Artio International Equity Fund

Share Class	Ticker Symbol	CUSIP	Category	Investment Minimum†	Benchmark
A	BJBIX	481370104	International Equity	$1,000	MSCI ACWI (ex-US)
I	JIEIX	481370500	International Equity	$1 million	MSCI ACWI (ex-US)
† 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 Equity Holdings

Commentary

Country Diversification

Reprint: What's Hot - What's Not, Kiplinger's.com, September 2, 2008.

Reprint: Foreign Funds with What It Takes to Profit from Global Sell-Off. Morningstar. December 2, 2008.

Net Asset Values for Reprocessing: Due to an accounting error, the net asset value for the Artio International Equity Fund was redetermined - old and new values for the affected dates are provided (please refer to relevant press release at www.artiofunds.com for additional information).

Investment Objective

The Artio International Equity Fund ("International Equity Fund" or "Fund") seeks long-term growth of capital. The Fund attempts to meet this goal by investing in a diversified portfolio of equity securities of all sizes issued throughout the world, normally excluding the United States.

Who Should Invest

The International Equity Fund is closed to new investors.

Investment Managers

	Rudolph-Riad Younes, CFA, is Senior Vice President and Head of International Equity at Artio Global Management LLC ("Artio Global"). Together with Richard C. Pell, he is the Co-Portfolio Manager of the International Equity Fund and International Equity Fund II. Prior to joining Artio Global's predecessor organization, Julius Baer, in 1993, Riad was an Associate Director at Swiss Bank Corp. Riad holds the Chartered Financial Analyst designation and received an MBA in Management from Yale University and a Master of Science degree in Electrical Engineering from Columbia University. He is fluent in English, Arabic and French and has a working knowledge of German.
	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. Concurrently, he serves as Co-Portfolio Manager of the International Equity Fund and International Equity Fund II with partner, Rudolph-Riad Younes. Richard joined Artio Global's predecessor organization, Julius Baer, in 1995 subsequent to his tenure as Head of Global Portfolio Management 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.

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	-4.91	-34.11	-46.75	-46.85	-4.71	5.20	8.18	7.62	10/04/93
I	-4.87	-34.08	-46.62	-46.71	-4.48	5.48	N/A	4.67	11/17/99
* 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	-15.08	-22.45	-31.37	-30.76	3.05	12.42	12.14	9.54	10/04/93
I	-15.06	-22.38	-31.22	-30.59	3.32	12.72	N/A	7.79	11/17/99
* Annualized

 

Annual Performance (%)

Share Class	2007	2006	2005	2004	2003	2002	2001	2000	1999	Inception Date
A	17.56	31.75	17.05	23.22	35.92	-3.59	-8.02	-18.93	76.58	10/04/93
I	17.84	32.07	17.40	23.58	36.46	-3.07	-7.59	-18.53	25.82¹	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 9/30/08

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

Morningstar rated this Fund among 557, 557, 453 and 239 Foreign Large Blend Stock Funds for the overall, 3-, 5-, and 10-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: 9/30/98–9/30/08^†)

† 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 International Equity 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	1.25	1.19
I	No-load	1.00	0.94
† While the Fund is no-load, management and distribution fees and other expenses still apply. 1. Reflects a voluntary expense reduction agreement that may be discontinued at any time.

 

Prospectus

Fact Sheet: Performance (fund and benchmark), Portfolio Characteristics, Geographic Allocation, Sector Allocation, Top Ten Equity 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 (as of 10/31/08) Holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Holdings Report (as of 9/30/08) Holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Holdings Report (as of 8/31/08) 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	0.46031		12/26/08	12/29/08	0.0	0.0	0.46031
2007	0.71607		12/26/07	12/27/07	0.80088	4.45552	5.97247
2006	0.28096		12/26/06	12/27/06	1.33423	2.83199	4.44718
2005	0.0		12/27/05	12/28/05	0.45185	1.12268	1.57453
2004	0.451859		12/28/04	12/29/04	0.34071	0.24179	1.034359

 

Distributions-Class I

	Income		Capital Gains
Year	Total Distribution ($)		Record Date	Ex-dividend Date	Short Term ($)	Long Term ($)	Total Distribution ($)
2008	0.56334		12/26/08	12/29/08	0.0	0.0	0.56334
2007	0.83118		12/26/07	12/27/07	0.80088	4.45552	6.08758
2006	0.38359		12/26/06	12/27/06	1.33423	2.83199	4.54981
2005	0.0		12/27/05	12/28/05	0.53436	1.12268	1.65704
2004	0.463624		12/28/04	12/29/04	0.34071	0.24179	1.046124

 

ICI Primary for the Artio Global Funds Year-end Distributions

US Government Tax Documentation

FTC Disclosure by Country

Principal Strategies

The International Equity Fund seeks to achieve its goal by investing in a wide variety of international equity securities issued throughout the world, normally excluding the United States.

Under normal circumstance, the Fund will invest at least 80% of its net assets in international equity securities. The Fund will ordinarily invest at least 65% of its total assets in no fewer than three different countries outside the United States. The Fund is not constrained by a particular investment style, and may invest in "growth" or "value" securities. The Fund generally follows a multi-capitalization approach that focuses on mid- to large-capitalization companies but the Fund may also invest in smaller capitalization companies.

The Fund may invest up to 35% of its total net assets in the securities of issuers located in emerging markets. The Fund's investment in emerging market securities will remain consistent with its status as a diversified international equity fund.

Artio Global Management LLC (the "Adviser" or "Artio Global "—formerly Julius Baer Investment Management LLC) selects stocks using a fundamental approach adjusted for factors specific to each region. In developed markets, the stock selection process is primarily "bottom-up" concentrating on individual stock selection. In emerging markets, the Adviser uses a "top-down" selection process, focusing on the macroeconomic, liquidity and geopolitical factors of particular areas. The Adviser determines the Fund's exposure to Japan using a combination of "bottom-up" and "top-down" analysis. "Bottom-up" analysis is used to determine specific investments within Japan, while "top-down" analysis is essential to the determination of country exposure.

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 International Equity Fund, including, but not limited to: stock market risk, interest rate risk, income risk, credit risk, derivatives risk, emerging markets risk, leveraging risk, below investment grade securities, political risk, smaller company risk, liquidity risk, foreign currency transaction risk and foreign investment risk.