Bryan Krug and Seth Yeager, co-portfolio managers of the Artisan High Income Fund and Artisan Floating Rate Fund discuss portfolio positioning, where the team is finding the most attractive opportunities across bonds and leveraged loans, and the current market environment. 

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

This investor update represents the views and opinions of the managers as of 19 May 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.

For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. The holdings mentioned above comprised the following percentages of the Artisan High Income Fund’s total net assets as of 31 Mar 2022: Charter Communications Inc 2.8%, Altice USA Inc 2.2%. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities.

Original Equipment Manufacturer (OEM) is a company whose goods are used as components in the products of another company, which then sells the finished item to users. Leverage Ratio is any one of several financial measurements that look at how much capital comes in the form of debt, or that assesses the ability of a company to meet financial obligations. Discounted Cash Flow (DCF) is a valuation method used to estimate the attractiveness of an investment opportunity. ​Investment Grade indicates above-average credit quality and lower default risk and is defined as a rating of BBB or higher by Standard and Poor’s and Fitch rating services and Baa or higher by Moody’s ratings service. Alpha is a quantitative measure of the volatility of the portfolio relative to a designated index. A positive alpha of 1.0 means the fund has outperformed its designated index by 1%. Correspondingly, a similar negative alpha would indicate an underperformance of 1%. Loan-To-Value (LTV) ratio is an assessment of lending risk that financial institutions and other lenders examine before approving a mortgage.

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.

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