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: 3/31/14

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. Report 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 Small Cap Fund
14	Artisan Global Value Fund
16	Artisan High Income Fund
19	Artisan International Fund
22	Artisan International Small Cap Fund
24	Artisan International Value Fund
27	Artisan Mid Cap Fund
30	Artisan Mid Cap Value Fund
33	Artisan Small Cap Fund
36	Artisan Small Cap Value Fund
39	Artisan Value Fund
41	STATEMENTS OF ASSETS AND LIABILITIES
45	STATEMENTS OF OPERATIONS
49	STATEMENTS OF CHANGES IN NET ASSETS

56	FINANCIAL HIGHLIGHTS
68	NOTES TO FINANCIAL STATEMENTS
102	SHAREHOLDER EXPENSE EXAMPLE
106	FACTORS CONSIDERED IN RENEWING THE FUNDS’ (EXCEPT HIGH INCOME FUND) ADVISORY AGREEMENTS
111	FACTORS CONSIDERED IN APPROVING ARTISAN HIGH INCOME FUND’S ADVISORY AGREEMENT
115	NOTES ON PORTFOLIO HOLDINGS’ CLASSIFICATION
116	SHAREHOLDER MEETING RESULTS
117	PROXY VOTING POLICIES AND PROCEDURES
117	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, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.4%
BRAZIL - 9.7%
BR Properties S.A.		553,020	$	4,541
Cosan S.A. Industria e Comercio		176,200		2,738
GAEC Educacao S.A.(1)(2)(3)		410,100		3,884
GAEC Educacao S.A.(1)		8,900		84
Hypermarcas S.A.		1,255,838		9,082
Magazine Luiza S.A.		834,700		2,384
Magnesita Refratarios S.A.		879,100		1,945
Mills Estruturas e Servicos de Engenharia S.A.		326,490		4,029
Petroleo Brasileiro S.A.		1,561,389		10,295
Raia Drogasil S.A.		377,500		3,266
Vale S.A.		844,413		11,693
				53,941
CHILE - 1.5%
ENTEL Chile S.A.		289,950		3,552
SACI Falabella		535,849		4,736
				8,288
CHINA - 16.3%
Ajisen China Holdings Ltd.		6,748,913		6,143
Chaoda Modern Agriculture Holdings Ltd.(1)(2)(4)		12,474,536		100
China High Precision Automation Group Ltd.(1)(2)(4)		9,066,000		145
China Huishan Dairy Holdings Co., Ltd.(1)		11,914,000		3,302
China Life Insurance Co., Ltd., Class H		4,032,800		11,438
China Petroleum & Chemical Corp., Class H		9,823,453		8,815
China Resources Power Holdings Co., Ltd.		2,220,000		5,782
China Unicom Hong Kong Ltd.		3,781,500		4,963
Digital China Holdings Ltd.		3,682,460		3,713
GOME Electrical Appliances Holding Ltd.		34,700,881		5,861
Huabao International Holdings Ltd.		10,906,322		5,062
Mindray Medical International Ltd. (DR)		144,691		4,682
Noah Holdings Ltd. (DR)		357,305		5,152
Perfect World Co., Ltd. (DR)		140,294		2,900
PW Medtech Group Ltd.(1)		8,315,000		3,698
Sino Biopharmaceutical Ltd.		3,344,000		2,845
Sinopharm Group Co., Ltd., Class H		1,862,500		5,103
Zhuzhou CSR Times Electric Co., Ltd., Class H		3,392,015		11,370
				91,074
EGYPT - 0.9%
Egyptian Financial Group-Hermes Holding(1)		2,702,524		4,868
GREECE - 1.6%
Alpha Bank AE(1)		3,421,540		3,370
JUMBO S.A.(1)		300,011		5,373
				8,743
HONG KONG - 1.7%
AIA Group Ltd.		1,241,665		5,891
Chow Tai Fook Jewellery Group Ltd.		2,280,200		3,592
				9,483
INDIA - 8.8%
Aurobindo Pharma Ltd.		691,373		5,931
Hindalco Industries Ltd.		2,217,805		5,236
ICICI Bank Ltd.		296,635		6,170
Mahindra & Mahindra Ltd.		251,951		4,134
Petronet LNG Ltd.		1,484,299		3,405
Power Finance Corp. Ltd.		958,576		3,095
Reliance Industries Ltd.		524,883		8,242
Reliance Infrastructure Ltd.		688,734		4,982
Tech Mahindra Ltd.		274,293		8,237
				49,432
INDONESIA - 3.2%
Astra International Tbk PT(4)		10,358,270		6,782
Bank Negara Indonesia Persero Tbk PT(4)		14,993,418		6,599
Indofood CBP Sukses Makmur Tbk PT(4)		4,952,300		4,416
				17,797
ITALY - 1.1%
Tenaris S.A. (DR)		133,612		5,912
KENYA - 0.6%
Safaricom Ltd.		23,873,700		3,426
KOREA - 13.0%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		256,434		7,709
E-Mart Co., Ltd.		22,853		5,239
KB Financial Group, Inc.		241,332		8,445
Kia Motors Corp.		192,363		10,716
Samsung Electronics Co., Ltd.		20,413		25,755
Samsung Heavy Industries Co., Ltd.		107,840		3,227
Shinhan Financial Group Co., Ltd.		264,960		11,699
				72,790
MALAYSIA - 0.7%
AirAsia BHD		5,160,400		4,030

2 Artisan Funds

	Shares Held		Value
MEXICO - 3.1%
Grupo Televisa S.A.B., Series CPO		1,150,775	$	7,677
Infraestructura Energetica Nova S.A.B. de C.V.		964,935		4,999
OHL Mexico S.A.B. de C.V.(1)		1,858,778		4,821
				17,497
PANAMA - 0.6%
Copa Holdings S.A., Class A(5)		24,891		3,614
PERU - 1.2%
Cementos Pacasmayo SAA (DR)		216,334		1,897
Grana y Montero S.A. (DR)(1)		268,515		4,635
				6,532
PHILIPPINES - 0.7%
Philippine Long Distance Telephone Co.		65,950		4,015
RUSSIA - 7.7%
Alrosa AO(4)		3,963,677		4,076
Globaltrans Investment plc (DR)		332,067		3,832
LSR Group (DR)		1,088,435		2,993
Lukoil OAO (DR)		170,698		9,484
MMC Norilsk Nickel OJSC (DR)		274,058		4,558
Mobile Telesystems OJSC(4)		734,258		5,674
Polymetal International plc		479,036		4,956
Sberbank of Russia(4)		3,233,968		7,728
				43,301
SOUTH AFRICA - 5.0%
FirstRand Ltd.		1,534,164		5,261
Impala Platinum Holdings Ltd.		502,875		5,732
Naspers Ltd., Class N		110,539		12,193
Truworths International Ltd.		651,151		4,778
				27,964
SWITZERLAND - 1.1%
Dufry AG(1)		35,256		6,062
TAIWAN - 11.7%
Chinatrust Financial Holding Co., Ltd.		15,266,042		9,550
E Ink Holdings, Inc.(1)		4,102,000		2,378
Hon Hai Precision Industry Co., Ltd.		5,288,534		14,987
MediaTek, Inc.		719,794		10,625
Taiwan Fertilizer Co., Ltd.		2,136,000		4,475
Taiwan Semiconductor Manufacturing Co., Ltd.		5,965,647		23,214
				65,229
THAILAND - 2.6%
Advanced Info Service PCL (DR)		578,000		4,027
Bangkok Bank PCL (DR)		1,369,500		7,535
PTT Exploration & Production PCL(4)		99,000		479
PTT Exploration & Production PCL (DR)		497,078		2,406
				14,447
TURKEY - 0.7%
Turkiye Sinai Kalkinma Bankasi AS		4,562,762		3,902
UNITED ARAB EMIRATES - 0.8%
DAMAC Real Estate Development Ltd., 144A (DR)(1)		253,323		4,203
UNITED KINGDOM - 1.1%
Al Noor Hospitals Group plc		347,721		6,226
Total common stocks (Cost $502,618)				532,776
PREFERRED STOCKS - 2.9%
BRAZIL - 0.8%
Cia Energetica de Minas Gerais(5)		675,933		4,543
KOREA - 2.1%
Samsung Electronics Co., Ltd.(5)		12,022		11,938
Total preferred stocks (Cost $16,384)				16,481
	Principal Amount
CONVERTIBLE DEBENTURES - 0.0%†
BRAZIL - 0.0%†
PDG Realty S.A. Empreendimentos e Participacoes (0.0%, 9/19/16)(1)(2)	$	372	$	1
Total convertible debentures (Cost $127)				1
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 0.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $4,218 (Cost $4,218)(6)		4,218		4,218
Total investments - 99.1% (Cost $523,347)				553,476
Other assets less liabilities - 0.9%				5,270
Total net assets - 100.0%(7)			$	558,746

^†  Amount rounds to less than 0.1%.

⁽¹⁾  Non-income producing security.

⁽²⁾  Security has been deemed illiquid under procedures established by the board of directors of Artisan Funds. In total, the value of securities deemed illiquid was $4,130, or 0.7% of total net assets.

Artisan Funds 3

⁽³⁾  Security was acquired in a private placement. The shares are freely tradable outside the United States where the Fund expects to trade them.

Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
GAEC Educacao S.A.		10/25/13	$	3,467	$	3,884		0.7	%

⁽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 $35,999, or 6.4% 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		1.625	%		11/15/2022	$	4,306

⁽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, 2014 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Net Assets
Consumer Discretionary	$	84,400			15.2	%
Consumer Staples		25,405			4.5
Energy		51,776			9.4
Financials		112,440			20.2
Health care		28,485			5.1
Industrials		47,267			8.3
Information Technology		103,892			18.6
Materials		49,630			8.9
Telecommunication Services		25,657			4.5
Utilities		20,306			3.6
Short-term investments		4,218			0.8
Total investments	$	553,476			99.1	%
CURRENCY EXPOSURE - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real	$	58,485			10.6	%
British pound		11,182			2.0
Chilean peso		8,288			1.5
Egyptian pound		4,868			0.9
Euro		8,743	*		1.6
Hong Kong dollar		87,823			15.9
Indian rupee		49,432			8.9
Indonesian rupiah		17,797			3.2
Kenyan shilling		3,426			0.6
Korean won		84,728			15.3
Malaysian ringgit		4,030			0.7
Mexican peso		17,497			3.2
Philippine peso		4,015			0.7
South African rand		27,964			5.1
Swiss franc		6,062			1.1
Taiwan dollar		65,229			11.8
Thai baht		14,447			2.6
Turkish lira		3,902			0.7
U.S. dollar		75,558			13.6
Total investments	$	553,476			100.0	%

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

Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	4/3/2014	USD	3,070		EUR	2,225	$	(5	)*

* Contract used to facilitate payment of a purchase payable denominated in EUR.

EUR - Euro currency

USD - U.S. dollar

4 Artisan Funds

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		6.7	%
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		4.2
Hon Hai Precision Industry Co., Ltd.	Taiwan		2.7
Naspers Ltd.	South Africa		2.2
Shinhan Financial Group Co., Ltd.	Korea		2.1
Vale S.A.	Brazil		2.1
China Life Insurance Co., Ltd.	China		2.1
Zhuzhou CSR Times Electric Co., Ltd.	China		2.0
Kia Motors Corp.	Korea		1.9
MediaTek, Inc.	Taiwan		1.9
Total			27.9	%

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

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

Artisan Funds 5

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 99.0%
BRAZIL - 0.1%
Gol Linhas Aereas Inteligentes S.A. (DR)(1)		48,846	$	237
CAMBODIA - 2.4%
NagaCorp Ltd.		4,910,000		5,115
CANADA - 1.4%
CAE, Inc.		233,488		3,073
CHINA - 7.4%
Beijing Enterprises Water Group Ltd.		5,948,000		4,164
China Everbright International Ltd.		1,998,000		2,736
China Oil & Gas Group Ltd.(2)		38,818,000		6,606
Labixiaoxin Snacks Group Ltd.(3)(4)		7,136,557		2,484
				15,990
DENMARK - 0.4%
ISS AS(1)		23,757		798
FINLAND - 1.1%
Huhtamaki Oyj		89,681		2,459
FRANCE - 1.0%
Naturex		24,286		2,148
GERMANY - 4.3%
Linde AG		12,025		2,405
MTU Aero Engines AG		19,040		1,770
Sky Deutschland AG(1)		208,320		1,797
Wirecard AG		81,966		3,401
				9,373
HONG KONG - 4.3%
AIA Group Ltd.		905,595		4,296
Sands China Ltd.		266,400		1,987
SPT Energy Group, Inc.		6,130,000		3,043
				9,326
INDIA - 3.4%
Kaveri Seed Co., Ltd., Equity-Linked Security(3)(5)(6)(7)		687,950		7,372
INDONESIA - 2.4%
Bank Rakyat Indonesia Persero Tbk PT(3)		1,542,100		1,313
Global Mediacom Tbk PT(3)		13,657,900		2,847
MNC Sky Vision Tbk PT(3)		5,106,854		1,074
				5,234
IRELAND - 1.1%
Glanbia plc		153,533		2,356
JAPAN - 2.3%
Sugi Holdings Co., Ltd.		60,400		2,683
Toyota Motor Corp.		41,700		2,354
				5,037
MEXICO - 1.6%
Grupo Televisa S.A.B. (DR)		104,037		3,463
NETHERLANDS - 1.4%
ASML Holding N.V.		33,657		3,117
NIGERIA - 2.3%
Dangote Cement plc		3,647,112		5,105
PHILIPPINES - 3.9%
ABS-CBN Holdings Corp. (DR)		4,202,624		2,999
LT Group, Inc.		14,311,400		5,565
				8,564
SWEDEN - 1.8%
Sanitec Corp.(1)		328,986		3,787
Volvo AB, Class B		14,199		225
				4,012
SWITZERLAND - 5.4%
Cembra Money Bank AG(1)		57,572		3,924
Nestle S.A.		30,031		2,261
Swatch Group AG		3,816		2,391
Tecan Group AG		26,432		3,169
				11,745
UNITED KINGDOM - 8.0%
Barratt Developments plc		679,134		4,671
Rolls-Royce Holdings plc(1)		157,330		2,817
Royal Mail plc(1)		147,877		1,388
SABMiller plc		69,440		3,467
Synergy Health plc		217,910		5,013
				17,356
UNITED STATES - 43.0%
Advance Auto Parts, Inc.		18,556		2,347
American Express Co.		52,960		4,768

6 Artisan Funds

	Shares Held		Value
UNITED STATES (CONTINUED)
B/E Aerospace, Inc.(1)		53,083	$	4,607
BioMarin Pharmaceutical, Inc.(1)		46,119		3,146
CBS Corp., Class B(6)		33,454		2,068
Celgene Corp.(1)		38,727		5,406
Church & Dwight Co., Inc.		73,316		5,064
Comcast Corp., Class A		159,289		7,968
Cooper Cos., Inc.		6,208		853
Discovery Communications, Inc., Class A(1)		30,271		2,504
Dollar Tree, Inc.(1)		75,170		3,922
Dresser-Rand Group, Inc.(1)		3,855		225
Gilead Sciences, Inc.(1)		105,340		7,464
Google, Inc., Class A(1)		4,779		5,326
Marsh & McLennan Cos., Inc.		136,844		6,747
Mastercard, Inc., Class A		62,057		4,636
Medivation, Inc.(1)		38,300		2,465
TJX Cos., Inc.		126,797		7,690
Vantiv, Inc., Class A(1)		108,943		3,292
Viacom, Inc., Class B(6)		37,179		3,160
Walt Disney Co.		46,089		3,690
Wesco Aircraft Holdings, Inc.(1)		117,133		2,578
Yum! Brands, Inc.		48,455		3,653
				93,579
Total common stocks and equity-linked securities (Cost $194,609)				215,459
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $11,297 (Cost $11,297)(8)	$	11,297	$	11,297
Total investments - 104.2% (Cost $205,906)				226,756
Other assets less liabilities - (4.2%)				(9,180	)
Total net assets - 100.0%(9)			$	217,576

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the Investment Company Act of 1940, as amended (“1940 Act”). See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  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 $15,090, or 6.9% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁴⁾  Security has been deemed illiquid under procedures established by the board of directors of Artisan Funds. In total, the value of securities deemed illiquid was $2,484, or 1.1% of total net assets.

⁽⁵⁾  Security is restricted. The security was acquired in a transaction under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) during the period noted below. The shares of the security may be resold in transactions exempt from registration to qualified institutional buyers.

Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Kaveri Seed Co., Ltd.		8/14/13- 3/31/14	$	3,989	$	7,372		3.4	%

⁽⁶⁾  Non-voting shares.

⁽⁷⁾  Security is an equity-linked participation certificate issued by HSBC Bank plc. As described in note 2(h) in Notes to Financial Statements, equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁸⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S.Treasury Note		1.625	%		8/15/2022	$	11,527

⁽⁹⁾  Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	65,700		30.5	%
Consumer Staples		33,400		15.3
Energy		3,268		1.5
Financials		21,048		9.7
Health care		27,516		12.6
Industrials		24,016		11.0
Information Technology		19,772		9.0
Materials		9,969		4.5
Utilities		10,770		4.9
Short-term investments		11,297		5.2
Total investments	$	226,756		104.2	%

Artisan Funds 7

CURRENCY EXPOSURE - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	17,356		7.7	%
Canadian dollar		3,073		1.4
Danish krone		798		0.3
Euro		19,453		8.6
Hong Kong dollar		30,431		13.4
Indonesian rupiah		5,234		2.3
Japanese yen		5,037		2.2
Nigerian naira		5,105		2.2
Philippine peso		8,564		3.8
Swedish krona		4,012		1.8
Swiss franc		11,745		5.2
U.S. dollar		115,948		51.1
Total investments	$	226,756		100.0	%

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Comcast Corp.	United States		3.7	%
TJX Cos., Inc.	United States		3.5
Gilead Sciences, Inc.	United States		3.4
Kaveri Seed Co., Ltd.	India		3.4
Marsh & McLennan Cos., Inc.	United States		3.1
China Oil & Gas Group Ltd.	China		3.0
LT Group, Inc.	Philippines		2.6
Celgene Corp.	United States		2.5
Google, Inc.	United States		2.4
NagaCorp Ltd.	Cambodia		2.4
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.

8 Artisan Funds

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.8%
AUSTRALIA - 2.5%
James Hardie Industries plc (DR)		1,870,599	$	24,860
BRAZIL - 2.1%
BR Malls Participacoes S.A.		1,110,400		9,582
Raia Drogasil S.A.		1,341,100		11,602
				21,184
CANADA - 1.7%
Tourmaline Oil Corp.(1)		351,176		16,601
CHINA - 4.4%
Baidu, Inc. (DR)(1)		177,256		27,010
Great Wall Motor Co., Ltd., Class H		1,578,900		7,929
Tencent Holdings Ltd.		130,500		9,077
				44,016
FRANCE - 3.6%
Eurofins Scientific		58,658		17,556
Sanofi		172,978		18,035
				35,591
GERMANY - 1.7%
Adidas AG		161,328		17,456
HONG KONG - 2.7%
Hong Kong Exchanges and Clearing Ltd.		711,677		10,790
Sands China Ltd.		2,168,400		16,172
				26,962
ITALY - 0.6%
Moncler S.p.A.(1)		336,846		5,759
JAPAN - 4.0%
FANUC Corp.		184,202		32,489
Yahoo Japan Corp.		1,536,300		7,532
				40,021
MEXICO - 2.3%
Infraestructura Energetica Nova S.A.B. de C.V.		2,295,950		11,895
TF Administradora Industrial S de RL de C.V.		5,653,161		11,388
				23,283
RUSSIA - 0.7%
Magnit OJSC (DR)		137,172		7,517
SWEDEN - 4.9%
Hexagon AB, Class B		1,433,081	$	48,690
TAIWAN - 2.7%
Hermes Microvision, Inc.		257,000		10,296
MediaTek, Inc.		1,136,600		16,777
				27,073
UNITED KINGDOM - 8.4%
ARM Holdings plc		1,488,027		24,758
Direct Line Insurance Group plc		4,966,209		19,664
Intertek Group plc		356,234		18,244
Rotork plc		491,577		21,693
				84,359
UNITED STATES - 51.5%
Amazon.com, Inc.(1)		72,672		24,456
Anadarko Petroleum Corp.		257,855		21,856
Applied Materials, Inc.		2,141,322		43,726
Biogen Idec, Inc.(1)		109,593		33,521
Bristol-Myers Squibb Co.		265,569		13,796
Cerner Corp.(1)		279,203		15,705
Citigroup, Inc.		267,804		12,747
Discover Financial Services		527,595		30,701
eBay, Inc.(1)		89,517		4,945
EQT Corp.		105,442		10,225
Facebook, Inc., Class A(1)		209,222		12,604
Gilead Sciences, Inc.(1)		277,640		19,674
Google, Inc., Class A(1)		59,710		66,547
IHS, Inc., Class A (1)(2)		433,484		52,668
Illumina, Inc.(1)		119,244		17,727
Keurig Green Mountain, Inc.		115,758		12,223
Monsanto Co.		157,014		17,863
Regeneron Pharmaceuticals, Inc.(1)		202,744		60,880
Salesforce.com, Inc.(1)		316,049		18,043
Starbucks Corp.		270,471		19,847
Workday, Inc., Class A(1)		54,543		4,987
				514,741
Total common stocks (Cost $760,010)				938,113

Artisan Funds 9

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $53,228 (Cost $53,228)(3)	$	53,228	$	53,228
Total investments - 99.1% (Cost $813,238)				991,341
Other assets less liabilities - 0.9%				8,556
Total net assets - 100.0%(4)			$	999,897

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		5/15/2022	$	54,296

⁽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, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	91,619		9.1	%
Consumer Staples		31,342		3.1
Energy		48,682		4.9
Financials		94,872		9.4
Health care		196,894		19.8
Industrials		125,094		12.5
Information Technology		294,992		29.5
Materials		42,723		4.3
Utilities		11,895		1.2
Short-term investments		53,228		5.3
Total investments	$	991,341		99.1	%

CURRENCY EXPOSURE - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	24,860		2.5	%
Brazilian real		21,184		2.1
British pound		84,359		8.5
Canadian dollar		16,601		1.7
Euro		58,806		5.9
Hong Kong dollar		43,968		4.4
Japanese yen		40,021		4.1
Mexican peso		23,283		2.4
Swedish krona		48,690		4.9
Taiwan dollar		27,073		2.7
U.S. dollar		602,496		60.8
Total investments	$	991,341		100.0	%

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

Counterparty	Contract Settlement Date	Contract Amount					Unrealized Appreciation
		Deliver		Receive
State Street Bank and Trust Company	8/14/2014	JPY	2,838,675		USD	27,712	$	189
State Street Bank and Trust Company	8/14/2014	JPY	172,674		USD	1,684		10
							$	199

JPY - Japanese yen

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Google, Inc.	United States		6.6	%
Regeneron Pharmaceuticals, Inc.	United States		6.1
IHS, Inc.	United States		5.3
Hexagon AB	Sweden		4.9
Applied Materials, Inc.	United States		4.4
Biogen Idec, Inc.	United States		3.3
FANUC Corp.	Japan		3.2
Discover Financial Services	United States		3.1
Baidu, Inc.	China		2.7
James Hardie Industries plc	Australia		2.5
Total			42.1	%

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 SMALL CAP FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY- LINKED SECURITIES - 95.1%
BRAZIL - 2.4%
Qualicorp S.A.(1)		363,300	$	3,675
CAMBODIA - 3.1%
NagaCorp Ltd.		4,718,000		4,915
CHINA - 9.3%
Beijing Enterprises Water Group Ltd.		2,688,000		1,882
Biostime International Holdings Ltd.		280,000		1,922
Changshouhua Food Co., Ltd.		1,461,000		1,584
China Oil & Gas Group Ltd.(2)		32,060,000		5,456
HanKore Environment Tech Group Ltd.(1)		16,438,000		1,791
Labixiaoxin Snacks Group Ltd.(3)(4)		5,792,000		2,016
				14,651
COLOMBIA - 1.1%
Cemex Latam Holdings S.A.(1)		201,914		1,681
FINLAND - 4.0%
Huhtamaki Oyj		230,981		6,332
FRANCE - 2.9%
Naturex		51,406		4,546
GERMANY - 6.9%
Bertrandt AG		24,504		3,754
Sky Deutschland AG(1)		234,749		2,024
Stroeer Media AG(1)		283,794		5,114
				10,892
HONG KONG - 1.7%
SPT Energy Group, Inc.		5,424,000		2,692
INDIA - 5.2%
Kaveri Seed Co., Ltd., Equity-Linked Security(3)(5)(6)(7)		760,330		8,148
INDONESIA - 3.7%
Global Mediacom Tbk PT(3)		16,805,500		3,503
MNC Sky Vision Tbk PT(3)		11,220,000		2,360
				5,863
ISRAEL - 3.3%
Sarin Technologies Ltd.		2,653,000		5,231
JAPAN - 1.9%
Sugi Holdings Co., Ltd.		67,900	$	3,016
MALAYSIA - 2.9%
JobStreet Corp. Bhd		1,021,600		763
Oldtown Bhd (2)		3,976,475		2,411
Power Root Bhd		2,419,600		1,356
				4,530
SINGAPORE - 7.4%
Goodpack Ltd.		221,000		376
Overseas Education Ltd.		6,488,000		4,384
SIIC Environment Holdings Ltd.(1)		50,613,000		6,921
				11,681
SWEDEN - 2.3%
Sanitec Corp.(1)		317,589		3,656
SWITZERLAND - 5.3%
Burckhardt Compression Holdings AG		4,184		2,177
Cembra Money Bank AG(1)		45,377		3,092
Tecan Group AG		25,150		3,016
				8,285
THAILAND - 0.1%
Big C Supercenter PCL (DR)		22,000		124
UNITED KINGDOM - 16.9%
Carpetright plc(1)		522,425		5,248
N Brown Group plc		404,134		3,850
Rathbone Brothers plc		78,995		2,389
Safestore Holdings plc		686,364		2,712
Synergy Health plc		262,139		6,031
Victrex plc		190,891		6,393
				26,623
UNITED STATES - 14.7%
Church & Dwight Co., Inc.		40,711		2,812
First Republic Bank		44,154		2,384
Interpublic Group of Cos., Inc.		146,235		2,506
Norcraft Cos., Inc.(1)		132,580		2,245
PerkinElmer, Inc.		61,757		2,783
Vantiv, Inc., Class A(1)		151,233		4,570
Wesco Aircraft Holdings, Inc. (1)		262,775		5,784
				23,084
Total common stocks and equity-linked securities (Cost $138,636)				149,625

Artisan Funds 11

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $10,176 (Cost $10,176)(8)	$	10,176	$	10,176
Total investments - 101.6% (Cost $148,812)				159,801
Other assets less liabilities - (1.6%)				(2,583	)
Total net assets - 100.0%(9)			$	157,218

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  Valued at a fair value in accordance with procedures established by the board of directors of Artisan Funds. In total, securities valued at a fair value were $16,027, or 10.2% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁴⁾  Security has been deemed illiquid under procedures established by the board of directors of Artisan Funds. In total, the value of securities deemed illiquid was $2,016, or 1.3% of total net assets.

⁽⁵⁾  Security is restricted. The security was acquired in a transaction under Rule 144A of the 1933 Act during the period noted below. The shares of the security may be resold in transactions exempt from registration to qualified institutional buyers.

Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Kaveri Seed Co., Ltd.		6/26/13- 3/28/14	$	5,146	$	8,148		5.2	%

⁽⁶⁾  Non-voting shares.

⁽⁷⁾  Security is an equity-linked participation certificate issued by HSBC Bank plc. As described in note 2(h) in Notes to Financial Statements, equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁸⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S.Treasury Note		1.625	%		8/15/2022	$	10,383

⁽⁹⁾  Percentages for the various classifications relate to total net assets.

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

(DR) Depositary Receipt, voting rights may vary.

PORTFOLIO DIVERSIFICATION - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	33,904		21.5	%
Consumer Staples		27,935		17.8
Energy		2,692		1.7
Financials		10,577		6.7
Health care		15,505		9.9
Industrials		23,610		15.0
Information Technology		4,570		2.9
Materials		14,782		9.4
Utilities		16,050		10.2
Short-term investments		10,176		6.5
Total investments	$	159,801		101.6	%
CURRENCY EXPOSURE - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	3,675		2.3	%
British pound		26,623		16.7
Colombian peso		1,681		1.0
Euro		21,770		13.6
Hong Kong dollar		20,467		12.8
Indonesian rupiah		5,863		3.7
Japanese yen		3,016		1.9
Malaysian ringgit		4,530		2.8
Singapore dollar		18,703		11.7
Swedish krona		3,656		2.3
Swiss franc		8,285		5.2
Thai baht		124		0.1
U.S. dollar		41,408		25.9
Total investments	$	159,801		100.0	%

12 Artisan Funds

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Kaveri Seed Co., Ltd.	India		5.2	%
SIIC Environment Holdings Ltd.	Singapore		4.4
Victrex plc	United Kingdom		4.1
Huhtamaki Oyj	Finland		4.0
Synergy Health plc	United Kingdom		3.8
Wesco Aircraft Holdings, Inc.	United States		3.7
China Oil & Gas Group Ltd.	China		3.5
Carpetright plc	United Kingdom		3.3
Sarin Technologies Ltd.	Israel		3.3
Stroeer Media AG	Germany		3.3
Total			38.6	%

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

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

Artisan Funds 13

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 87.2%
BELGIUM - 1.9%
Groupe Bruxelles Lambert S.A.		341,094	$	34,059
CANADA - 2.4%
Imperial Oil Ltd.		909,779		42,366
DENMARK - 2.2%
Carlsberg AS, Class B		296,249		29,465
ISS AS(1)		245,933		8,259
				37,724
FRANCE - 1.8%
Total S.A.		197,344		12,941
Vivendi S.A.		690,216		19,227
				32,168
INDIA - 0.1%
Coal India Ltd.		492,610		2,379
JAPAN - 2.1%
Kao Corp.		888,200		31,470
Sankyo Co., Ltd.		70,800		2,980
Tokyo Electron Ltd.		30,100		1,845
				36,295
KOREA - 3.2%
Kia Motors Corp.		529,744		29,512
Samsung Electronics Co., Ltd.		20,801		26,244
				55,756
NETHERLANDS - 2.5%
ING Groep N.V. (DR)(1)		2,735,496		38,722
TNT Express N.V.		500,158		4,912
				43,634
NORWAY - 1.3%
Orkla ASA		2,625,793		22,386
SWITZERLAND - 5.0%
Adecco S.A.(1)		463,989		38,602
Novartis AG		579,442		49,158
Pargesa Holding S.A.		7,583		656
				88,416
UNITED KINGDOM - 14.9%
AMEC plc		1,453,081		27,181
Compass Group plc		3,116,947		47,547
Diageo plc		729,556		22,635
Lloyds Banking Group plc(1)		30,363,939		37,789
Royal Bank of Scotland Group plc(1)		10,025,083		51,978
TESCO plc		9,903,077		48,770
Unilever plc (DR)		571,916		24,467
				260,367
UNITED STATES - 49.8%
3M Co.		295,513		40,089
Accenture plc, Class A		217,193		17,315
American Express Co.		522,763		47,064
Aon plc		455,168		38,361
Apple, Inc.		51,201		27,482
Applied Materials, Inc.		1,672,144		34,145
ARAMARK Holdings Corp.		802,884		23,219
Arch Capital Group Ltd.(1)(2)		891,469		51,295
Bank of New York Mellon Corp.		1,779,542		62,800
Chubb Corp.		396,838		35,438
Cisco Systems, Inc.		1,959,311		43,908
Flextronics International Ltd.(1)		1,415,237		13,077
Google, Inc., Class A(1)		28,233		31,466
Johnson & Johnson		544,919		53,527
Marsh & McLennan Cos., Inc.		897,341		44,239
Mastercard, Inc., Class A		457,501		34,175
Medtronic, Inc.		803,714		49,461
Microsoft Corp.		1,458,569		59,787
Oracle Corp.		2,136,449		87,402
Progressive Corp.		1,062,430		25,732
TE Connectivity Ltd.		805,060		48,473
URS Corp.		98,764		4,648
				873,103
Total common stocks (Cost $1,284,431)				1,528,653

14 Artisan Funds

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 12.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $216,853 (Cost $216,853)(3)	$	216,853	$	216,853
Total investments - 99.6% (Cost $1,501,284)				1,745,506
Other assets less liabilities - 0.4%				6,548
Total net assets - 100.0%(4)			$	1,752,054

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.000	%		11/15/2021	$	221,194

⁽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, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	103,258		5.9	%
Consumer Staples		179,193		10.3
Energy		84,867		4.7
Financials		468,133		26.7
Health care		152,146		8.7
Industrials		96,510		5.6
Information Technology		425,319		24.2
Telecommunication Services		19,227		1.1
Short-term investments		216,853		12.4
Total investments	$	1,745,506		99.6	%

CURRENCY EXPOSURE - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	235,900		13.5	%
Canadian dollar		42,366		2.4
Danish krone		37,724		2.2
Euro		109,861		6.3
Indian rupee		2,379		0.1
Japanese yen		36,295*		2.1
Korean won		55,756		3.2
Norwegian krone		22,386		1.3
Swiss franc		88,416		5.1
U.S. dollar		1,114,423		63.8
Total investments	$	1,745,506		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	8/14/2014	JPY	2,536,133		USD	24,759	$	168
State Street Bank and Trust Company	8/14/2014	JPY	282,739		USD	2,769		28
State Street Bank and Trust Company	8/14/2014	JPY	272,309		USD	2,674		34
State Street Bank and Trust Company	8/14/2014	JPY	251,369		USD	2,459		22
State Street Bank and Trust Company	8/14/2014	USD	2,351		JPY	238,972		(34	)
							$	218

JPY - Japanese yen

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Oracle Corp.	United States		5.0	%
Bank of New York Mellon Corp.	United States		3.6
Microsoft Corp.	United States		3.4
Johnson & Johnson	United States		3.0
Royal Bank of Scotland Group plc	United Kingdom		3.0
Arch Capital Group Ltd.	United States		2.9
Medtronic, Inc.	United States		2.8
Novartis AG	Switzerland		2.8
TESCO plc	United Kingdom		2.8
TE Connectivity Ltd.	United States		2.8
Total			32.1	%

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

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

Artisan Funds 15

ARTISAN HIGH INCOME FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Principal Amount (000s)		Value
CORPORATE BONDS - 42.6%
AGRICULTURE - 0.7%
Pinnacle Operating Corp., 9.00%, 11/15/2020(1)	$	500	$	540
BEVERAGES - 2.9%
Constellation Brands, Inc., 6.00%, 5/01/2022		2,000		2,210
BUILDING MATERIALS - 3.3%
Ply Gem Industries, Inc., 6.50%, 2/01/2022(1)		2,500		2,525
COMPUTERS - 1.3%
SunGard Availability Services Capital, Inc., 8.75%, 4/01/2022(1)		1,000		1,001
ENTERTAINMENT - 4.5%
Cinemark USA, Inc., 5.13%, 12/15/2022		2,408		2,408
WMG Acquisition Corp., 5.63%, 4/15/2022(1)(2)		1,000		1,015
				3,423
HEALTHCARE-SERVICES - 1.3%
MPH Acquisition Holdings LLC, 6.63%, 4/01/2022(1)		1,000		1,026
INSURANCE - 3.4%
USI, Inc., 7.75%, 1/15/2021		2,500		2,606
MEDIA - 12.8%
CCO Holdings LLC, 5.75%, 9/01/2023		2,000		1,985
Clear Channel Worldwide Holdings, Inc., Series B, 7.63%, 3/15/2020		2,000		2,160
DISH DBS Corp., 5.88%, 7/15/2022		2,500		2,669
Nielsen Finance Co., 5.00%, 4/15/2022(1)(2)		1,000		1,003
Sirius XM Holdings, Inc., 4.25%, 5/15/2020(1)		2,000		1,955
				9,772
MINING - 2.1%
FMG Resources Pty Ltd., 6.00%, 4/01/2017(1)		750		790
FMG Resources Pty Ltd., 6.88%, 4/01/2022(1)		750		808
				1,598
OIL & GAS - 0.7%
Offshore Group Investment Ltd., 7.13%, 4/01/2023		500		509
RETAIL - 5.1%
First Cash Financial Services, Inc., Series SR, 6.75%, 4/01/2021(1)		1,500		1,538
Phosphorus Holdco plc, PIK, 10.00%, 4/01/2019(1)	GBP	250		402
Sonic Automotive, Inc., 5.00%, 5/15/2023	$	2,000		1,962
				3,902
TELECOMMUNICATIONS - 4.5%
EarthLink Holdings Corp., 7.38%, 6/01/2020		1,000		1,040
Intelsat Jackson Holdings S.A., 5.50%, 8/01/2023(1)		2,500		2,450
				3,490
Total Corporate Bonds (Cost $32,612)				32,602
BANK LOANS - 31.0%(3)
BUILDING MATERIALS - 2.6%
Gypsum Management & Supply, Inc. Second Lien Term Loan, 8.00%, 3/07/2022		2,000		2,008
COMMERCIAL SERVICES - 2.0%
Capital Safety Holdings, Inc. Second Lien Term Loan, 7.25%, 3/13/2022		1,500		1,508
COMPUTERS - 1.3%
SunGard Availability Services Capital Term Loan B, 6.00%, 3/25/2019		1,000		1,001
DIVERSIFIED FINANCIAL SERVICES - 1.7%
RCS Capital Corp. First Lien Term Loan, 6.50%, 3/31/2019		250		251

16 Artisan Funds

	Principal Amount (000s)		Value
DIVERSIFIED FINANCIAL SERVICES (CONTINUED)
RCS Capital Corp. Second Lien Term Loan, 10.75%, 1/16/2021	$	1,000	$	1,022
				1,273
ENTERTAINMENT - 1.3%
Northfield Park Associates LLC Term Loan, 9.00%, 11/09/2018		1,000		1,016
HEALTHCARE-SERVICES - 1.3%
Multiplan, Inc. Term Loan, 4.00%, 3/06/2021		1,000		998
INSURANCE - 8.4%
Assured Partners Capital, Inc. Second Lien Term Loan, 8.00%, 3/19/2022(4)		4,000		3,990
Cooper, Gay, Swett & Crawford Ltd. Second Lien Term Loan, 8.25%, 10/16/2020		2,500		2,431
				6,421
LODGING - 3.3%
Orient Express Hotels Ltd. Term Loan B, 4.00%, 2/28/2021		2,500		2,505
MACHINERY-DIVERSIFIED - 2.6%
Gardner Denver, Inc. Term Loan, 4.25%, 7/30/2020		2,000		1,999
METAL FABRICATE/HARDWARE - 1.3%
Atkore International, Inc. Second Lien Term Loan, 8.25%, 9/10/2021		1,000		1,005
SOFTWARE - 5.2%
Flexera Software, Inc. Second Lien Term Loan, 8.25%, 3/18/2021(4)		4,000		4,000
Total Bank Loans (Cost $23,593)				23,734
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 63.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $48,429 (Cost $48,429)(5)		48,429		48,429
Total investments - 136.8% (Cost $104,634)				104,765
Other assets less liabilities - (36.8%)				(28,170	)
Total net assets - 100.0%(6)			$	76,595

⁽¹⁾  Security is restricted. The security was acquired in a transaction under Rule 144A of the 1933 Act on the date or during the period noted below. The shares of the security may be resold in transactions exempt from registration to qualified institutional buyers.

Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
First Cash Financial Services, Inc.		03/19/14- 03/24/14	$	1,530	$	1,538		2.0	%
FMG Resources Pty Ltd.		03/27/14		793		790		1.0
FMG Resources Pty Ltd.		03/27/14		810		808		1.1
Intelsat Jackson Holdings S.A.		03/25/14- 03/27/14		2,460		2,450		3.2
MPH Acquisition Holdings LLC		03/20/14		1,027		1,026		1.4
Nielsen Finance Co.		03/28/14		1,000		1,003		1.3
Phosphorus Holdco plc		03/19/14		397		402		0.5
Pinnacle Operating Corp.		03/28/14		543		540		0.7
Ply Gem Industries, Inc.		03/19/14- 03/24/14		2,523		2,525		3.3
Sirius XM Holdings, Inc.		03/24/14		1,960		1,955		2.6
SunGard Availability Services Capital, Inc.		03/26/14		1,000		1,001		1.3
WMG Acquisition Corp.		03/26/14- 03/27/14		1,004		1,015		1.3
					$	15,053		19.7	%

⁽²⁾  When-issued security.

⁽³⁾  Floating rate instruments, the rate disclosed is as of March 31, 2014.

⁽⁴⁾  Security has been deemed illiquid under procedures established by the board of directors of Artisan Funds. In total, the value of securities deemed illiquid was $7,990, or 10.4% of total net assets.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		5/15/2022	$	49,398

⁽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.

Principal amounts are denominated in the indicated currency, where applicable. (GBP - Pound sterling)

(PIK) Payment-in-kind security, may pay interest/dividend in additional par/shares.

Artisan Funds 17

CREDIT DIVERSIFICATION - March 31, 2014 (Unaudited)
Moody's Rating	Percentage of Total Investments
BB		20.9	%
B		11.9
CCC		21.0
Short-term investments		46.2
		100.0	%

CURRENCY EXPOSURE - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
British pound	$	402	*		0.4	%
U.S. dollar		104,363			99.6
Total investments	$	104,765			100.0	%

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

Counterparty	Contract Settlement Date	Contract Amount					Unrealized Depreciation
		Deliver		Receive
State Street Bank and Trust Company	4/28/2014	GBP	238		USD	391	$	(5	)

GBP - Pound sterling

USD - U.S. dollar

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Flexera Software, Inc.	United States		5.2	%
Assured Partners Capital, Inc.	United States		5.2
DISH DBS Corp.	United States		3.5
USI, Inc.	United States		3.4
Ply Gem Industries, Inc.	United States		3.3
Orient Express Hotels Ltd.	Bermuda		3.3
Intelsat Jackson Holdings S.A.	Luxembourg		3.2
Cooper, Gay, Swett & Crawford Ltd.	United States		3.2
Cinemark USA, Inc.	United States		3.1
Constellation Brands, Inc.	United States		2.9
Total			36.3	%

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

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

18 Artisan Funds

ARTISAN INTERNATIONAL FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 97.2%
BELGIUM - 4.5%
Anheuser-Busch InBev N.V.		3,887,319	$	407,543
Telenet Group Holding N.V.		2,363,270		145,679
UCB S.A.		2,194,895		175,743
				728,965
CANADA - 0.8%
Canadian Pacific Railway Ltd.		832,013		125,160
CHINA - 7.6%
Baidu, Inc. (DR)(1)		4,144,422		631,527
Beijing Enterprises Holdings Ltd.		32,032,025		287,014
China Resources Land Ltd.		54,360,364		119,703
Tencent Holdings Ltd.		3,010,637		209,404
				1,247,648
DENMARK - 0.8%
ISS AS(1)		1,751,869		58,834
Rockwool International AS, Class B		378,918		73,555
				132,389
FRANCE - 6.7%
L'Oreal S.A.		593,389		97,853
LVMH Moet Hennessy Louis Vuitton S.A.		569,091		103,450
Pernod-Ricard S.A.		1,336,339		155,565
Schneider Electric S.A.		3,991,825		353,882
Unibail-Rodamco SE		210,950		54,781
Zodiac Aerospace		9,085,481		321,051
				1,086,582
GERMANY - 15.0%
Axel Springer SE		81,545		5,219
Bayer AG		4,707,460		636,720
Beiersdorf AG		2,545,785		248,310
Deutsche Post AG		12,830,650		476,725
HeidelbergCement AG		595,211		51,012
Linde AG		3,089,606		618,028
MTU Aero Engines AG		2,227,459		207,012
Muenchener Rueckversicherungs AG		929,701		203,135
				2,446,161
HONG KONG - 5.0%
AIA Group Ltd.		105,100,996		498,642
Hongkong Land Holdings Ltd.		12,018,724		77,761
HONG KONG (CONTINUED)
Sands China Ltd.		33,303,600	$	248,387
				824,790
INDIA - 0.2%
Coal India Ltd.		8,155,766		39,384
INDONESIA - 0.7%
Bank Rakyat Indonesia Persero Tbk PT(2)		124,997,262		106,390
IRELAND - 0.6%
Ryanair Holdings plc, Equity-Linked Security(2)(3)(4)(5)		10,283,566		107,784
JAPAN - 14.6%
Denso Corp.		3,527,200		169,090
Honda Motor Co., Ltd.		9,656,843		339,999
IHI Corp.		55,639,540		233,954
KDDI Corp.		2,769,600		160,356
LIXIL Group Corp.		6,048,200		166,770
NGK Insulators Ltd.(6)		18,509,677		385,562
Olympus Corp.(1)		9,788,300		312,004
Ono Pharmaceutical Co., Ltd.		1,868,888		161,874
ORIX Corp.		2,593,407		36,508
Toyota Motor Corp.		7,403,551		417,896
				2,384,013
KOREA - 0.9%
Naver Corp.		43,546		31,664
Orion Corp.		55,750		42,895
Samsung Electronics Co., Ltd.		63,864		80,576
				155,135
MEXICO - 2.2%
Grupo Televisa S.A.B. (DR)		10,764,091		358,336
NETHERLANDS - 5.7%
ASML Holding N.V.		3,682,332		341,055
Unilever N.V. (DR)		10,396,675		427,326
Ziggo N.V.		3,831,866		170,247
				938,628
NIGERIA - 0.2%
Nigerian Breweries plc		33,619,041		31,568

Artisan Funds 19

	Shares Held		Value
SINGAPORE - 0.2%
Global Logistic Properties Ltd.		13,413,740	$	28,258
SPAIN - 1.0%
Grifols S.A.		2,001,413		109,670
Grifols S.A. (DR)		1,154,853		47,695
				157,365
SWEDEN - 0.6%
Electrolux AB, Class B		2,928,687		63,893
Volvo AB, Class B		2,032,496		32,282
				96,175
SWITZERLAND - 10.0%
Actelion Ltd.(1)		1,211,412		114,694
Nestle S.A.		6,841,814		515,042
Roche Holding AG(4)		1,644,414		492,924
Swatch Group AG		376,849		236,157
Swiss Re AG(1)		678,408		62,887
UBS AG (1)		10,753,857		222,120
				1,643,824
UNITED KINGDOM - 14.6%
Croda International plc		3,601,335		152,861
HSBC Holdings plc		18,999,177		192,423
Imperial Tobacco Group plc		5,627,894		227,339
InterContinental Hotels Group plc		5,111,717		164,219
Johnson Matthey plc		4,418,252		240,938
Land Securities Group plc		2,045,238		34,813
Prudential plc		6,114,498		129,308
Rolls-Royce Holdings plc(1)		28,910,277		517,644
Royal Mail plc(1)		13,105,719		123,011
SABMiller plc		7,854,507		392,185
WPP plc		10,672,393		220,093
				2,394,834
UNITED STATES - 5.3%
Covidien plc		4,811,461		354,412
Liberty Global plc, Class A(1)		3,434,799		142,888
Liberty Global plc, Series C(1)(4)		4,640,102		188,898
Nielsen Holdings N.V.		1,086,469		48,489
Schlumberger Ltd.		1,432,563		139,675
				874,362
Total common stocks and equity-linked securities (Cost $12,462,703)				15,907,751
PREFERRED STOCKS - 1.4%
GERMANY - 1.4%
Henkel AG & Co. KGaA(4)		2,083,039		224,181
Total preferred stocks (Cost $166,491)				224,181
	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $213,648 (Cost $213,648)(7)	$	213,648	$	213,648
Total investments - 99.9% (Cost $12,842,842)				16,345,580
Other assets less liabilities - 0.1%				16,325
Total net assets - 100.0%(8)			$	16,361,905

⁽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 $214,174, or 1.3% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽³⁾  Security is restricted. The security was acquired in a transaction under Rule 144A of the 1933 Act during the period noted below. The shares of the security may be resold in transactions exempt from registration to qualified institutional buyers.

Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Ryanair Holdings plc		11/14/13- 3/17/14	$	84,336	$	107,784		0.7	%

⁽⁴⁾  Non-voting shares.

⁽⁵⁾  Security is an equity-linked participation certificate issued by HSBC Bank plc. As described in note 2(h) in Notes to Financial Statements, equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁶⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽⁷⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.625	%		8/15/2022	$	217,922

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

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

(DR) Depositary Receipt, voting rights may vary.

20 Artisan Funds

PORTFOLIO DIVERSIFICATION - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	2,804,204		17.0	%
Consumer Staples		2,769,807		16.8
Energy		179,059		1.0
Financials		1,766,729		10.9
Health care		2,405,736		14.8
Industrials		3,518,729		21.6
Information Technology		1,294,226		8.0
Materials		1,062,839		6.5
Telecommunication Services		330,603		2.0
Short-term investments		213,648		1.3
Total investments	$	16,345,580		99.9	%
CURRENCY EXPOSURE - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	2,394,834		14.7	%
Danish krone		132,389		0.8
Euro		5,534,187		33.9
Hong Kong dollar		1,363,150		8.3
Indian rupee		39,384		0.2
Indonesian rupiah		106,390		0.6
Japanese yen		2,384,013		14.6
Korean won		155,135		0.9
Nigerian naira		31,568		0.2
Singapore dollar		28,258		0.2
Swedish krona		96,175		0.6
Swiss franc		1,643,824		10.1
U.S. dollar		2,436,273		14.9
Total investments	$	16,345,580		100.0	%

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Bayer AG	Germany		3.9	%
Baidu, Inc.	China		3.9
Linde AG	Germany		3.8
Rolls-Royce Holdings plc	United Kingdom		3.2
Nestle S.A.	Switzerland		3.1
AIA Group Ltd.	Hong Kong		3.0
Roche Holding AG	Switzerland		3.0
Deutsche Post AG	Germany		2.9
Unilever N.V.	Netherlands		2.6
Toyota Motor Corp.	Japan		2.6
Total			32.0	%

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 21

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 91.9%
BRAZIL - 2.1%
International Meal Co. Holdings S.A.(1)		1,968,800	$	14,942
M Dias Branco S.A.		284,900		11,476
				26,418
CANADA - 4.6%
CAE, Inc.		4,442,842		58,474
CHINA - 17.5%
AMVIG Holdings Ltd.		15,012,000		5,748
Beijing Enterprises Water Group Ltd.		119,274,000		83,499
Biostime International Holdings Ltd.		2,809,000		19,284
China Everbright International Ltd.		35,648,000		48,808
China Oil & Gas Group Ltd.(2)		190,560,000		32,430
Labixiaoxin Snacks Group Ltd.(3)(4)		32,587,000		11,343
Yingde Gases Group Co., Ltd.		22,056,000		20,986
				222,098
DENMARK - 3.1%
Rockwool International AS, Class B		59,280		11,507
Royal Unibrew AS		166,225		27,667
				39,174
FRANCE - 5.8%
Eurofins Scientific		154,754		46,317
IPSOS		200,150		8,120
Metropole Television S.A.		885,572		19,264
				73,701
GERMANY - 10.5%
Bertrandt AG		9,753		1,494
Deutz AG(1)		4,164,777		35,097
Wirecard AG		2,339,598		97,081
				133,672
HONG KONG - 1.4%
SJM Holdings Ltd.		6,399,932		17,987
INDONESIA - 5.6%
Ace Hardware Indonesia Tbk PT(3)		186,039,400		12,351
Global Mediacom Tbk PT(3)		98,814,609		20,597
Mayora Indah Tbk PT(3)		2,255,000		5,976
MNC Sky Vision Tbk PT(3)		88,115,004		18,534
Nippon Indosari Corpindo Tbk PT(3)		95,032,100		9,278
Tempo Scan Pacific Tbk PT(3)		14,954,900		4,194
				70,930
IRELAND - 3.6%
Glanbia plc		2,962,046		45,459
ITALY - 1.1%
Davide Campari-Milano S.p.A.		1,704,824	$	13,974
JAPAN - 3.2%
Sugi Holdings Co., Ltd.		924,200		41,055
KENYA - 0.5%
East African Breweries Ltd.		2,242,800		6,983
KOREA - 2.0%
S1 Corp.		302,359		25,281
MALAYSIA - 1.1%
Oldtown Bhd(2)		24,158,825		14,648
PHILIPPINES - 1.6%
Megaworld Corp.		217,488,000		20,321
SINGAPORE - 5.5%
Petra Foods Ltd.		7,498,000		21,995
SIA Engineering Co., Ltd.		4,014,700		15,447
Super Group Ltd.		11,574,000		32,020
				69,462
SWEDEN - 1.0%
Sanitec Corp.(1)		1,082,936		12,465
SWITZERLAND - 5.3%
Cembra Money Bank AG(1)		453,717		30,922
Tecan Group AG		299,661		35,930
				66,852
UNITED KINGDOM - 16.4%
Babcock International Group plc		2,418,449		54,310
Barratt Developments plc		4,079,864		28,057
Britvic plc		2,703,924		33,448
Dignity plc		564,668		13,810
Electrocomponents plc		2,566,419		12,108
Hays plc		8,678,474		20,979
Rathbone Brothers plc		16,450		498
Synergy Health plc		591,503		13,609
UBM plc		2,649,693		30,127
Victrex plc		42,375		1,419
				208,365
Total common stocks (Cost $800,036)				1,167,319

22 Artisan Funds

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $93,874 (Cost $93,874)(5)	$	93,874	$	93,874
Total investments - 99.3% (Cost $893,910)				1,261,193
Other assets less liabilities - 0.7%				8,512
Total net assets - 100.0%(6)			$	1,269,705

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾  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 $82,273, or 6.5% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁴⁾  Security has been deemed illiquid under procedures established by the board of directors of Artisan Funds. In total, the value of securities deemed illiquid was $11,343, or 0.9% of total net assets.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S.Treasury Note		1.750	%		5/15/2022	$	95,754

⁽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.

PORTFOLIO DIVERSIFICATION - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	183,789		14.5	%
Consumer Staples		294,606		23.1
Financials		51,741		4.1
Health care		100,050		7.9
Industrials		283,862		22.3
Information Technology		109,189		8.6
Materials		28,153		2.2
Utilities		115,929		9.2
Short-term investments		93,874		7.4
Total investments	$	1,261,193		99.3	%

CURRENCY EXPOSURE - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	26,418		2.1	%
British pound		208,365		16.5
Canadian dollar		58,474		4.6
Danish krone		39,174		3.1
Euro		266,806		21.2
Hong Kong dollar		240,085		19.0
Indonesian rupiah		70,930		5.6
Japanese yen		41,055		3.3
Kenyan shilling		6,983		0.6
Korean won		25,281		2.0
Malaysian ringgit		14,648		1.2
Philippine peso		20,321		1.6
Singapore dollar		69,462		5.5
Swedish krona		12,465		1.0
Swiss franc		66,852		5.3
U.S. dollar		93,874		7.4
Total investments	$	1,261,193		100.0	%

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		7.6	%
Beijing Enterprises Water Group Ltd.	China		6.6
CAE, Inc.	Canada		4.6
Babcock International Group plc	United Kingdom		4.3
China Everbright International Ltd.	China		3.8
Eurofins Scientific	France		3.7
Glanbia plc	Ireland		3.6
Sugi Holdings Co., Ltd.	Japan		3.2
Tecan Group AG	Switzerland		2.8
Deutz AG	Germany		2.8
Total			43.0	%

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 23

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 86.1%
BELGIUM - 2.6%
Groupe Bruxelles Lambert S.A.		3,006,629	$	300,218
CANADA - 2.5%
Imperial Oil Ltd.		6,355,784		295,971
CHINA - 2.3%
Baidu, Inc. (DR)(1)		1,788,450		272,524
DENMARK - 2.3%
Carlsberg AS, Class B		2,187,098		217,525
ISS AS(1)		1,663,010		55,850
				273,375
FRANCE - 5.2%
Societe Television Francaise 1		6,871,829		113,604
Sodexo		1,542,909		161,821
Sodexo Prime De Fidelite Common Stock(2)(3)		1,284,779		134,748
Total S.A.		1,219,200		79,951
Vivendi S.A.		4,340,140		120,899
				611,023
GERMANY - 1.4%
Deutsche Boerse AG		2,005,778		159,634
INDIA - 0.1%
Coal India Ltd.		1,293,938		6,248
JAPAN - 7.0%
Aderans Co., Ltd.		802,900		9,187
Credit Saison Co., Ltd.		6,457,159		128,436
Kao Corp.		8,989,200		318,495
Nifco, Inc.		2,113,500		59,710
Sankyo Co., Ltd.		1,341,290		56,464
Stanley Electric Co., Ltd.(4)		10,877,700		241,446
Tokyo Electron Ltd.		205,100		12,568
				826,306
KOREA - 4.0%
Kia Motors Corp.		3,140,351		174,947
Samsung Electronics Co., Ltd.		230,636		290,990
				465,937
NETHERLANDS - 4.6%
ING Groep N.V. (DR)(1)		28,245,482		399,825
Reed Elsevier N.V.		1,989,925		42,999
TNT Express N.V.		9,694,363		95,211
				538,035
NORWAY - 2.9%
Aker Solutions ASA		11,755,923		183,079
Orkla ASA		18,047,907		153,870
				336,949
SWITZERLAND - 8.3%
Adecco S.A.(1)		2,763,101		229,881
Novartis AG		4,521,798		383,615
Panalpina Welttransport Holding AG(4)		1,603,470		246,311
Pargesa Holding S.A.		1,344,272		116,324
				976,131
UNITED KINGDOM - 24.7%
Alent plc(4)		18,399,152		97,237
AMEC plc		8,127,724		152,032
Carpetright plc(1)		493,381		4,956
Compass Group plc		37,996,726		579,618
Diageo plc		4,985,938		154,692
Lloyds Banking Group plc(1)		208,116,363		259,007
QinetiQ Group plc		26,225,793		98,769
Reed Elsevier plc		29,274,040		447,047
Royal Bank of Scotland Group plc(1)		67,040,068		347,592
Savills plc		1,365,612		15,197
TESCO plc		75,156,981		370,130
Unilever plc (DR)		5,387,003		230,456
Vesuvius plc(4)		19,900,797		144,488
				2,901,221
UNITED STATES - 18.2%
Accenture plc, Class A		2,006,378		159,949
Aon plc		3,235,156		272,659
Applied Materials, Inc.		13,532,486		276,334
Arch Capital Group Ltd.(1)(4)		6,059,563		348,667
Covidien plc		4,869,074		358,656
Flextronics International Ltd.(1)		18,905,303		174,685
Mallinckrodt plc(1)		1,618,723		102,643
TE Connectivity Ltd.		7,231,777		435,425
				2,129,018
Total common stocks (Cost $7,251,080)				10,092,590

24 Artisan Funds

	Shares Held		Value
PREFERRED STOCKS - 0.3%
KOREA - 0.3%
Samsung Electronics Co., Ltd.(5)		35,993	$	35,741
Total preferred stocks (Cost $31,401)				35,741
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 13.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $1,552,223 (Cost $1,552,223)(6)	$	1,552,223	$	1,552,223
Total investments - 99.7% (Cost $8,834,704)				11,680,554
Other assets less liabilities - 0.3%				39,494
Total net assets - 100.0%(7)			$	11,720,048

⁽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 $134,748, or 1.1% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

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

⁽⁴⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽⁵⁾  Non-voting shares.

⁽⁶⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.250	%		3/31/2021	$	960,897
U.S. Treasury Note		3.125	%		5/15/2021		622,375
						$	1,583,272

⁽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, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	2,017,360		17.2	%
Consumer Staples		1,454,355		12.4
Energy		717,281		6.2
Financials		2,347,559		20.1
Health care		844,914		7.3
Industrials		870,510		7.3
Information Technology		1,658,216		14.1
Materials		97,237		0.8
Telecommunication Services		120,899		1.0
Short-term investments		1,552,223		13.3
Total investments	$	11,680,554		99.7	%

CURRENCY EXPOSURE - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value			Percentage of Total Investments
British pound	$	2,670,765			22.9	%
Canadian dollar		295,971			2.5
Danish krone		273,375			2.3
Euro		1,608,910			13.8
Indian rupee		6,248			0.1
Japanese yen		826,306	*		7.1
Korean won		501,678			4.3
Norwegian krone		336,949			2.9
Swiss franc		976,131			8.3
U.S. dollar		4,184,221			35.8
Total investments	$	11,680,554			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	8/14/2014	JPY	62,464,283		USD	609,797	$	4,163
State Street Bank and Trust Company	8/14/2014	JPY	2,760,590		USD	27,033		267
State Street Bank and Trust Company	8/14/2014	JPY	713,670		USD	6,971		52
							$	4,482

JPY - Japanese yen

USD - U.S. dollar

Artisan Funds 25

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Compass Group plc	United Kingdom		4.9	%
Reed Elsevier plc	United Kingdom		3.8
TE Connectivity Ltd.	United States		3.7
ING Groep N.V.	Netherlands		3.4
Novartis AG	Switzerland		3.3
TESCO plc	United Kingdom		3.1
Covidien plc	United States		3.1
Arch Capital Group Ltd.	United States		3.0
Royal Bank of Scotland Group plc	United Kingdom		3.0
Samsung Electronics Co., Ltd.	Korea		2.8
Total			34.1	%

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

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

26 Artisan Funds

ARTISAN MID CAP FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.9%
CONSUMER DISCRETIONARY - 21.4%
Auto Components - 3.1%
BorgWarner, Inc.		5,037,398	$	309,649
Distributors - 2.2%
LKQ Corp.(1)		8,138,724		214,455
Hotels, Restaurants & Leisure - 3.8%
Chipotle Mexican Grill, Inc.(1)		417,124		236,947
Melco Crown Entertainment Ltd. (DR)(1)(2)		3,828,159		147,959
				384,906
Household Durables - 0.8%
Garmin Ltd.		1,487,520		82,200
Internet & Catalog Retail - 0.9%
TripAdvisor, Inc.(1)		992,325		89,895
Specialty Retail - 4.7%
Cabela's, Inc.(1)		1,542,293		101,036
Tractor Supply Co.		2,644,265		186,764
Urban Outfitters, Inc.(1)		850,624		31,022
Williams-Sonoma, Inc.		2,340,199		155,951
				474,773
Textiles, Apparel & Luxury Goods - 5.9%
Fossil Group, Inc.(1)		1,397,364		162,947
Kate Spade & Co.(1)		2,693,332		99,896
Michael Kors Holdings Ltd.(1)		794,246		74,079
Ralph Lauren Corp.		645,416		103,867
Under Armour, Inc., Class A(1)		1,348,600		154,603
				595,392
CONSUMER STAPLES - 1.2%
Food Products - 1.2%
Keurig Green Mountain, Inc.		1,158,583		122,335
ENERGY - 3.5%
Energy Equipment & Services - 1.0%
Core Laboratories N.V.		186,537		37,017
Oceaneering International, Inc.		873,647		62,780
				99,797
Oil, Gas & Consumable Fuels - 2.5%
Cabot Oil & Gas Corp.		2,393,435		81,089
Noble Energy, Inc.		2,469,028		175,400
				256,489
FINANCIALS - 4.9%
Capital Markets - 0.9%
LPL Financial Holdings, Inc.		1,783,368		93,698
Consumer Finance - 2.9%
Discover Financial Services		4,985,975		290,134
Diversified Financial Services - 1.1%
IntercontinentalExchange Group, Inc.		565,290		111,831
HEALTH CARE - 22.4%
Biotechnology - 11.6%
Alexion Pharmaceuticals, Inc.(1)		1,355,186		206,164
Cepheid, Inc.(1)(3)		3,794,605		195,726
Incyte Corp. Ltd.(1)		1,867,905		99,970
Intercept Pharmaceuticals, Inc.(1)		102,725		33,878
Isis Pharmaceuticals, Inc.(1)		3,863,922		166,960
Regeneron Pharmaceuticals, Inc.(1)		1,527,039		458,539
				1,161,237
Health Care Providers & Services - 2.4%
Cigna Corp.		2,875,639		240,777
Health Care Technology - 4.1%
athenahealth, Inc.(1)		1,289,200		206,582
Cerner Corp.(1)		3,714,419		208,936
				415,518
Life Sciences Tools & Services - 4.3%
Covance, Inc.(1)		1,513,927		157,297
Illumina, Inc.(1)		1,828,265		271,790
				429,087
INDUSTRIALS - 16.1%
Building Products - 2.0%
Fortune Brands Home & Security, Inc.		4,727,350		198,927
Commercial Services & Supplies - 1.6%
Waste Connections, Inc.		3,609,519		158,313
Electrical Equipment - 3.8%
AMETEK, Inc.		4,580,634		235,857
Rockwell Automation, Inc.		1,194,389		148,761
				384,618
Machinery - 2.5%
Chart Industries, Inc.(1)		1,097,406		87,298
Pall Corp.		1,796,118		160,699
				247,997

Artisan Funds 27

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Professional Services - 5.4%
IHS, Inc., Class A(1)(3)		3,542,989	$	430,473
Verisk Analytics, Inc., Class A(1)		1,900,173		113,935
				544,408
Road & Rail - 0.8%
Kansas City Southern		796,422		81,283
INFORMATION TECHNOLOGY - 26.4%
Electronic Equipment, Instruments & Components - 4.8%
FLIR Systems, Inc.(3)		2,455,614		88,402
IPG Photonics Corp.(1)		1,874,190		133,218
Trimble Navigation Ltd.(1)		6,724,628		261,386
				483,006
Internet Software & Services - 2.9%
LinkedIn Corp., Class A(1)		921,928		170,501
Pandora Media, Inc.(1)		3,991,867		121,034
				291,535
IT Services - 1.0%
Gartner, Inc. (1)		1,452,714		100,876
Semiconductors & Semiconductor Equipment - 7.6%
Applied Materials, Inc.		15,766,735		321,957
ARM Holdings plc (DR)(2)		3,675,565		187,343
Cree, Inc.(1)		1,173,544		66,376
Freescale Semiconductor Ltd.(1)		7,833,999		191,228
				766,904
Software - 10.1%
Autodesk, Inc.(1)		4,107,854		202,024
CommVault Systems, Inc.(1)(3)		1,695,025		110,092
Concur Technologies, Inc.(1)		1,520,694		150,655
Guidewire Software, Inc.(1)		1,012,870		49,681
Red Hat, Inc.(1)		2,596,299		137,552
Salesforce.com, Inc.(1)		2,266,479		129,394
ServiceNow, Inc.(1)		897,576		53,783
Workday, Inc., Class A(1)		1,918,420		175,401
				1,008,582
Total common stocks (Cost $5,847,400)				9,638,622
	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $429,372 (Cost $429,372)(4)	$	429,372	$	429,372
Total investments - 100.1% (Cost $6,276,772)				10,067,994
Other assets less liabilities - (0.1%)				(14,881	)
Total net assets - 100.0%(5)			$	10,053,113

⁽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
Melco Crown Entertainment Ltd. (DR)	Hong Kong		U.S. dollar

⁽³⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		5/15/2022	$	437,963

⁽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, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Regeneron Pharmaceuticals, Inc.	United States		4.6	%
IHS, Inc.	United States		4.3
Applied Materials, Inc.	United States		3.2
BorgWarner, Inc.	United States		3.1
Discover Financial Services	United States		2.9
Illumina, Inc.	United States		2.7
Trimble Navigation Ltd.	United States		2.6
Cigna Corp.	United States		2.4
Chipotle Mexican Grill, Inc.	United States		2.3
AMETEK, Inc.	United States		2.3
Total			30.4	%

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

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

Artisan Funds 29

ARTISAN MID CAP VALUE FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 91.4%
CONSUMER DISCRETIONARY - 11.5%
Diversified Consumer Services - 1.9%
H&R Block, Inc.		7,524,821	$	227,174
Internet & Catalog Retail - 1.3%
Liberty Interactive Corp., Class A(1)		5,329,950		153,876
Leisure Equipment & Products - 1.8%
Mattel, Inc.		5,361,453		215,048
Media - 1.8%
Omnicom Group, Inc.		2,993,006		217,292
Multiline Retail - 1.4%
Nordstrom, Inc.		2,788,926		174,168
Specialty Retail - 1.6%
Bed Bath & Beyond, Inc.(1)		2,803,575		192,886
Textiles, Apparel & Luxury Goods - 1.7%
Coach, Inc.		4,140,263		205,606
CONSUMER STAPLES - 2.7%
Food & Staples Retailing - 2.7%
Kroger Co.		7,299,398		318,619
ENERGY - 11.8%
Energy Equipment & Services - 4.4%
Ensco plc, Class A		3,348,630		176,741
McDermott International, Inc.(1)(2)		14,207,306		111,101
Patterson-UTI Energy, Inc.(2)		7,543,192		238,968
				526,810
Oil, Gas & Consumable Fuels - 7.4%
Cimarex Energy Co.		1,094,375		130,351
Denbury Resources, Inc.		8,584,350		140,783
Hess Corp.		2,778,318		230,267
SM Energy Co.		2,868,572		204,501
Southwestern Energy Co.(1)		4,179,137		192,282
				898,184
FINANCIALS - 20.3%
Capital Markets - 0.9%
Northern Trust Corp.		1,742,763		114,256
Commercial Banks - 1.0%
M&T Bank Corp.		1,000,573		121,369
Diversified Financial Services - 1.5%
IntercontinentalExchange Group, Inc.		897,845		177,621
Insurance - 14.4%
Alleghany Corp.(1)		713,698		290,747
Allied World Assurance Co. Holdings AG		1,300,758		134,225
Allstate Corp.		5,026,229		284,384
Aon plc		2,615,533		220,437
Arch Capital Group Ltd.(1)(2)		4,071,498		234,274
Loews Corp.		3,990,674		175,789
Progressive Corp.		7,943,462		192,391
Torchmark Corp.		2,500,486		196,788
				1,729,035
Real Estate Investment Trusts (REITs) - 2.5%
American Capital Agency Corp.		5,203,255		111,818
Annaly Capital Management, Inc.		4,377,491		48,021
Hatteras Financial Corp.(2)		7,703,517		145,211
				305,050
HEALTH CARE - 3.9%
Health Care Equipment & Supplies - 1.0%
Becton Dickinson and Co.		1,060,812		124,200
Health Care Providers & Services - 2.9%
Cigna Corp.		4,092,967		342,704
INDUSTRIALS - 11.8%
Aerospace & Defense - 2.7%
L-3 Communications Holdings, Inc.		1,134,690		134,064
Rockwell Collins, Inc.		2,424,714		193,177
				327,241
Commercial Services & Supplies - 1.0%
Republic Services, Inc.		3,510,783		119,928
Construction & Engineering - 1.0%
Jacobs Engineering Group, Inc.(1)		1,963,927		124,709
Electrical Equipment - 1.6%
Hubbell, Inc., Class B		1,565,961		187,712

30 Artisan Funds

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Machinery - 2.1%
Joy Global, Inc.		2,866,719	$	166,270
Kennametal, Inc.		1,997,483		88,488
				254,758
Professional Services - 2.4%
Manpower, Inc.		2,136,400		168,412
Towers Watson & Co., Class A		1,060,147		120,910
				289,322
Road & Rail - 1.0%
Ryder System, Inc.		1,520,952		121,555
INFORMATION TECHNOLOGY - 23.7%
Computers & Peripherals - 1.3%
Lexmark International, Inc., Class A(2)		3,422,382		158,422
Electronic Equipment, Instruments & Components - 9.9%
Arrow Electronics, Inc.(1)(2)		5,632,407		334,340
Avnet, Inc.(2)		7,400,428		344,342
FLIR Systems, Inc.(2)		8,448,611		304,150
Ingram Micro, Inc., Class A(1)		6,995,032		206,773
				1,189,605
IT Services - 4.7%
Broadridge Financial Solutions, Inc.		1,248,471		46,368
NeuStar, Inc., Class A(1)(2)		3,746,892		121,811
Teradata Corp.(1)		3,563,560		175,292
Western Union Co.		13,422,413		219,591
				563,062
Semiconductors & Semiconductor Equipment - 6.8%
Analog Devices, Inc.		5,825,500		309,567
KLA-Tencor Corp.		3,157,179		218,287
Lam Research Corp.(1)		5,316,689		292,418
				820,272
Software - 1.0%
Open Text Corp.(3)		288,585		13,768
Synopsys, Inc.(1)		2,765,689		106,230
				119,998
MATERIALS - 1.2%
Metals & Mining - 1.2%
Kinross Gold Corp.(3)		34,811,728		144,120
UTILITIES - 4.5%
Electric Utilities - 3.9%
Edison International		5,025,724		284,506
Xcel Energy, Inc.		5,916,364		179,621
				464,127
Multi-Utilities - 0.6%
SCANA Corp.		1,375,520		70,592
Total common stocks (Cost $7,769,031)				10,999,321
	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $1,028,949 (Cost $1,028,949)(4)	$	1,028,949	$	1,028,949
Total investments - 99.9% (Cost $8,797,980)				12,028,270
Other assets less liabilities - 0.1%				7,839
Total net assets - 100.0%(5)			$	12,036,109

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽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		2.000	%		2/28/2021	$	602,938
U.S. Treasury Note		2.250	%		3/31/2021		446,591
						$	1,049,529

⁽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 31

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Avnet, Inc.	United States		2.9	%
Cigna Corp.	United States		2.9
Arrow Electronics, Inc.	United States		2.8
Kroger Co.	United States		2.7
Analog Devices, Inc.	United States		2.6
FLIR Systems, Inc.	United States		2.5
Lam Research Corp.	United States		2.4
Alleghany Corp.	United States		2.4
Edison International	United States		2.3
Allstate Corp.	United States		2.3
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.

32 Artisan Funds

ARTISAN SMALL CAP FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 95.4%
CONSUMER DISCRETIONARY - 17.6%
Auto Components - 2.2%
Dorman Products, Inc.(1)		19,199	$	1,134
Gentherm, Inc.(1)		1,062,458		36,888
				38,022
Distributors - 1.2%
LKQ Corp. (1)		816,184		21,506
Diversified Consumer Services - 1.3%
LifeLock, Inc. (1)		1,294,507		22,149
Hotels, Restaurants & Leisure - 4.6%
Dunkin’ Brands Group, Inc.		1,121,018		56,253
Noodles & Co(1)		646,136		25,503
				81,756
Internet & Catalog Retail - 2.1%
HomeAway, Inc.(1)		687,055		25,881
MakeMyTrip Ltd.(1)(2)		400,981		10,859
				36,740
Media - 0.5%
Imax Corp. (1)(2)		314,454		8,594
Specialty Retail - 2.2%
Five Below, Inc.(1)		333,278		14,157
Hibbett Sports, Inc.(1)		188,670		9,977
Restoration Hardware Holdings, Inc.(1)		203,096		14,946
				39,080
Textiles, Apparel & Luxury Goods - 3.5%
Deckers Outdoor Corp.(1)		477,436		38,066
Quiksilver, Inc.(1)		1,876,974		14,096
Tumi Holdings, Inc.(1)		453,533		10,264
				62,426
CONSUMER STAPLES - 1.4%
Food & Staples Retailing - 1.0%
PriceSmart, Inc.		182,095		18,379
Food Products - 0.4%
Annie’s, Inc.(1)		171,254		6,882
ENERGY - 3.2%
Energy Equipment & Services - 0.3%
Dril-Quip, Inc. (1)		40,433	$	4,533
Oil, Gas & Consumable Fuels - 2.9%
Oasis Petroleum, Inc.(1)		549,639		22,937
Rosetta Resources, Inc.(1)		430,211		20,039
Solazyme, Inc.(1)		760,238		8,826
				51,802
FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
MarketAxess Holdings, Inc.		62,159		3,681
HEALTH CARE - 21.0%
Biotechnology - 9.8%
Alnylam Pharmaceuticals, Inc.(1)		296,749		19,924
Arrowhead Research Corp.(1)		376,367		6,180
Cepheid, Inc. (1)(3)		1,127,650		58,164
Foundation Medicine, Inc.(1)		161,719		5,235
Incyte Corp. Ltd.(1)		590,396		31,598
Isis Pharmaceuticals, Inc.(1)		1,197,502		51,744
				172,845
Health Care Equipment & Supplies - 4.5%
DexCom, Inc. (1)		1,644,475		68,015
GenMark Diagnostics, Inc.(1)		1,073,647		10,672
				78,687
Health Care Technology - 3.5%
athenahealth, Inc.(1)		376,379		60,311
Castlight Health, Inc., Class B(1)		84,829		1,800
				62,111
Life Sciences Tools & Services - 3.2%
Bruker Corp.(1)		2,476,480		56,439
INDUSTRIALS - 17.5%
Aerospace & Defense - 4.6%
Taser International, Inc.(1)		1,348,742		24,669
Teledyne Technologies, Inc.(1)		585,297		56,967
				81,636
Electrical Equipment - 4.0%
Acuity Brands, Inc.		530,929		70,385

Artisan Funds 33

	Shares Held		Value
INDUSTRIALS (CONTINUED)
Machinery - 3.6%
Chart Industries, Inc.(1)		328,097	$	26,100
ExOne Co.(1)		97,238		3,484
IDEX Corp.		349,472		25,473
Proto Labs, Inc.(1)		128,339		8,685
				63,742
Professional Services - 2.0%
Advisory Board Co.(1)		555,212		35,672
Trading Companies & Distributors - 3.3%
Beacon Roofing Supply, Inc.(1)		1,475,166		57,030
INFORMATION TECHNOLOGY - 34.5%
Electronic Equipment, Instruments & Components - 7.6%
Cognex Corp.(1)		1,988,405		67,327
Control4 Corp.(1)		208,988		4,433
FEI Co.		338,474		34,870
IPG Photonics Corp.(1)		378,980		26,938
				133,568
Internet Software & Services - 10.7%
Benefitfocus, Inc.(1)		165,420		7,770
CoStar Group, Inc.(1)		265,241		49,531
Criteo S.A. (DR)(1)(2)		52,987		2,149
Demandware, Inc.(1)		521,237		33,390
MercadoLibre, Inc.		79,851		7,595
Pandora Media, Inc.(1)		1,875,107		56,853
Shutterstock, Inc.(1)		167,234		12,143
SPS Commerce, Inc.(1)		6,751		415
Textura Corp.(1)		726,712		18,320
				188,166
IT Services - 1.2%
Acxiom Corp.(1)		597,677		20,557
Semiconductors & Semiconductor Equipment - 2.2%
Cavium, Inc.(1)		593,860		25,970
Ultratech, Inc.(1)(3)		421,633		12,307
				38,277
Software - 12.8%
CommVault Systems, Inc.(1)(3)		697,614		45,310
Concur Technologies, Inc.(1)		393,652		38,999
Guidewire Software, Inc.(1)		887,996		43,556
Informatica Corp.(1)		1,049,077		39,634
Tableau Software, Inc., Class A(1)		211,673		16,104
Tyler Technologies, Inc.(1)		280,138		23,442
Ultimate Software Group, Inc.(1)		144,348		19,776
				226,821
Total common stocks (Cost $1,145,097)				1,681,486
	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $69,353 (Cost $69,353)(4)	$	69,353	$	69,353
Total investments - 99.3% (Cost $1,214,450)				1,750,839
Other assets less liabilities - 0.7%				12,807
Total net assets - 100.0%(5)			$	1,763,646

⁽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
Criteo S.A. (DR)	France		U.S. dollar
Imax Corp.	Canada		U.S. dollar
MakeMyTrip Ltd.	India		U.S. dollar

⁽³⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.625	%		8/15/2022	$	70,740

⁽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.

34 Artisan Funds

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
Acuity Brands, Inc.	United States		4.0	%
DexCom, Inc.	United States		3.9
Cognex Corp.	United States		3.8
athenahealth, Inc.	United States		3.4
Cepheid, Inc.	United States		3.3
Beacon Roofing Supply, Inc.	United States		3.3
Teledyne Technologies, Inc.	United States		3.2
Pandora Media, Inc.	United States		3.2
Bruker Corp.	United States		3.2
Dunkin’ Brands Group, Inc.	United States		3.2
Total			34.5	%

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 35

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 93.6%
CONSUMER DISCRETIONARY - 6.1%
Auto Components - 0.6%
Remy International, Inc.		618,259	$	14,603
Diversified Consumer Services - 0.6%
Regis Corp.		1,142,699		15,655
Household Durables - 0.6%
NACCO Industries, Inc., Class A		82,118		4,452
Universal Electronics, Inc. (1)		265,240		10,182
				14,634
Media - 1.5%
DreamWorks Animation SKG, Inc., Class A (1)		1,412,047		37,490
Specialty Retail - 2.4%
America’s Car-Mart, Inc. (1)		327,333		12,020
Rent-A-Center, Inc.		1,776,927		47,266
				59,286
Textiles, Apparel & Luxury Goods - 0.4%
Skechers U.S.A., Inc., Class A (1)		317,150		11,589
CONSUMER STAPLES - 3.3%
Beverages - 0.6%
Cott Corp. (2)		1,912,841		16,202
Food Products - 2.7%
Darling International, Inc. (1)		1,427,308		28,575
Dean Foods Co.		963,263		14,892
Fresh Del Monte Produce, Inc.		852,361		23,499
				66,966
ENERGY - 19.9%
Energy Equipment & Services - 13.0%
C&J Energy Services, Inc. (1)		620,031		18,080
Era Group, Inc. (1)		915,290		26,827
Gulfmark Offshore, Inc., Class A		1,045,846		47,000
Key Energy Services, Inc. (1)		2,404,438		22,217
McDermott International, Inc. (1)(3)		536,120		4,192
Newpark Resources, Inc. (1)		2,442,437		27,966
Parker Drilling Co. (1)		3,217,963		22,815
SEACOR Holdings, Inc. (1)		166,138		14,358
Superior Energy Services, Inc.		1,106,034		34,022
Tesco Corp. (1)		451,261		8,348
Tidewater, Inc.		884,176		42,989
Unit Corp. (1)		855,302		55,920
				324,734
Oil, Gas & Consumable Fuels - 6.9%
Abraxas Petroleum Corp. (1)		2,164,666		8,572
Approach Resources, Inc. (1)		1,290,119		26,976
Cloud Peak Energy, Inc. (1)		2,060,801		43,565
Emerald Oil, Inc. (1)		865,305		5,815
Synergy Resources Corp. (1)		620,948		6,675
World Fuel Services Corp.		1,841,098		81,193
				172,796
FINANCIALS - 7.8%
Diversified Financial Services - 1.2%
PICO Holdings, Inc. (1)		1,127,346		29,300
Insurance - 2.3%
Allied World Assurance Co. Holdings AG		208,646		21,530
Platinum Underwriters Holdings Ltd.		579,602		34,834
				56,364
Real Estate Investment Trusts (REITs) - 3.5%
Anworth Mortgage Asset Corp.		3,690,801		18,306
Campus Crest Communities, Inc.		2,707,071		23,498
CYS Investments, Inc.		1,863,406		15,392
Hatteras Financial Corp. (3)		1,670,097		31,481
				88,677
Thrifts & Mortgage Finance - 0.8%
Berkshire Hills Bancorp, Inc.		502,890		13,015
Dime Community Bancshares, Inc.		444,527		7,548
				20,563
HEALTH CARE - 2.9%
Health Care Equipment & Supplies - 1.4%
CONMED Corp.		234,636		10,195
ICU Medical, Inc. (1)		121,333		7,265
Merit Medical Systems, Inc. (1)		1,182,724		16,913
				34,373
Health Care Providers & Services - 1.0%
Landauer, Inc.		267,159		12,110
Owens & Minor, Inc.		392,876		13,763
				25,873
Life Sciences Tools & Services - 0.5%
ICON plc (1)(2)		264,878		12,595

36 Artisan Funds

	Shares Held		Value
INDUSTRIALS - 24.1%
Aerospace & Defense - 1.6%
Cubic Corp.		775,696	$	39,615
Commercial Services & Supplies - 1.9%
Quad/Graphics, Inc.		380,076		8,913
Tetra Tech, Inc. (1)		1,327,946		39,294
				48,207
Construction & Engineering - 6.8%
Comfort Systems USA, Inc.		684,388		10,430
EMCOR Group, Inc.		2,159,177		101,028
Granite Construction, Inc.		729,486		29,128
Orion Marine Group, Inc. (1)		1,284,148		16,142
Tutor Perini Corp. (1)		448,812		12,867
				169,595
Electrical Equipment - 2.2%
AZZ, Inc.		586,488		26,204
Brady Corp., Class A (4)		277,334		7,529
Encore Wire Corp.		456,187		22,130
				55,863
Machinery - 2.8%
Astec Industries, Inc.		543,489		23,865
Dynamic Materials Corp.		341,215		6,497
Global Brass & Copper Holdings, Inc.		682,473		10,762
Woodward, Inc.		672,492		27,928
				69,052
Professional Services - 3.2%
CRA International, Inc. (1)(3)		547,422		12,027
FTI Consulting, Inc. (1)		1,575,659		52,533
TrueBlue, Inc. (1)		569,561		16,665
				81,225
Road & Rail - 3.8%
Celadon Group, Inc.		755,249		18,156
Ryder System, Inc.		956,730		76,462
				94,618
Trading Companies & Distributors - 1.8%
Kaman Corp.		630,331		25,642
TAL International Group, Inc. (1)		305,343		13,090
Textainer Group Holdings Ltd.		172,872		6,616
				45,348
INFORMATION TECHNOLOGY - 20.5%
Communications Equipment - 2.3%
ADTRAN, Inc.		2,308,463		56,350
Computers & Peripherals - 2.1%
Lexmark International, Inc., Class A (3)		377,753		17,486
QLogic Corp. (1)		2,712,492		34,584
				52,070
Electronic Equipment, Instruments & Components - 6.1%
Arrow Electronics, Inc. (1)(3)		925,432		54,934
Benchmark Electronics, Inc. (1)		574,696		13,017
Park Electrochemical Corp.		889,810		26,578
Tech Data Corp. (1)		942,405		57,449
				151,978
Internet Software & Services - 1.1%
Blucora, Inc. (1)		461,479		9,086
EarthLink Holdings Corp. (3)		5,314,842		19,187
				28,273
IT Services - 1.0%
Sykes Enterprises, Inc. (1)		1,293,747		25,707
Semiconductors & Semiconductor Equipment - 4.7%
MKS Instruments, Inc.		816,796		24,414
Nanometrics, Inc. (1)(3)		1,255,041		22,553
Rudolph Technologies, Inc. (1)		1,452,523		16,573
Ultratech, Inc. (1)(3)		1,826,018		53,302
				116,842
Software - 3.2%
MicroStrategy, Inc., Class A (1)		389,133		44,902
Progress Software Corp. (1)		1,648,620		35,940
				80,842
MATERIALS - 7.6%
Chemicals - 5.0%
American Vanguard Corp.		647,000		14,007
HB Fuller Co.		1,650,930		79,707
Intrepid Potash, Inc. (1)		1,032,735		15,966
Sensient Technologies Corp.		298,610		16,845
				126,525
Metals & Mining - 2.6%
Alamos Gold, Inc. (1)(2)		1,171,095		10,563
AuRico Gold, Inc. (2)		2,786,106		12,120
Globe Specialty Metals, Inc.		109,474		2,279
Schnitzer Steel Industries, Inc., Class A		1,353,890		39,060
				64,022
TELECOMMUNICATION SERVICES - 1.3%
Diversified Telecommunication Services - 1.3%
Atlantic Tele-Network, Inc.		484,433		31,934
UTILITIES - 0.1%
Multi-Utilities - 0.1%
NorthWestern Corp.		51,230		2,430
Total common stocks (Cost $1,762,126)				2,342,196

Artisan Funds 37

	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 13.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $344,549 (Cost $344,549)(5)	$	344,549	$	344,549
Total investments - 107.3% (Cost $2,106,675)				2,686,745
Other assets less liabilities - (7.3)%				(183,630	)
Total net assets - 100.0%(6)			$	2,503,115

⁽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
Alamos Gold, Inc.		Canada		U.S. dollar
AuRico Gold, Inc.		Canada		U.S. dollar
Cott Corp.		Canada		U.S. dollar
ICON plc		Ireland		U.S. dollar

⁽³⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾  Non-voting shares.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.625	%		8/15/2022	$	275,629
U.S. Treasury Note		1.750	%		5/15/2022		75,814
						$	351,443

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

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

TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country	Percentage of Total Net Assets
EMCOR Group, Inc.	United States		4.0	%
World Fuel Services Corp.	United States		3.2
HB Fuller Co.	United States		3.2
Ryder System, Inc.	United States		3.1
Tech Data Corp.	United States		2.3
ADTRAN, Inc.	United States		2.3
Unit Corp.	United States		2.2
Arrow Electronics, Inc.	United States		2.2
Ultratech, Inc.	United States		2.1
FTI Consulting, Inc.	United States		2.1
Total			26.7	%

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

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

38 Artisan Funds

ARTISAN VALUE FUND

Schedule of Investments — March 31, 2014 (Unaudited)

Dollar values in thousands

	Shares Held		Value
COMMON STOCKS - 86.2%
CONSUMER DISCRETIONARY - 3.3%
Auto Components - 3.3%
Cie Generale des Etablissements Michelin(1)		368,838	$	46,128
CONSUMER STAPLES - 4.3%
Food & Staples Retailing - 4.3%
Kroger Co.		737,779		32,204
Wal-Mart Stores, Inc.		349,260		26,694
				58,898
ENERGY - 15.3%
Energy Equipment & Services - 9.0%
Baker Hughes, Inc.		755,546		49,126
National Oilwell Varco, Inc.		551,734		42,963
Noble Corp. plc		968,045		31,694
				123,783
Oil, Gas & Consumable Fuels - 6.3%
Apache Corp.		713,774		59,208
Chevron Corp.		234,137		27,841
				87,049
FINANCIALS - 22.2%
Capital Markets - 3.9%
Bank of New York Mellon Corp.		773,950		27,313
Goldman Sachs Group, Inc.		163,482		26,786
				54,099
Diversified Financial Services - 3.2%
Berkshire Hathaway, Inc., Class B(2)		349,260		43,647
Insurance - 11.3%
Alleghany Corp.(2)		105,179		42,848
Allstate Corp.		511,177		28,922
Arch Capital Group Ltd.(2)(3)		457,239		26,310
Chubb Corp.		395,169		35,289
Progressive Corp.		938,359		22,727
				156,096
Real Estate Investment Trusts (REITs) - 3.8%
American Capital Agency Corp.		1,233,639		26,511
Annaly Capital Management, Inc.		2,439,506		26,761
				53,272
HEALTH CARE - 3.4%
Health Care Providers & Services - 3.4%
Cigna Corp.		554,616	$	46,438
INDUSTRIALS - 2.0%
Road & Rail - 2.0%
Union Pacific Corp.		147,671		27,712
INFORMATION TECHNOLOGY - 25.4%
Communications Equipment - 1.9%
Cisco Systems, Inc.		1,195,821		26,798
Computers & Peripherals - 9.4%
Apple, Inc.		168,423		90,399
EMC Corp.		1,419,787		38,917
				129,316
Electronic Equipment, Instruments & Components - 2.2%
Avnet, Inc.(3)		639,640		29,763
IT Services - 5.3%
International Business Machines Corp.		192,101		36,977
Western Union Co.		2,188,179		35,799
				72,776
Software - 6.6%
Microsoft Corp.		685,059		28,080
Oracle Corp.		1,560,294		63,832
				91,912
MATERIALS - 10.3%
Chemicals - 5.9%
LyondellBasell Industries N.V., Class A		301,436		26,810
Mosaic Co.		538,084		26,904
Potash Corp. of Saskatchewan, Inc.(1)		755,360		27,359
				81,073
Metals & Mining - 4.4%
Goldcorp, Inc.(1)		1,485,316		36,360
Kinross Gold Corp.(1)		6,054,782		25,067
				61,427
Total common stocks (Cost $967,263)				1,190,187

Artisan Funds 39

	Shares Held		Value
PREFERRED STOCKS - 5.5%
INFORMATION TECHNOLOGY - 5.5%
Semiconductors & Semiconductor Equipment -5.5%
Samsung Electronics Co., Ltd.(1)(4)		76,646	$	76,109
Total preferred stocks (Cost $51,730)				76,109
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 3/31/14, due 4/1/14, maturity value $106,070 (Cost $106,070)(5)	$	106,070	$	106,070
Total investments - 99.4% (Cost $1,125,063)				1,372,366
Other assets less liabilities - 0.6%				8,970
Total net assets - 100.0%(6)			$	1,381,336

⁽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
Cie Generale des Etablissements Michelin	France	Euro
Goldcorp, Inc.	Canada	U.S. dollar
Kinross Gold Corp.	Canada	U.S. dollar
Potash Corp. of Saskatchewan, Inc.	Canada	U.S. dollar
Samsung Electronics Co., Ltd.	Korea	Korean won

⁽²⁾  Non-income producing security.

⁽³⁾  Affiliated company as defined by the 1940 Act. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾  Non-voting shares.

⁽⁵⁾  Collateralized by:

Issuer	Rate			Maturity		Value
U.S.Treasury Note		1.625	%		11/15/2022	$	809
U.S.Treasury Note		1.750	%		5/15/2022		5,927
U.S.Treasury Note		2.000	%		2/15/2022		101,457
						$	108,193

⁽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.

CURRENCY EXPOSURE - March 31, 2014 (Unaudited)
Dollar values in thousands
	Value		Percentage of Total Investments
Euro	$	46,128		3.4	%
Korean won		76,109		5.5
U.S. dollar		1,250,129		91.1
Total investments	$	1,372,366		100.0	%
TOP TEN HOLDINGS - March 31, 2014 (Unaudited)
Company Name	Country		Percentage of Total Net Assets
Apple, Inc.		United States		6.5	%
Samsung Electronics Co., Ltd.		Korea		5.5
Oracle Corp.		United States		4.6
Apache Corp.		United States		4.3
Baker Hughes, Inc.		United States		3.6
Cigna Corp.		United States		3.4
Cie Generale des Etablissements Michelin		France		3.3
Berkshire Hathaway, Inc.		United States		3.2
National Oilwell Varco, Inc.		United States		3.1
Alleghany Corp.		United States		3.1
Total				40.6	%

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.

40 Artisan Funds

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2014 (Unaudited)

Dollar values in thousands

	EMERGING MARKETS(1)			GLOBAL EQUITY			GLOBAL OPPORTUNITIES			GLOBAL SMALL CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	549,258		$	208,853		$	885,445		$	141,758
Investments in securities, affiliated, at value		–			6,606			52,668			7,867
Short-term investments (repurchase agreements), at value		4,218			11,297			53,228			10,176
Total investments		553,476			226,756			991,341			159,801
Cash		24			–			–	(2)		–	(2)
Foreign currency		382			12			214			20
Unrealized gain on foreign currency forward contracts		–			–			199			–
Receivable from investments sold		9,331			641			25,304			100
Receivable from fund shares sold		44			592			2,084			726
Dividends and interest receivable		1,706			139			2,134			86
Prepaid offering costs		–			–			–			7
Prepaid expenses		4			1			5			–	(2)
Total assets		564,967			228,141			1,021,281			160,740
LIABILITIES:
Unrealized loss on foreign currency forward contracts		5			–			–			–
Payable for investments purchased		3,070			10,256			20,652			3,419
Payable for fund shares redeemed		1,608			185			307			39
Payable for operating expenses		339			117			271			57
Payable for foreign taxes*		1,199			7			154			7
Total liabilities		6,221			10,565			21,384			3,522
Total net assets	$	558,746		$	217,576		$	999,897		$	157,218
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	690,087		$	197,179		$	817,167		$	145,529
Net unrealized appreciation on investments and foreign currency related transactions		29,179			20,850			178,349			10,990
Accumulated undistributed net investment loss		(2,835	)		(782	)		(1,268	)		(241	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(157,685	)		329			5,649			940
Total net assets	$	558,746		$	217,576		$	999,897		$	157,218
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	154,432		$	217,576		$	684,251		$	157,218
Institutional Shares	$	404,314					$	315,646
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		12,421,732			13,455,379			37,401,389			12,673,415
Institutional Shares		32,616,630						17,169,054
Net asset value per share
Investor Shares	$	12.43		$	16.17		$	18.29		$	12.41
Institutional Shares	$	12.40					$	18.38
Cost of securities of unaffiliated issuers held	$	523,347		$	199,156		$	767,702		$	140,842
Cost of securities of affiliated issuers held	$	–		$	6,750		$	45,536		$	7,970
Cost of foreign currency	$	381		$	11		$	214		$	20
*Including foreign taxes on unrealized gains	$	950		$	–		$	–		$	–

⁽¹⁾  Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽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 Assets and Liabilities – March 31, 2014 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE			HIGH INCOME			INTERNATIONAL			INTERNATIONAL SMALL CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	1,477,358		$	56,336		$	15,746,370		$	1,120,241
Investments in securities, affiliated, at value		51,295			–			385,562			47,078
Short-term investments (repurchase agreements), at value		216,853			48,429			213,648			93,874
Total investments		1,745,506			104,765			16,345,580			1,261,193
Cash		1			6			1			–	(1)
Foreign currency		136			–			1,574			1,953
Unrealized gain on foreign currency forward contracts		252			–			–			–
Receivable from investments sold		7,487			–			55,210			9,649
Receivable from fund shares sold		2,415			1,942			80,125			3,796
Dividends and interest receivable		1,795			351			56,144			1,566
Prepaid expenses		7			–			71			5
Total assets		1,757,599			107,064			16,538,705			1,278,162
LIABILITIES:
Unrealized loss on foreign currency forward contracts		34			5			–			–
Payable for investments purchased		4,468			30,385			155,786			5,757
Payable for fund shares redeemed		369			66			13,860			2,246
Payable for operating expenses		546			12			4,202			335
Payable for foreign taxes*		128			–			2,952			119
Payable for offering costs		–			1			–			–
Total liabilities		5,545			30,469			176,800			8,457
Total net assets	$	1,752,054		$	76,595		$	16,361,905		$	1,269,705
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	1,494,698		$	76,469		$	13,502,672		$	881,624
Net unrealized appreciation on investments and foreign currency related transactions		244,426			126			3,503,201			367,317
Accumulated undistributed net investment income (loss)		(1,734	)		(5	)		22,203			(7,646	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		14,664			5			(666,171	)		28,410
Total net assets	$	1,752,054		$	76,595		$	16,361,905		$	1,269,705
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	1,276,811		$	44,336		$	12,331,632		$	1,269,705
Institutional Shares	$	475,243					$	4,030,273
Advisor Shares				$	32,259
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		82,155,750			4,425,922			412,111,816			45,821,578
Institutional Shares		30,553,101						133,810,900
Advisor Shares					3,220,506
Net asset value per share
Investor Shares	$	15.54		$	10.02		$	29.92		$	27.71
Institutional Shares	$	15.55					$	30.12
Advisor Shares				$	10.02
Cost of securities of unaffiliated issuers held	$	1,458,094		$	104,634		$	12,580,032		$	846,416
Cost of securities of affiliated issuers held	$	43,190		$	–		$	262,810		$	47,494
Cost of foreign currency	$	137		$	–		$	1,588		$	1,942
*Including foreign taxes on unrealized gains	$	26		$	–		$	–		$	–

⁽¹⁾ Amount rounds to less than $1

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

42 Artisan Funds

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2014 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE			MID CAP			MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	9,050,182		$	8,813,929		$	9,006,702
Investments in securities, affiliated, at value		1,078,149			824,693			1,992,619
Short-term investments (repurchase agreements), at value		1,552,223			429,372			1,028,949
Total investments		11,680,554			10,067,994			12,028,270
Cash		1			–	(1)		–	(1)
Foreign currency		966			–			–
Unrealized gain on foreign currency forward contracts		4,482			–			–
Receivable from investments sold		15,405			35,062			15,895
Receivable from fund shares sold		12,078			17,737			13,459
Dividends and interest receivable		26,420			642			19,641
Prepaid expenses		55			47			57
Total assets		11,739,961			10,121,482			12,077,322
LIABILITIES:
Payable for investments purchased		2,014			27,946			18,836
Payable for fund shares redeemed		13,171			37,683			18,444
Payable for operating expenses		3,045			2,740			3,933
Payable for foreign taxes*		1,683			–			–
Total liabilities		19,913			68,369			41,213
Total net assets	$	11,720,048		$	10,053,113		$	12,036,109
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	8,606,394		$	5,885,111		$	8,323,506
Net unrealized appreciation on investments and foreign currency related transactions		2,850,633			3,791,222			3,230,290
Accumulated undistributed net investment income (loss)		(14,370	)		(72,984	)		15,201
Accumulated undistributed net realized gains on investments and foreign currency related transactions		277,391			449,764			467,112
Total net assets	$	11,720,048		$	10,053,113		$	12,036,109
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	9,103,599		$	5,851,745		$	10,346,680
Institutional Shares	$	2,616,449		$	4,201,368		$	1,689,429
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		247,078,697			119,910,366			376,558,126
Institutional Shares		70,793,402			82,214,591			61,444,696
Net asset value per share
Investor Shares	$	36.84		$	48.80		$	27.48
Institutional Shares	$	36.96		$	51.10		$	27.50
Cost of securities of unaffiliated issuers held	$	8,179,133		$	5,657,457		$	7,336,446
Cost of securities of affiliated issuers held	$	655,571		$	619,315		$	1,461,534
Cost of foreign currency	$	966		$	–		$	–
*Including foreign taxes on unrealized gains	$	64		$	–		$	–

⁽¹⁾ Amount rounds to less than $1

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

Artisan Funds 43

ARTISAN FUNDS

Statements of Assets and Liabilities – March 31, 2014 (Unaudited) (Continued)

Dollar values in thousands

	SMALL CAP			SMALL CAP VALUE			VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	1,565,705		$	2,127,034		$	1,210,223
Investments in securities, affiliated, at value		115,781			215,162			56,073
Short-term investments (repurchase agreements), at value		69,353			344,549			106,070
Total investments		1,750,839			2,686,745			1,372,366
Cash		–	(1)		–	(1)		1
Foreign currency		–			–			–	(1)
Receivable from investments sold		17,405			7,391			6,219
Receivable from fund shares sold		6,365			1,934			2,435
Dividends and interest receivable		13			3,241			3,454
Prepaid expenses		9			15			7
Total assets		1,774,631			2,699,326			1,384,482
LIABILITIES:
Payable for investments purchased		5,848			5,014			–
Payable for fund shares redeemed		4,578			190,025			2,312
Payable for operating expenses		559			1,156			652
Payable for foreign taxes		–			16			182
Total liabilities		10,985			196,211			3,146
Total net assets	$	1,763,646		$	2,503,115		$	1,381,336
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	1,302,822		$	1,797,885		$	1,132,436
Net unrealized appreciation on investments and foreign currency related transactions		536,389			580,070			247,294
Accumulated undistributed net investment income (loss)		(17,765	)		(5,683	)		3,406
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(57,800	)		130,843			(1,800	)
Total net assets	$	1,763,646		$	2,503,115		$	1,381,336
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	1,517,375		$	2,183,735		$	1,120,472
Institutional Shares	$	246,271		$	319,380		$	260,864
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		51,293,914			116,178,786			81,128,918
Institutional Shares		8,304,212			16,960,579			18,846,490
Net asset value per share
Investor Shares	$	29.58		$	18.80		$	13.81
Institutional Shares	$	29.66		$	18.83		$	13.84
Cost of securities of unaffiliated issuers held	$	1,133,671		$	1,947,045		$	1,092,803
Cost of securities of affiliated issuers held	$	80,779		$	159,630		$	32,260
Cost of foreign currency	$	–		$	–		$	–	(1)

⁽¹⁾ Amount rounds to less than $1

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

44 Artisan Funds

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2014 (Unaudited)

Dollar values in thousands

	EMERGING MARKETS(1)			GLOBAL EQUITY			GLOBAL OPPORTUNITIES			GLOBAL SMALL CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(3)	$	3,831		$	557		$	3,780		$	280
Dividends, from affiliated issuers		–			–			–			42
Total investment income		3,831			557			3,780			322
EXPENSES:
Management fees		3,311			894			3,931			376
Transfer agent fees
Investor Shares		285			275			781			100
Institutional Shares		10						9
Shareholder communications
Investor Shares		9			11			34			1
Institutional Shares		2						2
Custodian fees		347			51			77			30
Accounting fees		34			25			34			11
Professional fees		51			24			36			16
Offering fees		–			–			–			14
Registration fees
Investor Shares		11			54			43			36
Institutional Shares		11						48
Directors’ fees		9			4			11			4
Other operating expenses		12			7			14			–	(2)
Total operating expenses		4,092			1,345			5,020			588
Less amounts waived or paid by the Advisor		(25	)		(4	)		–			(25	)
Net expenses		4,067			1,341			5,020			563
Net investment loss		(236	)		(784	)		(1,240	)		(241	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(4)		(42,910	)		856			11,668			985
Investments, from affiliated issuers		–			(34	)		–			–
Foreign currency related transactions		(142	)		4			887			(42	)
Total realized gain (loss)		(43,052	)		826			12,555			943
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(5)		49,798			12,983			28,715			10,326
Investments, from affiliated issuers		–			(144	)		7,132			(103	)
Foreign currency related transactions		22			2			255			2
Total increase in unrealized appreciation or depreciation		49,820			12,841			36,102			10,225
Net gain on investments and foreign currency related transactions		6,768			13,667			48,657			11,168
Net increase in net assets resulting from operations	$	6,532		$	12,883		$	47,417		$	10,927
(1) Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.
(2) Amount rounds to less than $1
(3) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	480		$	16		$	154		$	15
(4) Net of foreign taxes on realized gains		58			–			–			–
(5) Net of increase in foreign taxes on unrealized gains		950			–			–			–

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

Artisan Funds 45

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2014 (Unaudited) (Continued)

Dollar values in thousands

	GLOBAL VALUE		HIGH  INCOME(1)			INTERNATIONAL			INTERNATIONAL SMALL CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(3)	$	12,559	$	–		$	108,274		$	2,960
Dividends, from affiliated issuers(4)		–		–			1,957			339
Interest		–		16			–			–
Total investment income		12,559		16			110,231			3,299
EXPENSES:
Management fees		7,256		13			68,365			7,149
Transfer agent fees
Investor Shares		1,367		5			11,710			1,046
Institutional Shares		10					13
Advisor Shares				3
Shareholder communications
Investor Shares		40		–	(2)		336			23
Institutional Shares		1					19
Advisor Shares				–	(2)
Custodian fees		123		1			2,288			222
Accounting fees		35		1			35			26
Professional fees		60		2			302			46
Offering fees		–		1			–			–
Registration fees
Investor Shares		158		–	(2)		63			41
Institutional Shares		36					30
Advisor Shares				–	(2)
Directors’ fees		19		–	(2)		194			15
Other operating expenses		17		–	(2)		118			12
Total operating expenses		9,122		26			83,473			8,580
Less amounts waived or paid by the Advisor		–		(5	)		–			–
Net expenses		9,122		21			83,473			8,580
Net investment income (loss)		3,437		(5	)		26,758			(5,281	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers(5)		20,553		8			445,143			49,138
Foreign currency related transactions		864		(3	)		(1,670	)		(130	)
Total realized gain		21,417		5			443,473			49,008
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(6)		109,066		131			165,613			83,311
Investments, from affiliated issuers		2,394		–			122,752			(416	)
Foreign currency related transactions		196		(5	)		(370	)		18
Total increase in unrealized appreciation or depreciation		111,656		126			287,995			82,913
Net gain on investments and foreign currency related transactions		133,073		131			731,468			131,921
Net increase in net assets resulting from operations	$	136,510	$	126		$	758,226		$	126,640
(1) For the period from commencement of operations (March 19, 2014) through March 31, 2014
(2) Amount rounds to less than $1
(3) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	419	$	–		$	6,836		$	242
(4) Net of foreign taxes withheld on dividends, affiliated issuers		–		–			217			–
(5) Net of foreign taxes on realized gains		2		–			–			–
(6) Net of increase in foreign taxes on unrealized gains		17		–			–			–

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

46 Artisan Funds

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2014 (Unaudited) (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE			MID CAP			MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(1)	$	69,950		$	18,851		$	79,958
Dividends, from affiliated issuers(2)		2,097			460			15,951
Total investment income		72,047			19,311			95,909
EXPENSES:
Management fees		51,746			44,523			53,455
Transfer agent fees
Investor Shares		8,145			7,272			11,461
Institutional Shares		11			15			12
Shareholder communications
Investor Shares		317			251			781
Institutional Shares		9			47			24
Custodian fees		1,272			127			96
Accounting fees		35			29			28
Professional fees		231			180			250
Registration fees
Investor Shares		268			48			256
Institutional Shares		59			56			6
Directors’ fees		147			127			154
Other operating expenses		100			78			93
Total operating expenses		62,340			52,753			66,616
Net investment income (loss)		9,707			(33,442	)		29,293
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain on:
Investments, from unaffiliated issuers(3)		288,258			517,689			498,274
Investments, from affiliated issuers		42,714			56,048			38,144
Foreign currency related transactions		26,191			–			–
Total realized gain		357,163			573,737			536,418
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers(4)		448,139			277,238			302,297
Investments, from affiliated issuers		(39,176	)		(43,763	)		127,339
Foreign currency related transactions		4,469			–			–
Total increase in unrealized appreciation or depreciation		413,432			233,475			429,636
Net gain on investments and foreign currency related transactions		770,595			807,212			966,054
Net increase in net assets resulting from operations	$	780,302		$	773,770		$	995,347
(1) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	3,936		$	85		$	97
(2) Net of foreign taxes withheld on dividends, affiliated issuers		81			–			–
(3) Net of foreign taxes on realized gains		17			–			–
(4) Net of increase (decrease) in foreign taxes on unrealized gains		(29	)		–			–

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

Artisan Funds 47

ARTISAN FUNDS

Statements of Operations – For the Six Months Ended March 31, 2014 (Unaudited) (Continued)

Dollar values in thousands

	SMALL CAP			SMALL CAP VALUE			VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers(2)	$	929		$	13,799		$	14,568
Dividends, from affiliated issuers		–			3,948			202
Total investment income		929			17,747			14,770
EXPENSES:
Management fees		8,192			13,122			4,833
Transfer agent fees
Investor Shares		1,572			2,977			1,525
Institutional Shares		10			10			10
Shareholder communications
Investor Shares		121			218			103
Institutional Shares		9			12			3
Custodian fees		21			36			50
Accounting fees		28			29			34
Professional fees		52			77			45
Registration fees
Investor Shares		57			30			79
Institutional Shares		18			22			14
Directors’ fees		22			38			19
Other operating expenses		21			23			18
Total operating expenses		10,123			16,594			6,733
Net investment income (loss)		(9,194	)		1,153			8,037
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		31,169			171,864			32,631
Investments, from affiliated issuers		6,589			30,485			279
Foreign currency related transactions		–			–	(1)		(43	)
Total realized gain		37,758			202,349			32,867
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		102,356			41,428			74,409
Investments, from affiliated issuers		(24,463	)		(29,116	)		4,521
Foreign currency related transactions		–			–	(1)		(9	)
Total increase in unrealized appreciation or depreciation		77,893			12,312			78,921
Net gain on investments and foreign currency related transactions		115,651			214,661			111,788
Net increase in net assets resulting from operations	$	106,457		$	215,814		$	119,825
(1) Amount rounds to less than $1
(2) Net of foreign taxes withheld on dividends, unaffiliated issuers	$	–		$	65		$	281

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

48 Artisan Funds

ARTISAN FUNDS

Statements of Changes in Net Assets

Dollar values in thousands

	EMERGING MARKETS(1)						GLOBAL EQUITY
	Six Months Ended 3/31/2014(2)			Year Ended 9/30/2013			Six Months Ended 3/31/2014(2)			Year Ended 9/30/2013
OPERATIONS:
Net investment income (loss)	$	(236	)	$	7,046		$	(784	)	$	(62)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(42,910	)		(21,185	)		856			7,643
Investments, from affiliated issuers		–			–			(34	)		–
Foreign currency related transactions		(142	)		(663	)		4			6
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		49,798			5,799			12,983			5,538
Investments, from affiliated issuers		–			–			(144	)		–
Foreign currency related transactions		22			(23	)		2			1
Net increase (decrease) in net assets resulting from operations		6,532			(9,026	)		12,883			13,126
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(1,021	)		(3,431	)		–			(47	)
Institutional Shares		(4,377	)		(7,538	)
Net realized gains on investment transactions:
Investor Shares		–			–			(7,484	)		(857	)
Total distributions paid to shareholders		(5,398	)		(10,969	)		(7,484	)		(904	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(104,779	)		(104,870	)		56,086			128,331
Total increase (decrease) in net assets		(103,645	)		(124,865	)		61,485			140,553
Net assets, beginning of period		662,391			787,256			156,091			15,538
Net assets, end of period	$	558,746		$	662,391		$	217,576		$	156,091
Accumulated undistributed net investment income (loss)	$	(2,835	)	$	2,799		$	(782	)	$	2

⁽¹⁾  Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽²⁾  Unaudited.

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

Artisan Funds 49

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL OPPORTUNITIES						GLOBAL SMALL CAP
	Six Months Ended 3/31/2014(2)			Year Ended 9/30/2013			Six Months Ended 3/31/2014(2)			Period Ended 9/30/2013(1)
OPERATIONS:
Net investment income (loss)	$	(1,240	)	$	(1,184	)	$	(241	)	$	25
Net realized gain (loss) on:
Investments, from unaffiliated issuers		11,668			(22	)		985			81
Foreign currency related transactions		887			762			(42	)		13
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		28,715			102,667			10,326			766
Investments, from affiliated issuers		7,132			–			(103	)		–
Foreign currency related transactions		255			16			2			(1	)
Net increase in net assets resulting from operations		47,417			102,239			10,927			884
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			–			(38	)		–
Net realized gains on investment transactions:
Investor Shares		–			–			(85	)		–
Total distributions paid to shareholders		–			–			(123	)		–
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		198,331			339,637			106,836			38,694
Total increase in net assets		245,748			441,876			117,640			39,578
Net assets, beginning of period		754,149			312,273			39,578			–
Net assets, end of period	$	999,897		$	754,149		$	157,218		$	39,578
Accumulated undistributed net investment income (loss)	$	(1,268	)	$	(28	)	$	(241	)	$	38

⁽¹⁾  For the period from commencement of operations (June 25, 2013) through September 30, 2013.

⁽²⁾  Unaudited.

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

50 Artisan Funds

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	GLOBAL VALUE						HIGH INCOME
	Six Months Ended 3/31/2014(2)			Year Ended 9/30/2013			Period Ended 3/31/2014(1)(2)
OPERATIONS:
Net investment income (loss)	$	3,437		$	2,788		$	(5	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		20,553			17,750			8
Investments, from affiliated issuers		–			(29	)		–
Foreign currency related transactions		864			1,979			(3	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		109,066			100,398			131
Investments, from affiliated issuers		2,394			3,981			–
Foreign currency related transactions		196			96			(5	)
Net increase in net assets resulting from operations		136,510			126,963			126
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(5,322	)		(1,216	)		–
Institutional Shares		(3,036	)		(386	)
Net realized gains on investment transactions:
Investor Shares		(15,793	)		(639	)		–
Institutional Shares		(7,056	)		(169	)
Total distributions paid to shareholders		(31,207	)		(2,410	)		–
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		501,930			754,362			76,469
Total increase in net assets		607,233			878,915			76,595
Net assets, beginning of period		1,144,821			265,906			–
Net assets, end of period	$	1,752,054		$	1,144,821		$	76,595
Accumulated undistributed net investment income (loss)	$	(1,734	)	$	3,187		$	(5	)

⁽¹⁾  For the period from commencement of operations (March 19, 2014) through March 31, 2014.

⁽²⁾  Unaudited.

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

Artisan Funds 51

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL						INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2014(1)			Year Ended 9/30/2013			Six Months Ended 3/31/2014(1)			Year Ended 9/30/2013
OPERATIONS:
Net investment income (loss)	$	26,758		$	145,716		$	(5,281	)	$	1,635
Net realized gain (loss) on:
Investments, from unaffiliated issuers		445,143			697,841			49,138			79,981
Foreign currency related transactions		(1,670	)		(1,814	)		(130	)		268
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		165,613			1,546,232			83,311			126,463
Investments, from affiliated issuers		122,752			–			(416	)		–
Foreign currency related transactions		(370	)		908			18			27
Net increase in net assets resulting from operations		758,226			2,388,883			126,640			208,374
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(104,230	)		(82,687	)		(4,981	)		(7,730	)
Institutional Shares		(42,531	)		(37,967	)
Net realized gains on investment transactions:
Investor Shares		–			–			(64,140	)		–
Total distributions paid to shareholders		(146,761	)		(120,654	)		(69,121	)		(7,730	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		2,329,216			1,502,705			216,036			79,457
Total increase in net assets		2,940,681			3,770,934			273,555			280,101
Net assets, beginning of period		13,421,224			9,650,290			996,150			716,049
Net assets, end of period	$	16,361,905		$	13,421,224		$	1,269,705		$	996,150
Accumulated undistributed net investment income (loss)	$	22,203		$	142,206		$	(7,646	)	$	2,616

⁽¹⁾  Unaudited.

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

52 Artisan Funds

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	INTERNATIONAL VALUE						MID CAP
	Six Months Ended 3/31/2014(1)			Year Ended 9/30/2013			Six Months Ended 3/31/2014(1)			Year Ended 9/30/2013
OPERATIONS:
Net investment income (loss)	$	9,707		$	75,951		$	(33,442	)	$	(41,831)
Net realized gain on:
Investments, from unaffiliated issuers		288,258			521,533			517,689			717,544
Investments, from affiliated issuers		42,714			92,212			56,048			17,313
Foreign currency related transactions		26,191			114,018			–			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		448,139			1,241,779			277,238			1,294,858
Investments, from affiliated issuers		(39,176	)		234,473			(43,763	)		160,282
Foreign currency related transactions		4,469			5,442			–			–
Net increase in net assets resulting from operations		780,302			2,285,408			773,770			2,148,166
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(141,848	)		(53,270	)		–			–
Institutional Shares		(41,492	)		(19,853	)		–			–
Net realized gains on investment transactions:
Investor Shares		(484,885	)		(25,891	)		(435,868	)		(225,704	)
Institutional Shares		(132,447	)		(8,359	)		(268,248	)		(83,801	)
Total distributions paid to shareholders		(800,672	)		(107,373	)		(704,116	)		(309,505	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		1,290,276			1,632,872			906,690			520,163
Total increase in net assets		1,269,906			3,810,907			976,344			2,358,824
Net assets, beginning of period		10,450,142			6,639,235			9,076,769			6,717,945
Net assets, end of period	$	11,720,048		$	10,450,142		$	10,053,113		$	9,076,769
Accumulated undistributed net investment income (loss)	$	(14,370	)	$	159,263		$	(72,984	)	$	(39,542)

⁽¹⁾  Unaudited.

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

Artisan Funds 53

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	MID CAP VALUE						SMALL CAP
	Six Months Ended 3/31/2014(1)			Year Ended 9/30/2013			Six Months Ended 3/31/2014(1)			Year Ended 9/30/2013
OPERATIONS:
Net investment income (loss)	$	29,293		$	61,476		$	(9,194	)	$	(9,183)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		498,274			478,655			31,169			34,660
Investments, from affiliated issuers		38,144			(3,029	)		6,589			(1,438	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		302,297			1,540,909			102,356			274,668
Investments, from affiliated issuers		127,339			421,781			(24,463	)		40,875
Net increase in net assets resulting from operations		995,347			2,499,792			106,457			339,582
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(40,163	)		(43,589	)		–			–
Institutional Shares		(9,155	)		(3,530	)		–			–
Net realized gains on investment transactions:
Investor Shares		(400,451	)		(361,177	)		–			–
Institutional Shares		(60,467	)		(20,573	)		–			–
Total distributions paid to shareholders		(510,236	)		(428,869	)		–			–
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		754,958			695,576			102,231			488,483
Total increase in net assets		1,240,069			2,766,499			208,688			828,065
Net assets, beginning of period		10,796,040			8,029,541			1,554,958			726,893
Net assets, end of period	$	12,036,109		$	10,796,040		$	1,763,646		$	1,554,958
Accumulated undistributed net investment income (loss)	$	15,201		$	35,226		$	(17,765	)	$	(8,571)

⁽¹⁾  Unaudited.

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

54 Artisan Funds

ARTISAN FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands

	SMALL CAP VALUE						VALUE
	Six Months Ended 3/31/2014(1)			Year Ended 9/30/2013			Six Months Ended 3/31/2014(1)			Year Ended 9/30/2013
OPERATIONS:
Net investment income	$	1,153		$	12,910		$	8,037		$	9,925
Net realized gain (loss) on:
Investments, from unaffiliated issuers		171,864			52,159			32,631			75,032
Investments, from affiliated issuers		30,485			1,966			279			2,872
Foreign currency related transactions		–	(2)		1			(43	)		(54	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		41,428			392,532			74,409			70,099
Investments, from affiliated issuers		(29,116	)		64,885			4,521			13,619
Foreign currency related transactions		–	(2)		–			(9	)		3
Net increase in net assets resulting from operations		215,814			524,453			119,825			171,496
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(5,806	)		(17,878	)		(7,502	)		(5,169	)
Institutional Shares		(1,030	)		(3,395	)		(2,037	)		(1,901	)
Net realized gains on investment transactions:
Investor Shares		(86,756	)		(51,396	)		(56,730	)		–
Institutional Shares		(12,496	)		(7,307	)		(11,945	)		–
Total distributions paid to shareholders		(106,088	)		(79,976	)		(78,214	)		(7,070	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(370,754	)		(335,404	)		(73,905	)		413,724
Total increase (decrease) in net assets		(261,028	)		109,073			(32,294	)		578,150
Net assets, beginning of period		2,764,143			2,655,070			1,413,630			835,480
Net assets, end of period	$	2,503,115		$	2,764,143		$	1,381,336		$	1,413,630
Accumulated undistributed net investment income (loss)	$	(5,683	)	$	–		$	3,406		$	4,908

⁽¹⁾  Unaudited.

⁽²⁾  Amount rounds to less than $1.

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

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

												Less 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
Investor Shares(5)
3/31/2014(6)	$	12.32		(0.02	)		0.19			0.17			(0.06	)		—			(0.06	)	$	12.43
9/30/2013	$	12.76		0.10			(0.38	)		(0.28	)		(0.16	)		—			(0.16	)	$	12.32
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
Institutional Shares
3/31/2014(6)	$	12.32		—	(7)		0.20			0.20			(0.12	)		—			(0.12	)	$	12.40
9/30/2013	$	12.75		0.14			(0.37	)		(0.23	)		(0.20	)		—			(0.20	)	$	12.32
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
GLOBAL EQUITY FUND
Investor Shares
3/31/2014(6)	$	15.72		(0.07	)		1.27			1.20			—			(0.75	)		(0.75	)	$	16.17
9/30/2013	$	13.05		(0.01	)		3.23			3.22			(0.03	)		(0.52	)		(0.55	)	$	15.72
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(8)	$	10.00		0.03			0.20			0.23			—			—			—		$	10.23
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2014(6)	$	17.29		(0.03	)		1.03			1.00			—			—			—		$	18.29
9/30/2013	$	14.27		(0.05	)		3.07			3.02			—			—			—		$	17.29
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

Footnotes are presented on Page 67.

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 to Average Net Assets(3)			Portfolio Turnover Rate(2)
EMERGING MARKETS FUND
Investor Shares(5)
3/31/2014(6)		1.39	%	$	154,432		1.50	%		1.53	%		(0.29	)%		20.64	%
9/30/2013		(2.25	)%	$	199,920		1.48	%		n/a			0.76	%		35.89	%
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	%
Institutional Shares
3/31/2014(6)		1.58	%	$	404,314		1.20	%		n/a			0.01	%		20.64	%
9/30/2013		(1.91	)%	$	462,471		1.18	%		n/a			1.15	%		35.89	%
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	%
GLOBAL EQUITY FUND
Investor Shares
3/31/2014(6)		7.87	%	$	217,576		1.50	%		1.50	%		(0.88	)%		42.84	%
9/30/2013		25.51	%	$	156,091		1.50	%		1.77	%		(0.08	)%		126.40	%
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(8)		2.30	%	$	10,469		1.50	%		3.66	%		0.69	%		60.81	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
3/31/2014(6)		5.78	%	$	684,251		1.22	%		n/a			(0.36	)%		24.68	%
9/30/2013		21.16	%	$	542,242		1.28	%		n/a			(0.29	)%		41.76	%
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	%

Footnotes are presented on Page 67.

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

Artisan Funds 57

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less 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
3/31/2014(6)	$	17.35		(0.01	)		1.04			1.03			—			—			—		$	18.38
9/30/2013	$	14.29		(0.01	)		3.07			3.06			—			—			—		$	17.35
9/30/2012	$	10.88		0.01			3.51			3.52			—			(0.11	)		(0.11	)	$	14.29
9/30/2011(9)	$	13.38		(0.02	)		(2.48	)		(2.50	)		—			—			—		$	10.88
GLOBAL SMALL CAP FUND
Investor Shares
3/31/2014(6)	$	10.61		(0.04	)		1.87			1.83			(0.01	)		(0.02	)		(0.03	)	$	12.41
9/30/2013(10)	$	10.00		0.01			0.60			0.61			—			—			—		$	10.61
GLOBAL VALUE FUND
Investor Shares
3/31/2014(6)	$	14.44		0.03			1.42			1.45			(0.09	)		(0.26	)		(0.35	)	$	15.54
9/30/2013	$	11.58		0.06			2.89			2.95			(0.06	)		(0.03	)		(0.09	)	$	14.44
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
Institutional Shares
3/31/2014(6)	$	14.46		0.05			1.41			1.46			(0.11	)		(0.26	)		(0.37	)	$	15.55
9/30/2013	$	11.58		0.07			2.91			2.98			(0.07	)		(0.03	)		(0.10	)	$	14.46
9/30/2012(11)	$	10.75		0.01			0.82			0.83			—			—			—		$	11.58
HIGH INCOME FUND
Investor Shares
3/31/2014(6)(12)	$	10.00		—	(7)		0.02			0.02			—			—			—		$	10.02
Advisor Shares
3/31/2014(6)(12)	$	10.00		—	(7)		0.02			0.02			—			—			—		$	10.02
INTERNATIONAL FUND
Investor Shares
3/31/2014(6)	$	28.66		0.05			1.50			1.55			(0.29	)		—			(0.29	)	$	29.92
9/30/2013	$	23.54		0.31			5.08			5.39			(0.27	)		—			(0.27	)	$	28.66
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

Footnotes are presented on Page 67.

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

58 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 to Average Net Assets(3)			Portfolio Turnover Rate(2)
GLOBAL OPPORTUNITIES FUND
Institutional Shares
3/31/2014(6)		5.99	%	$	315,646		0.98	%		n/a			(0.11	)%		24.68	%
9/30/2013		21.41	%	$	211,907		1.03	%		n/a			(0.05	)%		41.76	%
9/30/2012		32.68	%	$	84,183		1.08	%		n/a			0.07	%		43.30	%
9/30/2011(9)		(18.68	)%	$	12,969		1.50	%		2.22	%		(1.42	)%		76.18	%
GLOBAL SMALL CAP FUND
Investor Shares
3/31/2014(6)		17.28	%	$	157,218		1.50	%		1.57	%		(0.64	)%		42.99	%
9/30/2013(10)		6.10	%	$	39,578		1.50	%		2.51	%		0.37	%		9.98	%
GLOBAL VALUE FUND
Investor Shares
3/31/2014(6)		10.11	%	$	1,276,811		1.33	%		n/a			0.39	%		13.62	%
9/30/2013		25.68	%	$	783,265		1.37	%		n/a			0.45	%		30.79	%
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	%
Institutional Shares
3/31/2014(6)		10.20	%	$	475,243		1.05	%		n/a			0.65	%		13.62	%
9/30/2013		25.98	%	$	361,556		1.10	%		n/a			0.54	%		30.79	%
9/30/2012(11)		7.72	%	$	48,849		1.50	%		2.43	%		0.32	%		22.34	%
HIGH INCOME FUND
Investor Shares
3/31/2014(6)(12)		0.10	%	$	44,336		1.25	%		1.61	%		(0.29	)%		1.78	%
Advisor Shares
3/31/2014(6)(12)		0.10	%	$	32,259		1.25	%		1.42	%		(0.43	)%		1.78	%
INTERNATIONAL FUND
Investor Shares
3/31/2014(6)		5.43	%	$	12,331,632		1.18	%		n/a			0.31	%		24.40	%
9/30/2013		23.11	%	$	9,829,540		1.20	%		n/a			1.21	%		42.00	%
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	%

Footnotes are presented on Page 67.

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

Artisan Funds 59

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less 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 FUND
Institutional Shares
3/31/2014(6)	$	28.86		0.08			1.52			1.60			(0.34	)		—			(0.34	)	$	30.12
9/30/2013	$	23.70		0.38			5.10			5.48			(0.32	)		—			(0.32	)	$	28.86
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
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2014(6)	$	26.39		(0.12	)		3.17			3.05			(0.12	)		(1.61	)		(1.73	)	$	27.71
9/30/2013	$	20.75		0.05			5.82			5.87			(0.23	)		—			(0.23	)	$	26.39
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
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2014(6)	$	37.01		0.02			2.59			2.61			(0.63	)		(2.15	)		(2.78	)	$	36.84
9/30/2013	$	28.72		0.28			8.44			8.72			(0.29	)		(0.14	)		(0.43	)	$	37.01
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
Institutional Shares
3/31/2014(6)	$	37.12		0.06			2.60			2.66			(0.67	)		(2.15	)		(2.82	)	$	36.96
9/30/2013	$	28.80		0.34			8.46			8.80			(0.34	)		(0.14	)		(0.48	)	$	37.12
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

Footnotes are presented on Page 67.

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

60 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 to Average Net Assets(3)			Portfolio Turnover Rate(2)
INTERNATIONAL FUND
Institutional Shares
3/31/2014(6)		5.58	%	$	4,030,273		0.97	%		n/a		0.51	%		24.40	%
9/30/2013		23.35	%	$	3,591,684		0.97	%		n/a		1.43	%		42.00	%
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	%
INTERNATIONAL SMALL CAP FUND
Investor Shares
3/31/2014(6)		12.14	%	$	1,269,705		1.50	%		n/a		(0.92	)%		28.53	%
9/30/2013		28.50	%	$	996,150		1.51	%		n/a		0.19	%		59.47	%
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	%
INTERNATIONAL VALUE FUND
Investor Shares
3/31/2014(6)		7.32	%	$	9,103,599		1.16	%		n/a		0.13	%		12.85	%
9/30/2013		30.71	%	$	8,158,057		1.16	%		n/a		0.85	%		32.99	%
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	%
Institutional Shares
3/31/2014(6)		7.45	%	$	2,616,449		0.97	%		n/a		0.33	%		12.85	%
9/30/2013		30.92	%	$	2,292,085		0.97	%		n/a		1.03	%		32.99	%
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	%

Footnotes are presented on Page 67.

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

Artisan Funds 61

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less 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
MID CAP FUND
Investor Shares
3/31/2014(6)	$	48.69		(0.19	)		4.10			3.91			—			(3.80	)		(3.80	)	$	48.80
9/30/2013	$	38.80		(0.26	)		11.97			11.71			—			(1.82	)		(1.82	)	$	48.69
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
Institutional Shares
3/31/2014(6)	$	50.75		(0.14	)		4.29			4.15			—			(3.80	)		(3.80	)	$	51.10
9/30/2013	$	40.27		(0.17	)		12.47			12.30			—			(1.82	)		(1.82	)	$	50.75
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
MID CAP VALUE FUND
Investor Shares
3/31/2014(6)	$	26.34		0.06			2.28			2.34			(0.11	)		(1.09	)		(1.20	)	$	27.48
9/30/2013	$	21.12		0.15			6.22			6.37			(0.12	)		(1.03	)		(1.15	)	$	26.34
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
Institutional Shares
3/31/2014(6)	$	26.38		0.10			2.28			2.38			(0.17	)		(1.09	)		(1.26	)	$	27.50
9/30/2013	$	21.15		0.21			6.23			6.44			(0.18	)		(1.03	)		(1.21	)	$	26.38
9/30/2012(13)	$	20.93		0.21			0.01			0.22			—			—			—		$	21.15

Footnotes are presented on Page 67.

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

62 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 to Average Net Assets(3)			Portfolio Turnover Rate(2)
MID CAP FUND
Investor Shares
3/31/2014(6)		8.55	%	$	5,851,745		1.21	%		n/a		(0.80	)%		23.90	%
9/30/2013		31.53	%	$	5,525,387		1.22	%		n/a		(0.64	)%		43.72	%
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	%
Institutional Shares
3/31/2014(6)		8.68	%	$	4,201,368		0.95	%		n/a		(0.54	)%		23.90	%
9/30/2013		31.89	%	$	3,551,382		0.96	%		n/a		(0.39	)%		43.72	%
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	%
MID CAP VALUE FUND
Investor Shares
3/31/2014(6)		9.09	%	$	10,346,680		1.19	%		n/a		0.47	%		15.86	%
9/30/2013		31.64	%	$	9,429,674		1.20	%		n/a		0.65	%		25.73	%
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	%
Institutional Shares
3/31/2014(6)		9.22	%	$	1,689,429		0.95	%		n/a		0.74	%		15.86	%
9/30/2013		31.97	%	$	1,366,366		0.98	%		n/a		0.86	%		25.73	%
9/30/2012(13)		1.05	%	$	275,727		1.01	%		n/a		1.04	%		27.86	%

Footnotes are presented on Page 67.

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

Artisan Funds 63

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

												Less 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
SMALL CAP FUND
Investor Shares
3/31/2014(6)	$	27.65		(0.16	)		2.09			1.93			—			—			—			—		$	29.58
9/30/2013	$	20.90		(0.20	)		6.95			6.75			—			—			—			—		$	27.65
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
Institutional Shares
3/31/2014(6)	$	27.70		(0.13	)		2.09			1.96			—			—			—			—		$	29.66
9/30/2013	$	20.89		(0.17	)		6.98			6.81			—			—			—			—		$	27.70
9/30/2012(14)	$	19.62		(0.18	)		1.45			1.27			—			—			—			—		$	20.89
SMALL CAP VALUE FUND
Investor Shares
3/31/2014(6)	$	18.06		0.01			1.43			1.44			(0.04	)		(0.66	)		—			(0.70	)	$	18.80
9/30/2013	$	15.24		0.08			3.23			3.31			(0.13	)		(0.36	)		—			(0.49	)	$	18.06
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
Institutional Shares
3/31/2014(6)	$	18.08		0.03			1.43			1.46			(0.05	)		(0.66	)		—			(0.71	)	$	18.83
9/30/2013	$	15.26		0.11			3.24			3.35			(0.17	)		(0.36	)		—			(0.53	)	$	18.08
9/30/2012(13)	$	16.16		0.06			(0.96	)		(0.90	)		—			—			—			—		$	15.26
VALUE FUND
Investor Shares
3/31/2014(6)	$	13.38		0.07			1.10			1.17			(0.09	)		(0.65	)		—			(0.74	)	$	13.81
9/30/2013	$	11.32		0.12			2.02			2.14			(0.08	)		—			—			(0.08	)	$	13.38
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

Footnotes are presented on Page 67.

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

64 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 to Average Net Assets(3)			Portfolio Turnover Rate(2)
SMALL CAP FUND
Investor Shares
3/31/2014(6)		6.98	%	$	1,517,375		1.21	%		n/a		(1.11	)%		19.76	%
9/30/2013		32.30	%	$	1,330,188		1.25	%		n/a		(0.88	)%		42.43	%
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	%
Institutional Shares
3/31/2014(6)		7.08	%	$	246,271		1.00	%		n/a		(0.90	)%		19.76	%
9/30/2013		32.60	%	$	224,770		1.06	%		n/a		(0.74	)%		42.43	%
9/30/2012(14)		6.47	%	$	50,754		1.42	%		n/a		(0.93	)%		69.56	%
SMALL CAP VALUE FUND
Investor Shares
3/31/2014(6)		8.07	%	$	2,183,735		1.22	%		n/a		0.05	%		16.10	%
9/30/2013		22.24	%	$	2,421,658		1.24	%		n/a		0.46	%		26.66	%
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	%
Institutional Shares
3/31/2014(6)		8.18	%	$	319,380		0.99	%		n/a		0.28	%		16.10	%
9/30/2013		22.54	%	$	342,485		1.00	%		n/a		0.70	%		26.66	%
9/30/2012(13)		(5.57	)%	$	306,223		1.00	%		n/a		0.56	%		28.17	%
VALUE FUND
Investor Shares
3/31/2014(6)		8.91	%	$	1,120,472		1.02	%		n/a		1.11	%		25.62	%
9/30/2013		18.97	%	$	1,164,460		1.04	%		n/a		0.94	%		57.90	%
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	%

Footnotes are presented on Page 67.

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

Artisan Funds 65

ARTISAN FUNDS

Financial Highlights – For a share outstanding throughout each period

											Less 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
VALUE FUND
Institutional Shares
3/31/2014(6)	$	13.42		0.09		1.09			1.18			(0.11	)		(0.65	)		(0.76	)	$	13.84
9/30/2013	$	11.35		0.15		2.03			2.18			(0.11	)		—			(0.11	)	$	13.42
9/30/2012	$	9.12		0.11		2.21			2.32			(0.09	)		—			(0.09	)	$	11.35
9/30/2011(9)	$	10.60		0.02		(1.50	)		(1.48	)		—			—			—		$	9.12

Footnotes are presented on Page 67.

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

66 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 to Average Net Assets(3)			Portfolio Turnover Rate(2)
VALUE FUND
Institutional Shares
3/31/2014(6)		9.01	%	$	260,864		0.75	%		n/a		1.40	%		25.62	%
9/30/2013		19.43	%	$	249,170		0.76	%		n/a		1.21	%		57.90	%
9/30/2012		25.64	%	$	157,727		0.79	%		n/a		1.02	%		66.13	%
9/30/2011(9)		(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 exclude expenses waived or paid by Artisan Partners Limited Partnership. For the period ending September 30, 2009, also excludes expenses waived by the board of directors.

⁽⁵⁾  Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽⁶⁾  Unaudited. For the six months ended March 31, 2014.

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

⁽⁸⁾  For the period from commencement of operations (March 29, 2010) through September 30, 2010.

⁽⁹⁾  For the period from commencement of operations (July 26, 2011) through September 30, 2011.

⁽¹⁰⁾  For the period from commencement of operations (June 25, 2013) through September 30, 2013.

⁽¹¹⁾  For the period from commencement of operations (July 17, 2012) through September 30, 2012.

⁽¹²⁾  For the period from commencement of operations (March 19, 2014) through March 31, 2014.

⁽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 67

ARTISAN FUNDS

Notes to Financial Statements – March 31, 2014 (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 fourteen open-end, diversified mutual funds. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:

Fund Name	Investor Shares Inception Date			Institutional Shares Inception Date		Advisor Shares Inception Date
Artisan Emerging Markets Fund (“Emerging Markets Fund” or “Emerging Markets”)		June 2, 2008	*		June 26, 2006	N/A
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 Small Cap Fund (“Global Small Cap Fund” or “Global Small Cap”)		June 25, 2013			N/A	N/A
Artisan Global Value Fund (“Global Value Fund” or “Global Value”)		December 10, 2007			July 17, 2012	N/A
Artisan High Income Fund (“High Income Fund” or “High Income”)		March 19, 2014			N/A	March 19, 2014
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

* Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

The investment objective of each Fund (except High Income Fund) is to seek long-term capital growth. High Income Fund’s investment objective is to seek to provide total return through a combination of current income and capital appreciation. 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 fee-based programs and other investors that meet the minimum investment requirements.

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

68 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

The 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”).

(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 (“US GAAP”).

(a) 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 equity security traded on a securities exchange, including the Nasdaq Stock Market, or over-the-counter was 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. Each fixed income security was valued based on evaluations provided by the Funds’ pricing vendors, which may consider the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to securities with similar characteristics and/or discounted cash flow models that might be applicable. Securities that cannot be priced by the Funds’ pricing vendors may be valued using quotes from dealers that make markets in the securities or pricing models as approved by Artisan Funds’ valuation committee (the “valuation committee”) under procedures established by and under general supervision of Artisan Funds’ board of directors (the “board of directors”).

Securities for which prices were not available were valued by the valuation committee at a fair value determined in good faith under procedures established by and under the

Artisan Funds 69

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

general supervision of the Artisan Funds’ board of directors. A price was considered to be not available, and a Fund may therefore have used fair value pricing, if, among other things, the valuation committee believed that the price that resulted from the Funds’ valuation procedures did not reflect a fair value of the security, or 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, a development that might affect an entire market or region, a potentially global development 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 for equity securities 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 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.

(b) Risks – The value of equity securities held by a Fund may rise or fall in response to company, market, economic or other news.

Foreign securities may underperform U.S. securities and may be more volatile than U.S. securities. Risks relating to investments in foreign securities and to securities of issuers with significant exposure to foreign markets 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 securities typically are greater in emerging and less developed markets. For example, political and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. These securities markets may be less developed and securities in those markets are generally more volatile and less liquid than those in developed markets. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or 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

70 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

The values of debt securities held by a Fund may fall in response to increases in interest rates. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. Given the current historically low interest rate environment, risks associated with rising rates are heightened. If interest rates rise, repayments of principal on certain debt securities, including loans, may occur at a slower rate than expected and the expected length of repayment of those securities could increase as a result.

An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.

Debt securities rated below investment grade, or unrated securities that are determined by the Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of junk bonds generally, and less secondary market liquidity. This potential lack of liquidity may make it more difficult for a Fund to accurately value these securities.

Investments in loans are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. Because there is limited public information available regarding loan investments, High Income Fund is particularly dependent on the analytical abilities of the Adviser. High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the senior loans in which High Income Fund may invest may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, High Income Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they will not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale.

Artisan Funds 71

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Transactions in many loans settle on a delayed basis, and High Income Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments until a substantial period after the sale of the loans.

See the Funds’ prospectus and Statement of Additional Information regarding the risks of investing in shares of the Funds.

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

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2008 through 2013) and have concluded that, as of March 31, 2014, 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.

As of and during the period ended March 31, 2014, 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, 2014, the Funds did not incur any interest or penalties.

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 and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

(d) Portfolio transactions – For financial reporting purposes, security transactions and shareholder transactions were recorded on trade date in accordance with US GAAP. Net realized gains and losses on securities were computed on specific security lot identification.

(e) Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for capital gains taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using the current spot market rate of exchange on the date of such transactions. The portion of security gains or losses

72 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-U.S. securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks on non-U.S. dollar denominated investment securities. The Funds could be exposed to loss if the counterparties fail to perform under these contracts. 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, 2014, Emerging Markets, Global Opportunities, Global Value, High Income 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.

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.

(f) Repurchase agreements – Each Fund may enter into repurchase agreements with institutions that the Adviser determines are 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.

(g) 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.

(h) Equity-linked participation certificates – Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Small Cap Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund and Value Fund may invest in equity-linked participation certificates. Equity-linked participation certificates are 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. There is no

Artisan Funds 73

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

(i) Use of estimates – The preparation of financial statements in conformity with 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.

(j) Indemnifications – In the normal course of business, the Funds may enter into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of the date of this Report, no claim has been made for indemnification pursuant to any such agreement of the Funds.

(k) When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When a Fund enters into a purchase transaction on a when-issued or delayed delivery basis, the Fund will hold liquid investments in an amount at least equal in value to the Fund’s commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price.

(l) Other – Dividend income less foreign taxes withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Fund on the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded as soon after the ex-dividend date as reliable information became available to the Funds. Non-cash dividends included in dividend income, if any, were generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and includes accretion of discounts and amortization of premiums. 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 also 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, respectively.

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 Small Cap Fund, Global Value Fund, High Income Fund, International Fund, International Small Cap Fund and International Value Fund generally imposed a 2% redemption fee on shares held 90 days or less. Those redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing

74 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 equity 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. A description of the valuation techniques and fair value leveling applied to the Funds’ major classes of assets are as follows:

Bank Loans & Corporate Bonds – Prices obtained from pricing vendors may use various observable and unobservable inputs, including, but not limited to, broker-dealers quotations, pricing formulas, estimates of market values obtained from yield data relating to investments with similar characteristics and/or discounted cash flow models that might be applicable. When the approved pricing vendors do not provide an evaluated price, or the provided price is determined by the valuation committee to not represent a fair value, securities may be valued using quotes from dealers that make markets in the securities or pricing models as approved by the valuation committee, or the valuation committee will determine a fair value in accordance with the Funds’ fair value procedures.

Artisan Funds 75

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Bank loans and corporate bonds are generally categorized as Level 2 of the fair value hierarchy unless key inputs are unobservable, in which case they would be categorized as Level 3.

Equity Securities – Exchange-traded equity securities are valued using the last reported trade on the primary exchange in which the security trades. Absent a current trade price, the securities are valued using the closing price from another exchange on which the security is traded or the most recent bid quotation on the principal exchange. If the valuation committee determines the resulting price does not represent a fair value, the valuation committee will determine a fair value based on the information available.

Foreign equity securities prices may be adjusted for significant events such as company-specific news, regional events or significant market movement subsequent to the close of the local exchange on which the security is traded. The Funds utilize a third party research service to assist in determining fair values of foreign equity securities. Equity securities valued at a current day reported last trade or bid quotation are generally categorized as Level 1 of the fair value hierarchy. Foreign equity securities in which the last trade or bid quotation are adjusted for significant market movement are generally categorized as Level 2. Equity securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

Other Instruments – Foreign currency forward contracts are valued based upon forward currency exchange rates as of the close of regular session trading on the NYSE. Repurchase agreements are valued at cost plus accrued interest. Foreign currency forward contracts and repurchase agreements are generally categorized as Level 2.

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, 2014 (in thousands):

Fund	Level 1 - Quoted Prices		Level 2 - Other  Significant Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
Emerging Markets
Common Stocks(1)
Developed Markets	$	36,426	$	-		$	-	$	36,426
Emerging Asia		300,293		18,276			245		318,814
Europe, Middle East & Africa		87,664		-			-		87,664
Latin America		89,872		-			-		89,872
Preferred Stocks(1)
Emerging Asia		11,938		-			-		11,938
Latin America		4,543		-			-		4,543
Convertible Debentures(1)
Latin America		1		-			-		1
Repurchase Agreement		-		4,218			-		4,218
Total Investments		530,737		22,494			245		553,476
Foreign Currency Forward Contracts(2)		-		(5	)		-		(5	)
Total	$	530,737	$	22,489		$	245	$	553,471

76 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Quoted Prices		Level 2 - Other  Significant Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
Global Equity
Common Stocks(1)
Americas	$	96,652	$	-	$	-	$	96,652
Emerging Markets		35,990		5,234		2,484		43,708
Europe		53,364		-		-		53,364
Pacific Basin		14,363		-		-		14,363
Equity-Linked Securities(1)
Emerging Markets		-		7,372		-		7,372
Repurchase Agreement		-		11,297		-		11,297
Total Investments	$	200,369	$	23,903	$	2,484	$	226,756
Global Opportunities
Common Stocks(1)
Americas	$	531,342	$	-	$	-	$	531,342
Emerging Markets		123,073		-		-		123,073
Europe		191,855		-		-		191,855
Pacific Basin		91,843		-		-		91,843
Repurchase Agreement		-		53,228		-		53,228
Total Investments		938,113		53,228		-		991,341
Foreign Currency Forward Contracts(2)		-		199		-		199
Total	$	938,113	$	53,427	$	-	$	991,540
Global Small Cap
Common Stocks(1)
Americas	$	23,084	$	-	$	-	$	23,084
Emerging Markets		27,560		5,863		2,016		35,439
Europe		60,334		-		-		60,334
Pacific Basin		22,620		-		-		22,620
Equity-Linked Securities(1)
Emerging Markets		-		8,148		-		8,148
Repurchase Agreement		-		10,176		-		10,176
Total Investments	$	133,598	$	24,187	$	2,016	$	159,801
Global Value
Common Stocks(1)
Americas	$	915,469	$	-	$	-	$	915,469
Emerging Markets		58,135		-		-		58,135
Europe		518,754		-		-		518,754
Pacific Basin		36,295		-		-		36,295
Repurchase Agreement		-		216,853		-		216,853
Total Investments		1,528,653		216,853		-		1,745,506
Foreign Currency Forward Contracts(2)		-		218		-		218
Total	$	1,528,653	$	217,071	$	-	$	1,745,724

Artisan Funds 77

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Fund	Level 1 - Quoted Prices		Level 2 - Other  Significant Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
High Income
Corporate Bonds(1)	$	-	$	32,602		$	-	$	32,602
Bank Loans(1)		-		23,734			-		23,734
Repurchase Agreement		-		48,429			-		48,429
Total Investments		-		104,765			-		104,765
Foreign Currency Forward Contracts(2)		-		(5	)		-		(5	)
Total	$	-	$	104,760		$	-	$	104,760
International
Common Stocks(1)
Americas	$	999,522	$	-		$	-	$	999,522
Emerging Markets		1,832,071		106,390			-		1,938,461
Europe		9,624,923		-			-		9,624,923
Pacific Basin		3,237,061		-			-		3,237,061
Equity-Linked Securities(1)
Europe		-		107,784			-		107,784
Preferred Stocks(1)
Europe		224,181		-			-		224,181
Repurchase Agreement		-		213,648			-		213,648
Total Investments	$	15,917,758	$	427,822		$	-	$	16,345,580
International Small Cap
Common Stocks(1)
Americas	$	58,474	$	-		$	-	$	58,474
Emerging Markets		304,406		70,930			11,343		386,679
Europe		593,662		-			-		593,662
Pacific Basin		128,504		-			-		128,504
Repurchase Agreement		-		93,874			-		93,874
Total Investments	$	1,085,046	$	164,804		$	11,343	$	1,261,193
International Value
Common Stocks(1)
Americas	$	2,424,989	$	-		$	-	$	2,424,989
Emerging Markets		744,709		-			-		744,709
Europe		6,096,586		-			-		6,096,586
Pacific Basin		826,306		-			-		826,306
Preferred Stocks(1)
Emerging Markets		35,741		-			-		35,741
Repurchase Agreement		-		1,552,223			-		1,552,223
Total Investments		10,128,331		1,552,223			-		11,680,554
Foreign Currency Forward Contracts(2)		-		4,482			-		4,482
Total	$	10,128,331	$	1,556,705		$	-	$	11,685,036

78 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)	$	9,638,622	$	-	$	-	$	9,638,622
Repurchase Agreement		-		429,372		-		429,372
Total Investments	$	9,638,622	$	429,372	$	-	$	10,067,994
Mid Cap Value
Common Stocks(1)	$	10,999,321	$	-	$	-	$	10,999,321
Repurchase Agreement		-		1,028,949		-		1,028,949
Total Investments	$	10,999,321	$	1,028,949	$	-	$	12,028,270
Small Cap
Common Stocks(1)	$	1,681,486	$	-	$	-	$	1,681,486
Repurchase Agreement		-		69,353		-		69,353
Total Investments	$	1,681,486	$	69,353	$	-	$	1,750,839
Small Cap Value
Common Stocks(1)	$	2,342,196	$	-	$	-	$	2,342,196
Repurchase Agreement		-		344,549		-		344,549
Total Investments	$	2,342,196	$	344,549	$	-	$	2,686,745
Value
Common Stocks(1)	$	1,190,187	$	-	$	-	$	1,190,187
Preferred Stocks(1)		76,109		-		-		76,109
Repurchase Agreement		-		106,070		-		106,070
Total Investments	$	1,266,296	$	106,070	$	-	$	1,372,366
(1) See the Fund’s Schedule of Investments for sector, industry or country classifications.
(2) Foreign currency forward contracts are valued at unrealized appreciation (depreciation).

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, 2014, the fair value of certain securities was determined based on other observable inputs, such as quoted prices for securities of the same issuer that trade on a different exchange, 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 applicable Fund as of March 31, 2014 (in thousands):

	Transfers from Level 2 to Level 1		Transfers from Level 1 to Level 2
Emerging Markets	$	-	$	17,797
Global Equity		-		5,234
Global Small Cap		-		5,863
International				106,390
International Small Cap		-		61,652

At September 30, 2013, two equity securities held in Emerging Markets Fund were classified as Level 3 due to halts in trading. As of March 31, 2014, those securities were still held by the Fund and continue to be classified as Level 3 due to trading halts. Fair market values were determined in good faith by the valuation committee using various inputs,

Artisan Funds 79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

including unobservable inputs of discounts for illiquidity and uncertainty of 90%. At March 31, 2014, one security held by Global Equity Fund, Global Small Cap Fund and International Small Cap Fund was classified as Level 3 due to a halt in trading. Fair market value was determined in good faith by the valuation committee using various inputs, including unobservable inputs of discounts for illiquidity and uncertainty of 10%. Increasing or decreasing the discounts for illiquidity and uncertainty would decrease or increase the calculated fair market value for these prices, respectively. As of March 31, 2014, 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)			Global Equity  Fund(2)
Balance as of September 30, 2013	$	288			-
Transfers into Level 3		-			2,484
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2014		(43	)		-
Purchases		-			-
Sales		-			-
Realized Gain/Loss		-			-
Transfers out of Level 3		-			-
Balance as of March 31, 2014	$	245			2,484
	Global Small Cap Fund(2)			International Small Cap Fund(2)
Balance as of September 30, 2013	$	-			-
Transfers into Level 3		2,016			11,343
Net change in unrealized appreciation (depreciation) for investments held as of March 31, 2014		-			-
Purchases		-			-
Sales		-			-
Realized Gain/Loss		-			-
Transfers out of Level 3		-			-
Balance as of March 31, 2014	$	2,016			11,343
(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 Global Equity Fund, Global Small Cap Fund and International Small Cap Fund was an equity security with a regional classification of Emerging Asia and transferred from Level 1.

(4) Offsetting:

Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party’s obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party’s obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other.

80 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands):

Repurchase agreements
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Portfolio	Counterparty	Gross Asset Amounts Presented in Statement of Assets and Liabilities		Financial Instrument		Collateral Received			Net Amount (Not Less Than 0)
Emerging Markets	State Street Bank and Trust Company	$	4,218	$	-	$	(4,218	)	$	-
Global Equity	State Street Bank and Trust Company		11,297		-		(11,297	)		-
Global Opportunities	State Street Bank and Trust Company		53,228		-		(53,228	)		-
Global Small Cap	State Street Bank and Trust Company		10,176		-		(10,176	)		-
Global Value	State Street Bank and Trust Company		216,853		-		(216,853	)		-
High Income	State Street Bank and Trust Company		48,429				(48,429	)
International	State Street Bank and Trust Company		213,648		-		(213,648	)		-
International Small Cap	State Street Bank and Trust Company		93,874		-		(93,874	)		-
International Value	State Street Bank and Trust Company		1,552,223		-		(1,552,223	)		-
Mid Cap	State Street Bank and Trust Company		429,372		-		(429,372	)		-
Mid Cap Value	State Street Bank and Trust Company		1,028,949		-		(1,028,949	)		-
Small Cap	State Street Bank and Trust Company		69,353		-		(69,353	)		-
Small Cap Value	State Street Bank and Trust Company		344,549		-		(344,549	)		-
Value	State Street Bank and Trust Company		106,070		-		(106,070	)		-

⁽¹⁾  Repurchase agreements are classified as short-term investments in the Statements of Assets and Liabilities. The market value of the collateral received is greater than the amounts indicated in the table. For further information, see Note 2 (f) and the Schedules of Investments.

Foreign currency forward contracts
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Portfolio	Counterparty	Gross Asset Amounts Presented in Statement of Assets and Liabilities		Financial Instrument			Collateral Pledged		Net Amount (Not Less Than 0)
Global Opportunities	State Street Bank and Trust Company	$	199	$	-		$	-	$	199
Global Value	State Street Bank and Trust Company		252		(34	)		-		218
International Value	State Street Bank and Trust Company		4,482		-			-		4,482
	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Portfolio	Counterparty	Gross Liability Amounts Presented in Statement of Assets  and Liabilities		Financial Instrument			Collateral Pledged		Net Amount (Not Less Than 0)
Emerging Markets	State Street Bank and Trust Company		$  5	$	-		$	-		$5
Global Value	State Street Bank and Trust Company		34		(34	)		-		-
High Income	State Street Bank and Trust Company		5		-			-		5

Artisan Funds 81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(5) Transfer agent and authorized agent fees:

Each Fund paid fees to, and reimbursed expenses of, the Funds’ transfer agent during the period. 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 and Advisor Shares, as applicable, 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. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage (as of March 31, 2014 up to 0.40% annually for Investor Shares and 0.15% annually for Advisor Shares) 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 during the period was paid by the Adviser. The Funds’ expenses incurred for services provided by authorized agents were included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the sixth months ended March 31, 2014 (in thousands):

	Six Months Ended 3/31/2014
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Emerging Markets - Investor Shares(1)	$	30	$	255	$	285
Emerging Markets - Institutional Shares		10		-		10
Global Equity Fund - Investor Shares		33		242		275
Global Opportunities - Institutional Shares		9		-		9
Global Small Cap Fund - Investor Shares		29		72		101
Global Value - Institutional Shares		10		-		10
High Income - Investor Shares(2)		2		3		5
High Income - Advisor Shares(2)		2		1		3
International - Investor Shares		397		11,313		11,710
International - Institutional Shares		13		-		13
International Small Cap Fund - Investor Shares		44		1,003		1,047
International Value - Institutional Shares		11		-		11
Mid Cap - Investor Shares		66		7,206		7,272
Mid Cap - Institutional Shares		15		-		15
Mid Cap Value - Investor Shares		225		11,236		11,461
Mid Cap Value - Institutional Shares		12		-		12
Small Cap - Investor Shares		60		1,512		1,572
Small Cap - Institutional Shares		10		-		10

82 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	Six Months Ended 3/31/2014
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Small Cap Value - Investor Shares	$	43	$	2,934	$	2,977
Small Cap Value - Institutional Shares		10		-		10
Value - Investor Shares		39		1,486		1,525
Value - Institutional Shares		10		-		10
(1) Effective February 14, 2014, the Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.
(2) For the period from commencement of operations (March 19, 2014) through March 31, 2014.

(6) Commission recapture:

Each Fund except High Income Fund has the ability to direct transactions in equity securities to various brokers that have agreed to rebate a portion of the commissions generated. During the period, 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, 2014 as follows (in thousands):

Emerging Markets	$	1
Global Equity		-	(1)
Global Opportunities		12
Global Small Cap		-
Global Value		2
International		26
International Small Cap		8
International Value		13
Mid Cap		85
Mid Cap Value		91
Small Cap		21
Small Cap Value		63
Value		18
(1) Amount rounds to less than $1

(7) Derivative Transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of March 31, 2014 was as follows (in thousands):

Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Emerging Markets	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(5	)
Global Opportunities	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	199
Global Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	252
	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(34	)
High Income	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(5	)
International Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	4,482

Artisan Funds 83

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2014 was as follows (in thousands):

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

Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	898
Global Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	950
High Income	Foreign currency forward contracts	Net realized loss on foreign currency related transactions	$	(3	)(1)
International Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	3,537

⁽¹⁾ For the period from commencement of operations (March 19, 2014) through March 31, 2014.

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

Fund	Risk Exposure Category	Statement of Operations location	Value
Emerging Markets	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(5	)
Global Opportunities	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	220
Global Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	203
High Income	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(5	)(1)
International Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	4,500

⁽¹⁾  For the period from commencement of operations (March 19, 2014) through March 31, 2014.

Volume of derivative activity

Fund	Contracts  Closed(1)		Contracts  Opened(1)			Contracts Open at March 31, 2014
Emerging Markets		-		1			1
Global Opportunities		2		2			2
Global Value		4		5			5
High Income		-		1	(2)		1	(2)
International Value		4		3			3

⁽¹⁾  During the period ended March 31, 2014.

⁽²⁾  For the period from commencement of operations (March 19, 2014) through March 31, 2014.

84 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(8) Transactions with affiliates:

The Adviser, with which the officers and a director of Artisan Funds are affiliated, provided investment advisory and administrative services to the Funds. In exchange for those services, each Fund pays 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

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

Global Small Cap Fund

Average Daily Net Assets	Annual Rate
All		1.000	%

High Income Fund

Average Daily Net Assets	Annual Rate
Less than $1 billion		0.725	%
$1 billion to $2 billion		0.700
$2 billion to $3.5 billion		0.675
$3.5 billion to $10 billion		0.650
Greater than $10 billion		0.625

Artisan Funds 85

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

International Fund

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

International 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

For each of Emerging Markets Fund, Global Equity Fund, Global Small Cap Fund and High Income Fund, the Adviser has contractually agreed to reimburse the Funds for their management fees and any other ordinary operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extraordinary charges such as litigation costs) in excess of 1.50% of average daily net assets for Emerging Markets Fund, Global Equity Fund and Global Small Cap Fund and 1.25% of average daily net assets for High Income Fund. The contracts for Emerging Markets Fund, Global Equity Fund and Global Small Cap Fund continue through February 1, 2015 and the contract for High Income Fund continues through April 1, 2015, at which times the Adviser will determine whether to renew, revise or discontinue the contracts. For the period ended March 31, 2014, the Adviser waived management fees of approximately $25,000, $4,000, $25,000 and $5,000 for Emerging Markets Fund, Global Equity Fund, Global Small Cap Fund and High Income Fund, respectively. For the period ended March 31, 2014, no operating expenses were reimbursed by the Adviser. The Funds had no receivable from or payables to the Adviser as of March 31, 2014.

The officers and director of Artisan Funds who are affiliated with the Adviser receive no compensation from the Funds. Effective January 1, 2014, the compensation paid to the

86 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

directors of Artisan Funds who are not affiliated persons of the Adviser for their services as such is based on an annual fee of $250,000, payable quarterly, subject to an additional increase of $10,000 upon commencement of operations of any new series of Artisan Funds. In addition, the independent chair of the board of directors receives an additional $60,000 annually, payable quarterly, the independent chair of the audit committee receives an additional $45,000 annually, payable quarterly and the independent chair of the governance and nominating committee receives an additional $30,000 annually, payable quarterly. (Prior to January 1, 2014, each director who was not an affiliated person of Artisan Partners received an annual retainer of $210,000, the independent chair of the board of directors received $60,000 annually, and the independent chair of the audit and governance and nominating committees received an additional $30,000 annually.) 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, 2014, no directors were participating in the deferred compensation plan.

Shares of Artisan Funds are offered for sale by Artisan Partners Distributors LLC (“Distributors”). Distributors is wholly owned by Artisan Holdings. All distribution expenses relating to the Funds are paid by the Adviser.

(9) 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 2014, 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, 2014, there were no borrowings under the line of credit for any of the Funds, except for Emerging Markets Fund and Global Equity Fund, which had maximum borrowings of approximately $10,247,000 and $3,366,000, respectively.

Artisan Funds 87

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(10) 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, 2014 were as follows (in thousands):

Fund	Security Purchases		Security Sales
Emerging Markets	$	126,504	$	228,199
Global Equity		125,776		76,674
Global Opportunities		371,043		204,928
Global Small Cap		132,974		33,437
Global Value		558,740		176,206
High Income(1)		57,201		1,004
International		5,888,665		3,536,366
International Small Cap		393,384		312,647
International Value		1,560,249		1,247,449
Mid Cap		2,429,363		2,212,697
Mid Cap Value		1,670,506		1,673,871
Small Cap		410,215		322,000
Small Cap Value		405,860		812,885
Value		328,907		451,203

⁽¹⁾  For the period from commencement of operations (March 19, 2014) through March 31, 2014.

(11) 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, 2014 (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, 2014.

		As of 9/30/13						Net Realized Gain (Loss)					As of 3/31/14
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income@		Share Balance		Value
Global Equity
	China Oil & Gas Group Ltd.†		19,638,000	$	3,361	$	158	$	(34	)	$	-		38,818,000	$	6,606
	Total#			$	3,361	$	158	$	(34	)	$	-			$	6,606
Global Opportunities
	IHS, Inc., Class A†		268,357	$	19,271	$	-	$	-		$	-		433,484	$	52,668
	Total#			$	19,271	$	-	$	-		$	-			$	52,668

88 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/13						Net Realized Gain (Loss)				As of 3/31/14
Fund	Security	Share Balance		Purchase Cost		Sales Cost				Dividend Income@		Share Balance		Value
Global Small Cap
	Carpetright plc§†		-	$	4,982	$	-	$	-	$	-		522,425	$	5,248
	China Oil & Gas Group Ltd.†		9,480,000		3,842		-		-		-		32,060,000		5,456
	Oldtown Bhd†		1,071,400		1,571		-		-		42		3,976,475		2,411
	Total#			$	10,395	$	-	$	-	$	42			$	7,867
Global Value
	Arch Capital Group Ltd.		645,320	$	13,970	$	-	$	-	$	-		891,469	$	51,295
	Total#			$	13,970	$	-	$	-	$	-			$	51,295
International
	NGK Insulators Ltd.†		13,578,677	$	88,812	$	-	$	-	$	1,957		18,509,677	$	385,562
	Total#			$	88,812	$	-	$	-	$	1,957			$	385,562
International Small Cap
	China Oil & Gas Group Ltd.†		67,060,000	$	21,266	$	-	$	-	$	-		190,560,000	$	32,430
	Oldtown Bhd†		12,755,200		5,193		-		-		339		24,158,825		14,648
	Total#			$	26,459	$	-	$	-	$	339			$	47,078
International Value
	Alent plc		17,387,295	$	5,443	$	-	$	-	$	-		18,399,152	$	97,237
	Arch Capital Group Ltd.		5,768,633		16,111		-		-		-		6,059,563		348,667
	Carpetright plc§†		2,764,443		18,983		40,626		4,033		-		493,381		4,956
	Panalpina Welttransport Holding AG		1,669,654		14,458		18,909		4,483		-		1,603,470		246,311
	QinetiQ Group plc§		55,999,571		5,169		65,308		34,198		581		26,225,793		98,769
	Stanley Electric Co., Ltd.		9,759,300		25,221		-		-		1,516		10,877,700		241,446
	Vesuvius plc		18,827,331		8,223		-		-		-		19,900,797		144,488
	Total#			$	93,608	$	124,843	$	42,714	$	2,097			$	1,078,149
Mid Cap
	athenahealth, Inc.§		1,482,981	$	34,641	$	45,197	$	28,300	$	-		1,289,200	$	206,582
	Cepheid, Inc.		3,719,402		8,367		3,159		1,197		-		3,794,605		195,726
	CommVault Systems, Inc.†		597,441		87,446		3,364		42		-		1,695,025		110,092
	FLIR Systems, Inc.		3,598,959		3,523		33,767		2,911		460		2,455,614		88,402
	IHS, Inc., Class A†		2,739,717		102,615		4,873		3,733		-		3,542,989		430,473
	IPG Photonics Corp.§		2,228,158		5,672		28,931		3,132		-		1,874,190		133,218
	Isis Pharmaceuticals, Inc.§		4,726,216		8,061		34,641		16,733		-		3,863,922		166,960
	Total#			$	250,325	$	153,932	$	56,048	$	460			$	824,693

Artisan Funds 89

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/13						Net Realized Gain (Loss)					As of 3/31/14
Fund	Security	Share Balance		Purchase Cost		Sales Cost					Dividend Income@		Share Balance		Value
Mid Cap Value
	Arch Capital Group Ltd.		3,963,486	$	6,362	$	-	$	-		$	-		4,071,498	$	234,274
	Arrow Electronics, Inc.		5,482,961		8,088		-		-			-		5,632,407		334,340
	Avnet, Inc.		7,204,079		8,453		-		-			2,204		7,400,428		344,342
	FLIR Systems, Inc.		8,224,522		6,664		-		-			1,585		8,448,611		304,150
	Hatteras Financial Corp.		7,493,455		3,521		-		-			7,645		7,703,517		145,211
	Ingram Micro, Inc., Class A§		9,307,460		1,406		43,468		21,006			-		6,995,032		206,773
	Lexmark International, Inc., Class A		3,344,312		2,823		-		-			2,040		3,422,382		158,422
	McDermott International, Inc.		13,830,400		3,236		-		-			-		14,207,306		111,101
	NeuStar, Inc., Class A†		-		180,622		-		-			-		3,746,892		121,811
	Patterson-UTI Energy, Inc.		8,617,874		5,938		27,781		11,230			1,257		7,543,192		238,968
	Ryder System, Inc.§		1,770,323		3,421		17,339		5,908			1,220		1,520,952		121,555
	Total#			$	230,534	$	88,588	$	38,144		$	15,951			$	1,992,619
Small Cap
	athenahealth, Inc.§		361,200	$	11,568	$	9,310	$	2,765		$	-		376,379	$	60,311
	Cepheid, Inc.		1,071,300		3,437		788		(34	)		-		1,127,650		58,164
	CommVault Systems, Inc.†		661,400		3,238		791		(206	)		-		697,614		45,310
	IPG Photonics Corp.§		426,300		1,425		4,460		474			-		378,980		26,938
	Isis Pharmaceuticals, Inc.§		1,326,300		3,212		6,977		3,632			-		1,197,502		51,744
	Ultratech, Inc.		356,600		1,861		199		(42	)		-		421,633		12,307
	Total#			$	24,741	$	22,525	$	6,589		$	-			$	115,781
Small Cap Value
	ADTRAN, Inc.§		2,877,150	$	2,103	$	17,720	$	(816	)	$	522		2,308,463	$	56,350
	Arrow Electronics, Inc.		961,450		949		1,756		1,218			-		925,432		54,934
	CRA International, Inc.		602,200		116		1,397		(129	)		-		547,422		12,027
	EarthLink Holdings Corp.		5,406,400		1,170		2,736		(1,295	)		547		5,314,842		19,187
	Hatteras Financial Corp.		1,706,900		1,121		2,881		(1,077	)		1,707		1,670,097		31,481
	Hawaiian Holdings, Inc.§		2,625,450		109		14,450		15,123			-		-		-
	Lexmark International, Inc., Class A		587,350		664		4,305		4,519			294		377,753		17,486
	McDermott International, Inc.†		-		4,783		645		162			-		536,120		4,192
	Nanometrics, Inc.		1,286,750		443		910		142			-		1,255,041		22,553
	Orion Marine Group, Inc.§		1,371,750		438		1,567		(154	)		-		1,284,148		16,142
	PICO Holdings, Inc.§		1,150,450		1,068		1,959		(330	)		-		1,127,346		29,300
	Ryder System, Inc.§		1,286,750		2,220		14,611		13,357			878		956,730		76,462
	Ultratech, Inc.		1,651,500		7,151		3,130		(235	)		-		1,826,018		53,302
	Total#			$	22,335	$	68,067	$	30,485		$	3,948			$	215,162

90 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

		As of 9/30/13						Net Realized Gain (Loss)				As of 3/31/14
Fund	Security	Share Balance		Purchase Cost		Sales Cost				Dividend Income@		Share Balance		Value
Value
	Arch Capital Group Ltd.		510,519	$	854	$	3,695	$	189	$	-		457,239	$	26,310
	Avnet, Inc.		714,180		896		3,926		90		202		639,640		29,763
	Total#			$	1,750	$	7,621	$	279	$	202			$	56,073

@	Net of foreign taxes withheld, if any.
#	Total value as of March 31, 2014 is presented for only those issuers that were affiliates as of March 31, 2014.
§	Issuer was no longer an affiliate as of March 31, 2014.
†	Issuer was not an affiliate as of September 30, 2013.

(12) 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, 2014 was as follows (in thousands):

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Emerging Markets	$	558,862	$	86,499	$	(91,885	)	$	(5,386	)
Global Equity		207,063		26,848		(7,155	)		19,693
Global Opportunities		814,939		186,272		(9,870	)		176,402
Global Small Cap		149,161		13,551		(2,911	)		10,640
Global Value		1,509,328		248,384		(12,206	)		236,178
High Income		104,634		205		(74	)		131
International		12,919,528		3,483,000		(56,948	)		3,426,052
International Small Cap		897,219		389,884		(25,910	)		363,974
International Value		8,935,630		2,834,884		(89,960	)		2,744,924
Mid Cap		6,282,729		3,820,021		(34,756	)		3,785,265
Mid Cap Value		8,825,492		3,463,720		(260,942	)		3,202,778
Small Cap		1,223,586		540,687		(13,434	)		527,253
Small Cap Value		2,129,596		634,119		(76,970	)		557,149
Value		1,138,975		248,794		(15,403	)		233,391

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).

Artisan Funds 91

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the period ended March 31, 2014 and the year ended September 30, 2013 were as follows (in thousands):

	Six Months Ended 3/31/2014				Year or Period Ended 9/30/2013
Fund	Ordinary Income Dividends		Long-Term Capital Gain Distributions		Ordinary Income Dividends			Long-Term Capital Gain Distributions
Emerging Markets	$	5,398	$	-	$	10,969		$	-
Global Equity		5,757		1,727		490			413
Global Small Cap		123		-		-	(1)		-	(1)
Global Value		17,231		13,976		2,220			190
International		146,761		-		120,654			-
International Small Cap		7,767		61,354		7,730			-
International Value		270,940		529,732		76,579			30,794
Mid Cap		-		704,116		-			309,505
Mid Cap Value		99,168		411,068		98,001			330,867
Small Cap Value		28,513		77,575		41,904			38,071
Value		23,724		54,490		7,069			-

⁽¹⁾ For the period from commencement of operations (June 25, 2013) through September 30, 2013.

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 US GAAP 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.

Gains on redemptions in-kind for Mid Cap Fund of approximately $92,043,000 were included in net realized gain on investments in the Statements of Operations for the period ended March 31, 2014, and were not recognized for Federal income tax purposes. These net realized gains represented permanent book/tax differences and were reclassified to “Fund shares issued and outstanding” on the accompanying Statements of Assets and Liabilities.

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, 2013. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2013.

92 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Additional tax information as of and for the year ended September 30, 2013 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	$	4,870	$	-	$	35,970		$	-		$	(40	)
Global Equity		5,756		1,727		-			-			(8	)
Global Opportunities		-		-		2,919			-			5
Global Small Cap		122		-		-	(2)		-	(2)		1	(2)
Global Value		9,851		12,958		-			-			(31	)
International		147,801		-		-			-			829
International Small Cap		4,980		46,672		-			-			37
International Value		263,898		491,188		-			-			370
Mid Cap		-		583,948		-			39,542			(1	)
Mid Cap Value		75,874		379,168		-			-			2
Small Cap		-		-		939			8,571			-
Small Cap Value		11,976		46,473		-			-			(134	)
Value		12,899		39,734		-			-			1

⁽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, 2013 such as wash sales, (b) unrealized gains and losses on open foreign currency contracts and (c) other items.

⁽²⁾  For the period from commencement of operations (June 25, 2013) through September 30, 2013.

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, 2013, the Funds had capital loss carryovers as follows (in thousands):

	Expiration Dates
	2018		Unlimited - ST		Unlimited - LT
Emerging Markets	$	-	$	-	$	41,379
Global Opportunities				2,221		-
International		1,070,194				-
Small Cap		85,638				-

Artisan Funds 93

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

(13) Fund share activities:

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

	EMERGING MARKETS(2)
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		1,752,609		$	21,721			4,922,388		$	62,365
Institutional Shares		974,764			12,037			8,220,620			100,176
Net asset value of shares transferred
Investor Shares		-			-			(101,508	)		(1,275	)
Institutional Shares		-			-			101,670			1,275
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		67,766			858			228,979			3,013
Institutional Shares		344,914			4,349			568,438			7,458
Cost of shares redeemed(1)
Investor Shares		(5,628,369	)		(69,418	)		(11,733,152	)		(148,514	)
Institutional Shares		(6,252,950	)		(74,326	)		(10,136,596	)		(129,368	)
Net increase from fund share transactions
Investor Shares		(3,807,994	)		(46,839	)		(6,683,293	)		(84,411	)
Institutional Shares		(4,933,272	)		(57,940	)		(1,245,868	)		(20,459	)
Redemption Fee
Investor Shares		-			7			-			8
Institutional Shares		-			17			-			15
	GLOBAL EQUITY
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		4,243,024		$	67,763			9,800,824		$	144,151
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		485,266			7,468			68,502			899
Cost of shares redeemed(1)
Investor Shares		(1,204,247	)		(19,145	)		(1,128,819	)		(16,719	)
Net increase from fund share transactions
Investor Shares		3,524,043			56,086			8,740,507			128,331
Redemption Fee
Investor Shares		-			28			-			32

94 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL OPPORTUNITIES
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		9,445,558		$	170,530			22,229,796		$	345,742
Institutional Shares		4,640,796			83,373			6,688,076			106,606
Net asset value of shares transferred
Investor Shares		(404,066	)		(7,209	)		-			-
Institutional Shares		402,262			7,209			-			-
Cost of shares redeemed(1)
Investor Shares		(3,005,812	)		(53,951	)		(6,852,525	)		(107,009	)
Institutional Shares		(87,655	)		(1,621	)		(366,302	)		(5,702	)
Net increase from fund share transactions
Investor Shares		6,035,680			109,370			15,377,271			238,733
Institutional Shares		4,955,403			88,961			6,321,774			100,904
Redemption Fee
Investor Shares		-			34			-			135
Institutional Shares		-			15			-			48
	GLOBAL SMALL CAP
	Six Months Ended 3/31/2014						Period Ended 9/30/2013(3)
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		9,352,017		$	111,426			3,755,886		$	38,973
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		11,178			123			-			-
Cost of shares redeemed(1)
Investor Shares		(418,925	)		(4,713	)		(26,741	)		(279	)
Net increase from fund share transactions
Investor Shares		8,944,270			106,836			3,729,145			38,694
Redemption Fee
Investor Shares		-			6			-			3

Artisan Funds 95

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	GLOBAL VALUE
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		33,963,534		$	509,556			44,718,397		$	592,098
Institutional Shares		9,427,272			141,527			20,461,108			276,444
Net asset value of shares transferred
Investor Shares		(325,916	)		(4,833	)		(281,489	)		(3,966	)
Institutional Shares		325,916			4,833			281,289			3,966
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,261,422			18,720			148,706			1,795
Institutional Shares		662,757			9,835			46,061			555
Cost of shares redeemed(1)
Investor Shares		(6,973,112	)		(104,617	)		(9,092,702	)		(116,509	)
Institutional Shares		(4,867,931	)		(73,091	)		(1,526	)		(22	)
Net increase from fund share transactions
Investor Shares		27,925,928			418,826			35,492,912			473,418
Institutional Shares		5,548,014			83,104			20,786,932			280,943
Redemption Fee
Investor Shares		-			98			-			128
Institutional Shares		-			40			-			-	(4)
	HIGH INCOME
	Period Ended 3/31/2014(5)
	Shares			Amount
Proceeds from shares issued
Investor Shares		4,442,496		$	44,429
Advisor Shares		3,220,506			32,206
Cost of shares redeemed
Investor Shares		(16,574	)		(166	)
Net increase from fund share transactions
Investor Shares		4,425,922			44,263
Advisor Shares		3,220,506			32,206

96 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		99,464,905		$	2,948,748			111,618,614		$	2,902,018
Institutional Shares		11,943,255			358,361			25,548,356			661,789
Net asset value of shares transferred
Investor Shares		(5,035,291	)		(149,891	)		(2,290,722	)		(62,631	)
Institutional Shares		5,005,445			149,891			2,276,010			62,631
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,776,776			81,887			2,754,623			67,764
Institutional Shares		1,387,270			41,147			1,481,920			36,648
Cost of shares redeemed(1)
Investor Shares		(28,103,396	)		(832,696	)		(61,269,730	)		(1,586,473	)
Institutional Shares		(8,967,297	)		(268,231	)		(21,872,919	)		(579,041	)
Net increase from fund share transactions
Investor Shares		69,102,994			2,048,048			50,812,785			1,320,678
Institutional Shares		9,368,673			281,168			7,433,367			182,027
Redemption Fee
Investor Shares		-			299			-			515
Institutional Shares		-			103			-			203
	INTERNATIONAL SMALL CAP
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		8,604,494		$	233,161			11,009,834		$	262,667
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,422,159			61,716			325,418			7,218
Cost of shares redeemed(1)
Investor Shares		(2,951,109	)		(78,841	)		(8,105,415	)		(190,428	)
Net increase from fund share transactions
Investor Shares		8,075,544			216,036			3,229,837			79,457
Redemption Fee
Investor Shares		-			22			-			64

Artisan Funds 97

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	INTERNATIONAL VALUE
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		34,116,696		$	1,251,699			75,456,094		$	2,442,536
Institutional Shares		8,353,844			306,740			11,772,260			366,591
Net asset value of shares transferred
Investor Shares		-			-			(753,122	)		(25,812	)
Institutional Shares		-			-			751,264			25,812
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		13,168,838			468,811			1,840,385			56,132
Institutional Shares		4,702,044			167,769			860,425			26,286
Cost of shares redeemed(1)
Investor Shares		(20,643,447	)		(758,449	)		(33,058,608	)		(1,071,632	)
Institutional Shares		(4,002,849	)		(146,294	)		(5,731,295	)		(187,041	)
Net increase from fund share transactions
Investor Shares		26,642,087			962,061			43,484,749			1,401,224
Institutional Shares		9,053,039			328,215			7,652,654			231,648
Redemption Fee
Investor Shares		-			235			-			466
Institutional Shares		-			65			-			141
	MID CAP
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		15,577,309		$	756,834			23,124,699		$	953,489
Institutional Shares		9,793,776			496,239			23,287,764			1,020,596
Net asset value of shares transferred
Investor Shares		(3,492,175	)		(166,524	)		(12,610,564	)		(507,744	)
Institutional Shares		3,338,092			166,524			12,610,564			507,744
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		9,388,265			429,325			5,921,843			223,076
Institutional Shares		4,662,566			223,057			1,721,450			67,463
Cost of shares redeemed
Investor Shares		(15,034,475	)		(719,552	)		(34,800,770	)		(1,418,304	)
Institutional Shares		(5,554,121	)		(279,213	)		(7,434,144	)		(326,157	)
Net increase from fund share transactions
Investor Shares		6,438,924			300,083			(18,364,792	)		(749,483	)
Institutional Shares		12,240,313			606,607			30,185,634			1,269,646

98 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	MID CAP VALUE
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		45,421,606		$	1,215,701			88,154,110		$	2,092,450
Institutional Shares		6,935,020			185,207			22,489,399			525,196
Net asset value of shares transferred
Investor Shares		(4,470,368	)		(119,415	)		(21,247,449	)		(515,712	)
Institutional Shares		4,466,233			119,415			21,231,889			515,712
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		15,817,357			417,104			18,470,144			384,733
Institutional Shares		2,374,000			62,602			984,258			20,502
Cost of shares redeemed
Investor Shares		(38,163,566	)		(1,015,622	)		(94,574,520	)		(2,184,695	)
Institutional Shares		(4,121,781	)		(110,034	)		(5,950,328	)		(142,610	)
Net increase from fund share transactions
Investor Shares		18,605,029			497,768			(9,197,715	)		(223,224	)
Institutional Shares		9,653,472			257,190			38,755,218			918,800
	SMALL CAP
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		9,889,798		$	296,132			32,253,075		$	723,927
Institutional Shares		1,204,646			37,394			6,293,870			148,315
Net asset value of shares transferred
Investor Shares		(251,209	)		(5,878	)		(105,328	)		(2,418	)
Institutional Shares		250,686			5,878			105,282			2,418
Cost of shares redeemed
Investor Shares		(6,445,405	)		(192,670	)		(16,402,173	)		(365,993	)
Institutional Shares		(1,267,015	)		(38,625	)		(712,370	)		(17,766	)
Net increase from fund share transactions
Investor Shares		3,193,184			97,584			15,745,574			355,516
Institutional Shares		188,317			4,647			5,686,782			132,967

Artisan Funds 99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

	SMALL CAP VALUE
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		9,851,498		$	182,044			27,625,555		$	459,764
Institutional Shares		804,998			15,038			2,235,363			35,595
Net asset value of shares transferred
Investor Shares		(285,515	)		(5,242	)		(1,620,952	)		(27,664	)
Institutional Shares		285,204			5,242			1,620,780			27,664
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,883,076			89,751			4,326,262			66,754
Institutional Shares		691,272			12,719			661,328			10,198
Cost of shares redeemed
Investor Shares		(32,384,906	)		(600,842	)		(50,372,111	)		(815,911	)
Institutional Shares		(3,767,501	)		(69,464	)		(5,640,992	)		(91,804	)
Net increase from fund share transactions
Investor Shares		(17,935,847	)		(334,289	)		(20,041,246	)		(317,057	)
Institutional Shares		(1,986,027	)		(36,465	)		(1,123,521	)		(18,347	)
	VALUE
	Six Months Ended 3/31/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		13,227,869		$	177,323			48,278,121		$	619,978
Institutional Shares		2,707,344			36,771			7,472,022			89,339
Net asset value of shares transferred
Investor Shares		-			-			(142,652	)		(1,799	)
Institutional Shares		-			-			142,426			1,799
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,735,743			62,843			451,150			5,121
Institutional Shares		974,463			12,941			159,218			1,807
Cost of shares redeemed
Investor Shares		(23,849,835	)		(318,237	)		(21,418,031	)		(263,577	)
Institutional Shares		(3,408,543	)		(45,546	)		(3,097,184	)		(38,944	)
Net increase from fund share transactions
Investor Shares		(5,886,223	)		(78,071	)		27,168,588			359,723
Institutional Shares		273,264			4,166			4,676,482			54,001

⁽¹⁾  Net of redemption fees.

⁽²⁾  Effective February 14, 2014, the Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽³⁾  For the period from commencement of operations (June 25, 2013) through September 30, 2013.

⁽⁴⁾  Amount rounds to less than $1.

⁽⁵⁾  For the period from commencement of operations (March 19, 2014) through March 31, 2014.

(14) Accounting Pronouncement:

In June 2013, FASB issued Accounting Standards Update 2013-08 Financial Services – Investment Companies (Topic 946) – Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”) which is effective for interim and annual

100 Artisan Funds

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

reporting periods in fiscal years that begin after December 15, 2013. ASU 2013-08 sets forth a methodology for determining whether an entity should be characterized as an investment company and prescribes fair value accounting for an investment company’s non-controlling ownership interest in another investment company. FASB has determined that a fund registered under the Investment Company Act of 1940 automatically meets ASU 2013-08’s criteria for an investment company. Although still evaluating the potential impacts of ASU 2013-08 to the Funds, management expects that the impact of the Funds’ adoption will be limited to additional financial statement disclosures.

(15) 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.

Artisan Funds 101

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, 2013 to March 31, 2014.

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, 2014 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 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid  During Period 10/1/2013-3/31/2014(1)		Expense Ratio(2)
Artisan Emerging Markets Fund
Investor Shares(3)
Actual	$	1,000.00	$	1,013.90	$	7.53		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54		1.50	%
Institutional Shares
Actual	$	1,000.00	$	1,015.80	$	6.03		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%

102 Artisan Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid  During Period 10/1/2013-3/31/2014(1)		Expense Ratio(2)
Artisan Global Equity Fund
Investor Shares(3)
Actual	$	1,000.00	$	1,078.70	$	7.77		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	$	1,057.80	$	6.26		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.14		1.22	%
Institutional Shares
Actual	$	1,000.00	$	1,059.90	$	5.03		0.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.04	$	4.94		0.98	%
Artisan Global Small Cap Fund
Investor Shares
Actual	$	1,000.00	$	1,172.80	$	8.13		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54		1.50	%
Artisan Global Value Fund
Investor Shares
Actual	$	1,000.00	$	1,101.10	$	6.97		1.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.69		1.33	%
Institutional Shares
Actual	$	1,000.00	$	1,102.00	$	5.50		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.70	$	5.29		1.05	%
Artisan High Income Fund(3) (4)
Investor Shares
Actual	$	1,000.00	$	1,001.00	$	0.41		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,001.23	$	0.41		1.25	%
Advisor Shares
Actual	$	1,000.00	$	1,001.00	$	0.41		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,001.23	$	0.41		1.25	%
Artisan International Fund
Investor Shares
Actual	$	1,000.00	$	1,054.30	$	6.04		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94		1.18	%
Institutional Shares
Actual	$	1,000.00	$	1,055.80	$	4.97		0.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.09	$	4.89		0.97	%

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SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid  During Period 10/1/2013-3/31/2014(1)		Expense Ratio(2)
Artisan International Small Cap Fund
Investor Shares
Actual	$	1,000.00	$	1,121.40	$	7.93		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.54		1.50	%
Artisan International Value Fund
Investor Shares
Actual	$	1,000.00	$	1,073.20	$	6.00		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.84		1.16	%
Institutional Shares
Actual	$	1,000.00	$	1,074.50	$	5.02		0.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.09	$	4.89		0.97	%
Artisan Mid Cap Fund
Investor Shares
Actual	$	1,000.00	$	1,085.50	$	6.29		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.09		1.21	%
Institutional Shares
Actual	$	1,000.00	$	1,086.80	$	4.94		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Artisan Mid Cap Value Fund
Investor Shares
Actual	$	1,000.00	$	1,090.90	$	6.20		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	5.99		1.19	%
Institutional Shares
Actual	$	1,000.00	$	1,092.20	$	4.96		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Artisan Small Cap Fund
Investor Shares
Actual	$	1,000.00	$	1,069.80	$	6.24		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.09		1.21	%
Institutional Shares
Actual	$	1,000.00	$	1,070.80	$	5.16		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04		1.00	%

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SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid  During Period 10/1/2013-3/31/2014(1)		Expense Ratio(2)
Artisan Small Cap Value Fund
Investor Shares
Actual	$	1,000.00	$	1,080.70	$	6.33		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.14		1.22	%
Institutional Shares
Actual	$	1,000.00	$	1,081.80	$	5.14		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	$	1,089.10	$	5.31		1.02	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.85	$	5.14		1.02	%
Institutional Shares
Actual	$	1,000.00	$	1,090.10	$	3.91		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78		0.75	%

⁽¹⁾  Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended March 31, 2014, 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, 2014.

⁽³⁾  The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser.

⁽⁴⁾  The account value and the expenses paid for High Income Fund have been presented for the period from commencement of operations (March 19, 2014) through March 31, 2014. Assuming a six-month period, the actual account values as of March 31, 2014 and the expenses paid during the period 10/1/2013-3/31/2014 would have been as follows:

	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid  During Period 10/1/2013-3/31/2014
Artisan High Income Fund
Investor Shares
Actual	$	1,000.00	$	1,001.00	$	6.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29
Advisor Shares
Actual	$	1,000.00	$	1,001.00	$	6.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29

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FACTORS CONSIDERED IN RENEWING THE FUNDS’ (EXCEPT HIGH INCOME FUND) ADVISORY AGREEMENTS

Artisan Partners Limited Partnership (“Artisan Partners”) is responsible for management of the Funds’ investment portfolios and for overall management of the Funds’ business and affairs pursuant to investment advisory agreements dated May 10, 2006, 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 “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 (the “independent directors”) 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 29, 2013 (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, 2013 through November 30, 2014. 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.

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

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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 other clients; Artisan Partners’ research and decision-making processes, including methods adopted to ensure compliance with investment objectives, policies and restrictions 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 of the Funds; Artisan Partners’ standard of care; termination provisions; and any plans to delegate any of the services provided by Artisan Partners under the Advisory Agreements to any affiliated or unaffiliated sub-adviser in the near future.

• Each Fund’s short- and long-term investment performance, including comparisons for various time periods with (a) other Artisan Partners client accounts managed with similar investment objectives, (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 of 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 limitations or reductions and the 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 any economies of scale in providing

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FACTORS CONSIDERED IN RENEWING THE FUNDS’ (EXCEPT HIGH INCOME FUND) ADVISORY AGREEMENTS

services to the Funds and, if so, whether the economies of scale are shared with the Funds; the adequacy of existing breakpoints in advisory fees and whether further breakpoints are appropriate; a comparison of the fees charged by Artisan Partners to the Funds with the fees charged by Artisan Partners for managing mutual funds and other accounts, especially funds and accounts with similar investment goals, including an explanation of any material differences, including any differences attributable to variations in the nature or scope of services provided; any changes in the fees charged by Artisan Partners for managing other mutual funds with similar investment goals during the last two years; information regarding other expenses, including expenses incurred by each of (a) Artisan Partners, as adviser and administrator, (b) Artisan Partners Distributors LLC, as the principal underwriter, and (c) the Funds; custodian, shareholder servicing and transfer agent fees; any voluntary or contractual advisory fee limitations or reductions and the relationship of fees to any fee limitation with respect to the Funds; 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 or attracting and retaining other clients and receipt of research paid for with commissions; 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 products and other services (“soft dollars”); Artisan Partners’ practices in light of SEC guidance under Section 28(e) of the Securities Exchange Act of 1934; research purchased with Artisan Partners’ cash; research available for purchase by cash; use of 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 affected or are expected to affect the services performed by Artisan Partners for each 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 for 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; Artisan Partners’ policies relating to 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; Artisan Partners’ policies

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relating to allocating purchases and sales of the same security, including initial public offerings, among the Funds and other clients of Artisan Partners; the possible advantages, including economies of scale, and disadvantages in having an investment adviser that has other clients; 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 11 and 12, 2013 board meeting.

On November 11 and 12, 2013, 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 12 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 11 and 12. 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 12 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 absolute performance and, where applicable, outperformance of peers and relevant benchmarks 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 long-term performance, as applicable, was competitive when compared to relevant performance benchmarks or peer groups; and (3) the Fund or a particular share class had a limited operating history. With respect to the Emerging Markets Fund, following significant discussions, 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 directors noted that the Emerging Markets Fund’s recent short-term performance had been encouraging and that Artisan Partners had provided thorough and thoughtful analysis regarding its continued confidence in the Fund’s

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FACTORS CONSIDERED IN RENEWING THE FUNDS’ (EXCEPT HIGH INCOME FUND) ADVISORY AGREEMENTS

investment team. The directors also noted Artisan Partners’ past record of improving the performance of other Funds that experienced periods of underperformance.

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

The extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of the 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 the Emerging Markets Fund, 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 Artisan Partners had not achieved (nor was it likely to achieve) economies of scale in the management of International Small Cap Fund because the Fund closed at a small asset level.

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 the 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 brokerage commissions paid by the Funds (“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, 2014 by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.

110 Artisan Funds

FACTORS CONSIDERED IN APPROVING ARTISAN HIGH INCOME FUND’S  ADVISORY AGREEMENT

At a meeting held on February 11, 2014 (the “Meeting”), Artisan High Income Fund’s (the “Fund”) board of directors, including a quorum of the independent directors, formally considered the approval of an initial investment advisory agreement between Artisan Partners Funds, Inc. (“Artisan Funds”), on behalf of the Fund, and Artisan Partners Limited Partnership (“Artisan Partners”), dated February 11, 2014, which remained in effect until the change of control of Artisan Partners on March 12, 2014 (the “Initial Advisory Agreement”). The board also considered at the Meeting the approval of an investment advisory agreement between Artisan Funds, on behalf of the Fund, and Artisan Partners, dated March 12, 2014, substantially identical to the Initial Advisory Agreement, which went into effect upon the change of control of Artisan Partners (together with the Initial Advisory Agreement, the “Advisory Agreements” and each, an “Advisory Agreement”).

Prior to the Meeting, independent counsel to the independent directors sent Artisan Partners a request for information to be provided to the directors in connection with their consideration of the initial approval of the Advisory Agreements. Artisan Partners provided materials to the directors in response to that request, other information Artisan Partners believed was useful in evaluating the Advisory Agreements and reports prepared by Lipper Inc. (“Lipper”), an independent source of investment company data, relating to the Fund’s management fees and projected expenses compared to the management fees and expenses of a peer group of other mutual funds determined by Lipper to be comparable to the Fund. The directors also received and reviewed, among other materials, a memorandum from their independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreements and a memorandum from Artisan Partners to the board regarding potential conflicts of interest related to the provision of investment advisory services by Artisan Partners. In addition, the directors considered information Artisan Partners provided in connection with the proposed continuation of the advisory agreements between Artisan Partners and Artisan Funds on behalf of each of the other series of Artisan Funds (other than Artisan Global Small Cap Fund) at the board’s October and November 2013 meetings, which included extensive information regarding Artisan Partners, its personnel and resources and its compliance approach and other relevant business practices.

In evaluating the Advisory Agreements, the directors reviewed the information provided and discussed with representatives of Artisan Partners the nature, extent and quality of the advisory and other services proposed to be provided by Artisan Partners to the Fund, the anticipated overall expense ratio of the Fund, the prospect for achievement of economies of scale if the Fund grows to substantial size and other benefits (in addition to advisory fee revenues) that Artisan Partners might potentially derive from its relationship with the Fund. In addition to the third-party reports by Lipper and the memorandum from independent counsel, the directors reviewed information provided prior to the Meeting concerning, among other things, the following:

• Artisan Partners’ personnel and methods, Artisan Partners’ assessment of its ability to attract and retain capable research, advisory and administrative personnel, including incentive and retirement arrangements, and Artisan Partners’ assessment of its recent hiring and retention experience; the compensation structure for Artisan Partners’ personnel with primary responsibility for managing the Fund; the time and attention of Artisan Partners’ investment personnel to be devoted to the Fund, and other demands on their time relating to managing comparable portfolios for non-mutual fund clients (if any); Artisan Partners’ research and decision-making processes, including methods adopted to

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FACTORS CONSIDERED IN APPROVING ARTISAN HIGH INCOME FUND’S ADVISORY AGREEMENT

ensure compliance with investment objectives, policies and restrictions of the Fund; the policies relating to the assignment of Artisan Partners’ personnel to Artisan 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 are expected to provide services to the Fund;

• Artisan Partners’ ability to provide investment management and back-office services to a fixed-income fund, including changes in and additions to Artisan Partners’ procedures or processes necessary to provide such services, including, but not limited to, such matters as investment research and analysis; credit reviews; review and negotiation of investment documentation relating to loan transactions and swap agreements; trading; settlement; valuation; portfolio accounting and financial statement presentation; and tax matters;

• Any financial instruments or other investments or strategies that Artisan Partners plans to use with respect to the Fund that it has not historically used on behalf of the other Artisan Funds, including the steps being taken to ensure Artisan Partners is prepared to utilize and implement such investments and strategies, value and account for such investments and ensure regulatory and tax compliance with respect to such investments;

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

• Information regarding the performance of the fund managed by the Fund’s proposed portfolio manager at his prior firm;

• Any litigation pending, or recently threatened or settled, involving Artisan Partners, and the results of any recent 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 estimated total expense ratio of the Fund with the total expense ratios of other mutual funds (taking into account factors bearing on comparability, such as size, account-level charges, and investment objective); the structure of the proposed advisory fees, including the method of computing fees, and the frequency of payment of fees; a comparison of the proposed advisory fees charged by Artisan Partners to the Fund with the advisory fees charged by other advisory organizations for managing mutual funds and other accounts, especially funds and accounts having similar investment goals and providing similar service; voluntary or contractual advisory fee limitations or reductions and the relationship of fees to any fee limitation; whether Artisan Partners expects to realize any economies of scale in providing services to the Fund and, if so, whether the economies of scale are expected to be shared with the Fund; information regarding other expenses, including certain types of expenses expected to be incurred by each of (a) Artisan Partners, as adviser and administrator, (b) Artisan Partners Distributors LLC, as the principal underwriter, and

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(c) the Fund; the Fund’s custodian, shareholder servicing and transfer agent fees; and information regarding potential payments to financial intermediaries whose customers may invest in the Fund;

• Potential “fall-out” benefits to Artisan Partners or its affiliates from their proposed relationship with the Fund, in addition to the proposed advisory fees; benefits to Artisan Partners or its affiliates in selling other products or attracting and retaining other clients; and the method of estimating other benefits;

• Matters relating to brokerage and portfolio transactions, including Artisan Partners’ obligation to seek best execution of portfolio transactions and the quality of execution it has achieved in the management of other accounts; differences between fixed-income best execution monitoring and equity best execution monitoring; Artisan Partners’ policies relating to 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 for cash by Artisan Partners; research available for purchase by cash; Artisan Partners’ policies relating to the execution of portfolio transactions through brokers who sell Artisan Funds’ shares and steps taken to comply with Rule 12b-1(h) under the Investment Company Act of 1940;

• Artisan Partners’ financial condition and stability and financial arrangements between Artisan Partners and its parent organization; any 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, including the change of control of the parent on March 12, 2014; whether and how any such changes are expected to affect the services to be performed by Artisan Partners for the Fund; and succession planning with respect to key portfolio management and other personnel; and

• Potential conflicts of interest between the Fund and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest, including the type and number of other clients served by Artisan Partners; the basis of sharing personnel, services, research and advice among clients; the 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 related conflicts of interest with the Fund; Artisan Partners’ code of ethics; and issues relating to possible investment by the Fund and other Artisan Partners clients (including other Artisan Funds) in different levels of an issuer’s capital structure.

The board noted that because the Fund had not yet commenced operations, Artisan Partners had not yet derived any profits from its relationship to the Fund and was not expected to do so until the Fund has achieved a meaningful level of assets.

At the 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. The independent directors and their independent counsel reviewed with the full board the information discussed at the Meeting and during the executive session. The directors then considered whether any further discussion or review was necessary. 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 proposed to be provided to the Fund

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FACTORS CONSIDERED IN APPROVING ARTISAN HIGH INCOME FUND’S ADVISORY AGREEMENT

would be appropriate and consistent with the terms of the Advisory Agreement. The directors considered that Artisan Partners had hired new staff, implemented staff training programs and built significant infrastructure in preparation for the Fund. The directors noted that Artisan Partners intends to employ third-party service providers that are experienced in their field to provide many of the middle- and back-office functions relating to the Fund. The directors concluded that Artisan Partners has sufficient and well-qualified personnel, with appropriate education and experience, to serve the Fund effectively and that key personnel, including the proposed investment management team, would not be undesirably overextended in assuming management responsibilities for the Fund.

Investment performance. The directors noted that, because the Fund was not yet in operation, it had no performance history. However, the directors reviewed the performance of the fund managed by the Fund’s proposed portfolio manager at his prior firm, and noted that the proposed portfolio manager had produced successful results using an investment process similar to that proposed for the Fund.

Cost of services, economies of scale and benefits derived by Artisan Partners. The directors concluded that the nature, extent and quality of services proposed to be provided to the Fund by Artisan Partners were appropriate and that the fees proposed to be paid to Artisan Partners were reasonable. In this connection, the directors took into account the fees paid by mutual funds considered by Lipper to be within the same peer group or universe as the Fund. The directors also concluded that the overall estimated expense ratio of the Fund (after giving effect to Artisan Partners’ contractual undertaking through April 1, 2015 to reimburse the Fund for ordinary operating expenses in excess of 1.25% of the Fund’s average net assets annually) was reasonable in relation to the expense ratios of other funds in the Lipper peer group. The directors noted that since the Fund does not currently have any assets, there are no material benefits from economies of scale with respect to the Fund at present. The directors also noted that the proposed management fee schedule includes breakpoints (reduced fee levels on assets above stated thresholds) at $1 billion, $2 billion, $3.5 billion and $10 billion of Fund net assets. The directors concluded that these breakpoints will result in a sharing, as between the Fund and Artisan Partners, of possible future economies of scale as and if the Fund’s assets grow to substantial levels.

Other benefits derived by the Fund or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the proposed Advisory Agreements and the proposed management fees to be paid in return, the Fund and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded that one potential primary fall-out benefit would be that institutional investors in the Fund might elect at some future time to become separate account clients of Artisan Partners. The directors concluded that, although Artisan Partners may derive such additional benefits, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors noted that the Fund does not intend to use soft dollars because brokerage commissions are typically not paid in connection with trades in fixed-income securities.

Following those discussions, the board approved the Fund’s Initial Advisory Agreement (to be in effect through the change of control of Artisan Partners on March 12, 2014), and approved the Fund’s identical Advisory Agreement for a two-year term commencing upon such change of control, in each case by the unanimous vote of all directors and also by the unanimous vote of all the “non-interested” directors.

114 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 equity 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. The Adviser assigns debt securities in accordance with the industry groups developed by Bloomberg Finance L.P. 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 115

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 12, 2013. The proposals and results of the votes are summarized below.

Artisan Funds
Election of Directors	Votes For		Votes Withheld
David A. Erne		1,081,695,105		13,934,296
Gail L. Hanson		1,082,470,489		13,168,993
Thomas R. Hefty		1,081,473,018		14,149,797
Patrick S. Pittard		1,081,633,621		13,988,220
R. Scott Trumbull		1,076,194,243		19,445,646
Eric R. Colson		1,081,763,177		13,860,337

To approve the amended and restated investment advisory agreement between Artisan Partners Limited Partnership and Artisan Partners Funds, Inc.	Votes For		Votes Against		Abstentions		Broker Non- Votes
Emerging Markets Fund		34,521,285		4,012		5,225		3,257,245
Global Equity Fund		4,828,128		45,184		23,782		2,103,717
Global Opportunities Fund		21,308,898		219,174		252,732		7,063,335
Global Small Cap Fund		1,317,269		8,150		15,703		386,144
Global Value Fund		31,456,717		427,644		297,489		10,137,130
International Fund		203,659,212		829,905		1,491,826		71,395,918
International Small Cap Fund		17,923,770		85,191		116,705		7,688,823
International Value Fund		159,410,245		1,088,585		849,063		16,424,520
Mid Cap Fund		67,559,592		296,107		1,936,091		23,562,176
Mid Cap Value Fund		147,896,530		954,023		2,050,502		61,635,093
Small Cap Fund		32,997,426		138,118		275,699		6,341,831
Small Cap Value Fund		74,774,581		229,867		439,421		22,873,371
Value Fund		42,967,010		152,684		224,283		9,682,270

116 Artisan Funds

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.

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 117

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, 2014 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 2, 2014

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 2, 2014
By:	/s/ Gregory K. Ramirez
	Gregory K. Ramirez
	Principal Financial Officer
Date:	June 2, 2014