◾you beneficially own shares in the Funds with combined balances of $250,000;
This is similar to the way one can access PRWCX - with at least $250,000 invested at T. Rowe Price. At TRP, that could mean all assets owned through their brokerage, or it could mean only TRP accounts (it isn't clear to me).
The former would be similar to Fidelity ($1M in brokerage assets for Private Client status), while the latter would be similar to the Artisan Funds rule above and to Vanguard's rule ($1M in VG funds for Flagship status).
Note that with Artisan, being gifted one share to open an account won't work as intended:
◾you receive shares of the 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)

Canadian exchange TMX Group buys the rest of VettaFi. It bought 22% stake in January and is buying the remaining 78% now.
https://www.bnnbloomberg.ca/tmx-group-buying-78-stake-in-vettafi-it-doesn-t-already-own-for-1-15b-1.2011572
https://www.reuters.com/markets/deals/toronto-stock-exchange-operator-tmx-buys-remaining-stake-vettafi-848-mln-2023-12-14/
https://www.newswire.ca/news-releases/tmx-group-announces-agreement-to-acquire-vettafi-887290132.html

AAII Sentiment Survey, 12/13/23
BULLISH remained the top sentiment (51.3%; high) & bearish became the bottom sentiment (19.3%, low); neutral became the middle sentiment (29.4%, below average); Bull-Bear Spread was +32.0% (very high). Investor concerns: Budget; inflation; economy; the Fed; dollar; crypto regulations; market volatility (VIX, VXN, MOVE); Russia-Ukraine (94+ weeks); Israel-Hamas (9+ weeks); geopolitical. For the Survey week (Th-Wed), stocks were up, bonds up, oil flat, gold down, dollar down. The FED held rates & indicated possible cuts in late-2024. An everything-rally followed. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1285/thread

I'll believe it when I see it.
FMSDX (heavy bonds, smart-managed, they say) down 4% over 2y and up <3% the last 3mos; BND, STIP, BSV, VGIT: the longer down 8%-10% 2y and the shorter -2% / +2%, or for 3mos all up 1.5%-<4%. Rock on. Maybe I'll buy more?!

My reaction also, @WABAC. I see "quality" showing up in the names of numerous equity funds. For example, VettaFi lists 25 ETFs characterized as « quality factor. » (I don't know about bond funds.) Surely the managers of these strategies differ in their approaches to quality in the same way that "growth" or "value" managers differ in how they pursue their goals. M*’s use of the term in assessing a fund’s portfolio lacks the descriptiveness of measures such as size, momentum, yield, or volatility. Quality may be easier to assess after the fact, but its use as a predictor of performance might be unreliable.

@stillers,
Sorry, I read the OPs question rather than getting in any fund managed by Mr. Krug as to getting in a closed fund managed by Mr. Krug.
https://www.sec.gov/ix?doc=/Archives/edgar/data/935015/000119312523227441/d515026d497.htm#xx_1e50d048-f5f7-47a0-b2d4-07301b86b98f_2
The only way to purchase ARTFX as cited from the most recent prospectus:
Who is Eligible to Invest in a Closed Fund?
Artisan High Income Fund, Artisan International Small-Mid Fund and Artisan International Value Fund are closed to most new investors. From time to time, other Funds may also be closed to most new investors. The Funds do not permit investors to pool their investments in order to meet the eligibility requirements, except as otherwise noted below.
If you have been a shareholder in a Fund continuously since it closed, you may make additional investments in that Fund and reinvest your dividends and capital gain distributions in that Fund, even though the Fund has closed, unless Artisan Partners considers such additional purchases to not be in the best interests of the Fund and its other shareholders. 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.
You may open a new account in a closed Fund only if that account meets the Fund’s other criteria (for example, minimum initial investment) and:
◾you beneficially own shares of the closed Fund at the time of your application;
◾you beneficially own shares in the Funds with combined balances of $250,000;
◾you receive shares of the 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);
◾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 purchasing Fund shares through a sponsored fee-based program and shares of the Fund are made available to that program pursuant to an agreement with the Funds or Artisan Partners Distributors LLC and the Funds or Artisan Partners Distributors LLC has notified the sponsor of that program in writing that shares may be offered through such program and has not withdrawn that notification;
◾you are an employee benefit plan and the Funds or Artisan Partners Distributors LLC has notified the plan in writing that the plan may invest in the Fund and has not withdrawn that notification;
◾you are an employee benefit plan or other type of corporate, charitable or governmental account sponsored by or affiliated with an organization that also sponsors or is affiliated with (or is related to an organization that sponsors or is affiliated with) another employee benefit plan or corporate, charitable or governmental account that is a shareholder of the Fund at the time of application;
◾you are a client, employee or associate of an institutional consultant or financial intermediary and the Funds or Artisan Partners Distributors LLC has notified that consultant or financial intermediary in writing that you may invest in the Fund and has not withdrawn that notification;
◾you are a client of a financial advisor or a financial planner, or an affiliate of a financial advisor or financial planner, who has at least:
○$2,500,000 of client assets invested with the closed Fund at the time of your application; or
○$5,000,000 of client assets invested with the Funds or under Artisan Partners’ management at the time of your application and, with respect Artisan International Value Fund only, the Funds or Artisan Partners Distributors LLC has notified such financial advisor or financial planner, or affiliate of such financial advisor or financial planner, in writing, that that you may invest in the Fund and has not withdrawn that notification;
◾you are an institutional investor that is investing at least $5,000,000 in the Fund and the Fund or Artisan Partners Distributors LLC has notified you in writing that you may invest in the Fund and has not withdrawn that notification (available for investments in Artisan International Small-Mid Fund and Artisan International Value Fund only);
◾you are a client of Artisan Partners or are an investor in a product managed by Artisan Partners, or you have an existing business relationship with Artisan Partners, and in the judgment of Artisan Partners, your investment in a closed Fund would not adversely affect Artisan Partners’ ability to manage the Fund effectively; or
|
Prospectus—Artisan Partners Funds
155
◾you are a director or officer of the Funds, or a partner or employee of Artisan Partners or its affiliates, or a member of the immediate family of any of those persons...

Ah, thanks guys for the info. I thought maybe there was some shenanigans going on.

If you have access to streaming futures data, the time 1359-1402 is always fun on Fed day to see markets in action. The wibbles, spikes, drops, and microsecond volatility is *insane* as places jockey to position prior to the announcement and then after once it sinks in. 'Fading the rally' often was a great strategy in years past if I was tempted to play on Fed day instead of sitting and watching -- I'd sell S&P futures at a best-guess point higher and usually could be in/out of a nicely profitable trade in under a minute or two. Even better were the huge pops to the upside which then reversed over the next few hours during the press conference into the close. (of course that was before Big Algo(tm) took over trading desks and killed the fun of intraday futures trading....)

contrary opinion. if I had to pick this or voo and hold for next ten years I would pick voo. qlty is a high cost index fund. over 15 years the spy beat it.

QLTY is a month old fund and is an actively managed (not an index) fund. Not sure where you are getting your 15 year numbers and calling QLTY an index fund from.
GQETX a cousin of QLTY (a US equity fund) and is allocated 20% to International stocks. To give you the benefit of doubt, I compared GQETX with SPY (same as VOO) and its total return is slightly higher than that of SPY (let us call it even) over a past 15 years. However, over the life of GQETX and over the last 10 year period, GQETX handily beat SPY. GQETX is also less volatile.
As an opinion, one can pick VOO over QLTY for a future investment. Yes, one can have an opinion (contrary or concurring) about the future but it is not possible to have contrary (or alternate) facts about the past.
What is the purpose of the drive by shooting?

Nice piece today from Ben Inker, co-director of GMO's asset allocation team. Timed to reflect the launch of their US Quality ETF, Inker argues that "quality" is systemically mispriced - that is, underpriced in one market cycle after another - for both equities and high-yield bonds. As a result, "quality" should be considered an investor's one permanent bias in portfolio construction.

As GMO launches its first ETF, it seemed like a good time to share my thoughts on the market inefficiency that the strategy seeks to exploit ­– the quality anomaly. The basic goals of any active investor are to achieve higher returns and/or lower risk than a passive portfolio. These goals are, or at least should be, in conflict with each other. If financial markets were efficient, it would be impossible to sustainably achieve higher returns without taking on additional risk. And any portfolio that embodied lower risk would pay for it with lower long-term returns. At the highest level, markets basically work this way. Government bonds and cash are lower risk than high yield bonds and equities and have delivered lower returns across almost all markets and most time periods. But within risk assets, things get weird. Within both stocks and high yield bonds, you have historically been able achieve both higher returns and lower risk by owning the highest quality securities in those universes. This quality anomaly has been around for a long time and exists within multiple subsets of the equity universe. And for what it is worth, their opposite numbers have also been mispriced – low-quality stocks and CCC (and below) bonds have underperformed their broad universes despite their obviously greater downside in bad economic times. In an investing world where most trade-offs are difficult, this one is pretty easy. If you were going to have one permanent bias in your equity and high yield bond portfolios, it should be in favor of high quality.

He looks at the returns and volatility for higher quality vs lower quality in US stocks, high-yield (BB vs CCC) bonds, small cap stocks, global stocks and value stocks.
Looking over a 20-year period, higher quality stocks in various classes return maybe 400-550 bps more than low quality stocks yet suffer something like 400 bps less in volatility.
I've included a link, but I suspect you'll hit a wall. Happily, at least in my case, registration was free and quick. The argument is worth considering.

YBB Notes
Rates were maintained - fed funds 5.25-5.50%, bank reserves rate 5.4%, discount rate 5.5%. Rates are at/near peak. Rate cuts are possible in late-2024 or 2025. LT rate decline is market-driven.
QT continues at -$60 billion/mo for Treasuries, -$35 billion/mo for MBS; total -$95 billion/mo. Total QT so far -$1.2 trillion. The QT policy is independent of the rate policy. However, the Fed monitoring declining Fed balance sheet and bank reserves.
Inflation has come down without hurting the jobs market, but it is still high. Fed +2% average inflation target is reiterated. The public may be unhappy because prices remain high, but low inflation won't fix that. May be rising wages can address some of that.
Monetary policy is restrictive and acts with some lag. The Fed got behind the curve in starting the tightening and doesn't intend to repeat that error.
Job market remains strong, but wage growth has moderated.
Economy has slowed down. But it isn't expected to fall into a recession. Soft landing remains possible. Housing is flat due to high mortgage rates.
New CPI data on Monday and PPI on Tuesday affected some of the SEPs.
https://ybbpersonalfinance.proboards.com/post/1284/thread

Per M* data, ARTFX "People":
Bryan C. Krug
Years in Strategy
10 Years
Industry Experience
23 Years
Tenure Performance
5.64%
Index Performance
1.44%
Investment AUM
$ 8 Bil
Bryan C. Krug, CFA, is a managing director of Artisan Partners and a portfolio manager on the Credit team. In this role, he is the portfolio manager for the Artisan High Income Strategy, the Artisan Credit Opportunities Strategy, and the Artisan Floating Rate Strategy, all of which he has managed since each strategy's inception.
Gender: Male
B.S. Miami University
Current Investments Managed
Mar 2014— Artisan High Income Advisor
Mar 2014— Artisan High Income Institutional
Mar 2014— Artisan High Income Investor
Dec 2021— Artisan Floating Rate Advisor
Dec 2021— Artisan Floating Rate Institutional
Dec 2021— Artisan Floating Rate Investor

Indicative-value (IV) is that of the ETF trade-basket used by authorized-participants. It indicates real-time premium/discount for the ETF. For liquid ETFs, there isn't much difference from the trade-price, but for illiquid/less-liquid ETFs, it may matter. Of course, narrow/wide bid-ask spread will also provide related trade info. In the example below, see equal-weight SP500 RSP, an ETF of CEFs CEFS and TCAF (its IV-symbol isn't recognized).
https://finance.yahoo.com/quotes/RSP,^RSP-IV,CEFS,^CEFS-IV,TCAF/view/v1

yes and most here were safely positioned in tbills or cash. :)

+1
“… most here”? Doubtful. But cash certainly was front and center on the board much of the first half of ‘23. Wish it were possible to pull up individual pages of discussions to try and quantify the percentage of comments devoted to cash investments / ST treasuries / CDs etc. early in the year. A guess would be 25-35% some days.
Bonds of most colors (sovereign, corporate investment grade, junk) have had a great run the past 2-3 months. Don’t overlook much disparaged equities.
YTD (Bloomberg)
Dow +10.36%
S&P + 21.07%
NASDAQ +38.94%
(Now - Watch Chair Powell scare hell out of the markets later today and make an idiot out of me.)

contrary opinion. if I had to pick this or voo and hold for next ten years I would pick voo. qlty is a high cost index fund. over 15 years the spy beat it.

Taxation of ADR stocks and U.S. Investors
”Like regular U.S.-based stocks, ADRs that issue dividends are taxed in the same manner. However, the one caveat is that because it is considered a foreign investment, the foreign home country will typically have a withholding amount. Each country has a different withholding tax but typically the amount ranges from 15% to 20%. Some countries have a significant amount of withholding on their dividends, such as Chile and Switzerland – both of which withhold 35%. France, for instance, also has one of the highest withholding rates in the world. The initial base rate is 30% but if the investor is in a non-cooperative country of the European Union, the rate is 75%.
“Many countries around the world have set up tax treaties with the U.S. and Canada, which reduces the withholding rate for investors. Chile, Switzerland and France all have established tax treaties with both countries, so instead of the higher withholding rates listed above, U.S. and Canadian citizens only have to withhold a maximum of 15%. However, it is important to remember how ADRs work. ADRs are generally held in bulk by a foreign custodian, which may or may not have the residency information for each individual investor. In this scenario, the ADR custodian may reduce the dividend payment by the foreign domestic withholding tax.”
With apologies to @dtconroe - I agree there’s some thread drift here. A CD is not an ADR. But @Crash was reacting to the issue of timely payment of interest and / or dividends. Regardless of the source of those payments, failure to receive payment on time would unnerve me and many other investors.
@MikeM - The issue has been raised before. What I have surmised is: even if held in a tax exempt / tax deferred account, holders of an ADR will get hit with the foreign country’s tax on dividends. I experienced this for the first time a year ago. Everything I’ve read indicates that those taxes also apply to indirect ownership of foreign companies (ie through a fund). The tax is paid by the fund and comes out of “other fund expenses” so that holders are often not aware they are paying it. Yes, per @yogibearbull, there is a provision in the U.S. tax code that may allow someone to apply for / receive at least a partial reimbursement - but I have not looked into it further.
What ought not be overlooked (in my case anyway) - There is no capital gains tax. So one may trade in and out freely and perhaps recoup part or all of the income tax paid on dividends.

Pay Date is Thursday, 14 Dec.
Record date is 13th December. Per Morningstar:
Income: .1927 cents/share.
L/T: $1.3003
S/T: .0776
Total = $1.5706/share.

Apparently this was serious enough that TIAA had to file prospectus supplements. They're all pretty much the same; here's the one for its VUL policies:

Filed Pursuant to Rule 497(e)
...
PROSPECTUS SUPPLEMENT NUMBER (7)
Dated November 13, 2023 ...
The purpose of this prospectus supplement is to notify contract owners and policyholders that a vendor for TIAA Life is currently experiencing a cyber security event, and the systems are unavailable. We are working with the vendor to resolve this issue as quickly as possible and resume operations.
This event has resulted in a temporary suspension of our ability to process contract transactions, including but not limited to, premium payments, investment allocation changes, cash withdrawals, systematic withdrawals, loan processing, beneficiary changes, death claim payments, dollar cost averaging, and rebalancing. The event has also affected on-line services, which are unavailable. We are unable to receive any requests submitted on-line until on-line services have resumed.
We are continuing to investigate the scope and impact of the event. Currently, there is not an estimated timeline for service restoration. Any pending transactions will be completed as quickly as possible in the order in which they were received. By the time this supplement has been delivered to you, service and transaction processing may have already been restored.
...
Please keep this supplement with your prospectus for future reference.

https://www.sec.gov/Archives/edgar/data/1067490/000119312523275816/d302845d497.htm
I'm now able to get current total balance (an improvement) but little else - no details, no ability to transact. IOW anything that entails interacting directly with its third party vendor.

The Week in Charts (12/11/23)
The most important charts and themes in markets, including...
00:00 Intro
00:12 199k More Jobs (Jobs Report)
03:31 A Looser Labor Market (Job Openings)
05:52 Housing Market in 2024 (Redfin Forecast)
08:11 Major Equity Market Trends (Large vs. Small, US vs. International, etc.)
14:51 Moving in Tandem (Stocks & Bonds)
18:42 A Product of Our Experiences (Asset Allocation by Generation)
24:05 Fed on Hold (Fed Policy)
27:23 More Affordable Cars (Prices Moving Lower)
Video
Blog

Like @stillers, I jumped on new issue CDs when rates topped 5%, and I’m glad that I did. I’ve got CD ladders extending out 5 years in several IRAs and our taxable savings, with an overall yield about 5.1%. The last issues I bought were 4 and 5 year terms yielding 5.05 to 5.1%, and the best yields in that range have dropped 0.5-0.8% over the past couple weeks. All my CDs are non-callable except for a few shorter term issues that are unlikely to be called.

Old_joe,
You can invest as you wish, I never said that CD or TR are bad or I will never invest in them.
I know 3 investors with millions, one has over 90% in Munis + 10% stocks, the second has over 90% in stocks, the third has 50% in MSFT, all have been doing it for decades and are very pleased.
In the last 1.5 years I posted many times that ST CD didn't make sense because MM has been doing very well and similar. About several weeks ago I posted that 3-5 years CDs make more sense to me because inflation is coming down, rates are likely to come down and these CDs will still pay nicely and much better than MM.
BTW, looks like several CDs had problems in the past.