Bryan Krug and Seth Yeager, co-portfolio managers of the Artisan High Income Strategy and Artisan Floating Rate Strategy, discuss credit market fundamentals, portfolio positioning and where the team sees opportunities in the coming periods.

This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains strategy performance, portfolio holdings and other important information. Access “Slides” to view.

For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the Strategy. The holdings mentioned above comprised the following percentages of a representative account within the Artisan High Income Strategy Composite’s total net assets as of 31 Mar 2022: Charter Communications Inc 2.8%, Altice USA Inc 1.9%. Securities named in the Commentary, but not listed here are not held in the portfolio as of the date of this report. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities.

This investor update represents the views and opinions of the managers as of 12 Oct 2022, which are based on current market conditions, will fluctuate, and are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

This discussion is not intended to be a recommendation of any individual security. Securities mentioned, but not listed here or in the investor update presentation are not held in the Fund as of the date of this report.

*Clarification: The Artisan High Income Strategy had a 1.1% par-weighted default rate in 2020.

Past performance does not guarantee future results. Current and future portfolio holdings are subject to risk.

For Institutional Investor Use Only – Not for Retail Distribution.