Artisan Partners Funds, Inc.

0001193125-13-062611.txt : 20130218 0001193125-13-062611.hdr.sgml : 20130218 20130215153800 ACCESSION NUMBER: 0001193125-13-062611 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20130215 DATE AS OF CHANGE: 20130215 EFFECTIVENESS DATE: 20130215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARTISAN PARTNERS FUNDS INC CENTRAL INDEX KEY: 0000935015 IRS NUMBER: 391811840 STATE OF INCORPORATION: WI FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-88316 FILM NUMBER: 13619503 BUSINESS ADDRESS: STREET 1: 875 EAST WISCONSIN AVE STE 800 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-390-6100 MAIL ADDRESS: STREET 1: 875 EAST WISCONSIN AVE STE 800 CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: ARTISAN FUNDS INC DATE OF NAME CHANGE: 19950310 FORMER COMPANY: FORMER CONFORMED NAME: ZIEGLER FUNDS INC DATE OF NAME CHANGE: 19950109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARTISAN PARTNERS FUNDS INC CENTRAL INDEX KEY: 0000935015 IRS NUMBER: 391811840 STATE OF INCORPORATION: WI FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08932 FILM NUMBER: 13619504 BUSINESS ADDRESS: STREET 1: 875 EAST WISCONSIN AVE STE 800 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-390-6100 MAIL ADDRESS: STREET 1: 875 EAST WISCONSIN AVE STE 800 CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: ARTISAN FUNDS INC DATE OF NAME CHANGE: 19950310 FORMER COMPANY: FORMER CONFORMED NAME: ZIEGLER FUNDS INC DATE OF NAME CHANGE: 19950109

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485BPOS 1 d465314d485bpos.htm ARTISAN PARTNERS FUNDS, INC. Artisan Partners Funds, Inc.

1933 Act Reg. No. 33-88316

1940 Act File No. 811-8932

As filed with the Securities and Exchange Commission on February 15, 2013

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT


*UNDER*
*THE SECURITIES ACT OF 1933*		x
POST-EFFECTIVE AMENDMENT NO. 65		x

and

REGISTRATION STATEMENT


*UNDER*
*THE INVESTMENT COMPANY ACT OF 1940*		x
AMENDMENT NO. 67		x

Artisan Partners Funds, Inc.

(Registrant)

875 East Wisconsin Avenue, Suite 800

Milwaukee, Wisconsin 53202

Telephone Number: (414) 390-6100


Sarah A. Johnson		Rajib Chanda
Artisan Partners Funds, Inc.		Ropes & Gray LLP
875 East Wisconsin Avenue, Suite 800		One Metro Center, 700 12th Street, N.W., Suite 900
Milwaukee, Wisconsin 53202		Washington, D.C. 20005
(Agents for Service)

It is proposed that this filing will become effective:

immediately upon filing pursuant to rule 485(b)

on pursuant to rule 485(b)

60 days after filing pursuant to rule 485(a)(1)

on pursuant to rule 485(a)(1)

75 days after filing pursuant to rule 485(a)(2)

on pursuant to rule 485(a)(2)

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this post-effective amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Francisco, and the State of California on the 15th day of February 2013.


		ARTISAN PARTNERS FUNDS, INC.

By:		/s/ Eric R. Colson
		Eric R. Colson
		President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, as amended, this post-effective amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.


Name	Title	Date
/s/ Eric R. Colson Eric R. Colson	President and Chief Executive Officer (principal executive officer)	February 15, 2013

/s/ Andrew A. Ziegler* Andrew A. Ziegler	Director	February 15, 2013

/s/ David A. Erne* David A. Erne	Director	February 15, 2013

/s/ Gail L. Hanson* Gail L. Hanson	Director	February 15, 2013

/s/ Thomas R. Hefty* Thomas R. Hefty	Director	February 15, 2013

/s/ Patrick S. Pittard* Patrick S. Pittard	Director	February 15, 2013

/s/ R. Scott Trumbull* R. Scott Trumbull	Director	February 15, 2013

/s/ Gregory K. Ramirez Gregory K. Ramirez	Chief Financial Officer and Treasurer (principal financial and accounting officer)	February 15, 2013




By:		/s/ Rajib Chanda
		Rajib Chanda
* By Rajib Chanda, Attorney-in-Fact, pursuant to powers of attorney filed herewith

Index of Exhibits Filed with this Registration Statement



Exhibit Number		Description

(99)(a)		Powers of Attorney for the Directors of Artisan Partners Funds, Inc.
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101.SCH		XBRL Taxonomy Extension Schema Document
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101.DEF		XBRL Taxonomy Extension Definition Linkbase
101.LAB		XBRL Taxonomy Extension Labels Linkbase
101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-99.A 2 d465314dex99a.htm POWERS OF ATTORNEY Powers of Attorney

Exhibit (99)(a)

POWER OF ATTORNEY

David A. Erne, whose signature appears below, does hereby constitute and appoint John M. Loder, Rajib Chanda, and Marian G. Fowler, each individually, his true and lawful attorneys and agents, with full power of substitution or resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys and agents, each individually, may deem necessary or advisable or which may be required to enable Artisan Partners Funds, Inc. (“Artisan Funds”), to comply with the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (“Acts”), and any rules, regulations or requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any and all registration statements and any amendments to Artisan Funds’ registration statements on Form N-1A pursuant to said Acts, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a director of Artisan Funds any and all such amendments filed with the Securities and Exchange Commission under said Acts, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents, or either of them, shall do or cause to be done by virtue thereof.


Dated: February 14, 2012						/s/ David A. Erne
						David A. Erne

Exhibit (99)(a)

POWER OF ATTORNEY

Gail L. Hanson, whose signature appears below, does hereby constitute and appoint Alan G. Priest, John M. Loder, Rajib Chanda, and Marian G. Fowler, each individually, her true and lawful attorneys and agents, with full power of substitution or resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys and agents, each individually, may deem necessary or advisable or which may be required to enable Artisan Partners Funds, Inc. (“Artisan Funds”), to comply with the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (“Acts”), and any rules, regulations or requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any and all registration statements and any amendments to Artisan Funds’ registration statements on Form N-1A pursuant to said Acts, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a director of Artisan Funds any and all such amendments filed with the Securities and Exchange Commission under said Acts, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents, or either of them, shall do or cause to be done by virtue thereof.


Dated: January 19, 2012						/s/ Gail L. Hanson
						Gail L. Hanson

Exhibit (99)(a)

POWER OF ATTORNEY

Thomas R. Hefty, whose signature appears below, does hereby constitute and appoint John M. Loder, Rajib Chanda, and Marian G. Fowler, each individually, his true and lawful attorneys and agents, with full power of substitution or resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys and agents, each individually, may deem necessary or advisable or which may be required to enable Artisan Partners Funds, Inc. (“Artisan Funds”), to comply with the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (“Acts”), and any rules, regulations or requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any and all registration statements and any amendments to Artisan Funds’ registration statements on Form N-1A pursuant to said Acts, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a director of Artisan Funds any and all such amendments filed with the Securities and Exchange Commission under said Acts, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents, or either of them, shall do or cause to be done by virtue thereof.


Dated: February 14, 2012						/s/ Thomas R. Hefty
						Thomas R. Hefty

Exhibit (99)(a)

POWER OF ATTORNEY

Patrick S. Pittard, whose signature appears below, does hereby constitute and appoint John M. Loder, Rajib Chanda, and Marian G. Fowler, each individually, his true and lawful attorneys and agents, with full power of substitution or resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys and agents, each individually, may deem necessary or advisable or which may be required to enable Artisan Partners Funds, Inc. (“Artisan Funds”), to comply with the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (“Acts”), and any rules, regulations or requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any and all registration statements and any amendments to Artisan Funds’ registration statements on Form N-1A pursuant to said Acts, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a director of Artisan Funds any and all such amendments filed with the Securities and Exchange Commission under said Acts, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents, or either of them, shall do or cause to be done by virtue thereof.


Dated: February 14, 2012						/s/ Patrick S. Pittard
						Patrick S. Pittard

Exhibit (99)(a)

POWER OF ATTORNEY

R. Scott Trumbull, whose signature appears below, does hereby constitute and appoint John M. Loder, Rajib Chanda and Nathan Briggs, each individually, his true and lawful attorneys and agents, with full power of substitution or resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys and agents, each individually, may deem necessary or advisable or which may be required to enable Artisan Partners Funds, Inc. (“Artisan Funds”), to comply with the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (“Acts”), and any rules, regulations or requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any and all registration statements and any amendments to Artisan Funds’ registration statements on Form N-1A pursuant to said Acts, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a director of Artisan Funds any and all such amendments filed with the Securities and Exchange Commission under said Acts, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents, or either of them, shall do or cause to be done by virtue thereof.


Dated: January 9, 2013						/s/ R. Scott Trumbull
						R. Scott Trumbull

Exhibit (99)(a)

POWER OF ATTORNEY

Andrew A. Ziegler, whose signature appears below, does hereby constitute and appoint John M. Loder, Rajib Chanda, and Marian G. Fowler, each individually, his true and lawful attorneys and agents, with full power of substitution or resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys and agents, each individually, may deem necessary or advisable or which may be required to enable Artisan Partners Funds, Inc. (“Artisan Funds”), to comply with the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (“Acts”), and any rules, regulations or requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any and all registration statements and any amendments to Artisan Funds’ registration statements on Form N-1A pursuant to said Acts, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a director of Artisan Funds any and all such amendments filed with the Securities and Exchange Commission under said Acts, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents, or either of them, shall do or cause to be done by virtue thereof.


Dated: February 14, 2012						/s/ Andrew A. Ziegler
						Andrew A. Ziegler

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column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleShareholderFeesArtisanSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualFundOperatingExpensesArtisanSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleExpenseExampleTransposedArtisanSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedArtisanSmallCapValueFund column period compact * ~</div> ARTISAN GLOBAL EQUITY FUND Investor – ARTHX Artisan Global Equity Fund seeks maximum long-term capital growth. 0 0 FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment): Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0 0 EXPENSE EXAMPLE The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleShareholderFeesArtisanMidCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualFundOperatingExpensesArtisanMidCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedArtisanMidCapValueFund column period compact * ~</div> PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 98.03% of the average value of its portfolio. -0.02 PRINCIPAL INVESTMENT STRATEGIES -0.02 <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleShareholderFeesArtisanSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualFundOperatingExpensesArtisanSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleExpenseExampleTransposedArtisanSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedArtisanSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanGlobalOpportunitiesFundBarChart column period compact * ~</div> INVESTMENT OBJECTIVE 0 0 <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualFundOperatingExpensesArtisanInternationalSmallCapFund column period compact * ~</div> Artisan Mid Cap Fund seeks maximum long-term capital growth. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. 0 Shareholder Fees (fees paid directly from your investment): 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0 0 EXPENSE EXAMPLE The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 PORTFOLIO TURNOVER 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 46.21% of the average value of its portfolio. Artisan employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a global (i.e., U.S. and non-U.S.) portfolio of companies of all market capitalizations. Artisan seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential. <ul type="square"><li style="margin-left:-20px"><blockquote>Themes. Artisan identifies long-term secular (as opposed to cyclical) growth trends with the objective of investing in companies that have meaningful exposure to these trends. Artisan’s fundamental analysis focuses on those industry leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Sustainable Growth. Artisan applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. Artisan seeks high-quality companies that typically have a sustainable competitive advantage, a superior business model and a high-quality management team.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Valuation. Artisan uses multiple valuation metrics to establish a target price range. Artisan assesses the relationship between its estimate of a company’s sustainable growth prospects and its current valuation.</blockquote></li></ul>Under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in equity securities or instruments that have similar economic characteristics. The Fund may invest in securities both within and outside the U.S., including emerging and less developed markets. Securities in which the Fund may invest may include common stocks, preferred stocks, convertible securities, depositary receipts and rights and warrants to buy common stocks. The Fund may also invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-U.S. companies without a direct investment in the underlying securities (called “participation certificates” in this prospectus, but may be called different names by issuers). The Fund invests in U.S. and non-U.S. companies of all market capitalizations. PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL RISKS PERFORMANCE Calendar Year by Year Total Returns 0 0 0 0 PRINCIPAL RISKS 0.01 0.0094 0.01 0.0094 0.009 0.009 0 0 0 0 0 0 0.0044 0.0018 0.0028 0.0028 0.0042 0.0006 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include: <ul type="square"><li style="margin-left:-20px"><blockquote>Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Foreign Investing Risks. Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The risks of foreign investments typically are greater in emerging and less developed markets. For example, many emerging markets governments participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Also, because foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in U.S. dollars, the values of the Fund’s non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar. The Fund usually does not hedge against possible variations in exchange rates, but, in limited circumstances, exposure to a particular currency that Artisan believes is overvalued may be hedged if the Fund has, or is initiating, positions in securities traded in that currency.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Small and Medium-Sized Company Risks. Stocks of small and medium-sized companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Small companies may have a shorter history of operations, less access to financing, and a less diversified product line – making them more susceptible to market pressures and more likely to have a volatile stock price. During some periods, stocks of small and medium-sized companies, as an asset class, have underperformed the stocks of larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Growth Investing Risks. Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth Artisan anticipated.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Participation Certificates Risks. Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> 0.0001 0.0134 0.0001 0.0108 0.0123 PERFORMANCE 0.0101 0 0 0.0025 0.0025 0.0153 0 This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0 ARTISAN MID CAP VALUE FUND Investor – ARTQX                                                  Institutional – APHQX 0.0167 -0.02 -0.02 INVESTMENT OBJECTIVE 156 170 Artisan Mid Cap Value Fund seeks maximum long-term capital growth. FEES AND EXPENSES OF THE FUND 0.0093 This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. 0.0093 Shareholder Fees (fees paid directly from your investment): 483 526 136 0 0 110 Calendar Year by Year Total Returns 834 907 425 343 0 0 734 595 1824 1976 1613 1317 125 103 0.1784 0.1784 390 0.116 322 0.1635 0.1459 ARTISAN INTERNATIONAL FUND Investor – ARTIX                                                  Institutional – APHIX 676 558 0.0419 0.0419 0.036 0.0356 1489 0.0349 1237 0.0978 INVESTMENT OBJECTIVE 0.0935 0.0855 0 0.0972 0.098 0 Artisan International Fund seeks maximum long-term capital growth. FEES AND EXPENSES OF THE FUND 0.0776 0.0679 0.0638 0 0 0.0833 This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. 0.0601 0 0.2978 Shareholder Fees (fees paid directly from your investment): 0 0.2978 0.1936 0.3016 0.1613 Best Quarter                                                                16.38%                   (quarter ended 9/30/2010) Worst Quarter                                                            -16.84%                   (quarter ended 9/30/2011) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0612 0.0564 0.0463 0.1635 0.1805 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0526 0.0476 0.0445 0.0356 0.0093 0.0355 0.0093 EXPENSE EXAMPLE Average Annual Total Returns (For Periods Ended 12/31/2012) The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0 PORTFOLIO TURNOVER 0.0027 0.0008 0.1059 0.0917 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 55.39% of the average value of its portfolio. 0.0894 0.0972 0.095 PRINCIPAL INVESTMENT STRATEGIES 0.012 PRINCIPAL RISKS 0.0101 0.0965 0.0812 0.0791 0.056 0.0722 PERFORMANCE 0.1001 0.0992 0.0866 0.0785 0.0402 0 0 0.0029 0.0004 INVESTMENT OBJECTIVE 0.0093 0.0093 The following table shows average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to a broad measure of market performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt.For Periods Ended 12/31/12 Artisan Small Cap Fund seeks maximum long-term capital growth. 0 0 FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. 0.0011 0.0011 Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. Shareholder Fees (fees paid directly from your investment): EXPENSE EXAMPLE Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0026 0.0005 0.0133 0.0108 122 <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleShareholderFeesArtisanInternationalValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualFundOperatingExpensesArtisanInternationalValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleExpenseExampleTransposedArtisanInternationalValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedArtisanInternationalValueFund column period compact * ~</div> 103 0.0119 0.0098 800.344.1770 381 322 www.artisanfunds.com 660 558 EXPENSE EXAMPLE 1236 1455 After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 121 PORTFOLIO TURNOVER 100 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 69.56% of the average value of its portfolio. 378 312 Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 654 542 1443 1201 <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleShareholderFeesArtisanValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualFundOperatingExpensesArtisanValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleExpenseExampleTransposedArtisanValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedArtisanValueFund column period compact * ~</div> The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. PRINCIPAL INVESTMENT STRATEGIES PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27.86% of the average value of its portfolio. PERFORMANCE 135 110 INVESTMENT OBJECTIVE 421 343 0.1139 0.0858 0.1051 729 0.1728 0.1851 595 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan International Value Fund seeks maximum long-term capital growth. 1601 1317 0.0646 0.0588 2013-02-01 FEES AND EXPENSES OF THE FUND 0.0549 0.0357 0.0379 ARTISAN PARTNERS FUNDS INC February 1, 2014 This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. 0000935015 Shareholder Fees (fees paid directly from your investment): Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 2013-01-28 0.1221 0.1129 0.9803 0.1062 0.1065 0.1063 2013-02-01 EXPENSE EXAMPLE The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.1055 0.0974 0.0918 0.0793 0.0871 485BPOS Best Quarter false 0.1638 2010-09-30 0.1466 2012-09-30 0.0911 Worst Quarter 0 0 -0.1684 0.0965 2011-09-30 0 0 1997-09-29 1997-09-29 1997-09-29 0.212 -0.4413 2008-09-22 2011-07-26 0.5026 0 0 0.3157 -0.02 -0.02 0 0 -0.0208 0.1952 ARTISAN VALUE FUND Investor – ARTLX                                                  Institutional – APHLX 0.4054 0.2115 -2.00 0.1106 0.1911 INVESTMENT OBJECTIVE -0.0598 Artisan Value Fund seeks maximum long-term capital growth. -0.2383 FEES AND EXPENSES OF THE FUND 0.4024 This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. 0.1769 0.1952 0.1869 0.1379 0.1984 Shareholder Fees (fees paid directly from your investment): 0.1728 0.1581 -0.0317 0.0612 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): EXPENSE EXAMPLE 0.0205 124 The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 105 0.0305 0.0105 PORTFOLIO TURNOVER 387 0.0105 328 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 66.13% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES 0.015 670 0.0323 0.0357 569 0.0555 0.0452 0.0507 0 0 1477 1259 0.1097 0.103 0.0011 0.0963 0.1126 0.1065 0.1032 0.0043 ARTISAN SMALL CAP VALUE FUND Investor – ARTVX                                                  Institutional – APHVX INVESTMENT OBJECTIVE 0.1352 0.1237 0.1173 0.0631 Artisan Small Cap Value Fund seeks long-term capital growth. 0.0841 0.0661 0.0001 FEES AND EXPENSES OF THE FUND 0.0001 This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment): Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): EXPENSE EXAMPLE 0 0 The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0117 0 0 PRINCIPAL INVESTMENT STRATEGIES 0.0149 PRINCIPAL RISKS -0.0539 Artisan employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a portfolio of non-U.S. growth companies of all market capitalizations. Artisan seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential. <ul type="square"><li style="margin-left:-20px"><blockquote>Themes. Artisan identifies long-term secular (as opposed to cyclical) growth trends with the objective of investing in companies that have meaningful exposure to these trends. Artisan’s fundamental analysis focuses on those industry leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Sustainable Growth. Artisan applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. Artisan seeks high-quality companies that typically have a sustainable competitive advantage, a superior business model and a high-quality management team.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Valuation. Artisan uses multiple valuation metrics to establish a target price range. Artisan assesses the relationship between its estimate of a company’s sustainable growth prospects and its current valuation.</blockquote></li></ul>The Fund invests primarily in developed markets but also may invest up to 35% of the Fund’s total assets at market value at the time of purchase in emerging and less developed markets. Under normal market conditions, the Fund is substantially fully invested in common stocks and similar securities, and invests at least 65% of its net assets at market value at the time of purchase in securities of non-U.S. companies. There are no restrictions on the size of the companies in which the Fund may invest. The Fund may also invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-U.S. companies without a direct investment in the underlying securities (called “participation certificates” in this prospectus, but may be called different names by issuers). Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include: <ul type="square"><li style="margin-left:-20px"><blockquote> Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Foreign Investing Risks. Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The risks of foreign investments typically are greater in emerging and less developed markets. For example, many emerging markets governments participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Also, because foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in U.S. dollars, the values of the Fund’s non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar. The Fund usually does not hedge against possible variations in exchange rates, but, in limited circumstances, exposure to a particular currency that Artisan believes is overvalued may be hedged if the Fund has, or is initiating, positions in securities traded in that currency. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Small and Medium-Sized Company Risks. Stocks of small and medium-sized companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Small companies may have a shorter history of operations, less access to financing, and a less diversified product line – making them more susceptible to market pressures and more likely to have a volatile stock price. During some periods, stocks of small and medium-sized companies, as an asset class, have underperformed the stocks of larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Growth Investing Risks. Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth Artisan anticipated.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Participation Certificates Risks. Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> 0.3016 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 20.42% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 2008-09-22 2008-09-22 Calendar Year by Year Total Returns Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. -0.02 -0.02 0.3016 0.2912 0.204 0.1613 0.1322 0.1263 0.1122 0.0607 Average Annual Total Returns (For Periods Ended 12/31/2012) 119 152 372 469 2010-03-29 2010-03-29 2010-03-29 644 809 The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The “Return after taxes on distributions and sale of Fund shares” for the five-year period ended December 31, 2012 is greater than the “Return before taxes” because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable capital gains. Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. For Periods Ended 12/31/12 Artisan employs a fundamental investment process to construct a diversified portfolio of equity securities across a broad capitalization range that Artisan believes are undervalued, in solid financial condition and have attractive business economics. Artisan believes companies with these characteristics are less likely to experience eroding values over the long term. <ul type="square"><li style="margin-left:-20px"><blockquote>Attractive Valuation. Artisan values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that Artisan believes would be reasonable. Artisan generally will purchase a security if the stock price falls below or toward the lower end of that range.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Sound Financial Condition. Artisan favors companies with an acceptable level of debt and positive cash flow. At a minimum, Artisan tries to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies’ shareholders.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Attractive Business Economics. Artisan favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle.</blockquote></li></ul>The Fund often finds investment opportunities in companies that have one or more of the following characteristics:<ul type="square"><li style="margin-left:-20px"><blockquote>Turnarounds. At times, the Fund invests in companies that have had poor results due to company-specific and/or industry-wide conditions that Artisan believes will not continue indefinitely.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Companies in Transition. A company’s stock price may not reflect positive change in the business, such as new management, new products or a cyclical uptrend in an industry. Artisan tries to identify investments for the Fund ahead of broad recognition of changes that may be expected to cause the stock’s price to rise.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Earnings Shortfalls. The Fund may invest in a company, in a group or industry that is out of favor, or whose earnings have disappointed, causing its stock price to drop below Artisan’s estimate of the value of the business and creating the potential for patient investors to benefit when those earnings improve.</blockquote></li></ul>The Fund may invest up to 25% of its total assets at market value at the time of purchase in common stocks and other equity securities of non-U.S. companies (including depositary receipts) and securities trading on non-U.S. exchanges. The Fund’s investments in non-U.S. securities may include investments in developed markets, as well as emerging and less developed markets. The Fund invests in common stocks and other equity securities of companies across a broad capitalization range. The Fund will invest in U.S. companies with market capitalizations of at least $2 billion at the time of initial purchase, although the Fund may invest in a U.S. company with a lower market capitalization if it already holds a position in that company. There is no restriction on the size of the non-U.S. companies in which the Fund may invest. 1421 1769 PRINCIPAL RISKS 0.01 0.01 0.3683 Artisan employs a fundamental investment process to construct a diversified portfolio of primarily U.S. small-cap growth companies. The Fund’s investment process focuses on two distinct areas – security selection and capital allocation. Security Selection Artisan’s investment process attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle.<ul type="square"><li style="margin-left:-20px"><blockquote>Franchise Characteristics. These are characteristics that Artisan believes help to protect a company’s stream of cash flow from the effects of competition. Artisan looks for companies with at least two of the following characteristics: low cost production capability, possession of a proprietary asset, dominant market share, or a defensible brand name. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Attractive Valuations. Through its own fundamental research, Artisan estimates the amount a private market buyer would pay to buy the entire company (the company’s “intrinsic value” or “private market value”) and considers whether to purchase a stock if it sells at a discount to that estimate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Accelerating Profit Cycle. The Fund tries to invest in companies that are well positioned for long-term growth, at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle. Companies that Artisan believes are well positioned for long-term growth typically have predictable streams of cash flow through real growth in demand for their products or services and appear to be well positioned to take advantage of opportunities in their markets.</blockquote></li></ul>Capital Allocation: Garden, Crop, Harvest® Investing The second element of the Fund’s investment process is capital allocation. Artisan divides the portfolio into three parts:<ul type="square"><li style="margin-left:-20px"><blockquote>GardenSM investing is where the investment process usually begins. Garden investments generally are smaller positions in companies that Artisan believes have a good franchise, attractive valuation and accelerating earnings, but that are at too early a stage in their profit cycle to be confident the investment will be successful.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>CropSM investments form the segment of the portfolio intended to hold the companies that are moving into the strongest part of their profit cycles. Through a detailed investment analysis, Artisan determines what it believes is necessary for a company to continue to generate positive earnings. When a company begins to perform consistently with Artisan’s expectations, Artisan generally will increase the Fund’s position in that company and move the stock from Garden investments into Crop investments.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>When a company’s profit cycle begins to decelerate, or a stock is approaching Artisan’s estimate of full valuation, Artisan generally moves the stock into HarvestSM investments, and reduces the size of the position.</blockquote></li></ul>The Fund invests primarily in U.S. companies and, under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of small companies. The Fund defines a small company as one with a market capitalization less than three times the weighted average market capitalization of companies in the Russell 2000® Index. The Fund will not initiate a position in a company unless it has a market capitalization below $2.5 billion. The Fund may invest in the securities of non-U.S. companies, but only if the securities are purchased or sold in the U.S. The Fund’s maximum investment in those securities, including without limitation depositary receipts, is 10% of the Fund’s total assets at market value at the time of purchase. Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include: <ul type="square"><li style="margin-left:-20px"><blockquote>Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Small Company Risks. Stocks of small companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, small companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Small companies may have a shorter history of operations, less access to financing, and a less diversified product line – making them more susceptible to market pressures and more likely to have a volatile stock price. During some periods, stocks of small companies, as an asset class, have underperformed the stocks of larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Growth Investing Risks. Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth Artisan anticipated.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Foreign Investing Risks. Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> 0 <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanGlobalEquityFundBarChart column period compact * ~</div> 0.262 0 PERFORMANCE 0.1546 0.0051 0.142 0.0143 0.0165 0.0002 -0.2756 0.0002 0.3925 Artisan employs a fundamental investment process to construct a diversified portfolio of small-cap U.S. companies that Artisan believes are undervalued, in solid financial condition and have attractive business economics. Artisan believes companies with these characteristics are less likely to experience eroding values over the long term. <ul type="square"><li style="margin-left:-20px"><blockquote>Attractive Valuation. Artisan values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that Artisan believes would be reasonable. Artisan generally will purchase a security if the stock price falls below or toward the lower end of that range.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Sound Financial Condition. Artisan favors companies with an acceptable level of debt and positive cash flow. At a minimum, Artisan tries to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies’ shareholders.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Attractive Business Economics. Artisan favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle.</blockquote></li></ul>The Fund often finds investment opportunities in companies that have one or more of the following characteristics:<ul type="square"><li style="margin-left:-20px"><blockquote>Turnarounds. At times, the Fund invests in companies that have had poor results due to company-specific and/or industry-wide conditions that Artisan believes will not continue indefinitely.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Companies in Transition. A company’s stock price may not reflect positive change in the business, such as new management, new products or a cyclical uptrend in an industry. Artisan tries to identify investments for the Fund ahead of broad recognition of changes that may be expected to cause the stock’s price to rise.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Companies with Hidden Assets and Unrecognized Companies. Undervalued real estate, unrecognized business lines and other “hidden” assets may not be given enough credit by investors, providing investment opportunities for the Fund. Sometimes a company is little known to the investing public and lacks a following among investors, so it becomes undervalued.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Earnings Shortfalls. The Fund may invest in a company, in a group or industry that is out of favor, or whose earnings have disappointed, causing its stock price to drop below Artisan’s estimate of the value of the business and creating the potential for patient investors to benefit when those earnings improve.</blockquote></li></ul>The Fund invests primarily in U.S. companies and, under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of small companies. The Fund defines a small company as one with a market capitalization less than three times the weighted average market capitalization of companies in the Russell 2000® Index. The Fund will not initiate a position in a company unless it has a market capitalization below $2 billion. 0.0245 0.1437 0.0153 0.0642 0.1139 This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 1997-06-27 1997-06-27 2000-07-01 1997-06-27 0.0152 0.0152 0.3525 Calendar Year by Year Total Returns -0.5413 0.831 0.1842 -0.2813 0.1703 Best Quarter                                                                26.91%                   (quarter ended 6/30/2009) Worst Quarter                                                            -27.74%                   (quarter ended 12/31/2008) 2001-03-28 0.2539 2001-03-28 2001-03-28 0.2518 Artisan employs a fundamental investment process to construct a diversified portfolio of stocks of undervalued non-U.S. companies of all sizes. The Fund's investment process focuses on identifying what Artisan considers to be high quality, undervalued businesses that offer the potential for superior risk/reward outcomes. Artisan's in-depth research process focuses on four key investment characteristics:<ul type="square"><li style="margin-left:-20px"><blockquote>Undervaluation. Determining the intrinsic value of the business is the heart of Artisan's research process. Artisan believes that intrinsic value represents the amount that a buyer would pay to own a company's future cash flows. Artisan seeks to invest at a significant discount to Artisan's estimate of the intrinsic value of a business.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Business Quality. Artisan seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Financial Strength. Artisan believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Shareholder-Oriented Management. Artisan's research process attempts to identify management teams with a history of building value for shareholders.</blockquote></li></ul>Companies that make it through this analytical process are ranked at the time the position is initiated according to the degree of the discount of the current market price of the stock to Artisan's estimate of the company's intrinsic value. Artisan assembles the portfolio by taking larger positions in companies where the discount is greatest and smaller positions in companies with narrower discounts (subject to adjustments for appropriate diversification and risk management). Weightings of securities are re-adjusted periodically and are subject to investment related considerations, including diversification and liquidity. The focus of the investment process is on individual companies, not on selection of countries or regions. Under normal market conditions, the Fund invests no less than 80% of its total assets (excluding cash and cash equivalents), measured at market value at the time of purchase, in common stocks and other equity and equity-linked securities of non-U.S. companies. The Fund invests primarily in developed markets but also may invest in emerging and less developed markets. The Fund may invest in companies of any size. The Fund may also invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-U.S. companies without a direct investment in the underlying securities (called "participation certificates" in this prospectus, but may be called different names by issuers). 0.1678 0.2564 0.1732 0.1686 Average Annual Total Returns (For Periods Ended 12/31/2012) PRINCIPAL RISKS 0.1683 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include: <ul type="square"><li style="margin-left:-20px"><blockquote>Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Medium-Sized Company Risks. Stocks of medium-sized companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. During some periods, stocks of medium-sized companies, as an asset class, have underperformed the stocks of small and large companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Value Investing Risks. Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level Artisan considers its intrinsic value.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Foreign Investing Risks. Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The risks of foreign investments typically are greater in emerging and less developed markets. For example, many emerging markets governments participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Also, because foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in U.S. dollars, the values of the Fund’s non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar. The Fund usually does not hedge against possible variations in exchange rates, but, in limited circumstances, exposure to a particular currency that Artisan believes is overvalued may be hedged if the Fund has, or is initiating, positions in securities traded in that currency.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> PERFORMANCE ARTISAN GLOBAL OPPORTUNITIES FUND (Formerly Artisan Growth Opportunities Fund) Investor – ARTRX                                                  Institutional – APHRX 0.1703 0.1671 Artisan employs a fundamental investment process to construct a diversified portfolio of U.S. and non-U.S. growth companies across a broad capitalization range. The Fund’s investment process focuses on two distinct areas – security selection and capital allocation. Security Selection Artisan’s investment process attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle. <ul type="square"><li style="margin-left:-20px"><blockquote> Franchise Characteristics. These are characteristics that Artisan believes help to protect a company’s stream of cash flow from the effects of competition. Artisan looks for companies with at least two of the following characteristics: low cost production capability, possession of a proprietary asset, dominant market share, or a defensible brand name.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Attractive Valuations. Through its own fundamental research, Artisan estimates the amount a private market buyer would pay to buy the entire company (the company’s “intrinsic value” or “private market value”) and considers whether to purchase a stock if it sells at a discount to that estimate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Accelerating Profit Cycle. The Fund tries to invest in companies that are well positioned for long-term growth, at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle. Companies that Artisan believes are well positioned for long-term growth typically have predictable streams of cash flow through real growth in demand for their products or services and appear to be well positioned to take advantage of opportunities in their markets.</blockquote></li></ul> Capital Allocation: Garden, Crop, Harvest® Investing The second element of the Fund’s investment process is capital allocation. Artisan divides the portfolio into three parts:<ul type="square"><li style="margin-left:-20px"><blockquote> Garden℠ investing is where the investment process usually begins. Garden investments generally are smaller positions in companies that Artisan believes have a good franchise, attractive valuation and accelerating earnings, but that are at too early a stage in their profit cycle to be confident the investment will be successful.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Crop℠ investments form the segment of the portfolio intended to hold the companies that are moving into the strongest part of their profit cycles. Through a detailed investment analysis, Artisan determines what it believes is necessary for a company to continue to generate positive earnings. When a company begins to perform consistently with Artisan’s expectations, Artisan generally will increase the Fund’s position in that company and move the stock from Garden investments into Crop investments.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> When a company’s profit cycle begins to decelerate, or a stock is approaching Artisan’s estimate of full valuation, Artisan generally moves the stock into Harvest℠ investments, and reduces the size of the position. </blockquote></li></ul> The Fund primarily invests in common stocks and other equity securities of U.S. and non-U.S. companies, including depositary receipts. The Fund’s investments in non-U.S. securities may include investments in developed markets, as well as emerging and less developed markets. The U.S. companies in which the Fund invests generally have market capitalizations of at least $3 billion at the time of initial purchase, although the Fund may invest in a U.S. company with a lower market capitalization if it already holds a position in that company. There is no restriction on the size of the non-U.S. companies in which the Fund may invest. The Fund may also invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-U.S. companies without a direct investment in the underlying securities (called “participation certificates” in this prospectus, but may be called different names by issuers). 0.1136 0.1676 -0.018 0.1822 -0.021 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include:<ul type="square"><li style="margin-left:-20px"><blockquote> Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Foreign Investing Risks. Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The risks of foreign investments typically are greater in emerging and less developed markets. For example, many emerging markets governments participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Also, because foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in U.S. dollars, the values of the Fund’s non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar. The Fund usually does not hedge against possible variations in exchange rates, but, in limited circumstances, exposure to a particular currency that Artisan believes is overvalued may be hedged if the Fund has, or is initiating, positions in securities traded in that currency.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Medium-Sized Company Risks. Stocks of medium-sized companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. During some periods, stocks of medium-sized companies, as an asset class, have underperformed the stocks of small and large companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Growth Investing Risks. Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth Artisan anticipated.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Participation Certificates Risks. Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions. </blockquote></li></ul> -0.016 -0.0157 -0.0369 -0.0309 -0.0289 This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 0.0094 The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt.For Periods Ended 12/31/12 0.0984 0.0881 0.0094 PORTFOLIO TURNOVER 0.0843 0.084 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28.17% of the average value of its portfolio. 0.0432 0.0527 0.0313 155 -0.0351 -0.0371 155 PRINCIPAL RISKS -0.03 0 -0.0092 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include: <ul type="square"><li style="margin-left:-20px"><blockquote>Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Small Company Risks. Stocks of small companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, small companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Small companies may have a shorter history of operations, less access to financing, and a less diversified product line – making them more susceptible to market pressures and more likely to have a volatile stock price. During some periods, stocks of small companies, as an asset class, have underperformed the stocks of larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Value Investing Risks. Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level Artisan considers its intrinsic value.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> 0 0 482 675 Calendar Year by Year Total Returns 0.0901 0.0023 -0.0467 PERFORMANCE 0.052 0.0578 0.0004 0.0619 1222 833 1823 Calendar Year by Year Total Returns 2716 0.0005 0.0005 0.0122 Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. 0.0103 2006-06-26 0.0927 2006-06-26 0.0866 2006-06-26 0.0818 0.0951 This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 2008-06-02 0.0821 0.0777 0.0974 Best Quarter                                                                20.88%                   (quarter ended 3/31/2012) Worst Quarter                                                            -29.83%                   (quarter ended 12/31/2008) INVESTMENT OBJECTIVE Artisan Global Opportunities Fund seeks maximum long-term capital growth. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. Best Quarter                                                                22.76%                   (quarter ended 6/30/2009) Worst Quarter                                                            -24.29%                   (quarter ended 12/31/2008) Shareholder Fees (fees paid directly from your investment): Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): -0.2926 0.3337 0.1618 0.015 Average Annual Total Returns (For Periods Ended 12/31/2012) 0.1898 The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. For Periods Ended 12/31/12 The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt.For Periods Ended 12/31/12 EXPENSE EXAMPLE The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 43.30% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES Average Annual Total Returns (For Periods Ended 12/31/2012) PRINCIPAL RISKS Best Quarter Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. PERFORMANCE 0.2083 Calendar Year by Year Total Returns 2012-03-31 Worst Quarter -0.2821 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan's ability to choose suitable investments for the Fund has a significant impact on the Fund's ability to achieve its investment objective. The Fund's principal risks include:<ul type="square"><li style="margin-left:-20px"><blockquote>Stock Market Risks. The value of a company's stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Foreign Investing Risks. Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The risks of foreign investments typically are greater in emerging and less developed markets. For example, many emerging markets governments participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Also, because foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in U.S. dollars, the values of a Fund's non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar. The Fund usually does not hedge against possible variations in exchange rates, but, in limited circumstances, exposure to a particular currency that Artisan believes is overvalued may be hedged if the Fund has, or is initiating, positions in securities traded in that currency.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Small and Medium-Sized Company Risks. Stocks of small and medium-sized companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Small companies may have a shorter history of operations, less access to financing, and a less diversified product line – making them more susceptible to market pressures and more likely to have a volatile stock price. During some periods, stocks of small and medium-sized companies, as an asset class, have underperformed the stocks of larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Value Investing Risks. Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company's stock may never reach the level Artisan considers its intrinsic value.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund's overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Participation Certificates Risks. Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund's shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> 2008-12-31 Best Quarter Best Quarter                                                                22.16%                   (quarter ended 9/30/2009) Worst Quarter                                                            -24.21%                   (quarter ended 12/31/2008) 2009-06-30 PERFORMANCE Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. Average Annual Total Returns (For Periods Ended 12/31/2012) Calendar Year by Year Total Returns 0.2059 Worst Quarter 2008-12-31 -0.2292 The following table shows the average annual total returns and the change in value of a broad-based market index over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to a broad measure of market performance. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. For Periods Ended 12/31/12 0.1898 0.1882 0.1251 0.1613 Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. 0.4786 1995-12-28 1995-12-28 0.2823 1995-12-28 1997-07-01 -0.0656 0.2978 0.0577 0.0553 0.049 -0.0116 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. 0.0491 0.0468 0.0416 -0.0175 2007-12-10 2007-12-10 2007-12-10 1995-03-28 1995-03-28 1995-03-28 Best Quarter                                                                27.42%                   (quarter ended 6/30/2003) Worst Quarter                                                            -17.81%                   (quarter ended 9/30/2011) Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. -0.0155 Average Annual Total Returns (For Periods Ended 12/31/2012) Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Best Quarter 2012-03-31 0.2088 Worst Quarter This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 2008-12-31 -0.2983 Artisan employs a fundamental investment process to construct a diversified portfolio of medium-sized U.S. companies that Artisan believes are undervalued, in solid financial condition and have attractive business economics. Artisan believes companies with these characteristics are less likely to experience eroding values over the long term. <ul type="square"><li style="margin-left:-20px"><blockquote>Attractive Valuation. Artisan values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that Artisan believes would be reasonable. Artisan generally will purchase a security if the stock price falls below or toward the lower end of that range.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Sound Financial Condition. Artisan favors companies with an acceptable level of debt and positive cash flow. At a minimum, Artisan tries to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies’ shareholders.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Attractive Business Economics. Artisan favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle.</blockquote></li></ul> The Fund often finds investment opportunities in companies that have one or more of the following characteristics: <ul type="square"><li style="margin-left:-20px"><blockquote>Turnarounds. At times, the Fund invests in companies that have had poor results due to company-specific and/or industry-wide conditions that Artisan believes will not continue indefinitely.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Companies in Transition. A company’s stock price may not reflect positive change in the business, such as new management, new products or a cyclical uptrend in an industry. Artisan tries to identify investments for the Fund ahead of broad recognition of changes that may be expected to cause the stock’s price to rise.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Companies with Hidden Assets and Unrecognized Companies. Undervalued real estate, unrecognized business lines and other “hidden” assets may not be given enough credit by investors, providing investment opportunities for the Fund. Sometimes a company is little known to the investing public or lacks a following among investors, so it becomes undervalued.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Earnings Shortfalls. The Fund may invest in a company, in a group or industry that is out of favor, or whose earnings have disappointed, causing its stock price to drop below Artisan’s estimate of the value of the business and creating the potential for patient investors to benefit when those earnings improve.</blockquote></li></ul> The Fund invests primarily in U.S. companies and, under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of medium-sized companies. The Fund defines a medium-sized company as one with a market capitalization greater than the market capitalization of the smallest company in the Russell Midcap® Index and less than three times the weighted average market capitalization of companies in that Index. The Fund will generally not initiate a position in a company unless it has a market capitalization between $2 billion and $15 billion. PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL RISKS 0.2282 0.2256 0.1518 0.2305 0.4352 <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanEmergingMarketsFundBarChart column period compact * ~</div> ARTISAN MID CAP FUND Investor – ARTMX                                                  Institutional – APHMX Best Quarter                                                                20.83%                   (quarter ended 3/31/2012) Worst Quarter                                                            -28.21%                   (quarter ended 12/31/2008) The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account or to investors who are tax-exempt. For Periods Ended 12/31/12 This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Average Annual Total Returns (For Periods Ended 12/31/2012) 0.6613 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include: <ul type="square"><li style="margin-left:-20px"><blockquote>Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Medium-Sized Company Risks. Stocks of medium-sized companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. During some periods, stocks of medium-sized companies, as an asset class, have underperformed the stocks of small and large companies.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Value Investing Risks. Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level Artisan considers its intrinsic value.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> “Acquired Fund Fees and Expenses” shown are for the fiscal year ended September 30, 2012 and are indirect expenses the Fund may incur from investing in an investment company (acquired fund). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above will not correlate to the ratio of expenses to average net assets shown in the “Financial Highlights” in the Fund’s statutory prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. 800.344.1770 Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Best Quarter                                                                23.07%                   (quarter ended 6/30/2003) Worst Quarter                                                            -22.13%                   (quarter ended 9/30/2008) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account or to investors who are tax-exempt. 0.221 0.0697 Artisan employs a fundamental investment process to construct a diversified portfolio of U.S. mid-cap growth companies. The Fund’s investment process focuses on two distinct areas – security selection and capital allocation. Security Selection Artisan’s investment process attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle.<ul type="square"><li style="margin-left:-20px"><blockquote> Franchise Characteristics. These are characteristics that Artisan believes help to protect a company’s stream of cash flow from the effects of competition. Artisan looks for companies with at least two of the following characteristics: low cost production capability, possession of a proprietary asset, dominant market share, or a defensible brand name.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Attractive Valuations. Through its own fundamental research, Artisan estimates the amount a private market buyer would pay to buy the entire company (the company’s “intrinsic value” or “private market value”) and considers whether to purchase a stock if it sells at a discount to that estimate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Accelerating Profit Cycle. The Fund tries to invest in companies that are well positioned for long-term growth, at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle. Companies that Artisan believes are well positioned for long-term growth typically have predictable streams of cash flow through real growth in demand for their products or services and appear to be well positioned to take advantage of opportunities in their markets.</blockquote></li></ul>Capital Allocation: Garden, Crop, Harvest® Investing The second element of the Fund’s investment process is capital allocation. Artisan divides the portfolio into three parts: <ul type="square"><li style="margin-left:-20px"><blockquote> GardenSM investing is where the investment process usually begins. Garden investments generally are smaller positions in companies that Artisan believes have a good franchise, attractive valuation and accelerating earnings, but that are at too early a stage in their profit cycle to be confident the investment will be successful.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>CropSM investments form the segment of the portfolio intended to hold the companies that are moving into the strongest part of their profit cycles. Through a detailed investment analysis, Artisan determines what it believes is necessary for a company to continue to generate positive earnings. When a company begins to perform consistently with Artisan’s expectations, Artisan generally will increase the Fund’s position in that company and move the stock from Garden investments into Crop investments.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> When a company’s profit cycle begins to decelerate, or a stock is approaching Artisan’s estimate of full valuation, Artisan generally moves the stock into HarvestSM investments, and reduces the size of the position.</blockquote></li></ul>The Fund invests primarily in U.S. companies and, under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of medium-sized companies. The Fund defines a medium-sized company as one with a market capitalization greater than the market capitalization of the smallest company in the Russell Midcap® Index and less than three times the weighted average market capitalization of companies in the Index. The Fund generally maintains a weighted average market capitalization of not more than 1.5 times the weighted average market capitalization of the companies included in the Russell Midcap® Index. The Fund may invest in the securities of non-U.S. companies, but only if the securities are purchased or sold in the U.S. The Fund’s maximum investment in those securities, including without limitation depositary receipts, is 10% of the Fund’s total assets at market value at the time of purchase. “Acquired Fund Fees and Expenses” shown are for the fiscal year ended September 30, 2012 and are indirect expenses the Fund may incur from investing in an investment company (acquired fund). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above will not correlate to the ratio of expenses to average net assets shown in the “Financial Highlights” in the Fund’s statutory prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. 0.0692 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include:<ul type="square"><li style="margin-left:-20px"><blockquote>Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Medium-Sized Company Risks. Stocks of medium-sized companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, medium-sized companies typically may have analyst coverage by fewer brokerage firms –meaning they may trade at prices that reflect incomplete or inaccurate information. During some periods, stocks of medium-sized companies, as an asset class, have underperformed the stocks of small and large companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Growth Investing Risks. Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth Artisan anticipated.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Foreign Investing Risks. Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> 0.0331 0.2817 800.344.1770 This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. -0.4393 www.artisanfunds.com 0.4414 0.2051 The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. 0.0699 Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 0.1784 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. Best Quarter 0.2276 2009-06-30 Best Quarter Worst Quarter Best Quarter                                                                20.59%                   (quarter ended 6/30/2009) Worst Quarter                                                            -22.92%                   (quarter ended 12/31/2008) 2009-09-30 -0.2429 0.2216 2008-12-31 Worst Quarter 2008-12-31 -0.2421 Average Annual Total Returns (For Periods Ended 12/31/2012) www.artisanfunds.com 0.0482 0.0458 0.0407 0.0502 February 1, 2014 0.1444 0.1375 0.1276 0 0.433 0.1468 0.1301 0.1401 0.0568 2002-09-23 2006-10-01 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. 800.344.1770 www.artisanfunds.com Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. 0.1732 0.1769 -0.0369 -0.0434 0.0821 0.0857 ARTISAN EMERGING MARKETS FUND Institutional – APHEX                                                  Advisor – ARTZX 0.0868 0.0898 INVESTMENT OBJECTIVE Artisan Emerging Markets Fund seeks maximum long-term capital growth. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment): Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): EXPENSE EXAMPLE The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 2002-09-23 2002-09-23 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 38.19% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES Artisan employs a fundamental research process to construct a diversified portfolio of emerging market companies. The Fund's investment process focuses on identifying companies that are priced at a discount relative to Artisan's estimate of their sustainable earnings.<ul type="square"><li style="margin-left:-20px"><blockquote>Sustainable Earnings. Artisan believes that over the long-term a stock's price is directly related to the company's ability to deliver sustainable earnings. Artisan determines a company's sustainable earnings based upon financial and strategic analyses. Artisan's financial analysis of a company's balance sheet, income statement, and statement of cash flows focuses on identifying historical drivers of return on equity. Artisan's strategic analysis examines a company's competitive advantages and financial strength to assess sustainability.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Valuation. Artisan believes that investment opportunities develop when businesses with sustainable earnings are under-valued relative to peers and historical industry, country and regional valuations. Artisan values a business and develops a price target based on Artisan's assessment of the business's sustainable earnings and cash flow expectations and Artisan's risk analysis.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Risk Analysis. Artisan believes that a disciplined risk framework allows greater focus on fundamental stock selection. Artisan incorporates its assessment of company-specific and macroeconomic risks into its valuation analysis to develop a risk-adjusted target price. Artisan's risk-rating assessment includes a review of the currency, inflation, monetary and fiscal policy and political risks to which a company is exposed.</blockquote></li></ul>Under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in equity securities of issuers domiciled, headquartered, or whose primary business activities or principal trading markets are in emerging and less developed markets. The Fund invests in common stocks and other equity securities of companies across a broad market capitalization range. The Fund may also invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-U.S. companies without a direct investment in the underlying securities (called "participation certificates" in this prospectus, but may be called different names by issuers). PRINCIPAL RISKS ARTISAN SMALL CAP FUND Investor – ARTSX                                                  Institutional – APHSX ARTISAN GLOBAL VALUE FUND Investor – ARTGX                                                  Institutional – APHGX INVESTMENT OBJECTIVE Artisan Global Value Fund seeks maximum long-term capital growth. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment): 0.2914 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): PORTFOLIO TURNOVER The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. For Periods Ended 12/31/12 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 22.34% of the average value of its portfolio. 0.5659 0.1776 EXPENSE EXAMPLE The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.1627 0.3226 PRINCIPAL INVESTMENT STRATEGIES 0 0 0.1009 Artisan employs a fundamental investment process to construct a diversified portfolio of securities of undervalued U.S. and non-U.S. companies. The Fund’s investment process focuses on identifying what Artisan considers to be high quality, undervalued businesses that offer the potential for superior risk/reward outcomes. Artisan’s in-depth research process focuses on four key investment characteristics: <ul type="square"><li style="margin-left:-20px"><blockquote>Undervaluation. Determining the intrinsic value of the business is the heart of Artisan’s research process. Artisan believes that intrinsic value represents the amount that a buyer would pay to own a company’s future cash flows. Artisan seeks to invest at a significant discount to Artisan’s estimate of the intrinsic value of a business.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Business Quality. Artisan seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Financial Strength. Artisan believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Shareholder-Oriented Management. Artisan’s research process attempts to identify management teams with a history of building value for shareholders.</blockquote></li></ul>Companies that make it through this analytical process are ranked at the time the position is initiated according to the degree of the discount of the current market price of the stock to Artisan’s estimate of the company’s intrinsic value. Artisan assembles the portfolio by taking larger positions in companies where the discount is greatest and smaller positions in companies with narrower discounts (subject to adjustments for appropriate diversification and risk management). Weightings of securities are re-adjusted periodically and are subject to investment related considerations, including diversification and liquidity. The focus of the investment process is on individual companies, not on selection of countries or regions. Under normal market conditions, the Fund primarily invests in common stocks and other equity securities, both within and outside the U.S. The Fund may also invest in emerging and less developed markets. From time to time, Artisan may conclude that a security other than an equity presents a more attractive risk/reward profile. So, the Fund may invest to a limited extent in debt securities (including lower-rated securities) and convertible debt securities of U.S. or non-U.S. issuers that meet the Fund’s investment criteria. The Fund may invest in debt securities of any maturity. The Fund may also invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-U.S. companies without a direct investment in the underlying securities (called “participation certificates” in this prospectus, but may be called different names by issuers). The Fund invests in U.S. and non-U.S. companies with market capitalizations of at least $2 billion at the time of initial purchase, although the Fund may invest in a company with a lower market capitalization if it already holds a position in that company. 0.2556 PRINCIPAL RISKS 0 0.3446 0 0.1973 -0.0067 -0.4696 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include:<ul type="square"><li style="margin-left:-20px"><blockquote>Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Foreign Investing Risks. Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The risks of foreign investments typically are greater in emerging and less developed markets. For example, many emerging markets governments participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Also, because foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in U.S. dollars, the values of the Fund’s non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar. The Fund usually does not hedge against possible variations in exchange rates, but, in limited circumstances, exposure to a particular currency that Artisan believes is overvalued may be hedged if the Fund has, or is initiating, positions in securities traded in that currency.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Medium-Sized Company Risks. Stocks of medium-sized companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. During some periods, stocks of medium-sized companies, as an asset class, have underperformed the stocks of small and large companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Value Investing Risks. Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level Artisan considers its intrinsic value.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Participation Certificates Risks. Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Debt Securities Risks. Debt securities in which the Fund invests may be unrated or lower-rated including those with the lowest investment grade rating (often called “junk bonds”), and may have a risk profile closer to that of an equity security. On balance, debt securities that are below investment grade or unrated generally are considered predominately speculative with respect to the issuer’s capacity to pay interest and repay principal according to the terms of the obligation and, therefore, carry greater investment risk, including the possibility of default and bankruptcy. They are likely to be less marketable and more adversely affected by economic downturns than high-quality debt securities. The Fund may invest in debt securities without considering the maturity of the instrument. Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities can be more sensitive to interest rate changes. As a result, changes in interest rates in the U.S. and outside the U.S. may affect the Fund’s debt investments unfavorably.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Convertible Securities Risks. Investing in convertible securities subjects the Fund to the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund. In addition, if the value of the equity security underlying the convertible security declines enough, the convertible security is more likely to be valued as a debt security.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> -0.3011 0.3977 PERFORMANCE 0.0591 This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 0.3347 -0.0726 Calendar Year by Year Total Returns 0.189 Best Quarter                                                                22.60%                   (quarter ended 6/30/2009) Worst Quarter                                                            -18.12%                   (quarter ended 12/31/2008) 0.2539 Average Annual Total Returns (For Periods Ended 12/31/2012) -0.0714 The following table shows the average annual total returns and the change in value of a broad-based market index over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to a broad measure of market performance. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. For Periods Ended 12/31/12 0.2282 Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. February 1, 2014 0.0072 0.2234 0.0072 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. 0 The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. 0 800.344.1770 800.344.1770 www.artisanfunds.com Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include: <ul type="square"><li style="margin-left:-20px"><blockquote>Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Foreign Investing Risks. Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The risks of foreign investments typically are greater in emerging and less developed markets. For example, political and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. High levels of national debt tend to make such markets also heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Also, because foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in U.S. dollars, the values of the Fund’s non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar. The Fund usually does not hedge against possible variations in exchange rates, but, in limited circumstances, exposure to a particular currency that Artisan believes is overvalued may be hedged if the Fund has, or is initiating, positions in securities traded in that currency. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Small and Medium-Sized Company Risks. Stocks of small and medium-sized companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Small companies may have a shorter history of operations, less access to financing, and a less diversified product line – making them more susceptible to market pressures and more likely to have a volatile stock price. During some periods, stocks of small and medium-sized companies, as an asset class, have underperformed the stocks of larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Growth Investing Risks. Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth Artisan anticipated.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Participation Certificates Risks. Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> 0.0034 Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. 0.0007 www.artisanfunds.com 0.0106 Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. 0.0079 The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 800.344.1770 PERFORMANCE www.artisanfunds.com Best Quarter 2009-06-30 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund's Institutional Shares has varied over time. The performance of Advisor Shares of the Fund would be lower because of the higher expenses paid by Advisor Shares of the Fund. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. The “Return after taxes on distributions and sale of Fund shares” for the five-year period ended December 31, 2012 is greater than the “Return before taxes” because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable capital gains. Best Quarter 0.5539 2009-06-30 Best Quarter 0.226 2003-06-30 Worst Quarter -0.1812 0.2786 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. 2008-12-31 Calendar Year by Year Total Returns 0.2042 Best Quarter                                                                38.34%                   (quarter ended 6/30/2009) Worst Quarter                                                            -30.65%                   (quarter ended 12/31/2008) “Acquired Fund Fees and Expenses” shown are for the fiscal year ended September 30, 2012 and are indirect expenses the Fund may incur from investing in an investment company (acquired fund). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above will not correlate to the ratio of expenses to average net assets shown in the “Financial Highlights” in the Fund’s statutory prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. The following bar chart shows how the performance of the Fund's Investor Shares has varied over time. Average Annual Total Returns (For Periods Ended 12/31/2012) 800.344.1770 www.artisanfunds.com <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanGlobalValueFundBarChart column period compact * ~</div> Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. 0.2691 Worst Quarter 2008-12-31 -0.2774 “Acquired Fund Fees and Expenses” shown are for the fiscal year ended September 30, 2012 and are indirect expenses the Fund may incur from investing in an investment company (acquired fund). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above will not correlate to the ratio of expenses to average net assets shown in the “Financial Highlights” in the Fund’s statutory prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Best Quarter 0.6956 2003-06-30 0.2742 The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Worst Quarter The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. 2011-09-30 The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. -0.1781 800.344.1770 Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanInternationalFundBarChart column period compact * ~</div> 800.344.1770 0 0 www.artisanfunds.com The following table shows the average annual total returns and the change in value of a broad-based market index over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to a broad measure of market performance. After-tax returns are shown only for Institutional Shares, and the after-tax returns for Advisor Shares will vary from Institutional Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The “Return after taxes on distributions and sale of Fund shares” for the five-year period ended December 31, 2012 is greater than the “Return before taxes” because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable capital gains. Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. For Periods Ended 12/31/12 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanSmallCapValueFundBarChart column period compact * ~</div> After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. 0.2307 Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. 108 -0.2213 81 2008-09-30 337 252 Worst Quarter 585 439 1294 978 “Acquired Fund Fees and Expenses” shown are for the fiscal year ended September 30, 2012 and are indirect expenses the Fund may incur from investing in an investment company (acquired fund). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above will not correlate to the ratio of expenses to average net assets shown in the “Financial Highlights” in the Fund’s statutory prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. -0.0001 -0.0093 0.3819 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. The following bar chart shows how the performance of the Fund's Institutional Shares has varied over time. <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanInternationalValueFundBarChart column period compact * ~</div> 800.344.1770 www.artisanfunds.com Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. The “Return after taxes on distributions and sale of Fund shares” for the five-year period ended December 31, 2012 is greater than the “Return before taxes” because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable capital gains. Best Quarter 0.0226 2009-06-30 -0.3748 0.3834 Worst Quarter 2008-12-31 0.3551 0.1132 -0.3065 0.0549 0.1365 <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanSmallCapFundBarChart column period compact * ~</div> -0.02 -0.02 ARTISAN INTERNATIONAL VALUE FUND Investor – ARTKX                                                  Institutional – APHKX 0 0 <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanMidCapFundBarChart column period compact * ~</div> This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund's Investor Shares has varied over time.Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund's performance to broad measures of market performance. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. For Periods Ended 12/31/12 0.1365 0.1353 0.0904 0.1395 0.1642 After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. 0.318 The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. 0.0249 0.0235 0.021 0 0.0192 0.0401 0.035 0.0323 0.058 0.0373 The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. 2006-03-27 2006-03-27 2006-03-27 2011-07-26 The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleExpenseExampleTransposedArtisanMidCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanMidCapValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanValueFundBarChart column period compact * ~</div> www.artisanfunds.com Calendar Year by Year Total Returns 0.1751 0.0059 0.0247 ARTISAN INTERNATIONAL SMALL CAP FUND Investor – ARTJX INVESTMENT OBJECTIVE Artisan International Small Cap Fund seeks maximum long-term capital growth. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment): Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): EXPENSE EXAMPLE The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 42.01% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES Artisan employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a portfolio of small non-U.S. growth companies. Artisan seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential.<ul type="square"><li style="margin-left:-20px"><blockquote>Themes. Artisan identifies long-term secular (as opposed to cyclical) growth trends with the objective of investing in companies that have meaningful exposure to these trends. Artisan’s fundamental analysis focuses on those industry leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Sustainable Growth. Artisan applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. Artisan seeks high-quality companies that typically have a sustainable competitive advantage, a superior business model and a high-quality management team.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Valuation. Artisan uses multiple valuation metrics to establish a target price range. Artisan assesses the relationship between its estimate of a company’s sustainable growth prospects and its current valuation.</blockquote></li></ul>The Fund invests in developed markets, as well as emerging and less developed markets. Investments in emerging and less developed markets are limited to no more than 50% of the Fund’s total assets at market value at the time of purchase. Under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in common stocks and other equity securities of small non-U.S. companies. A “small” company for this purpose is one with a market capitalization of less than $4 billion at the time of the Fund’s investment. Some of these companies, although small by U.S. standards, might rank among the largest in their countries by market capitalization. The Fund may also invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-U.S. companies without a direct investment in the underlying securities (called “participation certificates” in this prospectus, but may be called different names by issuers). PRINCIPAL RISKS Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. Artisan’s ability to choose suitable investments for the Fund has a significant impact on the Fund’s ability to achieve its investment objective. The Fund’s principal risks include: <ul type="square"><li style="margin-left:-20px"><blockquote>Stock Market Risks. The value of a company’s stock may rise or fall in response to company, market, economic or other news.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Foreign Investing Risks. Foreign stocks as an asset class may underperform U.S. stocks, and foreign stocks may be more volatile than U.S. stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks. The risks of foreign investments typically are greater in emerging and less developed markets. For example, many emerging markets governments participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Also, because foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in U.S. dollars, the values of the Fund’s non-U.S. investments will be affected favorably or unfavorably by changes in currency exchange rates relative to the U.S. dollar. The Fund usually does not hedge against possible variations in exchange rates, but, in limited circumstances, exposure to a particular currency that Artisan believes is overvalued may be hedged if the Fund has, or is initiating, positions in securities traded in that currency. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Small and Medium-Sized Company Risks. Stocks of small and medium-sized companies tend to be more volatile and less liquid than stocks of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Small companies may have a shorter history of operations, less access to financing, and a less diversified product line – making them more susceptible to market pressures and more likely to have a volatile stock price. During some periods, stocks of small and medium-sized companies, as an asset class, have underperformed the stocks of larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Growth Investing Risks. Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth Artisan anticipated.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> Risks of Emphasizing a Region, Sector or Industry. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Participation Certificates Risks. Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Impact of Actions by Other Shareholders. The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</blockquote></li></ul> PERFORMANCE This section provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Calendar Year by Year Total Returns Best Quarter                                                                34.35%                   (quarter ended 6/30/2009) Worst Quarter                                                            -27.18%                   (quarter ended 9/30/2008) Average Annual Total Returns (For Periods Ended 12/31/2012) The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns depend on your own tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt.For Periods Ended 12/31/12 0.4201 Like all mutual funds that invest primarily in stocks, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund. The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares in a tax-deferred account, or to investors who are tax-exempt. Best Quarter 2009-06-30 0.3435 Worst Quarter 2008-09-30 -0.2718 0 0 -0.02 0.0125 0 0.0025 0.015 <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleShareholderFeesArtisanInternationalSmallCapFund column period compact * ~</div> 153 474 818 1791 0.63 0.257 0.2571 0.3318 0.2538 -0.5137 0.5813 0.1438 -0.1521 0.3467 0.3446 0.2281 0.3467 0.1732 0.2 0.0009 -0.0008 0.0002 -0.0369 -0.0086 0.1576 0.1436 0.1369 0.0821 0.1193 0.1413 0.1287 0.1227 0.0598 0.1016 <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleExpenseExampleTransposedArtisanInternationalSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAnnualTotalReturnsArtisanInternationalSmallCapFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.artisanfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedArtisanInternationalSmallCapFund column period compact * ~</div> 2001-12-21 2001-12-21 2001-12-21 800.344.1770 www.artisanfunds.com Updated Fund performance information may be obtained by calling 800.344.1770 or visiting www.artisanfunds.com. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. February 1, 2014 After-tax returns are shown only for Institutional Shares, and the after-tax returns for Advisor Shares will vary from Institutional Shares. 2010-03-29 1997-09-29 1997-09-29 After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. 1995-03-28 1995-03-28 “Acquired Fund Fees and Expenses” shown are for the fiscal year ended September 30, 2012 and are indirect expenses the Fund may incur from investing in an investment company (acquired fund). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above will not correlate to the ratio of expenses to average net assets shown in the “Financial Highlights” in the Fund’s statutory prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. 2007-12-10 After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. 2001-03-28 2001-03-28 0.4621 Effective January 31, 2013, the Fund’s secondary benchmark was changed from the MSCI EAFE Growth index to the MSCI ACWI (All Country World Index) Ex U.S. Index, which will provide an appropriate comparison in light of the Fund’s investment strategy. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. 2001-12-21 2001-12-21 After-tax returns are shown only for Investor Shares, and the after tax returns for Institutional Shares will vary from Investor Shares. APHEX ARTZX ARTQX APHQX ARTIX APHIX 2006-06-26 ARTSX APHSX ARTVX APHVX ARTLX APHLX 2006-03-27 2006-03-27 1995-12-28 1995-12-28 ARTHX ARTRX APHRX 2008-09-22 ARTGX APHGX APHKX ARTKX APHMX ARTMX 1997-06-27 1997-06-27 2002-09-23 2002-09-23 ARTJX The following table shows the average annual total returns and the change in value of two broad-based market indices over various periods ended December 31, 2012. The index information is intended to permit you to compare the Fund's performance to broad measures of market performance. "Acquired Fund Fees and Expenses" shown are for the fiscal year ended September 30, 2012 and are indirect expenses the Fund may incur from investing in an investment company (acquired fund). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above will not correlate to the ratio of expenses to average net assets shown in the "Financial Highlights" in the Fund's statutory prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Because the Fund's Institutional Shares do not have a full calendar year of performance, the information provided represents the returns of the Fund's Investor Shares. Institutional Shares and Investor Shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities. The performance of Institutional Shares may be different from the performance of Investor Shares because the expense ratios associated with each class may be different. (as a percentage of amount redeemed or exchanged within 90 days or less) Artisan Partners Limited Partnership, the Fund's investment adviser ("Artisan Partners"), has contractually agreed to reimburse the Fund for its management fee 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 its average daily net assets. This contract continues through February 1, 2014, at which time Artisan Partners will determine whether to renew, revise or discontinue it. "Acquired Fund Fees and Expenses" shown are for the fiscal year ended September 30, 2012 and are indirect expenses the Fund may incur from investing in an investment company (acquired fund). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above will not correlate to the ratio of expenses to average net assets shown in the "Financial Highlights" in the Fund's statutory prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Artisan Partners Limited Partnership, the Fund's investment adviser ("Artisan Partners"), has contractually agreed to reimburse the Fund for its management fee 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 its average daily net assets. This contract continues through February 1, 2014, at which time Artisan Partners will determine whether to renew, revise or discontinue it. Effective January 31, 2013, the Fund's secondary benchmark was changed from the MSCI EAFE Growth index to the MSCI ACWI (All Country World Index) Ex U.S. Index, which will provide an appropriate comparison in light of the Fund's investment strategy. Artisan Partners Limited Partnership, the Fund's investment adviser ("Artisan Partners"), has contractually agreed to reimburse the Fund for its management fee 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 its average daily net assets. This contract continues through February 1, 2014, at which time Artisan Partners will determine whether to renew, revise or discontinue it. 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