Artio™ Emerging Markets Local
Currency Debt Fund

Share Class	Ticker Symbol	CUSIP	Category	Investment Minimum†	Benchmark
A	AEFAX	04315J670	Emerging Markets Local Currency Debt	$1,000	JPM Global Bond Index – Emerging Markets Global Diversified Index
I	AEFIX	04315J662	Emerging Markets Local Currency Debt	$1 million	JPM Global Bond Index – Emerging Markets Global Diversified 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.

 

Fact Sheet: Performance (fund and benchmark), Geographic Exposure, Credit Quality Breakdown, Maturity Breakdown, Duration Breakdown, Portfolio Characteristics.

Commentary

Investment Managers

	Elena Liapkova-Pozsar, CFA, serves as the Head of the Emerging Markets Local Currency Debt Strategy and Co-Portfolio Manager of the Artio Emerging Markets Local Currency Debt Fund with Donald Quigley. Elena joined the firm in 2005 from Bear Stearns where she served as an Emerging Markets Sovereign Risk Manager. She previously worked for IDEAglobal, an economic research company, as an Economist specializing in Latin American markets. Elena earned a Master of Arts in International Economics and Finance from Columbia University as well as Master of Arts and Bachelor of Arts degrees from Herzen University in St. Petersburg, Russia. She holds the Chartered Financial Analyst designation.
	Donald Quigley, CFA, serves as Head of the Total Return Bond Strategy at Artio Global Management LLC ("Artio Global") and Co-Portfolio Manager of the Emerging Markets Local Currency Debt Fund with partner, Elena Liapkova-Pozsar. Donald joined Artio Global's predecessor organization, Julius Baer, in 2001 after his tenure at Chase Asset Management where he served as portfolio manager of US fixed income for more than seven years. Previously, he spent six years with Met Life Insurance Company as a US Fixed Income trader. Donald earned an MBA in Finance from Fordham University and a Bachelor of Science degree in Finance from Boston University. He holds the Chartered Financial Analyst designation.

Investment Objective

The investment objective of the Artio Emerging Markets Local Currency Debt Fund is a high level of total return consisting of income and capital appreciation.

Strategy Overview

The Emerging Markets Local Currency Debt Fund invests in fixed income instruments economically tied to an emerging market country, generally meaning the issuer or guarantor is a government of an emerging market country organized under the laws of an emerging market country, or if the currency of settlement of the security is a currency of an emerging market country. It also invests in emerging market currencies through the use of short term money market instruments, spot and forward foreign exchange contracts or other derivative instruments. The Fund’s investment process centers on analyzing macroeconomic factors and quantitative and qualitative country fundamentals such as government finances and monetary policy.

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	0.77	0.02	5.58	-	-	-	-	1.28	05/24/11
I	0.79	0.08	5.66	-	-	-	-	1.54	05/24/11

 

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	-1.70	4.77	4.77	-	-	-	-	0.51	05/24/11
I	-1.68	4.83	4.83	-	-	-	-	0.75	05/24/11

 

Annual Performance (%)

Share Class	2011	2010	2009	2008	2007	2006	2005	2004	2003	Inception Date
A	-4.07¹	-	-	-	-	-	-	-	-	05/24/11
I	-3.90¹	-	-	-	-	-	-	-	-	05/24/11
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.

Growth of a $10,000 Investment

(Class A Shares: 5/24/11–3/31/12^†)

† 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	2.77	1.20¹
I	No-load	2.50	0.93¹
† 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

Fact Sheet: Performance (fund and benchmark), Geographic Exposure, Credit Quality Breakdown, Maturity Breakdown, Duration Breakdown, Portfolio Characteristics.

Commentary

Prospectus (PDF)
(XBRL available on Literature Summary)

Statement of Additional Information (SAI)

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

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	0.031		July	07/27/12	07/30/12	07/31/12	—
February	02/27/12	02/28/12	02/29/12	0.036		August	08/29/12	08/30/12	08/31/12	—
March	03/28/12	03/29/12	03/30/12	0.031		September	09/26/12	09/27/12	09/28/12	—
April	04/26/12	04/27/12	04/30/12	0.035		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	0.032		July	07/27/12	07/30/12	07/31/12	—
February	02/27/12	02/28/12	02/29/12	0.038		August	08/29/12	08/30/12	08/31/12	—
March	03/28/12	03/29/12	03/30/12	0.033		September	09/26/12	09/27/12	09/28/12	—
April	04/26/12	04/27/12	04/30/12	0.037		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		0.01435		0.0	0.00433		0.01868

 

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		0.02977		0.0	0.00433		0.03410

 

Principal Strategies

The Emerging Markets Local Currency Debt Fund normally invests in a non-diversified portfolio of fixed income instruments denominated in emerging market currencies.

Under normal circumstances, the Fund will invest at least 80% of its net assets (including fixed income related futures, options, swaps and other instruments as well as borrowings for investment purposes) in fixed income and short term money market instruments of issuers located in emerging market countries, spot and forward foreign exchange contracts, and cash balances denominated in emerging market currencies. In defining emerging markets, the Adviser may consider, but is not bound by the classifications of the World Bank and will generally invest in countries other than the US, Japan, Australia, Canada, New Zealand and the developed countries in Western Europe. The Fund will invest in fixed income instruments issued by governments, supranational entities, quasi–governmental institutions and corporations that are economically tied to the emerging markets.

Artio Global expects the Fund’s portfolio to have a duration of approximately plus or minus four years relative to its benchmark.

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 may invest in derivatives denominated in any currency and such instruments will be included under the 80% of net assets policy provided the underlying asset is a fixed income instrument denominated in an emerging market currency. Derivatives may include, but are not limited to futures contracts, forward contracts, non-deliverable forwards, options, swaps, interest rate warrants and structured investments.This may include the use of  proxy hedging through  foreign exchange contracts or other derivatives  if the Adviser believes there is a correlation between the currency being hedged and the currency in which the proxy hedge is denominated.

The Fund may invest in below investment grade securities.

The Fund may invest in emerging market currencies which may be accomplished through the use of short term money market instruments, spot and forward foreign exchange contracts or other derivative instruments, and cash balances denominated in emerging market currencies.

In an effort to meet the Fund’s investment objective during periods of anticipated market volatility, the Adviser may employ forward foreign currency contracts to reduce emerging market debt and currency exposures.

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 Emerging Markets Local Currency Debt Fund, including, but not limited to: diversification risk, foreign investment risk, emerging market risk, foreign currency transaction risk, below investment grade securities risk, maturity risk, interest rate risk, credit risk, prepayment risk, liquidity risk, regulatory risk, derivatives and leveraging risk.

The Fund is a non-diversified mutual fund.