This audio recording should be reviewed in conjunction with the accompanying slide presentation 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 Credit Team as of 23 Jan 2025, and do not necessarily represent those of Artisan Partners. The views and opinions expressed are based on current market conditions, which will fluctuate, and those views 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 Funds as of the date of this report.

CAGR, Compound Annual Growth Rate (CAGR) is the year-over-year average growth rate of an investment over a period of time. It is calculated by taking the nth root of the total percentage growth rate, where n is the number of years in the period being considered. Hurdle Rate is the minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, the riskier the project, the higher the hurdle rate. 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. Leveraged Buyout (LBO) is the acquisition of another company using a significant amount of borrowed money to meet the cost of acquisition. Normalized Earnings are earnings that are adjusted for the cyclical ups and downs over a business cycle. Collateralized Loan Obligation (CLO) is a security backed by a pool of debt. Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. Par represents the level a security trades at when its yield equals its coupon. Dispersion is the range of potential returns an investment yields based on their risk, which can be calculated using historical returns or the historical volatility based on those returns.

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