Annual Report Artio Global Funds Artio Select Opportunities Fund Inc Artio International Equity Fund Artio International Equity Fund II Artio Total Return Bond Fund Artio Global High Income Fund Artio Emerging Markets Local Currency Debt Fund October 31, 2012 TABLE OF CONTENTS Shareholders Letter Management’s Commentary Shareholder Expenses 66 Fund Performance 68 Portfolio of Artio Artio Artio Artio Artio Artio Investments: Select Opportunities Fund Inc International Equity Fund International Equity Fund II Total Return Bond Fund Global High Income Fund Emerging Markets Local Currency Debt Fund 74 78 89 98 123 142 Statement of Assets and Liabilities 149 Statement of Operations 152 Statement of Changes in Net Assets .157 Financial Highlights 163 Notes to Financial Statements 175 Report of Independent Registered Public Accounting Firm 228 Additional Information Page 229 Artio Global Funds: Trustees and Officers 230 Supplemental Tax Information 234 SHAREHOLDERS LETTER Dear Shareholder: I am pleased to present the Annual Report for the Artio Global Funds (the “Funds”) for the fiscal year ending October 31, 2012 (the “Reporting Period”) While both equity and fixed income markets posted gains for the entire Reporting Period, the timeframe was characterized by shifting sentiment This was evidenced in the near equal number of up vs down monthly returns (7 vs 5) posted by the broad MSCI All Country World Index (ACWI), a measurement of both developed and emerging equity markets During the fiscal year, the debt situation in Europe showed little sign of improving Governments made several attempts to strengthen the Continent’s finances but it was not until September, when the European Central Bank (ECB) stepped in with the pledge to make unlimited purchases of government debt in the open market that investors were left with the impression that concrete action was being taken to truly get credit flowing This move effectively made the central bank the lender of last resort to nations as well as banks However, by the end of the fiscal year, no government had formally asked the ECB to begin buying their bonds, leaving some to question whether the attempt would effect any change US investors were largely absorbed by two events—the outcome of the presidential election and a possible fall off the ‘fiscal cliff ’ Many wondered what would be done to avert the economic ramifications should a new budget deal not come to fruition and mandatory budget cuts and tax increases get enacted Despite these concerns, the US market posted some of the developed world’s best returns over the Reporting Period After a relatively strong winter, the Federal Reserve Bank (the “Fed”) extended its existing “Operation Twist” asset-purchase program through the end of 2012 to help reduce borrowing costs for businesses and consumers and prevent the economy from stumbling in its nascent recovery Taking things a step further, in September the Fed announced a third round of quantitative easing In this case, rather than providing a fixed endpoint, the central bank said they would purchase mortgage-backed securities until unemployment drops sufficiently or inflation rises too fast As sentiment continued to shift from periods of “risk on” to “risk off ” and back again, this fiscal year proved to be a difficult environment for investors such as us Our approach across our suite of mutual funds is based on a long-term view Too often during the Reporting Period, investor appetite and markets moved on nearterm headlines As you will read in the commentaries which follow, it becomes difficult for active-managers like us to best position portfolios based on short-term Artio Global Funds C 2012 Annual Report projections which we view as unreliable With this in mind, we remain firmly committed to continue taking the same fundamental approach to investing that has been our cornerstone since 1992 when the first fund of the Artio Global Funds family was launched In April of the reporting period, we welcomed Keith Walter back to the organization after a nearly two year absence He was named Head of Global Equity and assumed sole responsibility for managing the Artio Select Opportunities Fund Coinciding with this, the Fund has become a less constrained vehicle with a more concentrated style of investing The overall philosophy and investment process of the Fund remains the same I would like to express my sincere appreciation to you as shareholders for your continued commitment and wish all of you much happiness and success in the New Year Sincerely, Tony Williams President This material is provided for informational purposes only and does not in any sense constitute a solicitation or offer of the purchase or sale of securities unless preceded or accompanied by a prospectus The Morgan Stanley Capital International (MSCI) Al Country World Index (ACWI) is a free float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets It is not possible to invest directly in an index Mutual funding investing involves risk; principle loss is possible Distributor: Quasar Distributors, LLC (12/12) Artio Global Funds C 2012 Annual Report MANAGEMENT’S COMMENTARY Artio Select Opportunities Fund Inc 2012 Annual Report Introduction The fiscal year ending October 31, 2012 (the “Reporting Period”) was a transformational one for the Artio Select Opportunities Fund Inc (the “Fund”) In this annual letter we will highlight the recent changes, discuss performance, examine some of the current investment areas of interest and conclude with an outlook for the upcoming fiscal year Important Changes to the Fund In July 2012, the Fund completed its conversion from a diversified strategy holding approximately 200 stocks to a concentrated equity strategy of between 40 and 60 positions We switched to a concentrated strategy to capitalize on the deep fundamental analysis conducted by the firm’s analyst team Warren Buffet outlined his preference for concentrated investing in a March 1993 letter to shareholders: We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfortlevel he must feel with its economic characteristics before buying into it Sixty years earlier in 1934, John Maynard Keynes also recommended such a strategy when he wrote: As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes It is a mistake to think one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence We couldn’t have said it better Also in July 2012, the restriction that limited the Fund’s investments in emerging market securities was removed In 1987, the emerging markets represented less than one percent of the MSCI All Country World Index (“MSCI ACWI” or the “Index”) Ten years later, in 1997, emerging markets jumped to almost 7% of the Index Today, emerging markets represent more than 13% of the world’s stock markets We expect that emerging markets will continue to grow in importance to global equity investors and the Advisor made this adjustment to the Fund’s guidelines to provide the flexibility to invest a larger allocation of the Fund in these fastgrowing markets Artio Global Funds C 2012 Annual Report At the same time, the restriction that the Fund invest at least 40% of its total assets in no fewer than three different countries outside of the United States was also removed It’s expected that the Fund’s more concentrated investment approach will result in larger allocation differences between the Fund and the Index, hence the rationale for this change As a result of the changes outlined above, the Fund’s name was also changed from the Artio Global Equity Fund Inc to the Artio Select Opportunities Fund Inc We feel this new name better reflects our ability to invest in a concentrated style that may deviate from the Index while searching for unique investments around the globe in both the developed and emerging markets We believe the Fund’s ability to navigate these markets as conditions warrant will prove to be a valuable asset to the manager going forward Exhibit provides an example of how a more concentrated, less constrained approach to investing may benefit investors From 2002 to 2005, the US equity market was the world’s worst performing major market while emerging markets were one of the top two regions to invest Previously, the Fund typically would have had a higher allocation to the US than emerging markets because of the relative weights in the overall Index This structural allocation preference to the US equity market did not offer the desired investment flexibility across geographic locations Another historical example of when we would have preferred additional flexibility came in 2011 when the US equity market was the best performing market as investors sought out the relative safety of domestic stocks The ability to navigate more than 60% of the Fund’s assets toward the US market during these periods of risk-aversion is a welcome new development With the new guideline changes, the Fund is now able to allocate investments based primarily on the relative performance opportunities in each market Of course, some diversification among countries and sectors will be maintained to limit the overall volatility, but now the Fund has the freedom to invest in higher conviction markets at the expense of those markets that simply have a large representation in the Index Artio Global Funds C 2012 Annual Report Exhibit MSCI Index Returns (2002 — 2011) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 MSCI Emg Mkts -6.17% MSCI Emg Mkts 55.82% MSCI Pacific (ex-Japan) 28.46% MSCI Emg Mkts 34.00% MSCI Europe 33.72% MSCI Emg Mkts 39.42% MSCI Japan -29.21% MSCI Emg Mkts 78.51% MSCI Emg Mkts 18.88% MSCI US 1.36% MSCI Emg Mkts 25.55% MSCI Japan 25.52% MSCI Emg Mkts 32.15% MSCI Pacific (ex-Japan) 30.73% MSCI US -37.57% MSCI Europe 13.86% MSCI Europe -46.42% MSCI Europe 35.83% MSCI Japan 15.44% MSCI Pacific (ex-Japan) -12.79% MSCI MSCI Pacific Pacific (ex-Japan) (ex-Japan) -6.42% 45.77% MSCI MSCI Pacific Pacific (ex-Japan) (ex-Japan) 13.81% 32.02% MSCI MSCI Pacific Pacific (ex-Japan) (ex-Japan) 72.81% 16.91% MSCI Europe -11.06% MSCI Japan -10.28% MSCI Europe 38.55% MSCI Europe 20.88% MSCI Europe -18.39% MSCI Japan 35.91% MSCI Japan 15.86% MSCI Europe 9.42% MSCI US 14.67% MSCI US 5.44% MSCI Pacific (ex-Japan) -50.50% MSCI US 26.25% MSCI US 14.77% MSCI Japan -14.33% MSCI US -23.09% MSCI US 28.41% MSCI US 10.14% MSCI US 5.14% MSCI Japan 6.24% MSCI Japan -4.23% MSCI Emg Mkts -53.33% MSCI Japan 6.25% MSCI Europe 3.88% MSCI Emg Mkts -18.42% Source: FactSet Another way to illustrate the importance of this geographic allocation flexibility is to compare the returns and characteristics of global equity managers and a blend of 50% US large cap core equity managers and 50% MSCI EAFE Index managers over a thirty year period The objective of such a comparison is to help determine if global equity managers were able to successfully use their allocation freedom to generate above average returns compared to a portfolio that employed a static allocation between the US and non-US developed equity markets The results are illustrated in Exhibit Artio Global Funds C 2012 Annual Report Exhibit Manager Return & Characteristics Comparison (1/1/82 — 12/31/11) Annualized Returns 11.56% 2.21% Annualized Alpha 1.40% 10.98% 100% Global 80.00% 50%US Large Cap & 50% MSCI EAFE 100% Global Batting Average 50% US Large Cap & 50% MSCI EAFE Sharpe Ratio 0.12 0.08 70.00% 100% Global 50% US Large Cap & 50% MSCI EAFE 100% Global 50% US Large Cap & 50% MSCI EAFE Source: eVestment Alliance, Artio Global Management Data based on the gross of fees monthly median return of eVestment Alliance universe of managers categorized as “Global Large Cap Core Equity”, “US Large Cap Core Equity” and “EAFE Large Cap Core Equity” These results are not meant to represent returns of the Artio Select Opportunities Fund According to these statistics, global equity managers were able to achieve 58 basis points (bps) in additional absolute performance each year On a relative basis, these returns were also 81 bps above the Index annually The allocation flexibility also provided global equity managers with a higher batting average, allowing for a more consistent performance track record Lastly, using the Sharpe ratio as a guide, the additional performance contribution from global equity managers came without increasing overall risk As the Sharpe ratio shows, the global equity managers achieved 50% higher excess returns per unit of risk than a 50/50 blend of US and non-US developed equity managers Our conclusion from the study is that investors can potentially benefit by utilizing a single global equity manager than multiple regional managers Artio Global Funds C 2012 Annual Report NOTES TO FINANCIAL STATEMENTS (Continued) 11 Recent Accounting Pronouncements In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”) These common disclosure requirements are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a portfolio’s financial position They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received In addition, ASU 2011-11 facilitates comparison between those entities that prepare their financial statements on the basis of U.S GAAP and those entities that prepare their financial statements on the basis of IFRS ASU 2011-11 requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the financial position; and disclose instruments and transactions subject to an agreement similar to a master netting agreement ASU 2011-11 is effective for public entities for interim and annual periods beginning on or after January 1, 2013 Management is currently evaluating the impact of the adoption of ASU 2011-11 will have on the Funds’ financial statement disclosures 12 Subsequent Events Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to October 31, 2012 through the date the financial statements were issued Adjustments or additional disclosures, if any, have been included in these financial statements On December 13, 2012, the Board of Trustees approved the Adviser’s proposal to open the International Equity Fund to new investors effective on or about January 2, 2013 Additionally, the Board of Trustees approved the name change from the Artio Emerging Markets Local Currency Debt Fund to the Artio Emerging Markets Local Debt Fund, effective January 1, 2013 226 Artio Global Funds C 2012 Annual Report RESULTS OF MEETINGS OF SHAREHOLDERS (Unaudited) ARTIO SELECT OPPORTUNITIES FUND INC Special Meetings of Shareholders The special meeting of Shareholders of the Artio Select Opportunities Fund Inc (the “Fund”) was held on July 26, 2012 At the meeting, the following shares of the Fund were represented: Shares Represented by Proxy Fund Artio Select Opportunities Fund Inc 367,414.4140 Percentage of Shares Outstanding 62.294% Shareholders of the Fund voted on the following proposals: To elect Directors of the Fund Nominee For 360,914.8030 360,914.8030 360,845.8030 360,675.8030 360,991.8030 360,991.8030 360,806.8030 Antoine Bernheim Thomas Gibbons Cynthia Hostetler Harvey B Kaplan Robert S Matthews Peter Wolfram Anthony Williams Withheld 6,291.6110 6,291.6110 6,360.6110 6,530.6110 6,214.6110 6,214.6110 6,399.6110 To consider the elimination of the fundamental investment policy of the Fund prohibiting the Fund from investing more than 35% of its net assets in emerging markets securities For Against Abstain Broker Non-Votes 247,347.6400 42,483.7740 1,455.0000 76,128.0000 To consider the elimination of the fundamental investment policy of the Fund requiring the Fund to invest at least 40% of its total assets in no fewer than three different countries outside of the U.S For Against Abstain Broker Non-Votes 248,094.9440 41,062.4700 2,129.0000 76,128.0000 Artio Global Funds C 2012 Annual Report 227 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Shareholders and Board of Directors Artio Select Opportunities Fund Inc and The Shareholders and Board of Trustees Artio Global Investment Funds We have audited the accompanying statements of assets and liabilities of Artio Select Opportunities Fund Inc and Artio International Equity Fund, Artio International Equity Fund II, Artio Total Return Bond Fund, Artio Global High Income Fund, and Artio Emerging Markets Local Currency Debt Fund (five of the series constituting the Artio Global Investment Funds) (collectively, the Funds), including the portfolios of investments, as of October 31, 2012, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended These financial statements and financial highlights are the responsibility of the Funds’ management Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States) Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements Our procedures included confirmation of securities owned as of October 31, 2012 by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We believe that our audits provide a reasonable basis for our opinion In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Artio Select Opportunities Fund Inc, Artio International Equity Fund, Artio International Equity Fund II, Artio Total Return Bond Fund, Artio Global High Income Fund, and Artio Emerging Markets Local Currency Debt Fund as of October 31, 2012, and the results of their operations, the changes in their net assets and the financial highlights for each of the years or periods described above, in conformity with U.S generally accepted accounting principles Boston, MA December 24, 2012 228 Artio Global Funds C 2012 Annual Report ADDITIONAL INFORMATION PAGE (Unaudited) 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 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 Commission’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 C 2012 Annual Report 229 ARTIO GLOBAL FUNDS Independent Trustees of Artio Global Investment Funds (the “Trust”) and Independent Directors of Artio Select Opportunities Fund Inc (the “Select Opportunities Fund” or “SOF”): Name, Age (3) and Address Position, Term of Office (1) and Length of Time Served with the Funds Number of Portfolios in Fund Family Other Principal Overseen Directorships (2) Occupation(s) by Trustee Held During Past During Past Five Years or Director* Five Years Antoine Bernheim 59 330 Madison Avenue New York, New York 10017 Trustee of the Trust since November 2004; Director of SOF since July 1990; Chairman of the Fund complex since December 2008 President, Dome Capital Management, Inc., 1984–present (investment advisory firm); Chairman, Dome Securities Corp., 1995–present (broker/dealer); President, The U.S Offshore Funds Directory, 1990–present (publishing) None Thomas Gibbons 65 330 Madison Avenue New York, New York 10017 Trustee of the Trust since November 2004; Director of SOF since December 1993 President, Cornerstone Associates Management, 1987–present (consulting firm) None Cynthia Hostetler 49 330 Madison Avenue New York, New York 10017 Trustee of the Trust since September 2011; Director of SOF since November 2010 Member of the Board of Directors of the Edgen Group (distributor), 2012–present; Head of Private Equity and Vice President of Investment Funds, Overseas Private Investment Corporation, 2001–2009; President, First Manhattan Bancorporation, 1991–2006 None Robert S Matthews 69 330 Madison Avenue New York, New York 10017 Trustee of the Trust since June 1992; Director of SOF since June 2002 Managing Partner, Matthews & Co., 1990–present (certified public accounting firm) Trustee, Allstate Financial Investment Trust, 2008–2009 (investment company) 230 Artio Global Funds C 2012 Annual Report ARTIO GLOBAL FUNDS (Continued) Independent Trustees of Artio Global Investment Funds (the “Trust”) and Independent Directors of Artio Select Opportunities Fund Inc (the “Select Opportunities Fund” or “SOF”):—(Continued) Name, Age (3) and Address Position, Term of Office (1) and Length of Time Served with the Funds Number of Portfolios in Fund Family Other Overseen Directorships (2) Principal by Trustee Held During Past Occupation(s) Five Years During Past Five Years or Director* Peter Wolfram 59 330 Madison Avenue New York, New York 10017 Trustee of the Partner, Kelley Drye & Trust since June Warren, 1983–present 1992; Director (law firm) of SOF since November 2004 None Anthony Williams (4) 48 330 Madison Avenue New York, New York 10017 Director of SOF since July 26, 2012 None Chief Executive Officer, Artio Global (2012–present) and member of Board of Directors of Artio Global Investors Inc (2004–present); Chief Operating Officer, Artio Global (2004–2012) * The Fund Complex refers to the five series of the Trust and the Select Opportunities Fund (1) Each Trustee and Director serves during the lifetime of the Trust or Select Opportunities Fund or until he or she dies, resigns, retires, is declared bankrupt or incompetent, or is removed or, if sooner, until the next special meeting of the Funds’ shareholders and until the election and qualification of his or her successor (2) Directorships include public companies and any company registered as an investment company (3) Age calculated as of October 31, 2012 (4) Mr Williams is an Interested Director because he is an employee of Artio Global Investors, Inc Artio Global Funds C 2012 Annual Report 231 ARTIO GLOBAL FUNDS (Continued) Officers of Funds: The business address for each officer of the Funds, except Mr James, Ms Coop, Mr Smith, Mr McVoy and Mr Kapner is Artio Global Management LLC, 330 Madison Avenue, New York, New York 10017 The business address for Mr James, Ms Coop and Mr Smith is State Street Bank and Trust Company, Copley Place, 5th Floor, Boston, Massachusetts, 02116 The business address for Mr McVoy is U.S Bancorp Fund Services, LLC, 615 E Michigan Street, Milwaukee, WI 53202 The business address for Mr Kapner is Global Financial Markets Institute, P.O Box 388, Jericho, NY 17753–0388 Name, Age (3) and Position(s) Held Length of Time Served As Fund Officer (1), (2) Principal Occupation(s) During Past Five Years Anthony Williams 48 President, Chief Executive Officer and Principal Executive Officer Officer for the Funds since 2004 Greg Hopper 55 Vice President Officer for the Funds since 2002 Richard C Pell 58 Vice President Officer for the Trust since 1995; for SOF, since 2004 k Donald Quigley 47 Vice President Officer for the Trust since 2001 k Senior Vice President and Head of Global Fixed–Income, Artio Global Management LLC (2001–present) Rudolph–Riad Younes 51 Vice President Officer for the Trust since 1997; for SOF, since 2004 k Managing Director and Head of International Equity, Artio Global Management LLC (2002–present) Keith Walter 43 Vice President Officer for SOF since 2012 k Senior Porfolio Manager and Head of Global Equity, Artio Global Management LLC (2012–present) Portfolio Manager for a private family office (2010–2012) Senior Porfolio Manager, Artio Global Management LLC (1999–2010) k k k k k k k Chief Executive Officer and member of Board of Directors of Artio Global Investors Inc (2012–present) Chief Operating Officer of Artio Global Management LLC (2004–2012) Senior Vice President, Artio Global Management LLC (2009–present) First Vice President of Artio Global Management LLC (2002–2009) Chief Investment Officer of Artio Global Management LLC (1995–present) Chief Executive Officer and Chairman of the Board of Directors, Artio Global Investors Inc (2007–2012) Elena Liapkova 38 Vice President Officer for the Trust since 2010 k Porfolio Manager and Vice President, Artio Global Management LLC (2005–present) Victor J Simon 43 Vice President Officer for the Funds since 2010 k First Vice President, Artio Global (2006–present) 232 Artio Global Funds C 2012 Annual Report ARTIO GLOBAL FUNDS (Continued) Officers of Funds:—(Continued) Name, Age (3) and Position(s) Held Length of Time Served As Fund Officer (1), (2) Principal Occupation(s) During Past Five Years Timothy J Clemens 36 Chief Financial Officer Officer for the Funds since 2009 Alex Bogaenko 49 Treasurer Officer for the Funds since 2005 k Vice President, Artio Global Management LLC (2005–present) Michael K Quain 55 Chief Compliance Officer Officer for the Funds since 2004 k First Vice President of Artio Global Management LLC (2002–present) Kenneth Kapner 55 Vice President of Risk Management Officer for the Funds since 2009 k President, CEO, Financial Trainer and Consultant, Global Financial Markets Institute (1997–present) Michael McVoy 55 Anti–Money Laundering and Identity Theft Officer Officer for the Funds since 2004 k Chief Compliance Officer for U.S Bancorp (2002–present) Senior Vice President and Risk Manager for U.S Bancorp (1999–present) David James 41 Assistant Secretary Officer for the Funds since 2010 Tracie A Coop 35 Secretary Officer for the Funds since 2008 k Vice President and Senior Counsel, State Street Bank and Trust Company (2007–present) Brian Smith 45 Assistant Treasurer Officer for the Funds since 2007 k Vice President, State Street Bank and Trust Company (2007–present) k k k k k Vice President, Artio Global Management LLC (2009–present) Vice President, The Bank of New York Mellon (2006–2009) Vice President and Managing Counsel, State Street Bank and Trust Company (2009–present) Vice President and Counsel, PNC Global Investment Servicing (US), Inc (2006–2009) (1) Each officer of the Select Opportunities Fund is elected for a term of year and until his or her successor is duly elected and qualified (2) Pursuant to the Trust’s By–laws, officers of the Trust are elected by the Board of Trustees to hold such office until his or her successor is chosen and qualified, or until they resign or are removed from office (3) Age calculated as of October 31, 2012 Artio Global Funds C 2012 Annual Report 233 SUPPLEMENTAL TAX INFORMATION (Unaudited) The Select Opportunities Fund, International Equity Fund and International Equity Fund II paid foreign taxes of $0, $4,580,316 and $3,540,888 and earned $0, $0 and $53,308,676 of foreign income during the year ended October 31, 2012 Pursuant to Section 853 of the Internal Revenue Code, $0.04, $0.04 and $0.02 per share were designated as foreign taxes paid for Select Opportunities Fund, International Equity Fund and International Equity Fund II and $0.37, $0.74 and $0.30 per share were designated as income earned from foreign sources for the Select Opportunities Fund, International Equity Fund and International Equity Fund II for the year ended October 31, 2012 The table below shows distributions paid from investment company taxable income earned in the year ended October 31, 2012, or the maximum amount allowable under the tax law, as Qualified Dividend Income in accordance with the Internal Revenue Code Complete 2012 year end information will be reported to you on your 2012 Form 1099-DIV, which shall be provided to you in early 2013 QDI Select Opportunities Fund International Equity Fund International Equity Fund II Global High Income Fund $ 502,338 64,902,812 47,400,146 2,923,177 For corporate shareholders, a portion of the ordinary dividends paid during the Funds’ year ended October 31, 2012 qualified dividends received deductions were the following: DRD Select Opportunities Fund Global High Income Fund 100.00% 1.20% Pursuant to Sector 852 of the Internal Revenue Code, the Funds designated the following capital gain dividends for the year ended October 31, 2012: Long Term Capital Gain Dividend Select Opportunities Fund International Equity Fund International Equity Fund II Total Return Bond Fund Global High Income Fund Emerging Markets Local Currency Debt Fund 234 Artio Global Funds C $ 2012 Annual Report — — — 20,297,797 51,924,409 84,180 (This page intentionally left blank.) (This page intentionally left blank.) (This page intentionally left blank.) (This page intentionally left blank.) ARTIO GLOBAL FUNDS 330 Madison Avenue New York, New York 10017 This report is sent to shareholders of the Artio Select Opportunities 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 ... (12/12) Artio Global Funds C 2012 Annual Report MANAGEMENT’S COMMENTARY Artio Select Opportunities Fund Inc 2012 Annual Report Introduction The fiscal year ending October 31, 2012 (the “Reporting... holdings are subject to risk 16 Artio Global Funds C 2012 Annual Report MANAGEMENT’S COMMENTARY Artio International Equity Fund Artio International Equity Fund II 2012 Annual Report Summary For the twelve... Exhibit Artio Global Funds C 2012 Annual Report Exhibit Manager Return & Characteristics Comparison (1/1/82 — 12/31/11) Annualized Returns 11.56% 2.21% Annualized Alpha 1.40% 10.98% 100% Global