|Global Small Cap||$0.0092||$0.0207||None||$0.0299|
|International Small Cap||$0.1248||$0.0698||$1.5371||$1.7317|
|Mid Cap Value||$0.1097||$0.1183||$0.9755||$1.2035|
|Small Cap Value||$0.0440||$0.1436||$0.5139||$0.7015|
General Tax Information
Whether reinvested in additional shares or taken in cash, mutual fund shareholders are responsible for taxes on all ordinary income and capital gains distributions. For federal income tax purposes, the Fund's distributions of net investment income and short-term capital gains are taxable to shareholders as ordinary income. The character of short-term capital gains does not pass through to shareholders. Instead, those gains are taxable to each shareholder as ordinary income. Additionally, shareholders will not be able to use any capital losses to offset those gains. Distributions of long-term capital gains generally are taxable to each shareholder as long-term capital gains. This data is for informational purposes only. Every year in January shareholders are sent a Form 1099-DIV which provides the federal tax status of dividends and distributions received during the calendar year. We recommend that Artisan shareholders consult their tax advisor for assistance with how this information will impact their specific tax situation.
These estimations and general tax information do not constitute, and should not be considered a substitute for, tax or legal advice. The rules governing the proper tax characterization of distributions by mutual funds can be complex. Each fund shareholder should consult his or her own tax advisor regarding the proper tax characterization and reporting of the fund's distributions.
Impact of Actions by Other Shareholders
Each 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. Shareholder purchase and redemption activity may affect the per share amount of a 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.
|Why may the price of a share decline when a distribution is made?|
|Does this decline in the net asset value mean my account is worth less?|
|Are fund distributions taxable?|
|When will I receive my IRS Form 1099-DIV?|
|When are distributions paid?|
|How do Artisan's international funds deal with foreign taxes?|
|What help can I receive from the IRS?|
|Do any Artisan Funds report income from Direct U.S. Government Obligations?|
|Q.||Why may the price of a share decline when a distribution is made?|
|A.||Throughout the year the net asset value of Fund shares (NAV) includes the Fund's net income and realized (and unrealized) gains and losses. When the Fund's net income or net realized gains are distributed to shareholders, the NAV is reduced by the amount of the distribution.|
|Q.||Does this decline in the net asset value mean my account is worth less?|
A distribution does not decrease the value of your account if distributions are reinvested. By reinvesting your distributions you buy additional shares on the day of the distribution. Because the total number of shares in your account increases in proportion to the value of the distribution, the additional shares compensate for the share price decline. If you elected to have distributions paid to you in cash, you have the same total value; however it's now in two places, the account and the cash you received.
Here's an example: Fund ABC has an NAV of $10. The Fund has realized a profit of $0.50 a share during the year from the sale of securities. When the $0.50 profit is paid to shareholders as a distribution, the NAV will decline to $9.50.
You either have more shares that were purchased with the $0.50 distribution, at $9.50 a share, or $0.50 per share paid out directly to you if you did not elect reinvestment of distributions. Look at the two tables that follow showing the before and after value of an account that reinvests distributions and one that has them paid out.
Example: "Reinvested Distributions"
Example: "Distributions Paid Out"
Note: Distributions occur independently of price fluctuations in a fund. On the day the distribution is made, the value of the securities in the fund may go up or down and this price movement may affect the NAV of the fund.
|Q.||Are fund distributions taxable?|
|A.||In general, fund distributions are taxable for most non-retirement accounts and are not taxable for retirement accounts (IRAs, etc.). Reinvested dividends and dividends paid in cash are treated similarly. Consult your tax advisor or accountant to determine if your distributions are taxable.|
|Q.||When will I receive my IRS Form 1099-DIV?|
|A.||In general, Artisan Funds mails 1099-DIV forms in January.
Some accounts (including nontaxable accounts like IRAs) do not receive 1099-DIV forms.
|Q.||When are distributions paid?|
|A.||In general, dividends and capital gains are declared and distributed at least annually.
Click here for specific information.
|Q.||How do Artisan's international funds deal with foreign taxes?|
|A.||The Funds currently do not expect to pass through foreign tax credits. Instead, each Fund expects to take the deduction, such that the income distributed to shareholders (and reported on Form 1099-DIV) will be reduced by the amount of the foreign taxes paid.|
|Q.||What help can I receive from the IRS?|
|A.||Many of your tax questions can be answered by a visit to the Internal Revenue Service website or a phone call. To download forms, instructions and publications, you can access the IRS website at www.irs.gov. To receive recorded tax information, 24 hours a day, on a variety of federal tax topics, you can call 800.829.4477.|
|Q.||Do any Artisan Funds report income from Direct U.S. Government Obligations?|
|A.||None of the Artisan Funds report income from Direct U.S. Government Obligations.|