		(3,395	)		–			(1,901	)		(682	)
Net realized gains on investment transactions:
Investor Shares		(51,396	)		(238,253	)		–			–
Institutional Shares		(7,307	)		–			–			–
Total distributions paid to shareholders		(79,976	)		(239,331	)		(7,070	)		(4,597	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(190,343	)		(132,156	)		67,255			243,747
Total increase in net assets		36,438			47,807			164,760			373,318
Net assets, beginning of period		2,655,070			2,607,263			835,480			462,162
Net assets, end of period	$	2,691,508		$	2,655,070		$	1,000,240		$	835,480
Accumulated undistributed net investment income (loss)	$	(410	)	$	7,607		$	1,627		$	3,244

⁽¹⁾  Unaudited.

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

46 Artisan Funds

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Artisan Funds 47

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

The financial highlights tables are 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 tables 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.

												Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
EMERGING MARKETS FUND
Institutional Shares
3/31/2013(5)	$	12.75		0.02			0.18			0.20			(0.20	)		—			(0.20	)	$	12.75
9/30/2012	$	11.37		0.15			1.36			1.51			(0.10	)		(0.03	)		(0.13	)	$	12.75
9/30/2011	$	15.23		0.21			(3.93	)		(3.72	)		(0.14	)		—			(0.14	)	$	11.37
9/30/2010	$	13.02		0.17			2.15			2.32			(0.11	)		—			(0.11	)	$	15.23
9/30/2009	$	11.15		0.09			1.91			2.00			(0.12	)		(0.01	)		(0.13	)	$	13.02
9/30/2008	$	16.71		0.18			(5.41	)		(5.23	)		(0.01	)		(0.32	)		(0.33	)	$	11.15
Advisor Shares
3/31/2013(5)	$	12.76		0.01			0.17			0.18			(0.16	)		—			(0.16	)	$	12.78
9/30/2012	$	11.38		0.10			1.38			1.48			(0.07	)		(0.03	)		(0.10	)	$	12.76
9/30/2011	$	15.24		0.18			(3.94	)		(3.76	)		(0.10	)		—			(0.10	)	$	11.38
9/30/2010	$	13.03		0.18			2.12			2.30			(0.09	)		—			(0.09	)	$	15.24
9/30/2009	$	11.16		0.07			1.93			2.00			(0.12	)		(0.01	)		(0.13	)	$	13.03
9/30/2008(6)	$	17.43		0.04			(6.31	)		(6.27	)		—			—			—		$	11.16
GLOBAL EQUITY FUND
Investor Shares
3/31/2013(5)	$	13.05		(0.03	)		2.00			1.97			(0.03	)		(0.52	)		(0.55	)	$	14.47
9/30/2012	$	9.83		0.05			3.38			3.43			(0.03	)		(0.18	)		(0.21	)	$	13.05
9/30/2011	$	10.23		(0.03	)		(0.23	)		(0.26	)		(0.06	)		(0.08	)		(0.14	)	$	9.83
9/30/2010(7)	$	10.00		0.03			0.20			0.23			—			—			—		$	10.23
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2013(5)	$	14.27		(0.06	)		1.37			1.31			—			—			—		$	15.58
9/30/2012	$	10.90		(0.06	)		3.54			3.48			—			(0.11	)		(0.11	)	$	14.27
9/30/2011	$	10.99		(0.09	)		0.13			0.04			—			(0.13	)		(0.13	)	$	10.90
9/30/2010	$	9.14		(0.09	)		1.94			1.85			—			—			—		$	10.99
9/30/2009	$	9.32		(0.05	)		(0.13	)		(0.18	)		—			—			—		$	9.14
9/30/2008(8)	$	10.00		—	(9)		(0.68	)		(0.68	)		—			—			—		$	9.32

Footnotes are presented on Page 57.

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

48 Artisan Funds

ARTISAN FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)(4)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
EMERGING MARKETS FUND
Institutional Shares
3/31/2013(5)		1.44	%	$	445,178		1.19	%		n/a			0.38	%		17.59	%
9/30/2012		13.47	%	$	494,836		1.16	%		n/a			1.25	%		38.19	%
9/30/2011		(24.67	)%	$	352,093		1.19	%		n/a			1.41	%		30.86	%
9/30/2010		17.94	%	$	284,187		1.31	%		n/a			1.25	%		25.89	%
9/30/2009		18.66	%	$	103,963		1.50	%		1.81	%		1.02	%		56.88	%
9/30/2008		(31.91	)%	$	69,799		1.50	%		1.51	%		1.17	%		42.24	%
Advisor Shares
3/31/2013(5)		1.24	%	$	213,427		1.45	%		n/a			0.12	%		17.59	%
9/30/2012		13.10	%	$	292,420		1.48	%		n/a			0.85	%		38.19	%
9/30/2011		(24.86	)%	$	317,186		1.47	%		n/a			1.19	%		30.86	%
9/30/2010		17.75	%	$	235,609		1.50	%		1.73	%		1.28	%		25.89	%
9/30/2009		18.64	%	$	50,446		1.50	%		3.00	%		0.70	%		56.88	%
9/30/2008(6)		(35.97	)%	$	3,210		1.50	%		9.73	%		0.93	%		42.24	%
GLOBAL EQUITY FUND															��
Investor Shares
3/31/2013(5)		15.53	%	$	63,055		1.50	%		2.23	%		(0.49	)%		65.21	%
9/30/2012		35.43	%	$	15,538		1.50	%		3.05	%		0.43	%		98.03	%
9/30/2011		(2.66	)%	$	10,908		1.50	%		3.12	%		0.28	%		150.01	%
9/30/2010(7)		2.30	%	$	10,469		1.50	%		3.66	%		0.69	%		60.81	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2013(5)		9.18	%	$	396,795		1.30	%		n/a			(0.85	)%		20.27	%
9/30/2012		32.37	%	$	228,090		1.34	%		n/a			(0.46	)%		43.30	%
9/30/2011		0.14	%	$	142,758		1.40	%		n/a			(0.73	)%		76.18	%
9/30/2010		20.24	%	$	72,458		1.50	%		1.54	%		(0.91	)%		79.99	%
9/30/2009		(1.93	)%	$	45,557		1.47	%		2.24	%		(0.59	)%		101.01	%
9/30/2008(8)		(6.80	)%	$	5,665		1.50	%		48.41	%		(0.69	)%		3.05	%

Footnotes are presented on Page 57.

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

Artisan Funds 49

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

												Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
GLOBAL OPPORTUNITIES FUND
Institutional Shares
3/31/2013(5)	$	14.29		(0.05	)		1.38			1.33			—			—			—		$	15.62
9/30/2012	$	10.88		0.01			3.51			3.52			—			(0.11	)		(0.11	)	$	14.29
9/30/2011(10)	$	13.38		(0.02	)		(2.48	)		(2.50	)		—			—			—		$	10.88
GLOBAL VALUE FUND
Investor Shares
3/31/2013(5)	$	11.58		0.03			1.50			1.53			(0.06	)		(0.03	)		(0.09	)	$	13.02
9/30/2012	$	9.28		0.05			2.42			2.47			—			(0.17	)		(0.17	)	$	11.58
9/30/2011	$	9.37		0.06			(0.07	)		(0.01	)		(0.08	)		—			(0.08	)	$	9.28
9/30/2010	$	8.64		0.06			0.87			0.93			(0.20	)		—			(0.20	)	$	9.37
9/30/2009	$	8.32		0.08			0.29			0.37			(0.05	)		—			(0.05	)	$	8.64
9/30/2008(11)	$	10.00		0.10			(1.78	)		(1.68	)		—			—			—		$	8.32
Institutional Shares
3/31/2013(5)	$	11.58		0.05			1.48			1.53			(0.07	)		(0.03	)		(0.10	)	$	13.01
9/30/2012(12)	$	10.75		0.01			0.82			0.83			—			—			—		$	11.58
INTERNATIONAL FUND
Investor Shares
3/31/2013(5)	$	23.54		0.04			2.74			2.78			(0.27	)		—			(0.27	)	$	26.05
9/30/2012	$	18.37		0.28			5.17			5.45			(0.28	)		—			(0.28	)	$	23.54
9/30/2011	$	20.57		0.26			(2.28	)		(2.02	)		(0.18	)		—			(0.18	)	$	18.37
9/30/2010	$	20.16		0.17			0.49			0.66			(0.25	)		—			(0.25	)	$	20.57
9/30/2009	$	20.34		0.23			0.48			0.71			(0.19	)		(0.70	)		(0.89	)	$	20.16
9/30/2008	$	33.75		0.36			(9.10	)		(8.74	)		(0.20	)		(4.47	)		(4.67	)	$	20.34
Institutional Shares
3/31/2013(5)	$	23.70		0.07			2.75			2.82			(0.32	)		—			(0.32	)	$	26.20
9/30/2012	$	18.50		0.33			5.21			5.54			(0.34	)		—			(0.34	)	$	23.70
9/30/2011	$	20.72		0.32			(2.31	)		(1.99	)		(0.23	)		—			(0.23	)	$	18.50
9/30/2010	$	20.29		0.22			0.49			0.71			(0.28	)		—			(0.28	)	$	20.72
9/30/2009	$	20.51		0.28			0.46			0.74			(0.26	)		(0.70	)		(0.96	)	$	20.29
9/30/2008	$	33.99		0.42			(9.16	)		(8.74	)		(0.27	)		(4.47	)		(4.74	)	$	20.51

Footnotes are presented on Page 57.

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

50 Artisan Funds

ARTISAN FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)(4)			Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
GLOBAL OPPORTUNITIES FUND
Institutional Shares
3/31/2013(5)		9.31	%	$	136,843		1.09	%		n/a			(0.64	)%		20.27	%
9/30/2012		32.68	%	$	84,183		1.08	%		n/a			0.07	%		43.30	%
9/30/2011(10)		(18.68	)%	$	12,969		1.50	%		2.22	%		(1.42	)%		76.18	%
GLOBAL VALUE FUND
Investor Shares
3/31/2013(5)		13.32	%	$	437,866		1.37	%		n/a			0.57	%		17.81	%
9/30/2012		26.90	%	$	217,057		1.50	%		1.51	%		0.50	%		22.34	%
9/30/2011		(0.23	)%	$	65,666		1.50	%		1.72	%		0.56	%		32.32	%
9/30/2010		10.98	%	$	34,754		1.50	%		1.96	%		0.71	%		34.52	%
9/30/2009		4.65	%	$	28,618		1.50	%		2.16	%		1.11	%		56.57	%
9/30/2008(11)		(16.80	)%	$	9,565		1.44	%		3.53	%		1.39	%		42.27	%
Institutional Shares
3/31/2013(5)		13.35	%	$	97,816		1.14	%		n/a			0.76	%		17.81	%
9/30/2012(12)		7.72	%	$	48,849		1.50	%		2.43	%		0.32	%		22.34	%
INTERNATIONAL FUND
Investor Shares
3/31/2013(5)		11.98	%	$	8,322,899		1.20	%		n/a			0.35	%		25.26	%
9/30/2012		30.05	%	$	6,877,615		1.19	%		n/a			1.32	%		55.39	%
9/30/2011		(9.95	)%	$	5,837,067		1.22	%		n/a			1.18	%		70.36	%
9/30/2010		3.27	%	$	7,294,721		1.23	%		n/a			0.86	%		70.51	%
9/30/2009		5.00	%	$	7,715,113		1.22	%		n/a			1.47	%		82.38	%
9/30/2008		(29.99	)%	$	8,759,967		1.22	%		n/a			1.28	%		54.42	%
Institutional Shares
3/31/2013(5)		12.11	%	$	3,275,056		0.98	%		n/a			0.56	%		25.26	%
9/30/2012		30.37	%	$	2,772,675		0.98	%		n/a			1.52	%		55.39	%
9/30/2011		(9.76	)%	$	1,989,341		0.99	%		n/a			1.42	%		70.36	%
9/30/2010		3.54	%	$	2,353,948		0.98	%		n/a			1.10	%		70.51	%
9/30/2009		5.25	%	$	2,912,742		0.99	%		n/a			1.76	%		82.38	%
9/30/2008		(29.83	)%	$	3,043,763		0.98	%		n/a			1.50	%		54.42	%

Footnotes are presented on Page 57.

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

Artisan Funds 51

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

												Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2013(5)	$	20.75		(0.07	)		3.38			3.31			(0.23	)		—			(0.23	)	$	23.83
9/30/2012	$	16.44		0.24			4.14			4.38			(0.07	)		—			(0.07	)	$	20.75
9/30/2011	$	18.63		0.07			(2.25	)		(2.18	)		(0.01	)		—			(0.01	)	$	16.44
9/30/2010	$	16.66		0.02			2.07			2.09			(0.12	)		—			(0.12	)	$	18.63
9/30/2009	$	14.28		0.12			2.62			2.74			(0.16	)		(0.20	)		(0.36	)	$	16.66
9/30/2008	$	26.96		0.21			(9.26	)		(9.05	)		(0.20	)		(3.43	)		(3.63	)	$	14.28
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2013(5)	$	28.72		0.07			4.33			4.40			(0.29	)		(0.14	)		(0.43	)	$	32.69
9/30/2012	$	23.44		0.29			5.07			5.36			(0.01	)		(0.07	)		(0.08	)	$	28.72
9/30/2011	$	24.74		0.30			(1.25	)		(0.95	)		(0.35	)		—			(0.35	)	$	23.44
9/30/2010	$	22.83		0.31			2.02			2.33			(0.42	)		—			(0.42	)	$	24.74
9/30/2009	$	21.20		0.17			1.67			1.84			(0.21	)		—			(0.21	)	$	22.83
9/30/2008	$	28.49		0.45			(5.56	)		(5.11	)		(0.51	)		(1.67	)		(2.18	)	$	21.20
Institutional Shares
3/31/2013(5)	$	28.80		0.10			4.34			4.44			(0.34	)		(0.14	)		(0.48	)	$	32.76
9/30/2012	$	23.47		0.34			5.09			5.43			(0.03	)		(0.07	)		(0.10	)	$	28.80
9/30/2011	$	24.76		0.35			(1.24	)		(0.89	)		(0.40	)		—			(0.40	)	$	23.47
9/30/2010	$	22.83		0.36			2.02			2.38			(0.45	)		—			(0.45	)	$	24.76
9/30/2009	$	21.22		0.21			1.66			1.87			(0.26	)		—			(0.26	)	$	22.83
9/30/2008	$	28.53		0.52			(5.58	)		(5.06	)		(0.58	)		(1.67	)		(2.25	)	$	21.22
MID CAP FUND
Investor Shares
3/31/2013(5)	$	38.80		(0.10	)		3.93			3.83			—			(1.82	)		(1.82	)	$	40.81
9/30/2012	$	31.14		(0.28	)		7.94			7.66			—			—			—		$	38.80
9/30/2011	$	29.55		(0.26	)		1.85			1.59			—			—			—		$	31.14
9/30/2010	$	24.28		(0.20	)		5.47			5.27			—			—			—		$	29.55
9/30/2009	$	24.08		(0.11	)		0.59			0.48			—			(0.28	)		(0.28	)	$	24.28
9/30/2008	$	37.06		(0.22	)		(6.86	)		(7.08	)		—			(5.90	)		(5.90	)	$	24.08

Footnotes are presented on Page 57.

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

52 Artisan Funds

ARTISAN FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)(4)		Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2013(5)		15.93	%	$	864,972		1.51	%		n/a		(0.66	)%		36.10	%
9/30/2012		26.77	%	$	716,049		1.50	%		n/a		1.27	%		42.01	%
9/30/2011		(11.70	)%	$	554,726		1.50	%		n/a		0.35	%		44.76	%
9/30/2010		12.60	%	$	797,393		1.50	%		n/a		0.14	%		73.90	%
9/30/2009		20.59	%	$	695,803		1.50	%		n/a		0.99	%		58.42	%
9/30/2008		(38.44	)%	$	732,406		1.51	%		n/a		0.96	%		42.80	%
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2013(5)		15.38	%	$	6,776,350		1.15	%		n/a		0.45	%		13.52	%
9/30/2012		22.94	%	$	5,081,735		1.17	%		n/a		1.08	%		20.42	%
9/30/2011		(4.01	)%	$	3,232,649		1.18	%		n/a		1.10	%		30.90	%
9/30/2010		10.39	%	$	2,688,156		1.21	%		n/a		1.34	%		21.02	%
9/30/2009		8.95	%	$	1,739,545		1.25	%		n/a		0.95	%		55.49	%
9/30/2008		(19.10	)%	$	1,029,409		1.23	%		n/a		1.83	%		44.72	%
Institutional Shares
3/31/2013(5)		15.47	%	$	1,972,073		0.98	%		n/a		0.62	%		13.52	%
9/30/2012		23.19	%	$	1,557,500		0.98	%		n/a		1.29	%		20.42	%
9/30/2011		(3.84	)%	$	1,042,833		0.99	%		n/a		1.30	%		30.90	%
9/30/2010		10.66	%	$	649,558		1.01	%		n/a		1.57	%		21.02	%
9/30/2009		9.14	%	$	280,201		1.04	%		n/a		1.17	%		55.49	%
9/30/2008		(18.92	)%	$	186,115		1.03	%		n/a		2.10	%		44.72	%
MID CAP FUND
Investor Shares
3/31/2013(5)		10.24	%	$	5,001,006		1.22	%		n/a		(0.50	)%		21.99	%
9/30/2012		24.63	%	$	5,115,836		1.22	%		n/a		(0.78	)%		46.21	%
9/30/2011		5.38	%	$	4,500,786		1.24	%		n/a		(0.75	)%		62.87	%
9/30/2010		21.71	%	$	4,375,235		1.23	%		n/a		(0.77	)%		63.46	%
9/30/2009		2.47	%	$	3,688,552		1.23	%		n/a		(0.57	)%		68.39	%
9/30/2008		(22.47	)%	$	3,732,294		1.24	%		n/a		(0.75	)%		79.76	%

Footnotes are presented on Page 57.

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

Artisan Funds 53

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

												Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Tax Return of Capital			Total Distributions			Net Asset Value, End of Period
MID CAP FUND
Institutional Shares
3/31/2013(5)	$	40.27		(0.05	)		4.08			4.03			—			(1.82	)		—			(1.82	)	$	42.48
9/30/2012	$	32.23		(0.20	)		8.24			8.04			—			—			—			—		$	40.27
9/30/2011	$	30.50		(0.16	)		1.89			1.73			—			—			—			—		$	32.23
9/30/2010	$	25.00		(0.14	)		5.64			5.50			—			—			—			—		$	30.50
9/30/2009	$	24.71		(0.06	)		0.63			0.57			—			(0.28	)		—			(0.28	)	$	25.00
9/30/2008	$	37.78		(0.14	)		(7.03	)		(7.17	)		—			(5.90	)		—			(5.90	)	$	24.71
MID CAP VALUE FUND
Investor Shares
3/31/2013(5)	$	21.12		0.09			4.12			4.21			(0.12	)		(1.03	)		—			(1.15	)	$	24.18
9/30/2012	$	18.88		0.14			3.72			3.86			(0.13	)		(1.49	)		—			(1.62	)	$	21.12
9/30/2011	$	18.86		0.14			0.36			0.50			(0.16	)		(0.32	)		—			(0.48	)	$	18.88
9/30/2010	$	16.85		0.11			1.97			2.08			(0.07	)		—			—			(0.07	)	$	18.86
9/30/2009	$	17.01		0.08			(0.10	)		(0.02	)		(0.02	)		(0.12	)		—			(0.14	)	$	16.85
9/30/2008	$	21.70		0.03			(2.31	)		(2.28	)		(0.08	)		(2.33	)		—			(2.41	)	$	17.01
Institutional Shares
3/31/2013(5)	$	21.15		0.13			4.12			4.25			(0.18	)		(1.03	)		—			(1.21	)	$	24.19
9/30/2012(13)	$	20.93		0.21			0.01			0.22			—			—			—			—		$	21.15
SMALL CAP FUND
Investor Shares
3/31/2013(5)	$	20.90		(0.07	)		2.37			2.30			—			—			—			—		$	23.20
9/30/2012	$	16.01		(0.15	)		5.04			4.89			—			—			—			—		$	20.90
9/30/2011	$	14.40		(0.13	)		1.74			1.61			—			—			—			—		$	16.01
9/30/2010	$	12.88		(0.09	)		1.61			1.52			—			—			—			—		$	14.40
9/30/2009	$	13.13		(0.05	)		(0.18	)		(0.23	)		—			—			(0.02	)		(0.02	)	$	12.88
9/30/2008	$	19.89		(0.09	)		(4.82	)		(4.91	)		—			(1.85	)		—			(1.85	)	$	13.13
Institutional Shares
3/31/2013(5)	$	20.89		(0.06	)		2.38			2.32			—			—			—			—		$	23.21
9/30/2012(14)	$	19.62		(0.18	)		1.45			1.27			—			—			—			—		$	20.89

Footnotes are presented on Page 57.

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

54 Artisan Funds

ARTISAN FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)(4)		Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
MID CAP FUND
Institutional Shares
3/31/2013(5)		10.39	%	$	2,543,245		0.96	%		n/a		(0.24	)%		21.99	%
9/30/2012		24.95	%	$	1,602,109		0.97	%		n/a		(0.51	)%		46.21	%
9/30/2011		5.67	%	$	509,970		0.96	%		n/a		(0.47	)%		62.87	%
9/30/2010		22.00	%	$	502,446		0.96	%		n/a		(0.51	)%		63.46	%
9/30/2009		2.77	%	$	454,514		0.97	%		n/a		(0.32	)%		68.39	%
9/30/2008		(22.23	)%	$	537,216		0.95	%		n/a		(0.46	)%		79.76	%
MID CAP VALUE FUND
Investor Shares
3/31/2013(5)		20.84	%	$	8,855,367		1.20	%		n/a		0.85	%		11.69	%
9/30/2012		21.35	%	$	7,753,814		1.20	%		n/a		0.67	%		27.86	%
9/30/2011		2.51	%	$	6,200,464		1.20	%		n/a		0.68	%		31.85	%
9/30/2010		12.35	%	$	5,739,627		1.21	%		n/a		0.60	%		37.71	%
9/30/2009		0.21	%	$	4,627,956		1.21	%		n/a		0.62	%		53.84	%
9/30/2008		(11.16	)%	$	3,231,462		1.21	%		n/a		0.18	%		69.77	%
Institutional Shares
3/31/2013(5)		21.01	%	$	683,462		0.98	%		n/a		1.16	%		11.69	%
9/30/2012(13)		1.05	%	$	275,727		1.01	%		n/a		1.04	%		27.86	%
SMALL CAP FUND
Investor Shares
3/31/2013(5)		11.00	%	$	975,441		1.24	%		n/a		(0.65	)%		22.37	%
9/30/2012		30.54	%	$	676,139		1.28	%		n/a		(0.77	)%		69.56	%
9/30/2011		11.18	%	$	326,700		1.29	%		n/a		(0.73	)%		80.26	%
9/30/2010		11.80	%	$	322,730		1.31	%		n/a		(0.67	)%		62.67	%
9/30/2009		(1.73	)%	$	436,996		1.26	%		n/a		(0.47	)%		80.51	%
9/30/2008		(26.64	)%	$	587,127		1.22	%		n/a		(0.58	)%		96.90	%
Institutional Shares
3/31/2013(5)		11.11	%	$	105,195		1.12	%		n/a		(0.53	)%		22.37	%
9/30/2012(14)		6.47	%	$	50,754		1.42	%		n/a		(0.93	)%		69.56	%

Footnotes are presented on Page 57.

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

Artisan Funds 55

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

												Distributions From									Net Asset Value, End of Period
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions
SMALL CAP VALUE FUND
Investor Shares
3/31/2013(5)	$	15.24		0.08			1.81			1.89			(0.13	)		(0.36	)		(0.49	)	$	16.64
9/30/2012	$	14.30		0.05			2.25			2.30			(0.01	)		(1.35	)		(1.36	)	$	15.24
9/30/2011	$	14.85		0.01			(0.54	)		(0.53	)		(0.02	)		—			(0.02	)	$	14.30
9/30/2010	$	13.56		0.02			1.29			1.31			(0.02	)		—			(0.02	)	$	14.85
9/30/2009	$	13.93		0.02			(0.07	)		(0.05	)		—			(0.32	)		(0.32	)	$	13.56
9/30/2008	$	18.13		(0.02	)		(1.09	)		(1.11	)		—			(3.09	)		(3.09	)	$	13.93
Institutional Shares
3/31/2013(5)	$	15.26		0.09			1.82			1.91			(0.17	)		(0.36	)		(0.53	)	$	16.64
9/30/2012(13)	$	16.16		0.06			(0.96	)		(0.90	)		—			—			—		$	15.26
VALUE FUND
Investor Shares
3/31/2013(5)	$	11.32		0.07			1.24			1.31			(0.08	)		—			(0.08	)	$	12.55
9/30/2012	$	9.11		0.08			2.21			2.29			(0.08	)		—			(0.08	)	$	11.32
9/30/2011	$	8.91		0.09			0.19			0.28			(0.08	)		—			(0.08	)	$	9.11
9/30/2010	$	8.12		0.07			0.76			0.83			(0.04	)		—			(0.04	)	$	8.91
9/30/2009	$	8.58		0.06			(0.44	)		(0.38	)		(0.08	)		—			(0.08	)	$	8.12
9/30/2008	$	12.22		0.08			(2.70	)		(2.62	)		(0.14	)		(0.88	)		(1.02	)	$	8.58
Institutional Shares
3/31/2013(5)	$	11.35		0.08			1.24			1.32			(0.11	)		—			(0.11	)	$	12.56
9/30/2012	$	9.12		0.11			2.21			2.32			(0.09	)		—			(0.09	)	$	11.35
9/30/2011(10)	$	10.60		0.02			(1.50	)		(1.48	)		—			—			—		$	9.12

Footnotes are presented on Page 57.

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

56 Artisan Funds

ARTISAN FUNDS

Financial Highlights – continued

	Total Return(2)			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets(3)			Ratio of Expenses to Average Net Assets Excluding Waivers(3)(4)		Ratio of Net Investment Income (Loss) to Average Net Assets(3)			Portfolio Turnover Rate(2)
SMALL CAP VALUE FUND
Investor Shares
3/31/2013(5)		12.62	%	$	2,344,554		1.22	%		n/a		1.00	%		9.63	%
9/30/2012		16.54	%	$	2,348,847		1.22	%		n/a		0.31	%		28.17	%
9/30/2011		(3.61	)%	$	2,607,263		1.20	%		n/a		0.06	%		47.45	%
9/30/2010		9.64	%	$	2,690,416		1.22	%		n/a		0.11	%		37.14	%
9/30/2009		0.46	%	$	2,156,495		1.22	%		n/a		0.20	%		63.05	%
9/30/2008		(5.77	)%	$	1,902,080		1.20	%		n/a		(0.16	)%		75.49	%
Institutional Shares
3/31/2013(5)		12.78	%	$	346,954		0.99	%		n/a		1.21	%		9.63	%
9/30/2012(13)		(5.57	)%	$	306,223		1.00	%		n/a		0.56	%		28.17	%
VALUE FUND
Investor Shares
3/31/2013(5)		11.50	%	$	770,804		1.04	%		n/a		1.14	%		29.43	%
9/30/2012		25.42	%	$	677,753		1.06	%		n/a		0.74	%		66.13	%
9/30/2011		3.10	%	$	408,647		1.10	%		n/a		0.95	%		78.36	%
9/30/2010		10.19	%	$	266,373		1.27	%		n/a		0.86	%		70.69	%
9/30/2009		(4.10	)%	$	181,110		1.32	%		n/a		0.84	%		85.44	%
9/30/2008		(22.88	)%	$	230,284		1.23	%		n/a		0.77	%		99.24	%
Institutional Shares
3/31/2013(5)		11.78	%	$	229,436		0.77	%		n/a		1.43	%		29.43	%
9/30/2012		25.64	%	$	157,727		0.79	%		n/a		1.02	%		66.13	%
9/30/2011(10)		(13.96	)%	$	53,515		1.09	%		n/a		1.02	%		78.36	%

⁽¹⁾  Computed based on average shares outstanding.

⁽²⁾  Periods less than twelve months (where applicable) are not annualized.

⁽³⁾  Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾  The ratios of expenses to average net assets exclude expenses waived or paid by Artisan Partners Limited Partnership. For periods ending September 30, 2009 and 2008, also excludes expenses waived by the board of directors.

⁽⁵⁾  Unaudited. For the six months ended March 31, 2013.

⁽⁶⁾  For the period from commencement of operations June 2, 2008 through September 30, 2008.

⁽⁷⁾  For the period from commencement of operations March 29, 2010 through September 30, 2010.

⁽⁸⁾  For the period from commencement of operations September 22, 2008 through September 30, 2008.

⁽⁹⁾  Amount is between $0.005 and $(0.005) per share.

⁽¹⁰⁾  For the period from commencement of operations July 26, 2011 through September 30, 2011.

⁽¹¹⁾  For the period from commencement of operations December 10, 2007 through September 30, 2008.

⁽¹²⁾  For the period from commencement of operations July 17, 2012 through September 30, 2012.

⁽¹³⁾  For the period from commencement of operations February 1, 2012 through September 30, 2012.

⁽¹⁴⁾  For the period from commencement of operations May 7, 2012 through September 30, 2012.

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

Artisan Funds 57

ARTISAN FUNDS

Notes to Financial Statements – March 31, 2013 (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 (the “1940 Act”). Artisan Funds is a series company comprised of twelve open-end, diversified mutual funds. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:

Fund Name	Investor Share Inception Date		Institutional Share Inception Date		Advisor Share Inception Date
Artisan Emerging Markets Fund (“Emerging Markets Fund” or “Emerging Markets”)		N/A		June 26, 2006		June 2, 2008
Artisan Global Equity Fund (“Global Equity Fund” or “Global Equity”)		March 29, 2010		N/A		N/A
Artisan Global Opportunities Fund (“Global Opportunities Fund” or “Global Opportunities”)		September 22, 2008		July 26, 2011		N/A
Artisan Global Value Fund (“Global Value Fund” or “Global Value”)		December 10, 2007		July 17, 2012		N/A
Artisan International Fund (“International Fund” or “International”)		December 28, 1995		July 1, 1997		N/A
Artisan International Small Cap Fund (“International Small Cap Fund” or “International Small Cap”)		December 21, 2001		N/A		N/A
Artisan International Value Fund (“International Value Fund” or “International Value”)		September 23, 2002		October 1, 2006		N/A
Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”)		June 27, 1997		July 1, 2000		N/A
Artisan Mid Cap Value Fund (“Mid Cap Value Fund” or “Mid Cap Value”)		March 28, 2001		February 1, 2012		N/A
Artisan Small Cap Fund (“Small Cap Fund” or “Small Cap”)		March 28, 1995		May 7, 2012		N/A
Artisan Small Cap Value Fund (“Small Cap Value Fund” or “Small Cap Value”)		September 29, 1997		February 1, 2012		N/A
Artisan Value Fund (“Value Fund” or “Value”)		March 27, 2006		July 26, 2011		N/A

Each Fund’s investment objective is to seek long-term capital growth. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Institutional Shares and Advisor Shares, as applicable, since the inception dates listed above. Institutional Shares are sold to investors meeting certain minimum investment requirements. Advisor Shares are sold to employee benefit plans, clients of financial advisors, clients of sponsored programs and institutional or other investors.

Each class of shares has equal rights with respect to portfolio assets and voting privileges. Each class of shares 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.

58 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”). Prior to January 11, 2013, Artisan Global Equity Fund was sub-advised by Artisan Partners UK LLP (“Artisan UK”). A wholly-owned subsidiary of Artisan Holdings was the founding member of Artisan UK. Artisan UK was terminated as sub-adviser of Global Equity Fund as of January 11, 2013.

(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. For financial reporting purposes, information available subsequent to the close of NYSE trading and up to the date of the financial statements was considered in determining a fair value for investments held in each Fund and the resulting NAV presented. 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 security traded on a securities exchange, including the Nasdaq Stock Market, or over-the-counter 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 an 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.

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

Artisan Funds 59

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, the Middle East, 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 typically are greater in emerging and less developed markets. For example, political and economic structures in these less developed

60 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 these markets heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

(b) 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 2012) and have concluded that as of March 31, 2013, 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 imposed on realized and unrealized gains on securities of certain foreign 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” and “Net increase (decrease) in unrealized appreciation or depreciation on investments” on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities. That amount is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

As of and during the period ended March 31, 2013, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended March 31, 2013, the Funds did not incur any interest or penalties.

(c) 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.

Artisan Funds 61

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(d) 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, 2013, Global Opportunities, Global Value 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 on 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.

(e) 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.

62 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(f) Depositary receipts – Each 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.

(g) Equity-linked participation certificates – Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Small Cap Fund and International Value Fund may invest in equity-linked participation certificates. Equity-linked participation certificates 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 Adviser on a periodic basis.

(h) Use of estimates – The preparation of financial statements in conformity with United States generally accepted accounting principles (“US GAAP”) 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.

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

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

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

Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Small Cap Fund and International Value Fund generally imposed a 2% redemption fee on shares held 90 days or less. Those redemption fees were recorded as a reduction in the cost of shares redeemed and had

Artisan Funds 63

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

the primary effect of increasing paid-in capital. Each Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including, but not limited to, when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short-term trading. The Funds waived the fee on redemption of shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ prospectus.

(3) Fair value measurements:

Under US GAAP 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.

64 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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, 2013 (in thousands):

Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Emerging Markets
Common Stocks(1)
Latin America	$	97,160	$	41,011		$	-	$	138,171
Developed Markets		9,770		18,637			-		28,407
Emerging Asia		194,732		147,555			214		342,501
Europe, Middle East & Africa		33,596		86,079			-		119,675
Preferred Stocks(1)
Latin America		12,044		1,658			-		13,702
Convertible Debentures(1)
Latin America		-		79			-		79
Repurchase Agreement		-		25,066			-		25,066
Total Investments	$	347,302	$	320,085	(2)	$	214	$	667,601
Global Equity
Common Stocks(1)
Americas	$	23,075	$	-		$	-	$	23,075
Emerging Markets		5,309		4,456			-		9,765
Europe		-		19,966			-		19,966
Pacific Basin		3,660		3,264			-		6,924
Preferred Stocks(1)
Emerging Markets		839		-			-		839
Europe		-		951			-		951
Repurchase Agreement		-		1,665			-		1,665
Total Investments	$	32,883	$	30,302	(2)	$	-	$	63,185
Global Opportunities
Common Stocks(1)
Americas	$	304,172	$	-		$	-	$	304,172
Emerging Markets		44,310		12,028			-		56,338
Europe		11,120		111,636			-		122,756
Pacific Basin		16,415		13,848			-		30,263
Repurchase Agreement		-		24,576			-		24,576
Total Investments		376,017		162,088			-		538,105
Derivatives
Foreign Currency Forward Contracts(3)		-		19			-		19
Total	$	376,017	$	162,107	(2)	$	-	$	538,124

Artisan Funds 65

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Global Value
Common Stocks(1)
Americas	$	317,668	$	-		$	-	$	317,668
Emerging Markets		882		-			-		882
Europe		14,522		125,188			-		139,710
Pacific Basin		16,170		-			-		16,170
Repurchase Agreement		-		58,950			-		58,950
Total Investments		349,242		184,138			-		533,380
Derivatives
Foreign Currency Forward Contracts(3)		-		79			-		79
Total	$	349,242	$	184,217	(2)	$	-	$	533,459
International
Common Stocks(1)
Americas	$	1,115,371	$	-		$	-	$	1,115,371
Emerging Markets		470,953		352,981			-		823,934
Europe		187,431		6,796,838			-		6,984,269
Pacific Basin		1,253,174		610,544			-		1,863,718
Preferred Stocks(1)
Europe		-		202,911			-		202,911
Repurchase Agreement		-		410,797			-		410,797
Total Investments	$	3,026,929	$	8,374,071	(2)	$	-	$	11,401,000
International Small Cap
Common Stocks(1)
Americas	$	9,645	$	-		$	-	$	9,645
Emerging Markets		75,555		165,463			-		241,018
Europe		-		431,976			-		431,976
Pacific Basin		60,604		62,621			-		123,225
Repurchase Agreement		-		53,000			-		53,000
Total Investments	$	145,804	$	713,060	(2)	$	-	$	858,864
International Value
Common Stocks(1)
Americas	$	1,926,102	$	-		$	-	$	1,926,102
Emerging Markets		181,702		-			-		181,702
Europe		351,855		4,521,717			-		4,873,572
Pacific Basin		750,928		87,910			-		838,838
Repurchase Agreement		-		891,919			-		891,919
Total Investments		3,210,587		5,501,546			-		8,712,133
Derivatives
Foreign Currency Forward Contracts(3)		-		4,211			-		4,211
Total	$	3,210,587	$	5,505,757	(2)	$	-	$	8,716,344

66 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Mid Cap
Common Stocks(1)	$	7,198,815	$	-	$	-	$	7,198,815
Repurchase Agreement		-		385,180		-		385,180
Total Investments	$	7,198,815	$	385,180	$	-	$	7,583,995
Mid Cap Value
Common Stocks(1)	$	9,008,451	$	-	$	-	$	9,008,451
Repurchase Agreement		-		594,981		-		594,981
Total Investments	$	9,008,451	$	594,981	$	-	$	9,603,432
Small Cap
Common Stocks(1)	$	1,037,633	$	-	$	-	$	1,037,633
Repurchase Agreement		-		107,469		-		107,469
Total Investments	$	1,037,633	$	107,469	$	-	$	1,145,102
Small Cap Value
Common Stocks(1)	$	2,513,186	$	-	$	-	$	2,513,186
Repurchase Agreement		-		148,507		-		148,507
Total Investments	$	2,513,186	$	148,507	$	-	$	2,661,693
Value
Common Stocks(1)	$	867,760	$	-	$	-	$	867,760
Preferred Stocks(1)		57,473		-		-		57,473
Convertible Preferred Stocks(1)		2,589		-		-		2,589
Repurchase Agreement		-		69,803		-		69,803
Total Investments	$	927,822	$	69,803	$	-	$	997,625
(1) See the Fund’s Schedule of Investments for sector or country classifications.
(2) Includes securities trading primarily outside the U.S. whose value the Fund adjusted as result of significant market movements following the close of local trading.
(3) 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 March 31, 2013 and September 30, 2012, 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 from Level 2 to Level 1 and from Level 1 to Level 2 for each Fund as of March 31, 2013 (in thousands):

	Transfers from Level 2 to Level 1		Transfers from Level 1 to Level 2
Emerging Markets	$	6,435	$	249,751
Global Equity		-		17,874
Global Opportunities		-		130,883
Global Value		-		121,598
International		-		6,974,081
International Small Cap		-		551,711
International Value		-		4,252,855

Artisan Funds 67

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

As of September 30, 2012, two equity securities held in Emerging Markets Fund were classified as Level 3 due to halts in trading. As of March 31, 2013, those securities were still held and continue to be classified as Level 3 due to the trading halts. Due to the lack of observable market data for these securities, fair market values were determined in good faith by the valuation committee using various inputs, including unobservable inputs of discounts for illiquidity and uncertainty of 90%. Increasing or decreasing the discounts for illiquidity would decrease or increase the calculated fair market values of these securities, respectively. As of September 30, 2012, one equity security held in International Fund was classified as Level 3 due to a significant event that occurred after local market close. This security was then transferred from Level 3 to Level 1 at March 31, 2013, because observable market data became available. As of March 31, 2013, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows (in thousands):

	Emerging Markets  Fund(1)			International  Fund(2)
Balance as of September 30, 2012	$	773		$	119,725
Transfers into Level 3		-			-
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2013		(559	)		(7,661	)
Purchases		-			17,240
Transfers out of Level 3		-			(129,304	)
Balance as of March 31, 2013	$	214		$	-
(1) Both Level 3 securities in Emerging Markets Fund were equity securities with a regional classification of Emerging Asia.
(2) The Level 3 security in International Fund was an equity security with a regional classification of Pacific Basin and transferred into Level 1 at March 31, 2013.

(4) 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, Institutional Shares and Advisor 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, 2013 up to 0.40% annually) of the average value of Fund shares held in such accounts. Each Fund paid a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. The balance of the fees incurred was paid by the Adviser. The Funds’ expenses incurred for services provided by authorized agents were included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’

68 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

transfer agent and the fees to authorized agents incurred by each class of each Fund during the period ended March 31, 2013 (in thousands):

	Six Months Ended 3/31/2013
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Emerging Markets - Institutional Shares	$	10	$	-	$	10
Emerging Markets - Advisor Shares		32		309		341
Global Equity - Investor Shares		33		33		66
Global Opportunities - Investor Shares		37		352		389
Global Opportunities - Institutional Shares		9		-		9
Global Value - Investor Shares		38		321		359
Global Value - Institutional Shares		6		-		6
International - Investor Shares		395		7,327		7,722
International - Institutional Shares		12		-		12
International Small Cap - Investor Shares		41		608		649
International Value - Investor Shares		235		4,440		4,675
International Value - Institutional Shares		11		-		11
Mid Cap - Investor Shares		68		6,279		6,347
Mid Cap - Institutional Shares		14		-		14
Mid Cap Value - Investor Shares		228		8,704		8,932
Mid Cap Value - Institutional Shares		11		-		11
Small Cap - Investor Shares		59		687		746
Small Cap - Institutional Shares		8		-		8
Small Cap Value - Investor Shares		48		2,513		2,561
Small Cap Value - Institutional Shares		9		-		9
Value - Investor Shares		41		911		952
Value - Institutional Shares		9		-		9

(5) Commission recapture:

Each Fund had the ability to direct portfolio trades to various brokers that have agreed to rebate a portion of the commissions generated. Such cash rebates were made directly to the applicable Fund and were included in net realized gain or loss on investments in the Statements of Operations for the period ended March 31, 2013 as follows (in thousands):

Emerging Markets	$	3
Global Equity		-	(1)
Global Opportunities		7
International		47
International Small Cap		-	(1)
International Value		8
Mid Cap		94
Mid Cap Value		89

Artisan Funds 69

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Small Cap	$	19
Small Cap Value		73
Value		18
(1) Amount rounds to less than $1.

(6) Derivative Transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2013 was as follows (in thousands):

Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Global Opportunities	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	41
	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(22	)
Global Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	104
	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(25	)
International Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	4,211

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2013 was as follows (in thousands):

Amount of Realized Gain on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	591
Global Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	43
International Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	88,514

Change in Unrealized Appreciation on Derivatives Recognized in Income

Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	42
Global Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	142
International Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	8,974

70 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Volume of derivative activity

Fund	Contracts  Closed(1)		Contracts  Opened(1)		Contracts Open at March 31, 2013
Global Opportunities		3		3		3
Global Value		2		3		3
International Value		3		3		3

⁽¹⁾  During the six months ended March 31, 2013.

(7) Transactions with affiliates:

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

Emerging Markets Fund*

Average Daily Net Assets	Annual Rate
Less than $1 billion		1.050	%
$1 billion to $2 billion		1.025
$2 billion to $3.5 billion		1.000
$3.5 billion to $5 billion		0.975
Greater than $5 billion		0.950

* Effective February 1, 2013; prior thereto, the annual fee was determined as a percentage of average daily net assets and paid monthly at the annual rate of 1.050%.

Global Equity Fund and Global Value Fund

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

Global Opportunities Fund

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

International Fund

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

Artisan Funds 71

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

International Small Cap Fund

Average Daily Net Assets	Annual Rate
All		1.250	%

International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, and Small Cap Value Fund

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

Value Fund

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, Global Equity Fund, Global Opportunities Fund and Global Value Fund for any ordinary operating expenses in an amount sufficient to cause the Fund’s ordinary operating expenses, including the management fee, to be not more than 1.50% of average daily net assets, annually. This contract continues through February 1, 2014, at which time the Adviser will determine whether to renew, revise or discontinue it. For the period ended March 31, 2013, the Adviser waived management fees of approximately $121,000 for Global Equity Fund.

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 or her 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 Artisan Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter.

Artisan Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts would be invested in shares of Artisan Funds as selected by the individual directors. Each Fund would purchase shares of Artisan Funds selected for deferral by the director in amounts equal to his investment, resulting in a Fund asset equal to the deferred compensation liability. As of March 31, 2013, no directors have elected to participate in the deferred compensation plan.

72 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

(8) 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 2013, under which each Fund may borrow up to $75 million, provided that such borrowing does not exceed the lesser 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 borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund is a party; provided that the aggregate borrowings by all Artisan Funds may not exceed $100 million. Artisan Funds paid a commitment fee at the annual rate of 0.10% on the unused portion of the line of credit and interest was charged on any borrowings at the higher of the current Federal Funds or overnight LIBOR rates 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 period ended March 31, 2013, there were no borrowings under the line of credit for Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, Small Cap Value Fund and Value Fund. During the period ended March 31, 2013, Emerging Markets Fund had maximum borrowings of $9,401,000.

(9) Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the period ended March 31, 2013 were as follows (in thousands):

Fund	Security Purchases		Security Sales
Emerging Markets	$	128,370	$	271,814
Global Equity		63,158		22,251
Global Opportunities		256,609		76,429
Global Value		281,174		55,655
International		2,962,519		2,609,262
International Small Cap		268,950		281,490
International Value		1,850,646		922,231
Mid Cap		1,522,350		1,452,948
Mid Cap Value		936,543		985,617
Small Cap	$	428,734	$	183,160
Small Cap Value		237,831		570,285
Value		317,374		252,116

Artisan Funds 73

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(10) 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 period ended March 31, 2013 (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 1940 Act) during the period ended March 31, 2013.

		As of 9/30/12						Net Realized Gain (Loss)					As of 3/31/13
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income@		Share Balance		Value
Global Value
	Arch Capital Group Ltd.		186,146	$	9,007	$	1,584	$	15		$	-		347,841	$	18,286
	Stanley Electric Co., Ltd.§†		41,700		102		734		(34	)		-		-		-
	Total#			$	9,109	$	2,318	$	(19	)	$	-			$	18,286
International Value
	Aderans Co., Ltd.		2,612,467	$	4,153	$	8,347	$	2,381		$	-		2,281,800	$	38,105
	Alent plc†		-		17,804		-		-			-		15,006,706		86,120
	Arch Capital Group Ltd.		6,040,912		42,813		8,583		59			-		6,806,741		357,831
	ICON plc*		4,501,487		8,011		47,207		11,949			-		2,738,042		88,411
	Panalpina Welttransport Holding AG		1,471,407		23,149		-		-			-		1,705,789		150,483
	QinetiQ Group plc		61,299,386		14,560		-		-			1,162		65,981,897		208,056
	Savills plc		10,727,785		3,213		8,253		2,862			-		9,922,476		82,303
	Stanley Electric Co., Ltd.§†		8,160,600		19,008		8,239		171			1,225		8,893,700		156,550
	Vesuvius plc†		-		25,457		-		-			-		15,937,388		85,779
	Total#			$	158,168	$	80,629	$	17,422		$	2,387			$	1,097,088
Mid Cap
	athenahealth, Inc.		1,827,315	$	38,613	$	24,717	$	15,588		$	-		1,786,315	$	173,344
	Cepheid, Inc.		3,459,600		10,436		982		(334	)		-		3,731,000		143,159
	FLIR Systems, Inc.		1,702,200		37,190		488		(141	)		368		3,179,100		82,688
	IPG Photonics Corp.†		2,207,100		3,412		1,706		(383	)		1,419		2,234,100		148,366
	Total#			$	89,651	$	27,893	$	14,730		$	1,787			$	547,557

74 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/12						Net Realized Gain (Loss)					As of 3/31/13
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income@		Share Balance		Value
Mid Cap Value
	Arch Capital Group Ltd.		3,865,186	$	1,704	$	3,570	$	514		$	-		3,805,486	$	200,054
	Arrow Electronics, Inc.		5,329,061		2,536		5,421		(565	)		-		5,264,461		213,842
	Avnet, Inc.		6,754,379		9,651		6,108		(971	)		-		6,916,979		250,395
	FLIR Systems, Inc.		7,992,622		2,468		4,912		(641	)		1,261		7,896,622		205,391
	Hatteras Financial Corp.†		2,592,155		57,909		1,794		(142	)		5,997		4,733,255		129,833
	Ingram Micro, Inc., Class A		10,362,660		1,633		5,099		(880	)		-		10,198,360		200,704
	Lexmark International, Inc., Class A		4,391,595		897		4,201		(1,598	)		2,603		4,320,195		114,053
	Patterson-UTI Energy, Inc.		7,961,374		1,604		3,702		(154	)		787		7,837,674		186,850
	Ryder System, Inc.		1,720,723		1,207		2,241		(142	)		1,054		1,699,723		101,559
	Total#			$	79,609	$	37,048	$	(4,579	)	$	11,702			$	1,602,681
Small Cap
	athenahealth, Inc.		239,900	$	9,736	$	5,764	$	(766	)	$	-		291,800	$	28,316
	Cepheid, Inc.		647,200		9,863		1,621		(299	)		-		893,600		34,288
	IPG Photonics Corp.†		264,600		6,676		1,000		(17	)		203		355,600		23,615
	Total#			$	26,275	$	8,385	$	(1,082	)	$	203			$	86,219
Small Cap Value
	Arrow Electronics, Inc.		1,130,647	$	-	$	2,442	$	1,512		$	-		1,023,947	$	41,593
	Comfort Systems USA, Inc.§		2,214,426		-		10,944		407			172		1,268,708		17,877
	CRA International, Inc.		709,779		-		1,671		(429	)		-		641,709		14,355
	Hatteras Financial Corp.†		833,500		6,875		1,671		(147	)		1,380		1,042,000		28,582
	Hawaiian Holdings, Inc.		2,896,800		-		1,708		(43	)		-		2,616,700		15,072
	ICON plc*		1,343,941		-		6,138		1,879			-		1,059,941		34,226
	Lexmark International, Inc., Class A		1,295,687		-		4,479		(1,491	)		724		1,167,587		30,824
	Matthews International Corp., Class A§		1,419,500		-		4,592		(542	)		265		1,286,900		44,900
	Neutral Tandem, Inc.§		1,988,900		-		24,904		(19,338	)		5,818		300,901		984
	Orion Marine Group, Inc.		1,601,100		-		1,807		(820	)		-		1,461,005		14,521
	PICO Holdings, Inc.		1,138,890		3,044		2,942		(987	)		-		1,212,510		26,918
	Ryder System, Inc.		1,601,064		-		10,737		1,322			903		1,363,064		81,443
	Sykes Enterprises, Inc.		2,723,494		-		6,993		(2,520	)		-		2,419,896		38,622
	Ultratech, Inc.		1,757,837		210		3,909		1,529			-		1,599,637		63,234
	Websense, Inc.§		1,914,637		1,368		3,724		(1,068	)		-		1,815,537		27,233
	Total#			$	11,497	$	88,661	$	(20,736	)	$	9,262			$	389,390
Value
	Arch Capital Group Ltd.		561,300	$	2,010	$	4,193	$	1,100		$	-		505,100	$	26,553
	Avnet, Inc.		709,300		5,217		18,660		1,675			-		272,265		9,856
	Ingram Micro Inc§		1,252,000		884		22,445		(1,739	)		-		-		-
	Total#			$	8,111	$	45,298	$	1,036		$	-			$	36,409

@	Net of foreign taxes withheld, if any.
#	Total value as of March 31, 2013 is presented for only those issuers that were affiliates as of March 31, 2013.
§	Issuer was no longer an affiliate as of March 31, 2013.
†	Issuer was not an affiliate as of September 30, 2012.
*	As of September 30, 2012, shares were held through a depositary receipt.

Artisan Funds 75

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(11) Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of March 31, 2013 was as follows (in thousands):

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation on Investments
Emerging Markets	$	707,030	$	86,207	$	(125,636	)	$	(39,429	)
Global Equity		56,938		6,853		(606	)		6,247
Global Opportunities		463,943		75,365		(1,203	)		74,162
Global Value		471,121		64,576		(2,318	)		62,259
International		8,943,293		2,526,318		(68,611	)		2,457,706
International Small Cap		647,152		223,124		(11,411	)		211,712
International Value		7,030,074		1,779,755		(97,696	)		1,682,060
Mid Cap		5,124,526		2,476,769		(17,300	)		2,459,469
Mid Cap Value		7,421,311		2,290,937		(108,815	)		2,182,121
Small Cap		920,290		230,075		(5,263	)		224,812
Small Cap Value		2,266,561		534,432		(139,300	)		395,132
Value		856,824		153,609		(12,807	)		140,801

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

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the period ended March 31, 2013 and the year ended September 30, 2012 were as follows (in thousands):

	Six Months Ended 3/31/2013				Year Ended 9/30/2012
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Emerging Markets	$	10,969	$	-	$	5,791	$	1,871
Global Equity		491		413		219		-
Global Opportunities		-		-		-		1,611
Global Value		2,220		190		-		1,393
International		120,654		-		120,942		-
International Small Cap		7,730		-		2,354		-
International Value		76,579		30,794		3,150		12,240
Mid Cap		-		309,505		-		-
Mid Cap Value		98,001		330,867		165,166		377,653

76 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/2013				Year Ended 9/30/2012
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends		Long-Term Capital Gain Distributions
Small Cap	$	-	$	-	$	-	$	-
Small Cap Value		41,905		38,071		52,068		187,263
Value		7,070		-		4,597		-

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 qualified late year ordinary losses.

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30, 2012. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2012.

Additional tax information as of and for the year ended September 30, 2012 follows (in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Qualified Late Year Capital Losses		Late Year Ordinary Losses		Other Deferred Gains (Losses)(1)
Emerging Markets	$	10,966	$	-	$	55,920	$	-	$	(1,078	)
Global Equity		320		410		-		-		(4	)
Global Opportunities		-		-		5,073		562		(74	)
Global Value		1,185		189		-		-		(13	)
International		120,631		-		134,451		-		(610	)
International Small Cap		7,728		-		10,371		-		6
International Value		58,967		30,642		-		-		(63	)
Mid Cap		-		207,582		-		37,201		-
Mid Cap Value		77,258		314,481		-		-		-
Small Cap		-		-		-		3,241		(30	)
Small Cap Value		28,229		38,067		-		-		(13	)
Value		3,244		-		-		-		(3	)

⁽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, 2012 such as wash sales, (b) unrealized gains and losses on open foreign currency contracts and (c) other items.

Artisan Funds 77

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, each Fund is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years must be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term, as permitted under previous law. Thus, such losses must be used first to offset gains of the same character; for example, long-term carryforward losses will first offset long-term gains, before they can be used to offset short-term gains.

As of September 30, 2012, the Funds had capital loss carryovers as follows (in thousands):

	Expiration Dates
	2018		Unlimited - ST
Emerging Markets	$	-	$	497
International		1,603,991
International Small Cap		16,556
Small Cap		116,580
Value		27,218

To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.

78 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(12) Fund share activities:

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

	EMERGING MARKETS
	Six Months Ended 3/31/2013						Year Ended 9/30/2012
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Institutional Shares		2,872,481		$	36,465			16,979,081		$	204,774
Advisor Shares		3,007,323			39,288			8,026,342			99,599
Net asset value of shares issued in reinvestment of dividends and distributions
Institutional Shares		568,438			7,458			440,061			4,973
Advisor Shares		228,979			3,013			182,171			2,064
Cost of shares redeemed(1)
Institutional Shares		(7,328,846	)		(95,434	)		(9,579,084	)		(115,493	)
Advisor Shares		(9,446,016	)		(120,898	)		(13,166,849	)		(161,647	)
Net increase (decrease) from fund share transactions
Investor Shares		-			-			-			-
Institutional Shares		(3,887,927	)		(51,511	)		7,840,058			94,254
Advisor Shares		(6,209,714	)		(78,597	)		(4,958,336	)		(59,984	)
Redemption Fee
Institutional Shares		-			9			-			25
Advisor Shares		-			6			-			17
	GLOBAL EQUITY
	Six Months Ended 3/31/2013						Year Ended 9/30/2012
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		3,371,375		$	45,821			257,601		$	3,116
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		68,502			899			21,609			218
Cost of shares redeemed(1)
Investor Shares		(273,331	)		(3,731	)		(198,039	)		(2,155	)
Net increase from fund share transactions
Investor Shares		3,166,546			42,989			81,171			1,179
Redemption Fee
Investor Shares		-			6			-			3

Artisan Funds 79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2013						Year Ended 9/30/2012
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		12,148,741		$	182,645			6,799,049		$	90,608
Institutional Shares		3,069,391			46,234			11,563,211			151,140
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-			-			110,071			1,207
Institutional Shares		-			-			32,475			356
Cost of shares redeemed(1)
Investor Shares		(2,667,083	)		(39,074	)		(4,020,707	)		(48,137	)
Institutional Shares		(199,899	)		(2,930	)		(6,895,398	)		(89,911	)
Net increase from fund share transactions
Investor Shares		9,481,658			143,571			2,888,413			43,678
Institutional Shares		2,869,492			43,304			4,700,288			61,585
Redemption Fee
Investor Shares		-			58			-			28
Institutional Shares		-			20			-			10
	GLOBAL VALUE
	Six Months Ended 3/31/2013						Year Ended 9/30/2012(3)
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		19,817,523		$	246,709			14,877,779		$	160,470
Institutional Shares		3,251,436			40,503			3,123,045			36,100
Net asset value of shares transferred
Investor Shares		-			-			(1,095,110	)		(12,120	)
Institutional Shares		-			-			1,095,110			12,120
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		148,706			1,795			138,584			1,360
Institutional Shares		46,061			556			-			-
Cost of shares redeemed(1)
Investor Shares		(5,067,751	)		(61,236	)		(2,261,464	)		(24,163	)
Institutional Shares		-			-			-			-
Net increase from fund share transactions
Investor Shares		14,898,478			187,268			11,659,789			125,547
Institutional Shares		3,297,497			41,059			4,218,155			48,220
Redemption Fee
Investor Shares		-			10			-			57
Institutional Shares		-			-			-			-	(2)

80 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL
	Six Months Ended 3/31/2013						Year Ended 9/30/2012
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		55,521,885		$	1,379,084			70,913,146		$	1,536,392
Institutional Shares		13,935,027			349,167			24,010,141			517,584
Net asset value of shares transferred
Investor Shares		(1,586,703	)		(40,647	)		(10,618,754	)		(231,344	)
Institutional Shares		1,586,703			40,647			10,618,754			231,344
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,754,623			67,764			3,910,352			74,375
Institutional Shares		1,481,920			36,648			1,660,721			31,736
Cost of shares redeemed(1)
Investor Shares		(29,345,553	)		(726,216	)		(89,799,988	)		(1,918,403	)
Institutional Shares		(9,022,922	)		(224,077	)		(26,803,261	)		(567,239	)
Net increase (decrease) from fund share transactions
Investor Shares		27,344,252			679,985			(25,595,245	)		(538,980	)
Institutional Shares		7,980,728			202,385			9,486,355			213,425
Redemption Fee
Investor Shares		-			243			-			365
Institutional Shares		-			96			-			133
	INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2013						Year Ended 9/30/2012
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		5,060,876		$	114,771			9,033,146		$	170,836
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		325,418			7,218			133,547			2,186
Cost of shares redeemed(1)
Investor Shares		(3,600,482	)		(79,380	)		(8,401,505	)		(153,893	)
Net increase from fund share transactions
Investor Shares		1,785,812			42,609			765,188			19,129
Redemption Fee
Investor Shares		-			50			-			12

Artisan Funds 81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL VALUE
	Six Months Ended 3/31/2013						Year Ended 9/30/2012
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		45,390,420		$	1,407,917			68,937,456		$	1,825,446
Institutional Shares		6,300,924			188,347			11,249,703			300,203
Net asset value of shares transferred
Investor Shares		(1,558,727	)		(46,287	)		(1,713,146	)		(46,004	)
Institutional Shares		1,558,727			46,287			1,713,146			46,004
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,840,385			56,132			361,475			8,766
Institutional Shares		860,425			26,286			168,689			4,096
Cost of shares redeemed(1)
Investor Shares		(15,357,306	)		(470,169	)		(28,550,016	)		(742,078	)
Institutional Shares		(2,616,492	)		(80,572	)		(3,476,236	)		(92,384	)
Net increase from fund share transactions
Investor Shares		30,314,772			947,593			39,035,769			1,046,130
Institutional Shares		6,103,584			180,348			9,655,302			257,919
Redemption Fee
Investor Shares		-			204			-			168
Institutional Shares		-			65			-			55
	MID CAP
	Six Months Ended 3/31/2013						Year Ended 9/30/2012
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		12,838,029		$	500,295			30,911,938		$	1,134,545
Institutional Shares		18,657,018			756,312			23,673,124			913,389
Net asset value of shares transferred
Investor Shares		(2,503,826	)		(96,205	)		(4,530,994	)		(174,556	)
Institutional Shares		2,503,826			96,205			4,530,994			174,556
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		5,921,843			223,076			-			-
Institutional Shares		1,721,450			67,464			-			-
Cost of shares redeemed(1)
Investor Shares		(25,553,984	)		(986,092	)		(39,072,083	)		(1,419,234	)
Institutional Shares		(2,801,528	)		(113,267	)		(4,238,239	)		(163,767	)
Net increase (decrease) from fund share transactions
Investor Shares		(9,297,938	)		(358,926	)		(12,691,139	)		(459,245	)
Institutional Shares		20,080,766			806,714			23,965,879			924,178

82 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP VALUE
	Six Months Ended 3/31/2013						Year Ended 9/30/2012(4)
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		40,324,545		$	898,642			108,982,585		$	2,256,209
Institutional Shares		10,739,558			237,738			5,633,636			117,734
Net asset value of shares transferred
Investor Shares		(5,549,980	)		(120,461	)		(8,625,472	)		(176,084	)
Institutional Shares		5,549,980			120,461			8,625,472			176,084
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		18,470,144			384,733			26,809,143			510,446
Institutional Shares		984,258			20,502			-			-
Cost of shares redeemed(1)
Investor Shares		(54,172,932	)		(1,180,243	)		(88,350,116	)		(1,817,057	)
Institutional Shares		(2,053,098	)		(45,385	)		(1,223,102	)		(25,019	)
Net increase (decrease) from fund share transactions
Investor Shares		(928,223	)		(17,329	)		38,816,140			773,514
Institutional Shares		15,220,698			333,316			13,036,006			268,799
	SMALL CAP
	Six Months Ended 3/31/2013						Year Ended 9/30/2012(5)
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		19,976,106		$	423,393			26,347,093		$	518,831
Institutional Shares		2,028,992			43,638			2,169,494			41,497
Net asset value of shares transferred
Investor Shares		(212,299	)		(4,643	)		(291,535	)		(7,672	)
Institutional Shares		212,299			4,643			291,535			7,672
Cost of shares redeemed(1)
Investor Shares		(10,078,813	)		(210,949	)		(14,104,749	)		(275,282	)
Institutional Shares		(138,848	)		(3,071	)		(31,916	)		(624	)
Net increase from fund share transactions
Investor Shares		9,684,994			207,801			11,950,809			235,877
Institutional Shares		2,102,443			45,210			2,429,113			48,545

Artisan Funds 83

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	SMALL CAP VALUE
	Six Months Ended 3/31/2013						Year Ended 9/30/2012(6)
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		11,731,410		$	183,810			30,580,060		$	477,485
Institutional Shares		1,059,661			16,250			1,430,115			21,930
Net asset value of shares transferred
Investor Shares		(447,873	)		(6,818	)		(20,221,662	)		(316,629	)
Institutional Shares		447,873			6,818			20,221,662			316,629
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,326,262			66,754			16,041,566			232,282
Institutional Shares		661,328			10,198			-			-
Cost of shares redeemed(1)
Investor Shares		(28,849,569	)		(445,811	)		(54,620,123	)		(839,074	)
Institutional Shares		(1,382,324	)		(21,544	)		(1,581,650	)		(24,779	)
Net increase (decrease) from fund share transactions
Investor Shares		(13,239,770	)		(202,065	)		(28,220,159	)		(445,936	)
Institutional Shares		786,538			11,722			20,070,127			313,780
	VALUE
	Six Months Ended 3/31/2013						Year Ended 9/30/2012
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		12,633,294		$	146,951			36,033,224		$	381,736
Institutional Shares		5,160,230			59,870			6,432,287			67,740
Net asset value of shares transferred
Investor Shares		-			-			(2,578,646	)		(28,493	)
Institutional Shares		-			-			2,578,646			28,493
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		451,150			5,121			369,799			3,598
Institutional Shares		159,218			1,807			70,062			682
Cost of shares redeemed(1)
Investor Shares		(11,509,525	)		(135,579	)		(18,831,659	)		(198,942	)
Institutional Shares		(951,215	)		(10,915	)		(1,054,396	)		(11,067	)
Net increase from fund share transactions
Investor Shares		1,574,919			16,493			14,992,718			157,899
Institutional Shares		4,368,233			50,762			8,026,599			85,848

⁽¹⁾  Net of redemption fees.

⁽²⁾  Amount rounds to less than $1.

⁽³⁾  Artisan Global Value Fund, Institutional Shares: For the period from commencement of operations July 17, 2012 through September 30, 2012.

⁽⁴⁾  Artisan Mid Cap Value Fund, Institutional Shares: For the period from commencement of operations February 1, 2012 through September 30, 2012.

⁽⁵⁾  Artisan Small Cap Fund, Institutional Shares: For the period from commencement of operations May 7, 2012 through September 30, 2012.

⁽⁶⁾  Artisan Small Cap Value Fund, Institutional Shares: For the period from commencement of operations February 1, 2012 through September 30, 2012.

(13) Subsequent Events:

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

84 Artisan Funds

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, 2012 to March 31, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line under 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, 2013 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 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period 10/1/2012-3/31/2013(1)		Expense Ratio(2)
Artisan Emerging Markets Fund
Institutional Shares
Actual	$	1,000.00	$	1,014.40	$	5.98		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	5.99		1.19	%
Advisor Shares
Actual	$	1,000.00	$	1,012.40	$	7.27		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.70	$	7.29		1.45	%

Artisan Funds 85

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period 10/1/2012-3/31/2013(1)		Expense Ratio(2)
Artisan Global Equity Fund
Investor Shares(3)
Actual	$	1,000.00	$	1,155.30	$	8.06		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54		1.50	%
Artisan Global Opportunities Fund
Investor Shares
Actual	$	1,000.00	$	1,091.80	$	6.78		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.54		1.30	%
Institutional Shares
Actual	$	1,000.00	$	1,093.10	$	5.69		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.50	$	5.49		1.09	%
Artisan Global Value Fund
Investor Shares
Actual	$	1,000.00	$	1,133.20	$	7.29		1.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.89		1.37	%
Institutional Shares
Actual	$	1,000.00	$	1,133.50	$	6.06		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.74		1.14	%
Artisan International Fund
Investor Shares
Actual	$	1,000.00	$	1,119.80	$	6.34		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Institutional Shares
Actual	$	1,000.00	$	1,121.10	$	5.18		0.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94		0.98	%
Artisan International Small Cap Fund
Investor Shares
Actual	$	1,000.00	$	1,159.30	$	8.13		1.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.59		1.51	%
Artisan International Value Fund
Investor Shares
Actual	$	1,000.00	$	1,153.80	$	6.18		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79		1.15	%
Institutional Shares
Actual	$	1,000.00	$	1,154.70	$	5.26		0.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94		0.98	%

86 Artisan Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period 10/1/2012-3/31/2013(1)		Expense Ratio(2)
Artisan Mid Cap Fund
Investor Shares
Actual	$	1,000.00	$	1,102.40	$	6.39		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.14		1.22	%
Institutional Shares
Actual	$	1,000.00	$	1,103.90	$	5.04		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.14	$	4.84		0.96	%
Artisan Mid Cap Value Fund
Investor Shares
Actual	$	1,000.00	$	1,208.40	$	6.61		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Institutional Shares
Actual	$	1,000.00	$	1,210.10	$	5.40		0.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94		0.98	%
Artisan Small Cap Fund
Investor Shares
Actual	$	1,000.00	$	1,110.00	$	6.52		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.24		1.24	%
Institutional Shares
Actual	$	1,000.00	$	1,111.10	$	5.89		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.35	$	5.64		1.12	%
Artisan Small Cap Value Fund
Investor Shares
Actual	$	1,000.00	$	1,126.20	$	6.47		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.14		1.22	%
Institutional Shares
Actual	$	1,000.00	$	1,127.80	$	5.25		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.00	$	4.99		0.99	%
Artisan Value Fund
Investor Shares
Actual	$	1,000.00	$	1,115.00	$	5.48		1.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.75	$	5.24		1.04	%
Institutional Shares
Actual	$	1,000.00	$	1,117.80	$	4.07		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.09	$	3.88		0.77	%
(1) Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2013, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). (2) Annualized ratio of expenses to average net assets for the six month period ended March 31, 2013.
(3) The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser.

Artisan Funds 87

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, as amended February 1, 2013 (Emerging Markets Fund); February 9, 2010 (Global Equity Fund); May 15, 2008 (Global Opportunities 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); March 27, 1995 (Small Cap Fund); August 20, 1997 (Small Cap Value Fund); and February 9, 2006, as amended December 1, 2010 (Value Fund) (together, the “Investment Advisory Agreements”). At the time of the board of directors’ consideration, Artisan Partners UK LLP (“Artisan UK,” and together with APLP, “Artisan Partners”) was the sub-adviser to Global Equity Fund and, with APLP, managed the investment of Global Equity Fund’s assets. Artisan UK was 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.

The directors of Artisan Funds held a special meeting of the board on October 26, 2012 (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, 2012 through November 30, 2013. The primary purpose of the Special Meeting was to ensure that the directors had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreements, and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints.

Prior to the Special Meeting, independent counsel to the independent directors sent to Artisan Partners a request for information to be provided to the directors in connection with their consideration of the continuation of the Advisory Agreements. Artisan Partners provided materials to the directors in response to that request, other information Artisan Partners believed was useful in evaluating the continuation of the Advisory Agreements and extensive reports prepared by Lipper Inc. (“Lipper”), an independent source of investment company data, relating to each Fund’s performance and expenses compared to the 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.

88 Artisan Funds

FACTORS CONSIDERED IN RENEWING 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, among other things, 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 plans and retirement policies, 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, and other demands on their time relating to managing portfolios for non-mutual fund clients; 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 and other accounts advised or sub-advised by Artisan Partners; 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’ personnel who provide services to the Funds;

• 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;

• Any litigation pending, threatened or settled involving Artisan Partners, and the results of any audits, investigations or examinations by the Securities and Exchange Commission (the “SEC”) or other governmental or regulatory authorities;

• Information regarding fee arrangements, including a comparison of the Funds’ total expenses and total expense ratios with those of 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

Artisan Funds 89

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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; whether Artisan Partners is realizing economies of scale in providing services to the Funds and, if so, whether the economies of scale are shared with the Funds; a comparison of the fees charged by Artisan Partners to the Funds with the fees charged by Artisan Partners for managing other accounts, including separate accounts and 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 differences in the nature or scope of services provided; 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 to Artisan Partners or its affiliates from their relationship with the Funds, in addition to advisory fees; benefits to Artisan Partners or its affiliates in selling other products and 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;

• Matters relating to 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; material changes (financial or otherwise) that have occurred during the past year or that are anticipated to occur during the next 12 months in the business of Artisan Partners or its parent; whether and how any such changes have or are expected to affect the services performed by Artisan Partners for any particular Fund; and succession planning with respect to key portfolio management and other personnel;

• 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 such profitability analysis and whether there have been changes to such methodologies over the past year; 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

90 Artisan Funds

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; any relevant investments by Artisan Partners 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 certain follow-up information from Artisan Partners, which Artisan Partners provided prior to the November 12 and 13, 2012 board meeting.

On November 12 and 13, 2012, 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 13 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 12 and 13. 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 13 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. With respect to each Fund, the directors concluded that the Fund’s performance (including outperformance of peers over long-term periods) or other relevant factors supported the renewal of the Advisory Agreement(s) relating to that Fund. In the case of each Fund that had performance that lagged that of a relevant peer group for certain (although not necessarily all) periods, the directors concluded that other factors relevant to performance supported renewal of the Advisory Agreements. These factors included one or more of the following: (1) that underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by Artisan Partners that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent or longer-term performance, as applicable, was competitive when compared to relevant performance benchmarks or peer groups; and (3) that the Fund or a particular share class had a limited operating history. With respect to Emerging Markets Fund, following significant discussions and a special presentation by the portfolio manager of the Fund, the directors determined that the Fund’s performance supported renewal of the Fund’s Advisory Agreement, but that the board would continue to monitor closely the performance of the Fund.

The costs of the 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 it realizes, 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.

Artisan Funds 91

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

The extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, 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 Opportunities Fund, and Global Value Fund would likely benefit from economies of scale if 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 APLP 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 considered that APLP proposed to implement breakpoints in Emerging Markets Fund’s investment advisory fee schedule at higher assets levels, which would result in the Fund paying a lower investment advisory fee to APLP at higher asset levels than if such breakpoints were not implemented and could make the Fund’s advisory fee more competitive in the marketplace. The directors concluded that such breakpoints in the Fund’s investment advisory fees had the potential to benefit investors if the Fund’s assets increase to the level at which the Fund will be able to take advantage of those breakpoints.

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 fees paid by the Funds to Artisan Partners 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, 2013 by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

92 Artisan Funds

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 judgment 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 the Adviser. 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.

Artisan Funds 93

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.

SHAREHOLDER MEETING RESULTS (UNAUDITED)

A special meeting of shareholders of Artisan Funds was held on November 13, 2012. The proposals and results of the votes are summarized below.

Artisan Funds
Election of Directors	For		Withheld
David A. Erne		835,377,770		12,296,853
Gail L. Hanson		835,862,027		11,812,596
Thomas R. Hefty		835,408,271		12,266,353
Patrick S. Pittard		835,491,255		12,183,399
R. Scott Trumbull		833,413,715		14,260,910
Andrew A. Ziegler		835,594,154		12,080,470

	For		Against		Abstain		Broker Non-Votes
To amend and restate the Amended and Restated Articles of Incorporation of the Corporation		356,787,861		269,553,706		8,364,329		212,951,708

	Emerging Markets Fund								Global Equity Fund
To amend certain “fundamental” investment restrictions of the Funds with respect to:	For		Against		Abstain		Broker Non-Votes		For		Against		Abstain		Broker Non-Votes
The issuance of senior securities		26,695,897		587,061		11,870		4,309,327		880,128		9,322		9,084		114,114
Borrowing		22,541,028		4,741,930		11,870		4,309,327		880,126		9,324		9,084		114,114
Concentrating investments in a particular industry		26,696,063		586,895		11,870		4,309,327		879,854		9,596		9,084		114,114
Purchasing or selling real estate		26,688,979		593,978		11,870		4,309,327		879,852		9,598		9,084		114,114
Purchasing or selling commodities		21,878,425		5,404,533		11,870		4,309,327		879,852		9,598		9,084		114,114
Making loans		26,026,097		1,256,861		11,870		4,309,327		879,852		9,598		9,084		114,114
Diversification of investments		22,549,249		4,733,709		11,870		4,309,327		879,854		9,596		9,084		114,114

94 Artisan Funds

SHAREHOLDER MEETING RESULTS (UNAUDITED)

	Global Value Fund								International Fund
To amend certain “fundamental” investment restrictions of the Funds with respect to:	For		Against		Abstain		Broker Non-Votes		For		Against		Abstain		Broker Non-Votes
The issuance of senior securities		8,957,731		110,254		156,643		3,206,949		151,750,256		2,815,956		1,221,804		56,087,472
Borrowing		8,952,310		115,624		156,691		3,206,949		151,831,830		2,703,568		1,252,619		56,087,472
Concentrating investments in a particular industry		8,955,586		112,421		156,621		3,206,949		151,920,790		2,271,813		1,595,413		56,087,472
Purchasing or selling real estate		8,978,399		90,076		156,152		3,206,949		152,030,548		2,157,569		1,599,900		56,087,472
Purchasing or selling commodities		8,977,333		91,141		156,152		3,206,949		151,221,162		2,961,108		1,605,744		56,087,472
Making loans		8,925,988		141,660		156,978		3,206,949		151,407,752		2,742,255		1,638,006		56,087,472
Diversification of investments		8,790,829		277,410		156,388		3,206,949		152,372,435		1,821,348		1,594,233		56,087,472
Shareholder proposal to institute procedures to prevent holding investments in companies that, in the judgment of the board, substantially contribute to genocide or crimes against humanity		n/a		n/a		n/a		n/a		17,475,364		136,899,272		1,410,030		56,087,472
	International Value Fund								Small Cap Fund
To amend certain “fundamental” investment restrictions of the Funds with respect to:	For		Against		Abstain		Broker Non-Votes		For		Against		Abstain		Broker Non-Votes
The issuance of senior securities		121,128,881		862,968		2,880,982		13,543,489		13,590,238		201,539		215,049		4,851,392
Borrowing		121,026,459		956,208		2,890,160		13,543,489		13,573,133		218,309		215,383		4,851,392
Concentrating investments in a particular industry		121,134,620		865,779		2,872,429		13,543,489		13,585,198		215,105		206,524		4,851,392
Purchasing or selling real estate		121,196,741		798,191		2,877,896		13,543,489		13,608,014		190,424		208,388		4,851,392
Purchasing or selling commodities		121,147,439		840,139		2,885,247		13,543,489		13,592,936		199,220		214,670		4,851,392
Making loans		121,028,162		955,751		2,888,914		13,543,489		13,565,230		228,223		213,372		4,851,392
Diversification of investments		121,252,853		757,657		2,862,318		13,543,489		13,627,209		176,332		203,286		4,851,392
	Small Cap Value Fund								Value Fund
To amend certain “fundamental” investment restrictions of the Funds with respect to:	For		Against		Abstain		Broker Non-Votes		For		Against		Abstain		Broker Non-Votes
The issuance of senior securities		66,321,343		2,410,716		711,514		24,069,377		37,621,387		209,666		340,474		11,956,203
Borrowing		66,207,674		2,507,737		728,160		24,069,377		37,565,351		248,976		357,201		11,956,203
Concentrating investments in a particular industry		67,852,824		870,045		720,703		24,069,377		37,586,290		243,310		341,927		11,956,203
Purchasing or selling real estate		67,848,316		861,646		733,611		24,069,377		37,629,076		201,912		340,538		11,956,203
Purchasing or selling commodities		67,745,954		950,937		746,681		24,069,377		37,606,743		213,267		351,516		11,956,203
Making loans		66,146,831		2,552,439		744,302		24,069,377		37,564,516		258,310		348,701		11,956,203
Diversification of investments		67,881,554		835,645		726,372		24,069,377		37,642,857		188,327		340,345		11,956,203

Artisan Funds 95

SHAREHOLDER MEETING RESULTS (UNAUDITED)

The special meeting of shareholders of Artisan Funds held on November 13, 2012 was adjourned with respect to the items below until November 29, 2013 (the “adjourned meeting of shareholders”). The proposals and results of the votes at the adjourned meeting of shareholders are summarized below.

	Global Opportunities Fund									International Small Cap Fund
To amend certain “fundamental” investment restrictions of the Funds with respect to:	For		Against		Abstain			Broker Non-Votes		For		Votes Against		Abstain		Broker Non-Votes
The issuance of senior securities		8,803,015		85,000		83,707			4,038,423		12,665,383		127,877		138,479		5,158,129
Borrowing		8,807,100		82,906		81,716			4,038,423		12,648,194		139,326		144,220		5,158,129
Concentrating investments in a particular industry		8,810,163		79,842		81,716			4,038,423		12,689,699		96,475		145,565		5,158,129
Purchasing or selling real estate		8,814,181		74,495		83,046			4,038,423		12,691,898		94,344		145,496		5,158,129
Purchasing or selling commodities		8,821,110		68,896		81,716			4,038,423		12,686,481		98,399		146,861		5,158,129
Making loans		8,806,995		79,688		85,037			4,038,423		12,614,586		169,676		147,478		5,158,129
Diversification of investments		8,829,625		59,367		82,729			4,038,423		12,698,453		85,466		147,819		5,158,129
	Mid Cap Fund									Mid Cap Value Fund
To amend certain “fundamental” investment restrictions of the Funds with respect to:	For		Against		Abstain			Broker Non-Votes		For		Against		Abstain		Broker Non-Votes
The issuance of senior securities		61,611,823		3,373,725		446,199			23,575,601		134,598,562		4,930,078		1,651,023		57,358,022
Borrowing		61,513,184		3,477,454		441,508			23,575,601		134,109,657		5,414,929		1,655,079		57,358,022
Concentrating investments in a particular industry		61,768,767		3,230,234		432,747			23,575,601		134,325,246		5,228,679		1,625,738		57,358,022
Purchasing or selling real estate		61,757,192		3,239,574		435,108	��		23,575,601		134,540,498		5,002,404		1,636,760		57,358,022
Purchasing or selling commodities		61,728,923		3,270,105		432,847			23,575,601		134,443,396		5,078,583		1,657,680		57,358,022
Making loans		61,485,446		3,510,179		436,123			23,575,601		133,761,484		5,755,055		1,663,126		57,358,022
Diversification of investments		61,800,080		3,178,294		453,375			23,575,601		134,635,013		4,896,574		1,648,077		57,358,022

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.344.1770. That information also is included in Artisan Funds’ statement of additional information, which is available without charge, on 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.

96 Artisan Funds

INFORMATION ABOUT PORTFOLIO SECURITIES

Artisan Funds files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the quarters ending December 31 and June 30 (the first and third quarters of the Funds’ fiscal year) on Form N-Q. The Funds’ Forms N-Q are available on the Securities and Exchange Commission’s website at www.sec.gov. You also may review and copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 800.SEC.0330.

Artisan Funds 97

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

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, 2013 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, 2013

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, 2013
By:	/s/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Financial Officer
Date:	June 5, 2013