Artio Global Equity Fund Inc

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U.S. Midcap Fund

U.S. Multicap Fund

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: 10/31/2009

Date of reporting period: 10/31/2009


SHAREHOLDERS LETTER

December 15, 2009

Dear Shareholder,

The decidedly positive tone for global markets over the past eight months has led to a collective sigh of relief for investors. The very challenging environment experienced at the end of 2008 and early 2009 in many respects seems like a distant and very unpleasant memory. The rally in the S&P 500 Index in the eight week period following the market bottom reached on March 9 was the largest move in over 70 years. The growing market momentum over the twelve month period ending October 31, 2009 (the Reporting Period) provided both opportunities as well as challenges in navigating through historic inflection points in equities and fixed income.

Within our flagship International Equity funds, the defensive posture which proved helpful early in the Reporting Period, led to underperformance amid the massive move forward in Asian emerging markets and Latin America as well as financial stocks which began in early March. Our initial underweight to these areas as well as a bias toward higher quality companies impacted returns through the end of June as did positions held in Central and Eastern Europe. Since that time, the funds have been repositioned to take advantage of growth dynamics in the ‘new world’ versus ‘old world’, as is evident with our current overweight to emerging markets as well as industries expected to benefit from the cyclicality of these regions. Our position in financials also increased in both developed and emerging markets. As a result of these moves initiated within a more fundamentally-driven market, performance has stabilized and our long-term results remain solid.

Within fixed income, our Global High Income and Total Return Bond Funds effectively exploited yield opportunities leading to results one might normally associate with equity investments, particularly the Global High Income Fund. We have also been very encouraged by our suite of US equity funds which celebrated their three-year anniversary in July. This important milestone, coupled with strong performance results, has led to investor interest, specifically within the US Smallcap Fund. We look forward to building on the early success of these strategies.

In September, we were pleased to announce the successful completion of the initial public offering of Artio Global Investors Inc., (the parent company of Artio Global Management LLC, the Investment Adviser to the Funds) and the listing of its shares on the New York Stock Exchange (ticker “ART”). For Artio Global Management and our clients, it is business as usual. Our goal of delivering strong investment results and the highest quality service to our clients, while maintaining a focus on risk management remains of paramount importance to us. This will not change.


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Finally, we welcome Tim Clemens who joined in September and will assume responsibilities as Chief Financial Officer of the Funds beginning in January. We would also like to express our sincere appreciation to you as shareholders for your continued confidence. We wish all of you much happiness and success in the New Year and look forward to continuing to serve you.

Sincerely,

Tony Williams

President

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

Mutual funding investing involves risk; principle loss is possible.

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

The S&P 500 Index is a capitalization-weighted index of 500 widely held equity securities, designed to measure broad US performance.

Current and future portfolio holdings are subject to risk.

The Securities and Exchange Commission (SEC) does not approve or disapprove of any security.

Distributor: Quasar Distributors, LLC (12/09)


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MANAGEMENT’S COMMENTARY

Artio Global Equity Fund Inc.

2009 Annual Report

Performance Update

The Artio Global Equity Fund Inc. (the “Fund”) completed its fifth full year on October 31, 2009 with its Class A shares posting an annual return of 19.94%. The returns lagged the Fund’s benchmark, the MSCI All Country World Index (MSCI ACWI) which was up 22.65% over the same period. Over longer time periods, we are proud of how the Fund has performed versus the benchmark.

Regional Performance Summary

The chart below shows the performance of MSCI country index returns for the latest fiscal year, broken into two parts. The first set of data represents the period October 31, 2008 until March 9, 2009 which marked the bottom of the 16-month bear market while the second set of data represents the recovery period from March 10, 2009 until October 31, 2009.

Source: Bloomberg

The four best performing geographic markets during the first period (through March 9) were China, Brazil, India and Japan with China actually experiencing a 2.41% return. China, Brazil and India are considered emerging market countries which we would have expected to suffer more than developed countries in periods of market decline as investors flee from riskier assets. However, in a clear sign of decoupling, both the equity markets and the economies of these three countries held up better than developed nations like the US, the United Kingdom and those in


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the European Union. According to estimates from the International Monetary Fund, economic growth in China, India and Brazil will exceed average global GDP in 2009 and 2010. In fact, China is expected to lead the world’s economies again in 2010 as stimulus spending continues to support growth while their exports recover along with the global economy.

It remains to be seen whether this decoupling will prove to be a temporary phenomenon brought about by massive government stimulus measures or more permanent in nature due to diverging economic growth expectations. In the fiscal year just ended, investors clearly voted with their feet in response to the significantly higher emerging market economic growth rates. According to EPFR Global data, as of October 31, 2009 the net inflows into emerging market equity mutual funds totalled $52.7 billion while US equity mutual funds have seen outflows of $23.4 billion.

The Japanese equity market also held up relatively well in the difficult first part of the fiscal year as valuations provided support. Also, in the beginning of 2009, speculation of a general election began to mount and that the Liberal Democratic Party, which had ruled Japan for most of the period since 1955, would lose to the opposition Democratic Party of Japan (DPJ). Local Japanese markets responded positively to this potential change since it was anticipated that a DPJ victory would bring much needed reforms to the domestic economy.

The Fund was underweight all four of these outperforming markets in the first part of the fiscal year focusing instead on the safety of stocks in the US and Continental Europe. As outlined in last year’s annual letter, we preferred to focus on investing in large-cap developed market companies with low leverage ratios and engaged in businesses in defensive economic sectors as we navigated one of the most difficult investment environments in equity market history. These typically more stable markets saw weaker overall performance results primarily because of concerns over the viability of their large banking sectors and future economic growth rates.

The global equity markets bottomed on March 9, 2009. While many factors contributed to the rebound, the primary drivers were improving economic reports including data that exceeded increasingly bearish predictions from economists, coordinated global fiscal stimulus measures and generally attractive valuations. The best performing geographic markets during the recovery period were Hungary, India, Russia, Poland, Australia, Brazil, China and the Czech Republic. All of these countries, with the exception of Australia, are emerging markets.

While Hungary, Poland, the Czech Republic and Russia were the worst performing countries during the downturn, they bounced back stronger than most as fears of the global economic crisis began to dissipate. Central and Eastern European countries did so poorly on the way down mainly due to a quick deterioration of their banking


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systems. Loans denominated in foreign currencies were a significant percentage of total loans at these countries’ major banks, thereby increasing exchange-rate risk. As their local currencies declined, the rising cost of servicing those loans exposed the banks to increased non-performing loan risks. In the post March 9 period, as these currencies appreciated and multilateral financial assistance shored up banking sector balance sheets these markets posted some of the world’s strongest returns. Russia’s oil-dependent economy was also helped along by a rebounding oil price from a low of $45 per barrel.

The stronger-than-average performance of China, India and Brazil continued after the market bottomed for the same reasons that they held up well beforehand. Above average economic growth rates, falling interest rates, fiscal stimulus measures and significant investor flows all contributed to their ability to maintain their global equity market leadership status.

Australia, the post-March 9 developed market leader, primarily benefitted from its position as one of the world’s largest commodity exporters. The fiscal year saw a boom in global infrastructure spending as governments around the world tried to lessen the impact of the recession by increasing spending on infrastructure projects. Australia’s heavy output of iron ore and metallurgical coal (both used to produce steel) and its close proximity to the major infrastructure markets of China and India well position the country to benefit from future expenditures.

The Fund capitalized on these trends in the second part of the fiscal year. We finished the year with a 10.15% overweight to these top-performing countries as we successfully shifted from a defensive posture to one where economic growth advantages and government stimulus measures guided our investment strategy. Also, we ended the year with a 10.96% underweight to the worst performing markets, the US, Japan and the United Kingdom. High levels of indebtedness exacerbated by the economic crisis as well as overall muted expectations for consumer spending are expected to continue to bring headwinds for years to come in these three countries.

Sector Performance Summary

The following chart shows the global economic sector returns of the MSCI ACWI Index for the fiscal year, again broken into two time periods—decline and recovery. The first set of data represents returns for the period October 31, 2008 until


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March 9, 2009 while the second set represents returns for the period from March 10, 2009 until October 31, 2009.

Source: Bloomberg

The four best performing sectors during the period of decline were telecommunications, materials, healthcare and consumer staples. Of these, all but materials are traditionally considered defensive sectors and we would expect them to perform well during periods of market declines as investors flee from riskier assets. This is mainly due to their more stable revenue streams as well as their tendency to have high dividend yields and a steady investor base. Materials stocks bottomed out in November 2008 which coincided with the announcement of the $586 billion Chinese economic stimulus plan announced on November 9, 2008. The Chinese central government was the first major economy to announce a significant stimulus plan. They were deeply concerned that the global financial crisis would derail the world’s third largest and fastest growing economy and therefore acted decisively. The materials sector had the most to benefit from this announcement because 75% of the Chinese plan was devoted to infrastructure development, providing a support for commodity prices as well as equities devoted to the raw materials that go into infrastructure development.

On average, the Fund was overweight materials and consumer staples stocks but underweight healthcare and telecommunications in the first part of the fiscal year. We correctly anticipated the changing operating environment for materials and quickly moved to an overweight position early in the period. This sector remained a consistent focus throughout the year because it is represented by a broad array of economically-sensitive industries such as metals and mining, cement, steel, agriculture and chemicals. We favored consumer staples as the highest quality of the defensive economic sectors because of their better earnings visibility. We expect that


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healthcare stocks will continue to face headwinds from possible US legislation and telecommunications companies face risks from a rapidly changing competitive landscape as well as the shift to digital and wireless communications. Despite these challenges, the defensive nature of the healthcare and telecommunications sectors provided a performance advantage to the overall market in the first part of the fiscal year.

With the exception of materials stocks, which continued to outperform the MSCI ACWI Index, the laggards again became the leaders in the post-March 9 recovery period. Financials, industrials, consumer discretionary and technology are traditionally economically sensitive sectors so while global economic conditions were deteriorating, these sectors severely underperformed, but when the recovery seemed to be taking hold, they quickly recovered. Investors who were able to identify this inflection point in March were not left behind as the market recovered. The financial sector experienced the most dramatic swings in performance because as the conditions were deteriorating, speculation was rising that many banks were on the verge of bankruptcy or nationalization. When governments around the world stepped in with market liquidity support and direct injections of capital that totalled in the trillions of dollars, financial stocks posted a dramatic rebound and investors scrambled to gain exposure.

The Fund was overweight the materials, industrials and technology sectors during the recovery portion of the fiscal year. We maintained our positive view toward materials due to rebounding commodity prices and growing infrastructure spending. We favored industrial names to take advantage of the global cyclical recovery that we saw starting to take shape. While we never argued that there would be a “V” shaped recovery, we felt that the conditions were in place that even a modest recovery would provide a significant earnings lift to economically sensitive companies. This was due in part to the aggressive cost cutting and inventory reductions that occurred during the downturn. In the technology sector we favor global leaders that consistently take market share, providing them with the top-line growth that most companies find elusive in a muted economic environment like we have today. The Fund was underweight the financials and consumer discretionary sectors in the second part of the fiscal year. Despite government intervention to prop up banks, we are still cautious on the overall financial sector as these companies will likely need to continue working bad loans off their books for several more years. While we agree that the current operating environment for banks is attractive due to steep yield curves and improved quality on new lending, the write-offs we still expect to see should cause more pain for investors from equity dilution and weaker earnings reports. We are focusing on those players we feel have good franchises and strong balance sheets. Consumer discretionary stocks should continue to underperform due to the over-indebtedness of consumers in countries like the US and the United


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Kingdom. This need to de-lever will likely constrain consumer spending growth for the foreseeable future and is reflected in the Fund’s sector allocation.

The World is Changing Again

The relative weights of the world’s economies are starting to change after almost a century of the status quo. For most of recorded history, China and India were the two largest economies in the world by virtue of their large populations. When industrialization led to the rise of the British Empire in the 19th century and the US in the 20th century, Western countries came to dominate the world economic rankings. By the 1980’s, China and India were not even among the ten largest countries in the world by economic output. However, due to their consistently higher economic growth rates in recent years as well as the expectation that these emerging market countries will continue to grow faster than their developed counterparts. China, India, Brazil and Russia are all expected to challenge the US and developed Europe in terms of the size of their economies. The chart below shows forecasts for the 12 largest economies in the year 2050. Most notable is that China is expected to become the world’s largest economy and Japan, with its shrinking population, is expected to fall from their current spot at number two, to eighth.

While forecasting economic growth rates for the next forty years could be considered a foolish exercise, it can provide useful insight on the long-term growth potential that emerging markets may offer.

Largest Economies in 2050

Source: Goldman Sachs Economic Research


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When looking at the market capitalizations of countries around the world, a similar dynamic is taking place. When the MSCI Emerging Markets Index was introduced in 1988, the weight of all of the emerging markets in the MSCI ACWI Index was less than one percent. At the end of the fiscal year, that has grown to 11.54%, with China at 3.90%, Brazil at 1.96%, Taiwan at 1.44%, India at 0.89% and Russia at 0.83%. Meanwhile, the weight of the largest stock market in the world, the US, has shrunk to around 42%. We expect that as economic growth rates continue to favor the emerging markets, this trend will continue. The chart below shows the market cap per person of the major equity markets around the world.

Market Cap Per Capita

Source: Bloomberg

While emerging markets have seen impressive growth over the last decade, the chart above shows that they are still a long way away from being on par with the developed nations. For this reason we feel the emerging markets may continue to offer global equity investors an impressive investment opportunity going forward. However, while emerging markets are most likely to continue to rise to new highs over time, investors need to be prepared for possible busts along the way. Emerging market investing involves the added risks of increased volatility, weaker corporate governance, nationalization, social, economic and political uncertainty and less liquidity, to name but a few. Consider that investors in Russia must have cheered the three years ending May 2008 as the MSCI Russia Index surged 221% over that period. However, less than six months later, these same investors experienced a stunning -78% market decline. To put this in perspective, $100 invested in the Russian market on May 2005 would be worth only $71 in November 2008 after having more than tripled in value. Similar patterns have occurred in other emerging markets like China and Brazil over this same period as well as in previous timeframes throughout


	Artio Global Funds ï 2009 Annual Report	9

their tumultuous history. We believe that investors in the Fund are positioned to take advantage of these opportunities while at the same time avoiding the pitfalls that they can bring. The traditional segmented approach to investing where allocations to the US, Europe, Japan and the emerging markets are based on fixed weights is quickly being replaced by a global dynamic approach, an approach that has long been exercised by the Fund.

The Fund utilizes a top-down strategy to navigate the emerging markets which focuses on macro factors like interest rate policies, economic growth rates, inflation expectations, currency and political environments and structural reforms. These factors determine not only which emerging market countries provide the best potential performance opportunities, but also what the overall exposure to emerging markets should be relative to developed markets.

Looking Ahead

Our opinion is that the global economy will recover from the recent recession, but at a slower pace than normal as the world’s fiscal and economic imbalances are corrected over time. The US consumer, which was the main driver of the global economy for decades, will probably not be driving growth anytime soon as consumers de-lever and repair their balance sheets. We expect consumer spending to grow half as fast as overall GDP as discretionary spending lags income growth. Instead, we believe GDP growth in the US will be led by government spending, infrastructure investment, inventory replenishment and a revival of exports due to a weak US dollar.

Meanwhile, we anticipate China will try to shift from an economy focused on investment to one that is focused on personal consumption. If successful, this should have the effect of putting the global economy in a more balanced position. In the US, it seems increasingly likely that Congress will complete another stimulus package in early 2010 as the unemployment rate is likely to be sticky on the way down. Despite this, we expect the US market to lag the overall average as a result of the consumer retrenchment.

Europe should perform better than the US due to their more attractive equity valuation, a more balanced economy and a strong revival of their export engine, particularly in Germany. We are impressed that exports in Europe appear to be keeping up with the US and the United Kingdom despite the fact that they have faced an appreciating currency.

Deflation is still firmly entrenched in Japan and the strong Japanese yen is hindering their export contribution to economic growth. We have maintained an underweight to the Japanese market and expect this to continue to be the case in 2010 as debt-to-GDP rates may exceed 200%.


10	Artio Global Funds ï 2009 Annual Report

The emerging markets are expected to continue to offer attractive investment opportunities in the year ahead, supported by their strong economic growth. However, performance leadership should be found in new sectors of the economy as global trade remains soft while government stimulus and the rise of the emerging consumer deliver growth opportunities. The Fund will continue to watch for bubbles forming in emerging markets as large investor inflows and easy monetary policies could prove to be destabilizing.

The global recession has temporarily caused inflationary pressures to recede significantly. As a result, although there have been some instances of monetary tightening in some small countries, we expect the major central banks to maintain their accommodative interest rate policies for most of 2010. This should provide a favorable backdrop for the equity markets. While we consider inflation to be a problem in the future as a result of excessive stimulus measures, the inflationary pressures should not become a problem for the global equity markets in the year ahead.

As we move into the next fiscal year, we will continue to navigate the Fund with a cautious eye toward the state of the global economy while searching for investment opportunities in both the developed and emerging markets. As the world becomes more interconnected, we will continue to utilize a dynamic global approach in our investment process to uncover new opportunities worldwide and manage the unique risks presented by the global equity markets on behalf of our valued shareholders.

Keith Walter, CFA
Co-Portfolio Manager
Artio Global Equity Fund Inc.

Past performance does not guarantee future results.


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investment goals and objectives, the Fund may invest in derivatives such as futures, options, and swaps to a very substantial extent. Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments and are fully disclosed in the prospectus. As of 10/31/09, the Fund invested approximately 0.0% of its net assets in derivatives (excludes forward foreign exchange contracts).

The views expressed solely reflect those of Artio Global Management LLC (“Artio Global”) and the managers of the fund, and do not necessarily reflect the views of any affiliated companies. The material contains forward-looking statements regarding the intent, beliefs, or current expectations. Readers are cautioned that such forward-looking statements are not a guarantee of future performance, involve risks and uncertainties, and actual results may differ materially from those statements as a result of various factors. The views expressed are subject to change based on market and other conditions. Furthermore, the opinions expressed do not constitute investment advice or recommendation by the managers, Artio Global, the fund, or any affiliated company.

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) is a free float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.

MSCI country and sector indexes are free float-adjusted market capitalization indexes that are designed to measure equity market performance in a specific country or sector.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

It is not possible to invest directly in an index.


12	Artio Global Funds ï 2009 Annual Report

MANAGEMENT’S COMMENTARY

Artio International Equity Fund/Artio International Equity II

2009 Annual Report

Introduction

A disappointing year. For the fiscal year ending October 31, 2009 (the Reporting Period) the MSCI ACWI (ex US) was a tough benchmark to beat; it’s return besting 91% of 204 mutual funds in Morningstar’s Foreign Large Blend category. For the Reporting Period the Artio International Equity Fund and the Artio International Equity Fund II (both Class A Shares) returned 17.62% and 18.23% respectively, while the MSCI EAFE and MSCI ACWI (ex US) indices rose by 27.71% and 34.10% respectively. For the same period the average fund in Morningstar’s Foreign Large Blend category returned 25.12%.

The bulk of our underperformance occurred in the initial phase of the equity market reversal—from the end of February until the end of June. Since then, as result of major adjustments, the Funds’ performance has stabilized and kept pace with the rising markets.

Our philosophy and process is to seek to provide consistent outperformance for our investors with the understanding that financial markets in which we invest are inherently inconsistent. We strive to make performance as immune as possible to the whims of the markets and investor psychology. Markets go through many cycles or seasons: value versus growth, small cap versus large cap, bull versus bear, and sane versus insane. These seasons can be long enough to force portfolio managers to abandon their discipline or to make clients lose faith in the strategy.

In our efforts to meet this challenge, we built our approach on the two pillars of dogmatism and pragmatism: dogmatism is the fundamental analysis of sectors and companies and is supported by meetings with management, industry insiders and analysts; it has been the main driver for our long-term performance. Pragmatism is flexibility and risk management; its role is to enhance and enforce consistency, to spare us pyrrhic victories when we are right and to save us from ourselves when we are wrong.

Over the past 14 years, this practice has allowed us to enjoy remarkable stability, continuity, and consistency. Nevertheless, during this period we still occasionally experienced short periods of underperformance. Although we rely on pragmatism and flexibility to drive consistency, they are no panacea—especially during sudden, violent moves in narrow parts of the market such as the bust of the technology, media, and telecommunications (TMT) craze of the late 1990’s or the technical bounces off the lows of 2003 and 2009.


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In early March 2009, the epicenter of the rally was concentrated in emerging markets, commodities and troubled financial companies. The amplitude and speed of their moves in such a concentrated period led us to underperform given our initial underweight exposure to these areas.

Although earlier this year we correctly anticipated a market rebound, given the close to zero percent interest rate policies worldwide, global fiscal stimuli and technically oversold conditions, and adjusted the Funds in anticipation, the narrow focus of the rally nevertheless hurt us over this short period. Our subsequent adjustments and pragmatism could not fully compensate for the initial impact.

What Drove Our Positioning?

We warned in last year’s annual letter: “The actions of policy makers will be key to the direction of all asset classes: bonds, equities, currencies, and commodities. Some of the lessons have been learned, some mistakes will be repeated and new ones will be made.” Alas, we were totally caught off-guard. A U-turn by governments and bank regulators on how to deal with bank woes and decisions made during the April 2009 Group of 20 (G20) summit in London dramatically reversed the fortunes of Western financial companies and emerging markets respectively.

Banks around the world were massively undercapitalized. Excessive leverage and lax lending standards, as well as the collapse of a global real estate bubble, and the resulting global recession wiped out much, if not most, of their capital. The value of the banks became entirely dependent on government actions. Fundamentally, they were broke.

Although politically, we suspected the banks might receive tons of leniency, it would not be without massive dilution and losses to equity and junior debt holders. The bank crisis along with the dire financial situation of many governments left little room for profligacy. Or so we thought.

In March 2009, policy makers in the US, Europe, and many other parts of the world were contemplating their responses to mounting banks losses. Securities more secure in the capital structure to common equity, such as preferred shares and junior debt of many of the banks, were pricing in losses of 50% or more in anticipation of limited sympathy from government. At the last moment, governments made a U-turn and provided financial assistance while leaving equity holders intact. Most likely, they were driven away from nationalization by the daunting task of managing the plethora of banks that would end up under their (governmental) control. As the US Treasury Department, the US Federal Reserve Bank (the Fed) and the Financial Accounting Standards Board came to the rescue, the rest of the world followed. The balance sheets of the Fed, Fannie Mae, Freddie Mac, and those of other governments were transformed into a Yucca Mountain—a repository for the banks’ toxic waste.


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We were wrong. Bewildered, but not alone. Nobel Prize-winning economist Joseph Stiglitz criticized the failure to nationalize banks during the financial crisis. “What we did was the wrong thing. It has weakened the economy and has increased our deficit, making it more difficult for the future.” Paul Myners, the UK Treasury’s Financial Services Secretary said “our banks are only alive because the government has taken decisive, innovative action to protect the sector and the economy”. Even Timothy Geithner, the US Treasury Secretary, said recently “none of them would have survived”. George Soros said the profits of the banks were “gifts” from the state.

We also expected emerging markets, the major beneficiaries of the global trade imbalance, to underperform as the Western consumer could be forced to retrench and risk aversion would remain elevated in the midst of a global economic slowdown. Although the US has been pulling out all the stops in an effort to avoid a recession, we did not anticipate that they and the rest of the world would so quickly re-embrace and encourage the borrow-and-spend policy that had benefited Asia and commodity producers and which brought the world to the brink.

The G20 meeting in London ensured just that. The UK and US representatives insisted on spending and borrowing as the only way out of the crisis. The Europeans strongly opposed the plan and unsuccessfully argued that it was this behavior that got us into this mess. In the end, the US and UK view won the day and so the world is re-embarking toward further global imbalance, postponing the painful and necessary adjustment—“kicking the can down the road” so to speak.

The G20 meeting was a tipping point, catapulting emerging economies into global pre-eminence. The G20 dethroned the G7 (Group of 7) as the major platform for managing the global economy to ensure unity and global coordination. They recognized the need to have emerging economies shift their growth focus from exports towards domestic consumption on the hope that consumption will smoothly overtake investment and manufacturing.

The G20 also encouraged the world to embrace another US ‘soft landing’ policy: if the Asian consumer spends more, the trade imbalance would reverse painlessly, smoothly self-correct and disappear. Having witnessed failed soft-landing attempts of the TMT and the real estate bubbles, we fear a similar fate to this one. Painless solutions do not exist. The global imbalances still need to be addressed and sacrifices must be made sooner or later. Until then, the current trend remains your friend.

New World versus Old World

Not since the Internet bubble of the late 1990’s has an investment theme captivated the imagination and wallets of investors. Then, attracted by the perceived unlimited potential of the Internet and its billions of eyeballs, retail and institutional investors


	Artio Global Funds ï 2009 Annual Report	15

bet heavily on the ‘New Economy’ and its enablers—TMT. The investment paradigm was to buy the ‘New Economy’ (TMT) and sell the ‘Old Economy’ (the bricks and mortar)—i.e. the rest of the market.

During the Reporting Period, attracted by the dawn of the ‘Asian Century’, investors once again moved en masse into the emerging markets sphere.

China and India are today’s version of the Internet with their emblem of unlimited and perpetual growth potential while commodities and commodity-rich countries such as Brazil, Russia, Australia and Canada are the enablers of this evolution. Collectively they are seen today as the beneficiaries of the ‘New World economy’.

According to research firm EPFR Global, year-to-date through December 9, 2009, inflows into the ‘New World’ (emerging markets equity funds) have exceeded $75 billion. The previous record was $54 billion in 2007. Investors’ enthusiasm for emerging markets was not limited to equities but also flowed into the local debt market—90% of such flows went to funds investing in local currencies. The exodus from the ‘Old World’ (developed world equity funds) was equally dramatic over the same period—investors withdrew a record $83 billion.

Source: FactSet, Artio Global Management analysis
*Performance as measured by the MSCI ACWI (ex-US) broken down by country

The rally of ‘New Economy’ stocks in the 1990’s lasted many years and created one of the largest bubbles in the history of financial markets. What makes such rallies unstoppable is that at some point they become self-fulfilling and self-enforcing. These ‘consensus’ trades can lead to overvaluation. The point at which market prices cease to reflect fundamentals, they affect them. Abnormally high stock prices allowed technology companies to raise equity capital cheaply. The proceeds of which were invested in technology which benefited the earnings of other companies in the sector in-turn causing the sector’s valuation to rise and so forth. Money begot money.


16	Artio Global Funds ï 2009 Annual Report

In today’s emerging markets rally, flows into the region have again sparked this self-reinforcing mechanism. These equity and bond fund inflows led to monumental strength in their currencies and to a steep decline in funding costs which in turn created a virtuous circle for consumers and corporations alike. The stronger local currencies benefited large corporations as they turned losses on foreign currency loans into profits—(as recently as last year many Korean and Brazilian corporations were in distress due to losses on their foreign exchange loans). The purchasing power of the emerging consumers also improved; they in turn increased their purchases further improving corporate earnings. Lower rates also reduced the cost of funding for businesses and improved affordability for consumers.

Ultimately we all remember how the Internet craze ended—soberly and painfully. One trademark of ‘no-brainers’ is that they invariably end as ‘pocket drainers’. Our challenge today is how to navigate this no-brainer trade. When should we start to worry? In terms of the tech-bubble analogy, are we in 1995 or late 1999?

To help us answer this question, there are three ’canaries’ that need to be monitored: valuation, trade tensions and China’s over-investments.

Valuation

We feel valuations are full but do not yet provide reason to worry. They are in the upper band of their trading range relative to their own history but expensive relative to the benchmark. With strong economic growth prospects and arguably an improved risk profile for the asset class, it wouldn’t be too irrational for investors to argue for a re-rating which pushes valuations to new highs.

Short-term growth is strong and highly visible while the industrialized world can possibly expect anemic growth along with stubbornly high unemployment. Over the next two years, emerging markets are expected to grow at about a 5% rate with the BRICs (Brazil, Russia, India and China) at about 7.5%, and the industrial countries around 2.4%. Long-term growth will most likely be driven by China’s continuing urbanization as 20 million people a year move from the countryside. The overall low urbanization rate in China should allow it to maintain this pace of growth for decades.

In addition to growth, a lower perception of risk is another argument that would be advanced in favor of re-rating. The perception is based on their resilient banking systems and unlevered consumers; prudent macro-policies have generated strong current account balances and sound government finances; and central banks’ foreign reserves have risen to $5 trillion.


	Artio Global Funds ï 2009 Annual Report	17

Source: MSCI. Price to book is based on trailing 12 month earnings. Std. = Standard deviation.

In terms of valuation, we believe price-to-book is the most relevant measure to watch in the emerging markets. When that metric surpasses its previous high, then a bubble would be forming but may not necessarily be ready to pop—yet.

Trade Tensions

Western policy makers and many economists are prodding emerging countries to undertake initiatives to stimulate domestic demand and shift economic activity away from manufacturing and into services. The goal is to create a significant surge in demand from emerging countries which will stimulate recovery in the industrialized world’s exports to compensate for their own expected anemic domestic economic growth. However, an increase in Chinese domestic demand may only help China absorb the excess capacity of its manufacturing that was once aimed only towards export markets.

We believe that expectations are too high and trade tensions will rise again. Global liquidity and the flow of funds into emerging economies are already causing their properties, stocks, and currencies to overheat while having little effect on the real economies. Gavaging the Asian and emerging consumers to consume like their Western counterparts will likely be resisted and ultimately unsuccessful.

We do not see policy makers and central bankers of emerging economies allowing their asset prices to bubble or their currencies to run amok. Raising rates to cool speculation while the Fed keeps US rates close to zero percent will likely cause their currencies to appreciate even further. Instead of allowing this, they are expected to rely more heavily on capital controls and other administrative measures: taxing capital inflow, imposing caps on bank lending for real estate and portfolio investments, and forcing banks to raise reserves.


18	Artio Global Funds ï 2009 Annual Report

These types of reasonable responses are likely to tame the influence of the emerging consumer on the needed rebalancing. With Western governments facing record high levels of debt that are still rising and sticky double-digit unemployment rates, their patience will be tested soon enough. Already, the belief in the win-win characteristics of free-trade in its current form is waning for an increasing number of China’s trade partners. The European Chamber of Commerce in China complained that China’s recent stimulus has exacerbated the problem of overcapacity. The Swedish prime minister stated that “it can’t only be jobs and trade going in one direction.”

The current global rebalancing strategy will likely fail. The West needs to fast; not to gavage the East. And that is no soft-landing.

China’s Over-Investments

China’s over-investment is a concern we have had for years. Recently, new warnings have been flagged by several prominent and influential investors, especially regarding the manufacturing and real estate sectors. In a recent letter, James Grant, of Grant’s Interest Rate Observer, provided an articulated exaggeration that conveys certain investors’ concerns: “office buildings without workers, apartments without tenants, ports without ships, and expressways without automobiles”.

Some of these concerns are being addressed by the Chinese government. Beijing has already taken steps to tackle overcapacity in several industries such as steel, aluminum, cement, and chemicals by pushing for mergers, closing obsolete plants, and limiting capacity increases.

Additionally, a portion of the overcapacity can be justified: some of it is planned to replace obsolete factories—27% of the cement industry capacity is estimated to be obsolete while some of it is in anticipation of demand growth. “If you establish something now, the worst that can happen is you have to wait a year or two” before demand catches up to capacity, said Joerg Mull, Volkswagen’s chief financial officer for China.

Still, many investments are harder to justify. China has been seeking to become the world’s dominant supplier in many areas where it has neither comparative nor absolute competitive advantage. For example, in steel it is short on both raw materials and energy—key inputs to the industry.

China’s overcapacity is not likely to derail the economy in the short-term. Their ability to extend the cycle for much longer should not be underestimated. It is, after all, a command driven economy with a closed capital account.

Still, Chinese equity investors should be cautious. Over-investment leads to a poor allocation of capital that can eventually lead to a financial crisis as we saw in Dubai


	Artio Global Funds ï 2009 Annual Report	19

recently. The correlation between GDP growth and stock performance is weak and fragile. Many countries’ benchmarks have languished for decades while their economies grew and living standards improved—Taiwan, Korea, and Japan are examples. Stock performance is about shareholder value-creation. Companies tend to do well when demand exceeds supply and when management invests wisely—not a good omen for what is happening in China today.

High real estate prices are another concern that could force the economy to correct and is also symptomatic of how ineffective the stimuli have been to this point. Instead of trickling down to the real economy, liquidity found its way into real estate and the stock market. Although the frothiness has been most pronounced in tier-one cities and in the high-end segment, with Beijing responding by building millions of subsidized rental housing units, affordability is still beyond the reach of the average Chinese household.

The fact that a significant part of home buyers are paying ‘all cash’ is not necessarily a sign of affordability or lack of speculation. On the contrary, properties are being bought as a hedge against inflation. With interest rates consistently and substantially below nominal GDP growth, savers realize they are getting cheated and choose to purchase real assets instead. For a real estate purchase not to be speculative, the buyer needs to be able to afford it and reside in it. The US consumer violated the first criterion; the Chinese are violating the second.

Market Overview

Currently the world economy is being stimulated by globally coordinated monetary and fiscal actions of an unprecedented scale. Policymakers’ resolve to do more is unshaken. Fear of a potential global depression and pure electoral politics should help to ensure continued support in the coming year.

Contrary to consensus, we do not expect emerging markets to remain an island of growth and prosperity. Short-term however, as long as soft-landing policies are maintained, we expect the ‘New World’ to continue to outperform and attract inflows.

Tactically, we are positioned for a continued improvement in the health of the global economy. Strategically, we expect the industrialized world to enter a period of anemic growth. This comes at a time of structural problems in the Western world with double-digit unemployment rates and triple-digit government debt as a percentage of GDP.

Although it is becoming a crowded trade, we continue to worry about the value of fiat currencies and favor commodities and real assets. Governments are torn between the need to address their budget deficits and the need to take expensive actions to


20	Artio Global Funds ï 2009 Annual Report

help their domestic economies. Their financial resources are limited. At some point they need to cut public spending, increase taxation, or both.

Most likely, governments may not be willing or able to rise to the challenge and make these unpopular decisions. Instead, they may resort to eroding the value of their debt by debasing their currencies—i.e. printing money. The worry about weaker paper currencies and potential inflation have drawn investors to commodities. Inflows into commodities have been substantial from varied market participants including central banks who are worried about the value of their reserves.

Investments

While unresolved issues remain at the global level, we see much progress in several countries and many attractive investment opportunities.

In Europe, we remain attracted by an abundance of opportunity. Investors have been too narrowly focused on the macro picture while ignoring great franchises with strong management at bargain values. Sentiment towards the Continent has been soured as some euro-zone member states—particularly Greece, Ireland, and Spain—have been experiencing severe financial stress resulting in soaring government bond yields. This disparity in fortune among member states caused overblown fears and speculation of a potential break-up of the European monetary union.

Among the large sectors, we favor energy, where we see cheap valuations and expect significant improvement in the cost structure due to better negotiating power with oil service companies.

The metals and mining industry remains attractive despite huge outperformance this year. We view it as a good hedge against central bankers’ malfeasance. The industry is oligopolistic with visible pricing power, a great beneficiary of China’s growth and global demand, and valuations remain surprisingly cheap especially if current spot prices were to hold.

The pharmaceutical sector has been substantially de-rated, reflecting concerns over poor product development pipelines, competition from generic drugs, and pricing pressure from governments. The current level places little or no value on future pipeline drugs or the ample potential of further cost cutting measures. We believe the sector will re-rate once US health reforms are finalized.

Food producers continue to experience top line growth and pricing power. Leading brands continue to gain market share due to product innovation and the increased penetration of modern food retailers in emerging markets who tend to carry their products.


	Artio Global Funds ï 2009 Annual Report	21

Financials remain the sector with the most risk, most potential, and the highest degree of divergence in fundamentals among its constituents. Regulatory reforms remain a key risk to the sector as a whole in addition to the uncertainty regarding the amount of losses that still need to be absorbed by the banks. So far most of the reforms have been toothless and the pace of write-offs has stabilized. We are focusing on banks we view as having manageable levels of low quality loans and high levels of tier-one capital to shield them from worsening macro conditions, and with an ability to earn their way to recovery through dominant domestic market share and profitable capital markets’ operations.

Among the smaller industries, we like agricultural chemicals, especially potash, as the correction in prices has made them attractive again. Its products have secular demand growth and the market is a tight oligopoly displaying strong pricing power. In addition, we continue to be attracted to airports with their long-term growth potential and the monopolistic nature of the sector. Finally, we like luxury goods, as they continue to exude strong pricing power, high barriers to entry, and strong demand growth from emerging markets.

Australia and Canada are two resource rich countries that have been large beneficiaries of increased demand for commodities and their accompanying price appreciation. The rapid rise in their exports and the large sums of foreign direct investment required to increase production are enriching these countries and providing employment growth and wealth creation. The safety of their legal systems (property rights and honoring of contracts), and the high quality and long-life nature of their reserves make their assets highly desired by individual and strategic investors.

We currently find banks as the most attractive investment vehicle to benefit from the growth in Australian and Canadian wealth and employment in the long-term. In both countries, mining and banking are highly consolidated and competition is benign which provides for a healthy margin. While Australia’s richness in resources and its positive demographic trends (it is estimate that the country’s population will grow from the current 22 million to 30.9-42.5 million by 2056) are major pluses, the leverage of the consumer and the high level of asset prices cap our enthusiasm.

In emerging markets, we are focusing on sectors that are leveraged to domestic economic growth and are able to monetize that growth in the economy and in living standards. In addition, we favor industries that possess oligopolistic characteristics and a comparative advantage. At the company level, when possible, we prefer little or no state ownership and market share leaders or gainers. Equally important are good management teams that have a strong track record in both execution of strategy and reinvestment of capital, and are shareholder friendly.


22	Artio Global Funds ï 2009 Annual Report

As the G20 is betting the global recovery on the Asian consumer, investors are likely to focus on China and India—the world’s two most populist countries. In China, the government’s primary challenge is to undertake the necessary social reforms and provide the needed safety net for consumers to feel confident about tapping into their massive savings. In India, the government’s principal challenge is to improve its deficient physical infrastructure so that economic development and investments expand to rural areas where a majority of the country’s population resides. This should provide these areas with employment opportunities and a more stable and rising income.

In both countries, we foresee the large banking franchises to be prime beneficiaries of this transition. They already have an expansive branch network which is a huge advantage as it provides a funding base which can be used to generate credit to the underleveraged consumer base.

The massive size of both countries highlights the importance of a broad domestic distribution network. Companies that have built such networks, established their brand, and focused on product innovation and customer loyalty are the likely winners. These characteristics are key criteria in our stock selection process.

Technology is one sector in which Asia has a clear comparative advantage and as a result is quickly achieving global dominance. Two key trends are accelerating that dominance even further. Growing demand for consumer electronic products from emerging countries and increased cost consciousness of Western buyers are giving low cost yet innovative Asian producers an even stronger competitive advantage that lead to market share gains. Additionally, they continue to benefit from outsourcing from higher cost producers elsewhere.

Country differentiation among emerging markets is expected to become more pronounced. For example, Russia is the country with the highest potential to positively surprise investors’ expectations over the next 2-3 years. Among the BRIC countries, the Russian government’s policies and actions have been the least helpful to market fundamentals and investor sentiment. However, there are clear and tangible signs that the government is recognizing its pitfalls and is attempting to rectify and address the bottlenecks and the vulnerability of the economy.

For instance, top Russian government officials met face-to-face with foreign institutional investors for the first time to assuage their concerns about the political risks. On the macro-front, the government is embarking on a two-year plan to reduce inflation to the middle-single digits, bring borrowing costs (in local currency terms) down to affordable levels in order to unleash domestic investment and consumption. Longer-term, the government is aiming to diversify the economy away from energy and focus its resources to further develop the agriculture, automotive, defense, and aircraft building industries.


	Artio Global Funds ï 2009 Annual Report	23

Conclusion

Once trade imbalances are resolved, the world stock market could likely enter a long, secular bull market. We are still far from this point. So far, the world is compounding its imbalance but there is no escaping the painful adjustment. The West’s record level of government debt and the sticky double-digit unemployment rate will soon force governments to take the tough medicine of saving more and spending less which will cause a necessary hard-landing. But for now, they are pinning their hopes on increased consumption from emerging markets.

With that medium-term risk in mind, we are positioning the Funds in an effort to benefit from current government initiatives and continue to focus on long-term winners and unearthing new investment opportunities.

Rudolph-Riad Younes, CFA
Co-Portfolio Manager
Artio International Equity Fund
Artio International Equity Fund II

Past performance does not guarantee future results.

Investing internationally involves additional risks such as currency fluctuations, currency devaluations, price volatility, social and economic instability, differing securities regulations and accounting standards, limited publically available information, changes in taxation, periods of illiquidity and other factors. These risks are greater in the emerging markets. Stocks of mid-capitalization companies are slightly less volatile than those of small-capitalization companies but both still involve substantial risk and they will be subject to more abrupt or erratic movements than large-capitalization companies. In order to achieve its investment goals and objectives, the Fund may invest in derivatives such as futures, options, and swaps to a very substantial extent. Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments and are fully disclosed in the prospectus.

Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.


24	Artio Global Funds ï 2009 Annual Report

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

The MSCI ACWI (ex-US) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets excluding the US.

The MSCI EAFE Index is an unmanaged list of equity securities from Europe, Australasia, and the Far East, with all values expressed in US dollars.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

You cannot invest directly in an index.

Price to Book (P/B) Ratio is used to compare a stock’s market value to its book value and is calculated by dividing the current price of the stock by the company’s book value per share.

Standard deviation is a statistical measure of the historic volatility of a mutual fund or portfolio, usually computed using 36 monthly returns.

Current and future holdings are subject to risk.


	Artio Global Funds ï 2009 Annual Report	25

MANAGEMENT’S COMMENTARY

Artio Total Return Bond Fund

2009 Annual Report

With the fiscal year-end of October 31 now behind us, it is important to reflect on what transpired over the last 12 months (the Reporting Period). From the start of the Reporting Period to March 9, 2009 market psychology was very depressed. An end of the world mentality was prevalent due to the collapse of Lehman Brothers and the effect it had throughout the financial system. The US federal government threw pretty much everything but the kitchen sink at the problem, with the Treasury Department, Federal Reserve Bank (the Fed) and Federal Deposit Insurance Corporation (FDIC) all introducing programs to help avert the crisis. Many of these programs are ongoing and will not likely wind down for some time.

Even with these new programs, a popular new president able to get a large stimulus plan started and very large bailouts of the banking system, financial markets remained in the doldrums until March 9. Then suddenly, an environment of risk aversion dramatically shifted toward risk seeking. At the start of this dramatic change in investor sentiment, it was only the bravest of investors who bought with the rationale that even if the economy is in horrible shape, financial assets are priced at depression-type levels. With the amount of government intervention undertaken up to that point, investors had a reasonable degree of confidence that the federal government would not let the financial system collapse. Assuming that to be true, many financial assets were exceedingly cheap at the time. Throughout the summer, signs that the economy was starting to improve pushed investors’ risk tolerance higher. As financial markets began to rally, trend-following investors began to jump on the bandwagon causing the rally to accelerate. Investment psychology changed from assets being extremely cheap and a great buy in March to one in mid-summer where investors felt the need to enter the market before the rally lost momentum.

Toward the end of the Reporting Period, market psychology and valuations reached a point where an improving economy may not be sufficient to justify the continued high risk tolerance. It now appears that investors require an expectation of strong sustainable growth for the foreseeable future.

The huge divergence in attitude towards risk from the first part of the Reporting Period to the second can be called a tale of two (very different) time periods. The excess returns over US Treasury debt of the various sectors of the investment grade


26	Artio Global Funds ï 2009 Annual Report

market (as measured by the Barclays Capital US Aggregate Bond Index and illustrated in the table below) provide a useful barometer of this divergence.


							Commercial
					Asset		Mortgage
					Backed		Backed
	Corporate		Agency		Securities		Securities		Mortgages
10/31/08 to 3/9/09		2.10		1.90		1.47		-16.62		0.91
3/10/09 to 10/31/09		20.88		2.16		16.51		38.54		3.50

Source: Barclays Capital

The Artio Total Return Bond Fund Class A Shares (the Fund) returned 17.27% for the twelve months ending October 31, 2009, outperforming its benchmark, the Barclays Capital US Aggregate Bond Index, which returned 13.79%.

The Fund’s weighting in several spread sectors changed measurably throughout the Reporting Period. The weighting of corporate bonds went from a low of 21% in January to a high of 46.5% in June before ending October at 34%. The large positioning in corporate bonds worked out well for investors as they returned 31% over the 12 month period. This strong performance exhibited by corporate bonds was the sector’s best when compared to any other 12 month period in the history of the Barclays Capital US Aggregate Bond Index. However, it comes on the back of the massive credit spread widening in the weeks following the September 2008 bankruptcy of Lehman Brothers.

The other major spread sector that performed well was the securitized sector with the largest part of that being residential mortgage backed securities (RMBS). The Fund’s sector rotation philosophy can be seen through its positioning here. One year ago the Fund had 48.5% in RMBSs. Twelve months later, it was down to 28.7%. Non-agency RMBS represented 3% at the beginning of this time period and 6% at the end. This shows that even as we reduced our agency-backed RMBS by almost 50% we doubled the non-agency RMBS positioning. This intra-sector trading worked well as non-agency RMBS were vastly overvalued (and misunderstood) in the beginning of the period as well as prior years.

The securitized sectors of the market underwent a rally in 2009 that was nearly as violent and unexpected as the turmoil that marked 2008. The best performers of 2009 were the worst of the prior year but they did not start the comeback. Fixed income investors switched their mindset from capital preservation to yield generation in stages, with the most liquid sectors recovering first but the least liquid and riskiest trades performing the best. Agency mortgage backed securities (MBS) were the first to recover given investors’ different viewpoints. Some were reassured that the credit guarantee agencies provided was assumed by the government, making explicit the backing the government-sponsored enterprises (GSEs) were always thought to enjoy. Others simply believed that a mean reversion approach would win


	Artio Global Funds ï 2009 Annual Report	27

out, as spreads were so far removed from any historical guidepost. Consumer asset backed securities (ABS) also had strong performance early in the period. Investors piled into bank sponsored credit card trusts, viewing them as a secured bet on the US financial system. As the year progressed, investors became more emboldened and reached into less creditworthy, less liquid trades for yield. Commercial mortgage backed securities (CMBS) became quite attractive in the second quarter as yields ranged from 12% to 13%. Residential mortgage backed securities that do not enjoy a GSE guarantee gained steadily throughout the spring and summer as concerns over congressional action to aggressively stem foreclosures built to a boil but faded nearly as quickly.

Government support has been a constant throughout. They have been a steady and voracious buyer of agency MBS as part of a strategy to backstop the financial system. It’s a program that accomplishes several objectives at a time. First, since the GSEs were taken into receivership last year, agency MBS are nearly as much government debt as treasuries, making them a good fit for the Fed’s quantitative easing strategy. Second, it provides a boost to bank’s balance sheets by keeping the primary mortgage rate low and sparking a refinancing wave that has reduced the amount of distressed mortgage-related assets. Finally, by effectively subsidizing housing purchases they’re hoping to help the housing market bottom sooner rather than later. They’ve purchased nearly a trillion dollars since the program began in January 2009.

The Fed also took on the rapid contraction in consumer lending by implementing the TALF (Term Asset-Backed Securities Loan Facility) program which offers investors leverage to purchase newly originated loans to small businesses and consumers. Over $100 billion in securities have been issued thus far. The program has been so effective that the most recent Ford transaction provided no leverage as the offered yield was less than the financing rate. The same concept was applied to the commercial real estate sector but with much less success. Losses in the consumer sector could be termed pedestrian compared to those in commercial real estate. For the model to work in the commercial space, investors must be confident of the underlying collateral valuations. It’s much easier to value an auto loan than fragile commercial real estate space. Only one transaction has closed under this model, although it was well received by investors and will likely be eagerly copied by the revenue-starved investment banking sector. Much more popular is the leverage the Fed has provided for purchasing CMBS in the secondary market. Eight billion dollars of loans have been granted at a very steady pace since the first subscription in July.

The Fund’s weighting in US Treasury securities throughout the Reporting Period never got much above 5%. We continue to dislike them as an investment and at the end of October they represented less than 1.5% of the Fund.


28	Artio Global Funds ï 2009 Annual Report

Non-US positioning also varied during the period under review. At the start of the timeframe, we believed there was more value in domestic spread sectors versus non-US dollar sovereign debt. The Fund began the fiscal year with only 0.2% in this type of bond. As the year progressed and the domestic spread sectors began to outperform, sovereign debt became more and more attractive on a relative value basis and our weighting increased. At the end of October, the Fund had a 10.2% sovereign debt position. Looking ahead, we believe this weighting is likely to increase if the risk of US rates going higher increases.

One of the pleasant surprises of 2009 was emerging markets. They showed unprecedented resistance to the global shock compared to prior downturns and were therefore empowered to utilize countercyclical fiscal policies and accommodative monetary policies on an unparalleled scale. Some sovereign emerging market credits were rewarded for accumulating sufficient reserves/resources and conducting credible policies during the period of global growth before 2008 with both their currency and yield levels performing well even as these countries became more accommodative.

Within non-US dollar currencies the Fund’s positioning varied greatly depending on market conditions. On October 31, 2008 the Fund held just over 4%. As the year progressed and the markets’ risk tolerance ebbed and flowed, the Fund’s currency weighting changed. At the end of February 2009 the Fund’s non-US currency exposure dropped to 2.2% only to rise to above 20% by the end of October 2009.

Outlook

The Federal Reserve Bank will likely be a major determinant of how financial markets perform over the medium-term. Market expectations are that the Fed will leave the Fed Funds rate close to zero until the middle of 2010. We agree. The Fed has signalled that they do not want the economy to slip into a deflationary spiral and appear willing to risk a surge in inflation and a decline in the value of the US dollar to ensure this is the case.

An economic recovery over the fiscal year has worked in favor of the Fed. For the third calendar quarter of 2009, GDP was reported at a healthy 3.5%. Whether this was due to the abominable growth rates of the last few quarters (making for an easy growth number to be reported) or government stimulus programs such as cash for clunkers and the new home buyer’s tax credit, this is a good sign that the economy has improved.

However, there are reasons to be concerned that over the next several years the US rate of growth will not be able to reach what was considered acceptable over the last 20 years. They include a higher unemployment rate that may be due to a structural shift as opposed to a cyclical one, the loss of access for most homeowners to their


	Artio Global Funds ï 2009 Annual Report	29

home equity as an ATM and the damage to individuals’ confidence due to both of these factors.

Another growth retardant is the deleveraging of the American consumer. On an individual basis, if a person increases their savings rate, especially if they are in debt, it is a good thing. If everyone simultaneously increases their savings rate it can lead to big trouble. For the US, a structural shift to increased individual savings is a good thing—over the extremely long term. The problem is getting to that point will most likely be painful. As people save more, they are not spending. For a consumption-driven economy such as the US, that is a structural change. An adjustment needs to take place. The most obvious one is an increase in unemployment as jobs that were designed to meet consumption are shut down or put at risk. The concern is that if the ‘American consumer’ becomes the ‘American saver’ then many of the jobs that were appropriate in the old economy will be unnecessary in the new one.

As long as the unemployment rate continues to climb, the Fed is unlikely to raise the Fed Funds rate. Keeping rates close to zero and using their balance sheet for quantitative easing should, all else being equal, bring down the value of the US dollar. Look for this to continue as long as the Fed can get away with it—meaning inflation or inflationary expectations do not spike, the real rate yield does not steepen or the dollar’s decline does not become disorderly. The Fed is hoping that none of these things happen before the economy is able to regain a self-sustaining growth track.

One advantage of a declining currency is the assistance it gives to the domestic manufacturing base. Exports can be sold more cheaply and imports are more expensive to US consumers, making them less competitive. As a heavily indebted society, a devaluation is beneficial as the debt burden becomes relatively less heavy.

The risk is the country’s need to continue to issue debt to pay for its overspending. Foreign investors, especially Asian central banks who expect the US dollar to continue declining have little incentive to buy US debt at the current low yields. If one or two central banks publicly state they will not buy any more US Treasury debt, never mind selling what they already own, US interest rates would rise uncomfortably fast.

Another risk is that an extended currency devaluation can lead to an increase in inflation or inflationary expectations. If this were to happen, it would also drive US interest rates higher as inflation eats away at the value of fixed income securities.

The Fed argues, with justification, that with unemployment so uncomfortably high, inflation is not a threat. Therefore, expectations are that they will leave rates low for an extended period of time. This would allow market participants to borrow at basically a zero interest rate and invest those funds in any financial instrument be it


30	Artio Global Funds ï 2009 Annual Report

Treasury bonds, equities or commodities. This is called the liquidity trade and it encourages risk taking. The financial markets have been fueled by it for the last several months.

The danger is that the Fed is allowing, even encouraging, another bubble to form. The difficulty for the Fed is determining when to start tightening. If they tighten too early the economy could slip back into recession. If they wait too long they risk inflation getting out of control, another bubble forming and even the reserve currency status of the US dollar.

In this investing environment, it is likely that the ‘risk on’ trade will drive financial markets until the investment community starts to believe the Fed will begin to withdraw liquidity. We are likely to selectively participate in this high risk tolerance trade but with a healthy degree of scepticism. The strategy is to buy fundamentally sound positions and pay a premium for more liquid securities. We will also be paying close attention to the comments and actions of foreign central banks, especially from Asia. The canary in the coal mine, higher rates at the long-end of the yield curve, will always be close at hand.

With that in mind, we have formulated our outlook for spread sectors. In the corporate bond sector, credit spreads remain wide to Treasuries compared to historic averages, but in our view they fairly reflect underlying economic conditions and the financial health of corporate issuers. We remain constructive on the sector, mostly in relative value terms, but our overweight position has shrunk significantly.

Barring another credit crisis, we believe that the biggest risks for corporate bonds next year may be the return of mergers and acquisitions and other shareholder friendly activities (e.g. stock buy-backs, dividends, leveraged buy-outs) fuelled by resumed credit availability and low interest rates. As a result, we plan to rotate out of industries that look vulnerable like technology, media, telecommunications and consumer. We continue to find attractive valuations in top tier banks the government supported and in solid, well-run companies that are in late-cycle industries.

In the securitized product world, the themes for 2009 were easy to identify but nerve-wracking to implement. Falling knives (securities dropping sharply in a short time period) were discussed often and many fixed income investors found themselves impaled. In the end, high quality assets with good collateral performance and full coupons won out. The market’s warm reception of more generous than expected government support drove an outperformance that was more drastic than most people anticipated.

New concerns await in 2010, foremost being the inevitable withdrawal of the government’s massive support. Despite the trillion dollars in purchases, the agency mortgage market is expected to remain firm. While some traditional players were


	Artio Global Funds ï 2009 Annual Report	31

crowded out of the agency space as the massive non-economic bid from the Fed obviated traditional relative value trading opportunities, they look set to return. Banks also look set to be steady buyers. They are taking in deposits at a record pace and are drawn to credit insensitive assets after being badly burned. In particular, agency collateralized mortgage obligations (CMOs) provide an attractive spread at a low risk weighting. Nevertheless, the end of Fed purchases in quantitative easing could lead to sharply higher Treasury rates, and consequently extension and devaluation of MBS.

Securitized credit has a less certain future. Consumer ABS look steadiest given the sector has withstood an economic cycle with its investment grade ratings largely intact. Investors can take heart by its performance through this stress test and keep spreads relatively compressed. Non-agency RMBS and CMBS face a much less certain future. Employment and housing markets remain soft and present substantial downside risks to collateral. While performance is no longer in freefall, it continues to worsen. Right now, the market is being supported by attractive yields at what are assumed to be a reasonably pessimistic set of assumptions and the confidence that steadily improving leading indicators will actually translate into tangible improvements and a reversal in performance trends.

Donald Quigley, CFA
Co-Portfolio Manager
Artio Total Return Bond Fund

Past performance does not guarantee future results.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Investing internationally involves additional risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity.

Investments in asset backed and mortgage backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund, and is more exposed to individual security volatility than a diversified fund.


32	Artio Global Funds ï 2009 Annual Report

The views expressed solely reflect those of Artio Global Management LLC (“Artio Global”) and the managers of the Fund, and do not necessarily reflect the views of any affiliated companies. The material contains forward-looking statements regarding the intent, beliefs, or current expectations. Readers are cautioned that such forward-looking statements are not a guarantee of future performance, involve risks and uncertainties, and actual results may differ materially from those statements as a result of various factors. The views expressed are subject to change based on market and other conditions. Furthermore, the opinions expressed do not constitute investment advice or recommendation by the managers, Artio Global, the Fund, or any affiliated company.

The Barclays Capital US Aggregate Bond Index is a benchmark index composed of US securities in Treasury, Government-Related, Corporate, and Securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $250 million. It is not possible to invest directly in an index or average.

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

Current and future portfolio holdings are subject to risk.


	Artio Global Funds ï 2009 Annual Report	33

MANAGEMENT’S COMMENTARY

Artio Global High Income Fund

2009 Annual Report

The fiscal year ending October 31, 2009 was one of the most tumultuous in recent market history. The gravity of the financial and economic turmoil was such that the major events of the period are by now etched on the consciousness of the general investing public and professional practitioners alike. Yet, as we think back on the past year and remember the extremes of illiquidity, unprecedented government interventions and historic corporate failures, it is easy to miss the fact that these past twelve months have, on the whole, been a period of market recovery.

From the perspective of high yield, this recovery began earlier than in most other asset classes. In December 2008 the BofA Merrill Lynch Global High Yield Constrained Index (the Fund’s benchmark) rallied 7.02% in a single month, largely in response to US government efforts to rescue GMAC, the financing arm of General Motors. In the early part of the new calendar year, higher-quality high yield bonds that comprise the benchmark, led by BBs experienced the first wave of recovery. Initially, the lowest tier of our universe, those securities rated CCC and below, lagged the rally, rising only 1.58% versus 7.6% for BBs in the January through March period. By late March this relationship started to reverse and CCCs began a powerful rally, ultimately propelling them to a 76.87% total return for the twelve month period through October 31, versus 47.34% for BBs and 42.58% for B rated bonds.

At first blush, such a strong rally among the asset class’s weakest members seems puzzling in light of the steep increase in default rates (which according to Moody’s Investors Service was 12.4% by October 31) and the spectre of several disorderly workouts in the auto industry where government edict altered established precedent in the bankruptcy process. However, the extreme fear that still prevailed among most market participants in the early part of the year had driven these securities to such low levels that, even in a worst-case bankruptcy scenario, there was substantial value to be had for buyers willing to endure the travails of Chapter 11—a worst-case scenario that in many instances was still not a forgone conclusion. As the recovery in the high yield asset class gathered pace, other riskier portions of the universe began outperforming, sometimes in very dramatic fashion. European high yield bonds (as measured by the BofA Merrill Lynch European High Yield Constrained Index) rallied 24.52% in April and May alone, compared to a 19.23% return for US high yield (as measured by the BofA Merrill Lynch US High Yield Master II Constrained Index). Emerging market corporate issues began to lift at about the same time, helped by the implications of rising oil prices that would enable Russian corporates to roll over foreign debts.


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The December rally was followed by a string of strongly positive monthly returns that were broken only once (in February) before the fiscal year came to a close. This resulted in a full fiscal year total return of 51.91% in local currency terms and 55.01% in US dollar terms for the Fund’s benchmark while the Fund’s Class A Shares (the Fund) posted a gain of 42.71%. Despite this underperformance, for the period ending October 31, 2009 the Fund was among the top 16% of all high yield funds in the Morningstar High Yield Bond peer group over the period (out of 543 funds ranked) based on total returns. More importantly, over the longer time periods of three and five years, the Fund places in the top 3% and 2% of the Morningstar High Yield Bond universe respectively (out of 468 and 398 funds ranked respectively).

Our underperformance versus the index for the fiscal year rests with several conservative stances we took. First, although we reaped the benefits of the early rally in high quality corporates by overweighting BBB securities, we did not become overweight the CCC sector until after the rally began and were not aggressive in the magnitude of this overweight. Second, we continued to position a substantial part of the portfolio (22% on average) in loans. Loans are more senior and usually carry better security than bonds of the same issuer. In a market driven by higher risk appetites, this sector lagged. Third, cash balances hurt, even when they were minimal, as trace elements of liquidity hampered relative performance in such a strong market. Finally, earlier in the year we chose to hedge much of our non-US dollar exposure, even as the dollar began to lag once its benefits as a safe haven wore off. While this more conservative posture probably did not hurt us against the peer group, it did negatively impact our performance versus the benchmark, which carried approximately an 18% non-dollar component as of October 31, 2009.

These drags were partially offset by a number of other positions we took during the year. Although loans as a sector hurt, three-quarters of this was offset by our issue selection within the group. In loans and US bonds, we benefitted from our involvement in several distressed restructuring situations, including Federal-Mogul, Spectrum Brands, and Lear Corporation. The Fund also benefited from a relatively small but significant position in the “busted” convertible sector. These are convertible bonds in which the equity option value has declined to the point that the security is driven largely by its bond value. Two of these types of positions were retired at substantial premiums to our entry levels when the cheapened equity of the issuer prompted merger and acquisition activity. Finally, it is worth noting that the portfolio benefitted from a modest position in emerging market corporate debt, although, here again, we were relatively conservatively positioned within the group.

Considering our performance from a broader and longer-run perspective, we believe that the recent multi-year turmoil through which we have guided this Fund, while disconcerting at times, has given us more confidence in our overall approach to the high yield asset class and our day-to-day process. We seek to


	Artio Global Funds ï 2009 Annual Report	35

diversify our portfolio both geographically and by security type. This approach may seem riskier on the surface, but we feel the benefits of diversification are sometimes subtle and counterintuitive. In the long run, diversification should work. On a day-to-day basis, we spend substantial time and resources studying the issuers we invest in and we seek to exit positions quickly that contradict our expectations.

Looking forward, we expect that there will continue to be an unusual degree of uncertainty over the future trajectory of the economy and markets. We believe we are only beginning a multi-year effort to rebalance a global economy whose excesses had become clearly unsustainable. The continuing process of adjustment will doubtlessly have many twists and turns with both positive and negative implications for the high yield sector. The details of these changes are hard to clearly define in advance. However, we believe that our diversified, research intensive approach will serve us well regardless of the environment. We have built a strong team of seasoned high yield managers at Artio Global and will continue to apply our investment principles conscientiously to the challenges and the opportunities at hand.

Greg Hopper
Portfolio Manager
Artio Global High Income Fund

Past performance does not guarantee future results.

The securities in which the Fund will invest may be considered more speculative in nature and are sometimes known as “junk bonds.” These securities tend to offer higher yields than higher rated securities of comparable maturities because the historic financial condition of the issuers of these securities is usually not as strong as that of other issuers. High yield fixed income securities can present a greater risk of loss of income and principal than higher rated securities. Investing internationally involves additional risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity.

Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may also use derivatives (options and future contract), which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the


36	Artio Global Funds ï 2009 Annual Report

direction of securities prices, interest rates and currency exchange rates. The investment in derivatives is not suitable for all investors.

Morningstar Rankings represent a fund’s total return percentile rank relative to all funds that have the same Morningstar Category. The highest percentile rank is 1 and the lowest is 100. Percentile ranking is based on the total number of funds ranked and the Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees.

The BofA Merrill Lynch Global High Yield Constrained Index tracks the performance of below investment grade bonds of corporate issuers domiciled in countries having an investment grade foreign currency long term debt rating (based on a composite of Moody’s and S&P). The index is weighted by outstanding issuance, but constrained such that the percentage that any one issuer may not represent more than 3% of the index. It is not possible to invest in an index.

The BofA Merrill Lynch European High Yield Constrained Index tracks the “below-investment-grade” bonds of European corporate issuers.

The BofA Merrill Lynch US High Yield Master II Index Constrained is an unmanaged index that tracks the performance of below investment grade US dollar-denominated corporate bonds publically issued in the US domestic market.

BofA Merrill Lynch was formerly known as Merrill Lynch.


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MANAGEMENT’S COMMENTARY

Artio US Microcap Fund / Artio US Smallcap Fund

Artio US Midcap Fund / Artio US Multicap Fund

2009 Annual Report

For the year ended October 31, 2009 (the Reporting Period), the US equity market delivered a fascinating example of how a stock market can go to extremes. As we witnessed a year that saw two bottoms (as defined by the S&P 500 Index hitting new lows in November 2008 and March 2009), only to be followed up with one of the best short-term markets in stock market history, we were reminded again about the perils of market-timing. The Reporting Period can be summed up in two acts. The first act resembled an equity investor’s worst nightmare and the second was a near utopia. Despite ending the year on a strong note, with returns of 9.80%, 10.83% and 6.45%, for the S&P 500 Index, Russell 3000 Index and Russell 2000 Index, respectively, the gains only clawed back a small portion of the losses absorbed in fiscal 2008.

During the last twelve months, the US endured its worst post-war recession and one of the worst equity markets in decades.

Worst Rolling Three Year Periods in Stock Market History Since 1926

(as measured by the S&P 500 Index)


		Three Years	Return					Three Years	Return
Rank		Ended	(%)			Rank		Ended	(%)
	1	6/30/1932		-81	.1		13	12/31/1931		-65	.5
	2	5/31/1932		-79	.0		14	1/31/1933		-64	.6
	3	7/31/1932		-75	.9		15	11/30/1932		-64	.0
	4	4/30/1932		-75	.3		16	12/31/1932		-63	.2
	5	3/31/1933		-71	.9		17	4/30/1933		-60	.5
	6	2/28/1933		-70	.7		18	11/30/1931		-60	.1
	7	8/31/1932		-69	.7		19	9/30/1931		-53	.6
	8	3/31/1932		-69	.3		20	5/31/1933		-51	.4
	9	9/30/1932		-69	.1		21	10/31/1931		-50	.9
	10	1/31/1932		-67	.5		22	7/31/1933		-43	.3
	11	10/31/1932		-66	.6		23	3/31/2003		-42	.1
	12	2/29/1932		-65	.8		24	2/28/2003		-39	.6
							25	2/28/2009		-38	.0

Source: Center for Research in Security Prices and Bank of America

Many professional investors were stunned during the downdraft. They raised cash and avoided equities, particularly “risky” stocks. Our interpretation of a risky stock is one that is more volatile (up or down) than the market or the benchmark you are trying to beat. Some stocks, such as those representing companies without earnings,


38	Artio Global Funds ï 2009 Annual Report

cyclical, variable or one dimensional businesses, or high levels of debt, deserve the moniker. We observed that as risk aversion increases, the category of risky stocks broadens. Even consumer staples companies with defensive, albeit leveraged businesses saw their equities collapse during the downturn. As an example of how risk tolerances and views change, consider technology stocks. When the “tech bubble” burst between 2000 and 2002, technology stocks were considered very risky and were the worst performing sector during that downturn. Ironically, when we fast forward to 2009, many investors perceived technology stocks as a safe haven, shunning leveraged companies, seeking refuge in cash-rich, non- or low-leveraged concerns. During this recession, leveraged companies replaced technology stocks as the pariah. In seven short years, the technology sector went from being reviled to being a safe haven, and the best performing sector in the Russell 2000 and Russell 3000 for the Reporting Period.

Sector Returns

11/1/08-10/31/09

Source: Russell Investments

Some investors probably rationalized that valuations were cheaper for technology stocks in late 2008 and early 2009 as the market bottomed. However, many investors, especially those who suffered between 2000 and 2002 because of exposure to technology stocks, were probably reluctant to view the sector as an investment choice where they could gain absolute and relative outperformance during the last year. In late 2008, many investors deemed companies with debt as very risky and they were seemingly eliminated in systematic fashion from many long-only portfolios and shorted by hedge funds. Our research indicates that between October 31, 2008 and March 9, 2009 (when the market bottomed), companies in the


	Artio Global Funds ï 2009 Annual Report	39

Russell 3000 Index with leverage underperformed companies without long-term borrowings by over 6%.

Performance of Companies in Russell 3000 Index

With and Without Leverage

10/31/08 - 03/09/09

Source: FactSet Research Systems

We believe the economic slowdown, combined with a significant curtailment of available credit exposed flawed business models. The US stock market, mainly in the fourth quarter of 2008, discounted almost every company with sizeable leverage as destined for material liquidity problems. Equities, especially those in the small and micro capitalization range, dropped to negligible values as investors feared the worst. Valuations reached levels not seen since the Great Depression. During the period, one of our holdings, Cenveo Inc. (CVO), traded as low as $1.68 per share and was valued at a low 0.7 times our internal free cash flow estimate of $2.40 for 2010. Similar examples played out many times over as investors worried assets would be seized by banks as borrowers/companies were on the verge of tripping debt covenants.

We believe many investors surmised that reorganization would be the only survival option for companies in this predicament. In our opinion, they misunderstood the process businesses and banks would undertake to restructure the terms of their credit and loan agreements. Of the companies we analyzed, many had to deal head-on with these “workouts”. We learned that in most cases, both the companies and their bankers had little to no experience in dealing with the situation. It was a whole new ball game for both sides of the table.


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We quickly learned two important things that would influence our thinking on highly leveraged companies: 1) over and over, the message was clear—banks had no interest taking over assets or collateral such as printing presses, manufacturing equipment, etc.; and 2) the US government was very motivated to avoid widespread failure—their policies demonstrated they were eager to help consumers and businesses by keeping interest rates low and encouraging lenders to work out arrangements with residential and commercial borrowers to avoid defaults. The government directly lent to several entities via the Troubled Asset Relief Program (TARP) and the Term Asset-Backed Securities Loan Facility (TALF) and even pursued equity investments in AIG and General Motors. These proactive workouts provided many companies time to reduce their operating expenses at an unprecedented pace—a symptom of the first real-time recession.

As we thought about this recession and the magnitude and speed of its decline compared to others, two things stood out. First, the reduction of credit made its reach broad and widespread. Second, distributed, networked computing and connectivity within companies and the global supply chain made the impact fast and furious. Cost cutting actions were decisive and deep based on poor field reports for sales and orders. This helps explain how and why companies were able to beat and exceed analysts’ earnings estimates through most of calendar 2009. Despite the better than expected earnings, weak sales for most sectors and industries will have to reverse for the economy to sustain and build on the recent expansion.

As the stock market rebounded, investors who took a more defensive posture were left to wonder if they should maintain a conservative course or begin taking on more risk. As the old adage goes, no bell rings at the bottom of a bear market or recession and only the market is right. While encouraging, we believe the returns for the Reporting Period were uninspiring considering the sharp drop last year. Coupled with low risk tolerance (as evidenced by the lackluster performance of small capitalization stocks versus their large counterparts), we believe this portends a challenging recovery period ahead for the US economy and stock market.

Sector and Size Performance

Technology, consumer discretionary and materials were the best performing sectors within both the Russell 2000 and the S&P 500 Indices during the Reporting Period. On the downside, financials, industrials and energy lagged. In terms of size, mid capitalization companies (midcaps) performed best, with the Russell Midcap Index up 18.75%, followed by large capitalization names (largecaps), with the Russell 1000 Index up 11.20% and pulling up the rear, the small capitalization firms (smallcaps) as measured by the Russell 2000 Index were up only 6.45%.


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The underperformance by smallcaps was modestly surprising as we felt the prospects of recovery would propel smallcaps past largecaps during the year, despite the fact that the Russell 2000 Index outperformed the Russell 1000 Index in fiscal 2008 (return of -34.16% versus -36.80%, respectively). The lack of definitive, strong outperformance by smallcaps can be interpreted several ways. Does it mean that investors are not “buying” into this recovery? Is the strong, multiyear period of outperformance exhibited by smallcaps relative to largecaps coming to an end? Is the market just discounting a prolonged period of sluggishness, low economic output and slow job growth? Is the lack of credit availability more pronounced for smallcaps? We think it could be any combination of these scenarios and none are likely to be mutually exclusive.

Lessons Learned

Calendar 2009 should be remembered as the year investors were reminded about the perils of market-timing and that solid credit analysis makes for good equity analysis. We believe investors need to walk a fine line between risk aversion and market timing. Beyond the most common form of market timing, increasing cash holdings, other examples include timing investments in various sectors, getting defensive with larger capitalization stocks and eliminating companies with long-term debt. During the Artio Global US Equity Team’s weekly investment meetings, we often remind ourselves that the market and indices we gauge our performance to have no conscience. Our investment philosophy is to consider diversification in three dimensions: 1) across economic sectors; 2) corporate capital structure; and 3) company size. We believe portfolios that overemphasize or deliberately avoid any of these criteria may be quite risky, especially in the short run.

In the last twelve months, we were humbly reminded that the devil is in the details, especially when it comes to companies that have long-term debt or lines of credit. The lesson learned was that when overnight borrowing for even the best, larger capitalization credits became a problem, leveraged smaller companies will also face problems and delays with their term financing needs. As the year unfolded, we realized that most of these problems were perceived and not real. However, there was an opportunity to exit positions before late in 2008 when it was a crowded trade, although market timing exit and re-entry points is tricky and fraught with risk.

US Equity Portfolio Strategy

The cornerstone of the investment process for all four of the Artio Global US equity funds is the desire to select stocks that collectively outperform the passive alternative or benchmark, over a client’s preferred measurement period. While our investment process incorporates concentrated investment positions, we believe sector diversification helps reduce the volatility of returns relative to the benchmark. Our


42	Artio Global Funds ï 2009 Annual Report

philosophy is to construct investment portfolios using a core approach, emphasizing sector diversification. Empirical evidence shows that a growth style, irrespective of size, underperforms a core approach and has greater risk (see chart below).

Russell Indices

Historical Performance (as of 10/31/09)

Source: Russell Investments

Performance for periods greater than one year is annualized.


1.		Russell 1000 Indices, Russell 2000 Indices, Russell 3000 Indices and Russell Midcap Index performance inception January 1979; Russell Midcap Growth and Russell Midcap Value Indices performance inception January 1986.

We assess both growth and value securities as part of our analytical process to maximize our opportunity set. Throughout the Reporting Period, we maintained modest sector bets, purposely placing the onus on stock picking to add or detract value. In late 2008, we deliberately increased our weighting in technology stocks because we felt the sector offered a balance of upside during an eventual economic rebound but also provided downside protection in a market that prized cash-rich, low-leverage balance sheets and strong free cash flow characteristics. We maintained a low weighting in small and midcap banks, instead focusing on brokers and asset managers. This helped relative performance. Carefully scrutinizing leveraged situations in the materials and industrials sectors helped us identify bargains that manifested as investors began to conclude widespread defaults were unlikely. Late in


	Artio Global Funds ï 2009 Annual Report	43

the Reporting Period, we began increasing our exposure to the industrial sector as we felt confidence was beginning to be restored throughout the nation. During the year, our financial services weightings remained underweight relative to each Fund’s respective benchmark due to concerns around capital adequacy, profit growth and the risk of dilution. However, we are becoming more constructive on this sector as we look ahead to 2010 and 2011.

Performance Review

The Reporting Period marked an important milestone for our four US equity funds, as three full years of performance was recorded in July. We are pleased and proud to tell you that all four products outperformed their respective primary benchmarks during the Reporting Period. Historically, we are also proud of how all the funds have performed versus their appropriate benchmark.

Outperformance for these two time periods was driven by favorable stock selection which underscores our value proposition and commitment to add value through stock selection. We feel strongly that the key determinant to our relative performance over the long run will be the value added from stock picking and that sector allocation will continue to be secondary. Our goal is to develop a performance record that demonstrates outperformance relative to stated benchmarks over periods of three years and beyond. It would be a great accomplishment to beat our benchmark year-in and year-out, but this is an unlikely and unrealistic scenario. Because our investment time horizon is one to two years and we construct concentrated portfolios, sometimes we endure periods of short-term underperformance. Over a market cycle, which we deem is coincident with an economic cycle of five to seven years, we would be disappointed if our US equity funds did not outperform their respective benchmarks. Who would have imagined that these four funds would be stress-tested with the worst market conditions since the Great Depression and a rally that ranks among the best in three decades, all within a little more than three short years?

Artio US Microcap Fund

For the Reporting Period, the Artio US Microcap Fund (Class A Shares) returned 27.48%, significantly outperforming the 5.06% return of Russell Microcap Index and the 6.45% return of the Russell 2000 Index. Outperformance was primarily attributable to favorable stock selection within the financial, consumer discretionary and technology sectors. This easily offset unfavorable relative stock results in the energy, healthcare and materials sectors. Among the best contributors to returns were Smith & Wesson Holdings, Perry Ellis International and LTX-Credence Corp. The largest detractors included Hercules Offshore, Measurement Specialties and Parallel Petroleum. The Fund’s sector positioning also had a positive impact. At the


44	Artio Global Funds ï 2009 Annual Report

end of the Reporting Period, the Fund was overweight the industrial and consumer discretionary sectors and underweight the financials and materials sectors.

Artio US Smallcap Fund

For the Reporting Period, the Artio US Smallcap Fund (Class A Shares) returned 34.18%, significantly outpacing the 6.45% return of Russell 2000 Index. Outperformance was mainly attributable to favorable stock selection. The Fund’s industrials, technology and consumer discretionary holdings outperformed and more than offset the negative relative stock performance within the healthcare and telecommunications sectors. Among the largest contributors were Cenveo Inc., Cheesecake Factory, and RF Micro Devices while some of the detractors included KHD Humboldt Wedag International, Arthrocare and Measurement Specialties. Sector positioning also had a positive impact on returns. The Fund ended the Reporting Period overweight the industrials and consumer discretionary sectors and underweight the financials and utilities sectors.

Artio US Midcap Fund

For the Reporting Period, the Artio US Midcap Fund (Class A Shares) returned 19.68% versus the 18.75% return of Russell Midcap Index. The majority of the Fund’s outperformance was attributable to favorable sector allocation. Positive relative performance within the financials, consumer staples and technology sectors was offset by underperformance with the healthcare, telecommunications and consumer discretionary sectors. Continental Resources, International Paper and Microchip Technology were the biggest contributors to results while KeyCorp, Johnson Controls and Fifth Third Bancorp were the largest detractors. The Fund closed the Reporting Period overweight in the technology and healthcare sectors and underweight in the utilities and telecommunications sectors.

Artio US Multicap Fund

For the Reporting Period, the Artio US Multicap Fund (Class A Shares) returned 21.79%, ahead of the 10.83% return of Russell 3000 Index. Relative outperformance was attributable to favorable stock selection within the industrials, financials and consumer discretionary sectors and more than offset unfavorable stock selection with the telecommunications and energy sectors. Sector allocation was also a positive contributor. The largest performance contributors included Apple Inc., Mircrochip Technology and Cenveo Inc., while the biggest detractors were Johnson Controls, Conoco Phillips and Bank of America. The Fund finished the Reporting Period overweight the consumer discretionary and healthcare sectors and underweight the energy and utilities sectors.


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Outlook

As this is written, the US stock market and economic fundamentals have improved and begun to stabilize. The rally in 2009 has not impressed us all that much. We do not dispute that it was sharp off a depressed bottom, but one needs to consider the losses in 2008 and early 2009 to put it in perspective. The media continues to sensationalize and emphasize stellar returns off the March 9, 2009 low, seemingly forgetting what happened between January 1 and March 9, 2009, or what happened in 2008. Using the S&P 500 Index as a proxy, stock market investments made in early 2008 were still a money losing proposition considering the market rebound. This lackluster rally makes sense to us considering that consumer spending remained above 70% as a percentage of third quarter 2009 GDP and the US consumer is slowly “getting up off the mat.”

The stock market’s return pattern seems to be discounting a longer recovery period and consolidation phase for the US consumer. The outlook for the US consumer is still challenging, however, there are potential bright spots. As we look past the 2009 holiday season and into 2010, comparisons are expected to get easier to begin “growing” again. Retailers should benefit from better inventory levels and avoid the markdowns that negatively impacted sales comparisons and profits last winter and spring. This, coupled with more efficient sourcing, should help many retailers’ gross margins throughout 2010. Consumers may be enticed to shop because of better price points as retailers share some cost savings, but other factors like slow wage and employment growth will serve as counteracting forces. We rationalize that most creditors and spenders (consumer and business) are and will continue to be more conservative with capital given the current economic and labor climate.

Unlike the last downturn in 2001, credit is expected to be harder to access in the short run and should serve to reduce overall demand and spending. As with the recoveries of 1991 and 2002, our expectation is for a weak job market recovery in 2010. This is attributed to the weak revenue numbers reported for the first three quarters of 2009 as well as corporate managers’ desire to maintain profits levels for their companies (and cynically in their own self-interest as it relates to incentive compensation).

We are more optimistic for labor in 2011 with the caveat that the federal government manages the stimulus package effectively. Strategas Research Partners estimates that as of October 31, 2009, only $195 billion of the $787 billion of stimulus money had been expended. The timing of how the balance of this funding is released over the next couple of years will likely have an impact on the economy. While cautiously optimistic about a slow US recovery in 2010, we also remember how the market declined for three straight years in 2000, 2001 and 2002, before rebounding in 2003. In our opinion the US economy is quite fragile and losses in the


46	Artio Global Funds ï 2009 Annual Report

stock market in 2010 would not surprise us. We also recognize that any short-run nominal gains in GDP will likely be driven from stimulus programs either continued or introduced in 2010.

We feel the stock market recovery of 2009 was justified mainly because investors misunderstood how companies would work with creditors to maintain existing facilities and restructure terms to avoid “tripping” debt covenants in the future. In our opinion, this opportunity is behind us and now comes the time for winners and losers to stand out in an uncertain economy.

We think market share gains and product differentiation will be the primary drivers of success in 2010 across multiple sectors. We are becoming more constructive on the industrials and financial sectors as they are buoyed by economic recovery, industry consolidation and stimulus spending. We are concerned that the healthcare sector, which benefited from rising prices for many years, will be negatively impacted by the US government’s scrutiny and objectives around cost containment. However, more citizens with coverage should boost procedure and patient volumes and this may allow well-managed companies an opportunity to prosper.

Greater financial flexibility, strong balance sheets and positive free cash flow may help companies get an edge on their competition. More importantly, we feel if a company has a product or service that changes the behavior of the consumer or capital spender, this may give it the potential to outperform its peers. Evaluating such opportunities across industries is what we spend the bulk of our time doing, irrespective to what may be happening with the broader macro economy or market averages. As stock pickers first, our goal remains to collectively identify and invest in companies and stocks that may allow our funds’ returns to exceed those of their respective benchmarks. We are privileged to have this opportunity and will do our best to maximize the identification and inclusion of those stocks that we believe have the potential to outperform in every fund we manage.

Sam Dedio
Portfolio Manager
Artio US Microcap Fund, Artio US Smallcap Fund, Artio US Index Fund and
Artio US Multicap Fund Portfolio Manager

Past performance does not guarantee future results.


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Please refer to the prospectus for more complete information on the special risks associated with investing in the Artio US Equity Funds, including, but not limited to: stock market risk, smaller companies risk, liquidity risk, foreign investment risk, derivatives risk.

Diversification does not assure a profit or protect against loss in a declining market. The funds may also use derivatives (options and future contracts), which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. The investment in derivatives is not suitable for all investors.

Current and future portfolio holdings are subject to risk.

The S&P 500 Index is a capitalization-weighted index of 500 widely held equity securities, designed to measure broad US equity performance.

The Russell 1000 Index measures the performance of the 1,000 largest US companies based on total market capitalization, which represents approximately 92% of the investable US equity market, with all values expressed in US dollars.

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index, with all values expressed in US dollars.

The Russell 3000 Index measures the performance of the 3,000 largest US companies based on total market capitalization, which represents approximately 98% of the investable US equity market, with all values expressed in US dollars.


48	Artio Global Funds ï 2009 Annual Report

The Russell Microcap Index measures the performance of the smallest 1,000 securities in the small-cap Russell 2000 Index along with the next smallest 1,000 companies, based on a ranking of all US equities by market capitalization.

The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index, with all values expressed in US dollars.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment.

The Russell 2000 Value Index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment.

The Russell 3000 Value Index measures the performance of the broad value segment of the US equity universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Value Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad value market.

The Russell Midcap Value Index measures the performance of the mid-cap value segment of the US equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market.

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment.

The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment.


	Artio Global Funds ï 2009 Annual Report	49

The Russell 3000 Growth Index measures the performance of the broad growth segment of the US equity universe. It includes those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000 Growth Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad growth market.

The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the US equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market.

It is not possible to invest directly in an index.

Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.


50	Artio Global Funds ï 2009 Annual Report

SHAREHOLDER EXPENSES (Unaudited)

As a shareholder of the Artio Global Equity Fund Inc. and or the 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 May 1, 2009 to October 31, 2009.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Global Equity Fund Class A


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,250.60		1.40	%	$	7.94
Hypothetical		1,000.00		1,018.10		1.40			7.12


	Artio Global Funds ï 2009 Annual Report	51

Global Equity Fund Class I


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,252.00		1.15	%	$	6.53
Hypothetical		1,000.00		1,019.40		1.15			5.85

International Equity Fund Class A


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,260.10		1.24	%	$	7.06
Hypothetical		1,000.00		1,019.00		1.24			6.31

International Equity Fund Class I


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,261.60		0.98	%	$	5.59
Hypothetical		1,000.00		1,020.30		0.98			4.99

International Equity Fund II Class A


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,260.30		1.26	%	$	7.18
Hypothetical		1,000.00		1,018.90		1.26			6.41

International Equity Fund II Class I


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,260.80		1.01	%	$	5.76
Hypothetical		1,000.00		1,020.10		1.01			5.14

Total Return Bond Fund Class A


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,088.40		0.69	%	$	3.63
Hypothetical		1,000.00		1,021.70		0.69			3.52

Total Return Bond Fund Class I


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,090.10		0.44	%	$	2.32
Hypothetical		1,000.00		1,023.00		0.44			2.24


52	Artio Global Funds ï 2009 Annual Report

Global High Income Fund Class A


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,285.60		1.01	%	$	5.82
Hypothetical		1,000.00		1,020.10		1.01			5.14

Global High Income Fund Class I


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,288.60		0.76	%	$	4.38
Hypothetical		1,000.00		1,021.40		0.76			3.87

U.S. Microcap Fund Class A


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,305.10		1.80	%	$	10.46
Hypothetical		1,000.00		1,016.10		1.80			9.15

U.S. Microcap Fund Class I


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,306.90		1.50	%	$	8.72
Hypothetical		1,000.00		1,017.60		1.50			7.63

U.S. Smallcap Fund Class A


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,308.60		1.50	%	$	8.73
Hypothetical		1,000.00		1,017.60		1.50			7.63

U.S. Smallcap Fund Class I


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,310.80		1.20	%	$	6.99
Hypothetical		1,000.00		1,019.20		1.20			6.11

U.S. Midcap Fund Class A


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,203.80		1.35	%	$	7.50
Hypothetical		1,000.00		1,018.40		1.35			6.87


	Artio Global Funds ï 2009 Annual Report	53

U.S. Midcap Fund Class I


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,204.70		1.05	%	$	5.83
Hypothetical		1,000.00		1,019.90		1.05			5.35

U.S. Multicap Fund Class A


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,226.70		1.30	%	$	7.30
Hypothetical		1,000.00		1,018.70		1.30			6.61

U.S. Multicap Fund Class I


	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 05/01/09		Value 10/31/09		Expense Ratio			during Period
Actual	$	1,000.00	$	1,229.00		1.00	%	$	5.62
Hypothetical		1,000.00		1,020.20		1.00			5.09


54	Artio Global Funds ï 2009 Annual Report

FUND PERFORMANCE

Artio Global Equity Fund Inc.(1)

It is the Artio Global Equity Fund Inc.’s, policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A


Year Ended October 31, 2009	19.94	%

Five years ended 10/31/09	4.01	%

Ten years ended 10/31/09	(14.07	)%

7/1/04 - 10/31/09 (1)	4.72	%


*		All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in shares of Artio Global Equity Fund Inc. vs. MSCI All Country World Index (in U.S. dollars) July 1, 2004-October 31, 2009†


†		Hypothetical illustration of $10,000 invested on July 1, 2004 assuming reinvestment of dividends and capital gains distributions through October 31, 2009. No adjustment has been made for shareholder tax liability on dividends or cap gains distributions. The MSCI All Country World Index (“MSCI ACWI”) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. As of June 2006, the MSCI ACWI consisted of 48 developed and emerging market country indices. The MSCI ACWI contemplates emerging market securities, which have become a significant part of the Fund’s holdings.
(1)		On July 1, 2004, the Fund changed its name from The European Warrant Fund, Inc. and converted from a close-end, non diversified investment company (“closed-end fund”) to an open-end diversified investment company with a different investment objective, different investment strategies, different management team and a new investment adviser (an affiliate of the closed-end Fund’s adviser). Until the close of business on June 30, 2004, the Fund operated as a closed-end Fund and its common stock (which then comprised of a single share class) was listed on the NYSE. After the close of business on June 30, 2004, all of the common stock was converted into Class A shares of the Fund, and the Fund began seeking to maximize total return principally through capital appreciation by investing in a diversified portfolio of equity securities of issuers located throughout the world. For periods prior thereto, all historical performance information for Class A shares reflects the Net Asset Value (NAV) performance of the Fund’s common stock while it was a closed-end fund.
(2)		Effective March 1, 2007, the index was changed to the MSCI All Country World Index.
		Note: All figures cited here and on the following pages represent past performance of the Global Equity Fund, Inc., and do not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares upon redemption may be worth more or less than their original cost.


	Artio Global Funds ï 2009 Annual Report	55

FUND PERFORMANCE

Artio International Equity Fund

It is the Artio International Equity Fund’s policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A


Year Ended 10/31/09	17.62	%

Five Years Ended 10/31/09	6.11	%

Ten Years Ended 10/31/09	7.14	%

Inception (10/4/93) through 10/31/09	8.59	%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate and will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For up to date month-end performance information, please call 800-387-6977.


*		All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The International Equity Fund Class A commenced operations on October 4, 1993. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Artio International Equity Fund vs. MSCI All Country World ex-U.S. Index October 31, 1999-October 31, 2009†


†		Hypothetical illustration of $10,000 invested on October 31, 1999 assuming reinvestment of dividends and capital gains distributions through October 31, 2009. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the International Equity Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions. The MSCI All Country World ex-US Index(1) is a composite portfolio consisting of equity total returns for the countries of Europe, Australia, New Zealand and countries in the Far East, weighted based on each country’s gross domestic product. Indexes do not incur expenses and are not available for investment.

(1)		Effective March 1, 2007 the benchmark for comparison changed to the MSCI All Country ex-U.S. Index.


56	Artio Global Funds ï 2009 Annual Report

FUND PERFORMANCE

Artio International Equity Fund II

It is the Artio International Equity Fund II’s policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A


Year Ended 10/31/09	18.23	%

Inception (5/4/2005) through 10/31/09	4.85	%


*		All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The International Equity Fund II Class A commenced operations on May 4, 2005. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Artio International Equity Fund II vs. MSCI All Country World ex-U.S. Index(1) May 4, 2005-October 31, 2009†


†		Hypothetical illustration of $10,000 invested on May 4, 2005 assuming reinvestment of dividends and capital gains distributions through October 31, 2009. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the International Equity Fund II today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions. The MSCI All Country World ex-U.S. Index(1) is a composite portfolio consisting of equity total returns for the countries of Europe, Australia, New Zealand and countries in the Far East, weighted based on each country’s gross domestic product. Indexes do not incur expenses and are not available for investment.

(1)		Effective March 1, 2007 the benchmark for comparison changed to the MSCI All Country World ex-U.S. Index.


	Artio Global Funds ï 2009 Annual Report	57

FUND PERFORMANCE

Artio Total Return Bond Fund

It is the Artio Total Return Bond Fund’s policy to declare and pay monthly dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A


Year Ended 10/31/09	17.27	%

Five Years Ended 10/31/09	5.56	%

Ten Years Ended 10/31/09	6.52	%

Inception (7/1/92) through 10/31/09	6.12	%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For up to date month-end performance information, please call 800-387-6977.


*		All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The Artio Total Return Bond Fund commenced operations on July 1, 1992 and the service providers waived their advisory, sub-advisory and administration fees from 7/1/92 to 10/31/92 and from 9/1/98 to 10/31/03; without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Artio Total Return Bond Fund vs. Barclays Capital U.S. Aggregate Bond Index October 31, 1999-October 31, 2009†


†		Hypothetical illustration of $10,000 invested on October 31, 1999 assuming reinvestment of dividends and capital gains distributions and application of fee waivers through October 31, 2009. This period was one in which stock and bond prices fluctuated and the results should not be considered a representation of the income or capital gain or loss which may be realized from an investment in the Total Return Bond Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions. The Lehman Brothers U.S. Aggregate Bond Index, an unmanaged index used as a general measure of U.S. fixed income securities, tracks the performance of debt instruments issued by corporations and the U.S. Government and its agencies. Indexes do not incur expenses and are not available for investment.

(1)		Effective September 22, 2008 the benchmark for comparison changed from the Lehman Brothers U.S. Aggregate Bond Index to the Barclays Capital U.S. Aggregate Bond Index.


58	Artio Global Funds ï 2009 Annual Report

FUND PERFORMANCE

Artio Global High Income Fund

It is the Artio Global High Income Fund’s policy to declare and pay monthly dividends from its net investment income and distribute net realized capital gains, if any, annually.

Total Return*—Class A


Year Ended 10/31/09	42.71	%

Five Years Ended 10/31/09	7.19	%

Inception (12/17/02) through 10/31/09	10.00	%


*		Total return figures shown reflect the reinvestment of dividends and capital gains distributions. The Global High Income Fund commenced operations on December 17, 2002 and the Adviser had contractually agreed to reimburse certain expenses of the Fund through 2/28/2006; without such reimbursements total returns would have been lower.

Growth of $10,000 invested in Class A shares of Artio Global High Income Fund vs. Merrill Lynch Global High Yield Constrained Index December 17, 2002-October 31,2009†


†		Hypothetical illustration of $10,000 invested on December 17, 2002 assuming reinvestment of dividends and capital gains distributions and application of fee waivers through 2/28/2006. This period was one in which stock and bond prices fluctuated and the results should not be considered a representation of the income or capital gain or loss which may be realized from an investment in the Global High Income Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions. The Merrill Lynch Global High Yield Constrained Index tracks the performance of below investment grade bonds of corporate issuers domiciled in countries having an investment grade of foreign currency long-term debt rating (based on a composite of Moody’s Investors Service, Inc. and Standard & Poor’s Rating Service). Indexes do not incur expenses and are not available for investment.


	Artio Global Funds ï 2009 Annual Report	59

FUND PERFORMANCE

Artio U.S. Microcap Fund

It is the Artio U.S. Microcap Fund’s policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A


Year Ended 10/31/09	27.48	%

Inception (7/24/06) through 10/31/09	(4.03	)%


*		All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The U.S. Microcap Fund Class A commenced operations on July 24, 2006. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Artio U.S. Microcap Fund vs. Russell 2000 Index July 24, 2006-October 31, 2009†


†		Hypothetical illustration of $10,000 invested on July 24, 2006 assuming reinvestment of dividends and capital gains distributions through October 31, 2009. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the U.S. Microcap Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions.


60	Artio Global Funds ï 2009 Annual Report

FUND PERFORMANCE

Artio U.S. Smallcap Fund

It is the Artio U.S. Smallcap Fund’s policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A


Year Ended 10/31/09	34.18	%

Inception (7/24/06) through 10/31/09	3.53	%


*		All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The U.S. Smallcap Fund Class A commenced operations on July 24, 2006. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Artio U.S. Smallcap Fund vs. Russell 2000 Index July 24, 2006-October 31, 2009†


†		Hypothetical illustration of $10,000 invested on July 24, 2006 assuming reinvestment of dividends and capital gains distributions through October 31, 2009. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the U.S. Smallcap Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions.


	Artio Global Funds ï 2009 Annual Report	61

FUND PERFORMANCE

Artio U.S. Midcap Fund

It is the Artio U.S. Midcap Fund’s policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A


Year Ended 10/31/09	19.68	%

Inception (7/24/06) through 10/31/09	(3.17	)%


*		All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The U.S. Midcap Fund Class A commenced operations on July 24, 2006. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Artio U.S. Midcap Fund vs. Russell Midcap Index July 24, 2006-October 31, 2009†


†		Hypothetical illustration of $10,000 invested on July 24, 2006 assuming reinvestment of dividends and capital gains distributions through October 31, 2009. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the U.S. Midcap Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions.


62	Artio Global Funds ï 2009 Annual Report

FUND PERFORMANCE

Artio U.S. Multicap Fund

It is the Artio U.S. Multicap Fund’s policy to declare and pay annual dividends from its net investment income and distribute net realized capital gains, if any, annually.

Average Annual Total Return*—Class A


Year Ended 10/31/09	21.79	%

Inception (7/24/06) through 10/31/09	(1.67	)%


*		All average annual total return figures shown reflect the reinvestment of dividends and capital gains distributions. The U.S. Multicap Fund Class A commenced operations on July 24, 2006. Total returns for the Fund reflect expenses, waived and reimbursed, if applicable, by the Adviser and/or Administrator. Without such waivers and reimbursements, total returns would have been lower.

Growth of $10,000 invested in Class A shares of Artio U.S. Multicap Fund vs. Morgan Stanley EAFE Index July 24, 2006-October 31, 2009†


†		Hypothetical illustration of $10,000 invested on July 24, 2006 assuming reinvestment of dividends and capital gains distributions through October 31, 2009. This period was one in which stock and bond prices fluctuated and the results should not be considered as a representation of dividend income or capital gain or loss which may be realized from an investment in the U.S. Multicap Fund today. No adjustment has been made for shareholder tax liability on dividends or capital gains distributions.


	Artio Global Funds ï 2009 Annual Report	63


PORTFOLIO OF INVESTMENTS	October 31, 2009

Artio Global Equity Fund Inc.


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—95.7%
		United States—38.0%
	5,330	A123 Systems (1)		$	104,788
	5,780	Alpha Natural Resources (1)			196,347
	1,650	Amazon.com Inc (1)			196,037
	4,420	Amedisys Inc (1)			175,872
	7,840	American Tower - Class A (1)			288,669
	5,610	Amgen Inc (1)			301,425
	5,330	Anadarko Petroleum			324,757
	7,920	Analog Devices			202,990
	3,410	Apache Corp			320,949
	4,470	Apple Inc (1)			842,595
	7,890	Archer-Daniels-Midland Co			237,647
	5,520	Ashland Inc			190,661
	40,430	Bank of America			589,469
	5,450	Baxter International			294,627
	8,550	BB&T Corp			204,431
	3,540	Becton Dickinson			241,994
	5,670	Bed Bath & Beyond (1)			199,641
	9,335	Burlington Northern Santa Fe			703,112
	6,320	CareFusion Corp (1)			141,378
	4,338	Celgene Corp (1)			221,455
	2,980	Cephalon Inc (1)			162,648
	6,130	Chesapeake Energy			150,185
	9,870	Chevron Corp			755,450
	24,110	Cisco Systems (1)			550,913
	51,650	Citigroup Inc			211,248
	6,020	Cliffs Natural Resources			214,131
	6,410	Coinstar Inc (1)			203,453
	5,410	ConocoPhillips			271,474
	28,390	Corning Inc			414,778
	13,300	Covanta Holding (1)			228,494
	7,200	Crane Co			200,520
	4,920	Cummins Inc			211,855
	18,350	Dell Inc (1)			265,891
	7,500	Dr. Pepper Snapple (1)			204,450
	3,191	Echo Global Logistics (1)			41,643
	19,410	Emulex Corp (1)			196,041
	1,600	First Solar (1)			195,088
	6,410	Foster Wheeler (1)			179,416
	12,810	General Cable (1)			398,903

See Notes to Financial Statements


64	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global Equity Fund Inc.


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		United States—Continued

	2,490	Goldman Sachs		$	423,723
	1,374	Google Inc - Class A (1)			736,629
	10,850	Hartford Financial Services			266,042
	6,400	Herbalife Ltd			215,360
	5,040	Hess Corp			275,890
	13,370	IMS Health			219,134
	33,510	Integrated Device Technology (1)			197,039
	19,340	Intel Corp			369,587
	46,190	Interpublic Group of Companies (1)			278,064
	9,130	Intrepid Potash (1)			235,189
	4,190	Itron Inc (1)			251,568
	9,710	Johnson & Johnson			573,375
	4,270	Joy Global			215,251
	12,810	JPMorgan Chase			535,074
	35,810	KeyCorp			193,016
	10,070	Las Vegas Sands (1)			151,956
	2,640	Life Technologies (1)			124,529
	6,560	Lincoln National			156,325
	950	MasterCard Inc-Class A			208,069
	7,540	McDermott International (1)			167,614
	21,010	Microsoft Corp			582,607
	3,640	Monsanto Co			244,535
	8,700	Morgan Stanley			279,444
	3,810	Mosaic Co			178,041
	4,940	Myriad Genetics (1)			119,943
	4,830	National-Oilwell Varco (1)			197,982
	14,620	NCR Corp (1)			148,393
	7,960	NetApp Inc (1)			215,318
	13,590	Newell Rubbermaid			197,191
	7,820	Nordstrom Inc			248,520
	5,710	Occidental Petroleum			433,275
	5,910	PetSmart Inc			139,062
	18,323	Pfizer Inc			312,041
	7,238	Procter & Gamble			419,804
	7,750	QUALCOMM Inc			320,927
	7,230	Quanta Services (1)			153,276
	15,780	RailAmerica Inc (1)			185,731
	4,130	Schlumberger Ltd			256,886
	19,250	Seagate Technology			268,537

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	65


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global Equity Fund Inc.


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		United States—Continued

	5,680	St Joe (1)		$	135,979
	6,650	State Street			279,167
	12,080	Terex Corp (1)			244,258
	10,710	Textron Inc			190,424
	4,234	Union Pacific			233,463
	8,460	Urban Outfitters (1)			265,475
	18,420	Verisk Analytics-Class A (1)			505,261
	2,440	Vulcan Materials			112,313
	9,790	Wal-Mart Stores			486,367
	7,604	Walt Disney			208,121
	5,870	Walter Energy			343,395
	14,200	Wells Fargo			390,784
	3,000	Whirlpool Corp			214,770
	3,410	XTO Energy			141,720
	4,530	Zimmer Holdings (1)			238,142

					25,720,011


		Japan—6.0%
	9,800	Asahi Breweries (2)			173,134
	3,447	Canon Inc (2)			128,630
	3,850	Fanuc Ltd (2)			321,578
	4,900	JFE Holdings (2)			156,912
	47,000	Kawasaki Heavy Industries (2)			115,950
	7,600	Kirin Holdings (2)			123,990
	23,880	Komatsu Ltd (2)			461,462
	2,740	Kyocera Corp (2)			228,031
	31,400	Mitsubishi UFJ Financial (2)			166,685
	11,400	Mitsui & Co (2)			146,310
	4,530	Nidec Corp (2)			384,235
	98	NTT DoCoMo (2)			141,962
	4,030	Shin-Etsu Chemical (2)			211,116
	4,920	Sony Corp (2)			143,790
	119,000	Sumitomo Metal Industries (2)			300,253
	3,550	Takeda Pharmaceutical (2)			141,962
	5,200	Tokyo Electric Power (2)			127,631
	12,138	Toyota Motor (2)			477,623
	1,850	Yamada Denki (2)			112,110

					4,063,364

See Notes to Financial Statements


66	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global Equity Fund Inc.


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		France—5.8%
	3,870	Alstom SA (2)		$	268,632
	6,220	AXA SA (2)			154,973
	3,136	BNP Paribas (2)			236,526
	5,590	Cie Generale de Geophysique-Veritas (1)(2)			111,245
	12,820	Credit Agricole (2)			246,846
	4,570	Danone SA (2)			275,295
	4,300	GDF Suez (2)			180,425
	1,650	Lafarge SA (2)			134,917
	2,690	L’Oreal SA (2)			274,862
	1,290	LVMH (2)			134,173
	6,010	Sanofi-Aventis SA (2)			440,422
	3,210	Schneider Electric (2)			334,278
	2,162	Societe Generale (2)			143,972
	5,360	Technip SA (2)			338,398
	6,712	Total SA (2)			400,710
	870	Vallourec SA (2)			137,919
	2,340	Vinci SA (2)			122,447

					3,936,040


		Australia—5.3%
	14,950	Australia & New Zealand Banking (2)			305,249
	32,450	BHP Billiton (2)			1,069,651
	291,380	Dexus Property REIT (2)			207,318
	346,680	Goodman Group REIT (2)			190,623
	8,870	National Australia Bank (2)			233,876
	16,601	Rio Tinto (2)			925,420
	9,050	Wesfarmers Ltd (2)			223,833
	10,130	Westpac Banking (2)			236,801
	8,290	Woolworths Ltd (2)			212,853

					3,605,624


		Switzerland—5.0%
	8,109	ABB Ltd (1)(2)			151,307
	3,570	Credit Suisse (2)			190,996
	1,860	Holcim Ltd (1)(2)			118,268
	12,310	Nestle SA (2)			573,152
	6,944	Novartis AG (2)			362,805
	2,820	Roche Holding (2)			452,554
	1,190	Swatch Group (2)			277,870
	4,540	Swiss Reinsurance (2)			185,275

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	67


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global Equity Fund Inc.


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Switzerland—Continued

	3,100	Transocean Ltd (1)		$	260,121
	7,050	UBS AG (1)(2)			118,252
	40,760	Xstrata PLC (1)(2)			586,354
	610	Zurich Financial Services (2)			139,873

					3,416,827


		China—4.8%
	183,720	Agile Property (2)			235,292
	580	Baidu Inc Sponsored ADR (1)			219,194
	237,300	Bank of China - Class H (2)			135,594
	250,000	Beijing Capital International Airport-Class H (1)(2)			168,073
	160,000	China Coal Energy - Class H (2)			221,766
	134,000	China Communications Construction - Class H (2)			144,772
	287,000	China Construction Bank - Class H (2)			246,553
	199,900	China Dongxiang (2)			122,280
	82,000	China National Building Material - Class H (2)			176,297
	160,500	China Railway Construction - Class H (2)			211,952
	184,000	Industrial & Commercial Bank of China - Class H (2)			146,350
	420,000	Maanshan Iron & Steel - Class H (1)(2)			252,066
	1,910	PetroChina Co Sponsored ADR			229,276
	15,000	Shanda Games Sponsored ADR (1)			149,400
	82,350	Shimao Property (2)			153,026
	58,800	Sinopharm Group - Class H (1)			212,811
	148,000	Yanzhou Coal Mining - Class H (2)			227,030

					3,251,732


		Canada—4.3%
	2,400	Bank of Montreal			111,533
	2,900	Bank of Nova Scotia			121,820
	53,480	Bombardier Inc-Class B			217,951
	7,110	Canadian Pacific Railway			309,561
	5,540	EnCana Corp			308,578
	2,520	First Quantum Minerals			173,162
	1,840	Potash Corp of Saskatchewan			172,368
	6,260	Research In Motion (1)			367,650
	2,590	Royal Bank of Canada			131,760
	10,693	Suncor Energy			356,566
	11,080	Talisman Energy			189,878
	11,130	Teck Resources -Class B (1)			324,539

See Notes to Financial Statements


68	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global Equity Fund Inc.


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Canada—Continued

	2,480	Toronto-Dominion Bank		$	142,004

					2,927,370


		Germany—4.0%
	1,500	Allianz SE (2)			172,355
	3,570	BASF SE (2)			191,477
	1,660	Deutsche Bank (2)			120,515
	3,084	E.ON AG (2)			118,186
	3,620	Fraport AG (2)			170,835
	2,860	Fresenius SE (2)			142,642
	13,550	GEA Group (2)			256,535
	680	HeidelbergCement AG (2)			40,615
	4,660	MAN SE (2)			384,616
	1,240	Salzgitter AG (2)			111,519
	8,810	Siemens AG (2)			795,915
	7,140	ThyssenKrupp AG (2)			230,282

					2,735,492


		South Korea—3.0%
	1,600	Hyundai Heavy Industries (2)			221,840
	8,620	Hyundai Motor (2)			782,266
	3,240	POSCO Sponsored ADR			330,869
	990	Samsung Electronics (2)			595,952
	6,190	SK Telecom Sponsored ADR			103,435

					2,034,362


		United Kingdom—2.8%
	13,190	Anglo American (1)(2)			481,203
	39,530	Barclays PLC (1)(2)			207,717
	21,820	GlaxoSmithKline PLC (2)			450,046
	25,470	HSBC Holdings (2)			283,076
	148,906	Lloyds Banking (1)(2)			211,569
	140,730	Royal Bank of Scotland (1)(2)			96,580
	5,600	Standard Chartered (2)			138,110

					1,868,301


		Russia—2.7%
	11,010	Gazprom OAO Sponsored ADR (2)			262,891
	4,660	LUKOIL OAO Sponsored ADR (2)			269,255
	27,020	MMC Norilsk Nickel Sponsored ADR (1)			356,664
	67,300	Novolipetsk Steel (1)			175,732

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	69


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global Equity Fund Inc.


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Russia—Continued

	2,028	Novolipetsk Steel Sponsored GDR (1)(2)		$	52,563
	34,710	Rosneft Oil Sponsored GDR (1)(2)			262,571
	125,450	Sberbank (2)			274,237
	2,190	Wimm-Bill-Dann Foods Sponsored ADR (1)			148,000

					1,801,913


		Brazil—2.5%
	24,450	BM & F BOVESPA			159,717
	14,870	Cia Brasileira de Meios de Pagamento			137,610
	15,380	Cyrela Brazil Realty			198,292
	3,560	Petroleo Brasileiro Sponsored ADR			164,543
	8,750	Usinas Siderurgicas de Minas Gerais			219,057
	30,940	Vale SA Sponsored ADR			788,661

					1,667,880


		Hong Kong—1.9%
	13,000	Cheung Kong (2)			165,523
	57,097	China Merchants Holdings International (2)			182,329
	5,050	China Mobile Sponsored ADR			235,987
	444,519	GOME Electrical Appliances (1)			134,212
	19,000	Hutchison Whampoa (2)			133,014
	63,330	Li & Fung Ltd (2)			264,641
	13,000	Sun Hung Kai Properties (2)			196,499

					1,312,205


		Italy—1.4%
	11,570	Eni SpA (2)			287,595
	29,530	Intesa Sanpaolo (1)(2)			124,727
	13,060	Lottomatica SpA (2)			279,040
	68,261	UniCredit SpA (1)(2)			228,937

					920,299


		Netherlands—1.2%
	2,350	Fugro NV Dutch Certificate (2)			131,201
	10,680	ING Groep Dutch Certificate (1)(2)			138,441
	8,170	Koninklijke Philips Electronics (2)			205,914
	10,970	Royal Dutch Shell - Class A (2)			326,528

					802,084


		Austria—0.9%
	2,890	Erste Group Bank (2)			116,425

See Notes to Financial Statements


70	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global Equity Fund Inc.


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Austria—Continued

	7,740	OMV AG (2)		$	320,705
	2,470	Raiffeisen International Bank (2)(3)			145,266

					582,396


		Finland—0.6%
	10,070	Metso Oyj (2)			281,657
	7,810	Neste Oil (2)			138,488

					420,145


		Ireland—0.6%
	4,780	Accenture PLC			177,243
	6,270	Ingersoll-Rand PLC			198,069

					375,312


		India—0.5%
	3,790	Grasim Industries (2)			172,914
	19,456	Tata Steel (2)			192,370

					365,284


		Czech Republic—0.5%
	1,674	Komercni Banka (2)			332,653


		Norway—0.5%
	5,990	Statoil ASA (2)			142,749
	14,610	Telenor ASA (1)(2)			188,993

					331,742


		Greece—0.5%
	8,870	Alpha Bank (1)(2)			169,851
	10,130	EFG Eurobank Ergasias (1)(2)			158,654

					328,505


		Multinational—0.4%
	8,890	ArcelorMittal (2)			298,419


		Belgium—0.4%
	35,100	Fortis (1)(2)			152,136
	2,780	KBC Groep (1)(2)			119,005

					271,141


		Poland—0.4%
	19,940	PKO Bank Polski (2)			235,753

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	71


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global Equity Fund Inc.


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		Singapore—0.3%
	725,445	Golden Agri-Resources (1)(2)		$	217,445


		Chile—0.3%
	5,710	Sociedad Quimica y Minera de Chile Sponsored ADR			209,842


		South Africa—0.3%
	5,720	Naspers Ltd (2)			205,217


		Spain—0.3%
	12,640	Banco Santander Brasil SA (2)			203,990


		Taiwan—0.2%
	17,237	Taiwan Semiconductor Manufacturing Sponsored ADR			164,441


		Turkey—0.2%
	31,020	Enka Insaat ve Sanayi (2)			124,613


		Denmark—0.1%
	10	AP Moller-Maersk - Class B (2)			68,105

		TOTAL COMMON STOCKS (Cost $60,074,990)			64,798,507



EQUITY LINKED NOTES—2.1%
		India—1.1%
	1,439	Bharat Heavy Electricals, Issued by Citigroup, Expires 10/24/2012 (4)			67,706
	2,556	Bharat Heavy Electricals, Issued by CLSA, Expires 07/20/2010 (1)(4)			120,694
	8,829	ICICI Bank, Issued by Citigroup, Expires 10/24/2012 (4)			148,124
	3,946	Larsen & Toubro, Issued by CLSA, Expires 04/11/2011 (1)(4)			131,718
	2,870	Reliance Industries, Issued by CLSA, Expires 05/17/2010 (1)(4)			118,011
	3,421	State Bank of India, Issued by Citigroup, Expires 10/24/2012 (4)			159,022

					745,275


		Taiwan—1.0%
	81,000	Cathay Financial, Issued by Citigroup, Expires 01/17/2012 (1)(4)			141,588
	215,000	Chinatrust Financial, Issued by Citigroup, Expires 01/17/2012 (4)			131,365
	78,226	Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/06/2018 (1)(4)			312,662

See Notes to Financial Statements


72	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global Equity Fund Inc.


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
EQUITY LINKED NOTES—Continued
		Taiwan—Continued

	9,000	MediaTek Inc, Issued by Deutsche Bank AG London, Expires 01/30/2017 (1)(4)		$	128,670

					714,285


		TOTAL EQUITY LINKED NOTES (Cost $1,331,087)			1,459,560



PREFERRED STOCKS—0.9%
		Brazil—0.9%
	25,700	All America Latina Logistica (Unit)			191,297
	17,080	Cia Energetica de Sao Paulo			201,615
	34,240	Lojas Americanas			227,593

					620,505


		Philippines—0.0%
	56,604	Ayala Land (5)(6)			119

		TOTAL PREFERRED STOCKS (Cost $547,783)			620,624



INVESTMENT FUNDS—0.8%
		United States—0.8%
	3,620	iPath Dow Jones-UBS Commodity Index Total Return ETN (1)			144,474
	10,520	PowerShares DB Agriculture Fund (1)			268,997
	5,520	PowerShares DB Commodity Index Tracking Fund (1)			130,189

		TOTAL INVESTMENT FUNDS (Cost $502,585)			543,660

Face

Value

Currency

SHORT-TERM INVESTMENT COLLATERAL FROM SECURITY LENDING—0.2%

United States—0.2%

US Treasury Bill

120,097

USD

0.010% due 12/17/2009-09/23/2010

120,097

TOTAL INVESTMENTS—99.7% (Cost $62,576,542)

67,542,448

OTHER ASSETS AND LIABILITIES—0.3%

181,822

TOTAL NET ASSETS—100.0%

67,724,270

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	73


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global Equity Fund Inc.

Notes to the Portfolio of Investments.


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
REIT		Real Estate Investment Trust
(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 Directors.
(3)		All or portion of this security was on loan to brokers at October 31, 2009.
(4)		Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers.
(5)		Illiquid security.
(6)		Security valued at fair value as determined by the policies approved by the Board of Directors.
		Aggregate cost for federal income tax purposes was $63,340,130.

See Notes to Financial Statements


74	Artio Global Funds ï 2009 Annual Report


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS	October 31, 2009

Artio Global Equity Fund Inc.

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY


		Contracts to Receive						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
12/10/09	UBS AG	AUD	844,710		760,606		715,165	$	45,441
11/04/09	JPMorgan Chase Bank N.A	BRL	636,172		364,537		353,321		11,216
12/16/09	Credit Suisse London Branch	GBP	1,278,662		2,107,154		2,130,840		(23,686	)
11/27/09	Credit Suisse London Branch	INR	7,786,319		165,527		166,581		(1,054	)
12/16/09	Credit Suisse London Branch	JPY	106,183,217		1,173,300		1,164,771		8,529
12/17/09	Credit Suisse London Branch	ZAR	3,813,231		483,210		494,326		(11,116	)

Net unrealized appreciation on forward foreign exchange contracts to buy								$	29,330

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)
12/10/09	UBS AG	AUD	844,710		760,606		771,558	$	10,952
11/04/09	JPMorgan Chase Bank N.A	BRL	636,172		364,537		367,821		3,284
12/16/09	Credit Suisse London Branch	GBP	1,278,662		2,107,155		2,090,664		(16,491	)
11/27/09	Credit Suisse London Branch	INR	7,786,319		165,526		165,800		274
12/17/09	Credit Suisse London Branch	ZAR	3,813,231		483,210		495,331		12,121

Net unrealized appreciation on forward foreign exchange contracts to sell								$	10,140

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	75


PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)	October 31, 2009

Artio Global Equity Fund Inc.

At October 31, 2009, sector diversification of the Fund’s investments were as follows:


	% of Net			Fair Market
	Assets			Value (Note 2)
INDUSTRY SECTOR
Financials		18.6	%	$	12,577,853
Industrials		15.9			10,764,503
Materials		15.5			10,515,435
Information Technology		13.0			8,807,243
Energy		12.4			8,393,020
Consumer Discretionary		8.3			5,661,397
Healthcare		7.9			5,329,805
Consumer Staples		5.6			3,786,192
Telecommunication Services		1.4			959,046
Utilities		0.9			627,857
Short-term Investment		0.2			120,097

Total Investments		99.7			67,542,448
Other Assets and Liabilities (Net)		0.3			181,822

Net Assets		100.0	%	$	67,724,270

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	77


PORTFOLIO OF INVESTMENTS	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—90.9%
		Japan—9.1%
	154,100	AEON Mall (1)		$	3,243,225
	400,727	Aisin Seiki (1)			10,033,976
	355,400	Asahi Breweries (1)			6,278,743
	1,002,000	Asahi Glass (1)			8,299,646
	3,246,900	Bank of Yokohama (1)			15,670,178
	49,200	Benesse Holdings (1)			2,169,837
	759,300	Bridgestone Corp (1)			12,377,393
	1,173,273	Canon Inc (1)			43,782,431
	1,591	Central Japan Railway (1)			10,563,396
	2,199,000	Chiba Bank (1)			13,377,680
	252,900	Credit Saison (1)			2,827,043
	199,300	Daikin Industries (1)			6,754,213
	1,758,700	Daiwa Securities (1)			9,294,687
	435,106	Denso Corp (1)			11,819,075
	319,400	East Japan Railway (1)			20,357,010
	282,500	Eisai Co (1)			9,954,830
	64,500	FamilyMart Co (1)			1,909,878
	204,900	Fanuc Ltd (1)			17,114,633
	973,000	Fukuoka Financial (1)			3,510,048
	115,049	Hitachi Construction Machinery (1)			2,654,311
	1,820,452	Honda Motor (1)			56,017,440
	1,259,297	ITOCHU Corp (1)			7,823,457
	12,400	Japan Airport Terminal (1)			173,395
	154,855	Japan Steel Works (1)			1,691,936
	393,700	JFE Holdings (1)			12,607,364
	1,217,000	Kawasaki Heavy Industries (1)			3,002,354
	693	KDDI Corp (1)			3,661,819
	605,000	Kirin Holdings (1)			9,870,226
	170,000	Koito Manufacturing (1)			2,420,565
	1,069,300	Komatsu Ltd (1)			20,663,370
	289,000	Konica Minolta (1)			2,680,609
	950,269	Kubota Corp (1)			7,330,903
	62,744	Kurita Water Industries (1)			1,929,420
	100,900	Kyocera Corp (1)			8,397,195
	46,700	Lawson Inc (1)			2,073,567
	112,900	Makita Corp (1)			3,753,658
	894,097	Mitsubishi Corp (1)			18,993,955
	1,582,000	Mitsubishi Electric (1)(2)			11,864,929
	1,051,000	Mitsubishi Estate (1)			15,868,938

See Notes to Financial Statements


78	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued

	1,177,000	Mitsubishi Heavy Industries (1)		$	4,115,925
	6,124,400	Mitsubishi UFJ Financial (1)			32,511,028
	143,380	Mitsubishi UFJ Lease & Finance (1)			4,271,807
	1,356,900	Mitsui & Co (1)			17,414,750
	834,500	Mitsui Fudosan (1)			13,323,179
	279,000	NGK Insulators (1)			6,238,354
	121,500	Nichi-iko Pharmaceutical (1)			3,589,881
	194,916	Nidec Corp (1)			16,532,800
	354,000	Nikon Corp (1)			6,570,941
	36,416	Nintendo Co (1)			9,234,305
	354	Nippon Building Fund REIT (1)			2,906,443
	2,225,000	Nippon Steel (1)			8,332,611
	299,200	Nippon Telegraph & Telephone (1)			12,292,036
	2,348,000	Nissan Motor (1)(2)			16,603,326
	3,948,400	Nomura Holdings (1)			27,475,511
	381,000	NSK Ltd (1)			2,171,334
	243,000	NTN Corp (1)			902,046
	8,410	NTT DoCoMo (1)			12,182,695
	91,440	ORIX Corp (1)			5,927,204
	1,469,132	Panasonic Corp (1)			20,253,441
	366,000	Resona Holdings (1)			4,340,485
	737,000	Ricoh Co (1)			10,113,503
	64,700	Sawai Pharmaceutical (1)			3,667,103
	125,500	Seven & I (1)			2,736,043
	214,600	Shin-Etsu Chemical (1)			11,242,068
	1,371,000	Shizuoka Bank (1)			13,534,273
	27,300	SMC Corp (1)			3,119,632
	561,308	Sony Corp (1)			16,404,603
	104,600	Stanley Electric (1)			2,024,913
	443,000	Sumitomo Heavy Industries (1)(2)			1,983,698
	1,673,000	Sumitomo Metal Industries (1)			4,221,207
	1,738,700	Sumitomo Mitsui Financial (1)			59,389,825
	645,000	Sumitomo Realty & Development (1)			12,052,366
	3,505,400	Sumitomo Trust & Banking (1)			17,991,266
	414,000	Suruga Bank (1)			3,721,115
	1,141,200	Suzuki Motor (1)			27,647,976
	318,800	Takeda Pharmaceutical (1)			12,748,581
	252,600	Tokio Marine (1)			6,463,250
	200,000	Tokyo Electric Power (1)			4,908,878

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	79


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued

	589,000	Toshiba Corp (1)(2)		$	3,308,257
	59,150	Towa Pharmaceutical (1)			2,861,491
	66,025	Toyota Boshoku (1)			1,342,883
	3,017,189	Toyota Motor (1)			118,724,599
	55,800	Unicharm Corp (1)			5,316,211
	296,000	Yaskawa Electric (1)			2,289,256

					977,820,432


		United Kingdom—9.0%
	1,922,234	Anglo American (1)(2)			70,127,741
	555,921	AstraZeneca PLC (1)			25,095,261
	2,412,165	Aviva PLC (1)			15,168,727
	10,776,326	Barclays PLC (1)			56,626,146
	241,635	Barratt Developments (1)(2)			535,357
	585,403	BG Group (1)			10,135,556
	11,265,604	BP PLC (1)			106,555,607
	286,928	British Land REIT (1)			2,227,378
	2,751,401	BT Group (1)			5,899,498
	1,943,995	Cadbury PLC (1)			24,593,128
	66,600	Carnival PLC (1)			2,073,993
	3,293,126	Diageo PLC (1)			53,904,506
	5,017,903	Friends Provident (1)			6,748,905
	419,214	G4S PLC (1)			1,745,194
	1,652,881	GKN PLC (1)(2)			2,907,150
	4,475,873	GlaxoSmithKline PLC (1)			92,316,578
	11,869,647	HSBC Holdings (1)			131,920,450
	390,730	Imperial Tobacco (1)			11,564,736
	1,423,751	Kingfisher PLC (1)			5,230,869
	226,246	Land Securities REIT (1)			2,462,235
	6,241,418	Legal & General (1)			8,052,217
	17,641,980	Lloyds Banking (1)(2)			25,066,089
	820,355	Marks & Spencer (1)			4,616,673
	93,298	Next PLC (1)			2,750,430
	7,670,337	Old Mutual (1)			13,369,428
	1,853,166	Prudential PLC (1)			16,887,455
	976,793	Rentokil Initial (1)(2)			1,672,940
	1,048,565	Rolls-Royce Group (1)(2)			7,776,657
	62,913,900	Rolls-Royce Group C Shares (2)(3)			103,704
	16,360,504	Royal Bank of Scotland (1)(2)			11,227,821
	645,160	Smith & Nephew (1)			5,732,606

See Notes to Financial Statements


80	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		United Kingdom—Continued

	1,828,737	Standard Chartered (1)		$	45,101,166
	7,059,887	Tesco PLC (1)			47,316,314
	36,593	Vedanta Resources (1)			1,253,602
	48,283,785	Vodafone Group (1)			107,289,589
	379,544	Whitbread PLC (1)			7,902,831
	205,296	Wolseley PLC (1)(2)			4,168,388
	3,652,829	WPP PLC (1)			32,900,009

					971,026,934


		France—8.0%
	109,605	Accor SA (1)			5,279,525
	449,862	Aeroports de Paris (1)			34,305,565
	3,018,814	Alcatel-Lucent (1)(2)			11,320,654
	162,713	Alstom SA (1)			11,294,539
	2,010,993	AXA SA (1)			50,104,598
	1,073,541	BNP Paribas (1)			80,969,428
	237,979	Bouygues SA (1)			11,225,843
	643,560	Carrefour SA (1)			27,713,829
	70,929	Casino Guichard-Perrachon (1)			5,647,690
	110,256	Cie Generale de Geophysique-Veritas (1)(2)			2,194,182
	570,604	Compagnie de Saint-Gobain (1)			27,851,804
	121,324	Compagnie Generale des Etablissements Michelin (1)			9,013,769
	1,765,723	Credit Agricole (1)			33,998,581
	731,804	Danone SA (1)			44,083,564
	323,500	Electricite de France (1)(4)			18,036,943
	4,091	Eramet (1)			1,277,118
	2,183,248	France Telecom (1)			54,122,126
	792,210	GDF Suez (1)			33,240,549
	209,067	Lafarge SA (1)			17,094,907
	27,166	Lagardere SCA (1)			1,229,501
	190,195	LVMH (1)			19,782,244
	1,134,506	Natixis (1)(2)			6,377,983
	125,564	Pernod-Ricard SA (1)			10,506,973
	135,041	Peugeot SA (1)(2)			4,409,391
	64,939	PPR (1)			7,102,550
	257,407	Publicis Groupe (1)(4)			9,818,260
	262,523	Renault SA (1)(2)			11,766,973
	737,828	Sanofi-Aventis SA (1)			54,069,199
	181,407	Schneider Electric (1)			18,891,075
	872,687	Societe Generale (1)			58,113,896

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	81


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		France—Continued

	1,714,599	Total SA (1)		$	102,362,402
	106,891	Valeo SA (1)(2)			2,904,207
	52,833	Vallourec SA (1)(4)			8,375,485
	391,050	Veolia Environnement (1)			12,766,099
	765,530	Vinci SA (1)			40,058,462
	553,610	Vivendi (1)			15,373,535

					862,683,449


		Germany—7.1%
	273,336	Adidas AG (1)			12,684,851
	477,819	Allianz SE (1)			54,903,031
	770,519	Bayer AG (1)			53,507,766
	48,247	Beiersdorf AG (1)			2,975,043
	78,289	Bilfinger Berger (1)			5,032,394
	307,404	BMW AG (1)			15,058,963
	239,279	Celesio AG (1)			5,978,453
	439,562	Commerzbank AG (1)(2)(4)			4,564,345
	927,483	Daimler AG (1)			45,264,025
	550,798	Deutsche Bank (1)			39,987,521
	224,314	Deutsche Boerse (1)			18,239,064
	1,203,608	Deutsche Post (1)			20,370,018
	38,878	Deutsche Postbank (1)(2)			1,204,811
	2,478,596	Deutsche Telekom (1)			33,892,320
	1,313,436	E.ON AG (1)			50,334,019
	2,683,058	Fraport AG (1)			126,618,736
	216,505	Fresenius SE (1)			10,798,171
	322,104	GEA Group (1)			6,098,231
	26,107	Hamburger Hafen und Logistik (1)			1,020,708
	442,784	HeidelbergCement AG (1)			26,446,836
	53,698	Hochtief AG (1)			4,044,316
	213,039	K+S AG (1)			11,634,390
	230,152	Kloeckner & Co (1)(2)			5,068,560
	257,723	MAN SE (1)			21,271,301
	721,577	Marseille-Kliniken AG (1)(5)			6,341,938
	36,071	Merck KGaA (1)			3,397,271
	356,887	Metro AG (1)			19,879,773
	67,231	MunichRe (1)			10,690,732
	222,236	RWE AG (1)			19,509,792
	127,651	Salzgitter AG (1)			11,480,223
	588,226	SAP AG (1)			26,650,143

See Notes to Financial Statements


82	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Germany—Continued

	881,081	Siemens AG (1)		$	79,598,832
	162,238	ThyssenKrupp AG (1)			5,232,559
	15,518	Wacker Chemie (1)			2,239,855

					762,018,991


		Switzerland—7.1%
	1,823,476	ABB Ltd (1)(2)			34,024,417
	237,925	BKW FMB Energie (1)			19,623,289
	970,191	Credit Suisse (1)			51,905,408
	472,161	Dufry Group (1)(2)			29,929,473
	136,505	Flughafen Zuerich (1)			39,812,602
	356,329	Holcim Ltd (1)(2)			22,657,181
	78,370	Logitech International (1)(2)			1,340,968
	2,831,935	Nestle SA (1)			131,854,598
	814,803	Nobel Biocare (1)			23,154,055
	1,768,733	Novartis AG (1)			92,411,446
	628,893	Roche Holding (1)			100,924,717
	45,524	Sulzer AG (1)			3,557,080
	32,673	Swatch Group (1)			7,629,282
	25,635	Swiss Life (1)(2)			3,071,076
	437,845	Swiss Reinsurance (1)			17,868,241
	29,846	Swisscom AG (1)			10,803,625
	49,813	Syngenta AG (1)			11,810,294
	3,548,151	UBS AG (1)(2)			59,514,283
	5,241,396	Xstrata PLC (1)(2)			75,400,265
	95,096	Zurich Financial Services (1)			21,805,522

					759,097,822


		Australia—6.2%
	7,074,116	Alumina Ltd (1)(2)			10,346,302
	2,156,100	AMP Ltd (1)			11,305,418
	3,207,271	Asciano Group (1)(2)			4,346,070
	2,150,911	Australia & New Zealand Banking (1)			43,917,235
	3,026,466	BHP Billiton (1)			95,076,222
	4,074,724	BlueScope Steel (1)			10,744,588
	452,303	Boral Ltd (1)			2,310,562
	925,839	Commonwealth Bank of Australia (1)			42,783,481
	2,578,090	CSR Ltd (1)			4,374,989
	959,604	Fortescue Metals (1)(2)			3,220,152
	1,800,983	Insurance Australia (1)			6,042,996

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	83


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Australia—Continued

	5,849,234	Macquarie Infrastructure (1)		$	7,551,345
	19,817,041	Map Group (1)			50,924,820
	1,801,549	Map Group (3)			4,672,016
	2,259,855	Myer Holdings (2)			8,372,223
	2,019,324	National Australia Bank (1)			53,243,770
	2,322,277	Rio Tinto (1)			102,939,071
	2,514,825	Rio Tinto (1)(4)			140,188,480
	903,028	Suncorp-Metway Ltd (1)			7,052,969
	567,484	Toll Holdings (1)			4,302,180
	476,169	Wesfarmers Ltd (1)			11,777,080
	1,800,141	Westpac Banking (1)			42,080,515

					667,572,484


		China—4.6%
	4,984,000	Aluminum Corp of China - Class H (1)(2)			5,429,104
	1,243,000	Angang Steel - Class H (1)(4)			2,254,310
	320,000	Anhui Conch Cement - Class H (1)			2,070,461
	129,988,907	Bank of China - Class H (1)			74,276,268
	22,095,911	Bank of Communications - Class H (1)			26,392,754
	70,798,074	Beijing Capital International Airport - Class H (1)(2)			47,597,033
	4,309,000	China CITIC Bank - Class H (1)			3,214,019
	5,654,000	China Coal Energy - Class H (1)			7,836,671
	4,838,000	China Communications Construction - Class H (1)			5,226,916
	144,537,132	China Construction Bank - Class H (1)			124,167,248
	1,790,500	China COSCO - Class H (1)(4)			2,189,498
	1,144,000	China Dongxiang (1)			699,793
	7,229,326	China Life Insurance - Class H (1)			33,321,943
	4,126,500	China Merchants Bank - Class H (1)			10,588,619
	944,000	China National Building Material - Class H (1)			2,029,559
	22,728,000	China Petroleum & Chemical - Class H (1)			19,112,678
	1,105,000	China Railway Construction - Class H (1)			1,459,235
	1,538,000	China Shenhua Energy - Class H (1)			6,863,948
	514,000	China Shipping Development - Class H (1)			726,873
	13,162,000	China Telecom - Class H (1)			5,817,338
	3,117,000	Foxconn International (1)(2)			2,760,356
	688,000	Huaneng Power International - Class H (1)			440,776
	102,824,330	Industrial & Commercial Bank of China - Class H (1)			81,784,590
	4,342,558	Lianhua Supermarket - Class H (1)			9,312,702
	1,598,516	PetroChina Co - Class H (1)			1,929,784
	2,025,814	Ping An Insurance - Class H (1)			17,724,138

See Notes to Financial Statements


84	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		China—Continued

	352,000	Shandong Weigao Group Medical Polmer - Class H (1)		$	1,227,688

					496,454,302


		Netherlands—4.5%
	3,045,097	AEGON NV (1)(2)			21,751,363
	205,113	European Aeronautic Defence & Space (1)			3,853,217
	158,135	Heineken Holding (1)			6,180,533
	746,431	Heineken NV (1)			33,135,736
	2,690,076	ING Groep Dutch Certificate (1)(2)			34,870,408
	3,149,190	KKR & Company Guernsey (Unit) (1)(2)			27,965,399
	129,731	Koninklijke Boskalis Westminster (1)			4,558,632
	1,049,652	Koninklijke Philips Electronics (1)			26,455,141
	3,573,390	Koninklijke (Royal) KPN (1)			64,952,433
	80,257	Randstad Holding (1)(2)			3,059,968
	1,624,672	Reed Elsevier (1)			19,007,674
	3,761,342	Royal Dutch Shell - Class A (1)			111,958,457
	2,377,858	Royal Dutch Shell - Class B (1)			69,179,266
	327,935	SBM Offshore (1)			6,318,361
	267,992	TNT NV (1)			7,118,640
	1,546,283	Unilever NV Dutch Certificate (1)			47,745,229

					488,110,457


		Russia—4.3%
	218,963	Alfa Cement (2)(3)(6)			11,120,667
	2,629,868	AvtoVAZ Sponsored GDR (2)(3)			6,657,506
	53,536,950	Chelindbank OJSC (2)(3)			6,424,434
	499,383	Evraz Group Sponsored GDR (1)(2)			12,075,305
	87,050	Gazprom Neft Sponsored ADR (1)			2,235,962
	1,604,530	Gazprom OAO Sponsored ADR (1)			38,312,074
	37,061,391	IDGC Holding JSC (1)(2)			4,317,022
	205,522,262	IDGC of Centre and Volga (2)			1,243,410
	494,494,096	IDGC of North-West (2)(3)			4,302,099
	166,480,998	IDGC of South (2)(3)			1,082,126
	158,266	Inter Rao UES Sponsored GDR (2)(3)(7)			1,566,833
	305,505,476	Inter-Regional Distribution Network Co Volga OAO (2)			1,038,719
	547,651	Kuban Energy Retail (2)(3)			266,857
	547,651	Kuban Trunk Grid (2)(3)			80,779
	547,651	Kubanenergo OAO (2)(3)			2,349,432
	118,567	Kuzbassenergo OJSC Sponsored GDR (2)(3)(7)			347,252
	781,471	LUKOIL OAO Sponsored ADR (1)			45,153,460

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	85


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Russia—Continued

	341,001	Mechel Sponsored ADR		$	5,851,577
	1,160,534	MMC Norilsk Nickel Sponsored ADR (2)			15,319,049
	100,317	Mobile TeleSystems Sponsored ADR			4,544,360
	549,480	Mosenergo OAO Sponsored GDR (2)(7)			2,473,219
	236,718,165	MRSK Urala (2)			1,893,745
	1,309,875	North-West Telecom Sponsored ADR			5,632,462
	72,150	NovaTek OAO Sponsored GDR (1)			3,608,316
	174,739	Novolipetsk Steel Sponsored GDR (1)(2)			4,529,015
	164,772	Novorossiysk Sea Trade Port Sponsored GDR (1)			1,889,468
	766,444	OAO Dalsvyaz (3)			2,136,463
	1,102,341	OGK1 OAO Sponsored GDR (2)(3)(7)			1,359,357
	426,500	OGK2 OAO Sponsored GDR (2)(3)(7)			1,471,425
	90,069,909	OGK3 OJSC (2)			4,863,775
	600,682	OGK3 OJSC Sponsored GDR (2)(3)(7)			1,577,146
	497,299	OGK6 OAO Sponsored GDR (2)(3)(7)			1,395,137
	670,892	Pharmstandard (2)			32,269,905
	91,847	Pharmstandard Sponsored GDR (1)(2)			1,487,171
	85,300,000	RAO Energy System of East (2)(3)			665,340
	6,107,084	Rosneft Oil Sponsored GDR (1)(2)			46,198,271
	78,061	RTS Stock Exchange (2)(3)			22,832,842
	37,926,345	Sberbank (1)			82,908,052
	365,949	Severstal Sponsored GDR (1)			2,634,685
	817,203	Sibirskiy Cement (2)(3)			21,247,278
	39,100	Sistema JSFC Sponsored GDR (1)(2)			630,257
	20,946	Sistema-Hals (2)			680,022
	1,684,642	Sistema-Hals Sponsored GDR (2)(7)			2,734,634
	651,692	TGK1 OAO Sponsored GDR (2)(3)(7)			1,506,820
	27,296	TGK14 JSC Sponsored GDR (2)(3)(7)			89,761
	110,037	TGK2 Sponsored GDR (2)(3)(7)			248,770
	270,401	TGK4 Sponsored GDR (2)(3)(7)			439,964
	286,608	TGK9 OAO Sponsored GDR (2)(3)(7)			667,594
	291,390	Uralkali Sponsored GDR (1)(2)			6,529,092
	472,896	Veropharm (2)(3)			11,940,624
	242,705	Vimpel-Communications Sponsored ADR			4,351,701
	284,902	Volga Territorial Generating Sponsored GDR (3)(7)			1,283,325
	157,105	VolgaTelecom Sponsored ADR			667,696
	4,145,675	VTB Bank OJSC Sponsored GDR (1)			16,484,663
	5,231	Wimm-Bill-Dann Foods Sponsored ADR (2)			353,511
	114,950	X 5 Retail Sponsored GDR (1)(2)			2,754,058

See Notes to Financial Statements


86	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Russia—Continued

	293,432	Yenisei Territorial Generating Sponsored GDR (2)(3)(7)		$	282,442

					459,006,929


		Canada—3.9%
	321,090	Agrium Inc			15,005,264
	352,481	Bank of Montreal			16,380,615
	664,929	Bank of Nova Scotia			27,931,709
	2,454,577	Bombardier Inc-Class B			10,003,335
	354,214	Canadian Imperial Bank of Commerce			20,387,364
	184,721	Canadian Oil Sands Trust (Unit)			5,003,861
	148,420	Canadian Pacific Railway			6,462,029
	800,886	EnCana Corp			44,609,320
	145,499	Finning International			2,155,741
	87,956	IGM Financial			3,147,701
	523,717	Ivanhoe Mines (2)			5,668,901
	545,590	Manulife Financial			10,281,728
	126,738	National Bank of Canada			6,634,567
	375,536	Nexen Inc			8,115,928
	339,367	Potash Corp of Saskatchewan			31,791,240
	262,264	Research In Motion (2)			15,402,765
	1,027,179	Royal Bank of Canada (4)			52,255,300
	131,827	Shoppers Drug Mart			5,261,087
	71,995	Sun Life Financial			2,000,381
	1,296,298	Suncor Energy			43,225,979
	2,892,768	Talisman Energy			49,573,429
	524,693	Teck Resources -Class B (2)			15,299,487
	479,075	Toronto-Dominion Bank			27,431,625

					424,029,356


		Italy—3.2%
	1,094,204	Assicurazioni Generali (1)			27,623,102
	343,231	Atlantia SpA (1)			8,143,609
	92,000	Autogrill SpA (1)(2)			1,037,626
	4,356,244	Banca Monte dei Paschi di Siena (1)			8,280,571
	1,331,418	Banca Popolare di Milano (1)			9,933,445
	622,316	Banco Popolare (1)(2)			5,411,092
	1,028,293	Buzzi Unicem (1)			17,279,966
	1,504,812	Enel SpA (1)			8,994,278
	2,429,334	Eni SpA (1)			60,385,971
	592,886	Fiat SpA (1)(2)			8,827,517

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	87


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Italy—Continued

	208,103	Fondiaria-Sai SpA (1)		$	3,799,503
	325,117	Geox SpA (1)			2,493,469
	7,490,284	Intesa Sanpaolo (1)(2)			31,636,948
	3,405,317	Intesa Sanpaolo (1)			11,119,661
	524,528	Italcementi SpA (1)			7,568,487
	551,735	Mediaset SpA (1)			3,599,739
	1,187,583	Mediobanca SpA (1)			15,159,519
	2,663,622	Parmalat SpA (1)			7,395,001
	14,515,483	Telecom Italia (1)			23,114,232
	24,659,911	UniCredit SpA (1)(2)			82,705,460

					344,509,196


		Spain—3.0%
	17,009	Acciona SA (1)			2,084,584
	2,796,124	Banco Bilbao Vizcaya Argentaria (1)			50,213,384
	212,455	Banco Popular Espanol (1)			1,898,123
	7,113,552	Banco Santander Brasil SA (1)			114,801,695
	154,886	Cintra Concesiones de Infraestructuras de Transporte (1)			1,602,539
	49,635	Fomento de Construcciones y Contratas (1)			2,022,426
	50,805	Gamesa Corp Tecnologica (1)			932,753
	106,378	Grupo Ferrovial (1)(4)			4,412,994
	1,197,422	Iberdrola SA (1)			10,884,445
	103,780	Inditex SA (1)(4)			6,107,515
	414,689	Repsol YPF (1)			11,068,422
	59,046	Sacyr Vallehermoso (1)(2)			892,382
	4,071,324	Telefonica SA (1)			113,931,890

					320,853,152


		South Korea—2.2%
	34,468	Doosan Heavy Industries and Construction (1)			1,866,031
	147,737	Hana Financial (1)			4,408,066
	355,520	Hynix Semiconductor (1)(2)			5,309,073
	55,386	Hyundai Heavy Industries (1)			7,679,280
	10,517	Hyundai Mobis (1)			1,372,989
	126,094	Hyundai Motor (1)			11,443,043
	850,433	KB Financial (1)(2)			41,219,515
	121,440	LG Display (1)			2,926,690
	48,471	LG Electronics (1)			4,500,517
	62,016	NHN Corp (1)(2)			9,213,653
	130,550	POSCO (1)			54,214,834

See Notes to Financial Statements


88	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		South Korea—Continued

	64,894	Samsung Electronics (1)		$	39,064,333
	907,340	Shinhan Financial (1)(2)			34,687,006
	15,183	Shinsegae Co (1)			6,593,855
	43,113	SK Telecom (1)			6,591,037
	165,670	Woori Finance (1)(2)			2,240,817

					233,330,739


		Czech Republic—1.7%
	928,571	Komercni Banka (1)			184,523,083


		Hong Kong—1.5%
	38,000	Beijing Enterprises (1)			226,391
	3,926,000	China Mengniu Dairy (1)(2)			10,997,822
	6,185,204	China Merchants Holdings International (1)			19,751,355
	3,487,249	China Mobile (1)			32,654,139
	1,054,381	China Resources Enterprise (1)			3,519,689
	72,522	China Resources Power (1)			150,308
	6,092,000	China Unicom (Hong Kong) (1)			7,799,662
	30,866,602	Clear Media (1)(2)(5)			13,658,632
	3,894,000	CNPC Hong Kong (1)			4,046,098
	4,706,000	Cosco Pacific (1)			6,553,828
	19,556,000	Denway Motors (1)			9,274,854
	3,148,060	Emperor Entertainment Hotel (1)			360,328
	1,045,010	Esprit Holdings (1)			6,847,612
	70,664,736	GOME Electrical Appliances (2)			21,335,503
	2,012,000	Hutchison Whampoa (1)			14,085,479
	16,336,000	Lenovo Group (1)			9,181,923
	11,273,145	Melco International Development (1)(2)(4)			6,145,726

					166,589,349


		Norway—1.5%
	1,109,906	Dnb NOR (1)(2)			12,796,143
	3,858,088	Norsk Hydro (1)(2)			25,311,290
	2,812,237	Orkla ASA (1)			26,133,968
	752,330	RomReal Ltd (2)			221,161
	2,456,690	Statoil ASA (1)			58,545,967
	2,063,009	Storebrand ASA (1)(2)			14,112,401
	697,031	Telenor ASA (1)(2)			9,016,697
	313,883	Yara International (1)			10,491,706

					156,629,333

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	89


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		Mexico—1.4%
	958,468	America Movil Sponsored ADR - Class L		$	42,297,193
	3,343,878	Cemex Sponsored ADR (2)			34,709,454
	1,873,774	Cemex (Unit) (2)			1,958,465
	89,718	Desarrolladora Homex Sponsored ADR (2)			3,190,372
	275,856	Fomento Economico Mexicano Sponsored ADR			11,947,323
	51,881	Grupo Aeroportuario del Sureste Sponsored ADR			2,111,038
	1,254,640	Grupo Cementos de Chihuahua (2)			3,415,702
	2,508,952	Grupo Financiero Banorte			8,259,932
	2,120,114	Grupo Modelo - Class C (2)			9,862,944
	1,321,108	Grupo Televisa Sponsored ADR			25,576,651
	365,493	Grupo Televisa			1,400,528
	1,706,984	Urbi Desarrollos Urbanos (2)			3,373,640

					148,103,242


		Poland—1.3%
	946,999	Agora SA (1)(2)			6,139,674
	507,619	Bank Pekao (1)(2)			27,092,700
	44,129	Budimex SA (1)			1,214,196
	660,666	Dom Development (1)			9,994,923
	266,814	Globe Trade Centre (1)(2)			2,300,723
	389,531	Grupa Kety (1)(2)			14,226,670
	549,557	Hydrobudowa Polska (1)(2)			715,006
	65,372	PBG SA (1)(2)			5,077,366
	2,556,285	PKO Bank Polski (1)			30,223,261
	978,294	PKO Bank Polski (2)(3)			11,774,614
	1,698,663	Polimex Mostostal (1)			2,172,601
	1,071,000	Polska Grupa Farmaceutyczna (1)(2)(5)			16,865,819
	231,934	Sniezka SA (1)			2,835,925
	42,962	Stomil Sanok (1)(2)			117,222
	1,041,777	TVN SA (1)			5,136,720

					135,887,420


		Finland—1.0%
	384,077	Fortum Oyj (1)			9,111,699
	253,177	Kesko Oyj-Class B (1)			8,448,989
	111,461	Metso Oyj (1)			3,117,555
	572,371	Neste Oil (1)			10,149,320
	1,894,204	Nokia Oyj (1)			23,963,762
	106,997	Nokian Renkaat (1)(4)			2,288,354
	482,621	Olvi Oyj - Class A (1)			17,299,717

See Notes to Financial Statements


90	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Finland—Continued

	490,081	Orion Oyj - Class B (1)		$	9,337,955
	174,344	Outokumpu Oyj (1)			2,880,400
	138,147	Outotec Oyj (1)			4,375,740
	93,532	Rautaruukki Oyj (1)			1,910,455
	1,542,978	Stora Enso - Class R (1)(2)			11,742,047
	183,836	UPM-Kymmene Oyj (1)			2,217,437
	583	Wartsila Oyj (1)			21,126

					106,864,556


		Austria—1.0%
	11,758	Andritz AG (1)			649,387
	187,906	Erste Group Bank (1)(4)			7,569,890
	806,641	Flughafen Wien (1)			40,629,949
	850,547	OMV AG (1)			35,242,220
	30,506	Raiffeisen International Bank (1)(4)			1,794,123
	409,868	Telekom Austria (1)			6,728,630
	256,105	Voestalpine AG (1)			8,751,723
	252,620	Wienerberger AG (1)(2)			4,563,975

					105,929,897


		Romania—0.8%
	731,600	Antibiotice (1)			165,617
	834,977	Banca Transilvania			505,882
	40,424,844	Biofarm Bucuresti (1)(2)			2,712,185
	4,182,214	BRD - Groupe Societe Generale (1)			17,388,187
	14,619,597	Cemacon SA (2)(5)			448,879
	7,691,800	Compa Sibiu (1)(2)			771,463
	5,115,298	Concefa SA (1)(2)			477,708
	4,950,133	Condmag SA (1)(2)			997,141
	40,338,000	Dafora SA (1)(2)			1,398,192
	16,912,495	Impact Developer & Contractor (2)(5)			3,183,992
	493,519,000	Rompetrol Rafinare (1)(2)			10,785,471
	504,039,057	SNP Petrom (1)(2)			44,156,061
	13,131,100	Socep Constanta (1)(2)			648,736
	3,443,800	Spicul Buzau (2)			583,505
	11,918,318	Zentiva SA (1)(2)			2,600,131

					86,823,150


		Ukraine—0.8%
	214,485	Anthousa Ltd Sponsored GDR (2)(3)(7)			1,582,310

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	91


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Ukraine—Continued

	8,916,599	Bank Forum (2)		$	6,605,296
	76,611,005	Bohdan Automobile Plant (2)			2,743,032
	2,343,250	Centrenergo (2)			2,904,652
	178,305	Centrenergo Sponsored ADR			2,210,238
	1,237,519	Chernivtsioblenergo (3)			565,321
	5,006,914	Davento PLC GDR (2)(3)(7)			2,216,236
	20,500	Dniproenergo (3)			1,961,541
	11,770,906	Dragon-Ukrainian Properties & Development (1)(2)(5)			10,912,051
	7,562,990	Harkivoblenergo (3)			3,034,720
	10,700	Ivano Frankivskcement (2)(3)			132,107
	902,412	Khmelnitskoblenergo JSC (2)(3)			222,832
	2,750,000	Kirovogradoblenergo (2)(3)			729,983
	240,262	Korukivskas Technical Papers Factory (2)(3)			815,755
	3,228,131	Krymenergo (3)			1,496,590
	115,161	Kyivmedpreparat (2)(3)			518,967
	189,156	Lvivoblenergo (2)(3)			98,087
	267,596	Odessaoblenergo (2)(3)			75,989
	5,542,248	Oranta (2)(3)			6,158,434
	488,244	Poltavaoblenergo (2)(3)			241,123
	93,280,824	Raiffeisen Bank Aval (2)			3,155,620
	65,228	Retail Group (2)(3)(6)			6,442,669
	21,017	Rodovid Bank (2)(3)(6)			179
	8,375,303	Slavutich Brewery (2)(3)			1,654,483
	641,180	Ternopiloblenergo (2)(3)			158,326
	2,636,403	Tsukrovyy soyz Ukrros (2)(3)			341,777
	1,153,346,022	Ukrinbank (2)(3)(5)			1,423,972
	8,685	Ukrnafta Sponsored ADR (2)			1,071,915
	84,835,914	Ukrsotsbank JSCB (2)			3,770,718
	116,751,392	UkrTelecom (2)			6,933,443
	573,260	UkrTelecom Sponsored GDR (2)			1,581,678
	65,728	Vinnitsaoblenergo (2)(3)			1,298,817
	4,114,636	Volynoblenergo (3)			266,706
	4,799,516	Zakarpattyaoblenergo (3)			2,109,547
	15,000	Zakhidenergo (2)(3)			720,415
	595,792	Zakhidenergo GDR (2)(3)			7,153,623
	400,000	Zhytomyroblenergo (2)(3)			160,751

					83,469,903


		Sweden—0.8%
	497,338	Atlas Copco - Class A (1)			6,834,122

See Notes to Financial Statements


92	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Sweden—Continued

	65,893	Autoliv Inc (1)		$	2,304,732
	71,394	Hennes & Mauritz - Class B (1)			4,119,094
	343,310	Husqvarna AB - Class B (1)(2)			2,205,214
	1,250,520	Sandvik AB (1)			14,174,761
	319,477	Skandinaviska Enskilda Banken - Class A (1)(2)			2,001,331
	314,304	SKF AB - Class B (1)			5,091,900
	1,397,790	Svenska Cellulosa - Class B (1)			19,533,195
	1,295,455	Swedbank AB - Class A (1)(2)			11,519,172
	215,427	Swedish Match (1)			4,493,093
	725,301	TeliaSonera AB (1)			4,874,263
	560,781	Volvo AB - Class B (1)			5,426,270

					82,577,147


		Hungary—0.8%
	573,041	Magyar Telekom Telecommunications (1)			2,478,901
	2,828,698	OTP Bank (1)(2)			78,760,310

					81,239,211


		Ireland—0.7%
	3,235,085	Allied Irish Banks (1)(2)			8,892,330
	7,411,840	Bank of Ireland (1)(2)			18,581,736
	1,573,557	CRH PLC (1)			38,469,091
	1,541,884	Irish Life & Permanent (1)(2)			11,176,603

					77,119,760


		Bulgaria—0.6%
	301,290	Bulgarian American Credit Bank (1)(2)			4,136,289
	1,276,434	Central Cooperative Bank (1)(2)			1,442,331
	10,693,367	Chimimport AD (1)(2)(5)			20,407,497
	47,828	Devin AD (1)(2)			113,825
	354,861	DZI Insurance (3)(5)(6)			6,165,432
	92,174	Kaolin AD (1)			417,558
	2,276,550	LEV INS (2)(3)(6)			4,314,747
	806,010	Sopharma AD (1)(2)			2,462,960
	1,425,011	Sparki Eltos Lovetch (1)(2)(5)			2,176,697
	11,652,801	Vivacom (3)			27,033,408

					68,670,744


		Belgium—0.6%
	299,176	Anheuser-Busch InBev (1)			14,096,350
	89,572	Belgacom SA (1)			3,368,317

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	93


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Belgium—Continued

	326,081	Dexia SA (1)(2)		$	2,720,080
	5,053,842	Fortis (1)(2)			21,905,115
	411,783	KBC Groep (1)(2)			17,627,435
	75,314	UCB SA (1)			3,227,493
	180,047	Umicore (1)			5,482,977

					68,427,767


		Denmark—0.6%
	76,703	ALK-Abello A/S (1)			6,509,756
	1,097	AP Moller-Maersk - Class B (1)			7,471,114
	48,357	Carlsberg A/S - Class B (1)			3,389,199
	353,409	Danske Bank (1)(2)			8,174,345
	174,487	DSV A/S (1)(2)			2,709,338
	53,400	FLSmidth & Co (1)			2,818,316
	407,646	Novo Nordisk - Class B (1)			25,417,325
	726,577	TK Development (1)(2)			3,447,844
	76,662	Vestas Wind Systems (1)(2)			5,413,067

					65,350,304


		Multinational—0.6%
	1,064,898	ArcelorMittal (1)			35,746,480
	414,976	Central European Media Enterprises - Class A (2)			10,432,497
	554,429	Frontline Ltd (1)(4)			12,769,083
	218,559	Tenaris SA (1)			3,903,284

					62,851,344


		Greece—0.6%
	1,245,830	Alpha Bank (1)(2)			23,856,366
	220,025	Coca Cola Hellenic Bottling (1)			5,748,354
	672,682	Hellenic Telecommunications Organization (1)			11,286,670
	558,322	National Bank of Greece (1)(2)			20,327,456

					61,218,846


		Serbia—0.5%
	417,292	AIK Banka (2)(5)			19,657,013
	48,500	Energoprojekt Holding (2)			784,750
	78,573	Imlek ad (2)(3)			2,122,623
	41,955	Komercijalna Banka (2)(3)			23,391,186
	6,149	Metals banka (2)(3)			837,160
	93,520	Privredna Banka (2)(3)			1,303,764
	123,132	Tigar ad Pirot (2)(3)(5)			1,811,736

See Notes to Financial Statements


94	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Serbia—Continued

	78,160	Toza Markovic ad Kikinda (2)(3)(5)		$	3,383,523
	18,517	Univerzal Banka (2)(3)			2,480,712

					55,772,467


		South Africa—0.3%
	1,185,706	Aquarius Platinum (1)(2)			5,062,016
	2,215,909	FirstRand Ltd (1)			4,957,439
	588,175	Impala Platinum (1)			12,813,815
	259,692	Lonmin PLC (1)(2)			6,211,441
	142,893	Sasol Ltd (1)			5,341,278

					34,385,989


		Lebanon—0.2%
	278,581	SOLIDERE - Class A			7,276,536
	752,109	SOLIDERE Sponsored GDR (7)			19,818,072

					27,094,608


		Venezuela—0.2%
	38,451	Banco Provincial (3)			138,625
	156	Banco Venezolano de Credito (3)			113,801
	15,843,815	Cemex Venezuela SACA - I (2)(3)			2,159,519
	2,797,674	Mercantil Servicios Financieros - Class B (3)			11,278,605
	2,847,910	Siderurgica Venezolana Sivensa SACA (3)(5)			7,107,365

					20,797,915


		Brazil—0.2%
	142,771	Banco do Brasil			2,307,865
	139,043	BRF - Brasil Foods (2)			3,402,078
	405,285	Cia Siderurgica Nacional			13,539,303

					19,249,246


		Portugal—0.2%
	1,593,534	Banco Comercial Portugues (1)			2,273,820
	2,510,231	Energias de Portugal (1)			11,116,074
	337,062	Galp Energia SGPS - Class B (1)			5,685,715

					19,075,609


		Georgia—0.2%
	2,466,387	Bank of Georgia Sponsored GDR (1)(2)(5)			18,436,009

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	95


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		Turkmenistan—0.2%
	2,712,551	Dragon Oil (1)(2)		$	18,300,878


		India—0.1%
	379,350	ICICI Bank (1)			6,276,911
	61,339	Larsen & Toubro (1)			2,009,120
	16,000	Reliance Industries (1)			647,446
	101,368	State Bank of India (1)			4,646,811

					13,580,288


		Indonesia—0.1%
	10,314,648	Telekomunikasi Indonesia Tbk (1)			8,933,487


		Cyprus—0.1%
	1,111,347	Bank of Cyprus Public (1)			8,726,194


		Zambia—0.1%
	9,363,990	Zambeef Products (5)			8,081,113


		Turkey—0.0%
	1,015,453	Turkiye Is Bankasi - Class C (1)			3,824,973


		Latvia—0.0%
	1,424,182	AS Parex Banka (2)(3)(6)			2,963,033


		Slovenia—0.0%
	119,978	Nova Kreditna Banka Maribor (1)			2,334,094


		Lithuania—0.0%
	1,753,630	Rokiskio Suris (1)(2)			2,264,847


		Croatia—0.0%
	10,188	FIMA Validus (1)(2)			39,766

		TOTAL COMMON STOCKS (Cost $8,834,625,762)			9,772,649,815



EQUITY LINKED NOTES—3.5%
		Taiwan—2.7%
	2,497,854	ACER Inc, Issued by CLSA, Expires 01/04/2011 (7)			5,994,850
	5,700,000	Advanced Semiconductor Engineering, Issued by Citigroup, Expires 01/17/2012 (7)			4,554,300
	1,931,020	Asia Cement, Issued by Deutsche Bank AG London, Expires 09/26/2017 (7)			2,060,205
	7,607,608	Asustek Computer, Issued by Merrill Lynch International, Expires 03/22/2011			14,261,222

See Notes to Financial Statements


96	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
EQUITY LINKED NOTES—Continued
		Taiwan—Continued

	4,867,000	Asustek Computer, Issued by Merrill Lynch International, Expires 10/20/2014 (7)		$	9,123,678
	9,044,723	AU Optronics, Issued by CLSA, Expires 06/11/2012 (7)			8,140,251
	31,011,000	Cathay Financial, Issued by Citigroup, Expires 01/17/2012 (2)(7)			54,207,228
	9,862,057	China Steel, Issued by Merrill Lynch International, Expires 08/08/2011 (7)			8,879,796
	47,976,863	Chinatrust Financial, Issued by Citigroup, Expires 01/17/2012 (7)			29,313,863
	1,977,000	Chunghwa Telecom, Issued by Deutsche Bank AG London, Expires 01/11/2018 (7)			3,501,069
	217,600	Chunghwa Telecom, Issued by Merrill Lynch International, Expires 06/07/2010			385,174
	1,842,000	Compal Electronics, Issued by Merrill Lynch International, Expires 10/20/2014 (7)			2,352,050
	1,255,000	Delta Electronics, Issued by Merrill Lynch International, Expires 05/05/2011 (7)			3,540,480
	15,977,000	First Financial, Issued by Citigroup, Expires 01/20/2010			9,378,499
	744,000	Foxconn Technology, Issued by Deutsche Bank AG London, Expires 08/20/2018 (7)			2,527,666
	1,930,000	Fubon Financial, Issued by Deutsche Bank AG London, Expires 03/13/2017 (2)			2,189,585
	8,859,341	Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/06/2018 (7)			35,409,900
	432,000	MediaTek Inc, Issued by Deutsche Bank AG London, Expires 01/30/2017 (7)			6,176,174
	9,606,000	Shin Kong Financial, Issued by Citigroup, Expires 01/17/2012 (2)(7)			3,996,096
	6,351,853	Siliconware Precision Industries, Issued by CLSA, Expires 04/02/2013 (7)			8,638,520
	20,133,000	SinoPac Financial, Issued by Citigroup, Expires 01/17/2012 (2)(7)			7,570,008
	1,297,000	Taiwan Fertilizer, Issued by Deutsche Bank AG London, Expires 01/19/2017 (7)			4,107,340
	26,193,863	Taiwan Semiconductor Manufacturing, Issued by Deutsche Bank AG London, Expires 01/19/2017			48,319,819
	3,210,000	Uni-President Enterprises, Issued by Citigroup, Expires 01/17/2012 (7)			3,608,040

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	97


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
EQUITY LINKED NOTES—Continued
		Taiwan—Continued

	6,810,286	United Microelectronics, Issued by CLSA, Expires 09/13/2011 (2)(7)		$	3,405,143
	15,191,400	United Microelectronics, Issued by Merrill Lynch International, Expires 08/16/2011 (2)(7)			7,562,279

					289,203,235


		India—0.8%
	29,659	Bharat Heavy Electricals, Issued by CLSA, Expires 07/20/2010 (7)			1,400,498
	327,453	Bharti Airtel, Issued by CLSA, Expires 05/31/2010 (7)			2,041,604
	940,792	Bharti Airtel, Issued by Merrill Lynch International, Expires 06/29/2012 (7)			5,853,514
	96,596	Housing Development Finance, Issued by CLSA, Expires 05/20/2010 (2)(7)			5,467,333
	949,843	ICICI Bank, Issued by CLSA, Expires 05/10/2010 (7)			15,991,842
	171,284	Larsen & Toubro, Issued by CLSA, Expires 04/11/2011 (7)			5,717,460
	723,194	Reliance Communications, Issued by Citigroup, Expires 10/24/2012			2,698,237
	431,573	Reliance Industries, Issued by CLSA, Expires 05/17/2010 (7)			17,745,815
	411,927	State Bank of India, Issued by Citigroup, Expires 10/24/2012 (7)			19,148,015
	24,268	State Bank of India, Issued by CLSA, Expires 05/13/2010 (7)			1,132,170
	584,741	Tata Steel, Issued by Citigroup, Expires 10/24/2012 (2)(7)			5,849,749
	206,319	Ultratech Cement Ltd, Issued by Merrill Lynch International, Expires 06/10/2014			3,374,347

					86,420,584


		Ukraine—0.0%
	1,016	Laona Investments, Issued by UniCredit Bank Austria, Expires 11/16/2010 (2)(3)			562,147

		TOTAL EQUITY LINKED NOTES (Cost $373,439,360)			376,185,966



PREFERRED STOCKS—1.6%
		Brazil—1.2%
	393,882	Banco Bradesco			7,800,224
	1,527,324	Gerdau SA			23,017,289
	451,525	Itau Unibanco			8,667,500
	570,726	Net Servicos de Comunicacao (2)			7,194,781

See Notes to Financial Statements


98	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
PREFERRED STOCKS—Continued
		Brazil—Continued

	1,913,477	Petroleo Brasileiro		$	38,419,754
	811,117	Usinas Siderurgicas de Minas Gerais - Class A			21,380,043
	1,245,139	Vale SA - Class A			28,146,998

					134,626,589


		Germany—0.2%
	118,861	Henkel AG (1)			5,404,605
	88,863	Porsche Automobil (1)			6,814,568
	83,136	Volkswagen AG (1)			8,293,355

					20,512,528


		Bulgaria—0.1%
	6,416,021	Chimimport AD (3)(5)			12,288,057


		Russia—0.1%
	20,525	Silvinit			7,101,650


		Philippines—0.0%
	11,528,247	Ayala Land (3)(6)			24,212

		TOTAL PREFERRED STOCKS (Cost $150,829,527)			174,553,036



INVESTMENT FUNDS—0.2%
		Australia—0.1%
	6,527,159	Australian Infrastructure Fund (1)			10,192,801


		Romania—0.1%
	4,035,500	SIF 1 Banat Crisana Arad (1)			1,389,040
	3,406,316	SIF 2 Moldova Bacau (1)			1,086,025
	9,533,500	SIF 3 Transilvania Brasov (1)			2,032,029
	4,871,855	SIF 4 Muntenia Bucuresti (1)			1,065,238
	4,143,975	SIF 5 Oltenia Craiova (1)			1,453,849

					7,026,181


		Sweden—0.0%
	1,485,000	NAXS Nordic Access Buyout Fund (2)			5,474,305


		Russia—0.0%
	92,634	Renaissance Pre-IPO Fund (2)(3)			1,157,925

		TOTAL INVESTMENT FUNDS (Cost $40,818,929)			23,851,212

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	99


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
FOREIGN GOVERNMENT COMPENSATION NOTES—0.1%
		Bulgaria—0.1%
	12,071,674	Bulgaria Compensation Notes (2)		$	2,185,413
	29,663,486	Bulgaria Compensation Vouchers (2)			5,146,414
	3,842,865	Bulgaria Housing Compensation Notes (2)			695,699

		TOTAL FOREIGN GOVERNMENT COMPENSATION NOTES (Cost $19,710,351)			8,027,526



RIGHTS—0.0%
		United Kingdom—0.0%
	314,125	Barratt Developments (2)			176,048


		Australia—0.0%
	451,165	CSR Ltd (2)(3)			108,033


		France—0.0%
	3	BNP Paribas (2)			—


		Italy—0.0%
	430,011	Mediobanca SpA (2)(3)			—

		TOTAL RIGHTS (Cost $377,880)			284,081

Face

Value

Currency

SHORT-TERM INVESTMENT COLLATERAL FROM SECURITY LENDING—1.6%

United States—1.6%

US Treasury Bill

173,013,996

USD

0.010% due 11/19/2009-09/23/2010

173,013,996

See Notes to Financial Statements


100	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

REPURCHASE AGREEMENT—3.0%

United States—3.0%

323,623,361

USD

State Street Bank and Trust Company Repurchase Agreement, dated 10/30/2009 due 11/02/2009, with a maturity value of $323,623,633 and an effective yield of 0.01%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 0.069%-4.000%, maturities ranging from 02/11/2010-12/15/2017 and an aggregate fair market value of $330,125,114. (Cost $323,623,361)

323,623,361

TIME DEPOSIT—0.0%

United States—0.0%

State Street Euro Dollar Time Deposit

800,000

USD

0.010% due 11/02/2009 (Cost $800,000)

800,000

TOTAL INVESTMENTS—100.9% (Cost $9,917,239,166)

10,852,988,993

OTHER ASSETS AND LIABILITIES—(0.9)%

(94,662,416

)

TOTAL NET ASSETS—100.0%

10,758,326,577

Notes to the Portfolio of Investments.


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
REIT		Real Estate Investment Trust
(1)		Security valued at fair value utilizing fair value model in accordance with valuation policies approved by the Board of Trustees.
(2)		Non-income producing security.
(3)		Illiquid security.
(4)		All or portion of this security was on loan to brokers at October 31, 2009.
(5)		Affiliated Security.
(6)		Security valued at fair value as determined by the policies approved by the Board of Trustees.
(7)		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.
		Aggregate cost for federal income tax purposes was $10,359,551,263.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	101


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS	October 31, 2009

Artio International Equity 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)
12/10/09	UBS AG	AUD	87,551,249		78,834,150		74,124,389	$	4,709,761
12/16/09	Credit Suisse London Branch	AUD	63,268,883		56,935,030		54,351,134		2,583,896
11/04/09	JPMorgan Chase Bank N.A	BRL	438,808,351		251,444,490		244,606,870		6,837,620
11/04/09	State Street Bank & Trust Company	BRL	58,523,578		33,534,984		33,557,097		(22,113	)
12/16/09	Deutsche Bank AG London	CAD	476,880,125		442,704,043		443,980,566		(1,276,523	)
11/03/09	Credit Suisse London Branch	CZK	287,855,054		16,014,591		12,984,996		3,029,595
11/03/09	UBS AG	CZK	8,806,766,601		489,957,557		469,883,798		20,073,759
12/16/09	UBS AG	EUR	9,111,915		13,442,438		13,601,993		(159,555	)
12/16/09	Credit Suisse London Branch	GBP	53,424,486		88,040,186		88,312,134		(271,948	)
12/16/09	Deutsche Bank AG London	GBP	181,390,031		298,919,340		287,525,926		11,393,414
02/19/10	UBS AG	HUF	9,957,214,794		52,698,284		50,516,925		2,181,359
11/27/09	Credit Suisse London Branch	INR	5,440,438,829		115,656,202		116,392,941		(736,739	)
12/10/09	Deutsche Bank AG London	JPY	3,522,172,363		38,917,576		37,995,387		922,189
12/16/09	Credit Suisse London Branch	JPY	7,394,845,042		81,711,338		81,722,283		(10,945	)
01/04/10	JPMorgan Chase Bank N.A	JPY	20,147,278,929		222,652,128		223,113,703		(461,575	)
11/30/09	JPMorgan Chase Bank N.A	KRW	204,246,476,093		172,701,656		171,189,738		1,511,918
12/16/09	Credit Suisse London Branch	MXN	585,437,640		44,252,233		43,317,620		934,613
12/16/09	Credit Suisse London Branch	NOK	678,443,867		118,874,131		115,357,383		3,516,748
11/19/09	UBS AG	PLN	444,247,683		153,906,130		164,348,318		(10,442,188	)
12/16/09	Deutsche Bank AG London	SEK	24,986,668		3,543,473		3,562,718		(19,245	)

See Notes to Financial Statements


102	Artio Global Funds ï 2009 Annual Report


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)	October 31, 2009

Artio International Equity Fund

Contracts to Receive

Net Unrealized

Expiration

Local

Value in

In Exchange

Appreciation

Date

Counterparty

Currency

USD

for USD

(Depreciation)

11/09/09

Credit Suisse London Branch

TWD

1,618,777,850

49,806,251

50,799,531

(993,280

)

12/17/09

Credit Suisse London Branch

ZAR

990,912,709

125,567,888

128,568,367

(3,000,479

)

Net unrealized appreciation on forward foreign exchange contracts to buy

40,300,282

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)
12/10/09	UBS AG	AUD	87,551,249		78,834,151		79,946,541	$	1,112,390
12/16/09	Credit Suisse London Branch	AUD	63,268,883		56,935,030		57,917,476		982,446
11/04/09	JPMorgan Chase Bank N.A	BRL	438,808,351		251,444,489		253,466,693		2,022,204
11/04/09	State Street Bank & Trust Company	BRL	58,523,578		33,534,984		33,613,849		78,865
12/16/09	Deutsche Bank AG London	CAD	231,757,033		215,147,938		218,719,449		3,571,511
11/03/09	Credit Suisse London Branch	CZK	287,855,054		16,014,590		15,094,654		(919,936	)
11/03/09	UBS AG	CZK	8,806,766,601		489,957,557		467,801,558		(22,155,999	)
12/16/09	Goldman Sachs & Co	CZK	346,604,447		19,262,681		19,251,524		(11,157	)
12/16/09	JPMorgan Chase Bank N.A	CZK	380,896,782		21,168,492		21,700,120		531,628
12/16/09	UBS AG	CZK	2,640,988,547		146,774,002		147,286,183		512,181
12/16/09	Credit Suisse London Branch	EUR	396,779,822		585,353,184		585,176,842		(176,342	)
12/16/09	UBS AG	EUR	107,025,889		157,890,955		158,240,468		349,513
12/16/09	Deutsche Bank AG London	GBP	28,398,632		46,799,157		46,440,620		(358,537	)
02/19/10	UBS AG	HUF	9,957,214,794		52,698,284		45,864,443		(6,833,841	)
11/27/09	Credit Suisse London Branch	INR	5,440,438,835		115,656,202		114,520,758		(1,135,444	)

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	103


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)	October 31, 2009

Artio International Equity Fund


		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
12/10/09	Deutsche Bank AG London	JPY	65,988,451		729,127		728,446	$	(681	)
12/16/09	Credit Suisse London Branch	JPY	5,344,505,522		59,055,557		58,388,925		(666,632	)
01/04/10	JPMorgan Chase Bank N.A	JPY	765,247,727		8,456,925		8,464,802		7,877
11/30/09	JPMorgan Chase Bank N.A	KRW	204,246,476,093		172,701,655		170,018,230		(2,683,425	)
12/16/09	Credit Suisse London Branch	MXN	585,437,640		44,252,234		44,003,368		(248,866	)
12/16/09	Credit Suisse London Branch	NOK	678,443,867		118,874,132		118,405,146		(468,986	)
12/16/09	Goldman Sachs & Co	NOK	192,603,625		33,747,212		33,659,311		(87,901	)
11/19/09	UBS AG	PLN	444,247,683		153,906,130		141,517,856		(12,388,274	)
12/16/09	Deutsche Bank AG London	SEK	24,986,668		3,543,472		3,634,826		91,354
12/16/09	Goldman Sachs & Co	SEK	394,750,200		55,981,315		56,112,324		131,009
11/09/09	Credit Suisse London Branch	TWD	1,618,777,850		49,806,251		49,678,621		(127,630	)
12/17/09	Credit Suisse London Branch	ZAR	990,912,709		125,567,888		129,298,131		3,730,243

Net unrealized depreciation on forward foreign exchange contracts to sell								$	(35,142,430	)

See Notes to Financial Statements


104	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)	October 31, 2009

Artio International Equity Fund

At October 31, 2009, sector diversification of the Fund’s investments were as follows:


	% of Net			Fair Market
	Assets			Value (Note 2)
INDUSTRY SECTOR
Financials		32.1	%	$	3,452,705,186
Materials		11.5			1,235,610,019
Industrials		11.1			1,198,016,061
Energy		9.9			1,070,146,402
Consumer Discretionary		7.5			802,160,253
Consumer Staples		6.1			654,176,611
Telecommunication Services		6.1			651,979,663
Healthcare		5.8			623,855,090
Information Technology		3.8			403,479,008
Utilities		2.4			263,423,343
Short-term Investment		4.6			497,437,357

Total Investments		100.9			10,852,988,993
Other Assets and Liabilities (Net)		(0.9	)		(94,662,416	)

Net Assets		100.0	%	$	10,758,326,577

See Notes to Financial Statements


106	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—90.5%
		United Kingdom—9.4%
	1,713,929	Anglo American (1)(2)		$	62,528,271
	485,920	AstraZeneca PLC (2)			21,935,292
	2,382,632	Aviva PLC (2)			14,983,011
	9,561,295	Barclays PLC (2)			50,241,546
	568,386	BG Group (2)			9,840,927
	9,763,813	BP PLC (2)			92,350,932
	211,269	British Land REIT (2)			1,640,049
	2,344,500	BT Group (2)			5,027,029
	1,657,458	Cadbury PLC (2)			20,968,200
	56,400	Carnival PLC (2)			1,756,355
	2,830,170	Diageo PLC (2)			46,326,474
	6,204,200	Friends Provident (2)			8,344,433
	351,236	G4S PLC (2)			1,462,201
	1,866,995	GKN PLC (1)(2)			3,283,742
	3,805,429	GlaxoSmithKline PLC (2)			78,488,417
	10,570,974	HSBC Holdings (2)			117,486,867
	314,999	Imperial Tobacco (2)			9,323,268
	1,171,684	Kingfisher PLC (2)			4,304,774
	166,589	Land Securities REIT (2)			1,812,988
	6,395,091	Legal & General (2)			8,250,474
	15,895,770	Lloyds Banking (1)(2)(3)			22,585,038
	988,891	Marks & Spencer (2)			5,565,135
	89,428	Next PLC (2)			2,636,342
	7,572,133	Old Mutual (2)			13,198,258
	1,656,640	Prudential PLC (2)			15,096,561
	1,536,659	Rentokil Initial (1)(2)			2,631,814
	852,129	Rolls-Royce Group (1)(2)			6,319,794
	51,127,740	Rolls-Royce Group C Shares (1)(4)			84,276
	15,497,870	Royal Bank of Scotland (1)(2)			10,635,816
	648,520	Smith & Nephew (2)			5,762,461
	1,684,145	Standard Chartered (2)			41,535,171
	6,250,628	Tesco PLC (2)			41,892,551
	30,864	Vedanta Resources (2)			1,057,338
	41,110,977	Vodafone Group (2)			91,351,161
	427,061	Whitbread PLC (2)			8,892,226
	166,154	Wolseley PLC (1)(2)			3,373,638
	3,139,966	WPP PLC (2)			28,280,795

					861,253,625

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	107


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		Japan—9.4%
	119,200	AEON Mall (2)		$	2,508,711
	394,948	Aisin Seiki (2)			9,889,274
	269,900	Asahi Breweries (2)			4,768,241
	964,000	Asahi Glass (2)			7,984,889
	3,007,000	Bank of Yokohama (2)			14,512,373
	37,400	Benesse Holdings (2)			1,649,429
	752,500	Bridgestone Corp (2)			12,266,545
	1,050,764	Canon Inc (2)			39,210,825
	1,496	Central Japan Railway (2)			9,932,646
	1,781,000	Chiba Bank (2)			10,834,765
	195,200	Credit Saison (2)			2,182,043
	156,300	Daikin Industries (2)			5,296,957
	1,770,700	Daiwa Securities (2)			9,358,107
	352,049	Denso Corp (2)			9,562,943
	285,700	East Japan Railway (2)			18,209,135
	213,700	Eisai Co (2)			7,530,433
	49,000	FamilyMart Co (2)			1,450,915
	183,840	Fanuc Ltd (2)			15,355,560
	747,000	Fukuoka Financial (2)			2,694,764
	87,611	Hitachi Construction Machinery (2)			2,021,285
	1,568,432	Honda Motor (2)			48,262,489
	1,150,888	ITOCHU Corp (2)			7,149,960
	118,468	Japan Steel Works (2)			1,294,374
	475,200	JFE Holdings (2)			15,217,220
	1,698,000	Kawasaki Heavy Industries (2)			4,188,987
	610	KDDI Corp (2)			3,223,246
	586,000	Kirin Holdings (2)			9,560,252
	1,158,330	Komatsu Ltd (2)			22,383,804
	220,000	Konica Minolta (2)			2,040,602
	860,484	Kubota Corp (2)			6,638,252
	47,825	Kurita Water Industries (2)			1,470,651
	82,800	Kyocera Corp (2)			6,890,860
	35,400	Lawson Inc (2)			1,571,826
	114,600	Makita Corp (2)			3,810,179
	777,438	Mitsubishi Corp (2)			16,515,683
	1,505,000	Mitsubishi Electric (1)(2)			11,287,433
	855,000	Mitsubishi Estate (2)			12,909,554
	1,424,000	Mitsubishi Heavy Industries (2)			4,979,674
	5,681,600	Mitsubishi UFJ Financial (2)			30,160,450

See Notes to Financial Statements


108	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued

	101,380	Mitsubishi UFJ Lease & Finance (2)		$	3,020,476
	1,166,000	Mitsui & Co (2)			14,964,698
	685,000	Mitsui Fudosan (2)			10,936,342
	306,000	NGK Insulators (2)			6,842,065
	169,014	Nidec Corp (2)			14,335,789
	333,300	Nikon Corp (2)			6,186,708
	26,841	Nintendo Co (2)			6,806,294
	276	Nippon Building Fund REIT (2)			2,266,040
	2,707,000	Nippon Steel (2)			10,137,698
	243,500	Nippon Telegraph & Telephone (2)			10,003,712
	2,077,300	Nissan Motor (1)(2)			14,689,135
	3,440,400	Nomura Holdings (2)			23,940,519
	290,000	NSK Ltd (2)			1,652,722
	6,628	NTT DoCoMo (2)			9,601,296
	82,130	ORIX Corp (2)			5,323,723
	1,230,751	Panasonic Corp (2)			16,967,122
	283,100	Resona Holdings (2)			3,357,353
	659,000	Ricoh Co (2)			9,043,146
	95,200	Seven & I (2)			2,075,469
	196,780	Shin-Etsu Chemical (2)			10,308,547
	1,110,000	Shizuoka Bank (2)			10,957,727
	37,800	SMC Corp (2)			4,319,491
	565,798	Sony Corp (2)			16,535,826
	79,600	Stanley Electric (2)			1,540,947
	337,000	Sumitomo Heavy Industries (1)(2)			1,509,044
	1,642,000	Sumitomo Metal Industries (2)			4,142,990
	1,562,300	Sumitomo Mitsui Financial (2)			53,364,423
	537,000	Sumitomo Realty & Development (2)			10,034,295
	3,165,000	Sumitomo Trust & Banking (2)			16,244,182
	317,000	Suruga Bank (2)			2,849,260
	1,030,700	Suzuki Motor (2)			24,970,881
	282,096	Takeda Pharmaceutical (2)			11,280,814
	252,200	Tokio Marine (2)			6,453,016
	151,800	Tokyo Electric Power (2)			3,725,838
	663,000	Toshiba Corp (1)(2)			3,723,896
	50,275	Toyota Boshoku (2)			1,022,543
	2,594,394	Toyota Motor (2)			102,087,866
	63,000	Unicharm Corp (2)			6,002,173

					859,999,402

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	109


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		France—8.3%
	118,499	Accor SA (2)		$	5,707,937
	377,360	Aeroports de Paris (2)			28,776,710
	2,668,393	Alcatel-Lucent (1)(2)			10,006,563
	152,803	Alstom SA (2)			10,606,648
	1,774,271	AXA SA (2)			44,206,586
	941,717	BNP Paribas (2)			71,026,898
	256,567	Bouygues SA (2)			12,102,668
	542,785	Carrefour SA (2)			23,374,123
	69,854	Casino Guichard-Perrachon (2)			5,562,094
	81,200	Cie Generale de Geophysique-Veritas (1)(2)			1,615,945
	531,816	Compagnie de Saint-Gobain (2)			25,958,519
	101,867	Compagnie Generale des Etablissements Michelin (2)			7,568,211
	1,602,763	Credit Agricole (2)			30,860,824
	619,474	Danone SA (2)			37,316,852
	279,532	Electricite de France (2)			15,585,479
	5,007	Eramet (2)			1,563,073
	1,875,485	France Telecom (2)			46,492,765
	639,307	GDF Suez (2)			26,824,851
	223,878	Lafarge SA (2)			18,305,966
	19,638	Lagardere SCA (2)			888,793
	176,581	LVMH (2)			18,366,247
	868,353	Natixis (1)(2)			4,881,720
	112,673	Pernod-Ricard SA (2)			9,428,277
	106,336	Peugeot SA (1)(2)			3,472,109
	57,820	PPR (2)			6,323,926
	298,204	Publicis Groupe (2)			11,374,378
	239,532	Renault SA (1)(2)			10,736,456
	608,297	Sanofi-Aventis SA (2)			44,576,963
	173,817	Schneider Electric (2)			18,100,680
	782,939	Societe Generale (2)			52,137,405
	1,479,539	Total SA (2)			88,329,205
	51,133	Vallourec SA (2)(3)			8,105,988
	328,304	Veolia Environnement (2)			10,717,712
	676,386	Vinci SA (2)			35,393,757
	555,151	Vivendi (2)			15,416,328

					761,712,656


		Germany—7.2%
	270,405	Adidas AG (2)			12,548,831
	403,125	Allianz SE (2)			46,320,436

See Notes to Financial Statements


110	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Germany—Continued

	641,978	Bayer AG (2)		$	44,581,391
	33,897	Beiersdorf AG (2)			2,090,182
	72,784	Bilfinger Berger (2)			4,678,534
	280,014	BMW AG (2)			13,717,195
	239,228	Celesio AG (2)			5,977,178
	330,952	Commerzbank AG (1)(2)(3)			3,436,556
	797,327	Daimler AG (2)			38,912,011
	482,141	Deutsche Bank (2)			35,003,074
	179,785	Deutsche Boerse (2)			14,618,393
	1,152,455	Deutsche Post (2)			19,504,298
	29,862	Deutsche Postbank (1)(2)			925,409
	2,014,990	Deutsche Telekom (2)			27,552,972
	1,119,227	E.ON AG (2)			42,891,464
	2,197,227	Fraport AG (2)			103,691,424
	256,694	Fresenius SE (2)			12,802,595
	281,496	GEA Group (2)			5,329,421
	21,275	Hamburger Hafen und Logistik (2)			831,791
	428,134	HeidelbergCement AG (2)			25,571,813
	53,485	Hochtief AG (2)			4,028,273
	232,740	K+S AG (2)			12,710,292
	251,469	MAN SE (2)			20,755,124
	28,460	Merck KGaA (2)			2,680,445
	332,033	Metro AG (2)			18,495,324
	62,864	MunichRe (2)			9,996,314
	186,653	RWE AG (2)			16,386,009
	128,591	Salzgitter AG (2)			11,564,761
	478,200	SAP AG (2)			21,665,310
	776,116	Siemens AG (2)			70,116,059
	145,295	ThyssenKrupp AG (2)			4,686,107
	19,142	Wacker Chemie (2)			2,762,940

					656,831,926


		Switzerland—6.8%
	1,568,119	ABB Ltd (1)(2)			29,259,686
	118,639	BKW FMB Energie (2)			9,784,963
	832,078	Credit Suisse (2)			44,516,335
	74,643	Flughafen Zuerich (2)			21,770,133
	355,191	Holcim Ltd (1)(2)			22,584,821
	51,414	Logitech International (1)(2)			879,731
	2,422,442	Nestle SA (2)			112,788,646

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	111


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Switzerland—Continued

	830,047	Nobel Biocare (2)		$	23,587,240
	1,521,975	Novartis AG (2)			79,519,018
	554,418	Roche Holding (2)			88,972,973
	82,066	Sulzer AG (2)			6,412,340
	27,541	Swatch Group (2)			6,430,939
	18,800	Swiss Life (1)(2)			2,252,242
	449,761	Swiss Reinsurance (2)			18,354,527
	28,073	Swisscom AG (2)			10,161,836
	43,161	Syngenta AG (2)			10,233,154
	3,223,329	UBS AG (1)(2)			54,065,938
	4,582,068	Xstrata PLC (1)(2)			65,915,482
	77,014	Zurich Financial Services (2)			17,659,318

					625,149,322


		Australia—6.3%
	7,024,761	Alumina Ltd (1)(2)			10,274,117
	1,716,375	AMP Ltd (2)			8,999,739
	3,210,335	Asciano Group (1)(2)			4,350,222
	1,862,747	Australia & New Zealand Banking (2)			38,033,511
	2,612,968	BHP Billiton (2)			82,051,199
	4,040,906	BlueScope Steel (2)			10,655,414
	357,815	Boral Ltd (2)			1,827,876
	785,043	Commonwealth Bank of Australia (2)			36,277,228
	2,192,805	CSR Ltd (2)			3,721,165
	1,042,765	Fortescue Metals (1)(2)			3,499,217
	1,687,053	Insurance Australia (2)			5,660,717
	5,601,122	Macquarie Infrastructure (2)			7,231,033
	16,640,560	Map Group (2)			42,762,061
	1,415,022	Map Group (4)			3,669,623
	1,746,832	National Australia Bank (2)(4)			46,058,939
	2,159,855	Rio Tinto (2)(3)			120,400,739
	2,010,124	Rio Tinto (2)			89,102,332
	845,903	Suncorp-Metway Ltd (2)			6,606,802
	443,614	Toll Holdings (2)			3,363,103
	402,309	Wesfarmers Ltd (2)			9,950,302
	1,545,742	Westpac Banking (2)			36,133,625

					570,628,964


		China—4.9%
	4,148,000	Aluminum Corp of China - Class H (1)(2)			4,518,443

See Notes to Financial Statements


112	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		China—Continued

	1,021,000	Angang Steel - Class H (2)(3)		$	1,851,690
	258,000	Anhui Conch Cement - Class H (2)			1,669,309
	122,343,093	Bank of China - Class H (2)			69,907,414
	19,320,089	Bank of Communications - Class H (2)			23,077,137
	56,939,705	Beijing Capital International Airport - Class H (1)(2)(3)			38,280,152
	3,649,000	China CITIC Bank - Class H (2)			2,721,735
	4,708,000	China Coal Energy - Class H (2)			6,525,477
	4,003,000	China Communications Construction - Class H (2)(3)			4,324,792
	131,939,868	China Construction Bank - Class H (2)			113,345,339
	1,464,500	China COSCO - Class H (2)(3)			1,790,852
	969,000	China Dongxiang (2)			592,744
	6,896,674	China Life Insurance - Class H (2)			31,788,659
	4,889,500	China Merchants Bank - Class H (2)			12,546,481
	770,000	China National Building Material - Class H (2)			1,655,467
	24,066,000	China Petroleum & Chemical - Class H (2)			20,237,844
	935,500	China Railway Construction - Class H (2)			1,235,398
	1,490,500	China Shenhua Energy - Class H (2)			6,651,960
	434,000	China Shipping Development - Class H (2)			613,741
	15,632,000	China Telecom - Class H (2)			6,909,028
	2,611,000	Foxconn International (1)(2)			2,312,252
	808,000	Huaneng Power International - Class H (2)			517,655
	94,322,670	Industrial & Commercial Bank of China - Class H (2)			75,022,525
	1,532,484	PetroChina Co - Class H (2)			1,850,068
	1,691,186	Ping An Insurance - Class H (2)			14,796,429
	328,000	Shandong Weigao Group Medical Polmer - Class H (2)			1,143,982

					445,886,573


		Russia—4.5%
	6,816,851	AvtoVAZ (1)(4)			3,451,372
	247,110	AvtoVAZ Sponsored GDR (1)(4)			625,558
	844,804	Evraz Group Sponsored GDR (1)(2)			20,427,740
	113,656	Gazprom Neft Sponsored ADR (2)			2,919,362
	1,714,000	Gazprom OAO Sponsored ADR (2)			40,925,937
	60,770,048	IDGC Holding JSC (1)(2)			7,078,677
	203,234	Inter Rao UES Sponsored GDR (1)(4)(5)			2,012,017
	76,728	Kuzbassenergo OJSC Sponsored GDR (1)(4)(5)			224,717
	999,460	LUKOIL OAO Sponsored ADR (2)			57,748,883
	526,180	Mechel Sponsored ADR			9,029,249
	2,129,581	MMC Norilsk Nickel Sponsored ADR (1)			28,110,469
	115,121	Mobile TeleSystems Sponsored ADR			5,214,981

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	113


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Russia—Continued

	361,275	Mosenergo OAO Sponsored GDR (1)(5)		$	1,626,105
	115,150	NovaTek OAO Sponsored GDR (2)			5,758,802
	373,980	Novolipetsk Steel Sponsored GDR (1)(2)			9,693,092
	253,650	Novorossiysk Sea Trade Port Sponsored GDR (2)			2,908,647
	1,062,048	OGK1 OAO Sponsored GDR (1)(4)(5)			1,309,670
	276,000	OGK2 OAO Sponsored GDR (1)(4)(5)			952,200
	91,080,342	OGK3 OJSC (1)			4,918,338
	453,744	OGK3 OJSC Sponsored GDR (1)(4)(5)			1,191,347
	61,782,882	OGK4 OJSC (1)			3,150,927
	321,816	OGK6 OAO Sponsored GDR (1)(4)(5)			902,832
	100,000	Pharmstandard Sponsored GDR (1)(2)			1,619,182
	55,200,000	RAO Energy System of East (1)(4)			430,560
	8,257,943	Rosneft Oil Sponsored GDR (1)(2)			62,468,878
	40,437,499	Sberbank (2)			88,397,505
	622,895	Severstal Sponsored GDR (2)			4,484,592
	60,900	Sistema JSFC Sponsored GDR (1)(2)			981,653
	977,507	Sistema-Hals Sponsored GDR (1)(5)			1,586,761
	421,728	TGK1 OAO Sponsored GDR (1)(4)(5)			975,105
	17,664	TGK14 JSC Sponsored GDR (1)(4)(5)			58,087
	71,208	TGK2 Sponsored GDR (1)(4)(5)			160,986
	174,984	TGK4 Sponsored GDR (1)(4)(5)			284,713
	185,472	TGK9 OAO Sponsored GDR (1)(4)(5)			432,019
	256,168	Uralkali Sponsored GDR (1)(2)			5,739,883
	277,330	Vimpel-Communications Sponsored ADR			4,972,527
	184,368	Volga Territorial Generating Sponsored GDR (4)(5)			830,475
	5,724,628	VTB Bank OJSC Sponsored GDR (2)			22,763,136
	130,988	X 5 Retail Sponsored GDR (1)(2)			3,138,308
	189,888	Yenisei Territorial Generating Sponsored GDR (1)(4)(5)			182,776

					409,688,068


		Netherlands—4.5%
	2,849,184	AEGON NV (1)(2)			20,351,942
	197,004	European Aeronautic Defence & Space (2)			3,700,882
	171,117	Heineken Holding (2)			6,687,920
	619,068	Heineken NV (2)			27,481,809
	2,308,152	ING Groep Dutch Certificate (1)(2)			29,919,676
	688,686	KKR & Company Guernsey (Unit) (1)(2)			6,115,661
	131,723	Koninklijke Boskalis Westminster (2)			4,628,629
	971,954	Koninklijke Philips Electronics (2)			24,496,862
	3,034,015	Koninklijke (Royal) KPN (2)			55,148,376

See Notes to Financial Statements


114	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Netherlands—Continued

	86,863	Randstad Holding (1)(2)		$	3,311,836
	1,458,150	Reed Elsevier (2)			17,059,468
	3,204,235	Royal Dutch Shell - Class A (2)			95,375,854
	2,005,000	Royal Dutch Shell - Class B (2)			58,331,670
	344,700	SBM Offshore (2)			6,641,374
	339,548	TNT NV (2)			9,019,373
	1,331,488	Unilever NV Dutch Certificate (2)			41,112,914

					409,384,246


		Canada—4.1%
	359,446	Agrium Inc			16,797,727
	270,070	Bank of Montreal			12,550,784
	552,132	Bank of Nova Scotia			23,193,440
	2,606,016	Bombardier Inc-Class B			10,620,507
	305,661	Canadian Imperial Bank of Commerce (3)			17,592,817
	186,989	Canadian Oil Sands Trust (Unit)			5,065,298
	119,684	Canadian Pacific Railway			5,210,898
	680,985	EnCana Corp			37,930,839
	121,407	Finning International			1,798,789
	74,141	IGM Financial			2,653,301
	439,880	Ivanhoe Mines (1)			4,761,419
	527,825	Manulife Financial			9,946,943
	98,726	National Bank of Canada			5,168,176
	353,719	Nexen Inc			7,644,428
	330,803	Potash Corp of Saskatchewan			30,988,981
	201,520	Research In Motion (1)			11,835,270
	883,018	Royal Bank of Canada (3)			44,921,450
	104,179	Shoppers Drug Mart			4,157,682
	54,790	Sun Life Financial			1,522,340
	1,123,645	Suncor Energy			37,468,742
	2,625,980	Talisman Energy			45,001,477
	510,641	Teck Resources -Class B (1)			14,889,746
	395,400	Toronto-Dominion Bank			22,640,431

					374,361,485


		Italy—3.4%
	986,622	Assicurazioni Generali (2)			24,907,203
	334,265	Atlantia SpA (2)			7,930,879
	74,692	Autogrill SpA (1)(2)			842,417
	3,612,478	Banca Monte dei Paschi di Siena (2)			6,866,783

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	115


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Italy—Continued

	1,489,592	Banca Popolare di Milano (2)		$	11,113,549
	507,138	Banco Popolare (1)(2)			4,409,609
	1,114,365	Buzzi Unicem (2)			18,726,365
	1,239,452	Enel SpA (2)			7,408,218
	2,025,579	Eni SpA (2)			50,349,831
	553,372	Fiat SpA (1)(2)			8,239,190
	259,181	Fondiaria-Sai SpA (2)			4,732,075
	206,634	Geox SpA (2)			1,584,769
	6,713,328	Intesa Sanpaolo (1)(2)			28,355,295
	3,759,521	Intesa Sanpaolo (2)			12,276,272
	543,845	Italcementi SpA (2)			7,847,215
	418,658	Mediaset SpA (2)			2,731,492
	1,079,589	Mediobanca SpA (2)			13,780,973
	2,375,631	Parmalat SpA (2)			6,595,453
	12,205,571	Telecom Italia (2)			19,435,963
	22,122,744	UniCredit SpA (1)(2)			74,196,201

					312,329,752


		Spain—3.0%
	12,414	Acciona SA (2)			1,521,432
	2,375,363	Banco Bilbao Vizcaya Argentaria (2)			42,657,269
	151,618	Banco Popular Espanol (2)			1,354,591
	6,092,643	Banco Santander Brasil SA (2)			98,325,808
	111,965	Cintra Concesiones de Infraestructuras de Transporte (2)			1,158,454
	40,914	Fomento de Construcciones y Contratas (2)			1,667,080
	41,717	Gamesa Corp Tecnologica (2)			765,902
	137,971	Grupo Ferrovial (2)(3)			5,723,601
	1,178,598	Iberdrola SA (2)			10,713,337
	85,656	Inditex SA (2)(3)			5,040,907
	405,401	Repsol YPF (2)			10,820,517
	96,397	Sacyr Vallehermoso (1)(2)			1,456,880
	3,438,809	Telefonica SA (2)			96,231,596

					277,437,374


		South Korea—2.2%
	46,779	Doosan Heavy Industries and Construction (2)			2,532,524
	146,523	Hana Financial (2)			4,371,844
	432,500	Hynix Semiconductor (1)(2)			6,458,636
	44,790	Hyundai Heavy Industries (2)			6,210,142
	8,210	Hyundai Mobis (2)			1,071,811

See Notes to Financial Statements


116	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		South Korea—Continued

	114,740	Hyundai Motor (2)		$	10,412,666
	732,002	KB Financial (1)(2)			35,479,300
	75,900	LG Display (2)			1,829,181
	50,840	LG Electronics (2)			4,720,478
	51,154	NHN Corp (1)(2)			7,599,897
	112,882	POSCO (2)			46,877,663
	55,161	Samsung Electronics (2)			33,205,345
	764,830	Shinhan Financial (1)(2)			29,238,944
	12,202	Shinsegae Co (2)			5,299,230
	30,498	SK Telecom (2)			4,662,479
	209,500	Woori Finance (1)(2)			2,833,653

					202,803,793


		Czech Republic—1.7%
	791,898	Komercni Banka (2)			157,363,799


		Hong Kong—1.7%
	32,500	Beijing Enterprises (2)			193,624
	3,972,000	China Mengniu Dairy (1)(2)			11,126,680
	5,113,912	China Merchants Holdings International (2)			16,330,373
	3,449,020	China Mobile (2)			32,296,168
	1,181,619	China Resources Enterprise (2)			3,944,430
	249,109	China Resources Power (2)			516,298
	8,636,000	China Unicom (Hong Kong) (2)			11,056,777
	5,146,000	CNPC Hong Kong (2)			5,347,001
	3,938,000	Cosco Pacific (2)			5,484,270
	20,566,000	Denway Motors (2)			9,753,868
	1,298,282	Esprit Holdings (2)			8,507,222
	59,064,471	GOME Electrical Appliances (1)			17,833,084
	2,745,000	Hutchison Whampoa (2)			19,217,017
	15,404,000	Lenovo Group (2)			8,658,077
	2,864,505	Melco International Development (1)(2)(3)			1,561,628

					151,826,517


		Norway—1.6%
	1,065,674	Dnb NOR (1)(2)			12,286,191
	3,483,184	Norsk Hydro (1)(2)			22,851,703
	2,706,864	Orkla ASA (2)			25,154,742
	2,234,291	Statoil ASA (2)			53,245,923
	2,172,084	Storebrand ASA (1)(2)			14,858,549
	629,142	Telenor ASA (1)(2)			8,138,494

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	117


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Norway—Continued

	341,064	Yara International (2)		$	11,400,246

					147,935,848


		Mexico—1.5%
	881,928	America Movil Sponsored ADR - Class L			38,919,482
	3,117,286	Cemex Sponsored ADR (1)			32,357,429
	1,422,426	Cemex (Unit) (1)			1,486,717
	265,609	Fomento Economico Mexicano Sponsored ADR			11,503,526
	627,622	Grupo Cementos de Chihuahua (1)			1,708,673
	3,223,295	Grupo Financiero Banorte			10,611,681
	2,627,780	Grupo Modelo - Class C (1)			12,224,648
	554,907	Grupo Televisa			2,126,341
	1,231,024	Grupo Televisa Sponsored ADR			23,832,625

					134,771,122


		Poland—1.2%
	30,890	Bank Handlowy w Warszawie (1)(2)			677,613
	755,696	Bank Pekao (1)(2)			40,333,094
	141,649	Bank Zachodni WBK SA (1)(2)			7,548,938
	3,628,281	PKO Bank Polski (2)			42,897,597
	1,579,176	PKO Bank Polski (1)(4)			19,006,749

					110,463,991


		Hungary—1.0%
	1,195,669	Magyar Telekom Telecommunications (2)			5,172,308
	2,945,812	OTP Bank (1)(2)			82,021,152

					87,193,460


		Sweden—0.9%
	469,662	Atlas Copco - Class A (2)			6,453,815
	80,168	Autoliv Inc (2)			2,804,026
	74,098	Hennes & Mauritz - Class B (2)			4,275,102
	287,071	Husqvarna AB - Class B (1)(2)			1,843,969
	1,114,232	Sandvik AB (2)			12,629,924
	390,548	Skandinaviska Enskilda Banken - Class A (1)(2)			2,446,548
	258,563	SKF AB - Class B (2)			4,188,865
	1,162,763	Svenska Cellulosa - Class B (2)			16,248,847
	1,258,242	Swedbank AB - Class A (1)(2)			11,188,274
	202,341	Swedish Match (2)			4,220,163
	578,964	TeliaSonera AB (2)			3,890,830

See Notes to Financial Statements


118	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Sweden—Continued

	1,228,072	Volvo AB - Class B (2)		$	11,883,160

					82,073,523


		Finland—0.9%
	341,339	Fortum Oyj (2)			8,097,798
	259,614	Kesko Oyj-Class B (2)			8,663,804
	100,095	Metso Oyj (2)			2,799,649
	610,184	Neste Oil (2)			10,819,823
	1,580,500	Nokia Oyj (2)			19,995,062
	83,169	Nokian Renkaat (2)			1,778,742
	431,016	Orion Oyj - Class B (2)			8,212,536
	142,074	Outokumpu Oyj (2)			2,347,256
	103,303	Rautaruukki Oyj (2)			2,110,034
	1,400,583	Stora Enso - Class R (1)(2)			10,658,422
	181,695	UPM-Kymmene Oyj (2)			2,191,613

					77,674,739


		Austria—0.8%
	14,267	Andritz AG (2)			787,957
	242,947	Erste Group Bank (2)(3)			9,787,245
	37,259	Flughafen Wien (2)			1,876,710
	771,168	OMV AG (2)			31,953,170
	71,059	Raiffeisen International Bank (2)(3)			4,179,132
	314,309	Telekom Austria (2)			5,159,878
	258,190	Voestalpine AG (2)			8,822,973
	335,721	Wienerberger AG (1)(2)			6,065,324

					68,632,389


		Belgium—0.7%
	249,760	Anheuser-Busch InBev (2)			11,768,004
	67,243	Belgacom SA (2)			2,528,645
	666,359	Dexia SA (1)(2)			5,558,588
	5,069,531	Fortis (1)(2)			21,973,117
	411,452	KBC Groep (1)(2)			17,613,265
	55,454	UCB SA (2)			2,376,416
	164,154	Umicore (2)			4,998,987

					66,817,022


		Greece—0.6%
	1,143,846	Alpha Bank (1)(2)			21,903,477
	214,870	Coca Cola Hellenic Bottling (2)			5,613,675

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	119


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Greece—Continued

	626,013	Hellenic Telecommunications Organization (2)		$	10,503,629
	525,903	National Bank of Greece (1)(2)			19,147,141

					57,167,922


		Ireland—0.6%
	1,954,651	Allied Irish Banks (1)(2)			5,372,780
	6,326,505	Bank of Ireland (1)(2)			15,860,765
	1,399,192	CRH PLC (2)			34,206,352

					55,439,897


		Denmark—0.6%
	5,202	ALK-Abello A/S (2)			441,492
	1,209	AP Moller-Maersk - Class B (2)			8,233,889
	36,553	Carlsberg A/S - Class B (2)			2,561,892
	356,110	Danske Bank (1)(2)			8,236,819
	232,462	DSV A/S (1)(2)			3,609,541
	77,149	FLSmidth & Co (2)			4,071,728
	370,271	Novo Nordisk - Class B (2)			23,086,939
	54,957	Vestas Wind Systems (1)(2)			3,880,488

					54,122,788


		Multinational—0.5%
	1,047,749	ArcelorMittal (2)(3)			35,170,823
	216,288	Central European Media Enterprises - Class A (1)			5,437,480
	208,471	Tenaris SA (2)			3,723,121

					44,331,424


		South Africa—0.4%
	2,589,157	FirstRand Ltd (2)			5,792,471
	574,328	Impala Platinum (2)			12,512,148
	300,385	Lonmin PLC (1)(2)			7,184,756
	231,989	Sasol Ltd (2)			8,671,648

					34,161,023


		Romania—0.3%
	1,168,771	BRD - Groupe Societe Generale (2)			4,859,342
	305,148,699	SNP Petrom (1)(2)			26,732,382

					31,591,724


		Lebanon—0.2%
	797,891	SOLIDERE Sponsored GDR (5)			21,024,428

See Notes to Financial Statements


120	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		Turkmenistan—0.2%
	2,983,469	Dragon Oil (1)(2)		$	20,128,692


		Brazil—0.2%
	120,902	Banco do Brasil			1,954,357
	183,141	BRF - Brasil Foods (1)			4,481,059
	391,623	Cia Siderurgica Nacional			13,082,899

					19,518,315


		India—0.2%
	433,261	ICICI Bank (2)			7,168,949
	84,388	Larsen & Toubro (2)			2,764,075
	12,500	Reliance Industries (2)			505,817
	109,100	State Bank of India (2)			5,001,254

					15,440,095


		Portugal—0.2%
	1,298,603	Banco Comercial Portugues (2)			1,852,982
	1,987,950	Energias de Portugal (2)			8,803,253
	276,331	Galp Energia SGPS - Class B (2)			4,661,277

					15,317,512


		Ukraine—0.2%
	89,341,591	Raiffeisen Bank Aval (1)			3,022,359
	39,541	Ukrnafta (1)			834,806
	26,941	Ukrnafta Sponsored ADR (1)			3,325,097
	13,114,606	Ukrsotsbank JSCB (1)			582,908
	92,477,349	UkrTelecom (1)			5,491,895
	627,195	UkrTelecom Sponsored GDR (1)			1,730,489

					14,987,554


		Cyprus—0.1%
	1,312,739	Bank of Cyprus Public (2)			10,307,505


		Indonesia—0.1%
	10,087,255	Telekomunikasi Indonesia Tbk (2)			8,736,543


		Turkey—0.1%
	1,339,519	Turkiye Is Bankasi - Class C (2)			5,045,654

		TOTAL COMMON STOCKS (Cost $7,354,835,258)			8,259,540,672

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	121


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
EQUITY LINKED NOTES—3.9%
		Taiwan—3.0%
	1,949,146	ACER Inc, Issued by CLSA, Expires 01/04/2011 (5)		$	4,677,950
	4,625,000	Advanced Semiconductor Engineering, Issued by Citigroup, Expires 01/17/2012 (5)			3,695,375
	2,240,519	Asia Cement, Issued by Deutsche Bank AG London, Expires 09/26/2017 (5)			2,390,410
	10,676,121	Asustek Computer, Issued by Merrill Lynch International, Expires 03/22/2011			20,013,456
	1,747,000	Asustek Computer, Issued by Merrill Lynch International, Expires 10/20/2014 (5)			3,274,926
	8,137,189	AU Optronics, Issued by CLSA, Expires 06/11/2012 (5)			7,323,470
	29,103,000	Cathay Financial, Issued by Citigroup, Expires 01/17/2012 (1)(5)			50,872,044
	9,011,370	China Steel, Issued by Merrill Lynch International, Expires 08/08/2011 (5)			8,113,838
	47,721,070	Chinatrust Financial, Issued by Citigroup, Expires 01/17/2012 (5)			29,157,574
	1,656,000	Chunghwa Telecom, Issued by Deutsche Bank AG London, Expires 01/11/2018 (5)			2,932,610
	245,700	Chunghwa Telecom, Issued by Merrill Lynch International, Expires 06/07/2010			434,914
	1,543,000	Compal Electronics, Issued by Merrill Lynch International, Expires 10/20/2014 (5)			1,970,257
	1,633,000	Delta Electronics, Issued by Merrill Lynch International, Expires 05/05/2011 (5)			4,606,856
	15,904,000	First Financial, Issued by Citigroup, Expires 01/20/2010			9,335,648
	622,000	Foxconn Technology, Issued by Deutsche Bank AG London, Expires 08/20/2018 (5)			2,113,183
	1,617,000	Fubon Financial, Issued by Deutsch Bank AG London, Expires 03/13/2017 (1)			1,834,486
	8,653,968	Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/06/2018 (5)			34,589,045
	470,000	MediaTek Inc, Issued by Deutsche Bank AG London, Expires 01/30/2017 (5)			6,719,449
	15,141,000	Shin Kong Financial, Issued by Citigroup, Expires 01/17/2012 (1)(5)			6,298,656
	6,558,147	Siliconware Precision Industries, Issued by CLSA, Expires 04/02/2013 (5)			8,919,080
	20,769,000	SinoPac Financial, Issued by Citigroup, Expires 01/17/2012 (1)(5)			7,809,144

See Notes to Financial Statements


122	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
EQUITY LINKED NOTES—Continued
		Taiwan—Continued

	1,574,000	Taiwan Fertilizer, Issued by Deutsche Bank AG London, Expires 01/19/2017 (5)		$	4,984,543
	22,984,705	Taiwan Semiconductor Manufacturing, Issued by Deutsche Bank AG London, Expires 01/19/2017			42,399,885
	4,344,000	Uni-President Enterprises, Issued by Citigroup, Expires 01/17/2012 (5)			4,882,656
	11,171,714	United Microelectronics, Issued by CLSA, Expires 09/13/2011 (1)(5)			5,585,857
	8,098,246	United Microelectronics, Issued by Merrill Lynch International, Expires 08/16/2011 (1)(5)			4,031,307

					278,966,619


		India—0.9%
	36,238	Bharat Heavy Electricals, Issued by CLSA, Expires 07/20/2010 (5)			1,711,158
	482,347	Bharti Airtel, Issued by CLSA, Expires 05/31/2010 (5)			3,007,337
	1,098,462	Bharti Airtel, Issued by Merrill Lynch International, Expires 06/29/2012 (5)			6,834,521
	80,710	Housing Development Finance, Issued by CLSA, Expires 05/20/2010 (1)(5)			4,568,186
	114,937	ICICI Bank, Issued by Citigroup, Expires 10/24/2012 (5)			1,928,298
	718,084	ICICI Bank, Issued by CLSA, Expires 05/10/2010 (5)			12,089,878
	145,926	Larsen & Toubro, Issued by CLSA, Expires 04/11/2010 (5)			4,871,010
	884,019	Reliance Communications, Issued by Citigroup, Expires 10/24/2012			3,298,275
	352,095	Reliance Industries, Issued by CLSA, Expires 05/17/2010 (5)			14,477,766
	380,236	State Bank of India, Issued by Citigroup, Expires 10/24/2012 (5)			17,674,890
	59,050	State Bank of India, Issued by CLSA, Expires 05/13/2010 (5)			2,754,849
	489,255	Tata Steel, Issued by Citigroup, Expires 10/24/2012 (1)(5)			4,894,507

					78,110,675


		TOTAL EQUITY LINKED NOTES (Cost $346,077,935)			357,077,294



PREFERRED STOCKS—1.5%
		Brazil—1.3%
	354,011	Banco Bradesco			7,010,641
	1,389,456	Gerdau SA			20,939,571
	374,461	Itau Unibanco			7,188,175

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	123


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
PREFERRED STOCKS—Continued
		Brazil—Continued

	694,326	Net Servicos de Comunicacao (1)		$	8,752,928
	1,657,800	Petroleo Brasileiro			33,286,143
	724,965	Usinas Siderurgicas de Minas Gerais - Class A			19,109,183
	1,073,855	Vale SA - Class A			24,275,036

					120,561,677


		Germany—0.2%
	100,654	Henkel AG (2)			4,576,734
	82,352	Porsche Automobil (2)			6,315,263
	72,816	Volkswagen AG (2)			7,263,868

					18,155,865


		Russia—0.0%
	1,885	Silvinit			652,210


		Philippines—0.0%
	8,687,023	Ayala Land (4)(6)			18,244

		TOTAL PREFERRED STOCKS (Cost $119,295,441)			139,387,996



RIGHTS—0.0%
		Italy—0.0%
	310,849	Mediobanca SpA (1)(4)			—


		France—0.0%
	9	BNP Paribas (2)			—

		TOTAL RIGHTS (Cost $ —)			—

Face

Value

Currency

SHORT-TERM INVESTMENT COLLATERAL FROM SECURITY LENDING—0.7%

United States—0.7%

US Treasury Bill

66,327,929

USD

0.010% due 11/19/2009-10/21/2010

66,327,929

See Notes to Financial Statements


124	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio International Equity Fund II

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

REPURCHASE AGREEMENT—3.4%

United States—3.4%

312,203,251

USD

State Street Bank and Trust Company Repurchase Agreement, dated 10/30/2009, due 11/02/2009, with a maturity value of $312,203,513 and an effective yield of 0.01%, collateralized by U.S. Government Agency and Obligations, with rates ranging from 0.109%-6.500%, maturities ranging from 03/11/2010-12/15/2017, and an aggregate fair market value of $318,464,791. (Cost $312,203,251)

312,203,251

TIME DEPOSIT—0.0%

United States—0.0%

State Street Euro Dollar Time Deposit

1,141,000

USD

0.010% due 11/02/2009 (Cost $1,141,000)

1,141,000

TOTAL INVESTMENTS—100.0% (Cost $8,199,880,814)

9,135,678,142

OTHER ASSETS AND LIABILITIES—0.0%

(4,183,506

)

TOTAL NET ASSETS—100.0%

9,131,494,636

Notes to the Portfolio of Investments.


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
REIT		Real Estate Investment Trust
(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.
(3)		All or portion of this security was on loan to brokers at October 31, 2009.
(4)		Illiquid security.
(5)		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.
(6)		Security valued at fair value as determined by the policies approved by the Board of Trustees.
		Aggregate cost for federal income tax purposes was $8,641,991,965.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	125


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS	October 31, 2009

Artio International Equity Fund II

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY


		Contracts to Receive						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
12/10/09	UBS AG	AUD	61,979,491		55,808,461		52,474,316	$	3,334,145
12/16/09	Credit Suisse London Branch	AUD	72,023,737		64,813,436		62,399,835		2,413,601
11/04/09	JPMorgan Chase Bank N.A	BRL	301,936,239		173,014,491		168,434,682		4,579,809
11/04/09	State Street Bank and Trust Company	BRL	13,599,221		7,792,581		7,797,719		(5,138	)
12/16/09	Credit Suisse London Branch	CAD	22,462,331		20,852,547		21,753,692		(901,145	)
12/16/09	Deutsche Bank AG London	CAD	359,721,994		333,942,164		334,231,805		(289,641	)
12/16/09	Credit Suisse London Branch	CHF	28,545,067		27,876,510		27,876,042		468
11/03/09	Credit Suisse London Branch	CZK	153,262,003		8,526,611		7,261,537		1,265,074
11/03/09	UBS AG	CZK	5,866,069,026		326,354,152		312,002,397		14,351,755
12/16/09	Credit Suisse London Branch	EUR	54,404,997		80,261,487		80,747,727		(486,240	)
12/16/09	Credit Suisse London Branch	GBP	50,724,978		83,591,567		82,709,419		882,148
12/16/09	Deutsche Bank AG London	GBP	140,393,327		231,359,356		223,132,978		8,226,378
11/27/09	Credit Suisse London Branch	INR	4,106,987,394		87,308,869		87,865,033		(556,164	)
12/16/09	Credit Suisse London Branch	JPY	9,763,098,839		107,879,997		108,091,745		(211,748	)
01/04/10	JPMorgan Chase Bank N.A	JPY	17,075,121,070		188,701,018		189,092,210		(391,192	)
11/30/09	JPMorgan Chase Bank N.A	KRW	133,372,073,783		112,773,441		111,786,165		987,276
12/16/09	Credit Suisse London Branch	MXN	427,768,135		32,334,264		31,651,360		682,904
12/16/09	Credit Suisse London Branch	NOK	568,253,935		99,567,107		96,591,521		2,975,586
11/19/09	UBS AG	PLN	221,530,690		76,747,572		81,954,724		(5,207,152	)

See Notes to Financial Statements


126	Artio Global Funds ï 2009 Annual Report


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)	October 31, 2009

Artio International Equity Fund II


		Contracts to Receive						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
12/16/09	Credit Suisse London Branch	PLN	74,218,593		25,662,723		25,780,286	$	(117,563	)
12/16/09	UBS AG	PLN	47,646,409		16,474,802		16,707,714		(232,912	)
12/16/09	Deutsche Bank AG London	SEK	34,985,333		4,961,428		4,983,158		(21,730	)
11/09/09	Credit Suisse London Branch	TWD	1,742,647,150		53,617,438		54,686,724		(1,069,286	)
12/17/09	Credit Suisse London Branch	ZAR	666,839,367		84,501,501		86,607,500		(2,105,999	)

Net unrealized appreciation on forward foreign exchange contracts to buy								$	28,103,234

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)
12/10/09	UBS AG	AUD	61,979,491		55,808,461		56,565,582	$	757,121
12/16/09	Credit Suisse London Branch	AUD	72,023,737		64,813,436		65,979,701		1,166,265
11/04/09	JPMorgan Chase Bank N.A	BRL	301,936,239		173,014,491		174,572,209		1,557,718
11/04/09	State Street Bank and Trust Company	BRL	13,599,221		7,792,581		7,800,850		8,270
12/16/09	Deutsche Bank AG London	CAD	194,162,587		180,247,735		183,110,176		2,862,441
12/16/09	Credit Suisse London Branch	CHF	28,545,067		27,876,510		27,793,966		(82,544	)
11/03/09	Credit Suisse London Branch	CZK	153,262,003		8,526,611		8,036,811		(489,800	)
11/03/09	UBS AG	CZK	5,866,069,027		326,354,152		312,361,980		(13,992,172	)
12/16/09	Goldman Sachs & Co	CZK	307,526,698		17,090,920		17,081,021		(9,899	)
12/16/09	UBS AG	CZK	1,816,457,277		100,950,345		101,302,620		352,275
12/16/09	Credit Suisse London Branch	EUR	409,828,906		604,603,969		602,841,303		(1,762,666	)

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	127


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)	October 31, 2009

Artio International Equity Fund II


		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
12/16/09	UBS AG	EUR	131,064,876		193,354,698		194,083,971	$	729,273
12/16/09	Credit Suisse London Branch	GBP	4,060,232		6,691,006		6,505,669		(185,337	)
12/16/09	Deutsche Bank AG London	GBP	24,262,842		39,983,634		39,677,837		(305,797	)
12/16/09	Deutsche Bank AG London	HUF	1,645,482,812		8,787,578		8,676,419		(111,159	)
11/27/09	Credit Suisse London Branch	INR	4,106,987,400		87,308,870		86,485,912		(822,958	)
12/16/09	Credit Suisse London Branch	JPY	4,605,907,131		50,894,215		50,316,470		(577,745	)
01/04/10	JPMorgan Chase Bank N.A	JPY	3,924,267,470		43,367,966		43,200,873		(167,093	)
11/30/09	JPMorgan Chase Bank N.A	KRW	133,372,073,783		112,773,441		110,964,003		(1,809,438	)
12/16/09	Credit Suisse London Branch	MXN	427,768,135		32,334,265		32,181,391		(152,874	)
12/16/09	Credit Suisse London Branch	NOK	568,253,935		99,567,106		99,150,763		(416,343	)
12/16/09	Goldman Sachs & Co	NOK	162,833,420		28,530,999		28,456,685		(74,314	)
11/19/09	UBS AG	PLN	221,530,690		76,747,572		70,571,275		(6,176,297	)
12/16/09	Credit Suisse London Branch	PLN	74,218,593		25,662,723		25,721,559		58,836
12/16/09	UBS AG	PLN	47,646,409		16,474,802		16,357,597		(117,205	)
12/16/09	Deutsche Bank AG London	SEK	34,985,333		4,961,429		5,085,609		124,180
12/16/09	Goldman Sachs & Co	SEK	333,734,765		47,328,440		47,439,199		110,759
11/09/09	Credit Suisse London Branch	TWD	1,742,647,150		53,617,437		53,480,041		(137,396	)
12/17/09	Credit Suisse London Branch	ZAR	666,839,367		84,501,500		86,893,766		2,392,266

Net unrealized depreciation on forward foreign exchange contracts to sell								$	(17,271,633	)

See Notes to Financial Statements


128	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)	October 31, 2009

Artio International Equity Fund II

At October 31, 2009, sector diversification of the Fund’s investments were as follows:


	% of Net			Fair Market
	Assets			Value (Note 2)
INDUSTRY SECTOR
Financials		32.5	%	$	2,971,205,758
Materials		12.4			1,129,869,593
Energy		10.6			969,566,916
Industrials		10.4			951,544,060
Consumer Discretionary		7.0			636,466,437
Telecommunication Services		6.0			547,103,415
Consumer Staples		5.9			539,041,326
Healthcare		5.1			464,575,767
Information Technology		3.9			356,416,832
Utilities		2.1			190,215,858
Short-term Investments		4.1			379,672,180

Total Investments		100.0			9,135,678,142
Other Assets and Liabilities (Net)		(0.0	)		(4,183,506	)

Net Assets		100.0	%	$	9,131,494,636

See Notes to Financial Statements


130	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—35.5%

United States—24.6%

Abbott Laboratories

3,130,000

USD

5.600% due 11/30/2017 (1)

3,437,385

Allstate Life Global Funding Trusts

2,110,000

USD

5.375% due 04/30/2013

2,267,233

American Express Bank FSB

5,140,000

USD

5.550% due 10/17/2012

5,490,671

American Honda Finance

5,170,000

USD

4.625% due 04/02/2013 (2)

5,297,787

Amgen Inc

3,130,000

USD

5.700% due 02/01/2019 (1)

3,429,788

Anheuser-Busch Cos

4,160,000

USD

7.500% due 03/15/2012 (1)

4,645,397

Anheuser-Busch InBev Worldwide

4,440,000

USD

8.200% due 01/15/2039 (1)(2)

5,619,939

AT&T Inc

3,630,000

USD

4.950% due 01/15/2013 (1)

3,876,822

7,780,000

USD

5.500% due 02/01/2018 (1)

8,180,546

12,057,368

Bank of America

6,890,000

USD

5.375% due 09/11/2012

7,332,979

Bank of New York Mellon

8,220,000

USD

4.950% due 11/01/2012

8,911,450

Bottling Group

2,330,000

USD

5.500% due 04/01/2016 (1)

2,549,246

Cargill Inc

5,000,000

USD

4.375% due 06/01/2013 (1)(2)

5,206,700

Carolina Power & Light

2,464,000

USD

6.125% due 09/15/2033 (1)

2,733,350

Caterpillar Financial Services

5,330,000

USD

6.200% due 09/30/2013

5,944,608

Charles Schwab

5,600,000

USD

4.950% due 06/01/2014

5,973,078

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	131


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund


Face					(Percentage of	Fair Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued

				Chevron Corp
	3,850,000		USD	4.950% due 03/03/2019 (1)		$	4,133,834


				Cintas Corp
	3,560,000		USD	6.000% due 06/01/2012 (1)			3,880,574


				Cisco Systems
	7,520,000		USD	4.950% due 02/15/2019 (1)			7,928,607


				Citigroup Inc
	7,270,000		USD	5.300% due 10/17/2012			7,625,787
	3,620,000		USD	6.375% due 08/12/2014			3,844,313

							11,470,100


				Clorox Co
	3,730,000		USD	5.000% due 03/01/2013 (1)			3,959,104


				CME Group
	2,900,000		USD	5.400% due 08/01/2013 (1)			3,143,542


				Coca-Cola Co
	6,000,000		USD	5.350% due 11/15/2017 (1)			6,532,248


				Coca-Cola Enterprises
	3,600,000		USD	4.250% due 03/01/2015 (1)			3,812,238


				Comcast Corp
	5,330,000		USD	6.950% due 08/15/2037 (1)			5,832,491


				ConocoPhillips
	4,440,000		USD	4.400% due 05/15/2013 (1)			4,729,626
	3,650,000		USD	5.750% due 02/01/2019 (1)			4,001,703

							8,731,329


				Consolidated Edison
	3,630,000		USD	4.875% due 02/01/2013 (1)			3,857,659
	2,400,000		USD	5.500% due 09/15/2016 (1)			2,552,321
	8,250,000		USD	5.850% due 04/01/2018 (1)			8,951,827

							15,361,807


				Dell Inc
	1,790,000		USD	3.375% due 06/15/2012 (1)			1,856,051


				Express Scripts
	2,990,000		USD	5.250% due 06/15/2012 (1)			3,187,104

See Notes to Financial Statements


132	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—Continued

United States—Continued

Florida Power

2,540,000

USD

4.800% due 03/01/2013 (1)

2,703,116

Florida Power & Light

5,620,000

USD

5.960% due 04/01/2039 (1)

6,204,227

General Electric

8,940,000

USD

5.000% due 02/01/2013

9,527,027

General Electric Capital

1,800,000

USD

6.000% due 08/07/2019

1,895,461

Goldman Sachs Group

9,010,000

USD

6.600% due 01/15/2012

9,816,891

Harley-Davidson Funding

8,180,000

USD

5.250% due 12/15/2012 (1)(2)

8,211,174

Hasbro Inc

6,080,000

USD

6.125% due 05/15/2014 (1)

6,685,744

Heinz (H.J.) Co

5,770,000

USD

5.350% due 07/15/2013 (1)

6,237,428

ING Security Life Institutional Funding

6,780,000

USD

4.250% due 01/15/2010 (2)

6,731,455

Ingersoll-Rand Global Holding

3,960,000

USD

9.500% due 04/15/2014 (1)

4,756,023

International Business Machines

3,320,000

USD

8.000% due 10/15/2038 (1)

4,548,729

John Deere Capital

12,190,000

USD

4.900% due 09/09/2013

13,138,028

Kraft Foods

5,400,000

USD

6.125% due 02/01/2018

5,732,710

Merck & Co

3,400,000

USD

4.000% due 06/30/2015 (1)

3,567,552

Merna Reinsurance, Series B

2,700,000

USD

2.033% due 07/07/2010 (2)(3)

2,652,750

MetLife Inc

3,650,000

USD

6.750% due 06/01/2016 (1)

4,087,069

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	133


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—Continued

United States—Continued

Metropolitan Life Global Funding I

3,730,000

USD

5.125% due 04/10/2013 (2)

3,952,868

Morgan Stanley

8,650,000

USD

6.000% due 05/13/2014

9,294,659

1,840,000

USD

6.000% due 04/28/2015

1,971,159

11,265,818

National Rural Utilities Cooperative Finance

6,130,000

USD

7.250% due 03/01/2012 (1)

6,815,064

NYSE Euronext

1,740,000

USD

4.800% due 06/28/2013

1,842,879

PACCAR Inc

6,100,000

USD

6.875% due 02/15/2014 (1)

6,972,672

Pfizer Inc

3,330,000

USD

5.350% due 03/15/2015 (1)

3,681,025

PNC Funding

1,610,000

USD

5.250% due 11/15/2015

1,652,222

Procter & Gamble Co

7,370,000

USD

4.700% due 02/15/2019 (1)

7,668,802

Roche Holdings

7,800,000

USD

5.000% due 03/01/2014 (1)(2)

8,456,042

Sempra Energy

7,390,000

USD

6.500% due 06/01/2016 (1)

8,127,130

South Carolina Electric & Gas

3,940,000

USD

6.500% due 11/01/2018

4,575,333

SYSCO Corp

5,290,000

USD

5.250% due 02/12/2018 (1)

5,652,360

TIAA Global Markets

5,040,000

USD

4.950% due 07/15/2013 (1)(2)

5,337,970

Time Warner

3,700,000

USD

0.684% due 11/13/2009 (3)

3,700,392

Time Warner Cable

7,100,000

USD

6.750% due 07/01/2018 (1)

7,829,106

See Notes to Financial Statements


134	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—Continued

United States—Continued

United Parcel Service

3,540,000

USD

6.200% due 01/15/2038 (1)

4,006,087

UnitedHealth Group

3,360,000

USD

5.375% due 03/15/2016 (1)

3,439,763

5,190,000

USD

6.875% due 02/15/2038 (1)

5,570,240

9,010,003

Wal-Mart Stores

5,620,000

USD

6.500% due 08/15/2037

6,526,169

Wells Fargo

10,980,000

USD

5.250% due 10/23/2012

11,754,299

Williams Cos

1,840,000

USD

8.750% due 01/15/2020 (1)

2,112,664

Wyeth

2,850,000

USD

5.500% due 02/01/2014 (1)

3,126,299

Yum! Brands Inc

3,835,000

USD

6.250% due 04/15/2016 (1)

4,179,609

385,466,205

United Kingdom—3.1%

Anglo American Capital PLC

4,769,000

USD

9.375% due 04/08/2014 (1)(2)

5,575,061

Barclays Bank PLC

7,280,000

USD

5.450% due 09/12/2012

7,884,567

BP Capital Markets PLC

7,760,000

USD

3.625% due 05/08/2014 (1)

8,046,251

Diageo Capital

9,400,000

USD

5.125% due 01/30/2012 (1)

10,030,054

Vodafone Group

7,750,000

USD

5.000% due 09/15/2015 (1)

8,207,653

Westpac Securities NZ Ltd

3,820,000

USD

2.500% due 05/25/2012 (2)

3,889,902

WPP Finance UK

4,105,000

USD

8.000% due 09/15/2014 (1)

4,558,771

48,192,259

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	135


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—Continued

Canada—1.7%

Barrick Gold

4,200,000

USD

6.950% due 04/01/2019 (1)

4,802,700

Encana Corp

5,490,000

USD

6.500% due 05/15/2019 (1)

6,109,503

Husky Energy

6,260,000

USD

5.900% due 06/15/2014 (1)

6,807,393

Potash Corp of Saskatchewan

2,990,000

USD

4.875% due 03/01/2013 (1)

3,169,541

TransCanada Pipelines

4,020,000

USD

4.000% due 06/15/2013 (1)

4,103,455

1,710,000

USD

7.625% due 01/15/2039 (1)

2,189,737

6,293,192

27,182,329

Supranational—1.6%

Inter-American Development Bank

10,550,000

USD

3.875% due 09/17/2019

10,591,250

International Bank for Reconstruction & Development

16,670,000

AUD

5.500% due 10/21/2014

14,667,312

25,258,562

Netherlands—0.8%

Koninklijke Philips Electronics NV

6,920,000

USD

6.875% due 03/11/2038 (1)

8,098,483

Shell International Finance BV

4,450,000

USD

6.375% due 12/15/2038 (1)

5,184,183

13,282,666

Australia—0.8%

BHP Billiton Finance USA

6,560,000

USD

5.400% due 03/29/2017

7,080,562

Rio Tinto Finance

5,240,000

USD

5.875% due 07/15/2013 (1)

5,651,927

12,732,489

See Notes to Financial Statements


136	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—Continued

Brazil—0.7%

Petrobras International Finance

4,300,000

USD

5.875% due 03/01/2018 (1)

4,382,560

7,170,000

USD

6.875% due 01/20/2040 (1)

7,198,680

11,581,240

France—0.5%

AXA SA

5,410,000

USD

8.600% due 12/15/2030

6,128,275

Lafarge SA

2,455,000

USD

7.125% due 07/15/2036 (1)

2,476,351

8,604,626

Germany—0.5%

Deutsche Telekom International Finance BV

7,490,000

USD

4.875% due 07/08/2014 (1)

7,909,290

Switzerland—0.5%

Credit Suisse New York

7,250,000

USD

3.450% due 07/02/2012

7,491,425

Hong Kong—0.4%

Hutchison Whampoa International

5,700,000

USD

5.750% due 09/11/2019 (2)

5,788,624

Finland—0.3%

Nokia Corp

4,440,000

USD

5.375% due 05/15/2019 (1)

4,593,851

TOTAL CORPORATE BONDS (Cost $526,133,605)

558,083,566

U.S. GOVERNMENT AND AGENCY OBLIGATIONS—26.2%

Federal Home Loan Mortgage Corporation

104,722,276

USD

6.500% due 05/01/2022-12/01/2038

112,460,601

1,141,471

USD

4.496% due 09/01/2035 (3)

1,165,972

1,514,424

USD

4.517% due 04/01/2036 (3)

1,548,335

4,933,509

USD

5.146% due 02/01/2037 (3)

5,174,195

120,349,103

Federal Home Loan Mortgage Corporation TBA

29,700,000

USD

4.500% due 11/01/2039

30,024,859

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	137


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund


Face					(Percentage of	Fair Market
Value		Currency		Description	Net Assets)	Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—Continued

				Federal National Mortgage Association Corporation
	2,204,623		USD	4.047% due 11/01/2035 (3)		$	2,235,585
	1,732,612		USD	5.576% due 02/01/2036 (3)			1,824,235
	48,210,572		USD	6.000% due 06/01/2036-02/01/2038			51,335,781
	12,233,645		USD	5.000% due 12/01/2036-01/01/2038			12,704,014
	15,933,273		USD	5.500% due 03/01/2037-02/01/2038			16,800,261
	10,446,624		USD	5.735% due 06/01/2037 (3)			11,028,102
	9,736,303		USD	5.796% due 12/01/2037 (3)			10,282,835

							106,210,813


				Federal National Mortgage Association Corporation TBA
	45,360,000		USD	4.500% due 11/01/2024-11/01/2039			46,290,899


				Government National Mortgage Association
	48,629,451		USD	6.000% due 07/15/2034-09/15/2038			51,745,324


				U.S. Treasury Bonds
	4,280,000		USD	3.500% due 02/15/2039			3,753,029
	17,150,000		USD	4.250% due 05/15/2039			17,195,568

							20,948,597


				U.S. Treasury Inflation Indexed Bonds
	7,779,784		USD	2.500% due 01/15/2029			8,391,228
	8,795,224		USD	3.875% due 04/15/2029			11,363,016

							19,754,244


				U.S. Treasury Inflation Indexed Note
	14,796,648		USD	1.875% due 07/15/2019			15,480,993

				TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $395,030,029)			410,804,832



ASSET BACKED SECURITIES—24.2%
				United States—24.2%
				BA Credit Card Trust Series 2008-A9, Class A9
	9,000,000		USD	4.070% due 07/16/2012 (1)			9,090,244


				Banc of America Alternative Loan Trust Series 2004-10, Class 2CB1
	1,535,027		USD	6.000% due 11/25/2034 (1)			1,402,626

See Notes to Financial Statements


138	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

ASSET BACKED SECURITIES—Continued

United States—Continued

Banc of America Commercial Mortgage

Series 2002-2, Class A3

2,000,000

USD

5.118% due 07/11/2043 (1)

2,089,441

Series 2006-2, Class A4

10,270,000

USD

5.928% due 05/10/2045 (1)(3)

10,243,559

Series 2006-5, Class A4

3,600,000

USD

5.414% due 09/10/2047 (1)

3,449,004

15,782,004

Bear Stearns Commercial Mortgage Securities

Series 2001-TOP4, Class A3

3,400,000

USD

5.610% due 11/15/2033 (1)

3,541,750

Series 2006-PW12, Class A4

2,855,000

USD

5.903% due 09/11/2038 (1)(3)

2,914,210

Series 2006-PW14, Class A4

3,205,000

USD

5.201% due 12/11/2038 (1)

3,050,750

Series 2006-PW11, Class A4

11,140,000

USD

5.622% due 03/11/2039 (1)(3)

11,124,795

Series 2005-PWR8, Class A4

13,100,000

USD

4.674% due 06/11/2041 (1)

12,946,068

33,577,573

BMW Vehicle Lease Trust
Series 2009-1, Class A2

4,250,000

USD

2.040% due 04/15/2011 (1)

4,282,083

Capital Auto Receivables Asset Trust
Series 2008-2, Class A2A

2,359,134

USD

3.740% due 03/15/2011 (1)

2,374,625

Chase Issuance Trust
Series 2009-A4, Class A4

14,230,000

USD

0.995% due 06/15/2012 (1)(3)

14,280,411

Citicorp Mortgage Securities
Series 2006-5, Class 1A2

5,752,565

USD

6.000% due 10/25/2036 (1)

5,394,891

Citigroup Mortgage Loan Trust
Series 2007-10, Class 1A1A

5,766,019

USD

5.640% due 04/25/2037 (1)(3)

5,444,460

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	139


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

ASSET BACKED SECURITIES—Continued

United States—Continued

CNH Equipment Trust

Series 2009-A, Class A2

10,820,000

USD

4.060% due 10/17/2011 (1)

10,951,452

Series 2007-C, Class A3A

1,831,319

USD

5.210% due 12/15/2011 (1)

1,845,473

Series 2009-A, Class A4

5,560,000

USD

7.210% due 12/16/2013 (1)

6,125,463

Series 2009-B, Class A4

12,490,000

USD

5.170% due 10/15/2014 (1)

13,238,987

32,161,375

Countrywide Alternative Loan Trust

Series 2004-28CB, Class 3A1

9,232,821

USD

6.000% due 01/25/2035 (1)

8,377,501

Series 2005-21CB, Class A9

4,183,504

USD

5.500% due 06/25/2035 (1)

3,935,436

12,312,937

Credit Suisse Mortgage Capital Certificates

Series 2007-7, Class 3A1

6,311,981

USD

5.500% due 03/25/2023 (1)

4,824,090

Series 2006-C5, Class A3

10,200,000

USD

5.311% due 12/15/2039 (1)

8,860,391

13,684,481

Daimler Chrysler Auto Trust
Series 2007-A, Class A3B

3,900,000

USD

0.924% due 02/08/2012 (1)(3)

3,904,234

Discover Card Master Trust
Series 2008-A2, Class A2

9,250,000

USD

1.245% due 09/17/2012 (1)(3)

9,270,874

First Horizon Asset Securities
Series 2006-3, Class 1A8

1,630,000

USD

6.250% due 11/25/2036 (1)

1,510,092

Ford Credit Floorplan Master Owner Trust
Series 2009-2, Class A

7,470,000

USD

1.794% due 09/15/2014 (3)

7,487,022

See Notes to Financial Statements


140	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

ASSET BACKED SECURITIES—Continued

United States—Continued

GE Capital Commercial Mortgage

Series 2002-1A, Class A3

11,700,000

USD

6.269% due 12/10/2035 (1)

12,461,820

Series 2004-C3, Class A3

6,910,000

USD

4.865% due 07/10/2039 (1)(3)

6,917,685

19,379,505

GMAC Commercial Mortgage Securities
Series 2005-C1, Class A2

1,874,519

USD

4.471% due 05/10/2043 (1)

1,883,971

Harley-Davidson Motorcycle Trust

Series 2007-3, Class A3

4,516,940

USD

0.595% due 06/15/2012 (1)(3)

4,519,031

Series 2009-2, Class A2

8,590,000

USD

2.000% due 07/15/2012 (1)

8,660,892

Series 2006-2, Class A2

1,418,629

USD

5.350% due 03/15/2013 (1)

1,466,472

14,646,395

Honda Auto Receivables Owner Trust
Series 2008-1, Class A2

571,954

USD

3.770% due 09/20/2010 (1)

573,232

Indymac INDA Mortgage Loan Trust
Series 2006-AR1, Class A1

1,267,833

USD

5.864% due 08/25/2036 (1)(3)

1,223,567

JP Morgan Mortgage Trust
Series 2006-S1, Class 2A6

6,609,214

USD

6.000% due 04/25/2036 (1)

5,642,415

JPMorgan Chase Commercial Mortgage Securities
Series 2002-CIB4, Class A3

1,920,000

USD

6.162% due 05/12/2034 (1)

2,021,854

LB-UBS Commercial Mortgage Trust
Series 2002-C2, Class A4

8,515,000

USD

5.594% due 06/15/2031 (1)

8,963,007

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	141


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

ASSET BACKED SECURITIES—Continued

United States—Continued

Lehman Brothers - UBS Commercial Mortgage Trust
Series 2001-C3, Class A2

10,120,000

USD

6.365% due 12/15/2028 (1)

10,639,845

MASTR Adjustable Rate Mortgages Trust
Series 2006-2, Class 4A1

4,300,808

USD

4.990% due 02/25/2036 (1)(3)

3,897,967

MASTR Alternative Loans Trust

Series 2004-10, Class 4A1

2,605,178

USD

6.000% due 09/25/2019 (1)

2,506,814

Series 2005-1, Class 1A1

3,154,771

USD

5.500% due 02/25/2035 (1)

2,757,828

5,264,642

Merrill Auto Trust Securitization
Series 2008-1, Class A2A

1,893,064

USD

4.270% due 12/15/2009 (1)

1,904,089

Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-3, Class A4

11,003,000

USD

5.414% due 07/12/2046 (1)(3)

10,013,757

Morgan Stanley Capital I

Series 2006-T23, Class A4

2,600,000

USD

5.984% due 08/12/2041 (1)(3)

2,654,156

Series 2006-IQ12, Class A4

9,250,000

USD

5.332% due 12/15/2043 (1)

8,912,358

11,566,514

Morgan Stanley Dean Witter Capital I

Series 2001-TOP3, Class A4

5,591,922

USD

6.390% due 07/15/2033 (1)

5,827,953

Series 2001-TOP5, Class A4

5,164,518

USD

6.390% due 10/15/2035 (1)

5,462,524

Series 2002-TOP7, Class A2

7,500,000

USD

5.980% due 01/15/2039 (1)

7,912,561

19,203,038

See Notes to Financial Statements


142	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

ASSET BACKED SECURITIES—Continued

United States—Continued

Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A

2,962,315

USD

6.113% due 10/25/2034 (1)(3)

2,792,944

Navistar Financial Dealer Note Master Trust
Series 2009-1, Class A

3,620,000

USD

1.691% due 10/26/2015

3,620,000

Residential Funding Mortgage Securities I
Series 2007-S2, Class A3

3,922,425

USD

6.000% due 02/25/2037 (1)

3,751,369

SLM Student Loan Trust

Series 2008-4, Class A1

3,644,968

USD

0.962% due 07/25/2013 (1)(3)

3,656,114

Series 2007-2, Class A1

458,663

USD

0.262% due 04/25/2014 (1)(3)

458,365

Series 2008-7, Class A1

4,023,453

USD

0.682% due 10/27/2014 (1)(3)

4,025,758

Series 2007-1, Class A2

4,350,465

USD

0.282% due 01/25/2016 (1)(3)

4,343,365

12,483,602

Small Business Administration

Series 2005-P10B, Class 1

8,496,882

USD

4.940% due 08/10/2015 (1)

8,939,219

Series 2006-P10A, Class 1

654,832

USD

5.408% due 02/10/2016

695,013

Series 2007-P10A, Class 1

5,316,506

USD

5.459% due 02/10/2017

5,669,483

15,303,715

TIAA Seasoned Commercial Mortgage Trust
Series 2007-C4, Class A3

11,190,000

USD

6.068% due 08/15/2039 (1)(3)

11,759,395

WaMu Mortgage Pass Through Certificates
Series 2005-AR5, Class A5

7,430,000

USD

4.676% due 05/25/2035 (1)(3)

6,605,991

Wells Fargo Mortgage Backed Securities Trust

Series 2006-13, Class A8

3,720,000

USD

6.000% due 10/25/2036 (1)

3,406,339

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	143


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

ASSET BACKED SECURITIES—Continued

United States—Continued

Wells Fargo Mortgage Backed Securities Trust—Continued

Series 2007-13, Class A1

12,234,867

USD

6.000% due 09/25/2037 (1)

11,585,617

Series 2007-14, Class 1A1

8,439,999

USD

6.000% due 10/25/2037 (1)

7,455,058

Series 2007-16, Class 1A1

13,030,810

USD

6.000% due 12/28/2037 (1)

12,290,972

34,737,986

379,838,732

Russia—0.0%

CityMortgage MBS Finance B.V.
Series 2006-1A, Class AFL

926,973

USD

1.844% due 09/10/2033 (1)(2)(3)

556,183

TOTAL ASSET BACKED SECURITIES (Cost $376,000,154)

380,394,915

FOREIGN GOVERNMENT AND AGENCY BONDS—9.0%

Brazil—3.0%

Brazil Notas do Tesouro Nacional Series B

54,204,617

BRL

6.000% due 05/15/2015

31,509,698

Brazil Notas do Tesouro Nacional, Series F

28,700,000

BRL

10.000% due 01/01/2012

15,935,985

47,445,683

France—2.5%

France Government Bond

27,810,000

EUR

4.000% due 10/25/2038

39,879,482

Canada—2.0%

Canada Housing Trust No 1

18,220,000

CAD

3.950% due 06/15/2013

17,819,302

13,750,000

CAD

2.750% due 09/15/2014

12,702,539

30,521,841

Australia—1.5%

Australian Index Linked

5,590,000

AUD

4.000% due 08/20/2015

8,123,579

See Notes to Financial Statements


144	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

FOREIGN GOVERNMENT AND AGENCY BONDS—Continued

Australia—Continued

New S. Wales Treasury

16,700,000

AUD

6.000% due 04/01/2019

14,890,966

23,014,545

TOTAL FOREIGN GOVERNMENT AND AGENCY BONDS (Cost $131,876,571)

140,861,551

MUNICIPAL OBLIGATIONS—0.2%

United States—0.2%

Metropolitan Transportation Authority, Revenue Bonds

2,500,000

USD

7.336% due 11/15/2039 (Cost $2,548,759)

3,011,875

REPURCHASE AGREEMENT—7.9%

United States—7.9%

123,928,387

USD

State Street Bank and Trust Company Repurchase Agreement, dated 10/30/2009, due 11/02/2009, with a maturity value of $123,928,491 and an effective yield of 0.01%, collateralized by a U.S. Government and Agency Obligation, with a rate of 4.000%, with maturity of 12/15/2017, and an aggregate fair market value of $126,414,326. (Cost $123,928,387)

123,928,387

TOTAL INVESTMENTS—103.0% (Cost $1,555,517,505)

1,617,085,126

OTHER ASSETS AND LIABILITIES—(3.0)%

(47,349,729

)

TOTAL NET ASSETS—100.0%

1,569,735,397

Notes to the Portfolio of Investments.


TBA		To Be Announced: Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement.
(1)		Callable
(2)		Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers.
(3)		Variable Rate Security.
		Aggregate cost for federal income tax purposes was $1,557,424,786.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	145


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS	October 31, 2009

Artio Total Return Bond Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY


		Contracts to Receive						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
11/12/09	UBS AG	AUD	7,900,000		7,132,434		6,529,745	$	602,689
11/12/09	Westpac Banking Corporation	AUD	71,560,000		64,607,217		59,395,165		5,212,052
11/04/09	Credit Suisse London Branch	BRL	28,985,000		16,608,888		16,089,370		519,518
11/04/09	JPMorgan Chase Bank N.A	BRL	28,985,000		16,608,888		16,080,444		528,444
12/02/09	Credit Suisse London Branch	BRL	28,985,000		16,506,045		16,584,654		(78,609	)
12/02/09	JPMorgan Chase Bank N.A	BRL	28,985,000		16,506,045		16,594,149		(88,104	)
11/17/09	Deutsche Bank AG London	CAD	25,219,647		23,412,332		24,103,614		(691,282	)
11/17/09	UBS AG	CAD	17,320,000		16,078,797		15,756,143		322,654
12/16/09	UBS AG	CAD	33,687,650		31,273,391		31,772,939		(499,548	)
11/12/09	JPMorgan Chase Bank N.A	EUR	25,704,650		37,925,095		38,388,352		(463,257	)
11/05/09	Deutsche Bank AG London	HUF	2,793,480,000		15,016,846		14,917,655		99,191
11/25/09	Credit Suisse London Branch	INR	554,175,000		11,782,622		11,344,422		438,200
11/25/09	Westpac Banking Corporation	INR	554,175,000		11,782,622		11,356,045		426,577
11/05/09	Credit Suisse London Branch	MXN	197,775,000		15,031,770		14,925,852		105,918
11/05/09	Goldman Sachs & Co	MXN	197,775,000		15,031,769		14,924,162		107,607
11/23/09	Credit Suisse London Branch	MXN	405,260,000		30,728,674		31,212,261		(483,587	)
11/05/09	Goldman Sachs & Co	NOK	147,950,436		25,963,845		24,469,352		1,494,493
11/05/09	Westpac Banking Corporation	NOK	124,520,799		21,852,174		20,649,188		1,202,986
12/18/09	JPMorgan Chase Bank N.A	NOK	130,139,820		22,800,739		23,300,000		(499,261	)

See Notes to Financial Statements


146	Artio Global Funds ï 2009 Annual Report


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Contracts to Receive

Net Unrealized

Expiration

Local

Value in

In Exchange

Appreciation

Date

Counterparty

Currency

USD

for USD

(Depreciation)

11/05/09

Credit Suisse London Branch

PLN

65,870,000

22,843,930

22,429,938

413,992

11/05/09

Goldman Sachs & Co

PLN

65,870,000

22,843,930

22,430,701

413,229

11/05/09

JPMorgan Chase Bank N.A

SEK

215,493,610

30,553,953

30,200,000

353,953

Net unrealized appreciation on forward foreign exchange contracts to buy

9,437,855

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)
11/12/09	UBS AG	AUD	7,900,000		7,132,435		6,819,675	$	(312,760	)
11/12/09	Westpac Banking Corporation	AUD	42,381,000		38,263,254		37,887,148		(376,106	)
11/04/09	Credit Suisse London Branch	BRL	28,985,000		16,608,887		16,686,816		77,929
11/04/09	JPMorgan Chase Bank N.A	BRL	28,985,000		16,608,888		16,696,429		87,541
11/17/09	Deutsche Bank AG London	CAD	9,072,000		8,421,874		8,562,449		140,575
11/17/09	UBS AG	CAD	17,320,000		16,078,798		16,011,636		(67,162	)
11/17/09	Westpac Banking Corporation	CAD	16,684,668		15,488,995		15,600,000		111,005
12/16/09	UBS AG	CAD	32,990,043		30,625,779		31,099,438		473,659
11/12/09	JPMorgan Chase Bank N.A	EUR	25,704,650		37,925,095		36,875,376		(1,049,719	)
01/28/10	Goldman Sachs & Co	EUR	23,020,000		33,953,872		34,201,735		247,863
11/05/09	Goldman Sachs & Co	HUF	2,793,480,000		15,016,846		14,198,119		(818,727	)
11/05/09	Goldman Sachs & Co	NOK	18,933,687		3,322,675		3,309,969		(12,706	)
11/05/09	Westpac Banking Corporation	NOK	124,520,799		21,852,174		21,768,419		(83,755	)

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	147


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)	October 31, 2009

Artio Total Return Bond Fund

Contracts to Deliver

Net Unrealized

Expiration

Local

Value in

In Exchange

Appreciation

Date

Counterparty

Currency

USD

for USD

(Depreciation)

11/05/09

JPMorgan Chase Bank N.A

SEK

215,493,610

30,553,953

29,375,611

(1,178,342

)

Net unrealized depreciation on forward foreign exchange contracts to sell

(2,760,705

)

Glossary of Currencies


AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
EUR		Euro
HUF		Hungarian Forint
INR		Indian Rupee
MXN		Mexican Peso
NOK		Norwegian Krone
PLN		Polish Zloty
SEK		Swedish Krona
USD		United States Dollar

See Notes to Financial Statements


148	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)	October 31, 2009

Artio Total Return Bond Fund

At October 31, 2009, sector diversification of the Fund’s investments were as follows:


	% of Net			Fair Market
	Assets			Value (Note 2)
INDUSTRY SECTOR
Corporate Bonds		35.5	%	$	558,083,566
U.S. Government and Agency Obligations		26.2			410,804,832
Asset Backed Securities		24.2			380,394,915
Foreign Government and Agency Bonds		9.0			140,861,551
Municipal Obligations		0.2			3,011,875
Short-term Investments		7.9			123,928,387	*

Total Investments		103.0			1,617,085,126
Other Assets and Liabilities (Net)		(3.0	)		(47,349,729	)*

Net Assets		100.0	%	$	1,569,735,397


*		Includes the current net notional market value of $(17,780,641) for futures contracts, which is (1.13)% of net assets.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	149


PORTFOLIO OF INVESTMENTS	October 31, 2009

Artio Global High Income Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—61.9%

United States—43.1%

Activant Solutions

4,535,000

USD

9.500% due 05/01/2016 (1)

4,149,525

AES Corp

3,635,000

USD

9.750% due 04/15/2016 (1)(2)

3,980,325

12,905,000

USD

8.000% due 06/01/2020 (1)

12,969,525

16,949,850

AGCO Corp

6,245,000

EUR

6.875% due 04/15/2014 (1)

9,029,906

Airgas Inc

4,450,000

USD

7.125% due 10/01/2018 (1)(2)

4,605,750

Alliant Techsystems

15,830,000

USD

6.750% due 04/01/2016 (1)

15,632,125

Allison Transmission

16,830,000

USD

11.000% due 11/01/2015 (1)(2)

17,250,750

6,462,000

USD

11.250% due 11/01/2015 (1)(2)

6,429,690

23,680,440

Aramark Corp

15,195,000

USD

3.983% due 02/01/2015 (1)(3)

13,523,550

Arch Coal

17,289,000

USD

8.750% due 08/01/2016 (1)(2)

17,807,670

Asbury Automotive

3,945,000

USD

8.000% due 03/15/2014 (1)

3,787,200

BAC Capital Trust XIV

7,225,000

USD

5.630% due 12/31/2049 (1)(3)

5,075,562

Boise Paper Holdings LLC Series 1

3,800,000

USD

9.000% due 11/01/2017 (1)(2)

3,857,000

Calabash Re II, Series A1

250,000

USD

8.844% due 01/08/2010 (2)(3)(4)

252,713

Calpine Construction Finance

8,205,000

USD

8.000% due 06/01/2016 (1)(2)

8,369,100

Calpine Corp

3,775,000

USD

7.250% due 10/15/2017 (1)(2)

3,576,813

See Notes to Financial Statements


150	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—Continued

United States—Continued

Capital One Capital III

5,091,000

USD

7.686% due 08/15/2036

4,441,898

Case New Holland

1,225,000

USD

7.750% due 09/01/2013 (1)(2)

1,221,938

Casella Waste Systems

6,010,000

USD

9.750% due 02/01/2013 (1)

5,769,600

5,780,000

USD

11.000% due 07/15/2014 (1)(2)

6,199,050

11,968,650

Chesapeake Energy

6,175,000

USD

9.500% due 02/15/2015

6,715,312

5,775,000

EUR

6.250% due 01/15/2017 (1)

7,881,673

14,596,985

Citigroup Capital XXI, Multi-Coupon

5,240,000

USD

8.300% due 12/21/2057 (1)(3)

4,899,400

CMS Energy

5,690,000

USD

8.500% due 04/15/2011 (1)

5,981,482

Comerica Capital Trust II

5,265,000

USD

6.576% due 02/20/2037 (1)(3)

3,869,775

Cooper-Standard Automotive

3,725,000

USD

7.000% due 12/15/2012 (1)(4)(5)

2,570,250

Delphi Corp

1,500,000

USD

6.550% due 06/15/2006 (1)(5)

15,000

Delta Air Lines

2,995,000

USD

9.500% due 09/15/2014 (1)(2)

3,069,875

2,995,000

USD

12.250% due 03/15/2015 (1)(2)

2,845,250

5,915,125

Domtar Corp

2,490,000

USD

10.750% due 06/01/2017 (1)

2,869,725

Dresser-Rand Group

7,405,000

USD

7.375% due 11/01/2014 (1)

7,349,462

E*Trade Financial

3,200,000

USD

12.500% due 11/30/2017 (1)

3,568,000

El Paso

4,110,000

USD

12.000% due 12/12/2013 (1)

4,726,500

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	151


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund


Face					(Percentage of	Fair Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				El Paso—Continued

	4,000,000		USD	8.050% due 10/15/2030		$	3,794,444
	5,685,000		USD	7.800% due 08/01/2031 (1)			5,354,775

							13,875,719


				Exide Technologies, Series B
	12,440,000		USD	10.500% due 03/15/2013 (1)			12,440,000


				Ford Motor Credit
	1,000,000		USD	7.375% due 02/01/2011			1,004,252
	17,270,000		USD	7.500% due 08/01/2012			16,828,665
	4,065,000		USD	8.000% due 06/01/2014			3,956,078
	2,895,000		USD	8.700% due 10/01/2014			2,894,624
	3,200,000		USD	8.000% due 12/15/2016			3,095,331

							27,778,950


				Freedom Group
	1,500,000		USD	10.250% due 08/01/2015 (1)(2)			1,590,000


				Freeport-McMoRan C&G
	7,415,000		USD	8.375% due 04/01/2017 (1)			7,982,181


				Frontier Communications
	16,565,000		USD	9.000% due 08/15/2031 (1)			16,440,762


				General Motors
	2,240,000		USD	7.125% due 07/15/2013 (1)(5)			336,000
	7,200,000		USD	8.800% due 03/01/2021 (5)			1,044,000
	29,645,000		USD	8.250% due 07/15/2023 (1)(5)			4,520,863
	2,485,000		USD	8.100% due 06/15/2024 (1)(5)			372,750
	2,415,000		EUR	8.375% due 07/05/2033 (5)			507,758
	3,550,000		USD	8.375% due 07/15/2033 (1)(5)			550,250
	3,460,000		USD	7.375% due 05/23/2048 (1)(5)			501,700

							7,833,321


				HCA Inc
	2,300,000		USD	5.750% due 03/15/2014 (1)			2,150,500
	940,000		USD	6.375% due 01/15/2015 (1)			883,600
	4,752,000		USD	6.500% due 02/15/2016 (1)			4,455,000
	1,620,000		USD	8.500% due 04/15/2019 (1)(2)			1,725,300

							9,214,400

See Notes to Financial Statements


152	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund


Face					(Percentage of	Fair Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued

				Headwaters Inc
	12,701,000		USD	11.375% due 11/01/2014 (1)(2)		$	12,796,257


				Hertz Corp
	10,870,000		EUR	7.875% due 01/01/2014 (1)			15,637,196


				Hexcel Corp
	11,258,000		USD	6.750% due 02/01/2015 (1)			10,976,550


				Hornbeck Offshore, Series 1
	10,970,000		USD	8.000% due 09/01/2017 (1)(2)			10,915,150


				IASIS Healthcare Capital
	11,449,000		USD	8.750% due 06/15/2014 (1)			11,792,470


				Ingles Markets
	5,520,000		USD	8.875% due 05/15/2017 (1)			5,685,600


				Invacare Corp
	9,240,000		USD	9.750% due 02/15/2015 (1)			9,817,500


				Inverness Medical Innovations
	2,350,000		USD	7.875% due 02/01/2016 (1)(2)			2,326,500
	3,365,000		USD	7.875% due 02/01/2016 (1)			3,331,350
	3,000,000		USD	9.000% due 05/15/2016 (1)			3,052,500

							8,710,350


				Jarden Corp
	13,029,000		USD	7.500% due 05/01/2017 (1)			12,898,710


				JP Morgan Chase Capital XX, Series T
	2,460,000		USD	6.550% due 09/29/2036 (1)			2,300,848


				K Hovnanian Enterprises
	920,000		USD	6.500% due 01/15/2014 (1)			680,800
	2,400,000		USD	6.375% due 12/15/2014 (1)			1,776,000
	4,573,000		USD	6.250% due 01/15/2015 (1)			3,338,290
	3,030,000		USD	6.250% due 01/15/2016 (1)			2,166,450
	7,571,000		USD	8.625% due 01/15/2017 (1)			5,488,975

							13,450,515


				KB Home
	3,410,000		USD	6.375% due 08/15/2011 (1)			3,435,575
	6,615,000		USD	5.875% due 01/15/2015 (1)			6,118,875
	1,275,000		USD	6.250% due 06/15/2015 (1)			1,204,875

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	153


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund


Face					(Percentage of	Fair Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				KB Home—Continued

	3,865,000		USD	9.100% due 09/15/2017 (1)		$	4,038,925

							14,798,250


				Koppers Holdings, Multi-Coupon
	5,966,000		USD	Zero Coupon due 11/15/2014 (1)(3)(6)			5,995,830


				Lennar Corp
	4,600,000		USD	12.250% due 06/01/2017 (1)			5,543,000


				Level 3 Financing
	4,240,000		USD	9.250% due 11/01/2014 (1)			3,794,800
	10,447,000		USD	4.601% due 02/15/2015 (1)(3)			7,652,427
	2,550,000		USD	8.750% due 02/15/2017 (1)			2,193,000

							13,640,227


				MacDermid Inc
	9,367,000		USD	9.500% due 04/15/2017 (1)(2)			8,898,650


				Meritage Homes
	6,495,000		USD	7.000% due 05/01/2014 (1)			6,202,725
	9,855,000		USD	7.731% due 04/30/2017 (1)(2)(4)			8,327,475

							14,530,200


				Mirant Americas Generation
	5,530,000		USD	8.500% due 10/01/2021 (1)			4,949,350
	19,470,000		USD	9.125% due 05/01/2031 (1)			16,135,762

							21,085,112


				Navistar International
	12,925,000		USD	8.250% due 11/01/2021 (1)			12,682,656


				New Albertsons
	2,085,000		USD	7.500% due 02/15/2011 (1)			2,142,338
	2,295,000		USD	7.250% due 05/01/2013 (1)			2,306,475
	3,315,000		USD	7.750% due 06/15/2026			2,942,063
	5,000,000		USD	8.700% due 05/01/2030 (1)			4,887,500

							12,278,376


				NewMarket Corp
	6,855,000		USD	7.125% due 12/15/2016 (1)			6,649,350


				NewPage Corp
	14,730,000		USD	11.375% due 12/31/2014 (1)(2)			14,766,825

See Notes to Financial Statements


154	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund


Face					(Percentage of	Fair Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued

				NRG Energy
	6,731,000		USD	7.375% due 02/01/2016 (1)		$	6,705,759
	10,810,000		USD	8.500% due 06/15/2019 (1)			10,999,175

							17,704,934


				Plains Exploration & Production
	7,690,000		USD	10.000% due 03/01/2016 (1)			8,266,750
	5,510,000		USD	8.625% due 10/15/2019 (1)			5,551,325

							13,818,075


				Qwest Corp
	9,100,000		USD	3.549% due 06/15/2013 (3)			8,508,500


				Residential Reinsurance
	975,000		USD	7.111% due 06/06/2011 (2)(3)(4)			949,894


				Rite Aid
	3,450,000		USD	10.375% due 07/15/2016 (1)			3,484,500
	3,650,000		USD	10.250% due 10/15/2019 (2)			3,686,500

							7,171,000


				RR Donnelley & Sons
	5,725,000		USD	11.250% due 02/01/2019 (1)			7,086,537


				Select Medical
	3,550,000		USD	7.625% due 02/01/2015 (1)			3,363,625
	2,578,000		USD	6.428% due 09/15/2015 (1)(3)			2,313,755

							5,677,380


				SS&C Technologies
	3,380,000		USD	11.750% due 12/01/2013 (1)			3,565,900


				Stanadyne Corp
	5,575,000		USD	12.000% due 02/15/2015 (1)(3)(6)			3,094,125


				Stanadyne Corp, Series 1
	3,395,000		USD	10.000% due 08/15/2014 (1)(4)			2,936,675


				Sunguard Data Systems
	17,265,000		USD	10.250% due 08/15/2015 (1)			17,890,856


				Toll Brothers Finance
	8,860,000		USD	8.910% due 10/15/2017 (1)			10,092,213

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	155


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—Continued

United States—Continued

Toys R Us Property

5,850,000

USD

10.750% due 07/15/2017 (1)(2)

6,376,500

Universal Hospital Services

7,943,000

USD

4.635% due 06/01/2015 (1)(3)

6,711,835

Vanguard Health

10,265,000

USD

9.000% due 10/01/2014 (1)

10,726,925

Verso Paper

6,570,000

USD

11.500% due 07/01/2014 (1)(2)

7,029,900

Verso Paper, Series B

5,500,000

USD

4.233% due 08/01/2014 (1)(3)

3,630,000

5,050,000

USD

9.125% due 08/01/2014 (1)

4,216,750

7,846,750

Wachovia Capital Trust III

7,640,000

USD

5.800% due 03/29/2049 (1)(3)

5,542,820

WCA Waste

7,325,000

USD

9.250% due 06/15/2014 (1)

7,288,375

Wells Fargo

4,650,000

USD

7.700% due 12/29/2049 (1)(3)

4,347,750

Williams Cos

2,050,000

USD

8.750% due 01/15/2020 (1)

2,353,783

3,045,000

USD

7.875% due 09/01/2021 (1)

3,329,159

5,682,942

Windstream Corp

8,235,000

USD

7.875% due 11/01/2017 (1)(2)

8,358,525

710,978,260

Netherlands—3.3%

ASML Holding

10,900,000

EUR

5.750% due 06/13/2017

15,841,177

Boats Investments

5,511,539

EUR

11.000% due 03/31/2017 (1)(4)

5,489,103

GT 2005 Bonds

2,940,000

USD

5.000% due 07/21/2014 (1)(3)(6)

2,127,825

Impress Holdings

1,320,000

USD

3.409% due 09/15/2013 (1)(2)(3)(4)

1,230,900

See Notes to Financial Statements


156	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund


Face					(Percentage of	Fair Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Netherlands—Continued
				Impress Holdings—Continued

	421,000		EUR	3.867% due 09/15/2013 (1)(2)(3)		$	585,448
	4,990,000		EUR	3.867% due 09/15/2013 (1)(3)			6,939,155

							8,755,503


				KazMunaiGaz Finance Sub
	6,060,000		USD	11.750% due 01/23/2015 (2)			7,272,000


				Media Nusantara Citra BV
	5,630,622		USD	10.750% due 09/12/2011 (1)			4,973,382


				Sensata Technologies
	7,315,000		EUR	9.000% due 05/01/2016 (1)(4)			9,605,700


							54,064,690


				Canada—2.4%
				Great Canadian Gaming
	9,025,000		USD	7.250% due 02/15/2015 (1)(2)			8,664,000


				Reliance Intermediate
	12,950,000		USD	9.500% due 12/15/2019 (1)(2)			13,387,062


				Teck Resources
	890,000		USD	9.750% due 05/15/2014 (1)			1,003,475
	225,000		USD	10.250% due 05/15/2016 (1)			260,438
	1,335,000		USD	10.750% due 05/15/2019 (1)			1,561,950

							2,825,863


				Telesat Canada
	2,445,000		USD	11.000% due 11/01/2015 (1)			2,665,050
	10,857,000		USD	12.500% due 11/01/2017 (1)			11,956,271

							14,621,321


							39,498,246


				Brazil—1.9%
				CESP Companhia Energetica Sao Paulo
	8,855,000		BRL	9.750% due 01/15/2015 (4)			5,861,735
	10,270,000		BRL	9.750% due 01/15/2015 (2)(4)			6,798,420

							12,660,155


				Fibria Overseas Finance Ltd
	5,600,000		USD	9.250% due 10/30/2019 (1)(2)			5,896,800

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	157


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—Continued

Brazil—Continued

ISA Capital do Brasil

5,915,000

USD

8.800% due 01/30/2017 (1)(2)

6,476,925

Petrobras International Finance

3,120,000

USD

5.875% due 03/01/2018 (1)

3,179,904

1,000,000

USD

8.375% due 12/10/2018

1,177,500

1,500,000

USD

7.875% due 03/15/2019 (1)

1,702,500

6,059,904

31,093,784

Bermuda—1.5%

Intelsat Bermuda

25,825,000

USD

11.500% due 02/04/2017 (1)(2)

25,050,250

United Kingdom—1.0%

Ardagh Glass Finance

2,785,000

EUR

8.875% due 07/01/2013 (1)

4,191,313

4,830,000

EUR

7.125% due 06/15/2017 (1)

6,342,520

10,533,833

Barclays Bank, Series 1

5,840,000

USD

6.278% due 12/29/2049 (1)(3)(4)

4,584,400

Royal Bank of Scotland, Multi-Coupon

1,800,000

USD

7.640% due 03/31/2049 (1)(3)

883,029

16,001,262

Mexico—1.2%

Alestra SA

12,555,000

USD

11.750% due 08/11/2014 (2)

14,187,150

Axtel SAB de CV

1,170,000

USD

7.625% due 02/01/2017 (1)(2)

1,140,750

MultiCat Mexico 2009, Series B

1,965,000

USD

10.301% due 10/19/2012 (2)(3)(4)

1,991,724

MultiCat Mexico 2009, Series C

1,965,000

USD

10.301% due 10/19/2012 (2)(3)(4)

1,992,314

19,311,938

Russia—1.2%

Evraz Group

4,550,000

USD

8.875% due 04/24/2013 (1)

4,424,875

See Notes to Financial Statements


158	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund


Face					(Percentage of	Fair Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Russia—Continued
				Evraz Group—Continued

	4,455,000		USD	8.250% due 11/10/2015 (1)		$	4,377,037
	2,295,000		USD	8.250% due 11/10/2015 (1)(2)			2,257,706

							11,059,618


				TNK-BP Finance
	1,915,000		USD	7.500% due 07/18/2016 (2)			1,938,938
	4,155,000		USD	6.625% due 03/20/2017 (2)			3,983,814
	2,365,000		USD	6.625% due 03/20/2017			2,261,650

							8,184,402


							19,244,020


				Multinational—1.1%
				ArcelorMittal Inc
	7,845,000		USD	6.500% due 04/15/2014 (1)			8,177,126
	3,750,000		USD	9.850% due 06/01/2019			4,426,650

							12,603,776


				Central European Media Enterprises
	4,290,000		EUR	11.625% due 09/15/2016 (1)(2)			6,171,441

							18,775,217


				Germany—1.0%
				Unitymedia GmbH
	11,440,000		EUR	3.778% due 04/15/2013 (1)(3)			16,372,781
	705,000		USD	10.375% due 02/15/2015 (1)(2)(4)			742,894

							17,115,675


				France—0.9%
				Europcar Groupe
	5,770,000		EUR	4.373% due 05/15/2013 (1)(2)(3)			7,151,214
	1,115,000		EUR	4.373% due 05/15/2013 (1)(3)			1,381,907
	3,385,000		EUR	8.125% due 05/15/2014 (1)			4,245,241
	1,200,000		EUR	8.125% due 05/15/2014 (1)(2)			1,504,960

							14,283,322


				Singapore—0.8%
				Avago Technologies Finance
	926,000		USD	5.861% due 06/01/2013 (1)(3)			915,583

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	159


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CORPORATE BONDS—Continued

Singapore—Continued

Avago Technologies Finance—Continued

10,598,000

USD

11.875% due 12/01/2015 (1)

11,657,800

12,573,383

Denmark—0.7%

Nordic Telephone

4,080,000

EUR

6.399% due 05/01/2016 (1)(3)

6,004,789

1,900,000

EUR

8.250% due 05/01/2016 (1)(2)

2,971,558

2,050,000

EUR

8.250% due 05/01/2016 (1)

3,206,154

12,182,501

Greece—0.7%

Hellas Telecommunications

9,645,000

EUR

4.242% due 10/15/2012 (1)(3)

11,811,499

Italy—0.5%

Wind Acquisition Finance

3,200,000

USD

11.750% due 07/15/2017 (1)(2)

3,632,000

2,650,000

EUR

11.750% due 07/15/2017 (1)(2)

4,379,138

8,011,138

Ghana—0.4%

Barclays Bank

10,200,000

GHS

19.000% due 10/28/2010 (4)

7,202,638

Norway—0.1%

Biofuel Energy

2,900,000

USD

10.000% due 06/07/2012 (1)(4)

1,305,000

Ireland—0.1%

Osiris Capital, Series D3

1,000,000

USD

5.284% due 01/15/2010 (2)(3)(4)

998,650

Hungary—0.0%

HTCC Holdco I BV

EUR

8.992% due 04/15/2013 (1)(2)(4)

836,991

EUR

8.992% due 04/15/2013 (1)(4)

612,534

612,548

See Notes to Financial Statements


160	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund


Face					(Percentage of	Fair Market
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued

				Japan—0.0%
				AKIBARE Ltd
	485,000		USD	3.357% due 05/22/2012 (2)(3)(4)		$	473,554


				TOTAL CORPORATE BONDS (Cost $925,874,176)			1,020,587,575



BANK LOANS—23.3%
				United States—18.5%
				Allison Transmission
	2,339,790		USD	3.010% due 08/07/2014 (3)			2,105,392


				Astoria Generating Company Acquisitions
	17,230,578		USD	4.040% due 08/23/2013 (3)			16,024,438


				ATP Oil & Gas
	3,185,089		USD	9.992% due 01/15/2011 (3)			3,110,014
	20,260,485		USD	11.250% due 07/15/2014 (3)			19,782,926

							22,892,940


				Biomet Inc
	4,825,191		USD	3.280% due 03/25/2015 (3)			4,645,756


				Coinmach Corp
	4,987,437		USD	3.340% due 11/14/2014 (3)			4,164,510
	15,036,449		USD	3.430% due 11/20/2014 (3)			12,555,435

							16,719,945


				Community Health Systems
	493,480		USD	2.493% due 07/25/2014 (3)			460,818
	9,673,150		USD	2.610% due 07/25/2014 (3)			9,032,913

							9,493,731


				Covanta Energy
	931,363		USD	0.187% due 02/10/2014 (3)			887,123
	626,697		USD	1.750% due 02/10/2014 (3)			596,929

							1,484,052


				Delta Air Lines
	18,900,000		USD	Zero Coupon due 04/30/2012 (3)			16,135,875
	9,138,158		USD	3.534% due 04/30/2014 (3)			7,703,468

							23,839,343

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	161


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund


Face					(Percentage of	Fair Market
Value		Currency		Description	Net Assets)	Value (Note 2)
BANK LOANS—Continued
				United States—Continued

				Federal-Mogul
	13,328,659		USD	2.188% due 12/29/2014 (3)		$	10,271,398
	7,183,709		USD	2.188% due 12/28/2015 (3)			5,535,946

							15,807,344


				First Data
	7,240,000		USD	Zero Coupon due 09/24/2014 (3)			6,239,975


				Ford Motor
	11,533,846		USD	Zero Coupon due 12/15/2013 (3)			10,425,221
	22,329,835		USD	3.288% due 12/16/2013 (3)			19,957,290

							30,382,511


				Gate Gourmet Borrower
	10,437,771		USD	2.783% due 05/22/2013 (3)			9,185,238
	13,998,227		USD	2.783% due 05/31/2013 (3)			12,178,458

							21,363,696


				Hawker Beechcraft Acquisition
	12,488,693		USD	2.256% due 03/26/2014 (3)			9,928,511
	737,947		USD	2.283% due 03/26/2014 (3)			586,668

							10,515,179


				HBI Branded Apparel
	6,080,000		USD	3.994% due 03/05/2014 (3)			5,890,000


				HCA Inc
	3,219,460		USD	1.783% due 11/16/2012 (3)			3,007,681
	2,520,000		USD	Zero Coupon due 11/18/2013 (3)			2,351,825

							5,359,506


				Helicon Cable
	965,400		USD	3.299% due 07/31/2014 (3)(4)			670,953


				Inverness Medical
	6,714,216		USD	4.494% due 06/26/2015 (3)			6,445,647


				Lear Corp
	5,785,000		USD	13.500% due 07/06/2010 (3)			5,842,850
	20,219,374		USD	5.000% due 04/25/2012 (3)			19,511,696
	3,000,000		USD	Zero Coupon due 10/15/2014 (3)			3,013,749

							28,368,295

See Notes to Financial Statements


162	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

BANK LOANS—Continued

United States—Continued

Progressive Moulded Products

1,570,269

USD

8.399% due 08/16/2011 (3)(4)

113,845

Six Flags Theme Parks

19,500,214

USD

2.500% due 04/30/2015 (3)

19,124,835

Spectrum Brands

153,987

USD

1.500% due 06/29/2012 (3)

150,984

5,172,487

USD

8.000% due 06/29/2012 (3)

5,071,623

15,405,153

EUR

8.500% due 03/30/2013 (3)

14,634,895

19,857,502

SS&C Technologies

2,996,342

USD

2.277% due 11/28/2012 (3)

2,876,488

Texas Competitive Electric

21,599,997

USD

3.745% due 10/10/2014 (3)

16,820,485

Univision Communications

23,345,000

USD

2.533% due 09/29/2014 (3)

18,876,090

305,917,948

Netherlands—3.0%

Sensata Technologies

31,089,477

EUR

2.728% due 04/26/2013 (3)

25,990,803

UPC Broadband

26,019,573

EUR

2.440% due 12/31/2014 (3)

24,128,497

50,119,300

Germany—1.6%

Kabel Deutschland

27,237,174

EUR

8.453% due 11/18/2014 (3)

25,555,278

Canada—0.2%

Great Canadian Gaming

2,971,833

USD

1.954% due 02/13/2014 (3)

2,793,523

TOTAL BANK LOANS (Cost $335,561,744)

384,386,049

CONVERTIBLE BONDS—3.3%

United States—2.7%

Amylin Pharmaceuticals

6,295,000

USD

3.000% due 06/15/2014

4,815,675

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	163


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

CONVERTIBLE BONDS—Continued

United States—Continued

Carrizo Oil & Gas

18,655,000

USD

4.375% due 06/01/2028 (1)

15,553,606

Hornbeck Offshore Services

3,260,000

USD

1.625% due 11/15/2026 (1)(3)(6)

2,863,910

Massey Energy

15,750,000

USD

3.250% due 08/01/2015

12,718,125

United Rentals North America

9,705,000

USD

1.875% due 10/15/2023 (1)

9,365,325

45,316,641

Multinational—0.6%

Central European Media Enterprises

11,845,000

USD

3.500% due 03/15/2013 (2)

9,135,456

TOTAL CONVERTIBLE BONDS (Cost $40,990,570)

54,452,097

FOREIGN GOVERNMENT BONDS—2.4%

Brazil—1.2%

Brazil Notas do Tesouro Nacional, Series F

35,615,000

BRL

10.000% due 01/01/2012

19,775,614

Venezuela—1.0%

Venezuela Government International Bond

23,105,000

USD

9.250% due 05/07/2028

16,577,838

Colombia—0.2%

Colombia Government International Bond

4,400,000,000

COP

12.000% due 10/22/2015

2,673,872

TOTAL FOREIGN GOVERNMENT BONDS (Cost $36,436,457)

39,027,324

U.S. GOVERNMENT AND AGENCY OBLIGATIONS—0.5%

United States—0.5%

U.S. Treasury Bill

8,600,000

USD

0.010% due 12/03/2009 (7) (Cost $8,599,000)

8,599,000

See Notes to Financial Statements


164	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund

Share

(Percentage of

Fair Market

Amount

Currency

Description

Net Assets)

Value (Note 2)

COMMON STOCKS—0.0%

United States—0.0%

28,233

USD

Federal Mogul (8) (Cost $1,040,431)

314,797

PREFERRED STOCKS—0.0%

United States—0.0%

1,600

USD

Merrill Lynch Capital Trust II (1)(3) (Cost $29,253)

29,248

WARRANTS—0.0%

Norway—0.0%

136,474

NOK

War Boenergy ASA (Cost $—)

—

Face

Value

REPURCHASE AGREEMENT—10.0%

United States—10.0%

164,859,782

USD

State Street Bank and Trust Company Repurchase Agreement, dated 10/30/2009, due 11/02/2009, with a maturity value of $164,859,919 and an effective yield of 0.01%, collateralized by U.S. Government Agency and Obligations, with rates ranging from 0.069%-4.000%, maturities ranging from 02/11/2010-12/15/2017 and an aggregate fair market value of $168,175,582. (Cost $164,859,782)

164,859,782

TOTAL INVESTMENTS—101.4% (Cost $1,513,391,413)

1,672,255,872

OTHER ASSETS AND LIABILITIES—(1.4)%

(22,661,281

)

TOTAL NET ASSETS—100.0%

1,649,594,591

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	165


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio Global High Income Fund

Notes to the Portfolio of Investments.


(1)		Callable
(2)		Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers.
(3)		Variable Rate Security.
(4)		Illiquid security.
(5)		Defaulted Security.
(6)		Step-Coupon.
(7)		Security has been pledged for collateral of swaps.
(8)		Non-income producing security.
		Aggregate cost for federal income tax purposes was $1,515,909,539.

See Notes to Financial Statements


166	Artio Global Funds ï 2009 Annual Report


SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS	October 31, 2009

Artio Global High Income Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY


		Contracts to Receive						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
04/29/10	JPMorgan Chase Bank N.A	AUD	27,500,000		24,377,404		24,766,500	$	(389,096	)
12/14/09	Brown Brothers Harriman & Co	EUR	21,550,000		31,792,110		32,212,940		(420,830	)
12/14/09	Brown Brothers Harriman & Co	GBP	2,355,553		3,881,844		3,910,571		(28,727	)
02/16/10	JPMorgan Chase Bank N.A	MXN	251,639,400		18,860,833		18,900,000		(39,167	)

Net unrealized depreciation on forward foreign exchange contracts to buy								$	(877,820	)

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)
12/14/09	Brown Brothers Harriman & Co	EUR	113,700,000		167,738,421		165,767,226	$	(1,971,195	)
12/14/09	Brown Brothers Harriman & Co	GBP	7,534,000		12,415,689		11,989,382		(426,307	)

Net unrealized depreciation on forward foreign exchange contracts to sell								$	(2,397,502	)

Glossary of Currencies


AUD		Australian Dollar
BRL		Brazilian Real
COP		Columbia Peso
EUR		Euro
GBP		Great British Pound
GHS		Ghanaian Cedi
MXN		Mexican Peso
NOK		Norwegian Krone
USD		United States Dollar

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	167


PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)	October 31, 2009

Artio Global High Income Fund

At October 31, 2009, sector diversification of the Fund’s investments were as follows:


	% of Net			Fair Market
	Assets			Value (Note 2)
INDUSTRY SECTOR
Corporate Bonds		61.9	%	$	1,020,587,575
Bank Loans		23.3			384,386,049
Convertible Bonds		3.3			54,452,097
Foreign Government Bonds		2.4			39,027,324
U.S. Government and Agency Obligations		0.5			8,599,000
Common Stocks		0.0			314,797
Preferred Stocks		0.0			29,248
Warrants		0.0			—
Short-term Investments		10.0			164,859,782	*

Total Investments		101.4			1,672,255,872
Other Assets and Liabilities (Net)		(1.4	)		(22,661,281	)*

Net Assets		100.0	%	$	1,649,594,591


*		Includes the current net notional market value of $81,730,114 for swap transaction agreements, which is 4.95% of net assets.

See Notes to Financial Statements


168	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS	October 31, 2009

Artio U.S. Microcap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—99.6%
		Banks—14.1%
	18,990	Abington Bancorp		$	130,271
	15,682	Cardinal Financial			127,808
	10,100	Danvers Bancorp			138,673
	13,810	PrivateBancorp Inc			126,085
	61,860	Southern Community Financial			144,134
	6,816	WSFS Financial			188,122

					855,093


		Semiconductors & Semiconductor Equipment—10.0%
	41,150	Integrated Device Technology *			241,962
	99,686	LTX-Credence Corp *			133,579
	6,870	Mellanox Technologies *			119,881
	26,620	Photronics Inc *			111,272

					606,694


		Pharmaceuticals & Biotechnology—9.1%
	32,270	BMP Sunstone *			117,463
	6,580	Genomic Health *			122,191
	6,320	Obagi Medical Products *			64,590
	6,020	Par Pharmaceutical *			126,239
	16,400	Viropharma Inc *			123,656

					554,139


		Capital Goods—7.5%
	15,380	Astronics Corp *			127,500
	35,350	Mueller Water Products -Class A			158,368
	15,510	Titan Machinery *			166,423

					452,291


		Health Care Equipment & Services—7.0%
	3,040	Almost Family *			92,264
	2,720	Genoptix Inc *			94,629
	8,610	Natus Medical *			119,593
	3,210	NuVasive Inc *			116,491

					422,977


		Retailing—6.8%
	26,960	Saks Inc *			151,246
	6,160	Vitamin Shoppe *			108,231

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	169


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio U.S. Microcap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Retailing—Continued

	48,480	Wet Seal -Class A *		$	154,651

					414,128


		Technology Hardware & Equipment—5.3%
	6,250	EMS Technologies *			108,937
	12,020	Emulex Corp *			121,402
	10,946	Super Micro Computer *			88,225

					318,564


		Commercial & Professional Services—5.0%
	19,800	ACCO Brands *			119,988
	13,290	Cenveo Inc *			94,093
	54,184	GlobalOptions Group *			87,778

					301,859


		Energy—4.7%
	4,670	Carrizo Oil & Gas *			108,250
	8,179	Gulfport Energy *			62,406
	14,850	Union Drilling *			113,454

					284,110


		Transportation—4.6%
	3,610	Allegiant Travel *			136,133
	11,900	RailAmerica Inc *			140,063

					276,196


		Diversified Financials—4.5%
	2,290	Diamond Hill Investment *			120,134
	4,000	optionsXpress Holdings			62,520
	18,970	TICC Capital			93,332

					275,986


		Materials—4.1%
	15,540	American Vanguard			128,982
	14,880	ICO Inc *			57,139
	4,750	Quadra Mining *			64,387

					250,508


		Media—4.1%
	23,760	Lions Gate Entertainment *			123,314

See Notes to Financial Statements


170	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio U.S. Microcap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Media—Continued

	26,010	LodgeNet Interactive *		$	126,149

					249,463


		Consumer Durables & Apparel—3.0%
	21,030	Liz Claiborne			120,712
	4,490	Perry Ellis International *			61,379

					182,091


		Telecommunication Services—2.7%
	5,030	Cbeyond Inc *			67,150
	12,710	Premiere Global Services *			94,944

					162,094


		Household & Personal Products—2.3%
	53,520	GLG Life Tech *			141,775


		Consumer Services—2.3%
	36,860	Morton’s Restaurant *			137,856


		Software & Services—1.5%
	4,060	Progress Software *			93,786


		Food, Beverage & Tobacco—1.0%
	4,430	Zhongpin Inc *			58,963

		TOTAL COMMON STOCKS (Cost $5,946,596)			6,038,573


Face
Value		Currency
REPURCHASE AGREEMENT—0.9%
	53,252		USD	State Street Bank and Trust Company Repurchase Agreement, dated 10/30/2009, due 11/02/2009, with maturity value of $53,252 and an effective yield of 0.01%, collateralized by a U.S. Government and Agency Obligation, with a rate of 4.000%, a maturity of 12/15/2017 and an aggregate fair market value of $54,617. (Cost $53,252)		53,252

				TOTAL INVESTMENTS—100.5% (Cost $5,999,848)		6,091,825
				OTHER ASSETS AND LIABILITIES—(0.5)%		(31,004	)

				TOTAL NET ASSETS—100.0%	$	6,060,821

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	171


PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)	October 31, 2009

Artio U.S. Microcap Fund

At October 31, 2009, sector diversification of the Fund’s investments were as follows:


	% of Net			Fair Market
	Assets			Value (Note 2)
INDUSTRY SECTOR
Financials		18.7	%	$	1,131,079
Industrials		17.0			1,030,346
Information Technology		16.8			1,019,044
Healthcare		16.1			977,116
Consumer Discretionary		14.4			875,307
Materials		5.9			358,739
Energy		4.7			284,110
Consumer Staples		3.3			200,738
Telecommunication Services		2.7			162,094
Short-term Investment		0.9			53,252

Total Investments		100.5			6,091,825
Other Assets and Liabilities (Net)		(0.5	)		(31,004	)

Net Assets		100.0	%	$	6,060,821

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	173


PORTFOLIO OF INVESTMENTS	October 31, 2009

Artio U.S. Smallcap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—98.5%
		Semiconductors & Semiconductor Equipment—9.8%
	99,760	Integrated Device Technology *		$	586,589
	196,000	LTX-Credence Corp *			262,640
	15,850	Mellanox Technologies *			276,583
	13,670	Microchip Technology			327,533

					1,453,345


		Health Care Equipment & Services—7.6%
	6,540	Gentiva Health Services *			156,960
	4,200	Mednax Inc *			218,064
	24,650	Natus Medical *			342,388
	11,255	NuVasive Inc *			408,444

					1,125,856


		Commercial & Professional Services—7.5%
	48,000	ACCO Brands *			290,880
	15,250	Brink’s Co			361,883
	31,890	Cenveo Inc *			225,781
	8,230	Verisk Analytics-Class A *			225,749

					1,104,293


		Pharmaceuticals & Biotechnology—7.5%
	14,880	Cepheid Inc *			197,457
	17,560	Myriad Genetics *			426,357
	20,120	Obagi Medical Products *			205,626
	6,110	Par Pharmaceutical *			128,127
	19,370	Viropharma Inc *			146,050

					1,103,617


		Consumer Services—6.9%
	18,050	Burger King			309,738
	87,464	Morton’s Restaurant *			327,115
	14,300	Weight Watchers International			379,093

					1,015,946


		Capital Goods—6.8%
	5,840	Gardner Denver			209,714
	82,290	Mueller Water Products -Class A			368,659
	39,880	Titan Machinery *			427,913

					1,006,286

See Notes to Financial Statements


174	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio U.S. Smallcap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		Banks—6.6%
	27,800	New York Community Bancorp		$	299,962
	33,470	PrivateBancorp Inc			305,581
	13,520	WSFS Financial			373,152

					978,695


		Retailing—6.0%
	56,200	Saks Inc *			315,282
	14,780	Vitamin Shoppe *			259,685
	97,370	Wet Seal -Class A *			310,610

					885,577


		Energy—5.3%
	4,350	Alpha Natural Resources *			147,770
	4,090	Arena Resources *			152,393
	6,250	Carrizo Oil & Gas *			144,875
	3,570	Comstock Resources *			146,691
	24,400	Union Drilling *			186,416

					778,145


		Materials—4.6%
	38,120	American Vanguard			316,396
	7,660	Coeur d’Alene Mines *			153,813
	8,370	Intrepid Potash *			215,611

					685,820


		Technology Hardware & Equipment—4.2%
	32,170	Emulex Corp *			324,917
	37,131	Super Micro Computer *			299,276

					624,193


		Software & Services—4.1%
	11,360	Progress Software *			262,416
	33,810	Shanda Games Sponsored ADR *			336,748

					599,164


		Diversified Financials—4.0%
	26,910	Calamos Asset Management-Class A			285,246
	19,410	optionsXpress Holdings			303,378

					588,624

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	175


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio U.S. Smallcap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		Insurance—3.6%
	5,970	Hanover Insurance		$	251,158
	34,700	National Financial Partners *			282,805

					533,963


		Real Estate—3.5%
	82,040	Chimera Investment REIT			286,319
	9,720	Government Properties Income Trust REIT			226,282

					512,601


		Telecommunication Services—2.5%
	11,140	Cbeyond Inc *			148,719
	30,480	Premiere Global Services *			227,686

					376,405


		Transportation—2.1%
	25,990	RailAmerica Inc *			305,902


		Media—2.0%
	57,600	Lions Gate Entertainment *			298,944


		Consumer Durables & Apparel—1.5%
	37,820	Liz Claiborne			217,087


		Household & Personal Products—1.4%
	78,860	GLG Life Tech *			208,900


		Food, Beverage & Tobacco—1.0%
	10,840	Zhongpin Inc *			144,280

		TOTAL COMMON STOCKS (Cost $14,298,109)			14,547,643

See Notes to Financial Statements


176	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio U.S. Smallcap Fund

Face

(Percentage of

Fair Market

Value

Currency

Description

Net Assets)

Value (Note 2)

REPURCHASE AGREEMENT—4.2%

617,811

USD

State Street Bank and Trust Company Repurchase Agreement, dated 10/30/2009, due 11/02/2009, with maturity value of $617,812 and an effective yield of 0.01%, collateralized by a U.S. Government and Agency Obligation, with a rate of 4.000%, dates ranging from 08/15/2039-09/25/2039, and an aggregate fair market value of $631,621. (Cost $617,811)

617,811

TOTAL INVESTMENTS—102.7% (Cost $14,915,920)

15,165,454

OTHER ASSETS AND LIABILITIES—(2.7)%

(398,587

)

TOTAL NET ASSETS—100.0%

14,766,867

Notes to the Portfolio of Investments.


ADR		American Depositary Receipt
REIT		Real Estate Investment Trust
*		Non-income producing security.
		Aggregate cost for federal income tax purposes was $14,990,393.

Glossary of Currencies


USD		United States Dollar

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	177


PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)	October 31, 2009

Artio U.S. Smallcap Fund

At October 31, 2009, sector diversification of the Fund’s investments were as follows:


	% of Net			Fair Market
	Assets			Value (Note 2)
INDUSTRY SECTOR
Information Technology		18.1	%	$	2,676,702
Financials		17.7			2,613,883
Industrials		16.4			2,416,481
Healthcare		15.1			2,229,473
Consumer Discretionary		14.6			2,157,869
Materials		6.4			945,505
Energy		5.3			778,145
Telecommunication Services		2.5			376,405
Consumer Staples		2.4			353,180
Short-term Investment		4.2			617,811

Total Investments		102.7			15,165,454
Other Assets and Liabilities (Net)		(2.7	)		(398,587	)

Net Assets		100.0	%	$	14,766,867

See Notes to Financial Statements


178	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS	October 31, 2009

Artio U.S. Midcap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—98.9%
		Pharmaceuticals & Biotechnology—9.5%
	1,120	Alexion Pharmaceuticals *		$	49,739
	2,015	Celgene Corp *			102,866
	4,970	King Pharmaceuticals *			50,346
	1,290	Life Technologies *			60,850
	8,490	Myriad Genetics *			206,137

					469,938


		Software & Services—9.1%
	5,760	Activision Blizzard *			62,381
	400	MasterCard Inc-Class A			87,608
	3,670	Paychex Inc			104,265
	11,350	Shanda Games Sponsored ADR *			113,046
	2,070	Sybase Inc *			81,889

					449,189


		Energy—8.3%
	1,460	Alpha Natural Resources *			49,596
	2,470	Continental Resources *			91,909
	1,370	Hess Corp			74,994
	4,100	PetroHawk Energy *			96,432
	3,530	Smith International			97,887

					410,818


		Retailing—7.6%
	2,970	Abercrombie & Fitch-Class A			97,475
	5,360	Macy’s Inc			94,175
	7,050	OfficeMax Inc *			80,582
	2,690	Tiffany & Co			105,690

					377,922


		Diversified Financials—7.2%
	350	CME Group			105,913
	5,170	Raymond James Financial			122,064
	2,630	T Rowe Price			128,160

					356,137


		Semiconductors & Semiconductor Equipment—6.4%
	25,790	Integrated Device Technology *			151,645
	6,900	Microchip Technology			165,324

					316,969

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	179


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio U.S. Midcap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		Consumer Services—6.2%
	6,010	Burger King		$	103,131
	26,490	Morton’s Restaurant *			99,073
	3,870	Weight Watchers International			102,594

					304,798


		Commercial & Professional Services—6.1%
	2,360	Copart Inc *			75,921
	2,280	Stericycle Inc *			119,403
	3,820	Verisk Analytics-Class A *			104,783

					300,107


		Capital Goods—5.3%
	2,120	Gardner Denver			76,129
	1,040	L-3 Communications			75,182
	2,150	Rockwell Collins			108,317

					259,628


		Real Estate—4.9%
	20,590	Chimera Investment REIT			71,859
	3,290	Plum Creek Timber REIT			102,944
	2,760	St Joe *			66,075

					240,878


		Materials—4.9%
	2,140	Airgas Inc			94,930
	1,990	International Flavors & Fragrances			75,799
	1,490	Mosaic Co			69,628

					240,357


		Insurance—4.0%
	7,440	Fidelity National Financial -Class A			100,961
	2,300	Hanover Insurance			96,761

					197,722


		Transportation—3.5%
	2,400	Allegiant Travel *			90,504
	6,850	RailAmerica Inc *			80,624

					171,128


		Food, Beverage & Tobacco—3.1%
	6,370	Dole Food *			74,784

See Notes to Financial Statements


180	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio U.S. Midcap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Food, Beverage & Tobacco—Continued

	2,220	Hormel Foods		$	80,941

					155,725


		Technology Hardware & Equipment—3.1%
	10,050	Emulex Corp *			101,505
	1,920	NetApp Inc *			51,936

					153,441


		Household & Personal Products—2.6%
	1,290	Clorox Co			76,407
	1,210	Mead Johnson Nutrition-Class A			50,868

					127,275


		Health Care Equipment & Services—2.2%
	1,440	CR Bard			108,101


		Banks—2.0%
	2,040	PNC Financial Services			99,838


		Media—1.9%
	7,850	CBS Corp-Class B			92,394


		Food & Staples Retailing—1.0%
	2,240	Safeway Inc			50,019

		TOTAL COMMON STOCKS (Cost $4,356,498)			4,882,384


Face
Value		Currency
REPURCHASE AGREEMENT—0.5%
	24,484		USD	State Street Bank and Trust Company Repurchase Agreement, dated 10/30/2009, due 11/02/2009, with a maturity value of $24,484 and an effective yield of 0.01% collateralized by a U.S. Government and Agency Obligation, with a rate of 4.000%, a maturity of 12/15/2017, and an aggregate fair market value of $29,791. (Cost $24,484)		24,484

				TOTAL INVESTMENTS—99.4% (Cost $4,380,982)		4,906,868
				OTHER ASSETS AND LIABILITIES—0.6%		29,989

				TOTAL NET ASSETS—100.0%	$	4,936,857

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	181


PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)	October 31, 2009

Artio U.S. Midcap Fund

At October 31, 2009, sector diversification of the Fund’s investments were as follows:


	% of Net			Fair Market
	Assets			Value (Note 2)
INDUSTRY SECTOR
Information Technology		18.6	%	$	919,599
Financials		18.1			894,575
Consumer Discretionary		15.7			775,114
Industrials		14.8			730,863
Healthcare		11.7			578,039
Energy		8.3			410,818
Consumer Staples		6.8			333,019
Materials		4.9			240,357
Short-term Investment		0.5			24,484

Total Investments		99.4			4,906,868
Other Assets and Liabilities (Net)		0.6			29,989

Net Assets		100.0	%	$	4,936,857

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	183


PORTFOLIO OF INVESTMENTS	October 31, 2009

Artio U.S. Multicap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—99.3%
		Diversified Financials—11.0%
	2,330	American Express		$	81,177
	6,950	Bank of America			101,331
	250	CME Group			75,653
	3,110	Morgan Stanley			99,893
	2,380	State Street			99,912
	1,930	T Rowe Price			94,049

					552,015


		Pharmaceuticals & Biotechnology—10.0%
	1,630	Abbott Laboratories			82,429
	1,380	Amgen Inc *			74,147
	2,030	Celgene Corp *			103,632
	6,750	Myriad Genetics *			163,890
	1,610	Teva Pharmaceutical Industries Sponsored ADR			81,273

					505,371


		Energy—9.3%
	1,370	Alpha Natural Resources *			46,539
	2,155	Carrizo Oil & Gas *			49,953
	890	Chevron Corp			68,121
	930	Hess Corp			50,908
	4,280	PetroHawk Energy *			100,666
	3,610	Smith International			100,105
	1,100	Ultra Petroleum *			53,405

					469,697


		Capital Goods—7.5%
	2,250	Emerson Electric			84,938
	2,290	Raytheon Co			103,691
	8,370	Titan Machinery *			89,810
	1,650	United Technologies			101,392

					379,831


		Semiconductors & Semiconductor Equipment—7.4%
	26,420	Integrated Device Technology *			155,350
	2,480	Linear Technology			64,182
	6,390	Microchip Technology			153,104

					372,636


		Software & Services—7.4%
	380	MasterCard Inc-Class A			83,228

See Notes to Financial Statements


184	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio U.S. Multicap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Software & Services—Continued

	2,420	Microsoft Corp		$	67,107
	3,720	Paychex Inc			105,685
	11,510	Shanda Games Sponsored ADR *			114,639

					370,659


		Retailing—7.2%
	2,940	Abercrombie & Fitch-Class A			96,491
	4,640	Lowe’s Cos			90,805
	5,810	Macy’s Inc			102,082
	13,240	Saks Inc *			74,276

					363,654


		Health Care Equipment & Services—6.3%
	1,910	Baxter International			103,255
	1,590	CR Bard			119,361
	1,670	Medco Health Solutions *			93,720

					316,336


		Technology Hardware & Equipment—6.0%
	670	Apple Inc *			126,295
	2,580	Hewlett-Packard Co			122,447
	1,970	NetApp Inc *			53,288

					302,030


		Food, Beverage & Tobacco—4.2%
	3,540	PepsiCo Inc			214,347


		Materials—4.0%
	2,080	Mosaic Co			97,198
	1,300	Praxair Inc			103,272

					200,470


		Household & Personal Products—3.3%
	1,320	Clorox Co			78,184
	1,500	Procter & Gamble			87,000

					165,184


		Commercial & Professional Services—3.1%
	1,985	Stericycle Inc *			103,954
	1,900	Verisk Analytics-Class A *			52,117

					156,071

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	185


PORTFOLIO OF INVESTMENTS (Continued)	October 31, 2009

Artio U.S. Multicap Fund


Share			(Percentage of	Fair Market
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued

		Consumer Services—3.1%
	2,730	Starbucks Corp *		$	51,816
	3,930	Weight Watchers International			104,184

					156,000


		Banks—3.0%
	2,080	PNC Financial Services			101,795
	5,590	PrivateBancorp Inc			51,037

					152,832


		Food & Staples Retailing—1.9%
	2,760	CVS Caremark			97,428


		Media—1.9%
	7,960	CBS Corp-Class B			93,689


		Transportation—1.5%
	2,020	Allegiant Travel *			76,174


		Telecommunication Services—1.2%
	19,910	Sprint Nextel *			58,934

		TOTAL COMMON STOCKS (Cost $4,402,631)			5,003,358


Face
Value		Currency
REPURCHASE AGREEMENT—4.0%
	200,261		USD	State Street Bank and Trust Company Repurchase Agreement, dated 10/30/2009, due 11/02/2009 with a maturity value of $200,261 and an effective yield of 0.01% collateralized by a U.S. Government and Agency Obligation, with a rate of 0.000% maturity of 11/27/2009 and an aggregate fair market value of $205,000 (Cost $200,261)		200,261

				TOTAL INVESTMENTS—103.3% (Cost $4,602,892)		5,203,619
				OTHER ASSETS AND LIABILITIES—(3.3)%		(165,840	)

				TOTAL NET ASSETS—100.0%	$	5,037,779

See Notes to Financial Statements


186	Artio Global Funds ï 2009 Annual Report


PORTFOLIO OF INVESTMENTS–Industry Sector (Unaudited)	October 31, 2009

Artio U.S. Multicap Fund

At October 31, 2009, sector diversification of the Fund’s investments were as follows:


	% of Net			Fair Market
	Assets			Value (Note 2)
INDUSTRY SECTOR
Information Technology		20.7	%	$	1,045,325
Healthcare		16.3			821,707
Financials		14.0			704,847
Consumer Discretionary		12.2			613,343
Industrials		12.1			612,076
Consumer Staples		9.5			476,959
Energy		9.3			469,697
Materials		4.0			200,470
Telecommunication Services		1.2			58,934
Short-term Investment		4.0			200,261

Total Investments		103.3			5,203,619
Other Assets and Liabilities (Net)		(3.3	)		(165,840	)

Net Assets		100.0	%	$	5,037,779

See Notes to Financial Statements


188	Artio Global Funds ï 2009 Annual Report


STATEMENT OF ASSETS AND LIABILITIES	October 31, 2009


	Artio			Artio
	Global Equity			International Equity
ASSETS:
Investments in securities, at fair market value including fair market value of securities on loan of $114,288 and $164,280,875, respectively (Cost $62,576,542 and $9,214,880,575, respectively)	$	67,542,448		$	10,377,015,907
Affiliated securities (Cost $0 and $378,735,230, respectively)		—			152,349,725
Repurchase agreements (Cost $0 and $323,623,361, respectively)		—			323,623,361
Cash		246,662			86,534,439
Cash on deposit for broker (Note 2)		—			690,000
Foreign currency, at fair market value (Cost $36,161 and $167,507,750, respectively)		35,862			157,092,039
Receivables:
Investments sold		13,818,885			630,633,473
Fund shares sold		242,527			4,634,043
Interest and dividends		69,885			13,235,464
Tax reclaim		29,907			4,544,654
Daily variation margin on closed financial futures contracts		—			11,438,226
Unrealized appreciation on forward foreign exchange contracts		91,817			70,816,093
Prepaid expense		4,249			312,953

Total Assets		82,082,242			11,832,920,377


LIABILITIES:
Payables:
Investments purchased		1,414,929			810,938,959
Fund shares repurchased		3,654,853			13,057,318
Collateral from broker		—			800,000
Collateral for securities loaned (Note 2)		120,097			173,013,996
Investment advisory fee (Note 3)		67,999			8,574,203
Unrealized depreciation on forward foreign exchange contracts		52,347			65,658,241
Note payable (Note 9)		8,971,976			—
Accrued expenses and other payables		75,771			2,551,083

Total Liabilities		14,357,972			1,074,593,800

NET ASSETS	$	67,724,270		$	10,758,326,577


NET ASSETS Consist of:
Par value	$	2,069		$	376,090
Paid in capital in excess of par value		127,405,968			12,068,891,964
Undistributed net investment income		1,928,053			623,935,988
Accumulated net realized loss on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(66,618,941	)		(2,866,095,652	)
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		5,007,121			931,218,187

NET ASSETS	$	67,724,270		$	10,758,326,577

Class A	$	17,703,046		$	4,368,400,277

Class I	$	50,021,224		$	6,389,926,300


SHARES OUTSTANDING (Note 7)
Class A		543,886			154,916,796

Class I		1,525,173			221,173,274


NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	32.55		$	28.20

Class I	$	32.80		$	28.89

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	189


STATEMENT OF ASSETS AND LIABILITIES (Continued)	October 31, 2009


	Artio			Artio
	International Equity II			Total Return Bond
ASSETS:
Investments in securities, at fair market value including fair market value of securities on loan of $62,940,746 and $0, respectively (Cost $7,887,677,563 and $1,431,589,118, respectively)	$	8,823,474,891		$	1,493,156,739
Repurchase agreements (Cost $312,203,251 and $123,928,387, respectively)		312,203,251			123,928,387
Cash		64,940,338			—
Cash on deposit for broker (Note 2)		945,000			223,800
Foreign currency, at fair market value (Cost $142,693,108 and $1,662,099, respectively)		142,692,977			1,641,298
Receivables:
Investments sold		577,250,103			37,075,871
Fund shares sold		20,140,116			6,665,016
Interest and dividends		10,437,740			12,455,429
Tax reclaim		2,445,220			—
Daily variation margin on closed financial futures contracts		10,663,928			—
Unrealized appreciation on forward foreign exchange contracts		49,818,548			13,380,075
Prepaid expense		254,595			42,083

Total Assets		10,015,266,707			1,688,568,698


LIABILITIES:
Payables:
Investments purchased		758,285,795			108,226,954
Fund shares repurchased		9,971,674			2,939,569
Daily variation margin on open financial futures contracts		—			117,609
Collateral from broker		1,141,000			—
Collateral for securities loaned (Note 2)		66,327,929			—
Investment advisory fee (Note 3)		7,212,436			542,764
Unrealized depreciation on forward foreign exchange contracts		38,986,947			6,702,925
Accrued expenses and other payables		1,846,290			303,480

Total Liabilities		883,772,071			118,833,301

NET ASSETS	$	9,131,494,636		$	1,569,735,397


NET ASSETS Consist of:
Par value	$	781,555		$	116,441
Paid in capital in excess of par value		11,130,283,570			1,531,567,486
Undistributed net investment income (loss)		411,290,022			(6,316,396	)
Accumulated net realized loss on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(3,357,636,170	)		(24,027,953	)
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		946,775,659			68,395,819

NET ASSETS	$	9,131,494,636		$	1,569,735,397

Class A	$	2,146,221,538		$	331,223,647

Class I	$	6,985,273,098		$	1,238,511,750


SHARES OUTSTANDING (Note 7)
Class A		184,669,391			24,514,480

Class I		596,886,086			91,926,546


NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	11.62		$	13.51

Class I	$	11.70		$	13.47

See Notes to Financial Statements


190	Artio Global Funds ï 2009 Annual Report


STATEMENT OF ASSETS AND LIABILITIES (Continued)	October 31, 2009


	Artio			Artio
	Global High Income			U.S. Microcap
ASSETS:
Investments in securities, at fair market value (Cost $1,348,531,631 and $5,946,596, respectively)	$	1,507,396,090		$	6,038,573
Repurchase agreements (Cost $164,859,782 and $53,252, respectively)		164,859,782			53,252
Foreign currency, at fair market value (Cost $21,660,534 and $0, respectively)		21,674,020			—
Receivables:
Investments sold		48,276,564			631,519
Fund shares sold		11,304,596			13,288
Interest and dividends		28,825,046			1,365
Prepaid expense		41,355			180

Total Assets		1,782,377,453			6,738,177


LIABILITIES:
Payables:
Investments purchased		119,431,699			629,325
Fund shares repurchased		4,544,974			—
Investment advisory fee (Note 3)		862,980			1,964
Unrealized depreciation on forward foreign exchange contracts		3,275,322			—
Open swap agreements, at fair market value (upfront payments received $8,660,492) (Note 2)		4,330,886			—
Accrued expenses and other payables		337,001			46,067

Total Liabilities		132,782,862			677,356

NET ASSETS	$	1,649,594,591		$	6,060,821


NET ASSETS Consist of:
Par value	$	164,005		$	785
Paid in capital in excess of par value		1,502,388,735			7,735,905
Undistributed net investment income (loss)		1,209,850			(28,976	)
Accumulated net realized loss on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(14,132,699	)		(1,738,870	)
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		159,964,700			91,977

NET ASSETS	$	1,649,594,591		$	6,060,821

Class A	$	715,540,506		$	3,236,214

Class I	$	934,054,085		$	2,824,607


SHARES OUTSTANDING (Note 7)
Class A		69,616,537			420,145

Class I		94,388,148			364,699


NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	10.28		$	7.70

Class I	$	9.90		$	7.75

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	191


STATEMENT OF ASSETS AND LIABILITIES (Continued)	October 31, 2009


	Artio			Artio
	U.S. Smallcap			U.S. Midcap
ASSETS:
Investments in securities, at fair market value (Cost $14,298,109 and $4,356,498, respectively)	$	14,547,643		$	4,882,384
Repurchase agreements (Cost $617,811 and $24,484, respectively)		617,811			24,484
Receivables:
Investments sold		1,822,165			318,470
Fund shares sold		130,241			230
Dividends receivable		4,860			1,921
Receivable from advisor—net (Note 3)		—			808
Prepaid expense		328			139

Total Assets		17,123,048			5,228,436


LIABILITIES:
Payables:
Investments purchased		2,276,533			248,149
Fund shares repurchased		25,440			—
Investment advisory fee (Note 3)		6,275			—
Accrued expenses and other payables		47,933			43,430

Total Liabilities		2,356,181			291,579

NET ASSETS	$	14,766,867		$	4,936,857


NET ASSETS Consist of:
Par value	$	1,740		$	605
Paid in capital in excess of par value		15,903,377			6,380,563
Undistributed net investment loss		(28,976	)		(15,766	)
Accumulated net realized loss on investments sold		(1,358,808	)		(1,954,431	)
Net unrealized appreciation on investments		249,534			525,886

NET ASSETS	$	14,766,867		$	4,936,857

Class A	$	11,276,950		$	2,441,963

Class I	$	3,489,917		$	2,494,894


SHARES OUTSTANDING (Note 7)
Class A		1,330,407			299,796

Class I		409,737			304,953


NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	8.48		$	8.15

Class I	$	8.52		$	8.18

See Notes to Financial Statements


192	Artio Global Funds ï 2009 Annual Report


STATEMENT OF ASSETS AND LIABILITIES (Continued)	October 31, 2009


	Artio
	U.S. Multicap
ASSETS:
Investments in securities, at fair market value (Cost $4,402,631)	$	5,003,358
Repurchase agreements (Cost $200,261)		200,261
Receivables:
Investments sold		158,787
Fund shares sold		581
Dividends receivable		3,388
Receivable from advisor—net (Note 3)		612
Prepaid expense		140

Total Assets		5,367,127


LIABILITIES:
Payables:
Investments purchased		285,069
Accrued expenses and other payables		44,279

Total Liabilities		329,348

NET ASSETS	$	5,037,779


NET ASSETS Consist of:
Par value	$	595
Paid in capital in excess of par value		6,291,975
Undistributed net investment loss		(1,550	)
Accumulated net realized loss on investments sold, and foreign currency related transactions		(1,853,968	)
Net unrealized appreciation on investments, and foreign currency related transactions		600,727

NET ASSETS	$	5,037,779

Class A	$	2,524,852

Class I	$	2,512,927


SHARES OUTSTANDING (Note 7)
Class A		299,138

Class I		296,174


NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	8.44

Class I	$	8.48

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	193

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2009


	Artio			Artio
	Global Equity			International Equity
INVESTMENT INCOME:
Interest†	$	4,011		$	2,638,554
Securities lending income		49,624			6,455,674
Dividends, from unaffiliated issuers††		1,493,361			219,153,680
Dividends, from affiliated issuers†††		—			5,625,836

Total investment income		1,546,996			233,873,744


EXPENSES:
Investment advisory fee (Note 3)		577,339			90,634,856
Custody fees		255,477			7,684,529
Administration fees		5,773			691,773
Professional fees		39,739			1,075,160
Directors/Trustees’ fees and expenses		3,932			625,178
Registration and filing fees		36,591			46,375
Shareholder reports		23,505			588,753
Insurance premium expense		4,053			344,985
Commitment fee		4,811			11,302
Compliance expense		297			66,695
Miscellaneous fees		5,638			203,507

Total expenses common to all classes		957,155			101,973,113

Transfer agent fees
Class A		20,619			399,211
Class I		4,567			174,607
Distribution and shareholder servicing fees (Note 4)
Class A		38,546			10,431,277

Total gross expenses		1,020,887			112,978,208

Custody offset arrangement (Note 3)		(1,293	)		(5,281,322	)
Expenses reimbursed by investment advisor (Note 3)(1)		(240,207	)		—
Expenses waived by investment advisor (Note 3)		(3,207	)		(507,327	)

Net expenses		776,180			107,189,559

NET INVESTMENT INCOME		770,816			126,684,185


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(8,745,643	)		(2,017,065,161	)
Financial futures contracts and synthetic futures		490,644			381,931,964
Written options		13,710			32,109,386
Swap contracts		82,940			(107,730,021	)
Forward foreign exchange contracts		1,827,654			790,839,664
Foreign currency transactions		(208,556	)		37,592,813

Net realized loss on investments		(6,539,251	)		(882,321,355	)

Net change in unrealized appreciation (depreciation) on:
Investments		19,676,952			2,571,290,605
Financial futures contracts and synthetic futures		(92,002	)		(2,601,456	)
Written options		(5,117	)		(2,781,458	)
Swap contracts		(66,651	)		(18,639,590	)
Forward foreign exchange contracts		(398,592	)		(216,994,776	)
Foreign currency transactions		(1,999	)		(23,016,612	)

Net change in unrealized appreciation of investments		19,112,591			2,307,256,713

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		12,573,340			1,424,935,358

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,344,156		$	1,551,619,543


†		Net of foreign withholding taxes of $0 and $99,510 for the Artio Global Equity Fund Inc. and Artio International Equity Fund, respectively.
††		Net of foreign withholding taxes of $111,974 and $26,444,427 for the Artio Global Equity Fund Inc. and Artio International Equity Fund, respectively.
†††		Net of foreign withholding taxes of $0 and $2,703,331 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 $(74,330) and $(165,877), respectively.

See Notes to Financial Statements


194	Artio Global Funds ï 2009 Annual Report

STATEMENT OF OPERATIONS (Continued)

For the Year Ended October 31, 2009


	Artio			Artio
	International Equity II			Total Return Bond
INVESTMENT INCOME:
Interest†	$	958,280		$	65,823,044
Securities lending income		4,454,724			—
Dividends††		149,708,418			—

Total investment income		155,121,422			65,823,044


EXPENSES:
Investment advisory fee (Note 3)		64,823,512			4,910,875
Custody fees		4,288,133			516,027
Administration fees		948,103			31,483
Professional fees		726,510			171,832
Trustees’ fees and expenses		439,250			85,560
Registration and filing fees		60,238			44,563
Shareholder reports		1,013,682			135,689
Insurance premium expense		200,186			39,445
Commitment fee		11,302			10,918
Compliance expense		28,843			5,161
Miscellaneous fees		132,259			22,550

Total expenses common to all classes		72,672,018			5,974,103

Transfer agent fees
Class A		316,262			51,726
Class I		748,876			35,098
Distribution and shareholder servicing fees (Note 4)
Class A		4,116,659			787,250

Total gross expenses		77,853,815			6,848,177

Custody offset arrangement (Note 3)		(2,585,376	)		—
Recoupment of expenses previously assumed by investment advisor (Note 3)		—			182,935
Expenses waived by investment advisor (Note 3)		(360,626	)		(70,156	)

Net expenses		74,907,813			6,960,956

NET INVESTMENT INCOME		80,213,609			58,862,088


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(1,613,379,339	)		(21,900,582	)
Financial futures contracts and synthetic futures		294,766,945			(813,035	)
Written options		17,951,581			—
Swap contracts		(19,890,359	)		—
Forward foreign exchange contracts		467,168,671			9,128,389
Foreign currency transactions		18,688,780			(2,526,152	)

Net realized loss on investments		(834,693,721	)		(16,111,380	)

Net change in unrealized appreciation (depreciation) on:
Investments		2,395,102,806			179,317,535
Financial futures contracts and synthetic futures		8,819,581			148,052
Written options		(1,702,237	)		—
Swap contracts		(50,448,406	)		—
Forward foreign exchange contracts		(128,193,095	)		4,857,408
Foreign currency transactions		(8,006,592	)		517,313

Net change in unrealized appreciation of investments		2,215,572,057			184,840,308

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,380,878,336			168,728,928

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,461,091,945		$	227,591,016


†		Net of foreign withholding taxes of $46,904 and $0 for the Artio International Equity Fund II and Artio Total Return Bond Fund, respectively.
††		Net of foreign withholding taxes of $17,537,711 and $0 for the Artio International Equity Fund II and Artio Total Return Bond Fund, respectively.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	195

STATEMENT OF OPERATIONS (Continued)

For the Year Ended October 31, 2009


	Artio			Artio
	Global High Income			U.S. Microcap
INVESTMENT INCOME:
Interest	$	70,955,258		$	82
Securities lending income		—			256
Dividends††		103,194			37,155

Total investment income		71,058,452			37,493


EXPENSES:
Investment advisory fee (Note 3)		5,223,593			52,511
Custody fees		325,557			27,305
Administration fees		22,163			—
Professional fees		102,460			28,620
Trustees’ fees and expenses		48,813			263
Registration and filing fees		82,448			30,519
Shareholder reports		101,151			418
Insurance premium expense		13,256			113
Commitment fee		25,771			291
Compliance expense		2,052			13
Miscellaneous fees		13,947			1,745

Total expenses common to all classes		5,961,211			141,798

Transfer agent fees
Class A		72,781			13,483
Class I		26,995			4,286
Distribution and shareholder servicing fees (Note 4)
Class A		815,842			5,298

Total gross expenses		6,876,829			164,865

Custody offset arrangement (Note 3)		(61,462	)		—
Recoupment of expenses previously assumed by investment advisor (Note 3)		74,314			—
Expenses reimbursed by investment advisor (Note 3)(1) (1)		(6,441	)		(95,281	)
Expenses waived by investment advisor (Note 3)		(40,181	)		(210	)

Net expenses		6,843,059			69,374

NET INVESTMENT INCOME (LOSS)		64,215,393			(31,881	)


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(719,082	)		(254,236	)
Written options		141,021			—
Swap contracts		(8,346,478	)		—
Forward foreign exchange contracts		(2,302,197	)		—
Foreign currency transactions		(172,045	)		—

Net realized loss on investments		(11,398,781	)		(254,236	)

Net change in unrealized appreciation (depreciation) on:
Investments		278,501,984			1,341,679
Swap contracts		7,203,956			—
Forward foreign exchange contracts		(11,460,948	)		—
Foreign currency transactions		369,160			—

Net change in unrealized appreciation of investments		274,614,152			1,341,679

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		263,215,371			1,087,443

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	327,430,764		$	1,055,562


††		Net of foreign withholding taxes of $18,211 and $0 for the Artio Global High Income Fund and Artio U.S. Microcap Fund, respectively.
(1)		The expenses reimbursed on Artio Global High Income for Class A and Class I were $(3,862) and $(2,579), respectively. The expenses reimbursed on Artio U.S. Microcap for Class A and Class I were $(51,710) and $(43,571), respectively.

See Notes to Financial Statements


196	Artio Global Funds ï 2009 Annual Report

STATEMENT OF OPERATIONS (Continued)

For the Year Ended October 31, 2009


	Artio			Artio
	U.S. Smallcap			U.S. Midcap
INVESTMENT INCOME:
Interest	$	134		$	73
Securities lending income		64			48
Dividends		65,912			62,987

Total investment income		66,110			63,108


EXPENSES:
Investment advisory fee (Note 3)		61,528			32,767
Custody fees		27,295			19,892
Professional fees		28,785			28,625
Trustees’ fees and expenses		412			253
Registration and filing fees		30,445			30,444
Shareholder reports		810			307
Insurance premium expense		153			118
Commitment fee		291			291
Compliance expense		19			15
Miscellaneous fees		1,726			1,740

Total expenses common to all classes		151,464			114,452

Transfer agent fees
Class A		13,927			13,236
Class I		4,119			4,435
Distribution and shareholder servicing fees (Note 4)
Class A		9,911			4,976

Total gross expenses		179,421			137,099

Expenses reimbursed by investment advisor (Note 3)(1) (1)		(89,482	)		(87,914	)
Expenses waived by investment advisor (Note 3)		(324	)		(205	)

Net expenses		89,615			48,980

NET INVESTMENT INCOME (LOSS)		(23,505	)		14,128


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		372,747			(605,528	)

Net realized gain (loss) on investments		372,747			(605,528	)

Net change in unrealized appreciation on:
Investments		1,230,793			1,372,735

Net change in unrealized appreciation of investments		1,230,793			1,372,735

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,603,540			767,207

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,580,035		$	781,335


(1)		The expenses reimbursed on Artio U.S. Smallcap Fund for Class A and Class I were $(54,594) and $(34,888), respectively. The expenses reimbursed on Artio U.S. Midcap for Class A and Class I were $(46,810) and $(41,104), respectively.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	197

STATEMENT OF OPERATIONS (Continued)

For the Year Ended October 31, 2009


	Artio
	U.S. Multicap
INVESTMENT INCOME:
Interest	$	76
Securities lending income		39
Dividends(1)		74,520

Total investment income		74,635


EXPENSES:
Investment advisory fee (Note 3)		31,819
Custody fees		23,688
Professional fees		28,644
Trustees’ fees and expenses		261
Registration and filing fees		30,444
Shareholder reports		44
Insurance premium expense		122
Commitment fee		291
Compliance expense		16
Miscellaneous fees		1,684

Total expenses common to all classes		117,013

Transfer agent fees
Class A		13,309
Class I		4,427
Distribution and shareholder servicing fees (Note 4)
Class A		5,316

Total gross expenses		140,065

Expenses reimbursed by investment advisor (Note 3)(2)		(91,048	)
Expenses waived by investment advisor (Note 3)		(212	)

Net expenses		48,805

NET INVESTMENT INCOME		25,830


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		(367,594	)
Foreign currency transactions		5

Net realized loss on investments		(367,589	)

Net change in unrealized appreciation on:
Investments		1,247,045

Net change in unrealized appreciation of investments		1,247,045

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		879,456

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	905,286


(1)		Net of withholding taxes of $466 for the Artio U.S. Multicap Fund.
(2)		The expenses reimbursed on Artio U.S. Multicap for Class A and Class I were $(49,495) and $(41,553), respectively.

See Notes to Financial Statements


198	Artio Global Funds ï 2009 Annual Report

STATEMENT OF CHANGES IN NET ASSETS

Artio Global Equity Fund Inc.


	For the Year			For the Year
	Ended			Ended
	October 31, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	770,816		$	867,451
Net realized loss on investments		(6,539,251	)		(23,135,091	)
Net change in unrealized appreciation (depreciation) of investments		19,112,591			(22,480,621	)

Net increase (decrease) in net assets resulting from operations		13,344,156			(44,748,261	)


DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(51,820	)		(69,201	)
Class I		(442,421	)		(300,285	)
Class R		—			(20	)
Consultant Class		—			(20	)

Total distributions to shareholders		(494,241	)		(369,526	)


FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		4,260,109			8,996,828
Class I		21,461,260			24,168,382
Class R		—			1,010
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		45,354			57,112
Class I		385,162			227,284
Class R		—			20
Consultant Class		—			20
Cost of shares redeemed
Class A		(5,616,212	)		(17,578,810	)
Class I		(29,225,075	)		(20,218,769	)
Class R		—			(597	)
Consultant Class		—			(596	)

Net decrease from Fund share transactions		(8,689,402	)		(4,347,106	)

Net increase (decrease) in net assets		4,160,513			(49,464,893	)


NET ASSETS
Beginning of year		63,563,757			113,028,650

End of year (including undistributed net investment income (loss) of $1,928,053 and $(35,660), respectively)	$	67,724,270		$	63,563,757

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	199

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio International Equity Fund


	For the Year			For the Year
	Ended			Ended
	October 31, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	126,684,185		$	310,306,912
Net realized loss on investments		(882,321,355	)		(1,406,543,449	)
Net change in unrealized appreciation (depreciation) of investments		2,307,256,713			(10,298,115,919	)

Net increase (decrease) in net assets resulting from operations		1,551,619,543			(11,394,352,456	)


DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(85,664,078	)		(159,458,420	)
Class I		(140,445,131	)		(238,477,841	)
Distributions from realized gain
Class A		—			(1,170,523,883	)
Class I		—			(1,508,138,937	)

Total distributions to shareholders		(226,109,209	)		(3,076,599,081	)


FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		404,301,509			893,997,235
Class I		932,167,894			1,392,012,727
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		82,972,280			1,246,272,637
Class I		123,510,037			1,508,761,824
Cost of shares redeemed
Class A		(1,536,672,807	)		(2,716,330,531	)
Class I		(2,336,722,790	)		(3,020,676,534	)

Net decrease from Fund share transactions		(2,330,443,877	)		(695,962,642	)

Net decrease in net assets		(1,004,933,543	)		(15,166,914,179	)


NET ASSETS
Beginning of year		11,763,260,120			26,930,174,299

End of year (including undistributed net investment income (loss) of $623,935,988 and $(145,448,587), respectively)	$	10,758,326,577		$	11,763,260,120

See Notes to Financial Statements


200	Artio Global Funds ï 2009 Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio International Equity Fund II


	For the Year			For the Year
	Ended			Ended
	October 31, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	80,213,609		$	137,816,440
Net realized loss on investments		(834,693,721	)		(2,082,481,548	)
Net change in unrealized appreciation (depreciation) of investments		2,215,572,057			(3,030,549,546	)

Net increase (decrease) in net assets resulting from operations		1,461,091,945			(4,975,214,654	)


DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(53,302,535	)		(15,166,313	)
Class I		(173,674,445	)		(75,653,553	)
Distributions from realized gain
Class A		—			(29,650,459	)
Class I		—			(120,095,288	)

Total distributions to shareholders		(226,976,980	)		(240,565,613	)


FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		1,339,361,355			1,321,755,001
Class I		2,951,347,838			3,516,468,830
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		51,235,076			40,734,425
Class I		124,414,774			135,373,131
Cost of shares redeemed
Class A		(796,724,175	)		(970,647,441	)
Class I		(2,299,984,847	)		(2,033,638,610	)

Net increase from Fund share transactions		1,369,650,021			2,010,045,336

Net increase (decrease) in net assets		2,603,764,986			(3,205,734,931	)


NET ASSETS
Beginning of year		6,527,729,650			9,733,464,581

End of year (including undistributed net investment income (loss) of $411,290,022 and $22,382,409, respectively)	$	9,131,494,636		$	6,527,729,650

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	201

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio Total Return Bond Fund


	For the Year			For the Year
	Ended			Ended
	October 31, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	58,862,088		$	52,542,734
Net realized gain (loss) on investments		(16,111,380	)		20,504,240
Net change in unrealized appreciation (depreciation) of investments		184,840,308			(133,942,598	)

Net increase (decrease) in net assets resulting from operations		227,591,016			(60,895,624	)


DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(15,140,174	)		(13,866,138	)
Class I		(56,438,166	)		(52,826,865	)
Class R		—			(55	)
Consultant Class		—			(53	)
Distributions from realized gain
Class A		(3,273,465	)		—
Class I		(10,279,203	)		—

Total distributions to shareholders		(85,131,008	)		(66,693,111	)


FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		147,840,856			299,005,628
Class I		530,039,756			721,424,984
Class R		—			1,010
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		17,725,866			12,878,273
Class I		39,412,940			33,841,801
Class R		—			54
Consultant Class		—			55
Cost of shares redeemed
Class A		(168,566,731	)		(125,593,971	)
Class I		(405,092,093	)		(477,662,128	)
Class R		—			(961	)
Consultant Class		—			(959	)

Net increase from Fund share transactions		161,360,594			463,894,796

Net increase in net assets		303,820,602			336,306,061


NET ASSETS
Beginning of year		1,265,914,795			929,608,734

End of year (including undistributed net investment loss of $(6,316,396) and $(629,642), respectively)	$	1,569,735,397		$	1,265,914,795

See Notes to Financial Statements


202	Artio Global Funds ï 2009 Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio Global High Income Fund


	For the Year			For the Year
	Ended			Ended
	October 31, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	64,215,393		$	21,640,460
Net realized gain (loss) on investments		(11,398,781	)		121,512
Net change in unrealized appreciation (depreciation) of investments		274,614,152			(118,031,047	)

Net increase (decrease) in net assets resulting from operations		327,430,764			(96,269,075	)


DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(26,042,197	)		(7,977,842	)
Class I		(39,483,744	)		(13,485,115	)
Consultant Class		—			(56	)
Return of capital
Class A		(5,125,386	)		—
Class I		(7,770,829	)		—

Total distributions to shareholders		(78,422,156	)		(21,463,013	)


FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		679,159,672			193,918,312
Class I		787,876,363			229,788,508
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		29,332,975			7,217,074
Class I		36,506,876			6,481,358
Consultant Class		—			56
Cost of shares redeemed
Class A		(233,104,717	)		(110,526,895	)
Class I		(260,336,225	)		(95,113,250	)
Consultant Class		—			(783	)

Net increase from Fund share transactions		1,039,434,944			231,765,390

Net increase in net assets		1,288,443,552			114,033,302


NET ASSETS
Beginning of year		361,151,039			247,117,737

End of year (including undistributed net investment income of $1,209,850 and $2,545,139, respectively)	$	1,649,594,591		$	361,151,039

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	203

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio U.S. Microcap Fund


	For the Year			For the Year
	Ended			Ended
	October 31, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(31,881	)	$	(61,992	)
Net realized loss on investments		(254,236	)		(1,490,784	)
Net change in unrealized appreciation (depreciation) of investments		1,341,679			(1,886,021	)

Net increase (decrease) in net assets resulting from operations		1,055,562			(3,438,797	)


DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from realized gain
Class A		—			(415,935	)
Class I		—			(421,345	)
Consultant Class		—			(149	)

Total distributions to shareholders		—			(837,429	)


FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		1,295,639			103,338
Class I		392,317			202,765
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		—			414,730
Class I		—			418,948
Consultant Class		—			149
Cost of shares redeemed
Class A		(586,054	)		(133,056	)
Class I		(164,113	)		(121,945	)
Consultant Class		—			(565	)

Net increase from Fund share transactions		937,789			885,374

Net increase (decrease) in net assets		1,993,351			(3,390,852	)


NET ASSETS
Beginning of year		4,067,470			7,458,322

End of year (including undistributed net investment loss of $(28,976) and $(31,446), respectively)	$	6,060,821		$	4,067,470

See Notes to Financial Statements


204	Artio Global Funds ï 2009 Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio U.S. Smallcap Fund


	For the Year			For the Year
	Ended			Ended
	October 31, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(23,505	)	$	(11,853	)
Net realized gain (loss) on investments		372,747			(1,725,268	)
Net change in unrealized appreciation (depreciation) of investments		1,230,793			(1,899,865	)

Net increase (decrease) in net assets resulting from operations		1,580,035			(3,636,986	)


DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from realized gain
Class A		—			(898,222	)
Class I		—			(886,173	)
Consultant Class		—			(306	)

Total distributions to shareholders		—			(1,784,701	)


FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		8,479,268			612,375
Class I		427,454			217,869
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		—			890,036
Class I		—			886,050
Consultant Class		—			306
Cost of shares redeemed
Class A		(743,583	)		(303,461	)
Class I		(170,096	)		(100,410	)
Consultant Class		—			(601	)

Net increase from Fund share transactions		7,993,043			2,203,174

Net increase (decrease) in net assets		9,573,078			(3,218,513	)


NET ASSETS
Beginning of year		5,193,789			8,412,302

End of year (including undistributed net investment loss of $(28,976) and $(31,446), respectively)	$	14,766,867		$	5,193,789

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	205

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio U.S. Midcap Fund


	For the Year			For the Year
	Ended			Ended
	October 31, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	14,128		$	4,459
Net realized loss on investments		(605,528	)		(1,351,480	)
Net change in unrealized appreciation (depreciation) of investments		1,372,735			(1,780,265	)

Net increase (decrease) in net assets resulting from operations		781,335			(3,127,286	)


DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Distributions from realized gain
Class A		—			(278,849	)
Class I		—			(294,292	)
Consultant Class		—			(98	)
Return of capital
Class I		—			(12,217	)
Consultant Class		—			(4	)

Total distributions to shareholders		—			(585,460	)


FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		103,437			108,818
Class I		60,785			115,045
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		—			278,853
Class I		—			303,338
Consultant Class		—			102
Cost of shares redeemed
Class A		(139,466	)		(127,026	)
Class I		(190,574	)		(132,880	)
Consultant Class		—			(597	)

Net increase (decrease) from Fund share transactions		(165,818	)		546,663

Net increase (decrease) in net assets		615,517			(3,166,083	)


NET ASSETS
Beginning of year		4,321,340			7,487,423

End of year (including undistributed net investment loss of $(15,766) and $(28,463), respectively)	$	4,936,857		$	4,321,340

See Notes to Financial Statements


206	Artio Global Funds ï 2009 Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Continued)

Artio U.S. Multicap Fund


	For the Year			For the Year
	Ended			Ended
	October 31, 2009			October 31, 2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	25,830		$	(2,919	)
Net realized loss on investments		(367,589	)		(1,482,540	)
Net change in unrealized appreciation (depreciation) of investments		1,247,045			(1,508,727	)

Net increase (decrease) in net assets resulting from operations		905,286			(2,994,186	)


DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class I		(797	)		(9,248	)
Consultant Class		—			(5	)
Distributions from realized gain
Class A		—			(317,605	)
Class I		—			(351,375	)
Consultant Class		—			(115	)

Total distributions to shareholders		(797	)		(678,348	)


FUND SHARE TRANSACTIONS (NOTE 7):
Proceeds from sale of shares
Class A		118,712			63,447
Class I		72,052			66,622
Consultant Class		—			1,010
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		—			317,605
Class I		576			358,288
Consultant Class		—			120
Cost of shares redeemed
Class A		(126,590	)		(222,137	)
Class I		(307,842	)		(102,924	)
Consultant Class		—			(612	)

Net increase (decrease) from Fund share transactions		(243,092	)		481,419

Net increase (decrease) in net assets		661,397			(3,191,115	)


NET ASSETS
Beginning of year		4,376,382			7,567,497

End of year (including undistributed net investment loss of $(1,550) and $(26,600), respectively)	$	5,037,779		$	4,376,382

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	207

FINANCIAL HIGHLIGHTS

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


	Class A
	Year Ended October 31,
	2009			2008			2007			2006			2005 (2)
Net Asset Value, beginning of year		$27.23			$47.02			$38.23			$31.45			$26.90

Income (loss) from investment operations:
Net investment income (3)		0.27			0.32			0.33			0.23			0.21
Net realized and unrealized gain (loss) on investments		5.15			(20.03	)		8.46			6.55			4.36

Total income (loss) from investment operations		5.42			(19.71	)		8.79			6.78			4.57

Less distributions:
From net investment income		(0.10	)		(0.08	)		—			—			(0.02	)

Total Distributions		(0.10	)		(0.08	)		—			—			(0.02	)

Net Asset Value, end of year		$32.55	†		$27.23			$47.02			$38.23			$31.45

Total Return		19.94	%		(42.00	)%		23.02	%		21.56	%		17.00	%

Ratios/Supplemental Data:
Net Assets, end of year (in 000’s)		$17,703			$16,045			$38,995			$29,852			$34,608

Ratio of net investment income to average net assets		0.99	%		0.79	%		0.78	%		0.65	%		0.71	%
Ratio of net expenses to average net assets (1)(4)		1.40	%		1.45	%		1.42	%		1.42	%		1.51	%
Ratio of net expenses to average net assets (1)		1.40	%		1.40	%		1.40	%		1.40	%		1.50	%

Portfolio turnover rate		320	%		200	%		185	%		162	%		118	%

(1) The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such an action not been taken, the operating expenses ratios would have been:
Ratio of gross expenses to average net assets (4)		1.89	%		1.75	%		1.99	%		2.26	%		2.99	%
Ratio of gross expenses to average net assets		1.89	%		1.70	%		1.97	%		2.24	%		2.98	%


(2)		Per share amounts were adjusted to reflect a 10 for 1 reverse stock split effective September 15, 2005.
(3)		Based on average shares outstanding during the period.
(4)		Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
†		The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for Global Equity Fund Class A shares was $32.54.

See Notes to Financial Statements


208	Artio Global Funds ï 2009 Annual Report

FINANCIAL HIGHLIGHTS

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


	Class I
													Period Ended
	Year Ended October 31,												October 31,
	2009			2008			2007			2006			2005 (2)(3)
Net Asset Value, beginning of period		$27.55	†		$47.45			$38.48			$31.58			$30.80

Income (loss) from investment operations:
Net investment income (4)		0.35			0.39			0.46			0.38			0.23
Net realized and unrealized gain (loss) on investments		5.17			(20.10	)		8.51			6.52			0.56

Total income (loss) from investment operations		5.52			(19.71	)		8.97			6.90			0.79

Less distributions:
From net investment income		(0.27	)		(0.19	)		—			—	(5)		(0.01	)

Total Distributions		(0.27	)		(0.19	)		—			—	(5)		(0.01	)

Net Asset Value, end of period		$32.80	†		$27.55	†		$47.45			$38.48			$31.58

Total Return		20.23	%		(41.68	)%		23.31	%		21.89	%		2.56	%(6)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$50,021			$47,518			$74,033			$29,598			$16,810

Ratio of investment income to average net assets		1.27	%		0.98	%		1.08	%		1.06	%		1.15	%(7)
Ratio of net expenses to average net assets (1)(8)		1.15	%		1.20	%		1.17	%		1.17	%		1.17	%(7)
Ratio of net expenses to average net assets (1)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%(7)

Portfolio turnover rate		320	%		200	%		185	%		162	%		118	%(6)

(1) The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such an action not been taken, the operating expenses ratios would have been:
Ratio of gross expenses to average net assets (8)		1.50	%		1.45	%		1.65	%		1.88	%		2.51	%(7)
Ratio of gross expenses to average net assets		1.50	%		1.40	%		1.63	%		1.86	%		2.49	%(7)


(2)		Commenced operations on March 14, 2005.
(3)		Per share amounts were adjusted to reflect a 10 for 1 reverse stock split effective September 15, 2005.
(4)		Based on average shares outstanding during the period.
(5)		Rounds to less than $0.01.
(6)		Not annualized.
(7)		Annualized.
(8)		Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
†		The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAVs for shareholder transaction activity for Global Equity Fund Class I shares were $32.79 and $27.56 for October 31, 2009 and 2008, respectively.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	209

FINANCIAL HIGHLIGHTS

Artio International Equity Fund
For a share outstanding throughout each period


	Class A
	Year Ended October 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year		$24.46	†		$51.95			$43.09			$34.29			$28.99

Income (loss) from investment operations:
Net investment income (1)		0.26			0.52			0.71			0.50			0.35
Net realized and unrealized gain (loss) on investments		3.94			(22.03	)		12.60			9.87			5.98

Total income (loss) from investment operations		4.20			(21.51	)		13.31			10.37			6.33

Less distributions:
From net investment income		(0.46	)		(0.72	)		(0.28	)		—			(0.45	)
From net realized gains on investments		—			(5.26	)		(4.17	)		(1.57	)		(0.58	)

Total Distributions		(0.46	)		(5.98	)		(4.45	)		(1.57	)		(1.03	)

Net Asset Value, end of year		$28.20			$24.46	†		$51.95			$43.09			$34.29

Total Return		17.62	%		(46.49	)%		33.33	%		31.20	%		22.19	%

Ratios/Supplemental Data:
Net Assets, end of year (in 000’s)		$4,368,400			$4,884,851			$11,619,663			$9,092,359			$7,018,030

Ratio of net investment income to average net assets		1.09	%		1.31	%		1.54	%		1.28	%		1.09	%
Ratio of net expenses to average net assets (2)		1.26	%		1.22	%		1.24	%		1.24	%		1.32	%
Ratio of net expenses to average net assets		1.21	%(3)		1.13	%		1.19	%		1.19	%		1.31	%

Portfolio turnover rate		201	%		55	%		51	%		62	%		57	%


(1)		Based on average shares outstanding during the period.
(2)		Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(3)		The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the annualized operating expense ratios would have been 1.21% and 1.13% for the periods ended October 31, 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


210	Artio Global Funds ï 2009 Annual Report

FINANCIAL HIGHLIGHTS

Artio International Equity Fund
For a share outstanding throughout each period


	Class I
	Year Ended October 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year		$25.09	†		$53.15			$43.97			$34.96			$29.47

Income (loss) from investment operations:
Net investment income (1)		0.33			0.63			0.85			0.52			0.44
Net realized and unrealized gain (loss) on investments		4.03			(22.60	)		12.88			10.15			6.09

Total income (loss) from investment operations		4.36			(21.97	)		13.73			10.67			6.53

Less distributions:
From net investment income		(0.56	)		(0.83	)		(0.38	)		—			(0.46	)
From net realized gains on investments		—			(5.26	)		(4.17	)		(1.66	)		(0.58	)

Total Distributions		(0.56	)		(6.09	)		(4.55	)		(1.66	)		(1.04	)

Net Asset Value, end of year		$28.89			$25.09	†		$53.15			$43.97			$34.96

Total Return		17.91	%		(46.37	)%		33.65	%		31.53	%		22.52	%

Ratios/Supplemental Data:
Net Assets, end of year (in 000’s)		$6,389,926			$6,878,409			$15,310,511			$11,077,753			$8,220,356

Ratio of investment income to average net assets		1.36	%		1.56	%		1.81	%		1.29	%		1.33	%
Ratio of net expenses to average net assets (2)		1.01	%		0.98	%		0.99	%		0.99	%		1.05	%
Ratio of net expenses to average net assets		0.95	%(3)		0.89	%		0.94	%		0.94	%		1.04	%

Portfolio turnover rate		201	%		55	%		51	%		62	%		57	%


(1)		Based on average shares outstanding during the period.
(2)		Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(3)		The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the annualized operating expense ratios would have been 0.95% and 0.89% for the periods ended October 31, 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 has been restated to correct an error which was identified subsequent to the close of the fiscal year.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	211

FINANCIAL HIGHLIGHTS

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


	Class A
													Period Ended
	Year Ended October 31,												October 31,
	2009			2008			2007			2006			2005 (1)
Net Asset Value, beginning of period		$10.15	†		$18.31			$14.07			$10.94			$10.00

Income (loss) from investment operations:
Net investment income (loss) (2)		0.09			0.19			0.31			0.16			(0.01	)
Net realized and unrealized gain (loss) on investments		1.71			(7.94	)		4.01			2.97			0.95

Total income (loss) from investment operations		1.80			(7.75	)		4.32			3.13			0.94

Less distributions:
From net investment income		(0.33	)		(0.14	)		(0.03	)		—			—
From net realized gains on investments		—			(0.27	)		(0.05	)		—			—

Total Distributions		(0.33	)		(0.41	)		(0.08	)		—			—

Net Asset Value, end of period		$11.62			$10.15	†		$18.31			$14.07			$10.94

Total Return		18.23	%		(43.18	)%		30.89	%		28.73	%		9.30	%(3)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,146,222			$1,309,002			$1,980,188			$722,531			$127,435

Ratio of net investment income (loss) to average net assets		0.87	%		1.25	%		1.93	%		1.25	%		(0.11	)%(4)
Ratio of net expenses to average net assets (5)(6)		1.27	%		1.28	%		1.31	%		1.33	%		1.36	%(4)
Ratio of net expenses to average net assets (7)		1.24	%		1.21	%		1.29	%		1.32	%		1.35	%(4)

Portfolio turnover rate		205	%		89	%		64	%		61	%		38	%(3)


(1)		Commenced operations on May 4, 2005.
(2)		Based on average shares outstanding during the period.
(3)		Not annualized.
(4)		Annualized.
(5)		Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(6)		On March 1, 2006, the expense cap changed from 1.35% to 1.32%.
(7)		The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment advisor. Had such action not been taken, the annualized operating expense ratios would have been 1.25%, 1.21%, 1.28%, 1.32% and 2.06% for the periods ended October 31, 2009, 2008, 2007, 2006 and 2005, respectively.
†		The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for International Equity Fund II Class A shares was $10.16.

See Notes to Financial Statements


212	Artio Global Funds ï 2009 Annual Report

FINANCIAL HIGHLIGHTS

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


	Class I
													Period Ended
	Year Ended October 31,												October 31,
	2009			2008			2007			2006			2005 (1)
Net Asset Value, beginning of period		$10.22	†		$18.42			$14.14			$10.96			$10.00

Income (loss) from investment operations:
Net investment income (2)		0.12			0.23			0.37			0.20			—
Net realized and unrealized gain (loss) on investments		1.72			(7.99	)		4.02			2.98			0.96

Total income (loss) from investment operations		1.84			(7.76	)		4.39			3.18			0.96

Less distributions:
From net investment income		(0.36	)		(0.17	)		(0.06	)		—			—
From net realized gains on investments		—			(0.27	)		(0.05	)		—			—

Total Distributions		(0.36	)		(0.44	)		(0.11	)		—			—

Net Asset Value, end of period		$11.70			$10.22	†		$18.42			$14.14			$10.96

Total Return		18.59	%		(43.03	)%		31.15	%		29.11	%		9.60	%(3)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$6,985,273			$5,218,728			$7,753,276			$2,439,754			$297,617

Ratio of net investment income (loss) to average net assets		1.18	%		1.48	%		2.28	%		1.54	%		(0.01	)%(4)
Ratio of net expenses to average net assets (5)(6)		1.02	%		1.00	%		1.03	%		1.06	%		1.09	%(4)
Ratio of net expenses to average net assets (7)		0.98	%		0.93	%		1.01	%		1.05	%		1.08	%(4)

Portfolio turnover rate		205	%		89	%		64	%		61	%		38	%(3)


(1)		Commenced operations on May 4, 2005.
(2)		Based on average shares outstanding during the period.
(3)		Not annualized.
(4)		Annualized.
(5)		Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(6)		On March 1, 2006, the expense cap changed from 1.08% to 1.05%.
(7)		The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment advisor. Had such action not been taken, the annualized operating expense ratio would have been 0.99%, 0.93%, 1.01%, 1.05% and 1.60% for the periods ended October 31, 2009, 2008, 2007, 2006 and 2005, respectively.
†		The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for International Equity Fund II Class I shares was $10.23.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	213

FINANCIAL HIGHLIGHTS

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


	Class A
	Year Ended October 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year		$12.21			$13.41			$13.08			$13.33			$13.37

Income (loss) from investment operations:
Net investment income (1)		0.51			0.57			0.57			0.56			0.42
Net realized and unrealized gain (loss) on investments		1.54			(1.07	)		0.29			0.07			0.10

Total income (loss) from investment operations		2.05			(0.50	)		0.86			0.63			0.52

Less distributions:
From net investment income		(0.62	)		(0.70	)		(0.53	)		(0.77	)		(0.46	)
From net realized gains on investments		(0.13	)		—			—			(0.11	)		(0.10	)

Total Distributions		(0.75	)		(0.70	)		(0.53	)		(0.88	)		(0.56	)

Net Asset Value, end of year		$13.51			$12.21			$13.41			$13.08			$13.33

Total Return		17.27	%		(4.01	)%		6.75	%		4.98	%		3.93	%

Ratios/Supplemental Data:
Net Assets, end of year (in 000’s)		$331,224			$302,869			$148,603			$103,732			$68,223

Ratio of net investment income to average net assets		3.98	%		4.27	%		4.34	%		4.32	%		3.11	%
Ratio of net expenses to average net assets (2)		0.69	%		0.69	%		0.69	%		0.69	%		0.78	%
Ratio of net expenses to average net assets (3)		0.69	%		0.69	%		0.69	%		0.69	%		0.77	%

Portfolio turnover rate(4)		289	%		341	%		433	%		411	%		202	%


(1)		Based on average shares outstanding during the period.
(2)		Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(3)		The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating expense ratios would have been 0.69%, 0.72%, 0.81%, 0.83%, and 0.93% for the periods ended October 31, 2009, 2008, 2007, 2006, and 2005, respectively.
(4)		The portfolio turnover rate not including TBA transactions was 159%, 238%, 220%, 174%, and 67% for the years ended October 31, 2009, 2008, 2007, 2006 and 2005.

See Notes to Financial Statements


214	Artio Global Funds ï 2009 Annual Report

FINANCIAL HIGHLIGHTS

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


	Class I
	Year Ended October 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year		$12.20			$13.43			$13.12			$13.38			$13.41

Income (loss) from investment operations:
Net investment income (1)		0.54			0.57			0.61			0.60			0.47
Net realized and unrealized gain (loss) on investments		1.53			(1.04	)		0.29			0.07			0.08

Total income (loss) from investment operations		2.07			(0.47	)		0.90			0.67			0.55

Less distributions:
From net investment income		(0.67	)		(0.76	)		(0.59	)		(0.82	)		(0.48	)
From net realized gains on investments		(0.13	)		—			—			(0.11	)		(0.10	)

Total Distributions		(0.80	)		(0.76	)		(0.59	)		(0.93	)		(0.58	)

Net Asset Value, end of year		$13.47			$12.20			$13.43			$13.12			$13.38

Total Return		17.56	%		(3.84	)%		7.13	%		5.25	%		4.10	%

Ratios/Supplemental Data:
Net Assets, end of year (in 000’s)		$1,238,512			$963,045			$781,006			$399,187			$141,145

Ratio of investment income to average net assets		4.26	%		4.27	%		4.61	%		4.64	%		3.50	%
Ratio of net expenses to average net assets (2)		0.43	%		0.44	%		0.44	%		0.44	%		0.47	%
Ratio of net expenses to average net assets (3)		0.44	%		0.44	%		0.44	%		0.44	%		0.47	%

Portfolio turnover rate(4)		289	%		341	%		433	%		411	%		202	%


(1)		Based on average shares outstanding during the period.
(2)		Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(3)		The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating expense ratios would have been 0.43%, 0.46%, 0.54%, 0.56%, and 0.65% for periods ended October 31, 2009, 2008, 2007, 2006, and 2005, respectively.
(4)		The portfolio turnover rate not including TBA transactions was 159%, 238%, 220%, 174%, and 67% for the years ended October 31, 2009, 2008, 2007, 2006 and 2005.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	215

FINANCIAL HIGHLIGHTS

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


	Class A
	Year Ended October 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year		$8.08			$11.05			$10.99			$11.93			$12.07

Income (loss) from investment operations:
Net investment income (1)		0.71			0.68			0.76			0.68			0.73
Net realized and unrealized gain (loss) on investments		2.42			(3.00	)		0.15			0.43			(0.01	)

Total income (loss) from investment operations		3.13			(2.32	)		0.91			1.11			0.72

Less distributions:
From net investment income		(0.78	)		(0.65	)		(0.68	)		(1.17	)		(0.71	)
From net realized gains on investments		—			—			(0.10	)		(0.88	)		(0.15	)
Return of capital		(0.15	)		—			(0.07	)		—			—

Total Distributions		(0.93	)		(0.65	)		(0.85	)		(2.05	)		(0.86	)

Net Asset Value, end of year		$10.28			$8.08			$11.05			$10.99			$11.93

Total Return		42.71	%		(22.12	)%		8.58	%		10.49	%		6.15	%

Ratios/Supplemental Data:
Net Assets, end of year (in 000’s)		$715,541			$139,340			$94,348			$45,930			$36,166

Ratio of net investment income to average net assets		7.83	%		6.67	%		6.89	%		6.16	%		6.01	%
Ratio of net expenses to average net assets (2)(3)		1.01	%		1.02	%		1.01	%		1.10	%		1.28	%
Ratio of net expenses to average net assets (2)(4)		1.00	%		1.00	%		1.00	%		1.08	%		1.25	%

Portfolio turnover rate		43	%		28	%		63	%		96	%		99	%


(1)		Based on average shares outstanding during the period.
(2)		On March 1, 2006, the expense cap changed from 1.25% to 1.00%.
(3)		Expense ratio without taking into consideration any expense reductions related to custody offset arrangements and reimbursement of expense previously assumed by the Fund’s investment advisor.
(4)		The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating expenses ratios would have been 1.01%, 1.08%, 1.20%, 1.35% and 1.30% for the periods ended October 31, 2009 ,2008, 2007, 2006 and 2005.

See Notes to Financial Statements


216	Artio Global Funds ï 2009 Annual Report

FINANCIAL HIGHLIGHTS

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


	Class I
	Year Ended October 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year		$7.82			$10.71			$10.66			$11.61			$12.01

Income (loss) from investment operations:
Net investment income (1)		0.70			0.69			0.77			0.70			0.78
Net realized and unrealized gain (loss) on investments		2.33			(2.90	)		0.14			0.40			(0.05	)

Total income (loss) from investment operations		3.03			(2.21	)		0.91			1.10			0.73

Less distributions:
From net investment income		(0.79	)		(0.68	)		(0.68	)		(1.17	)		(0.98	)
From net realized gains on investments		—			—			(0.10	)		(0.88	)		(0.15	)
Return of capital		(0.16	)		—			(0.08	)		—			—

Total Distributions		(0.95	)		(0.68	)		(0.86	)		(2.05	)		(1.13	)

Net Asset Value, end of year		$9.90			$7.82			$10.71			$10.66			$11.61

Total Return		42.99	%		(21.84	)%		8.82	%		10.76	%		6.37	%

Ratios/Supplemental Data:
Net Assets, end of year (in 000’s)		$934,054			$221,811			$152,769			$35,100			$7,586

Ratio of investment income to average net assets		8.10	%		6.93	%		7.15	%		6.61	%		6.47	%
Ratio of net expenses to average net assets (2)(3)		0.76	%		0.77	%		0.76	%		0.81	%		1.03	%
Ratio of net expenses to average net assets (2)(4)		0.75	%		0.75	%		0.75	%		0.79	%		1.00	%

Portfolio turnover rate		43	%		28	%		63	%		96	%		99	%


(1)		Based on average shares outstanding during the period.
(2)		On March 1, 2006, the expense cap changed from 1.00% to 0.75%.
(3)		Expense ratio without taking into consideration any expense reductions related to custody offset arrangements and reimbursement of expense previously assumed by the Fund’s investment advisor.
(4)		The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment advisor. Had such an action not been taken, the operating expense ratios would have been 0.74%, 0.79%, 0.92%, 1.08% and 1.04% for the periods ended October 31, 2009, 2008, 2007, 2006 and 2005.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	217

FINANCIAL HIGHLIGHTS

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


	Class A
										Period Ended
	Year Ended October 31,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.04			$12.66			$11.26			$10.00

Income (loss) from investment operations:
Net investment loss (2)		(0.06	)		(0.11	)		(0.11	)		(0.03	)
Net realized and unrealized gain (loss) on investments		1.72			(5.11	)		1.51			1.29

Total income (loss) from investment operations		1.66			(5.22	)		1.40			1.26

Less distributions:
From net realized gains on investments		—			(1.40	)		—			—

Total Distributions		—			(1.40	)		—			—

Net Asset Value, end of period		$7.70			$6.04			$12.66			$11.26

Total Return		27.48	%		(45.85	)%(4)		12.43	%		12.60	%(3)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$3,236			$2,021			$3,781			$2,955

Ratio of net investment loss to average net assets		(0.92	)%		(1.19	)%		(0.90	)%		(0.99	)%(5)
Ratio of net expenses to average net assets (6)		1.80	%		1.80	%		1.80	%		1.80	%(5)

Portfolio turnover rate		276	%		215	%		172	%		19	%(3)


(1)		Commenced operations on July 24, 2006.
(2)		Based on average shares outstanding during the period.
(3)		Not annualized.
(4)		The net effect to total return, for a reimbursement made by the investment adviser due to a transaction in error is 0.24%.
(5)		Annualized.
(6)		The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating expense ratio would have been 4.25%, 3.80%, 3.52% and 4.52% for the periods ended October 31, 2009, 2008, 2007 and 2006.

See Notes to Financial Statements


218	Artio Global Funds ï 2009 Annual Report

FINANCIAL HIGHLIGHTS

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


	Class I
										Period Ended
	Year Ended October 31,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.05	†		$12.71			$11.27			$10.00

Income (loss) from investment operations:
Net investment loss (2)		(0.04	)		(0.08	)		(0.07	)		(0.02	)
Net realized and unrealized gain (loss) on investments		1.74			(5.12	)		1.51			1.29

Total income (loss) from investment operations		1.70			(5.20	)		1.44			1.27

Less distributions:
From net realized gains on investments		—			(1.46	)		—			—

Total Distributions		—			(1.46	)		—			—

Net Asset Value, end of period		$7.75			$6.05	†		$12.71			$11.27

Total Return		27.89	%		(45.63	)%(4)		12.88	%		12.60	%(3)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,825			$2,046			$3,677			$2,816

Ratio of net investment loss to average net assets		(0.60	)%		(0.89	)%		(0.60	)%		(0.69	)%(5)
Ratio of net expenses to average net assets (6)		1.50	%		1.50	%		1.50	%		1.50	%(5)

Portfolio turnover rate		276	%		215	%		172	%		19	%(3)


(1)		Commenced operations on July 24, 2006.
(2)		Based on average shares outstanding during the period.
(3)		Not annualized.
(4)		The net effect to total return, for a reimbursement made by the investment adviser due to a transaction in error is 0.24%.
(5)		Annualized.
(6)		The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 3.60%, 3.32%, 3.08% and 4.03% for the periods ended October 31, 2009, 2008, 2007 and 2006.
†		The financial statements are prepared to conform to U.S. generally accepted accounting principles. As a result, the NAVs for certain funds reported in the financial statements may differ from the NAV used to process shareholder transactions. The reported NAV for shareholder transaction activity for U.S. Microcap Fund Class I shares was $6.06 for the year ended October 31, 2008.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	219

FINANCIAL HIGHLIGHTS

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


	Class A
										Period Ended
	Year Ended October 31,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.32			$14.13			$11.10			$10.00

Income (loss) from investment operations:
Net investment loss (2)		(0.04	)		(0.03	)		(0.10	)		(0.01	)
Net realized and unrealized gain (loss) on investments		2.20			(4.82	)		3.31			1.11

Total income (loss) from investment operations		2.16			(4.85	)		3.21			1.10

Less distributions:
From net realized gains on investments		—			(2.96	)		(0.18	)		—

Total Distributions		—			(2.96	)		(0.18	)		—

Net Asset Value, end of period		$8.48			$6.32			$14.13			$11.10

Total Return		34.18	%		(41.89	)%		29.44	%		11.00	%(3)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$11,277			$2,743			$4,339			$2,807

Ratio of net investment loss to average net assets		(0.52	)%		(0.31	)%		(0.85	)%		(0.29	)%(4)
Ratio of net expenses to average net assets (5)		1.50	%		1.50	%		1.50	%		1.50	%(4)

Portfolio turnover rate		281	%		253	%		238	%		13	%(3)


(1)		Commenced operations on July 24, 2006.
(2)		Based on average shares outstanding during the period.
(3)		Not annualized.
(4)		Annualized.
(5)		The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 2.88%, 3.21%, 2.97% and 4.22% for the periods ended October 31, 2009, 2008, 2007 and 2006.

See Notes to Financial Statements


220	Artio Global Funds ï 2009 Annual Report

FINANCIAL HIGHLIGHTS

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


	Class I
										Period Ended
	Year Ended October 31,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.33			$14.18			$11.11			$10.00

Income (loss) from investment operations:
Net investment income (loss) (2)		(0.01	)		—	(3)		(0.06	)		—
Net realized and unrealized gain (loss) on investments		2.20			(4.84	)		3.32			1.11

Total income (loss) from investment operations		2.19			(4.84	)		3.26			1.11

Less distributions:
From net investment income		—			—			(0.01	)		—
From net realized gains on investments		—			(3.01	)		(0.18	)		—

Total Distributions		—			(3.01	)		(0.19	)		—

Net Asset Value, end of period		$8.52			$6.33			$14.18			$11.11

Total Return		34.60	%		(41.70	)%		29.75	%		11.10	%(4)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$3,490			$2,450			$4,073			$2,777

Ratio of net investment income (loss) to average net assets		(0.12	)%		(0.02	)%		(0.52	)%		0.01	%(5)
Ratio of net expenses to average net assets (6)		1.20	%		1.20	%		1.20	%		1.20	%(5)

Portfolio turnover rate		281	%		253	%		238	%		13	%(4)


(1)		Commenced operations on July 24, 2006.
(2)		Based on average shares outstanding during the period.
(3)		Rounds to less than $0.01.
(4)		Not annualized.
(5)		Annualized.
(6)		The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 2.59%, 2.78%, 2.79% and 3.68% for the periods ended October 31, 2009, 2008, 2007 and 2006.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	221

FINANCIAL HIGHLIGHTS

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


	Class A
										Period Ended
	Year Ended October 31,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.81			$12.74			$11.05			$10.00

Income (loss) from investment operations:
Net investment income (loss) (2)		0.01			(0.01	)		0.05			0.01
Net realized and unrealized gain (loss) on investments		1.33			(4.94	)		1.81			1.04

Total income (loss) from investment operations		1.34			(4.95	)		1.86			1.05

Less distributions:
From net investment income		—			—			(0.13	)		—
From net realized gains on investments		—			(0.98	)		(0.04	)		—

Total Distributions		—			(0.98	)		(0.17	)		—

Net Asset Value, end of period		$8.15			$6.81			$12.74			$11.05

Total Return		19.68	%		(41.91	)%		17.16	%		10.50	%(3)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,442			$2,096			$3,646			$2,887

Ratio of net investment income (loss) to average net assets		0.19	%		(0.08	)%		0.43	%		0.52	%(4)
Ratio of net expenses to average net assets (5)		1.35	%		1.35	%		1.35	%		1.35	%(4)

Portfolio turnover rate		232	%		209	%		155	%		11	%(3)


(1)		Commenced operations on July 24, 2006.
(2)		Based on average shares outstanding during the period.
(3)		Not annualized.
(4)		Annualized.
(5)		The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 3.71%, 3.10%, 2.98% and 3.94% for the periods ended October 31, 2009, 2008, 2007 and 2006.

See Notes to Financial Statements


222	Artio Global Funds ï 2009 Annual Report

FINANCIAL HIGHLIGHTS

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


	Class I
										Period Ended
	Year Ended October 31,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.82			$12.76			$11.06			$10.00

Income (loss) from investment operations:
Net investment income (2)		0.03			0.02			0.09			0.01
Net realized and unrealized gain (loss) on investments		1.33			(4.94	)		1.80			1.05

Total income (loss) from investment operations		1.36			(4.92	)		1.89			1.06

Less distributions:
From net investment income		—			0.00			(0.15	)		—
From net realized gains on investments		—			(0.98	)		(0.04	)		—
Return of capital		—			(0.04	)		—			—

Total Distributions		—			(1.02	)		(0.19	)		—

Net Asset Value, end of period		$8.18			$6.82			$12.76			$11.06

Total Return		19.94	%		(41.72	)%		17.47	%		10.60	%(3)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,495			$2,226			$3,842			$2,765

Ratio of investment income to average net assets		0.49	%		0.22	%		0.77	%		0.22	%(4)
Ratio of net expenses to average net assets (5)		1.05	%		1.05	%		1.05	%		1.05	%(4)

Portfolio turnover rate		232	%		209	%		155	%		11	%(3)


(1)		Commenced operations on July 24, 2006.
(2)		Based on average shares outstanding during the period.
(3)		Not annualized.
(4)		Annualized.
(5)		The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 3.01%, 2.62%, 2.51% and 3.46% for the periods ended October 31, 2009, 2008, 2007 and 2006.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	223

FINANCIAL HIGHLIGHTS

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


	Class A
										Period Ended
	Year Ended October 31,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.93			$12.84			$11.10			$10.00

Income (loss) from investment operations:
Net investment income (loss) (2)		0.03			(0.02	)		0.07			—	(3)
Net realized and unrealized gain (loss) on investments		1.48			(4.75	)		1.85			1.10

Total income (loss) from investment operations		1.51			(4.77	)		1.92			1.10

Less distributions:
From net investment income		—			—			(0.13	)		—
From net realized gains on investments		—			(1.14	)		(0.05	)		—

Total Distributions		—			(1.14	)		(0.18	)		—

Net Asset Value, end of period		$8.44			$6.93			$12.84			$11.10

Total Return		21.79	%		(40.40	)%		17.47	%		11.00	%(4)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,525			$2,048			$3,620			$2,780

Ratio of net investment income (loss) to average net assets		0.46	%		(0.21	)%		0.58	%		(0.03	)%(5)
Ratio of net expenses to average net assets (6)		1.30	%		1.30	%		1.30	%		1.30	%(5)

Portfolio turnover rate		240	%		214	%		152	%		15	%(4)


(1)		Commenced operations on July 24, 2006.
(2)		Based on average shares outstanding during the period.
(3)		Amount was less than $0.01 per share.
(4)		Not annualized.
(5)		Annualized.
(6)		The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 3.63%, 3.14%, 2.93% and 3.87% for the period ended October 31, 2009, 2008, 2007 and 2006.

See Notes to Financial Statements


224	Artio Global Funds ï 2009 Annual Report

FINANCIAL HIGHLIGHTS

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


	Class I
										Period Ended
	Year Ended October 31,									October 31,
	2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$6.94			$12.86			$11.11			$10.00

Income (loss) from investment operations:
Net investment income (2)		0.05			0.01			0.12			0.01
Net realized and unrealized gain (loss) on investments		1.49			(4.76	)		1.84			1.10

Total income (loss) from investment operations		1.54			(4.75	)		1.96			1.11

Less distributions:
From net investment income		—	(3)		(0.03	)		(0.16	)		—
From net realized gains on investments		—			(1.14	)		(0.05	)		—

Total Distributions		—	(3)		(1.17	)		(0.21	)		—

Net Asset Value, end of period		$8.48			$6.94			$12.86			$11.11

Total Return		22.24	%		(40.26	)%		17.79	%		11.10	%(4)

Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,513			$2,328			$3,947			$2,778

Ratio of investment income to average net assets		0.76	%		0.09	%		0.99	%		0.27	%(5)
Ratio of net expenses to average net assets (6)		1.00	%		1.00	%		1.00	%		1.00	%(5)

Portfolio turnover rate		240	%		214	%		152	%		15	%(4)


(1)		Commenced operations on July 24, 2006.
(2)		Based on average shares outstanding during the period.
(3)		Amount was less than $0.01 per share.
(4)		Not annualized.
(5)		Annualized.
(6)		The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating annualized expense ratio would have been 2.97%, 2.63%, 2.42% and 3.33% for the period ended October 31, 2009, 2008, 2007 and 2006.

See Notes to Financial Statements


	Artio Global Funds ï 2009 Annual Report	225

NOTES TO FINANCIAL STATEMENTS


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 October 31, 2009, the Artio Global Funds are comprised of nine funds (each a “Fund” and together, the “Funds”).

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

The Trust is registered with the SEC under the 1940 Act, as an open-end management investment company. As of October 31, 2009, 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” ). Each investment fund is diversified except the Total Return Bond Fund which is a non-diversified 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 and new plan participants within 401(k) plans that hold positions in the Fund. In addition, existing shareholders may continue to invest.

Each of the Artio Global Funds offers multiple share classes. As of October 31, 2009, all of the Funds offered Class A and Class I shares. Prior to October 31, 2008, Global Equity Fund, Total Return Bond Fund, Global High Income Fund, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and U.S. Multicap Fund offered Consultant Class shares. Consultant Class shares were offered primarily through financial advisers, including brokers, and other entities that have a dealer agreement with the Funds’ distributor. Consultant class shares were liquidated on October 31, 2008. Prior to October 31, 2008, Global Equity and Total Return Bond Fund offered Class R shares. Class R shares were offered exclusively through certain tax-exempt retirement plans. Class R shares were liquidated on October 31, 2008. 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 matters that affect that class. Income, realized gains and


226	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

losses, unrealized appreciation and depreciation, and expenses that are not attributable to a specific class are allocate d 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		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.
U.S. Microcap Fund		Seeks to achieve long term growth of capital.
U.S. Smallcap Fund		Seeks to achieve long term growth of capital.
U.S. Midcap Fund		Seeks to achieve long term growth of capital.
U.S. Multicap Fund		Seeks to achieve long term growth of capital.


2.	Significant Accounting Policies

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

a) Portfolio valuation: Each Fund’s assets for which market quotations are readily available are valued at fair market 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 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


	Artio Global Funds ï 2009 Annual Report	227

NOTES TO FINANCIAL STATEMENTS (Continued)

accordance with valuation procedures (“Valuation Procedures”) approved by the Global Equity Fund Board of Director’s, and the Trusts’ 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 price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. Assets and liabilities initially expressed in foreign currency values will be converted into U.S. dollar values. Short-term dollar-denominated investments 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 fair value pricing and the effects of such fair value pricing.

When market quotations or exchange rates are not readily available, or if the 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 an industry accepted modeling tool. 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. 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 Fund is open.

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


228	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

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


Level 1—	Quoted prices in active markets for identical investments

Level 2—	Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3—	Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)


	Artio Global Funds ï 2009 Annual Report	229

NOTES TO FINANCIAL STATEMENTS (Continued)

The following is a summary of the inputs used as of October 31, 2009 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	$	25,720,011	$	—	$	—	$	25,720,011
Japan		—		4,063,364		—		4,063,364
France		—		3,936,040		—		3,936,040
Australia		—		3,605,624		—		3,605,624
Switzerland		260,121		3,156,706		—		3,416,827
China		810,681		2,441,051		—		3,251,732
Canada		2,927,370		—		—		2,927,370
Germany		—		2,735,492		—		2,735,492
South Korea		434,304		1,600,058		—		2,034,362
United Kingdom		—		1,868,301		—		1,868,301
Russia		504,664		1,297,249		—		1,801,913
Brazil		1,667,880		—		—		1,667,880
Hong Kong		370,199		942,006		—		1,312,205
Italy		—		920,299		—		920,299
Netherlands		—		802,084		—		802,084
Austria		—		582,396		—		582,396
Finland		—		420,145		—		420,145
Ireland		375,312		—		—		375,312
India		—		365,284		—		365,284
Czech Republic		—		332,653		—		332,653
Norway		—		331,742		—		331,742
Greece		—		328,505		—		328,505
Multinational		—		298,419		—		298,419
Belgium		—		271,141		—		271,141
Poland		—		235,753		—		235,753
Singapore		—		217,445		—		217,445
Chile		209,842		—		—		209,842
South Africa		—		205,217		—		205,217
Spain		—		203,990		—		203,990
Taiwan		164,441		—		—		164,441
Turkey		—		124,613		—		124,613
Denmark		—		68,105		—		68,105

TOTAL COMMON STOCKS		33,444,825		31,353,682		—		64,798,507


230	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)


	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
EQUITY LINKED NOTES
India	$	—	$	745,275	$	—	$	745,275
Taiwan		—		714,285		—		714,285

TOTAL EQUITY LINKED NOTES		—		1,459,560		—		1,459,560

PREFERRED STOCKS
Brazil		620,505		—		—		620,505
Philippines		—		—		119		119

TOTAL PREFERRED STOCKS		620,505		—		119		620,624

INVESTMENT FUNDS
United States		543,660		—		—		543,660

TOTAL INVESTMENT FUNDS		543,660		—		—		543,660

SHORT TERM INVESTMENT COLLATERAL FROM SECURITY LENDING
United States		—		120,097		—		120,097

TOTAL INVESTMENTS		34,608,990		32,933,339		119		67,542,448

FORWARD FOREIGN EXCHANGE CONTRACTS		—		91,817		—		91,817

TOTAL	$	34,608,990	$	33,025,156	$	119	$	67,634,265

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	$	—	$	(52,347	)	$	—	$	(52,347	)

TOTAL	$	—	$	(52,347	)	$	—	$	(52,347	)


	Artio Global Funds ï 2009 Annual Report	231

NOTES TO FINANCIAL STATEMENTS (Continued)

Global Equity Fund

Summary Fair Value Level 3 Rollforward Report

Reporting Period: 10/31/2008—10/31/2009

Transfer In—Beginning of Period / Transfer Out—End of Period

Asset Valuation Inputs


																					Change in
																					Unrealized
																					Appreciation
								Change in													(Depreciation)
	Balance as of							Unrealized													from Investments
Investments in	October 31,		Accrued Discounts					Appreciation							Net Transfers		Net Transfers		Balance as of		Held at
Securities	2008		(Premiums)		Realized Gain (Loss)			(Depreciation)		Net Purchases		Net Sales			in to Level 3		out of Level 3		October 31, 2009		October 31, 2009
COMMON STOCKS
Russia	$	44,230	$	—	$	(241,617	)	$	238,430	$	—	$	(41,043	)	$	—	$	—	$	—	$	—
EQUITY LINKED NOTES
Russia		6,726		—		(30,740	)		37,682		—		(13,668	)		—		—		—		—
PREFERRED STOCKS
Philippines		116		—		—			3		—		—			—		—		119		3

TOTAL	$	51,072	$	—	$	(272,357	)	$	276,115	$	—	$	(54,711	)	$	—	$	—	$	119	$	3


232	Artio Global Funds ï 2009 Annual Report

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
Japan	$	—	$	977,820,432	$	—	$	977,820,432
United Kingdom		103,704		970,923,230		—		971,026,934
France		—		862,683,449		—		862,683,449
Germany		—		762,018,991		—		762,018,991
Switzerland		—		759,097,822		—		759,097,822
Australia		4,672,016		662,900,468		—		667,572,484
China		—		496,454,302		—		496,454,302
Netherlands		—		488,110,457		—		488,110,457
Russia		92,401,316		354,241,536		12,364,077		459,006,929
Canada		424,029,356		—		—		424,029,356
Italy		—		344,509,196		—		344,509,196
Spain		—		320,853,152		—		320,853,152
South Korea		—		233,330,739		—		233,330,739
Czech Republic		—		184,523,083		—		184,523,083
Hong Kong		21,335,503		145,253,846		—		166,589,349
Norway		221,161		156,408,172		—		156,629,333
Mexico		144,687,540		3,415,702		—		148,103,242
Poland		11,774,614		124,112,806		—		135,887,420
Finland		—		106,864,556		—		106,864,556
Austria		—		105,929,897		—		105,929,897
Romania		4,722,258		82,100,892		—		86,823,150
Ukraine		21,028,067		29,980,698		32,461,138		83,469,903
Sweden		—		82,577,147		—		82,577,147
Hungary		—		81,239,211		—		81,239,211
Ireland		—		77,119,760		—		77,119,760
Bulgaria		—		58,190,565		10,480,179		68,670,744
Belgium		—		68,427,767		—		68,427,767
Denmark		—		65,350,304		—		65,350,304
Multinational		10,432,497		52,418,847		—		62,851,344
Greece		—		61,218,846		—		61,218,846
Serbia		23,557,263		—		32,215,204		55,772,467
South Africa		—		34,385,989		—		34,385,989
Lebanon		7,276,536		19,818,072		—		27,094,608
Venezuela		—		—		20,797,915		20,797,915
Brazil		19,249,246		—		—		19,249,246
Portugal		—		19,075,609		—		19,075,609
Georgia		—		18,436,009		—		18,436,009
Turkmenistan		—		18,300,878		—		18,300,878
India		—		13,580,288		—		13,580,288
Indonesia		—		8,933,487		—		8,933,487


	Artio Global Funds ï 2009 Annual Report	233

NOTES TO FINANCIAL STATEMENTS (Continued)


	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Cyprus	$	—	$	8,726,194	$	—	$	8,726,194
Zambia		—		—		8,081,113		8,081,113
Turkey		—		3,824,973		—		3,824,973
Latvia		—		—		2,963,033		2,963,033
Slovenia		—		2,334,094		—		2,334,094
Lithuania		—		2,264,847		—		2,264,847
Croatia		—		39,766		—		39,766

TOTAL COMMON STOCKS		785,491,077		8,867,796,079		119,362,659		9,772,649,815

EQUITY LINKED NOTES
Taiwan		—		289,203,235		—		289,203,235
India		—		86,420,584		—		86,420,584
Ukraine		—		562,147		—		562,147

TOTAL EQUITY LINKED NOTES		—		376,185,966		—		376,185,966

PREFERRED STOCKS
Brazil		134,626,589		—		—		134,626,589
Germany		—		20,512,528		—		20,512,528
Bulgaria		12,288,057		—		—		12,288,057
Russia		—		—		7,101,650		7,101,650
Philippines		—		—		24,212		24,212

TOTAL PREFERRED STOCKS		146,914,646		20,512,528		7,125,862		174,553,036

INVESTMENT FUNDS
Australia		—		10,192,801		—		10,192,801
Romania		—		7,026,181		—		7,026,181
Sweden		5,474,305		—		—		5,474,305
Russia		—		—		1,157,925		1,157,925

TOTAL INVESTMENT FUNDS		5,474,305		17,218,982		1,157,925		23,851,212

FOREIGN GOVERNMENT COMPENSATION NOTES
Bulgaria		8,027,526		—		—		8,027,526

TOTAL FOREIGN GOVERNMENT COMPENSATION NOTES		8,027,526		—		—		8,027,526

RIGHTS
United Kingdom		176,048		—		—		176,048
Australia		—		108,033		—		108,033
France		—		—		—		—
Italy		—		—		—		—

TOTAL RIGHTS		176,048		108,033		—		284,081


234	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)


	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
SHORT TERM INVESTMENT PURCHASED FROM SECURITY LENDING
United States	$	—	$	173,013,996	$	—	$	173,013,996

REPURCHASE AGREEMENT
United States		—		323,623,361		—		323,623,361

TIME DEPOSIT
United States		—		800,000		—		800,000

TOTAL INVESTMENTS		946,083,602		9,779,258,945		127,646,446		10,852,988,993

FORWARD FOREIGN EXCHANGE CONTRACTS		—		70,816,093		—		70,816,093

TOTAL	$	946,083,602	$	9,850,075,038	$	127,646,446	$	10,923,805,086

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	$	—	$	(65,658,241	)	$	—	$	(65,658,241	)

Total	$	—	$	(65,658,241	)	$	—	$	(65,658,241	)


	Artio Global Funds ï 2009 Annual Report	235

NOTES TO FINANCIAL STATEMENTS (Continued)

International Equity Fund

Summary Fair Value Level 3 Rollforward Report

Reporting Period: 10/31/2008—10/31/2009

Transfer In—Beginning of Period / Transfer Out—End of Period

Asset Valuation Inputs


																							Change in
																							Unrealized
																							Appreciation
								Change in															(Depreciation)
	Balance as of		Accrued					Unrealized															from Investments
	October 31,		Discounts		Realized Gain			Appreciation								Net Transfers		Net Transfers			Balance as of		Held at
Investments in Securities	2008		(Premiums)		(Loss)			(Depreciation)			Net Purchases		Net Sales			in to Level 3		out of Level 3			October 31, 2009		October 31, 2009
COMMON STOCKS
Bulgaria	$	65,940,821	$	—	$	—		$	(28,427,234	)	$	—	$	—		$	—	$	(27,033,408	)	$	10,480,179	$	(1,405,737	)
Hong Kong		13,401,692		—		158,570			9,714,431			1,070,700		(3,009,890	)		—		(21,335,503	)		—		—
Latvia		4,708,671		—		—			(1,745,638	)		—		—			—		—			2,963,033		(1,745,637	)
Romania		2,861,343		—		(4,857,245	)		7,308,846			—		(2,128,952	)		—		(3,183,992	)		—		—
Russia		108,624,218		—		(54,860,271	)		58,477,744			3,574,616		(26,386,664	)		—		(77,065,566	)		12,364,077		(9,455,559	)
Serbia		18,976,148		—		(628,644	)		7,985,735			—		(143,046	)		6,025,011		—			32,215,204		7,985,736
Ukraine		68,948,636		—		—			(29,469,714	)		3,290,518		—			2,016,015		(12,324,317	)		32,461,138		(21,373,591	)
Venezuela		56,450,079		—		—			(35,659,447	)		7,283		—			—		—			20,797,915		(35,659,446	)
Zambia		—		—		—			(3,231,068	)		—		—			11,312,181		—			8,081,113		(3,231,068	)
EQUITY LINKED NOTES
Russia		1,434,235		—		(6,555,421	)		8,035,781			—		(2,914,595	)		—		—			—		—
Ukraine		2,265,920		—		(7,428,202	)		7,432,415			—		(2,270,133	)		—		—			—		—
INVESTMENT FUNDS
Russia		6,127,002		—		(2,847,480	)		(815,949	)		—		(1,305,648	)		—		—			1,157,925		(3,010,605	)
PREFERRED STOCKS
Philippines		23,566		—		—			646			—		—			—		—			24,212		646
Russia		—		—		(276,580	)		2,846,366			—		(6,312,671	)		10,844,535		—			7,101,650		2,846,366

TOTAL	$	349,762,331	$	—	$	(77,295,273	)	$	2,452,914		$	7,943,117	$	(44,471,599	)	$	30,197,742	$	(140,942,786	)	$	127,646,446	$	(65,048,895	)


236	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

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	$	84,276	$	861,169,349	$	—	$	861,253,625
Japan		—		859,999,402		—		859,999,402
France		—		761,712,656		—		761,712,656
Germany		—		656,831,926		—		656,831,926
Switzerland		—		625,149,322		—		625,149,322
Australia		3,669,623		566,959,341		—		570,628,964
China		—		445,886,573		—		445,886,573
Russia		55,396,491		354,291,577		—		409,688,068
Netherlands		—		409,384,246		—		409,384,246
Canada		374,361,485		—		—		374,361,485
Italy		—		312,329,752		—		312,329,752
Spain		—		277,437,374		—		277,437,374
South Korea		—		202,803,793		—		202,803,793
Czech Republic		—		157,363,799		—		157,363,799
Hong Kong		17,833,084		133,993,433		—		151,826,517
Norway		—		147,935,848		—		147,935,848
Mexico		133,062,449		1,708,673		—		134,771,122
Poland		19,006,749		91,457,242		—		110,463,991
Hungary		—		87,193,460		—		87,193,460
Sweden		—		82,073,523		—		82,073,523
Finland		—		77,674,739		—		77,674,739
Austria		—		68,632,389		—		68,632,389
Belgium		—		66,817,022		—		66,817,022
Greece		—		57,167,922		—		57,167,922
Ireland		—		55,439,897		—		55,439,897
Denmark		—		54,122,788		—		54,122,788
Multinational		5,437,480		38,893,944		—		44,331,424
South Africa		—		34,161,023		—		34,161,023
Romania		—		31,591,724		—		31,591,724
Lebanon		—		21,024,428		—		21,024,428
Turkmenistan		—		20,128,692		—		20,128,692
Brazil		19,518,315		—		—		19,518,315
India		—		15,440,095		—		15,440,095
Portugal		—		15,317,512		—		15,317,512
Ukraine		11,662,457		3,325,097		—		14,987,554
Cyprus		—		10,307,505		—		10,307,505
Indonesia		—		8,736,543		—		8,736,543


	Artio Global Funds ï 2009 Annual Report	237

NOTES TO FINANCIAL STATEMENTS (Continued)


	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Turkey	$	—	$	5,045,654	$	—	$	5,045,654

TOTAL COMMON STOCKS		640,032,409		7,619,508,263		—		8,259,540,672

EQUITY LINKED NOTES
Taiwan		—		278,966,619		—		278,966,619
India		—		78,110,675		—		78,110,675

TOTAL EQUITY LINKED NOTES		—		357,077,294		—		357,077,294

PREFERRED STOCKS
Brazil		120,561,677		—		—		120,561,677
Germany		—		18,155,865		—		18,155,865
Russia		—		—		652,210		652,210
Philippines		—		—		18,244		18,244

TOTAL PREFERRED STOCKS		120,561,677		18,155,865		670,454		139,387,996

RIGHTS
Italy		—		—		—		—
France		—		—		—		—

TOTAL RIGHTS		—		—		—		—

SHORT TERM INVESTMENT PURCHASED FROM SECURITY LENDING
United States		—		66,327,929		—		66,327,929

REPURCHASE AGREEMENT
United States		—		312,203,251		—		312,203,251

TIME DEPOSIT
United States		—		1,141,000		—		1,141,000

TOTAL INVESTMENTS		760,594,086		8,374,413,602		670,454		9,135,678,142

FORWARD FOREIGN EXCHANGE CONTRACTS		—		49,818,548		—		49,818,548

TOTAL	$	760,594,086	$	8,424,232,150	$	670,454	$	9,185,496,690

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	$	—	$	(38,986,947	)	$	—	$	(38,986,947	)

TOTAL	$	—	$	(38,986,947	)	$	—	$	(38,986,947	)


238	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

International Equity Fund II

Summary Fair Value Level 3 Rollforward Report

Reporting Period: 10/31/2008—10/31/2009

Transfer In—Beginning of Period / Transfer Out—End of Period

Asset Valuation Inputs


																						Change in
																						Unrealized
																						Appreciation
																						(Depreciation)
								Change in														from Investments
	Balance as of		Accrued					Unrealized												Balance as of		Held at
Investments in	October 31,		Discounts		Realized Gain			Appreciation							Net Transfers		Net Transfers			October 31,		October 31,
Securities	2008		(Premiums)		(Loss)			(Depreciation)		Net Purchases		Net Sales			into Level 3		out of Level 3			2009		2009
COMMON STOCKS
Hong Kong	$	8,342,199	$	—	$	(1,118,784	)	$	7,228,462	$	5,926,664	$	(2,545,457	)	$	—	$	(17,833,084	)	$	—	$	—
Russia		9,438,714		—		(14,734,697	)		23,799,919		485,245		(6,259,371	)		—		(12,729,810	)		—		—
EQUITY LINKED NOTES
Russia		928,132		—		(4,242,192	)		5,200,176		—		(1,886,116	)		—		—			—		—
PREFERRED STOCKS
Philippines		17,758		—		—			486		—		—			—		—			18,244		486
Russia		—		—		(2,587,302	)		1,954,673		—		(4,163,461	)		5,448,300		—			652,210		1,954,673

TOTAL	$	18,726,803	$	—	$	(22,682,975	)	$	38,183,716	$	6,411,909	$	(14,854,405	)	$	5,448,300	$	(30,562,894	)	$	670,454	$	1,955,159


	Artio Global Funds ï 2009 Annual Report	239

NOTES TO FINANCIAL STATEMENTS (Continued)

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
CORPORATE BONDS
United States	$	—	$	385,466,205	$	—	$	385,466,205
United Kingdom		—		48,192,259		—		48,192,259
Canada		—		27,182,329		—		27,182,329
Supranational		—		25,258,562				25,258,562
Netherlands		—		13,282,666		—		13,282,666
Australia		—		12,732,489		—		12,732,489
Brazil		—		11,581,240		—		11,581,240
France		—		8,604,626		—		8,604,626
Germany		—		7,909,290		—		7,909,290
Switzerland		—		7,491,425		—		7,491,425
Hong Kong		—		5,788,624		—		5,788,624
Finland		—		4,593,851		—		4,593,851

TOTAL CORPORATE BONDS		—		558,083,566		—		558,083,566

U.S. GOVERNMENT AND AGENCY OBLIGATIONS		—		410,804,832		—		410,804,832

ASSET BACKED SECURITIES
United States		—		379,838,732		—		379,838,732
Russia		—		—		556,183		556,183

TOTAL ASSET BACKED SECURITIES		—		379,838,732		556,183		380,394,915

FOREIGN GOVERNMENT AND AGENCY BONDS
Brazil		—		47,445,683		—		47,445,683
France		—		39,879,482		—		39,879,482
Canada		—		30,521,841		—		30,521,841
Australia		—		23,014,545		—		23,014,545

TOTAL FOREIGN GOVERNMENT AND AGENCY BONDS		—		140,861,551		—		140,861,551

MUNICIPAL OBLIGATIONS
United States		—		3,011,875		—		3,011,875

REPURCHASE AGREEMENT
United States		—		123,928,387		—		123,928,387

TOTAL INVESTMENTS		—		1,616,528,943		556,183		1,617,085,126

FORWARD FOREIGN EXCHANGE CONTRACTS		—		13,380,075		—		13,380,075

TOTAL	$	—	$	1,629,909,018	$	556,183	$	1,630,465,201


240	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

Total Return Bond Fund

Summary Fair Value Level 3 Rollforward Report

Reporting Period: 10/31/2008—10/31/2009

Transfer In—Beginning of Period / Transfer Out—End of Period

Asset Valuation Inputs


																					Change in
																					Unrealized
																					Appreciation
								Change in													(Depreciation)
	Balance as of		Accrued					Unrealized													from Investments
	October 31,		Discounts		Realized Gain			Appreciation							Net Transfers		Net Transfers		Balance as of		Held at
Investments in Securities	2008		(Premiums)		(Loss)			(Depreciation)		Net Purchases		Net Sales			in to Level 3		out of Level 3		October 31, 2009		October 31, 2009
ASSET BACKED SECURITIES
Russia	$	899,775	$	—	$	5,959		$	33,688	$	17,247	$	(400,486	)	$	—	$	—	$	556,183	$	33,688
United States		8,341,347		—		(825,084	)		891,746		—		(8,408,009	)		—		—		—		—

TOTAL	$	9,241,122	$	—	$	(819,125	)	$	925,434	$	17,247	$	(8,808,495	)	$	—	$	—	$	556,183	$	33,688


242	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

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	$	—	$	704,268,728	$	6,709,532	$	710,978,260
Netherlands		—		42,642,642		11,422,048		54,064,690
Canada		—		39,498,246		—		39,498,246
Mexico		—		15,327,900		3,984,038		19,311,938
Brazil		—		18,433,629		12,660,155		31,093,784
Bermuda		—		25,050,250		—		25,050,250
United Kingdom		—		16,001,262		—		16,001,262
Russia		—		19,244,020		—		19,244,020
Multinational		—		18,775,217		—		18,775,217
Germany		—		17,115,675		—		17,115,675
France		—		14,283,322		—		14,283,322
Singapore		—		12,573,383		—		12,573,383
Denmark		—		12,182,501		—		12,182,501
Greece		—		11,811,499		—		11,811,499
Italy		—		8,011,138		—		8,011,138
Ghana		—		—		7,202,638		7,202,638
Norway		—		1,305,000		—		1,305,000
Ireland		—		—		998,650		998,650
Hungary		—		—		612,548		612,548
Japan		—		—		473,554		473,554

TOTAL CORPORATE BONDS		—		976,524,412		44,063,163		1,020,587,575

BANK LOANS
United States		—		279,299,893		26,618,055		305,917,948
Netherlands		—		50,119,300		—		50,119,300
Germany		—		25,555,278		—		25,555,278
Canada		—		—		2,793,523		2,793,523

TOTAL BANK LOANS		—		354,974,471		29,411,578		384,386,049

CONVERTIBLE BONDS
United States		—		45,316,641		—		45,316,641
Multinational		—		9,135,456		—		9,135,456

TOTAL CONVERTIBLE BONDS		—		54,452,097		—		54,452,097

FOREIGN GOVERNMENT BONDS
Brazil		—		19,775,614		—		19,775,614
Venezuela		—		16,577,838		—		16,577,838
Colombia		—		2,673,872		—		2,673,872

TOTAL FOREIGN GOVERNMENT BONDS		—		39,027,324		—		39,027,324


	Artio Global Funds ï 2009 Annual Report	243

NOTES TO FINANCIAL STATEMENTS (Continued)


	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	$	—	$	8,599,000	$	—	$	8,599,000
COMMON STOCKS
United States		314,797		—		—		314,797
PREFERRED STOCKS
United States		29,248		—		—		29,248
WARRANTS
Norway		—		—		—		—
REPURCHASE AGREEMENTS
United States		—		164,859,782		—		164,859,782

TOTAL INVESTMENTS		344,045		1,598,437,086		73,474,741		1,672,255,872

TOTAL	$	344,045	$	1,598,437,086	$	73,474,741	$	1,672,255,872

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	$	—	$	(3,275,322	)	$	—	$	(3,275,322	)

SWAPS CONTRACTS		—		(4,330,886	)		—		(4,330,886	)

TOTAL	$	—	$	(7,606,208	)	$	—	$	(7,606,208	)


244	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

Global High Income Fund

Summary Fair Value Level 3 Rollforward Report

Reporting Period: 10/31/2008—10/31/2009

Transfer In—Beginning of Period / Transfer Out—End of Period

Asset Valuation Inputs


																								Change in
																								Unrealized
																								Appreciation
																								(Depreciation)
									Change in															from Investments
	Balance as of		Accrued						Unrealized													Balance as of		Held at
Investments in	October 31,		Discounts			Realized Gain			Appreciation								Net Transfers		Net Transfers			October 31,		October 31,
Securities	2008		(Premiums)			(Loss)			(Depreciation)			Net Purchases		Net Sales			into Level 3		out of Level 3			2009		2009
BANK LOANS
Canada	$	4,002,062	$	6,757		$	(234,971	)	$	1,012,847		$	3,012,113	$	(5,005,285	)	$	—	$	—		$	2,793,523	$	1,012,847
United States		2,029,199		227,247			(415,710	)		2,246,923			23,633,404		(1,103,008	)		—		—			26,618,055		2,246,923
CORPORATE BONDS
Brazil		3,237,600		(34,393	)		—			2,736,859			6,720,089		—			—		—			12,660,155		2,736,860
Germany		536,858		(400	)		—			206,435			—		—			—		(742,893	)		—		—
Ghana		—		—			—			134,031			7,068,607		—			—		—			7,202,638		134,031
Hungary		1,790,491		52,888			(2,012,242	)		1,189,598			1,371,675		(1,779,862	)		—		—			612,548		1,189,598
Ireland		993,850		(6,257	)		—			11,057			—		—			—		—			998,650		11,057
Japan		478,234		—			—			(4,680	)		—		—			—		—			473,554		(4,680	)
Kazakhstan		882,750		(1,789	)		(769,234	)		745,348			—		(857,075	)		—		—			—		—
Mexico		—		—			—			54,038			3,930,000		—			—		—			3,984,038		54,038
Netherlands		2,605,432		301,647			(1,823,234	)		8,372,475			2,398,395		(432,667	)		—		—			11,422,048		8,372,475
Norway		2,320,000		—			—			(1,015,000	)		—		—			—		(1,305,000	)		—		—
Russia		350,000		(6,656	)		(768,227	)		1,165,483			—		(740,600	)		—		—			—		—
United Kingdom		2,345,890		261,090			4,484,509			2,020,788			8,628,948		(17,741,225	)		—		—			—		—
United States		3,779,223		13,915			(1,562,729	)		1,672,005			1,599,650		(2,204,157	)		3,411,625		—			6,709,532		480,221

TOTAL	$	25,351,589	$	814,049		$	(3,101,838	)	$	20,548,207		$	58,362,881	$	(29,863,879	)	$	3,411,625	$	(2,047,893	)	$	73,474,741	$	16,233,370


	Artio Global Funds ï 2009 Annual Report	245

NOTES TO FINANCIAL STATEMENTS (Continued)

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	$	855,093	$	—	$	—	$	855,093
Semiconductors & Semiconductor Equipment		606,694		—		—		606,694
Pharmaceuticals & Biotechnology		554,139		—		—		554,139
Capital Goods		452,291		—		—		452,291
Health Care Equipment & Services		422,977		—		—		422,977
Retailing		414,128		—		—		414,128
Technology Hardware & Equipment		318,564		—		—		318,564
Commercial & Professional Services		301,859		—		—		301,859
Energy		284,110		—		—		284,110
Transportation		276,196		—		—		276,196
Diversified Financials		275,986		—		—		275,986
Materials		250,508		—		—		250,508
Media		249,463		—		—		249,463
Consumer Durables & Apparel		182,091		—		—		182,091
Telecommunication Services		162,094		—		—		162,094
Household & Personal Products		141,775		—		—		141,775
Consumer Services		137,856		—		—		137,856
Software & Services		93,786		—		—		93,786
Food, Beverage & Tobacco		58,963		—		—		58,963

TOTAL COMMON STOCKS		6,038,573		—		—		6,038,573

REPURCHASE AGREEMENT		—		53,252		—		53,252

TOTAL INVESTMENTS		6,038,573		53,252		—		6,091,825

TOTAL	$	6,038,573	$	53,252	$	—	$	6,091,825


246	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

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
Semiconductors & Semiconductor Equipment	$	1,453,345	$	—	$	—	$	1,453,345
Health Care Equipment & Services		1,125,856		—		—		1,125,856
Commercial & Professional Services		1,104,293		—		—		1,104,293
Pharmaceuticals & Biotechnology		1,103,617		—		—		1,103,617
Consumer Services		1,015,946		—		—		1,015,946
Capital Goods		1,006,286		—		—		1,006,286
Banks		978,695		—		—		978,695
Retailing		885,577		—		—		885,577
Energy		778,145		—		—		778,145
Materials		685,820		—		—		685,820
Technology Hardware & Equipment		624,193		—		—		624,193
Software & Services		599,164		—		—		599,164
Diversified Financials		588,624		—		—		588,624
Insurance		533,963		—		—		533,963
Real Estate		512,601		—		—		512,601
Telecommunication Services		376,405		—		—		376,405
Transportation		305,902		—		—		305,902
Media		298,944		—		—		298,944
Consumer Durables & Apparel		217,087		—		—		217,087
Household & Personal Products		208,900		—		—		208,900
Food, Beverage & Tobacco		144,280		—		—		144,280

TOTAL COMMON STOCKS		14,547,643		—		—		14,547,643

REPURCHASE AGREEMENT		—		617,811		—		617,811

TOTAL INVESTMENTS		14,547,643		617,811		—		15,165,454

TOTAL	$	14,547,643	$	617,811	$	—	$	15,165,454


	Artio Global Funds ï 2009 Annual Report	247

NOTES TO FINANCIAL STATEMENTS (Continued)

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
Pharmaceuticals & Biotechnology	$	469,938	$	—	$	—	$	469,938
Software & Services		449,189		—		—		449,189
Energy		410,818		—		—		410,818
Retailing		377,922		—		—		377,922
Diversified Financials		356,137		—		—		356,137
Semiconductors & Semiconductor Equipment		316,969		—		—		316,969
Consumer Services		304,798		—		—		304,798
Commercial & Professional Services		300,107		—		—		300,107
Capital Goods		259,628		—		—		259,628
Real Estate		240,878		—		—		240,878
Materials		240,357		—		—		240,357
Insurance		197,722		—		—		197,722
Transportation		171,128		—		—		171,128
Food, Beverage & Tobacco		155,725		—		—		155,725
Technology Hardware & Equipment		153,441		—		—		153,441
Household & Personal Products		127,275		—		—		127,275
Health Care Equipment & Services		108,101		—		—		108,101
Banks		99,838		—		—		99,838
Media		92,394		—		—		92,394
Food & Staples Retailing		50,019		—		—		50,019

TOTAL COMMON STOCKS		4,882,384		—		—		4,882,384

REPURCHASE AGREEMENT		—		24,484		—		24,484

TOTAL INVESTMENTS		4,882,384		24,484		—		4,906,868

TOTAL	$	4,882,384	$	24,484	$	—	$	4,906,868


248	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

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
Diversified Financials	$	552,015	$	—	$	—	$	552,015
Pharmaceuticals & Biotechnology		505,371		—		—		505,371
Energy		469,697		—		—		469,697
Capital Goods		379,831		—		—		379,831
Semiconductors & Semiconductor Equipment		372,636		—		—		372,636
Software & Services		370,659		—		—		370,659
Retailing		363,654		—		—		363,654
Health Care Equipment & Services		316,336		—		—		316,336
Technology Hardware & Equipment		302,030		—		—		302,030
Food, Beverage & Tobacco		214,347		—		—		214,347
Materials		200,470		—		—		200,470
Household & Personal Products		165,184		—		—		165,184
Commercial & Professional Services		156,071		—		—		156,071
Consumer Services		156,000		—		—		156,000
Banks		152,832		—		—		152,832
Food & Staples Retailing		97,428		—		—		97,428
Media		93,689		—		—		93,689
Transportation		76,174		—		—		76,174
Telecommunication Services		58,934		—		—		58,934

TOTAL COMMON STOCKS		5,003,358		—		—		5,003,358

REPURCHASE AGREEMENT		—		200,261		—		200,261

TOTAL INVESTMENTS		5,003,358		200,261		—		5,203,619

TOTAL	$	5,003,358	$	200,261	$	—	$	5,203,619

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


	Artio Global Funds ï 2009 Annual Report	249

NOTES TO FINANCIAL STATEMENTS (Continued)

its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period in which the Fund seeks to assert its rights. The Funds’ investment adviser reviews the value of the collateral and the creditworthiness of those banks and dealers with whom the Funds enter into repurchase agreements to evaluate potential risks. The Funds primarily engage in repurchase agreements with their custodian to accommodate cash sweeps of any residual U.S. dollars held in a particular portfolio.

c) Foreign currency: The books and records of the Funds are maintained in U.S. dollars. Foreign currencies and investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. Unrealized gains or losses on investments which result from changes in foreign currencies have been included in the net unrealized appreciation (depreciation) of investments. Net realized currency gains and losses include foreign currency gains and losses 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.

d) Forward foreign currency contacts: As part of its investment strategy, a Fund may enter into forward foreign currency contracts to manage a Fund’s portfolio holdings against currency risks. A Fund may also utilize forward foreign currency contracts to reduce or eliminate an underweighted position in a currency relative to its benchmark when purchasing underlying equities denominated in that currency is not advisable by the adviser. Forward foreign currency contracts are valued at the forward rate and are marked-to-market at each valuation date. The change in fair market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. 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


250	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, a Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of the contracts.

Some of the forward foreign currency contracts entered into by the Funds are classified as non-deliverable forwards (“NDF”). NDFs are cash-settled, short-term forward contracts that trade thinly or are denominated in non-convertible foreign currency, where the profit or loss at the time of the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are commonly quoted for time periods of one month up to one year, and are normally quoted and settled in U.S. dollars. They are often used to gain exposure to and/or to hedge exposure to foreign currencies that are not internationally traded. 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 from counterparty credit risk is the unrealized appreciation of forward foreign exchange contracts recorded on the Statement of Assets 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 Global High Income Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these


	Artio Global Funds ï 2009 Annual Report	251

NOTES TO FINANCIAL STATEMENTS (Continued)

commitments at the borrower’s discretion. There were no unfunded commitments at October 31, 2009.

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

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

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


252	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

The Funds may also enter into swap contracts that function similar to futures contracts (synthetic futures) to gain exposure 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 for broker. The Funds are exposed to the credit risk of the counterparty in addition to the risks described above. The Funds’ maximum risk of loss associated with counterparty credit risk for synthetic futures, is the unrealized gain associated with synthetic futures. 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’ maxim risk of loss associated with financial futures contracts and synthetic futures contracts, due to counterparty credit risk is the unrealized appreciation for financial futures contracts and synthetic futures contracts.

The following financial futures contracts were outstanding as of October 31, 2009:


								Notional
								Current			Net
	Expiration							Fair Market			Unrealized
	Date		Contracts		Description	Position		Value			(Depreciation)
Total Return Bond Fund
		12/09		91	US Treasury 10 Year Note		Short	$	(10,793,453	)	$	(170,989	)
		12/09		60	US Treasury 5 Year Note		Short		(6,987,187	)		(21,220	)

								$	(17,780,640	)	$	(192,209	)

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


	Artio Global Funds ï 2009 Annual Report	253

NOTES TO FINANCIAL STATEMENTS (Continued)

received will reduce the cost of the security the Fund purchased upon exercise. The Funds will only write covered call options.

The Funds may purchase put and call options that are traded on foreign as well as U.S. exchanges and in the over-the-counter market. Each Fund may utilize up to 5% of its total assets to purchase either put options and or call options on portfolio securities. Purchases of put and call options are recorded as an investment, the value of which is marked-to-market at each valuation date. When a purchased option expires, no proceeds will be expected and a Fund will realize a loss. When a Fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid.

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

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

The Global Equity Fund, International Equity Fund, International Equity Fund II and Global High Income Fund had the following transactions in written options during the year ended October 31, 2009:


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

Options outstanding as of October 31, 2009		—		$	—


254	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)


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

Options outstanding as of October 31, 2009		—		$	—


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

Options outstanding as of October 31, 2009		—		$	—


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

Options outstanding as of October 31, 2009		—		$	—

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

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


	Artio Global Funds ï 2009 Annual Report	255

NOTES TO FINANCIAL STATEMENTS (Continued)

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 Statement 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.

Certain of the Funds derivative instruments contain credit-risk-related contingent provisions. If the Fund’s net assets were to fall below 50% 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 October 31, 2009, is $4,330,886 for which the Fund has posted collateral of $8,599,000 in the normal course of business.

The Global High Income Fund had entered into the following swap transactions as of October 31, 2009:

Credit Default Swaps on Credit Indices—Sell Protection (1)


															Net
	Fixed-Deal					Original		Current		Upfront					Unrealized
Reference	Received		Maturity			Notional		Notional		Premiums		Fair Market			Appreciation/
Obligation	Rate		Date		Counterparty	Amount		Amount (2)		Received		Value (3)			(Depreciation)
CDX.NA.HY-9 (T)		3.75%		12/20/2012	Credit Suisse	$	5,000,000	$	4,300,000	$	244,237	$	(201,563	)	$	42,674
CDX.NA.HY-9 (T)		3.75%		12/20/2012	Credit Suisse		2,000,000		1,720,000		141,871		(80,625	)		61,246
CDX.NA.HY-9 (T)		3.75%		12/20/2012	Goldman Sachs		1,000,000		860,000		70,126		(40,312	)		29,814
CDX.HY-10 (T)		5.00%		06/20/2013	Merrill Lynch		5,000,000		4,350,000		111,396		(97,875	)		13,521
CDX.HY-12 (T)		5.00%		06/20/2014	JP Morgan		30,000,000		28,200,000		2,759,537		(1,374,750	)		1,384,787


256	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)


															Net
	Fixed-Deal					Original		Current		Upfront					Unrealized
Reference	Received		Maturity			Notional		Notional		Premiums		Fair Market			Appreciation/
Obligation	Rate		Date		Counterparty	Amount		Amount (2)		Received		Value (3)			(Depreciation)
CDX.HY-12 (T)		5.00%		06/20/2014	UBS	$	27,000,000	$	25,380,000	$	3,473,829	$	(1,237,275	)	$	2,236,554
CDX.HY-12 (T)		5.00%		06/20/2014	Deutsche Bank		6,650,000		6,251,000		901,954		(304,736	)		597,218
CDX.HY-13 (T)		5.00%		12/20/2014	Deutsche Bank		15,000,000		15,000,000		957,542		(993,750	)		(36,208	)

						$	91,650,000			$	8,660,492	$	(4,330,886	)	$	4,329,606


(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 pay as a seller of credit protection or receive as a buyer of credit protection as defined under the terms of that particular swap agreement.
(3)		The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the 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 index’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.

j) Quantitative Disclosure of Derivative Holdings:

A Fund may 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 Fund’s portfolio. Derivatives may 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 year ended October 31, 2009, derivative summary tables for each Fund are as follows:

Global Equity Fund

Asset Derivatives


			Foreign
	Interest Rate		Exchange		Equity				Statement of
	Contracts		Contracts		Contracts				Assets and Liabilities
	Risk		Risk		Risk		Total		Location
Forward Contracts	$	—	$	91,817	$	—	$	91,817	Unrealized appreciation on forward foreign exchange contracts

Total Value	$	—	$	91,817	$	—	$	91,817


	Artio Global Funds ï 2009 Annual Report	257

NOTES TO FINANCIAL STATEMENTS (Continued)

Liability Derivatives


			Foreign
	Interest Rate		Exchange		Equity				Statement of
	Contracts		Contracts		Contracts				Assets and Liabilities
	Risk		Risk		Risk		Total		Location
Forward Contracts	$	—	$	52,347	$	—	$	52,347	Unrealized depreciation on forward foreign exchange contracts

Total Value	$	—	$	52,347	$	—	$	52,347

Realized Gain (Loss)


			Foreign
	Interest Rate		Exchange			Equity						Statement of
	Contracts		Contracts			Contracts						Operations
	Risk		Risk			Risk			Total			Location
Options Purchased	$	—	$	—		$	(7,827	)	$	(7,827	)	Investments
Options Written		—		—			13,710			13,710		Written options
Rights		—		—			25,514			25,514		Investments
Swaps Contracts		114,274		(30,830	)		(504	)		82,940		Swap contracts
Futures Contracts		—		—			490,644			490,644		Financial futures contracts and synthetic futures
Forward Contracts		—		1,827,654			—			1,827,654		Forward foreign exchange contracts

Total Realized Gain (Loss)	$	114,274	$	1,796,824		$	521,537		$	2,432,635

Change in Appreciation (Depreciation)


				Foreign
	Interest Rate			Exchange			Equity						Statement of
	Contracts			Contracts			Contracts						Operations
	Risk			Risk			Risk			Total			Location
Options Purchased	$	—		$	—		$	1,357		$	1,357		Investments
Options Written		—			—			(5,117	)		(5,117	)	Written options
Swaps Contracts		(51,150	)		(15,501	)		—			(66,651	)	Swap contracts
Futures Contracts		—			—			(92,002	)		(92,002	)	Financial futures contracts and synthetic futures
Forward Contracts		—			(398,592	)		—			(398,592	)	Forward foreign exchange contracts

Total Change in Appreciation (Depreciation)	$	(51,150	)	$	(414,093	)	$	(95,762	)	$	(561,005	)

Number of Contracts, Notional Amounts, Fair Market Value or Shares/Units(1)


			Foreign
	Interest Rate		Exchange		Equity
	Contracts		Contracts		Contracts
	Risk		Risk		Risk			Total
Options Written		—		—		(2,529	)		(2,529	)
Rights		—		—		11,829			11,829


258	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)


			Foreign
	Interest Rate		Exchange		Equity
	Contracts		Contracts		Contracts
	Risk		Risk		Risk			Total
Options Purchased		—		—		61			61
Swaps Contracts		233,844		497		—			234,341
Futures Contracts – Long		—		—		1,228,099			1,228,099
Futures Contracts – Short		—		—		(21,510	)		(21,510	)
Forward Contracts		—		4,336,095		—			4,336,095


(1)		Volume of derivative activity is based on an average of month-end shares, fair market value, contracts, or notional amounts outstanding during the year.

International Equity Fund

Asset Derivatives


			Foreign
	Interest Rate		Exchange		Equity				Statement of
	Contracts		Contracts		Contracts				Assets and Liabilities
	Risk		Risk		Risk		Total		Location
Rights	$	—	$	—	$	284,081	$	284,081	Investments in securities
Forward Contracts		—		70,816,093		—		70,816,093	Unrealized appreciation on forward foreign exchange contracts

Total Value	$	—	$	70,816,093	$	284,081	$	71,100,174

Liability Derivatives


			Foreign
	Interest Rate		Exchange		Equity				Statement of
	Contracts		Contracts		Contracts				Assets and Liabilities
	Risk		Risk		Risk		Total		Location
Forward Contracts	$	—	$	65,658,241	$	—	$	65,658,241	Unrealized depreciation on forward foreign exchange contracts

Total Value	$	—	$	65,658,241	$	—	$	65,658,241

Realized Gain (Loss)


				Foreign
	Interest Rate			Exchange		Equity						Statement of
	Contracts			Contracts		Contracts						Operations
	Risk			Risk		Risk			Total			Location
Options Purchased	$	—		$	—	$	(27,145,780	)	$	(27,145,780	)	Investments
Options Written		—			—		32,109,386			32,109,386		Written options
Rights		—			—		4,103,296			4,103,296		Investments
Swaps Contracts		(13,329,574	)		287,730		(94,688,177	)		(107,730,021	)	Swap contracts
Futures Contracts		—			—		381,931,964			381,931,964		Financial futures contracts and synthetic futures


	Artio Global Funds ï 2009 Annual Report	259

NOTES TO FINANCIAL STATEMENTS (Continued)


				Foreign
	Interest Rate			Exchange		Equity				Statement of
	Contracts			Contracts		Contracts				Operations
	Risk			Risk		Risk		Total		Location
Forward Contracts	$	—		$	790,839,664	$	—	$	790,839,664	Forward foreign exchange contracts

Total Realized Gain (Loss)	$	(13,329,574	)	$	791,127,394	$	296,310,689	$	1,074,108,509

Change in Appreciation (Depreciation)


				Foreign
	Interest Rate			Exchange			Equity						Statement of
	Contracts			Contracts			Contracts						Operations
	Risk			Risk			Risk			Total			Location
Options Purchased	$	—		$	—		$	(293,945	)	$	(293,945	)	Investments
Options Written		—			—			(2,781,458	)		(2,781,458	)	Written options
Rights		—			—			(93,799	)		(93,799	)	Investments
Swaps Contracts		(57,082,033	)		38,442,443			—			(18,639,590	)	Swap contracts
Futures Contracts		—			—			(2,601,456	)		(2,601,456	)	Financial futures contracts and synthetic futures
Forward Contracts		—			(216,994,776	)		—			(216,994,776	)	Forward foreign exchange contracts

Total Change in Appreciation (Depreciation)	$	(57,082,033	)	$	(178,552,333	)	$	(5,770,658	)	$	(241,405,024	)

Number of Contracts, Notional Amounts, Fair Market Value or Shares/Units(1)


			Foreign
	Interest Rate		Exchange		Equity
	Contracts		Contracts		Contracts
	Risk		Risk		Risk			Total
Options Written		—		—		(646,133	)		(646,133	)
Rights		—		—		2,626,990			2,626,990
Options Purchased		—		—		33,323			33,323
Swaps Contracts		151,856,858		4,584,706		54,648,529			211,090,093
Futures Contracts – Long		—		—		2,048,263,905			2,048,263,905
Futures Contracts – Short		—		—		(78,304,582	)		(78,304,582	)
Forward Contracts		—		413,480,240		—			413,480,240


(1)		Volume of derivative activity is based on an average of month-end shares, fair market value, contracts or notional amounts outstanding during the year.


260	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

International Equity Fund II

Asset Derivatives


			Foreign
	Interest Rate		Exchange		Equity				Statement of
	Contracts		Contracts		Contracts				Assets and Liabilities
	Risk		Risk		Risk		Total		Location
Forward Contracts	$	—	$	49,818,548	$	—	$	49,818,548	Unrealized appreciation on forward foreign exchange contracts

Total Value	$	—	$	49,818,548	$	—	$	49,818,548

Liability Derivatives


			Foreign
	Interest Rate		Exchange		Equity				Statement of
	Contracts		Contracts		Contracts				Assets and Liabilities
	Risk		Risk		Risk		Total		Location
Forward Contracts	$	—	$	38,986,947	$	—	$	38,986,947	Unrealized depreciation on forward foreign exchange contracts

Total Value	$	—	$	38,986,947	$	—	$	38,986,947

Realized Gain (Loss)


			Foreign
	Interest Rate		Exchange			Equity						Statement of
	Contracts		Contracts			Contracts						Operations
	Risk		Risk			Risk			Total			Location
Options Purchased	$	—	$	—		$	(14,987,506	)	$	(14,987,506	)	Investments
Options Written		—		—			17,951,581			17,951,581		Written options
Rights		—		—			2,844,645			2,844,645		Investments
Swaps Contracts		44,091,118		(6,596,839	)		(57,384,638	)		(19,890,359	)	Swap contracts
Futures Contracts		—		—			294,766,945			294,766,945		Financial futures contracts and synthetic futures
Forward Contracts		—		467,168,671			—			467,168,671		Forward foreign exchange contracts

Total Realized Gain (Loss)	$	44,091,118	$	460,571,832		$	243,191,027		$	747,853,977

Change in Appreciation (Depreciation)


				Foreign
	Interest Rate			Exchange			Equity						Statement of
	Contracts			Contracts			Contracts						Operations
	Risk			Risk			Risk			Total			Location
Options Purchased	$	—		$	—		$	155,117		$	155,117		Investments
Options Written		—			—			(1,702,237	)		(1,702,237	)	Written options
Swaps Contracts		(47,356,477	)		(3,091,929	)		—			(50,448,406	)	Swap contracts


	Artio Global Funds ï 2009 Annual Report	261

NOTES TO FINANCIAL STATEMENTS (Continued)


				Foreign
	Interest Rate			Exchange			Equity					Statement of
	Contracts			Contracts			Contracts					Operations
	Risk			Risk			Risk		Total			Location
Futures Contracts	$	—		$	—		$	8,819,581	$	8,819,581		Financial futures contracts and synthetic futures
Forward Contracts		—			(128,193,095	)		—		(128,193,095	)	Forward foreign exchange contracts

Total Change in Appreciation (Depreciation)	$	(47,356,477	)	$	(131,285,024	)	$	7,272,461	$	(171,369,040	)

Number of Contracts, Notional Amounts, Fair Market Value or Shares/Units(1)


			Foreign
	Interest Rate		Exchange		Equity
	Contracts		Contracts		Contracts
	Risk		Risk		Risk			Total
Options Written		—		—		(355,996	)		(355,996	)
Rights		—		—		355,160			355,160
Options Purchased		—		—		18,540			18,540
Swaps Contracts		97,570,111		99,159		29,924,762			127,594,032
Futures Contracts – Long		—		—		1,518,309,358			1,518,309,358
Futures Contracts – Short		—		—		(42,976,575	)		(42,976,575	)
Forward Contracts		—		535,473,279		—			535,473,279


(1)		Volume of derivative activity is based on an average of month-end shares, fair market value, contracts or notional amounts outstanding during the year.

Total Return Bond Fund

Asset Derivatives


			Foreign
	Interest Rate		Exchange				Statement of
	Contracts		Contracts				Assets and Liabilities
	Risk		Risk		Total		Location
Forward Contracts	$	—	$	13,380,075	$	13,380,075	Unrealized appreciation on forward foreign exchange contracts

Total Value	$	—	$	13,380,075	$	13,380,075


262	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

Liability Derivatives


			Foreign
	Interest Rate		Exchange				Statement of
	Contracts		Contracts				Assets and Liabilities
	Risk		Risk		Total		Location
Futures Contracts	$	192,209	$	—	$	192,209	Cumulative appreciation (depreciation) on futures contracts is reported within the Notes to Financial statement under the “Financial futures contracts” section. Only current day’s variation margin, if any, is reported within the Statement of Assets and Liabilities
Forward Contracts		—		6,702,925		6,702,925	Unrealized depreciation on forward foreign exchange contracts

Total Value	$	192,209	$	6,702,925	$	6,895,134

Realized Gain (Loss)


				Foreign
	Interest Rate			Exchange					Statement of
	Contracts			Contracts					Operations
	Risk			Risk		Total			Location
Futures Contracts	$	(813,035	)	$	—	$	(813,035	)	Financial futures contracts and synthetic futures
Forward Contracts		—			9,128,389		9,128,389		Forward foreign exchange contracts

Total Realized Gain (Loss)	$	(813,035	)	$	9,128,389	$	8,315,354

Change in Appreciation (Depreciation)


			Foreign
	Interest Rate		Exchange				Statement of
	Contracts		Contracts				Operations
	Risk		Risk		Total		Location
Futures Contracts	$	148,052	$	—	$	148,052	Financial futures contracts and synthetic futures
Forward Contracts		—		4,857,408		4,857,408	Forward foreign exchange contracts

Total Change in Appreciation (Depreciation)	$	148,052	$	4,857,408	$	5,005,460

Number of Contracts, Notional Amounts, Fair Market Value or Shares/Units(1)


				Foreign
	Interest Rate			Exchange
	Contracts			Contracts
	Risk			Risk		Total
Futures Contracts – Long		1,348,123			—		1,348,123
Futures Contracts – Short		(46,595,145	)		—		(46,595,145	)
Forward Contracts		—			111,988,208		111,988,208


(1)		Volume of derivative activity is based on an average of month-end shares, fair market value, contracts or notional amounts outstanding during the year.


	Artio Global Funds ï 2009 Annual Report	263

NOTES TO FINANCIAL STATEMENTS (Continued)

Global High Income Fund

Liability Derivatives


	Foreign
	Exchange		Credit		Equity				Statement of
	Contracts		Contracts		Contracts				Assets and Liabilities
	Risk		Risk		Risk		Total		Location
Swaps Contracts	$	—	$	4,330,886	$	—	$	4,330,886	Open swap agreements, at fair market value
Forward Contracts		3,275,322		—		—		3,275,322	Unrealized depreciation on forward foreign exchange contracts

Total Value	$	3,275,322	$	4,330,886	$	—	$	7,606,208

Realized Gain (Loss)


	Foreign
	Exchange			Credit			Equity					Statement of
	Contracts			Contracts			Contracts					Operations
	Risk			Risk			Risk		Total			Location
Options Purchased	$	—		$	—		$	50,617	$	50,617		Investments
Options Written		—			—			141,021		141,021		Written options
Swaps Contracts		—			(8,346,478	)		—		(8,346,478	)	Swap contracts
Forward Contracts		(2,302,197	)		—			—		(2,302,197	)	Forward foreign exchange contracts

Total Realized Gain (Loss)	$	(2,302,197	)	$	(8,346,478	)	$	191,638	$	(10,457,037	)

Change in Appreciation (Depreciation)


	Foreign
	Exchange			Credit		Equity					Statement of
	Contracts			Contracts		Contracts					Operations
	Risk			Risk		Risk		Total			Location
Swaps Contracts	$	—		$	7,203,956	$	—	$	7,203,956		Swap contracts
Forward Contracts		(11,460,948	)		—		—		(11,460,948	)	Forward foreign exchange contracts

Total Change in Appreciation (Depreciation)	$	(11,460,948	)	$	7,203,956	$	—	$	(4,256,992	)

Number of Contracts, Notional Amounts, Fair Market Value or Shares/Units(1)


	Foreign
	Exchange		Credit		Equity
	Contracts		Contracts		Contracts
	Risk		Risk		Risk			Total
Options Written		—		—		(20	)		(20	)
Options Purchased		—		—		62			62
Warrants		—		—		136,474			136,474
Swaps Contracts		—		28,850,777		—			28,850,777


264	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

Foreign

Exchange

Credit

Equity

Contracts

Risk

Total

Forward Contracts

(57,535,040

)

—

(57,535,040

)


(1)		Volume of derivative activity is based on an average of month-end shares, fair market value, contracts or notional amounts outstanding during the year.

k) 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 securities to a broker in exchange for collateral consisting of either cash or U.S. government securities in an amount at least equal to 100% of the fair market value of the securities on loan. These Funds may loan securities to brokers, dealers, and financial institutions determined by Artio Global Management, (“Artio Global Management” or “Adviser”) to be creditworthy, subject to certain limitations. Under these agreements, these Funds continue to earn income on the securities loaned. Collateral received is generally cash, and such Funds invest the cash in U.S. Treasury Bills. These Funds receive any interest on the amount invested, but they must also pay the broker a loan rebate fee computed as a varying percentage of the collateral received. In the event of counterparty default, these Funds are subject to potential loss if any such Fund is delayed or prevented from exercising its right to dispose of the collateral. These Funds each bear risk in the event that invested collateral is not sufficient to meet obligations due on the loans.

At a meeting of the Boards of the Funds on April 15, 2009, the Boards approved the reinstatement of the Funds’ securities lending program. The Boards had previously suspended the securities lending program on December 17, 2008.

The security lending income net of the loan rebate fee for the Global Equity Fund, the International Equity Fund, the International Equity Fund II, the U.S. Microcap Fund, the U.S. Smallcap Fund, the U.S. Midcap Fund and the U.S. Multicap Fund amounted to $49,624, $6,455,674, $4,454,724, $256, $64, $48 and $39, respectively, for the year ended October 31, 2009 and is included in securities lending income in the Statement of Operations.


	Artio Global Funds ï 2009 Annual Report	265

NOTES TO FINANCIAL STATEMENTS (Continued)

As of October 31, 2009, the value of the securities on loan and the value of the collateral was as follows:


	Fair Market Value of
	Securities on Loan		Value of Collateral
Global Equity Fund	$	114,288	$	120,097
International Equity Fund		164,280,875		173,013,996
International Equity Fund II		62,940,746		66,327,929

l) 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 becomes aware of the dividend distribution in the case of certain foreign securities. It is expected that certain capital gains earned by the Funds and certain dividends and interest received by the Funds will be subject to foreign withholding taxes.

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

n) 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.


266	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

Management has performed an analysis of each Fund’s tax positions for the open tax years as of October 31, 2009 and has concluded that no provisions for income tax are required. Management 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 Delaware revenue authorities.


3.	Investment Advisory Fee and Other Transactions

Artio Global Management 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 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
Total Return Bond Fund		0.35%
Global High Income Fund		0.65%
U.S. Microcap Fund		1.25%
U.S. Smallcap Fund		0.95%
U.S. Midcap Fund		0.80%
U.S. Multicap Fund		0.75%

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

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


	Artio Global Funds ï 2009 Annual Report	267

NOTES TO FINANCIAL STATEMENTS (Continued)

incurred the expense. The table below specifies the reimbursement made to each Fund by the Adviser for the year ended October 31, 2009 and the Adviser’s potential recoupment as of October 31, 2009.


							Total
							Expenses				Expenses			Total
							Eligible for		Expenses		Recouped			Expenses
							Recoupment -		Waived -		or Expired -			Eligible for
	Expense Limitations						Beginning		Current		Current			Recoupment -
	Class A			Class I			of Period		Period		Period			October 31, 2009
Global Equity Fund		1.40	%		1.15	%	$	1,055,270	$	240,207	$	(422,846	)	$	872,631
Total Return Bond Fund		0.69	%		0.44	%		1,291,538		—		(386,741	)		904,797
Global High Income Fund		1.00	%		0.75	%		609,645		6,441		(175,037	)		441,049
U.S. Microcap Fund		1.80	%		1.50	%		266,555		95,281		(37,233	)		324,603
U.S. Smallcap Fund		1.50	%		1.20	%		267,455		89,482		(37,032	)		319,905
U.S. Midcap Fund		1.35	%		1.05	%		249,262		87,914		(35,848	)		301,328
U.S. Multicap Fund		1.30	%		1.00	%		250,831		91,048		(35,018	)		306,861

The expenses eligible for recoupment at October 31, 2009 are set to expire as follows:


			Expire
	Amount		October 31,
Global Equity Fund	$	377,251		2010
		255,173		2011
		240,207		2012
Total Return Bond Fund	$	698,492		2010
		206,305		2011
		—		2012
Global High Income Fund	$	270,598		2010
		164,010		2011
		6,441		2012
U.S. Microcap Fund	$	115,922		2010
		113,400		2011
		95,281		2012
U.S. Smallcap Fund	$	114,682		2010
		115,741		2011
		89,482		2012
U.S. Midcap Fund	$	108,233		2010
		105,181		2011
		87,914		2012
U.S. Multicap Fund	$	107,939		2010
		107,874		2011
		91,048		2012


268	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

During the year ended October 31, 2009, the Adviser made payments to the International Equity Fund and International Equity Fund II for certain transaction related losses in the amount of $534,501 and $13,524, respectively. These amounts were recorded by each of the funds as realized gain on the Statement of Operations.

During the year ended October 31, 2009, the Adviser determined that the Funds paid excess 12b-1 fees to the Adviser which the Adviser reimbursed in the amounts of $64,323, $33,841, $11,403, $7,824, $8,093, $8,058 and $7,805 for the Total Return Bond Fund, Global High Income Fund, Global Equity Fund, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and U.S. Multicap Fund, respectively.

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

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

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

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

The Funds entered into expense offset arrangements as part of their custody agreement with State Street. Under this agreement, the custody fees for the Global Equity Fund, International Equity Fund, International Equity Fund II, and Global High Income Fund were reduced by $1,293, $5,281,322, $2,585,376, and $61,462 respectively, for the year ended October 31, 2009 due to earnings credits on cash balances maintained by the Funds in foreign sub-custodial accounts. These


	Artio Global Funds ï 2009 Annual Report	269

NOTES TO FINANCIAL STATEMENTS (Continued)

amounts may vary significantly over time, based on the Adviser’s decisions regarding cash positions held in the Funds and current interest rates from market to market.


4.	Distribution and Shareholder Services Plans

The Funds have adopted certain Distribution and Shareholder Services Plans (collectively the “Plans”), pursuant to Rule 12b-1 under the 1940 Act. Under the Plans each Fund’s Class A shares may compensate certain financial institutions, including the Distributor, for certain distribution, shareholder servicing, administrative and accounting services. The Funds’ Class A shares may expend an aggregate amount, on an annual basis, not to exceed 0.25% of the value of the average daily net assets of a Fund attributable to Class A shares. The Adviser may pay additional marketing and other distribution costs out of its profits.

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

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

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


270	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)


5.	Purchases and Sales of Securities

Cost of purchases and proceeds from sales of securities, excluding short-term investments, during the year ended October 31, 2009 were as follows:


	Cost of		Proceeds
	Purchases		From Sales
Global Equity Fund	$	190,665,743	$	192,798,730
International Equity Fund		15,774,197,750		15,361,979,338
International Equity Fund II		14,004,221,892		10,985,234,004
Total Return Bond Fund		4,030,684,993		3,961,673,598
Global High Income Fund		1,244,842,160		304,116,482
U.S. Microcap Fund		12,437,426		11,480,349
U.S. Smallcap Fund		26,345,871		18,605,048
U.S. Midcap Fund		9,420,048		9,633,301
U.S. Multicap Fund		10,168,961		10,398,594

Cost of purchases and proceeds from sales of long-term U.S. Government securities during the year ended October 31, 2009 were $2,701,080,306 and $0 and $2,964,079,519 and $5,394,218 respectively for the Total Return Bond Fund and Global High Income Fund.

At October 31, 2009, net unrealized appreciation/depreciation for federal income tax purposes is comprised of the following components:


								Tax Basis
	Federal		Gross		Gross			Net Unrealized
	Income Tax		Unrealized		Unrealized			Appreciation
	Cost		Appreciation		Depreciation			(Depreciation)
Global Equity Fund	$	63,340,130	$	7,501,555	$	(3,299,237	)	$	4,202,318
International Equity Fund		10,359,551,263		1,454,983,826		(961,546,096	)		493,437,730
International Equity Fund II		8,641,991,965		858,125,587		(364,439,410	)		493,686,177
Total Return Bond Fund		1,557,424,786		64,492,725		(4,832,385	)		59,660,340
Global High Income Fund		1,515,909,539		169,695,383		(13,349,050	)		156,346,333
U.S. Microcap Fund		6,023,784		593,370		(525,329	)		68,041
U.S. Smallcap Fund		14,990,393		890,873		(715,812	)		175,061
U.S. Midcap Fund		4,430,115		604,221		(127,468	)		476,753
U.S. Multicap Fund		4,671,318		627,148		(94,847	)		532,301


6.	Investments in Affiliated Issuers

An affiliated issuer, as defined under 1940 Act, is one in which a Fund’s holdings of an issuer represents 5% or more of the outstanding voting securities of the issuer. A


	Artio Global Funds ï 2009 Annual Report	271

NOTES TO FINANCIAL STATEMENTS (Continued)

summary of Funds’ investments in securities of these issuers for the year ended October 31, 2009, is set forth below:


	Shares Held		Purchases		Sales		Dividend		Fair Market Value
Affiliate	October 31, 2009		(Cost)		(Proceeds)		Income		October 31, 2009
International Equity Fund
AIK Banka		417,292	$	—	$	1,643,526	$	—	$	19,657,013
Bank of Georgia Sponsored GDR		2,466,387		1,844,206		—		—		18,436,009
Cemacon SA		14,619,597		—		46,177		—		448,879
Chimimport AD		10,693,367		230,274		—		—		20,407,497
Chimimport AD Preferred		6,416,021		10,188,167		—		—		12,288,057
Clear Media		30,866,602		—		—		—		13,658,632
Dragon Ukrainian Properties & Development		11,770,906		—		935,010		—		10,912,051
DZI Insurance		354,861		—		—		148,532		6,165,432
Impact Developer & Contractor		16,912,495		—		—		—		3,183,992
Marseille-Kliniken AG		721,577		—		17,338		210,229		6,341,938
Polska Grupa Farmaceutyczna		1,071,000		—		—		—		16,865,819
Siderurgica Venezolana Sivensa SACA		2,847,910		—		—		5,102,819		7,107,365
Sparki Eltos Lovetch		1,425,011		—		—		—		2,176,697
Tigar ad Pirot		123,132		—		82,626		50,234		1,811,736
Toza Markovic ad Kikinda		78,160		—		—		—		3,383,523
Ukrinbank		1,153,346,022		—		—		—		1,423,972
Zambeef Products		9,363,990		—		—		114,022		8,081,113

									$	152,349,725


7.	Shares of Beneficial Interest

The Global Equity Fund may issue 50,000,000,000 shares of beneficial interest with a par value of $.001 per share. The Trust may issue an unlimited number of shares of


272	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

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


	Year Ended						Year Ended
	October 31, 2009						October 31, 2008

	Shares			Amount			Shares			Amount
Global Equity Fund
Class A
Sold		156,177		$	4,260,109			213,529		$	8,996,828
Issued as reinvestment of dividends		1,750			45,354			1,277			57,112
Redeemed		(203,337	)		(5,616,212	)		(454,838	)		(17,578,810	)

Net increase (decrease)		(45,410	)	$	(1,310,749	)		(240,032	)	$	(8,524,870	)

Class I
Sold		752,616		$	21,461,260			661,474		$	24,168,382
Issued as reinvestment of dividends		14,786			385,162			5,045			227,284
Redeemed		(966,746	)		(29,225,075	)		(502,215	)		(20,218,769	)

Net increase (decrease)		(199,344	)	$	(7,378,653	)		164,304		$	4,176,897

Class R*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			2			20
Redeemed		—			—			(103	)		(597	)

Net increase (decrease)		—		$	—			—		$	433

Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			2			20
Redeemed		—			—			(103	)		(596	)

Net increase (decrease)		—		$	—			—		$	434


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


	Artio Global Funds ï 2009 Annual Report	273

NOTES TO FINANCIAL STATEMENTS (Continued)


	Year Ended						Year Ended
	October 31, 2009						October 31, 2008

	Shares			Amount			Shares			Amount
International Equity Fund
Class A
Sold		17,174,521		$	404,301,509			22,329,764		$	893,997,235
Issued as reinvestment of dividends		3,490,630			82,972,280			28,715,963			1,246,272,637
Redeemed		(65,445,343	)		(1,536,672,807	)		(74,997,709	)		(2,716,330,531	)

Net increase (decrease)		(44,780,192	)	$	(1,049,399,018	)		(23,951,982	)	$	(576,060,659	)

Class I
Sold		38,410,073		$	932,167,894			34,731,038		$	1,392,012,727
Issued as reinvestment of dividends		5,082,713			123,510,037			33,950,536			1,508,761,824
Redeemed		(96,435,823	)		(2,336,722,790	)		(82,642,503	)		(3,020,676,534	)

Net increase (decrease)		(52,943,037	)	$	(1,281,044,859	)		(13,960,929	)	$	(119,901,983	)


	Year Ended						Year Ended
	October 31, 2009						October 31, 2008

	Shares			Amount			Shares			Amount
International Equity Fund II
Class A
Sold		135,355,324		$	1,339,361,355			86,522,110		$	1,321,755,001
Issued as reinvestment of dividends		5,260,275			51,235,076			2,387,716			40,734,425
Redeemed		(84,879,674	)		(796,724,175	)		(68,137,550	)		(970,647,441	)

Net increase (decrease)		55,735,925		$	593,872,256			20,772,276		$	391,841,985

Class I
Sold		307,506,805		$	2,951,347,838			225,311,872		$	3,516,468,830
Issued as reinvestment of dividends		12,721,347			124,414,774			7,898,082			135,373,131
Redeemed		(233,823,492	)		(2,299,984,847	)		(143,668,332	)		(2,033,638,610	)

Net increase (decrease)		86,404,660		$	775,777,765			89,541,622		$	1,618,203,351


274	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)


	Year Ended						Year Ended
	October 31, 2009						October 31, 2008

	Shares			Amount			Shares			Amount
Total Return Bond Fund
Class A
Sold		11,596,714		$	147,840,856			22,187,304		$	299,005,628
Issued as reinvestment of dividends		1,387,891			17,725,866			973,094			12,878,273
Redeemed		(13,285,104	)		(168,566,731	)		(9,425,059	)		(125,593,971	)

Net increase (decrease)		(300,499	)	$	(3,000,009	)		13,735,339		$	186,289,930

Class I
Sold		41,724,285		$	530,039,756			54,377,946		$	721,424,984
Issued as reinvestment of dividends		3,086,244			39,412,940			2,565,202			33,841,801
Redeemed		(31,848,476	)		(405,092,093	)		(36,114,546	)		(477,662,128	)

Net increase (decrease)		12,962,053		$	164,360,603			20,828,602		$	277,604,657

Class R*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			5			54
Redeemed		—			—			(106	)		(961	)

Net increase (decrease)		—		$	—			—		$	103

Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			6			55
Redeemed		—			—			(107	)		(959	)

Net increase (decrease)		—		$	—			—		$	106


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


	Artio Global Funds ï 2009 Annual Report	275

NOTES TO FINANCIAL STATEMENTS (Continued)


	Year Ended						Year Ended
	October 31, 2009						October 31, 2008

	Shares			Amount			Shares			Amount
Global High Income Fund
Class A
Sold		75,714,992		$	679,159,672			18,985,704		$	193,918,312
Issued as reinvestment of dividends		3,415,802			29,332,975			725,640			7,217,074
Redeemed		(26,751,066	)		(233,104,717	)		(11,012,900	)		(110,526,895	)

Net increase (decrease)		52,379,728		$	475,387,930			8,698,444		$	90,608,491

Class I
Sold		91,490,942		$	787,876,363			23,134,088		$	229,788,508
Issued as reinvestment of dividends		4,382,093			36,506,876			687,008			6,481,358
Redeemed		(29,858,820	)		(260,336,225	)		(9,710,002	)		(95,113,250	)

Net increase (decrease)		66,014,215		$	564,047,014			14,111,094		$	141,156,616

Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			6			56
Redeemed		—			—			(107	)		(783	)

Net increase (decrease)		—		$	—			—		$	283


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


276	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)


	Year Ended						Year Ended
	October 31, 2009						October 31, 2008

	Shares			Amount			Shares			Amount
U.S. Microcap Fund
Class A
Sold		174,735		$	1,295,639			12,154		$	103,338
Issued as reinvestment of dividends		—			—			39,993			414,730
Redeemed		(89,172	)		(586,054	)		(16,112	)		(133,056	)

Net increase (decrease)		85,563		$	709,585			36,035		$	385,012

Class I
Sold		56,906		$	392,317			23,016		$	202,765
Issued as reinvestment of dividends		—			—			40,439			418,948
Redeemed		(30,237	)		(164,113	)		(14,688	)		(121,945	)

Net increase (decrease)		26,669		$	228,204			48,767		$	499,768

Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			18			149
Redeemed		—			—			(119	)		(565	)

Net increase (decrease)		—		$	—			—		$	594


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


	Artio Global Funds ï 2009 Annual Report	277

NOTES TO FINANCIAL STATEMENTS (Continued)


	Year Ended						Year Ended
	October 31, 2009						October 31, 2008

	Shares			Amount			Shares			Amount
U.S. Smallcap Fund
Class A
Sold		1,001,008		$	8,479,268			67,439		$	612,375
Issued as reinvestment of dividends		—			—			90,635			890,036
Redeemed		(104,826	)		(743,583	)		(30,853	)		(303,461	)

Net increase (decrease)		896,182		$	7,735,685			127,221		$	1,198,950

Class I
Sold		53,068		$	427,454			21,224		$	217,869
Issued as reinvestment of dividends		—			—			90,229			886,050
Redeemed		(30,426	)		(170,096	)		(11,558	)		(100,410	)

Net increase (decrease)		22,642		$	257,358			99,895		$	1,003,509

Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			49			306
Redeemed		—			—			(150	)		(601	)

Net increase (decrease)		—		$	—			—		$	715


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


278	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)


	Year Ended						Year Ended
	October 31, 2009						October 31, 2008

	Shares			Amount			Shares			Amount
U.S. Midcap Fund
Class A
Sold		14,082		$	103,437			11,654		$	108,818
Issued as reinvestment of dividends		—			—			25,213			278,853
Redeemed		(22,085	)		(139,466	)		(15,219	)		(127,026	)

Net increase (decrease)		(8,003	)	$	(36,029	)		21,648		$	260,645

Class I
Sold		10,014		$	60,785			11,498		$	115,045
Issued as reinvestment of dividends		—			—			27,451			303,338
Redeemed		(31,523	)		(190,574	)		(13,475	)		(132,880	)

Net increase (decrease)		(21,509	)	$	(129,789	)		25,474		$	285,503

Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			12			102
Redeemed		—			—			(113	)		(597	)

Net increase (decrease)		—		$	—			—		$	515


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


	Artio Global Funds ï 2009 Annual Report	279

NOTES TO FINANCIAL STATEMENTS (Continued)


	Year Ended						Year Ended
	October 31, 2009						October 31, 2008

	Shares			Amount			Shares			Amount
U.S. Multicap Fund
Class A
Sold		20,239		$	118,712			6,115		$	63,447
Issued as reinvestment of dividends		—			—			28,979			317,605
Redeemed		(16,744	)		(126,590	)		(21,498	)		(222,137	)

Net increase (decrease)		3,495		$	(7,878	)		13,596		$	158,915

Class I
Sold		10,557		$	72,052			6,843		$	66,622
Issued as reinvestment of dividends		96			576			32,720			358,288
Redeemed		(49,887	)		(307,842	)		(11,166	)		(102,924	)

Net increase (decrease)		(39,234	)	$	(235,214	)		28,397		$	321,986

Consultant Class*
Sold		—		$	—			101		$	1,010
Issued as reinvestment of dividends		—			—			14			120
Redeemed		—			—			(115	)		(612	)

Net increase (decrease)		—		$	—			—		$	518


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

Through seed capital contributions by Artio Global Group, an affiliate of the Adviser, ownership of beneficial shares outstanding at October 31, 2009 were:


Fund	% Ownership
U.S. Microcap Fund - Class A shares		67.54	%
U.S. Microcap Fund - Class I shares		78.18	%
U.S. Smallcap Fund - Class A shares		24.82	%
U.S. Smallcap Fund - Class I shares		80.99	%
U.S. Midcap Fund - Class A shares		91.78	%
U.S. Midcap Fund - Class I shares		90.58	%
U.S. Multicap Fund - Class A shares		93.39	%
U.S. Multicap Fund - Class I shares		94.67	%


8.	Federal Tax Information

Permanent differences between book and tax income and loss amounts, if any, relating to shareholder distributions will result in reclassifications to paid-in capital, undistributed net investment income or accumulated net realized gains/losses.


280	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

These include net operating losses not utilized during the current year, commission adjustments, paydown gains and losses, bond premium amortization, foreign currency gains and losses, recharacterized distributions, and adjustments relating to the dispositions of Real Estate Investment Trust and Passive Foreign Investment Company securities. These reclassifications have no effect on net assets or net asset values per share. Any taxable gain remaining at fiscal year end is distributed in the following year.


				Undistributed			Accumulated
				Net Investment			Net Realized
	Paid-in Capital			Income			Gain/(loss)
	Increase/(decrease)			Increase/(decrease)			Increase/(decrease)
Global Equity Fund	$	(78,444,271	)	$	1,687,138		$	76,757,133
International Equity Fund		—			868,809,599			(868,809,599	)
International Equity Fund II		—			535,670,984			(535,670,984	)
Total Return Bond Fund		—			7,029,498			(7,029,498	)
Global High Income Fund		(12,142,194	)		12,871,474			(729,280	)
U.S. Microcap Fund		(41,077	)		34,351			6,726
U.S. Smallcap Fund		(27,245	)		25,975			1,270
U.S. Midcap Fund		340			(1,431	)		1,091
U.S. Multicap Fund		(12	)		17			(5	)

The tax character of distributions paid for the year ended October 31, 2009 were as follows:


	Ordinary		Long Term		Return of
	Income		Capital Gains		Capital
Global Equity Fund	$	494,241	$	—	$	—
International Equity Fund		226,109,209		—		—
International Equity Fund II		226,976,980		—		—
Total Return Bond Fund		84,574,852		556,156		—
Global High Income Fund		65,525,941		—		12,896,215
U.S. Microcap Fund		—		—		—
U.S. Smallcap Fund		—		—		—
U.S. Midcap Fund		—		—		—
U.S. Multicap Fund		797		—		—


	Artio Global Funds ï 2009 Annual Report	281

NOTES TO FINANCIAL STATEMENTS (Continued)

The tax character of distributions paid for the year ended October 31, 2008 were as follows:


	Ordinary		Long Term		Return of
	Income		Capital Gains		Capital
Global Equity Fund	$	369,526	$	—	$	—
International Equity Fund		806,067,390		2,270,531,691		—
International Equity Fund II		172,773,296		67,792,317		—
Total Return Bond Fund		66,693,111		—		—
Global High Income Fund		21,463,013		—		—
U.S. Microcap Fund		739,614		97,815		—
U.S. Smallcap Fund		1,168,695		616,006		—
U.S. Midcap Fund		372,887		200,352		12,221
U.S. Multicap Fund		550,954		127,394		—

As of October 31, 2009, the components of distributable earnings on a tax basis were as follows:


	Undistributed		Unrealized		Capital			Other
	Ordinary		Appreciation/		Loss			Temporary
	Income		(Depreciation)		Carryforwards			Differences
Global Equity Fund	$	1,968,303	$	4,203,283	$	(65,855,353	)	$	—
International Equity Fund		774,489,408		480,317,898		(2,565,748,783	)		—
International Equity Fund II		436,193,966		490,924,704		(2,926,647,294	)		(41,865	)
Total Return Bond Fund		828,160		60,540,587		(23,317,277	)		—
Global High Income Fund		—		160,077,008		(12,981,274	)		(53,883	)
U.S. Microcap Fund		—		68,041		(1,714,934	)		(28,976	)
U.S. Smallcap Fund		—		175,061		(1,284,335	)		(28,976	)
U.S. Midcap Fund		10,461		476,753		(1,905,298	)		(26,227	)
U.S. Multicap Fund		22,960		532,301		(1,785,542	)		(24,510	)

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.


282	Artio Global Funds ï 2009 Annual Report

NOTES TO FINANCIAL STATEMENTS (Continued)

At October 31, 2009, the following Funds had net realized loss carryforwards for federal income tax purposes (amounts in thousands):


	Expires in		Expires in		Expires in		Expires in
	2010		2011		2016		2017
Global Equity Fund	$	28,922,938	$	7,288,718	$	19,631,562	$	10,012,135
International Equity Fund		—		—		921,898,280		1,643,850,503
International Equity Fund II		—		—		1,714,515,520		1,212,131,774
Total Return Bond Fund		—		—		—		23,317,277
Global High Income Fund		—		—		1,928,538		11,052,736
U.S. Microcap Fund		—		—		1,303,530		411,404
U.S. Smallcap Fund		—		—		1,284,335		—
U.S. Midcap Fund		—		—		1,141,820		763,478
U.S. Multicap Fund		—		—		1,341,576		443,966


9.	Line of Credit

Artio Global Equity Fund Inc. and Artio Global Investment Funds were previously party to an Amended and Restated Credit Agreement dated April 28, 2006 (as amended, the “Prior Agreement”) with State Street Bank and Trust Company (the “Bank”). On June 19, 2009, Artio Global Equity Fund Inc. terminated its participation in the Prior Agreement, and the Bank agreed to increase the amount of credit available to Artio Global Investment Funds under the Prior Agreement to $40,000,000.

On September 29, 2009, Artio Global Equity Fund Inc. and Artio Global Investment Funds (the “Borrowers”) entered into a new Credit Agreement (the “Agreement”) with the Bank in replacement of the Prior Agreement. 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 purposes. The Funds may draw up to their stated sublimit (subject to certain other limitations therein):


	Sublimit
	Amount
Global Equity Fund	$	10,000,000
International Equity Fund		200,000,000
International Equity Fund II		200,000,000
Total Return Bond Fund		100,000,000
Global High Income Fund		40,000,000
U.S. Microcap Fund		5,000,000
U.S. Smallcap Fund		5,000,000


	Artio Global Funds ï 2009 Annual Report	283

NOTES TO FINANCIAL STATEMENTS (Continued)

Principal on each outstanding loan made under the 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 0.15% per annum on the daily unused portion of the Facility Amount. Under the Agreement, the average daily outstanding daily balance utilized by the Global Equity Fund during the year ended October 31, 2009 was $49,996, at an average weighted interest rate of 1.4%. The International Equity Fund, International Equity Fund II, Total Return Bond Fund, Global High Income Fund, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and the U.S. Multicap Fund did not utilize the Agreement during the year ended October 31, 2009.

On December 1, 2009, the Agreement was amended to increase the sublimit that the Artio Global High Income Fund may draw from $40,000,000 to $100,000,000.


10.	Recent Accounting Pronouncements

The Funds adopted the Financial Accounting Standards Board (“FASB” ) statement entitled The FASB Accounting Standards Codification™ and the Hierarchy of Generally Accepted Accounting Principles, effective September 15, 2009. This new statement establishes the FASB Accounting Standards Codification™ (“Codification”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles in the United States. Management has evaluated the Codification and has determined that it does not have a significant impact on the determination or reporting of the Funds’ financial statements.


11.	Subsequent Events

Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to the balance sheet date through December 24, 2009 which represents the date the financial statements were issued. Adjustments or additional disclosures, if any, have been included in these financial statements.


284	Artio Global Funds ï 2009 Annual Report

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Shareholders and Board of Directors
Artio Global Equity Fund Inc.

and

The Shareholders and Board of Trustees
Artio Global Investment Funds

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Artio Global Equity Fund Inc. and Artio International Equity Fund, Artio International Equity Fund II , Artio Total Return Bond Fund, Artio Global High Income Fund, Artio U.S. Microcap Fund, Artio U.S. Smallcap Fund, Artio U.S. Midcap Fund, and Artio U.S. Multicap Fund, each a series of Artio Global Investment Funds, (collectively, the “Funds”) as of October 31, 2009, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2009 by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Artio Global Equity Fund, Inc., Artio International Equity Fund, Artio International Equity Fund II, Artio Total Return Bond Fund, Artio Global High Income Fund, Artio U.S. Microcap Fund, Artio U.S. Smallcap Fund, Artio U.S. Midcap Fund, and Artio U.S. Multicap Fund as of October 31, 2009, and the results of their operations, the changes in their net assets and the financial highlights for each of the years or


	Artio Global Funds ï 2009 Annual Report	285

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.


	Artio Global Funds ï 2009 Annual Report	287

ARTIO GLOBAL FUNDS

Independent Trustees of Artio Global Investment Funds (the “Trust”) and Independent Directors of Artio Global Equity Fund Inc. (the “Global Equity Fund” or “GEF”):


	Positions,		Number of
	Term of		Portfolios
	Office (1)		in Fund
	and Length		Family
	of Time		Overseen	Other
	Served with	Principal Occupation(s)	by Trustee	Directorships (2)
Name, Age and Address	the Funds	During Past Five Years	or Director*	Held


Antoine Bernheim 56 330 Madison Avenue New York, New York 10017	Trustee of the Trust since November 2004; Director of GEF since July 1990; Chairman of the Fund complex since December 2008.	President, Dome Capital Management, Inc., 1984 -present (investment advisory firm); Chairman, Dome Securities Corp., 1995 -present (broker/dealer); President, The U.S. Offshore Funds Directory, 1990 - present (publishing)	9	None

Thomas Gibbons 62 330 Madison Avenue New York, New York 10017	Trustee of the Trust since November 2004; Director of GEF since December 1993.	President, Cornerstone Associates Management, 1987 -present (consulting firm)	9	None

Harvey B. Kaplan 72 330 Madison Avenue New York, New York 10017	Trustee of the Trust since December 1995; Director of GEF since July 1990.	Retired since 2006; Controller (Chief Financial Officer), Easter Unlimited, Inc., 1990 -2006 (toy and novelty company)	9	None

Robert S.Matthews 66 330 Madison Avenue New York, New York 10017	Trustee of the Trust since June 1992; Director of GEF since June 2002.	Managing Partner, Matthews & Co. (certified public accounting firm)	9	None

Robert J. McGuire 72 330 Madison Avenue New York, New York 10017	Trustee of the Trust since June 2006; Director of GEF since 2006.	Self-employed Attorney/Consultant, 1998 -present; Counsel, Morvillo, Abramowitz, Grand, Iason & Silberberg, P.C., 1998 -2005.	9	Director, Mutual of America Investment Corp., 2000 -present (investment company); Director, Six Flags, Inc., 2003 -present (entertainment); Director, Protection One, Inc., 2005 -present (security systems)


288	Artio Global Funds ï 2009 Annual Report

ARTIO GLOBAL FUNDS (Continued)

Independent Trustees of Artio Global Investment Funds (the “Trust”) and Independent Directors of Artio Global Equity Fund Inc. (the “Global Equity Fund” or “GEF”)—(Continued):


	Positions,		Number of
	Term of		Portfolios
	Office (1)		in Fund
	and Length		Family
	of Time		Overseen	Other
	Served with	Principal Occupation(s)	by Trustee	Directorships (2)
Name, Age and Address	the Funds	During Past Five Years	or Director*	Held


Peter Wolfram 56 330 Madison Avenue New York, New York 10017	Trustee of the Trust since June 1992; Director of GEF since November 2004.	Partner, Kelley Drye & Warren (law firm)	9	None


	Artio Global Funds ï 2009 Annual Report	289

ARTIO GLOBAL FUNDS (Continued)

Interested Trustees of Artio Global Investment Funds (the “Trust”) and Interested Directors of Artio Global Equity Fund Inc. (the “Global Equity Fund“ or “GEF ”):


			Number of
			Portfolios
			in Fund
			Family
	Position		Overseen	Other
	and Term	Principal Occupation(s)	by Trustee	Directorships (2)
Name, Age and Address	of Office (1)	During Past Five Years	or Director	Held


Glen Wisher (3) 46 330 Madison Avenue New York, NY 10017	Trustee of the Trust since September 2005; Director of GEF since December 2005.	President and Member of the Board of Artio Global Investors, Inc., 2007 - present; Member of the Board of Artio Global Investment Management LLC, 2004 - present; Member of the Board of Artio Global Holdings LLC, 2004 -present; Member of the Board of Artio Capital Management LLC, 2007 - present; Chief Executive Officer of Artio Global Investors Inc., 2004 - 2007; Head of Institutional Asset Management, New York, 2001 - 2004.	9	None


*		The Fund Complex refers to the eight series of the Trust and the Global Equity Fund.
(1)		Each Trustee and Director serves during the lifetime of the Trust or Global Equity Fund or until he or she dies, resigns, retires, is declared bankrupt or incompetent, or is removed or, if sooner, until the next special meeting of the Funds’ shareholders and until the election and qualification of his or her successor.
(2)		Directorships include public companies and any company registered as an investment company.
(3)		Mr. Wisher is an interested trustee because he is an employee of Artio Global Investors Inc.


290	Artio Global Funds ï 2009 Annual Report

ARTIO GLOBAL FUNDS (Continued)

Officers of Funds:

The business address for each officer of the Funds, except Ms. Watson, Ms. Coop, Ms. McGowan, Mr. Smith, Mr. McVoy and Mr. Kapner is Artio Global Management LLC, 330 Madison Avenue, New York, New York 10017. The business address for Ms. Watson, Ms. Coop, Ms. McGowan and Mr. Smith is State Street Bank and Trust Company, 4 Copley Place, 5th Floor, Boston, Massachusetts, 02116. The business address for Mr. McVoy is U.S. Bancorp Fund Services, LLC, 615 E. Michigan Street, Milwaukee, WI 53202. The business address for Mr. Kapner is Global Financial Markets Institute, P.O. Box 388, Jericho, NY 17753-0388.


	Length of Time
	Served As Fund	Principal Occupation(s)
Name, Age and Position(s) Held	Officer (1),(2)	During Past Five Years


Anthony Williams 45 President, Chief Executive Officer and Principal Executive Officer	Officer for the Funds since 2004.	• Chief Operating Officer and member of Board of Directors of Artio Global Management LLC (2004–present) • Board of Directors of Artio Global Investors Inc. (2007–present) • Chief Executive Officer, Artio Global Investment Management ( 2004 - 2007)

Denise Downey 48 Vice President	Officer for the Funds since 1995.	• First Vice President and Head of Marketing, Artio Global Management LLC (2002–present)

Greg Hopper 52 Vice President	Officer for the Funds 2002.	• Senior Vice President, Artio Global Management LLC (2009 - present) • First Vice President of Artio Global Management LLC (2002–2009)

Samuel Dedio 43 Vice President	Officer for the Trust since 2006.	• Senior Portfolio Manager and First Vice President of the Adviser of Artio Global Management LLC (2006–present) • Managing Director, Deutsche Asset Management (1999–2006).

Richard C. Pell 55 Vice President	Officer for the Trust since 1995; for GEF, since 2004.	• Chief Executive Officer and Chairman of the Board of Directors, Artio Global Investments, Inc. (2007 -present) • Chief Executive Officer and Chief Investment Officer of Artio Global Management LLC (1995–present)

Donald Quigley 44 Vice President	Officer for the Trust since 2001.	• Senior Vice President and Head of Global Fixed-Income, Artio Global Management LLC (2001–present)

Rudolph-Riad Younes 48 Vice President	Officer for the Trust since 1997; for GEF, since 2004.	• Managing Director and Head of International Equity, Artio Global Management LLC (2002–present)


	Artio Global Funds ï 2009 Annual Report	291

ARTIO GLOBAL FUNDS (Continued)

Officers of Funds—(Continued):


	Length of Time
	Served As Fund	Principal Occupation(s)
Name, Age and Position(s) Held	Officer (1),(2)	During Past Five Years


Keith Walter 41 Vice President	Officer for the Trust since 2006.	• First Vice President and Portfolio Manager, Artio Global Management LLC (2006–present) • Vice President and Portfolio Manager, Artio Global Investment Management LLC (1999 - 2006)

Craig M. Giunta 37 Chief Financial Officer	Officer for the Funds since 2003.	• First Vice President, Artio Global Management LLC (2007–present) • Vice President, Artio Global Management LLC(2002 - 2007)

Alex Bogaenko 46 Treasurer	Officer for the Funds since 2005.	• Vice President, Artio Global Management LLC (2005 - present) • Manager of Accounting and Director of Portfolio Administration of Van Eck Global (1995-2005)

John Whilesmith 42 Secretary	Officer for the Funds since 2005.	• Vice President and Operations Compliance Officer, Artio Global Management LLC (2005–present) • Compliance Officer, Morgan Stanley Investment Management (2002–2005)

Michael K. Quain 52 Chief Compliance Officer	Officer for the Funds since 2004.	• First Vice President of Artio Global Management LLC (2002–present) • President and Chief Executive Officer of Artio Global Equity Fund Inc. (1997–2004) • President and Chief Executive Officer of Artio Global Investment Funds (1998–2004)

Prasad Nanisetty 52 Chief Risk Officer	Officer for the Funds since 2008.	• Head of Risk Management, Artio Global Management LLC (2004 - present) • Senior Vice President, Jennison Associates (2000-2004)

Kenneth Kapner 52 Vice President of Risk Management	Officer for the Funds since 2009.	• President, CEO, Financial Trainer and Consultant, Global Financial Markets Institute (1997- present)

Michael McVoy 52 Anti-Money Laundering Officer	Officer for the Funds since 2004.	• Chief Compliance Officer for U.S. Bancorp (2002–present) • Legal Counsel for U.S. Bancorp (formerly, Firstar Corp.) (1986–2006) • Senior Vice President and Risk Manager for U.S. Bancorp (1999–present)


292	Artio Global Funds ï 2009 Annual Report

ARTIO GLOBAL FUNDS (Continued)

Officers of Funds—(Continued):


	Length of Time
	Served As Fund	Principal Occupation(s)
Name, Age and Position(s) Held	Officer (1),(2)	During Past Five Years


Elizabeth A. Watson 55 Assistant Secretary	Officer for the Funds since 2008.	• Vice President and Managing Counsel, State Street Bank and Trust Company (August 2007-present) • Vice President and General Counsel (May 2004-July 2007) and Chief Compliance Officer (July 2004-October 2006), Quantitative Investment Advisors, Inc. • Clerk (July 2004-July 2007), Chief Legal Officer (January 2007-July 2007), Chief Legal Officer (January 2007-July 2007), Chief Compliance Officer (July 2004-December 2005), Quantitative Group of Funds • President and General Counsel, U.S. Boston Capital Corporation (May 2004-July 2007) • Principal, Watson & Associates (2002-2004)

Tracie A. Coop 32 Assistant Secretary	Officer for the Funds since 2008.	• Vice President and Senior Counsel, State Street Bank and Trust Company (2007–present) • Associate Counsel and Manager, Natixis Asset Management Advisors, L.P. (2006–2007)

Victoria McGowan 43 Assistant Treasurer	Officer for the Funds since 2003.	• Senior Vice President, State Street Bank and Trust Company (2007–present) • Senior Director, State Street Bank and Trust Company (formerly Investors Bank and Trust Company)(2002–2007)

Brian Smith 42 Assistant Treasurer	Officer for the Funds since 2007.	• Vice President, State Street Bank and Trust Company (2007 - present) • Director, Mutual Fund Administration, State Street Bank and Trust Company (2005–present) • Senior Manager, Mutual Fund Administration, State Street Bank and Trust Company (2003-2005)


(1)		Each officer of the Global Equity Fund is elected for a term of 1 year and until his or her successor is duly elected and qualified.
(2)		Pursuant to the Trust’s By-laws, officers of the Trust are elected by the Board of Trustees to hold such office until his or her successor is chosen and qualified, or until they resign or are removed from office.


	Artio Global Funds ï 2009 Annual Report	293

SUPPLEMENTAL TAX INFORMATION (Unaudited)

The Global Equity Fund, International Equity Fund and International Equity Fund II paid foreign taxes of $107,834, $29,147,758 and $17,537,711 and earned $1,033,295, $256,327,959 and $167,246,129 of foreign income, respectively, during the year ended October 31, 2009. Pursuant to Section 853 of the Internal Revenue Code, $0.08 and $0.02 per share were designated as foreign taxes paid for International Equity Fund and International Equity Fund II and $0.68 and $0.21 per share were designated as income earned from foreign sources for the International Equity Fund and International Equity Fund II for the year ended October 31, 2009.

The table below shows distributions paid from investment company taxable income earned in the year ended October 31, 2009, or the maximum amount allowable under the tax law, as Qualified Dividend Income in accordance with the Internal Revenue Code. Complete 2009 year end information will be reported to you on your 2009 Form 1099-DIV, which shall be provided to you in early 2010.


	QDI
Global Equity Fund	$	494,241
International Equity Fund		226,109,209
International Equity Fund II		151,493,725
Global High Income Fund		514,425
U.S. Multicap Fund		70,474

For corporate shareholders, a portion of the ordinary dividends paid during the Funds’ year ended October 31, 2009 qualified dividends received deductions were the following:


294	Artio Global Funds ï 2009 Annual Report

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s President/Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

The Code of Ethics is attached hereto as Exhibit 12(a)(1).

Item 3. Audit Committee Financial Expert.

(a)

(1)

The Board of Directors of the registrant has determined that the registrant has one Board member serving on the Audit Committee that possesses the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”

(2)

Mr. Harvey B. Kaplan is the registrant’s audit committee financial expert. The Board also determined that Mr. Kaplan is not an “interested person” of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.

Item 4. Principal Accountant Fees and Services.

	(a)		Audit Fees.

			For the fiscal years ending October 31, 2009 and October 31, 2008, the aggregate audit fees billed for professional services rendered by the principal independent registered public accounting firm, KPMG LLP, for the audit of the Registrant’s annual financial statements were $19,800 and $19,800, respectively.

	(b)		Audit-Related Fees.

			For the fiscal years ending October 31, 2009 and October 31, 2008, the aggregate audit fees billed by KPMG LLP for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $3,250 and $3,150, respectively.

	(c)		Tax Fees.

			The aggregate fees billed for professional services rendered by KPMG LLP for the review of Form 1120-RIC, Form 8613, and review of excise tax distribution calculations for the fiscal years ending October 31, 2009 and October 31, 2008 were $9,070 and $8,800, respectively.

	(d)		All Other Fees.

			There were no other fees billed by KPMG LLP for the fiscal years ending October 31, 2009 and October 31, 2008.

	(e)(1)		Audit Committee Pre-Approval Policies and Procedures.

			The Registrant’s audit committee pre-approves all audit and non-audit services to be performed by the Registrant’s accountant before the accountant is engaged by the Registrant to perform such services.

	(e)(2)		The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

	(b)		Not applicable

	(c)		100%

	(d)		Not applicable

	(f)		Not applicable.

	(g)		The aggregate non-audit fees billed by KPMG LLP to the Registrant for the fiscal years ending October 31, 2009 and October 31, 2008 were $9,070 and $8,800, respectively. The aggregate non-audit fees billed by KPMG to the Registrant, the Adviser and all entities controlling, controlled by, or under common control with the Adviser that provide services to the Registrant for the fiscal years ended October 31, 2009 and October 31, 2008 were $1,371,745 and $2,072,350, respectively.

(h)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments

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

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

Item 11. Controls and Procedures.

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

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

SIGNATURES

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


Artio Global Equity Fund Inc.
By:	/s/ Anthony Williams
	Anthony Williams
	President

Date: January 8, 2010

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



By:	/s/ Anthony Williams
	Anthony Williams
	President

Date: January 8, 2010



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

Date: January 8, 2010


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


	Long Term
	Capital Gain
	Dividend
Global Equity Fund	$	—
International Equity Fund		—
International Equity Fund II		—
Total Return Bond Fund		556,156
Global High Income Fund		—
U.S. Microcap Fund		—
U.S. Smallcap Fund		—
U.S. Midcap Fund		—
U.S. Multicap Fund		—