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 811-06017

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: 10/31/2012

Date of reporting period: 04/30/2012

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 Local Emerging Markets Debt Fund
Artio US Microcap Fund
Artio US Smallcap Fund
Artio US Midcap Fund
Artio US Multicap Fund

April 30, 2012

TABLE OF CONTENTS

Shareholder Expenses	1
Portfolio of Investments:
Artio Global Equity Fund Inc.	4
Artio International Equity Fund	14
Artio International Equity Fund II	26
Artio Total Return Bond Fund	35
Artio Global High Income Fund	58
Artio Local Emerging Markets Debt Fund	77
Artio U.S. Microcap Fund	82
Artio U.S. Smallcap Fund	86
Artio U.S. Midcap Fund	90
Artio U.S. Multicap Fund	94
Statement of Assets and Liabilities	99
Statement of Operations	104
Statement of Changes in Net Assets	110
Financial Highlights	120
Notes to Financial Statements	140
Investment Advisory Agreements	198
Additional Information Page	200

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, 2011 to April 30, 2012.

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.

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/11		Value 04/30/12		Expense Ratio			during Period
Global Equity Fund
Class A
Actual	$	1,000.00	$	1,079.30		1.40	%	$	7.24
Hypothetical		1,000.00		1,017.90		1.40			7.02
Class I
Actual	$	1,000.00	$	1,080.90		1.14	%	$	5.90
Hypothetical		1,000.00		1,019.20		1.14			5.72

Artio Global Funds  ï  2012 Semi-Annual Report 1

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/11		Value 04/30/12		Expense Ratio			during Period
International Equity Fund
Class A
Actual	$	1,000.00	$	1,027.20		1.27	%	$	6.40
Hypothetical		1,000.00		1,018.50		1.27			6.37
Class I
Actual	$	1,000.00	$	1,028.80		1.01	%	$	5.09
Hypothetical		1,000.00		1,019.80		1.01			5.07
International Equity Fund II
Class A
Actual	$	1,000.00	$	1,031.40		1.31	%	$	6.62
Hypothetical		1,000.00		1,018.30		1.31			6.57
Class I
Actual	$	1,000.00	$	1,032.40		1.04	%	$	5.26
Hypothetical		1,000.00		1,019.70		1.04			5.22
Total Return Bond Fund
Class A
Actual	$	1,000.00	$	1,031.70		0.69	%	$	3.49
Hypothetical		1,000.00		1,021.40		0.69			3.47
Class I
Actual	$	1,000.00	$	1,033.20		0.42	%	$	2.12
Hypothetical		1,000.00		1,022.80		0.42			2.11
Global High Income Fund
Class A
Actual	$	1,000.00	$	1,052.30		0.99	%	$	5.05
Hypothetical		1,000.00		1,019.90		0.99			4.97
Class I
Actual	$	1,000.00	$	1,053.80		0.73	%	$	3.73
Hypothetical		1,000.00		1,021.20		0.73			3.67
Local Emerging Markets Debt Fund
Class A
Actual	$	1,000.00	$	1,027.10		1.07	%	$	5.39
Hypothetical		1,000.00		1,019.50		1.07			5.37
Class I
Actual	$	1,000.00	$	1,027.60		0.80	%	$	4.03
Hypothetical		1,000.00		1,020.90		0.80			4.02

2 Artio Global Funds  ï  2012 Semi-Annual Report

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/11		Value 04/30/12		Expense Ratio			during Period
U.S. Microcap Fund
Class A
Actual	$	1,000.00	$	1,127.80		1.80	%	$	9.52
Hypothetical		1,000.00		1,015.90		1.80			9.02
Class I
Actual	$	1,000.00	$	1,128.20		1.50	%	$	7.94
Hypothetical		1,000.00		1,017.40		1.50			7.52
U.S. Smallcap Fund
Class A
Actual	$	1,000.00	$	1,134.70		1.50	%	$	7.96
Hypothetical		1,000.00		1,017.40		1.50			7.52
Class I
Actual	$	1,000.00	$	1,136.10		1.20	%	$	6.37
Hypothetical		1,000.00		1,018.90		1.20			6.02
U.S. Midcap Fund
Class A
Actual	$	1,000.00	$	1,091.60		1.35	%	$	7.02
Hypothetical		1,000.00		1,018.20		1.35			6.77
Class I
Actual	$	1,000.00	$	1,093.50		1.05	%	$	5.47
Hypothetical		1,000.00		1,019.60		1.05			5.27
U.S. Multicap Fund
Class A
Actual	$	1,000.00	$	1,120.10		1.30	%	$	6.85
Hypothetical		1,000.00		1,018.40		1.30			6.52
Class I
Actual	$	1,000.00	$	1,121.10		1.00	%	$	5.27
Hypothetical		1,000.00		1,019.90		1.00			5.02

Artio Global Funds  ï  2012 Semi-Annual Report 3

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2012

Artio Global Equity Fund Inc.

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—90.8%†
		United States—50.3%
	1,228	Airgas Inc		$	112,534
	1,624	Altera Corp			57,766
	1,075	Amgen Inc			76,443
	1,543	Aon PLC			79,927
	738	Apple Inc (1)			431,169
	2,562	Archer-Daniels-Midland Co			78,986
	3,480	AT&T Inc			114,527
	1,118	Automatic Data Processing			62,183
	3,458	Avon Products			74,693
	10,568	Bank of America			85,706
	797	CARBO Ceramics			67,020
	1,377	Chevron Corp			146,733
	4,426	Citigroup Inc			146,235
	595	Cliffs Natural Resources			37,045
	1,450	Coach Inc			106,082
	1,617	Cobalt International Energy (1)			43,271
	2,130	Comcast Corp-Class A			64,603
	1,001	ConocoPhillips			71,702
	1,413	Covidien PLC			78,040
	590	Cummins Inc			68,340
	2,350	CVR Energy (1)			71,346
	2,150	CVS Caremark			95,933
	905	Digital Realty REIT			67,956
	4,714	EMC Corp (1)			132,982
	434	Equinix Inc (1)			71,263
	1,685	Exelon Corp			65,732
	1,584	Express Scripts Holding (1)			88,371
	3,340	Exxon Mobil			288,376
	504	Franklin Resources			63,257
	1,787	Freeport-McMoRan Copper & Gold			68,442
	8,111	General Electric			158,813
	2,024	General Mills			78,713
	338	Google Inc-Class A (1)			204,568
	2,299	Guess? Inc			67,315
	2,023	Halliburton Co			69,227
	1,994	Healthsouth Corp (1)			44,646
	1,405	Hershey Co			94,149
	1,661	Hospira Inc (1)			58,334
	1,375	Howard Hughes (1)			92,276

See Notes to Financial Statements

4 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global Equity Fund Inc.

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		United States—Continued
	785	Humana Inc		$	63,334
	1,755	Ingersoll-Rand PLC			74,623
	4,103	Insulet Corp (1)			73,280
	628	International Business Machines			130,046
	6,734	Johnson & Johnson			438,316
	8,045	JPMorgan Chase			345,774
	1,859	Las Vegas Sands			103,156
	2,969	Lender Processing Services			78,827
	1,585	Liberty Global-Class A (1)			78,949
	1,340	Liberty Media-Class A (1)			117,170
	966	Lululemon Athletica (1)			71,619
	1,605	LyondellBasell Industries-Class A			67,057
	249	MasterCard Inc-Class A			112,615
	823	McDonald’s Corp			80,201
	1,873	Mead Johnson Nutrition-Class A			160,254
	5,762	Meritor Inc (1)			37,511
	5,810	Microsoft Corp			186,036
	1,521	Mosaic Co			80,339
	2,544	Motorola Solutions			129,820
	837	National-Oilwell Varco			63,411
	4,903	NCR Corp (1)			115,220
	1,526	NetApp Inc (1)			59,255
	953	Occidental Petroleum			86,933
	3,707	Oracle Corp			108,949
	691	Parker Hannifin			60,594
	1,881	PepsiCo Inc			124,146
	14,122	Pfizer Inc			323,817
	1,628	PG&E Corp			71,925
	2,286	Philip Morris International			204,620
	6,802	Procter & Gamble			432,879
	4,893	QUALCOMM Inc			312,369
	2,571	Quanta Services (1)			56,871
	372	Ralph Lauren			64,084
	1,014	Range Resources			67,593
	2,391	Riverbed Technology (1)			47,174
	2,186	Royal Caribbean Cruises			59,831
	1,564	SanDisk Corp (1)			57,884
	3,967	Sara Lee			87,433
	1,352	Schlumberger Ltd			100,237

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 5

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global Equity Fund Inc.

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		United States—Continued
	1,028	SPX Corp		$	78,930
	1,844	Starbucks Corp			105,809
	1,503	State Street			69,469
	1,492	Stericycle Inc (1)			129,207
	1,224	Target Corp			70,919
	1,787	Tyco International			100,304
	2,486	Union Pacific			279,526
	1,427	United Technologies			116,500
	1,743	UnitedHealth Group			97,869
	1,831	Verisk Analytics-Class A (1)			89,627
	600	VF Corp			91,230
	1,769	Wal-Mart Stores			104,212
	869	Waters Corp (1)			73,092
	7,808	Wells Fargo			261,021
	2,040	Whiting Petroleum (1)			116,688
	3,270	Williams Cos			111,278
	3,929	WPX Energy (1)			69,033
	3,353	Xcel Energy			90,732
	1,687	Yum! Brands			122,696
					10,996,998
		China—8.5%
	2,395	Baidu Inc Sponsored ADR (1)			317,817
	37,000	Belle International			72,686
	67,000	China Construction Bank-Class H			52,251
	15,827	China Merchants Holdings International			51,310
	3,500	China Mobile			38,800
	22,000	China National Building Material-Class H (1)			29,720
	30,000	China Petroleum & Chemical-Class H			32,329
	18,360	China Resources Enterprise			66,740
	23,000	CNOOC Ltd			49,037
	2,940	Ctrip.com International Sponsored ADR (1)			63,710
	78,588	Dongfeng Motor Group-Class H			155,196
	24,000	Golden Eagle Retail			63,420
	80,000	Industrial Commercial Bank of China-Class H			53,314
	29,000	Intime Department Store			36,634
	62,000	Lenovo Group			59,541
	32,000	PetroChina Co-Class H			48,591
	3,700	Tencent Holdings			116,374
	96,000	Tingyi (Cayman Islands) Holding			256,776

See Notes to Financial Statements

6 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global Equity Fund Inc.

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		China—Continued
	115,250	Wumart Stores		$	265,627
	9,000	Zhuzhou CSR Times Electric-Class H			25,465
					1,855,338
		United Kingdom—6.1%
	19,448	Barclays PLC			68,925
	8,468	BG Group			199,455
	3,693	BHP Billiton			118,408
	5,340	Diageo PLC			134,493
	3,775	GlaxoSmithKline PLC			87,353
	7,738	Hikma Pharmaceuticals			78,910
	14,537	HSBC Holdings			131,037
	1,088	Reckitt Benckiser			63,373
	1,815	Rio Tinto			101,166
	6,676	Rolls-Royce Holdings (1)			89,274
	2,844	Royal Dutch Shell ADR			203,460
	3,079	Xstrata PLC			58,873
					1,334,727
		Japan—5.7%
	1,250	Fanuc Ltd			212,756
	13,000	Isuzu Motors			74,732
	6,690	Komatsu Ltd			193,968
	3,300	Mitsubishi Corp			72,038
	6,900	Nissan Motor			72,245
	400	SMC Corp			67,180
	2,100	Softbank Corp			63,017
	3,640	Suzuki Motor			86,481
	4,000	Toyota Motor			165,571
	4,070	Unicharm Corp			227,343
					1,235,331
		Switzerland—3.1%
	3,063	Nestle SA			187,631
	550	Roche Holding			100,468
	151	Swatch Group			69,640
	1,520	Swiss Reinsurance (1)			95,288
	273	Syngenta AG			95,858
	4,475	UBS AG (1)			55,860

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 7

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global Equity Fund Inc.

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Switzerland—Continued
	278	Zurich Financial Services (1)		$	67,995
					672,740
		France—2.8%
	1,661	Danone SA			116,846
	1,782	Essilor International			156,939
	558	LVMH			92,428
	341	PPR			57,026
	1,177	Sanofi			89,824
	1,437	Schneider Electric (1)			88,269
					601,332
		Canada—2.6%
	3,255	Barrick Gold			131,656
	1,615	Cenovus Energy			58,604
	9,442	Ivanhoe Mines (1)			110,194
	2,783	Potash Corp of Saskatchewan			118,312
	4,629	Suncor Energy			152,886
					571,652
		Germany—2.6%
	556	BMW AG			52,845
	700	Brenntag AG			87,182
	2,826	Fraport AG			183,614
	1,360	Fresenius SE			135,722
	1,642	SAP AG			108,859
					568,222
		Hong Kong—1.8%
	36,000	Hang Lung Properties			133,415
	32,000	Li & Fung			68,473
	18,400	Sands China			72,578
	35,600	Wynn Macau			114,265
					388,731
		Russia—1.2%
	4,750	Pharmstandard Sponsored GDR (1)			83,125
	59,391	Sberbank of Russia			190,160
					273,285

See Notes to Financial Statements

8 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global Equity Fund Inc.

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Netherlands—1.2%
	4,944	NXP Semiconductors (1)		$	127,802
	2,390	Unilever NV			81,834
	1,805	Ziggo NV (1)			56,763
					266,399
		Denmark—1.0%
	1,493	Novo Nordisk-Class B			220,209
		Australia—0.9%
	7,092	Newcrest Mining			194,176
		Sweden—0.7%
	2,342	Atlas Copco-Class A (3)			55,734
	1,963	Elekta AB-Class B			99,561
					155,295
		South Korea—0.6%
	112	Samsung Electronics			137,755
		Taiwan—0.5%
	7,277	Taiwan Semiconductor Manufacturing Sponsored ADR			113,376
		Ireland—0.4%
	9,240	Dragon Oil			88,001
		Israel—0.4%
	1,784	Teva Pharmaceutical Industries Sponsored ADR			81,600
		Italy—0.4%
	1,066	Brunello Cucinelli SpA (1)			16,931
	1,243	Saipem SpA			61,398
					78,329
		TOTAL COMMON STOCKS (Cost $19,291,661)			19,833,496
EQUITY LINKED NOTES—0.6%
		India—0.6%
	8,836	Adani Enterprises, Issued by CLSA, Expires 12/29/2014			47,079
	13,750	Adani Ports and Special Economic Zone, Issued by Citigroup Global Markets, Expires 10/24/2012 144A (9)			33,206
	3,098	JSW Steel, Issued by Citigroup Global Markets, Expires 10/24/2012			40,590

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 9

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global Equity Fund Inc.

Share					Fair
Amount				Description	Value (Note 2)
EQUITY LINKED NOTES—Continued
		India—Continued
	482	State Bank of India, Issued by CLSA, Expires 05/13/2015			$	19,544
		TOTAL EQUITY LINKED NOTES (Cost $300,035)				140,419
PREFERRED STOCKS—0.2%
		Germany—0.2%
	729	Henkel AG 1.420%				54,226
		United Kingdom—0.0%
	707,656	Rolls-Royce Holdings-Class C 0.000% (1)				1,149
		Philippines—0.0%
	56,604	Ayala Land 0.000% (4)(12)				134
		TOTAL PREFERRED STOCKS (Cost $47,180)				55,509
RIGHTS—0.0%
		Spain—0.0%
	3,610	Banco Bilbao Vizcaya Argentaria (1)(Cost $557)				516
Share
Amount		Currency
INVESTMENT COLLATERAL FROM SECURITY LENDING—0.3%
				United States—0.3%
	56,650		USD	State Street Navigator Securities Lending Prime Portfolio (Cost $56,650)		56,650

See Notes to Financial Statements

10 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global Equity Fund Inc.

Face					Fair
Value		Currency		Description	Value (Note 2)
REPURCHASE AGREEMENT—4.9%
		United States—4.9%
	1,060,324		USD	Fixed Income Clearing Corporation Repurchase Agreement, dated 04/30/2012 due 05/01/2012, with a maturity value of $1,060,324 and an effective yield of 0.01%, collateralized by Federal Home Loan Bank, with a rate of 0.280%, a maturity of 07/26/2013, and an aggregate fair value of $1,086,021. (Cost $1,060,324)	$	1,060,324
				TOTAL INVESTMENTS—96.8% (Cost $20,756,407)		21,146,914
				OTHER ASSETS AND LIABILITIES—3.2%		694,998
				TOTAL NET ASSETS—100.0%	$	21,841,912

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $20,848,980.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 11

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2012

Artio Global Equity Fund Inc.

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

		Contracts to Receive
Expiration		Local		Value in		In Exchange		Net Unrealized
Date	Counterparty	Currency		USD		for USD		Appreciation
06/20/12	Goldman Sachs & Co.	CHF	337,710		372,277		369,183	$	3,094
06/20/12	UBS AG	CHF	44,562		49,123		48,698		425
06/20/12	UBS AG	EUR	175,178		231,907		230,237		1,670
Net unrealized appreciation on forward foreign exchange contracts to buy								$	5,189

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
06/20/12	Deutsche Bank AG London	CHF	158,164		174,353		172,472	$	(1,881	)
06/20/12	Goldman Sachs & Co.	CHF	337,710		372,278		371,094		(1,184	)
06/20/12	UBS AG	CHF	44,562		49,123		48,967		(156	)
06/20/12	UBS AG	EUR	175,178		231,907		232,105		198
Net unrealized depreciation on forward foreign exchange contracts to sell								$	(3,023	)

Glossary of Currencies

CHF	— Swiss Franc
EUR	— Euro
USD	— United States Dollar

See Notes to Financial Statements

12 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Artio Global Equity Fund Inc.

At April 30, 2012, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Information Technology		15.0	%	$	3,279,650
Consumer Staples		13.7			2,990,907
Health Care		11.7			2,549,253
Consumer Discretionary		11.6			2,538,525
Industrials		11.3			2,459,070
Energy		10.4			2,266,609
Financials		9.5			2,080,060
Materials		6.2			1,364,370
Telecommunication Services		1.3			273,107
Utilities		1.0			228,389
Short-term Investments		5.1			1,116,974
Total Investments		96.8			21,146,914
Other Assets and Liabilities (Net)		3.2			694,998
Net Assets		100.0	%	$	21,841,912

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 13

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2012

Artio International Equity Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—92.6%†
		United Kingdom—17.5%
	506,060	AMEC PLC		$	9,327,045
	1,109,912	ARM Holdings			9,444,219
	2,978,537	Barclays PLC			10,556,099
	3,417,969	BG Group			80,506,707
	2,044,519	BHP Billiton			65,553,291
	1,480,354	Centrica PLC			7,377,491
	1,434,183	Compass Group			14,998,114
	1,775,044	Diageo PLC			44,706,136
	533,428	Genel Energy (1)			6,106,764
	1,700,159	GlaxoSmithKline PLC			39,341,473
	1,743,706	Hikma Pharmaceuticals			17,781,939
	5,286,811	HSBC Holdings			47,655,302
	1,693,559	National Grid			18,301,833
	746,931	Premier Oil (1)			4,536,264
	358,174	Reckitt Benckiser			20,862,754
	196,622	Rio Tinto			10,959,453
	1,628,273	Rolls-Royce Holdings (1)			21,773,941
	2,667,386	Royal Dutch Shell-Class A			94,988,430
	22,918,129	Vodafone Group			63,452,648
	1,973,742	WPP PLC			26,714,201
	797,373	Xstrata PLC			15,246,447
					630,190,551
		Japan—12.6%
	274,627	Aisin Seiki			9,781,942
	358,073	Canon Inc			16,458,487
	106,200	Daikin Industries			2,825,084
	212,900	Fanuc Ltd			36,236,596
	1,094,052	Honda Motor			39,681,565
	4,639,000	Isuzu Motors			26,667,932
	1,703,197	ITOCHU Corp			19,326,150
	1,879	KDDI Corp			12,354,875
	1,611,500	Komatsu Ltd			46,723,308
	770,697	Mitsubishi Corp			16,824,158
	1,109,000	Mitsubishi Electric			9,819,813
	527,500	Mitsui Co			8,284,614
	2,588,300	Nissan Motor			27,100,242
	155,400	Nitto Denko			6,442,157
	126,500	SMC Corp			21,245,726
	490,100	Softbank Corp			14,706,990

See Notes to Financial Statements

14 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund

Share					Fair
Amount			Description		Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	915,900	Suzuki Motor			$	21,760,439
	1,488,689	Toyota Motor				61,620,855
	1,033,300	Unicharm Corp				57,718,304
						455,579,237
		China—8.7%
	6,049,000	Agricultural Bank of China-Class H				2,869,430
	1,041,000	Anhui Conch Cement-Class H (1)				3,488,898
	410,471	Baidu Inc Sponsored ADR (1)				54,469,502
	17,226,000	Bank of China-Class H				7,216,590
	1,945,000	Bank of Communications-Class H				1,506,809
	13,408,325	Belle International				26,340,482
	7,588,620	Changsha Zoomlion Heavy Industry Science & Technology Development-Class H				11,327,540
	2,006,000	China CITIC Bank-Class H				1,277,386
	16,467,000	China Construction Bank-Class H				12,842,042
	1,116,000	China Merchants Bank-Class H (1)				2,422,537
	5,607,204	China Merchants Holdings International				18,178,103
	567,500	China Mobile				6,291,128
	6,522,000	China National Building Material-Class H (1)				8,810,616
	6,588,000	China Petroleum & Chemical-Class H				7,099,440
	1,694,000	China Resources Enterprise				6,157,816
	3,949,000	CNOOC Ltd				8,419,511
	267,955	Ctrip.com International Sponsored ADR (1)		��		5,806,585
	14,374,000	Dongfeng Motor Group-Class H				28,385,767
	9,156,012	Golden Eagle Retail				24,194,934
	16,182,000	Industrial Commercial Bank of China-Class H				10,784,176
	9,409,000	Intime Department Store				11,885,946
	9,226,000	Lenovo Group				8,860,005
	7,362,000	PetroChina Co-Class H				11,179,061
	452,300	Tencent Holdings				14,225,929
	1,337,367	Tingyi (Cayman Islands) Holding				3,577,115
	3,265,999	Wumart Stores				7,527,448
	3,253,000	Zhuzhou CSR Times Electric-Class H				9,204,131
						314,348,927
		France—7.7%
	234,328	BNP Paribas				9,412,893
	397,360	Danone SA (3)				27,952,950
	528,679	Essilor International				46,560,228

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 15

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		France—Continued
	315,450	Eutelsat Communications		$	11,226,944
	520,757	GDF Suez (3)			11,986,018
	103,972	Iliad SA			13,382,777
	7,941,002	L’ Occitane International			21,188,971
	268,188	LVMH			44,423,261
	68,200	PPR (3)			11,405,120
	388,765	Sanofi			29,668,940
	504,688	Schneider Electric (1)			31,000,935
	535,202	SES SA FDR (3)			12,814,349
	213,469	Societe Generale			5,046,108
					276,069,494
		Switzerland—7.6%
	346,904	ABB Ltd (1)			6,321,591
	203,610	Dufry Group (1)			27,614,599
	70,104	Flughafen Zuerich			26,106,045
	466,553	Nestle SA			28,579,680
	784,225	Novartis AG			43,244,049
	146,386	Roche Holding			26,740,262
	54,074	Swatch Group			24,938,442
	320,362	Swiss Reinsurance (1)			20,083,290
	124,374	Syngenta AG			43,671,012
	977,541	UBS AG (1)			12,202,434
	53,859	Zurich Financial Services (1)			13,173,248
					272,674,652
		Germany—5.9%
	184,195	BMW AG			17,506,648
	116,843	Brenntag AG			14,552,331
	299,267	Daimler AG			16,542,897
	155,684	Deutsche Bank			6,773,045
	327,497	Deutsche Post			6,111,765
	633,563	Deutsche Telekom			7,141,948
	481,872	E.ON AG (3)			10,915,631
	1,001,604	Fraport AG			65,077,269
	406,149	Fresenius SE			40,531,901
	124,603	Henkel AG			7,625,820
	158,827	RWE AG (3)			6,826,746

See Notes to Financial Statements

16 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Germany—Continued
	188,444	SAP AG		$	12,493,197
					212,099,198
		Canada—4.5%
	571,997	Barrick Gold			23,135,786
	335,353	Cenovus Energy			12,169,042
	1,766,466	Ivanhoe Mines (1)			20,615,773
	913,938	Potash Corp of Saskatchewan			38,853,582
	2,061,332	Suncor Energy			68,081,647
					162,855,830
		Hong Kong—4.1%
	419,000	Cheung Kong Holdings			5,584,686
	13,662,000	Hang Lung Properties			50,630,982
	14,123,000	Li & Fung			30,220,335
	6,275,400	Sands China			24,752,955
	14,028,000	Trinity Ltd			11,753,666
	7,784,800	Wynn Macau			24,986,822
					147,929,446
		Russia—3.9%
	53,536,950	Chelindbank OJSC (1)(4)(10)			4,684,483
	45,851	Cherkizovo Group (1)			799,533
	656,887	Holcim Russia (1)(4)(10)(12)			43,479,317
	547,651	Kuban Trunk Grid (1)(4)			30,313
	627,754	Pharmstandard (1)			36,873,266
	16,770,310	Sberbank of Russia			53,695,833
					139,562,745
		Romania—2.2%
	13,390,184	BRD-Groupe Societe Generale (1)			41,906,358
	13,430,597	Cemacon SA (1)(10)			152,847
	4,223,800	Compa Sibiu (1)			505,988
	13,984,500	Dafora SA (1)			217,366
	16,912,495	Impact Developer & Contractor (1)(10)			969,959
	267,242,676	OMV Petrom			32,094,252
	2,784,100	Spicul Buzau (1)			143,414
	11,918,318	Zentiva SA (4)			3,097,324
					79,087,508

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 17

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Netherlands—1.6%
	160,281	ASML Holding (3)		$	8,154,656
	1,652,652	ING Groep Dutch Certificate (1)			11,652,104
	123,913	Koninklijke Ten Cate (3)			3,775,395
	534,232	Reed Elsevier (3)			6,299,399
	769,843	Unilever NV			26,359,601
	70,482	Ziggo NV (1)			2,216,486
					58,457,641
		Ireland—1.5%
	1,230,523	CRH PLC			24,877,417
	3,070,989	Dragon Oil			29,247,752
					54,125,169
		South Korea—1.3%
	36,652	Samsung Electronics			45,080,217
		India—1.2%
	1,080,803	Adani Enterprises			5,760,865
	3,647,911	Jain Irrigation Systems			6,112,155
	799,563	JSW Steel			10,509,626
	4,156,165	Mundra Port & Special Economic Zone			10,027,635
	1,153,332	Pantaloon Retail India			4,306,502
	196,220	State Bank of India			7,949,144
					44,665,927
		Denmark—1.2%
	292,184	Novo Nordisk-Class B			43,095,522
		Nigeria—1.1%
	3,932,009	Guinness Nigeria			6,000,593
	3,955,708	Nestle Foods Nigeria			10,636,543
	20,373,068	Nigerian Breweries			14,255,321
	55,517,813	Unilever Nigeria			10,412,016
					41,304,473
		Sweden—1.1%
	769,225	Atlas Copco-Class A (3)			18,305,755
	383,981	Elekta AB-Class B			19,475,042
	440,868	TeliaSonera AB			2,946,180
					40,726,977

See Notes to Financial Statements

18 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Bulgaria—1.0%
	1,276,434	Central Cooperative Bank (1)		$	654,282
	9,969,480	Chimimport AD (1)(10)			8,756,520
	4,078,860	LEV Insurance (4)(10)(12)			3,045,759
	209,484	Sopharma AD			360,055
	1,397,011	Sparki Eltos Lovetch (1)(4)(10)			701,436
	11,652,801	Vivacom (4)(12)			22,315,216
					35,833,268
		Taiwan—0.9%
	2,131,000	Hon Hai Precision Industry			6,741,339
	9,094,000	Taiwan Semiconductor Manufacturing			27,024,982
					33,766,321
		Czech Republic—0.9%
	175,560	Komercni Banka (3)			32,284,819
		Venezuela—0.8%
	47,655	Banco Provincial (4)			502,603
	156	Banco Venezolano de Credito (1)(4)			55,403
	15,843,815	Cemex Venezuela SACA-I (1)(4)			1,210,623
	2,797,732	Mercantil Servicios Financieros-Class B (4)			25,592,684
	2,847,910	Siderurgica Venezolana Sivensa (4)(10)			2,038,162
					29,399,475
		Ukraine—0.8%
	214,485	Anthousa Ltd Sponsored GDR (1)(4)			1,703,289
	8,916,599	Bank Forum (1)(4)			1,287,427
	76,261,005	Bogdan Motors PJSC (1)			1,830,101
	1,237,519	Chernivtsioblenergo (1)(4)			296,516
	5,006,914	Davento PLC GDR (4)(10)			3,805,252
	22,500	Dniproenergo (1)(4)			1,903,834
	1,600,000	Kirovogradoblenergo (1)(4)			206,123
	168,262	Korukivskas Technical Papers Factory (1)(4)			670,195
	115,161	Kyivmedpreparat (1)(4)			290,983
	189,156	Lvivoblenergo (1)(4)			33,562
	5,542,248	Oranta (1)(4)			655,353
	130,452,980	Raiffeisen Bank Aval (1)			2,045,926
	75,228	Retail Group (1)(4)(12)			5,454,605
	8,375,303	Slavutich Brewery (1)(4)			2,554,066
	2,636,403	Tsukrovyy soyz Ukrros (1)(4)			295,338
	7,892	Ukrnafta Sponsored ADR (4)			1,650,296

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 19

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Ukraine—Continued
	4,621	Zakhidenergo (1)(4)		$	100,081
	595,792	Zakhidenergo GDR (4)			3,225,889
					28,008,836
		Israel—0.7%
	561,622	Teva Pharmaceutical Industries Sponsored ADR			25,688,590
		Spain—0.7%
	713,371	Banco Bilbao Vizcaya Argentaria			4,820,993
	1,749,317	Banco Santander			10,928,253
	1,753,815	Iberdrola SA			8,163,876
					23,913,122
		Serbia—0.5%
	435,667	AIK Banka AD (1)(4)			8,237,618
	47,580	Energoprojekt Holding (1)(4)			243,466
	8,730	Industrijske Nekretnine (1)(4)			15,991
	415,050	Komercijalna Banka (1)(4)			7,896,839
	78,040	Privredna Banka (1)(4)			198,282
	78,160	Toza Markovic ad Kikinda (1)(4)(10)(12)			2,071,766
	3,816	Univerzal Banka (1)			94,701
					18,758,663
		Australia—0.4%
	241,161	Asciano Group			1,187,516
	527,922	Newcrest Mining			14,454,296
					15,641,812
		Lebanon—0.4%
	287,867	SOLIDERE-Class A			3,914,991
	777,179	SOLIDERE Sponsored GDR 144A (9)			10,647,353
					14,562,344
		Austria—0.4%
	324,983	Flughafen Wien			14,443,804
		Italy—0.4%
	59,681	Brunello Cucinelli SpA (1)			947,889
	3,186,105	Intesa Sanpaolo			4,819,995
	175,125	Saipem SpA			8,650,277
					14,418,161

See Notes to Financial Statements

20 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Finland—0.4%
	616,310	Fortum Oyj		$	13,255,399
		Georgia—0.3%
	555,431	Bank of Georgia Holdings (1)			9,740,922
		Mexico—0.3%
	1,943,379	Grupo Financiero Banorte			9,386,276
		Latvia—0.0%
	1,424,182	AS Parex Banka (4)(12)			266,807
		TOTAL COMMON STOCKS (Cost $3,502,181,973)			3,337,222,133
PREFERRED STOCKS—1.9%
		Germany—1.4%
	260,266	Henkel AG 1.420%			19,359,494
	165,072	Volkswagen AG 3.730%			31,264,629
					50,624,123
		Russia—0.3%
	3,611,690	TNK-BP Holding 9.540%			9,960,359
		Bulgaria—0.2%
	6,416,021	Chimimport AD 9.000% (10)			8,201,288
		United Kingdom—0.0%
	172,596,938	Rolls-Royce Holdings-Class C 0.000% (1)			280,272
		Philippines—0.0%
	11,528,247	Ayala Land 0.000% (4)(12)			27,305
		TOTAL PREFERRED STOCKS (Cost $55,759,087)			69,093,347
EQUITY LINKED NOTES—0.4%
		Ukraine—0.2%
	1,016	Laona Investments, Issued by HypoVereinsbank AG, Expires 09/11/2012 (1)(4)(12)			6,163,198

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 21

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund

Share				Fair
Amount			Description	Value (Note 2)
EQUITY LINKED NOTES—Continued
		Ukraine—Continued
	234	Laona Investments, Issued by HypoVereinsbank AG, Expires 04/19/2013 (1)(4)(12)		$	1,419,477
					7,582,675
		Ireland—0.2%
	1,313,434	Ryanair Holdings, Issued by Barclays Bank, Expires 11/02/2012 144A (9)			7,400,348
		India—0.0%
	11,142	Agre Developers, Issued by Merrill Lynch International, Expires 09/17/2015 144A (1)(9)			6,285
	222,850	Pantaloon Retail, Issued by Merrill Lynch International, Expires 01/29/2015 144A (9)			793,190
					799,475
		TOTAL EQUITY LINKED NOTES (Cost $13,786,334)			15,782,498
EXCHANGE-TRADED FUND—0.1%
		Russia—0.1%
	92,634	Renaissance Pre-IPO Fund (4)(Cost $9,726,570)			3,242,190
FOREIGN GOVERNMENT COMPENSATION NOTES—0.1%
		Bulgaria—0.1%
	11,796,324	Bulgaria Compensation Notes (1)			1,357,000
	3,752,865	Bulgaria Housing Compensation Notes (1)(4)			432,984
		TOTAL FOREIGN GOVERNMENT COMPENSATION NOTES (Cost $6,799,933)			1,789,984
RIGHTS—0.0%
		Spain—0.0%
	713,371	Banco Bilbao Vizcaya Argentaria (1)(Cost $110,130)			101,972

See Notes to Financial Statements

22 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund

Share					Fair
Amount		Currency		Description	Value (Note 2)
INVESTMENT COLLATERAL FROM SECURITY LENDING—3.8%
				United States—3.8%
	138,268,352		USD	State Street Navigator Securities Lending Prime Portfolio (Cost $138,268,352)	$	138,268,352
				TOTAL INVESTMENTS—98.9% (Cost $3,726,632,379)		3,565,500,476
				OTHER ASSETS AND LIABILITIES—1.1%		38,316,922
				TOTAL NET ASSETS—100.0%	$	3,603,817,398

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $3,789,279,240.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 23

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2012

Artio International Equity Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

		Contracts to Receive
Expiration		Local		Value in		In Exchange		Net Unrealized
Date	Counterparty	Currency		USD		for USD		Appreciation
06/20/12	UBS AG	CHF	56,524,155		62,309,814		61,770,779	$	539,035
06/20/12	Credit Suisse	EUR	18,717,616		24,778,961		24,597,942		181,019
06/20/12	Deutsche Bank AG London	EUR	36,210,373		47,936,415		47,594,262		342,153
Net unrealized appreciation on forward foreign exchange contracts to buy								$	1,062,207

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
06/20/12	Deutsche Bank AG London	CHF	53,828,858		59,338,634		58,698,484	$	(640,150	)
06/20/12	UBS AG	CHF	56,524,155		62,309,814		62,111,725		(198,089	)
06/20/12	Credit Suisse	EUR	18,717,616		24,778,961		24,803,836		24,875
06/20/12	Deutsche Bank AG London	EUR	36,210,373		47,936,415		48,027,990		91,575
Net unrealized depreciation on forward foreign exchange contracts to sell								$	(721,789	)

Glossary of Currencies

CHF	— Swiss Franc
EUR	— Euro
USD	— United States Dollar

See Notes to Financial Statements

24 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Artio International Equity Fund

At April 30, 2012, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Consumer Discretionary		18.1	%	$	654,037,106
Financials		13.5			486,961,203
Industrials		12.6			454,431,926
Energy		10.7			384,234,213
Health Care		10.6			380,332,249
Materials		9.3			334,169,498
Consumer Staples		8.4			302,681,836
Information Technology		5.6			202,952,533
Telecommunication Services		4.0			144,808,248
Utilities		2.3			82,623,312
Short-term Investment		3.8			138,268,352
Total Investments		98.9			3,565,500,476
Other Assets and Liabilities (Net)		1.1			38,316,922
Net Assets		100.0	%	$	3,603,817,398

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 25

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2012

Artio International Equity Fund II

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—92.0%†
		United Kingdom—18.2%
	394,570	AMEC PLC		$	7,272,205
	876,312	ARM Holdings			7,456,521
	2,280,914	Barclays PLC			8,083,685
	2,655,454	BG Group			62,546,459
	1,574,285	BHP Billiton			50,476,206
	1,243,529	Centrica PLC			6,197,250
	1,110,675	Compass Group			11,614,996
	1,510,200	Diageo PLC			38,035,793
	1,586,016	GlaxoSmithKline PLC			36,700,218
	1,304,008	Hikma Pharmaceuticals			13,297,993
	4,086,913	HSBC Holdings			36,839,424
	1,371,717	National Grid			14,823,774
	566,428	Premier Oil (1)			3,440,032
	356,001	Reckitt Benckiser			20,736,182
	137,313	Rio Tinto			7,653,647
	1,250,229	Rolls-Royce Holdings (1)			16,718,580
	2,219,151	Royal Dutch Shell-Class A			79,026,309
	21,674,275	Vodafone Group			60,008,832
	1,528,859	WPP PLC			20,692,800
	610,919	Xstrata PLC			11,681,289
					513,302,195
		Japan—13.3%
	251,948	Aisin Seiki			8,974,139
	284,264	Canon Inc			13,065,926
	94,100	Daikin Industries			2,503,205
	149,140	Fanuc Ltd			25,384,340
	996,832	Honda Motor			36,155,369
	3,908,000	Isuzu Motors			22,465,677
	1,346,488	ITOCHU Corp			15,278,579
	1,468	KDDI Corp			9,652,452
	1,256,730	Komatsu Ltd			36,437,221
	630,538	Mitsubishi Corp			13,764,515
	928,000	Mitsubishi Electric			8,217,121
	431,000	Mitsui Co			6,769,040
	2,152,100	Nissan Motor			22,533,103
	113,900	Nitto Denko			4,721,761
	101,100	SMC Corp			16,979,786
	391,800	Softbank Corp			11,757,189
	763,800	Suzuki Motor			18,146,767

See Notes to Financial Statements

26 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund II

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	1,307,494	Toyota Motor		$	54,120,705
	837,800	Unicharm Corp			46,798,021
					373,724,916
		China—8.5%
	3,741,000	Agricultural Bank of China-Class H			1,774,597
	591,000	Anhui Conch Cement-Class H (1)			1,980,729
	323,814	Baidu Inc Sponsored ADR (1)			42,970,118
	13,234,000	Bank of China-Class H			5,544,198
	1,656,000	Bank of Communications-Class H			1,282,918
	10,182,675	Belle International			20,003,734
	4,303,720	Changsha Zoomlion Heavy Industry Science & Technology Development-Class H			6,424,167
	1,707,000	China CITIC Bank-Class H			1,086,988
	12,052,000	China Construction Bank-Class H			9,398,937
	629,500	China Merchants Bank-Class H (1)			1,366,476
	4,269,912	China Merchants Holdings International			13,842,710
	742,500	China Mobile			8,231,124
	2,232,000	China National Building Material-Class H (1)			3,015,225
	5,176,000	China Petroleum & Chemical-Class H			5,577,823
	1,498,000	China Resources Enterprise			5,445,342
	2,525,000	CNOOC Ltd			5,383,455
	166,770	Ctrip.com International Sponsored ADR (1)			3,613,906
	11,152,000	Dongfeng Motor Group-Class H			22,022,963
	6,597,000	Golden Eagle Retail			17,432,696
	11,428,000	Industrial Commercial Bank of China-Class H			7,615,966
	7,407,000	Intime Department Store			9,356,914
	9,082,000	Lenovo Group			8,721,717
	5,238,000	PetroChina Co-Class H			7,953,806
	378,400	Tencent Holdings			11,901,595
	1,293,128	Tingyi (Cayman Islands) Holding			3,458,787
	2,607,250	Wumart Stores			6,009,169
	2,350,000	Zhuzhou CSR Times Electric-Class H			6,649,157
					238,065,217
		France—8.2%
	192,342	BNP Paribas			7,726,327
	434,592	Danone SA (3)			30,572,097
	488,152	Essilor International			42,991,056
	249,979	Eutelsat Communications			8,896,815

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 27

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund II

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		France—Continued
	438,135	GDF Suez (3)		$	10,084,347
	84,791	Iliad SA			10,913,891
	5,428,479	L’ Occitane International			14,484,807
	208,631	LVMH			34,558,106
	52,720	PPR (3)			8,816,392
	321,789	Sanofi			24,557,608
	382,136	Schneider Electric (1)			23,473,063
	407,430	SES SA FDR (3)			9,755,102
	152,238	Societe Generale			3,598,693
					230,428,304
		Switzerland—7.7%
	253,726	ABB Ltd (1)			4,623,619
	158,636	Dufry Group (1)			21,515,002
	35,229	Flughafen Zuerich			13,118,936
	393,094	Nestle SA			24,079,796
	775,523	Novartis AG			42,764,200
	123,511	Roche Holding			22,561,697
	40,630	Swatch Group			18,738,190
	249,027	Swiss Reinsurance (1)			15,611,344
	97,233	Syngenta AG			34,141,086
	752,200	UBS AG (1)			9,389,551
	41,723	Zurich Financial Services (1)			10,204,931
					216,748,352
		Germany—6.2%
	137,740	BMW AG			13,091,374
	87,120	Brenntag AG			10,850,449
	228,675	Daimler AG			12,640,708
	126,887	Deutsche Bank			5,520,229
	275,932	Deutsche Post			5,149,457
	487,965	Deutsche Telekom			5,500,670
	408,123	E.ON AG (3)			9,245,028
	767,200	Fraport AG			49,847,326
	401,853	Fresenius SE			40,103,179
	107,337	Henkel AG			6,569,125
	142,394	RWE AG (3)			6,120,418
	150,041	SAP AG			9,947,208
					174,585,171

See Notes to Financial Statements

28 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund II

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Canada—4.9%
	558,021	Barrick Gold		$	22,570,494
	290,789	Cenovus Energy			10,551,936
	1,432,173	Ivanhoe Mines (1)			16,714,363
	782,460	Potash Corp of Saskatchewan			33,264,153
	1,676,494	Suncor Energy			55,371,222
					138,472,168
		Hong Kong—3.5%
	343,000	Cheung Kong Holdings			4,571,712
	10,507,000	Hang Lung Properties			38,938,642
	8,944,000	Li & Fung			19,138,333
	4,685,400	Sands China			18,481,292
	5,627,200	Wynn Macau			18,061,587
					99,191,566
		Russia—3.4%
	1,357,290	AvtoVAZ (1)			1,032,682
	677,727	Pharmstandard (1)			39,808,600
	17,106,214	Sberbank of Russia			54,771,343
	140,700	TNK-BP Holding			430,616
					96,043,241
		Romania—2.6%
	14,026,371	BRD-Groupe Societe Generale			43,897,389
	248,445,190	OMV Petrom			29,836,786
					73,734,175
		Netherlands—1.8%
	173,724	ASML Holding (3)			8,838,599
	1,251,309	ING Groep Dutch Certificate (1)			8,822,416
	377,725	Reed Elsevier (3)			4,453,946
	772,079	Unilever NV			26,436,162
	56,675	Ziggo NV (1)			1,782,289
					50,333,412
		Ireland—1.5%
	965,569	CRH PLC			19,520,857
	2,288,475	Dragon Oil			21,795,177
					41,316,034

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 29

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund II

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Czech Republic—1.5%
	224,603	Komercni Banka (3)		$	41,303,641
		South Korea—1.4%
	32,073	Samsung Electronics			39,448,265
		Sweden—1.4%
	593,461	Atlas Copco-Class A (3)			14,122,983
	432,682	Elekta AB-Class B			21,945,096
	378,406	TeliaSonera AB			2,528,767
					38,596,846
		Nigeria—1.2%
	48,167,450	Nigerian Breweries			33,703,440
		Denmark—1.2%
	226,778	Novo Nordisk-Class B			33,448,499
		Taiwan—1.0%
	1,716,000	Hon Hai Precision Industry			5,428,502
	7,900,000	Taiwan Semiconductor Manufacturing			23,476,728
					28,905,230
		India—0.7%
	465,648	Adani Enterprises			2,481,983
	401,939	JSW Steel			5,283,172
	2,068,543	Mundra Port & Special Economic Zone			4,990,801
	164,850	State Bank of India			6,678,302
					19,434,258
		Israel—0.7%
	420,938	Teva Pharmaceutical Industries Sponsored ADR			19,253,704
		Spain—0.7%
	531,810	Banco Bilbao Vizcaya Argentaria			3,593,996
	1,413,243	Banco Santander			8,828,747
	1,399,315	Iberdrola SA			6,513,705
					18,936,448
		Australia—0.5%
	139,275	Asciano Group			685,813
	502,167	Newcrest Mining			13,749,134
					14,434,947

See Notes to Financial Statements

30 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund II

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Lebanon—0.5%
	927,125	SOLIDERE Sponsored GDR 144A (9)		$	12,701,613
		Mexico—0.4%
	2,441,017	Grupo Financiero Banorte			11,789,805
		Finland—0.4%
	548,080	Fortum Oyj			11,787,930
		Italy—0.4%
	2,271,613	Intesa Sanpaolo			3,436,535
	135,018	Saipem SpA			6,669,197
					10,105,732
		Ukraine—0.2%
	59,934,020	Raiffeisen Bank Aval (1)			939,960
	26,086	Ukrnafta Sponsored ADR (4)			5,454,843
					6,394,803
		TOTAL COMMON STOCKS (Cost $2,530,485,949)			2,586,189,912
PREFERRED STOCKS—1.7%
		Germany—1.4%
	258,682	Henkel AG 1.420%			19,241,670
	114,035	Volkswagen AG 3.730%			21,598,224
					40,839,894
		Russia—0.3%
	2,711,889	TNK-BP Holding 9.540%			7,478,877
		United Kingdom—0.0%
	148,261,670	Rolls-Royce Holdings-Class C 0.000% (1)			240,755
		Philippines—0.0%
	8,687,023	Ayala Land 0.000% (4)(12)			20,576
		TOTAL PREFERRED STOCKS (Cost $36,955,338)			48,580,102

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 31

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio International Equity Fund II

Share					Fair
Amount				Description	Value (Note 2)
EQUITY LINKED NOTES—0.2%
		Ireland—0.2%
	974,916	Ryanair Holdings, Issued by Barclays Bank, Expires 11/02/2012 144A (Cost $4,595,364) (9)			$	5,493,019
RIGHTS—0.0%
		Spain—0.0%
	531,810	Banco Bilbao Vizcaya Argentaria (1)(Cost $82,101)				76,019
Share
Amount		Currency
INVESTMENT COLLATERAL FROM SECURITY LENDING—4.7%
				United States—4.7%
	132,322,491		USD	State Street Navigator Security Lending Prime Portfolio (Cost $132,322,491)		132,322,491
Face
Value
REPURCHASE AGREEMENT—1.4%
				United States—1.4%
	39,125,749		USD	Fixed Income Clearing Corporation Repurchase Agreement, dated 04/30/2012, due 05/01/2012, with a maturity value of $39,125,760 and an effective yield of 0.01%, collateralized by a Federal Home Loan Bank, with rates ranging from 0.280% - 5.250%, maturities ranging from 08/02/2013 - 06/18/2014, and an aggregate fair value of $39,911,201. (Cost $39,125,749)		39,125,749
				TOTAL INVESTMENTS—100.0% (Cost $2,743,566,992)		2,811,787,292
				OTHER ASSETS AND LIABILITIES—0.0%		737,283
				TOTAL NET ASSETS—100.0%	$	2,812,524,575

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $2,771,424,835.

See Notes to Financial Statements

32 Artio Global Funds  ï  2012 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2012

Artio International Equity Fund II

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

		Contracts to Receive
Expiration		Local		Value in		In Exchange		Net Unrealized
Date	Counterparty	Currency		USD		for USD		Appreciation
06/20/12	Goldman Sachs & Co	CHF	4,746,824		5,232,695		5,189,203	$	43,492
06/20/12	UBS AG	CHF	52,848,110		58,257,501		57,900,065		357,436
06/20/12	Credit Suisse	EUR	26,267,871		34,774,223		34,520,186		254,037
06/20/12	Deutsche Bank AG London	EUR	39,235,355		51,940,981		51,509,778		431,203
06/20/12	Credit Suisse	GBP	12,563,136		20,394,574		19,994,482		400,092
Net unrealized appreciation on forward foreign exchange contracts to buy								$	1,486,260

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
06/20/12	Deutsche Bank AG London	CHF	42,840,487		47,225,523		46,716,050	$	(509,473	)
06/20/12	Goldman Sachs & Co	CHF	4,746,824		5,232,695		5,216,060		(16,635	)
06/20/12	UBS AG	CHF	52,848,110		58,257,500		58,072,294		(185,206	)
06/20/12	Credit Suisse	EUR	26,267,871		34,774,223		34,809,132		34,909
06/20/12	Deutsche Bank AG London	EUR	64,964,475		86,001,987		86,166,281		164,294
06/20/12	Credit Suisse	GBP	31,940,362		51,850,915		50,594,652		(1,256,263	)
Net unrealized depreciation on forward foreign exchange contracts to sell								$	(1,768,374	)

Glossary of Currencies

CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound Sterling
USD	— United States Dollar

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 33

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Artio International Equity Fund II

At April 30, 2012, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Consumer Discretionary		17.5	%	$	492,396,329
Financials		13.0			365,414,960
Health Care		12.0			337,431,850
Energy		11.0			308,788,743
Industrials		10.8			304,046,625
Consumer Staples		9.3			261,085,584
Materials		8.0			224,772,116
Information Technology		6.1			171,255,179
Telecommunication Services		3.9			110,375,214
Utilities		2.3			64,772,452
Short-term Investments		6.1			171,448,240
Total Investments		100.0			2,811,787,292
Other Assets and Liabilities (Net)		0.0			737,283
Net Assets		100.0	%	$	2,812,524,575

See Notes to Financial Statements

34 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—28.0%†
				Federal Home Loan Mortgage Corporation
	20,981,141		USD	6.500% due 05/01/2022-12/01/2038	$	23,700,834
	22,685,535		USD	4.500% due 03/01/2039-11/01/2041		24,238,398
						47,939,232
				Federal Home Loan Mortgage Corporation TBA
	17,560,000		USD	3.500% due 05/01/2042		18,204,780
	20,520,000		USD	4.000% due 05/01/2042		21,651,807
						39,856,587
				Federal National Mortgage Association Corporation
	7,975,408		USD	4.500% due 10/01/2019		8,606,628
	11,640,726		USD	5.500% due 01/01/2029-02/01/2041		12,772,304
	12,061,650		USD	5.000% due 05/01/2035		13,115,867
	707,737		USD	2.881% due 02/01/2036 (6)		759,695
	1,792,484		USD	4.999% due 06/01/2037 (6)		1,920,741
						37,175,235
				Federal National Mortgage Association Corporation TBA
	35,270,000		USD	3.500% due 05/01/2027		37,220,872
	34,170,000		USD	4.000% due 05/01/2042		36,150,790
	31,960,000		USD	5.000% due 05/01/2042		34,711,564
						108,083,226
	8,619,873		USD	Government National Mortgage Association 6.000% due 04/15/2037-09/15/2038		9,784,728
	11,480,000		USD	Government National Mortgage Association TBA 5.000% due 05/01/2042		12,721,278
				U.S. Treasury Bonds
	3,730,000		USD	5.250% due 02/15/2029		5,064,642
	10,000,000		USD	4.250% due 11/15/2040		12,289,060
	28,030,000		USD	4.750% due 02/15/2041		37,253,636
	9,878,000		USD	3.125% due 11/15/2041		9,910,410
						64,517,748
	31,128,332		USD	U.S. Treasury Inflation Indexed Note (TIPS) 0.125% due 04/15/2017		33,343,798
				U.S. Treasury Notes
	3,400,000		USD	0.125% due 12/31/2013		3,393,492

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 35

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—Continued
				U.S. Treasury Notes—Continued
	51,690,000		USD	0.250% due 02/28/2014-02/15/2015	$	51,567,122
	10,080,000		USD	0.750% due 06/15/2014		10,180,014
	49,479,000		USD	0.625% due 07/15/2014		49,846,233
	8,800,000		USD	0.375% due 11/15/2014		8,809,627
	101,635,000		USD	0.875% due 11/30/2016-02/28/2017		102,208,206
	4,690,000		USD	2.000% due 02/15/2022		4,725,907
						230,730,601
				TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $569,022,675)		584,152,433
CORPORATE BONDS—27.1%
				United States—15.1%
	6,655,000		USD	Abbott Laboratories 5.125% due 04/01/2019 (5)		7,948,373
	6,950,000		USD	American Express Credit 2.750% due 09/15/2015		7,217,137
	4,930,000		USD	Amgen Inc 5.150% due 11/15/2041 (5)		5,157,608
	7,063,000		USD	AT&T Inc 3.000% due 02/15/2022 (5)		7,098,605
	1,510,000		USD	Best Buy 3.750% due 03/15/2016 (5)		1,452,729
	7,430,000		USD	Burlington Northern Santa Fe 4.400% due 03/15/2042 (5)		7,327,288
	1,570,000		USD	Cadbury Schweppes Finance 5.125% due 10/01/2013 144A (5)(9)		1,658,523
	2,630,000		USD	CBS Corp 3.375% due 03/01/2022 (5)		2,594,158
	5,960,000		USD	Celgene Corp 3.950% due 10/15/2020 (5)		6,248,047
	6,460,000		USD	Cisco Systems 5.500% due 01/15/2040 (5)		7,774,009
				Citigroup Inc
	10,850,000		USD	4.450% due 01/10/2017		11,345,910

See Notes to Financial Statements

36 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Citigroup Inc—Continued
	4,120,000		USD	6.125% due 11/21/2017	$	4,576,455
						15,922,365
				Comcast Corp
	12,660,000		USD	5.700% due 07/01/2019 (5)		15,099,291
	3,170,000		USD	6.950% due 08/15/2037 (5)		4,043,709
						19,143,000
				CSX Corp
	3,892,000		USD	5.500% due 04/15/2041 (5)		4,372,409
	1,920,000		USD	4.750% due 05/30/2042 (5)		1,933,935
						6,306,344
	5,120,000		USD	Diageo Investment 8.000% due 09/15/2022		7,102,986
	7,470,000		USD	DIRECTV Holdings/Financing 2.400% due 03/15/2017 144A (5)(9)		7,495,166
	6,760,000		USD	Edison International 3.750% due 09/15/2017 (5)		7,186,664
	8,120,000		USD	Freeport-McMoRan Copper & Gold 3.550% due 03/01/2022 (5)		8,039,742
	3,460,000		USD	Genentech Inc 5.250% due 07/15/2035 (5)		3,953,680
	2,100,000		USD	General Electric 5.250% due 12/06/2017		2,453,760
	7,550,000		USD	General Electric Capital 5.625% due 05/01/2018		8,761,949
	4,730,000		USD	Gilead Sciences 4.400% due 12/01/2021 (5)		5,148,851
				Goldman Sachs Group
	6,800,000		USD	3.625% due 02/07/2016		6,842,330
	3,600,000		USD	5.750% due 01/24/2022		3,766,104
						10,608,434
	1,990,000		USD	H.J. Heinz Finance 6.750% due 03/15/2032 (5)		2,490,899

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 37

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
	6,150,000		USD	Harley-Davidson Financial Services 3.875% due 03/15/2016 144A (5)(9)	$	6,453,656
	10,240,000		USD	JPMorgan Chase 4.350% due 08/15/2021		10,742,016
				Juniper Networks
	1,780,000		USD	3.100% due 03/15/2016 (5)		1,855,452
	5,620,000		USD	4.600% due 03/15/2021 (5)		6,047,575
						7,903,027
	8,550,000		USD	Kellogg Co 4.000% due 12/15/2020 (5)		9,235,223
	1,770,000		USD	Merck & Co 3.875% due 01/15/2021 (5)		1,993,089
	4,050,000		USD	MetLife Inc 5.000% due 06/15/2015 (5)		4,473,063
	5,510,000		USD	Metropolitan Life Global Funding I 2.500% due 09/29/2015 144A (9)		5,682,391
	1,180,000		USD	Michigan Bell Telephone 7.850% due 01/15/2022		1,500,654
				Morgan Stanley
	3,570,000		USD	4.750% due 03/22/2017		3,567,362
	8,720,000		USD	5.550% due 04/27/2017 (5)		8,880,701
						12,448,063
	3,090,000		USD	National Australia Bank 2.750% due 03/09/2017		3,096,900
	5,270,000		USD	Newmont Mining 4.875% due 03/15/2042 (5)		5,140,853
	6,036,000		USD	News America 6.150% due 03/01/2037 (5)		6,726,796
	630,000		USD	Norfolk Southern 5.590% due 05/17/2025 (5)		760,271
				Omnicom Group
	590,000		USD	6.250% due 07/15/2019 (5)		701,947
	1,885,000		USD	4.450% due 08/15/2020 (5)		2,048,032

See Notes to Financial Statements

38 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Omnicom Group—Continued
	1,820,000		USD	3.625% due 05/01/2022 (5)	$	1,825,282
						4,575,261
	2,700,000		USD	PartnerRe Finance 6.875% due 06/01/2018 (5)		3,110,079
	3,120,000		USD	Pharmacia Corp 6.600% due 12/01/2028 (5)		4,121,311
	2,790,000		USD	Phillips 66 4.300% due 04/01/2022 144A (5)(9)		2,915,871
	4,020,000		USD	Procter & Gamble 2.300% due 02/06/2022 (5)		3,988,608
	4,520,000		USD	Republic Services 5.500% due 09/15/2019 (5)		5,327,123
	8,500,000		USD	Roche Holdings 6.000% due 03/01/2019 144A (5)(9)		10,579,737
	3,490,000		USD	Ryder System 2.500% due 03/01/2017 (5)		3,526,509
	1,090,000		USD	Thomson Reuters 4.700% due 10/15/2019 (5)		1,221,370
				Time Warner Cable
	1,000,000		USD	6.750% due 07/01/2018 (5)		1,222,310
	8,960,000		USD	5.000% due 02/01/2020 (5)		10,006,008
						11,228,318
	4,020,000		USD	UnitedHealth Group 6.875% due 02/15/2038 (5)		5,404,279
				Valero Energy
	710,000		USD	8.750% due 06/15/2030 (5)		882,579
	3,562,000		USD	6.625% due 06/15/2037 (5)		3,866,248
						4,748,827
	6,450,000		USD	Validus Holdings 8.875% due 01/26/2040 (5)		7,243,898
	4,660,000		USD	Wal-Mart Stores 4.250% due 04/15/2021		5,203,328

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 39

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
	3,285,000		USD	Williams Partners 4.125% due 11/15/2020 (5)	$	3,437,766
	3,090,000		USD	Zimmer Holdings 4.625% due 11/30/2019 (5)		3,472,449
						315,351,053
				Canada—2.4%
	4,400,000		USD	Bank of Montreal 1.300% due 10/31/2014 144A (9)		4,461,050
	5,180,000		USD	Bank of Nova Scotia 1.050% due 03/20/2015 144A (9)		5,206,698
	3,700,000		USD	Caisse Centrale Desjardins du Quebec 1.600% due 03/06/2017 144A (9)		3,708,698
	7,800,000		USD	Canadian Imperial Bank 2.600% due 07/02/2015 144A (9)		8,205,296
	6,070,000		USD	CDP Financial 4.400% due 11/25/2019 144A (5)(9)		6,692,782
	8,720,000		USD	Royal Bank of Canada 3.125% due 04/14/2015 144A (9)		9,246,679
				Toronto-Dominion Bank
	5,180,000		USD	2.200% due 07/29/2015 144A (9)		5,387,599
	5,860,000		USD	2.375% due 10/19/2016		6,045,557
						11,433,156
						48,954,359
				Norway—1.6%
	13,990,000		USD	DNB Bank ASA 3.200% due 04/03/2017 144A (9)		14,153,557
				Nordea Eiendomskreditt
	4,000,000		USD	1.875% due 04/07/2014 144A (9)		4,076,688
	5,820,000		USD	2.125% due 09/22/2016 144A (9)		5,881,086
						9,957,774
	8,980,000		USD	Sparebank 1 Boligkreditt 2.625% due 05/27/2016 144A (9)		9,252,929
						33,364,260

See Notes to Financial Statements

40 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				Australia—1.4%
	4,440,000		USD	Australia & New Zealand Banking Group 2.400% due 11/23/2016 144A (9)	$	4,534,639
	3,470,000		USD	BHP Billiton Finance 7.250% due 03/01/2016		4,194,151
				Commonwealth Bank of Australia
	4,220,000		USD	3.250% due 03/17/2016 144A (9)		4,385,774
	5,440,000		USD	5.000% due 10/15/2019 144A (9)		5,974,703
						10,360,477
	2,610,000		USD	Rio Tinto Finance 3.500% due 11/02/2020 (5)		2,713,210
	6,940,000		USD	Westpac Banking 3.000% due 08/04/2015		7,245,984
						29,048,461
				United Kingdom—1.3%
	1,330,000		USD	Anglo American Capital 9.375% due 04/08/2014 144A (5)(9)		1,523,387
	7,560,000		USD	AstraZeneca PLC 5.900% due 09/15/2017 (5)		9,101,749
	4,240,000		USD	Royal Bank Of Scotland 3.950% due 09/21/2015		4,299,848
	3,530,000		USD	Scottish Power 5.375% due 03/15/2015 (5)		3,818,839
	8,034,000		USD	WPP Finance 4.750% due 11/21/2021 144A (5)(9)		8,567,385
						27,311,208
				Netherlands—0.8%
	6,080,000		USD	Bank Nederlandse Gemeenten 1.375% due 03/23/2015 144A (9)		6,076,024
	1,780,000		USD	MDC-GMTN 3.750% due 04/20/2016 144A (9)		1,841,022
	8,870,000		USD	Rabobank Nederland 3.875% due 02/08/2022		8,780,679
						16,697,725

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 41

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				Sweden—0.8%
	5,900,000		USD	Nordea Bank AB 3.125% due 03/20/2017 144A (9)	$	5,963,348
				Swedbank Hypotek AB
	3,510,000		USD	2.125% due 08/31/2016 144A (9)		3,545,743
	7,090,000		USD	2.375% due 04/05/2017 144A (9)		7,183,985
						10,729,728
						16,693,076
				Ireland—0.6%
				Iberdrola Finance
	4,620,000		USD	3.800% due 09/11/2014 144A (5)(9)		4,725,863
	2,765,000		USD	5.000% due 09/11/2019 144A (5)(9)		2,743,026
						7,468,889
	5,420,000		USD	Irish Life & Permanent 3.600% due 01/14/2013 144A (9)		5,251,021
						12,719,910
				France—0.6%
	6,570,000		USD	Pernod-Ricard SA 4.250% due 07/15/2022 144A (5)(9)		6,756,075
	1,210,000		USD	Sanofi 1.200% due 09/30/2014		1,225,615
	3,530,000		USD	Sanofi Aventis 4.000% due 03/29/2021 (5)		3,923,521
						11,905,211
				Supranational—0.5%
	9,890,000		AUD	International Bank for Reconstruction & Development 5.750% due 10/21/2019		11,108,161
				Brazil—0.5%
	8,650,000		USD	Petrobras International Finance 5.875% due 03/01/2018 (5)		9,786,273
				Switzerland—0.5%
	2,970,000		USD	Credit Suisse Guernsey 1.625% due 03/06/2015 144A (9)		2,980,850

See Notes to Financial Statements

42 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				Switzerland—Continued
	6,210,000		USD	Noble Holding International 3.950% due 03/15/2022 (5)	$	6,321,370
						9,302,220
				United Arab Emirates—0.3%
	6,070,000		USD	IPIC GMTN 3.750% due 03/01/2017 144A (9)		6,198,987
				Chile—0.3%
	5,610,000		USD	Corp Nacional del Cobre de Chile 3.875% due 11/03/2021 144A (9)		5,864,874
				Hong Kong—0.2%
	4,840,000		USD	Hutchison Whampoa International 11 3.500% due 01/13/2017 144A (9)		5,009,763
				Germany—0.2%
				Deutsche Telekom International Finance
	2,310,000		USD	4.875% due 07/08/2014 (5)		2,469,531
	2,280,000		USD	4.875% due 03/06/2042 144A (5)(9)		2,156,925
						4,626,456
				TOTAL CORPORATE BONDS (Cost $543,856,215)		563,941,997
ASSET BACKED SECURITIES—23.0%
				United States—23.0%
				Ally Auto Receivables Trust
	4,389,053		USD	Series 2010-2, Class A3 1.380% due 07/15/2014 (5)		4,408,982
	11,835,533		USD	Series 2010-5, Class A3 1.110% due 01/15/2015 (5)		11,889,061
						16,298,043
				Ally Master Owner Trust
	3,830,000		USD	Series 2011-3, Class A1 0.870% due 05/15/2016 (5)(6)		3,846,036
	5,720,000		USD	Series 2012-1, Class A2 1.440% due 02/15/2017 (5)		5,747,697
						9,593,733

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 43

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				Banc of America Commercial Mortgage
	2,572,821		USD	Series 2006-3, Class AM 5.858% due 07/10/2044 (5)(6)	$	2,470,791
	8,380,000		USD	Series 2006-1, Class AM 5.421% due 09/10/2045 (5)(6)		8,979,028
	3,425,000		USD	Series 2006-4, Class AM 5.675% due 07/10/2046 (5)		3,642,474
						15,092,293
	974,713		USD	Banc of America Mortgage Securities Series 2004-7, Class 2A3 5.750% due 08/25/2034 (5)		994,937
	2,282,975		USD	Bear Stearns Adjustable Rate Mortgage Trust Series 2004-3, Class 4A 4.738% due 07/25/2034 (5)(6)		2,202,689
				Bear Stearns Commercial Mortgage Securities
	5,322,000		USD	Series 2005-PW10, Class AM 5.449% due 12/11/2040 (5)(6)		5,560,481
	4,610,000		USD	Series 2006-PW13, Class AM 5.582% due 09/11/2041 (5)(6)		4,905,448
	3,195,000		USD	Series 2006-T24, Class A4 5.537% due 10/12/2041 (5)		3,663,050
						14,128,979
	3,500,000		USD	Chase Issuance Trust Series 2007-A17, Class A 5.120% due 10/15/2014 (5)		3,576,600
				Citicorp Mortgage Securities
	31,381		USD	Series 2005-1, Class 1A1 5.000% due 02/25/2035 (5)		31,301
	1,683,310		USD	Series 2006-5, Class 1A2 6.000% due 10/25/2036 (5)		1,700,093
	1,527,649		USD	Series 2006-6, Class A12 0.539% due 11/25/2036 (5)(6)		1,416,901
						3,148,295
	5,020,000		USD	Citigroup Commercial Mortgage Trust Series 2007-C6, Class AM 5.699% due 12/10/2049 (5)(6)		5,204,974

See Notes to Financial Statements

44 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
	3,037,280		USD	Citigroup Mortgage Loan Trust Series 2005-11, Class A3 4.900% due 11/25/2035 (5)(6)	$	2,730,342
	6,505,000		USD	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class A4 5.322% due 12/11/2049 (5)		7,238,611
				CNH Equipment Trust
	4,015,212		USD	Series 2009-B, Class A4 5.170% due 10/15/2014 (5)		4,072,521
	7,650,000		USD	Series 2011-B, Class A2 0.710% due 12/15/2014 (5)		7,653,720
	4,250,000		USD	Series 2011-C, Class A2 0.900% due 04/15/2015 (5)		4,262,189
	3,120,000		USD	Series 2012-A, Class A3 0.940% due 05/15/2017 (5)		3,130,680
						19,119,110
				Commercial Mortgage Pass Through Certificates
	5,980,000		USD	Series 2012-9W57, Class A 2.365% due 02/10/2029 144A (9)		6,115,961
	2,734,203		USD	Series 2010-C1, Class A1 3.156% due 07/10/2046 144A (5)(9)		2,866,483
	6,690,000		USD	Series 2007-C9, Class A4 5.811% due 12/10/2049 (5)(6)		7,797,312
						16,779,756
				Countrywide Alternative Loan Trust
	3,767,884		USD	Series 2004-2CB, Class 1A2 5.125% due 03/25/2034 (5)		3,829,063
	5,077,923		USD	Series 2004-28CB, Class 3A1 6.000% due 01/25/2035 (5)		4,897,253
	3,400,141		USD	Series 2005-10CB, Class 1A6 5.500% due 05/25/2035 (5)		3,375,237
	4,281,750		USD	Series 2005-86CB, Class A8 5.500% due 02/25/2036 (5)		3,719,025
						15,820,578

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 45

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
	1,903,749		USD	Countrywide Home Loans Series 2005-21, Class A2 5.500% due 10/25/2035 (5)	$	1,759,783
				Credit Suisse First Boston Mortgage Securities
	4,466,665		USD	Series 2004-8, Class 5A1 6.000% due 12/25/2034 (5)		4,434,329
	1,628,005		USD	Series 2005-9, Class 1A3 5.250% due 10/25/2035 (5)		1,513,976
						5,948,305
	7,150,000		USD	Credit Suisse Mortgage Capital Certificates Series 2006-C4, Class A3 5.467% due 09/15/2039 (5)		7,909,051
				DBUBS Mortgage Trust
	9,800,000		USD	Series 2011-LC2A, Class A4 4.537% due 07/10/2044 144A (5)(9)		10,823,782
	4,790,471		USD	Series 2011-LC1A, Class A1 3.742% due 11/10/2046 144A (5)(9)		5,139,825
						15,963,607
	15,490,000		USD	Discover Card Master Trust I Series 2005-4, Class A2 0.330% due 06/16/2015 (6)		15,494,079
				FDIC Structured Sale Guaranteed Notes
	5,763,188		USD	Series 2010-C1, Class A 2.980% due 12/06/2020 144A (5)(9)		6,015,497
	2,101,579		USD	Series 2010-S1, Class 2A 3.250% due 04/25/2038 144A (5)(9)		2,140,378
	4,513,878		USD	Series 2010-S2, Class 2A 2.570% due 07/29/2047 144A (5)(9)		4,522,454
						12,678,329
	4,036,414		USD	FDIC Trust Series 2010-R1, Class A 2.184% due 05/25/2050 144A (5)(9)		4,044,158
	160,675		USD	First Horizon Asset Securities Series 2006-3, Class 1A8 6.250% due 11/25/2036 (5)		160,665

See Notes to Financial Statements

46 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
	5,480,000		USD	Ford Credit Auto Lease Trust Series 2011-B, Class A2 0.820% due 01/15/2014 (5)	$	5,487,146
	2,417,668		USD	Ford Credit Auto Owner Trust Series 2011-B, Class A2 0.680% due 01/15/2014 (5)		2,421,680
				Ford Credit Floorplan Master Owner Trust
	8,620,000		USD	Series 2009-2, Class A 1.790% due 09/15/2014 (6)		8,667,161
	4,350,000		USD	Series 2012-2, Class A 1.920% due 01/15/2019 (5)		4,403,464
						13,070,625
	240,171		USD	GE Capital Commercial Mortgage Series 2004-C3, Class A3 4.865% due 07/10/2039 (5)(6)		240,140
	2,600,000		USD	GE Capital Credit Card Master Note Trust Series 2011-1, Class A 0.790% due 01/15/2017 (5)(6)		2,617,577
	3,440,000		USD	GE Dealer Floorplan Master Note Trust Series 2009-2A, Class A 1.790% due 10/20/2014 144A (5)(6)(9)		3,462,884
	2,440,000		USD	GE Equipment Small Ticket Series 2011-1A, Class A3 1.450% due 01/21/2018 144A (5)(9)		2,452,035
	1,730,000		USD	GE Equipment Transportation Series 2012-1, Class A3 0.990% due 11/23/2015 (5)		1,734,654
	6,290,000		USD	Greenwich Capital Commercial Funding Series 2007-GG9, Class A4 5.444% due 03/10/2039 (5)		6,986,674
				GS Mortgage Securities
	9,427,608		USD	Series 2010-C2, Class A1 3.849% due 12/10/2043 144A (5)(9)		10,179,502

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 47

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				GS Mortgage Securities—Continued
	8,530,000		USD	Series 2011-GC3, Class A2 3.645% due 03/10/2044 144A (5)(9)	$	9,156,383
						19,335,885
	4,404,335		USD	GSR Mortgage Loan Trust Series 2005-6F, Class 1A6 5.250% due 07/25/2035 (5)		4,331,435
	2,524,898		USD	Homebanc Mortgage Trust Series 2006-2, Class A1 0.419% due 12/25/2036 (5)(6)		1,654,388
	8,590,000		USD	Hyundai Floorplan Master Owner Trust Series 2009-1A, Class A 1.490% due 11/17/2014 144A (5)(6)(9)		8,641,195
				Indymac INDA Mortgage Loan Trust
	4,746,863		USD	Series 2005-AR2, Class 3A1 4.884% due 01/25/2036 (5)(6)		4,066,708
	666,324		USD	Series 2006-AR1, Class A1 5.489% due 08/25/2036 (5)(6)		646,612
						4,713,320
				JP Morgan Mortgage Trust
	2,880,279		USD	Series 2005-A2, Class 3A2 2.736% due 04/25/2035 (5)(6)		2,649,217
	1,925,000		USD	Series 2005-A5, Class 2A2 2.730% due 08/25/2035 (5)(6)		1,703,116
	4,080,378		USD	Series 2006-S1, Class 2A6 6.000% due 04/25/2036 (5)		4,021,651
						8,373,984
				JPMorgan Chase Commercial Mortgage Securities
	75,001		USD	Series 2002-CIB4, Class A3 6.162% due 05/12/2034 (5)		74,976
	6,510,000		USD	Series 2006-LDP8, Class AM 5.440% due 05/15/2045 (5)		6,940,610

See Notes to Financial Statements

48 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				JPMorgan Chase Commercial Mortgage Securities—Continued
	6,670,000		USD	Series 2006-LDP9, Class A3 5.336% due 05/15/2047 (5)	$	7,376,076
						14,391,662
				LB-UBS Commercial Mortgage Trust
	4,070,000		USD	Series 2006-C4, Class AM 6.087% due 06/15/2038 (5)(6)		4,278,990
	10,600,000		USD	Series 2006-C7, Class A3 5.347% due 11/15/2038 (5)		12,005,364
						16,284,354
	2,218,888		USD	Massachusetts RRB Special Purpose Trust Series 2005-1, Class A4 4.400% due 03/15/2015 (5)		2,272,644
	2,126,264		USD	MASTR Adjustable Rate Mortgages Trust Series 2006-2, Class 4A1 4.651% due 02/25/2036 (5)(6)		2,053,759
	4,480,000		USD	Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-3, Class AM 5.456% due 07/12/2046 (5)(6)		4,558,859
				MLCC Mortgage Investors
	3,525,607		USD	Series 2006-1, Class 2A1 2.151% due 02/25/2036 (5)(6)		3,117,525
	2,535,857		USD	Series 2007-2, Class 2A1 3.901% due 06/25/2037 (5)(6)		2,195,943
	2,174,827		USD	Series 2007-3, Class 2A2 5.762% due 09/25/2037 (5)(6)		1,909,890
						7,223,358
				Morgan Stanley Capital I
	2,600,000		USD	Series 2006-T23, Class A4 5.812% due 08/12/2041 (5)(6)		3,012,851
	6,681,000		USD	Series 2007-T27, Class A4 5.658% due 06/11/2042 (5)(6)		7,793,173

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 49

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				Morgan Stanley Capital I—Continued
	5,924,000		USD	Series 2011-C1, Class A2 3.884% due 09/15/2047 144A (5)(9)	$	6,370,625
						17,176,649
	114,357		USD	Morgan Stanley Dean Witter Capital I Series 2001-TOP3, Class A4 6.390% due 07/15/2033 (5)		114,292
	4,070,000		USD	Navistar Financial Dealer Note Master Trust Series 2009-1, Class A 1.689% due 10/26/2015 144A (6)(9)		4,095,530
				NCUA Guaranteed Notes
	2,131,361		USD	Series 2010-R2, Class 1A 0.609% due 11/06/2017 (5)(6)		2,131,702
	6,244,702		USD	Series 2010-R3, Class 1A 0.799% due 12/08/2020 (5)(6)		6,267,869
						8,399,571
				Nissan Auto Lease Trust
	2,455,000		USD	Series 2011-B, Class A2 0.420% due 02/17/2014 (5)(6)		2,454,676
	7,110,000		USD	Series 2012-A, Class A3 0.980% due 05/15/2015 (5)		7,145,694
						9,600,370
	7,250,000		USD	Nissan Auto Receivables Owner Trust Series 2011-B, Class A2 0.740% due 09/15/2014 (5)		7,263,391
	8,535,000		USD	OBP Depositor Trust Series 2010-OBP, Class A 4.646% due 07/15/2045 144A (9)		9,783,905
	743,548		USD	Residential Funding Mortgage Securities I Series 2006-S12, Class 3A4 5.750% due 12/25/2036 (5)		706,503
				SLM Student Loan Trust
	5,394,990		USD	Series 2011-1, Class A1 0.759% due 03/25/2026 (5)(6)		5,368,139

See Notes to Financial Statements

50 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				SLM Student Loan Trust—Continued
	12,940,243		USD	Series 2011-2, Class A1 0.839% due 11/25/2027 (5)(6)	$	12,911,261
						18,279,400
				Small Business Administration
	3,746,040		USD	Series 2005-P10B, Class 1 4.940% due 08/10/2015 (5)		4,078,700
	235,043		USD	Series 2006-P10A, Class 1 5.408% due 02/10/2016 (5)		255,391
	2,723,634		USD	Series 2007-P10A, Class 1 5.459% due 02/10/2017 (5)		2,937,650
						7,271,741
	5,320,000		USD	Structured Asset Securities Series 2004-18H, Class A5 4.750% due 10/25/2034 (5)		4,844,743
	6,322,770		USD	Thornburg Mortgage Securities Trust Series 2007-4, Class 2A1 6.156% due 09/25/2037 (5)(6)		5,978,590
	2,950,000		USD	Toyota Auto Receivables Owner Trust Series 2011-B, Class A2 0.530% due 04/15/2014 (5)		2,950,929
	4,690,000		USD	Vornado DP Series 2010-FX, Class A2 4.004% due 09/13/2028 144A (9)		5,132,731
				WaMu Mortgage Pass Through Certificates
	7,430,000		USD	Series 2005-AR5, Class A5 2.537% due 05/25/2035 (5)(6)		7,051,185
	4,680,000		USD	Series 2005-AR7, Class A3 2.539% due 08/25/2035 (5)(6)		3,626,244
	1,366,046		USD	Series 2005-AR14, Class 1A1 2.457% due 12/25/2035 (5)(6)		1,342,916
						12,020,345
	4,010,000		USD	Wells Fargo Commercial Mortgage Trust Series 2010-C1, Class A2 4.393% due 11/15/2043 144A (5)(9)		4,478,362

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 51

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				Wells Fargo Mortgage Backed Securities Trust
	4,593,248		USD	Series 2005-AR13, Class 4A1 5.335% due 05/25/2035 (5)(6)	$	4,420,026
	8,020,000		USD	Series 2006-5, Class 1A5 5.250% due 04/25/2036 (5)		8,043,082
	2,603,933		USD	Series 2006-10, Class A4 6.000% due 08/25/2036 (5)		2,588,278
	2,905,000		USD	Series 2006-19, Class A4 5.250% due 12/26/2036 (5)		2,728,379
						17,779,765
				WF-RBS Commercial Mortgage Trust
	4,500,000		USD	Series 2011-C3, Class A4 4.375% due 03/15/2044 144A (5)(9)		4,929,098
	9,207,000		USD	Series 2011-C4, Class A4 4.902% due 06/15/2044 144A (5)(6)(9)		10,462,098
						15,391,196
						479,463,188
��
				Russia—0.0%
	204,743		USD	CityMortgage MBS Finance Series 2006-1A, Class AFL 1.841% due 09/10/2033 144A (5)(6)(9)		198,601
				TOTAL ASSET BACKED SECURITIES (Cost $465,809,897)		479,661,789
FOREIGN GOVERNMENT AND AGENCY BONDS—16.4%
				Canada—5.7%
				Canada Housing Trust
	8,880,000		CAD	1.850% due 12/15/2016 144A (9)		8,962,161
	21,710,000		CAD	2.050% due 06/15/2017 144A (9)		22,036,359
						30,998,520
				Canadian Government Bond
	60,870,000		CAD	1.500% due 03/01/2017		61,292,088

See Notes to Financial Statements

52 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
FOREIGN GOVERNMENT AND AGENCY BONDS—Continued
				Canada—Continued
				Canadian Government Bond—Continued
	18,670,000		CAD	4.000% due 06/01/2017	$	21,061,748
						82,353,836
	5,360,000		USD	Province of British Columbia 1.200% due 04/25/2017		5,371,374
						118,723,730
				Mexico—4.5%
	923,008,400		MXN	Mexican Bonos 10.000% due 12/05/2024		93,137,900
				Brazil—3.3%
	128,298,000		BRL	Brazil Notas do Tesouro Nacional, Series F 10.000% due 01/01/2014		68,576,302
				Australia—2.2%
	27,510,000		AUD	New South Wales Treasury 6.000% due 02/01/2018		31,336,793
				Queensland Treasury
	9,900,000		AUD	6.000% due 02/21/2018		11,065,289
	3,890,000		AUD	6.000% due 07/21/2022		4,366,654
						15,431,943
						46,768,736
				Qatar—0.7%
	13,460,000		USD	State of Qatar 4.000% due 01/20/2015 144A (5)(9)		14,254,140
				TOTAL FOREIGN GOVERNMENT AND AGENCY BONDS (Cost $344,879,351)		341,460,808
MUNICIPAL OBLIGATIONS—1.2%
				United States—1.2%
	5,485,000		USD	Commonwealth of Massachusetts, General Obligation 4.200% due 12/01/2021		6,189,987
	3,590,000		USD	East Bay Municipal Utility District, Revenue Bonds 5.874% due 06/01/2040		4,566,229

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 53

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
MUNICIPAL OBLIGATIONS—Continued
				United States—Continued
	5,980,000		USD	State of Connecticut, General Obligation Unlimited 5.850% due 03/15/2032	$	7,408,383
	5,060,000		USD	State of Washington, General Obligation Unlimited 5.090% due 08/01/2033		5,859,227
				TOTAL MUNICIPAL OBLIGATIONS (Cost $20,675,583)		24,023,826
REPURCHASE AGREEMENT—11.6%
				United States—11.6%
	242,251,070		USD	Fixed Income Clearing Corporation Repurchase Agreement, dated 04/30/2012, due 05/01/2012, with a maturity value of $242,251,137 and an effective yield of 0.01%, collateralized by Federal Home Loan Bank, with a rate of 0.280%, maturities ranging from 07/26/2013-08/02/2013 and an aggregate fair value of $247,098,513. (Cost $242,251,070)		242,251,070
				TOTAL INVESTMENTS—107.3% (Cost $2,186,494,791)		2,235,491,923
				OTHER ASSETS AND LIABILITIES—(7.3)%		(152,993,285	)
				TOTAL NET ASSETS—100.0%	$	2,082,498,638

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $2,188,790,972.

See Notes to Financial Statements

54 Artio Global Funds  ï  2012 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2012

Artio Total Return Bond Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

		Contracts to Receive						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
05/11/12	Deutsche Bank AG London	AUD	5,537,952		5,764,743		5,728,209	$	36,534
05/03/12	JPMorgan Chase Bank N.A.	BRL	52,360,000		27,468,982		28,384,789		(915,807	)
05/29/12	Deutsche Bank AG London	CAD	16,128,839		16,317,517		16,141,324		176,193
05/11/12	Morgan Stanley Capital Services Inc.	JPY	1,441,470,202		18,055,831		17,686,088		369,743
05/14/12	Credit Suisse	MXN	66,695,000		5,114,758		5,055,332		59,426
05/14/12	JPMorgan Chase Bank N.A.	MXN	66,695,000		5,114,759		5,055,716		59,043
06/05/12	Credit Suisse	MXN	377,990,000		28,926,698		29,249,400		(322,702	)
Net unrealized depreciation on forward foreign exchange contracts to buy								$	(537,570	)

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
05/11/12	Westpac Banking	AUD	3,733,977		3,886,890		3,840,246	$	(46,644	)
05/03/12	Credit Suisse	BRL	13,051,187		6,846,884		7,074,581		227,697
05/03/12	JPMorgan Chase Bank N.A.	BRL	55,268,813		28,994,997		29,961,680		966,683
05/29/12	Deutsche Bank AG London	CAD	57,085,934		57,753,735		57,690,241		(63,494	)
05/11/12	Morgan Stanley Capital Services Inc.	JPY	1,441,470,202		18,055,831		17,855,253		(200,578	)
06/05/12	Credit Suisse	MXN	286,174,761		21,900,291		22,199,135		298,844
06/05/12	JPMorgan Chase Bank N.A.	MXN	616,603,287		47,187,219		48,018,701		831,482
Net unrealized appreciation on forward foreign exchange contracts to sell								$	2,013,990

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 55

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2012

Artio Total Return Bond Fund

Glossary of Currencies

AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
JPY	— Japanese Yen
MXN	— Mexican Peso
USD	— United States Dollar

See Notes to Financial Statements

56 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Artio Total Return Bond Fund

At April 30, 2012, security type diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
SECURITY TYPE
U.S. Government and Agency Obligations		28.0	%	$	584,152,433
Corporate Bonds		27.1			563,941,997
Asset Backed Securities		23.0			479,661,789
Foreign Government and Agency Bonds		16.4			341,460,808
Municipal Obligations		1.2			24,023,826
Short-term Investment		11.6			242,251,070
Total Investments		107.3			2,235,491,923
Other Assets and Liabilities (Net)		(7.3	)		(152,993,285	)
Net Assets		100.0	%	$	2,082,498,638

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 57

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—76.1%†
				United States—50.7%
	3,060,000		USD	ABN Amro NA 6.523% due 12/29/2049 144A (5)(6)(9)	$	2,754,000
	7,845,000		USD	Academy Ltd/Academy Finance 9.250% due 08/01/2019 144A (5)(9)		8,413,763
	23,790,000		USD	AES Corp 8.000% due 06/01/2020 (5)		27,477,450
	5,530,000		USD	Alere Inc 9.000% due 05/15/2016 (5)		5,744,288
	14,440,000		USD	Ally Financial 8.000% due 03/15/2020		16,577,481
	14,555,000		USD	American Achievement 10.875% due 04/15/2016 144A (5)(9)		10,752,506
				Arch Coal
	4,055,000		USD	7.000% due 06/15/2019 144A (5)(9)		3,649,500
	12,095,000		USD	7.250% due 06/15/2021 144A (5)(9)		10,855,262
						14,504,762
	34,655,000		USD	ATP Oil & Gas 11.875% due 05/01/2015 (5)		26,857,625
	9,355,000		USD	Blue Danube 11.163% due 04/10/2015 144A (6)(9)		9,327,871
	5,091,000		USD	Capital One Capital III 7.686% due 08/15/2036 (5)		5,154,638
	22,015,000		USD	Chesapeake Energy 9.500% due 02/15/2015 (5)		24,106,425
				CityCenter Holdings/Finance
	19,375,000		USD	7.625% due 01/15/2016 (5)		20,634,375
	1,720,000		USD	7.625% due 01/15/2016 144A (5)(9)		1,827,500
						22,461,875
	40,530,000		USD	Clayton Williams Energy 7.750% due 04/01/2019 (5)		40,428,675
				Clear Channel Worldwide
	6,735,000		USD	7.625% due 03/15/2020 144A (5)(9)		6,583,463

See Notes to Financial Statements

58 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Clear Channel Worldwide—Continued
	8,350,000		USD	7.625% due 03/15/2020 144A (5)(9)	$	8,308,250
						14,891,713
				Clearwire Communications/Finance
	34,225,000		USD	12.000% due 12/01/2015 144A (5)(9)		31,743,687
	710,000		USD	14.750% due 12/01/2016 144A (5)(9)		710,000
						32,453,687
	21,195,000		USD	Cloud Peak Energy Resources 8.250% due 12/15/2017 (5)		21,512,925
	7,245,000		USD	Compass Re 11.250% due 01/08/2015 144A (6)(9)		7,053,008
	12,050,000		USD	DineEquity Inc 9.500% due 10/30/2018 (5)		13,375,500
	1,500,000		USD	DPH Holdings 6.550% due 06/15/2006 (1)(4)(5)(7)		10,219
	7,355,000		USD	Dresdner Funding Trust I 8.151% due 06/30/2031 144A (5)(9)		5,994,325
	4,255,000		USD	Earthlink Inc 8.875% due 05/15/2019 (5)		4,191,175
				El Paso
	4,000,000		USD	8.050% due 10/15/2030		4,605,808
	25,249,000		USD	7.800% due 08/01/2031 (5)		28,919,346
						33,525,154
	14,355,000		USD	Energy Future Holdings 10.000% due 01/15/2020 (5)		15,700,781
	12,760,000		USD	Entravision Communications 8.750% due 08/01/2017 (5)		13,525,600
	8,630,000		USD	Epicor Software 8.625% due 05/01/2019 (5)		8,975,200
	29,225,000		USD	Evertec Inc 11.000% due 10/01/2018 (5)		31,855,250
				First Data
	1,455,000		USD	7.375% due 06/15/2019 144A (5)(9)		1,495,013
	17,415,000		USD	8.250% due 01/15/2021 144A (5)(9)		17,240,850

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 59

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				First Data—Continued
	19,425,000		USD	8.750% due 01/15/2022 144A (5)(9)	$	19,036,500
						37,772,363
				Ford Motor Credit
	6,870,000		USD	7.000% due 04/15/2015		7,677,225
	3,200,000		USD	8.000% due 12/15/2016		3,830,339
	17,145,000		USD	8.125% due 01/15/2020		21,776,087
						33,283,651
				Frontier Communications
	14,400,000		USD	8.750% due 04/15/2022 (5)		15,192,000
	20,275,000		USD	9.000% due 08/15/2031 (5)		19,413,312
						34,605,312
	14,430,000		USD	HCA Holdings 7.750% due 05/15/2021 (5)		15,223,650
				HCA Inc
	2,864,000		USD	7.190% due 11/15/2015 (5)		2,971,400
	7,480,000		USD	8.000% due 10/01/2018 (5)		8,349,550
	9,200,000		USD	7.500% due 02/15/2022 (5)		9,924,500
	10,835,000		USD	5.875% due 03/15/2022 (5)		11,038,156
						32,283,606
				Hercules Offshore
	7,405,000		USD	7.125% due 04/01/2017 144A (5)(9)		7,414,256
	9,210,000		USD	10.500% due 10/15/2017 144A (5)(9)		9,670,500
	18,325,000		USD	10.250% due 04/01/2019 144A (5)(9)		18,279,187
						35,363,943
	9,385,000		USD	Immucor Inc 11.125% due 08/15/2019 (5)		10,569,856
	23,890,000		USD	IMS Health 12.500% due 03/01/2018 144A (5)(9)		28,190,200
	11,110,000		USD	INC Research 11.500% due 07/15/2019 144A (5)(9)		10,971,125
	14,230,000		USD	Interactive Data 10.250% due 08/01/2018 (5)		16,151,050

See Notes to Financial Statements

60 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
	2,860,000		USD	JBS U.S.A. LLC/Finance 8.250% due 02/01/2020 144A (5)(9)	$	2,902,900
	12,901,000		USD	K Hovnanian Enterprises 10.625% due 10/15/2016 (5)		11,675,405
				Kinetics Concepts/KCI USA
	22,995,000		USD	10.500% due 11/01/2018 144A (5)(9)		23,828,569
	5,285,000		USD	12.500% due 11/01/2019 144A (5)(9)		4,915,050
						28,743,619
	15,180,000		USD	Landry’s Inc 9.375% due 05/01/2020 144A (5)(9)		15,540,525
				Lawson Software
	14,970,000		USD	11.500% due 07/15/2018 144A (5)(9)		16,841,250
	10,830,000		USD	9.375% due 04/01/2019 144A (5)(9)		11,371,500
	12,595,000		EUR	10.000% due 04/01/2019 144A (5)(9)		16,838,726
						45,051,476
	31,556,000		USD	Level 3 Financing 10.000% due 02/01/2018 (5)		34,711,600
	39,335,000		USD	MacDermid Inc 9.500% due 04/15/2017 144A (5)(9)		41,203,412
	32,675,000		USD	Marquette Transportation 10.875% due 01/15/2017 (5)		34,798,875
	15,145,000		USD	Merge Healthcare 11.750% due 05/01/2015 (5)		16,356,600
	32,197,650		USD	Mirant Americas Generation 9.125% due 05/01/2031 (5)		28,333,932
				Momentive Performance
	8,715,000		USD	9.000% due 01/15/2021 (5)		7,582,050
	15,585,000		EUR	9.500% due 01/15/2021 (5)		16,607,045
						24,189,095
	12,090,000		USD	Monitronics International 9.125% due 04/01/2020 144A (5)(9)		12,150,450
	3,025,000		USD	Montana Re 10.225% due 12/07/2012 144A (4)(6)		2,928,805

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 61

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
	7,995,000		EUR	Morgan Stanley 4.500% due 02/23/2016	$	10,564,549
	9,340,000		USD	Mystic Re 12.061% due 03/12/2015 144A (4)(6)		9,270,417
	21,060,000		USD	Needle Merger 8.125% due 03/15/2019 144A (5)(9)		21,165,300
				New Albertsons
	9,592,000		USD	7.750% due 06/15/2026		7,769,520
	4,420,000		USD	6.625% due 06/01/2028		3,149,250
	19,080,000		USD	7.450% due 08/01/2029 (5)		14,596,200
	13,285,000		USD	8.700% due 05/01/2030 (5)		11,358,675
						36,873,645
	10,625,000		USD	Newport TV/NTV Finance 13.000% due 03/15/2017 144A (5)(9)		11,142,969
	20,125,000		USD	Nortek Inc 8.500% due 04/15/2021 (5)		19,974,062
				NRG Energy
	7,545,000		USD	7.625% due 05/15/2019 (5)		7,469,550
	13,575,000		USD	8.500% due 06/15/2019 (5)		13,914,375
						21,383,925
	31,770,000		USD	PAETEC Holding 9.875% due 12/01/2018 (5)		36,138,375
	32,480,000		USD	Palace Entertainment Holdings 8.875% due 04/15/2017 144A (5)(9)		33,616,800
				Plains Exploration & Production
	14,410,000		USD	8.625% due 10/15/2019 (5)		16,283,300
	10,190,000		USD	6.750% due 02/01/2022 (5)		10,648,550
						26,931,850
	20,845,000		USD	PNC Preferred Funding Trust I 2.124% due 03/29/2049 144A (5)(6)(9)		16,053,985
				Residential Re 2011
	12,370,000		USD	8.750% due 06/06/2015 144A (6)(9)		12,341,549
	10,790,000		USD	8.900% due 12/06/2015 144A (6)(9)		10,334,662
						22,676,211

See Notes to Financial Statements

62 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
	25,755,000		USD	Reynolds Group Issuer 9.000% due 04/15/2019 144A (5)(9)	$	26,012,550
	17,970,000		USD	Rite Aid 9.250% due 03/15/2020 144A (5)(9)		18,284,475
				SandRidge Energy
	16,217,000		USD	8.750% due 01/15/2020 (5)		17,352,190
	21,756,000		USD	7.500% due 03/15/2021 (5)		22,082,340
	250		USD	7.500% due 03/15/2021 144A (5)(9)		254
	820,000		USD	8.125% due 10/15/2022 144A (5)(9)		851,775
						40,286,559
	3,140,000		USD	Stanadyne Corp, Series 1 10.000% due 08/15/2014 (4)(5)		2,645,450
				Standard Pacific
	20,636,000		USD	10.750% due 09/15/2016 (5)		23,834,580
	18,035,000		USD	8.375% due 01/15/2021 (5)		19,117,100
						42,951,680
				Successor X
	14,115,000		USD	9.703% due 02/25/2014 144A (4)(6)		13,550,400
	6,845,000		USD	11.250% due 11/10/2015 144A (6)(9)		6,551,350
						20,101,750
	10,430,000		USD	Taylor Morrison Communities/Monarch 7.750% due 04/15/2020 144A (5)(9)		10,768,975
	14,155,000		USD	Townsquare Radio 9.000% due 04/01/2019 144A (5)(9)		14,650,425
	23,990,000		USD	Toys R Us Property 10.750% due 07/15/2017 (5)		26,508,950
	25,645,000		USD	TransUnion Holding 9.625% due 06/15/2018 144A (5)(9)		27,632,487
				Universal Hospital Services
	22,418,000		USD	4.121% due 06/01/2015 (5)(6)		21,353,145
	860,000		USD	8.500% due 06/01/2015 (5)		885,263
						22,238,408
	8,605,000		USD	Univision Communications 6.875% due 05/15/2019 144A (5)(9)		8,744,831

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 63

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Vanguard Health
	28,430,000		USD	8.000% due 02/01/2018 (5)	$	29,105,212
	4,265,000		USD	7.750% due 02/01/2019 144A (5)(9)		4,302,319
						33,407,531
	17,210,000		USD	Venoco Inc 8.875% due 02/15/2019 (5)		16,220,425
	22,230,000		USD	Visteon Corp 6.750% due 04/15/2019 (5)		23,008,050
	34,832,000		USD	WPX Energy 6.000% due 01/15/2022 144A (5)(9)		34,048,280
	29,450,000		USD	Wyle Services 10.500% due 04/01/2018 144A (5)(9)		31,953,250
	34,110,000		USD	YCC Holdings/Yankee Finance 10.250% due 02/15/2016 (5)		35,048,025
						1,670,931,535
				Canada—7.2%
				Air Canada
	22,555,088		USD	9.250% due 08/01/2015 144A (5)(9)		22,047,598
	36,293,642		USD	12.000% due 02/01/2016 144A (5)(9)		31,938,405
						53,986,003
				Bombardier Inc
	5,100,000		USD	7.500% due 03/15/2018 144A (5)(9)		5,673,750
	6,020,000		EUR	6.125% due 05/15/2021 (5)		7,968,676
	4,170,000		USD	7.450% due 05/01/2034 144A (5)(9)		4,232,550
						17,874,976
	29,435,000		USD	Garda World Security 9.750% due 03/15/2017 144A (5)(9)		31,495,450
				Nortel Networks
	10,970,000		USD	Zero Coupon due 07/15/2011 (1)(7)		11,737,900
	5,730,000		USD	10.750% due 07/15/2016 (1)(5)(7)		6,603,825
						18,341,725
	8,472,000		USD	Patheon Inc 8.625% due 04/15/2017 144A (5)(9)		7,667,160

See Notes to Financial Statements

64 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				Canada—Continued
	26,460,000		USD	PetroBakken Energy 8.625% due 02/01/2020 144A (5)(9)	$	27,650,700
	18,960,000		USD	Postmedia Network 12.500% due 07/15/2018 (5)		19,339,200
	15,810,000		USD	Reliance Intermediate 9.500% due 12/15/2019 144A (5)(9)		17,628,150
	11,217,000		USD	Telesat Canada 12.500% due 11/01/2017 (5)		12,619,125
	30,200,000		USD	Trinidad Drilling 7.875% due 01/15/2019 144A (5)(9)		32,314,000
						238,916,489
				United Kingdom—5.2%
	5,585,000		USD	Barclays Bank, Series 1 6.278% due 12/29/2049 (5)(6)		4,440,075
	7,275,000		EUR	Channel Link Enterprises 2.917% due 06/30/2012 (6)		8,666,928
	23,788,720		GBP	Countrywide Holdings 10.000% due 05/08/2018 (5)		39,378,842
	12,415,000		USD	HBOS Capital Funding 6.071% due 06/29/2049 144A (5)(6)(9)		8,380,125
	2,110,000		USD	Ineos Finance 7.500% due 05/01/2020 144A (5)(9)		2,178,575
				Intelsat Jackson Holdings
	7,450,000		USD	11.250% due 06/15/2016 (5)		7,850,438
	42,710,000		USD	7.250% due 04/01/2019 (5)		44,738,725
						52,589,163
	5,020,000		EUR	LBG Capital No. 2 6.385% due 05/12/2020		5,266,143
	8,685,000		GBP	Lloyds TSB Bank 13.000% due 01/29/2049 (5)		17,689,080
				Punch Taverns Finance
	8,285,000		GBP	5.943% due 12/30/2024		9,916,222

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 65

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				United Kingdom—Continued
				Punch Taverns Finance—Continued
	5,901,835		GBP	4.767% due 06/30/2033 (5)	$	7,015,948
						16,932,170
	19,010,000		CHF	Royal Bank of Scotland 2.375% due 11/02/2015		17,769,077
						173,290,178
				Germany—1.6%
	2,035,000		EUR	Grohe Holding GmbH 8.625% due 10/01/2014 (5)		2,741,409
				OXEA Finance
	2,104,250		EUR	9.625% due 07/15/2017 (5)		3,050,009
	9,253,000		EUR	9.625% due 07/15/2017 144A (5)(9)		13,411,778
						16,461,787
	1,540,000		EUR	Unitymedia Hessen/NRW GmbH 8.125% due 12/01/2017 (5)		2,153,164
	22,140,000		EUR	UPC Germany GmbH 8.125% due 12/01/2017 144A (5)(9)		30,955,229
						52,311,589
				Netherlands—1.4%
				DTEK Finance
	6,255,000		USD	9.500% due 04/28/2015		6,090,806
	10,985,000		USD	9.500% due 04/28/2015 144A (9)		10,696,644
						16,787,450
	17,040,000		USD	Metinvest BV 8.750% due 02/14/2018 144A (9)		15,847,200
	10,900,000		USD	OSX 3 Leasing BV 9.250% due 03/20/2015 144A (5)(9)		11,349,080
	1,330,000		USD	UPCB Finance VI 6.875% due 01/15/2022 144A (5)(9)		1,373,225
						45,356,955
				Czech Republic—1.3%
				CET 21 SPOL
	9,345,000		EUR	9.000% due 11/01/2017 (5)		13,050,329

See Notes to Financial Statements

66 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				Czech Republic—Continued
				CET 21 SPOL—Continued
	21,130,000		EUR	9.000% due 11/01/2017 144A (5)(9)	$	29,508,126
						42,558,455
				Sweden—1.1%
				Verisure Holding AB
	4,330,000		EUR	8.750% due 09/01/2018 (5)		5,704,110
	20,760,000		EUR	8.750% due 09/01/2018 144A (5)(9)		27,348,115
	2,070,000		EUR	8.750% due 12/01/2018 144A (5)(9)		2,418,103
						35,470,328
				Mexico—1.0%
	11,265,000		USD	Satmex Escrow SA de CV 9.500% due 05/15/2017 (5)		11,800,087
				Urbi Desarrollos Urbanos SAB de CV
	3,710,000		USD	9.500% due 01/21/2020 (5)		3,872,313
	15,790,000		USD	9.750% due 02/03/2022 144A (5)(9)		16,461,075
						20,333,388
						32,133,475
				France—0.9%
				Labco SAS
	11,160,000		EUR	8.500% due 01/15/2018 144A (5)(9)		12,371,965
	15,274,000		EUR	8.500% due 01/15/2018 (5)		16,932,742
						29,304,707
				Australia—0.6%
				FMG Resources
	13,130,000		USD	8.250% due 11/01/2019 144A (5)(9)		14,278,875
	5,930,000		USD	6.875% due 04/01/2022 144A (5)(9)		6,033,775
						20,312,650
				Norway—0.6%
	22,000,000		USD	Eksportfinans ASA 2.375% due 05/25/2016		19,645,406
				Malaysia—0.6%
	18,280,000		USD	MMI International 8.000% due 03/01/2017 144A (5)(9)		19,056,900

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 67

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				Indonesia—0.5%
	18,645,000		USD	GT 2005 Bonds, Multi-Coupon 6.000% due 07/21/2014 (5)(6)(8)	$	18,318,712
				Cyprus—0.5%
	17,935,000		USD	Mriya Agro Holding 10.950% due 03/30/2016 144A (5)(9)		16,380,574
				Russia—0.5%
	14,745,000		USD	Evraz Group 9.500% due 04/24/2018 (5)		16,132,504
				China—0.5%
				MIE Holdings
	1,335,000		USD	9.750% due 05/12/2016 (5)		1,343,277
	13,955,000		USD	9.750% due 05/12/2016 144A (5)(9)		14,041,521
						15,384,798
				Italy—0.4%
				Wind Acquisition Holdings Finance
	3,521,215		EUR	12.250% due 07/15/2017 144A (5)(9)		3,946,052
	10,100,277		EUR	12.250% due 07/15/2017 (5)		11,318,894
						15,264,946
				Brazil—0.4%
	1,645,000		USD	Banco do Estado do Rio Grande do Sul 7.375% due 02/02/2022 144A (9)		1,736,793
	12,100,000		USD	OGX Austria GmbH 8.375% due 04/01/2022 144A (5)(9)		12,372,250
						14,109,043
				Switzerland—0.4%
	10,865,000		USD	Credit Suisse Group Guernsey I 7.875% due 02/24/2041 (5)(6)		10,745,485
	2,785,000		EUR	UBS AG 4.280% due 04/29/2049 (5)(6)		3,045,053
						13,790,538
				Spain—0.3%
	3,520,000		USD	BBVA International Preferred Unipersonal 5.919% due 12/29/2049 (5)(6)		2,558,885

See Notes to Financial Statements

68 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
CORPORATE BONDS—Continued
				Spain—Continued
	5,300,000		GBP	BBVA Subordinated Capital SAU 5.750% due 03/11/2018 (5)(6)	$	7,370,479
						9,929,364
				Peru—0.3%
				Corp Lindley SA
	4,470,000		USD	6.750% due 11/23/2021 (5)		4,794,075
	3,850,000		USD	6.750% due 11/23/2021 144A (5)(9)		4,129,125
						8,923,200
				Ireland—0.1%
	735,000		USD	Ardagh Packaging Finance 7.375% due 10/15/2017 144A (5)(9)		799,312
	1,480,000		GBP	Argon Capital for Royal Bank of Scotland 8.162% due 10/29/2049 (5)		1,381,088
						2,180,400
				TOTAL CORPORATE BONDS (Cost $2,473,337,049)		2,509,702,746
BANK LOANS—13.3%
				United States—9.3%
				Asurion Corp
	36,650,000		USD	9.000% due 05/24/2019 (6)		37,332,606
	16,570,000		USD	11.000% due 08/16/2019 (6)		17,071,243
						54,403,849
	8,333,135		USD	BCBG Maxazria 13.750% due 05/19/2015 (6)		8,166,472
	26,798,489		USD	Cengage Learning 5.740% due 07/03/2014 (6)		23,659,234
	43,251,982		USD	Coinmach Corp 3.240% due 11/20/2014 (6)		40,656,864
	3,303,558		USD	Delphi Corp 3.500% due 03/31/2017 (4)(6)		3,318,011
	30,122,667		USD	Global Brass & Copper 10.250% due 08/18/2015 (4)(6)		31,026,347

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 69

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
BANK LOANS—Continued
				United States—Continued
	17,870,000		USD	Hawaiian Telcom 7.000% due 02/25/2017 (6)	$	17,825,325
	5,846,599		USD	High Plains Broadcasting 9.000% due 09/14/2016 (6)		5,879,486
	21,145,917		USD	Newport Television 9.000% due 09/14/2016 (6)		21,278,079
	12,753,556		EUR	Terex Corp 6.000% due 04/28/2017 (6)		16,934,642
	44,901,952		USD	Texas Competitive Electric 3.741% due 10/10/2014 (6)		25,810,585
	25,975,000		USD	Tribune Co Zero Coupon due 06/04/2014 (6)(7)		17,976,856
	19,481,372		USD	Univision Communications 4.489% due 03/31/2017 (6)		18,221,180
				YRC Worldwide
	16,927,088		USD	11.250% due 09/30/2014 (6)		16,673,181
	630,903		USD	7.500% due 03/31/2015 (6)(13)		442,421
	6,130,623		USD	10.000% due 03/31/2015 (6)		4,475,354
						21,590,956
						306,747,886
				United Kingdom—1.5%
	34,540,192		EUR	Ineos Holdings 9.001% due 06/16/2015 (6)		48,235,510
				Canada—1.0%
	13,435,654		CAD	Gateway Casinos & Entertainment 5.250% due 11/09/2018 (6)		13,515,900
	19,224,725		USD	Husky Injection Molding 6.555% due 06/30/2018 (6)		19,416,972
	1,353,753		USD	Progressive Moulded Products Zero Coupon due 08/16/2015 (1)(4)(6)(7)		6,776
						32,939,648
				Ireland—0.5%
				ERC Ireland Holdings
	11,118,090		EUR	3.277% due 09/30/2014 (6)		9,314,034

See Notes to Financial Statements

70 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
BANK LOANS—Continued
				Ireland—Continued
				ERC Ireland Holdings—Continued
	9,976,329		EUR	3.527% due 09/30/2015 (6)	$	8,357,538
						17,671,572
				France—0.5%
	16,715,000		EUR	Tyrol Acquisitions 6.152% due 07/29/2016 (6)		17,497,695
				New Zealand—0.4%
	13,367,825		USD	Autoparts Holdings 6.500% due 07/28/2017 (6)		13,225,792
				Norway—0.1%
	2,846,206		USD	Trico Shipping 10.000% due 05/12/2014 (4)(6)		2,846,206
				TOTAL BANK LOANS (Cost $455,319,830)		439,164,309
FOREIGN GOVERNMENT BONDS—3.3%
				Brazil—1.5%
				Brazil Notas do Tesouro Nacional, Series F
	46,435,000		BRL	10.000% due 01/01/2013		24,858,704
	42,765,000		BRL	10.000% due 01/01/2014		22,858,233
						47,716,937
				Mexico—0.7%
	309,810,000		MXN	Mexican Bonos 6.500% due 06/10/2021		24,491,233
				Venezuela—0.5%
				Venezuela Government International Bond
	10,405,000		USD	7.750% due 10/13/2019		9,010,730
	9,005,000		USD	9.250% due 09/15/2027		8,014,450
						17,025,180
				Indonesia—0.4%
				Indonesia Treasury Bond
	72,117,000,000		IDR	9.000% due 09/15/2013		8,336,515
	41,600,000,000		IDR	9.000% due 09/15/2018		5,317,657
						13,654,172

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 71

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
FOREIGN GOVERNMENT BONDS—Continued
				Ghana—0.2%
				Ghana Government Bond
	6,500,000		GHS	15.000% due 12/10/2012 (4)	$	3,519,033
	4,570,000		GHS	14.250% due 07/29/2013 (4)		2,413,692
						5,932,725
				TOTAL FOREIGN GOVERNMENT BONDS (Cost $109,946,277)		108,820,247
Share
Amount
PREFERRED STOCKS—1.3%
				United States—1.3%
	5,400		USD	ABN Amro NA 0.000% 144A (5)(6)(9)		4,334,344
	22,432		USD	Ally Financial 7.000% 144A (5)(9)		19,040,562
	326,000		USD	General Motors 4.750%		12,727,040
	255,875		USD	GMAC Capital Trust I 8.125% (5)(6)		6,128,206
	1,600		USD	Merrill Lynch Capital Trust II 6.450% (5)(6)		37,872
				TOTAL PREFERRED STOCKS (Cost $46,506,353)		42,268,024
COMMON STOCKS—1.0%
		Norway—0.8%
	1,427,968	Deep Ocean (1)				25,428,183
		United States—0.1%
	236,410	General Motors (1)				5,437,430
	20,878	YRC Worldwide (1)				151,992
						5,589,422
		Greece—0.1%
	285,441	Largo Ltd-Class A (1)(4)				308,568

See Notes to Financial Statements

72 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Share					Fair
Amount		Currency		Description	Value (Note 2)
COMMON STOCKS—Continued
		Greece—Continued
	2,568,988	Largo Ltd-Class B (1)(4)			$	2,777,133
						3,085,701
				TOTAL COMMON STOCKS (Cost $41,924,702)		34,103,306
Face
Value
CREDIT LINKED NOTE—0.2%
				Ukraine—0.2%
	50,000,000		UAH	ING Americas Issuance 20.000% due 10/31/2012 144A (Cost $6,108,059) (4)		6,516,639
Share
Amount
EQUITY LINKED NOTES—0.2%
		United States—0.2%
	214,921	General Motors, Issued by General Motors, Expires 07/10/2016 (1)				3,028,237
	214,921	General Motors, Issued by General Motors, Expires 07/10/2019 (1)				2,003,064
				TOTAL EQUITY LINKED NOTES (Cost $5,593,351)		5,031,301
Face
Value
CONVERTIBLE BONDS—0.1%
				United States—0.1%
				YRC Worldwide
	3,036,131		USD	10.000% due 03/31/2015 (4)(5)		926,020
	3,138,086		USD	10.000% due 03/31/2015 (4)		2,565,385
				TOTAL CONVERTIBLE BONDS (Cost $5,764,988)		3,491,405

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 73

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Global High Income Fund

Share					Fair
Amount		Currency		Description	Value (Note 2)
RIGHTS—0.0%
				United States—0.0%
	54,430,000	General Motors (Escrow Shares) (1)(4)(Cost $644,336)			$	1,134,321
Face
Value
REPURCHASE AGREEMENT—0.4%
				United States—0.4%
	11,646,163		USD	Fixed Income Clearing Corporation Repurchase Agreement, dated 04/30/2012, due 05/01/2012, with a maturity value of $11,646,167 and an effective yield of 0.01%, collateralized by Federal Home Loan Bank Discount Note, with a rate of 0.000%, a maturity of 06/22/2012, and an aggregate fair value of $11,884,055. (Cost $11,646,163)		11,646,163
TIME DEPOSIT—0.1%
				United States—0.1%
	2,790,000		USD	State Street Euro Dollar Time Deposit 0.010% due 05/01/2012 (Cost $2,790,000) (11)		2,790,000
				TOTAL INVESTMENTS—96.0% (Cost $3,159,581,108)		3,164,668,461
				OTHER ASSETS AND LIABILITIES—4.0%		131,059,885
				TOTAL NET ASSETS—100.0%	$	3,295,728,346

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $3,161,000,242.

See Notes to Financial Statements

74 Artio Global Funds  ï  2012 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2012

Artio Global High Income Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

		Contracts to Receive
Expiration		Local		Value in		In Exchange		Net Unrealized
Date	Counterparty	Currency		USD		for USD		Appreciation
05/24/12	JPMorgan Chase Bank N.A.	EUR	20,154,000		26,679,972		26,595,866	$	84,106
06/19/12	Westpac Banking Corp.	GBP	14,000,000		22,713,947		22,574,720		139,227
Net unrealized appreciation on forward foreign exchange contracts to buy								$	223,333

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
07/16/12	JPMorgan Chase Bank N.A.	BRL	36,469,500		18,866,300		19,538,977	$	672,677
05/14/12	Brown Brothers Harriman & Co.	EUR	79,280,000		104,947,322		103,686,348		(1,260,974	)
05/24/12	JPMorgan Chase Bank N.A.	EUR	123,500,000		163,489,957		162,959,755		(530,202	)
06/07/12	JPMorgan Chase Bank N.A.	EUR	94,331,500		124,883,876		125,764,429		880,553
06/19/12	Westpac Banking Corp.	GBP	44,710,000		72,538,611		70,388,788		(2,149,823	)
05/09/12	JPMorgan Chase Bank N.A.	NOK	142,682,000		24,925,831		25,155,501		229,670
Net unrealized depreciation on forward foreign exchange contracts to sell								$	(2,158,099	)

Glossary of Currencies

BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound Sterling
GHS	— Ghanaian Cedi
IDR	— Indonesian Rupiah
MXN	— Mexican Peso
NOK	— Norwegian Krone
UAH	— Ukraine Hryvnia
USD	— United States Dollar

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 75

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Artio Global High Income Fund

At April 30, 2012, security type diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
SECURITY TYPE
Corporate Bonds		76.1	%	$	2,509,702,746
Bank Loans		13.3			439,164,309
Foreign Government Bonds		3.3			108,820,247
Preferred Stocks		1.3			42,268,024
Common Stocks		1.0			34,103,306
Credit Linked Note		0.2			6,516,639
Equity Linked Notes		0.2			5,031,301
Convertible Bonds		0.1			3,491,405
Rights		0.0			1,134,321
Short-term Investments		0.5			14,436,163	*
Total Investments		96.0			3,164,668,461
Other Assets and Liabilities (Net)		4.0			131,059,885	*
Net Assets		100.0	%	$	3,295,728,346
* Short-term investments includes securities that have been voluntarily segregated by the adviser as collateral for swaps with a notional value of $63,990,000, which is 1.94% of net assets. Other assets and liabilities includes swaps with a net fair value of $(1,684,543), which is (0.05)% of net assets.

See Notes to Financial Statements

76 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2012

Artio Local Emerging Markets Debt Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
FOREIGN GOVERNMENT BONDS—57.1%†
				South Africa—10.4%
	21,000,000		ZAR	South Africa Government Bond 6.750% due 03/31/2021	$	2,547,069
				Mexico—8.6%
	21,000,000		MXN	Mexican Bonos 10.000% due 12/05/2024		2,119,045
				Turkey—7.5%
	3,500,000		TRY	Turkey Government Bond Zero Coupon due 03/20/2013		1,841,384
				Thailand—4.7%
				Thailand Government Bond
	15,000,000		THB	4.250% due 03/13/2013		492,300
	20,258,000		THB	1.200% due 07/14/2021		671,908
						1,164,208
				Malaysia—4.6%
	3,300,000		MYR	Malaysia Government Bond 4.012% due 09/15/2017		1,125,362
				Poland—4.4%
	3,355,000		PLN	Poland Government Bond 5.250% due 10/25/2017		1,080,121
				Uruguay—4.1%
	20,860,000		UYU	Uruguay Treasury Bills Zero Coupon due 10/10/2012		1,017,009
				Russia—3.3%
	24,000,000		RUB	Russian Government Bond 7.400% due 06/14/2017		817,752
				Peru—3.2%
	2,000,000		PEN	Peru Government Bond 4.400% due 09/12/2013		772,112
				Colombia—3.0%
	1,045,000,000		COP	Colombia Government International Bond 7.750% due 04/14/2021		730,874
				Hungary—2.8%
	155,000,000		HUF	Hungary Government Bond 6.750% due 02/24/2017		683,620

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 77

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio Local Emerging Markets Debt Fund

Face					Fair
Value		Currency		Description	Value (Note 2)
FOREIGN GOVERNMENT BONDS—Continued
				Philippines—0.5%
	5,000,000		PHP	Philippine Government International Bond 4.950% due 01/15/2021	$	122,355
				TOTAL FOREIGN GOVERNMENT BONDS (Cost $14,327,216)		14,020,911
CORPORATE BONDS—21.4%
				Supranational—17.6%
	20,000,000,000		IDR	European Bank for Reconstruction & Development 7.200% due 06/08/2016		2,330,450
	3,770,000		BRL	International Bank for Reconstruction & Development 8.750% due 06/15/2012		1,987,896
						4,318,346
				Brazil—3.8%
	1,707,000		BRL	JPMorgan Chase Bank N.A. Zero Coupon due 09/10/2012 144A (9)		923,167
				TOTAL CORPORATE BONDS (Cost $5,592,956)		5,241,513
REPURCHASE AGREEMENT—9.3%
				United States—9.3%
	2,292,017		USD	Fixed Income Clearing Corporation Repurchase Agreement, dated 04/30/2012, due 05/01/2012, with a maturity value of $2,292,018 and an effective yield of 0.01%, collateralized by Federal Home Loan Bank, with a rate of 0.280%, a maturity of 07/26/2013, and an aggregate fair value of $2,342,202. (Cost $2,292,017)		2,292,017
				TOTAL INVESTMENTS—87.8% (Cost $22,212,189)		21,554,441
				OTHER ASSETS AND LIABILITIES—12.2%		2,985,081
				TOTAL NET ASSETS—100.0%	$	24,539,522

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $22,212,189.

See Notes to Financial Statements

78 Artio Global Funds  ï  2012 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2012

Artio Local Emerging Markets Debt Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

		Contracts to Receive						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
05/16/12	Credit Suisse	CLP	238,000,000		489,808		488,706	$	1,102
05/14/12	Credit Suisse	MXN	2,500,000		191,722		189,494		2,228
05/14/12	JPMorgan Chase Bank N.A.	MXN	2,500,000		191,722		189,509		2,213
05/14/12	JPMorgan Chase Bank N.A.	MYR	4,500,000		1,485,896		1,461,039		24,857
05/14/12	UBS AG	PLN	1,500,000		475,176		469,086		6,090
05/14/12	JPMorgan Chase Bank N.A.	RUB	14,400,000		489,229		483,384		5,845
05/16/12	JPMorgan Chase Bank N.A.	RUB	36,000,000		1,222,691		1,214,320		8,371
05/03/12	JPMorgan Chase Bank N.A.	THB	17,239,637		560,638		558,622		2,016
06/05/12	JPMorgan Chase Bank N.A.	THB	21,252,000		689,589		700,000		(10,411	)
Net unrealized appreciation on forward foreign exchange contracts to buy								$	42,311

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
05/14/12	UBS AG	EUR	356,642		472,107		469,095	$	(3,012	)
05/21/12	Credit Suisse	EUR	740,500		980,267		971,270		(8,997	)
05/23/12	JPMorgan Chase Bank N.A.	HUF	123,713,981		569,325		543,058		(26,267	)
06/05/12	JPMorgan Chase Bank N.A.	MXN	2,050,000		156,882		159,250		2,368
Net unrealized depreciation on forward foreign exchange contracts to sell								$	(35,908	)

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 79

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2012

Artio Local Emerging Markets Debt Fund

Glossary of Currencies

BRL	— Brazilian Real
CLP	— Chilean Peso
COP	— Colombian Peso
EUR	— Euro
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
PEN	— Peruvian Nouveau Sol
PHP	— Philippine Peso
PLN	— Polish Zloty
RUB	— Russian Ruble
THB	— Thai Baht
TRY	— Turkish Lira
USD	— United States Dollar
UYU	— Uruguayan Peso
ZAR	— South African Rand

See Notes to Financial Statements

80 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Artio Local Emerging Markets Debt Fund

At April 30, 2012, security type diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
SECURITY TYPE
Foreign Government Bonds		57.1	%	$	14,020,911
Corporate Bonds		21.4			5,241,513
Short-term Investment		9.3			2,292,017
Total Investments		87.8			21,554,441
Other Assets and Liabilities (Net)		12.2			2,985,081
Net Assets		100.0	%	$	24,539,522

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 81

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2012

Artio U.S. Microcap Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—97.5%†
		Banks—14.2%
	20,590	Financial Institutions		$	348,383
	18,049	First Defiance Financial			310,082
	10,340	First of Long Island			284,660
	26,744	West Coast Bancorp (1)			522,578
	12,173	WSFS Financial			485,824
					1,951,527
		Health Care Equipment & Services—13.7%
	16,470	Insulet Corp (1)			294,154
	21,100	Merit Medical Systems (1)			278,942
	35,915	Natus Medical (1)			439,599
	16,750	NuVasive Inc (1)			277,548
	64,780	Solta Medical (1)			210,535
	35,730	Spectranetics Corp (1)			374,808
					1,875,586
		Semiconductors & Semiconductor Equipment—8.5%
	6,740	EZchip Semiconductor (1)			271,150
	32,240	Integrated Silicon Solution (1)			342,389
	86,820	RF Micro Devices (1)			375,931
	16,970	Rudolph Technologies (1)			183,276
					1,172,746
		Technology Hardware & Equipment—7.9%
	39,310	Emulex Corp (1)			341,211
	13,570	Oplink Communications (1)			214,949
	15,716	Super Micro Computer (1)			277,387
	46,190	X-Rite Inc (1)			255,893
					1,089,440
		Transportation—6.1%
	2,730	Allegiant Travel (1)			160,415
	37,940	Box Ships			333,872
	22,090	Celadon Group			345,267
					839,554
		Retailing—6.0%
	14,000	Francesca’s Holdings (1)			438,900
	18,660	Teavana Holdings (1)			389,807
					828,707

See Notes to Financial Statements

82 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio U.S. Microcap Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Energy—5.8%
	7,610	Carrizo Oil & Gas (1)		$	213,384
	54,540	Hercules Offshore (1)			277,063
	16,090	Northern Oil and Gas (1)			312,629
					803,076
		Pharmaceuticals & Biotechnology—5.4%
	52,092	ISTA Pharmaceuticals (1)			471,433
	15,350	Sagent Pharmaceuticals (1)			276,146
					747,579
		Capital Goods—4.9%
	61,380	Meritor Inc (1)			399,584
	16,630	MYR Group (1)			278,053
					677,637
		Commercial & Professional Services—4.9%
	137,760	Cenveo Inc (1)			393,994
	16,050	RPX Corp (1)			277,344
					671,338
		Real Estate—4.2%
	9,400	Pebblebrook Hotel Trust REIT			226,352
	41,170	Summit Hotel Properties REIT			344,181
					570,533
		Materials—3.5%
	9,300	Kraton Performance Polymers (1)			241,800
	280,340	Santa Fe Gold (1)			234,084
					475,884
		Software & Services—3.4%
	5,000	Sourcefire Inc (1)			254,950
	75,770	Zix Corp (1)			214,429
					469,379
		Automobiles & Components—2.4%
	21,830	Cooper Tire & Rubber			326,359
		Consumer Services—2.3%
	15,450	Bravo Brio Restaurant Group (1)			312,090

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 83

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio U.S. Microcap Fund

Share					Fair
Amount				Description	Value (Note 2)
COMMON STOCKS—Continued
		Consumer Durables & Apparel—2.2%
	16,310	Perry Ellis International (1)			$	305,160
		Diversified Financials—2.1%
	22,070	Calamos Asset Management-Class A				285,144
		TOTAL COMMON STOCKS (Cost $11,921,945)				13,401,739
Face
Value		Currency
REPURCHASE AGREEMENT—6.1%
	840,776		USD	Fixed Income Clearing Corporation Repurchase Agreement, dated 04/30/2012, due 05/01/2012, with a maturity value of $840,776 and an effective yield of 0.01%, collateralized by Federal Home Loan Bank, with a rate of 0.280%, a maturity of 07/26/2013, and an aggregate fair value of $860,809. (Cost $840,776)		840,776
				TOTAL INVESTMENTS—103.6% (Cost $12,762,721)		14,242,515
				OTHER ASSETS AND LIABILITIES—(3.6)%		(493,727	)
				TOTAL NET ASSETS—100.0%	$	13,748,788

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $12,992,337.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

84 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Artio U.S. Microcap Fund

At April 30, 2012, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Financials		20.4	%	$	2,807,204
Information Technology		19.9			2,731,565
Health Care		19.1			2,623,165
Industrials		15.9			2,188,529
Consumer Discretionary		12.9			1,772,316
Energy		5.8			803,076
Materials		3.5			475,884
Short-term Investment		6.1			840,776
Total Investments		103.6			14,242,515
Other Assets and Liabilities (Net)		(3.6	)		(493,727	)
Net Assets		100.0	%	$	13,748,788

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 85

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2012

Artio U.S. Smallcap Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—98.9%†
		Capital Goods—13.6%
	33,120	Gardner Denver		$	2,157,437
	55,810	Kaydon Corp			1,369,019
	110,130	MasTec Inc (1)			1,915,161
	344,570	Meritor Inc (1)			2,243,151
	30,310	Regal-Beloit Corp			2,050,168
	76,950	Rexnord Corp (1)			1,699,056
	36,540	WABCO Holdings (1)			2,303,116
					13,737,108
		Semiconductors & Semiconductor Equipment—10.0%
	37,150	Hittite Microwave (1)			1,989,011
	272,310	Integrated Silicon Solution (1)			2,891,932
	158,280	Micrel Inc			1,723,669
	466,060	RF Micro Devices (1)			2,018,040
	55,090	Skyworks Solutions (1)			1,495,143
					10,117,795
		Retailing—9.6%
	49,260	Dick’s Sporting Goods			2,492,556
	75,700	Francesca’s Holdings (1)			2,373,195
	71,600	Guess? Inc			2,096,448
	128,520	Teavana Holdings (1)			2,684,783
					9,646,982
		Pharmaceuticals & Biotechnology—9.2%
	52,067	Cepheid Inc (1)			1,999,893
	40,830	Charles River Laboratories International (1)			1,450,690
	56,124	Questcor Pharmaceuticals (1)			2,519,967
	35,864	Salix Pharmaceuticals (1)			1,771,682
	69,033	Viropharma Inc (1)			1,501,468
					9,243,700
		Energy—7.8%
	24,330	CARBO Ceramics			2,045,910
	44,886	Carrizo Oil & Gas (1)			1,258,604
	117,260	Forest Oil (1)			1,561,903
	290,790	Hercules Offshore (1)			1,477,213
	19,300	Oil States International (1)			1,535,894
					7,879,524

See Notes to Financial Statements

86 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio U.S. Smallcap Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Banks—7.3%
	1,150,052	Popular Inc (1)		$	2,047,092
	102,090	West Coast Bancorp (1)			1,994,839
	82,130	WSFS Financial			3,277,808
					7,319,739
		Technology Hardware & Equipment—6.8%
	63,390	Aruba Networks (1)			1,338,797
	228,320	Emulex Corp (1)			1,981,818
	99,080	Riverbed Technology (1)			1,954,848
	91,332	Super Micro Computer (1)			1,612,010
					6,887,473
		Materials—6.4%
	83,640	Gold Resource			2,268,317
	72,360	Intrepid Potash (1)			1,798,146
	48,980	Molycorp Inc (1)			1,325,399
	59,750	U.S. Silica Holdings (1)			1,082,670
					6,474,532
		Diversified Financials—5.1%
	48,450	Green Dot-Class A (1)			1,278,596
	49,410	Greenhill & Co			1,919,578
	214,860	Och-Ziff Capital Management-Class A			1,886,471
					5,084,645
		Insurance—4.4%
	131,870	Horace Mann Educators			2,314,318
	140,829	National Financial Partners (1)			2,077,228
					4,391,546
		Health Care Equipment & Services—3.9%
	26,660	Catalyst Health Solutions (1)			2,302,624
	132,700	Natus Medical (1)			1,624,248
					3,926,872
		Transportation—3.3%
	19,670	Allegiant Travel (1)			1,155,809
	48,040	Atlas Air Worldwide Holdings (1)			2,212,242
					3,368,051

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 87

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio U.S. Smallcap Fund

Share					Fair
Amount				Description	Value (Note 2)
COMMON STOCKS—Continued
		Software & Services—2.5%
	75,900	Akamai Technologies (1)			$	2,474,340
		Commercial & Professional Services—2.2%
	787,265	Cenveo Inc (1)				2,251,578
		Media—2.0%
	102,020	Valassis Communications (1)				2,040,400
		Real Estate—1.7%
	70,030	Pebblebrook Hotel Trust REIT				1,686,322
		Automobiles & Components—1.6%
	104,210	Cooper Tire & Rubber				1,557,939
		Food, Beverage & Tobacco—1.5%
	26,260	TreeHouse Foods (1)				1,510,213
		TOTAL COMMON STOCKS (Cost $89,926,391)				99,598,759
Face
Value		Currency
REPURCHASE AGREEMENT—4.0%
	4,069,816		USD	Fixed Income Clearing Corporation Repurchase Agreement, dated 04/30/2012, due 05/01/2012, with a maturity value of $4,069,817 and an effective yield of 0.01%, collateralized by Federal Home Loan Bank, with a rate of 0.280%, a maturity of 07/26/2013, and an aggregate fair value of $4,153,905. (Cost $4,069,816)		4,069,816
				TOTAL INVESTMENTS—102.9% (Cost $93,996,207)		103,668,575
				OTHER ASSETS AND LIABILITIES—(2.9)%		(2,912,509	)
				TOTAL NET ASSETS—100.0%	$	100,756,066

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $95,513,839.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

88 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Artio U.S. Smallcap Fund

At April 30, 2012, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Information Technology		19.3	%	$	19,479,608
Industrials		19.2			19,356,737
Financials		18.4			18,482,252
Consumer Discretionary		13.2			13,245,321
Health Care		13.1			13,170,572
Energy		7.8			7,879,524
Materials		6.4			6,474,532
Consumer Staples		1.5			1,510,213
Short-term Investment		4.0			4,069,816
Total Investments		102.9			103,668,575
Other Assets and Liabilities (Net)		(2.9	)		(2,912,509	)
Net Assets		100.0	%	$	100,756,066

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 89

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2012

Artio U.S. Midcap Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—99.3%†
		Capital Goods—10.7%
	9,050	GrafTech International (1)		$	106,247
	3,180	Parker Hannifin			278,854
	7,220	Quanta Services (1)			159,706
	1,810	Roper Industries			184,439
	2,660	SPX Corp			204,235
					933,481
		Energy—9.4%
	1,700	CARBO Ceramics			142,953
	4,050	Cobalt International Energy (1)			108,378
	2,380	Oil States International (1)			189,401
	2,790	Range Resources			185,981
	3,370	Whiting Petroleum (1)			192,764
					819,477
		Diversified Financials—9.1%
	810	Franklin Resources			101,663
	9,610	Lazard Ltd-Class A			264,371
	17,850	Och-Ziff Capital Management-Class A			156,723
	2,080	T Rowe Price			131,279
	7,250	TD Ameritrade Holding			136,228
					790,264
		Pharmaceuticals & Biotechnology—7.7%
	2,230	Alexion Pharmaceuticals (1)			201,413
	3,010	Illumina Inc (1)			134,035
	7,990	Mylan Inc (1)			173,463
	1,870	Waters Corp (1)			157,286
					666,197
		Consumer Durables & Apparel—7.6%
	2,440	Coach Inc			178,510
	2,430	Lululemon Athletica (1)			180,160
	820	Ralph Lauren			141,261
	1,030	VF Corp			156,612
					656,543
		Software & Services—7.3%
	5,730	Akamai Technologies (1)			186,798
	2,080	ANSYS Inc (1)			139,506
	10,750	Electronic Arts (1)			165,335

See Notes to Financial Statements

90 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio U.S. Midcap Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Software & Services—Continued
	1,350	FactSet Research Systems		$	141,561
					633,200
		Materials—7.0%
	3,100	Airgas Inc			284,084
	6,240	Coeur d’Alene Mines (1)			134,472
	2,880	Walter Energy			190,973
					609,529
		Technology Hardware & Equipment—6.9%
	1,340	F5 Networks (1)			179,466
	4,170	Juniper Networks (1)			89,363
	4,660	NetApp Inc (1)			180,948
	7,540	Riverbed Technology (1)			148,764
					598,541
		Banks—5.8%
	6,580	BB&T Corp			210,823
	12,850	Fifth Third Bancorp			182,856
	61,090	Popular Inc (1)			108,740
					502,419
		Semiconductors & Semiconductor Equipment—4.8%
	6,910	Altera Corp			245,789
	2,730	Linear Technology			89,298
	2,890	Skyworks Solutions (1)			78,435
					413,522
		Retailing—4.0%
	5,770	Guess? Inc			168,946
	2,670	Tiffany & Co			182,788
					351,734
		Insurance—3.7%
	4,190	Allstate Corp			139,653
	7,590	Unum Group			180,186
					319,839
		Transportation—2.4%
	3,540	Allegiant Travel (1)			208,010

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 91

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio U.S. Midcap Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Food, Beverage & Tobacco—2.1%
	4,570	Dr. Pepper Snapple		$	185,451
		Health Care Equipment & Services—2.0%
	1,780	CR Bard			176,149
		Automobiles & Components—2.0%
	5,480	Johnson Controls			175,196
		Commercial & Professional Services—1.9%
	1,880	Stericycle Inc (1)			162,808
		Household & Personal Products—1.7%
	6,960	Avon Products			150,336
		Food & Staples Retailing—1.6%
	1,690	Whole Foods Market			140,388
		Consumer Services—1.6%
	5,040	Royal Caribbean Cruises			137,945
		TOTAL COMMON STOCKS (Cost $7,549,013)			8,631,029
		TOTAL INVESTMENTS—99.3% (Cost $7,549,013)			8,631,029
		OTHER ASSETS AND LIABILITIES—0.7%			56,788
		TOTAL NET ASSETS—100.0%		$	8,687,817

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $7,640,080.

See Notes to Financial Statements

92 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Artio U.S. Midcap Fund

At April 30, 2012, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Information Technology		18.9	%	$	1,645,263
Financials		18.6			1,612,522
Consumer Discretionary		15.2			1,321,418
Industrials		15.0			1,304,299
Health Care		9.7			842,346
Energy		9.4			819,477
Materials		7.0			609,529
Consumer Staples		5.5			476,175
Total Investments		99.3			8,631,029
Other Assets and Liabilities (Net)		0.7			56,788
Net Assets		100.0	%	$	8,687,817

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 93

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2012

Artio U.S. Multicap Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—99.4%†
		Technology Hardware & Equipment—11.8%
	330	Apple Inc (1)		$	192,799
	3,190	Cisco Systems			64,279
	2,735	EMC Corp (1)			77,154
	2,210	NetApp Inc (1)			85,814
	3,020	Riverbed Technology (1)			59,585
					479,631
		Diversified Financials—10.9%
	2,320	Citigroup Inc			76,653
	650	Franklin Resources			81,582
	695	Goldman Sachs			80,029
	2,225	JPMorgan Chase			95,630
	2,310	State Street			106,768
					440,662
		Energy—9.7%
	2,110	Carrizo Oil & Gas (1)			59,165
	1,920	Cobalt International Energy (1)			51,379
	1,145	Oil States International (1)			91,119
	1,150	Range Resources			76,659
	2,030	Whiting Petroleum (1)			116,116
					394,438
		Capital Goods—7.4%
	1,520	Illinois Tool Works			87,217
	1,510	Parker Hannifin			132,412
	995	United Technologies			81,232
					300,861
		Health Care Equipment & Services—6.5%
	1,080	CR Bard			106,877
	1,800	Express Scripts Holding (1)			100,422
	1,435	St Jude Medical			55,563
					262,862
		Retailing—6.1%
	360	Amazon.com Inc (1)			83,484
	2,560	Guess? Inc			74,957
	2,810	Lowe’s Cos			88,430
					246,871

See Notes to Financial Statements

94 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio U.S. Multicap Fund

Share				Fair
Amount			Description	Value (Note 2)
COMMON STOCKS—Continued
		Materials—6.1%
	1,070	Cliffs Natural Resources		$	66,618
	2,320	Gold Resource			62,918
	1,005	Praxair Inc			116,279
					245,815
		Software & Services—5.9%
	2,480	Akamai Technologies (1)			80,848
	5,105	Electronic Arts (1)			78,515
	175	MasterCard Inc-Class A			79,147
					238,510
		Semiconductors & Semiconductor Equipment—5.8%
	3,270	Altera Corp			116,314
	2,130	Broadcom Corp-Class A (1)			77,958
	1,480	Skyworks Solutions (1)			40,167
					234,439
		Pharmaceuticals & Biotechnology—4.5%
	470	Allergan Inc			45,120
	730	Celgene Corp (1)			53,231
	1,710	Salix Pharmaceuticals (1)			84,474
					182,825
		Commercial & Professional Services—3.5%
	21,510	Cenveo Inc (1)			61,519
	935	Stericycle Inc (1)			80,971
					142,490
		Food, Beverage & Tobacco—3.5%
	1,470	PepsiCo Inc			97,020
	490	Philip Morris International			43,860
					140,880
		Food & Staples Retailing—3.1%
	940	Costco Wholesale			82,880
	500	Whole Foods Market			41,535
					124,415
		Banks—3.0%
	3,655	Wells Fargo			122,187

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 95

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2012

Artio U.S. Multicap Fund

Share					Fair
Amount				Description	Value (Note 2)
COMMON STOCKS—Continued
		Consumer Durables & Apparel—2.2%
	1,240	Coach Inc			$	90,718
		Transportation—2.2%
	1,200	Norfolk Southern				87,516
		Insurance—2.1%
	1,940	Aflac Inc				87,378
		Consumer Services—2.1%
	1,520	Las Vegas Sands				84,345
		Automobiles & Components—1.5%
	1,965	Johnson Controls				62,821
		Household & Personal Products—1.5%
	950	Procter & Gamble				60,459
		TOTAL COMMON STOCKS (Cost $3,236,845)				4,030,123
Face
Value		Currency
REPURCHASE AGREEMENT—4.0%
	162,759		USD	Fixed Income Clearing Corporation Repurchase Agreement, dated 04/30/2012, due 05/01/2012, with a maturity value of $162,760 and an effective yield of 0.01%, collateralized by Federal Home Loan Bank, with a rate of 5.250%, a maturity of 06/18/2014, and an aggregate fair value of $168,563. (Cost $162,759)		162,759
				TOTAL INVESTMENTS—103.4% (Cost $3,399,604)		4,192,882
				OTHER ASSETS AND LIABILITIES—(3.4)%		(135,913	)
				TOTAL NET ASSETS—100.0%	$	4,056,969

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $3,467,860.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

96 Artio Global Funds  ï  2012 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Artio U.S. Multicap Fund

At April 30, 2012, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Information Technology		23.5	%	$	952,580
Financials		16.0			650,227
Industrials		13.1			530,867
Consumer Discretionary		12.0			484,755
Health Care		11.0			445,687
Energy		9.7			394,438
Consumer Staples		8.0			325,754
Materials		6.1			245,815
Short-term Investment		4.0			162,759
Total Investments		103.4			4,192,882
Other Assets and Liabilities (Net)		(3.4	)		(135,913	)
Net Assets		100.0	%	$	4,056,969

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 97

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2012

Master Notes to the Portfolio of Investments.

†	Percentages indicated are based on Fund net assets.
ETF	Exchange-Traded Funds
ETN	Exchange-Traded Notes
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust
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)	Non-income producing security.
(2)	Security valued at fair value utilizing fair value model in accordance with valuation policies approved by the Board of Trustees/Directors.
(3)	All or portion of this security was on loan to brokers at April 30, 2012.
(4)	Represents a determination that these securities are illiquid. This determination is made as of the Funds’ fiscal year end and is based on the average trading volume and the availability of market quotations. Based on a variety of macro and microeconomic factors, the liquidity of the Funds’ portfolio investments may change and may be significantly more or less liquid at different points in time.
(5)	Callable security.
(6)	Variable rate security.
(7)	Defaulted security.
(8)	Step-Coupon.
(9)	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 and have been determined to be liquid by the Adviser.
(10)	Affiliated security.
(11)	Security has been pledged for collateral of swaps.
(12)	Security valued at fair value in good faith as determined by the policies approved by the Board of Trustees/Directors.
(13)	This security has additional commitments and contingencies. Principal amount and value exclude unfunded commitment.

See Notes to Financial Statements

98 Artio Global Funds  ï  2012 Semi-Annual Report

STATEMENT OF ASSETS AND LIABILITIES (Unaudited) April 30, 2012

	Artio			Artio
	Global Equity			International Equity
ASSETS:
Investments in securities, at fair value including fair value of securities on loan of $52,376 and $130,417,266, respectively (Cost $19,696,083 and $3,454,894,030, respectively)	$	20,086,590		$	3,487,593,687
Affiliated securities, at fair value (Cost $0 and $271,738,349, respectively)		—			77,906,789
Repurchase agreements (Cost $1,060,324 and $0, respectively)		1,060,324			—
Foreign currency, at fair value (Cost $1,236,321 and $179,251,418, respectively)		1,241,205			158,931,851
Receivables:
Investments sold		1,112,675			40,765,786
Fund shares sold		29,951			999,326
Interest and dividends		48,511			17,918,245
Tax reclaims		9,796			2,795,953
Unrealized appreciation on forward foreign exchange contracts		5,387			1,178,657
Prepaid expense		1,521			161,422
Total Assets		23,595,960			3,788,251,716
LIABILITIES:
Payables:
Investments purchased		1,625,717			7,086,152
Fund shares repurchased		1,628			31,744,120
Collateral for securities loaned (Note 2)		56,650			138,268,352
Investment advisory fee (Note 3)		6,251			2,823,736
Unrealized depreciation on forward foreign exchange contracts		3,221			838,239
Note payable (Note 10)		—			1,757,009
Accrued expenses and other payables		60,581			1,916,710
Total Liabilities		1,754,048			184,434,318
NET ASSETS	$	21,841,912		$	3,603,817,398
NET ASSETS Consist of:
Par value	$	594		$	143,350
Paid in capital in excess of par value		50,109,211			5,926,423,457
Undistributed net investment income (loss)		150,137			(33,060,100	)
Accumulated net realized loss on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(28,816,532	)		(2,108,749,176	)
Net unrealized appreciation (depreciation) on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		398,502			(180,940,133	)
NET ASSETS	$	21,841,912		$	3,603,817,398
Class A	$	9,827,058		$	1,389,747,526
Class I	$	12,014,854		$	2,214,069,872
SHARES OUTSTANDING (Note 8)
Class A		268,527			56,102,426
Class I		325,285			87,247,612
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	36.60		$	24.77
Class I	$	36.94		$	25.38

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 99

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2012

	Artio			Artio
	International Equity II			Total Return Bond
ASSETS:
Investments in securities, at fair value including fair value of securities on loan of $124,822,983 and $0, respectively (Cost $2,704,441,243 and $1,944,243,721, respectively)	$	2,772,661,543		$	1,993,240,853
Repurchase agreements (Cost $39,125,749 and $242,251,070, respectively)		39,125,749			242,251,070
Foreign currency, at fair value (Cost $66,694,656 and $373,912, respectively)		67,147,695			374,302
Receivables:
Investments sold		65,454,375			20,943,672
Fund shares sold		1,971,822			7,652,700
Interest and dividends		16,228,412			14,315,749
Tax reclaims		2,310,227			—
Unrealized appreciation on forward foreign exchange contracts		1,685,463			3,025,645
Prepaid expense		137,153			66,509
Total Assets		2,966,722,439			2,281,870,500
LIABILITIES:
Payables:
Investments purchased		240,755			195,367,644
Fund shares repurchased		15,732,000			1,475,125
Collateral for securities loaned (Note 2)		132,322,491			—
Investment advisory fee (Note 3)		2,223,945			602,710
Unrealized depreciation on forward foreign exchange contracts		1,967,577			1,549,225
Accrued expenses and other payables		1,711,096			377,158
Total Liabilities		154,197,864			199,371,862
NET ASSETS	$	2,812,524,575		$	2,082,498,638
NET ASSETS Consist of:
Par value	$	264,115		$	151,415
Paid in capital in excess of par value		5,507,176,484			2,005,487,201
Undistributed net investment income (loss)		(714,953	)		8,636,284
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(2,762,667,239	)		17,899,910
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		68,466,168			50,323,828
NET ASSETS	$	2,812,524,575		$	2,082,498,638
Class A	$	930,618,493		$	262,771,353
Class I	$	1,881,906,082		$	1,819,727,285
SHARES OUTSTANDING (Note 8)
Class A		87,706,425			18,937,723
Class I		176,408,159			132,477,341
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	10.61		$	13.88
Class I	$	10.67		$	13.74

See Notes to Financial Statements

100 Artio Global Funds  ï  2012 Semi-Annual Report

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2012

	Artio			Artio
	Global High Income			Local Emerging Markets Debt
ASSETS:
Investments in securities, at fair value (Cost $3,147,934,945 and $19,920,172, respectively)	$	3,153,022,298		$	19,262,424
Repurchase agreements (Cost $11,646,163 and $2,292,017, respectively)		11,646,163			2,292,017
Cash		306,933			—
Cash on deposit for broker (Note 2)		5,460,000			—
Foreign currency, at fair value (Cost $15,856,841 and $2,034,823, respectively)		15,762,042			2,047,972
Receivables:
Investments sold		65,050,970			558,640
Fund shares sold		10,361,789			—
Interest and dividends		59,907,548			459,928
Unrealized appreciation on forward foreign exchange contracts		2,006,233			55,090
Open swaps agreements, at fair value (upfront payments paid $566,978 and $0, respectively)		1,453,926			8,065
Prepaid expense		117,604			841
Total Assets		3,325,095,506			24,684,977
LIABILITIES:
Payables:
Investments purchased		5,305,163			—
Fund shares repurchased		4,874,196			—
Collateral from broker		2,790,000			—
Investment advisory fee (Note 3)		1,948,582			26,205
Unrealized depreciation on forward foreign exchange contracts		3,940,999			48,687
Open swaps agreements, at fair value (upfront payments received $4,449,769 and $0, respectively)		3,138,469			—
Unfunded loan commitments (Note 2)		5,997,013			—
Accrued expenses and other payables		1,372,738			70,563
Total Liabilities		29,367,160			145,455
NET ASSETS	$	3,295,728,346		$	24,539,522
NET ASSETS Consist of:
Par value	$	335,463		$	2,517
Paid in capital in excess of par value		3,307,140,235			25,154,145
Undistributed net investment loss		(4,352,594	)		(100,223	)
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(6,471,954	)		133,381
Net unrealized depreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(922,804	)		(650,298	)
NET ASSETS	$	3,295,728,346		$	24,539,522
Class A	$	1,139,266,634		$	11,201,505
Class I	$	2,156,461,712		$	13,338,017
SHARES OUTSTANDING (Note 8)
Class A		112,530,232			1,148,123
Class I		222,932,434			1,368,547
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	10.12		$	9.76
Class I	$	9.67		$	9.75

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 101

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2012

	Artio			Artio
	U.S. Microcap			U.S. Smallcap
ASSETS:
Investments in securities, at fair value (Cost $11,921,945 and $89,926,391, respectively)	$	13,401,739		$	99,598,759
Repurchase agreements (Cost $840,776 and $4,069,816, respectively)		840,776			4,069,816
Receivables:
Investments sold		280,692			1,124,836
Fund shares sold		85,914			442,401
Interest and dividends		—			5,077
Prepaid expense		425			3,206
Total Assets		14,609,546			105,244,095
LIABILITIES:
Payables:
Investments purchased		806,866			4,211,143
Fund shares repurchased		541			95,269
Investment advisory fee (Note 3)		5,362			74,006
Accrued expenses and other payables		47,989			107,611
Total Liabilities		860,758			4,488,029
NET ASSETS	$	13,748,788		$	100,756,066
NET ASSETS Consist of:
Par value	$	1,234		$	9,230
Paid in capital in excess of par value		12,792,255			90,105,837
Undistributed net investment income (loss)		(70,034	)		265,869
Accumulated net realized gain (loss) on investments sold		(454,461	)		702,762
Net unrealized appreciation on investments		1,479,794			9,672,368
NET ASSETS	$	13,748,788		$	100,756,066
Class A	$	3,668,929		$	23,554,055
Class I	$	10,079,859		$	77,202,011
SHARES OUTSTANDING (Note 8)
Class A		332,728			2,173,620
Class I		901,568			7,056,810
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	11.03		$	10.84
Class I	$	11.18		$	10.94

See Notes to Financial Statements

102 Artio Global Funds  ï  2012 Semi-Annual Report

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2012

	Artio			Artio
	U.S. Midcap			U.S. Multicap
ASSETS:
Investments in securities, at fair value (Cost $7,549,013 and $3,236,845, respectively)	$	8,631,029		$	4,030,123
Repurchase agreements (Cost $0 and $162,759, respectively)		—			162,759
Cash		91,849			—
Receivables:
Investments sold		71,141			—
Fund shares sold		42,344			429
Dividends receivable		3,203			1,818
Receivable from advisor—net (Note 3)		1,863			5,889
Prepaid expense		188			157
Total Assets		8,841,617			4,201,175
LIABILITIES:
Payables:
Investments purchased		71,006			99,802
Fund shares repurchased		35,438			—
Accrued expenses and other payables		47,356			44,404
Total Liabilities		153,800			144,206
NET ASSETS	$	8,687,817		$	4,056,969
NET ASSETS Consist of:
Par value	$	783		$	413
Paid in capital in excess of par value		7,653,239			3,337,257
Undistributed net investment loss		(768	)		(2,627	)
Accumulated net realized loss on investments sold		(47,453	)		(71,352	)
Net unrealized appreciation on investments		1,082,016			793,278
NET ASSETS	$	8,687,817		$	4,056,969
Class A	$	4,096,753		$	648,287
Class I	$	4,591,064		$	3,408,682
SHARES OUTSTANDING (Note 8)
Class A		371,476			66,671
Class I		411,780			346,483
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	11.03		$	9.72
Class I	$	11.15		$	9.84

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 103

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2012

	Artio			Artio
	Global Equity			International Equity
INVESTMENT INCOME:
Interest	$	60		$	3,341
Securities lending income		58			722,078
Dividends, from unaffiliated issuers††		386,925			42,702,349
Dividends, from affiliated issuers†††		—			2,442,411
Total investment income		387,043			45,870,179
EXPENSES:
Investment advisory fee (Note 3)		176,724			19,724,915
Custody fees		27,136			629,007
Administration fees		7,392			746,006
Professional fees		17,954			379,713
Trustees’ fees and expenses		1,734			147,464
Registration and filing fees		35,562			66,468
Shareholder reports		20,192			369,504
Insurance premium expense		1,113			130,156
Interest expense		1,413			55,859
Commitment fee		1,257			50,223
Compliance expense		43			19,307
Miscellaneous fees		3,740			267,610
Total expenses common to all classes		294,260			22,586,232
Transfer agent fees
Class A		7,662			107,367
Class I		580			38,201
Distribution and shareholder servicing fees (Note 4)
Class A		12,410			2,055,762
Total gross expenses		314,912			24,787,562
Custody offset arrangement (Note 3)		(2,734	)		(406,130	)
Expenses reimbursed by investment adviser (Note 3) (1)		(74,293	)		—
Expenses waived by investment adviser (Note 3)		(982	)		(109,583	)
Net expenses		236,903			24,271,849
NET INVESTMENT INCOME		150,140			21,598,330
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		790,056			(127,892,100	)
Financial futures contracts and synthetic futures		(12	)		(5,621,237	)
Swap contracts		—			(9,577	)
Forward foreign exchange contracts		28,838			3,379,038
Foreign currency transactions		14,139			(7,171,215	)
Net realized gain (loss) on investments		833,021			(137,315,091	)
Net change in unrealized appreciation (depreciation) on:
Investments		2,302,301			137,416,443
Financial futures contracts and synthetic futures		—			(3,023,038	)
Forward foreign exchange contracts		59,112			15,355,133
Foreign currency transactions		(20,388	)		(3,365,805	)
Net change in unrealized appreciation of investments		2,341,025			146,382,733
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		3,174,046			9,067,642
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,324,186		$	30,665,972

††	Net of foreign withholding taxes of $19,940 and $3,762,666 for the Artio Global Equity Fund Inc. and Artio International Equity Fund, respectively.
†††	Net of foreign withholding taxes of $0 and $23,574 for the Artio Global Equity Fund Inc. and Artio International Equity Fund, respectively.
(1)	The expenses reimbursed on Artio Global Equity Fund Inc. for Class A and Class I were $(25,961) and $(48,332), respectively.

See Notes to Financial Statements

104 Artio Global Funds  ï  2012 Semi-Annual Report

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2012

	Artio			Artio
	International Equity II			Total Return Bond
INVESTMENT INCOME:
Interest	$	2,814		$	32,114,640
Securities lending income		662,772			—
Dividends††		36,139,009			—
Total investment income		36,804,595			32,114,640
EXPENSES:
Investment advisory fee (Note 3)		16,527,036			3,285,642
Custody fees		411,652			162,126
Administration fees		770,699			14,824
Professional fees		328,268			116,559
Trustees’ fees and expenses		121,175			81,048
Registration and filing fees		78,702			66,765
Shareholder reports		470,375			146,949
Insurance premium expense		111,655			43,437
Interest expense		83,366			—
Commitment fee		50,231			12,559
Compliance expense		15,581			7,827
Miscellaneous fees		83,435			24,303
Total expenses common to all classes		19,052,175			3,962,039
Transfer agent fees
Class A		221,272			25,234
Class I		314,959			14,095
Distribution and shareholder servicing fees (Note 4)
Class A		1,340,817			331,903
Total gross expenses		20,929,223			4,333,271
Custody offset arrangement (Note 3)		(361,281	)		(36,941	)
Recoupment of expenses previously assumed by investment adviser (Note 3) (1)		—			24,821
Expenses waived by investment adviser (Note 3)		(91,817	)		(46,938	)
Net expenses		20,476,125			4,274,213
NET INVESTMENT INCOME		16,328,470			27,840,427
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(22,579,775	)		27,322,957
Financial futures contracts and synthetic futures		(3,026,169	)		(385	)
Swap contracts		(8,601	)		—
Forward foreign exchange contracts		6,321,483			(9,064,304	)
Foreign currency transactions		(6,339,803	)		432,409
Net realized gain (loss) on investments		(25,632,865	)		18,690,677
Net change in unrealized appreciation (depreciation) on:
Investments		42,796,164			4,810,191
Financial futures contracts and synthetic futures		(1,960,302	)		—
Forward foreign exchange contracts		13,313,171			9,196,632
Foreign currency transactions		(2,308,045	)		(9,345	)
Net change in unrealized appreciation of investments		51,840,988			13,997,478
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		26,208,123			32,688,155
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	42,536,593		$	60,528,582

††	Net of foreign withholding taxes of $3,281,473 and $0 for the Artio International Equity Fund II and Artio Total Return Bond Fund, respectively.
(1)	The expenses recouped on Artio Total Return Bond Fund for Class A and Class I were $5,926 and $18,895, respectively.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 105

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2012

	Artio			Artio
	Global High Income			Local Emerging Markets Debt
INVESTMENT INCOME:
Interest†	$	135,608,239		$	590,318
Dividends		1,473,843			—
Total investment income		137,082,082			590,318
EXPENSES:
Investment advisory fee (Note 3)		10,804,210			83,209
Custody fees		309,617			28,771
Administration fees		5,354			1,396
Professional fees		196,537			33,605
Trustees’ fees and expenses		125,202			979
Registration and filing fees		155,470			29,383
Shareholder reports		312,307			1,274
Insurance premium expense		76,550			475
Interest expense		2,018			—
Commitment fee		126,218			—
Compliance expense		13,818			79
Miscellaneous fees		45,283			1,257
Total expenses common to all classes		12,172,584			180,428
Transfer agent fees
Class A		196,110			129
Class I		139,233			131
Distribution and shareholder servicing fees (Note 4)
Class A		1,450,731			13,594
Total gross expenses		13,958,658			194,282
Custody offset arrangement (Note 3)		(212,303	)		(15,733	)
Expenses reimbursed by investment adviser (Note 3) (1)		(59,183	)		(69,051	)
Expenses waived by investment adviser (Note 3)		(83,109	)		—
Net expenses		13,604,063			109,498
NET INVESTMENT INCOME		123,478,019			480,820
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments††††		(23,672,946	)		52,576
Financial futures contracts and synthetic futures		—			12,125
Swap contracts		208,508			(7	)
Forward foreign exchange contracts		21,169,863			59,221
Foreign currency transactions		(2,746,030	)		(3,853	)
Net realized gain (loss) on investments		(5,040,605	)		120,062
Net change in unrealized appreciation (depreciation) on:
Investments†††††		51,214,235			(14,864	)
Financial futures contracts and synthetic futures		—			(1,552	)
Swap contracts		(274,893	)		8,065
Forward foreign exchange contracts		(4,747,188	)		66,066
Foreign currency transactions		738,361			(16,070	)
Net change in unrealized appreciation of investments		46,930,515			41,645
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		41,889,910			161,707
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	165,367,929		$	642,527

See Notes to Financial Statements

106 Artio Global Funds  ï  2012 Semi-Annual Report

†	Net of foreign withholding taxes of $75,382 and $3,274 for the Artio Global High Income Fund and Artio Local Emerging Markets Debt Fund, respectively.
††††	Net of foreign capital gains tax of $305,430 and $0 for the Artio Global High Income Fund and Artio Local Emerging Markets Debt Fund, respectively.
†††††	Net of foreign capital gains tax of $122,473 and $0 for the Artio Global High Income Fund and Artio Local Emerging Markets Debt Fund, respectively.
(1)	The expenses reimbursed on Artio Global High Income Fund for Class A and Class I were $(59,183) and $0, respectively. The expenses reimbursed on Artio Local Emerging Markets Debt Fund for Class A and Class I were $(30,981) and $(38,070), respectively.

See Notes to Financial Statements

Artio Global Funds  ï�� 2012 Semi-Annual Report 107

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2012

	Artio			Artio
	U.S. Microcap			U.S. Smallcap
INVESTMENT INCOME:
Interest	$	13		$	98
Dividends		50,552			860,655
Total investment income		50,565			860,753
EXPENSES:
Investment advisory fee (Note 3)		76,614			424,305
Custody fees		6,173			11,124
Administration fees		606			782
Professional fees		12,129			15,945
Trustees’ fees and expenses		374			3,286
Registration and filing fees		48,331			48,709
Shareholder reports		1,602			18,414
Insurance premium expense		285			2,066
Interest expense		82			580
Commitment fee		251			1,256
Compliance expense		11			82
Miscellaneous fees		1,113			1,960
Total expenses common to all classes		147,571			528,509
Transfer agent fees
Class A		3,411			4,691
Class I		148			116,984
Distribution and shareholder servicing fees (Note 4)
Class A		3,788			28,596
Total gross expenses		154,918			678,780
Custody offset arrangement (Note 3)		(2	)		(11	)
Recoupment of expenses previously assumed by investment adviser (Note 3)		—			3,707
Expenses reimbursed by investment adviser (Note 3) (1)		(58,048	)		(109,395	)
Expenses waived by investment adviser (Note 3)		(306	)		(2,233	)
Net expenses		96,562			570,848
NET INVESTMENT INCOME (LOSS)		(45,997	)		289,905
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(181,427	)		2,288,309
Net realized gain (loss) on investments		(181,427	)		2,288,309
Net change in unrealized appreciation on:
Investments		1,535,975			8,098,786
Net change in unrealized appreciation of investments		1,535,975			8,098,786
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,354,548			10,387,095
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,308,551		$	10,677,000

(1) The expenses reimbursed on Artio U.S. Microcap Fund for Class A and Class I were $(16,306) and $(41,742), respectively. The expenses reimbursed on Artio U.S. Smallcap for Class A and Class I were $0 and $(109,395), respectively.

See Notes to Financial Statements

108 Artio Global Funds  ï  2012 Semi-Annual Report

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2012

	Artio			Artio
	U.S. Midcap			U.S. Multicap
INVESTMENT INCOME:
Interest	$	11		$	2
Dividends††		59,971			38,889
Total investment income		59,982			38,891
EXPENSES:
Investment advisory fee (Note 3)		26,216			15,147
Custody fees		6,107			5,536
Administration fees		722			673
Professional fees		11,804			11,745
Trustees’ fees and expenses		226			151
Registration and filing fees		46,873			45,980
Shareholder reports		478			345
Insurance premium expense		130			123
Interest expense		8			95
Commitment fee		251			251
Compliance expense		5			4
Miscellaneous fees		1,043			1,023
Total expenses common to all classes		93,863			81,073
Transfer agent fees
Class A		80			82
Class I		26			17
Distribution and shareholder servicing fees (Note 4)
Class A		3,817			753
Total gross expenses		97,786			81,925
Custody offset arrangement (Note 3)		(2	)		(6	)
Expenses reimbursed by investment adviser (Note 3) (1)		(58,625	)		(60,629	)
Expenses waived by investment adviser (Note 3)		(164	)		(101	)
Net expenses		38,995			21,189
NET INVESTMENT INCOME		20,987			17,702
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(9,934	)		9,723
Net realized gain (loss) on investments		(9,934	)		9,723
Net change in unrealized appreciation on:
Investments		522,271			408,845
Net change in unrealized appreciation of investments		522,271			408,845
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		512,337			418,568
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	533,324		$	436,270

††	Net of foreign withholding taxes of $36 and $232 for the Artio U.S. Midcap Fund and Artio U.S. Multicap Fund, respectively.
(1)	The expenses reimbursed on Artio U.S. Midcap Fund for Class A and Class I were $(26,858) and $(31,767), respectively. The expenses reimbursed on Artio U.S. Multicap Fund for Class A and Class I were $(9,003) and $(51,626), respectively.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 109

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

Artio Global Equity Fund Inc.

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2012			October 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	150,140		$	(7,904	)
Net realized gain on investments		833,021			6,062,681
Net change in unrealized appreciation (depreciation) of investments		2,341,025			(9,298,631	)
Net increase (decrease) in net assets resulting from operations		3,324,186			(3,243,854	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class I		(25,087	)		(97,512	)
Total distributions to shareholders		(25,087	)		(97,512	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		433,712			1,558,350
Class I		882,556			9,747,908
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class I		23,999			81,615
Cost of shares redeemed
Class A		(1,605,602	)		(2,848,550	)
Class I		(28,266,319	)		(33,779,823	)
Net decrease from Fund share transactions		(28,531,654	)		(25,240,500	)
Net decrease in net assets		(25,232,555	)		(28,581,866	)
NET ASSETS
Beginning of period		47,074,467			75,656,333
End of period (including accumulated net investment income of $150,137 and $25,084, respectively)	$	21,841,912		$	47,074,467

See Notes to Financial Statements

110 Artio Global Funds  ï  2012 Semi-Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued) (Unaudited)

Artio International Equity Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2012			October 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	21,598,330		$	69,429,752
Net realized gain (loss) on investments		(137,315,091	)		477,185,974
Net change in unrealized appreciation (depreciation) of investments		146,382,733			(1,466,650,480	)
Net increase (decrease) in net assets resulting from operations		30,665,972			(920,034,754	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(29,892,906	)		(61,880,801	)
Class I		(58,773,313	)		(112,081,692	)
Total distributions to shareholders		(88,666,219	)		(173,962,493	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		73,872,010			182,378,660
Class I		171,463,045			611,136,339
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		29,284,391			60,491,810
Class I		54,098,838			99,772,000
Cost of shares redeemed
Class A		(762,334,778	)		(1,502,926,212	)
Class I		(1,651,819,649	)		(2,092,546,387	)
Net decrease from Fund share transactions		(2,085,436,143	)		(2,641,693,790	)
Net decrease in net assets		(2,143,436,390	)		(3,735,691,037	)
NET ASSETS
Beginning of period		5,747,253,788			9,482,944,825
End of period (including accumulated net investment (loss) income of $(33,060,100) and $34,007,789, respectively)	$	3,603,817,398		$	5,747,253,788

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 111

STATEMENT OF CHANGES IN NET ASSETS (Continued) (Unaudited)

Artio International Equity Fund II

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2012			October 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	16,328,470		$	55,710,626
Net realized gain (loss) on investments		(25,632,865	)		437,367,835
Net change in unrealized appreciation (depreciation) of investments		51,840,988			(1,302,788,917	)
Net increase (decrease) in net assets resulting from operations		42,536,593			(809,710,456	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(17,413,839	)		(40,271,795	)
Class I		(51,533,615	)		(130,378,430	)
Total distributions to shareholders		(68,947,454	)		(170,650,225	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		123,724,775			379,519,427
Class I		202,986,145			1,302,863,174
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		15,787,932			37,982,653
Class I		36,277,359			90,114,958
Cost of shares redeemed
Class A		(522,392,586	)		(1,019,183,514	)
Class I		(1,994,514,678	)		(3,345,146,745	)
Net decrease from Fund share transactions		(2,138,131,053	)		(2,553,850,047	)
Net decrease in net assets		(2,164,541,914	)		(3,534,210,728	)
NET ASSETS
Beginning of period		4,977,066,489			8,511,277,217
End of period (including accumulated net investment (loss) income of $(714,953) and $51,904,031, respectively)	$	2,812,524,575		$	4,977,066,489

See Notes to Financial Statements

112 Artio Global Funds  ï  2012 Semi-Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued) (Unaudited)

Artio Total Return Bond Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2012			October 31, 2011
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	27,840,427		$	61,376,952
Net realized gain on investments		18,690,677			55,119,871
Net change in unrealized appreciation (depreciation) of investments		13,997,478			(37,124,183	)
Net increase in net assets resulting from operations		60,528,582			79,372,640
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(6,050,610	)		(9,152,645	)
Class I		(41,758,417	)		(46,689,863	)
Distributions from realized gain
Class A		(4,921,570	)		(9,906,333	)
Class I		(28,592,546	)		(40,537,488	)
Total distributions to shareholders		(81,323,143	)		(106,286,329	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		61,450,078			81,405,079
Class I		452,762,522			740,726,890
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		10,426,123			18,064,838
Class I		59,883,102			61,874,229
Cost of shares redeemed
Class A		(77,805,006	)		(142,154,906	)
Class I		(173,600,607	)		(588,446,182	)
Net increase from Fund share transactions		333,116,212			171,469,948
Net increase in net assets		312,321,651			144,556,259
NET ASSETS
Beginning of period		1,770,176,987			1,625,620,728
End of period (including undistributed net investment income of $8,636,284 and $28,604,884, respectively)	$	2,082,498,638		$	1,770,176,987

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 113

STATEMENT OF CHANGES IN NET ASSETS (Continued) (Unaudited)

Artio Global High Income Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2012			October 31, 2011
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	123,478,019		$	247,699,908
Net realized gain (loss) on investments		(5,040,605	)		36,410,798
Net change in unrealized appreciation (depreciation) of investments		46,930,515			(244,929,580	)
Net increase in net assets resulting from operations		165,367,929			39,181,126
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(42,015,953	)		(96,064,711	)
Class I		(86,691,897	)		(161,805,050	)
Distributions from realized gain
Class A		(18,379,136	)		(31,214,490	)
Class I		(33,347,756	)		(50,838,415	)
Total distributions to shareholders		(180,434,742	)		(339,922,666	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		217,098,146			916,645,209
Class I		835,044,086			1,191,023,033
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		54,089,867			113,823,044
Class I		58,112,021			137,936,367
Cost of shares redeemed
Class A		(434,988,188	)		(830,599,559	)
Class I		(805,023,623	)		(938,096,095	)
Net increase (decrease) from Fund share transactions		(75,667,691	)		590,731,999
Net increase (decrease) in net assets		(90,734,504	)		289,990,459
NET ASSETS
Beginning of period		3,386,462,850			3,096,472,391
End of period (including accumulated net investment (loss) income of $(4,352,594) and $877,237, respectively)	$	3,295,728,346		$	3,386,462,850

See Notes to Financial Statements

114 Artio Global Funds  ï  2012 Semi-Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued) (Unaudited)

Artio Local Emerging Markets Debt Fund

	For the Six Months			For the Period
	Ended			Ended
	April 30, 2012			October 31, 2011 (1)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	480,820		$	425,529
Net realized gain (loss) on investments		120,062			(69,770	)
Net change in unrealized appreciation (depreciation) of investments		41,645			(691,943	)
Net increase (decrease) in net assets resulting from operations		642,527			(336,184	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(209,095	)		(192,861	)
Class I		(281,000	)		(234,045	)
Distributions from realized gain
Class A		(4,887	)		—
Class I		(5,766	)		—
Total distributions to shareholders		(500,748	)		(426,906	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		20,250			11,044,700
Class I		171,375			13,061,000
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		213,982			192,861
Class I		286,766			234,045
Cost of shares redeemed
Class A		—			(2,488	)
Class I		(40,462	)		(21,196	)
Net increase from Fund share transactions		651,911			24,508,922
Net increase in net assets		793,690			23,745,832
NET ASSETS
Beginning of period		23,745,832			—
End of period (including accumulated net investment loss of $(100,223) and $(90,948), respectively)	$	24,539,522		$	23,745,832

(1) Commenced operations on May 24, 2011.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 115

STATEMENT OF CHANGES IN NET ASSETS (Continued) (Unaudited)

Artio U.S. Microcap Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2012			October 31, 2011
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(45,997	)	$	(114,762	)
Net realized gain (loss) on investments		(181,427	)		1,653,059
Net change in unrealized appreciation (depreciation) of investments		1,535,975			(1,214,040	)
Net increase in net assets resulting from operations		1,308,551			324,257
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from realized gain
Class A		(199,312	)		—
Class I		(640,905	)		—
Total distributions to shareholders		(840,217	)		—
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		1,310,514			8,548,922
Class I		1,779,277			8,864,370
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		190,686			—
Class I		365,640			—
Cost of shares redeemed
Class A		(1,135,627	)		(10,175,893	)
Class I		(1,606,602	)		(6,211,705	)
Net increase from Fund share transactions		903,888			1,025,694
Net increase in net assets		1,372,222			1,349,951
NET ASSETS
Beginning of period		12,376,566			11,026,615
End of period (including accumulated net investment loss of $(70,034) and $(24,037), respectively)	$	13,748,788		$	12,376,566

See Notes to Financial Statements

116 Artio Global Funds  ï  2012 Semi-Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued) (Unaudited)

Artio U.S. Smallcap Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2012			October 31, 2011
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	289,905		$	(542,621	)
Net realized gain on investments		2,288,309			10,277,024
Net change in unrealized appreciation (depreciation) of investments		8,098,786			(4,716,736	)
Net increase in net assets resulting from operations		10,677,000			5,017,667
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from realized gain
Class A		(2,239,009	)		—
Class I		(6,189,086	)		—
Total distributions to shareholders		(8,428,095	)		—
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		5,430,096			17,610,557
Class I		21,384,154			20,298,160
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		2,194,073			—
Class I		5,306,524			—
Cost of shares redeemed
Class A		(9,217,731	)		(21,275,362	)
Class I		(10,668,175	)		(20,797,307	)
Net increase (decrease) from Fund share transactions		14,428,941			(4,163,952	)
Net increase in net assets		16,677,846			853,715
NET ASSETS
Beginning of period		84,078,220			83,224,505
End of period (including accumulated net investment income (loss) of $265,869 and $(24,036), respectively)	$	100,756,066		$	84,078,220

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 117

STATEMENT OF CHANGES IN NET ASSETS (Continued) (Unaudited)

Artio U.S. Midcap Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2012			October 31, 2011
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	20,987		$	(26,982	)
Net realized gain (loss) on investments		(9,934	)		1,465,997
Net change in unrealized appreciation (depreciation) of investments		522,271			(45,523	)
Net increase in net assets resulting from operations		533,324			1,393,492
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from realized gain
Class A		(333,082	)		—
Class I		(413,644	)		—
Total distributions to shareholders		(746,726	)		—
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		2,458,207			1,966,289
Class I		1,791,774			2,565,421
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		329,104			—
Class I		378,937			—
Cost of shares redeemed
Class A		(795,001	)		(3,694,162	)
Class I		(213,583	)		(3,629,581	)
Net increase (decrease) from Fund share transactions		3,949,438			(2,792,033	)
Net increase (decrease) in net assets		3,736,036			(1,398,541	)
NET ASSETS
Beginning of period		4,951,781			6,350,322
End of period (including accumulated net investment loss of $(768) and $(21,755), respectively)	$	8,687,817		$	4,951,781

See Notes to Financial Statements

118 Artio Global Funds  ï  2012 Semi-Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued) (Unaudited)

Artio U.S. Multicap Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2012			October 31, 2011
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	17,702		$	9,844
Net realized gain on investments		9,723			2,035,293
Net change in unrealized appreciation (depreciation) of investments		408,845			(763,239	)
Net increase in net assets resulting from operations		436,270			1,281,898
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		—			(170	)
Class I		—			(12,507	)
Distributions from realized gain
Class A		(122,713	)		—
Class I		(725,579	)		—
Total distributions to shareholders		(848,292	)		(12,677	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		173,982			1,068,851
Class I		247,037			1,742,157
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		119,494			10
Class I		723,345			5,971
Cost of shares redeemed
Class A		(146,090	)		(4,034,670	)
Class I		(915,083	)		(4,140,011	)
Net increase (decrease) from Fund share transactions		202,685			(5,357,692	)
Net decrease in net assets		(209,337	)		(4,088,471	)
NET ASSETS
Beginning of period		4,266,306			8,354,777
End of period (including distributions in excess of net investment income of $(2,627) and $(20,329), respectively)	$	4,056,969		$	4,266,306

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 119

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$33.90			$36.70			$32.55			$27.23			$47.02			$38.23
Income (loss) from investment operations:
Net investment income (loss) (2)		0.11			(0.08	)		(0.01	)		0.27			0.32			0.33
Net realized and unrealized gain (loss) on investments		2.59			(2.72	)		5.05			5.15			(20.03	)		8.46
Total income (loss) from investment operations		2.70			(2.80	)		5.04			5.42			(19.71	)		8.79
Less distributions:
From net investment income		—			—			(0.89	)		(0.10	)		(0.08	)		—
Total Distributions		—			—			(0.89	)		(0.10	)		(0.08	)		—
Net Asset Value, end of period		$36.60			$33.90			$36.70			$32.55			$27.23			$47.02
Total Return		7.93	%(3)		(7.60	)%		15.65	%		19.94	%		(42.00	)%		23.02	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$9,827			$10,223			$12,302			$17,703			$16,045			$38,995
Ratio of net investment income (loss) to average net assets		0.65	%(4)		(0.21	)%		(0.04	)%		0.99	%		0.79	%		0.78	%
Ratio of net expenses to average net assets (1)(5)		1.41	%(4)(7)		1.40	%(6)		1.40	%(6)		1.40	%		1.45	%		1.42	%
Ratio of net expenses to average net assets (1)		1.40	%(4)(7)		1.40	%(6)		1.40	%(6)		1.40	%		1.40	%		1.40	%
Portfolio turnover rate		56	%(3)		147	%		195	%		320	%		200	%		185	%
(1) The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment adviser. Had such an action not been taken, the operating expenses ratios would have been:
Ratio of gross expenses to average net assets (5)		1.94	%(4)(7)		1.79	%(6)		1.78	%(6)		1.89	%		1.75	%		1.99	%
Ratio of gross expenses to average net assets		1.93	%(4)(7)		1.79	%(6)		1.78	%(6)		1.89	%		1.70	%		1.97	%

(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 arrangements.
(6)	Includes interest expense that amounts to less than 0.01%.
(7)	Includes interest expense that amounts to 0.01%.

See Notes to Financial Statements

120 Artio Global Funds  ï  2012 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$34.20			$37.01			$32.80			$27.55			$47.45			$38.48
Income (loss) from investment operations:
Net investment income (2)		0.14			0.01			0.07			0.35			0.39			0.46
Net realized and unrealized gain (loss) on investments		2.62			(2.74	)		5.09			5.17			(20.10	)		8.51
Total income (loss) from investment operations		2.76			(2.73	)		5.16			5.52			(19.71	)		8.97
Less distributions:
From net investment income		(0.02	)		(0.08	)		(0.95	)		(0.27	)		(0.19	)		—
Total Distributions		(0.02	)		(0.08	)		(0.95	)		(0.27	)		(0.19	)		—
Net Asset Value, end of period		$36.94			$34.20			$37.01			$32.80			$27.55			$47.45
Total Return		8.09	%(3)		(7.40	)%		15.94	%		20.23	%		(41.68	)%		23.31	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$12,015			$36,851			$63,354			$50,021			$47,518			$74,033
Ratio of net investment income to average net assets		0.80	%(4)		0.04	%		0.21	%		1.27	%		0.98	%		1.08	%
Ratio of net expenses to average net assets (1)(5)		1.15	%(4)(6)		1.15	%(7)		1.15	%(7)		1.15	%		1.20	%		1.17	%
Ratio of net expenses to average net assets (1)		1.14	%(4)(6)		1.15	%(7)		1.15	%(7)		1.15	%		1.15	%		1.15	%
																			��
Portfolio turnover rate		56	%(3)		147	%		195	%		320	%		200	%		185	%
(1) The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment adviser. Had such an action not been taken, the operating expenses ratios would have been:
Ratio of gross expenses to average net assets (5)		1.49	%(4)(6)		1.42	%(7)		1.44	%(7)		1.50	%		1.45	%		1.65	%
Ratio of gross expenses to average net assets		1.48	%(4)(6)		1.42	%(7)		1.44	%(7)		1.50	%		1.40	%		1.63	%

(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 arrangements.
(6)	Includes interest expense that amounts to 0.01%.
(7)	Includes interest expense that amounts to less than 0.01%.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 121

FINANCIAL HIGHLIGHTS (Unaudited)

Artio International Equity Fund
For a share outstanding throughout each period

	Class A
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$24.55			$28.87			$28.20			$24.46	†		$51.95			$43.09
Income (loss) from investment operations:
Net investment income (1)		0.10			0.19			0.27			0.26			0.52			0.71
Net realized and unrealized gain (loss) on investments		0.51			(4.00	)		2.48			3.94			(22.03	)		12.60
Total income (loss) from investment operations		0.61			(3.81	)		2.75			4.20			(21.51	)		13.31
Less distributions:
From net investment income		(0.39	)		(0.51	)		(2.08	)		(0.46	)		(0.72	)		(0.28	)
From net realized gains on investments		—			—			—			—			(5.26	)		(4.17	)
Total Distributions		(0.39	)		(0.51	)		(2.08	)		(0.46	)		(5.98	)		(4.45	)
Net Asset Value, end of period		$24.77			$24.55			$28.87			$28.20			$24.46	†		$51.95
Total Return		2.72	%(2)		(13.49	)%		10.06	%		17.62	%		(46.49	)%		33.33	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,389,748			$2,059,255			$3,692,638			$4,368,400			$4,884,851			$11,619,663
Ratio of net investment income to average net assets		0.83	%(3)		0.65	%		1.00	%		1.09	%		1.31	%		1.54	%
Ratio of net expenses to average net assets (4)		1.29	%(3)(5)		1.29	%(5)		1.28	%(5)		1.26	%		1.22	%		1.24	%
Ratio of net expenses to average net assets		1.27	%(3)(5)(6)		1.29	%(5)(6)		1.28	%(5)(6)		1.21	%(6)		1.13	%(6)		1.19	%
Portfolio turnover rate		14	%(2)		41	%		105	%		201	%		55	%		51	%

(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)	Includes interest expense that amounts to less than 0.01%.
(6)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratios would have been 1.28%, 1.30%, 1.28%, 1.21% and 1.13% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009 and 2008, 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 Class A shares was $24.44. The NAV above has been restated to correct an error which was identified subsequent to the close of the fiscal year.

See Notes to Financial Statements

122 Artio Global Funds  ï  2012 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

Artio International Equity Fund
For a share outstanding throughout each period

	Class I
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$25.20			$29.64			$28.89			$25.09	†		$53.15			$43.97
Income (loss) from investment operations:
Net investment income (1)		0.13			0.28			0.35			0.33			0.63			0.85
Net realized and unrealized gain (loss) on investments		0.53			(4.13	)		2.55			4.03			(22.60	)		12.88
Total income (loss) from investment operations		0.66			(3.85	)		2.90			4.36			(21.97	)		13.73
Less distributions:
From net investment income		(0.48	)		(0.59	)		(2.15	)		(0.56	)		(0.83	)		(0.38	)
From net realized gains on investments		—			—			—			—			(5.26	)		(4.17	)
Total Distributions		(0.48	)		(0.59	)		(2.15	)		(0.56	)		(6.09	)		(4.55	)
Net Asset Value, end of period		$25.38			$25.20			$29.64			$28.89			$25.09	†		$53.15
Total Return		2.88	%(2)		(13.31	)%		10.37	%		17.91	%		(46.37	)%		33.65	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,214,070			$3,687,999			$5,790,307			$6,389,926			$6,878,409			$15,310,511
Ratio of net investment income to average net assets		1.08	%(3)		0.95	%		1.26	%		1.36	%		1.56	%		1.81	%
Ratio of net expenses to average net assets (4)		1.03	%(3)(5)		1.05	%(5)		1.02	%(5)		1.01	%		0.98	%		0.99	%
Ratio of net expenses to average net assets		1.01	%(3)(5)(6)		1.05	%(5)(6)		1.02	%(5)(6)		0.95	%(6)		0.89	%(6)		0.94	%
Portfolio turnover rate		14	%(2)		41	%		105	%		201	%		55	%		51	%

(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)	Includes interest expense that amounts to less than 0.01%.
(6)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratios would have been 1.01%, 1.05%, 1.02%, 0.95% and 0.89% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009 and 2008, 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 Class I shares was $25.07. The NAV above was restated to correct an error which was identified subsequent to the close of the fiscal year end.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 123

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$10.46			$12.18			$11.62			$10.15	†		$18.31			$14.07
Income (loss) from investment operations:
Net investment income (1)		0.04			0.07			0.11			0.09			0.19			0.31
Net realized and unrealized gain (loss) on investments		0.26			(1.56	)		1.00			1.71			(7.94	)		4.01
Total income (loss) from investment operations		0.30			(1.49	)		1.11			1.80			(7.75	)		4.32
Less distributions:
From net investment income		(0.15	)		(0.23	)		(0.55	)		(0.33	)		(0.14	)		(0.03	)
From net realized gains on investments		—			—			—			—			(0.27	)		(0.05	)
Total Distributions		(0.15	)		(0.23	)		(0.55	)		(0.33	)		(0.41	)		(0.08	)
Net Asset Value, end of period		$10.61			$10.46			$12.18			$11.62			$10.15	†		$18.31
Total Return		3.14	%(2)		(12.61	)%		9.75	%		18.23	%		(43.18	)%		30.89	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$930,618			$1,310,435			$2,156,072			$2,146,222			$1,309,002			$1,980,188
Ratio of net investment income to average net assets		0.78	%(3)		0.54	%		0.98	%		0.87	%		1.25	%		1.93	%
Ratio of net expenses to average net assets (4)		1.33	%(3)(5)		1.28	%(5)		1.29	%(5)		1.27	%		1.28	%		1.31	%
Ratio of net expenses to average net assets (6)		1.31	%(3)(5)		1.28	%(5)		1.28	%(5)		1.24	%		1.21	%		1.29	%
Portfolio turnover rate		14	%(2)		51	%		123	%		205	%		89	%		64	%

(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)	Includes interest expense that amounts to less than 0.01%.
(6)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratios would have been 1.31%, 1.29%, 1.28%, 1.25%, 1.21% and 1.28% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, 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 was $10.16.

See Notes to Financial Statements

124 Artio Global Funds  ï  2012 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$10.54			$12.27			$11.70			$10.22	†		$18.42			$14.14
Income (loss) from investment operations:
Net investment income (1)		0.05			0.10			0.14			0.12			0.23			0.37
Net realized and unrealized gain (loss) on investments		0.27			(1.57	)		1.01			1.72			(7.99	)		4.02
Total income (loss) from investment operations		0.32			(1.47	)		1.15			1.84			(7.76	)		4.39
Less distributions:
From net investment income		(0.19	)		(0.26	)		(0.58	)		(0.36	)		(0.17	)		(0.06	)
From net realized gains on investments		—			—			—			—			(0.27	)		(0.05	)
Total Distributions		(0.19	)		(0.26	)		(0.58	)		(0.36	)		(0.44	)		(0.11	)
Net Asset Value, end of period		$10.67			$10.54			$12.27			$11.70			$10.22	†		$18.42
Total Return		3.24	%(2)		(12.31	)%		9.99	%		18.59	%		(43.03	)%		31.15	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,881,906			$3,666,631			$6,355,205			$6,985,273			$5,218,728			$7,753,276
Ratio of net investment income to average net assets		0.93	%(3)		0.79	%		1.23	%		1.18	%		1.48	%		2.28	%
Ratio of net expenses to average net assets (4)		1.06	%(3)(5)		1.04	%(5)		1.05	%(5)		1.02	%		1.00	%		1.03	%
Ratio of net expenses to average net assets (6)		1.04	%(3)(5)		1.04	%(5)		1.04	%(5)		0.98	%		0.93	%		1.01	%
Portfolio turnover rate		14	%(2)		51	%		123	%		205	%		89	%		64	%

(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)	Includes interest expense that amounts to less than 0.01%.
(6)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio would have been 1.04%, 1.04%, 1.04%, 0.99%, 0.93% and 1.01% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, 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 I shares was $10.23.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 125

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$14.02			$14.24			$13.51			$12.21			$13.41			$13.08
Income (loss) from investment operations:
Net investment income (1)		0.19			0.55			0.52			0.51			0.57			0.57
Net realized and unrealized gain (loss) on investments		0.25			0.18			0.69			1.54			(1.07	)		0.29
Total income (loss) from investment operations		0.44			0.73			1.21			2.05			(0.50	)		0.86
Less distributions:
From net investment income		(0.32	)		(0.47	)		(0.48	)		(0.62	)		(0.70	)		(0.53	)
From net realized gains on investments		(0.26	)		(0.48	)		—			(0.13	)		—			—
Total Distributions		(0.58	)		(0.95	)		(0.48	)		(0.75	)		(0.70	)		(0.53	)
Net Asset Value, end of period		$13.88			$14.02			$14.24			$13.51			$12.21			$13.41
Total Return		3.17	%(2)		5.49	%		9.16	%		17.27	%		(4.01	)%		6.75	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$262,771			$271,444			$319,782			$331,224			$302,869			$148,603
Ratio of net investment income to average net assets		2.74	%(3)		3.96	%		3.77	%		3.98	%		4.27	%		4.34	%
Ratio of net expenses to average net assets (4)		0.69	%(3)		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Ratio of net expenses to average net assets (5)		0.69	%(3)		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Portfolio turnover rate (6)		127	%(2)		219	%		193	%		289	%		341	%		433	%

(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 recoupment or waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratios would have been 0.69%, 0.71%, 0.70%, 0.69%, 0.72% and 0.81% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.
(6)	The portfolio turnover rate not including TBA transactions was 87%, 180%, 164%, 159%, 238% and 220% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.

See Notes to Financial Statements

126 Artio Global Funds  ï  2012 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$13.91			$14.16			$13.47			$12.20			$13.43			$13.12
Income (loss) from investment operations:
Net investment income (1)		0.21			0.58			0.55			0.54			0.57			0.61
Net realized and unrealized gain (loss) on investments		0.24			0.18			0.69			1.53			(1.04	)		0.29
Total income (loss) from investment operations		0.45			0.76			1.24			2.07			(0.47	)		0.90
Less distributions:
From net investment income		(0.36	)		(0.53	)		(0.55	)		(0.67	)		(0.76	)		(0.59	)
From net realized gains on investments		(0.26	)		(0.48	)		—			(0.13	)		—			—
Total Distributions		(0.62	)		(1.01	)		(0.55	)		(0.80	)		(0.76	)		(0.59	)
Net Asset Value, end of period		$13.74			$13.91			$14.16			$13.47			$12.20			$13.43
Total Return		3.32	%(2)		5.79	%		9.39	%		17.56	%		(3.84	)%		7.13	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,819,727			$1,498,733			$1,305,839			$1,238,512			$963,045			$781,006
Ratio of net investment income to average net assets		3.00	%(3)		4.20	%		4.01	%		4.26	%		4.27	%		4.61	%
Ratio of net expenses to average net assets (4)		0.42	%(3)		0.44	%		0.44	%		0.43	%		0.44	%		0.44	%
Ratio of net expenses to average net assets (5)		0.42	%(3)		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%
Portfolio turnover rate (6)		127	%(2)		219	%		193	%		289	%		341	%		433	%

(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 recoupment or waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratios would have been 0.42%, 0.45%, 0.44%, 0.43%, 0.46% and 0.54% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.
(6)	The portfolio turnover rate not including TBA transactions was 87%,180%, 164%, 159%, 238% and 220% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 127

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$10.14			$11.06			$10.28			$8.08			$11.05			$10.99
Income (loss) from investment operations:
Net investment income (1)		0.36			0.77			0.82			0.71			0.68			0.76
Net realized and unrealized gain (loss) on investments		0.15			(0.62	)		0.77			2.42			(3.00	)		0.15
Total income (loss) from investment operations		0.51			0.15			1.59			3.13			(2.32	)		0.91
Less distributions:
From net investment income		(0.37	)		(0.79	)		(0.81	)		(0.78	)		(0.65	)		(0.68	)
From net realized gains on investments		(0.16	)		(0.28	)		—			—			—			(0.10	)
Return of capital		—			—			—			(0.15	)		—			(0.07	)
Total Distributions		(0.53	)		(1.07	)		(0.81	)		(0.93	)		(0.65	)		(0.85	)
Net Asset Value, end of period		$10.12			$10.14			$11.06			$10.28			$8.08			$11.05
Total Return		5.23	%(2)		1.30	%		16.08	%		42.71	%		(22.12	)%		8.58	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,139,267			$1,308,597			$1,222,933			$715,541			$139,340			$94,348
Ratio of net investment income to average net assets		7.26	%(3)		7.19	%		7.70	%		7.83	%		6.67	%		6.89	%
Ratio of net expenses to average net assets (4)		1.00	%(3)(5)		1.01	%(5)		1.00	%		1.01	%		1.02	%		1.01	%
Ratio of net expenses to average net assets (6)		0.99	%(3)(5)		0.99	%(5)		1.00	%		1.00	%		1.00	%		1.00	%
Portfolio turnover rate		30	%(2)		78	%		57	%		43	%		28	%		63	%

(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 arrangements and recoupment of expense previously assumed by the Fund’s investment adviser.
(5)	Includes interest expense that amounts to less than 0.01%.
(6)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expenses ratios would have been 1.01%, 1.00%, 1.00%, 1.01%, 1.08% and 1.20% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.

See Notes to Financial Statements

128 Artio Global Funds  ï  2012 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$9.72			$10.64			$9.90			$7.82			$10.71			$10.66
Income (loss) from investment operations:
Net investment income (1)		0.36			0.76			0.82			0.70			0.69			0.77
Net realized and unrealized gain (loss) on investments		0.14			(0.59	)		0.74			2.33			(2.90	)		0.14
Total income (loss) from investment operations		0.50			0.17			1.56			3.03			(2.21	)		0.91
Less distributions:
From net investment income		(0.39	)		(0.81	)		(0.82	)		(0.79	)		(0.68	)		(0.68	)
From net realized gains on investments		(0.16	)		(0.28	)		—			—			—			(0.10	)
Return of capital		—			—			—			(0.16	)		—			(0.08	)
Total Distributions		(0.55	)		(1.09	)		(0.82	)		(0.95	)		(0.68	)		(0.86	)
Net Asset Value, end of period		$9.67			$9.72			$10.64			$9.90			$7.82			$10.71
Total Return		5.38	%(2)		1.52	%		16.39	%		42.99	%		(21.84	)%		8.82	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,156,462			$2,077,865			$1,873,539			$934,054			$221,811			$152,769
Ratio of net investment income to average net assets		7.52	%(3)		7.44	%		7.96	%		8.10	%		6.93	%		7.15	%
Ratio of net expenses to average net assets (4)		0.74	%(3)(5)		0.74	%(5)		0.75	%		0.76	%		0.77	%		0.76	%
Ratio of net expenses to average net assets (6)		0.73	%(3)(5)		0.73	%(5)		0.75	%		0.75	%		0.75	%		0.75	%
Portfolio turnover rate		30	%(2)		78	%		57	%		43	%		28	%		63	%

(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 arrangements and recoupment of expense previously assumed by the Fund’s investment adviser.
(5)	Includes interest expense that amounts to less than 0.01%.
(6)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratios would have been 0.73%, 0.74%, 0.74%, 0.74%, 0.79% and 0.92% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 129

FINANCIAL HIGHLIGHTS (Unaudited)

Artio Local Emerging Markets Debt Fund
For a share outstanding throughout each period

	Class A
	Six
	Months			Period
	Ended			Ended
	April 30,			October 31,
	2012			2011 (1)
Net Asset Value, beginning of period		$9.69			$10.00
Income (loss) from investment operations:
Net investment income (2)		0.19			0.18
Net realized and unrealized gain (loss) on investments		0.06			(0.32	)
Total income (loss) from investment operations		0.25			(0.14	)
Less distributions:
From net investment income		(0.18	)		(0.17	)
From net realized gains on investments		—	(3)		—
Total Distributions		(0.18	)		(0.17	)
Net Asset Value, end of period		$9.76			$9.69
Total Return		2.71	%(4)		(1.39	)%(4)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$11,202			$10,894
Ratio of net investment income to average net assets		3.90	%(5)		3.98	%(5)
Ratio of net expenses to average net assets (6)		1.20	%(5)		1.20	%(5)
Ratio of net expenses to average net assets (7)		1.07	%(5)		1.12	%(5)
Portfolio turnover rate		17	%(4)		26	%(4)

(1)	Commenced operations on May 24, 2011.
(2)	Based on average shares outstanding during the period.
(3)	Amount was less than $0.01 per share.
(4)	Not annualized.
(5)	Annualized.
(6)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangements.
(7)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio for the periods ended April 30, 2012 and October 31, 2011 would have been 1.64% and 2.69%, respectively.

See Notes to Financial Statements

130 Artio Global Funds  ï  2012 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

Artio Local Emerging Markets Debt Fund
For a share outstanding throughout each period

	Class I
	Six
	Months			Period
	Ended			Ended
	April 30,			October 31,
	2012			2011 (1)
Net Asset Value, beginning of period		$9.70			$10.00
Income (loss) from investment operations:
Net investment income (2)		0.20			0.19
Net realized and unrealized gain (loss) on investments		0.06			(0.31	)
Total income (loss) from investment operations		0.26			(0.12	)
Less distributions:
From net investment income		(0.21	)		(0.18	)
From net realized gains on investments		—	(3)		—
Total Distributions		(0.21	)		(0.18	)
Net Asset Value, end of period		$9.75			$9.70
Total Return		2.76	%(4)		(1.19	)%(4)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$13,338			$12,852
Ratio of net investment income to average net assets		4.17	%(5)		4.27	%(5)
Ratio of net expenses to average net assets (6)		0.93	%(5)		0.93	%(5)
Ratio of net expenses to average net assets (7)		0.80	%(5)		0.85	%(5)
Portfolio turnover rate		17	%(4)		26	%(4)

(1)	Commenced operations on May 24, 2011.
(2)	Based on average shares outstanding during the period.
(3)	Amount was less than $0.01 per share.
(4)	Not annualized.
(5)	Annualized.
(6)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangements.
(7)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio for the periods ended April 30, 2012 and October 31, 2011 would have been 1.39% and 2.42%, respectively.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 131

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$10.59			$9.77			$7.70			$6.04			$12.66			$11.26
Income (loss) from investment operations:
Net investment loss (1)		(0.05	)		(0.10	)		(0.10	)		(0.06	)		(0.11	)		(0.11	)
Net realized and unrealized gain (loss) on investments		1.28			0.92			2.17			1.72			(5.11	)		1.51
Total income (loss) from investment operations		1.23			0.82			2.07			1.66			(5.22	)		1.40
Less distributions:
From net realized gains on investments		(0.79	)		—			—			—			(1.40	)		—
Total Distributions		(0.79	)		—			—			—			(1.40	)		—
Net Asset Value, end of period		$11.03			$10.59			$9.77			$7.70			$6.04			$12.66
Total Return		12.78	%(2)		8.39	%		26.88	%		27.48	%		(45.85	)%(3)		12.43	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$3,669			$3,225			$4,840			$3,236			$2,021			$3,781
Ratio of net investment loss to average net assets		(0.98	)%(4)		(0.86	)%		(1.12	)%		(0.92	)%		(1.19	)%		(0.90	)%
Ratio of net expenses to average net assets (5)		1.80	%(4)(6)		1.80	%(6)		1.80	%(6)		1.80	%		1.80	%		1.80	%
Portfolio turnover rate		64	%(2)		232	%		137	%		276	%		215	%		172	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	The net effect to total return, for a reimbursement made by the investment adviser due to a transaction in error is 0.24%.
(4)	Annualized.
(5)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio would have been 2.88%, 2.32%, 2.61%, 4.25%, 3.80% and 3.52% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.
(6)	Includes interest expense that amounts to less than 0.01%.

See Notes to Financial Statements

132 Artio Global Funds  ï  2012 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008				2007
Net Asset Value, beginning of period		$10.72			$9.85			$7.75			$6.05			$12.71				$11.27
Income (loss) from investment operations:
Net investment loss (1)		(0.04	)		(0.07	)		(0.08	)		(0.04	)		(0.08	)			(0.07	)
Net realized and unrealized gain (loss) on investments		1.29			0.94			2.18			1.74			(5.12	)	��		1.51
Total income (loss) from investment operations		1.25			0.87			2.10			1.70			(5.20	)			1.44
Less distributions:
From net realized gains on investments		(0.79	)		—			—			—			(1.46	)			—
Total Distributions		(0.79	)		—			—			—			(1.46	)			—
Net Asset Value, end of period		$11.18			$10.72			$9.85			$7.75			$6.05				$12.71
Total Return		12.82	%(2)		8.72	%		27.23	%		27.89	%		(45.63	)%(3)			12.88	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$10,080			$9,152			$6,186			$2,825			$2,046				$3,677
Ratio of net investment loss to average net assets		(0.68	)%(4)		(0.61	)%		(0.88	)%		(0.60	)%		(0.89	)%			(0.60	)%
Ratio of net expenses to average net assets (5)		1.50	%(4)(6)		1.50	%(6)		1.50	%(6)		1.50	%		1.50	%			1.50	%
Portfolio turnover rate		64	%(2)		232	%		137	%		276	%		215	%			172	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	The net effect to total return, for a reimbursement made by the investment adviser due to a transaction in error is 0.24%.
(4)	Annualized.
(5)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio would have been 2.41%, 1.94%, 2.39%, 3.60%, 3.32% and 3.08% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.
(6)	Includes interest expense that amounts to less than 0.01%.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 133

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$10.64			$10.07			$8.48			$6.32			$14.13			$11.10
Income (loss) from investment operations:
Net investment income (loss) (1)		0.02			(0.09	)		(0.09	)		(0.04	)		(0.03	)		(0.10	)
Net realized and unrealized gain (loss) on investments		1.25			0.66			1.68			2.20			(4.82	)		3.31
Total income (loss) from investment operations		1.27			0.57			1.59			2.16			(4.85	)		3.21
Less distributions:
From net realized gains on investments		(1.07	)		—			—			—			(2.96	)		(0.18	)
Total Distributions		(1.07	)		—			—			—			(2.96	)		(0.18	)
Net Asset Value, end of period		$10.84			$10.64			$10.07			$8.48			$6.32			$14.13
Total Return		13.47	%(2)		5.56	%		18.87	%		34.18	%		(41.89	)%		29.44	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$23,554			$24,687			$27,024			$11,277			$2,743			$4,339
Ratio of net investment income (loss) to average net assets		0.33	%(3)		(0.80	)%		(0.94	)%		(0.52	)%		(0.31	)%		(0.85	)%
Ratio of net expenses to average net assets (4)		1.50	%(3)(5)		1.50	%(5)		1.50	%(5)		1.50	%		1.50	%		1.50	%
Portfolio turnover rate		83	%(2)		180	%		145	%		281	%		253	%		238	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio would have been 1.47%, 1.43%, 1.54%, 2.88%, 3.21% and 2.97% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.
(5)	Includes interest expense that amounts to less than 0.01%.

See Notes to Financial Statements

134 Artio Global Funds  ï  2012 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$10.76			$10.15			$8.52			$6.33			$14.18			$11.11
Income (loss) from investment operations:
Net investment income (loss) (1)		0.04			(0.05	)		(0.07	)		(0.01	)		—	(2)		(0.06	)
Net realized and unrealized gain (loss) on investments		1.25			0.66			1.70			2.20			(4.84	)		3.32
Total income (loss) from investment operations		1.29			0.61			1.63			2.19			(4.84	)		3.26
Less distributions:
From net investment income		—			—			—			—			—			(0.01	)
From net realized gains on investments		(1.11	)		—			—			—			(3.01	)		(0.18	)
Total Distributions		(1.11	)		—			—			—			(3.01	)		(0.19	)
Net Asset Value, end of period		$10.94			$10.76			$10.15			$8.52			$6.33			$14.18
Total Return		13.61	%(3)		5.91	%		19.25	%		34.60	%		(41.70	)%		29.75	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$77,202			$59,391			$56,201			$3,490			$2,450			$4,073
Ratio of net investment income (loss) to average net assets		0.76	%(4)		(0.47	)%		(0.76	)%		(0.12	)%		(0.02	)%		(0.52	)%
Ratio of net expenses to average net assets (5)		1.20	%(4)(6)		1.20	%(6)		1.20	%(6)		1.20	%		1.20	%		1.20	%
Portfolio turnover rate		83	%(3)		180	%		145	%		281	%		253	%		238	%

(1)	Based on average shares outstanding during the period.
(2)	Rounds to less than $0.01.
(3)	Not annualized.
(4)	Annualized.
(5)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio would have been 1.54%, 1.60%, 1.27%, 2.59%, 2.78% and 2.79%, for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.
(6)	Includes interest expense that amounts to less than 0.01%.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 135

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$11.83			$10.19			$8.15			$6.81			$12.74			$11.05
Income (loss) from investment operations:
Net investment income (loss) (1)		0.03			(0.07	)		(0.02	)		0.01			(0.01	)		0.05
Net realized and unrealized gain (loss) on investments		0.86			1.71			2.07			1.33			(4.94	)		1.81
Total income (loss) from investment operations		0.89			1.64			2.05			1.34			(4.95	)		1.86
Less distributions:
From net investment income		—			—			(0.01	)		—			—			(0.13	)
From net realized gains on investments		(1.69	)		—			—			—			(0.98	)		(0.04	)
Total Distributions		(1.69	)		—			(0.01	)		—			(0.98	)		(0.17	)
Net Asset Value, end of period		$11.03			$11.83			$10.19			$8.15			$6.81			$12.74
Total Return		9.16	%(2)		16.09	%		25.13	%		19.68	%		(41.91	)%		17.16	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$4,097			$2,186			$3,209			$2,442			$2,096			$3,646
Ratio of net investment income (loss) to average net assets		0.48	%(3)		(0.58	)%		(0.20	)%		0.19	%		(0.08	)%		0.43	%
Ratio of net expenses to average net assets (4)		1.35	%(3)(5)		1.35	%(5)		1.35	%(5)		1.35	%		1.35	%		1.35	%
Portfolio turnover rate		45	%(2)		178	%		141	%		232	%		209	%		155	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio would have been 3.11%, 2.65%, 2.74%, 3.71%, 3.10% and 2.98% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.
(5)	Includes interest expense that amounts to less than 0.01%.

See Notes to Financial Statements

136 Artio Global Funds  ï  2012 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$11.92			$10.25			$8.18			$6.82			$12.76			$11.06
Income (loss) from investment operations:
Net investment income (loss) (1)		0.04			(0.03	)		0.01			0.03			0.02			0.09
Net realized and unrealized gain (loss) on investments		0.88			1.70			2.09			1.33			(4.94	)		1.80
Total income (loss) from investment operations		0.92			1.67			2.10			1.36			(4.92	)		1.89
Less distributions:
From net investment income		—			—			(0.03	)		—			—			(0.15	)
From net realized gains on investments		(1.69	)		—			—			—			(0.98	)		(0.04	)
Return of capital		—			—			—			—			(0.04	)		—
Total Distributions		(1.69	)		—			(0.03	)		—			(1.02	)		(0.19	)
Net Asset Value, end of period		$11.15			$11.92			$10.25			$8.18			$6.82			$12.76
Total Return		9.35	%(2)		16.29	%		25.68	%		19.94	%		(41.72	)%		17.47	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$4,591			$2,766			$3,142			$2,495			$2,226			$3,842
Ratio of net investment income (loss) to average net assets		0.78	%(3)		(0.28	)%		0.10	%		0.49	%		0.22	%		0.77	%
Ratio of net expenses to average net assets (4)		1.05	%(3)(5)		1.05	%(5)		1.05	%(5)		1.05	%		1.05	%		1.05	%
Portfolio turnover rate		45	%(2)		178	%		141	%		232	%		209	%		155	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio would have been 2.87%, 2.37%, 2.59%, 3.01%, 2.62% and 2.51% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.
(5)	Includes interest expense that amounts to less than 0.01%.

See Notes to Financial Statements

Artio Global Funds  ï  2012 Semi-Annual Report 137

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$10.92			$10.05			$8.44			$6.93			$12.84			$11.10
Income (loss) from investment operations:
Net investment income (loss) (1)		0.03			—	(2)		(0.01	)		0.03			(0.02	)		0.07
Net realized and unrealized gain (loss) on investments		0.91			0.87			1.65			1.48			(4.75	)		1.85
Total income (loss) from investment operations		0.94			0.87			1.64			1.51			(4.77	)		1.92
Less distributions:
From net investment income		—			—	(2)		(0.03	)		—			—			(0.13	)
From net realized gains on investments		(2.14	)		—			—			—			(1.14	)		(0.05	)
Total Distributions		(2.14	)		—	(2)		(0.03	)		—			(1.14	)		(0.18	)
Net Asset Value, end of period		$9.72			$10.92			$10.05			$8.44			$6.93			$12.84
Total Return		12.01	%(3)		8.66	%		19.43	%		21.79	%		(40.40	)%		17.47	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$648			$558			$3,001			$2,525			$2,048			$3,620
Ratio of net investment income (loss) to average net assets		0.64	%(4)		(0.04	)%		(0.15	)%		0.46	%		(0.21	)%		0.58	%
Ratio of net expenses to average net assets (5)		1.30	%(4)(6)		1.30	%(6)		1.30	%		1.30	%		1.30	%		1.30	%
Portfolio turnover rate		40	%(3)		157	%		93	%		240	%		214	%		152	%

(1)	Based on average shares outstanding during the period.
(2)	Amount was less than $0.01 per share.
(3)	Not annualized.
(4)	Annualized.
(5)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio would have been 4.30%, 2.28%, 2.31%, 3.63%, 3.14% and 2.93% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.
(6)	Includes interest expense that amounts to less than 0.01%.

See Notes to Financial Statements

138 Artio Global Funds  ï  2012 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six
	Months
	Ended
	April 30,			Year Ended October 31,
	2012			2011			2010			2009			2008			2007
Net Asset Value, beginning of period		$11.01			$10.11			$8.48			$6.94			$12.86			$11.11
Income (loss) from investment operations:
Net investment income (1)		0.05			0.02			0.01			0.05			0.01			0.12
Net realized and unrealized gain (loss) on investments		0.92			0.90			1.67			1.49			(4.76	)		1.84
Total income (loss) from investment operations		0.97			0.92			1.68			1.54			(4.75	)		1.96
Less distributions:
From net investment income		—			(0.02	)		(0.05	)		—	(2)		(0.03	)		(0.16	)
From net realized gains on investments		(2.14	)		—			—			—			(1.14	)		(0.05	)
Total Distributions		(2.14	)		(0.02	)		(0.05	)		—	(2)		(1.17	)		(0.21	)
Net Asset Value, end of period		$9.84			$11.01			$10.11			$8.48			$6.94			$12.86
Total Return		12.11	%(3)		9.13	%		19.85	%		22.24	%		(40.26	)%		17.79	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$3,409			$3,708			$5,354			$2,513			$2,328			$3,947
Ratio of net investment income to average net assets		0.92	%(4)		0.19	%		0.12	%		0.76	%		0.09	%		0.99	%
Ratio of net expenses to average net assets (5)		1.00	%(4)(6)		1.00	%(6)		1.00	%		1.00	%		1.00	%		1.00	%
Portfolio turnover rate		40	%(3)		157	%		93	%		240	%		214	%		152	%

(1)	Based on average shares outstanding during the period.
(2)	Amount was less than $0.01 per share.
(3)	Not annualized.
(4)	Annualized.
(5)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment adviser. Had such action not been taken, the annualized operating expense ratio would have been 4.01%, 2.04%, 2.10%, 2.97%, 2.63% and 2.42% for the periods ended April 30, 2012, October 31, 2011, 2010, 2009, 2008 and 2007, respectively.
(6)	Includes interest expense that amounts to less than 0.01%.

See Notes to Financial Statements

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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, 2012, the Artio Global Funds are comprised of ten 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”) as a diversified, open-end management investment company.

The Trust is organized as a Massachusetts business trust and is registered with the SEC under the 1940 Act, as an open-end management investment company. As of April 30, 2012, the Trust offered eight diversified 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”). As of April 30, 2012, the Trust offered one non-diversified investment fund: Artio Local Emerging Markets Debt Fund (the “Local Emerging Markets Debt Fund”). Effective May 1, 2012, the Fund changed its name to the Artio Emerging Markets Local Currency Debt 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 related 401(k) plans, new plan participants within 401(k) plans that hold positions in the Fund and investors purchasing Fund shares through broker-dealer sponsored fee-based discretionary model portfolio programs and bank/wealth management model portfolio programs, provided that the sponsoring firm has received prior approval from the Fund and has continuously held Fund shares since before the closing of the Fund and those shares are made available to that program pursuant to an agreement with the Fund’s Distributors and/or the Fund’s Transfer Agent. In addition, existing shareholders may continue to invest.

Each of the Artio Global Funds offers multiple share classes. As of April 30, 2012, all of the Funds offered Class A and Class I shares. The classes of shares are offered to different types of investors and have different expense structures, as outlined in the Funds’ Prospectuses. Each class of shares has exclusive voting rights with respect to

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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, principally 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.
Local Emerging Markets Debt Fund	Seeks to provide a high level of total return, consisting of income and capital appreciation.
U.S. Microcap Fund	Seeks long term growth of capital.
U.S. Smallcap Fund	Seeks long term growth of capital.
U.S. Midcap Fund	Seeks long term growth of capital.
U.S. Multicap Fund	Seeks 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: Each Fund’s assets for which market quotations are readily available are valued at fair value on the basis of quotations furnished by a pricing service or provided by securities dealers. Equity investments are generally valued using the last sale price or official closing price taken from the primary market in

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which each security trades, or if no sales occurred during the day, at the mean of the current quoted bid and asked prices. Fixed income securities are generally valued using prices provided directly by independent third party services or provided directly from one or more broker dealers or market makers, each in accordance with valuation procedures (“Valuation Procedures”) approved by the Global Equity Fund Board of Director’s, and the Trust’s Board of Trustees (each a “Board” and collectively, “the Boards”), as applicable.

The pricing services may use valuation models or matrix pricing, which considers yield or prices with respect to comparable bond quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as credit rating, interest rates and maturity date, to determine current value. Assets and liabilities initially expressed in foreign currency will be converted into U.S. dollar values. Short-term dollar-denominated investments of appropriate credit quality that mature in 60 days or less are valued on the basis of amortized cost. To the extent each 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 good faith fair value pricing and the effects of such fair value pricing.

When market quotations or exchange rates are not readily available, or if Artio Global Management LLC (“Artio Global” or “Adviser”) believes that such market quotations do not accurately reflect fair value, the fair value of a Fund’s assets are determined in good faith in accordance with the Valuation Procedures. For options, swaps and warrants, a fair value price may be determined using readily available market quotations, prices provided by independent pricing services, or by using modeling tools provided by industry accepted financial data service providers. Key inputs to such tools may include yield and prices from comparable or reference assets, maturity or expiration dates, ratings, and interest dates. In addition, the Adviser, through its pricing committee may determine the fair value price based upon multiple factors as set forth in the Valuation Procedures approved by the Boards.

The closing prices of domestic or foreign securities may not reflect their market values at the time the Funds calculate their respective NAVs if an event that materially affects the value of those securities has occurred since the closing prices were established on the domestic or foreign exchange market, but before the Funds’ NAV calculations. Under certain conditions, the Boards have approved an independent pricing service to fair value foreign securities. This is generally accomplished by adjusting the closing price for movements in correlated indices, securities

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or derivatives. Fair value pricing may cause the value of the security on the books of the Funds to be different from the closing value on the non-U.S. exchange and may affect the calculation of a Funds’ NAV. Certain Funds may fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are pricing their shares.

Fair value is defined 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. Fair value measurements are determined within a framework that has established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish 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 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 liabilities 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—	Inputs are quoted prices in active markets for identical investments (i.e. equity securities, open-end investment companies, futures contracts, purchased options contracts)
Level 2—	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs (i.e. debt securities, government securities, swap contracts, forward foreign currency contracts, foreign securities utilizing an approved vendor for systematic fair value pricing)
Level 3—	Inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (i.e. certain broker-quoted securities, fair valued securities)

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

The Funds will fair value foreign securities when the adviser does not believe that the closing prices are reflective of fair value due to significant events that occurred subsequent to the close of the foreign markets but before the Funds’ NAV calculations. When securities are fair valued under this method, they will be classified as Level 2 which may result in significant transfers between Level 1 and Level 2. The number of days on which fair value prices will be used depends on market activity. It is possible that fair value prices will be used by the Funds to a significant extent. Foreign securities in the Global Equity Fund, International Equity Fund and International Equity Fund II were fair valued under this method at October 31, 2011. Securities were not fair valued using this method at April 30, 2012, resulting in significant transfers from Level 2 to Level 1 in the fair value hierarchy.

The following is a summary of the inputs used as of April 30, 2012 in valuing the Funds’ investments:

Global Equity Fund

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
COMMON STOCKS
United States	$	10,996,998	$	—	$	—	$	10,996,998
China		1,855,338		—		—		1,855,338
United Kingdom		1,334,727		—		—		1,334,727
Japan		1,235,331		—		—		1,235,331
Switzerland		672,740		—		—		672,740
France		601,332		—		—		601,332
Canada		571,652		—		—		571,652
Germany		568,222		—		—		568,222
Hong Kong		388,731		—		—		388,731
Russia		83,125		190,160		—		273,285
Netherlands		266,399		—		—		266,399
Denmark		220,209		—		—		220,209
Australia		194,176		—		—		194,176
Sweden		155,295		—		—		155,295
South Korea		137,755		—		—		137,755
Taiwan		113,376		—		—		113,376
Ireland		88,001		—		—		88,001
Israel		81,600		—		—		81,600

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	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Italy	$	78,329	$	—	$	—	$	78,329
TOTAL COMMON STOCKS		19,643,336		190,160		—		19,833,496
EQUITY LINKED NOTES
India		—		140,419		—		140,419
PREFERRED STOCKS
Germany		54,226		—		—		54,226
United Kingdom		—		1,149		—		1,149
Philippines		—		—		134		134
TOTAL PREFERRED STOCKS		54,226		1,149		134		55,509
RIGHTS
Spain		516		—		—		516
INVESTMENT COLLATERAL FROM SECURITY LENDING
United States		56,650		—		—		56,650
REPURCHASE AGREEMENT
United States		—		1,060,324		—		1,060,324
TOTAL INVESTMENTS		19,754,728		1,392,052		134		21,146,914
FORWARD FOREIGN EXCHANGE CONTRACTS		—		5,387		—		5,387
TOTAL	$	19,754,728	$	1,397,439	$	134	$	21,152,301

Liabilities Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other			Significant
	Identical		Observable			Unobservable
	Assets		Inputs			Inputs
Description	(Level 1)		(Level 2)			(Level 3)		Total
FORWARD FOREIGN EXCHANGE CONTRACTS	$	—	$	(3,221	)	$	—	$	(3,221	)
TOTAL	$	—	$	(3,221	)	$	—	$	(3,221	)

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Global Equity Fund

Rollforward of Level 3 Fair Value Measurement

For the Period Ended April 30, 2012

Asset Valuation Inputs

																			Change in
																			Unrealized
																			Appreciation
							Change in												(Depreciation)
			Accrued				Unrealized												from Investments
	Balance as of		Discounts		Realized Gain		Appreciation						Net Transfers		Net Transfers		Balance as of		Held at
Investments in Securities	October 31, 2011		(Premiums)		(Loss)		(Depreciation)		Net Purchases		Net Sales		into Level 3		out of Level 3		April 30, 2012		April 30, 2012
PREFERRED STOCKS
Philippines	$	133	$	—	$	—	$	1	$	—	$	—	$	—	$	—	$	134	$	1
TOTAL	$	133	$	—	$	—	$	1	$	—	$	—	$	—	$	—	$	134	$	1

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

International Equity Fund

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
COMMON STOCKS
United Kingdom	$	630,190,551	$	—	$	—	$	630,190,551
Japan		455,579,237		—		—		455,579,237
China		314,348,927		—		—		314,348,927
France		276,069,494		—		—		276,069,494
Switzerland		272,674,652		—		—		272,674,652
Germany		212,099,198		—		—		212,099,198
Canada		162,855,830		—		—		162,855,830
Hong Kong		147,929,446		—		—		147,929,446
Russia		—		96,083,428		43,479,317		139,562,745
Romania		78,428,673		—		658,835		79,087,508
Netherlands		58,457,641		—		—		58,457,641
Ireland		54,125,169		—		—		54,125,169
South Korea		45,080,217		—		—		45,080,217
India		40,359,425		4,306,502		—		44,665,927
Denmark		43,095,522		—		—		43,095,522
Nigeria		41,304,473		—		—		41,304,473
Sweden		40,726,977		—		—		40,726,977
Bulgaria		10,472,293		—		25,360,975		35,833,268
Taiwan		33,766,321		—		—		33,766,321
Czech Republic		32,284,819		—		—		32,284,819
Venezuela		—		—		29,399,475		29,399,475
Ukraine		5,879,942		8,717,678		13,411,216		28,008,836
Israel		25,688,590		—		—		25,688,590
Spain		23,913,122		—		—		23,913,122
Serbia		16,686,897		—		2,071,766		18,758,663
Australia		15,641,812		—		—		15,641,812
Lebanon		3,914,991		10,647,353		—		14,562,344
Austria		14,443,804		—		—		14,443,804
Italy		14,418,161		—		—		14,418,161
Finland		13,255,399		—		—		13,255,399
Georgia		9,740,922		—		—		9,740,922
Mexico		9,386,276		—		—		9,386,276
Latvia		—		—		266,807		266,807
TOTAL COMMON STOCKS		3,102,818,781		119,754,961		114,648,391		3,337,222,133
PREFERRED STOCKS
Germany		50,624,123		—		—		50,624,123
Russia		—		9,960,359		—		9,960,359
Bulgaria		—		8,201,288		—		8,201,288
United Kingdom		—		280,272		—		280,272

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Philippines	$	—	$	—	$	27,305	$	27,305
TOTAL PREFERRED STOCKS		50,624,123		18,441,919		27,305		69,093,347
EQUITY LINKED NOTES
Ukraine		—		1,419,477		6,163,198		7,582,675
Ireland		7,400,348		—		—		7,400,348
India		—		799,475		—		799,475
TOTAL EQUITY LINKED NOTES		7,400,348		2,218,952		6,163,198		15,782,498
EXCHANGE-TRADED FUND
Russia		—		—		3,242,190		3,242,190
FOREIGN GOVERNMENT COMPENSATION NOTES
Bulgaria		1,357,000		432,984		—		1,789,984
RIGHTS
Spain		101,972		—		—		101,972
INVESTMENT COLLATERAL FROM SECURITY LENDING
United States		138,268,352		—		—		138,268,352
TOTAL INVESTMENTS		3,300,570,576		140,848,816		124,081,084		3,565,500,476
FORWARD FOREIGN EXCHANGE CONTRACTS		—		1,178,657		—		1,178,657
TOTAL	$	3,300,570,576	$	142,027,473	$	124,081,084	$	3,566,679,133

Liabilities Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other			Significant
	Identical		Observable			Unobservable
	Assets		Inputs			Inputs
Description	(Level 1)		(Level 2)			(Level 3)		Total
FORWARD FOREIGN EXCHANGE CONTRACTS	$	—	$	(838,239	)	$	—	$	(838,239	)
TOTAL	$	—	$	(838,239	)	$	—	$	(838,239	)

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International Equity Fund

Rollforward of Level 3 Fair Value Measurement

For the Period Ended April 30, 2012

Asset Valuation Inputs

																							Change in
																							Unrealized
																							Appreciation
								Change in															(Depreciation)
			Accrued					Unrealized															from Investments
	Balance as of		Discounts		Realized Gain			Appreciation								Net Transfers		Net Transfers			Balance as of		Held at
Investments in Securities	October 31, 2011		(Premiums)		(Loss)			(Depreciation)			Net Purchases		Net Sales			into Level 3		out of Level 3			April 30, 2012		April 30, 2012
COMMON STOCKS
Bulgaria	$	41,441,884	$	—	$	(11,932,100	)	$	7,427,077		$	—	$	(11,575,886	)	$	—	$	—		$	25,360,975	$	(4,043,473	)
Latvia		279,501		—		—			(12,694	)		—		—			—		—			266,807		(12,694	)
Romania		—		—		—			—			—		—			658,835		—			658,835		—
Russia		35,445,596		—		—			8,033,721			—		—			—		—			43,479,317		8,033,721
Serbia		2,604,254		—		—			(556,902	)		40,405		—			—		(15,991	)		2,071,766		(532,488	)
Ukraine		14,925,394		—		(6,055,621	)		18,779,496			—		(15,735,432	)		1,497,379		—			13,411,216		(1,570,503	)
United Kingdom		12,023,899		—		(975,761	)		(2,437,712	)		—		(2,503,662	)		—		(6,106,764	)		—		—
Venezuela		15,607,343		—		—			13,792,132			—		—			—		—			29,399,475		13,792,132
EQUITY LINKED NOTES
Ukraine		8,928,375		—		3,437,882			(5,247,097	)		4,583,430		(5,539,392	)		—		—			6,163,198		1,579,768
EXCHANGE-TRADED FUNDS
Russia		1,389,510		—		—			1,852,680			—		—			—		—			3,242,190		1,852,680
PREFERRED STOCKS
Philippines		27,039		—		—			266			—		—			—		—			27,305		266
RIGHTS
Bulgaria		—		—		350			—			—		(350	)		—		—			—		—
TOTAL	$	132,672,795	$	—	$	(15,525,250	)	$	41,630,967		$	4,623,835	$	(35,354,722	)	$	2,156,214	$	(6,122,755	)	$	124,081,084	$	19,099,409

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

International Equity Fund II

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
COMMON STOCKS
United Kingdom	$	513,302,195	$	—	$	—	$	513,302,195
Japan		373,724,916		—		—		373,724,916
China		238,065,217		—		—		238,065,217
France		230,428,304		—		—		230,428,304
Switzerland		216,748,352		—		—		216,748,352
Germany		174,585,171		—		—		174,585,171
Canada		138,472,168		—		—		138,472,168
Hong Kong		99,191,566		—		—		99,191,566
Russia		1,463,298		94,579,943		—		96,043,241
Romania		73,734,175		—		—		73,734,175
Netherlands		50,333,412		—		—		50,333,412
Ireland		41,316,034		—		—		41,316,034
Czech Republic		41,303,641		—		—		41,303,641
South Korea		39,448,265		—		—		39,448,265
Sweden		38,596,846		—		—		38,596,846
Nigeria		33,703,440		—		—		33,703,440
Denmark		33,448,499		—		—		33,448,499
Taiwan		28,905,230		—		—		28,905,230
India		19,434,258		—		—		19,434,258
Israel		19,253,704		—		—		19,253,704
Spain		18,936,448		—		—		18,936,448
Australia		14,434,947		—		—		14,434,947
Lebanon		—		12,701,613		—		12,701,613
Mexico		11,789,805		—		—		11,789,805
Finland		11,787,930		—		—		11,787,930
Italy		10,105,732		—		—		10,105,732
Ukraine		939,960		5,454,843		—		6,394,803
TOTAL COMMON STOCKS		2,473,453,513		112,736,399		—		2,586,189,912
PREFERRED STOCKS
Germany		40,839,894		—		—		40,839,894
Russia		—		7,478,877		—		7,478,877
United Kingdom		—		240,755		—		240,755
Philippines		—		—		20,576		20,576
TOTAL PREFERRED STOCKS		40,839,894		7,719,632		20,576		48,580,102
EQUITY LINKED NOTES
Ireland		5,493,019		—		—		5,493,019
RIGHTS
Spain		76,019		—		—		76,019

150 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
INVESTMENT COLLATERAL FROM SECURITY LENDING
United States	$	132,322,491	$	—	$	—	$	132,322,491
REPURCHASE AGREEMENT
United States		—		39,125,749		—		39,125,749
TOTAL INVESTMENTS		2,652,184,936		159,581,780		20,576		2,811,787,292
FORWARD FOREIGN EXCHANGE CONTRACTS		—		1,685,463		—		1,685,463
TOTAL	$	2,652,184,936	$	161,267,243	$	20,576	$	2,813,472,755

Liabilities Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other			Significant
	Identical		Observable			Unobservable
	Assets		Inputs			Inputs
Description	(Level 1)		(Level 2)			(Level 3)		Total
FORWARD FOREIGN EXCHANGE CONTRACTS	$	—	$	(1,967,577	)	$	—	$	(1,967,577	)
TOTAL	$	—	$	(1,967,577	)	$	—	$	(1,967,577	)

Artio Global Funds  ï  2012 Semi-Annual Report 151

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

International Equity Fund II

Rollforward of Level 3 Fair Value Measurement

For the Period Ended April 30, 2012

Asset Valuation Inputs

																			Change in
																			Unrealized
																			Appreciation
							Change in												(Depreciation)
			Accrued				Unrealized												from Investments
	Balance as of		Discounts		Realized Gain		Appreciation						Net Transfers		Net Transfers		Balance as of		Held at
Investments in Securities	October 31, 2011		(Premiums)		(Loss)		(Depreciation)		Net Purchases		Net Sales		into Level 3		out of Level 3		April 30, 2012		April 30, 2012
PREFERRED STOCKS
Philippines	$	20,375	$	—	$	—	$	201	$	—	$	—	$	—	$	—	$	20,576	$	201
TOTAL	$	20,375	$	—	$	—	$	201	$	—	$	—	$	—	$	—	$	20,576	$	201

152 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Total Return Bond Fund

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
U.S. GOVERNMENT AND AGENCY OBLIGATIONS
United States	$	—	$	584,152,433	$	—	$	584,152,433
CORPORATE BONDS
United States		—		315,351,053		—		315,351,053
Canada		—		48,954,359		—		48,954,359
Norway		—		33,364,260		—		33,364,260
Australia		—		29,048,461		—		29,048,461
United Kingdom		—		27,311,208		—		27,311,208
Netherlands		—		16,697,725		—		16,697,725
Sweden		—		16,693,076		—		16,693,076
Ireland		—		12,719,910		—		12,719,910
France		—		11,905,211		—		11,905,211
Supranational		—		11,108,161		—		11,108,161
Brazil		—		9,786,273		—		9,786,273
Switzerland		—		9,302,220		—		9,302,220
United Arab Emirates		—		6,198,987		—		6,198,987
Chile		—		5,864,874		—		5,864,874
Hong Kong		—		5,009,763		—		5,009,763
Germany		—		4,626,456		—		4,626,456
TOTAL CORPORATE BONDS		—		563,941,997		—		563,941,997
ASSET BACKED SECURITIES
United States		—		479,463,188		—		479,463,188
Russia		—		—		198,601		198,601
TOTAL ASSET BACKED SECURITIES		—		479,463,188		198,601		479,661,789
FOREIGN GOVERNMENT AND AGENCY BONDS
Canada		—		118,723,730		—		118,723,730
Mexico		—		93,137,900		—		93,137,900
Brazil		—		68,576,302		—		68,576,302
Australia		—		46,768,736		—		46,768,736
Qatar		—		14,254,140		—		14,254,140
TOTAL FOREIGN GOVERNMENT AND AGENCY BONDS		—		341,460,808		—		341,460,808
MUNICIPAL OBLIGATIONS
United States		—		24,023,826		—		24,023,826
REPURCHASE AGREEMENT
United States		—		242,251,070		—		242,251,070
TOTAL INVESTMENTS		—		2,235,293,322		198,601		2,235,491,923

Artio Global Funds  ï  2012 Semi-Annual Report 153

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
FORWARD FOREIGN EXCHANGE CONTRACTS	$	—	$	3,025,645	$	—	$	3,025,645
TOTAL	$	—	$	2,238,318,967	$	198,601	$	2,238,517,568

Liabilities Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other			Significant
	Identical		Observable			Unobservable
	Assets		Inputs			Inputs
Description	(Level 1)		(Level 2)			(Level 3)		Total
FORWARD FOREIGN EXCHANGE CONTRACTS	$	—	$	(1,549,225	)	$	—	$	(1,549,225	)
TOTAL	$	—	$	(1,549,225	)	$	—	$	(1,549,225	)

154 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Total Return Bond Fund

Rollforward of Level 3 Fair Value Measurement

For the Period Ended April 30, 2012

Asset Valuation Inputs

																				Change in
																				Unrealized
																				Appreciation
							Change in													(Depreciation)
			Accrued				Unrealized													from Investments
	Balance as of		Discounts		Realized Gain		Appreciation							Net Transfers		Net Transfers		Balance as of		Held at
Investments in Securities	October 31, 2011		(Premiums)		(Loss)		(Depreciation)		Net Purchases		Net Sales			into Level 3		out of Level 3		April 30, 2012		April 30, 2012
ASSET BACKED SECURITIES
Russia	$	319,812	$	—	$	2,831	$	15,098	$	—	$	(139,140	)	$	—	$	—	$	198,601	$	15,098
TOTAL	$	319,812	$	—	$	2,831	$	15,098	$	—	$	(139,140	)	$	—	$	—	$	198,601	$	15,098

Artio Global Funds  ï  2012 Semi-Annual Report 155

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Global High Income Fund

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
CORPORATE BONDS
United States	$	—	$	1,670,921,316	$	10,219	$	1,670,931,535
Canada		—		238,916,489		—		238,916,489
United Kingdom		—		173,290,178		—		173,290,178
Germany		—		52,311,589		—		52,311,589
Netherlands		—		45,356,955		—		45,356,955
Czech Republic		—		42,558,455		—		42,558,455
Sweden		—		35,470,328		—		35,470,328
Mexico		—		32,133,475		—		32,133,475
France		—		29,304,707		—		29,304,707
Australia		—		20,312,650		—		20,312,650
Norway		—		19,645,406		—		19,645,406
Malaysia		—		19,056,900		—		19,056,900
Indonesia		—		18,318,712		—		18,318,712
Cyprus		—		16,380,574		—		16,380,574
Russia		—		16,132,504		—		16,132,504
China		—		15,384,798		—		15,384,798
Italy		—		15,264,946		—		15,264,946
Brazil		—		14,109,043		—		14,109,043
Switzerland		—		13,790,538		—		13,790,538
Spain		—		9,929,364		—		9,929,364
Peru		—		8,923,200		—		8,923,200
Ireland		—		2,180,400		—		2,180,400
TOTAL CORPORATE BONDS		—		2,509,692,527		10,219		2,509,702,746
BANK LOANS
United States		—		258,786,897		47,960,989		306,747,886
United Kingdom		—		48,235,510		—		48,235,510
Canada		—		19,416,972		13,522,676		32,939,648
Ireland		—		17,671,572		—		17,671,572
France		—		17,497,695		—		17,497,695
New Zealand		—		13,225,792		—		13,225,792
Norway		—		—		2,846,206		2,846,206
TOTAL BANK LOANS		—		374,834,438		64,329,871		439,164,309
FOREIGN GOVERNMENT BONDS
Brazil		—		47,716,937		—		47,716,937
Mexico		—		24,491,233		—		24,491,233
Venezuela		—		17,025,180		—		17,025,180
Indonesia		—		13,654,172		—		13,654,172

156 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Ghana	$	—	$	5,932,725	$	—	$	5,932,725
TOTAL FOREIGN GOVERNMENT BONDS		—		108,820,247		—		108,820,247
PREFERRED STOCKS
United States		18,893,118		23,374,906		—		42,268,024
COMMON STOCKS
Norway		—		—		25,428,183		25,428,183
United States		5,589,422		—		—		5,589,422
Greece		—		—		3,085,701		3,085,701
TOTAL COMMON STOCKS		5,589,422		—		28,513,884		34,103,306
CREDIT LINKED NOTE
Ukraine		—		6,516,639		—		6,516,639
EQUITY LINKED NOTES
United States		5,031,301		—		—		5,031,301
CONVERTIBLE BONDS
United States		—		3,491,405		—		3,491,405
RIGHTS
United States		—		—		1,134,321		1,134,321
REPURCHASE AGREEMENT
United States		—		11,646,163		—		11,646,163
TIME DEPOSIT
United States		—		2,790,000		—		2,790,000
TOTAL INVESTMENTS		29,513,841		3,041,166,325		93,988,295		3,164,668,461
FORWARD FOREIGN EXCHANGE CONTRACTS		—		2,006,233		—		2,006,233
SWAPS		—		1,453,926		—		1,453,926
TOTAL	$	29,513,841	$	3,044,626,484	$	93,988,295	$	3,168,128,620

Liabilities Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other			Significant
	Identical		Observable			Unobservable
	Assets		Inputs			Inputs
Description	(Level 1)		(Level 2)			(Level 3)		Total
FORWARD FOREIGN EXCHANGE CONTRACTS	$	—	$	(3,940,999	)	$	—	$	(3,940,999	)
SWAPS		—		(3,138,469	)		—		(3,138,469	)
TOTAL	$	—	$	(7,079,468	)	$	—	$	(7,079,468	)

Artio Global Funds  ï  2012 Semi-Annual Report 157

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Global High Income Fund

Rollforward of Level 3 Fair Value Measurement

For the Period Ended April 30, 2012

Asset Valuation Inputs

																								Change in
																								Unrealized
																								Appreciation
									Change in															(Depreciation)
			Accrued						Unrealized															from Investments
	Balance as of		Discounts			Realized Gain			Appreciation								Net Transfers		Net Transfers			Balance as of		Held at
Investments in Securities	October 31, 2011		(Premiums)			(Loss)			(Depreciation)			Net Purchases		Net Sales			into Level 3		out of Level 3			April 30, 2012		April 30, 2012
BANK LOANS
Canada	$	17,360,243	$	9,524		$	(98,051	)	$	742,130		$	—	$	(4,491,170	)	$	—	$	—		$	13,522,676	$	742,130
New Zealand		13,451,794		(7,614	)		(467	)		(150,746	)		—		(67,175	)		—		(13,225,792	)		—		—
Norway		5,036,270		—			—			(25,056	)		—		(2,165,008	)		—		—			2,846,206		(25,056	)
United States		169,026,825		648,073			(2,375,194	)		1,725,710			2,315,000		(82,722,561	)		—		(40,656,864	)		47,960,989		466,083
COMMON STOCKS
Greece		4,673,649		—			—			(1,587,948	)		350,779		(350,779	)		—		—			3,085,701		(1,587,948	)
Norway		24,218,337		—			—			1,209,846			—		—			—		—			25,428,183		1,209,846
CONVERTIBLE BONDS
United States		9,457,541		77,767			—			(6,467,571	)		423,668		—			—		(3,491,405	)		—		—
CORPORATE BONDS
Australia		35,708,528		(649	)		(1,506,894	)		(17,163	)		—		(34,183,822	)		—		—			—		—
United States		23,438		—			—			(13,219	)		—		—			—		—			10,219		(13,219	)
CREDIT LINKED NOTE
Ukraine		6,354,889		50,931			6,975			(330,800	)		—		(6,081,995	)		—		—			—		—
RIGHTS
United States		1,274,880		—			—			(140,559	)		—		—			—		—			1,134,321		(140,559	)
TOTAL	$	286,586,394	$	778,032		$	(3,973,631	)	$	(5,055,376	)	$	3,089,447	$	(130,062,510	)	$	—	$	(57,374,061	)	$	93,988,295	$	651,277

158 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Local Emerging Markets Debt Fund

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
FOREIGN GOVERNMENT BONDS
South Africa	$	—	$	2,547,069	$	—	$	2,547,069
Mexico		—		2,119,045		—		2,119,045
Turkey		—		1,841,384		—		1,841,384
Thailand		—		1,164,208		—		1,164,208
Malaysia		—		1,125,362		—		1,125,362
Poland		—		1,080,121		—		1,080,121
Uruguay		—		1,017,009		—		1,017,009
Russia		—		817,752		—		817,752
Peru		—		772,112		—		772,112
Colombia		—		730,874		—		730,874
Hungary		—		683,620		—		683,620
Philippines		—		122,355		—		122,355
TOTAL FOREIGN GOVERNMENT BONDS		—		14,020,911		—		14,020,911
CORPORATE BONDS
Supranational		—		4,318,346		—		4,318,346
Brazil		—		923,167		—		923,167
TOTAL CORPORATE BONDS		—		5,241,513		—		5,241,513
REPURCHASE AGREEMENT
United States		—		2,292,017		—		2,292,017
TOTAL INVESTMENTS		—		21,554,441		—		21,554,441
FORWARD FOREIGN EXCHANGE CONTRACTS		—		55,090		—		55,090
SWAPS		—		8,065		—		8,065
TOTAL	$	—	$	21,617,596	$	—	$	21,617,596

Liabilities Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other			Significant
	Identical		Observable			Unobservable
	Assets		Inputs			Inputs
Description	(Level 1)		(Level 2)			(Level 3)		Total
FORWARD FOREIGN EXCHANGE CONTRACTS	$	—	$	(48,687	)	$	—	$	(48,687	)
TOTAL	$	—	$	(48,687	)	$	—	$	(48,687	)

Artio Global Funds  ï  2012 Semi-Annual Report 159

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Local Emerging Markets Debt Fund

Rollforward of Level 3 Fair Value Measurement

For the Period Ended April 30, 2012

Asset Valuation Inputs

																				Change in
																				Unrealized
																				Appreciation
							Change in													(Depreciation)
			Accrued				Unrealized													from Investments
	Balance as of		Discounts		Realized Gain		Appreciation						Net Transfers		Net Transfers			Balance as of		Held at
Investments in Securities	October 31, 2011		(Premiums)		(Loss)		(Depreciation)		Net Purchases		Net Sales		into Level 3		out of Level 3			April 30, 2012		April 30, 2012
CORPORATE BONDS
Supranational	$	2,309,630	$	131	$	—	$	20,689	$	—	$	—	$	—	$	(2,330,450	)	$	—	$	—
TOTAL	$	2,309,630	$	131	$	—	$	20,689	$	—	$	—	$	—	$	(2,330,450	)	$	—	$	—

160 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

U.S. Microcap Fund

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
COMMON STOCKS
Banks	$	1,951,527	$	—	$	—	$	1,951,527
Health Care Equipment & Services		1,875,586		—		—		1,875,586
Semiconductors & Semiconductor Equipment		1,172,746		—		—		1,172,746
Technology Hardware & Equipment		1,089,440		—		—		1,089,440
Transportation		839,554		—		—		839,554
Retailing		828,707		—		—		828,707
Energy		803,076		—		—		803,076
Pharmaceuticals & Biotechnology		747,579		—		—		747,579
Capital Goods		677,637		—		—		677,637
Commercial & Professional Services		671,338		—		—		671,338
Real Estate		570,533		—		—		570,533
Materials		475,884		—		—		475,884
Software & Services		469,379		—		—		469,379
Automobiles & Components		326,359		—		—		326,359
Consumer Services		312,090		—		—		312,090
Consumer Durables & Apparel		305,160		—		—		305,160
Diversified Financials		285,144		—		—		285,144
TOTAL COMMON STOCKS		13,401,739		—		—		13,401,739
REPURCHASE AGREEMENT		—		840,776		—		840,776
TOTAL INVESTMENTS		13,401,739		840,776		—		14,242,515
TOTAL	$	13,401,739	$	840,776	$	—	$	14,242,515

Artio Global Funds  ï  2012 Semi-Annual Report 161

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

U.S. Smallcap Fund

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
COMMON STOCKS
Capital Goods	$	13,737,108	$	—	$	—	$	13,737,108
Semiconductors & Semiconductor Equipment		10,117,795		—		—		10,117,795
Retailing		9,646,982		—		—		9,646,982
Pharmaceuticals & Biotechnology		9,243,700		—		—		9,243,700
Energy		7,879,524		—		—		7,879,524
Banks		7,319,739		—		—		7,319,739
Technology Hardware & Equipment		6,887,473		—		—		6,887,473
Materials		6,474,532		—		—		6,474,532
Diversified Financials		5,084,645		—		—		5,084,645
Insurance		4,391,546		—		—		4,391,546
Health Care Equipment & Services		3,926,872		—		—		3,926,872
Transportation		3,368,051		—		—		3,368,051
Software & Services		2,474,340		—		—		2,474,340
Commercial & Professional Services		2,251,578		—		—		2,251,578
Media		2,040,400		—		—		2,040,400
Real Estate		1,686,322		—		—		1,686,322
Automobiles & Components		1,557,939		—		—		1,557,939
Food, Beverage & Tobacco		1,510,213		—		—		1,510,213
TOTAL COMMON STOCKS		99,598,759		—		—		99,598,759
REPURCHASE AGREEMENT		—		4,069,816		—		4,069,816
TOTAL INVESTMENTS		99,598,759		4,069,816		—		103,668,575
TOTAL	$	99,598,759	$	4,069,816	$	—	$	103,668,575

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U.S. Midcap Fund

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
COMMON STOCKS
Capital Goods	$	933,481	$	—	$	—	$	933,481
Energy		819,477		—		—		819,477
Diversified Financials		790,264		—		—		790,264
Pharmaceuticals & Biotechnology		666,197		—		—		666,197
Consumer Durables & Apparel		656,543		—		—		656,543
Software & Services		633,200		—		—		633,200
Materials		609,529		—		—		609,529
Technology Hardware & Equipment		598,541		—		—		598,541
Banks		502,419		—		—		502,419
Semiconductors & Semiconductor Equipment		413,522		—		—		413,522
Retailing		351,734		—		—		351,734
Insurance		319,839		—		—		319,839
Transportation		208,010		—		—		208,010
Food, Beverage & Tobacco		185,451		—		—		185,451
Health Care Equipment & Services		176,149		—		—		176,149
Automobiles & Components		175,196		—		—		175,196
Commercial & Professional Services		162,808		—		—		162,808
Household & Personal Products		150,336		—		—		150,336
Food & Staples Retailing		140,388		—		—		140,388
Consumer Services		137,945		—		—		137,945
TOTAL COMMON STOCKS		8,631,029		—		—		8,631,029
TOTAL INVESTMENTS		8,631,029		—		—		8,631,029
TOTAL	$	8,631,029	$	—	$	—	$	8,631,029

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NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

U.S. Multicap Fund

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
COMMON STOCKS								��
Technology Hardware & Equipment	$	479,631	$	—	$	—	$	479,631
Diversified Financials		440,662		—		—		440,662
Energy		394,438		—		—		394,438
Capital Goods		300,861		—		—		300,861
Health Care Equipment & Services		262,862		—		—		262,862
Retailing		246,871		—		—		246,871
Materials		245,815		—		—		245,815
Software & Services		238,510		—		—		238,510
Semiconductors & Semiconductor Equipment		234,439		—		—		234,439
Pharmaceuticals & Biotechnology		182,825		—		—		182,825
Commercial & Professional Services		142,490		—		—		142,490
Food, Beverage & Tobacco		140,880		—		—		140,880
Food & Staples Retailing		124,415		—		—		124,415
Banks		122,187		—		—		122,187
Consumer Durables & Apparel		90,718		—		—		90,718
Transportation		87,516		—		—		87,516
Insurance		87,378		—		—		87,378
Consumer Services		84,345		—		—		84,345
Automobiles & Components		62,821		—		—		62,821
Household & Personal Products		60,459		—		—		60,459
TOTAL COMMON STOCKS		4,030,123		—		—		4,030,123
REPURCHASE AGREEMENT		—		162,759		—		162,759
TOTAL INVESTMENTS		4,030,123		162,759		—		4,192,882
TOTAL	$	4,030,123	$	162,759	$	—	$	4,192,882

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. The value of the collateral is equal to at least 102% of the total amount of the 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 a Fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including

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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 Fixed Income Clearing Corporation (FICC) through 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 as defined by the Funds’ Valuation Procedures. 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 denominated in foreign currencies, which result from changes in foreign currencies, have been included in the net unrealized appreciation or depreciation of investments. Net realized currency gains and losses include foreign currency gains and losses occurring 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.

Investments in emerging markets can be riskier and more volatile than investments in the United States and other developed markets. Adverse political and economic developments can make it more difficult for the Artio International Equity Fund (the “Fund”) to sell its foreign securities which could reduce the NAV of the Fund. In contrast to more established markets, emerging markets may have governments that are less stable and markets that are less liquid, increasing your investment risk. At April 30, 2012, The Fund had 0.82% of its net assets invested in Venezuelan securities and held Venezuelan Bolivar valued at 0.23% of the Fund’s net assets. Venezuela currently imposes foreign exchange controls which prohibit the Fund from repatriating dividends, interest, or other income from investments or proceeds from the sale of Venezuelan securities.

d) Forward foreign currency contracts: As part of their investment strategy, Funds entered into forward foreign currency contracts to manage the portfolio holdings against currency risks. The Funds also utilized forward foreign currency contracts to

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reduce or eliminate underweighted positions in a currency relative to its benchmark when purchasing underlying investments denominated in that currency is not deemed suitable by the Adviser. The Funds may use forward foreign currency contracts as a substitute for taking a position in the underlying asset and/or as a part of a strategy to reduce interest rate risk, currency risk, and price risk. Forward foreign currency contracts are valued at the interpolated forward rate and are marked-to-market at each valuation date in the manner set forth by the Funds’ Valuation Procedures. The change in fair 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. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss.

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 have limited trading 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. 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. The Funds’ maximum risk of loss

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from counterparty credit risk is the unrealized appreciation of forward foreign exchange contracts recorded on the Statement of Asset and Liabilities.

e) Bank loans: The Global High Income Fund may invest in bank loans. Bank loans include institutionally traded floating and fixed-rate debt obligations 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 Fund may enter into, or acquire participation in, delayed funding loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowings in which the Fund agrees to make loans up to a maximum amount upon demand by the borrowing issuer for a specified term. A revolving credit facility differs from a delayed funding loan in that as the borrowing issuer repays the loan, an amount equal to the repayment is again made available to the borrowing issuer under the facility. The borrowing issuer may at any time borrow and repay amounts so long as, in the aggregate, at any given time the amount borrowed does not exceed the maximum amount. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest.

There are a number of risks associated with an investment in delayed funding loans and revolving credit facilities including credit, interest rate and liquidity risk and the risks of being a lender. There may be circumstances under which the borrowing issuer’s credit risk may be deteriorating and yet the Fund may be obligated to make loans to the borrowing issuer as the borrowing issuer’s credit continues to deteriorate, including at a time when the borrowing issuer’s financial condition makes it unlikely that such amounts will be repaid. Delayed funding loans and revolving credit facilities may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, the Fund may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value. These risks could cause the Fund to lose money on its investment, which in turn could affect the Fund’s returns. The Fund currently intends to treat

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delayed funding loans and revolving credit facilities for which there is no readily available market as illiquid for purposes of the Fund’s limitation on illiquid investments. Delayed funding loans and revolving credit facilities are considered to be debt obligations for purposes of the Trust’s investment restriction relating to the lending of funds or assets by the Fund.

At April 30, 2012, there were three unfunded commitments which amounted to $24,713,603 of par and had cost and fair value of $25,890,189 and $19,893,176, respectively.

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 bought and sold futures contracts. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in fair 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 with broker. The Funds entered into futures contracts for hedging purposes, managing the duration and yield curve profile, and to gain exposure to foreign equity markets.

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

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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 entered into swap contracts that function similar to futures contracts (“synthetic futures”) to gain exposure and to 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 with broker. The Funds are 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 Funds’ maximum risk of loss associated with futures contracts is minimal since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures contracts, guarantees the futures contracts against default. The Fund’s maximum risk of loss due to counterparty credit risk for synthetic futures contracts is the unrealized appreciation for synthetic futures contracts.

h) Swaps: The Funds entered into interest rate, total return and credit default swaps primarily to preserve a return or spread on a particular investment or portion of their portfolio. The Funds may also enter into currency and index swaps 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 party to be “long” a third-party credit risk, and the other party to be “short” the credit risk. Credit default swaps are designed to transfer the credit exposure of fixed income products between parties.

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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 on the swap contracts, 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 Statements of Assets and 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 Funds’ maximum risk of loss from counterparty risk related to swaps is the fair value of the contract. This risk is mitigated by having a master netting agreement between the Funds and the counterparties and by the posting of collateral by the counterparties to the Funds to cover the Funds’ exposure to the counterparty.

Certain Funds hold derivative instruments which contain credit-risk-related contingent provisions. If the Fund’s net assets were to fall below certain thresholds from the prior fiscal year net assets, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position on April 30, 2012, is $3,138,469 for which the Global High Income Fund has pledged collateral of $5,460,000 in the normal course of business.

i) 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 (“State Street”) in which the Funds lend portfolio

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securities to a broker. In exchange, collateral consisting of either cash or U.S. government securities in an amount of at least 102% of the value of the U.S. securities loaned and 105% of the value of the foreign securities loaned will be maintained at all times. These Funds may loan securities to brokers, dealers, and financial institutions determined by the 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 the State Street Navigator Securities Lending Prime Portfolio. 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.

The security lending income net of the loan rebate fee for the Global Equity Fund, International Equity Fund and the International Equity Fund II, amounted to $58, $722,078 and $662,772, respectively, for the period ended April 30, 2012 and is included in securities lending income in the Statement of Operations.

As of April 30, 2012, the value of the securities on loan and the value of the collateral was as follows:

	Fair Value of		Value of
	Securities on Loan		Collateral
Global Equity Fund	$	52,376	$	56,650
International Equity Fund		130,417,266		138,268,352
International Equity Fund II		124,822,983		132,322,491

j) 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 Funds become 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.

The Funds are subject to an Imposto sobre Operacoes Financeiras (IOF) transaction tax levied by the Brazilian government on certain foreign exchange transactions related to security transactions executed across Brazilian exchanges. The IOF tax has

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been included in net realized gain (loss) from foreign currency transactions in the Statement of Operations.

k) 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, Global High Income Fund, and Local Emerging Markets Debt 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.

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

The Adviser has performed an analysis of each Fund’s tax positions for all open tax years as of April 30, 2012 and has concluded that no provisions for income tax are required. The Adviser is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof. The Funds’ 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 Maryland revenue authorities.

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3.  Investment Advisory Fee and Other Transactions

Artio Global 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 Fund	0.90% of the first $5 billion
	0.88% of the next $2.5 billion
	0.85% of any in excess of $7.5 billion
International Equity Fund II	0.90% of the first $5 billion
	0.88% of the next $2.5 billion
	0.85% of any in excess of $7.5 billion
Total Return Bond Fund	0.35%
Global High Income Fund	0.65% of the first $5 billion
	0.63% of the next $2.5 billion
	0.60% of the next $2.5 billion
	0.59% of any in excess of $10 billion
Local Emerging Markets Debt Fund	0.70%
U.S. Microcap Fund	1.25%
U.S. Smallcap Fund	0.95%
U.S. Midcap Fund	0.80%
U.S. Multicap Fund	0.75%

Prior to April 18, 2012, the Adviser received advisory fees, based on average net assets, at the following rates:

International Equity Fund	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 Fund 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
Global High Income Fund	0.65%

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

The Adviser has contractually agreed to reimburse certain expenses of the Funds through February 28, 2013, 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. 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

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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, 2012 and the Adviser’s potential recoupment as of April 30, 2012.

							Total
							Expenses				Expenses			Total
							Eligible for		Expenses		Recouped			Expenses
							Recoupment -		Reimbursed-		or Expired -			Eligible for
	Expense Limitations						Beginning		Current		Current			Recoupment -
	Class A			Class I			of Period		Period		Period			April 30, 2012
Global Equity Fund		1.40	%		1.15	%	$	583,057	$	74,293	$	—		$	657,350
Total Return Bond Fund		0.69	%		0.44	%		43,547		—		(24,821	)		18,726
Global High Income Fund		1.00	%		0.75	%		136,115		59,183		—			195,298
Local Emerging Markets Debt Fund		1.20	%		0.93	%		161,914		69,051		—			230,965
U.S. Microcap Fund		1.80	%		1.50	%		243,139		58,048		—			301,187
U.S. Smallcap Fund		1.50	%		1.20	%		373,038		109,395		(3,707	)		478,726
U.S. Midcap Fund		1.35	%		1.05	%		245,852		58,625		—			304,477
U.S. Multicap Fund		1.30	%		1.00	%		240,406		60,629		—			301,035
				Expire
	Amount			October 31,
Global Equity Fund	$	240,207			2012
		226,359			2013
		116,491			2014
		74,293			2015
Total Return Bond Fund	$	—			2012
		4,683			2013
		14,043			2014
		—			2015
Global High Income Fund	$	6,441			2012
		—			2013
		129,674			2014
		59,183			2015
Local Emerging Markets Debt Fund	$	—			2012
		—			2013
		161,914			2014
		69,051			2015
U.S. Microcap Fund	$	95,281			2012
		80,640			2013
		67,218			2014
		58,048			2015

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			Expire
	Amount		October 31,
U.S. Smallcap Fund	$	85,775		2012
		28,052		2013
		255,504		2014
		109,395		2015
U.S. Midcap Fund	$	87,914		2012
		81,503		2013
		76,435		2014
		58,625		2015
U.S. Multicap Fund	$	91,048		2012
		76,998		2013
		72,360		2014
		60,629		2015

The Funds listed below have entered into an agreement with State Street Global Markets, LLC whereby certain brokers will rebate, in cash, a portion of brokerage commissions. Rebated commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statement of Operations. For the period ended April 30, 2012, brokerage commissions rebated under these agreements were as follows:

	Rebated
	Commissions
Global Equity Fund	$	44
International Equity Fund		23,281
International Equity Fund II		27,373

The Funds entered into expense offset arrangements as part of their custody agreement with State Street. Under this agreement, the custody fees for the Global Equity Fund, International Equity Fund, International Equity Fund II, Total Return Bond Fund, Global High Income Fund, Local Emerging Markets Debt Fund, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and U.S. Multicap Fund were reduced by $2,734, $406,130, $361,281, $36,941, $212,303, $15,733, $2, $11, $2 and $6, respectively, for the period ended April 30, 2012 due to earnings credits on cash balances maintained by the Funds in foreign sub-custodial accounts. These amounts may vary significantly over time based on the Adviser’s decisions regarding cash positions held in the Funds and current interest rates.

Artio Global Funds  ï  2012 Semi-Annual Report 175

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

4.  Distribution and Shareholder Services Plans

The Funds have adopted a Distribution and Shareholder Services Plan (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, 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 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 Funds will adjust accruals accordingly for any unused or surplus balances on an annual basis. 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 its terms, the Funds’ Plan 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 Plan or in any agreement related to the Plan.

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.  Derivative Instruments

a) Financial futures contracts: At April 30, 2012, the Funds did not have any outstanding futures contracts.

b) Written Options: The Funds did not invest in written options during the period ended April 30, 2012.

176 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

c) Swaps: The Global High Income Fund and Local Emerging Markets Debt Fund entered into the following swap transactions as of April 30, 2012:

Global High Income Fund

Credit Default Swaps-Sell Protection (1)

										Upfront						Net
	Fixed-Deal					Original		Current		Premiums						Unrealized
Reference	Received		Maturity			Notional		Notional		Paid/			Fair			Appreciation/
Obligation	Rate		Date		Counterparty	Amount		Amount (2)		(Received)			Value (3)			(Depreciation)
McClatchy Co (The)(T)		5.00%		03/20/2014	Barclays Bank PLC	$	5,000,000	$	5,000,000	$	(162,500	)	$	(98,162	)	$	64,338
McClatchy Co (The)(T)		5.00%		03/20/2014	Deutsche Bank		3,240,000		3,240,000		(162,000	)		(63,609	)		98,391
McClatchy Co (The)(T)		5.00%		03/20/2015	Barclays Bank PLC		5,000,000		5,000,000		(387,500	)		(448,707	)		(61,207	)
McClatchy Co (The)(T)		5.00%		03/20/2015	Deutsche Bank		4,340,000		4,340,000		(497,894	)		(389,478	)		108,416
McClatchy Co (The)(T)		5.00%		03/20/2015	Deutsche Bank		4,080,000		4,080,000		(469,200	)		(366,145	)		103,055
McClatchy Co (The)(T)		5.00%		03/20/2015	Credit Suisse International		1,620,000		1,620,000		(174,150	)		(145,381	)		28,769
Grohe Holding Gmbh(T)		5.00%		09/20/2015	UBS AG		5,935,000		3,330,000		(530,625	)		(38,785	)		491,840
Bombardier(T)		1.00%		06/20/2016	Deutsche Bank		14,350,000		14,350,000		(732,983	)		(1,126,636	)		(393,653	)
Grohe Holding Gmbh(T)		5.00%		12/20/2016	UBS AG		4,320,000		4,320,000		(689,440	)		(231,001	)		458,439
Grohe Holding Gmbh(T)		5.00%		12/20/2016	Deutsche Bank		4,320,000		4,320,000		(643,477	)		(230,565	)		412,912
Dish DBS(T)		5.00%		12/20/2016	UBS AG		29,390,000		14,390,000		566,978			1,453,926			886,948
						$	81,595,000			$	(3,882,791	)	$	(1,684,543	)	$	2,198,248

Local Emerging Markets Debt Fund

Interest Rate Swaps

Notional		Expiration			Fixed	Variable	Fair
Amount	Currency	Date	Counterparty	Receive (Pay)#	Rate	Rate	Value
30,000,000	PLN	04/06/2013	JPMorgan Chase Bank N.A.	(Pay)	5.03%	3-month WIBOR	$	8,065

(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 of credit event as defined under the terms of that particular swap agreement.

Artio Global Funds  ï  2012 Semi-Annual Report 177

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

(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 expected amount paid or received for the credit derivative if the amount of the swap agreement was 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.

#

Receive—Fund receives fixed rate and pays variable rate. (Pay)—Fund pays fixed rate and receives variable rate.

d) Quantitative Disclosure of Derivative Holdings: Funds use derivatives, which are financial contracts whose value depends on, or is derived from, the value of underlying assets, reference rates, or indices, to increase, decrease or adjust elements of the investment exposure of the Funds’ portfolios. Derivatives relate to securities, interest rates, exchange rates, inflation rates, commodities and indices, and include swaps and exchange traded and over-the-counter contracts. As of and for the period ended April 30, 2012, derivative summary tables for each Fund are as follows:

Global Equity Fund

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts	$	—	$	5,387	$	—	$	—	$	—	$	—	$	5,387
Total Value		$	—	$	5,387	$	—	$	—	$	—	$	—	$	5,387

Liability Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized depreciation on forward foreign exchange contracts	$	—	$	3,221	$	—	$	—	$	—	$	—	$	3,221
Total Value		$	—	$	3,221	$	—	$	—	$	���	$	—	$	3,221

Realized Gain (Loss)

Foreign

Statement of

Interest Rate

Exchange

Credit

Equity

Commodity

Other

Operations

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Location

Risk

Risk

Risk

Risk

Risk

Risk

Total

Rights

Investments

$

—

$

—

$

—

$

451

$

—

$

—

$

451

178 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Location	Risk		Risk		Risk		Risk			Risk		Risk		Total
Futures Contracts	Financial futures contracts and synthetic futures	$	—	$	—	$	—	$	(12	)	$	—	$	—	$	(12	)
Forward Contracts	Forward foreign exchange contracts		—		28,838		—		—			—		—		28,838
Total Realized Gain (Loss)		$	—	$	28,838	$	—	$	439		$	—	$	—	$	29,277

Change in Appreciation (Depreciation)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Forward foreign exchange contracts	$	—	$	59,112	$	—	$	—	$	—	$	—	$	59,112
Total Change in Appreciation (Depreciation)		$	—	$	59,112	$	—	$	—	$	—	$	—	$	59,112

Number of Contracts, Notional Amounts, Fair Value or Shares/Units

Foreign

Interest Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

Rights

—

—

—

602

—

—

602

Forward Contracts (1)

—

2,356,418

—

—

—

—

2,356,418

(1) Volume of derivative activity is based on an average of notional amounts outstanding during the period.

International Equity Fund

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts	$	—	$	1,178,657	$	—	$	—	$	—	$	—	$	1,178,657
Total Value		$	—	$	1,178,657	$	—	$	—	$	—	$	—	$	1,178,657

Artio Global Funds  ï  2012 Semi-Annual Report 179

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Liability Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized depreciation on forward foreign exchange contracts	$	—	$	838,239	$	—	$	—	$	—	$	—	$	838,239
Total Value		$	—	$	838,239	$	—	$	—	$	—	$	—	$	838,239

Realized Gain (Loss)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Location	Risk		Risk		Risk		Risk			Risk		Risk		Total
Rights	Investments	$	—	$	—	$	—	$	93,490		$	—	$	—	$	93,490
Swaps Contracts	Swap contracts		—		—		—		(9,577	)		—		—		(9,577	)
Futures Contracts	Financial futures contracts and synthetic futures		—		—		—		(5,621,237	)		—		—		(5,621,237	)
Forward Contracts	Forward foreign exchange contracts		—		3,379,038		—		—			—		—		3,379,038
Total Realized Gain (Loss)		$	—	$	3,379,038	$	—	$	(5,537,324	)	$	—	$	—	$	(2,158,286	)

Change in Appreciation (Depreciation)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Location	Risk		Risk		Risk		Risk			Risk		Risk		Total
Futures Contracts	Financial futures contracts and synthetic futures	$	—	$	—	$	—	$	(3,023,038	)	$	—	$	—	$	(3,023,038	)
Forward Contracts	Forward foreign exchange contracts		—		15,355,133		—		—			—		—		15,355,133
Total Change in Appreciation (Depreciation)		$	—	$	15,355,133	$	—	$	(3,023,038	)	$	—	$	—	$	12,332,095

Number of Contracts, Notional Amounts, Fair Value or Shares/Units

Foreign

Interest Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

Rights (1)

—

—

—

118,895

—

—

118,895

Futures Contracts - Long (2)

—

—

—

7,882,892

—

—

7,882,892

180 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

			Foreign
	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Risk		Risk		Risk		Risk			Risk		Risk		Total
Futures Contracts - Short (2)		—		—		—		(3,808,698	)		—		—		(3,808,698	)
Forward Contracts (2)		—		593,379,567		—		—			—		—		593,379,567

(1)	Volume of derivative activity is based on an average of month-end shares outstanding during the period.
(2)	Volume of derivative activity is based on an average of notional amounts outstanding during the period.

International Equity Fund II

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts	$	—	$	1,685,463	$	—	$	—	$	—	$	—	$	1,685,463
Total Value		$	—	$	1,685,463	$	—	$	—	$	—	$	—	$	1,685,463

Liability Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized depreciation on forward foreign exchange contracts	$	—	$	1,967,577	$	—	$	—	$	—	$	—	$	1,967,577
Total Value		$	—	$	1,967,577	$	—	$	—	$	—	$	—	$	1,967,577

Realized Gain (Loss)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Location	Risk		Risk		Risk		Risk			Risk		Risk		Total
Rights	Investments	$	—	$	—	$	—	$	120,157		$	—	$	—	$	120,157
Swaps Contracts	Swap contracts		—		—		—		(8,601	)		—		—		(8,601	)
Futures Contracts	Financial futures contracts and synthetic futures		—		—		—		(3,026,169	)		—		—		(3,026,169	)
Forward Contracts	Forward foreign exchange contracts		—		6,321,483		—		—			—		—		6,321,483
Total Realized Gain (Loss)		$	—	$	6,321,483	$	—	$	(2,914,613	)	$	—	$	—	$	3,406,870

Artio Global Funds  ï  2012 Semi-Annual Report 181

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Change in Appreciation (Depreciation)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Location	Risk		Risk		Risk		Risk			Risk		Risk		Total
Futures Contracts	Financial futures contracts and synthetic futures	$	—	$	—	$	—	$	(1,960,302	)	$	—	$	—	$	(1,960,302	)
Forward Contracts	Forward foreign exchange contracts		—		13,313,171		—		—			—		—		13,313,171
Total Change in Appreciation (Depreciation)		$	—	$	13,313,171	$	—	$	(1,960,302	)	$	—	$	—	$	11,352,869

Number of Contracts, Notional Amounts, Fair Value or Shares/Units

			Foreign
	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Risk		Risk		Risk		Risk			Risk		Risk		Total
Rights (1)		—		—		—		88,635			—		—		88,635
Futures Contracts - Long (2)		—		—		—		6,659,963			—		—		6,659,963
Futures Contracts - Short (2)		—		—		—		(3,209,577	)		—		—		(3,209,577	)
Forward Contracts (2)		—		644,385,329		—		—			—		—		644,385,329

(1)	Volume of derivative activity is based on an average of month-end shares outstanding during the period.
(2)	Volume of derivative activity is based on an average of notional amounts outstanding during the period.

Total Return Bond Fund

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts	$	—	$	3,025,645	$	—	$	—	$	—	$	—	$	3,025,645
Total Value		$	—	$	3,025,645	$	—	$	—	$	—	$	—	$	3,025,645

182 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Liability Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized depreciation on forward foreign exchange contracts	$	—	$	1,549,225	$	—	$	—	$	—	$	—	$	1,549,225
Total Value		$	—	$	1,549,225	$	—	$	—	$	—	$	—	$	1,549,225

Realized Gain (Loss)

					Foreign
	Statement of	Interest Rate			Exchange			Credit		Equity		Commodity		Other
	Operations	Contracts			Contracts			Contracts		Contracts		Contracts		Contracts
	Location	Risk			Risk			Risk		Risk		Risk		Risk		Total
Futures Contracts	Financial futures contracts and synthetic futures	$	(385	)	$	—		$	—	$	—	$	—	$	—	$	(385	)
Forward Contracts	Forward foreign exchange contracts		—			(9,064,304	)		—		—		—		—		(9,064,304	)
Total Realized Gain (Loss)		$	(385	)	$	(9,064,304	)	$	—	$	—	$	—	$	—	$	(9,064,689	)

Change in Appreciation (Depreciation)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Forward foreign exchange contracts	$	—	$	9,196,632	$	—	$	—	$	—	$	—	$	9,196,632
Total Change in Appreciation (Depreciation)		$	—	$	9,196,632	$	—	$	—	$	—	$	—	$	9,196,632

Number of Contracts, Notional Amounts, Fair Value or Shares/Units

Foreign

Interest Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

Forward Contracts (1)

—

300,202,838

—

—

—

—

300,202,838

(1) Volume of derivative activity is based on an average of notional amounts outstanding during the period.

Artio Global Funds  ï  2012 Semi-Annual Report 183

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Global High Income Fund

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Swaps Contracts	Open swap agreements, at fair value	$	—	$	—	$	1,453,926	$	—	$	—	$	—	$	1,453,926
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts		—		2,006,233		—		—		—		—		2,006,233
Total Value		$	—	$	2,006,233	$	1,453,926	$	—	$	—	$	—	$	3,460,159

Liability Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Swaps Contracts	Open swap agreements, at fair value	$	—	$	—	$	3,138,469	$	—	$	—	$	—	$	3,138,469
Forward Contracts	Unrealized depreciation on forward foreign exchange contracts		—		3,940,999		—		—		—		—		3,940,999
Total Value		$	—	$	3,940,999	$	3,138,469	$	—	$	—	$	—	$	7,079,468

Realized Gain (Loss)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Swaps Contracts	Swap contracts	$	—	$	—	$	208,508	$	—	$	—	$	—	$	208,508
Forward Contracts	Forward foreign exchange contracts		—		21,169,863		—		—		—		—		21,169,863
Total Realized Gain (Loss)		$	—	$	21,169,863	$	208,508	$	—	$	—	$	—	$	21,378,371

Change in Appreciation (Depreciation)

Foreign

Statement of

Interest Rate

Exchange

Credit

Equity

Commodity

Other

Operations

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Location

Risk

Risk

Risk

Risk

Risk

Risk

Total

Swaps Contracts

Swap contracts

$

—

$

—

$

(274,893

)

$

—

$

—

$

—

$

(274,893

)

184 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

				Foreign
	Statement of	Interest Rate		Exchange			Credit			Equity		Commodity		Other
	Operations	Contracts		Contracts			Contracts			Contracts		Contracts		Contracts
	Location	Risk		Risk			Risk			Risk		Risk		Risk		Total
Forward Contracts	Forward foreign exchange contracts	$	—	$	(4,747,188	)	$	—		$	—	$	—	$	—	$	(4,747,188	)
Total Change in Appreciation (Depreciation)		$	—	$	(4,747,188	)	$	(274,893	)	$	—	$	—	$	—	$	(5,022,081	)

Number of Contracts, Notional Amounts, Fair Value or Shares/Units

Foreign

Interest Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

Swaps Contracts (1)

—

—

122,699,483

—

—

—

122,699,483

Forward Contracts (1)

—

666,136,124

—

—

—

—

666,136,124

(1) Volume of derivative activity is based on an average of notional amounts outstanding during the period.

Local Emerging Markets Debt Fund

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Swaps Contracts	Open swap agreements, at fair value	$	8,065	$	—	$	—	$	—	$	—	$	—	$	8,065
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts		—		55,090		—		—		—		—		55,090
Total Value		$	8,065	$	55,090	$	—	$	—	$	—	$	—	$	63,155

Liability Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized depreciation on forward foreign exchange contracts	$	—	$	48,687	$	—	$	—	$	—	$	—	$	48,687
Total Value		$	—	$	48,687	$	—	$	—	$	—	$	—	$	48,687

Artio Global Funds  ï  2012 Semi-Annual Report 185

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Realized Gain (Loss)

					Foreign
	Statement of	Interest Rate			Exchange			Credit		Equity		Commodity		Other
	Operations	Contracts			Contracts			Contracts		Contracts		Contracts		Contracts
	Location	Risk			Risk			Risk		Risk		Risk		Risk		Total
Options Purchased	Investments	$	—		$	(22,800	)	$	—	$	—	$	—	$	—	$	(22,800	)
Swaps Contracts	Swap contracts		(7	)		—			—		—		—		—		(7	)
Futures Contracts	Financial futures contracts and synthetic futures		12,125			—			—		—		—		—		12,125
Forward Contracts	Forward foreign exchange contracts		—			59,221			—		—		—		—		59,221
Total Realized Gain (Loss)		$	12,118		$	36,421		$	—	$	—	$	—	$	—	$	48,539

Change in Appreciation (Depreciation)

					Foreign
	Statement of	Interest Rate			Exchange		Credit		Equity		Commodity		Other
	Operations	Contracts			Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk			Risk		Risk		Risk		Risk		Risk		Total
Swaps Contracts	Swap contracts	$	8,065		$	—	$	—	$	—	$	—	$	—	$	8,065
Futures Contracts	Financial futures contracts and synthetic futures		(1,552	)		—		—		—		—		—		(1,552	)
Forward Contracts	Forward foreign exchange contracts		—			66,066		—		—		—		—		66,066
Total Change in Appreciation (Depreciation)		$	6,513		$	66,066	$	—	$	—	$	—	$	—	$	72,579

Number of Contracts, Notional Amounts, Fair Value or Shares/Units

			Foreign
	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Risk		Risk		Risk		Risk		Risk		Risk		Total
Options Purchased (1)		—		3,500,000		—		—		—		—		3,500,000
Swaps Contracts (2)		5,000,000		—		—		—		—		—		5,000,000
Futures Contracts - Long (2)		436,654		—		—		—		—		—		436,654
Forward Contracts (2)		—		7,230,319		—		—		—		—		7,230,319

(1)	Volume of derivative activity is based on an average of contracts outstanding during the period.
(2)	Volume of derivative activity is based on an average of notional amounts outstanding during the period.

186 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

6.  Purchases and Sales of Securities

Cost of purchases and proceeds from sales of securities, excluding short-term investments, during the period ended April 30, 2012 were as follows:

	Cost of		Proceeds
	Purchases		From Sales
Global Equity Fund	$	19,547,413	$	45,902,973
International Equity Fund		566,363,564		2,194,700,765
International Equity Fund II		495,689,983		2,258,000,582
Total Return Bond Fund		2,552,590,363		2,317,959,657
Global High Income Fund		1,017,945,780		925,091,028
Local Emerging Markets Debt Fund		2,755,164		4,512,617
U.S. Microcap Fund		7,786,150		8,047,989
U.S. Smallcap Fund		79,466,947		73,818,164
U.S. Midcap Fund		6,243,688		2,939,300
U.S. Multicap Fund		1,599,552		2,248,194

Cost of purchases and proceeds from sales of long-term U.S. Government securities during the period ended April 30, 2012 were $1,647,469,710 and $1,494,231,196, and $0 and $2,116,039, respectively, for the Total Return Bond Fund and Local Emerging Markets Debt Fund.

At April 30, 2012, 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	$	20,848,980	$	1,671,660	$	(1,373,726	)	$	297,934
International Equity Fund		3,789,279,240		510,398,329		(734,177,093	)		(223,778,764	)
International Equity Fund II		2,771,424,835		294,164,198		(253,801,741	)		40,362,457
Total Return Bond Fund		2,188,790,972		54,842,827		(8,141,876	)		46,700,951
Global High Income Fund		3,161,000,242		109,578,310		(105,910,091	)		3,668,219
Local Emerging Markets Debt Fund		22,212,189		212,062		(869,810	)		(657,748	)
U.S. Microcap Fund		12,992,337		1,833,902		(583,724	)		1,250,178
U.S. Smallcap Fund		95,513,839		11,779,482		(3,624,746	)		8,154,736
U.S. Midcap Fund		7,640,080		1,132,714		(141,765	)		990,949
U.S. Multicap Fund		3,467,860		805,612		(80,590	)		725,022

Artio Global Funds  ï  2012 Semi-Annual Report 187

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

7.  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, 2012, is set forth below:

	Shares Held		Purchases		Sales		Dividend		Fair Value
Affiliate	April 30, 2012		(Cost)		(Proceeds)		Income		April 30, 2012
International Equity Fund
Cemacon SA		13,430,597	$	—	$	19,062	$	—	$	152,847
Chelindbank OJSC		53,536,950		—		—		123,277		4,684,483
Chimimport AD		9,969,480		—		677,109		—		8,756,520
Chimimport AD Preferred		6,416,021		—		—		—		8,201,288
Davento PLC GDR		5,006,914		—		—		—		3,805,252
Holcim Russia		656,887		—		—		—		43,479,317
Impact Developer & Contractor		16,912,495		—		—		—		969,959
LEV Insurance		4,078,860		—		—		—		3,045,759
Siderurgica Venezolana Sivensa		2,847,910		—		—		2,319,134		2,038,162
Sparki Eltos Lovetch		1,397,011		—		—		—		701,436
Toza Markovic ad Kikinda		78,160		—		—		—		2,071,766
									$	77,906,789

8.  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 Trust may issue an unlimited number of shares of

188 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

beneficial interest of each Fund, with a par value of $.001 per share. Changes in outstanding shares of beneficial interest of the Funds were as follows:

	Six Months Ended						Year Ended
	April 30, 2012						October 31, 2011
	Shares			Amount			Shares			Amount
Global Equity Fund
Class A
Sold		12,703		$	433,712			41,542		$	1,558,350
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(45,738	)		(1,605,602	)		(75,146	)		(2,848,550	)
Net increase (decrease)		(33,035	)	$	(1,171,890	)		(33,604	)	$	(1,290,200	)
Class I
Sold		24,983		$	882,556			253,362		$	9,747,908
Issued as reinvestment of dividends		733			23,999			2,079			81,615
Redeemed		(777,929	)		(28,266,319	)		(889,659	)		(33,779,823	)
Net increase (decrease)		(752,213	)	$	(27,359,764	)		(634,218	)	$	(23,950,300	)

	Six Months Ended						Year Ended
	April 30, 2012						October 31, 2011
	Shares			Amount			Shares			Amount
International Equity Fund
Class A
Sold		3,093,693		$	73,872,010			6,444,212		$	182,378,660
Issued as reinvestment of dividends		1,345,172			29,284,391			2,070,928			60,491,810
Redeemed		(32,210,497	)		(762,334,778	)		(52,527,593	)		(1,502,926,212	)
Net increase (decrease)		(27,771,632	)	$	(659,178,377	)		(44,012,453	)	$	(1,260,055,742	)
Class I
Sold		7,094,324		$	171,463,045			20,811,425		$	611,136,339
Issued as reinvestment of dividends		2,427,045			54,098,838			3,334,623			99,772,000
Redeemed		(68,599,449	)		(1,651,819,649	)		(73,178,035	)		(2,092,546,387	)
Net increase (decrease)		(59,078,080	)	$	(1,426,257,766	)		(49,031,987	)	$	(1,381,638,048	)

Artio Global Funds  ï  2012 Semi-Annual Report 189

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

	Six Months Ended						Year Ended
	April 30, 2012						October 31, 2011
	Shares			Amount			Shares			Amount
International Equity Fund II
Class A
Sold		12,303,761		$	123,724,775			31,517,613		$	379,519,427
Issued as reinvestment of dividends		1,683,148			15,787,932			3,085,512			37,982,653
Redeemed		(51,597,100	)		(522,392,586	)		(86,344,882	)		(1,019,183,514	)
Net increase (decrease)		(37,610,191	)	$	(382,879,879	)		(51,741,757	)	$	(601,681,434	)
Class I
Sold		19,778,124		$	202,986,145			106,720,970		$	1,302,863,174
Issued as reinvestment of dividends		3,851,100			36,277,359			7,273,201			90,114,958
Redeemed		(195,101,563	)		(1,994,514,678	)		(284,029,807	)		(3,345,146,745	)
Net increase (decrease)		(171,472,339	)	$	(1,755,251,174	)		(170,035,636	)	$	(1,952,168,613	)

	Six Months Ended						Year Ended
	April 30, 2012						October 31, 2011
	Shares			Amount			Shares			Amount
Total Return Bond Fund
Class A
Sold		4,428,556		$	61,450,078			5,895,783		$	81,405,079
Issued as reinvestment of dividends		760,066			10,426,123			1,327,577			18,064,838
Redeemed		(5,610,942	)		(77,805,006	)		(10,327,513	)		(142,154,906	)
Net increase (decrease)		(422,320	)	$	(5,928,805	)		(3,104,153	)	$	(42,684,989	)
Class I
Sold		32,964,130		$	452,762,522			53,818,134		$	740,726,890
Issued as reinvestment of dividends		4,409,263			59,883,102			4,578,288			61,874,229
Redeemed		(12,615,378	)		(173,600,607	)		(42,881,443	)		(588,446,182	)
Net increase (decrease)		24,758,015		$	339,045,017			15,514,979		$	214,154,937

190 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

	Six Months Ended						Year Ended
	April 30, 2012						October 31, 2011
	Shares			Amount			Shares			Amount
Global High Income Fund
Class A
Sold		21,687,423		$	217,098,146			86,272,574		$	916,645,209
Issued as reinvestment of dividends		5,470,366			54,089,867			10,712,906			113,823,044
Redeemed		(43,628,439	)		(434,988,188	)		(78,555,107	)		(830,599,559	)
Net increase (decrease)		(16,470,650	)	$	(163,800,175	)		18,430,373		$	199,868,694
Class I
Sold		87,118,277		$	835,044,086			116,282,323		$	1,191,023,033
Issued as reinvestment of dividends		6,146,917			58,112,021			13,506,565			137,936,367
Redeemed		(84,012,895	)		(805,023,623	)		(92,263,147	)		(938,096,095	)
Net increase (decrease)		9,252,299		$	88,132,484			37,525,741		$	390,863,305

	Six Months Ended						Period Ended
	April 30, 2012						October 31, 2011*
	Shares			Amount			Shares			Amount
Local Emerging Markets Debt Fund
Class A
Sold		2,091		$	20,250			1,104,663		$	11,044,700
Issued as reinvestment of dividends		22,184			213,982			19,454			192,861
Redeemed		—			—			(269	)		(2,488	)
Net increase (decrease)		24,275		$	234,232			1,123,848		$	11,235,073
Class I
Sold		17,287		$	171,375			1,304,120		$	13,061,000
Issued as reinvestment of dividends		29,824			286,766			23,620			234,045
Redeemed		(4,175	)		(40,462	)		(2,129	)		(21,196	)
Net increase (decrease)		42,936		$	417,679			1,325,611		$	13,273,849

* Commenced operations on May 24, 2011.

Artio Global Funds  ï  2012 Semi-Annual Report 191

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

	Six Months Ended						Year Ended
	April 30, 2012						October 31, 2011
	Shares			Amount			Shares			Amount
U.S. Microcap Fund
Class A
Sold		118,433		$	1,310,514			710,357		$	8,548,922
Issued as reinvestment of dividends		20,030			190,686			—			—
Redeemed		(110,182	)		(1,135,627	)		(901,227	)		(10,175,893	)
Net increase (decrease)		28,281		$	365,573			(190,870	)	$	(1,626,971	)
Class I
Sold		161,820		$	1,779,277			739,605		$	8,864,370
Issued as reinvestment of dividends		37,929			365,640			—			—
Redeemed		(152,264	)		(1,606,602	)		(513,300	)		(6,211,705	)
Net increase (decrease)		47,485		$	538,315			226,305		$	2,652,665

	Six Months Ended						Year Ended
	April 30, 2012						October 31, 2011
	Shares			Amount			Shares			Amount
U.S. Smallcap Fund
Class A
Sold		506,272		$	5,430,096			1,552,561		$	17,610,557
Issued as reinvestment of dividends		234,159			2,194,073			—			—
Redeemed		(887,181	)		(9,217,731	)		(1,915,217	)		(21,275,362	)
Net increase (decrease)		(146,750	)	$	(1,593,562	)		(362,656	)	$	(3,664,805	)
Class I
Sold		1,980,435		$	21,384,154			1,802,155		$	20,298,160
Issued as reinvestment of dividends		561,537			5,306,524			—			—
Redeemed		(1,005,058	)		(10,668,175	)		(1,817,041	)		(20,797,307	)
Net increase (decrease)		1,536,914		$	16,022,503			(14,886	)	$	(499,147	)

192 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

	Six Months Ended						Year Ended
	April 30, 2012						October 31, 2011
	Shares			Amount			Shares			Amount
U.S. Midcap Fund
Class A
Sold		224,528		$	2,458,207			165,431		$	1,966,289
Issued as reinvestment of dividends		33,176			329,104			—			—
Redeemed		(71,081	)		(795,001	)		(295,375	)		(3,694,162	)
Net increase (decrease)		186,623		$	1,992,310			(129,944	)	$	(1,727,873	)
Class I
Sold		160,928		$	1,791,774			213,119		$	2,565,421
Issued as reinvestment of dividends		37,818			378,937			—			—
Redeemed		(18,955	)		(213,583	)		(287,779	)		(3,629,581	)
Net increase (decrease)		179,791		$	1,957,128			(74,660	)	$	(1,064,160	)

	Six Months Ended						Year Ended
	April 30, 2012						October 31, 2011
	Shares			Amount			Shares			Amount
U.S. Multicap Fund
Class A
Sold		17,200		$	173,982			95,250		$	1,068,851
Issued as reinvestment of dividends		14,328			119,494			—	(1)		10
Redeemed		(16,000	)		(146,090	)		(342,603	)		(4,034,670	)
Net increase (decrease)		15,528		$	147,386			(247,353	)	$	(2,965,809	)
Class I
Sold		26,094		$	247,037			154,223		$	1,742,157
Issued as reinvestment of dividends		85,806			723,345			548			5,971
Redeemed		(102,272	)		(915,083	)		(347,253	)		(4,140,011	)
Net increase (decrease)		9,628		$	55,299			(192,482	)	$	(2,391,883	)

(1) Amount rounds to less than 1.

Through seed capital contributions by Artio Global Investors, ownership of beneficial shares outstanding at April 30, 2012 was:

Fund	% of Ownership
Local Emerging Markets Debt Fund — Class A shares		99.42	%
Local Emerging Markets Debt Fund — Class I shares		83.71	%
U.S. Midcap Fund — Class A shares		24.49	%
U.S. Midcap Fund — Class I shares		21.91	%

Artio Global Funds  ï  2012 Semi-Annual Report 193

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

9.  Federal Tax Information

The tax character of distributions paid for the year ended October 31, 2011 was as follows:

	Ordinary		Long Term		Return of
	Income		Capital Gains		Capital
Global Equity Fund	$	97,512	$	—	$	—
International Equity Fund		173,962,493		—		—
International Equity Fund II		170,650,225		—		—
Total Return Bond Fund		75,386,994		30,899,335		—
Global High Income Fund		306,802,883		33,119,783		—
Local Emerging Markets Debt Fund		187,459		239,447		—
U.S. Microcap Fund		—		—		—
U.S. Smallcap Fund		—		—		—
U.S. Midcap Fund		—		—		—
U.S. Multicap Fund		7,754		4,923		—

As of October 31, 2011, the components of distributable earnings on a tax basis was as follows:

						Undistributed
						Long Term
	Undistributed		Unrealized			Capital Gains			Other
	Ordinary		Appreciation/			(Capital Loss			Temporary
	Income		(Depreciation)			Carryforwards)			Differences
Global Equity Fund	$	25,084	$	(1,948,377	)	$	(29,643,699	)	$	—
International Equity Fund		86,040,265		(392,315,637	)		(1,958,473,790	)		—
International Equity Fund II		68,630,128		(25,221,467	)		(2,711,879,937	)		(33,887	)
Total Return Bond Fund		34,100,324		43,257,545			20,296,714			—
Global High Income Fund		5,409,287		(53,329,943	)		51,725,678			(485,561	)
Local Emerging Markets Debt Fund		—		(678,609	)		10,638			(90,948	)
U.S. Microcap Fund		—		(329,209	)		840,212			(24,038	)
U.S. Smallcap Fund		4,153,676		(11,893	)		4,274,347			(24,035	)
U.S. Midcap Fund		—		522,228			746,724			(21,755	)
U.S. Multicap Fund		—		303,360			848,291			(20,329	)

The differences between components of distributable earnings on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to wash sales, mark-to-market of passive foreign investment companies, futures and forwards. In addition, short-term capital gains are considered ordinary income for income tax purposes.

194 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

At October 31, 2011, the following Funds had net realized loss carryforwards for federal income tax purposes:

	Expires in		Expires in		Expires in
	2016		2017		2018
Global Equity Fund	$	19,631,562	$	10,012,137	$	—
International Equity Fund		314,780,611		1,643,693,179		—
International Equity Fund II		1,379,336,238		1,211,390,775		121,152,924
Total Return Bond Fund		—		—		—
Global High Income Fund		—		—		—
Local Emerging Markets Debt Fund		—		—		—
U.S. Microcap Fund		—		—		—
U.S. Smallcap Fund		—		—		—
U.S. Midcap Fund		—		—		—
U.S. Multicap Fund		—		—		—

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

10.  Line of Credit

Artio Global Equity Fund Inc. and Artio Global Investment Funds (the “Borrowers”) entered into a Credit Agreement (the “Agreement”) with State Street Bank and Trust Company (the “Bank”). The Agreement provides for a $250,000,000 (the “Facility Amount”) revolving credit facility to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity

Artio Global Funds  ï  2012 Semi-Annual Report 195

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

purposes. The Funds may draw up to their stated sublimit (subject to certain other limitations therein):

			Average		Average
	Sublimit		Outstanding Daily		Weighted
	Amount		Balance		Interest Rate
Global Equity Fund	$	5,000,000	$	199,339		1.40	%
International Equity Fund		200,000,000		7,903,096		1.40	%
International Equity Fund II		200,000,000		11,785,007		1.40	%
Total Return Bond Fund		50,000,000		—		—
U.S. Microcap Fund		1,000,000		11,580		1.40	%
U.S. Smallcap Fund		5,000,000		81,774		1.40	%
U.S. Midcap Fund		1,000,000		1,152		1.40	%
U.S. Multicap Fund		1,000,000		13,362		1.40	%

In addition, the Global High Income Fund entered into a separate Credit Agreement (the “Global High Income Fund Credit Agreement”) with the Bank. The Global High Income Fund Credit Agreement provides for a $250,000,000 revolving credit facility to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

			Average		Average
	Sublimit		Outstanding Daily		Weighted
	Amount		Balance		Interest Rate
Global High Income Fund	$	250,000,000	$	284,899		1.40	%

Principal on each outstanding loan made under the Agreement and the Global High Income Fund Credit Agreement shall bear interest at a variable rate per annum equal to the higher of (a) the Federal Funds Rate as in effect on that day plus 1.25% and (b) the Overnight LIBOR Rate as in effect on that day plus 1.25%. In addition, the Borrowers shall pay to the Bank a commitment fee at the rate of 0.10% per annum on the daily unused portion of the Facility Amount.

11.  Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 clarifies how principal market is determined, addresses the fair value measurement of instruments with offsetting market or counterparty credit risks and the concept of valuation premise and highest and best use, extends the prohibition of blockage factors to all three levels of the fair value hierarchy, and requires additional disclosures. ASU 2011-04 is effective for public entities for

196 Artio Global Funds  ï  2012 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

interim and annual periods beginning on or after December 15, 2011. Management is currently evaluating the impact of the adoption ASU 2011-04 will have on the Funds’ financial statements.

12.  Subsequent Events

Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to April 30, 2012 through the date the financial statements were issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

Effective June 29, 2012, the Adviser has contractually agreed to reimburse certain expenses of the Artio U.S. Smallcap Fund and the Artio U.S. Midcap Fund so that the net annual expenses (excluding interest, taxes, brokerage commissions, and extraordinary expenses) based on average daily net assets are limited as specified in the table below.

Fund	Expense Limitations
U.S. Smallcap Fund — Class A		1.35	%
U.S. Smallcap Fund — Class I		1.05	%
U.S. Midcap Fund — Class A		1.30	%
U.S. Midcap Fund — Class I		1.00	%

Subsequent Redemptions

Subsequent to the period end and prior to the released date of the financial statements, one shareholder redeemed their shares of the Artio U.S. Smallcap Fund — Class I shares. This redemption totaled 77.2% of the shares outstanding, as of April 30, 2012.

Artio Global Funds  ï  2012 Semi-Annual Report 197

INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting held on April 18, 2012, 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, Local Emerging Markets Debt 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, 2011; 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; (xiii) the extent to which economies of scale are relevant to the Funds; (xiv) a comparison of the advisory fees charged by the Adviser to institutional clients that are separately managed; and (xv) marketing and distribution.

In determining whether to approve the Agreements, the Boards, including the Independent Board Members, reviewed and considered the materials presented at the April 18, 2012 meeting of the Boards. The Boards considered various steps to decrease expenses and increase performance for certain of the Funds. 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

198 Artio Global Funds  ï  2012 Semi-Annual Report

INVESTMENT ADVISORY AGREEMENTS (Continued) (Unaudited)

controlling, but gave significant weight to the relative investment performance of each Fund along with consideration of the other relevant factors.

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; the proposed total annual portfolio operating expenses to be paid by the Funds are reasonable; 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.

In light of certain economies of scale and other factors, the Board made adjustments to the breakpoints for the following Funds:

International Equity Fund

•  0.90% of the first $5.0 billion in average daily net asset;

•  0.88% on next $2.5 billion in average daily net assets; and

•  0.85% on daily net assets over $7.5 billion

International Equity Fund II

•  0.90% of the first $5.0 billion in average daily net asset;

•  0.88% on next $2.5 billion in average daily net assets; and

•  0.85% on daily net assets over $7.5 billion

Global High Income Fund

•  0.65% of the first $5.0 billion in average daily net asset;

•  0.63% on next $2.5 billion in average daily net assets;

•  0.60% on next $2.5 billion in average daily net assets; and

•  0.59% on daily net assets over $10 billion

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.

Artio Global Funds  ï  2012 Semi-Annual Report 199

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.

200 Artio Global Funds  ï  2012 Semi-Annual Report

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)	A Schedule of Investments is included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.
(b)	Not applicable.

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 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) 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 WilliamsAnthony Williams
	President
Date: July 3, 2012

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 WilliamsAnthony Williams
	President
Date: July 3, 2012
By:	/s/ Timothy J. ClemensTimothy J. Clemens
	Chief Financial Officer
Date: July 3, 2012