Bryan Krug and Seth Yeager, co-portfolio managers of the Artisan High Income Fund and Artisan Floating Rate Fund, 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 and the Fund prospectus, which contains standardized fund performance, and other important information. Access “Slides” to view and “Prospectus” below.

This investor update represents the views and opinions of the managers as of 19 Jan 2023, 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 comprised the following percentages of the Artisan High Income Fund’s total net assets as of 31 Dec 2022: Charter Communications Inc 4.1%; Altice France 2.9%; Altice USA Inc 2.3%. The holdings mentioned comprised the following percentages of the Artisan Floating Rate Fund’s total net assets as of 31 Dec 2022: Ultimate Software Group Inc 4.4%. The listing of holdings does not constitute investment advice or a recommendation of any individual security. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities.

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 Funds as of the date of this report.

Spread is the difference in yield between two bonds of similar maturity but different credit quality. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is an indicator of a company’s financial performance which is calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation and amortization. LT Debt/Capital is the long-term debt to total capital relationship of each company within the portfolio.

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