Artio™ Total Return Bond Fund

Share Class	Ticker Symbol	CUSIP	Category	Investment Minimum†	Benchmark
A	BJBGX	04315J100	Investment Grade Bonds	$1,000	Barclays Capital US Aggregate Bond Index
I	JBGIX	04315J209	Investment Grade Bonds	$1 million	Barclays Capital US Aggregate Bond 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), Portfolio Characteristics, Bond Positions, Credit Quality Breakdown, Currency Exposure

Commentary

 

Investment Managers

	Donald Quigley, CFA, serves as Head of the Total Return Bond Strategy at Artio Global Management LLC ("Artio Global"). 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.
	Richard C. Pell is Chief Investment Officer of Artio Global Management LLC ("Artio Global"). In this capacity, Richard has overall responsibility for the investment process across all strategies and accounts. He serves as Co-Portfolio Manager of the Total Return Bond Fund with partner, Donald Quigley. Richard joined Artio Global's predecessor organization, Julius Baer, in 1995 subsequent to his tenure as Head of Global Fixed Income with Bankers Trust Company, a firm he served for five years. Starting in 1988, he was employed by Mitchell Hutchins Institutional Investors where he served as Head of Corporate Bonds and Mortgage-Backed Securities. Richard earned an MBA in Finance from New York University and a Bachelor of Arts degree in History from the University of California, Berkeley.

Investment Objective

The Artio Total Return Bond Fund ("Total Return Bond Fund" or "Fund") seeks to provide total return, which consists of two components: (1) changes in the market value of the Fund's portfolio securities (both realized and unrealized appreciation/depreciation) and (2) income received from its portfolio securities.

Strategy Overview

The Total Return Bond Fund has a distinct investment process, with a core US portfolio and the ability to opportunistically invest in foreign debt and currencies. It also has a willingness to differ from both competitors and the benchmark. The Fund invests primarily in investment grade, intermediate term bonds denominated in currencies of a variety of countries throughout the world and multinational currencies, such as the euro. The Fund seeks to maximize current income, while preserving principal, and can offer investors access to both domestic and international bonds via a single investment vehicle.

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	0.91	0.64	2.25	7.20	8.94	6.77	6.97	6.25	07/01/92
I	0.94	0.69	2.33	7.44	9.24	7.04	7.25	6.84	11/17/99
* 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	-0.57	1.32	1.32	8.12	9.17	6.76	7.14	6.23	07/01/92
I	-0.56	1.38	1.38	8.37	9.46	7.03	7.44	6.81	11/17/99
* Annualized

 

Annual Performance (%)

Share Class	2011	2010	2009	2008	2007	2006	2005	2004	2003	Inception Date
A	7.79	7.65	10.37	0.54	7.45	4.79	2.08	5.67	9.72	07/01/92
I	8.10	7.92	10.65	0.83	7.67	5.10	2.33	5.99	9.96	11/17/99
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
I

Morningstar rated this Fund among 1,013, 1,013, 869 and 589 Intermediate-term Bond Funds for the overall, 3-, 5-, and 10-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: 3/31/02–3/31/12^†)

† Hypothetical illustration of $10,000 invested for the above referenced period assuming reinvestment of dividends and capital gains distributions. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the Total Return Bond 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	0.71	0.69¹
I	No-load	0.45	0.44¹
† 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, Bond Positions, Credit Quality Breakdown, Currency Exposure

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	0.028		July	07/27/12	07/30/12	07/31/12	—
February	02/27/12	02/28/12	02/29/12	0.032		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	0.026		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	0.030		July	07/27/12	07/30/12	07/31/12	—
February	02/27/12	02/28/12	02/29/12	0.034		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	0.028		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		0.16270		0.10108	0.15524		0.41902
2010	12/28/10	12/29/10	12/30/10		0.01844		0.18512	0.29267		0.49623
2009	12/28/09	12/29/09	12/30/09		0.48632		0.0	0.0		0.48632
2008	12/26/08	12/29/08	12/30/08		0.63713		0.12603	0.00540		0.76856
2007	12/26/07	12/27/07	12/28/07		0.73255		0.0	0.0		0.73255
2006	12/26/06	12/27/06	12/27/06		0.506805		0.000515	0.0		0.50732
2005	12/27/05	12/28/05	12/28/05		0.67796		0.01431	0.09601		0.78828
2004	12/28/04	12/29/04	12/30/04		0.36142		0.0	0.09571		0.45713

 

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		0.19785		0.10108	0.15524		0.45417
2010	12/28/10	12/29/10	12/30/10		0.05643		0.18512	0.29267		0.53422
2009	12/28/09	12/29/09	12/30/09		0.54500		0.0	0.0		0.54500
2008	12/26/08	12/29/08	12/30/08		0.70527		0.12603	0.00540		0.83670
2007	12/26/07	12/27/07	12/28/07		0.79023		0.0	0.0		0.79023
2006	12/26/06	12/27/06	12/27/06		0.547433		0.000557	0.0		0.54799
2005	12/27/05	12/28/05	12/28/05		0.73193		0.01431	0.09601		0.84225
2004	12/28/04	12/29/04	12/30/04		0.38400		0.0	0.09571		0.47971

 

Principal Strategies

The Total Return Bond Fund invests at least 80% of its assets (including fixed income related futures, options, swaps and other instruments as well as borrowings for investment purposes) in investment grade bonds (i.e. fixed income securities) including debentures, notes and mortgage-and other backed securities. These securities may be issued or guaranteed by governments, supranational entities or corporations. Artio Global Management LLC (the "Adviser" or "Artio Global") considers many factors when selecting investments, including:

• Yield
• Duration
• Maturity
• Classification
• Quality

The Adviser also considers local economic and political environments; anticipated interest rate movements; strength and relative value of currencies; and supply and demand issues. Less than 40% of the Total Return Bond Fund's total assets will be invested in any one country, other than the United States, and less than 25% of its total assets will be invested in securities issued by:

• A foreign government, its agencies, instrumentalities, or political subdivisions
• Supranational entities as a group

Artio Global expects the Fund’s portfolio to have a duration of approximately plus or minus one year relative to its benchmark. Longer-term fixed income securities can have higher fluctuations in value. Duration is a measure of bond price volatility. It is generally defined as the approximate percentage change in price for a one percent change in yield. For instance, duration of four years indicates that the price of a bond will change approximately 4% for a 100 basis point change in yield.

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. Derivatives may include, but are not limited to futures contracts, forward contracts, non-deliverable forwards, options, swaps, interest rate warrants and structured investments.

Although the Fund typically invests in investment grade fixed income securities, it may continue to hold a security that has been downgraded to below investment grade. The Fund may also engage in active and frequent trading of portfolio securities to achieve its investment objective.

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 Total Return Bond Fund, including, but not limited to: interest rate risk, maturity risk, liquidity risk, government securities risk, foreign currency transaction risk, derivatives risk, mortgage related or other asset back -backed securities risk, prepayment risk, credit risk, emerging markets risk, leveraging risk, political risk, redemption risk, custody/sub custody risk, regulatory risk, active trading risk and foreign investment risk.