Artio™ International Equity Fund II

Share Class	Ticker Symbol	CUSIP	Category	Investment Minimum†	Benchmark
A	JETAX	04315J845	International Equity	$1,000	MSCI ACWI (ex-US)
I	JETIX	04315J837	International Equity	$1 million	MSCI ACWI (ex-US)
† 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, Geographic Allocation, Sector Allocation, Top Ten Equity Holdings

Commentary

Country Diversification

Investment Managers

	Rudolph-Riad Younes has been the firm’s Head of International Equities since 2001. Throughout his tenure, he has regularly been recognized by several industry publications. In 2002 he was named Morningstar Fund Manager of the Year1 in the international stock manager category. He is a three-time winner (2003 - 2005) of the Standard & Poor’s/BusinessWeek Excellence in Fund Management2 award in the international equity category. In 2009, Riad was named Equity Manager of the Year3 by Money Management Letter. He started with the company in 1993 as a portfolio manager and serves as Co-Portfolio Manager of the International Equity Fund and International Equity Fund II. Prior to joining the firm, Mr. Younes 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 Bachelor of Science and 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 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 International Equity Fund II ("International Equity Fund II" or "Fund") seeks long-term growth of capital. The Fund attempts to meet this goal by investing in a wide variety of equity securities issued throughout the world, normally excluding the United States.  The Fund invests in mid- to large-capitalization companies.

Strategy Overview

The International Equity Fund II primarily invests outside the United States in issuers with mid- and large sized companies. The Adviser currently views this as firms with a market capitalization greater than $2.5 billion as determined at the time of purchase but the Fund may also invest in smaller capitalization issuers. The Adviser manages the Fund using a core approach and is not constrained by a particular investment style, investing in both "growth" and "value" securities. The investment process places thinking before screening and uses a variety of strategies to analyze industries, sectors and regions and generally utilizes a bottom-up analysis in developed markets and a top-down approach in emerging markets. Japan is treated as a hybrid of the two.

 

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	-0.19	4.02	11.57	-18.65	7.63	-5.82	-	2.93	05/04/05
I	-0.19	4.10	11.73	-18.43	7.88	-5.57	-	3.22	05/04/05
* 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	-1.02	11.78	11.78	-14.70	11.76	-4.93	-	3.00	05/04/05
I	-0.93	11.94	11.94	-14.43	12.03	-4.67	-	3.29	05/04/05
* Annualized

 

Annual Performance (%)

Share Class	2011	2010	2009	2008	2007	2006	2005	2004	2003	Inception Date
A	-22.02	7.78	24.48	-40.52	16.17	28.63	18.00¹	-	-	05/04/05
I	-21.84	7.97	24.79	-40.32	16.45	29.02	18.30¹	-	-	05/04/05
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 726, 726, and 552 Foreign Large Blend Stock 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: 5/4/05–3/31/12^†)

† 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 International Equity Fund II 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	1.29	1.28¹
I	No-load	1.04	1.04¹
† 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. Net expenses of the Fund reflect a waiver of fees by the Fund's Investment Adviser. 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 Equity 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 (as of 1/31/12) Holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Holdings Report (as of 12/31/11) Holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Holdings Report (as of 11/30/11) 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

 

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		0.14905		0.0	0.0		0.14905
2010	12/28/10	12/29/10	12/30/10		0.22918		0.0	0.0		0.22918
2009	12/28/09	12/29/09	12/30/09		0.55457		0.0	0.0		0.55457
2008	12/26/08	12/29/08	12/30/08		0.32877		0.0	0.0		0.32877
2007	12/26/07	12/27/07	12/28/07		0.13828		0.14795	0.12239		0.40862
2006	12/26/06	12/27/06	12/27/06		0.03459		0.04601	0.00681		0.08741

 

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		0.18668		0.0	0.0		0.18668
2010	12/28/10	12/29/10	12/30/10		0.25777		0.0	0.0		0.25777
2009	12/28/09	12/29/09	12/30/09		0.57858		0.0	0.0		0.57858
2008	12/26/08	12/29/08	12/30/08		0.36083		0.0	0.0		0.36083
2007	12/26/07	12/27/07	12/28/07		0.17030		0.14795	0.12239		0.44064
2006	12/26/06	12/27/06	12/27/06		0.06008		0.04601	0.00681		0.1129

 

Principal Strategies

The International Equity II 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 circumstances, the Fund will invest at least 80% of its net assets (including equity related futures, options, swaps and other instruments as well as borrowings for investment purposes) in equity securities of issuers located anywhere in the world, normally excluding the US. To achieve its investment goal the Fund may use derivatives to a very substantial extent. 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 which Artio Global Management LLC (the “Adviser” or “Artio Global”) currently views to be companies that have a market capitalization greater than $2.5 billion as determined at the time of purchase.

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.

The Fund may invest in derivatives for hedging and non-hedging purposes. Derivatives are financial instruments the value of which is derived from another security, a commodity (such as gold or oil), an index or a currency (a measure of value or rates, such as the S&P 500 Index or the prime lending rate).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. Such derivatives may include, but are not limited to, futures contracts, forward foreign exchange contracts, non-deliverable forwards, options, options on futures, swaps, warrants and structured notes. From time to time, the Fund’s investments in derivatives may be significant.

The Fund may also invest in precious metal-related instruments (such as gold, silver, platinum and palladium), including (i) the equity securities of companies that explore for, extract, process or deal in precious metals, and related options or warrants thereof, (ii) asset-based securities indexed to the value of such metals, such as ETFs, and related options thereof (iii) precious metal related structured notes, futures and options on futures, swaps, and (iv) commodity pools and other indirect investments in precious metals (collectively “precious metal-related instruments”). The Fund may invest up to 20% of its net assets in a wholly-owned subsidiary of the Fund formed in the Cayman Islands.

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 II, including, but not limited to: stock market risk, derivatives risk, emerging markets risk, leveraging risk, redemption risk, subsidiary risk, smaller company risk, liquidity risk, foreign currency transaction risk, foreign investment risk, custody/sub-custody risk, precious metals-related instruments risk and regulatory risk. The Fund may substantially increase its use of derivatives in response to unusual market conditions.