Artio™ Global High Income Fund

Share Class	Ticker Symbol	CUSIP	Category	Investment Minimum†	Benchmark*
A	BJBHX	04315J878	Global High Yield	$1,000	BofA ML Global High Yield Constrained Index
I	JHYIX	04315J860	Global High Yield	$1 million	BofA ML Global High Yield Constrained Index
† Represents the minimum initial investment for regular accounts. The Fund permits complex-wide aggregation of Class I shares so that a shareholder can meet the minimum initial investment in any one Fund if they have $1 million combined investment in the Fund complex. For additional information, please refer to the prospectus. 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. * BofA Merrill Lynch was formerly Merrill Lynch.

 

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

Commentary

Reprints/Replays

Reprint: Global High-Yield Bonds Can Work for You. Forbes. April 9, 2012.

Reprint: US Still Dominates Global High-Yield Universe. Forbes. November 11, 2011.

Investment Manager

Greg Hopper is a Senior 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.

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.

Strategy Overview

The Global High Income Fund seeks to provide attractive risk-adjusted returns, primarily through income generation. The Fund takes a global view of investing with 40% maximum non-US exposure and purchases primarily high income producing instruments of both US and foreign issue, including high yield or high risk bonds as well as and “allied” asset classes including leveraged loans, catastrophe bonds, “busted” convertibles and distressed debt. The Adviser utilizes a disciplined approach toward sector rotation that emphasizes bottom-up, credit driven security selection and a top-down approach to asset allocation.

Month-end Performance (%) as of 4/30/12

Share Class	1 Mo	3 Mo	YTD	1 Yr	3 Yr*	5 Yr*	10 Yr*	Since Inception*	Inception Date
A	0.51	3.06	6.41	0.04	16.74	6.92	-	9.71	12/17/02
I	0.48	3.19	6.56	0.31	17.07	7.20	-	10.02	01/30/03
* Annualized

 

Quarter-end Performance (%) as of 3/31/12

Share Class	1 Mo	3 Mo	YTD	1 Yr	3 Yr*	5 Yr*	10 Yr*	Since Inception*	Inception Date
A	0.31	5.86	5.86	1.53	20.24	7.14	-	9.74	12/17/02
I	0.39	6.05	6.05	1.84	20.52	7.43	-	10.05	01/30/03
* Annualized

 

Annual Performance (%)

Share Class	2011	2010	2009	2008	2007	2006	2005	2004	2003	Inception Date
A	-0.17	12.28	54.56	-24.17	4.15	11.22	4.40	11.46	26.36	12/17/02
I	0.09	12.55	54.89	-23.98	4.37	11.51	4.68	11.75	25.68¹	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 3/31/12

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

Morningstar rated this Fund among 500, 500 and 438 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 Overall Morningstar 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: 12/17/02–3/31/12^†)

† 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 stated in the prospectus dated 3/1/12

Share Class	Sales Load†	Gross Expense Ratio	Net Expense Ratio
A	No-load	1.01	1.00¹
I	No-load	0.75	0.75¹
† While the Fund is no-load, management and distribution fees and other expenses still apply. 1. From January 1 to February 28, more current information may also be found in the Financial Highlights section of the Fund's Annual Report dated October 31. The Investment Adviser has contractually agreed to reimburse certain expenses of the Fund through 2/28/13. The Investment Adviser has also agreed to waive a portion of its management fees; this waiver may be discontinued at any time by the Fund's board. Additional expenses are net of reductions related to custody offset arrangements.

 

Prospectus (PDF)
(XBRL available on Literature Summary)

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

Commentary

Copyright 2012 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 (PDF)
(XBRL available on Literature Summary)

Statement of Additional Information (SAI)

Annual Report (fiscal year end 10/31/11)

Semi-annual Report (fiscal period ending 4/30/11)

Form NQ (as of 1/31/12)

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

Privacy Policy

Artio Global Funds' 2011 Final Distributions

ICI Primary for the Artio Global Funds Year-end Distributions

Supplemental Tax Information for the Artio Global Funds

 

2012 Monthly Distributions-Class A

				Income						Income
Month	Record Date	Ex-dividend Date	Payable Date	Distribution ($)		Month	Record Date	Ex-dividend Date	Payable Date	Distribution ($)
January	01/27/12	01/30/12	01/31/12	0.056		July	07/27/12	07/30/12	07/31/12	—
February	02/27/12	02/28/12	02/29/12	0.062		August	08/29/12	08/30/12	08/31/12	—
March	03/28/12	03/29/12	03/30/12	0.061		September	09/26/12	09/27/12	09/28/12	—
April	04/26/12	04/27/12	04/30/12	0.062		October	10/29/12	10/30/12	10/31/12	—
May	05/29/12	05/30/12	05/31/12	—		November	11/28/12	11/29/12	11/30/12	—
June	06/27/12	06/28/12	06/29/12	—		December	12/26/12	12/27/12	12/28/12	—

 

2012 Monthly Distributions-Class I

				Income						Income
Month	Record Date	Ex-dividend Date	Payable Date	Distribution ($)		Month	Record Date	Ex-dividend Date	Payable Date	Distribution ($)
January	01/27/12	01/30/12	01/31/12	0.053		July	07/27/12	07/30/12	07/31/12	—
February	02/27/12	02/28/12	02/29/12	0.060		August	08/29/12	08/30/12	08/31/12	—
March	03/28/12	03/29/12	03/30/12	0.058		September	09/26/12	09/27/12	09/28/12	—
April	04/26/12	04/27/12	04/30/12	0.066		October	10/29/12	10/30/12	10/31/12	—
May	05/29/12	05/30/12	05/31/12	—		November	11/28/12	11/29/12	11/30/12	—
June	06/27/12	06/28/12	06/29/12	—		December	12/26/12	12/27/12	12/28/12	—

 

Annual Distributions-Class A

					Income		Capital Gains			Total
Year	Record Date	Ex-dividend Date	Payable Date		Distribution ($)		Short Term ($)	Long Term ($)		Distribution ($)
2011	12/27/11	12/28/11	12/29/11		0.05558		0.0	0.16055		0.21613
2010	12/28/10	12/29/10	12/30/10		0.11324		0.16583	0.11224		0.39131
2009	12/28/09	12/29/09	12/30/09		0.69026		0.0	0.0		0.69026
2008	12/26/08	12/29/08	12/30/08		0.90959		0.0	0.0		0.90959
2007	12/26/07	12/27/07	12/28/07		0.73241		0.0	0.0		0.73241
2006	12/26/06	12/27/06	12/27/06		0.6845		0.5951	0.03559		1.31519
2005	12/27/05	12/28/05	12/28/05		1.20958		0.12187	0.75319		2.08464
2004	12/28/04	12/29/04	12/30/04		0.70507		0.14892	0.00434		0.85833

 

Annual Distributions-Class I

					Income		Capital Gains			Total
Year	Record Date	Ex-dividend Date	Payable Date		Distribution ($)		Short Term ($)	Long Term ($)		Distribution ($)
2011	12/27/11	12/28/11	12/29/11		0.08467		0.0	0.16055		0.24522
2010	12/28/10	12/29/10	12/30/10		0.13712		0.16583	0.11224		0.41519
2009	12/28/09	12/29/09	12/30/09		0.70633		0.0	0.0		0.70633
2008	12/26/08	12/29/08	12/30/08		0.93480		0.0	0.0		0.93480
2007	12/26/07	12/27/07	12/28/07		0.74027		0.0	0.0		0.74027
2006	12/26/06	12/27/06	12/27/06		0.67533		0.05951	0.03559		0.77043
2005	12/27/05	12/28/05	12/28/05		1.50389		0.12187	0.75319		2.37895
2004	12/28/04	12/29/04	12/30/04		0.74047		0.14892	0.00434		0.89373

 

Principal Strategies

The Global High Income Fund seeks to achieve its goal by normally investing at least 80% of its net assets (including high income related futures, options, swaps and other instruments with economic characteristics similar to the high income instruments previously listed as well as borrowings for investment purposes) in a diversified portfolio of high income producing instruments of issuers 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 US dollar denominated securities. Ordinarily, the Fund invests in no fewer than three different countries outside the US.

The Fund invests in securities of issuers that Artio Global Management LLC (the "Adviser" or "Artio Global") 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 debt-like instruments (for example, structured notes and equity baskets) that provide exposure to equity markets or indices. The Fund may invest in preferred stocks, asset-back securities, debt instruments convertible into common stock, income trusts, and swaps. The Fund may invest in bank loans, which include floating and fixed-rate debt securities generally acquired as a participation interest in, or assignment of, a loan originated by a lender or financial institution. The Fund may enter into, or acquire participation in, delayed funding loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowings in which the Fund agrees to make loans up to a maximum amount upon demand by the borrowing issuer for a specified term. The Fund may invest in derivatives for hedging and non-hedging purposes. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy to reduce risk, such as interest rate risk, currency risk, and price risk. The Fund expects that derivative instruments will include,but are not limited to, futures contracts, forward contracts, nondeliverable forwards, options, options on futures, swaps, interest rate warrants, and structured notes.

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, credit risk, derivatives risk, emerging markets risk, leveraging risk, below investment grade securities risk, regulatory, delayed funding and revolving credit risk, custody/sub-custody and foreign investment risk.