Investing in a Closed Fund

NOTE: Artisan International Small Cap, International Value, Mid Cap, Mid Cap Value, Small Cap, and Small Cap Value Funds are closed to most new investors. For Frequently Asked Questions regarding closed Artisan Funds, click here.

The following eligibility criteria apply to a Fund when it is closed. The Funds do not permit investors to pool their investments in order to meet the eligibility requirements, except as otherwise discussed below. Unless specified below, each individual in a pooled vehicle must meet one of the eligibility requirements set forth below.

If you are a shareholder in a Fund when it closes, you may make additional investments in that Fund and reinvest your dividends and capital gain distributions, even though the Fund has closed, unless Artisan Partners considers such additional purchases to be not in the best interests of the Fund in which that account is maintained and its other shareholders.

You may open a new account in a closed Fund only if that account meets the Funds' other criteria (for example, minimum initial investment) and:

You are already a shareholder (in your own name or as beneficial owner of shares held in someone else's name) (for example, a nominee, custodian or omnibus account holding shares for the benefit of an investor would not be eligible to open a new account for its own benefit or for the benefit of another customer, but the investor would be eligible to open a new account) of that Fund;
You are a shareholder with combined balances of $100,000 in any of the Artisan Funds (in your own name or as beneficial owner of shares held in someone else's name);
You receive shares of a closed Fund as a gift from an existing shareholder of the Fund (additional investments generally are not permitted unless you are otherwise eligible to open an account under one of the other criteria listed);
Your business or other organization is already a shareholder of the Fund and you are opening an account for an employee benefit plan sponsored by that organization or an affiliated organization;
You are transferring or "rolling over" into a Fund IRA account from an employee benefit plan through which you held shares of the Fund (if your plan doesn't qualify for rollovers you may still open a new account with all or part of the proceeds of a distribution from the plan);
You are an employee benefit plan sponsored by an organization that also sponsors (or is an affiliate of an organization that sponsors) another employee benefit plan account that is a shareholder of the Fund as of the date the Fund closed;
You are a director or officer of Artisan Funds, or a partner or employee of Artisan Partners or its affiliates, or a member of the immediate family of any of those people;
You are a client of Artisan Partners, you are a client of a consultant that has a business relationship with Artisan Partners, or you have an existing business relationship with Artisan Partners and, in the judgment of Artisan Partners, your investment in the Fund would not adversely affect Artisan Partners' ability to manage the Fund effectively;
You are a client of a financial advisor or a financial planner who had at least $500,000 of client assets invested with the Fund or at least $1,000,000 of client assets invested with Artisan Funds at the time of your application; or
You are purchasing Fund shares through a broker-dealer sponsored fee-based mutual fund program and shares of the Fund are offered through that program pursuant to a specific agreement with Artisan Funds or Artisan Distributors LLC and Artisan Funds or Artisan Distributors has notified the broker-dealer sponsor of that program, in writing, that shares may continue to be offered through such program and has not withdrawn that notification.

An employee benefit plan that is a Fund shareholder may continue to buy shares in the ordinary course of the plan's operations, even for new plan participants.

In order to further limit the growth of assets of Artisan International Small Cap Fund, Artisan Mid Cap Fund, Artisan Small Cap Fund and Artisan Small Cap Value Fund, those Funds will not accept most new accounts for employee benefit plans (including 401(k) and other types of defined contribution plans) that expect to have increasing assets over time, even if the plan would be eligible to open a new account under the guidelines set forth above, except in the case of certain plan or corporate acquisitions or reorganizations, or similar circumstances.

The Funds may ask you to verify that you meet one of the guidelines above prior to permitting you to open a new account in a closed Fund. The Funds may permit you to open a new account if the Funds reasonably believe that you are eligible. A Fund may also decline to permit you to open a new account if the Fund believes that doing so would be in the best interests of the Fund and its shareholders, even if you are eligible to open a new account under these guidelines.

The Funds' ability to impose the guidelines above with respect to accounts held by intermediaries may vary depending on the system capabilities of those intermediaries, applicable contractual and legal restrictions and cooperation of those intermediaries.

Call a Client Service Representative at 800.344.1770 if you have questions about your ability to invest in a closed Fund.

Investing in a Closed Fund FAQ's

For the main Investing in a Closed Fund page, click here.

Click on a question to go directly to its answer.

May existing shareholders make additional purchases into their established accounts after a Fund closes to new investors?

Will you totally close a Fund and not accept additional purchases from existing shareholders?

Will a closed Fund accept any new accounts?

Who is eligible to open a new account in a closed Fund?

When did Artisan close the Small Cap Value, Mid Cap, International Small Cap, Small Cap, Mid Cap Value, and International Value Funds?

Q.	May existing shareholders make additional purchases into their established accounts after a Fund closes to new investors?
A.	Yes, existing shareholders may make additional purchases into their established accounts after a Fund closes to new investors and may continue to reinvest dividends and capital gain distributions. Also, an employee benefit plan, such as a 401(k) or pension plan, that is a Fund shareholder may continue to buy shares in the ordinary course of the plan's operations, including shares for new plan participants.

Q.	Will you totally close a Fund and not accept additional purchases from existing shareholders?
A.	It is possible that a Funds' assets could reach a level at which we would consider additional restrictions to purchasing shares, including additional investments from existing shareholders.

Q.	Will a closed Fund accept any new accounts?
A.	A closed Fund may accept new accounts from investors who satisfy the eligibility requirements discussed in the prospectus, in the section titled "Who is Eligible to Invest in a Closed Artisan Fund?"

Q.	Who is eligible to open a new account in a closed Fund?
A.	Please see Investing in a Closed Fund for eligibility requirements.

Q.	When did Artisan close the Small Cap Value, Mid Cap, International Small Cap, Small Cap, Mid Cap Value, and International Value Funds?
A.	Artisan Small Cap Value Fund closed to most new investors on June 30, 2000, Artisan Mid Cap Fund closed to most new investors on March 11, 2002, Artisan International Small Cap Fund closed to most new investors on September 26, 2003, and Artisan Small Cap Fund closed to most new investors on December 17, 2004, Artisan Mid Cap Value Fund closed to most new investors on August 31, 2005, and Artisan International Value Fund closed to most new investors on March 30, 2007.

Prospectus

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