16 April 2021

Milwaukee, Wisconsin. Artisan Partners announced today that it will close the Artisan High Income Fund (Investor Class: ARTFX, Advisor Class: APDFX, Institutional Class: APHFX) to most new investors effective 30 April 2021. The Fund will remain open to existing investors and investors who satisfy certain new account eligibility requirements. The Artisan High Income Strategy will remain open via separate accounts to qualified investors. The High Income Fund is managed by portfolio manager Bryan Krug and launched on 19 March 2014. Assets in the Fund were approximately $6.2 billion as of 31 March 2021.

Artisan Partners CEO Eric Colson said, “We pride ourselves on our dedication to thoughtful growth across our investment teams. When managing capacity with our investment teams, we regularly discuss total assets under management, the velocity of asset growth and other factors such as market performance. Since inception, Bryan and his team have achieved solid performance results which, in combination with increased investor demand, have contributed to meaningfully higher assets. We believe closing the Fund will help ensure the team can continue executing its philosophy and process effectively in the future.”

Further details regarding the Artisan High Income Fund’s closing are described in the prospectus.

Investment Risks: Fixed income securities carry interest rate risk and credit risk for both the issuer and counterparty and investors may lose principal value. In general, when interest rates rise, fixed income values fall. High income securities (junk bonds) are speculative, experience greater price volatility and have a higher degree of credit and liquidity risk than bonds with a higher credit rating. The portfolio typically invests a significant portion of its assets in lower-rated high income securities (e.g., CCC). Loans carry risks including insolvency of the borrower, lending bank or other intermediary. Loans may be secured, unsecured, or not fully collateralized, trade infrequently, experience delayed settlement, and be subject to resale restrictions. Private placement and restricted securities may not be easily sold due to resale restrictions and are more difficult to value. The use of derivatives in a portfolio may create investment leverage and increase the likelihood of volatility and risk of loss in excess of the amount invested. International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets.

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