UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6652

Artio Global Investment Funds

(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: 10/31/2010

Date of reporting period: 04/30/2010

TABLE OF CONTENTS

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

Item 1. Reports to Stockholders.

     

Semi-Annual Report

Artio Global Funds

Artio Global Equity Fund Inc.

Artio International Equity Fund

Artio International Equity Fund II

Artio Total Return Bond Fund

Artio Global High Income Fund

Artio U.S. Microcap Fund

Artio U.S. Smallcap Fund

Artio U.S. Midcap Fund

Artio U.S. Multicap Fund

April 30, 2010

TABLE OF CONTENTS

Shareholder Expenses	1
Portfolio of Investments:
Artio Global Equity Fund Inc.	5
Artio International Equity Fund	16
Artio International Equity Fund II	38
Artio Total Return Bond Fund	55
Artio Global High Income Fund	76
Artio U.S. Microcap Fund	97
Artio U.S. Smallcap Fund	102
Artio U.S. Midcap Fund	107
Artio U.S. Multicap Fund	112
Statement of Assets and Liabilities	117
Statement of Operations	122
Statement of Changes in Net Assets	127
Financial Highlights	136
Notes to Financial Statements	154
Investment Advisory Agreements	207
Additional Information Page	209

(This page intentionally left blank.)

SHAREHOLDER EXPENSES (Unaudited)

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

The table is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2009 to April 30, 2010.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Global Equity Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,122.50		1.40	%	$	7.37
Hypothetical		1,000.00		1,017.90		1.40			7.00

Artio Global Funds  ï  2010 Semi-Annual Report 1

Global Equity Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,123.70		1.15	%	$	6.06
Hypothetical		1,000.00		1,019.10		1.15			5.76

International Equity Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,058.60		1.27	%	$	6.48
Hypothetical		1,000.00		1,018.50		1.27			6.36

International Equity Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,060.10		1.01	%	$	5.16
Hypothetical		1,000.00		1,019.80		1.01			5.06

International Equity Fund II Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,049.70		1.27	%	$	6.45
Hypothetical		1,000.00		1,018.50		1.27			6.36

International Equity Fund II Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,051.50		1.03	%	$	5.24
Hypothetical		1,000.00		1,019.70		1.03			5.16

Total Return Bond Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,035.00		0.69	%	$	3.48
Hypothetical		1,000.00		1,021.40		0.69			3.46

Total Return Bond Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,036.20		0.44	%	$	2.22
Hypothetical		1,000.00		1,022.60		0.44			2.21

2 Artio Global Funds  ï  2010 Semi-Annual Report

Global High Income Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,105.30		1.00	%	$	5.22
Hypothetical		1,000.00		1,019.80		1.00			5.01

Global High Income Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,107.10		0.75	%	$	3.92
Hypothetical		1,000.00		1,021.10		0.75			3.76

U.S. Microcap Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,351.90		1.80	%	$	10.50
Hypothetical		1,000.00		1,015.90		1.80			9.00

U.S. Microcap Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,352.30		1.50	%	$	8.75
Hypothetical		1,000.00		1,017.40		1.50			7.50

U.S. Smallcap Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,263.00		1.50	%	$	8.42
Hypothetical		1,000.00		1,017.40		1.50			7.50

U.S. Smallcap Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,265.30		1.20	%	$	6.74
Hypothetical		1,000.00		1,018.80		1.20			6.01

U.S. Midcap Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,212.00		1.35	%	$	7.40
Hypothetical		1,000.00		1,018.10		1.35			6.76

Artio Global Funds  ï  2010 Semi-Annual Report 3

U.S. Midcap Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,215.10		1.05	%	$	5.77
Hypothetical		1,000.00		1,019.60		1.05			5.26

U.S. Multicap Fund Class A

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,182.40		1.30	%	$	7.03
Hypothetical		1,000.00		1,018.30		1.30			6.51

U.S. Multicap Fund Class I

	Beginning Account		Ending Account		Annualized			Expense Paid
	Value 11/01/09		Value 04/30/10		Expense Ratio			during Period
Actual	$	1,000.00	$	1,184.30		1.00	%	$	5.42
Hypothetical		1,000.00		1,019.80		1.00			5.01

4 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—91.1%
		United States—44.4%
	4,050	3M Co		$	359,113
	5,140	Accenture PLC-Class A			224,310
	12,690	Aecom Technology (1)			381,588
	8,750	Alpha Natural Resources (1)			411,950
	3,860	Amazon.com Inc (1)			529,052
	8,200	Amgen Inc (1)			470,352
	3,670	Apache Corp			373,459
	9,210	Apple Inc (1)			2,404,915
	16,650	Archer-Daniels-Midland Co			465,201
	4,370	Ashland Inc			260,277
	83,020	Bank of America			1,480,247
	5,860	Baxter International			276,709
	4,670	Becton Dickinson			356,648
	16,310	CareFusion Corp (1)			449,830
	4,668	Celgene Corp (1)			289,183
	3,210	Cephalon Inc (1)			206,082
	7,440	Chevron Corp			605,914
	28,970	Cisco Systems (1)			779,872
	191,540	Citigroup Inc (1)			837,030
	8,890	Coach Inc			371,157
	12,390	Coca-Cola Enterprises			343,575
	9,520	Coinstar Inc (1)			422,307
	2,900	Colgate-Palmolive Co			243,890
	5,820	ConocoPhillips			344,486
	45,680	Corning Inc			879,340
	7,740	Crane Co			278,176
	18,690	CVS Caremark			690,222
	26,740	Dana Holding (1)			357,246
	21,870	Dean Foods (1)			343,359
	10,050	Dr. Pepper Snapple			328,936
	22,410	Eli Lilly			783,678
	5,480	Freeport-McMoRan Copper & Gold			413,904
	8,080	General Cable (1)			230,846
	2,210	Goldman Sachs			320,892
	764	Google Inc-Class A (1)			401,436
	11,670	Hartford Financial Services			333,412
	5,560	Hasbro Inc			213,282
	6,880	Herbalife Ltd			331,960
	14,310	Hershey Co			672,713

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 5

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		United States—Continued
	5,420	Hess Corp		$	344,441
	6,740	Ingersoll-Rand PLC			249,245
	36,040	Integrated Device Technology (1)			238,224
	4,510	Itron Inc (1)			359,041
	21,500	Johnson & Johnson			1,382,450
	4,590	Joy Global			260,758
	13,780	JPMorgan Chase			586,752
	7,030	Kansas City Southern (1)			285,067
	2,800	Lear Corp (1)			227,304
	7,050	Lincoln National			215,660
	1,010	MasterCard Inc-Class A			250,520
	15,360	McDermott International (1)			421,018
	47,810	Microsoft Corp			1,460,117
	3,880	Mosaic Co			198,423
	10,410	Myriad Genetics (1)			249,944
	5,200	National-Oilwell Varco			228,956
	35,220	NCR Corp (1)			463,495
	8,560	NetApp Inc (1)			296,775
	5,110	Newmont Mining			286,569
	3,690	NIKE Inc-Class B			280,108
	8,410	Nordstrom Inc			347,585
	8,600	Norfolk Southern			510,238
	3,990	Occidental Petroleum			353,753
	5,620	PACCAR Inc			261,442
	8,650	Pactiv Corp (1)			219,797
	7,300	Pride International (1)			221,409
	7,788	Procter & Gamble			484,102
	36,460	QUALCOMM Inc			1,412,460
	22,090	Quanta Services (1)			444,672
	4,440	Schlumberger Ltd			317,105
	20,700	Seagate Technology (1)			380,259
	12,570	St Joe (1)			415,313
	9,530	State Street			414,555
	5,910	Sybase Inc (1)			256,376
	11,520	Textron Inc			263,117
	9,170	Tyco Electronics			294,540
	11,020	UAL Corp (1)			237,812
	7,494	Union Pacific			566,996
	4,220	United Parcel Service-Class B			291,771

See Notes to Financial Statements

6 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		United States—Continued
	12,210	UnitedHealth Group		$	370,085
	10,510	Urban Outfitters (1)			394,230
	4,750	Walter Energy			383,847
	16,780	Wells Fargo			555,586
	2,810	Whirlpool Corp			305,925
	15,600	Yahoo! Inc (1)			257,868
					37,712,259
		Japan—5.8%
	12,500	Asahi Breweries (2)			224,832
	30,000	Asahi Glass (2)			354,499
	2,400	East Japan Railway (2)			160,173
	3,050	Fanuc Ltd (2)			360,494
	6,900	Honda Motor (2)			232,967
	19,800	Kirin Holdings (2)			284,075
	15,680	Komatsu Ltd (2)			316,197
	2,940	Kyocera Corp (2)			288,940
	94,600	Mitsubishi UFJ Financial (2)			491,804
	4,830	Nidec Corp (2)			500,106
	1,400	Nintendo Co (2)			470,151
	5,600	Sony Corp (2)			191,283
	7,500	Sumitomo Mitsui Financial (2)			247,238
	13,900	Suzuki Motor (2)			293,202
	5,400	Unicharm Corp (2)			523,884
					4,939,845
		Switzerland—4.6%
	8,719	ABB Ltd (1)(2)			167,508
	6,840	Credit Suisse (2)			312,370
	4,520	Holcim Ltd (1)(2)			338,360
	22,732	Nestle SA (2)			1,107,520
	11,810	Nobel Biocare (2)			258,987
	7,464	Novartis AG (2)			380,169
	3,040	Roche Holding (2)			479,292
	1,280	Swatch Group (2)			376,662
	6,990	Swiss Reinsurance (2)			304,193
	910	Zurich Financial Services (2)			202,541
					3,927,602

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 7

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		United Kingdom—4.5%
	66,820	Barclays PLC (2)		$	342,253
	12,780	BG Group (2)			214,655
	40,680	Cairn Energy (1)(2)			248,454
	26,400	Compass Group (2)			215,571
	14,920	Diageo PLC (2)			254,542
	432,226	Lloyds Banking (1)(2)			432,406
	12,850	Petropavlovsk PLC (2)			230,691
	9,600	Reckitt Benckiser (2)			498,434
	46,820	Rolls-Royce Group (1)(2)			413,643
	1,690,200	Rolls-Royce Group-C Shares (1)(4)			2,587
	384,940	Royal Bank of Scotland (1)(2)			316,317
	39,210	Xstrata PLC (2)			649,564
					3,819,117
		Australia—3.3%
	36,230	BHP Billiton (2)			1,331,511
	8,250	Newcrest Mining (2)			249,513
	18,961	Rio Tinto (2)			1,240,933
					2,821,957
		Canada—2.9%
	10,090	Barrick Gold			441,316
	7,650	Canadian Pacific Railway			452,270
	9,000	Goldcorp Inc			389,070
	3,480	Potash Corp of Saskatchewan			385,605
	13,090	Silver Wheaton (1)			255,517
	15,073	Suncor Energy			517,142
					2,440,920
		Germany—2.8%
	2,830	Allianz SE (2)			324,450
	4,190	Daimler AG (1)(2)			215,918
	7,990	Fraport AG (2)			413,495
	3,810	Fresenius SE (2)			271,202
	3,580	HeidelbergCement AG (2)			222,229
	4,880	MAN SE (2)			461,451
	4,400	Siemens AG (2)			434,408
					2,343,153
		South Korea—2.6%
	12,200	Hankook Tire (2)			272,736

See Notes to Financial Statements

8 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		South Korea—Continued
	11,380	Hyundai Motor (2)		$	1,390,797
	720	Samsung Electronics (2)			544,548
					2,208,081
		France—2.6%
	6,386	BNP Paribas (2)			438,323
	6,030	Danone SA (2)			355,433
	2,150	Iliad SA (2)			214,471
	1,390	LVMH (2)			158,689
	6,050	Sanofi-Aventis SA (2)			413,704
	1,470	Schneider Electric (2)			167,694
	3,240	Technip SA (2)			258,571
	2,910	Vinci SA (2)			162,755
					2,169,640
		China—2.5%
	268,000	Beijing Capital International Airport-Class H (1)(2)			161,343
	81,000	China Mengniu Dairy (1)(2)			241,578
	51,097	China Merchants Holdings International (2)			177,226
	122,000	China Resources Enterprise (2)			428,514
	71,000	China Yurun Food (2)			216,038
	911,519	GOME Electrical Appliances (1)(2)			291,801
	29,500	Hengan International (2)			225,853
	92,800	Sinopharm Group-Class H (2)			417,986
					2,160,339
		Russia—2.3%
	5,870	Evraz Group Sponsored GDR (1)(2)			212,983
	1,392,840	IDGC Holding (1)(2)			218,574
	11,483	Magnit OJSC Sponsored GDR (2)			214,056
	13,650	MMC Norilsk Nickel Sponsored ADR (1)			262,080
	2,840	NovaTek OAO Sponsored GDR (2)			214,473
	209,530	Sberbank of Russian Federation (2)			564,153
	6,490	X 5 Retail Sponsored GDR (1)(2)			230,301
					1,916,620
		South Africa—2.1%
	8,860	AngloGold Ashanti (2)			373,253
	32,840	Aspen Pharmacare (1)(2)			370,627
	7,770	Impala Platinum (2)			219,691
	17,610	Massmart Holdings (2)			263,147

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 9

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		South Africa—Continued
	24,770	Shoprite Holdings (2)		$	265,053
	16,830	Standard Bank (2)			261,909
					1,753,680
		Netherlands—1.5%
	8,110	Heineken NV (2)			375,943
	31,600	ING Groep Dutch Certificate (1)(2)			282,481
	5,700	TNT NV (2)			174,739
	13,130	Unilever NV Dutch Certificate (2)			400,721
					1,233,884
		Norway—1.1%
	21,940	DnB NOR (2)			257,908
	28,400	Statoil ASA (2)			684,871
					942,779
		Austria—1.0%
	19,290	Erste Group Bank (2)			860,364
		Denmark—0.8%
	36	AP Moller-Maersk-Class B (2)			298,249
	4,460	Novo Nordisk-Class B (2)			363,800
					662,049
		Mexico—0.7%
	23,570	Cemex Sponsored ADR (1)			280,012
	54,340	Fomento Economico Mexicano (Unit)			258,744
	23,610	Grupo Comercial Chedraui (1)			69,299
					608,055
		Brazil—0.7%
	27,640	All America Latina Logistica (Unit)			252,645
	24,680	Hypermarcas SA (1)			342,233
					594,878
		Poland—0.7%
	4,280	Bank Pekao (1)(2)			243,103
	21,440	PKO Bank Polski (2)			307,953
					551,056
		Finland—0.5%
	30,540	UPM-Kymmene Oyj (2)			440,331

See Notes to Financial Statements

10 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		India—0.5%
	31,396	Tata Steel (2)		$	436,446
		Sweden—0.4%
	30,590	Volvo AB-Class B (1)(2)			378,337
		Czech Republic—0.4%
	1,804	Komercni Banka (2)			372,122
		Hong Kong—0.4%
	210,720	Sands China (1)(2)			341,427
		Belgium—0.3%
	6,430	KBC Groep (1)(2)			290,732
		Indonesia—0.3%
	1,186,000	Adaro Energy (2)			284,331
		Greece—0.3%
	9,950	Coca-Cola Hellenic Bottling (2)			269,256
		Italy—0.3%
	6,590	Saipem SpA (2)			246,870
		Israel—0.3%
	4,180	Teva Pharmaceutical Industries Sponsored ADR			245,491
		Hungary—0.3%
	6,270	OTP Bank (1)(2)			221,315
		Taiwan—0.2%
	18,537	Taiwan Semiconductor Manufacturing Sponsored ADR			196,307
		TOTAL COMMON STOCKS (Cost $70,581,365)			77,389,243
EQUITY LINKED NOTES—3.5%
		India—1.8%
	80,590	Ambuja Cements, Issued by Deutsche Bank AG London, Expires 01/30/2017 (9)			219,890
	7,871	Axis Bank, Issued by Merrill Lynch International, Expires 03/16/2015 (9)			225,022
	1,439	Bharat Heavy Electricals, Issued by Citigroup, Expires 10/24/2012 (9)			80,734
	2,749	Bharat Heavy Electricals, Issued by CLSA, Expires 07/20/2010 (9)			154,439
	12,508	ICICI Bank, Issued by Macquarie Bank, Expires 10/15/2012			268,357
	8,584	Larsen & Toubro, Issued by CLSA, Expires 04/11/2011 (9)			312,543

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 11

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
EQUITY LINKED NOTES—Continued
		India—Continued
	12,318	Tata Motors, Issued by Citigroup, Expires 10/24/2012 (9)		$	241,962
					1,502,947
		Taiwan—0.9%
	84,124	Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/06/2018 (9)			398,622
	21,000	HTC Corp, Issued by Citigroup, Expires 01/20/2015			282,975
	3,035	MediaTek Inc, Issued by Deutsche Bank AG London, Expires 01/30/2017 (9)			51,715
					733,312
		United States—0.8%
	42,350	Bank of America, Issued by Bank of America, Expires 10/28/2018			160,083
	46,550	Ford Motor, Issued by Ford Motor, Expires 01/01/2013 (1)			242,991
	20,744	JPMorgan Chase, Issued by JP Morgan Chase & Co, Expires 10/28/2018			288,134
					691,208
		TOTAL EQUITY LINKED NOTES (Cost $2,531,122)			2,927,467
EXCHANGE-TRADED FUNDS—2.6%
		United States—1.6%
	21,940	iPATH S&P 500 VIX Short-Term Futures ETN (1)			464,689
	7,520	iShares COMEX Gold Trust (1)			867,958
					1,332,647
		Multinational—1.0%
	7,670	SPDR Gold Trust (1)			884,965
		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,150,342)			2,217,612
PREFERRED STOCKS—0.3%
		Brazil—0.3%
	6,660	Cia Brasileira de Distribuicao Grupo-Class A 1.010%			228,843

See Notes to Financial Statements

12 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
PREFERRED STOCKS—Continued
		Philippines—0.0%
	56,604	Ayala Land 0.000% (4)(12)		$	127
		TOTAL PREFERRED STOCKS (Cost $229,038)			228,970
RIGHTS—0.0%
		Brazil—0.0%
	29	Cia Brasileira de Distribuicao Grupo Expires 06/02/2010 (1) (Cost $—)			—

Face
Value		Currency
REPURCHASE AGREEMENT—1.9%
		United States—1.9%
	1,638,968		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2010, due 05/03/2010 with a maturity value of $1,638,969 and an effective yield of 0.01% collateralized by a U.S. Government and Agency Obligation, with a rate of 4.000% maturity of 09/25/2039 and an aggregate fair value of $1,674,280. (Cost $1,638,968)		1,638,968
				TOTAL INVESTMENTS—99.4% (Cost $77,130,835)		84,402,260
				OTHER ASSETS AND LIABILITIES—0.6%		507,296
				TOTAL NET ASSETS—100.0%	$	84,909,556

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $77,349,911.

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 13

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

		Contracts to Receive
Expiration		Local		Value in		In Exchange		Net Unrealized
Date	Counterparty	Currency		USD		for USD		Depreciation
06/16/10	Credit Suisse	EUR	2,878,328		3,827,631		3,860,471	$	(32,840	)

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver
Expiration		Local		Value in		In Exchange		Net Unrealized
Date	Counterparty	Currency		USD		for USD		Appreciation
06/16/10	Credit Suisse	EUR	4,174,437		5,551,210		5,603,255	$	52,045

Glossary of Currencies

EUR	— Euro
USD	— United States Dollar

See Notes to Financial Statements

14 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2010

Artio Global Equity Fund Inc.

At April 30, 2010, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Financials		16.1	%	$	13,639,794
Information Technology		15.4			13,092,912
Materials		13.8			11,694,735
Industrials		13.1			11,141,250
Consumer Staples		13.1			11,112,958
Health Care		9.5			8,036,219
Consumer Discretionary		9.1			7,741,539
Energy		6.9			5,870,840
Utilities		0.3			218,574
Telecommunication Services		0.2			214,471
Short-term Investment		1.9			1,638,968
Total Investments		99.4			84,402,260
Other Assets and Liabilities (Net)		0.6			507,296
Net Assets		100.0	%	$	84,909,556

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 15

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—89.4%
		United Kingdom—13.3%
	1,122,407	Anglo American (1)(2)		$	48,090,258
	2,994,578	ARM Holdings (2)			11,594,188
	17,759,026	Barclays PLC (2)			90,962,093
	1,744,695	BG Group (2)			29,304,190
	1,850,399	BHP Billiton (2)			56,871,079
	1,831,052	Cairn Energy (1)(2)			11,183,193
	162,233	Carnival PLC (2)			7,035,812
	1,374,705	Compass Group (2)			11,225,221
	1,926,255	Diageo PLC (2)			32,862,818
	6,849,583	GlaxoSmithKline PLC (2)			126,903,251
	2,644,989	Imperial Tobacco (2)			75,530,111
	6,480,916	Legal & General (2)			8,397,860
	98,998,913	Lloyds Banking (1)(2)			99,040,130
	356,418	Lonmin PLC (1)(2)			10,347,845
	817,760	Petropavlovsk PLC (2)			14,680,940
	898,709	Prudential PLC (2)			7,962,528
	2,216,957	Reckitt Benckiser (2)			115,104,870
	1,634,105	Rio Tinto (2)			82,463,765
	1,637,419	Rolls-Royce Group (1)(2)			14,466,182
	147,367,710	Rolls-Royce Group-C Shares (1)(4)			225,568
	29,341,716	Royal Bank of Scotland (1)(2)			24,111,005
	4,173,216	Royal Dutch Shell-Class A (2)			130,623,953
	2,188,439	Royal Dutch Shell-Class B (2)			66,063,988
	518,752	SABMiller PLC (2)			16,295,590
	503,547	Shire PLC (2)			11,115,292
	645,160	Smith & Nephew (2)			6,699,980
	6,961,980	Tesco PLC (2)			46,330,009
	37,851,648	Vodafone Group (2)			84,177,372
	379,544	Whitbread PLC (2)			8,923,115
	4,917,041	William Morrison Supermarkets (2)			21,772,750
	3,890,344	WPP PLC (2)			41,377,165
	3,614,411	Xstrata PLC (2)			59,877,321
					1,371,619,442
		Japan—10.0%
	251,127	Aisin Seiki (2)			7,557,128
	416,200	Asahi Breweries (2)			7,486,019
	1,222,000	Asahi Glass (2)			14,439,917
	1,716,900	Bank of Yokohama (2)			8,965,199
	757,073	Canon Inc (2)			34,536,568

See Notes to Financial Statements

16 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	1,591	Central Japan Railway (2)		$	12,951,750
	1,150,000	Chiba Bank (2)			7,313,862
	742,100	Credit Saison (2)			10,867,132
	301,900	Daikin Industries (2)			11,429,484
	435,106	Denso Corp (2)			12,596,664
	319,400	East Japan Railway (2)			21,316,368
	282,500	Eisai Co (2)(3)			9,670,103
	204,900	Fanuc Ltd (2)			24,218,135
	1,760,000	Fukuoka Financial (2)			7,563,897
	2,462,252	Honda Motor (2)			83,133,787
	1,643,297	ITOCHU Corp (2)			14,281,075
	259,700	JFE Holdings (2)			9,348,761
	738,000	Kirin Holdings (2)			10,588,232
	672,900	Komatsu Ltd (2)			13,569,436
	950,269	Kubota Corp (2)			8,350,583
	100,900	Kyocera Corp (2)			9,916,340
	3,054,000	Mazda Motor (2)			9,093,579
	1,776,197	Mitsubishi Corp (2)			42,115,102
	1,582,000	Mitsubishi Electric (2)			14,112,036
	1,177,000	Mitsubishi Heavy Industries (2)			4,733,829
	11,766,300	Mitsubishi UFJ Financial (2)			61,170,357
	143,380	Mitsubishi UFJ Lease & Finance (2)			5,552,201
	2,689,300	Mitsui & Co (2)			40,546,978
	279,000	NGK Insulators (2)			5,487,653
	423,216	Nidec Corp (2)			43,820,439
	199,016	Nintendo Co (2)(3)			66,833,964
	299,200	Nippon Telegraph & Telephone (2)			12,135,154
	3,079,100	Nissan Motor (1)(2)			26,947,738
	670,000	NSK Ltd (2)			5,121,272
	8,410	NTT DoCoMo (2)			13,071,196
	272,340	ORIX Corp (2)			24,922,592
	1,756,332	Panasonic Corp (2)			25,654,345
	615,300	Resona Holdings (2)			7,518,757
	737,000	Ricoh Co (2)(3)			12,587,337
	151,800	Sawai Pharmaceutical (2)(3)			11,542,803
	138,400	Shin-Etsu Chemical (2)			7,985,419
	86,800	SMC Corp (2)			12,447,870
	1,071,508	Sony Corp (2)			36,600,258
	207,300	Stanley Electric (2)			4,249,002

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 17

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	1,615,800	Sumitomo Mitsui Financial (2)		$	53,265,011
	4,480,400	Sumitomo Trust & Banking (2)			27,160,033
	1,706,300	Suzuki Motor (2)			35,992,078
	318,800	Takeda Pharmaceutical (2)			13,708,896
	195,050	Towa Pharmaceutical (2)(3)			11,277,634
	1,051,889	Toyota Motor (2)			40,591,640
	134,400	Unicharm Corp (2)			13,038,902
					1,029,384,515
		Switzerland—7.3%
	1,365,064	ABB Ltd (1)(2)			26,225,369
	1,057,083	Credit Suisse (2)(3)			48,275,093
	472,161	Dufry Group (1)(2)(3)			40,148,438
	136,505	Flughafen Zuerich (2)(3)			44,940,448
	310,299	Holcim Ltd (1)(2)(3)			23,228,510
	2,913,288	Nestle SA (2)(3)			141,937,540
	1,155,917	Nobel Biocare (2)(3)			25,348,666
	3,177,513	Novartis AG (2)			161,842,362
	593,922	Roche Holding (2)			93,638,948
	49,227	Swatch Group (2)			14,485,876
	427,340	Swiss Reinsurance (2)			18,597,093
	38,371	Swisscom AG (2)(3)			12,985,317
	181,911	Syngenta AG (2)			46,112,871
	2,251,696	UBS AG (1)(2)			34,727,903
	95,096	Zurich Financial Services (2)			21,165,732
					753,660,166
		Germany—6.2%
	273,336	Adidas AG (2)(3)			16,028,755
	432,731	Allianz SE (2)(3)			49,611,067
	533,362	Bayer AG (2)(3)			34,078,460
	150,744	Bilfinger Berger (2)(3)			10,013,205
	918,744	Daimler AG (1)(2)(3)			47,344,567
	431,586	Deutsche Boerse (2)			33,576,650
	372,505	Deutsche Telekom (2)			4,837,179
	1,425,204	E.ON AG (2)(3)			52,557,768
	2,683,058	Fraport AG (2)			138,852,481
	521,385	Fresenius SE (2)			37,113,031
	634,554	HeidelbergCement AG (2)			39,389,999
	124,603	Henkel AG (2)			5,615,092

See Notes to Financial Statements

18 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Germany—Continued
	94,215	Hochtief AG (2)		$	7,785,373
	149,161	Kloeckner & Co (1)(2)			3,970,300
	607,295	MAN SE (2)(3)			57,425,614
	688,772	Marseille-Kliniken AG (1)(2)(10)			4,565,496
	128,320	Metro AG (2)(3)			7,700,891
	425,595	RWE AG (2)(3)			34,778,335
	588,226	SAP AG (2)			28,299,864
	236,433	Siemens AG (2)			23,342,793
					636,886,920
		Russia—6.1%
	656,887	Alfa Cement (1)(4)(10)(12)			47,946,146
	2,261,368	AvtoVAZ Sponsored GDR (1)(4)			5,442,450
	53,536,950	Chelindbank OJSC (1)(4)(10)			6,156,749
	241,397	Cherkizovo Group (1)			6,789,291
	204,155	Cherkizovo Group Sponsored GDR (1)(2)			3,885,255
	793,524	Evraz Group Sponsored GDR (1)(2)			28,791,640
	238,959	Gazprom Neft Sponsored ADR (2)			6,529,072
	473,800	Globaltrans Investment Sponsored GDR (2)			6,390,921
	55,592,986	IDGC Holding (1)(2)			8,724,041
	205,522,262	IDGC of Centre and Volga (1)			1,669,868
	494,494,096	IDGC of North-West (1)(4)			4,052,874
	166,480,998	IDGC of South (1)(4)			1,123,747
	158,266	Inter Rao UES Sponsored GDR (1)(4)(9)			2,848,788
	547,651	Kuban Energy Retail (1)(4)			702,402
	547,651	Kuban Trunk Grid (1)(4)			85,570
	547,651	Kubanenergo OAO (1)(4)			4,491,404
	118,567	Kuzbassenergo OJSC Sponsored GDR (1)(4)(9)			741,044
	137,713	Magnit OJSC			11,994,802
	796,672	Magnit OJSC Sponsored GDR (2)			14,850,874
	247,106	Mechel Sponsored ADR			6,350,624
	2,133,900	MMC Norilsk Nickel Sponsored ADR (1)			40,970,880
	41,256,470	MRSK Centra (1)			1,639,945
	236,718,165	MRSK Urala (1)(4)			2,528,150
	349,235,714	MRSK Volgi (1)(4)			1,571,561
	1,309,875	North-West Telecom Sponsored ADR (1)			9,898,526
	768,373	NovaTek OAO			5,186,518
	72,150	NovaTek OAO Sponsored GDR (2)			5,448,657
	205,247	Novorossiysk Sea Trade Port Sponsored GDR (1)(2)			2,768,831
	766,444	OAO Dalsvyaz (4)			2,644,232

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 19

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Russia—Continued
	1,102,341	OGK1 OAO Sponsored GDR (1)(4)(9)		$	2,308,607
	426,500	OGK2 OAO Sponsored GDR (1)(4)(9)			2,622,707
	90,069,909	OGK3 OJSC (1)			6,284,628
	600,682	OGK3 OJSC Sponsored GDR (1)(4)(9)			2,095,629
	497,299	OGK6 OAO Sponsored GDR (1)(4)(9)			2,145,929
	670,892	Pharmstandard (1)			56,019,482
	91,847	Pharmstandard Sponsored GDR (1)(2)			2,614,816
	839,017	Protek (1)			3,272,166
	85,300,000	RAO Energy System of East (1)(4)			1,647,484
	5,479,195	Rosneft Oil Sponsored GDR (1)(2)			44,292,563
	78,061	RTS Stock Exchange - BRD (1)(4)			27,126,197
	46,098,588	Sberbank of Russian Federation (2)			124,118,927
	817,203	Sibirskiy Cement (1)			19,817,173
	134,550	Sistema JSFC Sponsored GDR (1)(2)			3,587,461
	20,946	Sistema-Hals (1)			708,491
	1,684,642	Sistema-Hals Sponsored GDR (1)(9)			2,849,119
	651,692	TGK1 OAO Sponsored GDR (1)(4)(9)			2,508,866
	110,037	TGK2 Sponsored GDR (1)(4)(9)			429,266
	270,401	TGK4 Sponsored GDR (1)(4)(9)			712,495
	286,608	TGK9 OAO Sponsored GDR (1)(4)(9)			980,779
	27,296	TGK14 JSC Sponsored GDR (1)(4)(9)			145,716
	3,005,403	TNK-BP Holding (2)			6,481,001
	360,840	Uralkali Sponsored GDR (1)(2)			7,755,954
	472,896	Veropharm (1)(4)			18,679,392
	284,902	Volga Territorial Generating Sponsored GDR (4)(9)			1,620,351
	157,105	VolgaTelecom Sponsored ADR (1)			1,036,893
	2,263,475	VTB Bank Sponsored GDR (2)			12,151,119
	916,550	X 5 Retail Sponsored GDR (1)(2)			32,524,311
	293,432	Yenisei Territorial Generating Sponsored GDR (1)(4)(9)			588,420
					629,350,804
		France—5.7%
	248,805	Aeroports de Paris (2)			20,405,686
	1,567,995	AXA SA (2)(3)			31,124,800
	1,181,867	BNP Paribas (2)			81,121,197
	357,787	Carrefour SA (2)			17,506,643
	685,764	CFAO SA (1)(2)			23,451,308
	1,400,349	Danone SA (2)(3)			82,542,228
	323,500	Electricite de France (2)			17,380,564
	374,842	Eutelsat Communications (2)			13,345,128

See Notes to Financial Statements

20 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		France—Continued
	432,484	France Telecom (2)		$	9,467,360
	259,266	Iliad SA (2)(3)			25,862,838
	462,252	L’ Occitane International (1)			906,890
	340,510	LVMH (2)			38,874,237
	169,748	PPR (2)(3)			22,685,083
	285,825	Publicis Groupe (2)(3)			12,627,506
	1,014,233	Sanofi-Aventis SA (2)			69,354,049
	208,334	Schneider Electric (2)(3)			23,766,245
	624,752	SES SA (2)(3)			14,333,640
	189,341	Technip SA (2)(3)			15,110,537
	35,980	Vallourec SA (2)(3)			7,182,991
	611,802	Veolia Environnement (2)(3)			19,198,381
	765,530	Vinci SA (2)(3)			42,815,735
					589,063,046
		Canada—5.0%
	88,648	Agnico-Eagle Mines			5,639,128
	352,481	Bank of Montreal (3)			21,955,893
	664,929	Bank of Nova Scotia			33,993,211
	2,326,499	Barrick Gold			101,756,337
	354,214	Canadian Imperial Bank of Commerce			26,075,130
	148,420	Canadian Pacific Railway			8,774,636
	115,350	Cenovus Energy			3,401,792
	639,597	Goldcorp Inc			27,728,394
	386,322	IAMGOLD Corp			6,934,229
	87,956	IGM Financial			3,662,047
	1,066,999	Ivanhoe Mines (1)			17,034,481
	552,608	Kinross Gold			10,584,583
	847,040	Manulife Financial			15,320,899
	266,336	Potash Corp of Saskatchewan (3)			29,511,664
	923,171	Royal Bank of Canada			56,136,745
	828,450	Silver Wheaton (1)			16,326,072
	71,995	Sun Life Financial			2,123,207
	1,763,134	Suncor Energy			60,491,590
	2,086,050	Talisman Energy			35,610,213
	479,075	Toronto-Dominion Bank			35,711,273
					518,771,524
		Australia—4.4%
	2,156,100	AMP Ltd (2)			12,471,422

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 21

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Australia—Continued
	1,185,706	Aquarius Platinum (2)		$	7,656,301
	7,782,270	Asciano Group (1)(2)			12,131,071
	1,885,563	Australia & New Zealand Banking (2)			41,844,803
	1,603,911	BHP Billiton (2)			58,946,313
	843,537	Commonwealth Bank of Australia (2)			45,414,363
	3,283,247	Lihir Gold (2)			11,701,218
	1,169,846	Macquarie Atlas Roads (1)(2)			1,066,329
	24,978,488	MAp Group (2)			71,973,932
	1,326,899	National Australia Bank (2)			34,116,798
	1,144,844	Newcrest Mining (2)			34,624,595
	1,124,499	Rio Tinto (2)			73,594,665
	204,641	Wesfarmers Ltd (2)			5,512,367
	1,800,141	Westpac Banking (2)			45,006,799
					456,060,976
		Netherlands—3.7%
	160,281	ASML Holding (2)			5,217,611
	158,135	Heineken Holding (2)(3)			6,471,344
	842,299	Heineken NV (2)(3)			39,045,197
	5,639,922	ING Groep Dutch Certificate (1)(2)			50,416,731
	401,661	KKR & Company Guernsey (Unit) (2)			4,889,193
	3,760,913	Koninklijke (Royal) KPN (2)			56,154,754
	1,049,652	Koninklijke Philips Electronics (2)			35,421,590
	386,069	Randstad Holding (1)(2)			19,654,820
	2,056,392	TNT NV (2)			63,040,671
	3,410,667	Unilever NV Dutch Certificate (2)			104,091,899
					384,403,810
		China—2.6%
	70,798,074	Beijing Capital International Airport-Class H (1)(2)(3)			42,622,346
	9,556,107	China Mengniu Dairy (1)(2)			28,500,607
	10,347,204	China Merchants Holdings International (2)			35,888,472
	10,370,000	China Resources Enterprise (2)			36,423,658
	2,414,000	China Shenhua Energy-Class H (2)			10,289,280
	1,646,000	China Yurun Food (2)(3)			5,008,424
	30,866,602	Clear Media (1)(2)(10)			20,688,940
	50,219,736	GOME Electrical Appliances (1)(2)			16,076,629
	494,000	Hengan International (2)			3,782,084
	11,584,000	Lenovo Group (2)(3)			8,525,515
	7,482,558	Lianhua Supermarket-Class H (2)			26,353,749

See Notes to Financial Statements

22 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		China—Continued
	2,082,000	Little Sheep (2)		$	1,114,865
	1,732,000	Shandong Weigao Group Medical Polymer-Class H (2)			8,163,347
	1,799,600	Sinopharm Group-Class H (2)			8,105,693
	6,124,000	Wumart Stores-Class H (2)			13,197,182
					264,740,791
		Czech Republic—2.0%
	414,976	Central European Media Enterprises-Class A (1)			14,109,184
	928,571	Komercni Banka (2)			191,542,144
					205,651,328
		Austria—2.0%
	59,437	bwin Interactive Entertainment (1)(2)			3,196,331
	2,420,999	Erste Group Bank (2)(3)			107,980,258
	798,709	Flughafen Wien (2)(3)			44,601,629
	1,103,265	OMV AG (2)			39,653,581
	92,262	Voestalpine AG (2)			3,478,366
	143,322	Wienerberger AG (1)(2)			2,683,123
					201,593,288
		Mexico—1.9%
	696,846	America Movil Sponsored ADR-Class L			35,873,632
	3,777,410	Cemex Sponsored ADR (1)			44,875,631
	1,873,774	Cemex (Unit) (1)(3)			2,247,357
	1,139,884	Fomento Economico Mexicano Sponsored ADR			53,950,710
	1,254,640	Grupo Cementos de Chihuahua (1)			4,462,108
	1,136,552	Grupo Comercial Chedraui (1)			3,335,963
	4,675,149	Grupo Financiero Banorte			18,894,426
	365,493	Grupo Televisa (3)			1,528,750
	889,443	Grupo Televisa Sponsored ADR			18,482,625
	5,917,726	Urbi Desarrollos Urbanos (1)(3)			13,842,436
					197,493,638
		Italy—1.9%
	1,345,524	Buzzi Unicem (2)			20,091,107
	1,188,461	Eni SpA (2)			26,606,204
	579,415	Fiat SpA (2)			7,647,636
	3,405,317	Intesa Sanpaolo (2)			9,006,827
	1,983,448	Mediobanca SpA (1)(2)			18,285,428
	348,161	Prysmian SpA (2)(3)			6,246,597
	409,926	Saipem SpA (2)			15,356,393

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 23

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Italy—Continued
	20,495,938	Telecom Italia (2)		$	26,079,463
	23,655,179	UniCredit SpA (1)(2)			61,959,825
					191,279,480
		Poland—1.7%
	703,079	Bank Pekao (1)(2)			39,934,773
	113,488	Bank Zachodni WBK (1)(2)			8,321,539
	44,129	Budimex SA (2)			1,468,282
	660,666	Dom Development (2)			13,636,284
	266,814	Globe Trade Centre (1)(2)			2,106,956
	389,531	Grupa Kety (1)(2)			15,598,561
	549,557	Hydrobudowa Polska (1)(2)			716,573
	65,372	PBG SA (1)(2)			5,251,495
	2,972,690	PKO Bank Polski (2)			42,698,133
	6,698,663	Polimex Mostostal (2)			10,962,049
	1,071,000	Polska Grupa Farmaceutyczna (1)(2)(10)			16,604,369
	231,934	Sniezka SA (2)(4)			3,187,600
	2,445,249	TVN SA (2)			15,734,252
					176,220,866
		Norway—1.4%
	689,423	Austevoll Seafood (1)(2)(3)			5,511,602
	578,024	Copeinca ASA (1)(2)			4,889,291
	1,356,551	DnB NOR (2)(3)			15,946,484
	6,710,258	Marine Harvest (1)(2)(3)			6,201,662
	722,330	RomReal Ltd (1)(2)			183,412
	3,099,283	Statoil ASA (2)			74,739,757
	2,469,635	Storebrand ASA (1)(2)			18,576,287
	1,098,722	Telenor ASA (1)(2)			15,681,265
					141,729,760
		South Korea—1.3%
	419,754	Hyundai Motor (2)			51,299,862
	87,129	POSCO (2)			39,129,594
	58,694	Samsung Electronics (2)			44,391,249
					134,820,705
		Ukraine—1.2%
	214,485	Anthousa Ltd Sponsored GDR (1)(4)(9)			1,964,102
	8,916,599	Bank Forum (1)(2)			9,888,514
	76,611,005	Bohdan Automobile Plant (1)(4)			2,610,750

See Notes to Financial Statements

24 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Ukraine—Continued
	2,343,250	Centrenergo (1)(2)		$	5,535,183
	178,305	Centrenergo Sponsored ADR (1)			4,237,641
	1,237,519	Chernivtsioblenergo (1)(4)			719,270
	5,006,914	Davento PLC GDR (1)(4)(9)(10)			4,127,613
	20,500	Dniproenergo (4)			3,622,365
	11,770,906	Dragon-Ukrainian Properties & Development (1)(10)			17,431,586
	7,562,990	Harkivoblenergo (1)(4)			4,214,389
	10,700	Ivano Frankivskcement (1)(4)			229,585
	902,412	Khmelnitskoblenergo JSC (1)(4)			396,364
	2,750,000	Kirovogradoblenergo (1)(4)			989,209
	240,262	Korukivskas Technical Papers Factory (1)(4)			1,892,257
	3,228,131	Krymenergo (4)			2,057,562
	115,161	Kyivmedpreparat (1)(4)			581,401
	189,156	Lvivoblenergo (1)(4)			126,534
	267,596	Odessaoblenergo (1)(4)			169,717
	5,542,248	Oranta (1)(4)			5,736,013
	488,244	Poltavaoblenergo (1)(4)			258,819
	115,793,980	Raiffeisen Bank Aval (1)(2)			7,124,669
	65,228	Retail Group (1)(4)(12)			7,221,842
	21,017	Rodovid Bank (1)(4)(12)			183
	8,375,303	Slavutich Brewery (1)(4)			3,435,534
	641,180	Ternopiloblenergo (1)(4)			380,354
	2,636,403	Tsukrovyy soyz Ukrros (1)(4)			1,364,288
	1,153,346,022	Ukrinbank (1)(4)(10)			1,455,694
	8,685	Ukrnafta Sponsored ADR (1)			2,078,641
	84,835,914	Ukrsotsbank JSCB (1)(2)			7,636,571
	116,751,392	UkrTelecom (1)(2)			11,296,769
	573,260	UkrTelecom Sponsored GDR (1)			2,808,073
	65,728	Vinnitsaoblenergo (1)(4)			1,787,755
	4,114,636	Volynoblenergo (1)(4)			342,756
	4,799,516	Zakarpattyaoblenergo (4)			2,271,638
	15,000	Zakhidenergo (1)(2)(4)			999,818
	595,792	Zakhidenergo GDR (1)(4)			10,132,901
	400,000	Zhytomyroblenergo (1)(4)			156,506
					127,282,866
		South Africa—1.1%
	123,420	AngloGold Ashanti (2)			5,199,429
	2,467,937	Aspen Pharmacare (1)(2)			27,852,720
	588,175	Impala Platinum (2)			16,630,185

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 25

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		South Africa—Continued
	732,589	Massmart Holdings (2)		$	10,947,097
	2,621,583	Shoprite Holdings (2)			28,052,481
	1,710,163	Standard Bank (2)			26,613,609
					115,295,521
		Sweden—1.1%
	1,057,456	Atlas Copco-Class A (2)(3)			17,161,887
	370,572	Hennes & Mauritz-Class B (2)(3)			23,605,029
	1,434,902	Sandvik AB (2)(3)			20,755,235
	843,093	Svenska Cellulosa-Class B (2)(3)			11,035,559
	215,427	Swedish Match (2)(3)			4,914,113
	659,813	TeliaSonera AB (2)(3)			4,528,679
	2,162,524	Volvo AB-Class B (1)(2)			26,746,093
					108,746,595
		Denmark—1.0%
	49,576	ALK-Abello A/S (2)(3)			3,810,001
	2,017	AP Moller-Maersk-Class B (2)(3)			16,710,231
	515,940	DSV A/S (2)			9,174,263
	905,908	Novo Nordisk-Class B (2)			73,894,401
	726,577	TK Development (1)(2)(3)			3,549,182
					107,138,078
		Hungary—1.0%
	2,828,698	OTP Bank (1)(2)			99,846,039
		Finland—1.0%
	617,667	Fortum Oyj (2)(3)			15,981,554
	412,699	Kesko Oyj-Class B (2)			15,981,598
	337,527	Olvi Oyj-Class A (2)			12,073,558
	273,030	Outotec Oyj (2)(3)			10,253,434
	2,388,420	Stora Enso-Class R (2)(3)			20,001,057
	1,626,766	UPM-Kymmene Oyj (2)			23,455,016
					97,746,217
		Brazil—0.9%
	249,534	All America Latina Logistica (Unit)			2,280,877
	253,696	Amil Participacoes			2,088,787
	531,896	BRF - Brasil Foods			6,976,189
	574,518	Centrais Eletricas Brasileiras			8,199,101
	2,495,388	Diagnosticos da America (1)			21,771,116

See Notes to Financial Statements

26 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Brazil—Continued
	349,325	Drogasil SA		$	6,044,942
	528,563	Fleury SA (1)			5,414,660
	2,897,697	Hypermarcas SA (1)			40,181,845
					92,957,517
		Romania—0.9%
	731,600	Antibiotice (2)			166,355
	834,977	Banca Transilvania			596,854
	4,586,344	Biofarm Bucuresti (1)(2)			313,065
	4,182,214	BRD - Groupe Societe Generale (2)			19,465,320
	14,619,597	Cemacon SA (1)(10)			673,150
	7,691,800	Compa Sibiu (1)(2)			1,209,703
	5,115,298	Concefa SA (1)(2)			655,026
	4,950,133	Condmag SA (1)(2)			1,458,836
	40,338,000	Dafora SA (1)(2)			1,989,300
	16,912,495	Impact Developer & Contractor (1)(10)			4,056,995
	504,039,057	OMV Petrom (1)(2)			52,867,217
	13,131,100	Socep Constanta (1)(2)			797,705
	6,887,600	Spicul Buzau (1)			840,519
	11,918,318	Zentiva SA (1)(2)			3,064,017
					88,154,062
		Bulgaria—0.8%
	301,290	Bulgarian American Credit Bank (1)(4)			3,020,888
	1,276,434	Central Cooperative Bank (1)			1,110,659
	10,693,367	Chimimport AD (1)(10)			18,543,747
	354,861	DZI Insurance (4)(10)(12)			21,710,676
	92,174	Kaolin AD (4)			334,911
	2,276,550	LEV INS (4)(10)(12)			2,863,001
	806,010	Sopharma AD (1)			2,245,903
	1,425,011	Sparki Eltos Lovetch (1)(4)(10)			1,724,292
	11,652,801	Vivacom (4)(12)			28,041,817
					79,595,894
		Ireland—0.5%
	602,352	CRH PLC (2)			16,875,808
	5,052,007	Dragon Oil (1)(2)			37,251,423
					54,127,231

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 27

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Israel—0.5%
	857,015	Teva Pharmaceutical Industries Sponsored ADR		$	50,332,491
		Belgium—0.3%
	754,228	KBC Groep (1)(2)			34,102,333
		Georgia—0.3%
	2,466,387	Bank of Georgia Sponsored GDR (1)(2)(10)			29,726,129
		Greece—0.3%
	1,111,347	Bank of Cyprus Public (2)			6,419,275
	783,565	Coca-Cola Hellenic Bottling (2)			21,203,960
					27,623,235
		Serbia—0.3%
	48,500	Energoprojekt Holding (1)			613,801
	78,573	Imlek ad (1)(4)			1,540,523
	41,505	Komercijalna Banka (1)(4)			18,181,158
	6,149	Metals banka (1)(4)			547,580
	93,520	Privredna Banka (1)(4)			889,235
	123,132	Tigar ad Pirot (1)(10)			1,358,789
	78,160	Toza Markovic ad Kikinda (1)(4)(10)			2,873,298
	16,667	Univerzal Banka (1)(4)			1,517,820
					27,522,204
		Spain—0.3%
	476,958	Amadeus IT (1)			7,610,242
	696,654	Ferrovial SA (2)			6,132,657
	218,287	Inditex SA (2)(3)			13,400,171
					27,143,070
		Lebanon—0.2%
	752,109	SOLIDERE Sponsored GDR (9)			17,268,422
	278,581	SOLIDERE-Class A			6,396,220
					23,664,642
		Portugal—0.2%
	1,094,388	Galp Energia-Class B (2)			17,425,096
		Venezuela—0.2%
	38,451	Banco Provincial (4)			138,846
	156	Banco Venezolano de Credito (4)			75,265
	15,843,815	Cemex Venezuela SACA - I (1)(4)			1,696,043
	2,797,674	Mercantil Servicios Financieros-Class B (4)			10,281,596

See Notes to Financial Statements

28 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Venezuela—Continued
	2,847,910	Siderurgica Venezolana Sivensa (4)(10)		$	5,036,665
					17,228,415
		Thailand—0.2%
	81,844,000	Thai Beverage (2)			16,942,953
		Hong Kong—0.2%
	11,273,145	Melco International Development (1)(2)(3)			5,018,498
	6,630,000	Sands China (1)(2)			10,742,502
					15,761,000
		Indonesia—0.1%
	16,732,250	Telekomunikasi Indonesia (2)			14,390,842
	27,285	Telekomunikasi Indonesia Sponsored ADR			947,335
					15,338,177
		India—0.1%
	379,350	ICICI Bank (2)			7,971,402
	61,339	Larsen & Toubro (2)			2,217,973
					10,189,375
		Zambia—0.1%
	9,363,990	Zambeef Products (1)(10)			7,893,775
		United States—0.1%
	314,565	CTC Media			5,313,003
		Malaysia—0.0%
	2,494,800	Axiata Group Berhad (1)(2)			3,029,528
		Latvia—0.0%
	1,424,182	AS Parex Banka (1)(4)(12)			2,677,286
		Lithuania—0.0%
	1,753,630	Rokiskio Suris (1)(2)			2,290,163
		Croatia—0.0%
	10,188	FIMA Validus (1)(2)			35,680
		Kenya—0.0%
	170,200	Safaricom Ltd (2)			12,976
		TOTAL COMMON STOCKS (Cost $8,116,428,681)			9,187,872,610

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 29

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
EQUITY LINKED NOTES—5.4%
		Taiwan—3.0%
	15,121,854	ACER Inc, Issued by CLSA, Expires 01/04/2011 (9)		$	41,585,098
	4,800,416	Asustek Computer, Issued by Deutsche Bank AG London, Expires 01/19/2017			9,344,010
	14,707,000	Asustek Computer, Issued by Merrill Lynch International, Expires 10/20/2014 (9)			28,625,705
	24,187,785	Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/06/2018 (9)			114,613,819
	4,466,000	HTC Corp, Issued by Citigroup, Expires 01/20/2015			60,179,350
	179,166	MediaTek Inc, Issued by Deutsche Bank AG London, Expires 01/30/2017 (9)			3,052,899
	25,090,070	Taiwan Semiconductor Manufacturing, Issued by Deutsche Bank AG London, Expires 01/19/2017			49,477,618
					306,878,499
		India—2.2%
	138,817	ACC Limited, Issued by Credit Suisse, Expires 09/15/2014			2,832,199
	429,335	ACC Limited, Issued by Macquarie Bank, Expires 09/04/2014			8,758,434
	1,594,400	Ambuja Cements, Issued by Deutsche Bank AG London, Expires 01/30/2017 (9)			4,350,320
	976,956	Axis Bank, Issued by Merrill Lynch International, Expires 03/16/2015 (9)			27,930,000
	172,753	Bharat Heavy Electricals, Issued by Citigroup, Expires 10/24/2012 (9)			9,692,134
	327,453	Bharti Airtel, Issued by CLSA, Expires 05/31/2015 (9)			2,203,824
	940,792	Bharti Airtel, Issued by Merrill Lynch International, Expires 06/29/2012 (9)			6,328,520
	145,812	Dr Reddy’s Laboratories, Issued by Macquarie Bank, Expires 03/15/2012			4,141,061
	541,001	ICICI Bank, Issued by Citigroup, Expires 10/24/2012 (9)			11,593,651
	1,137,470	ICICI Bank, Issued by CLSA, Expires 05/10/2015 (9)			24,409,651
	400,002	ICICI Bank, Issued by Macquarie Bank, Expires 10/15/2012			8,581,963
	927,665	Larsen & Toubro, Issued by CLSA, Expires 04/11/2011 (9)			33,776,283
	222,850	Pantaloon Retail, Issued by Merrill Lynch International, Expires 01/29/2015			2,095,614
	578,381	Tata Motors, Issued by Citigroup, Expires 10/24/2012 (9)			11,361,138
	4,468,390	Tata Steel, Issued by Citigroup, Expires 10/24/2012 (9)			62,249,141

See Notes to Financial Statements

30 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
EQUITY LINKED NOTES—Continued
		India—Continued
	398,283	Ultratech Cement, Issued by Merrill Lynch International, Expires 06/10/2014		$	8,733,749
					229,037,682
		Serbia—0.2%
	1	AIK Banka, Issued by KBC Financial Products, Expires 12/31/2040 (1)			5,796,073
	1	AIK Banka, KomerciJalna Banka, Univerzal Banka, Issued by UnicreditoSerbian Banking, Expires 12/31/2040 (1)			13,570,364
					19,366,437
		Ukraine—0.0%
	1,016	Laona Investments, Issued by UniCredit Bank Austria, Expires 11/16/2010 (1)(4)			506,597
		TOTAL EQUITY LINKED NOTES (Cost $511,720,028)			555,789,215
EXCHANGE-TRADED FUNDS—2.4%
		Multinational—2.1%
	2,189,594	Market Vectors Gold Miners ETF			110,640,185
	954,676	SPDR Gold Trust (1)			110,150,517
					220,790,702
		Australia—0.1%
	6,527,159	Australian Infrastructure Fund (2)			11,885,673
		Romania—0.1%
	4,035,500	SIF 1 Banat Crisana Arad (2)			1,925,446
	3,406,316	SIF 2 Moldova Bacau (2)			1,463,368
	9,533,500	SIF 3 Transilvania Brasov (2)			2,332,992
	4,871,855	SIF 4 Muntenia Bucuresti (2)			1,297,425
	4,143,975	SIF 5 Oltenia Craiova (2)			2,426,285
					9,445,516
		Sweden—0.1%
	1,485,000	NAXS Nordic Access Buyout Fund (1)(2)(10)			6,538,001
		Russia—0.0%
	92,634	Renaissance Pre-IPO Fund (1)(4)			1,389,510
		TOTAL EXCHANGE-TRADED FUNDS (Cost $251,154,459)			250,049,402

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 31

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
PREFERRED STOCKS—1.6%
		Brazil—0.8%
	405,448	Centrais Eletricas Brasileiras-Class B 12.820%		$	7,074,696
	589,297	Cia Brasileira de Distribuicao Grupo-Class A 1.010%			20,248,732
	1,733,505	Petroleo Brasileiro 3.130%			32,852,211
	710,783	Vale SA-Class A 2.100%			19,108,902
					79,284,541
		Germany—0.5%
	323,760	Henkel AG 1.340% (2)(3)			17,301,458
	197,843	Porsche Automobil 0.120% (2)			11,479,559
	238,063	Volkswagen AG 2.380% (2)(3)			22,923,051
					51,704,068
		Russia—0.2%
	20,525	Silvinit 5.290% (4)			8,251,050
	4,244,232	TNK-BP Holding 17.410% (4)			7,947,324
					16,198,374
		Bulgaria—0.1%
	6,416,021	Chimimport AD 9.000% (10)			11,728,140
		Philippines—0.0%
	11,528,247	Ayala Land 0.000% (4)(12)			25,930
		TOTAL PREFERRED STOCKS (Cost $136,467,273)			158,941,053
FOREIGN GOVERNMENT COMPENSATION NOTES—0.1%
		Bulgaria—0.1%
	12,071,674	Bulgaria Compensation Notes (1)			1,362,223
	29,663,486	Bulgaria Compensation Vouchers (1)			3,327,198

See Notes to Financial Statements

32 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
FOREIGN GOVERNMENT COMPENSATION NOTES—Continued
		Bulgaria—Continued
	3,842,865	Bulgaria Housing Compensation Notes (1)(4)		$	431,034
		TOTAL FOREIGN GOVERNMENT COMPENSATION NOTES (Cost $19,710,351)			5,120,455
RIGHTS—0.0%
		Brazil—0.0%
	2,570	Cia Brasileira de Distribuicao Grupo  Expires 06/02/2010 (1) (Cost $—)			—

Face
Value		Currency
INVESTMENTS COLLATERAL FROM SECURITY LENDING—9.2%
				United States—9.2%
	278,120,010		USD	State Street Navigator Security Lending Prime Portfolio		278,120,010
				US Treasury Bill
	537,992,034		USD	0.010% due 05/06/2010-04/07/2011		537,513,248
				US Treasury Bond
	270,000		USD	0.875% due 02/29/2012		269,546
	2,200,000		USD	3.375% due 11/15/2019		2,168,713
	44,286,585		USD	7.500% due 11/15/2024		61,364,491
	54,111,580		USD	6.875% due 08/15/2025		70,379,120
						134,181,870
				TOTAL INVESTMENTS COLLATERAL FROM SECURITY LENDING (Cost $949,815,128)		949,815,128
TIME DEPOSIT—0.0%
				United States—0.0%
				State Street Euro Dollar Time Deposit
	250,000		USD	0.010% due 05/03/2010 (Cost $250,000)		250,000
				TOTAL INVESTMENTS—108.1% (Cost $9,985,545,920)		11,107,837,863
				OTHER ASSETS AND LIABILITIES—(8.1)%		(829,857,445	)
				TOTAL NET ASSETS—100.0%	$	10,277,980,418

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 33

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $10,383,158,969.

See Notes to Financial Statements

34 Artio Global Funds  ï  2010 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2010

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)
06/16/10	Goldman Sachs	AUD	26,207,121		24,275,444		24,154,257	$	121,187
06/16/10	Credit Suisse	CAD	441,742		436,151		440,763		(4,612	)
06/16/10	Deutsche Bank	CAD	255,354,475		252,122,494		249,714,931		2,407,563
06/16/10	Credit Suisse	CHF	38,343,341		35,588,729		35,982,063		(393,334	)
06/16/10	Credit Suisse	EUR	328,920,315		437,401,710		441,464,175		(4,062,465	)
06/16/10	Credit Suisse	JPY	4,148,913,320		44,148,977		45,869,400		(1,720,423	)
06/16/10	Deutsche Bank	JPY	3,456,183,912		36,777,578		38,192,410		(1,414,832	)
06/16/10	JPMorgan Chase Bank N.A.	JPY	19,382,031,202		206,246,016		214,166,091		(7,920,075	)
06/16/10	State Street Bank & Trust	KRW	61,948,096,121		55,824,812		53,019,596		2,805,216
06/16/10	Deutsche Bank	NOK	104,858,575		17,721,918		17,728,019		(6,101	)
Net unrealized depreciation on forward foreign exchange contracts to buy								$	(10,187,876	)

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
06/16/10	Deutsche Bank	CAD	30,016,229		29,636,318		29,501,368	$	(134,950	)
06/16/10	Credit Suisse	CHF	74,515,722		69,162,461		69,844,462		682,001
06/16/10	Credit Suisse	CZK	938,275,256		48,711,879		53,724,713		5,012,834
06/16/10	Goldman Sachs	CZK	346,604,447		17,994,458		19,605,433		1,610,975
06/16/10	JPMorgan Chase Bank N.A.	CZK	380,896,782		19,774,793		21,575,665		1,800,872
06/16/10	UBS AG	CZK	1,706,312,847		88,585,632		96,741,811		8,156,179
06/16/10	Credit Suisse	EUR	619,880,171		824,323,201		845,330,589		21,007,388
06/16/10	Morgan Stanley	EUR	314,702,832		418,495,152		415,599,897		(2,895,255	)
06/16/10	UBS AG	EUR	3,952,749		5,256,407		5,402,894		146,487
06/16/10	Credit Suisse	JPY	4,148,913,320		44,148,976		44,056,991		(91,985	)
06/16/10	Deutsche Bank	JPY	3,456,183,912		36,777,578		36,627,250		(150,328	)
06/16/10	JPMorgan Chase Bank N.A.	JPY	19,382,031,202		206,246,016		208,623,747		2,377,731
06/16/10	Deutsche Bank	NOK	104,858,575		17,721,919		17,784,396		62,477

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 35

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
06/16/10	Deutsche Bank	SEK	449,530,782		62,026,672		63,219,678	$	1,193,006
Net unrealized appreciation on forward foreign exchange contracts to sell								$	38,777,432

Glossary of Currencies

AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
CZK	— Czech Koruna
EUR	— Euro
JPY	— Japanese Yen
KRW	— South Korean Won
NOK	— Norwegian Krone
SEK	— Swedish Krona
USD	— United States Dollar

See Notes to Financial Statements

36 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2010

Artio International Equity Fund

At April 30, 2010, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Financials		23.2	%	$	2,389,610,014
Materials		14.2			1,455,278,747
Industrials		13.0			1,335,367,212
Consumer Staples		11.9			1,224,400,724
Health Care		9.0			924,412,024
Consumer Discretionary		8.6			882,398,290
Energy		7.2			738,783,694
Information Technology		5.6			572,601,574
Telecommunication Services		3.8			387,081,005
Utilities		2.4			247,839,451
Short-term Investments		9.2			950,065,128
Total Investments		108.1			11,107,837,863
Other Assets and Liabilities (Net)		(8.1	)		(829,857,445	)
Net Assets		100.0	%	$	10,277,980,418

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 37

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—89.0%
		United Kingdom—14.0%
	1,057,413	Anglo American (1)(2)		$	45,305,548
	3,447,426	ARM Holdings (2)			13,347,492
	16,127,174	Barclays PLC (2)			82,603,714
	1,657,655	BG Group (2)			27,842,252
	1,667,230	BHP Billiton (2)			51,241,472
	1,624,960	Cairn Energy (1)(2)			9,924,482
	139,002	Carnival PLC (2)			6,028,317
	1,334,337	Compass Group (2)			10,895,594
	1,806,673	Diageo PLC (2)			30,822,693
	6,243,464	GlaxoSmithKline PLC (2)			115,673,594
	2,676,915	Imperial Tobacco (2)			76,441,787
	6,400,961	Legal & General (2)			8,294,256
	90,087,393	Lloyds Banking (1)(2)			90,124,900
	349,827	Lonmin PLC (1)(2)			10,156,489
	953,939	Petropavlovsk PLC (2)			17,125,710
	824,759	Prudential PLC (2)			7,307,334
	2,225,029	Reckitt Benckiser (2)			115,523,970
	1,516,423	Rio Tinto (2)			76,525,039
	1,899,133	Rolls-Royce Group (1)(2)			16,778,358
	170,921,970	Rolls-Royce Group-C Shares (1)(4)			261,622
	27,712,266	Royal Bank of Scotland (1)(2)			22,772,035
	3,797,769	Royal Dutch Shell-Class A (2)(3)			118,872,256
	2,007,677	Royal Dutch Shell-Class B (2)			60,607,195
	559,250	SABMiller PLC (2)			17,567,756
	532,784	Shire PLC (2)			11,760,669
	648,520	Smith & Nephew (2)			6,734,873
	6,564,974	Tesco PLC (2)			43,688,047
	34,820,400	Vodafone Group (2)			77,436,252
	427,061	Whitbread PLC (2)			10,040,244
	5,051,797	William Morrison Supermarkets (2)			22,369,452
	3,645,682	WPP PLC (2)			38,774,974
	3,382,109	Xstrata PLC (2)			56,028,942
					1,298,877,318
		Japan—10.1%
	228,948	Aisin Seiki (2)(3)			6,889,698
	463,100	Asahi Breweries (2)			8,329,590
	1,156,000	Asahi Glass (2)			13,660,019
	1,648,000	Bank of Yokohama (2)			8,605,421
	678,064	Canon Inc (2)			30,932,292

See Notes to Financial Statements

38 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	1,344	Central Japan Railway (2)		$	10,941,013
	849,000	Chiba Bank (2)			5,399,539
	632,500	Credit Saison (2)			9,262,176
	316,000	Daikin Industries (2)			11,963,289
	384,349	Denso Corp (2)			11,127,209
	284,300	East Japan Railway (2)			18,973,837
	213,700	Eisai Co (2)(3)			7,315,048
	183,840	Fanuc Ltd (2)			21,728,951
	1,445,000	Fukuoka Financial (2)			6,210,131
	2,158,832	Honda Motor (2)			72,889,322
	1,486,888	ITOCHU Corp (2)			12,921,802
	236,800	JFE Holdings (2)			8,524,400
	586,000	Kirin Holdings (2)			8,407,458
	594,830	Komatsu Ltd (2)			11,995,107
	860,484	Kubota Corp (2)			7,561,589
	82,800	Kyocera Corp (2)			8,137,492
	2,704,000	Mazda Motor (2)(3)			8,051,421
	1,778,038	Mitsubishi Corp (2)			42,158,754
	1,505,000	Mitsubishi Electric (2)			13,425,167
	1,424,000	Mitsubishi Heavy Industries (2)			5,727,250
	11,027,200	Mitsubishi UFJ Financial (2)			57,327,942
	101,380	Mitsubishi UFJ Lease & Finance (2)			3,925,806
	2,545,000	Mitsui & Co (2)			38,371,345
	306,000	NGK Insulators (2)			6,018,717
	426,214	Nidec Corp (2)			44,130,856
	202,241	Nintendo Co (2)(3)			67,916,990
	243,500	Nippon Telegraph & Telephone (2)			9,876,036
	3,064,900	Nissan Motor (1)(2)			26,823,462
	543,000	NSK Ltd (2)			4,150,523
	6,628	NTT DoCoMo (2)			10,301,532
	244,550	ORIX Corp (2)(3)			22,379,452
	1,485,151	Panasonic Corp (2)			21,693,265
	504,400	Resona Holdings (2)			6,163,596
	659,000	Ricoh Co (2)(3)			11,255,163
	130,080	Shin-Etsu Chemical (2)			7,505,371
	105,300	SMC Corp (2)			15,100,930
	1,077,398	Sony Corp (2)			36,801,447
	214,200	Stanley Electric (2)			4,390,430
	1,494,100	Sumitomo Mitsui Financial (2)			49,253,158

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 39

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Japan—Continued
	4,056,000	Sumitomo Trust & Banking (2)		$	24,587,334
	1,671,900	Suzuki Motor (2)			35,266,457
	282,096	Takeda Pharmaceutical (2)			12,130,567
	889,094	Toyota Motor (2)			34,309,498
	141,200	Unicharm Corp (2)			13,698,609
					934,516,461
		Switzerland—7.0%
	1,168,235	ABB Ltd (1)(2)			22,443,925
	966,930	Credit Suisse (2)			44,157,966
	74,643	Flughafen Zuerich (2)			24,574,117
	289,657	Holcim Ltd (1)(2)			21,683,281
	2,686,772	Nestle SA (2)(3)			130,901,513
	1,293,375	Nobel Biocare (2)			28,363,049
	2,913,497	Novartis AG (2)			148,395,062
	547,145	Roche Holding (2)			86,263,991
	61,123	Swatch Group (2)			17,986,475
	476,847	Swiss Reinsurance (2)			20,751,552
	35,536	Swisscom AG (2)(3)			12,025,911
	164,418	Syngenta AG (2)			41,678,546
	2,049,032	UBS AG (1)(2)			31,602,217
	89,089	Zurich Financial Services (2)			19,828,740
					650,656,345
		Germany—6.3%
	270,405	Adidas AG (2)(3)			15,856,878
	392,891	Allianz SE (2)(3)			45,043,553
	468,813	Bayer AG (2)(3)			29,954,186
	156,519	Bilfinger Berger (2)(3)			10,396,811
	824,014	Daimler AG (1)(2)(3)			42,462,956
	446,953	Deutsche Boerse (2)			34,772,177
	323,286	Deutsche Telekom (2)			4,198,044
	1,265,475	E.ON AG (2)(3)			46,667,384
	2,423,702	Fraport AG (2)			125,430,399
	594,166	Fresenius SE (2)			42,293,700
	621,515	HeidelbergCement AG (2)			38,580,602
	107,337	Henkel AG (2)			4,837,020
	87,963	Hochtief AG (2)			7,268,744
	575,546	MAN SE (2)(3)			54,423,439
	162,167	Metro AG (2)(3)			9,732,157

See Notes to Financial Statements

40 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Germany—Continued
	372,435	RWE AG (2)(3)		$	30,434,261
	498,220	SAP AG (2)			23,969,627
	211,623	Siemens AG (2)			20,893,327
					587,215,265
		Russia—6.1%
	6,816,851	AvtoVAZ (1)(4)			3,281,230
	73,870	AvtoVAZ Sponsored GDR (1)(4)			177,784
	1,212,248	Evraz Group Sponsored GDR (1)(2)			43,984,313
	315,340	Gazprom Neft Sponsored ADR (2)			8,616,028
	151,206,052	IDGC Holding (1)(2)			23,728,312
	203,234	Inter Rao UES Sponsored GDR (1)(4)(9)			3,658,212
	76,728	Kuzbassenergo OJSC Sponsored GDR (1)(4)(9)			479,550
	166,249	Magnit OJSC			14,480,288
	1,309,410	Magnit OJSC Sponsored GDR (2)			24,408,895
	332,391	Mechel Sponsored ADR			8,542,449
	3,078,424	MMC Norilsk Nickel Sponsored ADR (1)			59,105,741
	455,000	NovaTek OAO			3,071,250
	115,150	NovaTek OAO Sponsored GDR (2)			8,695,951
	819,350	Novorossiysk Sea Trade Port Sponsored GDR (1)(2)			11,053,227
	1,062,048	OGK1 OAO Sponsored GDR (1)(4)(9)			2,224,223
	276,000	OGK2 OAO Sponsored GDR (1)(4)(9)			1,697,226
	146,502,636	OGK3 OJSC (1)			10,222,221
	453,744	OGK3 OJSC Sponsored GDR (1)(4)(9)			1,582,999
	61,782,882	OGK4 OJSC (1)			4,854,281
	321,816	OGK6 OAO Sponsored GDR (1)(4)(9)			1,388,690
	300,910	Pharmstandard (1)			25,125,985
	825,588	Pharmstandard Sponsored GDR (1)(2)			23,503,883
	55,200,000	RAO Energy System of East (1)(4)			1,066,133
	5,372,469	Rosneft Oil Sponsored GDR (1)(2)			43,429,815
	56,528,304	Sberbank of Russian Federation (2)			152,200,593
	321,350	Sistema JSFC Sponsored GDR (1)(2)			8,568,046
	977,507	Sistema-Hals Sponsored GDR (1)(3)(9)			1,653,190
	421,728	TGK1 OAO Sponsored GDR (1)(4)(9)			1,623,557
	71,208	TGK2 Sponsored GDR (1)(4)(9)			277,790
	174,984	TGK4 Sponsored GDR (1)(4)(9)			461,075
	185,472	TGK9 OAO Sponsored GDR (1)(4)(9)			634,689
	17,664	TGK14 JSC Sponsored GDR (1)(4)(9)			94,297
	2,559,427	TNK-BP Holding (2)			5,519,276
	315,618	Uralkali Sponsored GDR (1)(2)			6,783,945

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 41

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Russia—Continued
	184,368	Volga Territorial Generating Sponsored GDR (4)(9)		$	1,048,574
	2,867,878	VTB Bank Sponsored GDR (2)			15,395,764
	1,205,688	X 5 Retail Sponsored GDR (1)(2)			42,784,542
	189,888	Yenisei Territorial Generating Sponsored GDR (1)(4)(9)			380,783
					565,804,807
		France—6.0%
	247,767	Aeroports de Paris (2)			20,320,555
	1,480,929	AXA SA (2)(3)			29,396,534
	1,053,800	BNP Paribas (2)			72,330,911
	330,513	Carrefour SA (2)			16,172,116
	257,523	CFAO SA (1)(2)			8,806,602
	1,361,417	Danone SA (2)(3)			80,247,419
	279,532	Electricite de France (2)			15,018,312
	388,051	Eutelsat Communications (2)			13,815,395
	358,262	France Telecom (2)			7,842,592
	275,553	Iliad SA (2)(3)			27,487,533
	417,979	L’ Occitane International (1)			811,840
	373,136	LVMH (2)			42,598,976
	226,516	PPR (2)			30,271,545
	282,142	Publicis Groupe (2)			12,464,794
	916,065	Sanofi-Aventis SA (2)			62,641,244
	197,051	Schneider Electric (2)(3)			22,479,107
	632,211	SES SA (2)			14,504,771
	180,920	Technip SA (2)(3)			14,438,491
	36,263	Vallourec SA (2)(3)			7,239,489
	549,828	Veolia Environnement (2)(3)			17,253,634
	676,386	Vinci SA (2)			37,829,953
					553,971,813
		Canada—5.2%
	106,570	Agnico-Eagle Mines			6,779,192
	270,070	Bank of Montreal (3)			16,822,547
	552,132	Bank of Nova Scotia			28,226,682
	2,396,807	Barrick Gold			104,831,466
	305,661	Canadian Imperial Bank of Commerce			22,500,947
	119,684	Canadian Pacific Railway			7,075,754
	105,813	Cenovus Energy			3,120,535
	602,715	Goldcorp Inc			26,129,452
	339,989	IAMGOLD Corp			6,102,582

See Notes to Financial Statements

42 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Canada—Continued
	74,141	IGM Financial		$	3,086,860
	1,076,710	Ivanhoe Mines (1)			17,189,515
	573,090	Kinross Gold			10,976,893
	785,973	Manulife Financial			14,216,345
	286,429	Potash Corp of Saskatchewan (3)			31,738,092
	793,871	Royal Bank of Canada (3)			48,274,192
	849,226	Silver Wheaton (1)			16,735,500
	54,790	Sun Life Financial			1,615,814
	1,588,973	Suncor Energy			54,516,278
	2,089,189	Talisman Energy			35,663,798
	395,400	Toronto-Dominion Bank			29,473,960
					485,076,404
		Australia—4.5%
	1,716,375	AMP Ltd (2)(3)			9,927,943
	1,092,820	Aquarius Platinum (2)(3)			7,056,521
	7,205,315	Asciano Group (1)(2)			11,231,708
	1,631,662	Australia & New Zealand Banking (2)			36,210,180
	1,438,715	BHP Billiton (2)(3)			52,875,094
	727,790	Commonwealth Bank of Australia (2)			39,182,773
	4,690,123	Lihir Gold (2)			16,715,206
	1,120,224	Macquarie Atlas Roads (1)(2)			1,021,098
	22,833,082	MAp Group (2)			65,792,081
	1,174,086	National Australia Bank (2)			30,187,720
	1,177,933	Newcrest Mining (2)			35,625,337
	1,017,565	Rio Tinto (2)			66,596,195
	168,986	Wesfarmers Ltd (2)			4,551,936
	1,545,742	Westpac Banking (2)			38,646,361
					415,620,153
		Netherlands—4.0%
	141,056	ASML Holding (2)			4,591,782
	171,117	Heineken Holding (2)(3)			7,002,606
	924,812	Heineken NV (2)(3)			42,870,129
	5,101,279	ING Groep Dutch Certificate (1)(2)			45,601,661
	314,329	KKR & Company Guernsey (Unit) (2)			3,826,149
	3,350,789	Koninklijke (Royal) KPN (2)			50,031,131
	971,954	Koninklijke Philips Electronics (2)			32,799,590
	411,601	Randstad Holding (1)(2)			20,954,658
	2,071,127	TNT NV (2)			63,492,386

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 43

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Netherlands—Continued
	3,334,786	Unilever NV Dutch Certificate (2)		$	101,776,048
					372,946,140
		China—2.7%
	74,088,705	Beijing Capital International Airport-Class H (1)(2)(3)			44,603,395
	12,099,893	China Mengniu Dairy (1)(2)			36,087,320
	10,419,912	China Merchants Holdings International (2)			36,140,654
	14,870,000	China Resources Enterprise (2)			52,229,488
	2,631,000	China Shenhua Energy-Class H (2)			11,214,207
	2,131,000	China Yurun Food (2)(3)			6,484,175
	54,866,471	GOME Electrical Appliances (1)(2)			17,564,168
	1,077,500	Hengan International (2)			8,249,383
	19,140,000	Lenovo Group (2)			14,086,530
	1,484,000	Shandong Weigao Group Medical Polymer-Class H (2)			6,994,462
	1,994,000	Sinopharm Group-Class H (2)			8,981,302
	3,670,000	Wumart Stores-Class H (2)			7,908,827
					250,543,911
		Mexico—2.1%
	835,322	America Movil Sponsored ADR-Class L			43,002,377
	3,652,147	Cemex Sponsored ADR (1)			43,387,506
	1,422,426	Cemex (Unit) (1)			1,706,022
	1,220,152	Fomento Economico Mexicano Sponsored ADR			57,749,794
	993,390	Fomento Economico Mexicano (Unit)			4,730,100
	627,622	Grupo Cementos de Chihuahua (1)			2,232,128
	1,027,879	Grupo Comercial Chedraui (1)			3,016,990
	5,750,970	Grupo Financiero Banorte			23,242,313
	554,907	Grupo Televisa			2,321,013
	848,661	Grupo Televisa Sponsored ADR			17,635,176
					199,023,419
		Italy—2.0%
	1,455,358	Buzzi Unicem (2)(3)			21,731,127
	1,117,139	Eni SpA (2)			25,009,511
	669,234	Fiat SpA (2)			8,833,148
	3,194,284	Intesa Sanpaolo (2)			8,448,659
	1,925,105	Mediobanca SpA (1)(2)			17,747,563
	298,993	Prysmian SpA (2)			5,364,440
	391,456	Saipem SpA (2)			14,664,481
	19,322,737	Telecom Italia (2)			24,556,737

See Notes to Financial Statements

44 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Italy—Continued
	21,645,380	UniCredit SpA (1)(2)(3)		$	56,695,574
					183,051,240
		Czech Republic—1.9%
	216,288	Central European Media Enterprises-Class A (1)			7,353,792
	807,898	Komercni Banka (2)			166,650,170
					174,003,962
		Austria—1.8%
	2,653,382	Erste Group Bank (2)(3)			118,344,895
	16,166	Flughafen Wien (2)(3)			902,744
	1,186,658	OMV AG (2)			42,650,894
	103,753	Voestalpine AG (2)			3,911,588
	239,286	Wienerberger AG (1)(2)			4,479,659
					170,289,780
		Poland—1.6%
	1,211,775	Bank Pekao (1)(2)			68,828,623
	141,649	Bank Zachodni WBK (1)(2)			10,386,452
	5,182,702	PKO Bank Polski (2)			74,441,566
					153,656,641
		South Africa—1.6%
	148,373	AngloGold Ashanti (2)			6,250,647
	3,489,157	Aspen Pharmacare (1)(2)			39,378,036
	676,562	Impala Platinum (2)			19,129,258
	843,435	Massmart Holdings (2)			12,603,472
	3,574,280	Shoprite Holdings (2)			38,246,899
	2,132,568	Standard Bank (2)			33,187,089
					148,795,401
		Norway—1.5%
	1,302,490	DnB NOR (2)(3)			15,310,989
	17,751,013	Marine Harvest (1)(2)			16,405,596
	3,121,242	Statoil ASA (2)(3)			75,269,302
	2,482,654	Storebrand ASA (1)(2)			18,674,214
	980,809	Telenor ASA (1)(2)(3)			13,998,378
					139,658,479
		South Korea—1.5%
	481,747	Hyundai Motor (2)			58,876,281

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 45

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		South Korea—Continued
	77,120	POSCO (2)		$	34,634,557
	60,910	Samsung Electronics (2)			46,067,247
					139,578,085
		Sweden—1.2%
	1,029,821	Atlas Copco-Class A (2)(3)			16,713,387
	374,156	Hennes & Mauritz-Class B (2)(3)			23,833,325
	1,351,189	Sandvik AB (2)(3)			19,544,363
	746,113	Svenska Cellulosa-Class B (2)(3)			9,766,152
	202,341	Swedish Match (2)(3)			4,615,607
	526,689	TeliaSonera AB (2)(3)			3,614,972
	2,447,649	Volvo AB-Class B (1)(2)			30,272,519
					108,360,325
		Hungary—1.2%
	3,047,312	OTP Bank (1)(2)			107,562,572
		Denmark—1.1%
	5,202	ALK-Abello A/S (2)(3)			399,783
	2,150	AP Moller-Maersk-Class B (2)(3)			17,812,095
	639,766	DSV A/S (2)(3)			11,376,093
	847,445	Novo Nordisk-Class B (2)(3)			69,125,608
					98,713,579
		Brazil—0.8%
	213,689	All America Latina Logistica (Unit)			1,953,234
	552,810	Amil Participacoes			4,551,519
	590,036	BRF - Brasil Foods			7,738,736
	537,698	Centrais Eletricas Brasileiras			7,673,633
	3,835,922	Hypermarcas SA (1)			53,192,043
					75,109,165
		Finland—0.8%
	545,152	Fortum Oyj (2)(3)			14,105,296
	518,956	Kesko Oyj-Class B (2)(3)			20,096,357
	2,129,643	Stora Enso-Class R (2)			17,834,012
	1,592,818	UPM-Kymmene Oyj (2)			22,965,547
					75,001,212
		Ireland—0.6%
	607,509	CRH PLC (2)			17,020,289

See Notes to Financial Statements

46 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Ireland—Continued
	5,126,176	Dragon Oil (1)(2)		$	37,798,315
					54,818,604
		Israel—0.5%
	801,920	Teva Pharmaceutical Industries Sponsored ADR			47,096,762
		Belgium—0.5%
	979,729	KBC Groep (1)(2)			44,298,335
		Romania—0.4%
	1,663,581	BRD - Groupe Societe Generale (2)			7,742,822
	305,148,699	OMV Petrom (1)(2)			32,006,175
					39,748,997
		Greece—0.3%
	1,086,444	Bank of Cyprus Public (2)			6,275,433
	838,309	Coca-Cola Hellenic Bottling (2)			22,685,381
					28,960,814
		Ukraine—0.3%
	110,904,020	Raiffeisen Bank Aval (1)(2)			6,823,796
	39,541	Ukrnafta (1)(2)			1,507,370
	26,941	Ukrnafta Sponsored ADR (1)			6,447,975
	13,114,606	Ukrsotsbank JSCB (1)(2)			1,180,521
	92,477,349	UkrTelecom (1)(2)			8,948,033
	627,195	UkrTelecom Sponsored GDR (1)			3,072,269
					27,979,964
		Spain—0.3%
	430,855	Amadeus IT (1)			6,874,633
	774,767	Ferrovial SA (2)			6,820,286
	218,421	Inditex SA (2)(3)			13,408,397
					27,103,316
		Lebanon—0.2%
	865,941	SOLIDERE Sponsored GDR (9)			19,882,005
		Portugal—0.2%
	1,114,270	Galp Energia-Class B (2)			17,741,662
		Thailand—0.2%
	84,122,000	Thai Beverage (2)			17,414,534

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 47

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Indonesia—0.2%
	18,820,450	Telekomunikasi Indonesia (2)		$	16,186,832
	31,816	Telekomunikasi Indonesia Sponsored ADR			1,104,652
					17,291,484
		Hong Kong—0.1%
	2,864,505	Melco International Development (1)(2)(3)			1,275,200
	7,623,600	Sands China (1)(2)			12,352,419
					13,627,619
		United States—0.1%
	754,791	CTC Media			12,748,420
		India—0.1%
	433,261	ICICI Bank (2)			9,104,251
	84,388	Larsen & Toubro (2)			3,051,407
					12,155,658
		Malaysia—0.0%
	2,147,800	Axiata Group Berhad (1)(2)			2,608,153
		Kenya—0.0%
	1,090,900	Safaricom Ltd (2)			83,170
		TOTAL COMMON STOCKS (Cost $7,304,943,064)			8,271,591,974
EQUITY LINKED NOTES—6.2%
		Taiwan—3.5%
	16,996,146	ACER Inc, Issued by CLSA, Expires 01/04/2011 (9)			46,739,402
	6,617,584	Asustek Computer, Issued by Deutsche Bank AG London, Expires 01/19/2017			12,881,127
	15,609,000	Asustek Computer, Issued by Merrill Lynch International, Expires 10/20/2014 (9)			30,381,358
	24,761,977	Hon Hai Precision Industry, Issued by Deutsche Bank AG London, Expires 08/06/2018 (9)			117,334,628
	4,563,000	HTC Corp, Issued by Citigroup, Expires 01/20/2015			61,486,425
	159,909	MediaTek Inc, Issued by Deutsche Bank AG London, Expires 01/30/2017 (9)			2,724,769
	25,777,498	Taiwan Semiconductor Manufacturing, Issued by Deutsche Bank AG London, Expires 01/19/2017			50,833,226
					322,380,935

See Notes to Financial Statements

48 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
EQUITY LINKED NOTES—Continued
		India—2.7%
	178,021	ACC Limited, Issued by Credit Suisse, Expires 09/15/2014		$	3,632,054
	563,304	ACC Limited, Issued by Macquarie Bank, Expires 09/04/2014			11,491,402
	2,324,347	Ambuja Cements, Issued by Deutsche Bank AG London, Expires 01/30/2017 (9)			6,341,981
	1,120,964	Axis Bank, Issued by Merrill Lynch International, Expires 03/16/2015 (9)			32,047,016
	185,924	Bharat Heavy Electricals, Issued by Citigroup, Expires 10/24/2012 (9)			10,431,080
	482,347	Bharti Airtel, Issued by CLSA, Expires 05/31/2015 (9)			3,246,292
	1,098,462	Bharti Airtel, Issued by Merrill Lynch International, Expires 06/29/2012 (9)			7,389,134
	124,977	Dr Reddy’s Laboratories, Issued by Macquarie Bank, Expires 03/15/2012			3,549,347
	666,472	ICICI Bank, Issued by Citigroup, Expires 10/24/2012 (9)			14,282,495
	1,037,898	ICICI Bank, Issued by CLSA, Expires 05/10/2015 (9)			22,272,876
	713,395	ICICI Bank, Issued by Macquarie Bank, Expires 10/15/2012			15,305,747
	978,745	Larsen & Toubro, Issued by CLSA, Expires 04/11/2011 (9)			35,636,105
	699,411	Tata Motors, Issued by Citigroup, Expires 10/24/2012 (9)			13,738,530
	4,672,516	Tata Steel, Issued by Citigroup, Expires 10/24/2012 (9)			65,092,820
	485,881	Ultratech Cement, Issued by Merrill Lynch International, Expires 06/10/2014			10,654,641
					255,111,520
		TOTAL EQUITY LINKED NOTES (Cost $534,106,499)			577,492,455
EXCHANGE-TRADED FUNDS—2.3%
		Multinational—2.3%
	2,164,761	Market Vectors Gold Miners ETF			109,385,373
	934,163	SPDR Gold Trust (1)			107,783,727
		TOTAL EXCHANGE-TRADED FUNDS (Cost $206,392,667)			217,169,100
PREFERRED STOCKS—1.5%
		Brazil—0.9%
	401,104	Centrais Eletricas Brasileiras-Class B 12.820%			6,998,897
	655,499	Cia Brasileira de Distribuicao Grupo-Class A 1.010%			22,523,487

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 49

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
PREFERRED STOCKS—Continued
		Brazil—Continued
	1,637,871	Petroleo Brasileiro 3.130%		$	31,039,820
	646,824	Vale SA-Class A 2.100%			17,389,410
					77,951,614
		Germany—0.5%
	336,893	Henkel AG 1.340% (2)(3)			18,003,274
	177,276	Porsche Automobil 0.120% (2)			10,286,188
	217,322	Volkswagen AG 2.380% (2)(3)			20,925,903
					49,215,365
		Russia—0.1%
	1,885	Silvinit 5.290% (4)			757,770
	3,615,768	TNK-BP Holding 17.410% (4)			6,770,526
					7,528,296
		Philippines—0.0%
	8,687,023	Ayala Land 0.000% (4)(12)			19,539
		TOTAL PREFERRED STOCKS (Cost $120,008,260)			134,714,814
RIGHTS—0.0%
		Brazil—0.0%
	2,859	Cia Brasileira de Distribuicao Grupo  Expires 06/02/2010 (1) (Cost $—)			—

Face
Value		Currency
INVESTMENTS COLLATERAL FROM SECURITY LENDING—11.2%
				United States—11.2%
	382,125,623		USD	State Street Navigator Securities Lending Prime Portfolio	382,125,623

See Notes to Financial Statements

50 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
INVESTMENTS COLLATERAL FROM SECURITY LENDING—Continued
				United States—Continued
				US Treasury Bill
	511,984,511		USD	0.010% due 05/06/2010-04/07/2011		$	511,460,104
				US Treasury Bond
	31,297,379		USD	7.500% due 11/15/2024			43,366,353
	78,253,676		USD	6.875% due 08/15/2025			101,779,043
							145,145,396
				TOTAL INVESTMENTS COLLATERAL FROM SECURITY LENDING (Cost $1,038,731,123)			1,038,731,123
REPURCHASE AGREEMENT—0.1%
				United States—0.1%
	5,587,132		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2010, due 05/03/2010, with maturity value of $5,587,137 and an effective yield of 0.01%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 5.500%-6.500%, maturities ranging from 06/01/2017-07/01/2017 and an aggregate fair value of $5,699,112. (Cost $5,587,132)			5,587,132
				TOTAL INVESTMENTS—110.3% (Cost $9,209,768,745)			10,245,286,598
				OTHER ASSETS AND LIABILITIES—(10.3)%			(952,806,842	)
				TOTAL NET ASSETS—100.0%		$	9,292,479,756

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $9,593,577,097.

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 51

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2010

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)
06/16/10	Goldman Sachs	AUD	39,860,762		36,922,699		36,268,516	$	654,183
06/16/10	Credit Suisse	CAD	42,313,673		41,778,115		41,348,873		429,242
06/16/10	Deutsche Bank	CAD	171,879,686		169,704,232		168,249,010		1,455,222
06/16/10	Credit Suisse	CHF	28,117,015		26,097,069		26,320,215		(223,146	)
06/16/10	Credit Suisse	EUR	291,850,387		388,105,729		391,703,698		(3,597,969	)
06/16/10	Credit Suisse	JPY	7,275,864,345		77,423,156		80,577,839		(3,154,683	)
06/16/10	JPMorgan Chase Bank N.A.	JPY	16,773,189,425		178,485,085		185,339,110		(6,854,025	)
06/16/10	State Street Bank & Trust	KRW	62,865,997,920		56,651,984		53,805,202		2,846,782
06/16/10	Deutsche Bank	NOK	90,727,908		15,333,725		15,339,004		(5,279	)
06/16/10	Credit Suisse	PLN	94,022,189		31,812,498		32,646,593		(834,095	)
Net unrealized depreciation on forward foreign exchange contracts to buy								$	(9,283,768	)

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
06/16/10	Deutsche Bank	CAD	32,151,396		31,744,461		31,577,071	$	(167,390	)
06/16/10	Credit Suisse	CHF	90,337,949		83,848,009		84,809,861		961,852
06/16/10	Credit Suisse	CZK	808,174,744		41,957,529		46,275,287		4,317,758
06/16/10	Goldman Sachs	CZK	307,526,698		15,965,681		17,395,028		1,429,347
06/16/10	UBS AG	CZK	1,261,108,261		65,472,210		71,495,367		6,023,157
06/16/10	Credit Suisse	EUR	532,411,156		708,005,980		726,288,900		18,282,920
06/16/10	Morgan Stanley	EUR	302,307,603		402,011,845		399,303,366		(2,708,479	)
06/16/10	UBS AG	EUR	64,042,783		85,164,769		87,545,778		2,381,009
06/16/10	JPMorgan Chase Bank N.A.	GBP	33,466,011		51,215,639		50,299,415		(916,224	)
06/16/10	Credit Suisse	JPY	7,275,864,345		77,423,156		77,303,370		(119,786	)
06/16/10	JPMorgan Chase Bank N.A.	JPY	16,773,189,426		178,485,085		180,829,476		2,344,391
06/16/10	Deutsche Bank	NOK	90,727,908		15,333,725		15,387,783		54,058
06/16/10	Credit Suisse	PLN	94,022,189		31,812,498		31,743,662		(68,836	)

See Notes to Financial Statements

52 Artio Global Funds  ï  2010 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued) (Unaudited) April 30, 2010

Artio International Equity Fund II

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
06/16/10	Deutsche Bank	SEK	355,064,793		48,992,167		49,907,691	$	915,524
Net unrealized appreciation on forward foreign exchange contracts to sell								$	32,729,301

Glossary of Currencies

AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound Sterling
JPY	— Japanese Yen
KRW	— South Korean Won
NOK	— Norwegian Krone
PLN	— Polish Zloty
SEK	— Swedish Krona
USD	— United States Dollar

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 53

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2010

Artio International Equity Fund II

At April 30, 2010, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Financials		23.1	%	$	2,142,457,159
Materials		15.3			1,425,220,904
Consumer Staples		13.2			1,224,390,344
Industrials		11.7			1,085,448,465
Health Care		8.3			775,681,151
Consumer Discretionary		7.9			735,363,964
Energy		7.5			696,437,845
Information Technology		6.3			586,816,406
Telecommunication Services		3.6			335,578,076
Utilities		2.1			193,574,029
Short-term Investments		11.3			1,044,318,255
Total Investments		110.3			10,245,286,598
Other Assets and Liabilities (Net)		(10.3	)		(952,806,842	)
Net Assets		100.0	%	$	9,292,479,756

See Notes to Financial Statements

54 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—31.4%
				United States—31.4%
				Banc of America Alternative Loan Trust Series 2004-10, Class 2CB1
	1,473,870		USD	6.000% due 11/25/2034 (5)		$	1,354,581
				Banc of America Commercial Mortgage
				Series 2006-3, Class A4
	9,064,000		USD	5.889% due 07/10/2044 (5)(6)			9,258,026
				Series 2006-2, Class A4
	11,195,000		USD	5.928% due 05/10/2045 (5)(6)			11,759,928
				Series 2006-5, Class A4
	7,940,000		USD	5.414% due 09/10/2047 (5)			8,003,387
							29,021,341
				Banc of America Mortgage Securities Series 2004-7, Class 2A3
	1,906,126		USD	5.750% due 08/25/2034 (5)			1,841,834
				Bank of America Credit Card Trust Series 2007-A2, Class A2
	1,890,000		USD	0.274% due 06/17/2013 (5)(6)			1,888,225
				Bear Stearns Commercial Mortgage Securities
				Series 2001-TOP4, Class A3
	3,600,000		USD	5.610% due 11/15/2033 (5)			3,737,550
				Series 2006-PW12, Class A4
	4,785,000		USD	5.906% due 09/11/2038 (5)(6)			5,074,876
				Series 2006-PW14, Class A4
	3,205,000		USD	5.201% due 12/11/2038 (5)			3,244,109
				Series 2006-PW11, Class A4
	11,140,000		USD	5.622% due 03/11/2039 (5)(6)			11,692,542
				Series 2005-PWR8, Class A4
	13,100,000		USD	4.674% due 06/11/2041 (5)			13,424,985
				Series 2006-T24, Class A4
	1,950,000		USD	5.537% due 10/12/2041 (5)			2,016,590
							39,190,652
				BMW Vehicle Lease Trust Series 2009-1, Class A2
	2,496,131		USD	2.040% due 04/15/2011 (5)			2,502,599

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 55

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				Chase Issuance Trust Series 2009-A4, Class A4
	14,230,000		USD	1.004% due 06/15/2012 (5)(6)		$	14,242,174
				Chrysler Financial Auto Securitization Trust Series 2009-B, Class A2
	2,770,000		USD	1.150% due 11/08/2011 (5)			2,777,049
				Chrysler Financial Lease Trust Series 2010-A, Class A2
	10,880,000		USD	1.780% due 06/15/2011 (5)(9)			10,871,551
				Citicorp Mortgage Securities
				Series 2005-1, Class 1A1
	2,531,578		USD	5.000% due 02/25/2035 (5)			2,485,492
				Series 2006-5, Class 1A2
	4,822,203		USD	6.000% due 10/25/2036 (5)			4,744,280
				Series 2006-6, Class A12
	5,724,157		USD	0.563% due 11/25/2036 (5)(6)			5,158,686
							12,388,458
				Citigroup Mortgage Loan Trust
				Series 2005-4, Class A
	5,443,859		USD	5.342% due 08/25/2035 (5)(6)			5,408,221
				Series 2007-10, Class 1A1A
	5,070,258		USD	5.636% due 04/25/2037 (5)(6)			5,094,590
							10,502,811
				Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class A4
	6,660,000		USD	5.322% due 12/11/2049 (5)			6,480,888
				CNH Equipment Trust
				Series 2009-A, Class A2
	2,988,427		USD	4.060% due 10/17/2011 (5)			2,993,343
				Series 2007-C, Class A3A
	77,554		USD	5.210% due 12/15/2011 (5)			77,706
				Series 2009-A, Class A4
	5,560,000		USD	7.210% due 12/16/2013 (5)			6,130,940

See Notes to Financial Statements

56 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				CNH Equipment Trust—Continued
				Series 2009-B, Class A4
	13,390,000		USD	5.170% due 10/15/2014 (5)		$	14,229,698
							23,431,687
				Commercial Mortgage Pass Through Certificates Series 2007-C9, Class A4
	10,160,000		USD	6.010% due 12/10/2049 (5)(6)			10,469,607
				Countrywide Alternative Loan Trust
				Series 2004-24CB, Class 2A1
	3,872,050		USD	5.000% due 11/25/2019 (5)			3,897,443
				Series 2004-2CB, Class 1A2
	5,160,000		USD	5.125% due 03/25/2034 (5)			5,025,950
				Series 2004-24CB, Class 1A1
	1,572,846		USD	6.000% due 11/25/2034 (5)			1,514,862
				Series 2004-28CB, Class 3A1
	10,841,979		USD	6.000% due 01/25/2035 (5)			10,003,799
				Series 2005-21CB, Class A9
	3,560,938		USD	5.500% due 06/25/2035 (5)			3,387,564
							23,829,618
				Credit Suisse Mortgage Capital Certificates Series 2006-C5, Class A3
	10,200,000		USD	5.311% due 12/15/2039 (5)			10,092,038
				Daimler Chrysler Auto Trust Series 2007-A, Class A3B
	2,359,627		USD	0.931% due 02/08/2012 (5)(6)			2,362,093
				FDIC Structured Sale Guaranteed Notes
				Series 2010-L2A, Class A
	5,614,456		USD	3.000% due 09/30/2019 (9)			5,622,166
				Series 2010-S1, Class 2A
	1,884,790		USD	3.250% due 04/25/2038 (5)(9)			1,881,466
				Series 2010-S1, Class 1A
	6,708,740		USD	0.798% due 02/25/2048 (5)(9)(6)			6,732,956
							14,236,588
				First Horizon Asset Securities Series 2006-3, Class 1A8
	1,630,000		USD	6.250% due 11/25/2036 (5)			1,580,305

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 57

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				Ford Credit Floorplan Master Owner Trust Series 2009-2, Class A
	7,470,000		USD	1.804% due 09/15/2014 (6)		$	7,547,177
				GE Capital Commercial Mortgage
				Series 2002-1A, Class A3
	12,300,000		USD	6.269% due 12/10/2035 (5)			13,071,684
				Series 2004-C3, Class A3
	6,910,000		USD	4.865% due 07/10/2039 (5)(6)			7,018,103
							20,089,787
				GMAC Mortgage Corp Loan Trust Series 2005-AR5, Class 4A1
	6,262,745		USD	5.050% due 09/19/2035 (5)(6)			5,751,908
				GMAC Mortgage Servicer Advance Funding Series 2010-1A, Class A
	8,380,000		USD	4.250% due 01/15/2022 (5)(9)			8,379,524
				Greenwich Capital Commercial Funding Series 2007-GG9, Class A4
	10,140,000		USD	5.444% due 03/10/2039 (5)			10,193,865
				GS Mortgage Securities Series 2006-GG8, Class A4
	6,397,000		USD	5.560% due 11/10/2039 (5)			6,362,908
				GSR Mortgage Loan Trust Series 2006-AR1, Class 3A1
	1,592,422		USD	5.317% due 01/25/2036 (5)(6)			1,435,008
				Harley-Davidson Motorcycle Trust
				Series 2007-3, Class A3
	1,581,982		USD	0.604% due 06/15/2012 (5)(6)			1,582,260
				Series 2009-2, Class A2
	6,735,051		USD	2.000% due 07/15/2012 (5)			6,765,219
				Series 2009-4, Class A2
	4,240,000		USD	1.160% due 10/15/2012 (5)			4,248,545
				Series 2006-2, Class A2
	997,633		USD	5.350% due 03/15/2013 (5)			1,021,124
							13,617,148

See Notes to Financial Statements

58 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				Indymac INDA Mortgage Loan Trust Series 2006-AR1, Class A1
	1,100,512		USD	5.848% due 08/25/2036 (5)(6)		$	1,083,584
				JP Morgan Mortgage Trust
				Series 2005-A2, Class 3A2
	5,010,843		USD	4.882% due 04/25/2035 (5)(6)			4,885,325
				Series 2005-A5, Class 2A2
	1,925,000		USD	5.114% due 08/25/2035 (5)(6)			1,661,662
				Series 2005-A6, Class 4A1
	5,941,305		USD	5.412% due 09/25/2035 (5)(6)			5,849,032
				Series 2006-S1, Class 2A6
	6,373,101		USD	6.000% due 04/25/2036 (5)			5,660,486
							18,056,505
				JPMorgan Chase Commercial Mortgage Securities Series 2002-CIB4, Class A3
	1,920,000		USD	6.162% due 05/12/2034 (5)			2,037,579
				LB-UBS Commercial Mortgage Trust
				Series 2002-C2, Class A4
	8,515,000		USD	5.594% due 06/15/2031 (5)			9,044,314
				Series 2006-C7, Class A3
	11,470,000		USD	5.347% due 11/15/2038 (5)			11,534,145
							20,578,459
				Lehman Brothers - UBS Commercial Mortgage Trust Series 2001-C3, Class A2
	10,120,000		USD	6.365% due 12/15/2028 (5)			10,546,987
				MASTR Adjustable Rate Mortgages Trust Series 2006-2, Class 4A1
	3,732,783		USD	4.980% due 02/25/2036 (5)(6)			3,582,491
				MASTR Alternative Loans Trust
				Series 2004-10, Class 4A1
	2,291,365		USD	6.000% due 09/25/2019 (5)			2,214,052
				Series 2005-1, Class 1A1
	3,034,390		USD	5.500% due 02/25/2035 (5)			2,653,520
							4,867,572

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 59

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				MBNA Master Credit Card Trust Series 2001-B, Class A
	2,810,000		USD	0.514% due 08/15/2013 (5)(6)		$	2,812,075
				Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-3, Class A4
	11,003,000		USD	5.414% due 07/12/2046 (5)(6)			11,121,010
				MLCC Mortgage Investors
				Series 2006-1, Class 2A1
	727,370		USD	5.120% due 02/25/2036 (6)			686,678
				Series 2007-3, Class 2A2
	3,916,833		USD	5.896% due 09/25/2037 (5)(6)			3,448,661
							4,135,339
				MMAF Equipment Finance Series 2009-AA, Class A2
	6,170,000		USD	1.730% due 04/16/2012 (5)(9)			6,170,043
				Morgan Stanley Capital I
				Series 2006-T23, Class A4
	2,600,000		USD	5.984% due 08/12/2041 (5)(6)			2,767,677
				Series 2006-IQ12, Class A4
	9,250,000		USD	5.332% due 12/15/2043 (5)			9,395,034
							12,162,711
				Morgan Stanley Dean Witter Capital I
				Series 2001-TOP3, Class A4
	7,224,472		USD	6.390% due 07/15/2033 (5)			7,503,467
				Series 2001-TOP5, Class A4
	4,839,501		USD	6.390% due 10/15/2035 (5)			5,097,846
				Series 2002-TOP7, Class A2
	8,215,000		USD	5.980% due 01/15/2039 (5)			8,713,712
							21,315,025
				Morgan Stanley Mortgage Loan Trust Series 2004-9, Class 1A
	2,775,991		USD	6.078% due 10/25/2034 (5)(6)			2,763,687

See Notes to Financial Statements

60 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				Navistar Financial Dealer Note Master Trust Series 2009-1, Class A
	4,070,000		USD	1.696% due 10/26/2015 (6)(9)		$	4,077,472
				Residential Funding Mortgage Securities I
				Series 2006-S12, Class 3A4
	2,276,803		USD	5.750% due 12/25/2036 (5)			2,218,848
				Series 2007-S2, Class A3
	2,721,546		USD	6.000% due 02/25/2037 (5)			2,640,630
							4,859,478
				SLM Student Loan Trust
				Series 2008-4, Class A1
	2,751,779		USD	0.996% due 07/25/2013 (5)(6)			2,765,312
				Series 2008-7, Class A1
	3,045,154		USD	0.716% due 10/27/2014 (5)(6)			3,049,881
				Series 2007-1, Class A2
	2,912,653		USD	0.316% due 01/25/2016 (5)(6)			2,910,348
							8,725,541
				Small Business Administration
				Series 2005-P10B, Class 1
	7,397,412		USD	4.940% due 08/10/2015 (5)			7,861,896
				Series 2006-P10A, Class 1
	554,099		USD	5.408% due 02/10/2016			594,175
				Series 2007-P10A, Class 1
	4,806,791		USD	5.459% due 02/10/2017			5,175,761
							13,631,832
				Structured Asset Securities Series 2004-18H, Class A5
	5,320,000		USD	4.750% due 10/25/2034 (5)			4,679,075
				TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class A3
	11,190,000		USD	6.072% due 08/15/2039 (5)(6)			12,210,366
				Wachovia Mortgage Loan Trust Series 2005-B, Class 3A1
	5,149,365		USD	5.148% due 10/20/2035 (5)(6)			4,919,175

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 61

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
ASSET BACKED SECURITIES—Continued
				United States—Continued
				WaMu Mortgage Pass Through Certificates
				Series 2005-AR5, Class A5
	7,430,000		USD	4.184% due 05/25/2035 (5)(6)		$	6,915,431
				Series 2005-AR7, Class A2
	7,160,000		USD	4.538% due 08/25/2035 (5)(6)			6,580,210
				Series 2005-AR14, Class 1A1
	4,691,778		USD	5.048% due 12/25/2035 (5)(6)			4,615,025
							18,110,666
				Wells Fargo Mortgage Backed Securities Trust
				Series 2005-17, Class 1A1
	3,531,517		USD	5.500% due 01/25/2036 (5)			3,389,959
				Series 2006-AR6, Class 7A1
	3,905,462		USD	5.105% due 03/25/2036 (5)(6)			3,746,061
				Series 2006-13, Class A8
	3,720,000		USD	6.000% due 10/25/2036 (5)			3,659,617
				Series 2006-19, Class A4
	2,905,000		USD	5.250% due 12/26/2036 (5)			2,157,625
				Series 2007-13, Class A1
	10,721,038		USD	6.000% due 09/25/2037 (5)			10,583,851
				Series 2007-14, Class 1A1
	7,609,751		USD	6.000% due 10/25/2037 (5)			6,999,546
				Series 2007-16, Class 1A1
	11,495,703		USD	6.000% due 12/28/2037 (5)			11,479,835
							42,016,494
							526,904,590
				Russia—0.0%
				CityMortgage MBS Finance B.V. Series 2006-1A, Class AFL
	747,545		USD	1.850% due 09/10/2033 (5)(6)(9)			530,757
				TOTAL ASSET BACKED SECURITIES (Cost $507,883,671)			527,435,347
CORPORATE BONDS—30.1%
				United States—18.0%
				Allstate Life Global Funding Trusts
	2,110,000		USD	5.375% due 04/30/2013			2,318,306

See Notes to Financial Statements

62 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Anheuser-Busch Co
	1,230,000		USD	6.800% due 08/20/2032 (5)		$	1,378,498
	990,000		USD	6.000% due 11/01/2041 (5)			1,004,794
							2,383,292
				AT&T Inc
	3,490,000		USD	5.500% due 02/01/2018 (5)			3,766,307
				AXA Financial
	4,160,000		USD	7.750% due 08/01/2010 (5)			4,228,686
				Axis Specialty Finance
	3,500,000		USD	5.875% due 06/01/2020 (5)			3,506,346
				Bank of America
	10,370,000		USD	4.500% due 04/01/2015			10,476,407
				Berkshire Hathaway Finance
	4,710,000		USD	5.750% due 01/15/2040 (5)			4,804,878
				Bottling Group
	2,330,000		USD	5.500% due 04/01/2016 (5)			2,606,510
				Cargill Inc
	5,000,000		USD	4.375% due 06/01/2013 (5)(9)			5,241,825
				Caterpillar Financial Services
	3,590,000		USD	6.200% due 09/30/2013			4,058,319
				Charles Schwab
	5,600,000		USD	4.950% due 06/01/2014			6,026,423
				Chevron Corp
	3,850,000		USD	4.950% due 03/03/2019 (5)			4,138,846
				Cisco Systems
	6,860,000		USD	5.500% due 01/15/2040 (5)			6,824,582
				Citigroup Inc
	8,070,000		USD	5.300% due 10/17/2012			8,487,364
	3,420,000		USD	6.010% due 01/15/2015			3,648,600
							12,135,964
				CME Group
	2,900,000		USD	5.400% due 08/01/2013 (5)			3,194,547

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 63

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Coca-Cola Co
	6,000,000		USD	5.350% due 11/15/2017 (5)		$	6,693,954
				Comcast Corp
	5,330,000		USD	6.950% due 08/15/2037 (5)			5,955,422
				Consolidated Edison
	8,250,000		USD	5.850% due 04/01/2018 (5)			9,194,905
				Elm Road Generating Station
	2,680,000		USD	6.090% due 02/11/2040 (5)(9)			2,813,850
				Florida Power
	3,140,000		USD	4.800% due 03/01/2013 (5)			3,365,333
				Florida Power & Light
	1,440,000		USD	5.960% due 04/01/2039 (5)			1,540,921
				General Electric
	8,940,000		USD	5.000% due 02/01/2013			9,660,045
				General Electric Capital
	1,800,000		USD	6.000% due 08/07/2019			1,949,132
				Goldman Sachs
	7,150,000		USD	5.375% due 03/15/2020			6,958,108
				Harley-Davidson Funding
	8,180,000		USD	5.250% due 12/15/2012 (5)(9)			8,549,752
				Hasbro Inc
	3,500,000		USD	6.350% due 03/15/2040 (5)			3,616,753
				Heinz (H.J.) Co
	5,770,000		USD	5.350% due 07/15/2013 (5)			6,294,343
				International Business Machines
	4,705,000		USD	5.600% due 11/30/2039 (5)			4,910,797
				John Deere Capital
	6,520,000		USD	4.900% due 09/09/2013			7,128,381
				JPMorgan Chase
	7,000,000		USD	4.950% due 03/25/2020			7,024,619
				Merna Reinsurance, Series B
	2,700,000		USD	2.040% due 07/07/2010 (6)(9)			2,683,260

See Notes to Financial Statements

64 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
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 (9)		$	4,015,931
				Morgan Stanley
	8,650,000		USD	6.000% due 05/13/2014			9,313,308
	3,430,000		USD	5.500% due 01/26/2020 (5)			3,356,059
							12,669,367
				National Rural Utilities Cooperative Finance
	3,370,000		USD	7.250% due 03/01/2012 (5)			3,726,482
				NBC Universal
	5,260,000		USD	5.150% due 04/30/2020 (5)(9)			5,331,710
				NYSE Euronext
	1,740,000		USD	4.800% due 06/28/2013			1,873,963
				PACCAR Inc
	6,100,000		USD	6.875% due 02/15/2014 (5)			7,010,998
				Pfizer Inc
	4,530,000		USD	5.350% due 03/15/2015 (5)			5,043,797
				PNC Funding
	3,600,000		USD	5.125% due 02/08/2020			3,672,385
				Procter & Gamble
	7,370,000		USD	4.700% due 02/15/2019 (5)			7,713,309
				Public Service Electric & Gas
	1,790,000		USD	5.375% due 11/01/2039 (5)			1,795,529
				Renre North America Holdings
	3,530,000		USD	5.750% due 03/15/2020 (5)			3,538,666
				Roche Holdings
	7,800,000		USD	5.000% due 03/01/2014 (5)(9)			8,511,836
				Sempra Energy
	7,390,000		USD	6.500% due 06/01/2016 (5)			8,412,850
				South Carolina Electric & Gas
	4,540,000		USD	6.500% due 11/01/2018			5,231,515
				SYSCO Corp
	5,290,000		USD	5.250% due 02/12/2018 (5)			5,718,987

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 65

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				TIAA Global Markets
	5,040,000		USD	4.950% due 07/15/2013 (5)(9)		$	5,424,542
				Time Warner Cable
	7,100,000		USD	6.750% due 07/01/2018 (5)			8,062,654
				United Parcel Service
	3,540,000		USD	6.200% due 01/15/2038 (5)			3,996,802
				UnitedHealth Group
	3,620,000		USD	6.875% due 02/15/2038 (5)			3,990,207
				Valero Energy
	3,460,000		USD	7.500% due 04/15/2032 (5)			3,744,239
	1,760,000		USD	6.625% due 06/15/2037 (5)			1,775,361
							5,519,600
				Validus Holdings
	6,010,000		USD	8.875% due 01/26/2040 (5)			6,497,850
				Verizon Global Funding
	1,820,000		USD	7.250% due 12/01/2010 (5)			1,889,755
				Wal-Mart Stores
	4,160,000		USD	6.500% due 08/15/2037			4,772,884
				Wells Fargo
	5,250,000		USD	3.625% due 04/15/2015			5,335,974
				Wyeth
	3,850,000		USD	5.500% due 02/01/2014 (5)			4,274,601
				Yum! Brands Inc
	3,835,000		USD	6.250% due 04/15/2016 (5)			4,337,450
							302,420,457
				United Kingdom—3.2%
				Anglo American Capital
	4,769,000		USD	9.375% due 04/08/2014 (5)(9)			5,790,701
				Barclays Bank
	4,970,000		USD	5.125% due 01/08/2020			4,979,179
				BP Capital Markets
	7,760,000		USD	3.625% due 05/08/2014 (5)			8,096,947

See Notes to Financial Statements

66 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United Kingdom—Continued
				Diageo Capital
	9,400,000		USD	5.125% due 01/30/2012 (5)		$	9,982,330
				Royal Bank of Scotland
	7,830,000		USD	1.500% due 03/30/2012 (9)			7,856,074
				Vodafone Group
	7,750,000		USD	5.000% due 09/15/2015 (5)			8,287,633
				Westpac Securities NZ
	3,820,000		USD	2.500% due 05/25/2012 (9)			3,904,430
				WPP Finance
	4,105,000		USD	8.000% due 09/15/2014 (5)			4,744,116
							53,641,410
				Canada—2.2%
				Barrick Gold
	4,200,000		USD	6.950% due 04/01/2019 (5)			4,929,082
				CDP Financial
	7,290,000		USD	3.000% due 11/25/2014 (5)(9)			7,269,603
	8,360,000		USD	4.400% due 11/25/2019 (5)(9)			8,304,423
							15,574,026
				Encana Corp
	3,690,000		USD	6.500% due 05/15/2019 (5)			4,189,722
				Royal Bank of Canada
	8,370,000		USD	3.125% due 04/14/2015 (9)			8,527,222
				TransCanada Pipelines
	4,020,000		USD	4.000% due 06/15/2013 (5)			4,222,246
							37,442,298
				Supranational—1.9%
				Asian Development Bank
	9,090,000		AUD	6.000% due 01/20/2015			8,398,441
				International Bank for Reconstruction & Development
	17,150,000		AUD	5.500% due 10/21/2014			15,627,222

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 67

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Supranational—Continued
				International Bank for Reconstruction & Development—Continued
	8,860,000		AUD	5.750% due 10/21/2019		$	7,905,997
							23,533,219
							31,931,660
				Netherlands—1.3%
				Koninklijke Philips Electronics
	5,150,000		USD	6.875% due 03/11/2038 (5)			6,010,091
				Rabobank Nederland
	10,940,000		USD	3.200% due 03/11/2015 (9)			10,980,784
				Shell International Finance
	3,645,000		USD	6.375% due 12/15/2038 (5)			4,145,597
							21,136,472
				France—1.1%
				Cie de Financement Foncier
	5,400,000		USD	2.125% due 04/22/2013 (9)			5,440,441
				Dexia Credit Local
	8,450,000		USD	2.000% due 03/05/2013 (9)			8,461,931
				Lafarge SA
	4,265,000		USD	7.125% due 07/15/2036 (5)			4,425,402
							18,327,774
				Australia—0.8%
				BHP Billiton Finance
	6,560,000		USD	5.400% due 03/29/2017			7,193,460
				Rio Tinto Finance
	5,390,000		USD	5.875% due 07/15/2013 (5)			5,959,992
							13,153,452
				Germany—0.8%
				Deutsche Telekom International Finance
	7,490,000		USD	4.875% due 07/08/2014 (5)			7,941,445

See Notes to Financial Statements

68 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Germany—Continued
				Landeskreditbank Baden-Wuerttemberg Foerderbank
	5,000,000		USD	4.250% due 09/15/2010		$	5,074,840
							13,016,285
				Brazil—0.5%
				Petrobras International Finance
	4,300,000		USD	5.875% due 03/01/2018 (5)			4,593,445
	3,760,000		USD	6.875% due 01/20/2040 (5)			3,908,193
							8,501,638
				Hong Kong—0.3%
				Hutchison Whampoa International
	5,700,000		USD	5.750% due 09/11/2019 (9)			5,989,263
				TOTAL CORPORATE BONDS (Cost $479,612,811)			505,560,709
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—17.8%
				Federal Home Loan Mortgage Corporation
	75,922,395		USD	6.500% due 05/01/2022-12/01/2038			82,447,628
	896,354		USD	3.838% due 09/01/2035 (6)			918,931
	1,296,864		USD	3.780% due 04/01/2036 (6)			1,316,856
							84,683,415
				Federal National Mortgage Association Corporation
	2,069,912		USD	3.414% due 11/01/2035 (6)			2,153,649
	1,554,760		USD	5.564% due 02/01/2036 (6)			1,634,595
	39,724,943		USD	6.000% due 06/01/2036-02/01/2038			42,339,932
	6,735,978		USD	5.644% due 06/01/2037 (6)			7,087,250
	8,584,511		USD	5.815% due 12/01/2037 (6)			9,059,600
							62,275,026
				Federal National Mortgage Association Corporation TBA
	13,700,000		USD	4.500% due 05/01/2025			14,241,575
				Government National Mortgage Association
	38,625,538		USD	6.000% due 07/15/2034-09/15/2038			41,511,864

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 69

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS—Continued
				U.S. Treasury Bonds
	4,280,000		USD	3.500% due 02/15/2039		$	3,576,475
	6,310,000		USD	4.250% due 05/15/2039			6,026,050
	10,565,000		USD	4.500% due 08/15/2039			10,513,823
	4,410,000		USD	4.375% due 11/15/2039			4,300,438
							24,416,786
				U.S. Treasury Inflation Indexed Bonds
	4,923,187		USD	1.875% due 07/15/2019			5,216,653
	13,618,155		USD	2.500% due 01/15/2029			15,126,788
	6,222,942		USD	3.875% due 04/15/2029			8,262,412
							28,605,853
				U.S. Treasury Notes
	24,440,000		USD	1.750% due 04/15/2013			24,627,113
	8,150,000		USD	2.500% due 03/31/2015			8,192,021
	10,390,000		USD	3.625% due 02/15/2020			10,360,783
							43,179,917
				TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $287,194,647)			298,914,436
FOREIGN GOVERNMENT AND AGENCY BONDS—14.0%
				Canada—6.6%
				Canada Housing Trust
	8,400,000		CAD	2.950% due 03/15/2015			8,165,068
				Canadian Government Bond
	16,800,000		CAD	1.750% due 03/01/2013			16,236,692
	76,490,000		CAD	2.500% due 06/01/2015			73,571,362
							89,808,054
				Province of British Columbia
	4,750,000		USD	2.850% due 06/15/2015			4,782,367
				Province of Ontario
	8,790,000		USD	2.950% due 02/05/2015			8,865,216
							111,620,705
				Brazil—2.9%
				Brazil Notas do Tesouro Nacional, Series B
	56,129,886		BRL	6.000% due 05/15/2015			32,037,558

See Notes to Financial Statements

70 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
FOREIGN GOVERNMENT AND AGENCY BONDS—Continued
				Brazil—Continued
				Brazil Notas do Tesouro Nacional, Series F
	28,700,000		BRL	10.000% due 01/01/2012		$	15,984,942
							48,022,500
				France—2.3%
				France Government Bond
	27,810,000		EUR	4.000% due 10/25/2038			37,829,118
				Australia—1.0%
				Australian Government Bond
	18,250,000		AUD	6.250% due 04/15/2015			17,421,960
				Norway—0.5%
				Kommunalbanken AS
	7,550,000		USD	2.750% due 05/05/2015 (9)			7,499,981
				Qatar—0.4%
				State of Qatar
	7,190,000		USD	4.000% due 01/20/2015 (5)(9)			7,414,687
				Bahrain—0.2%
				Kingdom of Bahrain
	3,810,000		USD	5.500% due 03/31/2020 (9)			3,864,689
				Bahamas—0.1%
				Commonwealth of Bahamas
	2,400,000		USD	6.950% due 11/20/2029 (5)(9)			2,450,522
				TOTAL FOREIGN GOVERNMENT AND AGENCY BONDS (Cost $230,023,106)			236,124,162
MUNICIPAL OBLIGATIONS—1.6%
				United States—1.6%
				East Bay Municipal Utility District, Revenue Bonds
	4,910,000		USD	5.874% due 06/01/2040			5,185,746
				Metropolitan Transportation Authority, Revenue Bonds
	2,500,000		USD	7.336% due 11/15/2039			2,926,650
				New York City, General Obligation Unlimited
	3,630,000		USD	5.968% due 03/01/2036			3,712,328
				State of California, General Obligation Unlimited
	5,360,000		USD	6.650% due 03/01/2022			5,683,476

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 71

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
MUNICIPAL OBLIGATIONS—Continued
				United States—Continued
				State of Illinois, General Obligation Unlimited
	3,400,000		USD	4.071% due 01/01/2014		$	3,446,104
				State of Texas, General Obligation Unlimited
	5,260,000		USD	5.517% due 04/01/2039			5,502,696
				TOTAL MUNICIPAL OBLIGATIONS (Cost $25,364,147)			26,457,000
REPURCHASE AGREEMENT—5.8%
				United States—5.8%
	98,719,867		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2010, due 05/03/2010, with maturity value of $98,719,949 and an effective yield of 0.01%, collateralized by U.S. Government and Agency Obligations, with rates of 4.000%, with maturities of 12/15/2017, and an aggregate fair value of $100,694,918. (Cost $98,719,867)			98,719,867
				TOTAL INVESTMENTS—100.7% (Cost $1,628,798,249)			1,693,211,521
				OTHER ASSETS AND LIABILITIES—(0.7)%			(12,207,476	)
				TOTAL NET ASSETS—100.0%		$	1,681,004,045

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $1,629,910,600.

See Notes to Financial Statements

72 Artio Global Funds  ï  2010 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2010

Artio Total Return Bond Fund

FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY

		Contracts to Receive						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
05/24/10	UBS AG	AUD	8,540,000		7,884,185		7,852,103	$	32,082
05/04/10	Credit Suisse	BRL	35,040,000		20,158,205		20,000,000		158,205
05/04/10	Goldman Sachs	BRL	48,338,000		27,808,428		27,598,059		210,369
06/22/10	JPMorgan Chase Bank N.A.	CAD	16,505,906		16,249,596		16,162,296		87,300
06/22/10	UBS AG	CAD	19,409,528		19,108,129		19,182,343		(74,214	)
06/22/10	Westpac Banking	CAD	16,830,000		16,568,657		16,587,818		(19,161	)
07/15/10	Deutsche Bank	EUR	5,386,087		7,172,842		7,164,465		8,377
05/24/10	Goldman Sachs	INR	757,370,000		17,041,354		16,992,820		48,534
05/24/10	Credit Suisse	KRW	18,842,750,000		16,990,831		16,880,403		110,428
07/22/10	Standard Chartered Bank	KRW	19,338,543,787		17,410,402		17,281,987		128,415
06/23/10	Credit Suisse	MXN	202,630,000		16,372,891		15,926,275		446,616
06/23/10	Goldman Sachs	MXN	203,820,000		16,469,045		16,476,294		(7,249	)
06/23/10	JPMorgan Chase Bank N.A.	MXN	208,070,000		16,812,453		16,459,281		353,172
07/06/10	Credit Suisse	MYR	27,900,000		8,730,345		8,645,801		84,544
07/06/10	Goldman Sachs	MYR	27,900,000		8,730,345		8,560,908		169,437
07/02/10	Credit Suisse	RUB	244,200,000		8,315,061		8,258,370		56,691
07/02/10	JPMorgan Chase Bank N.A.	RUB	244,200,000		8,315,061		8,256,974		58,087
07/07/10	Deutsche Bank	SEK	119,934,381		16,562,851		16,640,000		(77,149	)
07/07/10	JPMorgan Chase Bank N.A.	SEK	120,072,818		16,581,969		16,720,000		(138,031	)
Net unrealized appreciation on forward foreign exchange contracts to buy								$	1,636,453

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
05/24/10	UBS AG	AUD	8,540,000		7,884,186		7,858,679	$	(25,507	)
05/24/10	Westpac Banking	AUD	8,200,000		7,570,295		7,530,880		(39,415	)
05/04/10	Credit Suisse	BRL	35,040,000		20,158,205		19,418,121		(740,084	)
05/04/10	Goldman Sachs	BRL	48,338,000		27,808,428		26,803,815		(1,004,613	)

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 73

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Continued) (Unaudited) April 30, 2010

Artio Total Return Bond Fund

		Contracts to Deliver						Net Unrealized
Expiration		Local		Value in		In Exchange		Appreciation
Date	Counterparty	Currency		USD		for USD		(Depreciation)
06/02/10	Credit Suisse	BRL	35,040,000		20,039,036		19,868,451	$	(170,585	)
06/02/10	Goldman Sachs	BRL	48,338,000		27,644,033		27,419,593		(224,440	)
05/28/10	Deutsche Bank	CAD	8,231,505		8,104,049		8,227,679		123,630
06/22/10	JPMorgan Chase Bank N.A	CAD	8,765,433		8,629,320		8,740,000		110,680
06/22/10	UBS AG	CAD	17,810,000		17,533,439		17,703,197		169,758
06/22/10	Westpac Banking	CAD	16,830,000		16,568,657		16,791,547		222,890
07/15/10	Deutsche Bank	EUR	33,477,992		44,583,824		44,764,583		180,759
07/07/10	JPMorgan Chase Bank N.A.	SEK	240,007,199		33,144,820		33,339,930		195,110
Net unrealized depreciation on forward foreign exchange contracts to sell								$	(1,201,817	)

Glossary of Currencies

AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
EUR	— Euro
INR	— Indian Rupee
KRW	— South Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
RUB	— New Russian Ruble
SEK	— Swedish Krona
USD	— United States Dollar

See Notes to Financial Statements

74 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2010

Artio Total Return Bond Fund

At April 30, 2010, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Asset Backed Securities		31.4	%	$	527,435,347
Corporate Bonds		30.1			505,560,709
U.S. Government and Agency Obligations		17.8			298,914,436
Foreign Government and Agency Bonds		14.0			236,124,162
Municipal Obligations		1.6			26,457,000
Short-term Investment		5.8			98,719,867
Total Investments		100.7			1,693,211,521
Other Assets and Liabilities (Net)		(0.7	)		(12,207,476	)
Net Assets		100.0	%	$	1,681,004,045

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 75

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—67.0%
				United States—51.1%
				ABN Amro NA
	15,045,000		USD	6.523% due 12/29/2049 (5)(6)(9)		$	13,239,508
				Activant Solutions
	13,368,000		USD	9.500% due 05/01/2016 (5)			12,933,540
				AES Corp
	3,635,000		USD	9.750% due 04/15/2016 (5)(9)			3,989,413
	20,615,000		USD	8.000% due 06/01/2020 (5)			21,233,450
							25,222,863
				AGCO Corp
	6,970,000		EUR	6.875% due 04/15/2014 (5)			9,465,809
				Alliant Techsystems
	13,725,000		USD	6.750% due 04/01/2016 (5)			14,102,437
				Allison Transmission
	16,830,000		USD	11.000% due 11/01/2015 (5)(9)			18,260,550
	6,849,720		USD	11.250% due 11/01/2015 (5)(9)			7,431,946
							25,692,496
				Amsted Industries
	3,670,000		USD	8.125% due 03/15/2018 (5)(9)			3,688,350
				Aramark Corp
	20,605,000		USD	3.749% due 02/01/2015 (5)(6)			19,677,775
				Arch Coal
	21,474,000		USD	8.750% due 08/01/2016 (5)(9)			22,977,180
				ArvinMeritor Inc
	4,555,000		USD	10.625% due 03/15/2018 (5)			4,919,400
				Asbury Automotive
	6,980,000		USD	8.000% due 03/15/2014 (5)			7,041,075
	300,000		USD	7.625% due 03/15/2017 (5)			289,500
							7,330,575
				ATP Oil & Gas
	54,595,000		USD	11.875% due 05/01/2015 (5)(9)			54,731,487
				Avis Budget Car Rental
	1,485,000		USD	9.625% due 03/15/2018 (5)(9)			1,611,225

See Notes to Financial Statements

76 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Berry Plastics
	1,800,000		USD	9.500% due 05/15/2018 (5)(9)		$	1,793,250
				Boise Paper Holdings
	5,385,000		USD	9.000% due 11/01/2017 (5)(9)			5,802,338
	2,455,000		USD	8.000% due 04/01/2020 (5)(9)			2,540,925
							8,343,263
				C&S Group Enterprises
	635,000		USD	8.375% due 05/01/2017 (5)(9)			642,938
				Calpine Corp
	3,775,000		USD	7.250% due 10/15/2017 (5)(9)			3,680,625
				Capital One Capital III
	5,091,000		USD	7.686% due 08/15/2036			5,040,090
				Casella Waste Systems
	18,405,000		USD	9.750% due 02/01/2013 (5)			18,635,062
	5,780,000		USD	11.000% due 07/15/2014 (5)(9)			6,300,200
							24,935,262
				Citigroup Capital XXI, Multi-Coupon
	7,505,000		USD	8.300% due 12/21/2057 (5)(6)			7,542,525
				Clear Channel Worldwide, Series A
	2,755,000		USD	9.250% due 12/15/2017 (5)(9)			2,954,738
				Clear Channel Worldwide, Series B
	38,647,000		USD	9.250% due 12/15/2017 (5)(9)			41,593,834
				Cloud Peak Energy Resources
	17,775,000		USD	8.250% due 12/15/2017 (5)(9)			18,308,250
	10,845,000		USD	8.500% due 12/15/2019 (5)(9)			11,224,575
							29,532,825
				Comerica Capital Trust II, Multi-Coupon
	5,265,000		USD	6.576% due 02/20/2037 (5)(6)			4,738,500
				Cooper-Standard Automotive
	3,725,000		USD	7.000% due 12/15/2012 (4)(5)(7)			4,069,563
	6,700,000		USD	8.500% due 05/01/2018 (5)(9)			6,700,000
							10,769,563

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 77

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Delta Air Lines
	9,925,000		USD	9.500% due 09/15/2014 (5)(9)		$	10,557,719
				DPH Holdings
	1,500,000		USD	6.550% due 06/15/2006 (7)			52,500
				Dresser-Rand Group
	7,405,000		USD	7.375% due 11/01/2014 (5)			7,516,075
				E*Trade Financial
	6,685,000		USD	12.500% due 11/30/2017 (5)			8,022,000
				Edgen Murray
	4,605,000		USD	12.250% due 01/15/2015 (5)(9)			4,558,950
				El Paso
	4,000,000		USD	8.050% due 10/15/2030			4,068,284
	9,515,000		USD	7.800% due 08/01/2031 (5)			9,542,213
							13,610,497
				Energy Future Holdings
	11,310,000		USD	10.000% due 01/15/2020 (5)(9)			11,932,050
				Exide Technologies, Series B
	30,390,000		USD	10.500% due 03/15/2013 (5)			31,263,712
				Ford Motor Credit
	4,065,000		USD	8.000% due 06/01/2014			4,276,160
	6,870,000		USD	7.000% due 04/15/2015			6,993,612
	3,200,000		USD	8.000% due 12/15/2016			3,415,245
	17,145,000		USD	8.125% due 01/15/2020			18,195,457
							32,880,474
				Freescale Semiconductor
	4,795,000		USD	9.250% due 04/15/2018 (5)(9)			5,010,775
				Frontier Communications
	16,715,000		USD	9.000% due 08/15/2031 (5)			16,965,725
				General Motors
	2,240,000		USD	7.125% due 07/15/2013 (5)(7)			840,000
	7,200,000		USD	8.800% due 03/01/2021 (7)			2,610,000
	29,645,000		USD	8.250% due 07/15/2023 (5)(7)			11,116,875
	2,485,000		USD	8.100% due 06/15/2024 (5)(7)			869,750
	2,415,000		EUR	8.375% due 07/05/2033 (7)			1,213,833
	3,550,000		USD	8.375% due 07/15/2033 (5)(7)			1,375,625

See Notes to Financial Statements

78 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				General Motors—Continued
	3,460,000		USD	7.375% due 05/23/2048 (5)(7)		$	1,245,600
							19,271,683
				GMAC Inc
	12,020,000		USD	8.000% due 03/15/2020 (9)			12,440,700
				Goldman Sachs
	14,725,000		USD	6.750% due 10/01/2037 (5)			14,321,255
				HCA Inc
	2,864,000		USD	7.190% due 11/15/2015 (5)			2,785,240
	10,590,000		USD	8.500% due 04/15/2019 (5)(9)			11,688,712
	3,859,000		USD	7.250% due 09/15/2020 (5)(9)			4,047,126
							18,521,078
				Headwaters Inc
	20,686,000		USD	11.375% due 11/01/2014 (5)			21,978,875
				Hertz Corp
	10,870,000		EUR	7.875% due 01/01/2014 (5)			14,780,407
				Holly Corp
	1,973,000		USD	9.875% due 06/15/2017 (5)(9)			2,061,785
				Hornbeck Offshore Services
	10,970,000		USD	8.000% due 09/01/2017 (5)			11,189,400
				IASIS Healthcare Capital
	11,449,000		USD	8.750% due 06/15/2014 (5)			11,821,092
				IMS Health
	21,625,000		USD	12.500% due 03/01/2018 (5)(9)			25,274,219
				ING Capital
	12,360,000		USD	8.439% due 12/29/2049 (5)(6)			11,772,900
				Ingles Markets
	5,520,000		USD	8.875% due 05/15/2017 (5)			5,865,000
				International Lease Finance
	12,190,000		USD	8.625% due 09/15/2015 (9)			12,068,100
	10,330,000		USD	8.750% due 03/15/2017 (9)			10,278,350
							22,346,450

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 79

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Invacare Corp
	7,790,000		USD	9.750% due 02/15/2015 (5)		$	8,471,625
				Inverness Medical Innovations
	3,365,000		USD	7.875% due 02/01/2016 (5)			3,331,350
	2,350,000		USD	7.875% due 02/01/2016 (5)(9)			2,326,500
	7,740,000		USD	9.000% due 05/15/2016 (5)			7,914,150
							13,572,000
				iPCS Inc
	17,965,541		USD	3.499% due 05/01/2014 (5)(6)			16,887,609
				JohnsonDiversey Holdings
	3,200,000		USD	8.250% due 11/15/2019 (5)(9)			3,376,000
	4,805,000		USD	10.500% due 05/15/2020 (5)(9)			5,369,588
							8,745,588
				JP Morgan Chase Capital XX, Series T
	2,460,000		USD	6.550% due 09/29/2036 (5)			2,354,626
				K Hovnanian Enterprises
	920,000		USD	6.500% due 01/15/2014 (5)			818,800
	2,400,000		USD	6.375% due 12/15/2014 (5)			2,064,000
	1,638,000		USD	6.250% due 01/15/2015 (5)			1,392,300
	7,740,000		USD	6.250% due 01/15/2016 (5)			6,462,900
	17,975,000		USD	8.625% due 01/15/2017 (5)			15,728,125
							26,466,125
				KB Home
	3,910,000		USD	5.875% due 01/15/2015 (5)			3,807,363
	3,865,000		USD	9.100% due 09/15/2017 (5)			4,183,863
							7,991,226
				Knight Ridder
	17,479,000		USD	5.750% due 09/01/2017 (5)			12,584,880
	6,700,000		USD	7.150% due 11/01/2027 (5)			4,187,500
	18,906,000		USD	6.875% due 03/15/2029 (5)			11,721,720
							28,494,100
				Landry’s Restaurant
	10,600,000		USD	11.625% due 12/01/2015 (5)(9)			11,501,000

See Notes to Financial Statements

80 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				LBI Escrow
	7,020,000		USD	8.000% due 11/01/2017 (5)(9)		$	7,292,025
				Lear Corp
	525,000		USD	8.125% due 03/15/2020 (5)			538,125
				Lennar Corp
	4,600,000		USD	12.250% due 06/01/2017 (5)			5,612,000
				Level 3 Financing
	12,057,000		USD	4.140% due 02/15/2015 (5)(6)			10,338,878
	22,145,000		USD	10.000% due 02/01/2018 (5)(9)			21,923,550
							32,262,428
				Limited Brands
	1,195,000		USD	7.000% due 05/01/2020 (5)			1,224,875
				MacDermid Inc
	10,107,000		USD	9.500% due 04/15/2017 (5)(9)			10,486,012
				MagnaChip Semiconductor
	5,250,000		USD	10.500% due 04/15/2018 (5)(9)			5,565,000
				Marquette Transportation
	18,150,000		USD	10.875% due 01/15/2017 (5)(9)			18,717,187
				McJunkin Red Man
	12,015,000		USD	9.500% due 12/15/2016 (5)(9)			12,570,694
				Merge Healthcare
	13,090,000		USD	11.750% due 05/01/2015 (5)(9)			12,959,100
				Meritage Homes
	9,855,000		USD	7.731% due 04/30/2017 (5)(9)			8,943,413
				Mirant Americas Generation
	3,555,000		USD	8.500% due 10/01/2021 (5)			3,466,125
	37,457,650		USD	9.125% due 05/01/2031 (5)			35,397,479
							38,863,604
				Montana Re
	3,025,000		USD	10.002% due 12/07/2012 (4)(6)(9)			3,005,338
				NES Rentals Holdings
	6,115,000		USD	12.250% due 04/15/2015 (5)(9)			5,908,619
				New Albertsons
	5,942,000		USD	7.750% due 06/15/2026			5,169,540

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 81

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				New Albertsons—Continued
	4,420,000		USD	6.625% due 06/01/2028		$	3,359,200
	10,825,000		USD	7.450% due 08/01/2029 (5)			9,363,625
	5,230,000		USD	8.700% due 05/01/2030 (5)			4,955,425
							22,847,790
				New Communications
	14,400,000		USD	8.750% due 04/15/2022 (5)(9)			14,904,000
				NewMarket Corp
	7,675,000		USD	7.125% due 12/15/2016 (5)			7,675,000
				NewPage Corp
	7,675,000		USD	11.375% due 12/31/2014 (5)			7,924,438
				NII Capital
	6,995,000		USD	8.875% due 12/15/2019 (5)(9)			7,449,675
				NRG Energy
	6,731,000		USD	7.375% due 02/01/2016 (5)			6,680,518
	10,810,000		USD	8.500% due 06/15/2019 (5)			11,039,712
							17,720,230
				Plains Exploration & Production
	8,960,000		USD	10.000% due 03/01/2016 (5)			9,968,000
	10,055,000		USD	8.625% due 10/15/2019 (5)			10,683,437
	8,150,000		USD	7.625% due 04/01/2020 (5)			8,200,938
							28,852,375
				PNC Preferred Funding Trust I
	8,980,000		USD	6.517% due 12/31/2049 (5)(6)(9)			7,701,185
				Rite Aid
	3,450,000		USD	10.375% due 07/15/2016 (5)			3,738,938
	22,535,000		USD	10.250% due 10/15/2019 (5)			24,732,162
							28,471,100
				Sanmina-SCI Corp
	39,874,000		USD	3.007% due 06/15/2014 (5)(6)(9)			38,279,040
				Sorenson Communications
	10,980,000		USD	10.500% due 02/01/2015 (5)(9)			10,760,400
				SS&C Technologies
	3,840,000		USD	11.750% due 12/01/2013 (5)			4,094,400

See Notes to Financial Statements

82 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Stanadyne Corp
	9,605,000		USD	12.000% due 02/15/2015 (5)(6)(8)		$	7,635,975
				Stanadyne Corp, Series 1
	8,135,000		USD	10.000% due 08/15/2014 (4)(5)			7,728,250
				Standard Pacific
	3,595,000		USD	7.000% due 08/15/2015 (5)			3,541,075
	28,200,000		USD	10.750% due 09/15/2016 (5)			32,077,500
							35,618,575
				Successor X
	5,850,000		USD	Zero Coupon due 12/09/2010 (4)(9)			5,212,765
				SunGard Data Systems
	20,255,000		USD	10.625% due 05/15/2015 (5)			22,432,412
	8,915,000		USD	10.250% due 08/15/2015 (5)			9,438,756
							31,871,168
				Toys R Us
	1,650,000		USD	7.375% due 10/15/2018 (5)			1,621,125
				Toys R Us Property
	5,850,000		USD	10.750% due 07/15/2017 (5)(9)			6,669,000
	3,055,000		USD	8.500% due 12/01/2017 (5)(9)			3,245,938
							9,914,938
				Travelport LLC
	24,800,000		USD	4.877% due 09/01/2014 (5)(6)			24,118,000
	8,445,000		EUR	5.283% due 09/01/2014 (5)(6)			10,513,227
							34,631,227
				UBS Preferred Funding
	8,505,000		USD	8.622% due 10/29/2049 (5)(6)			8,412,261
				United Air Lines
	23,885,000		USD	9.875% due 08/01/2013 (5)(9)			25,138,962
				United Rentals North America
	30,194,000		USD	9.250% due 12/15/2019 (5)			32,458,550
				Universal Hospital Services
	23,778,000		USD	3.859% due 06/01/2015 (5)(6)			20,449,080

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 83

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				United States—Continued
				Universal Hospital Services—Continued
	860,000		USD	8.500% due 06/01/2015 (5)		$	857,850
							21,306,930
				Vanguard Health
	28,075,000		USD	8.000% due 02/01/2018 (5)(9)			27,934,625
				Verso Paper, Series B
	5,500,000		USD	4.078% due 08/01/2014 (5)(6)			5,032,500
	14,580,000		USD	9.125% due 08/01/2014 (5)			14,944,500
	21,820,000		USD	11.375% due 08/01/2016 (5)			21,001,750
							40,978,750
				WCA Waste
	7,325,000		USD	9.250% due 06/15/2014 (5)			7,444,031
				Wells Fargo Capital XIII, Multi-Coupon
	4,650,000		USD	7.700% due 12/29/2049 (5)(6)			4,859,250
				Western Express
	1,320,000		USD	12.500% due 04/15/2015 (5)(9)			1,296,900
				Windstream Corp
	22,860,000		USD	7.875% due 11/01/2017 (5)			22,802,850
				Wyle Services
	18,950,000		USD	10.500% due 04/01/2018 (5)(9)			19,826,437
							1,522,980,900
				Canada—2.7%
				Garda World Security
	13,000,000		USD	9.750% due 03/15/2017 (5)(9)			13,536,250
				Great Canadian Gaming
	16,225,000		USD	7.250% due 02/15/2015 (5)(9)			16,164,156
				Patheon Inc
	5,615,000		USD	8.625% due 04/15/2017 (5)(9)			5,699,225
				Reliance Intermediate
	12,950,000		USD	9.500% due 12/15/2019 (5)(9)			13,743,188
				Telesat Canada
	11,915,000		USD	11.000% due 11/01/2015 (5)			13,404,375

See Notes to Financial Statements

84 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Canada—Continued
				Telesat Canada—Continued
	16,347,000		USD	12.500% due 11/01/2017 (5)		$	19,146,424
							32,550,799
							81,693,618
				United Kingdom—2.5%
				Barclays Bank
	4,126,000		USD	5.926% due 09/29/2049 (5)(6)(9)			3,775,290
				Barclays Bank, Series 1
	6,870,000		USD	6.278% due 12/29/2049 (4)(5)(6)			5,822,325
				HBOS Capital Funding
	11,490,000		USD	6.071% due 06/29/2049 (5)(6)(9)			9,393,075
				Intelsat Bermuda
	19,266,250		USD	11.500% due 02/04/2017 (5)			20,422,225
				Intelsat Subsidiary Holding
	14,265,000		USD	8.875% due 01/15/2015 (5)			14,906,925
				Kerling Plc
	3,615,000		EUR	10.625% due 01/28/2017 (5)(9)			5,132,065
				LBG Capital No. 1
	1,520,000		EUR	6.439% due 05/23/2020			1,679,757
				LBG Capital No. 2
	9,255,000		EUR	6.385% due 05/12/2020			10,243,134
				Royal Bank of Scotland, Multi-Coupon
	4,470,000		USD	7.640% due 03/31/2049 (5)(6)(7)			2,916,675
							74,291,471
				Ireland—1.4%
				Allied Irish Banks
	7,318,000		EUR	12.500% due 06/25/2019			11,648,189
				Ardagh Glass Finance
	12,595,000		EUR	7.125% due 06/15/2017 (5)			16,601,914
	855,000		EUR	8.750% due 02/01/2020 (5)(9)			1,201,001
							17,802,915
				ATLAS VI Capital
	2,715,000		EUR	10.135% due 04/06/2013 (4)(6)(9)			3,757,132

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 85

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Ireland—Continued
				Bank of Ireland
	5,820,000		GBP	9.250% due 09/07/2020 (5)(6)		$	9,468,078
							42,676,314
				Netherlands—1.3%
				BLT Finance
	4,500,000		USD	7.500% due 05/15/2014			3,534,012
				Impress Holdings
	1,320,000		USD	3.428% due 09/15/2013 (5)(6)(9)			1,273,800
	421,000		EUR	3.769% due 09/15/2013 (5)(6)(9)			547,928
	4,990,000		EUR	3.769% due 09/15/2013 (5)(6)			6,494,446
							8,316,174
				KazMunaiGaz Finance Sub
	1,305,000		USD	7.000% due 05/05/2020 (9)			1,282,071
				Sensata Technologies
	4,490,000		USD	8.000% due 05/01/2014 (5)			4,680,825
	12,725,000		EUR	9.000% due 05/01/2016 (5)			17,959,261
							22,640,086
				Ziggo Bond
	3,100,000		EUR	8.000% due 05/15/2018 (5)(9)			4,153,291
							39,925,634
				Indonesia—1.2%
				GT 2005 Bonds, Multi-Coupon
	18,645,000		USD	5.000% due 07/21/2014 (5)(8)			16,561,794
				Listrindo Capital
	3,765,000		USD	9.250% due 01/29/2015 (5)(9)			4,034,145
				Media Nusantara Citra
	15,117,134		USD	10.750% due 09/12/2011			15,303,725
							35,899,664
				Norway—1.1%
				Trico Shipping
	31,249,065		USD	11.875% due 11/01/2014 (5)(9)			31,756,862
				Brazil—0.9%
				CESP Companhia Energetica Sao Paulo
	17,281,000		BRL	9.750% due 01/15/2015 (4)			12,560,446

See Notes to Financial Statements

86 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Brazil—Continued
				CESP Companhia Energetica Sao Paulo—Continued
	10,270,000		BRL	9.750% due 01/15/2015 (4)(9)		$	7,464,601
							20,025,047
				Fibria Overseas Finance
	5,600,000		USD	9.250% due 10/30/2019 (5)(9)			6,538,000
							26,563,047
				Germany—0.8%
				UPC Germany GmbH
	1,130,000		USD	8.125% due 12/01/2017 (5)(9)			1,158,250
	16,360,000		EUR	8.125% due 12/01/2017 (5)(9)			22,653,819
							23,812,069
				Italy—0.7%
				Wind Acquisition Finance
	3,200,000		USD	11.750% due 07/15/2017 (5)(9)			3,576,000
	2,650,000		EUR	11.750% due 07/15/2017 (5)(9)			3,934,101
							7,510,101
				Wind Acquisition Holdings Finance
	10,010,000		EUR	12.250% due 07/15/2017 (5)(9)			13,694,327
							21,204,428
				Russia—0.7%
				Evraz Group
	4,550,000		USD	8.875% due 04/24/2013 (5)			4,811,625
	4,455,000		USD	8.250% due 11/10/2015 (5)			4,655,475
	2,295,000		USD	8.250% due 11/10/2015 (5)(9)			2,340,900
	7,905,000		USD	9.500% due 04/24/2018 (5)			8,616,450
							20,424,450
				Mexico—0.6%
				Alestra SA
	13,060,000		USD	11.750% due 08/11/2014			14,855,750
				MultiCat Mexico 2009, Series B
	1,965,000		USD	10.335% due 10/19/2012 (4)(6)(9)			1,967,161

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 87

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Mexico—Continued
				MultiCat Mexico 2009, Series C
	1,965,000		USD	10.335% due 10/19/2012 (4)(6)(9)		$	1,967,162
							18,790,073
				France—0.5%
				Europcar Group
	5,770,000		EUR	4.162% due 05/15/2013 (5)(6)(9)			7,183,105
	1,115,000		EUR	4.162% due 05/15/2013 (5)(6)			1,388,069
	3,385,000		EUR	8.125% due 05/15/2014 (5)			4,484,423
	1,200,000		EUR	8.125% due 05/15/2014 (5)(9)			1,589,751
							14,645,348
				Ukraine—0.4%
				DTEK Finance
	10,985,000		USD	9.500% due 04/28/2015 (9)			11,039,925
				Greece—0.3%
				Hellas Telecommunications
	9,645,000		EUR	4.644% due 10/15/2012 (5)(6)			8,732,447
				Czech Republic—0.3%
				Central European Media Enterprises
	1,485,000		EUR	2.616% due 05/15/2014 (5)(6)			1,710,280
	4,290,000		EUR	11.625% due 09/15/2016 (5)(9)			6,254,552
							7,964,832
				Ghana—0.3%
				Barclays Bank
	10,200,000		GHS	19.000% due 10/28/2010			7,218,684
				Sweden—0.1%
				TVN Finance
	2,205,000		EUR	10.750% due 11/15/2017 (5)			3,288,442
				Switzerland—0.1%
				UBS AG
	2,785,000		EUR	4.280% due 04/29/2049 (5)(6)			3,209,350

See Notes to Financial Statements

88 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CORPORATE BONDS—Continued
				Hungary—0.0%
				HTCC Holdco I
	19		EUR	10.894% due 04/15/2013 (4)(5)(6)(9)		$	13
				TOTAL CORPORATE BONDS (Cost $1,867,539,293)			1,996,117,571
BANK LOANS—17.9%
				United States—13.8%
				Allison Transmission
	2,327,050		USD	3.014% due 08/07/2014 (6)			2,230,252
				Astoria Generating
	19,525,578		USD	4.030% due 08/23/2013 (6)			19,094,395
				CIT Group
	7,682,500		USD	9.500% due 01/18/2012 (6)			7,869,761
	17,577,514		USD	13.000% due 01/20/2012 (6)			18,152,137
							26,021,898
				Coinmach Corp
	4,962,312		USD	3.255% due 11/14/2014 (6)			4,495,026
	21,208,966		USD	3.260% due 11/20/2014 (6)			19,088,069
							23,583,095
				Delta Air Lines
	18,900,000		USD	2.253% due 04/30/2012 (6)			17,992,800
				Federal-Mogul
	13,260,829		USD	2.189% due 12/29/2014 (6)			12,155,764
	7,147,151		USD	2.196% due 12/28/2015 (6)			6,551,557
							18,707,321
				First Data
	7,184,733		USD	3.032% due 09/24/2014 (6)			6,468,954
				Ford Motor
	2,434,997		USD	2.075% due 11/30/2013 (6)(13)			2,165,625
	2,377,409		USD	2.087% due 11/30/2013 (6)			2,114,408
	1,964,253		USD	3.260% due 12/16/2013 (6)			1,893,750
	22,158,304		USD	3.284% due 12/16/2013 (6)			21,434,702
							27,608,485
				Gate Gourmet Borrower
	19,528,862		USD	2.790% due 05/31/2013 (6)			18,005,611

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 89

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
BANK LOANS—Continued
				United States—Continued
				Gate Gourmet Borrower—Continued
	4,192,842		EUR	3.135% due 05/31/2013 (6)		$	3,892,354
							21,897,965
				Hawker Beechcraft Acquisition
	29,719,806		USD	2.278% due 03/26/2014 (6)			25,591,547
	1,767,633		USD	2.290% due 03/26/2014 (6)			1,522,098
							27,113,645
				HCA Inc
	4,867,136		USD	2.540% due 11/18/2013 (6)			4,742,723
				HHI Holding
	23,100,000		USD	10.500% due 03/30/2015 (6)			23,482,605
				Inverness Medical
	6,714,216		USD	4.502% due 06/26/2015 (6)			6,686,238
				N.E.W. Holdings I LLC
	29,355,000		USD	9.500% due 03/22/2017 (6)			29,079,797
				Progressive Moulded Products
	1,412,932		USD	8.399% due 08/16/2011 (4)(6)(7)			88,308
				Six Flags Theme Parks
	23,935,000		USD	9.250% due 10/21/2016 (6)			24,473,538
				Spectrum Brands
	791,422		USD	8.000% due 06/29/2012 (6)			791,620
	17,477,339		USD	8.000% due 06/29/2012 (6)			17,481,709
	13,886,316		EUR	8.500% due 06/30/2012 (6)			13,868,958
							32,142,287
				SS&C Technologies
	2,980,776		USD	2.294% due 11/28/2012 (6)			2,958,420
				Swift Transportation
	44,062,605		USD	6.313% due 05/10/2014 (6)			42,992,016
				Texas Competitive Electric
	28,347,209		USD	3.752% due 10/10/2014 (6)			23,323,126
				Univision Communications
	32,831,076		USD	2.540% due 09/29/2014 (6)			29,991,188
							410,679,056

See Notes to Financial Statements

90 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
BANK LOANS—Continued
				Netherlands—1.7%
				Sensata Technologies
	31,114,508		EUR	2.646% due 04/26/2013 (6)		$	29,753,248
				UPC Broadband
	23,480,116		EUR	2.995% due 12/31/2014 (6)			22,576,132
							52,329,380
				United Kingdom—1.3%
				Ineos Holdings
	39,823,918		EUR	6.401% due 12/16/2015 (6)			39,565,063
				Germany—1.1%
				Kabel Deutschland
	32,053,088		EUR	7.990% due 11/18/2014 (6)			32,468,785
				TOTAL BANK LOANS (Cost $489,681,528)			535,042,284
FOREIGN GOVERNMENT BONDS—2.9%
				Brazil—1.0%
				Brazil Notas do Tesouro Nacional, Series F
	35,615,000		BRL	10.000% due 01/01/2012			19,836,366
	17,085,000		BRL	10.000% due 01/01/2013			9,290,939
							29,127,305
				Indonesia—0.9%
				Indonesia Treasury Bond
	72,117,000,000		IDR	9.000% due 09/15/2013			8,351,323
	41,600,000,000		IDR	9.000% due 09/15/2018			4,804,011
	117,200,000,000		IDR	10.000% due 09/15/2024			13,973,480
							27,128,814
				Venezuela—0.7%
				Venezuela Government International Bond
	18,715,000		USD	7.750% due 10/13/2019			13,568,375
	10,685,000		USD	9.250% due 05/07/2028			7,960,325
							21,528,700
				Ghana—0.3%
				Ghana Government Bond
	4,400,000		GHS	14.470% due 12/15/2011 (4)			3,144,568
	6,500,000		GHS	15.000% due 12/10/2012 (4)			4,758,890

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 91

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
FOREIGN GOVERNMENT BONDS—Continued
				Ghana—Continued
				Ghana Government Bond—Continued
	2,800,000		GHS	19.000% due 01/14/2013 (4)		$	2,232,745
							10,136,203
				TOTAL FOREIGN GOVERNMENT BONDS (Cost $81,989,712)			87,921,022
CONVERTIBLE BONDS—1.2%
				United States—0.6%
				Carrizo Oil & Gas
	20,655,000		USD	4.375% due 06/01/2028 (5)			18,589,500
				Czech Republic—0.6%
				Central European Media Enterprises
	19,765,000		USD	3.500% due 03/15/2013 (9)			17,467,319
				TOTAL CONVERTIBLE BONDS (Cost $26,162,714)			36,056,819
Share
Amount
COMMON STOCKS—0.5%
				United States—0.5%
	28,233		USD	Federal Mogul (1)			536,992
	168,746		USD	Lear Corp (1)			13,698,800
				TOTAL COMMON STOCKS (Cost $7,173,542)			14,235,792
PREFERRED STOCKS—0.3%
				United States—0.3%
				Lear Corp
	94,683		USD	Zero Coupon (5)			7,574,640
				Merrill Lynch Capital Trust II
	1,600		USD	6.450% (5)			32,552
				TOTAL PREFERRED STOCKS (Cost $3,446,564)			7,607,192

See Notes to Financial Statements

92 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
CREDIT LINKED NOTE—0.2%
				Ukraine—0.2%
				ING Americas Issuance
	50,000,000		UAH	20.000% due 10/31/2012 (Cost $5,830,944)(4)		$	7,090,496
Share
Amount
WARRANTS—0.1%
				United States—0.1%
	23,546		USD	Lear Corp (1) (Cost $849,986)			1,913,112
Face
Value
REPURCHASE AGREEMENT—9.4%
				United States—9.4%
	280,878,392		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2010, due 05/03/2010, with a maturity value of $280,878,626 and an effective yield of 0.01%, collateralized by U.S. Government Agency and Obligations, with rates ranging from 0.176% - 6.500%, maturities ranging from 07/22/2010-11/25/2039 and an aggregate fair value of $286,987,509. (Cost $280,878,392)			280,878,392
TIME DEPOSIT—0.1%
				United States—0.1%
				State Street Euro Dollar Time Deposit
	2,960,000		USD	0.010% due 05/03/2010 (Cost $2,960,000)(11)			2,960,000
				TOTAL INVESTMENTS—99.6% (Cost $2,766,512,675)			2,969,822,680
				OTHER ASSETS AND LIABILITIES—0.4%			11,048,250
				TOTAL NET ASSETS—100.0%		$	2,980,870,930

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 93

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio Global High Income Fund

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $2,771,082,909.

See Notes to Financial Statements

94 Artio Global Funds  ï  2010 Semi-Annual Report

SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS (Unaudited) April 30, 2010

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)
05/11/10	Brown Brothers Harriman & Co	EUR	1,480,000		1,970,595		2,000,708	$	(30,113	)
05/11/10	JPMorgan Chase Bank N.A.	EUR	50,625,000		67,406,359		67,722,581		(316,222	)
06/16/10	JPMorgan Chase Bank N.A.	MXN	251,639,400		20,347,600		19,005,997		1,341,603
07/08/10	JPMorgan Chase Bank N.A.	MXN	171,162,680		13,808,710		13,130,000		678,710
Net unrealized appreciation on forward foreign exchange contracts to buy								$	1,673,978

FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL

		Contracts to Deliver
Expiration		Local		Value in		In Exchange		Net Unrealized
Date	Counterparty	Currency		USD		for USD		Appreciation
05/11/10	Brown Brothers Harriman & Co	EUR	175,054,830		233,082,642		238,397,527	$	5,314,885
05/11/10	JPMorgan Chase Bank N.A.	EUR	71,646,000		95,395,478		98,223,810		2,828,332
07/26/10	JPMorgan Chase Bank N.A.	EUR	55,500,000		73,912,361		73,923,669		11,308
Net unrealized appreciation on forward foreign exchange contracts to sell								$	8,154,525

Glossary of Currencies

BRL	— Brazilian Real
EUR	— Euro
GBP	— British Pound Sterling
GHS	— Ghanaian Cedi
IDR	— Indonesian Rupiah
MXN	— Mexican Peso
UAH	— Ukraine Hryvnia
USD	— United States Dollar

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 95

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2010

Artio Global High Income Fund

At April 30, 2010, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Corporate Bonds		67.0	%	$	1,996,117,571
Bank Loans		17.9			535,042,284
Foreign Government Bonds		2.9			87,921,022
Convertible Bonds		1.2			36,056,819
Common Stocks		0.5			14,235,792
Preferred Stocks		0.3			7,607,192
Credit Linked Note		0.2			7,090,496
Warrants		0.1			1,913,112
Short-term Investments		9.5			283,838,392	*
Total Investments		99.6			2,969,822,680
Other Assets and Liabilities (Net)		0.4			11,048,250	*
Net Assets		100.0	%	$	2,980,870,930

* Short-term investments includes securities that have been voluntarily segregated by the advisor as collateral for swaps with a notional value of $118,491,900 which is 3.97% of net assets. Other assets and liabilities includes a swaps fair value of $4,358,134 which is 0.15% of net assets.

See Notes to Financial Statements

96 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2010

Artio U.S. Microcap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—97.7%
		Banks—13.9%
	6,681	Cardinal Financial		$	73,157
	14,200	Danvers Bancorp			232,170
	18,630	First Community Bancshares			310,189
	21,342	First Defiance Financial			288,117
	19,515	Lakeland Bancorp			204,907
	21,502	Washington Banking			309,414
	10,461	WSFS Financial			440,513
					1,858,467
		Capital Goods—12.3%
	3,880	Ameron International			269,233
	20,670	Astronics Corp (1)			298,888
	8,530	Duoyuan Global Water ADR (1)			227,581
	26,085	Duoyuan Printing (1)			225,896
	42,965	Mueller Water Products-Class A			240,604
	26,300	Titan Machinery (1)			378,194
					1,640,396
		Semiconductors & Semiconductor Equipment—8.2%
	50,390	Integrated Device Technology (1)			333,078
	73,046	LTX-Credence Corp (1)			247,626
	9,675	Mellanox Technologies (1)			239,940
	23,455	Micrel Inc			273,720
					1,094,364
		Health Care Equipment & Services—7.7%
	5,350	Almost Family (1)			226,626
	9,470	America Service			160,611
	4,730	Genoptix Inc (1)			183,004
	12,105	Natus Medical (1)			206,269
	5,965	NuVasive Inc (1)			248,144
					1,024,654
		Pharmaceuticals & Biotechnology—6.9%
	24,349	BMP Sunstone (1)			130,754
	9,250	Genomic Health (1)			148,185
	13,255	Obagi Medical Products (1)			178,677
	7,055	Par Pharmaceutical (1)			191,473
	21,845	Viropharma Inc (1)			277,869
					926,958

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 97

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Microcap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Retailing—5.6%
	6,880	hhgregg Inc (1)		$	196,974
	8,665	Vitamin Shoppe (1)			215,065
	70,335	Wet Seal-Class A (1)			332,685
					744,724
		Consumer Services—5.4%
	43,705	Morgans Hotel (1)			370,181
	58,080	Morton’s Restaurant (1)			351,965
					722,146
		Media—5.0%
	7,415	Imax Corp (1)			140,144
	43,975	Lions Gate Entertainment (1)			304,307
	34,410	LodgeNet Interactive (1)			227,106
					671,557
		Diversified Financials—4.6%
	12,580	Calamos Asset Management-Class A			156,621
	20,115	Cowen Group-Class A (1)			108,621
	409	Diamond Hill Investment			31,918
	10,080	optionsXpress Holdings (1)			178,920
	20,355	TICC Capital			144,928
					621,008
		Commercial & Professional Services—4.2%
	26,605	ACCO Brands (1)			242,904
	33,330	CBIZ Inc (1)			233,643
	50,574	GlobalOptions Group (1)			91,033
					567,580
		Energy—4.1%
	6,960	Carrizo Oil & Gas (1)			152,702
	11,499	Gulfport Energy (1)			143,738
	38,360	Union Drilling (1)			254,327
					550,767
		Software & Services—3.9%
	45,495	Art Technology (1)			194,719
	5,710	Progress Software (1)			184,147

See Notes to Financial Statements

98 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Microcap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Software & Services—Continued
	36,220	Wave Systems-Class A (1)		$	144,518
					523,384
		Consumer Durables & Apparel—3.9%
	31,300	Liz Claiborne (1)			273,562
	10,115	Perry Ellis International (1)			244,075
					517,637
		Technology Hardware & Equipment—3.8%
	18,340	CyberOptics Corp (1)			203,391
	13,545	Emulex Corp (1)			159,154
	10,386	Super Micro Computer (1)			147,273
					509,818
		Materials—3.0%
	28,575	American Vanguard			231,457
	11,165	Quadra Mining (1)			171,778
					403,235
		Telecommunication Services—2.2%
	8,545	Cbeyond Inc (1)			131,422
	17,890	Premiere Global Services (1)			167,629
					299,051
		Food, Beverage & Tobacco—1.7%
	17,805	Zhongpin Inc (1)			225,767
		Household & Personal Products—1.3%
	23,755	GLG Life Tech (1)			168,423
		TOTAL COMMON STOCKS (Cost $10,679,783)			13,069,936

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 99

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Microcap Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
REPURCHASE AGREEMENT—7.6%
	1,009,797		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2010, due 05/03/2010, with maturity value of $1,009,798 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 09/25/2039 and an aggregate fair value of $1,034,515. (Cost $1,009,797)		$	1,009,797
				TOTAL INVESTMENTS—105.3% (Cost $11,689,580)			14,079,733
				OTHER ASSETS AND LIABILITIES—(5.3)%			(707,353	)
				TOTAL NET ASSETS—100.0%		$	13,372,380

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $11,754,932.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

100 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2010

Artio U.S. Microcap Fund

At April 30, 2010, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Consumer Discretionary		19.9	%	$	2,656,064
Financials		18.5			2,479,475
Industrials		16.5			2,207,976
Information Technology		15.9			2,127,566
Health Care		14.6			1,951,612
Energy		4.1			550,767
Materials		3.0			403,235
Consumer Staples		3.0			394,190
Telecommunication Services		2.2			299,051
Short-term Investment		7.6			1,009,797
Total Investments		105.3			14,079,733
Other Assets and Liabilities (Net)		(5.3	)		(707,353	)
Net Assets		100.0	%	$	13,372,380

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 101

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2010

Artio U.S. Smallcap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—96.6%
		Capital Goods—14.6%
	36,540	Aecom Technology (1)		$	1,098,758
	15,760	Ameron International			1,093,586
	54,530	Duoyuan Global Water ADR (1)			1,454,861
	78,620	GrafTech International (1)			1,325,533
	7,360	Harsco Corp			227,866
	205,070	Mueller Water Products-Class A			1,148,392
	124,090	Titan Machinery (1)			1,784,414
					8,133,410
		Retailing—9.3%
	65,760	Chico’s FAS			979,166
	28,480	hhgregg Inc (1)			815,382
	115,450	Saks Inc (1)			1,125,638
	36,280	Vitamin Shoppe (1)			900,470
	287,940	Wet Seal-Class A (1)			1,361,956
					5,182,612
		Pharmaceuticals & Biotechnology—8.8%
	51,890	Cepheid Inc (1)			1,037,281
	62,580	Myriad Genetics (1)			1,502,546
	28,860	Par Pharmaceutical (1)			783,260
	14,800	Salix Pharmaceuticals (1)			594,960
	78,980	Viropharma Inc (1)			1,004,626
					4,922,673
		Semiconductors & Semiconductor Equipment—7.7%
	21,700	Atheros Communications (1)			842,828
	12,780	Hittite Microwave (1)			655,358
	181,430	Integrated Device Technology (1)			1,199,252
	25,370	Microchip Technology			741,058
	95,600	PMC-Sierra Inc (1)			846,060
					4,284,556
		Health Care Equipment & Services—6.9%
	48,419	Exactech Inc (1)			990,653
	32,330	Gentiva Health Services (1)			927,225
	53,160	Natus Medical (1)			905,846
	24,405	NuVasive Inc (1)			1,015,248
					3,838,972

See Notes to Financial Statements

102 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Smallcap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Energy—6.5%
	16,090	Alpha Natural Resources (1)		$	757,517
	18,430	Arena Resources (1)			680,620
	56,570	Basic Energy Services (1)			577,580
	36,940	Carrizo Oil & Gas (1)			810,463
	119,530	Union Drilling (1)			792,484
					3,618,664
		Diversified Financials—6.1%
	58,740	Calamos Asset Management-Class A			731,313
	11,190	Greenhill & Co			983,489
	54,280	optionsXpress Holdings (1)			963,470
	80,060	Penson Worldwide (1)			752,564
					3,430,836
		Consumer Services—5.5%
	224,234	Morton’s Restaurant (1)			1,358,858
	51,310	Orient-Express Hotels-Class A (1)			700,381
	37,440	Weight Watchers International			994,781
					3,054,020
		Materials—5.3%
	90,620	American Vanguard			734,022
	65,960	Coeur d’Alene Mines (1)			1,182,003
	40,590	Intrepid Potash (1)			1,065,894
					2,981,919
		Banks—4.8%
	77,651	Washington Banking			1,117,398
	36,960	WSFS Financial			1,556,385
					2,673,783
		Commercial & Professional Services—3.7%
	105,610	ACCO Brands (1)			964,219
	27,420	FTI Consulting (1)			1,127,785
					2,092,004
		Software & Services—2.8%
	29,280	Progress Software (1)			944,280
	148,630	Wave Systems-Class A (1)			593,034
					1,537,314

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 103

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Smallcap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Insurance—2.7%
	10,410	Hanover Insurance		$	468,970
	68,440	National Financial Partners (1)			1,053,292
					1,522,262
		Technology Hardware & Equipment—2.5%
	93,040	3PAR Inc (1)			868,063
	36,871	Super Micro Computer (1)			522,831
					1,390,894
		Media—2.2%
	180,490	Lions Gate Entertainment (1)			1,248,991
		Consumer Durables & Apparel—1.8%
	40,130	Pool Corp			984,389
		Telecommunication Services—1.6%
	98,120	Premiere Global Services (1)			919,384
		Food, Beverage & Tobacco—1.6%
	70,990	Zhongpin Inc (1)			900,153
		Household & Personal Products—1.2%
	95,655	GLG Life Tech (1)			678,194
		Real Estate—1.0%
	131,150	Chimera Investment REIT			533,781
		TOTAL COMMON STOCKS (Cost $48,359,223)			53,928,811

See Notes to Financial Statements

104 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Smallcap Fund

Face					(Percentage of	Fair
Value		Currency		Description	Net Assets)	Value (Note 2)
REPURCHASE AGREEMENT—3.6%
	2,029,696		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2010, due 05/03/2010, with maturity value of $2,029,698 and effective yield of 0.01%, collateralized by a U.S. Government and Agency Obligation, with a rate of 4.000%, a maturity of 09/25/2039, and an aggregate fair value of $2,073,567. (Cost $2,029,696)		$	2,029,696
				TOTAL INVESTMENTS—100.2% (Cost $50,388,919)			55,958,507
				OTHER ASSETS AND LIABILITIES—(0.2)%			(109,981	)
				TOTAL NET ASSETS—100.0%		$	55,848,526

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $50,613,254.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 105

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2010

Artio U.S. Smallcap Fund

At April 30, 2010, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Consumer Discretionary		18.8	%	$	10,470,012
Industrials		18.3			10,225,414
Health Care		15.7			8,761,645
Financials		14.6			8,160,662
Information Technology		12.9			7,212,764
Energy		6.5			3,618,664
Materials		5.3			2,981,919
Consumer Staples		2.8			1,578,347
Telecommunication Services		1.7			919,384
Short-term Investment		3.6			2,029,696
Total Investments		100.2			55,958,507
Other Assets and Liabilities (Net)		(0.2	)		(109,981	)
Net Assets		100.0	%	$	55,848,526

See Notes to Financial Statements

106 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2010

Artio U.S. Midcap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—99.7%
		Software & Services—11.3%
	1,540	Alliance Data Systems (1)		$	115,592
	2,700	ANSYS Inc (1)			121,500
	6,320	Electronic Arts (1)			122,419
	400	MasterCard Inc-Class A			99,216
	3,670	Paychex Inc			112,302
	2,490	Sybase Inc (1)			108,016
					679,045
		Diversified Financials—10.2%
	370	CME Group			121,512
	730	Greenhill & Co			64,160
	1,660	Lazard Ltd-Class A			64,175
	2,820	State Street			122,670
	2,080	T Rowe Price			119,621
	6,190	TD Ameritrade Holding (1)			123,924
					616,062
		Capital Goods—10.1%
	4,060	Aecom Technology (1)			122,084
	8,710	GrafTech International (1)			146,851
	1,040	L-3 Communications			97,313
	1,770	Parker Hannifin			122,449
	3,370	Pentair Inc			121,859
					610,556
		Energy—9.0%
	1,570	Alpha Natural Resources (1)			73,916
	6,090	Basic Energy Services (1)			62,179
	2,470	Continental Resources (1)			121,425
	6,120	PetroHawk Energy (1)			132,131
	1,940	Smith International			92,654
	1,320	Ultra Petroleum (1)			63,056
					545,361
		Retailing—8.0%
	1,910	Abercrombie & Fitch-Class A			83,524
	4,900	Expedia Inc			115,689
	4,180	hhgregg Inc (1)			119,674
	3,920	OfficeMax Inc (1)			74,480

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 107

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Midcap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Retailing—Continued
	1,840	Tiffany & Co		$	89,203
					482,570
		Pharmaceuticals & Biotechnology—7.8%
	1,950	Alexion Pharmaceuticals (1)			107,016
	1,855	Celgene Corp (1)			114,917
	10,340	Myriad Genetics (1)			248,264
					470,197
		Materials—7.6%
	1,990	Agnico-Eagle Mines			125,689
	4,640	Intrepid Potash (1)			121,846
	2,020	Nucor Corp			91,546
	4,780	Pactiv Corp (1)			121,460
					460,541
		Commercial & Professional Services—7.4%
	3,500	Copart Inc (1)			124,915
	4,510	FTI Consulting (1)			185,496
	2,280	Stericycle Inc (1)			134,292
					444,703
		Health Care Equipment & Services—4.5%
	1,020	CR Bard			88,261
	950	Express Scripts (1)			95,123
	2,150	St Jude Medical (1)			87,763
					271,147
		Consumer Services—4.5%
	1,270	Darden Restaurants			56,832
	3,710	Las Vegas Sands (1)			92,231
	4,530	Weight Watchers International			120,362
					269,425
		Insurance—4.1%
	4,770	Delphi Financial Group-Class A			131,175
	7,440	Fidelity National Financial-Class A			112,939
					244,114
		Semiconductors & Semiconductor Equipment—3.4%
	4,110	Microchip Technology			120,053

See Notes to Financial Statements

108 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Midcap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Semiconductors & Semiconductor Equipment—Continued
	2,690	Netlogic Microsystems (1)		$	83,847
					203,900
		Food, Beverage & Tobacco—3.3%
	2,690	Dr. Pepper Snapple			88,044
	1,690	Ralcorp Holdings (1)			112,469
					200,513
		Media—2.1%
	7,770	CBS Corp-Class B			125,952
		Household & Personal Products—2.0%
	1,830	Clorox Co			118,401
		Real Estate—2.0%
	2,960	Plum Creek Timber REIT			117,808
		Technology Hardware & Equipment—1.4%
	9,330	3PAR Inc (1)			87,049
		Food & Staples Retailing—1.0%
	1,600	Whole Foods Market (1)			62,432
		TOTAL COMMON STOCKS (Cost $5,048,260)			6,009,776

Face
Value		Currency
REPURCHASE AGREEMENT—0.7%
	45,524		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2010, due 05/03/2010, with a maturity value of $45,524 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 09/25/2039, and an aggregate fair value of $49,911. (Cost $45,524)		45,524
				TOTAL INVESTMENTS—100.4% (Cost $5,093,784)		6,055,300
				OTHER ASSETS AND LIABILITIES—(0.4)%		(24,854	)
				TOTAL NET ASSETS—100.0%	$	6,030,446

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 109

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Midcap Fund

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $5,114,867.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

110 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2010

Artio U.S. Midcap Fund

At April 30, 2010, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Industrials		17.5	%	$	1,055,259
Financials		16.3			977,984
Information Technology		16.1			969,994
Consumer Discretionary		14.6			877,947
Health Care		12.3			741,344
Energy		9.0			545,361
Materials		7.6			460,541
Consumer Staples		6.3			381,346
Short-term Investment		0.7			45,524
Total Investments		100.4			6,055,300
Other Assets and Liabilities (Net)		(0.4	)		(24,854	)
Net Assets		100.0	%	$	6,030,446

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 111

PORTFOLIO OF INVESTMENTS (Unaudited) April 30, 2010

Artio U.S. Multicap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—99.0%
		Diversified Financials—14.2%
	2,740	American Express		$	126,369
	10,254	Bank of America			182,829
	520	CME Group			170,773
	1,370	Goldman Sachs			198,924
	2,650	Morgan Stanley			80,083
	8,920	optionsXpress Holdings (1)			158,330
	3,310	State Street			143,985
	2,200	T Rowe Price			126,522
					1,187,815
		Pharmaceuticals & Biotechnology—10.7%
	1,930	Amgen Inc (1)			110,705
	2,830	Celgene Corp (1)			175,318
	15,450	Myriad Genetics (1)			370,954
	5,930	Pfizer Inc			99,150
	2,250	Teva Pharmaceutical Industries Sponsored ADR			132,143
					888,270
		Energy—9.6%
	2,230	Alpha Natural Resources (1)			104,988
	4,945	Carrizo Oil & Gas (1)			108,493
	1,240	Chevron Corp			100,986
	8,300	PetroHawk Energy (1)			179,197
	3,690	Smith International			176,235
	2,790	Ultra Petroleum (1)			133,278
					803,177
		Capital Goods—7.7%
	1,780	Danaher Corp			150,018
	2,470	Parker Hannifin			170,875
	2,540	Raytheon Co			148,082
	2,300	United Technologies			172,385
					641,360
		Health Care Equipment & Services—7.5%
	1,860	CR Bard			160,946
	1,390	Express Scripts (1)			139,180
	3,100	St Jude Medical (1)			126,542
	3,640	WellPoint Inc (1)			195,832
					622,500

See Notes to Financial Statements

112 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Multicap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Technology Hardware & Equipment—7.4%
	1,200	Apple Inc (1)		$	313,344
	3,320	Hewlett-Packard Co			172,541
	3,380	QUALCOMM Inc			130,941
					616,826
		Software & Services—7.3%
	6,670	Electronic Arts (1)			129,198
	690	MasterCard Inc-Class A			171,147
	5,050	Microsoft Corp			154,227
	5,170	Paychex Inc			158,202
					612,774
		Materials—7.1%
	2,780	Agnico-Eagle Mines			175,585
	2,090	Barrick Gold			91,019
	3,140	Mosaic Co			160,580
	1,930	Praxair Inc			161,676
					588,860
		Retailing—6.4%
	2,750	Abercrombie & Fitch-Class A			120,257
	6,460	Lowe’s Cos			175,195
	13,360	Saks Inc (1)			130,260
	22,390	Wet Seal-Class A (1)			105,905
					531,617
		Semiconductors & Semiconductor Equipment—4.1%
	22,520	Integrated Device Technology (1)			148,857
	6,670	Microchip Technology			194,831
					343,688
		Consumer Services—4.1%
	3,680	Las Vegas Sands (1)			91,485
	3,260	Starbucks Corp			84,695
	6,260	Weight Watchers International			166,328
					342,508
		Food, Beverage & Tobacco—3.8%
	4,820	PepsiCo Inc			314,360
		Household & Personal Products—2.9%
	2,500	Clorox Co			161,750

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 113

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Multicap Fund

Share			(Percentage of	Fair
Amount		Description	Net Assets)	Value (Note 2)
COMMON STOCKS—Continued
		Household & Personal Products—Continued
	1,280	Procter & Gamble		$	79,565
					241,315
		Banks—2.5%
	6,390	Wells Fargo			211,573
		Commercial & Professional Services—1.9%
	2,755	Stericycle Inc (1)			162,270
		Media—1.8%
	9,280	CBS Corp-Class B			150,429
		TOTAL COMMON STOCKS (Cost $6,949,459)			8,259,342

Face
Value		Currency
REPURCHASE AGREEMENT—1.8%
	151,866		USD	State Street Bank and Trust Company Repurchase Agreement, dated 04/30/2010, due 05/03/2010, with a maturity value of $151,866 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 09/25/2039, and an aggregate fair value of $158,807. (Cost $151,866)		151,866
				TOTAL INVESTMENTS—100.8% (Cost $7,101,325)		8,411,208
				OTHER ASSETS AND LIABILITIES—(0.8)%		(70,096	)
				TOTAL NET ASSETS—100.0%	$	8,341,112

Notes to the Portfolio of Investments.

Aggregate cost for federal income tax purposes was $7,154,906.

Glossary of Currencies

USD — United States Dollar

See Notes to Financial Statements

114 Artio Global Funds  ï  2010 Semi-Annual Report

PORTFOLIO OF INVESTMENTS (Continued) (Unaudited) April 30, 2010

Artio U.S. Multicap Fund

Master Notes to the Portfolio of Investments.

ADR	American Depositary Receipt
ETF	Exchange-Traded Funds
ETN	Exchange-Traded Notes
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust
TBA	To Be Announced: Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement.
(1)	Non-income producing security.
(2)	Security valued at fair value utilizing fair value model in accordance with valuation policies approved by the Board of Trustees/Directors.
(3)	All or portion of this security was on loan to brokers at April 30, 2010.
(4)	Illiquid security.
(5)	Callable security.
(6)	Variable rate security.
(7)	Defaulted security.
(8)	Step-Coupon.
(9)	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers.
(10)	Affiliated security.
(11)	Security has been pledged for collateral of swaps.
(12)	Security valued at fair value as determined by the policies approved by the Board of Trustees/Directors.
(13)	This security has additional commitments and contingencies. Principal amount and value exclude unfunded commitment.

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 115

PORTFOLIO OF INVESTMENTS-Industry Sector (Unaudited) April 30, 2010

Artio U.S. Multicap Fund

At April 30, 2010, sector diversification of the Fund’s investments was as follows:

	% of Net			Fair
	Assets			Value (Note 2)
INDUSTRY SECTOR
Information Technology		18.9	%	$	1,573,288
Health Care		18.1			1,510,770
Financials		16.7			1,399,388
Consumer Discretionary		12.3			1,024,554
Industrials		9.6			803,630
Energy		9.6			803,177
Materials		7.1			588,860
Consumer Staples		6.7			555,675
Short-term Investment		1.8			151,866
Total Investments		100.8			8,411,208
Other Assets and Liabilities (Net)		(0.8	)		(70,096	)
Net Assets		100.0	%	$	8,341,112

See Notes to Financial Statements

116 Artio Global Funds  ï  2010 Semi-Annual Report

STATEMENT OF ASSETS AND LIABILITIES (Unaudited) April 30, 2010

	Artio			Artio
	Global Equity			International Equity
ASSETS:
Investments in securities, at fair value including fair value of securities on loan of $0 and $918,764,440, respectively (Cost $75,491,867 and $9,499,744,989, respectively)	$	82,763,292		$	10,874,134,612
Affiliated securities, at fair value (Cost $0 and $485,800,931, respectively)		—			233,703,251
Repurchase agreements (Cost $1,638,968 and $0, respectively)		1,638,968			—
Cash on deposit for broker (Note 2)		—			14,597,735
Foreign currency, at fair value (Cost $34,327 and $23,956,527, respectively)		34,203			8,116,420
Receivables:
Investments sold		2,541,865			279,035,389
Fund shares sold		49,783			6,312,001
Interest and dividends		96,673			29,354,128
Tax reclaim		47,455			7,999,604
Daily variation margin on open financial futures contracts		—			902,657
Unrealized appreciation on forward foreign exchange contracts		52,045			47,383,916
Prepaid expense		2,520			154,716
Total Assets		87,226,804			11,501,694,429
LIABILITIES:
Due to custodian		—			4,087,137
Payables:
Investments purchased		2,028,050			225,691,186
Fund shares repurchased		77,138			12,522,846
Collateral for securities loaned (Note 2)		—			949,815,128
Investment advisory fee (Note 3)		87,419			7,769,706
Unrealized depreciation on forward foreign exchange contracts		32,840			18,794,360
Accrued expenses and other payables		91,801			5,033,648
Total Liabilities		2,317,248			1,223,714,011
NET ASSETS	$	84,909,556		$	10,277,980,418
NET ASSETS Consist of:
Par value	$	2,371		$	364,660
Paid in capital in excess of par value		138,053,222			11,740,201,796
Undistributed net investment loss		(11,979	)		(99,867,278	)
Accumulated net realized loss on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(60,416,762	)		(2,496,831,945	)
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		7,282,704			1,134,113,185
NET ASSETS	$	84,909,556		$	10,277,980,418
Class A	$	18,510,315		$	4,078,795,286
Class I	$	66,399,241		$	6,199,185,132
SHARES OUTSTANDING (Note 8)
Class A		519,666			146,890,857
Class I		1,850,879			217,768,805
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	35.62		$	27.77
Class I	$	35.87		$	28.47

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 117

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2010

	Artio			Artio
	International Equity II			Total Return Bond
ASSETS:
Investments in securities, at fair value including fair value of securities on loan of $1,004,120,058 and $0, respectively (Cost $9,204,181,613 and $1,530,078,382, respectively)	$	10,239,699,466		$	1,594,491,654
Repurchase agreements (Cost $5,587,132 and $98,719,867, respectively)		5,587,132			98,719,867
Cash on deposit for broker (Note 2)		13,202,495			—
Foreign currency, at fair value (Cost $0 and $2,673,449, respectively)		—			2,695,859
Receivables:
Investments sold		277,333,053			—
Fund shares sold		19,189,368			3,887,905
Interest and dividends		25,767,536			12,871,790
Tax reclaim		6,017,688			—
Daily variation margin on open financial futures contracts		816,385			—
Unrealized appreciation on forward foreign exchange contracts		42,095,445			2,955,084
Prepaid expense		123,747			20,514
Total Assets		10,629,832,315			1,715,642,673
LIABILITIES:
Payables:
Investments purchased		259,294,927			29,181,024
Fund shares repurchased		6,448,130			2,009,828
Collateral for securities loaned (Note 2)		1,038,731,123			—
Investment advisory fee (Note 3)		6,988,955			456,818
Unrealized depreciation on forward foreign exchange contracts		18,649,912			2,520,448
Foreign currency overdraft (Cost $3,316,398 and $0, respectively)		3,422,041			—
Accrued expenses and other payables		3,817,471			470,510
Total Liabilities		1,337,352,559			34,638,628
NET ASSETS	$	9,292,479,756		$	1,681,004,045
NET ASSETS Consist of:
Par value	$	793,731		$	122,821
Paid in capital in excess of par value		11,276,703,653			1,617,689,382
Undistributed net investment income (loss)		11,363,555			(6,156,293	)
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		(3,054,287,350	)		4,491,584
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		1,057,906,167			64,856,551
NET ASSETS	$	9,292,479,756		$	1,681,004,045
Class A	$	2,204,657,594		$	307,669,154
Class I	$	7,087,822,162		$	1,373,334,891
SHARES OUTSTANDING (Note 8)
Class A		189,238,211			22,390,862
Class I		604,493,172			100,430,600
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	11.65		$	13.74
Class I	$	11.73		$	13.67

See Notes to Financial Statements

118 Artio Global Funds  ï  2010 Semi-Annual Report

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2010

	Artio			Artio
	Global High Income			U.S. Microcap
ASSETS:
Investments in securities, at fair value (Cost $2,485,634,283 and $10,679,783, respectively)	$	2,688,944,288		$	13,069,936
Repurchase agreements (Cost $280,878,392 and $1,009,797, respectively)		280,878,392			1,009,797
Foreign currency, at fair value (Cost $33,367,466 and $0, respectively)		32,914,823			—
Receivables:
Investments sold		7,474,522			215,489
Fund shares sold		26,482,116			226,103
Interest and dividends		89,670,035			1,518
Unfunded loan commitments (Note 2)		1,055,138			—
Unrealized appreciation on forward foreign exchange contracts		10,174,838			—
Open swaps agreements, at fair value (upfront payments received $9,513,013 and $0, respectively)		4,358,134			—
Prepaid expense		19,677			88
Total Assets		3,141,971,963			14,522,931
LIABILITIES:
Payables:
Investments purchased		149,416,427			1,104,303
Fund shares repurchased		5,947,165			972
Dividends payable		327			—
Collateral from broker		2,960,000			—
Investment advisory fee (Note 3)		1,384,906			8,396
Unrealized depreciation on forward foreign exchange contracts		346,335			—
Accrued expenses and other payables		1,045,873			36,880
Total Liabilities		161,101,033			1,150,551
NET ASSETS	$	2,980,870,930		$	13,372,380
NET ASSETS Consist of:
Par value	$	278,519		$	1,281
Paid in capital in excess of par value		2,689,815,381			12,529,936
Undistributed net investment loss		(853,649	)		(59,472	)
Accumulated net realized gain (loss) on investments sold, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		64,370,082			(1,489,518	)
Net unrealized appreciation on investments, forward foreign exchange contracts, foreign currency related transactions, and swap contracts		227,260,597			2,390,153
NET ASSETS	$	2,980,870,930		$	13,372,380
Class A	$	1,138,244,440		$	6,683,355
Class I	$	1,842,626,490		$	6,689,025
SHARES OUTSTANDING (Note 8)
Class A		103,819,914			642,372
Class I		174,698,880			638,454
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	10.96		$	10.40
Class I	$	10.55		$	10.48

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 119

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2010

	Artio			Artio
	U.S. Smallcap			U.S. Midcap
ASSETS:
Investments in securities, at fair value (Cost $48,359,223 and $5,048,260, respectively)	$	53,928,811		$	6,009,776
Repurchase agreements (Cost $2,029,696 and $45,524, respectively)		2,029,696			45,524
Receivables:
Investments sold		—			68,079
Fund shares sold		345,176			359
Interest and dividends		3,839			3,972
Receivable from advisor—net (Note 3)		—			2,232
Prepaid expense		158			69
Total Assets		56,307,680			6,130,011
LIABILITIES:
Payables:
Investments purchased		277,897			66,677
Fund shares repurchased		92,084			—
Investment advisory fee (Note 3)		40,030			—
Accrued expenses and other payables		49,143			32,888
Total Liabilities		459,154			99,565
NET ASSETS	$	55,848,526		$	6,030,446
NET ASSETS Consist of:
Par value	$	5,203		$	610
Paid in capital in excess of par value		50,771,527			6,425,281
Undistributed net investment loss		(119,818	)		(21,661	)
Accumulated net realized loss on investments sold		(377,974	)		(1,335,300	)
Net unrealized appreciation on investments		5,569,588			961,516
NET ASSETS	$	55,848,526		$	6,030,446
Class A	$	39,182,690		$	2,964,408
Class I	$	16,665,836		$	3,066,038
SHARES OUTSTANDING (Note 8)
Class A		3,657,542			300,236
Class I		1,545,570			309,381
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	10.71		$	9.87
Class I	$	10.78		$	9.91

See Notes to Financial Statements

120 Artio Global Funds  ï  2010 Semi-Annual Report

STATEMENT OF ASSETS AND LIABILITIES (Continued) (Unaudited) April 30, 2010

	Artio
	U.S. Multicap
ASSETS:
Investments in securities, at fair value (Cost $6,949,459)	$	8,259,342
Repurchase agreements (Cost $151,866)		151,866
Receivables:
Fund shares sold		247
Dividends receivable		5,314
Receivable from advisor—net (Note 3)		476
Prepaid expense		67
Total Assets		8,417,312
LIABILITIES:
Payables:
Investments purchased		41,114
Accrued expenses and other payables		35,086
Total Liabilities		76,200
NET ASSETS	$	8,341,112
NET ASSETS Consist of:
Par value	$	836
Paid in capital in excess of par value		8,574,742
Undistributed net investment loss		(19,879	)
Accumulated net realized loss on investments sold		(1,524,470	)
Net unrealized appreciation on investments		1,309,883
NET ASSETS	$	8,341,112
Class A	$	2,971,710
Class I	$	5,369,402
SHARES OUTSTANDING (Note 8)
Class A		298,722
Class I		537,386
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A	$	9.95
Class I	$	9.99

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 121

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2010

	Artio			Artio
	Global Equity			International Equity
INVESTMENT INCOME:
Interest†	$	534		$	46,878
Securities lending income		243			2,301,683
Dividends, from unaffiliated issuers††		502,504			105,348,354
Dividends, from affiliated issuers†††		—			5,168,996
Total investment income		503,281			112,865,911
EXPENSES:
Investment advisory fee (Note 3)		353,389			47,363,344
Custody fees		86,895			4,586,197
Administration fees		13,075			514,796
Professional fees		17,887			392,370
Trustees’ fees and expenses		1,525			199,235
Registration and filing fees		14,542			38,806
Shareholder reports		5,172			542,097
Insurance premium expense		1,729			158,237
Commitment fee		3,039			51,173
Compliance expense		131			16,792
Miscellaneous fees		10,948			106,361
Total expenses common to all classes		508,332			53,969,408
Transfer agent fees
Class A		9,454			143,880
Class I		231			58,055
Distribution and shareholder servicing fees (Note 4)
Class A		22,807			5,344,388
Total gross expenses		540,824			59,515,731
Custody offset arrangement (Note 3)		—			(138,331	)
Expenses reimbursed by investment advisor (Note 3)(1)		(63,854	)		—
Expenses waived by investment advisor (Note 3)		(1,964	)		(265,490	)
Net expenses		475,006			59,111,910
NET INVESTMENT INCOME		28,275			53,754,001
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain (loss) on:
Investments		6,139,747			307,381,668
Financial futures contracts and synthetic futures		(6,009	)		3,854,170
Swap contracts		3			15,836
Forward foreign exchange contracts		80,696			66,407,470
Foreign currency transactions††††		(12,258	)		(8,395,437	)
Net realized gain on investments		6,202,179			369,263,707
Net change in unrealized appreciation (depreciation) on:
Investments†††††		2,302,627			186,542,116
Financial futures contracts and synthetic futures		—			(832,277	)
Forward foreign exchange contracts		(17,373	)		23,431,704
Foreign currency transactions		(9,671	)		(6,246,545	)
Net change in unrealized appreciation of investments		2,275,583			202,894,998
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		8,477,762			572,158,705
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,506,037		$	625,912,706

†	Net of foreign withholding taxes of $0 and $1,402 for the Artio Global Equity Fund Inc. and Artio International Equity Fund, respectively.
††	Net of foreign withholding taxes of $44,196 and $11,740,805 for the Artio Global Equity Fund Inc. and Artio International Equity Fund, respectively.
†††	Net of foreign withholding taxes of $0 and $3,476 for the Artio Global Equity Fund Inc. and Artio International Equity Fund, respectively.
††††	Net of Brazilian IOF tax of $13,909 and $2,258,202 for the Artio Global Equity Fund Inc. and Artio International Equity Fund, respectively.
†††††	Net of change in foreign capital gains taxes of $2,892 and $0 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 $(22,588) and $(41,266), respectively.

See Notes to Financial Statements

122 Artio Global Funds  ï  2010 Semi-Annual Report

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2010

	Artio			Artio
	International Equity II			Total Return Bond
INVESTMENT INCOME:
Interest†	$	28,637		$	37,349,050
Securities lending income		1,845,685			—
Dividends††		93,533,264			—
Total investment income		95,407,586			37,349,050
EXPENSES:
Investment advisory fee (Note 3)		41,665,271			2,849,332
Custody fees		3,518,008			331,181
Administration fees		452,915			29,400
Professional fees		339,580			68,486
Trustees’ fees and expenses		177,951			32,536
Registration and filing fees		102,138			44,965
Shareholder reports		753,455			103,729
Insurance premium expense		130,849			21,568
Commitment fee		60,143			31,336
Compliance expense		14,796			2,644
Miscellaneous fees		86,031			18,140
Total expenses common to all classes		47,301,137			3,533,317
Transfer agent fees
Class A		94,471			15,944
Class I		727,511			13,365
Distribution and shareholder servicing fees (Note 4)
Class A		2,761,011			398,501
Total gross expenses		50,884,130			3,961,127
Custody offset arrangement (Note 3)		(138,259	)		—
Recoupment of expenses previously assumed by investment advisor (Note 3)		—			59,180
Expenses waived by investment advisor (Note 3)		(232,508	)		(40,705	)
Net expenses		50,513,363			3,979,602
NET INVESTMENT INCOME		44,894,223			33,369,448
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on:
Investments		231,789,134			19,954,877
Financial futures contracts and synthetic futures		4,716,804			(178,158	)
Swap contracts		196			—
Forward foreign exchange contracts		71,749,089			8,861,005
Foreign currency transactions†††		(4,906,403	)		(118,187	)
Net realized gain on investments		303,348,820			28,519,537
Net change in unrealized appreciation (depreciation) on:
Investments		99,720,525			2,845,651
Financial futures contracts and synthetic futures		(751,864	)		192,209
Forward foreign exchange contracts		12,613,932			(6,242,514	)
Foreign currency transactions		(452,085	)		(334,614	)
Net change in unrealized appreciation (depreciation) of investments		111,130,508			(3,539,268	)
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		414,479,328			24,980,269
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	459,373,551		$	58,349,717

†	Net of foreign withholding taxes of $581 and $74,678 for the Artio International Equity Fund II and Artio Total Return Bond Fund, respectively.
††	Net of foreign withholding taxes of $10,378,073 and $0 for the Artio International Equity Fund II and Artio Total Return Bond Fund, respectively.
†††	Net of Brazilian IOF tax of $1,289,880 and $0 for the Artio International Equity II Fund and Artio Total Return Bond Fund, respectively.

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 123

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2010

	Artio			Artio
	Global High Income			U.S. Microcap
INVESTMENT INCOME:
Interest†	$	95,716,122		$	11
Securities lending income		—			51
Dividends		184,608			35,973
Total investment income		95,900,730			36,035
EXPENSES:
Investment advisory fee (Note 3)		7,333,005			50,957
Custody fees		430,928			11,273
Administration fees		29,868			—
Professional fees		90,869			14,316
Trustees’ fees and expenses		50,790			180
Registration and filing fees		165,816			19,458
Shareholder reports		191,861			633
Insurance premium expense		21,678			92
Commitment fee		25,319			1,578
Compliance expense		3,940			15
Miscellaneous fees		68,351			5,133
Total expenses common to all classes		8,412,425			103,635
Transfer agent fees
Class A		62,238			2,173
Class I		23,123			3
Distribution and shareholder servicing fees (Note 4)
Class A		1,135,644			4,479
Total gross expenses		9,633,430			110,290
Custody offset arrangement (Note 3)		(16,948	)		—
Recoupment of expenses previously assumed by investment advisor (Note 3)		37,755			—
Expenses reimbursed by investment advisor (Note 3)(1)		(5,453	)		(43,555	)
Expenses waived by investment advisor (Note 3)		(56,408	)		(204	)
Net expenses		9,592,376			66,531
NET INVESTMENT INCOME (LOSS)		86,308,354			(30,496	)
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain (loss) on:
Investments		65,506,055			249,352
Swap contracts		561,977			—
Forward foreign exchange contracts		12,650,139			—
Foreign currency transactions		(215,390	)		—
Net realized gain on investments		78,502,781			249,352
Net change in unrealized appreciation (depreciation) on:
Investments†††		45,299,337			2,298,176
Swap contracts		9,541,541			—
Forward foreign exchange contracts		13,103,825			—
Foreign currency transactions		(648,806	)		—
Net change in unrealized appreciation of investments		67,295,897			2,298,176
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		145,798,678			2,547,528
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	232,107,032		$	2,517,032

†	Net of foreign withholding taxes of $166,175 and $0 for the Artio Global High Income Fund and Artio U.S. Microcap Fund, respectively.
†††	Net of change in foreign capital gains tax of $201,347 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 $(2,196) and $(3,257), respectively. The expenses reimbursed on Artio U.S. Microcap for Class A and Class I were $(19,957) and $(23,598), respectively.

See Notes to Financial Statements

124 Artio Global Funds  ï  2010 Semi-Annual Report

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2010

	Artio			Artio
	U.S. Smallcap			U.S. Midcap
INVESTMENT INCOME:
Interest	$	45		$	2
Dividends		97,087			37,221
Total investment income		97,132			37,223
EXPENSES:
Investment advisory fee (Note 3)		125,906			21,796
Custody fees		16,358			7,256
Professional fees		14,787			14,244
Trustees’ fees and expenses		713			110
Registration and filing fees		19,576			19,408
Shareholder reports		3,200			236
Insurance premium expense		170			71
Commitment fee		1,582			1,584
Compliance expense		54			9
Miscellaneous fees		5,197			5,123
Total expenses common to all classes		187,543			69,837
Transfer agent fees
Class A		3,718			2,124
Class I		2			3
Distribution and shareholder servicing fees (Note 4)
Class A		24,235			3,369
Total gross expenses		215,498			75,333
Expenses reimbursed by investment advisor (Note 3)(1)		(26,861	)		(42,544	)
Expenses waived by investment advisor (Note 3)		(663	)		(136	)
Net expenses		187,974			32,653
NET INVESTMENT INCOME (LOSS)		(90,842	)		4,570
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain on:
Investments		980,834			619,131
Net realized gain on investments		980,834			619,131
Net change in unrealized appreciation on:
Investments		5,320,054			435,630
Net change in unrealized appreciation of investments		5,320,054			435,630
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		6,300,888			1,054,761
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,210,046		$	1,059,331

(1) The expenses reimbursed on Artio U.S. Smallcap Fund for Class A and Class I were $(19,493) and $(7,368), respectively. The expenses reimbursed on Artio U.S. Midcap for Class A and Class I were $(21,774) and $(20,770), respectively.

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 125

STATEMENT OF OPERATIONS (Continued) (Unaudited)

For the Six Months Ended April 30, 2010

	Artio
	U.S. Multicap
INVESTMENT INCOME:
Interest	$	6
Dividends(1)		42,623
Total investment income		42,629
EXPENSES:
Investment advisory fee (Note 3)		25,409
Custody fees		9,045
Professional fees		14,280
Trustees’ fees and expenses		149
Registration and filing fees		19,408
Shareholder reports		280
Insurance premium expense		72
Commitment fee		1,584
Compliance expense		12
Miscellaneous fees		5,128
Total expenses common to all classes		75,367
Transfer agent fees
Class A		2,161
Class I		4
Distribution and shareholder servicing fees (Note 4)
Class A		3,427
Total gross expenses		80,959
Expenses reimbursed by investment advisor (Note 3)(2)		(42,794	)
Expenses waived by investment advisor (Note 3)		(169	)
Net expenses		37,996
NET INVESTMENT INCOME		4,633
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Realized gain on:
Investments		329,498
Net realized gain on investments		329,498
Net change in unrealized appreciation on:
Investments		709,156
Net change in unrealized appreciation of investments		709,156
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,038,654
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,043,287

(1)	Net of withholding taxes of $135 for the Artio U.S. Multicap Fund.
(2)	The expenses reimbursed on Artio U.S. Multicap for Class A and Class I were $(19,082) and $(23,712), respectively.

See Notes to Financial Statements

126 Artio Global Funds  ï  2010 Semi-Annual Report

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

Artio Global Equity Fund Inc.

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2010			October 31, 2009
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	28,275		$	770,816
Net realized gain (loss) on investments		6,202,179			(6,539,251	)
Net change in unrealized appreciation of investments		2,275,583			19,112,591
Net increase in net assets resulting from operations		8,506,037			13,344,156
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(466,218	)		(51,820	)
Class I		(1,502,089	)		(442,421	)
Total distributions to shareholders		(1,968,307	)		(494,241	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		1,208,181			4,260,109
Class I		14,746,537			21,461,260
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		427,401			45,354
Class I		1,354,987			385,162
Cost of shares redeemed
Class A		(2,466,291	)		(5,616,212	)
Class I		(4,623,259	)		(29,225,075	)
Net increase (decrease) from Fund share transactions		10,647,556			(8,689,402	)
Net increase in net assets		17,185,286			4,160,513
NET ASSETS
Beginning of period		67,724,270			63,563,757
End of period (including undistributed net investment (loss) income of $(11,979) and $1,928,053, respectively)	$	84,909,556		$	67,724,270

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 127

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

Artio International Equity Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2010			October 31, 2009
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	53,754,001		$	126,684,185
Net realized gain (loss) on investments		369,263,707			(882,321,355	)
Net change in unrealized appreciation of investments		202,894,998			2,307,256,713
Net increase in net assets resulting from operations		625,912,706			1,551,619,543
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(312,693,549	)		(85,664,078	)
Class I		(464,863,718	)		(140,445,131	)
Total distributions to shareholders		(777,557,267	)		(226,109,209	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		166,288,433			404,301,509
Class I		379,822,133			932,167,894
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		304,130,078			82,972,280
Class I		407,783,876			123,510,037
Cost of shares redeemed
Class A		(697,844,725	)		(1,536,672,807	)
Class I		(888,881,393	)		(2,336,722,790	)
Net decrease from Fund share transactions		(328,701,598	)		(2,330,443,877	)
Net decrease in net assets		(480,346,159	)		(1,004,933,543	)
NET ASSETS
Beginning of period		10,758,326,577			11,763,260,120
End of period (including undistributed net investment (loss) income of $(99,867,278) and $623,935,988, respectively)	$	10,277,980,418		$	10,758,326,577

See Notes to Financial Statements

128 Artio Global Funds  ï  2010 Semi-Annual Report

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

Artio International Equity Fund II

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2010			October 31, 2009
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	44,894,223		$	80,213,609
Net realized gain (loss) on investments		303,348,820			(834,693,721	)
Net change in unrealized appreciation of investments		111,130,508			2,215,572,057
Net increase in net assets resulting from operations		459,373,551			1,461,091,945
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(103,530,864	)		(53,302,535	)
Class I		(341,289,826	)		(173,674,445	)
Total distributions to shareholders		(444,820,690	)		(226,976,980	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		368,218,228			1,339,361,355
Class I		1,138,608,303			2,951,347,838
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		99,920,171			51,235,076
Class I		213,808,074			124,414,774
Cost of shares redeemed
Class A		(411,915,399	)		(796,724,175	)
Class I		(1,262,207,118	)		(2,299,984,847	)
Net increase from Fund share transactions		146,432,259			1,369,650,021
Net increase in net assets		160,985,120			2,603,764,986
NET ASSETS
Beginning of period		9,131,494,636			6,527,729,650
End of period (including undistributed net investment income of $11,363,555 and $411,290,022, respectively)	$	9,292,479,756		$	9,131,494,636

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 129

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

Artio Total Return Bond Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2010			October 31, 2009
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	33,369,448		$	58,862,088
Net realized gain (loss) on investments		28,519,537			(16,111,380	)
Net change in unrealized appreciation (depreciation) of investments		(3,539,268	)		184,840,308
Net increase in net assets resulting from operations		58,349,717			227,591,016
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(5,615,521	)		(15,140,174	)
Class I		(27,593,824	)		(56,438,166	)
Distributions from realized gain
Class A		—			(3,273,465	)
Class I		—			(10,279,203	)
Total distributions to shareholders		(33,209,345	)		(85,131,008	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		62,732,195			147,840,856
Class I		238,103,128			530,039,756
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		5,282,017			17,725,866
Class I		17,720,179			39,412,940
Cost of shares redeemed
Class A		(96,868,921	)		(168,566,731	)
Class I		(140,840,322	)		(405,092,093	)
Net increase from Fund share transactions		86,128,276			161,360,594
Net increase in net assets		111,268,648			303,820,602
NET ASSETS
Beginning of period		1,569,735,397			1,265,914,795
End of period (including undistributed net investment loss of $(6,156,293) and $(6,316,396), respectively)	$	1,681,004,045		$	1,569,735,397

See Notes to Financial Statements

130 Artio Global Funds  ï  2010 Semi-Annual Report

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

Artio Global High Income Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2010			October 31, 2009
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	86,308,354		$	64,215,393
Net realized gain (loss) on investments		78,502,781			(11,398,781	)
Net change in unrealized appreciation of investments		67,295,897			274,614,152
Net increase in net assets resulting from operations		232,107,032			327,430,764
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(32,681,066	)		(26,042,197	)
Class I		(51,805,660	)		(39,483,744	)
Return of capital
Class A		(1,527,760	)		(5,125,386	)
Class I		(2,357,367	)		(7,770,829	)
Total distributions to shareholders		(88,371,853	)		(78,422,156	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		601,744,026			679,159,672
Class I		957,546,131			787,876,363
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		30,277,053			29,332,975
Class I		44,272,857			36,506,876
Cost of shares redeemed
Class A		(267,536,395	)		(233,104,717	)
Class I		(178,762,512	)		(260,336,225	)
Net increase from Fund share transactions		1,187,541,160			1,039,434,944
Net increase in net assets		1,331,276,339			1,288,443,552
NET ASSETS
Beginning of period		1,649,594,591			361,151,039
End of period (including undistributed net investment (loss) income of $(853,649) and $1,209,850, respectively)	$	2,980,870,930		$	1,649,594,591

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 131

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

Artio U.S. Microcap Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2010			October 31, 2009
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(30,496	)	$	(31,881	)
Net realized gain (loss) on investments		249,352			(254,236	)
Net change in unrealized appreciation of investments		2,298,176			1,341,679
Net increase in net assets resulting from operations		2,517,032			1,055,562
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		3,048,588			1,295,639
Class I		2,620,908			392,317
Cost of shares redeemed
Class A		(711,385	)		(586,054	)
Class I		(163,584	)		(164,113	)
Net increase from Fund share transactions		4,794,527			937,789
Net increase in net assets		7,311,559			1,993,351
NET ASSETS
Beginning of period		6,060,821			4,067,470
End of period (including undistributed net investment loss of $(59,472) and $(28,976), respectively)	$	13,372,380		$	6,060,821

See Notes to Financial Statements

132 Artio Global Funds  ï  2010 Semi-Annual Report

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

Artio U.S. Smallcap Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2010			October 31, 2009
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(90,842	)	$	(23,505	)
Net realized gain on investments		980,834			372,747
Net change in unrealized appreciation of investments		5,320,054			1,230,793
Net increase in net assets resulting from operations		6,210,046			1,580,035
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		27,018,970			8,479,268
Class I		11,840,150			427,454
Cost of shares redeemed
Class A		(3,660,315	)		(743,583	)
Class I		(327,192	)		(170,096	)
Net increase from Fund share transactions		34,871,613			7,993,043
Net increase in net assets		41,081,659			9,573,078
NET ASSETS
Beginning of period		14,766,867			5,193,789
End of period (including undistributed net investment loss of $(119,818) and $(28,976), respectively)	$	55,848,526		$	14,766,867

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 133

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

Artio U.S. Midcap Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2010			October 31, 2009
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,570		$	14,128
Net realized gain (loss) on investments		619,131			(605,528	)
Net change in unrealized appreciation of investments		435,630			1,372,735
Net increase in net assets resulting from operations		1,059,331			781,335
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(2,214	)		—
Class I		(8,251	)		—
Total distributions to shareholders		(10,465	)		—
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		49,255			103,437
Class I		136,812			60,785
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		186			—
Class I		783			—
Cost of shares redeemed
Class A		(46,274	)		(139,466	)
Class I		(96,039	)		(190,574	)
Net increase (decrease) from Fund share transactions		44,723			(165,818	)
Net increase in net assets		1,093,589			615,517
NET ASSETS
Beginning of period		4,936,857			4,321,340
End of period (including undistributed net investment loss of $(21,661) and $(15,766), respectively)	$	6,030,446		$	4,936,857

See Notes to Financial Statements

134 Artio Global Funds  ï  2010 Semi-Annual Report

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

Artio U.S. Multicap Fund

	For the Six Months			For the Year
	Ended			Ended
	April 30, 2010			October 31, 2009
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,633		$	25,830
Net realized gain (loss) on investments		329,498			(367,589	)
Net change in unrealized appreciation of investments		709,156			1,247,045
Net increase in net assets resulting from operations		1,043,287			905,286
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2):
Distributions from net investment income
Class A		(8,328	)		—
Class I		(14,634	)		(797	)
Total distributions to shareholders		(22,962	)		(797	)
FUND SHARE TRANSACTIONS (NOTE 8):
Proceeds from sale of shares
Class A		54,829			118,712
Class I		2,348,060			72,052
Net Asset Value of shares issued to shareholders in payment of distributions declared
Class A		508			—
Class I		817			576
Cost of shares redeemed
Class A		(57,193	)		(126,590	)
Class I		(64,013	)		(307,842	)
Net increase (decrease) from Fund share transactions		2,283,008			(243,092	)
Net increase in net assets		3,303,333			661,397
NET ASSETS
Beginning of period		5,037,779			4,376,382
End of period (including undistributed net investment loss of $(19,879) and $(1,550), respectively)	$	8,341,112		$	5,037,779

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 135

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2010			2009			2008			2007			2006			2005 (2)
Net Asset Value, beginning of period		$32.55	†		$27.23			$47.02			$38.23			$31.45			$26.90
Income (loss) from investment operations:
Net investment income (loss) (3)		(0.02	)		0.27			0.32			0.33			0.23			0.21
Net realized and unrealized gain (loss) on investments		3.98			5.15			(20.03	)		8.46			6.55			4.36
Total income (loss) from investment operations		3.96			5.42			(19.71	)		8.79			6.78			4.57
Less distributions:
From net investment income		(0.89	)		(0.10	)		(0.08	)		—			—			(0.02	)
Total Distributions		(0.89	)		(0.10	)		(0.08	)		—			—			(0.02	)
Net Asset Value, end of period		$35.62			$32.55	†		$27.23			$47.02			$38.23			$31.45
Total Return		12.25	%(4)		19.94	%		(42.00	)%		23.02	%		21.56	%		17.00	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$18,510			$17,703			$16,045			$38,995			$29,852			$34,608
Ratio of net investment income (loss) to average net assets		(0.13	)%(5)		0.99	%		0.79	%		0.78	%		0.65	%		0.71	%
Ratio of net expenses to average net assets (6)(1)		1.40	%(5)		1.40	%		1.45	%		1.42	%		1.42	%		1.51	%
Ratio of net expenses to average net assets (1)		1.40	%(5)		1.40	%		1.40	%		1.40	%		1.40	%		1.50	%
Portfolio turnover rate		86	%(4)		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 (6)		1.65	%(5)		1.89	%		1.75	%		1.99	%		2.26	%		2.99	%
Ratio of gross expenses to average net assets		1.65	%(5)		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)	Not annualized.
(5)	Annualized.
(6)	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

136 Artio Global Funds  ï  2010 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six Months
	Ended															Period Ended
	April 30,			Year Ended October 31,												October 31,
	2010			2009			2008			2007			2006			2005 (2)(3)
Net Asset Value, beginning of period		$32.80	†		$27.55	†		$47.45			$38.48			$31.58			$30.80
Income (loss) from investment operations:
Net investment income (4)		0.02			0.35			0.39			0.46			0.38			0.23
Net realized and unrealized gain (loss) on investments		4.00			5.17			(20.10	)		8.51			6.52			0.56
Total income (loss) from investment operations		4.02			5.52			(19.71	)		8.97			6.90			0.79
Less distributions:
From net investment income		(0.95	)		(0.27	)		(0.19	)		—			—	(5)		(0.01	)
Total Distributions		(0.95	)		(0.27	)		(0.19	)		—			—	(5)		(0.01	)
Net Asset Value, end of period		$35.87			$32.80	†		$27.55	†		$47.45			$38.48			$31.58
Total Return		12.37	%(6)		20.23	%		(41.68	)%		23.31	%		21.89	%		2.56	%(6)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$66,399			$50,021			$47,518			$74,033			$29,598			$16,810
Ratio of investment income to average net assets		0.13	%(7)		1.27	%		0.98	%		1.08	%		1.06	%		1.15	%(7)
Ratio of net expenses to average net assets (1)(8)		1.15	%(7)		1.15	%		1.20	%		1.17	%		1.17	%		1.17	%(7)
Ratio of net expenses to average net assets (1)		1.15	%(7)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%(7)
Portfolio turnover rate		86	%(6)		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)		1.29	%(7)		1.50	%		1.45	%		1.65	%		1.88	%		2.51	%(7)
Ratio of gross expenses to average net assets		1.29	%(7)		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  2010 Semi-Annual Report 137

FINANCIAL HIGHLIGHTS (Unaudited)

Artio International Equity Fund
For a share outstanding throughout each period

	Class A
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2010			2009			2008			2007			2006			2005
Net Asset Value, beginning of period		$28.20			$24.46	†		$51.95			$43.09			$34.29			$28.99
Income (loss) from investment operations:
Net investment income (1)		0.12			0.26			0.52			0.71			0.50			0.35
Net realized and unrealized gain (loss) on investments		1.53			3.94			(22.03	)		12.60			9.87			5.98
Total income (loss) from investment operations		1.65			4.20			(21.51	)		13.31			10.37			6.33
Less distributions:
From net investment income		(2.08	)		(0.46	)		(0.72	)		(0.28	)		—			(0.45	)
From net realized gains on investments		—			—			(5.26	)		(4.17	)		(1.57	)		(0.58	)
Total Distributions		(2.08	)		(0.46	)		(5.98	)		(4.45	)		(1.57	)		(1.03	)
Net Asset Value, end of period		$27.77			$28.20			$24.46	†		$51.95			$43.09			$34.29
Total Return		5.86	%(2)		17.62	%		(46.49	)%		33.33	%		31.20	%		22.19	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$4,078,795			$4,368,400			$4,884,851			$11,619,663			$9,092,359			$7,018,030
Ratio of net investment income to average net assets		0.86	%(3)		1.09	%		1.31	%		1.54	%		1.28	%		1.09	%
Ratio of net expenses to average net assets (4)		1.27	%(3)		1.26	%		1.22	%		1.24	%		1.24	%		1.32	%
Ratio of net expenses to average net assets		1.27	%(3)(5)		1.21	%(5)		1.13	%(5)		1.19	%		1.19	%		1.31	%
Portfolio turnover rate		50	%(2)		201	%		55	%		51	%		62	%		57	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(5)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the annualized operating expense ratios would have been 1.27%, 1.21% and 1.13% for the periods ended April 30, 2010 and 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

138 Artio Global Funds  ï  2010 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

Artio International Equity Fund
For a share outstanding throughout each period

	Class I
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2010			2009			2008			2007			2006			2005
Net Asset Value, beginning of period		$28.89			$25.09	†		$53.15			$43.97			$34.96			$29.47
Income (loss) from investment operations:
Net investment income (1)		0.16			0.33			0.63			0.85			0.52			0.44
Net realized and unrealized gain (loss) on investments		1.57			4.03			(22.60	)		12.88			10.15			6.09
Total income (loss) from investment operations		1.73			4.36			(21.97	)		13.73			10.67			6.53
Less distributions:
From net investment income		(2.15	)		(0.56	)		(0.83	)		(0.38	)		—			(0.46	)
From net realized gains on investments		—			—			(5.26	)		(4.17	)		(1.66	)		(0.58	)
Total Distributions		(2.15	)		(0.56	)		(6.09	)		(4.55	)		(1.66	)		(1.04	)
Net Asset Value, end of period		$28.47			$28.89			$25.09	†		$53.15			$43.97			$34.96
Total Return		6.01	%(2)		17.91	%		(46.37	)%		33.65	%		31.53	%		22.52	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$6,199,185			$6,389,926			$6,878,409			$15,310,511			$11,077,753			$8,220,356
Ratio of investment income to average net assets		1.12	%(3)		1.36	%		1.56	%		1.81	%		1.29	%		1.33	%
Ratio of net expenses to average net assets (4)		1.01	%(3)		1.01	%		0.98	%		0.99	%		0.99	%		1.05	%
Ratio of net expenses to average net assets		1.01	%(3)(5)		0.95	%(5)		0.89	%		0.94	%		0.94	%		1.04	%
Portfolio turnover rate		50	%(2)		201	%		55	%		51	%		62	%		57	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(5)	The net expenses of the Fund reflect a waiver of fees by the Fund’s investment advisor. Had such action not been taken, the annualized operating expense ratios would have been 1.02%, 0.95% and 0.89% for the periods ended April 30, 2010, and 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  2010 Semi-Annual Report 139

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six Months
	Ended															Period Ended
	April 30,			Year Ended October 31,												October 31,
	2010			2009			2008			2007			2006			2005 (1)
Net Asset Value, beginning of period		$11.62			$10.15	†		$18.31			$14.07			$10.94			$10.00
Income (loss) from investment operations:
Net investment income (loss) (2)		0.05			0.09			0.19			0.31			0.16			(0.01	)
Net realized and unrealized gain (loss) on investments		0.53			1.71			(7.94	)		4.01			2.97			0.95
Total income (loss) from investment operations		0.58			1.80			(7.75	)		4.32			3.13			0.94
Less distributions:
From net investment income		(0.55	)		(0.33	)		(0.14	)		(0.03	)		—			—
From net realized gains on investments		—			—			(0.27	)		(0.05	)		—			—
Total Distributions		(0.55	)		(0.33	)		(0.41	)		(0.08	)		—			—
Net Asset Value, end of period		$11.65			$11.62			$10.15	†		$18.31			$14.07			$10.94
Total Return		4.97	%(3)		18.23	%		(43.18	)%		30.89	%		28.73	%		9.30	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,204,658			$2,146,222			$1,309,002			$1,980,188			$722,531			$127,435
Ratio of net investment income (loss) to average net assets		0.78	%(4)		0.87	%		1.25	%		1.93	%		1.25	%		(0.11	)%(4)
Ratio of net expenses to average net assets (5)(6)		1.27	%(4)		1.27	%		1.28	%		1.31	%		1.33	%		1.36	%(4)
Ratio of net expenses to average net assets (7)		1.27	%(4)		1.24	%		1.21	%		1.29	%		1.32	%		1.35	%(4)
Portfolio turnover rate		61	%(3)		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 1.27%,1.25%, 1.21%, 1.28% and 1.32% and 2.06% for the periods ended April 30, 2010, 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

140 Artio Global Funds  ï  2010 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six Months
	Ended															Period Ended
	April 30,			Year Ended October 31,												October 31,
	2010			2009			2008			2007			2006			2005 (1)
Net Asset Value, beginning of period		$11.70			$10.22	†		$18.42			$14.14			$10.96			$10.00
Income (loss) from investment operations:
Net investment income (2)		0.06			0.12			0.23			0.37			0.20			—
Net realized and unrealized gain (loss) on investments		0.55			1.72			(7.99	)		4.02			2.98			0.96
Total income (loss) from investment operations		0.61			1.84			(7.76	)		4.39			3.18			0.96
Less distributions:
From net investment income		(0.58	)		(0.36	)		(0.17	)		(0.06	)		—			—
From net realized gains on investments		—			—			(0.27	)		(0.05	)		—			—
Total Distributions		(0.58	)		(0.36	)		(0.44	)		(0.11	)		—			—
Net Asset Value, end of period		$11.73			$11.70			$10.22	†		$18.42			$14.14			$10.96
Total Return		5.15	%(3)		18.59	%		(43.03	)%		31.15	%		29.11	%		9.60	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$7,087,822			$6,985,273			$5,218,728			$7,753,276			$2,439,754			$297,617
Ratio of net investment income (loss) to average net assets		1.02	%(4)		1.18	%		1.48	%		2.28	%		1.54	%		(0.01	)%(4)
Ratio of net expenses to average net assets (5)(6)		1.03	%(4)		1.02	%		1.00	%		1.03	%		1.06	%		1.09	%(4)
Ratio of net expenses to average net assets (7)		1.03	%(4)		0.98	%		0.93	%		1.01	%		1.05	%		1.08	%(4)
Portfolio turnover rate		61	%(3)		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 1.03%, 0.99%, 0.93%, 1.01%, 1.05% and 1.60% for the periods ended April 30, 2010, 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  2010 Semi-Annual Report 141

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2010			2009			2008			2007			2006			2005
Net Asset Value, beginning of period		$13.51			$12.21			$13.41			$13.08			$13.33			$13.37
Income (loss) from investment operations:
Net investment income (1)		0.26			0.51			0.57			0.57			0.56			0.42
Net realized and unrealized gain (loss) on investments		0.21			1.54			(1.07	)		0.29			0.07			0.10
Total income (loss) from investment operations		0.47			2.05			(0.50	)		0.86			0.63			0.52
Less distributions:
From net investment income		(0.24	)		(0.62	)		(0.70	)		(0.53	)		(0.77	)		(0.46	)
From net realized gains on investments		—			(0.13	)		—			—			(0.11	)		(0.10	)
Total Distributions		(0.24	)		(0.75	)		(0.70	)		(0.53	)		(0.88	)		(0.56	)
Net Asset Value, end of period		$13.74			$13.51			$12.21			$13.41			$13.08			$13.33
Total Return		3.50	%(2)		17.27	%		(4.01	)%		6.75	%		4.98	%		3.93	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$307,669			$331,224			$302,869			$148,603			$103,732			$68,223
Ratio of net investment income to average net assets		3.89	%(3)		3.98	%		4.27	%		4.34	%		4.32	%		3.11	%
Ratio of net expenses to average net assets (4)		0.69	%(3)		0.69	%		0.69	%		0.69	%		0.69	%		0.78	%
Ratio of net expenses to average net assets (5)		0.69	%(3)		0.69	%		0.69	%		0.69	%		0.69	%		0.77	%
Portfolio turnover rate(6)		86	%(2)		289	%		341	%		433	%		411	%		202	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(5)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating expense ratios would have been 0.69%, 0.69%, 0.72%, 0.81%, 0.83%, and 0.93% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, 2006, and 2005, respectively.
(6)	The portfolio turnover rate not including TBA transactions was 63%,159%, 238%, 220%, 174%, and 67% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, 2006 and 2005.

See Notes to Financial Statements

142 Artio Global Funds  ï  2010 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2010			2009			2008			2007			2006			2005
Net Asset Value, beginning of period		$13.47			$12.20			$13.43			$13.12			$13.38			$13.41
Income (loss) from investment operations:
Net investment income (1)		0.28			0.54			0.57			0.61			0.60			0.47
Net realized and unrealized gain (loss) on investments		0.20			1.53			(1.04	)		0.29			0.07			0.08
Total income (loss) from investment operations		0.48			2.07			(0.47	)		0.90			0.67			0.55
Less distributions:
From net investment income		(0.28	)		(0.67	)		(0.76	)		(0.59	)		(0.82	)		(0.48	)
From net realized gains on investments		—			(0.13	)		—			—			(0.11	)		(0.10	)
Total Distributions		(0.28	)		(0.80	)		(0.76	)		(0.59	)		(0.93	)		(0.58	)
Net Asset Value, end of period		$13.67			$13.47			$12.20			$13.43			$13.12			$13.38
Total Return		3.62	%(2)		17.56	%		(3.84	)%		7.13	%		5.25	%		4.10	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,373,335			$1,238,512			$963,045			$781,006			$399,187			$141,145
Ratio of investment income to average net assets		4.15	%(3)		4.26	%		4.27	%		4.61	%		4.64	%		3.50	%
Ratio of net expenses to average net assets (4)		0.44	%(3)		0.43	%		0.44	%		0.44	%		0.44	%		0.47	%
Ratio of net expenses to average net assets (5)		0.44	%(3)		0.44	%		0.44	%		0.44	%		0.44	%		0.47	%
Portfolio turnover rate(6)		86	%(2)		289	%		341	%		433	%		411	%		202	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangement.
(5)	The net expenses of the Fund reflect a recoupment or waiver of fees by the Fund’s investment advisor. Had such action not been taken, the operating expense ratios would have been 0.44%, 0.43%, 0.46%, 0.54%, 0.56%, and 0.65% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, 2006, and 2005, respectively.
(6)	The portfolio turnover rate not including TBA transactions was 63%, 159%, 238%, 220%, 174%, and 67% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, 2006 and 2005.

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 143

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2010			2009			2008			2007			2006			2005
Net Asset Value, beginning of period		$10.28			$8.08			$11.05			$10.99			$11.93			$12.07
Income (loss) from investment operations:
Net investment income (1)		0.40			0.71			0.68			0.76			0.68			0.73
Net realized and unrealized gain (loss) on investments		0.67			2.42			(3.00	)		0.15			0.43			(0.01	)
Total income (loss) from investment operations		1.07			3.13			(2.32	)		0.91			1.11			0.72
Less distributions:
From net investment income		(0.37	)		(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		(0.02	)		(0.15	)		—			(0.07	)		—			—
Total Distributions		(0.39	)		(0.93	)		(0.65	)		(0.85	)		(2.05	)		(0.86	)
Net Asset Value, end of period		$10.96			$10.28			$8.08			$11.05			$10.99			$11.93
Total Return		10.53	%(2)		42.71	%		(22.12	)%		8.58	%		10.49	%		6.15	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,138,244			$715,541			$139,340			$94,348			$45,930			$36,166
Ratio of net investment income to average net assets		7.50	%(3)		7.83	%		6.67	%		6.89	%		6.16	%		6.01	%
Ratio of net expenses to average net assets (4)(5)		1.00	%(3)		1.01	%		1.02	%		1.01	%		1.10	%		1.28	%
Ratio of net expenses to average net assets (4)(6)		1.00	%(3)		1.00	%		1.00	%		1.00	%		1.08	%		1.25	%
Portfolio turnover rate		29	%(2)		43	%		28	%		63	%		96	%		99	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	On March 1, 2006, the expense cap changed from 1.25% to 1.00%.
(5)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangements and reimbursement of expense previously assumed by the Fund’s investment advisor.
(6)	The net expenses of the Fund reflect a 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%, 1.01%, 1.08%, 1.20%, 1.35% and 1.30% for the periods ended April 30, 2010, October 31, 2009 ,2008, 2007, 2006 and 2005.

See Notes to Financial Statements

144 Artio Global Funds  ï  2010 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six Months
	Ended
	April 30,			Year Ended October 31,
	2010			2009			2008			2007			2006			2005
Net Asset Value, beginning of period		$9.90			$7.82			$10.71			$10.66			$11.61			$12.01
Income (loss) from investment operations:
Net investment income (1)		0.39			0.70			0.69			0.77			0.70			0.78
Net realized and unrealized gain (loss) on investments		0.65			2.33			(2.90	)		0.14			0.40			(0.05	)
Total income (loss) from investment operations		1.04			3.03			(2.21	)		0.91			1.10			0.73
Less distributions:
From net investment income		(0.37	)		(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		(0.02	)		(0.16	)		—			(0.08	)		—			—
Total Distributions		(0.39	)		(0.95	)		(0.68	)		(0.86	)		(2.05	)		(1.13	)
Net Asset Value, end of period		$10.55			$9.90			$7.82			$10.71			$10.66			$11.61
Total Return		10.71	%(2)		42.99	%		(21.84	)%		8.82	%		10.76	%		6.37	%
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$1,842,626			$934,054			$221,811			$152,769			$35,100			$7,586
Ratio of investment income to average net assets		7.75	%(3)		8.10	%		6.93	%		7.15	%		6.61	%		6.47	%
Ratio of net expenses to average net assets (4)(5)		0.75	%(3)		0.76	%		0.77	%		0.76	%		0.81	%		1.03	%
Ratio of net expenses to average net assets (4)(6)		0.75	%(3)		0.75	%		0.75	%		0.75	%		0.79	%		1.00	%
Portfolio turnover rate		29	%(2)		43	%		28	%		63	%		96	%		99	%

(1)	Based on average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	On March 1, 2006, the expense cap changed from 1.00% to 0.75%.
(5)	Expense ratio without taking into consideration any expense reductions related to custody offset arrangements and reimbursement of expense previously assumed by the Fund’s investment advisor.
(6)	The net expenses of the Fund reflect a 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 0.75%, 0.74%, 0.79%, 0.92%, 1.08% and 1.04% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, 2006 and 2005.

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 145

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six Months
	Ended												Period Ended
	April 30,			Year Ended October 31,									October 31,
	2010			2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$7.70			$6.04			$12.66			$11.26			$10.00
Income (loss) from investment operations:
Net investment loss (2)		(0.04	)		(0.06	)		(0.11	)		(0.11	)		(0.03	)
Net realized and unrealized gain (loss) on investments		2.74			1.72			(5.11	)		1.51			1.29
Total income (loss) from investment operations		2.70			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		$10.40			$7.70			$6.04			$12.66			$11.26
Total Return		35.19	%(3)		27.48	%		(45.85	)%(4)		12.43	%		12.60	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$6,683			$3,236			$2,021			$3,781			$2,955
Ratio of net investment loss to average net assets		(0.83	)%(5)		(0.92	)%		(1.19	)%		(0.90	)%		(0.99	)%(5)
Ratio of net expenses to average net assets (6)		1.80	%(5)		1.80	%		1.80	%		1.80	%		1.80	%(5)
Portfolio turnover rate		42	%(3)		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 2.92%, 4.25%, 3.80%,3.52% and 4.52% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, and 2006.

See Notes to Financial Statements

146 Artio Global Funds  ï  2010 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six Months
	Ended												Period Ended
	April 30,			Year Ended October 31,									October 31,
	2010			2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$7.75			$6.05	†		$12.71			$11.27			$10.00
Income (loss) from investment operations:
Net investment loss (2)		(0.03	)		(0.04	)		(0.08	)		(0.07	)		(0.02	)
Net realized and unrealized gain (loss) on investments		2.76			1.74			(5.12	)		1.51			1.29
Total income (loss) from investment operations		2.73			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		$10.48			$7.75			$6.05	†		$12.71			$11.27
Total Return		35.23	%(3)		27.89	%		(45.63	)%(4)		12.88	%		12.60	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$6,689			$2,825			$2,046			$3,677			$2,816
Ratio of net investment loss to average net assets		(0.68	)%(5)		(0.60	)%		(0.89	)%		(0.60	)%		(0.69	)%(5)
Ratio of net expenses to average net assets (6)		1.50	%(5)		1.50	%		1.50	%		1.50	%		1.50	%(5)
Portfolio turnover rate		42	%(3)		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 2.54%,3.60%,3.32%, 3.08% and 4.03% for the periods ended April 30, 2010, 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  2010 Semi-Annual Report 147

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six Months
	Ended												Period Ended
	April 30,			Year Ended October 31,									October 31,
	2010			2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$8.48			$6.32			$14.13			$11.10			$10.00
Income (loss) from investment operations:
Net investment loss (2)		(0.04	)		(0.04	)		(0.03	)		(0.10	)		(0.01	)
Net realized and unrealized gain (loss) on investments		2.27			2.20			(4.82	)		3.31			1.11
Total income (loss) from investment operations		2.23			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		$10.71			$8.48			$6.32			$14.13			$11.10
Total Return		26.30	%(3)		34.18	%		(41.89	)%		29.44	%		11.00	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$39,183			$11,277			$2,743			$4,339			$2,807
Ratio of net investment loss to average net assets		(0.75	)%(4)		(0.52	)%		(0.31	)%		(0.85	)%		(0.29	)%(4)
Ratio of net expenses to average net assets (5)		1.50	%(4)		1.50	%		1.50	%		1.50	%		1.50	%(4)
Portfolio turnover rate		44	%(3)		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 annualized operating expense ratio would have been 1.71%, 2.88%, 3.21%, 2.97% and 4.22% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, and 2006.

See Notes to Financial Statements

148 Artio Global Funds  ï  2010 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six Months
	Ended												Period Ended
	April 30,			Year Ended October 31,									October 31,
	2010			2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$8.52			$6.33			$14.18			$11.11			$10.00
Income (loss) from investment operations:
Net investment income (loss) (2)		(0.03	)		(0.01	)		—	(3)		(0.06	)		—
Net realized and unrealized gain (loss) on investments		2.29			2.20			(4.84	)		3.32			1.11
Total income (loss) from investment operations		2.26			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		$10.78			$8.52			$6.33			$14.18			$11.11
Total Return		26.53	%(4)		34.60	%		(41.70	)%		29.75	%		11.10	%(4)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$16,666			$3,490			$2,450			$4,073			$2,777
Ratio of net investment income (loss) to average net assets		(0.51	)%(5)		(0.12	)%		(0.02	)%		(0.52	)%		0.01	%(5)
Ratio of net expenses to average net assets (6)		1.20	%(5)		1.20	%		1.20	%		1.20	%		1.20	%(5)
Portfolio turnover rate		44	%(4)		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 annualized operating expense ratio would have been 1.41%, 2.59%, 2.78%, 2.79% and 3.68% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, and 2006.

See Notes to Financial Statements

Artio Global Funds  ï  2010 Semi-Annual Report 149

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six Months
	Ended												Period Ended
	April 30,			Year Ended October 31,									October 31,
	2010			2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$8.15			$6.81			$12.74			$11.05			$10.00
Income (loss) from investment operations:
Net investment income (loss) (2)		0.00(3	)		0.01			(0.01	)		0.05			0.01
Net realized and unrealized gain (loss) on investments		1.73			1.33			(4.94	)		1.81			1.04
Total income (loss) from investment operations		1.73			1.34			(4.95	)		1.86			1.05
Less distributions:
From net investment income		(0.01	)		—			—			(0.13	)		—
From net realized gains on investments		—			—			(0.98	)		(0.04	)		—
Total Distributions		(0.01	)		—			(0.98	)		(0.17	)		—
Net Asset Value, end of period		$9.87			$8.15			$6.81			$12.74			$11.05
Total Return		21.20	%(4)		19.68	%		(41.91	)%		17.16	%		10.50	%(4)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,964			$2,442			$2,096			$3,646			$2,887
Ratio of net investment income (loss) to average net assets		0.02	%(5)		0.19	%		(0.08	)%		0.43	%		0.52	%(5)
Ratio of net expenses to average net assets (6)		1.35	%(5)		1.35	%		1.35	%		1.35	%		1.35	%(5)
Portfolio turnover rate		74	%(4)		232	%		209	%		155	%		11	%(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 annualized operating expense ratio would have been 2.97%, 3.71%, 3.10%, 2.98% and 3.94% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, and 2006.

See Notes to Financial Statements

150 Artio Global Funds  ï  2010 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six Months
	Ended												Period Ended
	April 30,			Year Ended October 31,									October 31,
	2010			2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$8.18			$6.82			$12.76			$11.06			$10.00
Income (loss) from investment operations:
Net investment income (2)		0.01			0.03			0.02			0.09			0.01
Net realized and unrealized gain (loss) on investments		1.75			1.33			(4.94	)		1.80			1.05
Total income (loss) from investment operations		1.76			1.36			(4.92	)		1.89			1.06
Less distributions:
From net investment income		(0.03	)		—			0.00			(0.15	)		—
From net realized gains on investments		—			—			(0.98	)		(0.04	)		—
Return of capital		—			—			(0.04	)		—			—
Total Distributions		(0.03	)		—			(1.02	)		(0.19	)		—
Net Asset Value, end of period		$9.91			$8.18			$6.82			$12.76			$11.06
Total Return		21.51	%(3)		19.94	%		(41.72	)%		17.47	%		10.60	%(3)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$3,066			$2,495			$2,226			$3,842			$2,765
Ratio of investment income to average net assets		0.32	%(4)		0.49	%		0.22	%		0.77	%		0.22	%(4)
Ratio of net expenses to average net assets (5)		1.05	%(4)		1.05	%		1.05	%		1.05	%		1.05	%(4)
Portfolio turnover rate		74	%(3)		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 annualized operating expense ratio would have been 2.56%, 3.01%, 2.62%, 2.51% and 3.46% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, and 2006.

See Notes to Financial Statements

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FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	Six Months
	Ended												Period Ended
	April 30,			Year Ended October 31,									October 31,
	2010			2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$8.44			$6.93			$12.84			$11.10			$10.00
Income (loss) from investment operations:
Net investment income (loss) (2)		(0.00	)(3)		0.03			(0.02	)		0.07			—	(3)
Net realized and unrealized gain (loss) on investments		1.54			1.48			(4.75	)		1.85			1.10
Total income (loss) from investment operations		1.54			1.51			(4.77	)		1.92			1.10
Less distributions:
From net investment income		(0.03	)		—			—			(0.13	)		—
From net realized gains on investments		—			—			(1.14	)		(0.05	)		—
Total Distributions		(0.03	)		—			(1.14	)		(0.18	)		—
Net Asset Value, end of period		$9.95			$8.44			$6.93			$12.84			$11.10
Total Return		18.24	%(4)		21.79	%		(40.40	)%		17.47	%		11.00	%(4)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$2,972			$2,525			$2,048			$3,620			$2,780
Ratio of net investment income (loss) to average net assets		(0.02	)%(5)		0.46	%		(0.21	)%		0.58	%		(0.03	)%(5)
Ratio of net expenses to average net assets (6)		1.30	%(5)		1.30	%		1.30	%		1.30	%		1.30	%(5)
Portfolio turnover rate		41	%(4)		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 annualized operating expense ratio would have been 2.70%, 3.63%, 3.14%, 2.93% and 3.87% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, and 2006.

See Notes to Financial Statements

152 Artio Global Funds  ï  2010 Semi-Annual Report

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class I
	Six Months
	Ended												Period Ended
	April 30,			Year Ended October 31,									October 31,
	2010			2009			2008			2007			2006 (1)
Net Asset Value, beginning of period		$8.48			$6.94			$12.86			$11.11			$10.00
Income (loss) from investment operations:
Net investment income (2)		0.01			0.05			0.01			0.12			0.01
Net realized and unrealized gain (loss) on investments		1.55			1.49			(4.76	)		1.84			1.10
Total income (loss) from investment operations		1.56			1.54			(4.75	)		1.96			1.11
Less distributions:
From net investment income		(0.05	)		—	(3)		(0.03	)		(0.16	)		—
From net realized gains on investments		—			—			(1.14	)		(0.05	)		—
Total Distributions		(0.05	)		—	(3)		(1.17	)		(0.21	)		—
Net Asset Value, end of period		$9.99			$8.48			$6.94			$12.86			$11.11
Total Return		18.43	%(4)		22.24	%		(40.26	)%		17.79	%		11.10	%(4)
Ratios/Supplemental Data:
Net Assets, end of period (in 000’s)		$5,369			$2,513			$2,328			$3,947			$2,778
Ratio of investment income to average net assets		0.25	%(5)		0.76	%		0.09	%		0.99	%		0.27	%(5)
Ratio of net expenses to average net assets (6)		1.00	%(5)		1.00	%		1.00	%		1.00	%		1.00	%(5)
Portfolio turnover rate		41	%(4)		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 annualized operating expense ratio would have been 2.18%, 2.97%, 2.63%, 2.42% and 3.33% for the periods ended April 30, 2010, October 31, 2009, 2008, 2007, and 2006.

See Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.  Organization

The Artio Global Funds consist of the Artio Global Equity Fund Inc. (“Global Equity Fund”) and the Artio Global Investment Funds (the “Trust”). As of April 30, 2010, 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 April 30, 2010, 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.

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 April 30, 2010, all of the Funds offered Class A and Class I shares. The classes of shares are offered to different types of investors and have different expense structures, as outlined in the Funds’ Prospectuses. Each class of shares has exclusive voting rights with respect to matters that affect that class. Income, realized gains and losses, unrealized appreciation and depreciation, and expenses that are not attributable to a specific class are allocated daily to each class based on its relative net assets. Expenses directly attributable to a Fund are charged to that Fund. Other expenses are allocated to the respective Fund based on average daily net assets.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 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 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

The pricing services may use valuation models or matrix pricing, which considers yield or prices with respect to comparable bond quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. Asset and liabilities initially expressed in foreign currency values will be converted into U.S. dollar values. Short-term dollar-denominated investments of appropriate credit quality that mature in 60 days or less are valued on the basis of amortized cost. To the extent each Fund invests in other open-end funds, the Fund will calculate its NAV based upon the NAV of the underlying funds in which it invests. The prospectuses of these underlying funds explain the circumstances under which they will use 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 using inputs, which may include yield data, risk free rate, volatility, contract terms, and others, as applicable. 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. These inputs may include prices of similar securities, yield data, the financial condition of the issuer, and other factors, as applicable. 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 to the assumptions that market participants would use in pricing the asset or liability,

156 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 liabilities developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 - Quoted prices in active markets for identical investments

Level 2 - Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of April 30, 2010 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	$	37,712,259	$	—	$	—	$	37,712,259
Japan		—		4,939,845		—		4,939,845
Switzerland		—		3,927,602		—		3,927,602
United Kingdom		—		3,819,117		—		3,819,117
Australia		—		2,821,957		—		2,821,957
Canada		2,440,920		—		—		2,440,920
Germany		—		2,343,153		—		2,343,153
South Korea		—		2,208,081		—		2,208,081
France		—		2,169,640		—		2,169,640
China		—		2,160,339		—		2,160,339
Russia		262,080		1,654,540		—		1,916,620
South Africa		—		1,753,680		—		1,753,680
Netherlands		—		1,233,884		—		1,233,884
Norway		—		942,779		—		942,779

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Austria	$	—	$	860,364	$	—	$	860,364
Denmark		—		662,049		—		662,049
Mexico		608,055		—		—		608,055
Brazil		594,878		—		—		594,878
Poland		—		551,056		—		551,056
Finland		—		440,331		—		440,331
India		—		436,446		—		436,446
Sweden		—		378,337		—		378,337
Czech Republic		—		372,122		—		372,122
Hong Kong		—		341,427		—		341,427
Belgium		—		290,732		—		290,732
Indonesia		—		284,331		—		284,331
Greece		—		269,256		—		269,256
Italy		—		246,870		—		246,870
Israel		245,491		—		—		245,491
Hungary		—		221,315		—		221,315
Taiwan		196,307		—		—		196,307
TOTAL COMMON STOCKS		42,059,990		35,329,253		—		77,389,243
EQUITY LINKED NOTES
India		—		1,502,947		—		1,502,947
Taiwan		—		733,312		—		733,312
United States		691,208		—		—		691,208
TOTAL EQUITY LINKED NOTES		691,208		2,236,259		—		2,927,467
EXCHANGE-TRADED FUNDS
United States		1,332,647		—		—		1,332,647
Multinational		884,965		—		—		884,965
TOTAL EXCHANGE-TRADED FUNDS		2,217,612		—		—		2,217,612
PREFERRED STOCKS
Brazil		228,843		—		—		228,843
Philippines		—		—		127		127
TOTAL PREFERRED STOCKS		228,843		—		127		228,970
RIGHTS
Brazil		—		—		—		—
REPURCHASE AGREEMENT
United States		—		1,638,968		—		1,638,968
TOTAL INVESTMENTS		45,197,653		39,204,480		127		84,402,260
FORWARD FOREIGN EXCHANGE CONTRACTS		—		52,045		—		52,045
TOTAL	$	45,197,653	$	39,256,525	$	127	$	84,454,305

158 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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	$	—	$	(32,840	)	$	—	$	(32,840	)
TOTAL	$	—	$	(32,840	)	$	—	$	(32,840	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Global Equity Fund

Summary Fair Value Level 3 Rollforward Report

Reporting Period: 10/31/2009—04/30/2010

Transfer In—Beginning of Period / Transfer Out—End of Period

Asset Valuation Inputs

																			Change in
																			Unrealized
																			Appreciation
																			(Depreciation)
							Change in												from
	Balance as of		Accrued				Unrealized												Investments
Investments in	October 31,		Discounts		Realized Gain		Appreciation						Net Transfers		Net Transfers		Balance as of		Held at April 30,
Securities	2009		(Premiums)		(Loss)		(Depreciation)		Net Purchases		Net Sales		into Level 3		out of Level 3		April 30,2010		2010
PREFERRED STOCKS
Philippines	$	119	$	—	$	—	$	8	$	—	$	—	$	—	$	—	$	127	$	8
TOTAL	$	119	$	—	$	—	$	8	$	—	$	—	$	—	$	—	$	127	$	8

160 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

International Equity Fund

Assets Valuation Input

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
COMMON STOCKS
United Kingdom	$	—	$	1,371,619,442	$	—	$	1,371,619,442
Japan		—		1,029,384,515		—		1,029,384,515
Switzerland		—		753,660,166		—		753,660,166
Germany		—		636,886,920		—		636,886,920
Russia		88,629,056		492,775,602		47,946,146		629,350,804
France		—		589,063,046		—		589,063,046
Canada		518,771,524		—		—		518,771,524
Australia		—		456,060,976		—		456,060,976
Netherlands		—		384,403,810		—		384,403,810
China		—		264,740,791		—		264,740,791
Czech Republic		14,109,184		191,542,144		—		205,651,328
Austria		—		201,593,288		—		201,593,288
Mexico		197,493,638		—		—		197,493,638
Italy		—		191,279,480		—		191,279,480
Poland		—		176,220,866		—		176,220,866
Norway		—		141,729,760		—		141,729,760
South Korea		—		134,820,705		—		134,820,705
Ukraine		26,629,280		85,477,106		15,176,480		127,282,866
South Africa		—		115,295,521		—		115,295,521
Sweden		—		108,746,595		—		108,746,595
Denmark		—		107,138,078		—		107,138,078
Hungary		—		99,846,039		—		99,846,039
Finland		—		97,746,217		—		97,746,217
Brazil		92,957,517		—		—		92,957,517
Romania		6,167,518		81,986,544		—		88,154,062
Bulgaria		—		26,980,400		52,615,494		79,595,894
Ireland		—		54,127,231		—		54,127,231
Israel		50,332,491		—		—		50,332,491
Belgium		—		34,102,333		—		34,102,333
Georgia		—		29,726,129		—		29,726,129
Greece		—		27,623,235		—		27,623,235
Serbia		24,648,906		—		2,873,298		27,522,204
Spain		7,610,242		19,532,828		—		27,143,070
Lebanon		6,396,220		17,268,422		—		23,664,642
Portugal		—		17,425,096		—		17,425,096
Venezuela		—		—		17,228,415		17,228,415
Thailand		—		16,942,953		—		16,942,953
Hong Kong		—		15,761,000		—		15,761,000
Indonesia		947,335		14,390,842		—		15,338,177
India		—		10,189,375		—		10,189,375

Artio Global Funds  ï  2010 Semi-Annual Report 161

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Zambia	$	—	$	—	$	7,893,775	$	7,893,775
United States		5,313,003		—		—		5,313,003
Malaysia		—		3,029,528		—		3,029,528
Latvia		—		—		2,677,286		2,677,286
Lithuania		—		2,290,163		—		2,290,163
Croatia		—		35,680		—		35,680
Kenya		—		12,976		—		12,976
TOTAL COMMON STOCKS		1,040,005,914		8,001,455,802		146,410,894		9,187,872,610
EQUITY LINKED NOTES
Taiwan		—		306,878,499		—		306,878,499
India		—		229,037,682		—		229,037,682
Serbia		—		19,366,437		—		19,366,437
Ukraine		—		—		506,597		506,597
TOTAL EQUITY LINKED NOTES		—		555,282,618		506,597		555,789,215
EXCHANGE-TRADED FUNDS
Multinational		220,790,702		—		—		220,790,702
Australia		—		11,885,673		—		11,885,673
Romania		—		9,445,516		—		9,445,516
Sweden		—		6,538,001		—		6,538,001
Russia		—		—		1,389,510		1,389,510
TOTAL EXCHANGE-TRADED FUNDS		220,790,702		27,869,190		1,389,510		250,049,402
PREFERRED STOCKS
Brazil		79,284,541		—		—		79,284,541
Germany		—		51,704,068		—		51,704,068
Russia		8,251,050		7,947,324		—		16,198,374
Bulgaria		11,728,140		—		—		11,728,140
Philippines		—		—		25,930		25,930
TOTAL PREFERRED STOCKS		99,263,731		59,651,392		25,930		158,941,053
FOREIGN GOVERNMENT COMPENSATION NOTES
Bulgaria		—		5,120,455		—		5,120,455
RIGHTS
Brazil		—		—		—		—
INVESTMENTS COLLATERAL FROM SECURITY LENDING
United States		278,120,010		671,695,118		—		949,815,128

162 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
TIME DEPOSIT
United States	$	—	$	250,000	$	—	$	250,000
TOTAL INVESTMENTS		1,638,180,357		9,321,324,575		148,332,931		11,107,837,863
FORWARD FOREIGN EXCHANGE CONTRACTS		—		47,383,916		—		47,383,916
TOTAL	$	1,638,180,357	$	9,368,708,491	$	148,332,931	$	11,155,221,779

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	$	—		$	(18,794,360	)	$	—	$	(18,794,360	)
FINANCIAL FUTURES CONTRACTS		(832,277	)		—			—		(832,277	)
TOTAL	$	(832,277	)	$	(18,794,360	)	$	—	$	(19,626,637	)

Artio Global Funds  ï  2010 Semi-Annual Report 163

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

International Equity Fund

Summary Fair Value Level 3 Rollforward Report

Reporting Period: 10/31/2009—04/30/2010

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													Balance as of		from Investments
Investments in	October 31,		Discounts		Realized Gain			Appreciation								Net Transfers		Net Transfers			April 30,		Held at
Securities	2009		(Premiums)		(Loss)			(Depreciation)			Net Purchases		Net Sales			into Level 3		out of Level 3			2010		April 30, 2010
COMMON STOCKS
Bulgaria	$	10,480,179	$	—	$	—		$	15,101,907		$	—	$	—		$	27,033,408	$	—		$	52,615,494	$	15,101,907
Latvia		2,963,033		—		—			(285,747	)		—		—			—		—			2,677,286		(285,747	)
Russia		12,364,077		—		—			22,046,951			15,204,986		—			—		(1,669,868	)		47,946,146		21,620,492
Serbia		32,215,204		—		(1,114,952	)		(5,974,970	)		—		(464,904	)		—		(21,787,080	)		2,873,298		(510,225	)
Ukraine		32,461,138		—		—			8,843,308			—		—			1,817,784		(27,945,750	)		15,176,480		2,120,789
Venezuela		20,797,915		—		—			(3,569,500	)		—		—			—		—			17,228,415		(3,569,500	)
Zambia		8,081,113		—		—			(187,338	)		—		—			—		—			7,893,775		(187,338	)
EQUITY LINKED NOTES
Ukraine		—		—		—			(55,550	)		—		—			562,147		—			506,597		(55,550	)
EXCHANGE-TRADED FUNDS
Russia		1,157,925		—		—			231,585			—		—			—		—			1,389,510		231,585
PREFERRED STOCKS
Philippines		24,212		—		—			1,718			—		—			—		—			25,930		1,718
Russia		7,101,650		—		—			1,149,400			—		—			—		(8,251,050	)		—		—
TOTAL	$	127,646,446	$	—	$	(1,114,952	)	$	37,301,764		$	15,204,986	$	(464,904	)	$	29,413,339	$	(59,653,748	)	$	148,332,931	$	34,468,131

164 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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	$	—	$	1,298,877,318	$	—	$	1,298,877,318
Japan		—		934,516,461		—		934,516,461
Switzerland		—		650,656,345		—		650,656,345
Germany		—		587,215,265		—		587,215,265
Russia		85,199,728		480,605,079		—		565,804,807
France		—		553,971,813		—		553,971,813
Canada		485,076,404		—		—		485,076,404
Australia		—		415,620,153		—		415,620,153
Netherlands		—		372,946,140		—		372,946,140
China		—		250,543,911		—		250,543,911
Mexico		199,023,419		—		—		199,023,419
Italy		—		183,051,240		—		183,051,240
Czech Republic		7,353,792		166,650,170		—		174,003,962
Austria		—		170,289,780		—		170,289,780
Poland		—		153,656,641		—		153,656,641
South Africa		—		148,795,401		—		148,795,401
Norway		—		139,658,479		—		139,658,479
South Korea		—		139,578,085		—		139,578,085
Sweden		—		108,360,325		—		108,360,325
Hungary		—		107,562,572		—		107,562,572
Denmark		—		98,713,579		—		98,713,579
Brazil		75,109,165		—		—		75,109,165
Finland		—		75,001,212		—		75,001,212
Ireland		—		54,818,604		—		54,818,604
Israel		47,096,762		—		—		47,096,762
Belgium		—		44,298,335		—		44,298,335
Romania		—		39,748,997		—		39,748,997
Greece		—		28,960,814		—		28,960,814
Ukraine		3,072,269		24,907,695		—		27,979,964
Spain		6,874,633		20,228,683		—		27,103,316
Lebanon		—		19,882,005		—		19,882,005
Portugal		—		17,741,662		—		17,741,662
Thailand		—		17,414,534		—		17,414,534
Indonesia		1,104,652		16,186,832		—		17,291,484
Hong Kong		—		13,627,619		—		13,627,619
United States		12,748,420		—		—		12,748,420

Artio Global Funds  ï  2010 Semi-Annual Report 165

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Quoted Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
India	$	—	$	12,155,658	$	—	$	12,155,658
Malaysia		—		2,608,153		—		2,608,153
Kenya		—		83,170		—		83,170
TOTAL COMMON STOCKS		922,659,244		7,348,932,730		—		8,271,591,974
EQUITY LINKED NOTES
Taiwan		—		322,380,935		—		322,380,935
India		—		255,111,520		—		255,111,520
TOTAL EQUITY LINKED NOTES		—		577,492,455		—		577,492,455
EXCHANGE-TRADED FUNDS
Multinational		217,169,100		—		—		217,169,100
PREFERRED STOCKS
Brazil		77,951,614		—		—		77,951,614
Germany		—		49,215,365		—		49,215,365
Russia		757,770		6,770,526		—		7,528,296
Philippines		—		—		19,539		19,539
TOTAL PREFERRED STOCKS		78,709,384		55,985,891		19,539		134,714,814
RIGHTS
Brazil		—		—		—		—
INVESTMENTS COLLATERAL FROM SECURITY LENDING
United States		382,125,623		656,605,500		—		1,038,731,123
REPURCHASE AGREEMENT
United States		—		5,587,132		—		5,587,132
TOTAL INVESTMENTS		1,600,663,351		8,644,603,708		19,539		10,245,286,598
FORWARD FOREIGN EXCHANGE CONTRACTS		—		42,095,445		—		42,095,445
TOTAL	$	1,600,663,351	$	8,686,699,153	$	19,539	$	10,287,382,043

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	$	—		$	(18,649,912	)	$	—	$	(18,649,912	)
FINANCIAL FUTURES CONTRACTS		(751,864	)		—			—		(751,864	)
TOTAL	$	(751,864	)	$	(18,649,912	)	$	—	$	(19,401,776	)

166 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

International Equity Fund II

Summary Fair Value Level 3 Rollforward Report

Reporting Period: 10/31/2009—04/30/2010

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											Balance as of		from Investments
Investments in	October 31,		Discounts		Realized Gain		Appreciation						Net Transfers		Net Transfers			April 30,		Held at
Securities	2009		(Premiums)		(Loss)		(Depreciation)		Net Purchases		Net Sales		into Level 3		out of Level 3			2010		April 30, 2010
PREFERRED STOCKS
Philippines	$	18,244	$	—	$	—	$	1,295	$	—	$	—	$	—	$	—		$	19,539	$	1,295
Russia		652,210		—		—		105,560		—		—		—		(757,770	)		—		—
TOTAL	$	670,454	$	—	$	—	$	106,855	$	—	$	—	$	—	$	(757,770	)	$	19,539	$	1,295

Artio Global Funds  ï  2010 Semi-Annual Report 167

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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
ASSET BACKED SECURITIES
United States	$	—	$	526,904,590	$	—	$	526,904,590
Russia		—		—		530,757		530,757
TOTAL ASSET BACKED SECURITIES		—		526,904,590		530,757		527,435,347
CORPORATE BONDS
United States		—		302,420,457		—		302,420,457
United Kingdom		—		53,641,410		—		53,641,410
Canada		—		37,442,298		—		37,442,298
Supranational		—		31,931,660		—		31,931,660
Netherlands		—		21,136,472		—		21,136,472
France		—		18,327,774		—		18,327,774
Australia		—		13,153,452		—		13,153,452
Germany		—		13,016,285		—		13,016,285
Brazil		—		8,501,638		—		8,501,638
Hong Kong		—		5,989,263		—		5,989,263
TOTAL CORPORATE BONDS		—		505,560,709		—		505,560,709
U.S. GOVERNMENT AND AGENCY OBLIGATIONS		—		298,914,436		—		298,914,436
FOREIGN GOVERNMENT AND AGENCY BONDS
Canada		—		111,620,705		—		111,620,705
Brazil		—		48,022,500		—		48,022,500
France		—		37,829,118		—		37,829,118
Australia		—		17,421,960		—		17,421,960
Norway		—		—		7,499,981		7,499,981
Qatar		—		7,414,687		—		7,414,687
Bahrain		—		3,864,689		—		3,864,689
Bahamas		—		2,450,522		—		2,450,522
TOTAL FOREIGN GOVERNMENT AND AGENCY BONDS		—		228,624,181		7,499,981		236,124,162
MUNICIPAL OBLIGATIONS
United States		—		26,457,000		—		26,457,000
REPURCHASE AGREEMENT
United States		—		98,719,867		—		98,719,867
TOTAL INVESTMENTS		—		1,685,180,783		8,030,738		1,693,211,521
FORWARD FOREIGN EXCHANGE CONTRACTS		—		2,955,084		—		2,955,084
TOTAL	$	—	$	1,688,135,867	$	8,030,738	$	1,696,166,605

168 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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	$	—	$	(2,520,448	)	$	—	$	(2,520,448	)
TOTAL	$	—	$	(2,520,448	)	$	—	$	(2,520,448	)

Artio Global Funds  ï  2010 Semi-Annual Report 169

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Total Return Bond Fund

Summary Fair Value Level 3 Rollforward Report

Reporting Period: 10/31/2009—04/30/2010

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												Balance as of		from Investments
Investments in	October 31,		Discounts		Realized Gain		Appreciation								Net Transfers		Net Transfers		April 30,		Held at
Securities	2009		(Premiums)		(Loss)		(Depreciation)			Net Purchases		Net Sales			into Level 3		out of Level 3		2010		April 30, 2010
ASSET BACKED SECURITIES
Russia	$	556,183	$	—	$	3,650	$	150,352		$	—	$	(179,428	)	$	—	$	—	$	530,757	$	150,352
FOREIGN GOVERNMENT AND AGENCY BONDS
Norway		—		—		—		(7,437	)		7,507,418		—			—		—		7,499,981		(7,437	)
TOTAL	$	556,183	$	—	$	3,650	$	142,915		$	7,507,418	$	(179,428	)	$	—	$	—	$	8,030,738	$	142,915

170 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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	$	—	$	1,522,980,900	$	—	$	1,522,980,900
Canada		—		81,693,618		—		81,693,618
United Kingdom		—		74,291,471		—		74,291,471
Ireland		—		38,919,182		3,757,132		42,676,314
Netherlands		—		39,925,634		—		39,925,634
Indonesia		—		35,899,664		—		35,899,664
Norway		—		31,756,862		—		31,756,862
Brazil		—		26,563,047		—		26,563,047
Germany		—		23,812,069		—		23,812,069
Italy		—		21,204,428		—		21,204,428
Russia		—		20,424,450		—		20,424,450
Mexico		—		18,790,073		—		18,790,073
France		—		14,645,348		—		14,645,348
Ukraine		—		11,039,925		—		11,039,925
Greece		—		8,732,447		—		8,732,447
Czech Republic		—		7,964,832		—		7,964,832
Ghana		—		—		7,218,684		7,218,684
Sweden		—		3,288,442		—		3,288,442
Switzerland		—		3,209,350		—		3,209,350
Hungary		—		—		13		13
TOTAL CORPORATE BONDS		—		1,985,141,742		10,975,829		1,996,117,571
BANK LOANS
United States		—		407,720,636		2,958,420		410,679,056
Netherlands		—		52,329,380		—		52,329,380
United Kingdom		—		39,565,063		—		39,565,063
Germany		—		32,468,785		—		32,468,785
TOTAL BANK LOANS		—		532,083,864		2,958,420		535,042,284
FOREIGN GOVERNMENT BONDS
Brazil		—		29,127,305		—		29,127,305
Indonesia		—		27,128,814		—		27,128,814
Venezuela		—		21,528,700		—		21,528,700
Ghana		—		10,136,203		—		10,136,203
TOTAL FOREIGN GOVERNMENT BONDS		—		87,921,022		—		87,921,022
CONVERTIBLE BONDS
United States		—		18,589,500		—		18,589,500
Czech Republic		—		17,467,319		—		17,467,319
TOTAL CONVERTIBLE BONDS		—		36,056,819		—		36,056,819

Artio Global Funds  ï  2010 Semi-Annual Report 171

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	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	$	14,235,792	$	—	$	—	$	14,235,792
PREFERRED STOCKS
United States		—		7,607,192		—		7,607,192
CREDIT LINKED NOTE
Ukraine		—		7,090,496		—		7,090,496
WARRANTS
United States		—		1,913,112		—		1,913,112
REPURCHASE AGREEMENT
United States		—		280,878,392		—		280,878,392
TIME DEPOSIT
United States		—		2,960,000		—		2,960,000
TOTAL INVESTMENTS		14,235,792		2,941,652,639		13,934,249		2,969,822,680
FORWARD FOREIGN EXCHANGE CONTRACTS		—		10,174,838		—		10,174,838
SWAPS		—		4,358,134		—		4,358,134
TOTAL	$	14,235,792	$	2,956,185,611	$	13,934,249	$	2,984,355,652

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	$	—	$	(346,335	)	$	—	$	(346,335	)
TOTAL	$	—	$	(346,335	)	$	—	$	(346,335	)

172 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Global High Income Fund

Summary Fair Value Level 3 Rollforward Report

Reporting Period: 10/31/2009—04/30/2010

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													Balance as of		from Investments
Investments in	October 31,		Discounts			Realized Gain			Appreciation								Net Transfers		Net Transfers			April 30,		Held at
Securities	2009		(Premiums)			(Loss)			(Depreciation)			Net Purchases		Net Sales			into Level 3		out of Level 3			2010		April 30, 2010
BANK LOANS
Canada	$	2,793,523	$	7,271		$	22,185		$	1,357		$	—	$	(2,824,336	)	$	—	$	—		$	—	$	—
United States		26,618,055		637,765			(314,164	)		1,771,993			21,228,118		(781,633	)		—		(46,201,714	)		2,958,420		(8,993	)
CORPORATE BONDS
Brazil		12,660,155		(128,899	)		—			1,772,498			5,721,293		—			—		(20,025,047	)		—		—
Ghana		7,202,638		—			—			16,046			—		—			—		—			7,218,684		16,046
Hungary		612,548		(16	)		(437,616	)		507,259			—		(682,162	)		—		—			13		(1	)
Ireland		998,650		(1,337	)		—			(282,543	)		4,042,362		(1,000,000	)		—		—			3,757,132		(285,230	)
Japan		473,554		—			(12,125	)		11,446			—		(472,875	)		—		—			—		—
Mexico		3,984,038		—			—			(49,714	)		—		—			—		(3,934,324	)		—		—
Netherlands		11,422,048		177,347			—			747,761			7,433,832		—			—		(19,780,988	)		—		—
United States		6,709,532		51,403			(12,523	)		1,940,289			4,605,650		(1,496,538	)		—		(11,797,813	)		—		—
																							—		—
TOTAL	$	73,474,741	$	743,534		$	(754,243	)	$	6,436,392		$	43,031,255	$	(7,257,544	)	$	—	$	(101,739,886	)	$	13,934,249	$	(278,178	)

Artio Global Funds  ï  2010 Semi-Annual Report 173

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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	$	1,858,467	$	—	$	—	$	1,858,467
Capital Goods		1,640,396		—		—		1,640,396
Semiconductors & Semiconductor Equipment		1,094,364		—		—		1,094,364
Health Care Equipment & Services		1,024,654		—		—		1,024,654
Pharmaceuticals & Biotechnology		926,958		—		—		926,958
Retailing		744,724		—		—		744,724
Consumer Services		722,146		—		—		722,146
Media		671,557		—		—		671,557
Diversified Financials		621,008		—		—		621,008
Commercial & Professional Services		567,580		—		—		567,580
Energy		550,767		—		—		550,767
Software & Services		523,384		—		—		523,384
Consumer Durables & Apparel		517,637		—		—		517,637
Technology Hardware & Equipment		509,818		—		—		509,818
Materials		403,235		—		—		403,235
Telecommunication Services		299,051		—		—		299,051
Food, Beverage & Tobacco		225,767		—		—		225,767
Household & Personal Products		168,423		—		—		168,423
TOTAL COMMON STOCKS		13,069,936		—		—		13,069,936
REPURCHASE AGREEMENT		—		1,009,797		—		1,009,797
TOTAL INVESTMENTS		13,069,936		1,009,797		—		14,079,733
TOTAL	$	13,069,936	$	1,009,797	$	—	$	14,079,733

174 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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
Capital Goods	$	8,133,410	$	—	$	—	$	8,133,410
Retailing		5,182,612		—		—		5,182,612
Pharmaceuticals & Biotechnology		4,922,673		—		—		4,922,673
Semiconductors & Semiconductor Equipment		4,284,556		—		—		4,284,556
Health Care Equipment & Services		3,838,972		—		—		3,838,972
Energy		3,618,664		—		—		3,618,664
Diversified Financials		3,430,836		—		—		3,430,836
Consumer Services		3,054,020		—		—		3,054,020
Materials		2,981,919		—		—		2,981,919
Banks		2,673,783		—		—		2,673,783
Commercial & Professional Services		2,092,004		—		—		2,092,004
Software & Services		1,537,314		—		—		1,537,314
Insurance		1,522,262		—		—		1,522,262
Technology Hardware & Equipment		1,390,894		—		—		1,390,894
Media		1,248,991		—		—		1,248,991
Consumer Durables & Apparel		984,389		—		—		984,389
Telecommunication Services		919,384		—		—		919,384
Food, Beverage & Tobacco		900,153		—		—		900,153
Household & Personal Products		678,194		—		—		678,194
Real Estate		533,781		—		—		533,781
TOTAL COMMON STOCKS		53,928,811		—		—		53,928,811
REPURCHASE AGREEMENT		—		2,029,696		—		2,029,696
TOTAL INVESTMENTS		53,928,811		2,029,696		—		55,958,507
TOTAL	$	53,928,811	$	2,029,696	$	—	$	55,958,507

Artio Global Funds  ï  2010 Semi-Annual Report 175

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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
Software & Services	$	679,045	$	—	$	—	$	679,045
Diversified Financials		616,062		—		—		616,062
Capital Goods		610,556		—		—		610,556
Energy		545,361		—		—		545,361
Retailing		482,570		—		—		482,570
Pharmaceuticals & Biotechnology		470,197		—		—		470,197
Materials		460,541		—		—		460,541
Commercial & Professional Services		444,703		—		—		444,703
Health Care Equipment & Services		271,147		—		—		271,147
Consumer Services		269,425		—		—		269,425
Insurance		244,114		—		—		244,114
Semiconductors & Semiconductor Equipment		203,900		—		—		203,900
Food, Beverage & Tobacco		200,513		—		—		200,513
Media		125,952		—		—		125,952
Household & Personal Products		118,401		—		—		118,401
Real Estate		117,808		—		—		117,808
Technology Hardware & Equipment		87,049		—		—		87,049
Food & Staples Retailing		62,432		—		—		62,432
TOTAL COMMON STOCKS		6,009,776		—		—		6,009,776
REPURCHASE AGREEMENT		—		45,524		—		45,524
TOTAL INVESTMENTS		6,009,776		45,524		—		6,055,300
TOTAL	$	6,009,776	$	45,524	$	—	$	6,055,300

176 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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	$	1,187,815	$	—	$	—	$	1,187,815
Pharmaceuticals & Biotechnology		888,270		—		—		888,270
Energy		803,177		—		—		803,177
Capital Goods		641,360		—		—		641,360
Health Care Equipment & Services		622,500		—		—		622,500
Technology Hardware & Equipment		616,826		—		—		616,826
Software & Services		612,774		—		—		612,774
Materials		588,860		—		—		588,860
Retailing		531,617		—		—		531,617
Semiconductors & Semiconductor Equipment		343,688		—		—		343,688
Consumer Services		342,508		—		—		342,508
Food, Beverage & Tobacco		314,360		—		—		314,360
Household & Personal Products		241,315		—		—		241,315
Banks		211,573		—		—		211,573
Commercial & Professional Services		162,270		—		—		162,270
Media		150,429		—		—		150,429
TOTAL COMMON STOCKS		8,259,342		—		—		8,259,342
REPURCHASE AGREEMENT		—		151,866		—		151,866
TOTAL INVESTMENTS		8,259,342		151,866		—		8,411,208
TOTAL	$	8,259,342	$	151,866	$	—	$	8,411,208

Artio Global Funds  ï  2010 Semi-Annual Report 177

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 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 as defined by the Funds’ Valuation Procedures. Purchases and sales of investment securities and income and expenses are translated on the respective dates of such transactions. Unrealized gains or losses on investments denominated in foreign currencies which result from changes in foreign currencies have been included in the net unrealized appreciation (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 contracts: 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

178 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

benchmark when purchasing underlying investments 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 in the manner set forth by the Funds’ Valuation Procedures. The change in fair value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss.

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

Some of the forward foreign currency contracts entered into by the Funds are classified as non-deliverable forwards (“NDF”). NDFs are cash-settled, short-term forward contracts that 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 Asset and Liabilities.

e) Bank loans: The Global High Income Fund may invest in bank loans. Bank loans include institutionally traded floating and fixed-rate debt obligations generally

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

The Global High Income Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. At April 30, 2010, there was one unfunded commitment which amounted to 2,400,973 par and had a market value of $2,135,365.

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 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

180 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Statement of Assets and Liabilities as cash on deposit with 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.

The Funds may also enter into swap contracts that function similar to futures contracts (synthetic futures) to gain exposure or to protect against changes in security values. Generally these contracts are counterparty agreements and do not require daily variation margin payments to be directly paid to the counterparty, however they do require hard segregation of cash. These amounts are included on the Statement of Assets and Liabilities as cash on deposit with broker. The Funds are exposed to the credit risk of the counterparty in addition to the risks described above. The accounting treatment of such contracts is similar to that described above for standard futures contracts. The Funds disclose synthetic futures with other futures contracts. The Funds’ maximum risk of loss associated with financial futures contracts and synthetic futures contracts due to counterparty credit risk is the unrealized appreciation for financial futures contracts and synthetic futures contracts.

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,

Artio Global Funds  ï  2010 Semi-Annual Report 181

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

a Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the amount of the premium originally received. When a put option is exercised, the amount of the premium originally received will reduce the cost of the security the Fund purchased upon exercise. The Funds will only write covered options.

The Funds may purchase put and call options that are traded on foreign as well as U.S. exchanges and in the over-the-counter market. Each Fund may utilize up to 5% of its total assets to purchase both put options on portfolio securities and instruments in which it may invest and an additional 5% of its total assets to purchase call options on securities and instruments in which it may invest. 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 Funds’ maximum risk of loss from counterparty risk related to non-exchange traded purchased options is the fair value investment. The Funds’ maximum risk of loss related to written non-exchange traded options is minimal as the Funds’ receive the premium when the options are sold. This risk is mitigated by having a master netting arrangement between the funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.

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,

182 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 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. The Funds’ maximum risk of loss from counterparty risk related to swaps is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.”

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Certain Funds hold derivative instruments which contain credit-risk-related contingent provisions. If the Fund’s net assets were to fall below certain thresholds from the prior fiscal year net assets, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position on April 30, 2010, is $0 for which the Global High Income Fund has posted collateral of $2,960,000 in the normal course of business.

j) Securities lending: Global Equity Fund, International Equity Fund, International Equity Fund II, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund and U.S. Multicap Fund have established securities lending agreements with State Street Bank and Trust Company (“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 value of the securities on loan. These Funds may loan securities to brokers, dealers, and financial institutions determined by Artio Global Management LLC, (“Artio Global” 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 the State Street Navigator Securities Lending Prime Portfolio. These Funds receive any interest on the amount invested, but they must also pay the broker a loan rebate fee computed as a varying percentage of the collateral received. In the event of counterparty default, these Funds are subject to potential loss if any such Fund is delayed or prevented from exercising its right to dispose of the collateral. These Funds each bear risk in the event that invested collateral is not sufficient to meet obligations due on the loans.

The security lending income net of the loan rebate fee for the Global Equity Fund, International Equity Fund and the International Equity Fund II, amounted to $243, $2,301,683 and $1,845,685, respectively, for the period ended April 30, 2010 and is included in securities lending income in the Statement of Operations.

As of April 30, 2010, the value of the securities on loan and the value of the collateral was as follows:

	Fair Value of
	Securities on Loan		Value of Collateral
International Equity Fund	$	918,764,440	$	949,815,128
International Equity Fund II		1,004,120,058		1,038,731,123

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

k) Securities transactions and investment income: Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income is recorded on an accrual basis and includes amortization and accretion of bond premiums and discounts, respectively, using the effective interest method. Dividend income is recorded in the Statement of Operations on the ex-dividend date or when the 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.

The Funds are subject to a 2% Imposto sobre Operacoes Financeiras (IOF) transaction tax levied by the Brazilian government on certain foreign exchange transactions related to security transactions executed across Brazilian exchanges. The IOF tax has been included in net realized gain (loss) from foreign currency transactions in the Statement of Operations.

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

m) Federal income taxes: The Global Equity Fund and the Trust intend that each Fund separately qualify as a regulated investment company for U.S. federal income tax purposes. Accordingly, the Funds do not anticipate that any income taxes will be paid.

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 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, 2011, 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 incurred the expense. The table below specifies the reimbursement made to each Fund by the Adviser for the period ended April 30, 2010 and the Adviser’s potential recoupment as of April 30, 2010.

186 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

							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			April 30, 2010
Global Equity Fund		1.40	%		1.15	%	$	872,631	$	63,854	$	—		$	936,485
Total Return Bond Fund		0.69	%		0.44	%		904,797		—		(59,180	)		845,617
Global High Income Fund		1.00	%		0.75	%		441,049		5,453		(37,755	)		408,747
U.S. Microcap Fund		1.80	%		1.50	%		324,603		43,555		—			368,158
U.S. Smallcap Fund		1.50	%		1.20	%		319,905		26,861		—			346,766
U.S. Midcap Fund		1.35	%		1.05	%		301,328		42,544		—			343,872
U.S. Multicap Fund		1.30	%		1.00	%		306,861		42,794		—			349,655

The expenses eligible for recoupment at April 30, 2010 are set to expire as follows:

			Expire
	Amount		October 31,
Global Equity Fund	$	377,251		2010
		255,173		2011
		240,207		2012
		63,854		2013
Total Return Bond Fund	$	639,312		2010
		206,305		2011
		—		2012
		—		2013
Global High Income Fund	$	232,843		2010
		164,010		2011
		6,441		2012
		5,453		2013
U.S. Microcap Fund	$	115,922		2010
		113,400		2011
		95,281		2012
		43,555		2013
U.S. Smallcap Fund	$	114,682		2010
		115,741		2011
		89,482		2012
		26,861		2013
U.S. Midcap Fund	$	108,233		2010
		105,181		2011
		87,914		2012
		42,544		2013

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

			Expire
	Amount		October 31,
U.S. Multicap Fund	$	107,939		2010
		107,874		2011
		91,048		2012
		42,794		2013

The Funds entered into expense offset arrangements as part of their custody agreement with State Street. Under this agreement, the custody fees for the International Equity Fund, International Equity Fund II, and Global High Income Fund were reduced by $138,331, $138,259 and $16,948 respectively, for the period ended April 30, 2010 due to earnings credits on cash balances maintained by the Funds in foreign sub-custodial accounts. These amounts may vary significantly over time, based on the Adviser’s decisions regarding cash positions held in the Funds and current interest rates from market to market.

4.  Distribution and Shareholder Services Plans

The Funds have adopted a Distribution and Shareholder Services Plan (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act. Under the Plan each Fund’s Class A shares may compensate certain financial institutions, including the Distributor, for certain distribution, shareholder servicing, administrative and accounting services. The Funds’ Class A shares may expend an aggregate amount, on an annual basis, not to exceed 0.25% of the value of the average daily net assets of a Fund attributable to Class A shares. The 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’ Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of the Boards’ members and a majority of those Boards’ members who are not “interested persons” of the Funds and who have no direct or indirect financial interest in the operation of the Plan or in any agreement related to the Plan.

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

188 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

5.  Derivative Instruments

a) Financial futures contracts:

The following financial futures contracts were outstanding as of April 30, 2010:

								Notional
								Current			Net
	Expiration							Fair			Unrealized
	Date		Contracts		Description	Position		Value			(Depreciation)
International Equity Fund
		06/10		4,886	DJ Stoxx 50 Index		Short	$	(178,528,397	)	$	(832,277	)
International Equity Fund II
		06/10		4,419	DJ Stoxx 50 Index		Short	$	(161,464,795	)	$	(751,864	)

b) Written Options:

The Funds did not invest in written options during the period ended April 30, 2010.

c) Swaps:

The Global High Income Fund had entered into the following swap transactions as of April 30, 2010:

Credit Default Swaps on Credit Indices—Sell Protection (1)

	Fixed-Deal					Original		Current		Upfront				Net Unrealized
	Received		Maturity			Notional		Notional		Premiums		Fair		Appreciation/
Reference 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	$	112,983	$	357,220
CDX.NA.HY-9 (T)		3.75%		12/20/2012	Credit Suisse		2,000,000		1,720,000		141,871		45,193		187,064
CDX.NA.HY-9 (T)		3.75%		12/20/2012	Goldman Sachs		1,000,000		860,000		70,126		22,597		92,723
CDX.HY-10 (T)		5.00%		6/20/2013	Merrill Lynch		5,000,000		4,350,000		111,396		251,140		362,536
CDX.HY-12 (T)		5.00%		6/20/2014	JP Morgan		30,000,000		28,200,000		2,759,538		1,197,672		3,957,210
CDX.HY-12 (T)		5.00%		6/20/2014	UBS AG		27,000,000		25,380,000		3,473,829		1,077,905		4,551,734
CDX.HY-12 (T)		5.00%		6/20/2014	Deutsche Bank		6,650,000		6,251,000		901,954		265,484		1,167,438
CDX.HY-13 (T)		5.00%		12/20/2014	Deutsche Bank		46,910,000		46,440,900		1,803,874		1,356,257		3,160,131
CDX.HY-13 (T)		5.00%		12/20/2014	Goldman Sachs		1,000,000		990,000		6,188		28,903		35,091
						$	124,560,000			$	9,513,013	$	4,358,134	$	13,871,147

(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 Fund 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(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 fair 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.

d) 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. These derivatives are for both hedging and speculative purposes. As of and for the period ended April 30, 2010, derivative summary tables for each Fund are as follows:

Global Equity Fund

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts	$	—	$	52,045	$	—	$	—	$	—	$	—	$	52,045
Total Value		$	—	$	52,045	$	—	$	—	$	—	$	—	$	52,045

Liability Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized depreciation on forward foreign exchange contracts	$	—	$	32,840	$	—	$	—	$	—	$	—	$	32,840
Total Value		$	—	$	32,840	$	—	$	—	$	—	$	—	$	32,840

Realized Gain (Loss)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Rights	Investments	$	—	$	—	$	—	$	10,166	$	—	$	—	$	10,166
Swaps Contracts	Swap contracts		—		—		—		3		—		—		3

190 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Location	Risk		Risk		Risk		Risk			Risk		Risk		Total
Futures Contracts	Financial futures contracts and synthetic futures	$	—	$	—	$	—	$	(6,009	)	$	—	$	—	$	(6,009	)
Forward Contracts	Forward foreign exchange contracts		—		80,696		—		—			—		—		80,696
Total Realized Gain (Loss)		$	—	$	80,696	$	—	$	4,160		$	—	$	—	$	84,856

Change in Appreciation (Depreciation)

				Foreign
	Statement of	Interest Rate		Exchange			Credit		Equity		Commodity		Other
	Operations	Contracts		Contracts			Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk			Risk		Risk		Risk		Risk		Total
Forward Contracts	Forward foreign exchange contracts	$	—	$	(20,265	)	$	—	$	—	$	—	$	—	$	(20,265	)
Total Change in Appreciation (Depreciation)		$	—	$	(20,265	)	$	—	$	—	$	—	$	—	$	(20,265	)

Number of Contracts, Notional Amounts, Fair Value or Shares/Units (1)

			Foreign
	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Risk		Risk		Risk		Risk		Risk		Risk		Total
Rights		—		—		—		35,041		—		—		35,041
Swaps Contracts		—		—		—		—		—		—		—
Futures Contracts		—		—		—		—		—		—		—
Forward Contracts		—		7,269,938		—		—		—		—		7,269,938

(1) Volume of derivative activity is based on an average of month-end shares, fair value, contracts or notional amounts outstanding during the period.

International Equity Fund

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts	$	—	$	47,383,916	$	—	$	—	$	—	$	—	$	47,383,916
Total Value		$	—	$	47,383,916	$	—	$	—	$	—	$	—	$	47,383,916

Artio Global Funds  ï  2010 Semi-Annual Report 191

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Liability Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized depreciation on forward foreign exchange contracts	$	—	$	18,794,360	$	—	$	—	$	—	$	—	$	18,794,360
Futures Contracts	Cumulative appreciation (depreciation) on futures contracts is reported within the Notes to Financial Statements under the “Financial futures contracts” section. Only current day’s variation margin, if any, is reported within the Statement of Assets and Liabilities		—		—		—		832,277		—		—		832,277
Total Value		$	—	$	18,794,360	$	—	$	832,277	$	—	$	—	$	19,626,637

Realized Gain (Loss)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Rights	Investments	$	—	$	—	$	—	$	2,182,953	$	—	$	—	$	2,182,953
Swaps Contracts	Swap contracts		—		—		—		15,836		—		—		15,836
Futures Contracts	Financial futures contracts and synthetic futures		—		—		—		3,854,170		—		—		3,854,170
Forward Contracts	Forward foreign exchange contracts		—		66,407,470		—		—		—		—		66,407,470
Total Realized Gain (Loss)		$	—	$	66,407,470	$	—	$	6,052,959	$	—	$	—	$	72,460,429

Change in Appreciation (Depreciation)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Location	Risk		Risk		Risk		Risk			Risk		Risk		Total
Rights	Investments	$	—	$	—	$	—	$	93,799		$	—	$	—	$	93,799
Futures Contracts	Financial futures contracts and synthetic futures		—		—		—		(832,277	)		—		—		(832,277	)

192 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Location	Risk		Risk		Risk		Risk			Risk		Risk		Total
Forward Contracts	Forward foreign exchange contracts	$	—	$	23,431,704	$	—	$	—		$	—	$	—	$	23,431,704
Total Change in Appreciation (Depreciation)		$	—	$	23,431,704	$	—	$	(738,478	)	$	—	$	—	$	22,693,226

Number of Contracts, Notional Amounts, Fair Value or Shares/Units (1)

			Foreign
	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Risk		Risk		Risk		Risk			Risk		Risk		Total
Rights		—		—		—		4,657,109			—		—		4,657,109
Swaps Contracts		—		—		—		—			—		—		—
Futures Contracts - Long		—		—		—		46,495,844			—		—		46,495,844
Futures Contracts - Short		—		—		—		(29,754,733	)		—		—		(29,754,733	)
Forward Contracts		—		2,200,930,439		—		—			—		—		2,200,930,439

(1) Volume of derivative activity is based on an average of month-end shares, fair value, contracts or notional amounts outstanding during the period.

International Equity Fund II

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts	$	—	$	42,095,445	$	—	$	—	$	—	$	—	$	42,095,445
Total Value		$	—	$	42,095,445	$	—	$	—	$	—	$	—	$	42,095,445

Liability Derivatives

Foreign

Statement of

Interest Rate

Exchange

Credit

Equity

Commodity

Other

Assets and Liabilities

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Location

Risk

Risk

Risk

Risk

Risk

Risk

Total

Forward Contracts

Unrealized depreciation on forward foreign exchange contracts

$

—

$

18,649,912

$

—

$

—

$

—

$

—

18,649,912

Artio Global Funds  ï  2010 Semi-Annual Report 193

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Futures Contracts	Cumulative appreciation (depreciation) on futures contracts is reported within the Notes to Financial Statements under the “Financial futures contracts” section. Only current day’s variation margin, if any, is reported within the Statement of Assets and Liabilities	$	—	$	—	$	—	$	751,864	$	—	$	—	$	751,864
Total Value		$	—	$	18,649,912	$	—	$	751,864	$	—	$	—	$	19,401,776

Realized Gain (Loss)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Rights	Investments	$	—	$	—	$	—	$	2,005,391	$	—	$	—	$	2,005,391
Swaps Contracts	Swap contracts		—		—		—		196		—		—		196
Futures Contracts	Financial futures contracts and synthetic futures		—		—		—		4,716,804		—		—		4,716,804
Forward Contracts	Forward foreign exchange contracts		—		71,749,089		—		—		—		—		71,749,089
Total Realized Gain (Loss)		$	—	$	71,749,089	$	—	$	6,722,391	$	—	$	—	$	78,471,480

Change in Appreciation (Depreciation)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Location	Risk		Risk		Risk		Risk			Risk		Risk		Total
Futures Contracts	Financial futures contracts and synthetic futures	$	—	$	—	$	—	$	(751,864	)	$	—	$	—	$	(751,864	)
Forward Contracts	Forward foreign exchange contracts		—		12,613,932		—		—			—		—		12,613,932
Total Change in Appreciation (Depreciation)		$	—	$	12,613,932	$	—	$	(751,864	)	$	—	$	—	$	11,862,068

194 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Number of Contracts, Notional Amounts, Fair Value or Shares/Units (1)

			Foreign
	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
	Risk		Risk		Risk		Risk			Risk		Risk		Total
Rights		—		—		—		3,600,734			—		—		3,600,734
Swaps Contracts		—		—		—		—			—		—		—
Futures Contracts - Long		—		—		—		43,184,819			—		—		43,184,819
Futures Contracts - Short		—		—		—		(26,910,799	)		—		—		(26,910,799	)
Forward Contracts		—		2,368,511,886		—		—			—		—		2,368,511,886

(1) Volume of derivative activity is based on an average of month-end shares, fair value, contracts or notional amounts outstanding during the period.

Total Return Bond Fund

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts	$	—	$	2,955,084	$	—	$	—	$	—	$	—	$	2,955,084
Total Value		$	—	$	2,955,084	$	—	$	—	$	—	$	—	$	2,955,084

Liability Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized depreciation on forward foreign exchange contracts	$	—	$	2,520,448	$	—	$	—	$	—	$	—	$	2,520,448
Total Value		$	—	$	2,520,448	$	—	$	—	$	—	$	—	$	2,520,448

Realized Gain (Loss)

					Foreign
	Statement of	Interest Rate			Exchange		Credit		Equity		Commodity		Other
	Operations	Contracts			Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk			Risk		Risk		Risk		Risk		Risk		Total
Futures Contracts	Financial futures contracts and synthetic futures	$	(178,158	)	$	—	$	—	$	—	$	—	$	—	$	(178,158	)
Forward Contracts	Forward foreign exchange contracts		—			8,861,005		—		—		—		—		8,861,005
Total Realized Gain (Loss)		$	(178,158	)	$	8,861,005	$	—	$	—	$	—	$	—	$	8,682,847

Artio Global Funds  ï  2010 Semi-Annual Report 195

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Change in Appreciation (Depreciation)

				Foreign
	Statement of	Interest Rate		Exchange			Credit		Equity		Commodity		Other
	Operations	Contracts		Contracts			Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk			Risk		Risk		Risk		Risk		Total
Futures Contracts	Financial futures contracts and synthetic futures	$	192,209	$	—		$	—	$	—	$	—	$	—	$	192,209
Forward Contracts	Forward foreign exchange contracts		—		(6,242,514	)		—		—		—		—		(6,242,514	)
Total Change in Appreciation (Depreciation)		$	192,209	$	(6,242,514	)	$	—	$	—	$	—	$	—	$	(6,050,305	)

Number of Contracts, Notional Amounts, Fair Value or Shares/Units (1)

Foreign

Interest Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

Futures Contracts

—

—

—

—

—

—

—

Forward Contracts

—

361,847,688

—

—

—

—

361,847,688

(1) Volume of derivative activity is based on an average of month-end shares, fair value, contracts or notional amounts outstanding during the period.

Global High Income Fund

Asset Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Swaps Contracts	Open swap agreements, at fair value	$	—	$	—	$	4,358,134	$	—	$	—	$	—	$	4,358,134
Forward Contracts	Unrealized appreciation on forward foreign exchange contracts		—		10,174,838		—		—		—		—		10,174,838
Total Value		$	—	$	10,174,838	$	4,358,134	$	—	$	—	$	—	$	14,532,972

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Liability Derivatives

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Assets and Liabilities	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Forward Contracts	Unrealized depreciation on forward foreign exchange contracts	$	—	$	346,335	$	—	$	—	$	—	$	—	$	346,335
Total Value		$	—	$	346,335	$	—	$	—	$	—	$	—	$	346,335

Realized Gain (Loss)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Swaps Contracts	Swap contracts	$	—	$	—	$	561,977	$	—	$	—	$	—	$	561,977
Forward Contracts	Forward foreign exchange contracts		—		12,650,139		—		—		—		—		12,650,139
Total Realized Gain (Loss)		$	—	$	12,650,139	$	561,977	$	—	$	—	$	—	$	13,212,116

Change in Appreciation (Depreciation)

				Foreign
	Statement of	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Operations	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Location	Risk		Risk		Risk		Risk		Risk		Risk		Total
Warrants	Investments	$	—	$	—	$	—	$	1,063,126	$	—	$	—	$	1,063,126
Swaps Contracts	Swap contracts		—		—		9,541,541		—		—		—		9,541,541
Forward Contracts	Forward foreign exchange contracts		—		13,103,825		—		—		—		—		13,103,825
Total Change in Appreciation (Depreciation)		$	—	$	13,103,825	$	9,541,541	$	1,063,126	$	—	$	—	$	23,708,492

Number of Contracts, Notional Amounts, Fair Value or Shares/Units (1)

			Foreign
	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
	Risk		Risk		Risk		Risk		Risk		Risk		Total
Warrants		—		—		—		12,935		—		—		12,935
Swaps Contracts		—		—		113,203,842		—		—		—		113,203,842
Forward Contracts		—		368,976,112		—		—		—		—		368,976,112

(1) Volume of derivative activity is based on an average of month-end shares, fair value, contracts or notional amounts outstanding during the period.

Artio Global Funds  ï  2010 Semi-Annual Report 197

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

6.  Purchases and Sales of Securities

Cost of purchases and proceeds from sales of securities, excluding short-term investments, during the period ended April 30, 2010 were as follows:

	Cost of		Proceeds
	Purchases		From Sales
Global Equity Fund	$	72,563,400	$	65,667,637
International Equity Fund		5,150,663,073		5,842,362,464
International Equity Fund II		5,619,417,390		5,505,881,182
Total Return Bond Fund		1,384,414,160		1,306,600,220
Global High Income Fund		1,756,857,758		587,619,203
U.S. Microcap Fund		7,992,461		3,508,627
U.S. Smallcap Fund		45,169,485		12,089,205
U.S. Midcap Fund		4,060,958		3,988,326
U.S. Multicap Fund		4,971,029		2,753,698

Cost of purchases and proceeds from sales of long-term U.S. Government securities during the period ended April 30, 2010 were $619,301,956 and $729,664,117 for the Total Return Bond Fund.

At April 30, 2010, 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	$	77,349,911	$	9,092,744	$	(2,040,395	)	$	7,052,349
International Equity Fund		10,383,158,969		1,437,653,717		(712,974,823	)		724,678,894
International Equity Fund II		9,593,577,097		899,321,116		(247,611,615	)		651,709,501
Total Return Bond Fund		1,629,910,600		65,856,278		(2,555,357	)		63,300,921
Global High Income Fund		2,771,082,909		211,189,670		(12,449,899	)		198,739,771
U.S. Microcap Fund		11,754,932		2,550,920		(226,119	)		2,324,801
U.S. Smallcap Fund		50,613,254		5,737,138		(391,885	)		5,345,253
U.S. Midcap Fund		5,114,867		981,171		(40,738	)		940,433
U.S. Multicap Fund		7,154,906		1,353,437		(97,135	)		1,256,302

7.  Investments in Affiliated Issuers

An affiliated issuer, as defined under 1940 Act, is one in which a Fund’s holdings of an issuer represents 5% or more of the outstanding voting securities of the issuer. A

198 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

summary of Funds’ investments in securities of these issuers for the period ended April 30, 2010, is set forth below:

	Shares Held		Purchases		Sales		Dividend		Fair Value
Affiliate	April 30, 2010		(Cost)		(Proceeds)		Income		April 30, 2010
International Equity Fund
Alfa Cement		656,887	$	15,204,986	$	—	$	—	$	47,946,146
Bank of Georgia Sponsored GDR		2,466,387		—		—		—		29,726,129
Cemacon SA		14,619,597		—		—		—		673,150
Chelindbank OJSC		53,536,950		—		—		—		6,156,749
Chimimport AD		10,693,367		—		—		—		18,543,747
Chimimport AD Preferred		6,416,021		—		—		—		11,728,140
Clear Media		30,866,602		—		—		—		20,688,940
Davento PLC GDR		5,006,914		—		—		—		4,127,613
Dragon-Ukrainian Properties & Development		11,770,906		—		—		—		17,431,586
DZI Insurance		354,861		—		—		—		21,710,676
Impact Developer & Contractor		16,912,495		—		—		—		4,056,995
LEV INS		2,276,550		—		—		—		2,863,001
Marseille-Kliniken AG		688,772		—		216,981		—		4,565,496
NAXS Nordic Access Buyout Fund		1,485,000		—		—		—		6,538,001
Polska Grupa Farmaceutyczna		1,071,000		—		—		—		16,604,369
Siderurgica Venezolana Sivensa		2,847,910		—		—		5,168,996		5,036,665
Sparki Eltos Lovetch		1,425,011		—		—		—		1,724,292
Tigar ad Pirot		123,132		—		—		—		1,358,789
Toza Markovic ad Kikinda		78,160		—		—		—		2,873,298
Ukrinbank		1,153,346,022		—		—		—		1,455,694
Zambeef Products		9,363,990		—		—		—		7,893,775
									$	233,703,251

8.  Shares of Beneficial Interest

The Global Equity Fund may issue 50,000,000,000 shares of beneficial interest with a par value of $.001 per share. The Trust may issue an unlimited number of shares of

Artio Global Funds  ï  2010 Semi-Annual Report 199

NOTES TO FINANCIAL STATEMENTS (Unaudited) (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:

	Six Months Ended						Year Ended
	April 30, 2010						October 31, 2009
	Shares			Amount			Shares			Amount
Global Equity Fund
Class A
Sold		34,181		$	1,208,181			156,177		$	4,260,109
Issued as reinvestment of dividends		12,289			427,401			1,750			45,354
Redeemed		(70,690	)		(2,466,291	)		(203,337	)		(5,616,212	)
Net increase (decrease)		(24,220	)	$	(830,709	)		(45,410	)	$	(1,310,749	)
Class I
Sold		418,423		$	14,746,537			752,616		$	21,461,260
Issued as reinvestment of dividends		38,714			1,354,987			14,786			385,162
Redeemed		(131,431	)		(4,623,259	)		(966,746	)		(29,225,075	)
Net increase (decrease)		325,706		$	11,478,265			(199,344	)	$	(7,378,653	)
	Six Months Ended						Year Ended
	April 30, 2010						October 31, 2009
	Shares			Amount			Shares			Amount
International Equity Fund
Class A
Sold		5,936,593		$	166,288,433			17,174,521		$	404,301,509
Issued as reinvestment of dividends		10,959,642			304,130,078			3,490,630			82,972,280
Redeemed		(24,922,174	)		(697,844,725	)		(65,445,343	)		(1,536,672,807	)
Net increase (decrease)		(8,025,939	)	$	(227,426,214	)		(44,780,192	)	$	(1,049,399,018	)
Class I
Sold		13,264,366		$	379,822,133			38,410,073		$	932,167,894
Issued as reinvestment of dividends		14,348,483			407,783,876			5,082,713			123,510,037
Redeemed		(31,017,318	)		(888,881,393	)		(96,435,823	)		(2,336,722,790	)
Net increase (decrease)		(3,404,469	)	$	(101,275,384	)		(52,943,037	)	$	(1,281,044,859	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Months Ended						Year Ended
	April 30, 2010						October 31, 2009
	Shares			Amount			Shares			Amount
International Equity Fund II
Class A
Sold		31,340,795		$	368,218,228			135,355,324		$	1,339,361,355
Issued as reinvestment of dividends		8,474,993			99,920,171			5,260,275			51,235,076
Redeemed		(35,246,968	)		(411,915,399	)		(84,879,674	)		(796,724,175	)
Net increase (decrease)		4,568,820		$	56,223,000			55,735,925		$	593,872,256
Class I
Sold		96,170,654		$	1,138,608,303			307,506,805		$	2,951,347,838
Issued as reinvestment of dividends		18,027,662			213,808,074			12,721,347			124,414,774
Redeemed		(106,591,230	)		(1,262,207,118	)		(233,823,492	)		(2,299,984,847	)
Net increase (decrease)		7,607,086		$	90,209,259			86,404,660		$	775,777,765
	Six Months Ended						Year Ended
	April 30, 2010						October 31, 2009
	Shares			Amount			Shares			Amount
Total Return Bond Fund
Class A
Sold		4,615,483		$	62,732,195			11,596,714		$	147,840,856
Issued as reinvestment of dividends		388,297			5,282,017			1,387,891			17,725,866
Redeemed		(7,127,398	)		(96,868,921	)		(13,285,104	)		(168,566,731	)
Net increase (decrease)		(2,123,618	)	$	(28,854,709	)		(300,499	)	$	(3,000,009	)
Class I
Sold		17,586,229		$	238,103,128			41,724,285		$	530,039,756
Issued as reinvestment of dividends		1,310,169			17,720,179			3,086,244			39,412,940
Redeemed		(10,392,344	)		(140,840,322	)		(31,848,476	)		(405,092,093	)
Net increase (decrease)		8,504,054		$	114,982,985			12,962,053		$	164,360,603

Artio Global Funds  ï  2010 Semi-Annual Report 201

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Months Ended						Year Ended
	April 30, 2010						October 31, 2009
	Shares			Amount			Shares			Amount
Global High Income Fund
Class A
Sold		56,521,444		$	601,744,026			75,714,992		$	679,159,672
Issued as reinvestment of dividends		2,840,721			30,277,053			3,415,802			29,332,975
Redeemed		(25,158,788	)		(267,536,395	)		(26,751,066	)		(233,104,717	)
Net increase (decrease)		34,203,377		$	364,484,684			52,379,728		$	475,387,930
Class I
Sold		93,404,861		$	957,546,131			91,490,942		$	787,876,363
Issued as reinvestment of dividends		4,315,988			44,272,857			4,382,093			36,506,876
Redeemed		(17,410,117	)		(178,762,512	)		(29,858,820	)		(260,336,225	)
Net increase (decrease)		80,310,732		$	823,056,476			66,014,215		$	564,047,014
	Six Months Ended						Year Ended
	April 30, 2010						October 31, 2009
	Shares			Amount			Shares			Amount
U.S. Microcap Fund
Class A
Sold		306,830		$	3,048,588			174,735		$	1,295,639
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(84,603	)		(711,385	)		(89,172	)		(586,054	)
Net increase (decrease)		222,227		$	2,337,203			85,563		$	709,585
Class I
Sold		292,063		$	2,620,908			56,906		$	392,317
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(18,308	)		(163,584	)		(30,237	)		(164,113	)
Net increase (decrease)		273,755		$	2,457,324			26,669		$	228,204

202 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Months Ended						Year Ended
	April 30, 2010						October 31, 2009
	Shares			Amount			Shares			Amount
U.S. Smallcap Fund
Class A
Sold		2,714,320		$	27,018,970			1,001,008		$	8,479,268
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(387,185	)		(3,660,315	)		(104,826	)		(743,583	)
Net increase (decrease)		2,327,135		$	23,358,655			896,182		$	7,735,685
Class I
Sold		1,170,195		$	11,840,150			53,068		$	427,454
Issued as reinvestment of dividends		—			—			—			—
Redeemed		(34,362	)		(327,192	)		(30,426	)		(170,096	)
Net increase (decrease)		1,135,833		$	11,512,958			22,642		$	257,358
	Six Months Ended						Year Ended
	April 30, 2010						October 31, 2009
	Shares			Amount			Shares			Amount
U.S. Midcap Fund
Class A
Sold		5,439		$	49,255			14,082		$	103,437
Issued as reinvestment of dividends		21			186			—			—
Redeemed		(5,020	)		(46,274	)		(22,085	)		(139,466	)
Net increase (decrease)		440		$	3,167			(8,003	)	$	(36,029	)
Class I
Sold		15,102		$	136,812			10,014		$	60,785
Issued as reinvestment of dividends		87			783			—			—
Redeemed		(10,761	)		(96,039	)		(31,523	)		(190,574	)
Net increase (decrease)		4,428		$	41,556			(21,509	)	$	(129,789	)

Artio Global Funds  ï  2010 Semi-Annual Report 203

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Six Months Ended						Year Ended
	April 30, 2010						October 31, 2009
	Shares			Amount			Shares			Amount
U.S. Multicap Fund
Class A
Sold		5,660		$	54,829			20,239		$	118,712
Issued as reinvestment of dividends		55			508			—			—
Redeemed		(6,131	)		(57,193	)		(16,744	)		(126,590	)
Net increase (decrease)		(416	)	$	(1,856	)		3,495		$	(7,878	)
Class I
Sold		248,260		$	2,348,060			10,557		$	72,052
Issued as reinvestment of dividends		88			817			96			576
Redeemed		(7,136	)		(64,013	)		(49,887	)		(307,842	)
Net increase (decrease)		241,212		$	2,284,864			(39,234	)	$	(235,214	)

Through seed capital contributions by Julius Baer Group, an affiliate of the Adviser, ownership of beneficial shares outstanding at April 30, 2010 were:

Fund	% Ownership
U.S. Microcap Fund - Class A shares		44.18	%
U.S. Microcap Fund - Class I shares		44.66	%
U.S. Smallcap Fund - Class A shares		9.03	%
U.S. Smallcap Fund - Class I shares		21.47	%
U.S. Midcap Fund - Class A shares		91.65	%
U.S. Midcap Fund - Class I shares		89.29	%
U.S. Multicap Fund - Class A shares		93.52	%
U.S. Multicap Fund - Class I shares		52.18	%

9.  Line of Credit

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 State Street Bank and Trust Company (the “Bank”). The Agreement provides for a $250,000,000 (the “Facility Amount”) revolving credit facility to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. On December 1, 2009, the Agreement was amended to increase the sublimit that the Artio Global High Income Fund may

204 Artio Global Funds  ï  2010 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

draw from $40,000,000 to $100,000,000. 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		100,000,000
U.S. Microcap Fund		5,000,000
U.S. Smallcap Fund		5,000,000
U.S. Midcap Fund		5,000,000
U.S. Multicap Fund		5,000,000

Under the Agreement, the average daily outstanding daily balance utilized by the Global Equity Fund, International Equity Fund, International Equity Fund II, U.S. Microcap Fund, U.S. Smallcap Fund and the U.S. Midcap Fund during the period ended April 30, 2010 was $158,655, $15,936,501, $4,311,867, $8,016, $2,972 and $331, respectively, at an average weighted interest rate of 1.46%, 1.46%, 1.45%, 1.43%, 1.42% and 1.50%, respectively. The Total Return Bond Fund, Global High Income Fund and the U.S. Multicap Fund did not utilize the Agreement during the period ended April 30, 2010.

On April 26, 2010, the Agreement was amended to remove the Global High Income Fund and the Global High Income Fund entered into a separate Credit Agreement (the “Global High Income Fund Credit Agreement”) with the Bank. The Global High Income Fund Credit Agreement provides for a $100,000,000 revolving credit facility to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. 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. The Global High Income Fund did not utilize the Global High Income Fund Credit Agreement during the period ended April 30, 2010.

10.  Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board issued Accounting Standards Updated No. 2010-06, “Improving Disclosures About Fair Value

Artio Global Funds  ï  2010 Semi-Annual Report 205

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Measurements” (“ASU”). The ASU requires enhanced disclosures about (1) transfers into and out of Level 1 and 2 and (2) purchases, sales, issuances, and settlements on a gross basis relating to Level 3 measurements. The first disclosure is effective for the first reporting period (including interim periods) beginning after December 15, 2009, and the second disclosure will be effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact the adoption of this ASU will have on the Fund’s financial statement disclosures.

11.  Subsequent Events

Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to April 30, 2010 through the date the financial statements were issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

206 Artio Global Funds  ï  2010 Semi-Annual Report

INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting held on April 21, 2010, the Board of Trustees of the Artio Global Investment Funds and the Board of Directors of the Artio Global Equity Fund Inc. (each a “Board” and collectively the “Boards”) approved the Investment Advisory Agreements (each an “Agreement” and collectively the “Agreements”) with the adviser for each of the International Equity Fund, International Equity Fund II, Total Return Bond Fund, Global High Income Fund, U.S. Microcap Fund, U.S. Smallcap Fund, U.S. Midcap Fund, U.S. Multicap Fund and Global Equity Fund (each a “Fund” and collectively the “Funds”).

In determining whether to approve the Agreements, the Boards, including all of the Trustees and Directors who are not interested persons under the Investment Company Act of 1940, as amended, (the “Independent Board Members”), reviewed and considered, among other items: (1) a guide from independent counsel setting forth each Board’s fiduciary duties and responsibilities and the factors each Board should consider in its evaluation of the renewals of the Agreements; (2) comparative information, comparing each Fund’s advisory fees, expenses and returns to those of its relevant peer group; (3) the Adviser’s complete Form ADV; (4) the Adviser’s Financial Statements for December 31, 2009; and (5) other reports of and presentations by representatives of the Adviser that described: (i) the nature, extent and quality of the Adviser’s services provided to the respective Funds; (ii) the experience and qualifications of the personnel providing those services, (iii) their investment advice and performance; (iv) their assets under management and client descriptions; (v) their soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) the advisory fee arrangements with the Funds and other similarly managed clients; (vii) compliance program information; (viii) the Adviser’s financial information and profitability analysis related to providing service to the Funds; (ix) fees and other benefits; (x) methodologies to allocate securities among the Funds; (xi) outstanding lawsuits; (xii) breakpoints; and (xiii) the extent to which economies of scale are relevant to the Funds.

In determining whether to approve the Agreements, the Boards, including the Independent Board Members, reviewed and considered the materials presented at the April 21, 2010 meeting of the Boards. The Boards discussed the written materials and the Adviser’s presentations and deliberated on the approval of the Agreements in light of this information. In their deliberations, the Boards did not identify any single piece of information that was all important or controlling, but gave significant weight to the relative investment performance of each Fund along with consideration of the other relevant factors.

Artio Global Funds  ï  2010 Semi-Annual Report 207

INVESTMENT ADVISORY AGREEMENTS (Unaudited) (Continued)

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

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

208 Artio Global Funds  ï  2010 Semi-Annual Report

ADDITIONAL INFORMATION PAGE (Unaudited)

1. Proxy Voting Policies

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

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

2. Quarterly Filing Requirements

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

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

Artio Global Funds  ï  2010 Semi-Annual Report 209

ARTIO GLOBAL FUNDS

330 Madison Avenue
New York, New York 10017

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

www.artiofunds.com

Item 2. Code of Ethics.

     Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

     Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

     Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

     Not applicable to this filing.

Item 6. Schedule of Investments

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

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

     Not applicable to this registrant.

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

     Not applicable to this registrant.

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

     Not applicable to this registrant.

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a) (1) Not applicable.

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

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

SIGNATURES

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

Artio Global Investment Funds

By:	/s/ Anthony Williams Anthony Williams
	President
Date:	June 30, 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:	June 30, 2010
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Chief Financial Officer
Date:	June 30, 2010