Aberdeen Global Select Opportunities Fund (EWF) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6652

Artio Global Equity Fund Inc.

(Exact name of registrant as specified in charter)

330 Madison Avenue, New York, New York	10017
(Address of principal executive offices)	(Zip code)

Anthony Williams, President, 330 Madison Avenue, New York, NY 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 297-3600

Date of fiscal year end: 10/31/2009

Date of reporting period: 04/30/2009

TABLE OF CONTENTS

	Item 1. Reports to Stockholders.
	Item 2. Code of Ethics.
	Item 3. Audit Committee Financial Expert.
	Item 4. Principal Accountant Fees and Services.
	Item 5. Audit Committee of Listed Registrants.
	Item 6. Schedule of Investments
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Item 8. Portfolio Managers of Closed-end Management Investment Companies.
	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Item 10. Submission of Matters to a Vote of Security Holders.
	Item 11. Controls and Procedures.
	Item 12. Exhibits.
SIGNATURES
EX-99.CERT Section 302 Certification
EX-99.906CERT Section 906 Certification

Item 1. Reports to Stockholders.

Semi-Annual Report

Artio Global Funds

Artio Global Equity Fund Inc.

Artio International Equity Fund

Artio International Equity Fund II

Artio Total Return Bond Fund

Artio Global High Income Fund

Artio U.S. Microcap Fund

Artio U.S. Smallcap Fund

Artio U.S. Midcap Fund

Artio U.S. Multicap Fund

April 30, 2009

TABLE OF CONTENTS

Shareholder Letter	1
Shareholder Expenses	4
Portfolio of Investments:
Artio Global Equity Fund Inc.	8
Artio International Equity Fund	19
Artio International Equity Fund II	38
Artio Total Return Bond Fund	52
Artio Global High Income Fund	68
Artio U.S. Microcap Fund	85
Artio U.S. Smallcap Fund	89
Artio U.S. Midcap Fund	93
Artio U.S. Multicap Fund	97
Statement of Assets and Liabilities	102
Statement of Operations	107
Statement of Changes in Net Assets	112
Financial Highlights	121
Notes to Financial Statements	139
Investment Advisory Agreements	169
Additional Information Page	171

SHAREHOLDERS LETTER April 30, 2009

June 15, 2009

Dear Shareholder,

M arket events in recent months have presented enormous challenges to investors. During the six-month period ending April 30, 2009 (“the Reporting Period”), market sentiment shifted from extreme risk aversion to an environment where risk taking was handsomely rewarded. Throughout this period, we remained focused on positioning our Funds in an effort to minimize potential risks associated with the mounting global recession and financial crisis. As markets began to rally, we carefully moved to participate in regions and sectors of the market which we believed would offer attractive opportunities given the more positive market tone. However, we remained vigilant as to the possibility that these early signs of market improvement could prove short-lived. Having the flexibility to quickly reposition our strategies if necessary remains an important component to our approach in this environment.

Within our flagship International Equity Funds, our defensive posture helped relative results during the fiscal year ending October 31, 2008 and hindered performance during the Reporting Period. In early March 2009, negative sentiment previously targeted at the banking sector and other areas quickly began to turn more hopeful. A sudden and dramatic move forward in financials, emerging markets and more cyclical industries led us to underperform given our underrepresentation and allocation within many of these sectors. While we did move to reduce these differences between the Funds and the benchmark, the speed at which the markets turned left a negative imprint on relative results.

We have, cautiously, become more optimistic toward select emerging markets, although we remain underweight relative to the benchmark in our international and global equity strategies. While investments have been more recently targeted toward Asia, we also have limited exposure to Latin America. Brazil, given its commodity orientation has represented the majority of exposure within this region. In addition, investments in Venezuela have more recently been negatively impacted under the rule of President Chavez. Since the potential risks associated with this market are significant, investments in this country have historically represented a very small part of the International Equity Fund’s net assets. Given the current inability to repatriate cash proceeds, we have taken the decision to apply a “real effective exchange rate” policy in valuing our positions. As a result of this decision, the negative impact to performance during the month of May was approximately 0.35% of the net assets of the Fund.

Artio Global Funds  ï  2009 Semi-Annual Report

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As mentioned above, we believe it is important to have enhanced flexibility and liquidity in international equity markets. As investors continuously decipher a dynamic series of financial and economic data, we recognize that sentiment can quickly shift back toward risk aversion within regions and sectors. To enhance our ability to respond promptly, the use of indexed positions which includes exchange traded funds, futures and swaps has become more prevalent in helping to shape the risk profile of the Funds. To the extent that markets are influenced more by longer-term fundamental factors, the use of such indexed positions would represent a smaller part of our strategies.

We have been pleased with the continued interest in our fixed income funds. As spreads offered on various sectors of the bond market have reached attractive levels, we believe our portfolio managers for the Artio Global High Income and Artio Total Return Bond Funds have positioned the investments to exploit these opportunities. We are also encouraged with our suite of US equity funds which will soon reach their three-year anniversary on July 24. Reaching this important milestone we believe will encourage investors to consider our offering in the US microcap, smallcap, midcap and multicap areas.

With regard to the proposed IPO of Artio Global Investors Inc. (the parent company of Artio Global Management LLC, the manager of the Funds), we confirm that it is Artio Global’s intention to proceed with its IPO, subject to market conditions. We anticipate a few small changes to the previously proposed structure: our Principals are likely to participate in the IPO by selling a limited number of shares; while their five-year lock-up will remain, we will permit them to make sales to cover tax obligations (their after-tax interest is unchanged); and we expect to raise significantly less debt than we had originally contemplated. We are gratified that our mutual fund shareholders approved the new advisory contracts last year and look forward to keeping you updated on these developments.

Finally, as you may know, Artio Global Investors is a US subsidiary of Switzerland’s Julius Baer Holding Ltd. Julius Baer recently announced its intention to separate its Private Banking and Asset Management businesses into two distinct and independent Swiss Exchange listed entities. As a result of this planned separation of its businesses, Julius Baer Holding Ltd. will be renamed GAM Holding Ltd and will consist of GAM, Artio Global Investors and Julius Baer’s asset management businesses. The Private Banking business of Julius Baer will be part of a new entity, Julius Baer Group Ltd. Julius Baer anticipates the transaction will be completed during the third quarter of this year and is subject to Julius Baer shareholders’ and regulatory approvals. For Artio Global and our clients, it is business as usual. There is no impact to our asset management activities or to our organizational structure. Furthermore, the same Artio Global professionals remain in place.

2

Artio Global Funds  ï  2009 Semi-Annual Report

I would like to express our appreciation to you as shareholders for your continued confidence in us. We thank you for your support and look forward to continuing to serve you.

Sincerely,

Tony Williams

President

This material is provided for informational purposes only and does not in any sense constitute a solicitation or offer of the purchase or sale of securities unless preceded or accompanied by a prospectus.

Mutual funding investing involves risk; principle loss is possible.

The information contained herein represents the opinion of Artio Global Investors and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

Please see the Schedule of Investments in this report for complete fund holdings. Fund holdings and/or sector weightings are subject to change at any time and are not recommendations to buy or sell any security mentioned.

Current and future portfolio holdings are subject to risk.

The views expressed solely reflect those of Artio Global Management LLC (“Artio Global”, whose name changed from Julius Baer Investment Management LLC on June 15, 2008) and the manager of the four funds described herein (the “Funds”) and do not necessarily reflect the views of any affiliated companies. The material contains forward-looking statements regarding intent, beliefs, or current expectations. Readers are cautioned that such forward-looking statements are not a guarantee of future performance, involve risks and uncertainties, and actual results may differ materially from those statements as a result of various factors. The views expressed are subject to change based on market and other conditions. Furthermore, the opinions expressed do not constitute investment advice or recommendations by the individuals, Artio Global, the Funds, or any affiliated company.

Distributor: Quasar Distributors, LLC (6/09)

Artio Global Funds  ï  2009 Semi-Annual Report

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SHAREHOLDER EXPENSES (Unaudited)

As a stockholder of the Artio Global Equity Fund Inc. or a shareholder of Artio Global Investment Funds, you incur ongoing expenses, such as management fees, shareholder service fees, distribution fees and other fund expenses. The following table is intended to help you understand your ongoing expenses (in dollars and cents) of investing in the Funds and to compare these expenses with the ongoing expenses of investing in other funds.

The table is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2008 to April 30, 2009.

Actual Expenses

The first line in the table below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for the Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about the hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Global Equity Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	959.10		1.40	%	$	6.80
Hypothetical		1,000.00		1,017.90		1.40			7.00

Global Equity Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	960.30		1.15	%	$	5.59
Hypothetical		1,000.00		1,019.10		1.15			5.76

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Artio Global Funds  ï  2009 Semi-Annual Report

International Equity Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	933.40		1.28	%	$	6.14
Hypothetical		1,000.00		1,018.40		1.28			6.41

International Equity Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	934.60		1.03	%	$	4.94
Hypothetical		1,000.00		1,019.70		1.03			5.16

International Equity Fund II Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	938.10		1.29	%	$	6.20
Hypothetical		1,000.00		1,018.40		1.29			6.46

International Equity Fund II Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	940.60		1.03	%	$	4.96
Hypothetical		1,000.00		1,019.70		1.03			5.16

Total Return Bond Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,077,50		0.69	%	$	3.55
Hypothetical		1,000.00		1,021.40		0.69			3.46

Total Return Bond Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,078.40		0.44	%	$	2.27
Hypothetical		1,000.00		1,022.60		0.44			2.21

Global High Income Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,110.10		1.01	%	$	5.28
Hypothetical		1,000.00		1,019.80		1.01			5.06

Artio Global Funds  ï  2009 Semi-Annual Report

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Global High Income Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,109.60		0.76	%	$	3.98
Hypothetical		1,000.00		1,021.00		0.76			3.81

U.S. Microcap Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	976.80		1.80	%	$	8.82
Hypothetical		1,000.00		1,015.90		1.80			9.00

U.S. Microcap Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	978.50		1.50	%	$	7.36
Hypothetical		1,000.00		1,017.40		1.50			7.50

U.S. Smallcap Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,025.30		1.50	%	$	7.53
Hypothetical		1,000.00		1,017.40		1.50			7.50

U.S. Smallcap Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,026.90		1.20	%	$	6.03
Hypothetical		1,000.00		1,018.80		1.20			6.01

U.S. Midcap Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	994.10		1.35	%	$	6.67
Hypothetical		1,000.00		1,018.10		1.35			6.76

U.S. Midcap Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	995.60		1.05	%	$	5.20
Hypothetical		1,000.00		1,019.60		1.05			5.26

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Artio Global Funds  ï  2009 Semi-Annual Report

U.S. Multicap Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	992.80		1.30	%	$	6.42
Hypothetical		1,000.00		1,018.30		1.30			6.51

U.S. Multicap Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/08		Value 04/30/09		Expense Ratio			during Period
Actual	$	1,000.00	$	994.70		1.00	%	$	4.95
Hypothetical		1,000.00		1,019.80		1.00			5.01

Artio Global Funds  ï  2009 Semi-Annual Report

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PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—86.0%
		United States—41.1%
	7,050	Adobe Systems (1)		$	192,818
	9,300	Alberto-Culver Co			207,297
	15,380	Alpha Natural Resources (1)			314,982
	8,990	American Tower - Class A (1)			285,522
	4,250	Apache Corp			309,655
	2,760	Apple Inc (1)			347,291
	11,640	Archer-Daniels-Midland Co			286,577
	22,590	Automatic Data Processing			795,168
	5,950	Baxter International			288,575
	3,180	Becton Dickinson			192,326
	7,605	Burlington Northern Santa Fe			513,185
	11,370	Campbell Soup			292,436
	4,428	Celgene Corp (1)			189,164
	12,280	Chevron Corp			811,708
	10,410	Cliffs Natural Resources			240,055
	7,170	Coca-Cola Co			308,669
	12,190	ConocoPhillips			499,790
	20,110	Corn Products International			480,629
	13,820	Corning Inc			202,048
	7,520	Crane Co			173,637
	9,040	Cummins Inc			307,360
	5,200	Exelon Corp			239,876
	2,480	First Solar (1)			464,479
	4,790	Fluor Corp			181,397
	13,500	Foster Wheeler (1)			290,655
	6,440	FPL Group			346,408
	8,420	General Cable (1)			228,519
	5,560	General Mills			281,836
	1,930	Goldman Sachs			248,005
	1,584	Google Inc - Class A (1)			627,216
	8,090	Harris Corp			247,392
	15,980	Herbalife Ltd			316,724
	4,990	Hess Corp			273,402
	8,660	Hewlett-Packard Co			311,587
	32,580	Intel Corp			514,112
	4,760	International Business Machines			491,280
	34,200	Interpublic Group of Companies (1)			214,092
	11,850	Intrepid Potash (1)			292,577
	4,130	Itron Inc (1)			189,980

See Notes to Financial Statements

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Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		United States—Continued
	24,760	Johnson & Johnson		$	1,296,434
	10,280	Joy Global			262,140
	2,220	MasterCard Inc - Class A			407,259
	27,740	Mattel Inc			414,990
	10,540	McCormick & Company			310,403
	18,650	McDermott International (1)			301,011
	7,490	McDonald’s Corp			399,142
	20,580	MEMC Electronic Materials (1)			333,396
	10,560	Microchip Technology			242,880
	22,000	Microsoft Corp			445,720
	8,610	Molson Coors Brewing - Class B			329,332
	4,770	Monsanto Co			404,925
	5,880	Mosaic Co			237,846
	9,990	Nike Inc - Class B			524,175
	8,500	Nordstrom Inc			192,355
	7,140	Nucor Corp			290,527
	7,110	Occidental Petroleum			400,222
	10,350	Peabody Energy			273,137
	22,813	Pfizer Inc			304,782
	9,008	Procter & Gamble			445,356
	10,950	QUALCOMM Inc			463,404
	8,130	Quanta Services (1)			184,795
	12,840	Schlumberger Ltd			629,032
	8,400	Stryker Corp			325,164
	19,600	Symantec Corp (1)			338,100
	8,850	T Rowe Price			340,902
	7,390	Terra Industries			195,835
	16,610	Time Warner			362,596
	9,620	Tyco International			228,571
	5,474	Union Pacific			268,992
	10,930	Urban Outfitters (1)			213,026
	16,520	Wal-Mart Stores			832,608
	9,834	Walt Disney			215,365
	4,890	Zimmer Holdings (1)			215,111
					25,627,962
		Japan—7.2%
	7,847	Canon Inc			235,286
	8,031	Denso Corp			188,561
	3,700	Fanuc Ltd			265,884

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

9

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	5,500	JFE Holdings		$	149,540
	18,980	Komatsu Ltd			235,164
	3,500	Kyocera Corp			271,078
	5,200	Makita Corp			119,185
	11,815	Mitsubishi Electric			62,567
	27,000	Mitsui & Co			284,861
	6,180	Nidec Corp			339,826
	864	Nintendo Co			231,050
	21,751	Panasonic Corp			316,145
	4,930	Shin-Etsu Chemical			238,520
	9,220	Sony Corp			237,095
	67,000	Sumitomo Metal Industries			156,630
	7,350	Takeda Pharmaceutical			261,473
	23,838	Toyota Motor			932,828
					4,525,693
		Switzerland—6.0%
	23,689	ABB Ltd - Registered (1)			340,479
	3,170	Credit Suisse - Registered			124,134
	43,110	Nestle SA - Registered			1,414,100
	8,924	Novartis AG - Registered			340,051
	2,480	Roche Holding			314,641
	1,350	Swatch Group			190,004
	1,390	Syngenta AG - Registered			299,004
	3,480	Transocean Ltd (1)			234,830
	9,540	UBS AG - Registered (1)			133,599
	37,080	Xstrata PLC			333,792
					3,724,634
		France—5.7%
	8,040	AXA SA			135,783
	3,690	BNP Paribas			196,807
	4,490	Compagnie Generale des Etablissements Michelin			232,009
	5,900	Danone SA			282,507
	4,080	L’Oreal SA			293,135
	14,920	Sanofi-Aventis SA			865,355
	4,000	Schneider Electric			306,946
	2,420	Societe Generale			125,592
	4,600	Technip SA			200,266

See Notes to Financial Statements

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Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		France—Continued
	17,932	Total SA		$	911,142
					3,549,542
		Germany—4.4%
	4,990	Adidas AG			189,242
	1,320	Allianz SE - Registered			121,984
	8,540	BASF SE			323,308
	6,510	Daimler AG - Registered			234,164
	2,250	Deutsche Bank - Registered			121,197
	22,410	Deutsche Telekom - Registered			271,417
	5,304	E.ON AG			180,206
	8,620	Fraport AG			348,953
	8,400	MAN SE			523,038
	1,670	Salzgitter AG			119,365
	4,140	SAP AG			159,229
	7,980	ThyssenKrupp AG			171,727
					2,763,830
		Australia—4.0%
	50,300	BHP Billiton			1,229,506
	27,188	Rio Tinto			1,286,991
					2,516,497
		United Kingdom—2.5%
	15,110	Anglo American			332,267
	61,050	Barclays PLC			254,656
	42,020	HSBC Holdings			299,184
	84,200	Lloyds Banking			139,740
	218,730	Royal Bank of Scotland (1)			135,480
	8,300	Standard Chartered			130,123
	29,070	Tesco PLC			145,252
	40,850	William Morrison Supermarkets			149,361
					1,586,063
		Canada—2.5%
	6,900	EnCana Corp			317,617
	10,410	Petro-Canada			329,973
	2,720	Potash Corp of Saskatchewan			234,660
	5,090	Research In Motion (1)			353,755

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

11

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Canada—Continued
	24,290	Talisman Energy		$	305,644
					1,541,649
		Spain—1.5%
	26,540	Banco Santander			255,673
	25,970	EDP Renovaveis (1)			213,360
	10,840	Gamesa Corp			206,699
	12,550	Repsol YPF			240,636
					916,368
		Hong Kong—1.2%
	125,097	China Merchants Holdings International			298,290
	6,530	China Mobile Sponsored ADR			281,835
	1,620	CNOOC Ltd Sponsored ADR			180,387
	440	GOME Electrical Appliances (2)(4)			63
					760,575
		Brazil—1.2%
	7,320	Petroleo Brasileiro ADR			245,732
	29,470	Vale SA ADR			486,550
					732,282
		Russia—1.2%
	14,230	Gazprom OAO Sponsored ADR			254,432
	3,600	LUKOIL Sponsored ADR			160,560
	22,150	MMC Norilsk Nickel Sponsored ADR			184,510
	86,930	Novolipetsk Steel			121,702
	1,376	Yenisei Territorial Generating Sponsored GDR (1)(2)(3)			867
					722,071
		South Korea—0.9%
	3,880	Hyundai Motor			207,155
	3,250	POSCO Sponsored ADR			250,152
	8,380	SK Telecom Sponsored ADR			131,315
					588,622
		Italy—0.9%
	14,410	Eni SpA			314,108
	39,910	Intesa Sanpaolo			128,907

See Notes to Financial Statements

12

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Italy—Continued
	50,050	UniCredit SpA		$	123,954
					566,969
		Sweden—0.8%
	21,440	Atlas Copco - Class A			201,637
	27,390	Sandvik AB			181,931
	13,350	SKF AB - Class B			147,928
					531,496
		Denmark—0.6%
	20	AP Moller-Maersk - Class B			117,769
	4,360	Vestas Wind Systems (1)			288,148
					405,917
		Norway—0.5%
	40,560	Norsk Hydro			181,940
	8,100	StatoilHydro ASA			153,712
					335,652
		Taiwan—0.5%
	31,230	Taiwan Semiconductor Manufacturing Sponsored ADR			330,101
		China—0.5%
	3,370	PetroChina Co Sponsored ADR			292,887
		Czech Republic—0.5%
	2,084	Komercni Banka			282,281
		Multinational—0.4%
	11,080	ArcelorMittal			264,278
		South Africa—0.4%
	12,470	Impala Platinum			241,051
		Austria—0.4%
	7,270	OMV AG			228,602
		Chile—0.3%
	6,150	Sociedad Quimica y Minera de Chile Sponsored ADR			193,787
		Poland—0.3%
	21,475	PKO Bank Polski			173,073
		Ireland—0.3%
	6,565	CRH PLC			171,550

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

13

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Netherlands—0.2%
	13,800	ING Groep		$	129,577
		New Zealand—0.0%
	1,120	Auckland International Airport			1,057
		TOTAL COMMON STOCKS (Cost $56,434,840)			53,704,066
INVESTMENT FUNDS—6.6%
		United States—4.1%
	56,940	Financial Select Sector SPDR Fund			616,091
	4,570	iPath Dow Jones-AIG Commodity Index Total Return (1)			152,226
	9,140	iShares Dow Jones US Real Estate Index Fund			301,803
	11,180	PowerShares DB Agriculture Fund (1)			282,742
	7,460	PowerShares DB Commodity Index Tracking Fund (1)			149,051
	10,430	Regional Bank HOLDRs Trust			628,512
	26,640	SPDR KBW Bank ETF			435,031
					2,565,456
		France—1.1%
	28,980	Lyxor ETF DJ Stoxx 600 Banks			655,512
		Brazil—0.5%
	7,200	iShares MSCI Brazil Index Fund			324,720
		China—0.5%
	9,410	iShares FTSE/Xinhua China 25 Index Fund			300,932
		Japan—0.4%
	165,900	Nomura TOPIX Banks ETF			266,425
		TOTAL INVESTMENT FUNDS (Cost $3,774,511)			4,113,045
EQUITY LINKED NOTES—0.6%
		Taiwan—0.4%
	86,526	Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/06/2018 (3)			250,077
		India—0.2%
	3,470	Reliance Industry, Issued by CLSA, Expires 05/17/2010 (3)			125,266
		Russia—0.0%
	4	Unified Energy System, Issued by Deutsche Bank AG London-OGK4, Expires 12/31/2009 (1)(2)(3)			10,541

See Notes to Financial Statements

14

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
EQUITY LINKED NOTES—Continued
		Russia—Continued
	4	Unified Energy System, Issued by Deutsche Bank AG London-TGK11, Expires 12/31/2009 (1)(2)(3)		$	1,237
					11,778
		TOTAL EQUITY LINKED NOTES (Cost $386,107)			387,121
PREFERRED STOCKS—0.0%
		Philippines—0.0%
	56,604	Ayala Land (1)(2) (Cost $121)			117

Face
Value			Currency
REPURCHASE AGREEMENT—9.3%
			United States—9.3%
	5,766,578	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2009, due 05/01/2009 with maturity value of $5,766,589 and an effective yield of 0.07%, collateralized by a U.S. Government and Agency Obligation, with rates ranging from 0.951% - 4.670%, maturities ranging from 06/01/2034 - 06/15/2034 and an aggregate market value of $5,882,043. (Cost $5,766,578)	$	5,766,578
			TOTAL INVESTMENTS—102.5% (Cost $66,362,157)		63,970,927
			OTHER ASSETS AND LIABILITIES—(2.5)%		(1,547,388	)
			TOTAL NET ASSETS—100.0%	$	62,423,539

Notes to the Portfolio of Investments.

ADR American Depositary Receipt

ETF	Exchange-Traded Funds
GDR	Global Depositary Receipt
(1)	Non-income producing security.
(2)	Illiquid security.
(3)	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers.
(4)	Security valued at fair value utilizing fair value model in accordance with valuation policies approved by the Board of Trustees.
	Aggregate cost for federal income tax purposes was $67,814,917.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

15

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
							Net Unrealized
Expiration	Local		Value in		In Exchange		Appreciation
Date	Currency		USD		for USD		(Depreciation)
05/06/09	AUD	844,710		620,345		590,706	$	29,639
07/02/09	BRL	2,622,696		1,190,396		1,181,700		8,696
06/17/09	CAD	1,402,257		1,180,585		1,134,512		46,073
05/07/09	CZK	9,870,760		487,849		452,603		35,246
05/12/09	CZK	3,382,334		167,141		161,873		5,268
05/14/09	CZK	1,815,750		89,721		89,649		72
07/14/09	CZK	295,788		14,585		14,760		(175	)
10/14/09	CZK	296,917		14,615		14,798		(183	)
10/22/09	CZK	218,234		10,740		10,928		(188	)
10/27/09	CZK	6,549,959		322,317		354,435		(32,118	)
05/04/09	DKK	1,408,280		250,530		250,014		516
05/04/09	EUR	150,948		200,021		199,523		498
05/20/09	EUR	859,969		1,139,453		1,168,929		(29,476	)
06/17/09	GBP	1,564,838		2,318,727		2,261,066		57,661
05/01/09	JPY	5,359,418		54,474		55,653		(1,179	)
05/07/09	JPY	60,383,269		613,803		612,848		955
06/08/09	JPY	53,829,876		547,457		550,968		(3,511	)
05/29/09	KRW	1,617,698,387		1,262,203		1,212,857		49,346
05/05/09	NOK	1,178,719		179,233		179,060		173
05/07/09	PLN	474,761		142,325		141,487		838
05/11/09	PLN	662,785		198,634		193,309		5,325
05/14/09	PLN	95,473		28,607		28,415		192
05/21/09	PLN	98,203		29,409		29,218		191
10/30/09	PLN	1,685,878		500,976		496,944		4,032
07/07/09	ZAR	3,813,231		443,772		413,514		30,258
Net unrealized appreciation on forward foreign exchange contracts to buy							$	208,149

See Notes to Financial Statements

16

Artio Global Funds  ï  2009 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued) (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver
								Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date		Currency		USD		for USD		(Depreciation)
05/07/09		CZK	9,870,760		487,849		522,594	$	34,745
05/12/09		CZK	3,382,334		167,141		170,290		3,149
05/14/09		CZK	1,815,750		89,721		88,681		(1,040	)
07/14/09		CZK	295,788		14,584		16,119		1,535
10/14/09		CZK	296,917		14,614		16,119		1,505
10/22/09		CZK	218,234		10,740		11,579		839
10/27/09		CZK	6,549,959		322,317		329,672		7,355
05/05/09		EUR	26,278		34,822		34,735		(87	)
05/20/09		EUR	452,468		599,517		594,502		(5,015	)
06/17/09		EUR	429,091		568,477		563,612		(4,865	)
05/05/09		GBP	191,418		283,643		283,031		(612	)
05/07/09	��	JPY	53,829,876		547,194		550,689		3,495
05/07/09		PLN	474,761		142,325		171,650		29,325
05/11/09		PLN	662,785		198,635		231,406		32,771
05/14/09		PLN	95,474		28,607		31,156		2,549
05/21/09		PLN	98,203		29,410		31,915		2,505
10/30/09		PLN	1,685,878		500,975		560,744		59,769
05/05/09		SEK	2,330,577		289,351		289,362		11
Net unrealized appreciation on forward foreign exchange contracts to sell								$	167,934

Glossary of Currencies

AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CZK	— Czech Koruna
DKK	— Danish Krone
EUR	— Euro
GBP	— British Pound Sterling
JPY	— Japanese Yen

KRW	— South Korean Won
NOK	— Norwegian Krone
PLN	— Polish Zloty

SEK	— Swedish Krona
ZAR	— South African Rand

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

17

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2009

Artio Global Equity Fund Inc.

At April 30, 2009, sector diversification of the Fund’s investments were as follows:

	% of Net			Market
	Assets			Value
INDUSTRY SECTOR
Materials		14.5	%	$	9,064,385
Energy		13.3			8,320,054
Information Technology		12.8			8,007,723
Industrials		11.7			7,282,019
Financials		11.6			7,216,093
Consumer Staples		10.2			6,376,223
Consumer Discretionary		8.6			5,382,193
Healthcare		7.4			4,593,075
Utilities		1.6			992,495
Telecommunications		1.6			970,089
Short-term Investment		9.2			5,766,578
Total Investments		102.5			63,970,927
Other Assets and Liabilities (Net)		(2.5	)		(1,547,388	)*
Net Assets		100.0	%	$	62,423,539

* Other Assets and Liabilities (Net) include the margin requirements for $2,335,546 in net notional market value of futures, which is 3.74% of net assets and $653,898 in net notional market value for swaps, which is 1.05% of net assets.

See Notes to Financial Statements

18

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—59.4%
		France—7.5%
	144,300	Accor SA		$	6,160,849
	497,143	Aeroports de Paris			28,919,749
	248,314	Air Liquide			20,352,824
	697,563	Alcatel-Lucent (1)			1,798,767
	475,276	Alstom SA			30,125,921
	1,081,408	AXA SA			18,263,251
	717,720	BNP Paribas			38,279,794
	375,813	Bouygues SA			16,194,629
	513,612	Carrefour SA			21,023,341
	337,056	Casino Guichard-Perrachon			21,246,328
	442,452	Compagnie de Saint-Gobain			16,079,090
	307,632	Compagnie Generale des Etablissements Michelin			15,896,046
	822,803	Credit Agricole			12,211,318
	180,636	Danone SA			8,649,302
	1,616,683	France Telecom			36,140,040
	903,122	GDF Suez			32,670,647
	122,827	Lafarge SA			7,034,403
	27,166	Lagardere SCA			860,524
	190,195	LVMH			14,463,853
	62,131	Pernod-Ricard SA			3,703,606
	179,562	Peugeot SA			4,199,599
	76,001	PPR			5,886,437
	196,022	Publicis Groupe			6,043,055
	758,543	Renault SA			24,696,422
	785,905	Sanofi-Aventis SA			45,582,198
	360,329	Schneider Electric			27,650,402
	378,037	Societe Generale			19,619,192
	93,241	Societe Television Francaise 1			882,173
	216,854	Suez Environnement			3,336,171
	45,280	Technip SA			1,971,317
	2,329,266	Total SA			118,352,244
	23,510	Vallourec SA			2,597,857
	299,635	Veolia Environnement			8,324,077
	1,124,247	Vinci SA			50,949,099
	971,395	Vivendi			26,348,893
					696,513,418
		Germany—6.2%
	123,006	Adidas AG			4,664,924
	339,240	Allianz SE - Registered			31,350,009

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

19

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Germany—Continued
	368,482	BASF SE		$	13,950,031
	667,389	Bayer AG			33,260,674
	499,012	BMW AG			17,357,572
	78,277	Celesio AG			1,741,540
	251,633	Commerzbank AG			1,720,545
	1,956,404	Daimler AG - Registered			70,371,540
	324,613	Deutsche Bank - Registered			17,485,382
	118,360	Deutsche Boerse			8,782,975
	1,095,992	Deutsche Post - Registered			12,707,617
	88,495	Deutsche Postbank			1,899,689
	3,144,137	Deutsche Telekom - Registered			38,079,946
	973,959	E.ON AG			33,090,808
	2,748,030	Fraport AG			111,245,218
	337,945	Fresenius SE			14,043,351
	225,515	GEA Group			2,976,346
	38,213	Hochtief AG			1,878,091
	264,297	MAN SE			16,456,836
	723,632	Marseille-Kliniken AG (2)			5,120,445
	120,569	Merck KGaA			10,856,099
	242,279	Metro AG			10,337,614
	225,965	RWE AG			16,345,678
	36,997	Salzgitter AG			2,644,394
	1,071,848	SAP AG			41,224,377
	785,401	Siemens AG - Registered			53,108,702
	268,723	ThyssenKrupp AG			5,782,818
	86,687	TUI AG			957,433
	6,604	Wacker Chemie			685,900
					580,126,554
		United Kingdom—5.9%
	1,962,376	Anglo American			43,152,470
	2,394,954	Aviva PLC			11,196,598
	317,564	Balfour Beatty			1,586,985
	4,473,976	Barclays PLC			18,662,146
	9,848,560	BP PLC			70,414,092
	3,502,559	BT Group			4,878,686
	414,572	Carphone Warehouse			919,933
	1,133,618	Diageo PLC			13,656,733
	195,733	Firstgroup PLC			965,824
	1,830,807	G4S PLC			5,124,648

See Notes to Financial Statements

20

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		United Kingdom—Continued
	1,659,121	GlaxoSmithKline PLC		$	25,789,509
	9,752,180	HSBC Holdings			69,435,990
	193,702	Johnson Matthey			3,461,553
	1,183,220	Legal & General			1,022,171
	7,437,535	Lloyds Banking			12,343,450
	878,802	Marks & Spencer			4,411,232
	690,593	National Grid			5,776,645
	93,298	Next PLC			2,260,370
	1,701,541	Old Mutual			1,722,077
	1,169,798	Prudential PLC			6,816,621
	491,279	Rentokil Initial			478,645
	2,605,580	Rolls-Royce Group (1)			13,050,004
	223,558,764	Rolls-Royce Group - C Shares Entitlement (1)(3)			331,269
	23,524,908	Royal Bank of Scotland (1)			14,571,147
	635,869	Smith & Nephew			4,527,418
	710,646	Standard Chartered			11,141,111
	6,844,218	Tesco PLC			34,198,017
	59,352,856	Vodafone Group			109,672,465
	379,544	Whitbread PLC			5,289,449
	2,468,844	William Morrison Supermarkets			9,026,935
	538,677	Wolseley PLC (1)			9,786,073
	4,325,043	WPP PLC			29,897,275
					545,567,541
		Japan—5.6%
	400,727	Aisin Seiki			8,186,830
	440,800	Bridgestone Corp			6,541,322
	863,073	Canon Inc			25,878,593
	1,591	Central Japan Railway			9,427,789
	199,300	Daikin Industries			5,358,017
	600,906	Denso Corp			14,108,785
	319,400	East Japan Railway			18,050,150
	282,500	Eisai Co			7,623,494
	224,200	Fanuc Ltd			16,111,135
	1,975	Fuji Media			2,204,147
	1,499,752	Honda Motor			43,368,343
	1,259,297	ITOCHU Corp			6,732,634
	12,400	Japan Airport Terminal			124,145
	350,700	JFE Holdings			9,535,219
	1,653	KDDI Corp			7,426,193

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

21

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	821,000	Komatsu Ltd		$	10,172,272
	581,269	Kubota Corp			3,473,966
	100,900	Kyocera Corp			7,814,789
	112,900	Makita Corp			2,587,686
	1,324,797	Mitsubishi Corp			20,332,810
	1,582,000	Mitsubishi Electric			8,377,517
	1,681,000	Mitsui & Co			17,735,204
	279,000	NGK Insulators			4,239,518
	121,500	Nichi-iko Pharmaceutical			3,291,127
	147,516	Nidec Corp			8,111,618
	69,626	Nintendo Co			18,619,302
	172,900	Nippon Telegraph & Telephone			6,467,165
	1,868,600	Nissan Motor			9,686,294
	6,362	NTT DoCoMo			8,859,013
	1,469,132	Panasonic Corp			21,353,446
	737,000	Ricoh Co			9,011,648
	64,700	Sawai Pharmaceutical			3,011,902
	214,600	Shin-Etsu Chemical			10,382,640
	375,408	Sony Corp			9,653,730
	2,756,000	Sumitomo Metal Industries			6,442,852
	961,400	Suzuki Motor			17,999,683
	318,800	Takeda Pharmaceutical			11,341,160
	59,150	Towa Pharmaceutical			2,260,548
	2,919,989	Toyota Motor			114,264,955
					516,167,641
		Switzerland—5.4%
	3,242,829	ABB Ltd - Registered (1)			46,608,816
	277,394	BKW FMB Energie			19,496,369
	569,167	Credit Suisse - Registered			22,287,939
	472,161	Dufry Group - Registered			12,644,024
	136,505	Flughafen Zuerich - Registered			28,764,388
	27,874	Givaudan SA - Registered			17,792,175
	129,202	Holcim Ltd - Registered			6,630,543
	78,370	Logitech International - Registered (1)			1,060,347
	2,202,005	Nestle SA - Registered			72,230,481
	984,227	Nobel Biocare - Registered			20,273,028
	1,286,838	Novartis AG - Registered			49,035,313
	266,547	Roche Holding			33,817,149
	16,476	Sulzer AG - Registered			907,015

See Notes to Financial Statements

22

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Switzerland—Continued
	32,673	Swatch Group		$	4,598,518
	160,504	Swiss Reinsurance - Registered			3,872,558
	42,906	Swisscom AG - Registered			11,263,790
	62,858	Syngenta AG - Registered			13,521,410
	2,545,005	UBS AG - Registered (1)			35,640,572
	9,931,653	Xstrata PLC			89,404,082
	56,268	Zurich Financial Services - Registered			10,582,208
					500,430,725
		Australia—4.0%
	5,854,115	BHP Billiton			134,933,505
	21,879,062	Macquarie Airports			29,094,925
	4,619,485	Rio Tinto			204,484,330
					368,512,760
		Netherlands—2.5%
	799,009	AEGON NV			4,129,191
	245,118	European Aeronautic Defence & Space			3,572,865
	1,663,283	Heineken NV			49,766,690
	1,352,541	ING Groep			12,699,899
	3,149,190	KKR Private Equity Investors (Unit) (1)			10,707,246
	2,648,153	Koninklijke (Royal) KPN			31,964,097
	234,611	Koninklijke Philips Electronics			4,277,751
	34,399	Randstad Holding			794,952
	2,094,215	Reed Elsevier			23,193,821
	782,378	Royal Dutch Shell - Class A			18,236,222
	798,773	Royal Dutch Shell - Class B			18,428,989
	708,524	TNT NV			13,200,444
	1,828,316	Unilever NV			36,401,092
					227,373,259
		Spain—2.1%
	8,274	Acciona SA			856,279
	2,424,539	Banco Bilbao Vizcaya Argentaria			26,601,626
	208,290	Banco Popular Espanol			1,736,072
	7,266,926	Banco Santander			70,005,767
	154,886	Cintra Concesiones de Infraestructuras			853,796
	666,748	EDP Renovaveis (1)			5,477,748
	106,387	Gamesa Corp			2,028,607
	1,211,862	Iberdrola Renovables (1)			4,962,041

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

23

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Spain—Continued
	1,156,161	Iberdrola SA		$	9,192,174
	163,748	Inditex SA			7,028,063
	551,892	Repsol YPF			10,582,086
	2,926,520	Telefonica SA			55,880,997
					195,205,256
		Russia—2.0%
	437,925	Alfa Cement (1)(2)(3)(5)			25,023,034
	3,160,642	AvtoVAZ Sponsored GDR (3)			5,146,793
	16,054,502	Central Telecommunication (3)			2,488,448
	53,536,950	Chelindbank OJSC (1)(3)(5)			3,747,587
	1,920,500	Gazprom OAO Sponsored ADR			34,338,540
	268,419,608	IDGC of North-West (1)(3)			617,365
	166,480,998	IDGC of South (1)(3)			357,934
	356,554	Inter Rao UES Sponsored GDR (1)(3)(4)			1,247,939
	547,651	Kuban Energy Retail (1)(3)			284,381
	547,651	Kuban Trunk Grid (1)(3)			91,020
	547,651	Kubanenergo OAO (1)(3)			2,329,842
	118,567	Kuzbassenergo OJSC Sponsored GDR (1)(3)(4)			225,277
	447,600	LUKOIL Sponsored ADR			19,962,960
	1,571,059	MMC Norilsk Nickel Sponsored ADR			13,086,921
	572,363	Mosenergo OAO Sponsored GDR (1)(3)(4)			1,402,163
	397,891,076	MRSK Urala (1)(3)			1,185,715
	1,369,875	North-West Telecom Sponsored ADR (3)			3,013,725
	219,150	NovaTek OAO Sponsored GDR			7,779,825
	435,950	Novolipetsk Steel Sponsored GDR			6,670,035
	766,444	OAO Dalsvyaz (3)			977,216
	1,641,172	OGK1 Sponsored GDR (1)(3)(4)			1,019,389
	426,500	OGK2 Sponsored GDR (1)(3)(4)			618,425
	701,166	OGK3 Sponsored GDR (1)(3)(4)			1,080,849
	497,299	OGK6 Sponsored GDR (1)(3)(4)			650,848
	85,300,000	RAO Energy System of East - BRD (1)(3)			228,178
	2,749,950	Rosneft Oil Sponsored GDR (1)			14,437,238
	78,061	RTS Stock Exchange - BRD (1)(3)(5)			17,491,128
	117,203	Sibirskiy Cement (3)			1,172,030
	227,244	Sibirtelecom Sponsored ADR			659,008
	20,946	Sistema-Hals (1)(3)			171,757
	1,684,642	Sistema-Hals Sponsored GDR (1)(4)			690,703
	787,702	Southern Telecommunication Sponsored ADR (3)			708,932
	651,692	TGK1 Sponsored GDR (1)(3)(4)			531,839

See Notes to Financial Statements

24

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Russia—Continued
	110,037	TGK2 Sponsored GDR (1)(3)(4)		$	156,319
	270,401	TGK4 Sponsored GDR (1)(3)(4)			281,969
	286,608	TGK9 Sponsored GDR (1)(3)(4)			311,864
	27,296	TGK14 Sponsored GDR (1)(3)(4)			59,403
	524,691	Veropharm (1)(2)(3)			10,756,166
	284,902	Volga Territorial Generating Sponsored GDR (1)(3)(4)			327,230
	900,473	VolgaTelecom			724,881
	169,605	VolgaTelecom Sponsored ADR			273,064
	293,432	Yenisei Territorial Generating Sponsored GDR (1)(3)(4)			184,922
					182,512,862
		Italy—1.7%
	647,619	Assicurazioni Generali			13,284,316
	148,377	Banco Popolare			988,970
	2,045,267	Enel SpA			11,199,833
	2,660,047	Eni SpA			57,983,427
	325,117	Geox SpA			2,783,049
	7,546,606	Intesa Sanpaolo			24,375,019
	72,343	Italcementi SpA			882,407
	368,467	Mediobanca SpA			4,286,884
	75,072	Prysmian SpA			924,150
	124,578	Saipem SpA			2,702,332
	296,761	Saras SpA			876,921
	637,785	Snam Rete Gas			2,535,387
	6,896,560	Telecom Italia			8,800,503
	224,460	UBI Banca			3,123,036
	9,123,619	UniCredit SpA			22,595,664
						��
					157,341,898
		Czech Republic—1.7%
	1,143,966	Komercni Banka			154,951,855
		Canada—1.6%
	1,039,749	EnCana Corp			47,861,184
	1,266,848	Petro-Canada			40,156,128
	262,264	Research In Motion (1)			18,227,348
	3,251,051	Talisman Energy			40,908,352
					147,153,012
		Sweden—1.4%
	285,806	Assa Abloy - Class B			3,397,594

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

25

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Sweden—Continued
	2,672,526	Atlas Copco - Class A		$	25,134,253
	699,346	Getinge AB - Class B			8,183,421
	215,062	Hennes & Mauritz - Class B			9,679,058
	961,607	Nordea Bank			7,234,885
	2,123,208	Sandvik AB			14,102,878
	454,107	Skandinaviska Enskilda Banken - Class A (1)			1,792,861
	405,204	Skanska AB - Class B			4,414,508
	1,193,014	SKF AB - Class B			13,219,505
	3,701,905	Svenska Cellulosa - Class B			36,079,154
	386,501	Swedbank AB - Class A (1)			2,216,940
	316,783	TeliaSonera AB			1,498,471
	452,157	Volvo AB - Class B			2,989,305
					129,942,833
		Finland—1.3%
	1,103,086	Atria PLC			13,155,294
	121,261	Metso Oyj			1,883,204
	3,321,386	Nokia Oyj			48,104,774
	59,312	Nokian Renkaat Oyj			949,420
	567,968	Olvi Oyj - Class A			12,267,615
	490,081	Orion Oyj - Class B			7,143,470
	212,094	Sampo Oyj - Class A			3,999,281
	4,217,739	Stora Enso - Class R (1)			24,367,718
	574,951	UPM-Kymmene Oyj			5,203,556
	29,941	Wartsila Oyj			1,001,392
					118,075,724
		Ireland—1.0%
	3,575,161	CRH PLC			93,422,435
		Multinational—0.9%
	3,155,760	ArcelorMittal			75,270,559
	414,976	Central European Media Enterprises - Class A (1)			6,809,756
	212,213	Tenaris SA			2,715,019
					84,795,334
		Hong Kong—0.9%
	14,030,758	China Merchants Holdings International			33,455,921
	1,435,500	China Mobile			12,521,022
	30,866,602	Clear Media (1)(2)			9,319,542
	7,936,000	CNOOC Ltd			8,888,148

See Notes to Financial Statements

26

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Hong Kong—Continued
	17,375,087	Emperor Entertainment Hotel		$	986,438
	68,601,472	GOME Electrical Appliances (3)(5)			9,913,827
	15,601,145	Melco International Development (1)			7,750,096
					82,834,994
		Bulgaria—0.9%
	301,290	Bulgarian American Credit Bank (1)			2,306,846
	11,652,801	Bulgarian Telecommunication (1)(3)(5)			49,729,142
	1,276,434	Central Cooperative Bank (1)			1,093,777
	10,693,367	Chimimport AD (1)(2)			16,660,284
	47,828	Devin AD (1)			82,616
	354,861	DZI Insurance (1)(2)(3)(5)			4,706,641
	92,174	Kaolin AD (1)			206,045
	1,703,999	LEV INS (1)(3)(5)			3,289,685
	806,010	Sopharma AD			1,364,962
	1,425,011	Sparki Eltos Lovetch (1)(2)			1,629,411
					81,069,409
		Austria—0.9%
	85,870	Erste Group Bank			1,820,581
	806,641	Flughafen Wien			24,381,153
	1,495,787	OMV AG			47,034,460
	26,678	Raiffeisen International Bank			936,449
	354,992	Telekom Austria			4,708,703
	92,254	Voestalpine AG			1,790,901
					80,672,247
		China—0.8%
	76,121,574	Beijing Capital International Airport - Class H			48,618,645
	4,245,558	Lianhua Supermarket - Class H			5,050,747
	19,866,000	PetroChina Co			17,558,641
					71,228,033
		Ukraine—0.7%
	214,485	Anthousa Ltd Sponsored GDR (1)(4)(5)			4,761,567
	8,916,599	Bank Forum (1)(2)(3)			4,486,339
	76,611,005	Bohdan Automobile Plant (1)(3)			1,445,491
	2,343,250	Centrenergo			1,724,278
	178,305	Centrenergo Sponsored ADR (1)			1,312,056
	1,237,519	Chernivtsioblenergo (3)			836,687
	5,006,914	Davento GDR (1)(3)(4)(5)			1,393,279

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

27

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Ukraine—Continued
	20,500	Dniproenergo		$	1,682,547
	12,382,906	Dragon-Ukrainian Properties & Development (1)(2)			8,027,682
	7,562,990	Harkivoblenergo (3)			1,831,290
	10,700	Ivano Frankivskcement (1)(3)			107,673
	902,412	Khmelnitskoblenergo JSC (1)(3)			422,828
	2,750,000	Kirovogradoblenergo (1)(3)			1,591,195
	240,262	Korukivskas Technical Papers Factory (1)(3)			309,772
	3,228,131	Krymenergo (3)			710,595
	115,161	Kyivmedpreparat (1)(3)			231,771
	189,156	Lvivoblenergo (1)(3)			28,552
	267,596	Odessaoblenergo (1)(3)			80,447
	1,251,637	Oranta (1)(3)			1,897,135
	488,244	Poltavaoblenergo (1)(3)			194,991
	93,280,824	Raiffeisen Bank Aval (1)			1,994,684
	65,228	Retail Group (1)(3)(5)			10,855,580
	21,017	Rodovid Bank (1)(3)(5)			608,039
	8,375,303	Slavutich Brewery (1)(3)			1,185,185
	641,180	Ternopiloblenergo (1)(3)			379,062
	2,636,403	Tsukrovyy soyz Ukrros (1)(3)			207,264
	1,153,346,022	Ukrinbank (1)(2)(3)			1,450,750
	8,685	Ukrnafta Sponsored ADR (1)			690,510
	84,835,914	Ukrsotsbank JSCB (1)			1,814,101
	116,751,392	UkrTelecom (1)			4,581,942
	573,260	UkrTelecom Sponsored GDR (1)			1,101,459
	65,728	Vinnitsaoblenergo (1)(3)			2,128,926
	4,114,636	Volynoblenergo (3)			284,660
	4,799,516	Zakarpattyaoblenergo (3)			1,542,486
	15,000	Zakhidenergo (1)			662,264
	595,792	Zakhidenergo GDR (1)			6,576,195
	400,000	Zhytomyroblenergo (1)(3)			125,786
					69,265,068
		Poland—0.7%
	2,534,385	Agora SA			11,934,387
	660,666	Dom Development			6,737,345
	462,284	Grupa Kety (2)			9,906,928
	2,430,208	PKO Bank Polski			19,585,696
	1,071,000	Polska Grupa Farmaceutyczna (1)(2)			9,954,947
	231,934	Sniezka SA			1,968,696

See Notes to Financial Statements

28

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Poland—Continued
	50,962	Stomil Sanok		$	95,686
					60,183,685
		Romania—0.6%
	731,600	Antibiotice			131,637
	25,258,098	ARDAF - Societatea de Asigurare Reasigurare (1)			774,989
	834,977	Banca Transilvania (1)			289,932
	49,422,397	Biofarm Bucuresti (1)			2,480,558
	5,034,024	BRD-Groupe Societe Generale			11,600,232
	11,468,246	Cemacon SA (1)(2)			336,673
	7,691,800	Compa Sibiu (1)			471,041
	5,115,298	Concefa SA (1)			452,124
	3,712,600	Condmag SA (1)			298,846
	40,338,000	Dafora SA (1)			728,348
	16,912,495	Impact Developer & Contractor (1)(2)			1,969,983
	493,519,000	Rompetrol Rafinare (1)			5,140,985
	503,687,257	SNP Petrom			29,732,478
	13,131,100	Socep Constanta (1)			667,353
	3,443,800	Spicul Buzau (1)			358,740
	11,918,318	Zentiva SA (1)			1,828,436
					57,262,355
		Denmark—0.5%
	100,454	ALK-Abello A/S			6,084,926
	936	AP Moller-Maersk - Class B			5,511,563
	38,715	Carlsberg A/S - Class B			1,887,126
	342,127	Danske Bank (1)			3,819,197
	178,794	DSV A/S			2,043,605
	28,298	FLSmidth & Co (1)			918,734
	388,187	Novo Nordisk - Class B			18,611,043
	726,577	TK Development (1)			3,102,158
	75,622	Vestas Wind Systems (1)			4,997,789
	39,500	Vestas Wind Systems New (1)			2,610,519
					49,586,660
		Norway—0.5%
	625,257	Dnb NOR			3,969,387
	396,271	Norsk Hydro			1,777,554
	1,954,420	Orkla ASA			14,190,567
	752,330	RomReal Ltd (1)			148,717

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

29

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Norway—Continued
	252,514	Seadrill Ltd		$	2,749,204
	1,237,183	StatoilHydro ASA			23,477,779
	79,118	Yara International			2,153,460
					48,466,668
		Venezuela—0.5%
	38,451	Banco Provincial (3)			286,507
	156	Banco Venezolano de Credito (3)			185,256
	15,843,815	Cemex Venezuela SACA - I (3)			5,238,722
	2,795,674	Mercantil Servicios Financieros - Class B (3)			24,086,047
	2,847,910	Siderurgica Venezolana Sivensa SACA (2)(3)			17,904,711
					47,701,243
		Hungary—0.4%
	3,113,464	OTP Bank (1)			40,798,418
		Serbia—0.3%
	399,974	AIK Banka (1)(2)			9,219,044
	46,635	Energoprojekt Holding (1)			358,516
	78,573	Imlek ad (1)(3)			1,085,085
	41,955	Komercijalna Banka (1)(3)			11,733,318
	6,149	Metals Banka (1)(3)			274,519
	93,520	Privredna Banka (1)			549,019
	120,631	Tigar ad Pirot (2)(3)			723,352
	78,160	Toza Markovic ad Kikinda (1)(2)(3)			2,998,889
	16,503	Univerzal Banka ad (1)(3)			1,268,931
					28,210,673
		Lebanon—0.2%
	278,581	SOLIDERE - Class A			4,457,296
	752,109	SOLIDERE Sponsored GDR (4)			12,033,744
					16,491,040
		Greece—0.1%
	86,839	Alpha Bank (1)			857,274
	672,682	Hellenic Telecommunications Organization			10,339,903
	95,004	National Bank of Greece			2,006,684
					13,203,861

See Notes to Financial Statements

30

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Mexico—0.1%
	296,927	America Movil SAB de C.V. - Class L		$	9,754,052
	1,593,400	Grupo Cementos de Chihuahua			3,445,810
					13,199,862
		Belgium—0.1%
	199,970	Anheuser-Bush InBev			6,178,015
	1,622,689	Fortis			4,042,423
	128,001	KBC Groep			2,869,023
					13,089,461
		Portugal—0.1%
	2,996,364	Energias de Portugal			10,974,412
		Georgia—0.1%
	2,190,670	Bank of Georgia - Registered Shares Sponsored GDR (1)(2)			8,762,680
		South Korea—0.1%
	133,040	Hyundai Motor			7,103,071
		Zambia—0.1%
	9,363,990	Zambeef Products (2)			4,972,030
		South Africa—0.0%
	228,810	Impala Platinum			4,423,008
		New Zealand—0.0%
	3,598,697	Auckland International Airport			3,397,322
		Slovenia—0.0%
	142,578	Nova Kreditna Banka Maribor			1,787,279
		Lithuania—0.0%
	1,753,630	Rokiskio Suris (1)			1,231,586
		Croatia—0.0%
	10,188	FIMA Validus (1)(3)			33,318
		Latvia—0.0%
	1,424,182	AS Parex Banka (1)(3)			—
		TOTAL COMMON STOCKS (Cost $5,888,002,238)			5,514,041,490
INVESTMENT FUNDS—0.8%
		Multinational—0.6%
	1,979,446	iShares MSCI Emerging Markets Index Fund			56,711,128

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

31

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
INVESTMENT FUNDS—Continued
		Multinational—Continued
		Australia—0.1%
	7,532,678	Australian Infrastructure Fund		$	8,356,729	��
		Romania—0.1%
	4,035,500	SIF 1 Banat Crisana Arad			1,299,350
	3,406,316	SIF 2 Moldova Bacau			833,326
	9,533,500	SIF 3 Transilvania Brasov			1,369,280
	4,871,855	SIF 4 Muntenia Bucuresti			1,038,070
	4,143,975	SIF 5 Oltenia Craiova			1,190,384
					5,730,410
		Sweden—0.0%
	1,485,000	NAXS Nordic Access Buyout Fund (1)			3,825,657
		Russia—0.0%
	92,634	Renaissance Pre-IPO Fund (1)(3)			3,427,458
		TOTAL INVESTMENT FUNDS (Cost $82,678,091)			78,051,382
EQUITY LINKED NOTES—0.2%
		Taiwan—0.2%
	5,433,877	Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/06/2018 (4)			15,704,991
		India—0.0%
	126,093	Reliance Industry, Issued by CLSA, Expires 05/17/2010 (4)			4,551,923
		Russia—0.0%
	853	Unified Energy System, Issued by Deutsche Bank AG London-OGK4, Expires 12/31/2009 (1)(3)(4)			2,247,826
	853	Unified Energy System, Issued by Deutsche Bank AG London-TGK11, Expires 12/31/2009 (1)(3)(4)			263,850
					2,511,676
		Ukraine—0.0%
	1,016	Laona Investments, Issued by UniCredit Bank Austria, Expires 11/16/2010 (1)			175,019
		TOTAL EQUITY LINKED NOTES (Cost $30,338,960)			22,943,609

See Notes to Financial Statements

32

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
PREFERRED STOCKS—0.2%
		Germany—0.1%
	169,506	Henkel AG		$	4,611,293
	97,686	Volkswagen AG			6,213,298
					10,824,591
		Russia—0.1%
	38,603	Silvinit (3)			6,176,480
		Philippines—0.0%
	11,528,247	Ayala Land (1)(3)			23,840
		TOTAL PREFERRED STOCKS (Cost $15,700,035)			17,024,911
FOREIGN GOVERNMENT COMPENSATION NOTES—0.1%
		Bulgaria—0.1%
	12,071,674	Bulgaria Compensation Notes (1)			1,880,769
	3,842,865	Bulgaria Housing Compensation Notes (1)			572,688
	29,663,486	Bulgaria Registered Compensation Vouchers (1)			5,023,452
		TOTAL FOREIGN GOVERNMENT COMPENSATION NOTES (Cost $19,710,351)			7,476,909
RIGHTS—0.0%
		Italy—0.0%
	637,785	Snam Rete Gas (1)			490,175
		Bulgaria—0.0%
	10,693,367	Chimimport AD (1)			362,180
		TOTAL RIGHTS (Cost $549,211)			852,355

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

33

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
REPURCHASE AGREEMENT—9.6%
				United States—9.6%
	890,575,161		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2009 due 05/01/2009, with a maturity value of $890,576,889 and an effective yield of 0.07%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 0.000%-4.939%, maturities ranging from 06/04/2009-11/01/2033 and an aggregate market value of $908,388,608. (Cost $890,575,161)		$	890,575,161
				TOTAL INVESTMENTS—70.3% (Cost $6,927,554,047)			6,530,965,817
				OTHER ASSETS AND LIABILITIES—29.7%			2,753,937,341
				TOTAL NET ASSETS—100.0%		$	9,284,903,158

Notes to the Portfolio of Investments.

ADR American Depositary Receipt

GDR	Global Depositary Receipt
(1)	Non-income producing security.
(2)	Affiliated Security.
(3)	Illiquid security.
(4)	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers.
(5)	Security valued at fair value utilizing fair value model in accordance with valuation policies approved by the Board of Trustees.
	Aggregate cost for federal income tax purposes was $7,364,310,935.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

34

Artio Global Funds  ï  2009 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2009

Artio International Equity Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
							Net Unrealized
Expiration	Local		Value in		In Exchange		Appreciation
Date	Currency		USD		for USD		(Depreciation)
05/06/09	AUD	127,257,947		93,456,625		88,991,482	$	4,465,143
05/26/09	AUD	100,396,492		73,625,515		70,758,443		2,867,072
07/02/09	BRL	580,690,978		263,565,479		259,622,856		3,942,623
06/17/09	CAD	784,432,672		660,427,873		634,384,727		26,043,146
05/12/09	CZK	3,094,681,685		152,926,146		146,531,087		6,395,059
05/14/09	CZK	1,362,425,546		67,321,014		63,175,670		4,145,344
07/14/09	CZK	189,446,680		9,341,106		10,023,634		(682,528	)
10/14/09	CZK	190,169,365		9,360,126		10,013,890		(653,764	)
10/22/09	CZK	990,331,873		48,737,449		44,696,117		4,041,332
10/26/09	CZK	1,261,973,861		62,101,611		66,258,096		(4,156,485	)
10/27/09	CZK	3,109,253,082		153,003,438		166,557,249		(13,553,811	)
11/03/09	CZK	5,091,134,065		250,499,858		262,353,015		(11,853,157	)
05/04/09	DKK	20,551,111		3,656,000		3,651,583		4,417
06/17/09	EUR	60,387,421		80,003,552		82,843,389		(2,839,837	)
09/28/09	EUR	25,046,531		33,174,173		31,814,104		1,360,069
06/17/09	GBP	105,674,213		156,584,681		152,690,784		3,893,897
05/12/09	HUF	5,385,367,254		24,691,621		22,171,216		2,520,405
05/19/09	HUF	4,050,001,935		18,538,698		17,945,404		593,294
10/29/09	HUF	8,259,278,481		36,713,934		34,001,333		2,712,601
05/01/09	JPY	115,111,003		1,170,006		1,190,886		(20,880	)
05/07/09	JPY	40,788,622,245		414,626,460		413,107,597		1,518,863
05/13/09	JPY	6,753,945,588		68,661,883		67,674,805		987,078
06/08/09	JPY	40,788,622,245		414,826,182		418,294,329		(3,468,147	)
05/29/09	KRW	290,045,012,386		226,306,532		214,832,244		11,474,288
06/17/09	MXN	857,987,128		61,319,105		64,615,558		(3,296,453	)
05/07/09	PLN	279,321,172		83,735,853		81,301,662		2,434,191
05/11/09	PLN	580,924,002		174,100,924		157,352,053		16,748,871
05/14/09	PLN	71,637,686		21,464,904		20,669,885		795,019
05/21/09	PLN	42,511,051		12,731,195		11,701,363		1,029,832
10/26/09	PLN	41,012,176		12,189,226		14,998,053		(2,808,827	)
10/30/09	PLN	409,144,853		121,581,441		117,926,185		3,655,256
11/19/09	PLN	444,247,683		131,960,202		164,348,318		(32,388,116	)
07/07/09	ZAR	1,165,895,726		135,683,208		127,325,459		8,357,749
Net unrealized appreciation on forward foreign exchange contracts to buy							$	34,263,544

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

35

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
							Net Unrealized
Expiration	Local		Value in		In Exchange		Appreciation
Date	Currency		USD		for USD		(Depreciation)
06/11/09	CHF	55,443,868		48,711,300		47,833,956	$	(877,344	)
05/12/09	CZK	3,475,578,467		171,748,461		174,984,567		3,236,106
05/14/09	CZK	1,362,425,546		67,321,015		66,540,977		(780,038	)
07/14/09	CZK	189,446,680		9,341,106		10,324,070		982,964
10/14/09	CZK	190,169,365		9,360,126		10,324,070		963,944
10/22/09	CZK	990,331,873		48,737,449		52,545,235		3,807,786
10/26/09	CZK	1,261,973,861		62,101,611		62,720,288		618,677
10/27/09	CZK	3,109,253,082		153,003,439		159,967,414		6,963,975
11/03/09	CZK	7,687,684,655		378,258,339		409,456,829		31,198,490
06/17/09	EUR	913,769,423		1,210,596,490		1,169,172,052		(41,424,438	)
09/28/09	EUR	25,046,531		33,174,173		31,572,655		(1,601,518	)
05/12/09	HUF	5,385,367,255		24,691,621		25,153,514		461,893
05/19/09	HUF	8,391,519,958		38,411,797		38,292,129		(119,668	)
10/29/09	HUF	8,259,278,481		36,713,934		34,860,308		(1,853,626	)
05/07/09	JPY	40,788,622,245		414,626,459		418,081,023		3,454,564
06/11/09	NOK	157,744,894		23,946,903		22,277,880		(1,669,023	)
05/05/09	PLN	759,878		227,914		227,849		(65	)
05/07/09	PLN	279,321,172		83,735,852		100,928,263		17,192,411
05/11/09	PLN	580,924,002		174,100,924		202,064,958		27,964,034
05/14/09	PLN	71,637,686		21,464,904		23,377,394		1,912,490
05/21/09	PLN	42,511,051		12,731,195		13,815,746		1,084,551
10/26/09	PLN	41,012,176		12,189,226		13,778,195		1,588,969
10/30/09	PLN	484,300,672		143,914,737		161,084,541		17,169,804
11/19/09	PLN	444,247,683		131,960,201		141,517,856		9,557,655
06/17/09	SEK	505,305,272		62,735,330		61,569,284		(1,166,046	)
Net unrealized appreciation on forward foreign exchange contracts to sell							$	78,666,547

Glossary of Currencies

AUD — Australian Dollar

BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CZK	— Czech Koruna
DKK	— Danish Krone
EUR	— Euro
GBP	— British Pound Sterling
HUF	— Hungarian Forint
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
PLN	— Polish Zloty
SEK	— Swedish Krona
ZAR	— South African Rand

See Notes to Financial Statements

36

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2009

Artio International Equity Fund

At April 30, 2009, sector diversification of the Fund’s investments were as follows:

	% of Net			Market
	Assets			Value
INDUSTRY SECTOR
Financials		11.2	%	$	1,039,269,894
Industrial		10.0			926,204,847
Materials		9.7			900,812,694
Energy		7.0			648,259,353
Consumer Discretionary		6.8			629,431,007
Telecommunications		4.5			422,512,861
Healthcare		3.6			338,521,310
Consumer Staples		3.6			337,274,300
Utilities		2.2			202,547,836
Information Technology		2.1			195,556,554
Short-term Investment		9.6			890,575,161
Total Investments		70.3			6,530,965,817
Other Assets and Liabilities (Net)		29.7			2,753,937,341	*
Net Assets		100.0	%	$	9,284,903,158

* Other Assets and Liabilities (Net) include the margin requirements for $3,595,548,034 in net notional market value of futures, which is 38.72% of net assets, and $(51,058,512) in net notional market value for swaps, which is (0.55)% of net assets.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

37

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—57.2%
		France—7.7%
	97,903	Accor SA		$	4,179,942
	341,848	Aeroports de Paris			19,885,945
	169,000	Air Liquide			13,851,927
	504,259	Alcatel-Lucent (1)			1,300,305
	370,657	Alstom SA			23,494,524
	859,812	AXA SA			14,520,849
	544,958	BNP Paribas			29,065,486
	274,531	Bouygues SA			11,830,159
	379,939	Carrefour SA			15,551,792
	239,007	Casino Guichard-Perrachon			15,065,808
	336,533	Compagnie de Saint-Gobain			12,229,902
	277,359	Compagnie Generale des Etablissements Michelin			14,331,771
	594,166	Credit Agricole			8,818,089
	132,164	Danone SA			6,328,341
	1,153,698	France Telecom			25,790,270
	651,168	GDF Suez			23,556,153
	88,626	Lafarge SA			5,075,684
	19,638	Lagardere SCA			622,063
	138,001	LVMH			10,494,630
	44,914	Pernod-Ricard SA			2,677,307
	151,282	Peugeot SA			3,538,186
	49,151	PPR			3,806,848
	202,917	Publicis Groupe			6,255,617
	599,049	Renault SA			19,503,662
	603,961	Sanofi-Aventis SA			35,029,514
	296,152	Schneider Electric			22,725,681
	284,661	Societe Generale			14,773,207
	96,819	Suez Environnement			1,489,503
	32,732	Technip SA			1,425,026
	1,710,025	Total SA			86,888,014
	16,995	Vallourec SA			1,877,949
	201,458	Veolia Environnement			5,596,649
	971,190	Vinci SA			44,012,798
	702,043	Vivendi			19,042,774
					524,636,375
		Germany—6.4%
	70,045	Adidas AG			2,656,412
	278,529	Allianz SE - Registered			25,739,555
	280,866	BASF SE			10,633,055

See Notes to Financial Statements

38

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Germany—Continued
	482,022	Bayer AG		$	24,022,537
	351,608	BMW AG			12,230,289
	56,586	Celesio AG			1,258,950
	181,902	Commerzbank AG			1,243,758
	1,584,334	Daimler AG - Registered			56,988,242
	243,525	Deutsche Bank - Registered			13,117,551
	92,350	Deutsche Boerse			6,852,887
	809,998	Deutsche Post - Registered			9,391,623
	64,324	Deutsche Postbank			1,380,819
	2,209,189	Deutsche Telekom - Registered			26,756,403
	720,587	E.ON AG			24,482,351
	2,091,015	Fraport AG			84,648,064
	287,718	Fresenius SE			11,956,161
	40,551	Hochtief AG			1,992,999
	200,562	MAN SE			12,488,284
	87,821	Merck KGaA			7,907,451
	220,899	Metro AG			9,425,367
	166,124	RWE AG			12,016,947
	26,745	Salzgitter AG			1,911,623
	777,375	SAP AG			29,898,642
	563,105	Siemens AG - Registered			38,077,079
	200,887	ThyssenKrupp AG			4,323,013
	9,176	Wacker Chemie			953,032
					432,353,094
		United Kingdom—5.9%
	1,626,596	Anglo American			35,768,698
	1,890,040	Aviva PLC			8,836,085
	3,759,674	Barclays PLC			15,682,602
	7,194,328	BP PLC			51,437,172
	2,534,673	BT Group			3,530,525
	885,987	Diageo PLC			10,673,514
	1,402,903	G4S PLC			3,926,894
	1,166,411	GlaxoSmithKline PLC			18,130,786
	7,343,934	HSBC Holdings			52,289,163
	140,024	Johnson Matthey			2,502,300
	844,404	Legal & General			729,472
	5,817,199	Lloyds Banking			9,654,315
	568,333	Marks & Spencer			2,852,802
	481,748	National Grid			4,029,706

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

39

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		United Kingdom—Continued
	60,337	Next PLC		$	1,461,810
	1,492,909	Old Mutual			1,510,927
	910,650	Prudential PLC			5,306,519
	1,763,008	Rolls-Royce Group (1)			8,829,996
	151,266,086	Rolls-Royce Group - C Shares Entitlement (1)(2)			224,146
	15,391,623	Royal Bank of Scotland (1)			9,533,453
	560,457	Smith & Nephew			3,990,481
	517,946	Standard Chartered			8,120,068
	4,957,228	Tesco PLC			24,769,429
	43,356,064	Vodafone Group			80,113,523
	1,888,204	William Morrison Supermarkets			6,903,918
	410,493	Wolseley PLC (1)			7,457,371
	3,518,461	WPP PLC			24,321,700
					402,587,375
		Japan—5.7%
	316,248	Aisin Seiki			6,460,929
	386,300	Bridgestone Corp			5,732,561
	631,064	Canon Inc			18,921,978
	982	Central Japan Railway			5,819,037
	107,500	Daikin Industries			2,890,049
	505,449	Denso Corp			11,867,533
	205,100	East Japan Railway			11,590,751
	191,100	Eisai Co			5,156,990
	171,640	Fanuc Ltd			12,334,144
	1,324	Fuji Media			1,477,616
	1,144,932	Honda Motor			33,108,010
	904,888	ITOCHU Corp			4,837,842
	329,500	JFE Holdings			8,958,810
	1,052	KDDI Corp			4,726,168
	816,430	Komatsu Ltd			10,115,649
	271,484	Kubota Corp			1,622,530
	82,800	Kyocera Corp			6,412,929
	81,700	Makita Corp			1,872,577
	1,016,538	Mitsubishi Corp			15,601,691
	1,260,000	Mitsubishi Electric			6,672,359
	1,281,800	Mitsui & Co			13,523,488
	222,000	NGK Insulators			3,373,380
	108,814	Nidec Corp			5,983,470
	50,841	Nintendo Co			13,595,840

See Notes to Financial Statements

40

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	109,500	Nippon Telegraph & Telephone		$	4,095,746
	1,712,500	Nissan Motor			8,877,115
	4,009	NTT DoCoMo			5,582,487
	1,119,351	Panasonic Corp			16,269,471
	659,000	Ricoh Co			8,057,905
	164,980	Shin-Etsu Chemical			7,981,957
	263,398	Sony Corp			6,773,359
	2,798,000	Sumitomo Metal Industries			6,541,038
	809,100	Suzuki Motor			15,148,267
	220,896	Takeda Pharmaceutical			7,858,271
	2,223,694	Toyota Motor			87,017,552
					386,859,499
		Switzerland—5.0%
	2,622,162	ABB Ltd - Registered (1)			37,688,039
	126,396	BKW FMB Energie			8,883,621
	446,959	Credit Suisse - Registered			17,502,411
	74,643	Flughafen Zuerich - Registered			15,728,803
	18,026	Givaudan SA - Registered			11,506,126
	89,473	Holcim Ltd - Registered			4,591,683
	1,568,829	Nestle SA - Registered			51,460,952
	144,765	Nobel Biocare - Registered			2,981,858
	932,175	Novartis AG - Registered			35,520,782
	189,444	Roche Holding			24,034,995
	22,990	Swatch Group			3,235,697
	142,150	Swiss Reinsurance - Registered			3,429,722
	28,019	Swisscom AG - Registered			7,355,618
	45,927	Syngenta AG - Registered			9,879,376
	1,971,954	UBS AG - Registered (1)			27,615,493
	7,663,484	Xstrata PLC			68,986,175
	47,660	Zurich Financial Services - Registered			8,963,319
					339,364,670
		Australia—4.0%
	4,309,480	BHP Billiton			99,363,588
	12,594,430	Macquarie Airports			16,748,158
	3,444,332	Rio Tinto			152,100,702
					268,212,448

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

41

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Netherlands—2.4%
	749,594	AEGON NV		$	3,873,819
	216,232	European Aeronautic Defence & Space			3,151,819
	1,228,020	Heineken NV			36,743,291
	1,047,133	ING Groep			9,832,222
	688,686	KKR Private Equity Investors (Unit) (1)			2,341,532
	1,912,525	Koninklijke (Royal) KPN			23,084,820
	172,711	Koninklijke Philips Electronics			3,149,105
	49,982	Randstad Holding			1,155,071
	1,572,302	Reed Elsevier			17,413,537
	620,561	Royal Dutch Shell - Class A			14,464,477
	633,414	Royal Dutch Shell - Class B			14,613,889
	503,971	TNT NV			9,389,437
	1,282,029	Unilever NV			25,524,721
					164,737,740
		Russia—2.2%
	6,816,851	AvtoVAZ (2)			2,220,112
	247,110	AvtoVAZ Sponsored GDR (2)			402,394
	2,226,400	Gazprom OAO Sponsored ADR			39,808,032
	230,736	Inter Rao UES Sponsored GDR (1)(2)(3)			807,576
	76,728	Kuzbassenergo OJSC Sponsored GDR (1)(2)(3)			145,783
	606,150	LUKOIL Sponsored ADR			27,034,290
	3,076,055	MMC Norilsk Nickel Sponsored ADR			25,623,538
	370,392	Mosenergo OAO Sponsored GDR (1)(2)(3)			907,379
	338,000	NovaTek OAO Sponsored GDR			11,999,000
	722,010	Novolipetsk Steel Sponsored GDR			11,046,753
	1,062,048	OGK1 Sponsored GDR (1)(2)(3)			659,675
	276,000	OGK2 Sponsored GDR (1)(2)(3)			400,200
	453,744	OGK3 Sponsored GDR (1)(2)(3)			699,448
	321,816	OGK6 Sponsored GDR (1)(2)(3)			421,182
	55,200,000	RAO Energy System of East-BRD (1)(2)			147,660
	4,432,300	Rosneft Oil Sponsored GDR (1)			23,269,575
	977,507	Sistema-Hals Sponsored GDR (1)(3)			400,778
	421,728	TGK1 Sponsored GDR (1)(2)(3)			344,168
	71,208	TGK2 Sponsored GDR (1)(2)(3)			101,158
	174,984	TGK4 Sponsored GDR (1)(2)(3)			182,470
	185,472	TGK9 Sponsored GDR (1)(2)(3)			201,816
	17,664	TGK14 Sponsored GDR (1)(2)(3)			38,441
	184,368	Volga Territorial Generating Sponsored GDR (1)(2)(3)			211,760

See Notes to Financial Statements

42

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Russia—Continued
	189,888	Yenisei Territorial Generating Sponsored GDR (1)(2)(3)		$	119,668
					147,192,856
		Spain—2.1%
	5,981	Acciona SA			618,976
	1,814,739	Banco Bilbao Vizcaya Argentaria			19,911,005
	148,646	Banco Popular Espanol			1,238,946
	5,563,746	Banco Santander			53,598,221
	111,965	Cintra Concesiones de Infraestructuras			617,198
	494,381	EDP Renovaveis (1)			4,061,646
	115,143	Gamesa Corp			2,195,568
	823,660	Iberdrola Renovables (1)			3,372,525
	828,202	Iberdrola SA			6,584,703
	117,398	Inditex SA			5,038,721
	403,847	Repsol YPF			7,743,442
	2,109,919	Telefonica SA			40,288,253
					145,269,204
		Czech Republic—1.9%
	934,631	Komercni Banka			126,597,125
		Italy—1.7%
	502,562	Assicurazioni Generali			10,308,828
	105,889	Banco Popolare			705,777
	1,412,403	Enel SpA			7,734,285
	1,996,764	Eni SpA			43,525,253
	206,634	Geox SpA			1,768,817
	6,063,874	Intesa Sanpaolo			19,585,897
	52,296	Italcementi SpA			637,883
	266,360	Mediobanca SpA			3,098,933
	90,055	Saipem SpA			1,953,463
	214,525	Saras SpA			633,916
	385,768	Snam Rete Gas			1,533,544
	4,934,066	Telecom Italia			6,296,220
	173,913	UBI Banca			2,419,747
	7,266,045	UniCredit SpA			17,995,174
					118,197,737
		Canada—1.7%
	760,687	EnCana Corp			35,015,547
	1,135,459	Petro-Canada			35,991,403

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

43

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Canada—Continued
	181,798	Research In Motion (1)		$	12,634,961
	2,667,320	Talisman Energy			33,563,197
					117,205,108
		Sweden—1.6%
	184,835	Assa Abloy - Class B			2,197,275
	2,422,406	Atlas Copco - Class A			22,781,955
	560,430	Getinge AB - Class B			6,557,890
	167,216	Hennes & Mauritz - Class B			7,525,706
	766,549	Nordea Bank			5,767,319
	1,919,090	Sandvik AB			12,747,075
	324,073	Skandinaviska Enskilda Banken - Class A (1)			1,279,474
	343,835	Skanska AB - Class B			3,745,921
	973,170	SKF AB - Class B			10,783,465
	2,971,265	Svenska Cellulosa - Class B			28,958,260
	243,967	Swedbank AB - Class A (1)			1,399,376
	273,461	TeliaSonera AB			1,293,546
	410,760	Volvo AB - Class B			2,715,621
					107,752,883
		Ireland—1.0%
	2,692,040	CRH PLC			70,345,624
		Finland—1.0%
	2,465,152	Nokia Oyj			35,703,643
	431,016	Orion Oyj - Class B			6,282,533
	181,405	Sampo Oyj - Class A			3,420,604
	3,369,784	Stora Enso - Class R (1)			19,468,712
	427,579	UPM-Kymmene Oyj			3,869,775
	21,644	Wartsila Oyj			723,895
					69,469,162
		Multinational—1.0%
	2,499,855	ArcelorMittal			59,626,044
	216,288	Central European Media Enterprises - Class A (1)			3,549,286
	153,406	Tenaris SA			1,962,652
					65,137,982
		Hong Kong—0.8%
	10,754,358	China Merchants Holdings International			25,643,444
	1,199,000	China Mobile			10,458,172

See Notes to Financial Statements

44

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Hong Kong—Continued
	6,638,000	CNOOC Ltd		$	7,434,416
	43,732,604	GOME Electrical Appliances (2)(4)			6,319,944
	2,864,505	Melco International Development (1)			1,422,985
					51,278,961
		Austria—0.7%
	61,154	Erste Group Bank			1,296,563
	37,259	Flughafen Wien			1,126,173
	1,245,158	OMV AG			39,153,525
	19,285	Raiffeisen International Bank			676,940
	219,858	Telekom Austria			2,916,252
	66,689	Voestalpine AG			1,294,615
					46,464,068
		Poland—0.6%
	5,354,478	PKO Bank Polski			43,153,169
		China—0.6%
	43,054,705	Beijing Capital International Airport - Class H			27,498,924
	17,308,000	PetroChina Co			15,297,743
					42,796,667
		Hungary—0.6%
	3,166,854	OTP Bank (1)			41,498,034
		Norway—0.6%
	553,989	Dnb NOR			3,516,949
	286,459	Norsk Hydro			1,284,970
	1,392,061	Orkla ASA			10,107,416
	182,539	Seadrill Ltd			1,987,363
	981,229	StatoilHydro ASA			18,620,590
	57,194	Yara International			1,556,725
					37,074,013
		Denmark—0.5%
	5,202	ALK-Abello A/S			315,107
	1,061	AP Moller-Maersk - Class B			6,247,616
	27,987	Carlsberg A/S - Class B			1,364,199
	310,839	Danske Bank (1)			3,469,926
	337,794	Novo Nordisk - Class B			16,195,027

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

45

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Denmark—Continued
	54,788	Vestas Wind Systems (1)		$	3,620,889
	28,716	Vestas Wind Systems New (1)			1,897,814
					33,110,578
		Romania—0.3%
	1,331,771	BRD-Groupe Societe Generale			3,068,887
	256,506,199	SNP Petrom			15,141,469
					18,210,356
		Lebanon—0.2%
	797,891	SOLIDERE Sponsored GDR (3)			12,766,256
		Belgium—0.2%
	144,556	Anheuser-Bush InBev			4,466,016
	1,405,957	Fortis			3,502,503
	124,784	KBC Groep			2,796,917
					10,765,436
		Mexico—0.2%
	274,270	America Movil SAB de C.V. - Class L			9,009,770
	797,083	Grupo Cementos de Chihuahua			1,723,733
					10,733,503
		Greece—0.2%
	63,161	Alpha Bank (1)			623,525
	514,139	Hellenic Telecommunications Organization			7,902,913
	67,800	National Bank of Greece			1,432,078
					9,958,516
		Ukraine—0.1%
	89,341,591	Raiffeisen Bank Aval (1)			1,910,449
	39,541	Ukrnafta (1)			537,161
	26,941	Ukrnafta Sponsored ADR (1)			2,141,971
	13,114,606	Ukrsotsbank JSCB (1)			280,438
	92,477,349	UkrTelecom (1)			3,629,300
	627,195	UkrTelecom Sponsored GDR (1)			1,205,089
					9,704,408
		South Africa—0.1%
	424,790	Impala Platinum			8,211,396

See Notes to Financial Statements

46

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Portugal—0.1%
	1,955,125	Energias de Portugal		$	7,160,795
		South Korea—0.1%
	133,259	Hyundai Motor			7,114,763
		New Zealand—0.0%
	2,455,056	Auckland International Airport			2,317,676
		TOTAL COMMON STOCKS (Cost $3,998,483,340)			3,878,237,477
INVESTMENT FUND—0.6%
		Multinational—0.6%
	1,427,533	iShares MSCI Emerging Markets Index Fund (Cost $28,984,947)			40,898,821
EQUITY LINKED NOTES—0.4%
		Taiwan—0.3%
	5,903,026	Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/06/2018 (3)			17,060,926
		India—0.1%
	142,645	Reliance Industry, Issued by CLSA, Expires 05/17/2010 (3)			5,149,446
		Russia—0.0%
	552	Unified Energy System, Issued by Deutsche Bank AG London-OGK4, Expires 12/31/2009 (1)(2)(3)			1,454,630
	552	Unified Energy System, Issued by Deutsche Bank AG London-TGK11, Expires 12/31/2009 (1)(2)(3)			170,745
					1,625,375
		TOTAL EQUITY LINKED NOTES (Cost $26,495,987)
					23,835,747
PREFERRED STOCKS—0.1%
		Germany—0.1%
	122,534	Henkel AG			3,333,452
	77,645	Volkswagen AG			4,938,595
					8,272,047
		Russia—0.0%
	7,864	Silvinit (2)			1,258,240

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

47

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
PREFERRED STOCKS—Continued
		Philippines—0.0%
	8,687,023	Ayala Land (1)(2)		$	17,964
		TOTAL PREFERRED STOCKS (Cost $8,314,422)
					9,548,251
RIGHTS—0.0%
		Italy—0.0%
	385,768	Snam Rete Gas (1) (Cost $331,919)			296,485

Face
Value			Currency
REPURCHASE AGREEMENT—16.7%
			United States—16.7%
	1,134,055,772	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2009, due 05/01/2009, with a maturity value of $1,134,057,977 and an effective yield of 0.07%, collateralized by U.S. Government Agency and Obligations, with rates ranging from 0.154%-5.742%, maturities ranging from 07/30/2009-10/01/2036, and an aggregate market value of $1,156,797,748. (Cost $1,134,055,772)	$	1,134,055,772
			TOTAL INVESTMENTS—75.0% (Cost $5,196,666,387)		5,086,872,553
			OTHER ASSETS AND LIABILITIES—25.0%		1,695,687,762
			TOTAL NET ASSETS—100.0%	$	6,782,560,315

Notes to the Portfolio of Investments.

ADR American Depositary Receipt

GDR	Global Depositary Receipt
(1)	Non-income producing security.
(2)	Illiquid security.
(3)	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers.
(4)	Security valued at fair value utilizing fair value model in accordance with valuation policies approved by the Board of Trustees.
	Aggregate cost for federal income tax purpose was $5,676,613,344.

Glosarry of Currencies

USD — United States Dollar

See Notes to Financial Statements

48

Artio Global Funds  ï  2009 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2009

Artio International Equity Fund II

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

		Contracts to Receive
								Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date		Currency		USD		for USD		(Depreciation)
05/06/09	AUD		115,083,025		84,515,518		80,784,710	$	3,730,808
05/26/09	AUD		77,664,789		56,955,278		54,737,366		2,217,912
07/02/09	BRL		438,995,319		199,252,297		196,265,022		2,987,275
06/17/09	CAD		567,373,978		477,682,282		459,089,364		18,592,918
06/11/09	CHF		39,874,082		35,032,159		34,220,073		812,086
05/07/09	CZK		519,948,610		25,697,797		24,627,430		1,070,367
05/12/09	CZK		1,601,374,090		79,133,168		75,696,787		3,436,381
05/14/09	CZK		92,749,107		4,582,976		4,435,716		147,260
05/21/09	CZK		219,205,680		10,829,093		10,377,091		452,002
07/14/09	CZK		30,085,280		1,483,424		1,434,511		48,913
10/14/09	CZK		30,200,046		1,486,445		1,439,297		47,148
10/26/09	CZK		671,909,812		33,064,617		33,459,658		(395,041	)
10/27/09	CZK		1,242,886,992		61,161,308		67,255,790		(6,094,482	)
11/03/09	CZK		3,224,350,815		158,648,233		165,410,207		(6,761,974	)
05/04/09	DKK		16,247,549		2,890,405		2,886,913		3,492
06/17/09	EUR		197,526,000		261,689,958		262,147,380		(457,422	)
06/17/09	GBP		90,664,259		134,343,409		131,357,060		2,986,349
05/12/09	HUF		9,935,734,470		45,554,812		41,545,160		4,009,652
06/04/09	HUF		8,473,208,692		38,652,378		42,275,493		(3,623,115	)
05/01/09	JPY		83,420,526		847,898		863,030		(15,132	)
05/07/09	JPY		27,452,388,882		279,060,339		278,061,434		998,905
05/13/09	JPY		7,195,280,888		73,148,581		72,097,003		1,051,578
06/08/09	JPY		26,843,664,117		273,003,943		275,241,606		(2,237,663	)
05/29/09	KRW		222,807,446,275		173,844,673		165,030,328		8,814,345
06/17/09	MXN		779,412,541		55,703,492		58,390,243		(2,686,751	)
06/11/09	NOK		37,827,856		5,742,563		5,968,892		(226,329	)
05/07/09	PLN		154,037,040		46,177,748		45,169,503		1,008,245
05/11/09	PLN		318,681,890		95,507,865		90,151,645		5,356,220
05/14/09	PLN		4,876,840		1,461,255		1,432,015		29,240
05/21/09	PLN		27,102,710		8,116,710		7,957,156		159,554
10/20/09	PLN		120,617,005		35,857,632		43,913,759		(8,056,127	)
10/26/09	PLN		21,836,018		6,489,882		7,985,379		(1,495,497	)
10/30/09	PLN		322,729,054		95,902,132		95,318,486		583,646
11/19/09	PLN		221,530,690		65,803,910		81,954,724		(16,150,814	)
07/07/09	ZAR		934,587,513		108,764,299		102,082,242		6,682,057
Net unrealized appreciation on forward foreign exchange contracts to buy								$	17,026,006

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

49

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued) (Unaudited) April 30, 2009

Artio International Equity Fund II

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver
								Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date		Currency		USD		for USD		(Depreciation)
06/11/09	CHF		54,763,050		48,113,155		47,287,791	$	(825,364	)
05/07/09	CZK		1,012,760,068		50,054,376		53,619,233		3,564,857
05/12/09	CZK		1,883,833,199		93,091,109		94,845,143		1,754,034
05/14/09	CZK		92,749,107		4,582,977		4,529,874		(53,103	)
05/21/09	CZK		219,205,680		10,829,094		10,892,208		63,114
07/14/09	CZK		30,085,280		1,483,424		1,639,525		156,101
10/14/09	CZK		30,200,046		1,486,445		1,639,525		153,080
10/26/09	CZK		671,909,813		33,064,616		33,394,017		329,401
10/27/09	CZK		1,242,886,992		61,161,307		62,556,867		1,395,560
11/03/09	CZK		4,337,434,252		213,415,450		231,025,632		17,610,182
06/17/09	EUR		636,132,085		842,771,983		815,170,374		(27,601,609	)
05/12/09	HUF		9,935,734,469		45,554,811		46,406,980		852,169
06/04/09	HUF		12,448,940,237		56,788,539		58,766,289		1,977,750
05/07/09	JPY		27,452,388,882		279,060,339		281,215,183		2,154,844
06/11/09	NOK		119,682,683		18,168,764		16,933,268		(1,235,496	)
05/05/09	PLN		8,868,255		2,659,905		2,659,147		(758	)
05/07/09	PLN		154,037,040		46,177,749		55,658,875		9,481,126
05/11/09	PLN		318,681,889		95,507,865		110,853,289		15,345,424
05/14/09	PLN		4,876,840		1,461,254		1,591,450		130,196
05/21/09	PLN		27,102,710		8,116,710		8,808,160		691,450
10/20/09	PLN		120,617,005		35,857,632		38,468,189		2,610,557
10/26/09	PLN		21,836,018		6,489,882		7,335,893		846,011
10/30/09	PLN		322,729,054		95,902,132		104,689,184		8,787,052
11/19/09	PLN		221,530,690		65,803,910		70,571,276		4,767,366
06/17/09	SEK		328,306,900		40,760,393		40,002,790		(757,603	)
Net unrealized appreciation on forward foreign exchange contracts to sell								$	42,196,341

Glossary of Currencies

AUD — Australian Dollar

BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CZK	— Czech Koruna
DKK	— Danish Krone
EUR	— Euro
GBP	— British Pound Sterling
HUF	— Hungarian Forint
JPY	— Japanese Yen

KRW	— South Korean Won
MXN	— Mexican Peso

NOK	— Norwegian Krone
PLN	— Polish Zloty
SEK	— Swedish Krona
ZAR	— South African Rand

See Notes to Financial Statements

50

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2009

Artio International Equity Fund II

At April 30, 2009, sector diversification of the Fund’s investments were as follows:

	% of Net			Market
	Assets			Value
INDUSTRY SECTOR
Financials		10.8	%	$	729,369,948
Materials		10.0			679,835,052
Industrials		9.1			616,875,678
Energy		7.9			536,792,031
Consumer Discretionary		6.4			436,419,312
Telecommunications		3.9			264,035,075
Consumer Staples		3.2			214,288,107
Healthcare		3.1			207,199,332
Information Technology		2.2			149,570,599
Utilities		1.7			118,431,647
Short-term Investment		16.7			1,134,055,772
Total Investments		75.0			5,086,872,553
Other Assets and Liabilities (Net)		25.0			1,695,687,762	*
Net Assets		100.0	%	$	6,782,560,315

* Other Assets and Liabilities (Net) include the margin requirements for $2,756,667,524 and net notional market value of futures, which is 40.64% of net assets, and $(5,680,669) in net notional market value for swaps, which is (0.08)% of net assets.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

51

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—39.9%
				Federal Home Loan Mortgage Corporation
	1,359,975		USD	4.741% due 09/01/2035 (1)		$	1,374,246
	1,841,332		USD	4.892% due 04/01/2036 (1)			1,859,628
	5,249,973		USD	5.142% due 02/01/2037 (1)			5,447,972
	116,559,391		USD	6.500% due 05/01/2022-12/01/2038			123,641,642
							132,323,488
				Federal Home Loan Mortgage Corporation TBA
	60,590,000		USD	4.500% due 05/01/2039			61,593,492
	5,000,000		USD	6.500% due 05/01/2039			5,296,095
							66,889,587
				Federal National Mortgage Association Corporation
	13,460,000		USD	2.750% due 02/05/2014			13,656,691
	2,432,348		USD	4.340% due 11/01/2035 (1)			2,442,233
	24,145,892		USD	5.000% due 12/01/2036-05/01/2038			24,864,321
	23,151,538		USD	5.500% due 05/01/2035-02/01/2038			24,016,082
	1,958,014		USD	5.573% due 02/01/2036 (1)			2,034,685
	10,285,811		USD	5.808% due 12/01/2037 (1)			10,747,887
	11,809,841		USD	5.817% due 06/01/2037 (1)			12,359,228
	57,717,646		USD	6.000% due 06/01/2036-02/01/2038			60,423,521
							150,544,648
				Federal National Mortgage Association Corporation TBA
	68,540,000		USD	4.500% due 05/01/2039			69,760,834
				Government National Mortgage Association
	59,618,162		USD	6.000% due 07/15/2034-09/15/2038			62,295,309
				U.S. Treasury Bonds
	16,607,000		USD	4.375% due 02/15/2038			17,458,125
	3,680,000		USD	4.500% due 05/15/2038			3,961,178
							21,419,303
				U.S. Treasury Notes
	27,370,000		USD	1.750% due 01/31/2014-03/31/2014			27,121,038
				TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $518,410,274)			530,354,207

See Notes to Financial Statements

52

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—36.9%
				United States—25.4%
				Abbott Laboratories
	3,130,000		USD	5.600% due 11/30/2017 (2)		$	3,294,006
				AIG Life Holdings US
	4,900,000		USD	7.500% due 08/11/2010			3,942,344
				Allstate Life Global Funding Trusts
	1,510,000		USD	5.375% due 04/30/2013			1,488,750
				American Express Bank FSB
	3,500,000		USD	5.550% due 10/17/2012			3,344,922
				American Honda Finance
	6,000,000		USD	4.625% due 04/02/2013 (3)			5,367,330
				Amgen Inc
	3,130,000		USD	5.700% due 02/01/2019 (2)			3,225,111
				Anheuser-Busch Cos
	4,160,000		USD	7.500% due 03/15/2012 (2)			4,400,194
				Anheuser-Busch InBev Worldwide
	3,940,000		USD	8.200% due 01/15/2039 (2)(3)			3,958,908
				AT&T Inc
	6,480,000		USD	5.500% due 02/01/2018 (2)			6,479,844
				Avon Products
	6,800,000		USD	5.625% due 03/01/2014 (2)			6,989,863
				Boeing Co
	1,340,000		USD	6.000% due 03/15/2019 (2)			1,411,736
				Bottling Group
	2,330,000		USD	5.500% due 04/01/2016 (2)			2,472,060
				Cargill Inc
	5,000,000		USD	4.375% due 06/01/2013 (2)(3)			4,664,715
				Chevron Corp
	3,430,000		USD	3.950% due 03/03/2014 (2)			3,518,600
				Cintas Corp
	3,050,000		USD	6.000% due 06/01/2012 (2)			3,242,415
				Cisco Systems
	8,620,000		USD	4.950% due 02/15/2019			8,790,193

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

53

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face						(Percentage of	Market
Value		Currency			Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
					United States—Continued
					CME Group
	3,420,000		USD		5.750% due 02/15/2014 (2)		$	3,601,838
					Coca-Cola Co
	4,910,000		USD		3.625% due 03/15/2014 (2)			5,021,963
	6,000,000		USD		5.350% due 11/15/2017 (2)			6,338,226
								11,360,189
					Comcast Corp
	3,190,000		USD		1.439% due 07/14/2009 (1)(2)			3,187,614
	5,030,000		USD	��	6.950% due 08/15/2037 (2)			4,981,958
								8,169,572
					ConAgra Foods
	1,690,000		USD		5.875% due 04/15/2014 (2)			1,756,633
					ConocoPhillips
	4,440,000		USD		4.400% due 05/15/2013 (2)			4,544,411
	8,760,000		USD		5.750% due 02/01/2019 (2)			8,959,089
								13,503,500
					Consolidated Edison
	2,400,000		USD		5.500% due 09/15/2016 (2)			2,421,641
	7,250,000		USD		5.850% due 04/01/2018 (2)			7,375,809
								9,797,450
					Florida Power & Light
	4,580,000		USD		5.960% due 04/01/2039 (2)			4,632,940
					General Dynamics
	720,000		USD		5.250% due 02/01/2014			764,960
					General Mills
	1,570,000		USD		5.650% due 02/15/2019 (2)			1,605,912
					GlaxoSmithKline Capital
	3,600,000		USD		4.375% due 04/15/2014 (2)			3,673,714
					Halliburton Co
	2,350,000		USD		6.150% due 09/15/2019 (2)			2,498,814

See Notes to Financial Statements

54

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Harley-Davidson Funding
	8,180,000		USD	5.250% due 12/15/2012 (2)(3)		$	6,293,692
	4,300,000		USD	6.800% due 06/15/2018 (2)(3)			3,042,422
							9,336,114
				Heinz (H.J.) Co
	5,400,000		USD	5.350% due 07/15/2013 (2)			5,591,036
				Hewlett-Packard Co
	9,730,000		USD	4.750% due 06/02/2014 (2)			10,180,840
				Honeywell International
	3,440,000		USD	3.875% due 02/15/2014 (2)			3,471,270
				ING Security Life Institutional Funding
	6,780,000		USD	4.250% due 01/15/2010 (3)			6,555,643
				Ingersoll-Rand Global Holding
	5,270,000		USD	9.500% due 04/15/2014 (2)			5,517,927
				International Business Machines
	2,520,000		USD	8.000% due 10/15/2038 (2)			3,124,228
				ITT Corp
	1,830,000		USD	6.125% due 05/01/2019 (2)			1,882,283
				JPMorgan Chase
	12,500,000		USD	2.200% due 06/15/2012			12,567,338
				Kraft Foods
	8,650,000		USD	6.125% due 02/01/2018			8,795,208
				McCormick & Co
	2,350,000		USD	5.750% due 12/15/2017 (2)			2,244,095
				Merna Reinsurance, Series B
	2,700,000		USD	2.970% due 07/07/2010 (1)(3)			2,465,640
				Metropolitan Life Global Funding I
	6,170,000		USD	4.250% due 07/30/2009 (3)			6,170,000
	3,130,000		USD	5.125% due 04/10/2013 (3)			2,994,671
							9,164,671
				Novartis Capital
	5,250,000		USD	4.125% due 02/10/2014 (2)			5,447,253

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

55

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Ocean Energy
	8,740,000		USD	7.250% due 10/01/2011 (2)		$	9,254,707
				PACCAR Inc
	3,330,000		USD	6.875% due 02/15/2014 (2)			3,489,114
				PECO Energy
	3,340,000		USD	5.000% due 10/01/2014 (2)			3,368,794
				Pfizer Inc
	10,110,000		USD	5.350% due 03/15/2015 (2)			10,881,787
				President and Fellows of Harvard College
	1,860,000		USD	6.000% due 01/15/2019 (3)			1,999,137
				Procter & Gamble Co
	9,890,000		USD	4.700% due 02/15/2019 (2)			9,933,130
				Raytheon Co
	3,710,000		USD	6.400% due 12/15/2018 (2)			4,000,946
				Roche Holdings
	14,180,000		USD	5.000% due 03/01/2014 (2)(3)			14,881,002
				Sara Lee
	7,250,000		USD	6.250% due 09/15/2011 (2)			7,591,809
				State Street Bank & Trust
	8,160,000		USD	1.488% due 09/15/2011 (1)			8,222,522
				SYSCO Corp
	5,290,000		USD	5.250% due 02/12/2018 (2)			5,215,506
				TIAA Global Markets
	5,040,000		USD	4.950% due 07/15/2013 (2)(3)			4,911,823
				Time Warner
	3,700,000		USD	1.461% due 11/13/2009 (1)			3,675,580
				Time Warner Cable
	6,400,000		USD	6.750% due 07/01/2018 (2)			6,486,784
				Tyco International Finance
	5,680,000		USD	8.500% due 01/15/2019 (2)			6,090,016
				United Parcel Service
	3,540,000		USD	6.200% due 01/15/2038 (2)			3,673,161

See Notes to Financial Statements

56

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				UnitedHealth Group
	4,690,000		USD	6.875% due 02/15/2038 (2)		$	4,086,965
				Wal-Mart Stores
	5,620,000		USD	6.500% due 08/15/2037			5,979,708
				Williams Cos
	1,840,000		USD	8.750% due 01/15/2020 (3)			1,893,877
				Wyeth
	5,730,000		USD	5.500% due 02/01/2014 (2)			6,157,447
	900,000		USD	5.450% due 04/01/2017 (2)			913,660
							7,071,107
							337,007,534
				Netherlands—2.7%
				ING Bank NV
	13,710,000		USD	2.625% due 02/09/2012 (3)			13,758,026
				Koninklijke Philips Electronics NV
	7,050,000		USD	6.875% due 03/11/2038 (2)			6,925,962
				Shell International Finance BV
	9,990,000		USD	4.000% due 03/21/2014 (2)			10,313,317
	4,450,000		USD	6.375% due 12/15/2038 (2)			4,752,342
							15,065,659
							35,749,647
				Canada—2.2%
				Alcan Inc
	5,000,000		USD	7.250% due 03/15/2031 (2)			3,980,190
				Barrick Gold
	3,700,000		USD	6.950% due 04/01/2019 (2)			3,919,961
				Encana Corp
	8,940,000		USD	6.500% due 05/15/2019 (2)			9,192,287
				Potash Corp of Saskatchewan
	1,820,000		USD	6.500% due 05/15/2019			1,894,880
				Thomson Reuters
	4,460,000		USD	5.700% due 10/01/2014 (2)			4,393,475

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

57

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Canada—Continued
				TransCanada Pipelines
	4,020,000		USD	4.000% due 06/15/2013 (2)		$	3,950,193
	1,710,000		USD	7.625% due 01/15/2039 (2)			1,877,722
							5,827,915
							29,208,708
				United Kingdom—1.8%
				Anglo American Capital PLC
	5,325,000		USD	9.375% due 04/08/2014 (2)(3)			5,531,131
				AstraZeneca PLC
	2,400,000		USD	5.400% due 06/01/2014 (2)			2,587,505
				Diageo Capital
	6,000,000		USD	5.125% due 01/30/2012 (2)			6,220,062
				SABMiller PLC
	3,710,000		USD	6.200% due 07/01/2011 (2)(3)			3,736,634
				Vodafone Group
	4,970,000		USD	5.000% due 09/15/2015 (2)			4,877,180
	1,330,000		USD	6.150% due 02/27/2037 (2)			1,290,768
							6,167,948
							24,243,280
				France—1.8%
				AXA SA
	5,410,000		USD	8.600% due 12/15/2030			4,089,149
				Lafarge SA
	2,455,000		USD	7.125% due 07/15/2036 (2)			1,426,411
				Societe Financement de l’Economie Francaise
	17,920,000		USD	3.375% due 05/05/2014 (3)			18,001,213
							23,516,773
				Australia—1.1%
				BHP Billiton Finance USA
	7,370,000		USD	5.400% due 03/29/2017			7,336,105
				National Australia Bank
	3,400,000		USD	2.550% due 01/13/2012 (3)			3,387,750

See Notes to Financial Statements

58

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Australia—Continued
				Rio Tinto Finance
	4,700,000		USD	5.875% due 07/15/2013 (2)		$	4,435,907
							15,159,762
				Germany—1.0%
				KFW
	13,360,000		USD	2.000% due 01/17/2012			13,346,212
				Finland—0.3%
				Nokia Corp
	3,840,000		USD	5.375% due 05/15/2019 (2)			3,864,653
				Brazil—0.3%
				Petrobras International Finance
	4,000,000		USD	5.875% due 03/01/2018 (2)			3,801,388
				Norway—0.3%
				StatoilHydro ASA
	3,430,000		USD	5.250% due 04/15/2019 (2)			3,515,630
				TOTAL CORPORATE BONDS (Cost $491,842,764)			489,413,587
ASSET BACKED SECURITIES—18.8%
				United States—18.8%
				BA Credit Card Trust
				Series 2008-A9, Class A9
	9,000,000		USD	4.070% due 07/16/2012 (2)			9,131,455
				Series 2006-A15, Class A15
	9,062,000		USD	0.451% due 04/15/2014 (1)(2)			8,545,807
							17,677,262
				Banc of America Alternative Loan Trust
				Series 2004-10, Class 2CB1
	1,692,139		USD	6.000% due 11/25/2034 (2)			1,517,970
				Banc of America Commercial Mortgage
				Series 2002-2, Class A3
	2,000,000		USD	5.118% due 07/11/2043 (2)			1,972,022
				Series 2006-2, Class A4
	10,270,000		USD	5.739% due 05/10/2045 (1)(2)			8,421,879

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

59

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				Series 2006-5, Class A4
	3,600,000		USD	5.414% due 09/10/2047 (2)		$	2,943,717
							13,337,618
				Bear Stearns Commercial Mortgage Securities
				Series 2001-TOP4, Class A3
	3,400,000		USD	5.610% due 11/15/2033 (2)			3,411,612
				Series 2006-PW14, Class A4
	3,205,000		USD	5.201% due 12/11/2038 (2)			2,669,885
				Series 2006-PW11, Class A4
	11,140,000		USD	5.456% due 03/11/2039 (1)(2)			9,550,267
				Series 2005-PWR8, Class A4
	13,100,000		USD	4.674% due 06/11/2041 (2)			11,579,508
							27,211,272
				Capital Auto Receivables Asset Trust
				Series 2008-2, Class A2A
	5,043,190		USD	3.740% due 03/15/2011 (2)			5,085,112
				Capital One Prime Auto Receivables Trust
				Series 2006-1, Class A3
	308,898		USD	4.990% due 09/15/2010 (2)			309,436
				Chase Issuance Trust
				Series 2006-A3, Class A3
	6,710,000		USD	0.441% due 07/15/2011 (1)(2)			6,708,477
				Citibank Credit Card Issuance Trust
				Series 2008-A1, Class A1
	15,015,000		USD	5.350% due 02/07/2020 (2)			13,765,073
				CNH Equipment Trust
				Series 2009-A, Class A2
	10,820,000		USD	4.060% due 10/17/2011 (2)			10,855,219
				Series 2007-C, Class A3A
	5,000,000		USD	5.210% due 12/15/2011 (2)			5,069,071
				Series 2009-A, Class A4
	5,160,000		USD	7.210% due 12/16/2013 (2)			5,141,480
							21,065,770

See Notes to Financial Statements

60

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				Credit Suisse Mortgage Capital Certificates
				Series 2007-7, Class 3A1
	6,994,430		USD	5.500% due 03/25/2023 (2)		$	5,195,902
				Series 2006-C5, Class A3
	10,200,000		USD	5.311% due 12/15/2039 (2)			7,265,558
							12,461,460
				Discover Card Master Trust-Class A
				Series 2008-A2, Class A2
	9,250,000		USD	1.451% due 09/17/2012 (1)(2)			9,106,210
				First Horizon Asset Securities
				Series 2006-3, Class 1A8
	1,630,000		USD	6.250% due 11/25/2036 (2)			1,474,561
				GE Capital Commercial Mortgage Corporation
				Series 2002-1A, Class A3
	11,700,000		USD	6.269% due 12/10/2035 (2)			11,777,008
				Harley-Davidson Motorcycle Trust
				Series 2007-3, Class A3
	8,133,776		USD	0.801% due 06/15/2012 (1)(2)			7,996,995
				Honda Auto Receivables Owner Trust
				Series 2008-1, Class A2
	3,181,155		USD	3.770% due 09/20/2010 (2)			3,201,558
				JPMorgan Chase Commercial Mortgage Securities Corporation
				Series 2002-CIB4, Class A3
	1,920,000		USD	6.162% due 05/12/2034 (2)			1,926,710
				Lehman Brothers-UBS Commercial Mortgage Trust
				Series 2001-C3, Class A2
	10,120,000		USD	6.365% due 12/15/2028 (2)			10,277,621
				Lehman Mortgage Trust
				Series 2007-10, Class 4A1
	7,470,316		USD	6.000% due 01/25/2027 (2)(4)			6,056,477

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

61

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				MASTR Alternative Loans Trust
				Series 2005-1, Class 1A1
	3,310,630		USD	5.500% due 02/25/2035 (2)		$	2,276,365
				MASTR Asset Securitization Trust
				Series 2007-2, Class A3
	5,187,955		USD	6.250% due 01/25/2038 (2)			4,392,351
				Merrill Auto Trust Securitization
				Series 2008-1, Class A2A
	5,077,155		USD	4.270% due 12/15/2010 (2)			5,107,762
				Morgan Stanley Capital I
				Series 2006-T23, Class A4
	2,600,000		USD	5.810% due 08/12/2041 (1)(2)			2,319,269
				Series 2006-IQ12, Class A4
	9,250,000		USD	5.332% due 12/15/2043 (2)			7,247,800
							9,567,069
				Morgan Stanley Dean Witter Capital I
				Series 2001-TOP3, Class A4
	470,212		USD	6.390% due 07/15/2033 (2)			469,953
				Series 2001-TOP5, Class A4
	5,200,000		USD	6.390% due 10/15/2035 (2)			5,255,239
				Series 2002-TOP7, Class A2
	7,500,000		USD	5.980% due 01/15/2039 (2)			7,498,495
							13,223,687
				Morgan Stanley Mortgage Loan Trust
				Series 2004-9, Class 1A
	3,238,906		USD	6.127% due 11/25/2034 (1)(2)			2,888,271
				PG&E Energy Recovery Funding LLC
				Series 2005-1, Class A2
	410,609		USD	3.870% due 06/25/2011 (2)			412,114
				Prime Mortgage Trust
				Series 2004-CL1, Class 1A1
	3,222,618		USD	6.000% due 02/25/2034 (2)			2,892,228

See Notes to Financial Statements

62

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				Residential Accredit Loans
				Series 2003-QS10, Class A14
	2,098,304		USD	4.500% due 05/25/2033 (2)		$	1,916,025
				SLM Student Loan Trust
				Series 2008-4, Class A1
	4,837,011		USD	1.772% due 07/25/2013 (1)(2)			4,820,347
				Series 2007-2, Class A1
	983,264		USD	1.072% due 04/25/2014 (1)(2)			978,925
				Series 2008-7, Class A1
	5,119,222		USD	1.492% due 10/27/2014 (1)(2)			5,079,868
							10,879,140
				Small Business Administration
				Series 2006-P10A, Class 1
	735,014		USD	5.408% due 02/10/2016			772,110
				Series 2007-P10A, Class 1
	5,609,442		USD	5.459% due 02/10/2017			5,925,788
							6,697,898
				TIAA Seasoned Commercial Mortgage Trust
				Series 2007-C4, Class A3
	11,190,000		USD	6.096% due 08/15/2039 (1)(2)			10,044,237
				U-Haul S Fleet LLC
				Series 2007-BT1, Class BT
	3,236,747		USD	5.559% due 02/25/2020 (2)(3)			2,470,350
				USAA Auto Owner Trust
				Series 2009-1, Class A2
	1,800,000		USD	2.640% due 08/15/2011 (2)			1,802,090
				Series 2005-3, Class A4
	3,578,617		USD	4.630% due 05/15/2012 (2)			3,614,938
							5,417,028
							249,141,115

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

63

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				Russia—0.0%
				CityMortgage MBS Finance B.V.
				Series 2006-1A, Class AFL
	1,097,486		USD	2.069% due 09/10/2033 (1)(2)(3)		$	219,497
				TOTAL ASSET BACKED SECURITIES (Cost $266,137,546)			249,360,612
FOREIGN GOVERNMENT BONDS—3.8%
				France—2.8%
				CCCE—Principal Certificate
	1,400,000		USD	Zero Coupon due 05/01/2009			1,400,000
				France Government Bond
	27,810,000		EUR	4.000% due 10/25/2038			36,216,310
							37,616,310
				Australia—1.0%
				New South Wales Treasury
	18,230,000		AUD	5.500% due 03/01/2017			13,394,958
				TOTAL FOREIGN GOVERNMENT BONDS (Cost $48,438,749)			51,011,268
MUNICIPAL OBLIGATIONS—1.1%
				United States—1.1%
				State of California, General Obligation Unltd
	11,210,000		USD	7.550% due 04/01/2039			11,702,231
				Metropolitan Transportation Authority, Revenue Bonds
	2,500,000		USD	7.336% due 11/15/2039			2,672,975
				TOTAL MUNICIPAL OBLIGATIONS (Cost $14,135,976)			14,375,206

See Notes to Financial Statements

64

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Total Return Bond Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
REPURCHASE AGREEMENT—7.0%
				United States—7.0%
	92,880,512		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2009, due 05/01/2009, with a maturity value of $92,880,692 and an effective yield of 0.07%, collateralized by a U.S. Government and Agency Obligation, with a rate of 0.056%, with maturity of 06/24/2009, and an aggregate market value of $94,740,000. (Cost $92,880,512)		$	92,880,512
				TOTAL INVESTMENTS—107.5% (Cost $1,431,845,821)			1,427,395,392
				OTHER ASSETS AND LIABILITIES—(7.5)%			(99,034,358	)
				TOTAL NET ASSETS—100.0%		$	1,328,361,034

Notes to the Portfolio of Investments.

TBA To Be Announced: Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement.

(1)	Variable Rate Security.
(2)	Callable
(3)	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers.
(4)	Security valued at fair value utilizing fair value model in accordance with valuation policies approved by the Board of Trustees.
	Aggregate cost for federal income tax purposes was $1,432,789,080.

Glossary of Currencies

AUD — Australian Dollar

EUR	— Euro
USD	— United States Dollar

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

65

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2009

Artio Total Return Bond Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
							Net Unrealized
Expiration	Local		Value in		In Exchange		Appreciation
Date	Currency		USD		for USD		(Depreciation)
06/02/09	AED	50,070,000		13,629,781		13,945,133	$	(315,352	)
05/13/09	AUD	120,473,455		88,430,294		82,205,359		6,224,935
08/05/09	BRL	57,720,000		25,994,861		25,988,294		6,567
07/28/09	CZK	533,170,000		26,277,749		26,565,521		(287,772	)
05/05/09	EUR	26,572,640		35,210,698		35,277,837		(67,139	)
06/30/09	NOK	108,286,160		16,427,279		16,513,874		(86,595	)
07/28/09	SEK	107,268,179		13,320,408		13,230,000		90,408
Net unrealized appreciation on forward foreign exchange contracts to buy							$	5,565,052

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
							Net Unrealized
Expiration	Local		Value in		In Exchange		Appreciation
Date	Currency		USD		for USD		(Depreciation)
05/13/09	AUD	72,573,500		53,270,623		49,697,141	$	(3,573,482	)
05/05/09	EUR	26,572,640		35,210,698		34,070,111		(1,140,587	)
06/30/09	NOK	108,286,160		16,427,280		15,935,299		(491,981	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(5,206,050	)

Glossary of Currencies

AED — United Arab Emirates Dirham

AUD	— Australian Dollar
BRL	— Brazilian Real

CZK	— Czech Koruna
EUR	— Euro
NOK	— Norwegian Krone
SEK	— Swedish Krona

See Notes to Financial Statements

66

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2009

Artio Total Return Bond Fund

At April 30, 2009, sector diversification of the Fund’s long-term investments were as follows:

	% of Net			Market
	Assets			Value
INDUSTRY SECTOR
U.S. Government and Agency Obligations		39.9	%	$	530,354,207
Corporate Bonds		36.9			489,413,587
Asset Backed Securities		18.8			249,360,612
Foreign Government Bonds		3.8			51,011,268
Municipal Obligations		1.1			14,375,206
Short-Term Investments		7.0			92,880,512	*
Total Investments		107.5			1,427,395,392
Other Assets and Liabilities (Net)		(7.5	)		(99,034,358	)*
Net Assets		100.0	%	$	1,328,361,034

* Includes the current net notional market value of $(62,752,000) for future contracts, which is (4.72)% of net assets in cash and cash equivalents.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

67

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—62.8%
				United States—46.9%
				AES Corp
	2,835,000		USD	9.750% due 04/15/2016 (1)(2)		$	2,820,825
				AGCO Corp
	4,720,000		EUR	6.875% due 04/15/2014 (1)			5,097,395
				Airgas Inc
	4,450,000		USD	7.125% due 10/01/2018 (1)(2)			4,338,750
				Alliant Techsystems
	4,970,000		USD	6.750% due 04/01/2016 (1)			4,858,175
				Allied Waste North America
	3,720,000		USD	5.750% due 02/15/2011 (1)			3,740,162
				Allison Transmission
	3,695,000		USD	11.000% due 11/01/2015 (1)(2)			2,235,475
	5,732,000		USD	11.250% due 11/01/2015 (1)(2)			2,951,980
							5,187,455
				American Airlines Pass Through Trust 1999
	2,955,000		USD	7.024% due 04/15/2011			2,866,350
				Aquila Inc
	7,155,000		USD	7.950% due 02/01/2011 (1)			7,092,251
				Aramark Corp
	3,875,000		USD	5.000% due 06/01/2012 (1)			3,458,437
				Avago Technologies Finance
	7,150,000		USD	11.875% due 12/01/2015 (1)			6,274,125
				Biomet Inc
	3,010,000		USD	10.000% due 10/15/2017 (1)			3,145,450
				BWAY Corp
	2,600,000		USD	10.000% due 04/15/2014 (1)(2)			2,444,000
				Calabash Re, Series A1
	450,000		USD	9.749% due 06/01/2009 (2)(3)(4)			450,158
				Calabash Re II, Series A1
	250,000		USD	9.720% due 01/08/2010 (2)(3)(4)			241,100
				Carillon Ltd, Series A1
	830,000		USD	11.320% due 01/08/2010 (2)(3)(4)			298,800

See Notes to Financial Statements

68

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Case New Holland
	4,440,000		USD	6.000% due 06/01/2009 (1)		$	4,440,000
				CenterPoint Energy
	3,425,000		USD	5.950% due 02/01/2017 (1)			2,834,461
				CenterPoint Energy Houston Electric, Series U
	1,195,000		USD	7.000% due 03/01/2014 (1)			1,271,659
				Chesapeake Energy
	5,775,000		EUR	6.250% due 01/15/2017 (1)			6,351,536
	1,185,000		USD	9.500% due 02/15/2015			1,202,775
							7,554,311
				CHS/Community Health Systems
	2,690,000		USD	8.875% due 07/15/2015 (1)			2,690,000
				CMS Energy
	5,690,000		USD	8.500% due 04/15/2011 (1)			5,838,202
				Cooper-Standard Automotive
	3,725,000		USD	7.000% due 12/15/2012 (1)(4)			521,500
				CSX Corp
	4,675,000		USD	7.375% due 02/01/2019 (1)			4,814,675
				Delphi Corp
	1,500,000		USD	6.550% due 06/15/2006 (1)(5)			22,500
				Dresser-Rand Group
	7,405,000		USD	7.375% due 11/01/2014 (1)			6,627,475
				El Paso
	4,110,000		USD	12.000% due 12/12/2013 (1)			4,459,350
				Exide Technologies, Series B
	12,440,000		USD	10.500% due 03/15/2013 (1)			9,392,200
				Ford Motor Credit
	1,000,000		USD	7.375% due 02/01/2011			860,387
				Freeport-McMoRan C&G
	6,145,000		USD	8.375% due 04/01/2017 (1)			6,030,642
				Frontier Communications
	6,410,000		USD	9.000% due 08/15/2031 (1)			5,128,000

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

69

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				General Motors
	750,000		USD	7.125% due 07/15/2013 (1)(6)		$	75,000
	7,200,000		USD	8.800% due 03/01/2021 (6)			684,000
	14,790,000		USD	8.250% due 07/15/2023 (1)(6)			1,405,050
	2,415,000		EUR	8.375% due 07/05/2033 (6)			192,007
	3,550,000		USD	8.375% due 07/15/2033 (1)(6)			319,500
	3,460,000		USD	7.375% due 05/23/2048 (1)(6)			337,350
							3,012,907
				Hawker Beechcraft Acquisition
	6,110,000		USD	9.750% due 04/01/2017 (1)			1,527,500
				HCA Inc
	1,650,000		USD	5.750% due 03/15/2014(1)			1,311,750
	1,120,000		USD	6.375% due 01/15/2015 (1)			890,400
	4,752,000		USD	6.500% due 02/15/2016 (1)			3,682,800
	1,620,000		USD	8.500% due 04/15/2019 (1)(2)			1,638,225
							7,523,175
				Health Management Associates
	2,300,000		USD	6.125% due 04/15/2016 (1)			2,024,000
				Helix 04
	790,000		USD	6.620% due 06/30/2009 (2)(3)(4)			788,499
				Hertz Corp
	11,870,000		EUR	7.875% due 01/01/2014 (1)			10,302,454
				Hexcel Corp
	7,575,000		USD	6.750% due 02/01/2015 (1)			6,703,875
				IASIS Healthcare Capital
	4,770,000		USD	8.750% due 06/15/2014 (1)			4,710,375
				Ingles Market
	990,000		USD	8.875% due 05/15/2017 (1)(2)			955,825
				Intcomex Inc
	2,140,000		USD	11.750% due 01/15/2011 (1)(4)			770,400
				Invacare Corp
	5,250,000		USD	9.750% due 02/15/2015 (1)			5,315,625
				Jarden Corp
	5,380,000		USD	7.500% due 05/01/2017 (1)			4,788,200

See Notes to Financial Statements

70

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				JP Morgan Chase Capital XX, Series T
	2,460,000		USD	6.550% due 09/29/2036 (1)		$	1,758,150
				K Hovnanian Enterprises
	1,500,000		USD	6.250% due 01/15/2015 (1)			577,500
	7,091,000		USD	8.625% due 01/15/2017 (1)			2,694,580
							3,272,080
				KB Home
	3,410,000		USD	6.375% due 08/15/2011 (1)			3,273,600
	3,140,000		USD	5.875% due 01/15/2015 (1)			2,669,000
	1,275,000		USD	6.250% due 06/15/2015 (1)			1,096,500
							7,039,100
				Koppers Holdings, Multi-Coupon
	5,116,000		USD	Zero Coupon due 11/15/2014 (1)(3)(7)			4,374,180
				Lennar Corp
	4,600,000		USD	12.250% due 06/01/2017 (1)(2)			4,692,000
				Level 3 Financing
	4,955,000		USD	9.250% due 11/01/2014 (1)			3,994,969
	2,500,000		USD	5.474% due 02/15/2015 (1)(3)			1,537,500
	1,050,000		USD	8.750% due 02/15/2017 (1)			750,750
							6,283,219
				MacDermid Inc
	9,367,000		USD	9.500% due 04/15/2017 (1)(2)			4,683,500
				Meritage Homes
	6,495,000		USD	7.000% due 05/01/2014 (1)			4,968,675
	6,920,000		USD	7.731% due 04/30/2017 (1)(2)			4,463,400
							9,432,075
				Mirant Americas Generation
	4,730,000		USD	8.500% due 10/01/2021 (1)			3,973,200
	2,000,000		USD	9.125% due 05/01/2031 (1)			1,600,000
							5,573,200
				Nalco Co
	3,940,000		EUR	7.750% due 11/15/2011 (1)			5,220,894
	2,885,000		EUR	9.000% due 11/15/2013 (1)			3,555,310
							8,776,204

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

71

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				New Albertsons
	2,085,000		USD	7.500% due 02/15/2011 (1)		$	2,090,212
	2,295,000		USD	7.250% due 05/01/2013 (1)			2,203,200
							4,293,412
				NewMarket Corp
	5,045,000		USD	7.125% due 12/15/2016 (1)			4,263,025
				NRG Energy
	6,731,000		USD	7.375% due 02/01/2016 (1)			6,495,415
				Owens Brockway Glass Container
	1,000,000		EUR	6.750% due 12/01/2014 (1)			1,225,718
	800,000		USD	6.750% due 12/01/2014 (1)			782,000
							2,007,718
				Plains Exploration & Production
	6,190,000		USD	10.000% due 03/01/2016 (1)			6,066,200
				Qwest Corp
	5,400,000		USD	4.570% due 06/15/2013 (3)			4,914,000
				Residential Reinsurance
	975,000		USD	8.011% due 06/06/2011 (2)(3)(4)			923,812
				Rochester Gas & Electric
	600,000		USD	8.000% due 12/15/2033 (1)(2)			561,760
				RR Donnelley & Sons
	5,725,000		USD	11.250% due 02/01/2019 (1)			5,178,692
				SS&C Technologies
	50,000		USD	11.750% due 12/01/2013 (1)			44,750
				Stanadyne Corp
	3,180,000		USD	12.000% due 02/15/2015 (1)(7)			1,574,100
				Stanadyne Corp, Series 1
	1,850,000		USD	10.000% due 08/15/2014 (1)(4)			1,489,250
				Sunguard Data Systems
	13,065,000		USD	10.250% due 08/15/2015 (1)			11,431,875
				Supervalue Inc
	530,000		USD	8.000% due 05/01/2016 (1)			514,100

See Notes to Financial Statements

72

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Time Warner Cable
	3,100,000		USD	8.250% due 04/01/2019 (1)		$	3,431,886
				Toll Brothers Finance
	8,860,000		USD	8.910% due 10/15/2017 (1)			8,919,424
				Toll Corp
	4,295,000		USD	8.250% due 02/01/2011 (1)			4,284,262
				Tyco International Finance
	2,980,000		USD	8.500% due 01/15/2019 (1)			3,195,114
				Universal Hospital Services
	775,000		USD	5.943% due 06/01/2015 (1)(3)			598,687
				Vanguard Health
	1,180,000		USD	9.000% due 10/01/2014 (1)			1,129,850
				Verso Paper, Series B
	5,500,000		USD	4.920% due 08/01/2014 (1)(3)			1,883,750
	5,050,000		USD	9.125% due 08/01/2014 (1)			2,348,250
							4,232,000
				Vought Aircraft Industries
	8,880,000		USD	8.000% due 07/15/2011 (1)			3,663,000
				WCA Waste
	6,895,000		USD	9.250% due 06/15/2014 (1)			5,619,425
				Wells Fargo
	4,650,000		USD	7.700% due 12/29/2049 (1)(3)			2,978,213
				Williams Cos
	2,050,000		USD	8.750% due 01/15/2020 (2)			2,110,026
	3,045,000		USD	7.875% due 09/01/2021 (1)			3,012,784
							5,122,810
							312,038,118
				Netherlands—2.9%
				ASML Holding
	11,885,000		EUR	5.750% due 06/13/2017			11,181,658
				Impress Holdings
	1,320,000		USD	4.256% due 09/15/2013 (1)(2)(3)			1,089,000

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

73

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Netherlands—Continued
				Impress Holdings BV
	421,000		EUR	4.560% due 09/15/2013 (1)(2)(3)		$	474,187
	3,790,000		EUR	4.560% due 09/15/2013 (1)(3)			4,268,810
							4,742,997
				Sensata Technologies
	7,315,000		EUR	9.000% due 05/01/2016 (1)			2,374,811
							19,388,466
				Brazil—2.3%
				CESP Companhia Energetica Sao Paulo
	350,000		USD	9.250% due 08/11/2013 (2)			368,375
	8,520,000		BRL	9.750% due 01/15/2015 (2)			3,855,300
							4,223,675
				ISA Capital do Brasil
	5,915,000		USD	8.800% due 01/30/2017 (1)(2)			5,589,675
				Petrobras International Finance
	3,120,000		USD	5.875% due 03/01/2018 (1)			2,965,083
	1,000,000		USD	8.375% due 12/10/2018			1,135,000
	1,500,000		USD	7.875% due 03/15/2019 (1)			1,612,500
							5,712,583
							15,525,933
				United Kingdom—2.2%
				Ardagh Glass Finance
	2,030,000		EUR	7.125% due 06/15/2017 (1)			1,909,867
				Ardagh Glass Finance BV
	2,585,000		EUR	8.875% due 07/01/2013 (1)			2,791,688
				Global Crossing UK Finance
	10,377,000		GBP	11.750% due 12/15/2014 (1)			9,379,748
				Royal Bank of Scotland, Multi-Coupon
	1,800,000		USD	7.640% due 03/31/2049 (1)(3)			522,484
							14,603,787

See Notes to Financial Statements

74

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Germany—1.1%
				Unitymedia GmbH
	1,200,000		EUR	8.750% due 02/15/2015 (1)		$	1,518,565
	3,770,000		EUR	10.125% due 02/15/2015 (1)			5,045,583
	705,000		USD	10.375% due 02/15/2015 (1)(2)			704,119
							7,268,267
				Russia—1.1%
				Evraz Group
	2,295,000		USD	8.250% due 11/10/2015 (1)(2)			1,434,375
				TNK-BP Finance
	1,915,000		USD	7.500% due 07/18/2016 (2)			1,417,100
	2,365,000		USD	6.625% due 03/20/2017			1,590,463
	4,155,000		USD	6.625% due 03/20/2017 (2)			2,804,625
							5,812,188
							7,246,563
				Canada—1.0%
				Rogers Wireless
	3,100,000		USD	9.625% due 05/01/2011 (1)			3,250,371
				Shaw Communications
	1,000,000		CAD	7.500% due 11/20/2013 (1)			909,183
	3,760,000		CAD	5.700% due 03/02/2017			2,915,527
							3,824,710
							7,075,081
				Multinational—1.0%
				ArcelorMittal Inc
	7,845,000		USD	6.500% due 04/15/2014 (1)			6,640,196
				Greece—1.0%
				Hellas Telecommunications
	7,965,000		EUR	4.935% due 10/15/2012 (1)(3)			6,490,969
				Norway—1.0%
				Biofuel Energy
	2,900,000		USD	10.000% due 06/07/2012 (1)(4)			1,595,000
				Petromena AS
	7,500,000		USD	10.850% due 11/19/2010 (1)(2)(4)(6)			1,762,500

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

75

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Norway—Continued
				Sea Production
	5,900,000		USD	5.484% due 02/14/2012 (1)(2)(3)		$	3,097,500
							6,455,000
				Denmark—0.9%
				Nordic Telephone
	1,350,000		EUR	7.601% due 05/01/2016 (1)(3)			1,520,552
	1,900,000		EUR	8.250% due 05/01/2016 (1)(2)			2,278,510
	2,050,000		EUR	8.250% due 05/01/2016 (1)			2,458,392
							6,257,454
				France—0.9%
				Europcar Groupe
	1,115,000		EUR	5.459% due 05/15/2013 (1)(3)			567,995
	5,770,000		EUR	5.459% due 05/15/2013 (1)(2)(3)			3,173,018
	1,200,000		EUR	8.125% due 05/15/2014 (1)(2)			596,295
	3,385,000		EUR	8.125% due 05/15/2014 (1)			1,682,049
							6,019,357
				Ireland—0.1%
				Osiris Capital, Series D3
	1,000,000		USD	6.131% due 01/15/2010 (2)(3)(4)			977,050
				Mexico—0.1%
				Axtel SAB de CV
	1,170,000		USD	7.625% due 02/01/2017 (1)(2)			874,575
				Kazakhstan—0.1%
	��			KazakhGold Group
	1,040,000		USD	9.375% due 11/06/2013 (1)			599,591
				Japan—0.1%
				AKIBARE Ltd
	485,000		USD	4.201% due 05/22/2012 (2)(3)(4)			460,750
				Hungary—0.1%
				HTCC Holdco I BV
	747,714		EUR	9.685% due 04/15/2013 (1)(2)(3)(4)			89,172
	2,110,636		EUR	9.685% due 04/15/2013 (1)(3)(4)			251,712
							340,884
				TOTAL CORPORATE BONDS (Cost $462,007,743)			418,262,041

See Notes to Financial Statements

76

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
BANK LOANS—23.9%
				United States—18.9%
				Allison Transmission
	2,352,064		USD	3.220% due 08/07/2014 (3)		$	1,698,058
				Aramark Corp
	178,837		USD	1.309% due 01/27/2014 (3)			163,636
	2,736,509		USD	3.100% due 01/27/2014 (3)			2,503,906
							2,667,542
				Astoria Generating Company Acquisitions
	2,625,201		USD	2.202% due 02/23/2013 (3)			2,417,371
	4,475,578		USD	4.200% due 08/23/2013 (3)			3,843,403
							6,260,774
				ATP Oil & Gas
	3,172,441		USD	8.500% due 07/15/2011 (3)			1,944,443
	11,187,079		USD	8.500% due 07/15/2014 (3)			6,856,751
							8,801,194
				Biomet Inc
	1,641,667		USD	4.147% due 03/25/2015 (3)			1,539,062
				Community Health Systems
	142,989		USD	2.678% due 07/25/2014 (3)			129,421
	2,802,846		USD	3.447% due 07/25/2014 (3)			2,536,895
							2,666,316
				Covanta Energy
	2,295,332		USD	1.092% due 02/10/2014 (3)			2,134,659
	4,423,999		USD	1.982% due 02/10/2014 (3)			4,114,319
							6,248,978
				Delphi Corp
	11,955,000		USD	10.500% due 06/30/2009 (3)			2,032,350
				Delta Air Lines
	9,211,266		USD	3.739% due 04/30/2014 (3)			4,762,989
				Federal-Mogul
	13,400,741		USD	2.430% due 12/27/2014 (3)			7,660,761
	7,219,628		USD	2.389% due 12/27/2015 (3)			4,127,223
							11,787,984

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

77

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
BANK LOANS—Continued
				United States—Continued
				Ford Motor
	11,533,846		USD	Zero Coupon due 12/15/2013 (3)		$	5,522,159
	14,412,046		USD	3.687% due 12/16/2013 (3)			9,128,720
							14,650,879
				Hawker Beechcraft Acquisition
	1,459,058		USD	2.689% due 03/26/2014 (3)			763,573
	85,894		USD	3.220% due 03/26/2014 (3)			44,951
							808,524
				HBI Branded Apparel
	6,080,000		USD	4.842% due 03/05/2014 (3)			5,502,400
				HCA Inc
	6,504,102		USD	3.220% due 11/16/2012 (3)			5,902,505
				Helicon Cable
	967,820		USD	4.270% due 07/31/2014 (3)			520,203
				Kabel Deutschland
	3,180,240		EUR	Zero Coupon due 11/18/2014 (3)			2,170,514
				NewPage Corp
	11,455,326		USD	4.792% due 12/21/2014 (3)			8,947,881
				Progressive Moulded Products
	1,875,631		USD	8.400% due 08/16/2011 (3)			346,992
				Spectrum Brands
	153,987		USD	2.716% due 03/30/2013 (3)			122,766
	10,759,813		EUR	6.069% due 03/30/2013 (3)			8,338,855
	5,182,165		USD	6.250% due 03/30/2013 (3)			4,131,481
							12,593,102
				SS&C Technologies
	3,366,302		USD	3.220% due 11/28/2012 (3)			2,777,199
				Texas Competitive Electric
	8,462,135		USD	3.969% due 10/10/2014 (3)			5,743,073
				Univision Communications
	17,225,000		USD	2.678% due 09/29/2014 (3)			10,597,681
				Vought Aircraft Industries
	5,530,000		USD	Zero Coupon due 12/22/2011 (3)			4,375,612

See Notes to Financial Statements

78

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
BANK LOANS—Continued
				United States—Continued
				Wrigley (Wm) Jr
	2,844,000		USD	6.500% due 10/06/2014 (3)		$	2,846,679
							126,248,491
				Netherlands—3.9%
				Sensata Technologies
	1,994,872		USD	2.803% due 04/26/2013 (3)			1,411,372
	13,907,035		EUR	3.392% due 04/26/2013 (3)			9,804,460
							11,215,832
				UPC Broadband
	18,650,783		EUR	3.137% due 12/31/2014 (3)			14,956,702
							26,172,534
				Canada—0.7%
				Aramark Corp
	548,597		USD	3.100% due 01/26/2014 (3)			477,279
				Great Canadian Gaming
	4,379,804		USD	2.731% due 02/13/2014 (3)			3,876,126
							4,353,405
				United Kingdom—0.4%
				Aramark Corp
	2,919,089		GBP	3.808% due 01/27/2014 (3)			2,546,905
				TOTAL BANK LOANS (Cost $168,995,708)			159,321,335
CONVERTIBLE BONDS—5.8%
				United States—4.8%
				Amylin Pharmaceuticals
	6,295,000		USD	3.000% due 06/15/2014			3,808,475
				CV Therapeutics
	3,097,000		USD	3.250% due 08/16/2013 (1)			3,100,871
				Carrizo Oil & Gas
	15,655,000		USD	4.375% due 06/01/2028 (1)			9,119,037
				Hornbeck Offshore Services
	6,660,000		USD	1.625% due 11/15/2026 (1)(7)			4,721,940
				Massey Energy
	10,120,000		USD	3.250% due 08/01/2015			6,261,750

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

79

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CONVERTIBLE BONDS—Continued
				United States—Continued
				United Rentals North America
	6,155,000		USD	1.875% due 10/15/2023 (1)		$	5,216,363
							32,228,436
				Multinational—1.0%
				Central European Media Enterprises
	10,665,000		USD	3.500% due 03/15/2013 (2)			6,465,656
				TOTAL CONVERTIBLE BONDS (Cost $34,145,817)			38,694,092
FOREIGN GOVERNMENT BONDS—2.1%
				Indonesia—0.9%
				Republic of Indonesia
	3,100,000		USD	10.375% due 05/04/2014			3,365,611
	2,220,000		USD	11.625% due 03/04/2019 (2)			2,664,000
							6,029,611
				Venezuela—0.9%
				Venezuela Government International Bond
	9,800,000		USD	9.250% due 05/07/2028			5,708,500
				Colombia—0.3%
				Colombia Government International Bond
	4,400,000,000		COP	12.000% due 10/22/2015			2,308,194
				TOTAL FOREIGN GOVERNMENT BONDS (Cost $13,776,853)			14,046,305
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—1.0%
				United States—1.0%
				U.S. Treasury Bill
	6,600,000		USD	0.010% due 10/08/2009 (Cost $6,590,114)			6,590,114
MUNICIPAL OBLIGATIONS—0.2%
				Buckeye, OH, Tobacco Settlement Financing Authority, Series A-2
	2,250,000		USD	6.000% due 06/01/2042(1) (Cost $1,985,946)			1,294,718

See Notes to Financial Statements

80

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Share					(Percentage of	Market
Amount		Currency		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—0.1%
				United States—0.1%
	28,233		USD	Federal Mogul (8) (Cost $1,040,431)		$	313,386
Face
Value
FOREIGN GOVERNMENT COMPENSATION NOTE—0.0%
				Bulgaria—0.0%
	1,575,213		BGN	Bulgaria Registered Compensation Vouchers (8) (Cost $570,983)			266,759
Contracts
OPTIONS—0.0%
				United States—0.0%
	167		USD	U.S. Treasury Notes 10Yr Call, Expires 05/22/2009, Strike 126 (Cost $206,655)			10,438
Share
Amount
WARRANTS—0.0%
				Norway—0.0%
	136,474		USD	Biofuel Energy (Cost $—)			—

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

81

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio Global High Income Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
REPURCHASE AGREEMENTS—10.3%
				United States —10.3%
	68,497,792		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2009, due 05/01/2009, with a maturity value of $68,497,925 and an effective yield of 0.07%, collateralized by a U.S. Government Agency and Obligation, with a rate of 0.04%, a maturity of 06/04/2009 and an aggregate market value of $69,870,000. (Cost $68,497,792)		$	68,497,792
				TOTAL INVESTMENTS—106.2% (Cost $757,818,042)			707,296,980
				OTHER ASSETS AND LIABILITIES—(6.2)%			(41,488,066	)
				TOTAL NET ASSETS—100.0%		$	665,808,914

Notes to the Portfolio of Investments.

(1) Callable

(2)	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers.
(3)	Variable Rate Security.
(4)	Illiquid security.
(5)	Defaulted Security.
(6)	Defaulted Security effective after 04/30/2009.
(7)	Step-Coupon.
(8)	Non-income producing security.
	Aggregate cost for federal income tax purposes was $758,427,824.

Glossary of Currencies

BGN — Bulgarien Lev

BRL	— Brazilian Real
CAD	— Canadian Dollar
COP	— Columbia Peso
EUR	— Euro
GBP	— British Pound Sterling
USD	— United States Dollar

See Notes to Financial Statements

82

Artio Global Funds  ï  2009 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2009

Artio Global High Income Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

	Contracts to Receive
							Net Unrealized
Expiration	Local		Value in		In Exchange		Appreciation
Date	Currency		USD		for USD		(Depreciation)
10/29/09	AUD	17,400,000		12,648,754		12,308,760	$	339,994
05/04/09	EUR	937,570		1,242,374		1,250,531		(8,157	)
05/01/09	GBP	126,330		187,195		186,854		341
Net unrealized appreciation on forward foreign exchange contracts to buy							$	332,178

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

	Contracts to Deliver
							Net Unrealized
Expiration	Local		Value in		In Exchange		Appreciation
Date	Currency		USD		for USD		(Depreciation)
05/01/09	CAD	1,438,852		1,211,053		1,197,846	$	(13,207	)
07/15/09	EUR	53,403,080		70,741,994		70,749,731		7,737
04/30/09	UAH	35,278		4,437		4,355		(82	)
Net unrealized depreciation on forward foreign exchange contracts to sell							$	(5,552	)

Glossary of Currencies

AUD — Australian Dollar

CAD	— Canadian Dollar
EUR	— Euro
GBP	— British Pound Sterling
UAH	— Ukraine Hryvnia

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

83

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2009

Artio Global High Income Fund

At April 30, 2009, sector diversification of the Fund’s investments were as follows:

	% of Net			Market
	Assets			Value
INDUSTRY SECTOR
Corporate Bonds		62.8	%	$	418,262,041
Bank Loans		23.9			159,321,335
Convertible Bonds		5.8			38,694,092
Foreign Government Bonds		2.1			14,046,305
U.S. Government and Agency Obligations		1.0			6,590,114
Municipal Obligations		0.2			1,294,718
Common Stock		0.1			313,386
Foreign Government Compensation Notes		0.0			266,759
Options		0.0			10,438
Warrants		0.0			0
Short-term Investments		10.3			68,497,792	*
Total Investments		106.2			707,296,980
Other Assets and Liabilities (Net)		(6.2	)		(41,488,066	)*
Net Assets		100.0	%	$	665,808,914

* Includes the current net notional market value of $17,442,702 for swap transaction agreements, which is 2.62% of net assets in cash ans cash equivalents.

See Notes to Financial Statements

84

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2009

Artio U.S. Microcap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—97.5%
		Health Care Equipment & Services—14.1%
	3,360	Almost Family*		$	82,992
	13,270	Cutera Inc*			83,336
	3,150	IPC The Hospitalist*			57,739
	5,050	Kensey Nash*			105,747
	8,420	Natus Medical*			73,928
	3,210	Vnus Medical Technologies*			71,101
	4,970	Volcano Corp*			65,554
					540,397
		Semiconductors & Semiconductor Equipment—10.8%
	7,790	Advanced Energy Industries*			65,670
	2,430	ATMI Inc*			38,370
	16,490	Integrated Device Technology*			89,541
	17,967	Photronics Inc*			30,005
	30,920	RF Micro Devices*			65,241
	16,920	Rudolph Technologies*			88,491
	27,870	Trident Microsystems*			38,182
					415,500
		Commercial & Professional Services—9.0%
	2,640	American Ecology			43,613
	39,050	Cenveo Inc*			184,316
	2,660	Geo Group*			44,236
	52,254	GlobalOptions Group*			73,155
					345,320
		Consumer Durables & Apparel—7.7%
	6,397	Movado Group			58,661
	16,730	Perry Ellis International*			122,631
	6,520	Pool Corp			116,447
					297,739
		Diversified Financials—7.6%
	1,738	Evercore Partners - Class A			32,814
	4,650	optionsXpress Holdings			76,539
	8,130	Penson Worldwide*			82,438
	25,790	TICC Capital			102,386
					294,177
		Software & Services—7.2%
	3,650	Progress Software*			77,343

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

85

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio U.S. Microcap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Software & Services—Continued
	2,285	SPSS Inc*		$	70,607
	25,490	TheStreet.com Inc			54,294
	13,740	United Online			72,822
					275,066
		Banks—7.1%
	7,260	Abington Bancorp			63,815
	14,002	Cardinal Financial			109,916
	3,706	WSFS Financial			100,470
					274,201
		Capital Goods—7.1%
	4,129	BE Aerospace*			44,552
	4,450	Kaman Corp			75,249
	1,330	Middleby Corp*			58,214
	9,200	Titan Machinery*			93,196
					271,211
		Consumer Services—6.2%
	14,001	Century Casinos*			35,142
	25,639	Morton’s Restaurant*			118,965
	3,425	Red Robin Gourmet Burgers*			84,084
					238,191
		Household & Personal Products—6.0%
	7,850	Elizabeth Arden*			67,981
	4,540	Oil-Dri Corp of America			73,276
	3,360	WD-40 Co			90,921
					232,178
		Technology Hardware & Equipment—4.5%
	3,740	EMS Technologies*			71,247
	5,150	Lexmark International-Class A*			101,043
					172,290
		Energy—3.5%
	4,620	Carrizo Oil & Gas*			56,965
	16,359	Gulfport Energy*			48,586
	800	Lufkin Industries			27,920
					133,471

See Notes to Financial Statements

86

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio U.S. Microcap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Pharmaceuticals & Biotechnology—2.2%
	15,040	Viropharma Inc*		$	84,675
		Transportation—2.1%
	11,590	Celadon Group*			79,276
		Retailing—1.4%
	5,050	99 Cents Only Stores*			54,237
		Materials—1.0%
	16,390	ICO Inc*			40,483
		TOTAL COMMON STOCKS (Cost $3,415,841)			3,748,412

Face
Value			Currency
REPURCHASE AGREEMENT—1.4%
	53,945	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2009, due 05/01/2009, with maturity value of $53,945 and an effective yield of 0.07%, collateralized by a U.S. Government and Agency Obligation, with a rate of 0.154%, a maturity of 07/30/2009 and an aggregate market value of $59,982. (Cost $53,945)	$	53,945
			TOTAL INVESTMENTS—98.9% (Cost $3,469,786)		3,802,357
			OTHER ASSETS AND LIABILITIES—1.1%		40,361
			TOTAL NET ASSETS—100.0%	$	3,842,718

Notes to the Portfolio of Investments.

* Non-income producing security.

Aggregate cost for federal income tax purpose was $3,642,329.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

87

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2009

Artio U.S. Microcap Fund

At April 30, 2009, sector diversification of the Fund’s long-term investments were as follows:

	% of Net			Market
	Assets			Value
INDUSTRY SECTOR
Information Technology		22.4	%	$	862,856
Industrials		18.1			695,807
Healthcare		16.3			625,072
Consumer Discretionary		15.4			590,167
Financials		14.8			568,378
Consumer Staples		6.0			232,178
Energy		3.5			133,471
Materials		1.0			40,483
Short-term Investment		1.4			53,945
Total Investments		98.9			3,802,357
Other Assets and Liabilities (Net)		1.1			40,361
Net Assets		100.0	%	$	3,842,718

See Notes to Financial Statements

88

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2009

Artio U.S. Smallcap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—97.9%
		Semiconductors & Semiconductor Equipment—12.1%
	11,280	Advanced Energy Industries*		$	95,090
	22,630	Integrated Device Technology*			122,881
	11,660	Microchip Technology			268,180
	24,874	Photronics Inc*			41,540
	42,435	RF Micro Devices*			89,538
	39,750	Trident Microsystems*			54,457
					671,686
		Health Care Equipment & Services—8.4%
	4,580	Gentiva Health Services*			72,959
	2,970	Mednax Inc*			106,623
	9,700	Natus Medical*			85,166
	2,935	NuVasive Inc*			111,237
	4,050	Vnus Medical Technologies*			89,708
					465,693
		Capital Goods—6.9%
	2,410	Baldor Electric			55,912
	8,970	BE Aerospace*			96,786
	6,190	Kaman Corp			104,673
	12,640	Titan Machinery*			128,043
					385,414
		Diversified Financials—6.4%
	6,670	optionsXpress Holdings			109,788
	11,200	Penson Worldwide*			113,568
	8,430	Raymond James Financial			132,267
					355,623
		Commercial & Professional Services—6.3%
	52,680	Cenveo Inc*			248,650
	6,200	Geo Group*			103,106
					351,756
		Banks—6.2%
	990	First Citizens BancShares - Class A			118,473
	6,420	Valley National Bancorp			92,897
	4,960	WSFS Financial			134,466
					345,836
		Pharmaceuticals & Biotechnology—6.2%
	12,680	Cepheid Inc*			122,996

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

89

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio U.S. Smallcap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Pharmaceuticals & Biotechnology—Continued
	1,270	Mettler-Toledo International*		$	78,270
	25,310	Viropharma Inc*			142,495
					343,761
		Consumer Durables & Apparel—5.8%
	1,530	Deckers Outdoor*			86,475
	9,330	Pool Corp			166,634
	2,420	Warnaco Group*			69,793
					322,902
		Software & Services—5.3%
	4,860	Progress Software*			102,983
	3,065	SPSS Inc*			94,709
	18,800	United Online			99,640
					297,332
		Technology Hardware & Equipment—5.1%
	5,640	Lexmark International - Class A*			110,657
	16,840	NCR Corp*			170,926
					281,583
		Consumer Services—4.7%
	27,274	Morton’s Restaurant*			126,551
	5,320	Weight Watchers International			132,362
					258,913
		Household & Personal Products—4.5%
	10,590	Elizabeth Arden*			91,710
	5,920	WD-40 Co			160,195
					251,905
		Materials—4.2%
	28,000	ICO Inc*			69,160
	3,690	Intrepid Potash*			91,106
	2,750	Terra Industries			72,875
					233,141
		Energy—3.9%
	2,060	Arena Resources*			59,060
	6,370	Carrizo Oil & Gas*			78,542
	2,250	Comstock Resources*			77,535
					215,137

See Notes to Financial Statements

90

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio U.S. Smallcap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Retailing—3.1%
	3,420	Guess? Inc		$	89,057
	15,630	Saks Inc*			81,432
					170,489
		Transportation—2.9%
	5,910	Ryder System			163,648
		Insurance—1.9%
	3,620	Hanover Insurance			108,528
		Real Estate—1.9%
	17,970	MFA Financial REIT			105,843
		Food & Staples Retailing—1.1%
	2,270	Casey’s General Stores			60,405
		Automobiles & Components—1.0%
	2,520	Harley-Davidson Inc			55,843
		TOTAL COMMON STOCKS (Cost $4,911,767)			5,445,438

Face
Value			Currency
REPURCHASE AGREEMENT—3.7%
	204,174	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2009, due 05/01/2009, with maturity value of $204,174 and an effective yield of 0.07%, collateralized by a U.S. Government and Agency Obligation, with a rate of 0.154%, a maturity of 07/30/2009, and an aggregate market value of $209,937. (Cost $204,174)	$	204,174
			TOTAL INVESTMENTS—101.6% (Cost $5,115,941)		5,649,612
			OTHER ASSETS AND LIABILITIES—(1.6)%		(88,565	)
			TOTAL NET ASSETS—100.0%	$	5,561,047

Notes to the Portfolio of Investments.

REIT Real Estate Investment Trust

*	Non-income producing security.
	Aggregate cost for federal income tax purposes was $5,326,452.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

91

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2009

Artio U.S. Smallcap Fund

At April 30, 2009, sector diversification of the Fund’s long-term investments were as follows:

	% of Net			Market
	Assets			Value
INDUSTRY SECTOR
Information Technology		22.5	%	$	1,250,603
Financials		16.5			915,830
Industrials		16.2			900,818
Healthcare		14.5			809,453
Consumer Discretionary		14.5			808,147
Consumer Staples		5.6			312,309
Materials		4.2			233,141
Energy		3.9			215,137
Short-term Investment		3.7			204,174
Total Investments		101.6			5,649,612
Other Assets and Liabilities (Net)		(1.6	)		(88,565	)
Net Assets		100.0	%	$	5,561,047

See Notes to Financial Statements

92

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2009

Artio U.S. Midcap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—96.0%
		Semiconductors & Semiconductor Equipment—9.6%
	5,380	Linear Technology		$	117,176
	5,290	Maxim Integrated Products			71,680
	8,820	Microchip Technology			202,860
					391,716
		Retailing—8.1%
	3,040	Bed Bath & Beyond*			92,477
	3,210	GameStop Corp-Class A*			96,814
	2,300	Guess? Inc			59,892
	1,450	Sherwin-Williams Co			82,128
					331,311
		Pharmaceuticals & Biotechnology—7.6%
	1,745	Celgene Corp*			74,546
	860	Cephalon Inc*			56,425
	1,400	Mettler-Toledo International*			86,282
	1,560	Perrigo Co			40,435
	3,670	Sepracor Inc*			52,151
					309,839
		Energy—7.5%
	3,070	Continental Resources*			71,684
	1,120	Hess Corp			61,365
	3,270	PetroHawk Energy*			77,172
	2,220	Ultra Petroleum*			95,016
					305,237
		Consumer Services—7.3%
	2,920	Career Education*			64,357
	12,760	Morton’s Restaurant*			59,206
	5,910	Starbucks Corp*			85,459
	3,490	Weight Watchers International			86,831
					295,853
		Diversified Financials—7.0%
	6,220	Raymond James Financial			97,592
	2,100	State Street			71,673
	3,070	T Rowe Price			118,256
					287,521
		Technology Hardware & Equipment—6.9%
	5,400	Lexmark International-Class A*			105,948
	13,110	NCR Corp*			133,066

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

93

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio U.S. Midcap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Technology Hardware & Equipment—Continued
	4,860	Sun Microsystems*		$	44,518
					283,532
		Capital Goods—6.8%
	1,740	Goodrich Corp			77,047
	770	L-3 Communications			58,636
	2,150	Rockwell Collins			82,452
	4,180	Terex Corp*			57,684
					275,819
		Materials—5.1%
	1,670	International Flavors & Fragrances			52,104
	7,340	International Paper			92,924
	1,530	Mosaic Co			61,889
					206,917
		Consumer Durables & Apparel—4.9%
	1,060	Polo Ralph Lauren			57,070
	4,600	Pool Corp			82,156
	2,040	Warnaco Group*			58,834
					198,060
		Transportation—4.5%
	1,410	FedEx Corp			78,904
	3,790	Ryder System			104,945
					183,849
		Software & Services—4.1%
	6,610	Activision Blizzard*			71,190
	520	MasterCard Inc-Class A			95,394
					166,584
		Health Care Equipment & Services—3.0%
	1,130	CR Bard			80,942
	640	Laboratory Corp of America*			41,056
					121,998
		Household & Personal Products—2.7%
	3,020	Herbalife Ltd			59,856
	1,820	Mead Johnson Nutrition-Class A*			51,415
					111,271
		Insurance—2.0%
	2,680	Hanover Insurance			80,346

See Notes to Financial Statements

94

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio U.S. Midcap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Food, Beverage & Tobacco—1.9%
	2,520	Hormel Foods		$	78,851
		Commercial & Professional Services—1.8%
	1,530	Stericycle Inc*			72,032
		Real Estate—1.7%
	2,790	St Joe*			69,415
		Banks—1.5%
	1,560	PNC Financial Services			61,932
		Automobiles & Components—1.1%
	1,970	Harley-Davidson Inc			43,655
		Telecommunication Services—0.9%
	2,130	MetroPCS Communications*			36,402
		TOTAL COMMON STOCKS (Cost $3,579,691)			3,912,140
INVESTMENT FUND—1.5%
		Diversified Financials—1.5%
	2,250	iShares S&P US Preferred Stock Index Fund (Cost $48,441)			60,075

Face
Value			Currency
REPURCHASE AGREEMENT—4.4%
	177,358	USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2009, due 05/01/2009, with a maturity value of $177,358 and an effective yield of 0.07% collateralized by a U.S. Government and Agency Obligation, with a rate of 3.720%, a maturity of 04/01/2034, and an aggregate market value of $181,398. (Cost $177,358)	$	177,358
			TOTAL INVESTMENTS—101.9% (Cost $3,805,490)		4,149,573
			OTHER ASSETS AND LIABILITIES—(1.9)%		(76,425	)
			TOTAL NET ASSETS—100.0%	$	4,073,148

Notes to the Portfolio of Investments.

* Non-income producing security.

Aggregate cost for federal income tax purposes was $3,950,906.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

95

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2009

Artio U.S. Midcap Fund

At April 30, 2009, sector diversification of the Fund’s long-term investments were as follows:

	% of Net			Market
	Assets			Value
INDUSTRY SECTOR
Consumer Discretionary		21.3	%	$	868,879
Information Technology		20.7			841,832
Financials		13.7			559,290
Industrials		13.0			531,700
Healthcare		10.6			431,837
Energy		7.5			305,237
Materials		5.1			206,917
Consumer Staples		4.7			190,122
Telecommunications		0.9			36,402
Short-term Investment		4.4			177,357
Total Investments		101.9			4,149,573
Other Assets and Liabilities (Net)		(1.9	)		(76,425	)
Net Assets		100.0	%	$	4,073,148

See Notes to Financial Statements

96

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2009

Artio U.S. Multicap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—95.1%
		Semiconductors & Semiconductor Equipment—9.7%
	1,940	Analog Devices		$	41,283
	3,680	Linear Technology			80,151
	5,480	Maxim Integrated Products			74,254
	9,170	Microchip Technology			210,910
					406,598
		Technology Hardware & Equipment—9.6%
	930	Apple Inc*			117,022
	2,320	Hewlett-Packard Co			83,474
	9,050	NCR Corp*			91,857
	4,490	Nokia Corp Sponsored ADR			63,489
	5,140	Sun Microsystems*			47,082
					402,924
		Diversified Financials—8.2%
	490	Goldman Sachs			62,965
	2,830	Morgan Stanley			66,901
	4,360	optionsXpress Holdings			71,766
	1,720	State Street			58,704
	2,130	T Rowe Price			82,047
					342,383
		Energy—8.1%
	6,065	Carrizo Oil & Gas*			74,781
	1,680	Exxon Mobil			112,006
	1,170	Hess Corp			64,104
	2,100	Ultra Petroleum*			89,880
					340,771
		Pharmaceuticals & Biotechnology—6.7%
	1,380	Abbott Laboratories			57,753
	1,250	Amgen Inc*			60,588
	2,020	Celgene Corp*			86,294
	680	Johnson & Johnson			35,605
	920	Teva Pharmaceutical Industries Sponsored ADR			40,379
					280,619

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

97

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio U.S. Multicap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Health Care Equipment & Services—6.5%
	840	Baxter International		$	40,740
	1,360	CR Bard			97,417
	1,670	Medco Health Solutions*			72,728
	2,710	Vnus Medical Technologies*			60,027
					270,912
		Commercial & Professional Services—6.0%
	42,760	Cenveo Inc*			201,828
	1,065	Stericycle Inc*			50,140
					251,968
		Capital Goods—5.4%
	2,480	Emerson Electric			84,419
	4,820	General Electric			60,973
	1,650	United Technologies			80,586
					225,978
		Retailing—5.2%
	2,780	GameStop Corp-Class A*			83,845
	2,400	Guess? Inc			62,496
	3,430	Lowe’s Cos			73,745
					220,086
		Food, Beverage & Tobacco—5.1%
	2,940	PepsiCo Inc			146,294
	1,900	Philip Morris International			68,780
					215,074
		Consumer Services—4.2%
	5,840	Starbucks Corp*			84,446
	3,660	Weight Watchers International			91,061
					175,507
		Transportation—4.0%
	1,460	FedEx Corp			81,702
	3,180	Ryder System			88,054
					169,756

See Notes to Financial Statements

98

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio U.S. Multicap Fund

Share			(Percentage of	Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Software & Services—3.8%
	6,990	Activision Blizzard*		$	75,282
	460	MasterCard Inc-Class A			84,387
					159,669
		Materials—3.7%
	7,570	International Paper			95,836
	700	Potash Corp of Saskatchewan			60,543
					156,379
		Banks—2.4%
	1,540	PNC Financial Services			61,138
	2,010	Wells Fargo			40,220
					101,358
		Food & Staples Retailing—2.0%
	2,660	CVS Caremark			84,535
		Telecommunication Services—1.7%
	2,730	AT&T Inc			69,943
		Media—1.4%
	2,440	DIRECTV Group*			60,341
		Consumer Durables & Apparel—1.4%
	1,110	Polo Ralph Lauren			59,762
		TOTAL COMMON STOCKS (Cost $3,599,805)			3,994,563
INVESTMENT FUND—1.5%
		Diversified Financials—1.5%
	2,370	iShares S&P US Preferred Stock Index Fund (Cost $51,024)			63,279

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

99

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2009

Artio U.S. Multicap Fund

Face					(Percentage of	Market
Value		Currency		Description	Net Assets)	Value (Note 2)
REPURCHASE AGREEMENT—4.2%
	177,047		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2009, due 05/01/2009 with a maturity value of $177,047 and an effective yield of 0.07% collateralized by a U.S. Government and Agency Obligation, with a rate of 5.742% maturity of 10/01/2036 and an aggregate market value of $181,151. (Cost $177,047)		$	177,047
				TOTAL INVESTMENTS—100.8% (Cost $3,827,876)			4,234,889
				OTHER ASSETS AND LIABILITIES—(0.8)%			(34,555	)
				TOTAL NET ASSETS—100.0%		$	4,200,334

Notes to the Portfolio of Investments.

ADR American Depositary Receipt

*	Non-income producing security.
	Aggregate cost for federal income tax purposes was $4,025,745.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

100

Artio Global Funds  ï  2009 Semi-Annual Report

PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited) April 30, 2009

Artio U.S. Multicap Fund

At April 30, 2009, sector diversification of the Fund’s long-term investments were as follows:

	% of Net			Market
	Assets			Value
INDUSTRY SECTOR
Information Technology		23.1	%	$	969,191
Industrials		15.4			647,702
Healthcare		13.1			551,530
Consumer Discretionary		12.3			515,697
Financials		12.1			507,020
Energy		8.1			340,771
Consumer Staples		7.1			299,609
Materials		3.7			156,379
Telecommunications		1.7			69,943
Short-term Investment		4.2			177,047
Total Investments		100.8			4,234,889
Other Assets and Liabilities (Net)		(0.8	)		(34,555	)
Net Assets		100.0	%	$	4,200,334

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

101

STATEMENT OF ASSETS AND LIABILITIES (Unaudited) April 30, 2009

	Artio			Artio
	Global Equity			International Equity
ASSETS:
Investments in securities, at market value (Cost $60,595,579 and $5,571,860,378, respectively)	$	58,204,349		$	5,486,461,125
Affiliated securities (Cost $0 and $465,118,508, respectively)		—			153,929,531
Repurchase agreements (Cost $5,766,578 and $890,575,161, respectively)		5,766,578			890,575,161
Cash on deposit for broker (Note 2)		159,136			369,809,511
Foreign currency, at market value (Cost $152,734 and $2,336,369,861, respectively)		153,314			2,359,527,592
Receivables:
Investments sold		2,925,716			158,158,037
Fund shares sold		136,204			11,360,943
Interest and dividends		100,295			21,245,379
Tax reclaim		58,646			9,307,628
Daily variation margin on open financial futures contracts		172,165			72,243,940
Receivable on closed swap contracts		—			482
Unrealized appreciation on forward foreign exchange contracts		454,532			238,143,862
Unrealized appreciation on open swap contracts		195,715			—
Prepaid expense		2,291			175,960
Total Assets		68,328,941			9,770,939,151
LIABILITIES:
Payables:
Investments purchased		5,697,579			288,443,365
Fund shares repurchased		7,581			8,937,216
Collateral on swaps		—			2,280,000
Investment advisory fee (Note 3)		37,540			6,511,979
Unrealized depreciation on forward foreign exchange contracts		78,449			125,213,771
Unrealized depreciation on open swap contracts		—			51,741,000
Payable on closed swap contracts		79			161,961
Accrued expenses and other payables		84,174			2,746,701
Total Liabilities		5,905,402			486,035,993
NET ASSETS	$	62,423,539		$	9,284,903,158
NET ASSETS Consist of:
Par value	$	2,387		$	409,417
Paid in capital in excess of par value		216,369,833			12,984,162,096
Undistributed net investment loss		(38,714	)		(315,445,147	)
Accumulated net realized loss on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(152,236,382	)		(3,322,340,826	)
Net unrealized depreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(1,673,585	)		(61,882,382	)
NET ASSETS	$	62,423,539		$	9,284,903,158
Class A	$	14,299,922		$	3,821,737,634
Class I	$	48,123,617		$	5,463,165,524
SHARES OUTSTANDING (Note 7)
Class A		549,495			170,801,306
Class I		1,837,614			238,616,138
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	26.02		$	22.38
Class I	$	26.19		$	22.90

See Notes to Financial Statements

102

Artio Global Funds  ï  2009 Semi-Annual Report

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2009

	Artio			Artio
	International Equity II			Total Return Bond
ASSETS:
Investments in securities, at market value (Cost $4,062,610,615 and $1,338,965,309, respectively)	$	3,952,816,781		$	1,334,514,880
Repurchase agreements (Cost $1,134,055,772 and $92,880,512, respectively)		1,134,055,772			92,880,512
Cash on deposit for broker (Note 2)		269,699,248			1,646,999
Foreign currency, at market value (Cost $1,414,645,904 and $5,274, respectively)		1,432,126,779			5,272
Receivables:
Investments sold		118,737,476			76,583,647
Fund shares sold		29,851,690			3,252,594
Interest and dividends		14,186,317			9,282,280
Tax reclaim		4,499,121			—
Daily variation margin on open financial futures contracts		55,494,590			101,936
Unrealized appreciation on forward foreign exchange contracts		137,896,627			6,321,910
Prepaid expense		99,185			19,795
Total Assets		7,149,463,586			1,524,609,825
LIABILITIES:
Payables:
Investments purchased		245,362,790			183,727,465
Fund shares repurchased		7,113,983			5,938,844
Dividends payable		—			468
Collateral on swaps		2,115,000			—
Investment advisory fee (Note 3)		4,653,652			287,436
Unrealized depreciation on forward foreign exchange contracts		78,674,280			5,962,908
Unrealized depreciation on open swap contracts		27,200,549			—
Payable on closed swap contracts		85,223			—
Accrued expenses and other payables		1,697,794			331,670
Total Liabilities		366,903,271			196,248,791
NET ASSETS	$	6,782,560,315		$	1,328,361,034
NET ASSETS Consist of:
Par value	$	732,298		$	105,194
Paid in capital in excess of par value		10,589,981,710			1,387,752,033
Undistributed net investment loss		(172,337,111	)		(13,770,779	)
Accumulated net realized loss on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(3,760,061,377	)		(42,038,121	)
Net unrealized appreciation (depreciation) on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		124,244,795			(3,687,293	)
NET ASSETS	$	6,782,560,315		$	1,328,361,034
Class A	$	1,478,456,955		$	302,496,826
Class I	$	5,304,103,360		$	1,025,864,208
SHARES OUTSTANDING (Note 7)
Class A		160,332,495			23,904,735
Class I		571,965,202			81,288,914
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	9.22		$	12.65
Class I	$	9.27		$	12.62

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

103

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2009

	Artio			Artio
	Global High Income			U.S. Microcap
ASSETS:
Investments in securities, at market value (Cost $689,320,250 and $3,415,841, respectively)	$	638,799,188		$	3,748,412
Repurchase agreements (Cost $68,497,792 and $53,945, respectively)		68,497,792			53,945
Foreign currency, at market value (Cost $13,225,853 and $0, respectively)		13,391,836			—
Receivables:
Investments sold		894,079			174,924
Fund shares sold		7,016,806			6
Interest and dividends		14,438,019			—
Receivable from advisor—net (Note 3)		—			1,954
Unrealized appreciation on forward foreign exchange contracts		348,072			—
Prepaid expense		5,636			56
Total Assets		743,391,428			3,979,297
LIABILITIES:
Payables:
Investments purchased		57,909,785			105,019
Fund shares repurchased		14,875,566			—
Dividends payable		181			—
Investment advisory fee (Note 3)		301,710			—
Unrealized depreciation on forward foreign exchange contracts		21,446			—
Open swap agreements, at value		4,337,300			—
Accrued expenses and other payables		136,526			31,560
Total Liabilities		77,582,514			136,579
NET ASSETS	$	665,808,914		$	3,842,718
NET ASSETS Consist of:
Par value	$	82,199		$	650
Paid in capital in excess of par value		749,516,125			6,728,096
Undistributed net investment loss		(10,113,898	)		(38,462	)
Accumulated net realized loss on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(21,958,811	)		(3,180,137	)
Net unrealized appreciation (depreciation) on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(51,716,701	)		332,571
NET ASSETS	$	665,808,914		$	3,842,718
Class A	$	259,293,360		$	1,900,605
Class I	$	406,515,554		$	1,942,113
SHARES OUTSTANDING (Note 7)
Class A		31,287,101			322,091
Class I		50,911,822			327,836
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	8.29		$	5.90
Class I	$	7.98		$	5.92

See Notes to Financial Statements

104

Artio Global Funds  ï  2009 Semi-Annual Report

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2009

	Artio			Artio
	U.S. Smallcap			U.S. Midcap
ASSETS:
Investments in securities, at market value (Cost $4,911,767 and $3,628,132, respectively)	$	5,445,438		$	3,972,215
Repurchase agreements (Cost $204,174 and $177,358, respectively)		204,174			177,358
Receivables:
Investments sold		850,217			202,095
Fund shares sold		6,010			279
Dividends receivable		170			637
Receivable from advisor—net (Note 3)		3,217			2,307
Prepaid expense		71			61
Total Assets		6,509,297			4,354,952
LIABILITIES:
Payables:
Investments purchased		915,444			253,476
Accrued expenses and other payables		32,806			28,328
Total Liabilities		948,250			281,804
NET ASSETS	$	5,561,047		$	4,073,148
NET ASSETS Consist of:
Par value	$	857		$	601
Paid in capital in excess of par value		8,192,274			6,349,648
Undistributed net investment loss		(32,649	)		(20,590	)
Accumulated net realized loss on investments sold		(3,133,106	)		(2,600,594	)
Net unrealized appreciation on investments		533,671			344,083
NET ASSETS	$	5,561,047		$	4,073,148
Class A	$	3,127,922		$	1,964,356
Class I	$	2,433,125		$	2,108,792
SHARES OUTSTANDING (Note 7)
Class A		482,845			290,146
Class I		374,309			310,585
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	6.48		$	6.77
Class I	$	6.50		$	6.79

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

105

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2009

	Artio
	U.S. Multicap
ASSETS:
Investments in securities, at market value (Cost $3,650,829)	$	4,057,842
Repurchase agreements (Cost $177,047)		177,047
Receivables:
Investments sold		78,926
Fund shares sold		683
Dividends receivable		4,513
Receivable from advisor—net (Note 3)		1,831
Prepaid expense		60
Total Assets		4,320,902
LIABILITIES:
Payables:
Investments purchased		91,101
Accrued expenses and other payables		29,467
Total Liabilities		120,568
NET ASSETS	$	4,200,334
NET ASSETS Consist of:
Par value	$	610
Paid in capital in excess of par value		6,406,549
Undistributed net investment loss		(13,584	)
Accumulated net realized loss on investments sold, and foreign currency related transactions		(2,600,254	)
Net unrealized appreciation on investments, and foreign currency related transactions		407,013
NET ASSETS	$	4,200,334
Class A	$	2,142,659
Class I	$	2,057,675
SHARES OUTSTANDING (Note 7)
Class A		311,684
Class I		298,205
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	6.87
Class I	$	6.90

See Notes to Financial Statements

106

Artio Global Funds  ï  2009 Semi-Annual Report

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2009

	Artio			Artio
	Global Equity			International Equity
INVESTMENT INCOME:
Interest	$	3,297		$	2,361,639
Securities lending income		34,181			2,755,381
Dividends, from unaffiliated issuers†		795,835			96,250,704
Dividends, from affiliated issuers††		—			5,427,070
Total investment income		833,313			106,794,794
EXPENSES:
Investment advisory fee (Note 3)		254,360			42,971,604
Custody fees		170,705			3,637,539
Administration fees		1,224			759,924
Professional fees		17,120			673,402
Trustees’ fees and expenses		1,873			325,596
Registration and filing fees		21,640			22,914
Shareholder reports		16,437			576,815
Insurance premium expense		2,194			161,874
Commitment fee		2,514			—
Compliance expense		204			40,710
Miscellaneous fees		2,773			98,262
Total expenses common to all classes		491,044			49,268,640
Transfer agent fees
Class A		5,447			173,776
Class I		3,201			130,070
Distribution and shareholder servicing fees (Note 4) Class A		16,941			4,987,427
Total gross expenses		516,633			54,559,913
Custody offset arrangement (Note 3)		(1,277	)		(3,637,539	)
Expenses reimbursed by investment advisor (Note 3)		(171,817	)		—
Expenses waived by investment advisor (Note 3)		(1,413	)		(240,229	)
Net expenses		342,126			50,682,145
NET INVESTMENT INCOME		491,187			56,112,649
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(15,706,185	)		(2,303,988,980	)
Financial futures contracts and synthetic futures		5,773			(305,008,679	)
Written options		5,883			4,963,606
Swap contracts		(164,463	)		(33,075,625	)
Forward foreign exchange contracts		648,441			388,823,632
Foreign currency transactions		(189,008	)		40,909,918
Net realized loss on investments		(15,399,559	)		(2,207,376,128	)
Net change in unrealized appreciation (depreciation) on:
Investments		12,319,817			1,238,952,548
Financial futures contracts and synthetic futures		50,879			247,664,133
Written options		(5,117	)		(2,781,458	)
Swap contracts		129,064			(70,380,590	)
Forward foreign exchange contracts		(61,979	)		(109,222,537	)
Foreign currency transactions		(779	)		9,924,049
Net change in unrealized appreciation of investments		12,431,885			1,314,156,145
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(2,967,674	)		(893,219,983	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,476,487	)	$	(837,107,334	)

†	Net of foreign withholding taxes of $53,925 and $11,722,085 for the Artio Global Equity Fund Inc. and Artio International Equity Fund, respectively.
††	Net of foreign withholding taxes of $0 and $2,685,946 for the Artio Global Equity Fund Inc. and Artio International Equity Fund, respectively.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

107

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2009

	Artio			Artio
	International Equity II			Total Return Bond
INVESTMENT INCOME:
Interest	$	741,980		$	30,388,864
Securities lending income		1,789,683			—
Dividends†		60,917,819			—
Total investment income		63,449,482			30,388,864
EXPENSES:
Investment advisory fee (Note 3)		27,102,961			2,271,590
Custody fees		1,686,595			248,021
Administration fees		513,534			4,362
Professional fees		370,489			92,410
Trustees’ fees and expenses		236,202			44,003
Registration and filing fees		101,213			42,057
Shareholder reports		819,612			135,270
Insurance premium expense		90,954			18,092
Commitment fee		—			4,889
Compliance expense		18,652			3,215
Miscellaneous fees		54,189			9,853
Total expenses common to all classes		30,994,401			2,873,762
Transfer agent fees
Class A		110,756			20,319
Class I		138,158			21,654
Distribution and shareholder servicing fees (Note 4) Class A		1,746,485			391,201
Total gross expenses		32,989,800			3,306,936
Custody offset arrangement (Note 3)		(1,647,206	)		—
Recoupment of expenses previously assumed by investment advisor (Note 3)		—			66,742
Expenses reimbursed by investment advisor (Note 3)		—			(94,920	)
Expenses waived by investment advisor (Note 3)		(150,572	)		(32,451	)
Net expenses		31,192,022			3,246,307
NET INVESTMENT INCOME		32,257,460			27,142,557
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(1,777,405,851	)		(34,619,224	)
Financial futures contracts and synthetic futures		(243,353,799	)		(3,653,482	)
Written options		2,964,075			—
Swap contracts		22,862,646			—
Forward foreign exchange contracts		198,137,584			(2,558,611	)
Foreign currency transactions		24,005,433			(319,729	)
Net realized loss on investments		(1,772,789,912	)		(41,151,046	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,349,511,644			113,299,485
Financial futures contracts and synthetic futures		193,200,216			730,552
Written options		(1,702,237	)		—
Swap contracts		(77,648,955	)		—
Forward foreign exchange contracts		(79,802,349	)		(1,460,739	)
Foreign currency transactions		9,482,874			187,898
Net change in unrealized appreciation of investments		1,393,041,193			112,757,196
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(379,748,719	)		71,606,150
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(347,491,259	)	$	98,748,707

† Net of foreign withholding taxes of $7,197,941 and $0 for the Artio International Equity Fund II and Artio Total Return Bond Fund, respectively.

See Notes to Financial Statements

108

Artio Global Funds  ï  2009 Semi-Annual Report

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2009

	Artio			Artio
	Global High Income			U.S. Microcap
INVESTMENT INCOME:
Interest	$	24,413,826		$	48
Security lending income		—			256
Dividends†		110,745			18,979
Total investment income		24,524,571			19,283
EXPENSES:
Investment advisory fee (Note 3)		1,462,982			19,957
Custody fees		106,648			16,217
Administration fees		1,385			—
Professional fees		35,764			10,791
Trustees’ fees and expenses		14,406			108
Registration and filing fees		49,948			11,826
Shareholder reports		66,220			323
Insurance premium expense		5,164			51
Commitment fee		5,028			—
Compliance expense		802			7
Miscellaneous fees		4,088			1,701
Total expenses common to all classes		1,752,435			60,981
Transfer agent fees
Class A		20,849			6,027
Class I		7,792			2,528
Distribution and shareholder servicing fees (Note 4) Class A		225,298			1,958
Total gross expenses		2,006,374			71,494
Custody offset arrangement (Note 3)		(12,314	)		—
Recoupment of expenses previously assumed by investment advisor (Note 3)		943			—
Expenses reimbursed by investment advisor (Note 3)		(71,066	)		(45,115	)
Expenses waived by investment advisor (Note 3)		(11,254	)		(80	)
Net expenses		1,912,683			26,299
NET INVESTMENT INCOME (LOSS)		22,611,888			(7,016	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(21,471,427	)		(1,688,777	)
Written options		398,293			—
Swap contracts		(891,034	)		—
Forward foreign exchange contracts		2,227,026			—
Foreign currency transactions		(217,031	)		—
Net realized loss on investments		(19,954,173	)		(1,688,777	)
Net change in unrealized appreciation (depreciation) on:
Investments		69,116,461			1,582,273
Swap contracts		1,148,852			—
Forward foreign exchange contracts		(7,859,000	)		—
Foreign currency transactions		526,438			—
Net change in unrealized appreciation of investments		62,932,751			1,582,273
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		42,978,578			(106,504	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	65,590,466		$	(113,520	)

† Net of foreign withholding taxes of $19,543 and $0 for the Artio Global High Income Fund and Artio U.S. Microcap Fund, respectively.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

109

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2009

	Artio			Artio
	U.S. Smallcap			U.S. Midcap
INVESTMENT INCOME:
Interest	$	86		$	51
Security lending income		64			48
Dividends		27,824			28,849
Total investment income		27,974			28,948
EXPENSES:
Investment advisory fee (Note 3)		20,384			14,108
Custody fees		15,446			11,906
Professional fees		10,857			10,810
Trustees’ fees and expenses		142			121
Registration and filing fees		11,855			11,820
Shareholder reports		485			284
Insurance premium expense		65			54
Compliance expense		10			9
Miscellaneous fees		1,649			1,701
Total expenses common to all classes		60,893			50,813
Transfer agent fees
Class A		6,038			6,028
Class I		2,534			2,530
Distribution and shareholder servicing fees (Note 4) Class A		2,849			2,122
Total gross expenses		72,314			61,493
Expenses reimbursed by investment advisor (Note 3)		(43,030	)		(40,330	)
Expenses waived by investment advisor (Note 3)		(107	)		(88	)
Net expenses		29,177			21,075
NET INVESTMENT INCOME (LOSS)		(1,203	)		7,873
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized loss on:
Investments		(1,400,281	)		(1,250,600	)
Net realized loss on investments		(1,400,281	)		(1,250,600	)
Net change in unrealized appreciation on:
Investments		1,514,930			1,190,932
Net change in unrealized appreciation of investments		1,514,930			1,190,932
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		114,649			(59,668	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	113,446		$	(51,795	)

See Notes to Financial Statements

110

Artio Global Funds  ï  2009 Semi-Annual Report

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2009

	Artio
	U.S. Multicap
INVESTMENT INCOME:
Interest	$	64
Security lending income		39
Dividends†		34,864
Total investment income		34,967
EXPENSES:
Investment advisory fee (Note 3)		13,819
Custody fees		13,720
Professional fees		10,822
Trustees’ fees and expenses		125
Registration and filing fees		11,820
Shareholder reports		21
Insurance premium expense		56
Compliance expense		10
Miscellaneous fees		1,644
Total expenses common to all classes		52,037
Transfer agent fees
Class A		6,029
Class I		2,532
Distribution and shareholder servicing fees (Note 4) Class A		2,275
Total gross expenses		62,873
Expenses reimbursed by investment advisor (Note 3)		(41,627	)
Expenses waived by investment advisor (Note 3)		(92	)
Net expenses		21,154
NET INVESTMENT INCOME		13,813
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(1,113,885	)
Foreign currency transactions		5
Net realized loss on investments		(1,113,880	)
Net change in unrealized appreciation on:
Investments		1,053,331
Net change in unrealized appreciation of investments		1,053,331
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(60,549	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(46,736	)

† Net of foreign withholding taxes of $442 for the Artio U.S. Multicap Fund.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

111

STATEMENT OF CHANGES IN NET ASSETS

Artio Global Equity Fund Inc. (Unaudited)

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2009			October 31, 2008
DECREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	491,187		$	867,451
Net realized loss on investments		(15,399,559	)		(23,135,091	)
Net change in unrealized appreciation (depreciation) of investments		12,431,885			(22,480,621	)
Net decrease in net assets resulting from operations		(2,476,487	)		(44,748,261	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(51,820	)		(69,201	)
Class I		(442,421	)		(300,285	)
Class R		—			(20	)
Consultant Class		—			(20	)
Total distributions to shareholders		(494,241	)		(369,526	)
FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		2,182,119			8,996,828
Class I		8,389,003			24,168,382
Class R		—			1,010
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		45,354			57,112
Class I		385,162			227,284
Class R		—			20
Consultant Class		—			20
Cost of shares redeemed
Class A		(3,254,193	)		(17,578,810	)
Class I		(5,916,935	)		(20,218,769	)
Class R		—			(597	)
Consultant Class		—			(596	)
Net increase (decrease) from Fund share transactions		1,830,510			(4,347,106	)
Net decrease in net assets		(1,140,218	)		(49,464,893	)
NET ASSETS
Beginning of period		63,563,757			113,028,650
End of period (including undistributed net investment loss of $(38,714) and $(35,660), respectively)	$	62,423,539		$	63,563,757

See Notes to Financial Statements

112

Artio Global Funds  ï  2009 Semi-Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio International Equity Fund (Unaudited)

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2009			October 31, 2008
DECREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	56,112,649		$	310,306,912
Net realized loss on investments		(2,207,376,128	)		(1,406,543,449	)
Net change in unrealized appreciation (depreciation) of investments		1,314,156,145			(10,298,115,919	)
Net decrease in net assets resulting from operations		(837,107,334	)		(11,394,352,456	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(85,664,078	)		(159,458,420	)
Class I		(140,445,131	)		(238,477,841	)
Distributions from realized gain
Class A		—			(1,170,523,883	)
Class I		—			(1,508,138,937	)
Total distributions to shareholders		(226,109,209	)		(3,076,599,081	)
FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		233,251,784			893,997,235
Class I		534,611,375			1,392,012,727
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		82,972,280			1,246,272,637
Class I		123,510,037			1,508,761,824
Cost of shares redeemed
Class A		(940,553,618	)		(2,716,330,531	)
Class I		(1,448,932,277	)		(3,020,676,534	)
Net decrease from Fund share transactions		(1,415,140,419	)		(695,962,642	)
Net decrease in net assets		(2,478,356,962	)		(15,166,914,179	)
NET ASSETS
Beginning of period		11,763,260,120			26,930,174,299
End of period (including undistributed net investment loss of $(315,445,147) and $(145,448,587), respectively)	$	9,284,903,158		$	11,763,260,120

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

113

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio International Equity Fund II (Unaudited)

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2009			October 31, 2008
DECREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	32,257,460		$	137,816,440
Net realized loss on investments		(1,772,789,912	)		(2,082,481,548	)
Net change in unrealized appreciation (depreciation) of investments		1,393,041,193			(3,030,549,546	)
Net decrease in net assets resulting from operations		(347,491,259	)		(4,975,214,654	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(53,302,535	)		(15,166,313	)
Class I		(173,674,445	)		(75,653,553	)
Distributions from realized gain
Class A		—			(29,650,459	)
Class I		—			(120,095,288	)
Total distributions to shareholders		(226,976,980	)		(240,565,613	)
FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		815,953,040			1,321,755,001
Class I		1,711,971,149			3,516,468,830
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		51,235,076			40,734,425
Class I		124,414,774			135,373,131
Cost of shares redeemed
Class A		(542,306,066	)		(970,647,441	)
Class I		(1,331,969,069	)		(2,033,638,610	)
Net increase from Fund share transactions		829,298,904			2,010,045,336
Net increase (decrease) in net assets		254,830,665			(3,205,734,931	)
NET ASSETS
Beginning of period		6,527,729,650			9,733,464,581
End of period (including undistributed net investment (loss) income of $(172,337,111) and $22,382,409, respectively)	$	6,782,560,315		$	6,527,729,650

See Notes to Financial Statements

114

Artio Global Funds  ï  2009 Semi-Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio Total Return Bond Fund (Unaudited)

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	27,142,557		$	52,542,734
Net realized gain (loss) on investments		(41,151,046	)		20,504,240
Net change in unrealized appreciation (depreciation) of investments		112,757,196			(133,942,598	)
Net increase (decrease) in net assets resulting from operations		98,748,707			(60,895,624	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(8,920,603	)		(13,866,138	)
Class I		(31,363,091	)		(52,826,865	)
Class R		—			(55	)
Consultant Class		—			(53	)
Distributions from realized gain
Class A		(3,273,465	)		—
Class I		(10,279,203	)		—
Total distributions to shareholders		(53,836,362	)		(66,693,111	)
FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		89,997,613			299,005,628
Class I		234,301,642			721,424,984
Class R		—			1,010
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		11,764,808			12,878,273
Class I		23,716,097			33,841,801
Class R		—			54
Consultant Class		—			55
Cost of shares redeemed
Class A		(112,996,721	)		(125,593,971	)
Class I		(229,249,545	)		(477,662,128	)
Class R		—			(961	)
Consultant Class		—			(959	)
Net increase from Fund share transactions		17,533,894			463,894,796
Net increase in net assets		62,446,239			336,306,061
NET ASSETS
Beginning of period		1,265,914,795			929,608,734
End of period (including undistributed net investment loss of $(13,770,779) and $(629,642), respectively)	$	1,328,361,034		$	1,265,914,795

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

115

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio Global High Income Fund (Unaudited)

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	22,611,888		$	21,640,460
Net realized gain (loss) on investments		(19,954,173	)		121,512
Net change in unrealized appreciation (depreciation) of investments		62,932,751			(118,031,047	)
Net increase (decrease) in net assets resulting from operations		65,590,466			(96,269,075	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(13,900,347	)		(7,977,842	)
Class I		(21,370,578	)		(13,485,115	)
Consultant Class		—			(56	)
Total distributions to shareholders		(35,270,925	)		(21,463,013	)
FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		181,110,291			193,918,312
Class I		221,937,103			229,788,508
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		13,283,785			7,217,074
Class I		15,580,426			6,481,358
Consultant Class		—			56
Cost of shares redeemed
Class A		(87,337,067	)		(110,526,895	)
Class I		(70,236,204	)		(95,113,250	)
Consultant Class		—			(783	)
Net increase from Fund share transactions		274,338,334			231,765,390
Net increase in net assets		304,657,875			114,033,302
NET ASSETS
Beginning of period		361,151,039			247,117,737
End of period (including undistributed net investment (loss) income of $(10,113,898) and $2,545,139, respectively)	$	665,808,914		$	361,151,039

See Notes to Financial Statements

116

Artio Global Funds  ï  2009 Semi-Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio U.S. Microcap Fund (Unaudited)

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2009			October 31, 2008
DECREASE IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(7,016	)	$	(61,992	)
Net realized loss on investments		(1,688,777	)		(1,490,784	)
Net change in unrealized appreciation (depreciation) of investments		1,582,273			(1,886,021	)
Net decrease in net assets resulting from operations		(113,520	)		(3,438,797	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from realized gain
Class A		—			(415,935	)
Class I		—			(421,345	)
Consultant Class		—			(149	)
Total distributions to shareholders		—			(837,429	)
FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		33,908			103,338
Class I		50,865			202,765
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		—			414,730
Class I		—			418,948
Consultant Class		—			149
Cost of shares redeemed
Class A		(96,515	)		(133,056	)
Class I		(99,490	)		(121,945	)
Consultant Class		—			(565	)
Net increase (decrease) from Fund share transactions		(111,232	)		885,374
Net decrease in net assets		(224,752	)		(3,390,852	)
NET ASSETS
Beginning of period		4,067,470			7,458,322
End of period (including undistributed net investment loss of $(38,462) and $(31,446), respectively)	$	3,842,718		$	4,067,470

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

117

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio U.S. Smallcap Fund (Unaudited)

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,203	)	$	(11,853	)
Net realized loss on investments		(1,400,281	)		(1,725,268	)
Net change in unrealized appreciation (depreciation) of investments		1,514,930			(1,899,865	)
Net increase (decrease) in net assets resulting from operations		113,446			(3,636,986	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from realized gain
Class A		—			(898,222	)
Class I		—			(886,173	)
Consultant Class		—			(306	)
Total distributions to shareholders		—			(1,784,701	)
FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		447,991			612,375
Class I		68,158			217,869
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		—			890,036
Class I		—			886,050
Consultant Class		—			306
Cost of shares redeemed
Class A		(128,875	)		(303,461	)
Class I		(133,462	)		(100,410	)
Consultant Class		—			(601	)
Net increase from Fund share transactions		253,812			2,203,174
Net increase (decrease) in net assets		367,258			(3,218,513	)
NET ASSETS
Beginning of period		5,193,789			8,412,302
End of period (including undistributed net investment loss of $(32,649) and $(31,446), respectively)	$	5,561,047		$	5,193,789

See Notes to Financial Statements

118

Artio Global Funds  ï  2009 Semi-Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio U.S. Midcap Fund (Unaudited)

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2009			October 31, 2008
DECREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	7,873		$	4,459
Net realized loss on investments		(1,250,600	)		(1,351,480	)
Net change in unrealized appreciation (depreciation) of investments		1,190,932			(1,780,265	)
Net decrease in net assets resulting from operations		(51,795	)		(3,127,286	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from realized gain
Class A		—			(278,849	)
Class I		—			(294,292	)
Consultant Class		—			(98	)
Return of capital
Class I		—			(12,217	)
Consultant Class		—			(4	)
Total distributions to shareholders		—			(585,460	)
FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		8,912			108,818
Class I		49,165			115,045
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		—			278,853
Class I		—			303,338
Consultant Class		—			102
Cost of shares redeemed
Class A		(116,685	)		(127,026	)
Class I		(137,789	)		(132,880	)
Consultant Class		—			(597	)
Net increase (decrease) from Fund share transactions		(196,397	)		546,663
Net decrease in net assets		(248,192	)		(3,166,083	)
NET ASSETS
Beginning of period		4,321,340			7,487,423
End of period (including undistributed net investment loss of $(20,590) and $(28,463), respectively)	$	4,073,148		$	4,321,340

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

119

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio U.S. Multicap Fund (Unaudited)

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2009			October 31, 2008
DECREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	13,813		$	(2,919	)
Net realized loss on investments		(1,113,880	)		(1,482,540	)
Net change in unrealized appreciation (depreciation) of investments		1,053,331			(1,508,727	)
Net decrease in net assets resulting from operations		(46,736	)		(2,994,186	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class I		(797	)		(9,248	)
Consultant Class		—			(5	)
Distributions from realized gain
Class A		—			(317,605	)
Class I		—			(351,375	)
Consultant Class		—			(115	)
Total distributions to shareholders		(797	)		(678,348	)
FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		114,763			63,447
Class I		42,081			66,622
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		—			317,605
Class I		576			358,288
Consultant Class		—			120
Cost of shares redeemed
Class A		(21,674	)		(222,137	)
Class I		(264,261	)		(102,924	)
Consultant Class		—			(612	)
Net increase (decrease) from Fund share transactions		(128,515	)		481,419
Net decrease in net assets		(176,048	)		(3,191,115	)
NET ASSETS
Beginning of period		4,376,382			7,567,497
End of period (including undistributed net investment loss of $(13,584) and $(26,600), respectively)	$	4,200,334		$	4,376,382

See Notes to Financial Statements

120

Artio Global Funds  ï  2009 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

Artio Global Equity Fund Inc. (2)
For a share outstanding throughout each period

	Class A
																April 01,
	Six Months															2004
	Ended			Year Ended October 31,												through
	April 30,															October 31,
	2009			2008			2007			2006			2005 (3)			2004 (3)
Net Asset Value, beginning of period		$27.23			$47.02			$38.23			$31.45			$26.90			$25.30
Income (loss) from investment operations:
Net investment income (loss) (4)		0.19			0.32			0.33			0.23			0.21			(0.30	)
Net realized and unrealized gain (loss) on investments		(1.30	)		(20.03	)		8.46			6.55			4.36			1.90
Total income (loss) from investment operations		(1.11	)		(19.71	)		8.79			6.78			4.57			1.60
Less distributions:
From net investment income		(0.10	)		(0.08	)		—			—			(0.02	)		—
Total Distributions		(0.10	)		(0.08	)		—			—			(0.02	)		—
Net Asset Value, end of period		$26.02			$27.23			$47.02			$38.23			$31.45			$26.90
Total Return		(4.09	)%(5)		(42.00	)%		23.02	%		21.56	%		17.00	%		6.32	%(5)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$14,300			$16,045			$38,995			$29,852			$34,608			$24,688
Ratio of net investment income (loss) to average net assets		1.52	%(6)		0.79	%		0.78	%		0.65	%		0.71	%		(1.80	)%(6)
Ratio of expenses to average net assets (1)(8)		1.40	%(6)		1.45	%		1.42	%		1.42	%		1.51	%		2.37	%(6)(7)
Ratio of expenses to average net assets (1)		1.40	%(6)		1.40	%		1.40	%		1.40	%		1.50	%		2.30	%(6)(7)
Portfolio turnover rate		224	%(5)		200	%		185	%		162	%		118	%		204	%(5)
(1) The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such an action not been taken, the operating expenses ratios would have been:
Ratio of expenses to average net assets (8)		2.09	%(6)		1.75	%		1.99	%		2.26	%		2.99	%		3.80	%(6)
Ratio of expenses to average net assets		2.09	%(6)		1.70	%		1.97	%		2.24	%		2.98	%		3.73	%(6)

(2)	On July 1, 2004 the Fund changed its name from The European Warrant Fund, Inc. and converted from a closed-end, non diversified investment company (“closed-end fund”) to an open-end diversified investment company with a different investment objective, different investment strategies, different management team and a new investment adviser ( an affiliate of the closed-end fund’s adviser). Until the close of business on June 30, 2004, the Fund operated as a closed-end Fund and its common stock (which then comprised of a single share class) was listed on the NYSE. After the close of business on June 30, 2004, all of the common stock was converted into Class A shares of the Fund, and the Fund began seeking to maximize total return principally through capital appreciation by investing in a diversified portfolio of equity securities of issuers located throughout the world. For periods prior thereto, all historical performance information for Class A shares reflects the Net Asset Value (NAV) performance of the Fund’s common stock while it was a closed-end fund.
(3)	Per share amounts were adjusted to reflect a 10 for 1 reverse stock split effective September 15, 2005.
(4)	Based on average shares outstanding during the period.
(5)	Not annualized.
(6)	Annualized.
(7)	The expenses for the period April 1, 2004 to October 31, 2004 exceed the expense cap of 1.75% due to the expense reimbursement not starting until July 1, 2004.
(8)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

121

FINANCIAL HIGHLIGHTS (Unaudited)

Artio Global Equity Fund Inc.
For a share outstanding throughout each period

	Class I
	Six Months
	Ended			Year Ended October 31,									Period Ended
	April 30,												October 31,
	2009			2008			2007			2006			2005 (2)(3)
Net Asset Value, beginning of period		$27.55			$47.45			$38.48			$31.58			$30.80
Income (loss) from investment operations:
Net investment income (4)		0.22			0.39			0.46			0.38			0.23
Net realized and unrealized gain (loss) on investments		(1.31	)		(20.10	)		8.51			6.52			0.56
Total income (loss) from investment operations		(1.09	)		(19.71	)		8.97			6.90			0.79
Less distributions:
From net investment income		(0.27	)		(0.19	)		—			—	(5)		(0.01	)
Total Distributions		(0.27	)		(0.19	)		—			—	(5)		(0.01	)
Net Asset Value, end of period		$26.19			$27.55	†		$47.45			$38.48			$31.58
Total Return		(3.97	)%(6)		(41.68	)%		23.31	%		21.89	%		2.56	%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$48,124			$47,518			$74,033			$29,598			$16,810
Ratio of net investment income to average net assets		1.81	%(7)		0.98	%		1.08	%		1.06	%		1.15	%(7)
Ratio of expenses to average net assets (1)(8)		1.15	%(7)		1.20	%		1.17	%		1.17	%		1.17	%(7)
Ratio of expenses to average net assets (1)		1.15	%(7)		1.15	%		1.15	%		1.15	%		1.15	%(7)
Portfolio turnover rate		224	%(6)		200	%		185	%		162	%		118	%(6)
(1) The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such an action not been taken, the operating expenses ratios would have been:
Ratio of expenses to average net assets (8)		1.74	%(7)		1.45	%		1.65	%		1.88	%		2.51	%(7)
Ratio of expenses to average net assets		1.74	%(7)		1.40	%		1.63	%		1.86	%		2.49	%(7)

(2)	Commenced operations on March 14, 2005.
(3)	Per share amounts were adjusted to reflect a 10 for 1 reverse stock split effective September 15, 2005.
(4)	Based on average shares outstanding during the period.
(5)	Rounds to less than $0.01.
(6)	Not annualized.
(7)	Annualized.
(8)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
†	The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for Global Equity Fund Class I shares was $27.56.

See Notes to Financial Statements

122

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FINANCIAL HIGHLIGHTS (Unaudited)

Artio International Equity Fund
For a share outstanding throughout each period

	Class A
	Six Months
	Ended			Year Ended October 31,
	April 30,
	2009			2008			2007			2006			2005			2004
Net Asset Value, beginning of period		$24.46			$51.95			$43.09			$34.29			$28.99			$24.45
Income (loss) from investment operations:
Net investment income (1)		0.11			0.52			0.71			0.50			0.35			0.16
Net realized and
unrealized gain (loss) on investments		(1.73	)		(22.03	)		12.60			9.87			5.98			4.71
Total income (loss) from investment operations		(1.62	)		(21.51	)		13.31			10.37			6.33			4.87
Less distributions:
From net investment income		(0.46	)		(0.72	)		(0.28	)		—			(0.45	)		(0.33	)
From net realized gains on investments		—			(5.26	)		(4.17	)		(1.57	)		(0.58	)		—
Total Distributions		(0.46	)		(5.98	)		(4.45	)		(1.57	)		(1.03	)		(0.33	)
Net Asset Value, end of period		$22.38			$24.46	†		$51.95			$43.09			$34.29			$28.99
Total Return		(6.66	)%(2)		(46.49	)%		33.33	%		31.20	%		22.19	%		20.05	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$3,821,738			$4,884,851			$11,619,663			$9,092,359			$7,018,030			$3,721,409
Ratio of net investment income to average net assets		1.01	%(3)		1.31	%		1.54	%		1.28	%		1.09	%		0.58	%
Ratio of expenses to average net assets (4)		1.28	%(3)		1.22	%		1.24	%		1.24	%		1.32	%		1.35	%
Ratio of expenses to average net assets		1.20	%(3)		1.13	%		1.19	%		1.19	%		1.31	%		1.32	%
Portfolio turnover rate		110	%(2)		55	%		51	%		62	%		57	%		100	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
†	The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for International Equity Fund Class A shares and Class I shares was $24.44 and $25.07, respectively. The NAV above was restated to correct an error which was identified subsequent to the close of the fiscal year.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

123

FINANCIAL HIGHLIGHTS (Unaudited)

Artio International Equity Fund
For a share outstanding throughout each period

	Class I
	Six Months
	Ended			Year Ended October 31,
	April 30,
	2009			2008			2007			2006			2005			2004
Net Asset Value, beginning of period		$25.09			$53.15			$43.97			$34.96			$29.47			$24.79
Income (loss) from investment operations:
Net investment income (1)		0.14			0.63			0.85			0.52			0.44			0.23
Net realized and unrealized gain (loss) on investments		(1.77	)		(22.60	)		12.88			10.15			6.09			4.79
Total income (loss) from investment operations		(1.63	)		(21.97	)		13.73			10.67			6.53			5.02
Less distributions:
From net investment income		(0.56	)		(0.83	)		(0.38	)		—			(0.46	)		(0.34	)
From net realized gains on investments		—			(5.26	)		(4.17	)		(1.66	)		(0.58	)		—
Total Distributions		(0.56	)		(6.09	)		(4.55	)		(1.66	)		(1.04	)		(0.34	)
Net Asset Value, end of period		$22.90			$25.09	†		$53.15			$43.97			$34.96			$29.47
Total Return		(6.54	)%(2)		(46.37	)%		33.65	%		31.53	%		22.52	%		20.39	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$5,463,166			$6,878,409			$15,310,511			$11,077,753			$8,220,356			$3,844,713
Ratio of net investment income to average net assets		1.28	%(3)		1.56	%		1.81	%		1.29	%		1.33	%		0.87	%
Ratio of expenses to average net assets (4)		1.03	%(3)		0.98	%		0.99	%		0.99	%		1.05	%		1.08	%
Ratio of expenses to average net assets		0.95	%(3)		0.89	%		0.94	%		0.94	%		1.04	%		1.05	%
Portfolio turnover rate		110	%(2)		55	%		51	%		62	%		57	%		100	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
†	The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for International Equity Fund Class A shares and Class I shares was $24.44 and $25.07, respectively. The NAV above was restated to correct an error which was identified subsequent to the close of the fiscal year.

See Notes to Financial Statements

124

Artio Global Funds  ï  2009 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

Artio International Equity Fund II
For a share outstanding throughout each period

	Class A
	Six Months
	Ended			Year Ended October 31,									Period Ended
	April 30,												October 31,
	2009			2008			2007			2006			2005 (1)
Net Asset Value, beginning of period		$10.15			$18.31			$14.07			$10.94			$10.00
Income (loss) from investment operations:
Net investment income (loss) (2)		0.04			0.19			0.31			0.16			(0.01	)
Net realized and unrealized gain (loss) on investments		(0.64	)		(7.94	)		4.01			2.97			0.95
Total income (loss) from investment operations		(0.60	)		(7.75	)		4.32			3.13			0.94
Less distributions:
From net investment income		(0.33	)		(0.14	)		(0.03	)		—			—
From net realized gains on investments		—			(0.27	)		(0.05	)		—			—
Total Distributions		(0.33	)		(0.41	)		(0.08	)		—			—
Net Asset Value, end of period		$9.22			$10.15	†		$18.31			$14.07			$10.94
Total Return		(6.19	)%(3)		(43.18	)%		30.89	%		28.73	%		9.30	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,478,457			$1,309,002			$1,980,188			$722,531			$127,435
Ratio of net investment income (loss) to average net assets		0.81	%(4)		1.25	%		1.93	%		1.25	%		(0.11	)%(4)
Ratio of expenses to average net assets (5)(6)		1.29	%(4)		1.28	%		1.31	%		1.33	%		1.36	%(4)
Ratio of expenses to average net assets (7)		1.23	%(4)		1.21	%		1.29	%		1.32	%		1.35	%(4)
Portfolio turnover rate		149	%(3)		89	%		64	%		61	%		38	%(3)

(1)	Commenced operations on May 4, 2005.
(2)	Based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(6)	On March 1, 2006, the expense cap changed from 1.35% to 1.32%.
(7)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment advisor. Had such action not been taken, the annualized operating expense ratios would have been 1.24%, 1.21%, 1.28%, 1.32% and 2.06% for the periods ended April 30, 2009, October 31, 2008, October 31, 2007, October 31, 2006 and October 31, 2005, respectively.
†	The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for International Equity Fund II Class A shares and Class I shares was $10.16 and $10.23, respectively.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

125

FINANCIAL HIGHLIGHTS (Unaudited)

Artio International Equity Fund II
For a share outstanding throughout each period

	Class I
	Six Months
	Ended			Year Ended October 31,									Period Ended
	April 30,												October 31,
	2009			2008			2007			2006			2005 (1)
Net Asset Value, beginning of period		$10.22			$18.42			$14.14			$10.96			$10.00
Income (loss) from investment operations:
Net investment income (2)		0.05			0.23			0.37			0.20			—
Net realized and unrealized gain (loss) on investments		(0.64	)		(7.99	)		4.02			2.98			0.96
Total income (loss) from investment operations		(0.59	)		(7.76	)		4.39			3.18			0.96
Less distributions:
From net investment income		(0.36	)		(0.17	)		(0.06	)		—			—
From net realized gains on investments		—			(0.27	)		(0.05	)		—			—
Total Distributions		(0.36	)		(0.44	)		(0.11	)		—			—
Net Asset Value, end of period		$9.27			$10.22	†		$18.42			$14.14			$10.96
Total Return		(5.94	)%(3)		(43.03	)%		31.15	%		29.11	%		9.60	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$5,304,103			$5,218,728			$7,753,276			$2,439,754			$297,617
Ratio of net investment income (loss) to average net assets		1.15	%(4)		1.48	%		2.28	%		1.54	%		(0.01	)%(4)
Ratio of expenses to average net assets (5)(6)		1.03	%(4)		1.00	%		1.03	%		1.06	%		1.09	%(4)
Ratio of expenses to average net assets (7)		0.98	%(4)		0.93	%		1.01	%		1.05	%		1.08	%(4)
Portfolio turnover rate		149	%(3)		89	%		64	%		61	%		38	%(3)

(1)	Commenced operations on May 4, 2005.
(2)	Based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(6)	On March 1, 2006, the expense cap changed from 1.08% to 1.05%.
(7)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment advisor. Had such action not been taken, the annualized operating expense ratio would have been 0.98%, 0.93%, 1.01%, 1.05% and 1.60% for the periods ended April 30, 2009, October 31, 2008, October 31, 2007, October 31, 2006 and October 31, 2005, respectively.
†	The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for International Equity Fund II Class A shares and Class I shares was $10.16 and $10.23, respectively.

See Notes to Financial Statements

126

Artio Global Funds  ï  2009 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

Artio Total Return Bond Fund
For a share outstanding throughout each period

	Class A
	Six Months
	Ended			Year Ended October 31,
	April 30,
	2009			2008			2007			2006			2005			2004
Net Asset Value, beginning of period		$12.21			$13.41			$13.08			$13.33			$13.37			$13.34
Income (loss) from investment operations:
Net investment income (1)		0.25			0.57			0.57			0.56			0.42			0.37
Net realized and unrealized gain (loss) on investments		0.68			(1.07	)		0.29			0.07			0.10			0.35
Total income (loss) from investment operations		0.93			(0.50	)		0.86			0.63			0.52			0.72
Less distributions:
From net investment income		(0.36	)		(0.70	)		(0.53	)		(0.77	)		(0.46	)		(0.46	)
From net realized gains on investments		(0.13	)		—			—			(0.11	)		(0.10	)		(0.23	)
Total Distributions		(0.49	)		(0.70	)		(0.53	)		(0.88	)		(0.56	)		(0.69	)
Net Asset Value, end of period		$12.65			$12.21			$13.41			$13.08			$13.33			$13.37
Total Return		7.75	%(2)		(4.01	)%		6.75	%		4.98	%		3.93	%		5.50	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$302,497			$302,869			$148,603			$103,732			$68,223			$58,823
Ratio of net investment income to average net assets		3.99	%(3)		4.27	%		4.34	%		4.32	%		3.11	%		2.79	%
Ratio of expenses to average net assets (4)		0.69	%(3)		0.69	%		0.69	%		0.69	%		0.78	%		1.17	%
Ratio of expenses to average net assets		0.69	%(5)(3)		0.69	%(5)		0.69	%(5)		0.69	%(5)		0.77	%(5)		1.17	%
Portfolio turnover rate (6)		158	%(2)		341	%		433	%		411	%		202	%		69	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(5)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating expense ratios would have been 0.72%, 0.81%, 0.83%, and 0.93% for the periods ended October 31, 2008, 2007, 2006, and 2005, respectively.
(6)	The portfolio turnover rate not including TBA transactions was 83%, 238%, 220%, 174%, and 67% for the periods ended April 30, 2009, October 31, 2008, 2007, 2006, 2005 and 2004.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

127

FINANCIAL HIGHLIGHTS (Unaudited)

Artio Total Return Bond Fund
For a share outstanding throughout each period

	Class I
	Six Months
	Ended			Year Ended October 31,
	April 30,
	2009			2008			2007			2006			2005			2004
Net Asset Value, beginning of period		$12.20			$13.43			$13.12			$13.38			$13.41			$13.37
Income (loss) from investment operations:
Net investment income (1)		0.26			0.57			0.61			0.60			0.47			0.41
Net realized and unrealized gain (loss) on investments		0.69			(1.04	)		0.29			0.07			0.08			0.34
Total income (loss) from investment operations		0.95			(0.47	)		0.90			0.67			0.55			0.75
Less distributions:
From net investment income		(0.40	)		(0.76	)		(0.59	)		(0.82	)		(0.48	)		(0.48	)
From net realized gains on investments		(0.13	)		—			—			(0.11	)		(0.10	)		(0.23	)
Total Distributions		(0.53	)		(0.76	)		(0.59	)		(0.93	)		(0.58	)		(0.71	)
Net Asset Value, end of period		$12.62			$12.20			$13.43			$13.12			$13.38			$13.41
Total Return		7.84	%(2)		(3.84	)%		7.13	%		5.25	%		4.10	%		5.82	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,025,864			$963,045			$781,006			$399,187			$141,145			$31,862
Ratio of net investment income to average net assets		4.24	%(3)		4.27	%		4.61	%		4.64	%		3.50	%		3.08	%
Ratio of expenses to average net assets (4)		0.44	%(3)		0.44	%		0.44	%		0.44	%		0.47	%		0.88	%
Ratio of expenses to average net assets		0.44	%(5)(3)		0.44	%(5)		0.44	%(5)		0.44	%(5)		0.47	%(5)		0.88	%
Portfolio turnover rate (6)		158	%(2)		341	%		433	%		411	%		202	%		69	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(5)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating expense ratios would have been 0.45%, 0.46%, 0.54%, 0.56%, and 0.65% for periods ended April 30, 2009, October 31, 2008, 2007, 2006, and 2005, respectively.
(6)	The portfolio turnover rate not including TBA transactions was 83%, 238%, 220%, 174%, and 67% for the periods ended April 30, 2009, October 31, 2008, 2007, 2006, 2005, and 2004.

See Notes to Financial Statements

128

Artio Global Funds  ï  2009 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

Artio Global High Income Fund
For a share outstanding throughout each period

	Class A
	Six Months
	Ended			Year Ended October 31,
	April 30,
	2009			2008			2007			2006			2005			2004
Net Asset Value, beginning of period		$8.08			$11.05			$10.99			$11.93			$12.07			$11.43
Income (loss) from investment operations:
Net investment income (1)		0.38			0.68			0.76			0.68			0.73			0.70
Net realized and unrealized gain (loss) on investments		0.43			(3.00	)		0.15			0.43			(0.01	)		0.72
Total income (loss) from investment operations		0.81			(2.32	)		0.91			1.11			0.72			1.42
Less distributions:
From net investment income		(0.60	)		(0.65	)		(0.68	)		(1.17	)		(0.71	)		(0.71	)
From net realized gains on investments		—			—			(0.10	)		(0.88	)		(0.15	)		(0.07	)
Return of capital		—			—			(0.07	)		—			—			—
Total Distributions		(0.60	)		(0.65	)		(0.85	)		(2.05	)		(0.86	)		(0.78	)
Net Asset Value, end of period		$8.29			$8.08			$11.05			$10.99			$11.93			$12.07
Total Return		11.01	%(2)		(22.12	)%		8.58	%		10.49	%		6.15	%		12.87	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$259,293			$139,340			$94,348			$45,930			$36,166			$45,164
Ratio of net investment income to average net assets		9.90	%(3)		6.67	%		6.89	%		6.16	%		6.01	%		5.97	%
Ratio of expenses to average net assets (4)(5)		1.01	%(3)		1.02	%		1.01	%		1.10	%		1.28	%		1.24	%
Ratio of expenses to average net assets (4)(6)		1.00	%(3)		1.00	%		1.00	%		1.08	%		1.25	%		1.25	%
Portfolio turnover rate		20	%(2)		28	%		63	%		96	%		99	%		93	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	On March 1, 2006, the expense cap changed from 1.25% to 1.00%.
(5)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangements and reimbursement of expense previously assumed by the Fund’s investment advisor.
(6)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating expenses ratios would have been 1.05%, 1.08%, 1.20%, 1.35% and 1.30% for the periods ended April 30, 2009, October 31, 2008, 2007, 2006 and 2005.

See Notes to Financial Statements

Artio Global Funds  ï  2009 Semi-Annual Report

129

FINANCIAL HIGHLIGHTS (Unaudited)

Artio Global High Income Fund
For a share outstanding throughout each period

	Class I
	Six Months
	Ended			Year Ended October 31,
	April 30,
	2009			2008			2007			2006			2005			2004
Net Asset Value, beginning of period		$7.82			$10.71			$10.66			$11.61			$12.01			$11.36
Income (loss) from investment operations:
Net investment income (1)		0.37			0.69			0.77			0.70			0.78			0.73
Net realized and unrealized gain (loss) on investments		0.40			(2.90	)		0.14			0.40			(0.05	)		0.72
Total income (loss) from investment operations		0.77			(2.21	)		0.91			1.10			0.73			1.45
Less distributions:
From net investment income		(0.61	)		(0.68	)		(0.68	)		(1.17	)		(0.98	)		(0.73	)
From net realized gains on investments		—			—			(0.10	)		(0.88	)		(0.15	)		(0.07	)
Return of capital		—			—			(0.08	)		—			—			—
Total Distributions		(0.61	)		(0.68	)		(0.86	)		(2.05	)		(1.13	)		(0.80	)
Net Asset Value, end of period		$7.98			$7.82			$10.71			$10.66			$11.61			$12.01
Total Return		10.96	%(2)		(21.84	)%		8.82	%		10.76	%		6.37	%		13.28	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$406,516			$221,811			$152,769			$35,100			$7,586			$45,636
Ratio of net investment income to average net assets		10.14	%(3)		6.93	%		7.15	%		6.61	%		6.47	%		6.24	%
Ratio of expenses to average net assets (4)(5)		0.76	%(3)		0.77	%		0.76	%		0.81	%		1.03	%		0.97	%
Ratio of expenses to average net assets (4)(6)		0.75	%(3)		0.75	%		0.75	%		0.79	%		1.00	%		1.00	%
Portfolio turnover rate		20	%(2)		28	%		63	%		96	%		99	%		93	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	On March 1, 2006, the expense cap changed from 1.00% to 0.75%.
(5)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangements and reimbursement of expense previously assumed by the Fund’s investment advisor.
(6)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such an action not been taken, the operating expense ratios would have been 0.79%, 0.81%, 0.92%, 1.08% and 1.04% for the periods ended April 30, 2009, October 31, 2008, 2007, 2006 and 2005.

See Notes to Financial Statements

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FINANCIAL HIGHLIGHTS (Unaudited)

Artio U.S. Microcap Fund
For a share outstanding throughout each period

	Class A
	Six Months
	Ended			Year Ended October 31,						Period Ended
	April 30,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.04			$12.66			$11.26			$10.00
Income (loss) from investment operations:
Net investment loss (2)		(0.01	)		(0.11	)		(0.11	)		(0.03	)
Net realized and unrealized gain (loss) on investments		(0.13	)		(5.11	)		1.51			1.29
Total income (loss) from investment operations		(0.14	)		(5.22	)		1.40			1.26
Less distributions:
From net realized gains on investments		—			(1.40	)		—			—
Total Distributions		—			(1.40	)		—			—
Net Asset Value, end of period		$5.90			$6.04			$12.66			$11.26
Total Return		(2.32	)%(3)		(45.85	)%(4)		12.43	%		12.60	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,901			$2,021			$3,781			$2,955
Ratio of net investment loss to average net assets		(0.59	)%(5)		(1.19	)%		(0.90	)%		(0.99	)%(5)
Ratio of expenses to average net assets (6)		1.80	%(5)		1.80	%		1.80	%		1.80	%(5)
Portfolio turnover rate		145	%(3)		215	%		172	%		19	%(3)

(1)	Commenced operations on July 24, 2006.
(2)	Based on average shares outstanding during the period.
(3)	Not annualized.
(4)	The net effect to total return, for a reimbursement made by the investment adviser due to a transaction in error is 0.24% (See Note 3)
(5)	Annualized.
(6)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 4.84%, 3.80%, 3.52% and 4.52% for the periods ended April 30, 2009, October 31, 2008, October 31, 2007 and October 31, 2006.

See Notes to Financial Statements

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131

FINANCIAL HIGHLIGHTS (Unaudited)

Artio U.S. Microcap Fund
For a share outstanding throughout each period

	Class I
	Six Months
	Ended			Year Ended October 31,						Period Ended
	April 30,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.05			$12.71			$11.27			$10.00
Income (loss) from investment operations:
Net investment loss (2)		(0.01	)		(0.08	)		(0.07	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(0.12	)		(5.12	)		1.51			1.29
Total income (loss) from investment operations		(0.13	)		(5.20	)		1.44			1.27
Less distributions:
From net realized gains on investments		—			(1.46	)		—			—
Total Distributions		—			(1.46	)		—			—
Net Asset Value, end of period		$5.92	†		$6.05	†		$12.71			$11.27
Total Return		(2.15	)%(3)		(45.63	)%(4)		12.88	%		12.60	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,942			$2,046			$3,677			$2,816
Ratio of net investment loss to average net assets		(0.29	)%(5)		(0.89	)%		(0.60	)%		(0.69	)%(5)
Ratio of expenses to average net assets (6)		1.50	%(5)		1.50	%		1.50	%		1.50	%(5)
Portfolio turnover rate		145	%(3)		215	%		172	%		19	%(3)

(1)	Commenced operations on July 24, 2006.
(2)	Based on average shares outstanding during the period.
(3)	Not annualized.
(4)	The net effect to total return, for a reimbursement made by the investment adviser due to a transaction in error is 0.24% (See Note 3)
(5)	Annualized.
(6)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 4.14%, 3.32%, 3.08% and 4.03% for the periods ended April 30, 2009, October 31, 2008, October 31, 2007 and October 31, 2006.
†	The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for U.S. Microcap Fund Class I shares was $5.93 and $6.04 for the periods ended April 30, 2009 and October 31, 2008, respectively.

See Notes to Financial Statements

132

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FINANCIAL HIGHLIGHTS (Unaudited)

Artio U.S. Smallcap Fund
For a share outstanding throughout each period

	Class A
	Six Months
	Ended			Year Ended October 31,						Period Ended
	April 30,									October 31
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.32			$14.13			$11.10			$10.00
Income (loss) from investment operations:
Net investment loss (2)		(0.01	)		(0.03	)		(0.10	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.17			(4.82	)		3.31			1.11
Total income (loss) from investment operations		0.16			(4.85	)		3.21			1.10
Less distributions:
From net realized gains on investments		—			(2.96	)		(0.18	)		—
Total Distributions		—			(2.96	)		(0.18	)		—
Net Asset Value, end of period		$6.48			$6.32			$14.13			$11.10
Total Return		2.53	%(3)		(41.89	)%		29.44	%		11.00	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$3,128			$2,743			$4,339			$2,807
Ratio of net investment loss to average net assets		(0.20	)%(4)		(0.31	)%		(0.85	)%		(0.29	)%(4)
Ratio of expenses to average net assets (5)		1.50	%(4)		1.50	%		1.50	%		1.50	%(4)
Portfolio turnover rate		182	%(3)		253	%		238	%		13	%(3)

(1)	Commenced operations on July 24, 2006.
(2)	Based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 3.62%, 3.21%, 2.97% and 4.22% for the periods ended April 30, 2009, October 31, 2008, October 31, 2007 and October 31, 2006.

See Notes to Financial Statements

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133

FINANCIAL HIGHLIGHTS (Unaudited)

Artio U.S. Smallcap Fund
For a share outstanding throughout each period

	Class I
	Six Months
	Ended			Year Ended October 31,						Period Ended
	April 30,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.33			$14.18			$11.11			$10.00
Income (loss) from investment operations:
Net investment income (loss) (2)		—	(3)		—	(3)		(0.06	)		—
Net realized and unrealized gain (loss) on investments		0.17			(4.84	)		3.32			1.11
Total income (loss) from investment operations		0.17			(4.84	)		3.26			1.11
Less distributions:
From net investment income		—			—			(0.01	)		—
From net realized gains on investments		—			(3.01	)		(0.18	)		—
Total Distributions		—			(3.01	)		(0.19	)		—
Net Asset Value, end of period		$6.50			$6.33			$14.18			$11.11
Total Return		2.69	%(4)		(41.70	)%		29.75	%		11.10	%(4)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,433			$2,450			$4,073			$2,777
Ratio of net investment income (loss) to average net assets		0.10	%(5)		(0.02	)%		(0.52	)%		0.01	%(5)
Ratio of expenses to average net assets (6)		1.20	%(5)		1.20	%		1.20	%		1.20	%(5)
Portfolio turnover rate		182	%(4)		253	%		238	%		13	%(4)

(1)	Commenced operations on July 24, 2006.
(2)	Based on average shares outstanding during the period.
(3)	Rounds to less than $0.01.
(4)	Not annualized.
(5)	Annualized.
(6)	The net expenses of the Fund reflect a waiver of fees by the Fund���s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 3.09%, 2.78%, 2.79% and 3.68% for the periods ended April 30, 2009, October 31, 2008, October 31, 2007 and October 31, 2006.

See Notes to Financial Statements

134

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FINANCIAL HIGHLIGHTS (Unaudited)

Artio U.S. Midcap Fund
For a share outstanding throughout each period

	Class A
	Six Months
	Ended			Year Ended October 31,						Period Ended
	April 30,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.81			$12.74			$11.05			$10.00
Income (loss) from investment operations:
Net investment income (loss) (2)		0.01			(0.01	)		0.05			0.01
Net realized and unrealized gain (loss) on investments		(0.05	)		(4.94	)		1.81			1.04
Total income (loss) from investment operations		(0.04	)		(4.95	)		1.86			1.05
Less distributions:
From net investment income		—			—			(0.13	)		—
From net realized gains on investments		—			(0.98	)		(0.04	)		—
Total Distributions		—			(0.98	)		(0.17	)		—
Net Asset Value, end of period		$6.77			$6.81			$12.74			$11.05
Total Return		(0.59	)%(3)		(41.91	)%		17.16	%		10.50	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,964			$2,096			$3,646			$2,887
Ratio of net investment income (loss) to average net assets		0.29	%(4)		(0.08	)%		0.43	%		0.52	%(4)
Ratio of expenses to average net assets (5)		1.35	%(4)		1.35	%		1.35	%		1.35	%(4)
Portfolio turnover rate		138	%(3)		209	%		155	%		11	%(3)

(1)	Commenced operations on July 24, 2006.
(2)	Based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 3.84%, 3.10%,2.98% and 3.94% for the periods ended April 30, 2009, October 31, 2008, October 31, 2007 and October 31, 2006.

See Notes to Financial Statements

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135

FINANCIAL HIGHLIGHTS (Unaudited)

Artio U.S. Midcap Fund
For a share outstanding throughout each period

	Class I
	Six Months
	Ended			Year Ended October 31,						Period Ended
	April 30,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.82			$12.76			$11.06			$10.00
Income (loss) from investment operations:
Net investment income (2)		0.02			0.02			0.09			0.01
Net realized and unrealized gain (loss) on investments		(0.05	)		(4.94	)		1.80			1.05
Total income (loss) from investment operations		(0.03	)		(4.92	)		1.89			1.06
Less distributions:
From net investment income		—			—			(0.15	)		—
From net realized gains on investments		—			(0.98	)		(0.04	)		—
Return of capital		—			(0.04	)		—			—
Total Distributions		—			(1.02	)		(0.19	)		—
Net Asset Value, end of period		$6.79			$6.82			$12.76			$11.06
Total Return		(0.44	)%(3)		(41.72	)%		17.47	%		10.60	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,109			$2,226			$3,842			$2,765
Ratio of net investment income to average net assets		0.59	%(4)		0.22	%		0.77	%		0.22	%(4)
Ratio of expenses to average net assets (5)		1.05	%(4)		1.05	%		1.05	%		1.05	%(4)
Portfolio turnover rate		138	%(3)		209	%		155	%		11	%(3)

(1)	Commenced operations on July 24, 2006.
(2)	Based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 3.16%, 2.62%, 2.51% and 3.46% for the periods ended April 30, 2009, October 31, 2008, October 31, 2007 and October 31, 2006.

See Notes to Financial Statements

136

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FINANCIAL HIGHLIGHTS (Unaudited)

Artio U.S. Multicap Fund
For a share outstanding throughout each period

	Class A
	Six Months
	Ended			Year Ended October 31,						Period Ended
	April 30,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.93			$12.84			$11.10			$10.00
Income (loss) from investment operations:
Net investment income (loss) (2)		0.02			(0.02	)		0.07			—	(3)
Net realized and unrealized gain (loss) on investments		(0.08	)		(4.75	)		1.85			1.10
Total income (loss) from investment operations		(0.06	)		(4.77	)		1.92			1.10
Less distributions:
From net investment income		—			—			(0.13	)		—
From net realized gains on investments		—			(1.14	)		(0.05	)		—
Total Distributions		—			(1.14	)		(0.18	)		—
Net Asset Value, end of period		$6.87	†		$6.93			$12.84			$11.10
Total Return		(0.72	)%(4)		(40.40	)%		17.47	%		11.00	%(4)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,143			$2,048			$3,620			$2,780
Ratio of net investment income (loss) to average net assets		0.59	%(5)		(0.21	)%		0.58	%		(0.03	)%(5)
Ratio of expenses to average net assets (6)		1.30	%(5)		1.30	%		1.30	%		1.30	%(5)
Portfolio turnover rate		148	%(4)		214	%		152	%		15	%(4)

(1)	Commenced operations on July 24, 2006.
(2)	Based on average shares outstanding during the period.
(3)	Amount was less than $0.01 per share.
(4)	Not annualized.
(5)	Annualized.
(6)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 3.14%, 2.93% and 3.87% for the period ended October 31, 2008, October 31, 2007 and October 31, 2006.
†	The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for U.S. Multicap Fund Class A shares was $6.88 for the period ended April 30, 2009.

See Notes to Financial Statements

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137

FINANCIAL HIGHLIGHTS (Unaudited)

Artio U.S. Multicap Fund
For a share outstanding throughout each period

		Class I
		Six Months
		Ended			Year Ended October 31,						Period Ended
		April 30,									October 31,
		2009			2008			2007			2006 (1)
Net Asset Value, beginning of period			$6.94			$12.86			$11.11			$10.00
Income (loss) from investment operations:
Net investment income (2)			0.03			0.01			0.12			0.01
Net realized and unrealized gain (loss) on investments			(0.07	)		(4.76	)		1.84			1.10
Total income (loss) from investment operations			(0.04	)		(4.75	)		1.96			1.11
Less distributions:
From net investment income			—	(3)		(0.03	)		(0.16	)		—
From net realized gains on investments			—			(1.14	)		(0.05	)		—
Total Distributions			—	(3)		(1.17	)		(0.21	)		—
Net Asset Value, end of period			$6.90			$6.94			$12.86			$11.11
Total Return			(0.53	)%(4)		(40.26	)%		17.79	%		11.10	%(4)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)			$2,058			$2,328			$3,947			$2,778
Ratio of net investment income to average net assets			0.90	%(5)		0.09	%		0.99	%		0.27	%(5)
Ratio of expenses to average net assets (6)			1.00	%(5)		1.00	%		1.00	%		1.00	%(5)
Portfolio turnover rate	��		148	%(4)		214	%		152	%		15	%(4)

(1)	Commenced operations on July 24, 2006.
(2)	Based on average shares outstanding during the period.
(3)	Rounds to less than $0.01.
(4)	Not annualized.
(5)	Annualized.
(6)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 2.63%, 2.42% and 3.33% for the period ended October 31, 2008, October 31, 2007 and October 31, 2006.

See Notes to Financial Statements

138

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.  Organization

The Artio Global Funds consist of the Artio Global Equity Fund Inc. (“Global Equity Fund”) and the Artio Global Investment Funds (the “Trust”). As of April 30, 2009, the Artio Global Funds are comprised of nine funds (each a “Fund” and together, the “Funds”).

The Global Equity Fund was incorporated under the laws of the State of Maryland on May 23, 1990 and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).

On July 1, 2004, the Global Equity Fund changed its name from The European Warrant Fund, Inc. and converted from a closed-end, non-diversified investment company (“closed-end fund”) to an open-end diversified investment company with a different investment objective, different investment strategies, different management team and a new investment adviser (an affiliate of the Global Equity Fund’s adviser). Until the close of business on June 30, 2004, the Global Equity Fund operated as a closed-end fund and its common stock (which then comprised a single share class) was listed on the NYSE. After the close of business on June 30, 2004, all of the common stock was converted into Class A shares of the Global Equity Fund, and the Global Equity Fund began seeking to maximize total return principally through capital appreciation by investing in a diversified portfolio of equity securities of issuers located throughout the world. For periods prior thereto, all historical performance information for Class A shares reflects the Net Asset Value (NAV) performance of the Global Equity Fund’s common stock while it was a closed-end fund.

The Trust is registered with the SEC under the 1940 Act, as an open-end management investment company. As of April 30, 2009, the Trust offered eight investment funds: Artio International Equity Fund (the “International Equity Fund”), Artio International Equity Fund II (the “International Equity Fund II”), Artio Total Return Bond Fund (the “Total Return Bond Fund”), Artio Global High Income Fund (the “Global High Income Fund”), Artio U.S. Microcap Fund (the “U.S. Microcap Fund”), Artio U.S. Smallcap Fund (the “U.S. Smallcap Fund”), Artio U.S. Midcap Fund (the “U.S. Midcap Fund”) and Artio U.S. Multicap Fund (the “U.S. Multicap Fund”). Each investment fund is diversified except Total Return Bond Fund which is a non-diversified investment fund.

The International Equity Fund is closed to new shareholders (at the account level). This excludes 401(k) plans that have existing investments in the Fund through

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139

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

related 401(k) plans and new plan participants within 401(k) plans that hold positions in the Fund. In addition, existing shareholders may continue to invest.

Each of the Funds offers multiple share classes. As of April 30, 2009, all of the Funds offered Class A and Class I shares. Each class of shares has exclusive voting rights with respect to matters that affect that class. Income, realized gains and losses, unrealized appreciation and depreciation, and expenses that are not attributable to a specific class are allocated daily to each class based on its relative net assets. Expenses directly attributable to a Fund are charged to that Fund. Other expenses are allocated to the respective Fund based on average daily net assets.

Each Fund has distinct investment objectives. Following are the objectives for the Funds:

Fund Name	Investment Objective
Global Equity Fund	Seeks to maximize total return, primarily through capital appreciation.
International Equity Fund	Seeks long term growth of capital.
International Equity Fund II	Seeks long term growth of capital.
Total Return Bond 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.
Global High Income Fund	Seeks to maximize total return, principally through a high level of current income, and secondarily through capital appreciation.
U.S. Microcap Fund	Seeks to achieve long term growth of capital.
U.S. Smallcap Fund	Seeks to achieve long term growth of capital.
U.S. Midcap Fund	Seeks to achieve long term growth of capital.
U.S. Multicap Fund	Seeks to achieve long term growth of capital.

2.  Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The presentation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.

(a) Portfolio valuation: Equity securities, which are traded primarily on a U.S. or foreign stock exchange are valued at the last sale price on that exchange or, if there were no sales during the day, at the mean of the current quoted bid and asked prices. Other Portfolio holdings which are traded primarily on foreign securities exchanges

140

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

are generally valued at the preceding closing values of such securities on their respective exchanges, except that when a significant event subsequent to the closing of a foreign exchange is likely to have changed such value, including substantial changes in the values of U.S. markets subsequent to the close of a foreign market. In these circumstances, the fair value of those securities will be determined by consideration of other factors by or under the direction of the Global Equity Fund’s Board of Directors, the Trust’s Board of Trustees (each a “Board” and collectively, the “Boards”) or their respective delegates. Debt securities, including bank loans (other than government securities and short-term obligations) are valued by independent pricing services approved by the Boards. Portfolio debt securities acquired with more than 60 days to maturity are fair valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as similar security prices, yields, maturities, liquidity and ratings. Investments in government securities (other than short-term securities) are valued at the mean of the quoted bid and asked prices in the over-the-counter market. Short-term investments that mature in 60 days or less are valued at amortized cost. Any securities for which market quotations are not readily available, or for which a significant event has occurred since the time of the most recent market quotations, are valued in accordance with fair value pricing procedures approved by the respective Board. To the extent that a Fund invests in other open-end funds, the Fund will calculate its NAV based upon the NAV of the underlying funds in which it invests. The prospectuses of these underlying funds explain the circumstances under which they will use fair value pricing and the effects of such fair value pricing.

The Boards have identified certain circumstances in which the use of fair value pricing method is necessary. In such circumstances, the Boards have also approved an independent fair value service for foreign equities, which may provide the fair value price. For options, swaps, and warrants, a fair value price may be determined using an industry accepted modeling tool. In addition, the Funds’ Pricing Committees may determine a fair value price, subject to the approval of the respective Board, based upon factors that include the type of the security, the initial cost of the security and price quotations from dealers and/or pricing services in similar securities or in similar markets.

The Funds adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective November 1, 2008. FAS 157 defines fair value as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs in determining fair value and to establish

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classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1—	Quoted prices in active markets for identical investments
Level 2—	Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3—	Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2009 in valuing the Funds’ investments:

Asset Valuation Inputs

	Investments in Securities
			Level 2		Level 3
	Level 1		Other Significant		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Global Equity Fund	$	57,819,744	$	6,016,655	$	134,528	$	63,970,927
International Equity Fund		5,346,505,809		907,669,015		276,790,993		6,530,965,817
International Equity Fund II		3,917,898,518		1,151,340,844		17,633,191		5,086,872,553
Total Return Bond Fund		—		1,421,119,418		6,275,974		1,427,395,392
Global High Income		590,582		674,965,394		31,741,004		707,296,980
U.S. Microcap Fund		3,748,412		53,945		—		3,802,357
U.S. Smallcap Fund		5,445,438		204,174		—		5,649,612
U.S. Midcap Fund		3,972,215		177,358		—		4,149,573
U.S. Multicap Fund		4,057,842		177,047		—		4,234,889

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	Other Financial Instruments*
			Level 2		Level 3
	Level 1		Other Significant		Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Global Equity Fund	$	351,640	$	363,039	$	—	$	714,679
International Equity Fund		312,228,737		55,196,736		—		367,425,473
International Equity Fund II		205,656,347		40,986,599		—		246,642,946
Total Return Bond Fund		742,726		6,567		—		749,293
Global High Income		326,626		—		—		326,626
U.S. Microcap Fund		—		—		—		—
U.S. Smallcap Fund		—		—		—		—
U.S. Midcap Fund		—		—		—		—
U.S. Multicap Fund		—		—		—		—

* Other financial instruments include futures, swaps, and foreign forward currency contracts.

Liability Valuation Inputs

	Other Financial Instruments*
				Level 2			Level 3
	Level 1			Other Significant			Significant
	Quoted Prices			Observable Inputs			Unobservable Inputs		Total
International Equity Fund		—			(55,970,792	)		—		(55,970,792	)
International Equity Fund II		—			(30,240,514	)		—		(30,240,514	)
Global High Income Fund		(4,337,300	)		—			—		(4,337,300	)

* Other financial instruments include futures and swaps.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

	Investment in Securities
															Net change
															in unrealized
															appreciation
															(depreciation)
															from
					Realized										investments
					gain/(loss)										included
					and						Net				in earnings
	Balance				change in						transfers		Balance		still held
	as of		Accrued		unrealized			Net			in and/or		as of		as of
	October 31,		discounts/		appreciation			purchases/			(out) of		April 30,		April 30,
	2008		(premiums)		(depreciation)			(sales)			Level 3		2009		2009
Global Equity Fund	$	51,158	$	—	$	(19,948	)	$	103,318		$	—	$	134,528	$	219,534
International Equity Fund		352,534,575		—		(81,487,832	)		(19,819,675	)		25,563,925		276,790,993		(18,903,885	)
International Equity Fund II		18,726,804		—		(566,985	)		(8,237,117	)		7,710,489		17,633,191		17,067,841
Total Return Bond Fund		9,241,122		—		(957,798	)		(2,007,350	)		—		6,275,974		(966,457	)
Global High Income		20,603,030		159,876		(7,061,042	)		10,246,686			7,792,454		31,741,004		(3,499,932	)

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	Investment in Securities
													Net change
													in unrealized
													appreciation
													(depreciation)
													from
					Realized								investments
					gain/(loss)								included
					and				Net				in earnings
	Balance				change in				transfers		Balance		still held
	as of		Accrued		unrealized		Net		in and/or		as of		as of
	October 31,		discounts/		appreciation		purchases/		(out) of		April 30,		April 30,
	2008		(premiums)		(depreciation)		(sales)		Level 3		2009		2009
U.S. Microcap Fund		—		—		—		—		—		—		—
U.S. Smallcap Fund		—		—		—		—		—		—		—
U.S. Midcap Fund		—		—		—		—		—		—		—
U.S. Multicap Fund		—		—		—		—		—		—		—

	Other Financial Instruments*
														Net change
														in unrealized
														appreciation
														(depreciation)
														from
					Realized									investments
					gain/(loss)									included
					and					Net				in earnings
	Balance				change in					transfers		Balance		still held
	as of		Accrued		unrealized		Net			in and/or		as of		as of
	October 31,		discounts/		appreciation		purchases/			(out) of		April 30,		April 30,
	2008		(premiums)		(depreciation)		(sales)			Level 3		2009		2009
Global Equity Fund	$	—	$	—	$	—	$	—		$	—	$	—	$	—
International Equity Fund	$	7,659,189		—	$	3,074,478	$	(10,733,667	)		—		—		—
International Equity Fund II		—		—		—		—			—		—		—
Total Return Bond Fund		—		—		—		—			—		—		—
Global High Income		—		—		—		—			——		—		—
U.S. Microcap Fund		—		—		—		—			—		—		—
U.S. Smallcap Fund		—		—		—		—			—		—		—
U.S. Midcap Fund		—		—		—		—			—		—		—
U.S. Multicap Fund		—		—		—		—			—		—		—

*  Other financial instruments include futures, shares and forward foreign currency contracts.

b) Repurchase agreements: The Funds may engage in repurchase agreement transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation in return for the use of the Fund’s available cash, subject to an agreement by the seller to repurchase and the Fund to resell the obligation, at an agreed-upon price and time. Thus, the yield during the Fund’s holding period is determinable. This arrangement results in a fixed rate of return that is not subject to market fluctuations during a Fund’s holding period. The value of the collateral at all times is equal to at least 100% of the total amount of the

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repurchase obligations, including accrued interest. In the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. There is potential loss to a Fund in the event the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period in which the Fund seeks to assert its rights. The Funds’ investment adviser reviews the value of the collateral and the creditworthiness of those banks and dealers with whom the Funds enter into repurchase agreements to evaluate potential risks. The Funds primarily engage in repurchase agreements with their custodian to accommodate cash sweeps of any residual U.S. dollars held in a particular portfolio.

c) Foreign currency: The books and records of the Funds are maintained in U.S. dollars. Foreign currencies and investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. Unrealized gains or losses on investments which result from changes in foreign currencies have been included in the net unrealized appreciation (depreciation) of investments. Net realized currency gains and losses include foreign currency gains and losses occuring between trade date and settlement date on investment securities transactions, gains and losses from foreign currency transactions and the gains and losses from differences between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the purchase settlement date and sale trade date is included in realized gains and losses on security transactions.

d) Forward foreign currency contracts: Forward foreign currency contracts are valued at the forward rate and are marked-to-market at each valuation date. The change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

As part of its investment strategy, a Fund may enter into forward foreign currency contracts to manage a Fund’s portfolio holdings against currency risks. A Fund may also utilize forward foreign currency contracts to reduce or eliminate an underweighted position in a currency relative to its benchmark when purchasing underlying equities denominated in that currency is not advisable by the adviser. With respect to a Fund’s obligations to purchase or sell currencies under forward foreign currency contracts, a Fund will earmark liquid securities having a value at least equal to its obligations, or continue to own or have the right to sell or acquire respectively, the currency subject to the forward foreign currency contract.

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The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of a Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts to sell foreign currency limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, a Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of the contracts.

Some of the forward foreign currency contracts entered into by the Funds are classified as non-deliverable forwards (“NDF”). NDFs are cash-settled, short-term forward contracts that trade thinly or are denominated in non-convertible foreign currency, where the profit or loss at the time of the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are commonly quoted for time periods of one month up to one year, and are normally quoted and settled in U.S. dollars. They are often used to gain exposure to and/or to hedge exposure to foreign currencies that are not internationally traded.

e) Bank loans: The Global High Income Fund may invest in bank loans. Bank loans include institutionally traded 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. Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer credit quality. Many such loans are secured, although some may be unsecured. Loans that are fully secured offer a fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. There is no assurance that any collateral securing a loan could be liquidated or, if liquidated, that such collateral would be of sufficient value to repay the loans taken against it. There may be limited secondary market liquidity for these instruments which could result in volatile pricing for the securities which in turn may affect this Fund’s NAV.

The Global High Income Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. There was no unfunded commitment at April 30, 2009.

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f) Foreign securities: Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include the loss of value in investments of foreign securities because of currency exchange rate fluctuations, price volatility that may exceed the volatility of U.S. securities, uncertain political conditions, lack of timely and reliable financial information and other factors. These risks are increased for investment in emerging markets. Emerging market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in emerging market securities than other foreign securities. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government.

g) Financial futures contracts: In order to gain exposure to or protect against changes in security values, the Funds may buy and sell futures contracts. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Funds and the prices of futures contracts, and the possibility of an illiquid market. To the extent fluctuations in value are not settled with the counterparty on a daily basis, the Funds are also subject to the credit risk of the counterparty. Cash collateral for futures contracts outstanding may be held by the broker on certain contracts. These amounts are included on the Statement of Assets and Liabilities as Cash on deposit for broker.

Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. The Funds generally agree to receive from or pay to the broker an amount of cash equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by a Fund as unrealized gains or losses. Fluctuations in the value of the contracts are recorded in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts.

The Funds may also enter into swap contracts that function similar to futures contracts (synthetic futures) to gain exposure or protect against changes in security values. Generally these contracts are counterparty agreements and do not require daily variation margin payments to be directly paid to the counterparty, however they do require hard segregation of cash. These amounts are included on the Statement of Assets and Liabilities as cash on deposit for broker. The Funds are

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exposed to the credit risk of the counterparty in addition to the risks described above. The accounting treatment of such contracts is similar to that described above for standard futures contracts. The Funds disclose synthetic futures with other futures contracts.

The following financial futures contracts were outstanding as of April 30, 2009:

								Notional			Net
								Current			Unrealized
	Expiration							Market			Appreciation
	Date		Contracts			Description	Position	Value			(Depreciation)
Global Equity Fund Inc.
		5/09		5		HANG SENG China Enterprises Index	Long	$	291,833		$	11,359
		5/09		7		HANG SENG Index	Long		694,883			22,240
(3)		5/09		135		S&P CNX NIFTY Index	Long		470,416			9,048
(3)		5/09		9		TAIEX Index	Long		327,362			9,303
(3)		6/09		8		KOSPI 200 Index	Long		551,052			90,931
											$	142,881
International Equity Fund
		5/09		6,583		CAC40 10 Euro Index	Long	$	272,249,000		$	15,217,066
		5/09		859		HANG SENG China Enterprises Index	Long		50,136,920			1,632,546
		5/09		1,356		HANG SENG Index	Long		134,608,827			4,243,450
(3)		5/09		14,634		S&P CNX NIFTY Index	Long		50,993,063			980,754
(3)		5/09		3,843		TAIEX Index	Long		139,783,482			3,972,414
(1)		6/09		2,159		BOVESPA Index	Long		47,881,550			1,957,656
		6/09		1,428		DAX Index	Long		226,998,185			14,693,710
		6/09		22,890		DJ Euro STOXX 50 Index	Long		970,457,584			28,826,632
		6/09		8,634		FTSE 100 Index	Long		538,237,666			32,211,565
(1)		6/09		2,623		KOSPI 200 Index	Long		180,676,247			11,966,980
(3)		6/09		2,473		KOSPI 200 Index	Long		169,173,032			17,351,020
		6/09		514		NIKKEI 225 Index	Long		46,287,950			9,709,499
		6/09		1,615		S&P/ASX 200 Index	Long		111,712,769			6,430,634
		6/09		692		S&P/TSX 60 Index	Long		65,687,871			5,937,323
(1)		6/09		1,609		Swiss Market Index	Long		73,686,676			3,551,001
		6/09		6,350		TOPIX Index	Long		542,801,240			95,813,132
(2)		6/09		(1,286	)	WIG 20 Index	Short		(6,865,764	)		(1,195,446	)
(4)		6/09		(3,548	)	WIG 20 Index	Short		(18,958,264	)		(3,034,346	)
											$	250,265,590
International Equity Fund II
		5/09		4,926		CAC40 10 Euro Index	Long	$	203,721,490		$	11,332,339
		5/09		1,051		HANG SENG China Enterprises Index	Long		61,343,310			1,998,477
		5/09		1,126		HANG SENG Index	Long		111,776,946			3,521,819
(3)		5/09		15,420		S&P CNX NIFTY Index	Long		53,731,928			1,033,430
(3)		5/09		2,794		TAIEX Index	Long		101,627,648			2,888,089
(1)		6/09		1,820		BOVESPA Index	Long		40,363,326			1,607,296
		6/09		1,079		DAX Index	Long		171,520,337			11,289,754
		6/09		19,299		DJ Euro STOXX 50 Index	Long		776,730,077			26,231,245
		6/09		6,168		FTSE 100 Index	Long		384,508,909			22,823,601
(1)		6/09		1,715		KOSPI 200 Index	Long		118,131,820			7,478,028
(3)		6/09		2,152		KOSPI 200 Index	Long		146,511,009			13,683,486

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								Notional			Net
								Current			Unrealized
	Expiration							Market			Appreciation
	Date		Contracts			Description	Position	Value			(Depreciation)
		6/09		350		NIKKEI 225 Index	Long		31,519,032			6,611,526
		6/09		1,208		S&P/ASX 200 Index	Long		83,559,768			4,577,475
		6/09		509		S&P/TSX 60 Index	Long		48,316,657			4,407,005
(1)		6/09		1,127		Swiss Market Index	Long		51,612,731			2,494,651
		6/09		4,562		TOPIX Index	Long		389,962,088			65,442,378
(2)		6/09		(2,449	)	WIG 20 Index	Short		(13,074,849	)		(2,174,219	)
(4)		6/09		(973	)	WIG 20 Index	Short		(5,194,703	)		(865,746	)
											$	184,380,634
Total Return Bond Fund
		6/09		(512	)	US Treasury 30 Year Bond	Short	$	(62,752,000	)	$	390,291

(1)	Swap transaction on futures indices for each of the respective Funds with a counterparty of Credit Suisse.
(2)	Swap transaction on futures indices for each of the respective Funds with a counterparty of Deutsche Bank.
(3)	Swap transaction on futures indices for each of the respective Funds with a counterparty of Merrill Lynch.
(4)	Swap transaction on futures indices for each of the respective Funds with a counterparty of UBS.
	The unrealized appreciation for the swap transactions on futures indices are reflected in the unrealized gain/loss on financial futures in the Statement of Operations.

h) Options: The Funds may write options to generate current income and to manage investment risk. Each Fund may write put and call options on up to 25% of the value of the securities in its portfolio and will realize fees (referred to as “premiums”) for granting the rights evidenced by the options. When a Fund writes a call option or a put option, an amount equal to the premium received by that Fund is recorded as a liability, the value of which is marked-to-market at each valuation date. When a written option expires, that Fund realizes a gain equal to the amount of the premium originally received. When a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium originally received when the option was sold/written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When a call option is exercised, a Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the amount of the premium originally received. When a put option is exercised, the amount of the premium originally received will reduce the cost of the security the Fund purchased upon exercise. The Funds will only write covered options.

The Funds may purchase put and call options that are traded on foreign as well as U.S. exchanges and in the over-the-counter market. Each Fund may utilize up to 5% of its total assets to purchase both put and call options on portfolio securities. Purchases of put and call options are recorded as an investment, the value of which is marked-to-market at each valuation date. When a purchased option expires, no

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proceeds will be expected and a Fund will realize a loss. When a Fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid.

Each Fund, except the Total Return Bond Fund, may purchase and sell call and put options on stock indices. In contrast to an option on a security, an option on a stock index provides the holder with the right but not the obligation to make or receive a cash settlement upon exercise of the option, rather than the right to purchase or sell a security. The amount of this settlement is equal to (i) the amount, if any, by which the fixed exercise price of the option exceeds (in the case of a call) or is below (in the case of a put) the closing value of the underlying index on the date of exercise, multiplied by (ii) a fixed “index multiplier.”

A Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts.

The Global Equity Fund, International Equity Fund, International Equity Fund II and Global High Income Fund had the following transactions in written options during the period ended April 30, 2009:

Global Equity Fund	Number of contracts			Premium received
Options outstanding as of October 31, 2008		46,615		$	6,561
Options written		23,768			7,849
Options expired		(50,615	)		(10,238	)
Options closed		(19,768	)		(4,172	)
Options outstanding as of April 30, 2009		0		$	0

International Equity Fund	Number of contracts			Premium received
Options outstanding as of October 31, 2008		11,551,419		$	4,290,820
Options written		59,476,263			67,625,151
Options expired		(23,896,035	)		(13,034,455	)
Options closed		(47,131,647	)		(58,881,516	)
Options outstanding as of April 30, 2009		0		$	0

International Equity II Fund	Number of contracts			Premium received
Options outstanding as of October 31, 2008		6,292,270		$	2,297,798
Options written		35,811,376			39,833,985
Options expired		(13,932,000	)		(9,000,595	)
Options closed		(28,171,646	)		(33,131,188	)
Options outstanding as of April 30, 2009		0		$	0

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Global High Income Fund	Number of contracts			Premium received
Options outstanding as of October 31, 2008		0		$	0
Options written		240,000			149,261
Options expired		0			0
Options closed		(240,000	)		(149,261	)
Options outstanding as of April 30, 2009		0		$	0

i) Swaps: The Funds may enter into interest rate, currency, index, total return and credit default swaps. The Funds expect to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of their portfolio, to protect against currency fluctuations, as a duration management technique or to protect against any increase in the price of securities the Funds anticipate purchasing at a later date. Interest rate swaps involve the exchange with another party of their respective commitments to pay or receive interest, for example, an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them and an index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indices. A total return swap is an agreement to exchange the return on a stock, bond or index for a fixed or variable financing charge. A credit default swap is an agreement between two counterparties that allows one counterparty to be “long” a third-party credit risk, and the other counterparty to be “short” the credit risk. Credit default swaps are designed to transfer the credit exposure of fixed income products between parties.

The Funds will usually enter into swaps on a net basis, that is, the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. In as much as these swaps are entered into for good faith hedging purposes, the investment adviser believes such obligations do not constitute senior securities under the 1940 Act, and, accordingly, will not treat them as being subject to its borrowing restrictions. The Funds will not enter into any swap transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the counterparty, combined with any credit enhancements, is rated at least A by Standard & Poor’s (S&P) or Moody’s or has an equivalent rating from a Nationally Recognized Statistical Rating Organization (“NRSRO”) or is determined to be of equivalent credit quality by the investment adviser. If there is a default by the counterparty, the Funds may have contractual remedies pursuant to the agreements related to the transaction.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Asset and

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Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform and that there may be unfavorable changes in the value of the index or securities underlying the agreement.

The Global Equity Fund, International Equity Fund, International Equity Fund II and Global High Income Fund, had entered into the following swap transactions as of April 30, 2009.

Global Equity Fund—Total Return Swaps

Notional				Payments	Payments	Net
Market		Expiration		Made	Received	Unrealized
Value	Currency	Date	Counterparty	by fund	by fund	Appreciation
493,471	EUR	NA	Deutsche Bank AG	EUR LIBOR times notional amount of 2,930 units of the Dow Jones Europe STOXX Banks Index	Total return on a basket of securities from the Dow Jones Europe STOXX Banks Index	$	195,715
						$	195,715

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International Equity Fund—Total Return Swaps

Notional				Payments	Payments	Net
Market		Expiration		Made	Received	Unrealized
Value	Currency	Date	Counterparty	by fund	by fund	(Depreciation)
(66,343,539)	USD	NA	Deutsche Bank AG	Total return on a basket of securities from the MSCI Emerging Markets Index	EUR LIBOR times notional amount of 58,239 units of the MSCI Emerging Markets Index	$	(43,260,809	)
(9,085,039)	EUR	NA	Deutsche Bank AG	Total return on a basket of securities from the CECE EUR Index	EUR LIBOR times notional amount of 7,243 units of the CECE EUR Index		(3,634,129	)
27,910,899	EUR	NA	Deutsche Bank AG	EUR LIBOR times notional amount of 165,722 units of the Dow Jones Europe STOXX Banks Index	Total return on a basket of securities from the Dow Jones Europe STOXX Banks Index		(2,734,481	)
(6,540,916)	USD	NA	Deutsche Bank AG	Total return on a basket of securities from the MSCI Hungary Index	EUR LIBOR times notional amount of 13,342 units of the MSCI Hungary Index		(1,932,801	)
(10,420,914)	PLN	NA	UBS AG	Total return on a basket of securities from the Warsaw WIG Index	PLN - WIBOR-WIBO times notional amount of 5,501 units of the Warsaw WIG Index		(178,780	)
						$	(51,741,000	)

International Equity II Fund—Total Return Swaps

Notional				Payments	Payments
Market		Expiration		Made	Received	Net Unrealized
Value	Currency	Date	Counterparty	by fund	by fund	(Depreciation)
(30,829,087)	USD	NA	Deutsche Bank AG	Total return on a basket of securities from the MSCI Emerging Markets Index	EUR LIBOR times notional amount of 27,063 units of the MSCI Emerging Markets Index	$	(27,018,973	)
20,368,378	EUR	NA	Deutsche Bank AG	EUR LIBOR times notional amount of 120,938 units of the Dow Jones Europe STOXX Banks Index	Total return on a basket of securities from the Dow Jones Europe STOXX Banks Index		(76,050	)
(6,140,385)	PLN	NA	UBS AG	Total return on a basket of securities from the Warsaw WIG Index	EUR LIBOR times notional amount of 3,247 units of the Warsaw WIG Index		(105,526	)
						$	(27,200,549	)

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Global High Income Fund—Credit Default Swaps on Credit Indices—Sell Protection (1)

	Fixed-Deal					Original		Current				Upfront
Reference	Received			Maturity		Notional		Notional		Market		Premiums		Unrealized
Obligation	Rate			Date	Counterparty	Amount(2)		Amount		Value(3)		Paid/(Received)		(Depreciation)
CDX.NA.HY-9 (T)		3.75	%	12/20/2012	Credit Suisse	$	5,000,000	$	4,550,000	$	3,665,594	$	380,208	$	(884,406	)
CDX.NA.HY-9 (T)		3.75	%	12/20/2012	Credit Suisse		2,000,000		1,820,000		1,466,238		216,769		(353,762	)
CDX.NA.HY-9 (T)		3.75	%	12/20/2012	Goldman Sachs		1,000,000		910,000		733,119		107,147		(176,881	)
CDX.HY-10 (T)		5.00	%	6/20/2013	Merrill Lynch		5,000,000		4,600,000		3,769,125		156,944		(830,875	)
CDX.HY-12 (T)		5.00	%	6/20/2014	JP Morgan		5,000,000		3,634,375		3,904,312		1,315,625		269,937
CDX.HY-12 (T)		5.00	%	6/20/2014	UBS		5,000,000		3,653,819		3,904,312		1,296,181		250,493
							23,000,000								(1,725,494	)

T – The Fund entered into this contract for speculative purposes.

(1)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	The maximum potential amount the Portfolio could be required to make as a seller of credit protection or receive as a buyer if credit event as defined under the terms of that particular swap agreement.
(3)	The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.

j) Securities lending: Global Equity Fund, International Equity Fund, International Equity Fund II, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and U.S. Multicap Fund have established securities lending agreements with State Street Bank and Trust Company in which the Funds lend portfolio securities to a broker in exchange for collateral consisting of either cash or U.S. government securities in an amount at least equal to 100% of the market value of the securities on loan. These Funds may loan securities to brokers, dealers, and financial institutions determined by Artio Global Management LLC (formerly Julius Baer Investment Management LLC, (“Artio Global Management” or “Adviser”) to be creditworthy, subject to certain limitations. Under these agreements, these Funds continue to earn income on the securities loaned. Collateral received is generally cash, and such Funds invest the cash in U.S. Treasury Bills. These Funds receive any interest on the amount invested, but they must also pay the broker a loan rebate fee computed as a varying percentage of the collateral received. In the event of counterparty default, these Funds are subject to potential loss if any such Fund is delayed or prevented from exercising its right to dispose of the collateral. These Funds each bear risk in the event that invested collateral is not sufficient to meet obligations due on the loans.

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At a meeting of the Boards of the Funds on April 15, 2009, the Boards approved the reinstatement of the Funds’ securities lending program. The Boards had previously suspended the securities lending program on December 17, 2008. As of April 30, 2009, there were no securities on loan.

The security lending income net of the loan rebate fee for Global Equity Fund, International Equity Fund, International Equity Fund II, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and U.S. Multicap Fund amounted to $34,181, $2,755,381, $1,789,683, $256, $64, $48 and $39, respectively, for the period ended April 30, 2009 and is included in securities lending income in the statement of operations.

k) Securities transactions and investment income: Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income is recorded on an accrual basis and includes amortization and accretion of bond premiums and discounts, respectively, using the effective interest method. Dividend income is recorded in the statement of operations on the ex-dividend date or when the Fund becomes aware of the dividend distribution in the case of certain foreign securities. It is expected that certain capital gains earned by the Funds and certain dividends and interest received by the Funds will be subject to foreign withholding taxes.

l) Dividends and distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. Each Fund intends to distribute annually to its shareholders substantially all of its taxable income. Total Return Bond Fund and Global High Income Fund declare and pay dividends monthly. International Equity Fund, International Equity Fund II, Global Equity Fund, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and U.S. Multicap Fund declare and pay dividends from net investment income, if any, annually. The Funds will distribute net realized capital gains, if any, annually. Additional distributions of net investment income and capital gains may be made at the discretion of the Boards of the Funds to avoid the application of the excise tax imposed under Section 4982 of the Internal Revenue Code of 1986, as amended, for certain undistributed amounts. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences and differing characterization of distributions made by the Funds as a whole.

m) Federal income taxes: The Global Equity Fund and the Trust intend that each Fund separately qualify as a regulated investment company for U.S. federal income

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tax purposes. Accordingly, the Funds do not anticipate that any income taxes will be paid.

The Funds have adopted FIN 48 and it has been determined that there is no impact on the financial statements for the open tax years of 2008 through 2006. The Fund’s income and excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal, Massachusetts and Delaware revenue authorities.

3.  Investment Advisory Fee and Other Transactions

Artio Global Management LLC serves as the Funds’ investment adviser. Artio Global receives advisory fees, based on average net assets, at the following rates:

Global Equity Fund	0.90%
International Equity	0.90% of the first 7.5 billion
	0.88% of the next 2.5 billion
	0.85% of any in excess of 10 billion
International Equity II	0.90% of the first 7.5 billion
	0.88% of the next 2.5 billion
	0.85% of any in excess of 10 billion
Total Return Bond Fund	0.35%
Global High Income Fund	0.65%
U.S. Microcap Fund	1.25%
U.S. Smallcap Fund	0.95%
U.S. Midcap Fund	0.80%
U.S. Multicap Fund	0.75%

Effective May 1, 2008, the Adviser agreed to waive a portion of its management fee for each of the Funds at the annual rate of 0.005% of the respective Funds’ average daily net assets. This waiver may be terminated at anytime by the Funds’ Boards.

The Adviser has contractually agreed to reimburse certain expenses of the Funds listed in the table below, through February 27, 2010, so that the net operating expenses of each Fund (excluding interest, taxes, brokerage commissions, and extraordinary expenses) based on average daily net assets are limited (the “Expense Limit”) as specified in the table below. Acquired Fund Fees and Expenses are excluded from this calculation. Any Fund with a reimbursement plan has agreed to allow the Adviser to recoup expenses reimbursed to each Fund provided that repayment does not cause each of the Fund’s annual operating expenses to exceed the Expense Limit in place at the time of the reimbursement. Any such recoupment must be made within three years after the year in which the Adviser incurred the expense. The table below specifies the reimbursement made to each Fund by the Adviser for the period ended April 30, 2009 and the Adviser’s potential recoupment as of April 30, 2009.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

							Total						Total
							Expenses				Expenses		Expenses
							Eligible for		Expenses		Recouped		Eligible for
	Expense Limitations						Recoupment -		Waived -		or Expired-		Recoupment -
							Beginning		Current		Current		April 30,
Fund	Class A			Class I			of Period		Period		Period		2009
Global Equity Fund		1.40	%		1.15	%	$	1,055,270	$	171,817	$	—	$	1,227,087
Total Return Bond Fund		0.69	%		0.44	%		1,291,538		94,920		66,742		1,319,716
Global High Income Fund		1.00	%		0.75	%		609,645		71,066		943		679,768
U.S. Microcap Fund		1.80	%		1.50	%		266,555		45,115		—		311,670
U.S. Smallcap Fund		1.50	%		1.20	%		267,455		43,030		—		310,485
U.S. Midcap Fund		1.35	%		1.05	%		249,262		40,330		—		289,592
U.S. Multicap Fund		1.30	%		1.00	%		250,831		41,627		—		292,458

The expenses eligible for recoupment at April 30, 2009 are set to expire as follows:

			Expire
Fund	Amount		October 31,
Global Equity Fund	$	422,846		2009
		377,251		2010
		255,173		2011
		171,817		2012
Total Return Bond Fund	$	319,999		2009
		698,492		2010
		206,305		2011
		94,920		2012
Global High Income Fund	$	142,904		2009
		301,788		2010
		164,010		2011
		71,066		2012
U.S. Microcap Fund	$	37,233		2009
		115,922		2010
		113,400		2011
		45,115		2012
U.S. Smallcap Fund	$	37,032		2009
		114,682		2010
		115,741		2011
		43,030		2012
U.S. Midcap Fund	$	35,848		2009
		108,233		2010
		105,181		2011
		40,330		2012
U.S. Multicap Fund	$	35,018		2009
		107,939		2010
		107,874		2011
		41,627		2012

During the six month period ending April 30 2009, the Adviser made payments to the International Equity Fund and International Equity II Fund for certain transaction related losses in the amount of $534,501 and $13,524, respectively. These

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amounts were recorded by each of the funds as realized gain on the Statement of Operations.

During the period, the Fund announced that due to an accounting error in one of the positions held within the Artio International Equity Fund, the NAV for this Fund was restated and shareholder activity would be reprocessed for the period commencing October 9, 2008 through November 20, 2008 (“Reprocessing Period”).

As of October 31, 2008, this error represented an overstatement of $0.15 per share for each share class, which was the equivalent of 0.61% of the NAV for Class A and 0.61% for Class I. As a result, in accordance with the Funds’ Valuation Policy, shareholder purchases and redemptions between these dates were repossessed.

To minimize the inconvenience to its shareholders, the Fund and or its Agents may whenever possible adjust the underlying shareholder’s current positions in the Fund rather than have the shareholder physically return such monies. As detailed in a Settlement Agreement and Mutual Release (“Agreement”), to date, the Fund’s Custodian has reimbursed the Fund in the amount of $3,345,270.

Additionally, the Global Equity Fund and the International Equity Fund II had invested a portion of their respective assets in the same position, but over a shorter time period. As a result, the accounting error did not require either the Global Equity Fund or International Equity Fund II to restate its NAV or reprocess the shareholder activity. Under the Agreement the Global Equity and the International Equity Fund II were reimbursed $57 and $69,813, respectively.

The Funds entered into expense offset arrangements as part of their custody agreement with State Street Bank and Trust Company (“State Street”). Under this agreement, the custody fees for the Global Equity Fund, International Equity Fund, International Equity Fund II, and Global High Income Fund were reduced by $1,277, $3,637,539, $1,647,206, and $12,314 respectively, for the six month period ended April 30, 2009. These amounts may vary significantly over time, based on the Adviser’s decisions and current interest rates from market to market regarding cash positions held in the Funds.

4.  Distribution and Shareholder Services Plans

The Funds have adopted certain Distribution and Shareholder Services Plans (collectively the “Plans”), pursuant to Rule 12b-1 under the 1940 Act. Under the Plans each Fund’s Class A shares may compensate certain financial institutions, including the Distributor, for certain distribution, shareholder servicing, administrative and accounting services. The Funds Class A shares may expend an aggregate

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

amount, on an annual basis, not to exceed 0.25% of the value of the average daily net assets of a Fund attributable to Class A shares. The Adviser may pay additional marketing and other distribution costs out of its profits.

Quasar Distributors, LLC (“Quasar” or “Distributor”) is the Distributor of the Funds’ shares.

Under their terms, the Funds’ Plans shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of the Boards’ members and a majority of those Boards’ members who are not “interested persons” of the Funds and who have no direct or indirect financial interest in the operation of the Plans or in any agreement related to the Plans.

The International Equity Fund is closed to new shareholders (at the account level), as a result, all 12b-1 payments made by the International Equity Fund are only to compensate certain financial intermediaries for shareholder servicing and/or asset retention.

5.  Purchases and Sales of Securities

Cost of purchases and proceeds from sales of securities, excluding short-term investments and paydowns, during the period ended April 30, 2009 were as follows:

	Cost of		Proceeds
	Purchases		From Sales
Global Equity Fund	$	119,718,275	$	116,743,770
International Equity Fund		7,642,941,077		10,299,302,177
International Equity Fund II		6,236,227,965		6,795,755,410
Total Return Bond Fund		2,052,250,058		2,016,329,029
Global High Income Fund		373,104,530		81,102,120
U.S. Microcap Fund		4,824,755		5,067,142
U.S. Smallcap Fund		8,317,825		8,190,317
U.S. Midcap Fund		5,044,232		5,340,778
U.S. Multicap Fund		5,571,830		5,806,977

Cost of purchases and proceeds from sales of long-term U.S. Government securities during the period ended April 30, 2009 were $1,095,044,613 and $897,421,048 respectively for the Total Return Bond Fund.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

At April 30, 2009, net unrealized appreciation/depreciation for federal income tax purposes is comprised of the following components:

								Tax Basis
	Federal		Gross		Gross			Net unrealized
	Income Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Global Equity Fund	$	67,814,917	$	3,658,268	$	(7,502,258	)	$	(3,843,990	)
International Equity Fund		7,364,310,935		799,589,173		(1,632,934,291	)		(833,345,118	)
International Equity Fund II		5,676,613,344		424,928,015		(1,014,668,806	)		(589,740,791	)
Total Return Bond Fund		1,432,789,080		27,390,471		(32,784,159	)		(5,393,688	)
Global High Income Fund		758,427,824		29,733,790		(80,864,634	)		(51,130,844	)
U.S. Microcap Fund		3,642,329		462,218		(302,190	)		160,028
U.S. Smallcap Fund		5,326,452		480,238		(157,078	)		323,160
U.S. Midcap Fund		3,950,906		303,211		(104,544	)		198,667
U.S. Multicap Fund		4,025,745		333,833		(124,689	)		209,144

6.  Investments in Affiliated Issuers

An affiliated issuer, as defined under 1940 Act, is one in which a Fund’s holdings of an issuer represents 5% or more of the outstanding voting securities of the issuer. A summary of Funds’ investments in securities of these issuers for the period ended April 30, 2009, is set forth below:

International Equity Fund

	Shares Held		Purchases		Sales		Dividend		Market Value
Affiliate	April 30, 2009		(Cost)		(Proceeds)		Income		April 30, 2009
AIK Banka		399,974	$	—	$	268,666	$	—	$	9,219,044
Alfa Cement		437,925		—		—		—		25,023,034
Bank Forum		8,916,599		—		—		—		4,486,339
Bank of Georgia Registered Shares Sponsored GDR		2,190,670		—		—		—		8,762,680
Cemacon SA		11,468,246		—		46,177		—		336,673
Chimimport AD		10,693,367		230,274		—		—		16,660,284
Clear Media		30,866,602		—		—		—		9,319,542
Dragon Ukrainian Properties & Development		12,382,906		—		528,902		—		8,027,682
DZI Insurance		354,861		—		—		—		4,706,641
Grupa Kety		462,284		2,189,730		4,002,908		—		9,906,928
Impact Developer & Contractor		16,912,495		—		—		—		1,969,983
Marseille-Kliniken AG		723,632		—		—		210,229		5,120,445
Polska Grupa Farmaceutyczna		1,071,000		—		—		—		9,954,947
Siderurgica Venezolana Sivensa SACA		2,847,910		—		—		5,102,819		17,904,711
Sparki Eltos Lovetch		1,425,011		—		—		—		1,629,411
Tigar ad Pirot		120,631		—		82,626		—		723,352
Toza Markovic ad Kikinda		78,160		—		—		—		2,998,889
Ukrinbank		1,153,346,022		—		—		—		1,450,750
Veropharm		524,691		—		528,096		—		10,756,166
Zambeef Products		9,363,990		—		—		114,022		4,972,030
									$	153,929,531

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

7.  Shares of Beneficial Interest

The Global Equity Fund may issue 50,000,000,000 shares of beneficial interest with a par value of $.001 per share. The Funds of the Trust may issue an unlimited number of shares of beneficial interest of each Fund, with a par value of $.001 per share. Changes in outstanding shares of beneficial interest on the Funds were as follows:

	Six Months Ended						Year Ended
	April 30, 2009						October 31, 2008
	Shares			Amount			Shares			Amount
Global Equity Fund
Class A
Sold		88,109		$	2,182,119			213,529		$	8,996,828
Issued as reinvestment of dividends		1,750			45,354			1,277			57,112
Redeemed		(129,660	)		(3,254,193	)		(454,838	)		(17,578,810	)
Net increase (decrease)		(39,801	)	$	(1,026,720	)		(240,032	)	$	(8,524,870	)
Class I
Sold		340,191		$	8,389,003			661,474		$	24,168,382
Issued as reinvestment of dividends		14,785			385,162			5,045			227,284
Redeemed		(241,879	)		(5,916,935	)		(502,215	)		(20,218,769	)
Net increase (decrease)		113,097		$	2,857,230			164,304		$	4,176,897
Class R*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			2			20
Redeemed		—			—			(103	)		(597	)
Net increase (decrease)		—		$	—			—		$	433
Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			2			20
Redeemed		—			—			(103	)		(596	)
Net increase (decrease)		—		$	—			—		$	434

* Commenced operations on November 1, 2007. The Class R and Consultant Class Shares liquidated on October 31, 2008.

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161

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Months Ended						Year Ended
	April 30, 2009						October 31, 2008
	Shares			Amount			Shares			Amount
International Equity Fund
Class A
Sold		10,670,518		$	233,251,784			22,329,764		$	893,997,235
Issued as reinvestment of dividends		3,490,630			82,972,280			28,715,963			1,246,272,637
Redeemed		(43,056,830	)		(940,553,618	)		(74,997,709	)		(2,716,330,531	)
Net increase (decrease)		(28,895,682	)	$	(624,329,554	)		(23,951,982	)	$	(576,060,659	)
Class I
Sold		23,727,999		$	534,611,375			34,731,038		$	1,392,012,727
Issued as reinvestment of dividends		5,082,713			123,510,037			33,950,536			1,508,761,824
Redeemed		(64,310,885	)		(1,448,932,277	)		(82,642,503	)		(3,020,676,534	)
Net increase (decrease)		(35,500,173	)	$	(790,810,865	)		(13,960,929	)	$	(119,901,983	)

	Six Months Ended						Year Ended
	April 30, 2009						October 31, 2008
	Shares			Amount			Shares			Amount
International Equity Fund II
Class A
Sold		87,865,558		$	815,953,040			86,522,110		$	1,321,755,001
Issued as reinvestment of dividends		5,260,275			51,235,076			2,387,716			40,734,425
Redeemed		(61,726,804	)		(542,306,066	)		(68,137,550	)		(970,647,441	)
Net increase (decrease)		31,399,029		$	324,882,050			20,772,276		$	391,841,985
Class I
Sold		194,400,065		$	1,711,971,149			225,311,872		$	3,516,468,830
Issued as reinvestment of dividends		12,721,347			124,414,774			7,898,082			135,373,131
Redeemed		(145,637,636	)		(1,331,969,069	)		(143,668,332	)		(2,033,638,610	)
Net increase (decrease)		61,483,776		$	504,416,854			89,541,622		$	1,618,203,351

162

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Months Ended						Year Ended
	April 30, 2009						October 31, 2008
	Shares			Amount			Shares			Amount
Total Return Bond Fund
Class A
Sold		7,198,660		$	89,997,613			22,187,304		$	299,005,628
Issued as reinvestment of dividends		933,905			11,764,808			973,094			12,878,273
Redeemed		(9,042,809	)		(112,996,721	)		(9,425,059	)		(125,593,971	)
Net increase (decrease)		(910,244	)	$	(11,234,300	)		13,735,339		$	186,289,930
Class I
Sold		18,808,620		$	234,301,642			54,377,946		$	721,424,984
Issued as reinvestment of dividends		1,887,515			23,716,097			2,565,202			33,841,801
Redeemed		(18,371,714	)		(229,249,545	)		(36,114,546	)		(477,662,128	)
Net increase (decrease)		2,324,421		$	28,768,194			20,828,602		$	277,604,657
Class R*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			5			54
Redeemed		—			—			(106	)		(961	)
Net increase (decrease)		—		$	—			—		$	103
Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			6			55
Redeemed		—			—			(107	)		(959	)
Net increase (decrease)		—		$	—			—		$	106

* Commenced operations on November 1, 2007. The Class R and Consultant Class Shares liquidated on October 31, 2008.

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163

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Months Ended						Year Ended
	April 30, 2009						October 31, 2008
	Shares			Amount			Shares			Amount
Global High Income Fund
Class A
Sold		23,621,148		$	181,110,291			18,985,704		$	193,918,312
Issued as reinvestment of dividends		1,760,406			13,283,785			725,640			7,217,074
Redeemed		(11,331,262	)		(87,337,067	)		(11,012,900	)		(110,526,895	)
Net increase (decrease)		14,050,292		$	107,057,009			8,698,444		$	90,608,491
Class I
Sold		29,913,001		$	221,937,103			23,134,088		$	229,788,508
Issued as reinvestment of dividends		2,142,359			15,580,426			687,008			6,481,358
Redeemed		(9,517,471	)		(70,236,204	)		(9,710,002	)		(95,113,250	)
Net increase (decrease)		22,537,889		$	167,281,325			14,111,094		$	141,156,616
Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			6			56
Redeemed		—			—			(107	)		(783	)
Net increase (decrease)		—		$	—			—		$	283

* Commenced operations on November 1, 2007. The Class R and Consultant Class Shares liquidated on October 31, 2008.

	Six Months Ended						Year Ended
	April 30, 2009						October 31, 2008
	Shares			Amount			Shares			Amount
U.S. Microcap Fund
Class A
Sold		6,744		$	33,908			12,154		$	103,338
Issued as reinvestment of dividends		—			—			39,993			414,730
Redeemed		(19,235	)		(96,515	)		(16,112	)		(133,056	)
Net increase (decrease)		(12,491	)	$	(62,607	)		36,035		$	385,012
Class I
Sold		10,562		$	50,865			23,016		$	202,765
Issued as reinvestment of dividends		—			—			40,439			418,948
Redeemed		(20,756	)		(99,490	)		(14,688	)		(121,945	)
Net increase (decrease)		(10,194	)	$	(48,625	)		48,767		$	499,768
Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			18			149
Redeemed		—			—			(119	)		(565	)
Net increase (decrease)		—		$	—			—		$	594

* Commenced operations on November 1, 2007. The Class R and Consultant Class Shares liquidated on October 31, 2008.

164

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Months Ended						Year Ended
	April 30, 2009						October 31, 2008
	Shares			Amount			Shares			Amount
U.S. Smallcap Fund
Class A
Sold		74,606		$	447,991			67,439		$	612,375
Issued as reinvestment of dividends		—			—			90,635			890,036
Redeemed		(25,986	)		(128,875	)		(30,853	)		(303,461	)
Net increase (decrease)		48,620		$	319,116			127,221		$	1,198,950
Class I
Sold		12,779		$	68,158			21,224		$	217,869
Issued as reinvestment of dividends		—			—			90,229			886,050
Redeemed		(25,565	)		(133,462	)		(11,558	)		(100,410	)
Net increase (decrease)		(12,786	)	$	(65,304	)		99,895		$	1,003,509
Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			49			306
Redeemed		—			—			(150	)		(601	)
Net increase (decrease)		—		$	—			—		$	715

* Commenced operations on November 1, 2007. The Class R and Consultant Class Shares liquidated on October 31, 2008.

	Six Months Ended						Year Ended
	April 30, 2009						October 31, 2008
	Shares			Amount			Shares			Amount
U.S. Midcap Fund
Class A
Sold		1,485		$	8,912			11,654		$	108,818
Issued as reinvestment of dividends		—			—			25,213			278,853
Redeemed		(19,138	)		(116,685	)		(15,219	)		(127,026	)
Net increase (decrease)		(17,653	)	$	(107,773	)		21,648		$	260,645
Class I
Sold		8,489		$	49,165			11,498		$	115,045
Issued as reinvestment of dividends		—			—			27,451			303,338
Redeemed		(24,366	)		(137,789	)		(13,475	)		(132,880	)
Net increase (decrease)		(15,877	)	$	(88,624	)		25,474		$	285,503
Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			12			102
Redeemed		—			—			(113	)		(597	)
Net increase (decrease)		—		$	—			—		$	515

* Commenced operations on November 1, 2007. The Class R and Consultant Class Shares liquidated on October 31, 2008.

Artio Global Funds  ï  2009 Semi-Annual Report

165

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Months Ended						Year Ended
	April 30, 2009						October 31, 2008
	Shares			Amount			Shares			Amount
U.S. Multicap Fund
Class A
Sold		19,760		$	114,763			6,115		$	63,447
Issued as reinvestment of dividends		—			—			28,979			317,605
Redeemed		(3,719	)		(21,674	)		(21,498	)		(222,137	)
Net increase (decrease)		16,041		$	93,089			13,596		$	158,915
Class I
Sold		6,850		$	42,081			6,843		$	66,622
Issued as reinvestment of dividends		96			576			32,720			358,288
Redeemed		(44,149	)		(264,261	)		(11,166	)		(102,924	)
Net increase (decrease)		(37,203	)	$	(221,604	)		28,397		$	321,986
Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			14			120
Redeemed		—			—			(115	)		(612	)
Net increase (decrease)		—		$	—			—		$	518

* Commenced operations on November 1, 2007. The Class R and Consultant Class Shares liquidated on October 31, 2008.

Through seed capital contributions by Julius Baer Group, an affiliate of the Adviser, ownership of beneficial shares outstanding at April 30, 2009 were:

Fund	% Ownership
U.S. Microcap Fund - Class A shares		88.10	%
U.S. Microcap Fund - Class I shares		86.97	%
U.S. Smallcap Fund - Class A shares		68.40	%
U.S. Smallcap Fund - Class I shares		88.66	%
U.S. Midcap Fund - Class A shares		94.84	%
U.S. Midcap Fund - Class I shares		88.94	%
U.S. Multicap Fund - Class A shares		89.63	%
U.S. Multicap Fund - Class I shares		94.02	%

9.  Line of Credit

On September 28, 2005, Global Equity Fund, Total Return Bond Fund and Global High Income Fund (the “Borrowers”) entered into a Credit Agreement, as amended (the “Agreement”) with State Street Bank and Trust Company. The Agreement is a $25,000,000 revolving credit facility to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. Total Return Bond Fund and Global High Income Fund may draw up to $10,000,000 and the Global Equity Fund may draw up to $5,000,000. The Borrowers will pay interest on the principal amount of the Loans outstanding at a floating rate per annum equal to the Federal Funds Rate plus 0.75%. In addition,

166

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

the Borrowers shall pay to the State Street Bank and Trust Company an annual commitment fee, in connection with the establishment and maintenance of the credit facility, at the rate of 0.10% per annum on any undrawn on amount. The Global Equity Fund, Total Return Bond Fund and Global High Income Fund did not utilize the Agreement during the six months ended April 30, 2009. As of April 30, 2009 Global Equity Fund, Total Return Bond Fund and Global High Income Fund had unused available balances of $5,000,000, $10,000,000 and $10,000,000 pursuant to the line of credit.

10.  Recent Accounting Pronouncements

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for, their effect on the Funds’ financial position, performance and cash flows and how and why the Funds use derivatives. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds’ financial statements and related disclosures.

In April 2009, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” (“FSP 157-4”). FSP 157-4 provides additional guidance for estimating fair value in accordance with FAS 157, when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management is currently evaluating the impact the adoption of FSP 157-4 will have on the Funds’ financial statement disclosures.

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167

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

11.  Subsequent Events

Effective June 17, 2009, the Credit Agreement with State Street was amended. The Adviser requested the removal to the Total Return Bond Fund and the Global Equity Fund from the list of eligible Borrowers. The amount of the Agreement was also increased from $25,000,000 to $40,000,000. Additionally, the terms that the Borrower will pay interest on the principal amount of the Loan outstanding has changed from a the outstanding at the floating rate per annum equal to Federal Funds Rate plus 0.75% to interest at a variable rate per annum equal to the Overnight Rate (the higher of the Federal Funds Rate as in that day or the Overnight LIBOR Rate as in effect on the date). The rate that the Borrower will pay State Street the annual commitment fee has changed from the rate of 0.10% per annum to 0.15% per annum on any undrawn amount.

At the June 17, 2009 meeting of the Funds’ Boards, the Funds were authorized by the Boards to secure an amended Credit Agreement in the aggregate amount of $250,000,000 which will include all of the Artio Global Funds. It is anticipated that that this line of credit will be available after the customary review and approval period by State Street Bank and Trust Company and the Funds.

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Artio Global Funds  ï  2009 Semi-Annual Report

Investment Advisory Agreements (Unaudited)

At a meeting held on April 15, 2009, the Board of Trustees of the Artio Global Investment Funds and the Board of Directors of the Artio Global Equity Fund Inc. (each a “Board” and collectively the “Boards”) approved the Investment Advisory Agreements (each an “Agreement” and collectively the “Agreements”) with the adviser for each of the International Equity Fund, International Equity Fund II, Total Return Bond Fund, Global High Income Fund, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund, U.S. Multicap Fund and Global Equity Fund (each a “Fund” and collectively the “Funds”).

In determining whether to approve the Agreements, the Boards, including all of the Trustees and Directors who are not interested persons under the Investment Company Act of 1940, as amended, (the “Independent Board Members”), reviewed and considered, among other items: (1) a guide from independent counsel setting forth each Board’s fiduciary duties and responsibilities and the factors each Board should consider in its evaluation of the renewals of the Agreements; (2) comparative information, comparing each Fund’s advisory fees, expenses and returns to those of its relevant peer group; (3) the Adviser’s complete Form ADV; (4) the Adviser’s Financial Statements for December 31, 2007; and (5) other reports of and presentations by representatives of the Adviser that described: (i) the nature, extent and quality of the Adviser’s services provided to the respective Funds; (ii) the experience and qualifications of the personnel providing those services, (iii) their investment advice and performance; (iv) their assets under management and client descriptions; (v) their soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) the advisory fee arrangements with the Funds and other similarly managed clients; (vii) compliance program information; (viii) the Adviser’s financial information and profitability analysis related to providing service to the Funds; (ix) fees and other benefits; (x) methodologies to allocate securities among the Funds; (xi) outstanding lawsuits; (xii) breakpoints; and (xiii) the extent to which economies of scale are relevant to the Funds.

In determining whether to approve the Agreements, the Boards, including the Independent Board Members, reviewed and considered the materials presented at the April 15, 2009 meeting of the Boards. The Boards discussed the written materials and the Adviser’s presentations and deliberated on the approval of the Agreements in light of this information. In their deliberations, the Boards did not identify any single piece of information that was all important or controlling, but gave significant weight to the relative investment performance of each Fund along with consideration of the other relevant factors.

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169

Investment Advisory Agreements (Unaudited) (Continued)

The Boards, including the Independent Board Members, reached the following conclusions, among others, regarding the Adviser and the respective approvals: the Adviser has the capabilities, resources and personnel necessary to manage the Funds; the Boards are satisfied with the quality of services provided by the Adviser in advising the Funds; the advisory fees for each Fund are reasonable as compared to the median and the average fees paid by comparable funds in their respective peer groups; the proposed total annual portfolio operating expenses to be paid by the Funds are reasonable as compared to the median and average expenses paid by comparable funds in each Fund’s respective peer group; the performance of the Funds is reasonable in comparison with each Fund’s respective benchmark indices and other mutual funds in its respective peer group; the profitability of the Adviser for advisory services, based on the advisory fees, seems reasonable based on the data provided; and the benefits derived by the Adviser from managing the Funds, including how each uses soft dollars and the ways in which each conducts portfolio transactions and selects brokers is reasonable.

Based upon the Boards’ deliberations and evaluation of the information described above, the Boards, including the Independent Board Members, determined that the renewal terms of each Agreement were fair to, and in the best interests of, each of the respective Funds and its shareholders.

170

Artio Global Funds  ï  2009 Semi-Annual Report

ADDITIONAL INFORMATION PAGE (Unaudited)

1.  Proxy Voting Policies

A description of the Fund’s proxy voting policies and procedures is available without charge, upon request, (1) on the Fund’s website www.artiofunds.com and (2) on the SEC’s Securities and Exchange Commission website www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available via the methods noted above.

2.  Quarterly Filing Requirements

A Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q, which when filed, will be available on the Commission’s web-site at www.sec.gov or on the Funds’ website at www.artiofunds.com.

A Fund’s forms N-Q may be reviewed and copied at the Commissions’s Public Reference Room in Washington, DC. Information regarding the operation of the Public reference Room may be obtained by calling 1-800-SEC-0330.

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171

ARTIO GLOBAL FUNDS

330 Madison Avenue New
York, New York 10017

This report is sent to shareholders of the Artio Global Equity Fund Inc. and the Artio Global Investment Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the funds or of any securities mentioned in the report.

www.artiofunds.com

Item 2. Code of Ethics.

     Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

     Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

     Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

     Not applicable to this filing.

Item 6. Schedule of Investments

A Schedule of Investments is included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

     Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-end Management Investment Companies.

     Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

     Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)  (1) Not applicable.

(2)	Separate certifications of the Registrant’s Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto.
(3)	Not applicable

(b) Certifications of the Registrant’s Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto. These certifications are being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and are not being filed as part of the Form N-CSR with the Commission.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Artio Global Equity Fund Inc.

By:	/s/ Anthony Williams
	Anthony Williams
	President

Date: July 2, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Anthony Williams
	Anthony Williams
	President

Date: July 2, 2009

By:	/s/ Craig Giunta
	Craig Giunta
	Chief Financial Officer

Date: July 2, 2009