Artio Global High Income Fund

Share Class	Ticker Symbol	CUSIP	Category	Investment Minimum†	Benchmark
A	BJBHX	481370708	Global High Yield	$1,000	Merrill Lynch Global High Yield Constrained Index
I	JHYIX	481370807	Global High Yield	$1 million	Merrill Lynch Global High Yield Constrained Index
† Represents the minimum initial investment for regular accounts. Class A shareholders may make additional investments in the Fund at a minimum of $1,000, invest in an Individual Retirement Account (IRA) or in a tax-deferred retirement plan other than an IRA for a minimum of $100.

 

Fact Sheet: Performance (fund and benchmark), Portfolio Characteristics, Geographic Allocation, Sector Allocation, Top Ten Bond Holdings

Commentary

Investment Objective

The Artio Global High Income Fund ("Global High Income Fund" or "Fund") seeks to maximize total return through principally a high level of current income and secondarily capital appreciation.

Who Should Invest

The Global High Income Fund may be a good choice for investors interested in an alternative to equities and investment grade bonds. The Fund seeks to maximize total return by investing primarily in high income producing instruments of both US and foreign issue, such as high yield, high risk bonds or unrated bonds of comparable quality. The Fund invests in a diversified set of debt securities whose issuers the Adviser believes demonstrate potential for stable to improving credit. High yield bonds historically have demonstrated a relatively low correlation (or how they move in relation to each other) to bonds and equities, potentially bringing efficient diversification to a balanced portfolio.

Investment Manager

Greg Hopper is a First Vice President of Artio Global Management LLC ("Artio Global"), and is Portfolio Manager for the Artio Global High Income Fund. Greg received a BA in economics from Beloit College in Beloit, Wisconsin, in 1980. He began his career at Fleet National Bank, working his way from 1980 through 1983 to a position as International Lending Officer covering the Middle East and Africa. After earning an MBA from Columbia University in 1985, he worked with Drexel Burnham Lambert from 1985 through 1989, eventually managing portfolios of high yield bonds and preferred stocks as a Portfolio Manager before leaving to join PaineWebber's Mitchell Hutchins Asset Management. For most of the 1990's, Greg worked as a Senior Portfolio Manager at Bankers Trust. He left Bankers Trust after its acquisition by Deutsche Bank to continue managing high yield bonds first at Harris Investment Management, where he inaugurated the firm's high yield product, and then at Zurich Scudder Investments, where he was responsible for all institutional high yield bond portfolios. In 2002, following Deutsche Bank's acquisition of Zurich Scudder, Greg joined Artio Global’s predecessor organization, Julius Baer, to launch the firm's current set of high income products.

Month-end Performance (%) as of 11/30/08

Share Class	1 Mo	3 Mo	YTD	1 Yr	3 Yr*	5 Yr*	10 Yr*	Since Inception*	Inception Date
A	-5.28	-24.54	-25.03	-24.87	-4.24	0.85	N/A	4.21	12/17/02
I	-5.34	-24.48	-24.85	-24.66	-4.01	1.10	N/A	4.40	01/30/03
* Annualized

 

Quarter-end Performance (%) as of 9/30/08

Share Class	1 Mo	3 Mo	YTD	1 Yr	3 Yr*	5 Yr*	10 Yr*	Since Inception*	Inception Date
A	-5.81	-6.28	-6.41	-6.84	2.87	6.15	N/A	8.41	12/17/02
I	-5.80	-6.21	-6.26	-6.65	3.12	6.42	N/A	8.69	01/30/03
* Annualized

 

Annual Performance (%)

Share Class	2007	2006	2005	2004	2003	2002	2001	2000	1999	Inception Date
A	4.15	11.22	4.40	11.46	26.36	0.10¹	N/A	N/A	N/A	12/17/02
I	4.37	11.51	4.68	11.75	25.68¹	N/A	N/A	N/A	N/A	01/30/03
1. Partial year—since share class inception

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be higher or lower than the performance quoted.

Investment performance reflects fee waivers. In the absence of such waivers, total return would be reduced.

Morningstar Ratings as of 9/30/08

Share Class	Overall	3 Yr	5 Yr	10 Yr
A				N/A
I				N/A

Morningstar rated this Fund among 475, 475 and 408 High Yield Bond Funds for the overall, 3-, and 5-year periods, respectively, as of the above referenced date (based on risk adjusted total returns). The Morningstar Overall Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating™ metrics.

Growth of a $10,000 Investment

(Class A Shares: 12/17/02–9/30/08^†)

† Hypothetical illustration of $10,000 invested for the above referenced period assuming reinvestment of dividends and capital
gains distributions and application of fee waivers. This period was one in which stock and bond prices fluctuated and the results should not be considered a representation of the income or capital gain or loss which may be realized from an investment in the Global High Income Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions.

Fees (%) as of 2/29/08

Share Class	Sales Load†	Gross Expense Ratio	Net Expense Ratio¹
A	No-load	1.10	1.00
I	No-load	0.82	0.75
† While the Fund is no-load, management and distribution fees and other expenses still apply. 1. The Investment Adviser has contractually agreed to reimburse certain expenses of the Fund through 2/28/09. Additionally, expenses are net of reductions related to custody offset arrangements.

 

Prospectus

Fact Sheet: Performance (fund and benchmark), Portfolio Characteristics, Geographic Allocation, Sector Allocation, Top Ten Bond Holdings

Commentary

Copyright 2008 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

Prospectus

Statement of Additional Information (SAI)

Annual Report (fiscal year end 10/31/08)

Semi-annual Report (fiscal period ending 4/30/08)

Form NQ (as of 7/31/08)

Holdings Report Holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Form N-PX (Annual Report of Proxy Voting)

Proxy Procedures - Global: Artio Global Management LLC, the Adviser for the Artio Global Funds, has outsourced its proxy voting to Institutional Shareholder Services, Inc. (ISS). The Funds have thus adopted ISS's policies as their own.

Proxy Procedures - US: Artio Global Management LLC, the Adviser for the Artio Global Funds, has outsourced its proxy voting to Institutional Shareholder Services, Inc. (ISS). The Funds have thus adopted ISS's policies as their own.

Distributions-Class A

	Income		Capital Gains
Year	Total Distribution ($)		Record Date	Ex-dividend Date	Short Term ($)	Long Term ($)	Total Distribution ($)
2008	0.31459		12/26/08	12/29/08	0.0	0.0	0.31459
2007	0.73241		12/26/07	12/27/07	0.0	0.0	0.73241
2006	0.6845		12/26/06	12/27/06	0.5951	0.03559	1.31519
2005	1.20958		12/27/05	12/28/05	0.12187	0.75319	2.08464
2004	0.70507		12/28/04	12/29/04	0.14892	0.00434	0.85833

 

Distributions-Class I

	Income		Capital Gains
Year	Total Distribution ($)		Record Date	Ex-dividend Date	Short Term ($)	Long Term ($)	Total Distribution ($)
2008	0.33280		12/26/08	12/29/08	0.0	0.0	0.33280
2007	0.74027		12/26/07	12/27/07	0.0	0.0	0.74027
2006	0.67533		12/26/06	12/27/06	0.05951	0.03559	0.77043
2005	1.50389		12/27/05	12/28/05	0.12187	0.75319	2.37895
2004	0.74047		12/28/04	12/29/04	0.14892	0.00434	0.89373

 

ICI Primary for the Artio Global Funds Year-end Distributions

Principal Strategies

The Global High Income Fund seeks to achieve its goal by normally investing at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio of below investment grade, fixed income securities (commonly known as "junk bonds") of issues located throughout the world. These investments may include securities issued by domestic corporations and by corporations, banks, governments and supranational entities located outside the United States, including in emerging market countries. Normally, the Fund will invest at least 60% of its net assets in securities of US issuers.

The Fund invests in securities of issuers that Artio Global Management LLC (the "Adviser" or "Artio Global"—formerly Julius Baer Investment Management LLC) believes exhibit stable to improving credit terms based on an approach to credit analysis that emphasizes industry characteristics and trends, company positioning, and management strategy.

The Fund may invest in a broad range of investment grade debt securities including fixed, variable and floating rate bonds, debentures, notes, and mortgage-backed and other asset-backed securities. These securities may be issued by corporations, banks, governments and supranational entities.

Risks

Please read the Fund's risks or consult the Fund's prospectus for more complete information on the special risks associated with investing in the Global High Income Fund, including, but not limited to: maturity risk, foreign currency transaction risk, liquidity risk, bank loan risk, interest rate risk, prepayment risk, income risk, credit risk, derivatives risk, emerging markets risk, leveraging risk, below investment grade securities risk and foreign investment risk.