Artio Global Investors Reports Second Quarter 2010 Results; Announces Quarterly Dividend of $0.06 Per Share

Artio Global Investors Inc. (NYSE: ART) (together with its subsidiaries, "Artio Global” or the "Company”) today reported its results for the quarter ended June 30, 2010.

Financial Highlights

• Adjusted¹ net income attributable to Artio Global Investors ("adjusted net income”) of $24.4 million, or $0.41 per diluted share, for the second quarter of 2010; (GAAP net income attributable to Artio Global Investors of $19.0 million, or $0.38 per diluted share)
• Assets under management of $49.0 billion as of June 30, 2010
• Investment management fees of $83.8 million for the second quarter of 2010
• Effective fee rate² of 63.4 basis points for the second quarter of 2010
• Adjusted operating margin of 54.3% for the second quarter of 2010
• Quarterly dividend of $0.06 per share on Class A and Class C common stock
• Authorization of a share repurchase program for up to 1,000,000 shares of common stock

The Company’s adjusted results for the three months ended March 31, 2010, and the three and six months ended June 30, 2010 assume the Principals’³ non-controlling interests have been fully exchanged for shares of Class A common stock and exclude the amortization of restricted stock units granted at the time of the initial public offering ("IPO”). Adjusted results for the three and six months ended June 30, 2009 exclude certain costs relating to the Principals’ former compensation structure. Adjusted results are presented in order to provide more meaningful comparisons between periods.

For the second quarter of 2010, Artio Global reported adjusted net income of $24.4 million, or $0.41 per diluted share, a decrease of 11%, from adjusted net income of $27.4 million, or $0.46 per diluted share, for the first quarter of 2010, and an increase of 13% and 14%, respectively, from adjusted net income of $21.6 million, or $0.36 per diluted share, for the second quarter of 2009.

On a GAAP basis, net income for the second quarter of 2010 was $19.0 million, or $0.38 per diluted share, essentially unchanged and a decrease of 10%, respectively, from net income of $18.9 million, or $0.42 per diluted share, for the first quarter of 2010, and an increase from net income of $5.4 million, or $0.13 per diluted share, for the second quarter of 2009.

For the first six months of 2010, Artio Global reported adjusted net income of $51.9 million, or $0.86 per diluted share, an increase of 27% and 26%, respectively, from adjusted net income of $40.9 million, or $0.68 per diluted share, for the first six months of 2009.

On a GAAP basis, net income for the first six months of 2010 was $37.8 million, or $0.80 per diluted share, an increase from net income of $8.4 million, or $0.20 per diluted share, for the first six months of 2009.

The tables below compare the Company’s GAAP results and adjusted results. See Exhibits 3 – 5 of this news release for a reconciliation of GAAP results to adjusted results.

		Three Months Ended (in millions, except per share amounts)
		Jun. 30, 2010			Jun. 30, 2009			% Change			Mar. 31, 2010			% Change
Revenue4, GAAP		$	83.3		$	70.8		18	%		$	85.6		(3	%)
Operating income, GAAP		$	42.6		$	10.6		NM			$	45.6		(7	%)
Operating income, adjusted		$	45.3		$	39.3		15	%		$	48.8		(7	%)
Net income attributable to Artio Global Investors, GAAP		$	19.0		$	5.4		NM			$	18.9		0	%
Adjusted net income		$	24.4		$	21.6		13	%		$	27.4		(11	%)
Diluted EPS, GAAP		$	0.38		$	0.13		192	%		$	0.42		(10	%)
Diluted EPS, adjusted		$	0.41		$	0.36		14	%		$	0.46		(11	%)
		Six Months Ended (in millions, except per share amounts)
		Jun. 30, 2010			Jun. 30, 2009			% Change
Revenue, GAAP		$	169.0		$	133.3		27	%
Operating income, GAAP		$	88.3		$	16.6		NM
Operating income, adjusted		$	94.0		$	73.6		28	%
Net income attributable to Artio Global Investors, GAAP		$	37.8		$	8.4		NM
Adjusted net income		$	51.9		$	40.9		27	%
Diluted EPS, GAAP		$	0.80		$	0.20		NM
Diluted EPS, adjusted		$	0.86		$	0.68		26	%
NM: Not meaningful

Business Highlights⁵

• International Equity I was in the top quartile of Lipper performance rankings for the one-, five- and ten-year periods ended June 30, 2010⁶
• International Equity II was in the top third of Lipper performance rankings for the one-, three- and five-year periods ended June 30, 2010⁶
• Four of the Company’s five eligible mutual funds⁷ were in the top quartile of Lipper performance rankings for the five-year period ended June 30, 2010
• Six of the Company’s nine mutual funds⁶, representing over 99% of mutual fund assets, were rated four or five stars by Morningstar, as of June 30, 2010
• Net client cash outflows were $1.8 billion for the second quarter of 2010
• US Smallcap strategy generated net client cash inflows of $116 million in the quarter resulting from a new sub-advisory relationship and increased intermediated platform penetration, more than double beginning of period assets under management
• Completed synthetic secondary offering of 4.2 million shares of Class A common stock during the quarter

Management Commentary

"Concerns over sovereign risk in Europe, renewed fears over the sustainability of the global economic recovery, and generally lower appetite for risk, negatively impacted flows during the second quarter,” said Richard Pell, Chairman, Chief Executive Officer and Chief Investment Officer. "Despite overall net outflows, the strength of our long-term performance records enabled us to continue to win meaningful new business across multiple asset classes.

"Our strong operating margin facilitates ongoing investment in the long-term strength of our firm, and during the quarter we made selective new hires in areas that we believe will contribute to future business growth.

"We continue to generate robust free cash flow, enabling us to initiate a share buyback to eliminate the dilutive impact of employee shares vesting through 2011, and to take advantage of a share price that we believe does not reflect the company’s intrinsic value.”

Second Quarter of 2010 Comparison with Second Quarter of 2009

Assets Under Management⁸ and Net Client Cash Flows

Assets under management were $49.0 billion as of June 30, 2010, up $2.2 billion, or 5%, from $46.8 billion as of June 30, 2009, due to market appreciation, partly offset by net client cash outflows.

Net client cash outflows for the second quarter of 2010 were $1.8 billion, driven primarily by net client cash outflows from our International Equity I and II strategies, partly offset by net client cash inflows into our High Grade Fixed Income and U.S. Equity strategies⁹.

Revenues and Other Operating Income

Revenues and other operating income for the second quarter of 2010 totaled $83.3 million, up 18% from $70.8 million for the second quarter of 2009. The increase was driven primarily by higher investment management fees, which were $83.8 million for the second quarter of 2010, up 20% from $69.8 million for the second quarter of 2009 due primarily to higher average assets under management.

Expenses

Employee Compensation and Benefits

For the second quarter of 2010, adjusted employee compensation and benefits expenses were $22.0 million, up 23% from $18.0 million for the second quarter of 2009, due primarily to higher incentive compensation accruals, and higher salary and benefits costs resulting from an increase in headcount.

GAAP employee compensation and benefits expenses for the second quarter of 2010 were $24.6 million, down 47% from $46.6 million for the second quarter of 2009. The decrease was due primarily to compensation expenses incurred in the second quarter of 2009 for the change in redemption value of Class B profits interests and the allocation of Class B profits interests, partly offset by the increases discussed above and the amortization expense recorded in the second quarter of 2010 for restricted stock units granted at the time of the IPO.

Shareholder Servicing and Marketing Expenses

Shareholder servicing and marketing expenses for the second quarter of 2010 were $5.6 million, up 35% from $4.1 million for the second quarter of 2009, driven primarily by higher shareholder servicing costs resulting from higher average assets under management in proprietary funds and higher marketing expenses.

General and Administrative Expenses

General and administrative expenses for the second quarter of 2010 were $10.4 million, up 11% from $9.4 million for the second quarter of 2009, driven primarily by costs resulting from our public company status, higher professional fees resulting from the secondary offering and increases in other business related activities, partly offset by the absence of license fees, which ceased following the IPO.

Income Taxes

For the second quarter of 2010, the adjusted effective tax rate was 45.2%, 0.6 percentage point higher than the 44.6% adjusted effective tax rate for the second quarter of 2009. The increase was due primarily to true-ups to prior years’ state and local amended tax returns and the non-deductibility of secondary offering related expenses, partly offset by a lower apportionment of income for state and local tax purposes.

The GAAP effective tax rate was 37.8% for the second quarter of 2010, 10.5 percentage points lower than the 48.3% GAAP effective tax rate for the second quarter of 2009, due primarily to the exclusion of federal and state income taxes attributable to the Principals’ non-controlling interests in the second quarter of 2010.

Second Quarter of 2010 Comparison with First Quarter of 2010

Assets Under Management and Net Client Cash Flows

Assets under management were $49.0 billion as of June 30, 2010, a decrease of $7.4 billion, or 13%, from $56.4 billion as of March 31, 2010, due to both market depreciation of $5.6 billion and net client cash outflows of $1.8 billion.

Revenues and Other Operating Income

Revenues and other operating income for the second quarter of 2010 totaled $83.3 million, down 3% from $85.6 million for the first quarter of 2010 driven primarily by lower investment management fees and losses on securities held for deferred compensation compared to gains in the first quarter of 2010. Investment management fees were $83.8 million for the second quarter of 2010, down 2% from $85.3 million for the first quarter of 2010, due to a decline in average assets under management, partly offset by one additional day in the second quarter of 2010.

Expenses

Employee Compensation and Benefits

For the second quarter of 2010, adjusted employee compensation and benefits expenses were $22.0 million, essentially unchanged from the first quarter of 2010.

GAAP employee compensation and benefits expenses for the second quarter of 2010 were $24.6 million, a decrease of 2% from $25.2 million for the first quarter of 2010, due primarily to a decrease in the amortization of restricted stock units granted at the time of the IPO, as a result of the vesting of certain awards in the first quarter of 2010.

Shareholder Servicing and Marketing Expenses

Shareholder servicing and marketing expenses for the second quarter of 2010 were $5.6 million, an increase of 23% from $4.5 million for the first quarter of 2010, driven by increases in both shareholder servicing costs and marketing expenses.

General and Administrative Expenses

General and administrative expenses of $10.4 million for the second quarter of 2010 increased 2% from $10.3 million for the first quarter of 2010, driven primarily by higher professional fees resulting from the secondary offering, partly offset by a decline in outsourced services expenses.

Income Taxes

For the second quarter of 2010, the adjusted effective tax rate was 45.2%, 2.2 percentage points higher than the 43.0% adjusted effective tax rate for the first quarter of 2010. The increase was due primarily to true-ups to prior years’ state and local amended tax returns and the non-deductibility of secondary offering related expenses.

The GAAP effective tax rate was 37.8% for the second quarter of 2010, 5.0 percentage points higher than the 32.8% GAAP effective tax rate for the first quarter of 2010, due primarily to an increase in the proportion of pre-tax income subject to federal and state taxes¹⁰.

Liquidity and Capital

As of June 30, 2010, the Company had cash and cash equivalents of $91.8 million, marketable securities of $8.0 million and an undrawn $50.0 million committed revolving credit facility.

Total equity on the Statement of Financial Position was $73.9 million as of June 30, 2010, compared to $4.0 million as of December 31, 2009.

Shares

As of June 30, 2010, shares of Class A and Class C common stock outstanding totaled 58,897,519.

For purposes of calculating adjusted earnings per diluted share, all of the Principals’ New Class A Units, held in the intermediate holding company as of the beginning of the quarter, are assumed to have been fully exchanged into shares of Class A common stock on the first day of the quarter. Accordingly, for the second quarter ended June 30, 2010, adjusted total weighted-average diluted shares outstanding were 60,322,994.

Dividend

On July 26, 2010, the Board of Directors declared a dividend of $0.06 per share on the Class A and Class C common stock for the second quarter of 2010, which is payable on August 25, 2010 to stockholders of record as of the close of business on August 11, 2010.

Share Repurchase

On July 27, 2010, the Board of Directors authorized the repurchase of up to 1,000,000 shares of common stock. This repurchase is intended to eliminate the dilutive impact of RSU awards granted at the time of the IPO that have vested or will vest through 2011.

* * * *

Teleconference and Webcast Details

Artio Global’s management will host a conference call for analysts and investors to review second quarter 2010 results, today, July 29, 2010, beginning at 8:00 a.m. (Eastern Time). The call can be accessed by dialing +1-888-680-0860 (inside the United States) or +1-617-213-4852 (outside the United States). The number should be dialed at least ten minutes prior to the start of the call. The passcode for the call will be 80728240. A simultaneous live audio webcast of the call will be available to the public on a listen-only basis on the Investor Relations page of Artio Global’s website at www.ir.ArtioGlobal.com.

A webcast replay of the event will be available on the Investor Relations section of the Company’s website at www.ir.ArtioGlobal.com.

* * * *

About Us

Artio Global Investors Inc. is the indirect holding company of Artio Global Management LLC ("Artio Global Management”), a registered investment adviser headquartered in New York City that actively invests in global equity and fixed income markets, primarily for institutional and intermediary clients.

Best known for International Equities, Artio Global Management also offers a select group of other investment strategies, including High Grade Fixed Income, High Yield and Global Equity, as well as a series of US Equity strategies. Access to these strategies is offered through a variety of investment vehicles, including separate accounts, commingled funds and SEC-registered mutual funds.

Since 1995, our investment professionals have built a successful long-term track record by taking an unconventional approach to investing. Based on a philosophy of style-agnostic investing across a broad range of opportunities, we have consistently pursued a global approach that we believe provides critical insights, thereby adding value for clients over the long-term.

For more information, please visit www.artioglobal.com.

* * * *

Cautionary Note Regarding Forward-Looking Statements

In addition to historical information, this news release may, and the related prepared remarks do, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intrinsic value of our common stock, investor behavior, our adjusted compensation ratio, future tax rate, free cash flow and declaration of dividends. These forward-looking statements are based on the Company’s current assumptions, expectations and projections about future events. Words like "believe,” "anticipate,” "intend,” "estimate,” "expect,” "project,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements discuss matters that necessarily involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

Among the factors that could cause actual results to differ from those expressed or implied by a forward-looking statement are those described in the sections entitled "Risk Factors” and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s registration statement on Form S-1 (File No. 333-166992) filed with the Securities and Exchange Commission on May 21, 2010, as amended. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance, or achievements.

Any forward-looking statements in this news release and the related prepared remarks speak only as of the date of this news release. The related prepared remarks also contain performance data subsequent to June 30, 2010. The Company is not under any obligation and does not intend to make publicly available any update or other revisions to any forward-looking statements to reflect circumstances existing after the date of this release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.

* * * *

Fund Performance and Other Disclaimers

Lipper rankings are for Class I mutual fund shares with a five-year track record only. Other classes may have different performance characteristics. Lipper, a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period.

Morningstar rankings are for Class I mutual fund shares with a minimum three-year track record. For each mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. This investment's independent Morningstar Rating metric is then compared against the mutual fund universe breakpoints to determine its hypothetical rating.

Data presented reflects past performance, which is no guarantee of future results. © 2010 Morningstar, Inc. All Rights Reserved.

This news release is not, and should not be considered, sales material and is not an offer or a solicitation for any securities.

________________________________________________________

¹ See Exhibits 3-5 of this news release for a reconciliation of the Company’s U.S. GAAP results to its Non-GAAP adjusted results ("adjusted”).

² Effective fee rate is defined as annualized investment management fees (based on the number of days in the period) divided by the average assets under management for the period.

³ Richard Pell, Chairman, Chief Executive Officer and Chief Investment Officer, and Rudolph-Riad Younes, Head of International Equity, are collectively referred to as the "Principals”.

⁴ Represents total revenues and other operating income.

⁵ See section entitled "Fund Performance and Other Disclaimers” and Exhibit 8 of this news release for further information about Lipper and Morningstar rankings.

⁶ Class I mutual fund shares; other classes may have different performance characteristics.

⁷ Class I mutual fund shares with a five-year track record; other classes may have different performance characteristics.

⁸ Assets under management information excludes legacy activities.

⁹ See Exhibit 7 for more information on "Assets under Management by Investment Strategy”.

¹⁰ Following the Principals’ exchanges of an aggregate of 14,400,000 New Class A Units for Class A common stock on May 18, 2010 and June 9, 2010, Artio Global Investors’ economic ownership in Artio Global Holdings increased from approximately 74% to approximately 98%.

ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES																								Exhibit - 1
Consolidated Statements of Income
(unaudited, in thousands, except share and per share amounts or as noted)
		Three Months Ended												% Change From						Six Months Ended								% Change From
		Jun. 30, 2010				Jun. 30, 2009				Mar. 31, 2010				Jun. 30, 2009			Mar. 31, 2010			Jun. 30, 2010				Jun. 30, 2009				Jun. 30, 2009
Revenues and other operating income:
Investment management fees		$	83,841			$	69,760			$	85,287			20	%		(2	%)		$	169,128			$	132,576			28	%
Net gains (losses) on securities held for deferred compensation			(461	)			985				321			(147	%)		NM				(140	)			712			(120	%)
Foreign currency gains (losses)			(45	)			48				23			(194	%)		NM				(22	)			32			(169	%)
Total revenues and other operating income			83,335				70,793				85,631			18	%		(3	%)			168,966				133,320			27	%
Expenses:
Employee compensation and benefits:
Salaries, incentive compensation and benefits			24,647				17,977				25,169			37	%		(2	%)			49,816				34,917			43	%
Allocation of Class B profits interests			-				11,257				-			(100	%)		NM				-				21,472			(100	%)
Change in redemption value of Class B profits interests			-				17,412				-			(100	%)		NM				-				35,538			(100	%)
Total employee compensation and benefits			24,647				46,646				25,169			(47	%)		(2	%)			49,816				91,927			(46	%)
Shareholder servicing and marketing			5,598				4,139				4,548			35	%		23	%			10,146				7,208			41	%
General and administrative			10,445				9,404				10,285			11	%		2	%			20,730				17,578			18	%
Total expenses			40,690				60,189				40,002			(32	%)		2	%			80,692				116,713			(31	%)
Operating income before income tax expense			42,645				10,604				45,629			NM			(7	%)			88,274				16,607			NM
Non-operating income (loss)			(648	)			(252	)			(661	)		(157	%)		2	%			(1,309	)			(333	)		NM
Income before income tax expense			41,997				10,352				44,968			NM			(7	%)			86,965				16,274			NM
Income taxes			15,892				4,997				14,767			NM			8	%			30,659				7,874			NM
Net income			26,105				5,355				30,201			NM			(14	%)			56,306				8,400			NM
Net income attributable to non-controlling interests			7,150				-				11,333			NM			(37	%)			18,483				-			NM
Net income attributable to Artio Global Investors		$	18,955			$	5,355			$	18,868			NM			0	%		$	37,823			$	8,400			NM
Net income per share attributable to Artio Global Investors:
Basic		$	0.38			$	0.13			$	0.42			192	%		(10	%)		$	0.81			$	0.20			NM
Diluted		$	0.38			$	0.13			$	0.42			192	%		(10	%)		$	0.80			$	0.20			NM
Weighted average shares used in net income per share attributable to Artio Global Investors:
Basic			49,425,061				42,000,000				44,460,171			18	%		11	%			46,956,331				42,000,000			12	%
Diluted (6)			60,322,994				42,000,000				44,628,842			44	%		35	%			47,151,819				42,000,000			12	%
NM - Not Meaningful
Assets under management ($ in millions) (1)		$	48,995			$	46,826			$	56,417			5	%		(13	%)		$	48,995			$	46,826			5	%
Average assets under management ($ in millions) (1) (2)		$	53,001			$	44,067			$	54,711			20	%		(3	%)		$	53,490			$	42,881			25	%
Effective fee rate (basis points) (3)			63.4				63.5				63.2										63.8				62.3
Effective tax rate			37.8	%			48.3	%			32.8	%									35.3	%			48.4	%
Employee compensation and benefits as a percentage of total revenues and other operating income (4)			29.6	%			65.9	%			29.4	%									29.5	%			69.0	%
Operating margin (5)			51.2	%			15.0	%			53.3	%									52.2	%			12.5	%
1. Excludes legacy activities.
2. Average assets under management for a period is computed on the beginning-of-first-month balance and all end-of-month balances in the period.
3. Effective fee rate is defined as annualized investment management fees (based on the number of days in the period) divided by the average assets under management for the period.
4. Calculated as employee compensation and benefits expense divided by total revenues and other operating income.
5. Calculated as operating income before income tax expense divided by total revenues and other operating income.
6. The effect of the assumed conversion of the Principals' Class A units was antidilutive for the three months ended Mar. 31, 2010 and the six months ended Jun. 30, 2010.

ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES																								Exhibit - 2
Non-GAAP Adjusted Consolidated Statements of Income
(unaudited, in thousands, except share and per share amounts or as noted)
		Three Months Ended												% Change From						Six Months Ended								% Change From
		Jun. 30, 2010				Jun. 30, 2009				Mar. 31, 2010				Jun. 30, 2009			Mar. 31, 2010			Jun. 30, 2010				Jun. 30, 2009				Jun. 30, 2009
Revenues and other operating income:
Investment management fees		$	83,841			$	69,760			$	85,287			20	%		(2	%)		$	169,128			$	132,576			28	%
Net gains (losses) on securities held for deferred compensation			(461	)			985				321			(147	%)		NM				(140	)			712			(120	%)
Foreign currency gains (losses)			(45	)			48				23			(194	%)		NM				(22	)			32			(169	%)
Total revenues and other operating income			83,335				70,793				85,631			18	%		(3	%)			168,966				133,320			27	%
Expenses:
Employee compensation and benefits:
Salaries, incentive compensation and benefits			22,037				17,977				22,008			23	%		0	%			44,045				34,917			26	%
Allocation of Class B profits interests			-				-				-			NM			NM				-				-			NM
Change in redemption value of Class B profits interests			-				-				-			NM			NM				-				-			NM
Total employee compensation and benefits			22,037				17,977				22,008			23	%		0	%			44,045				34,917			26	%
Shareholder servicing and marketing			5,598				4,139				4,548			35	%		23	%			10,146				7,208			41	%
General and administrative			10,445				9,404				10,285			11	%		2	%			20,730				17,578			18	%
Total expenses			38,080				31,520				36,841			21	%		3	%			74,921				59,703			25	%
Operating income before income tax expense			45,255				39,273				48,790			15	%		(7	%)			94,045				73,617			28	%
Non-operating income (loss)			(648	)			(252	)			(661	)		(157	%)		2	%			(1,309	)			(333	)		NM
Income before income tax expense			44,607				39,021				48,129			14	%		(7	%)			92,736				73,284			27	%
Income taxes			20,162				17,407				20,692			16	%		(3	%)			40,854				32,419			26	%
Net income			24,445				21,614				27,437			13	%		(11	%)			51,882				40,865			27	%
Net income attributable to non-controlling interests			-				-				-			NM			NM				-				-			NM
Net income attributable to Artio Global Investors		$	24,445			$	21,614			$	27,437			13	%		(11	%)		$	51,882			$	40,865			27	%
Net income per diluted share attributable to Artio Global Investors		$	0.41			$	0.36			$	0.46			14	%		(11	%)		$	0.86			$	0.68			26	%
Weighted average diluted shares used in net income per share attributable to Artio Global Investors			60,322,994				60,000,000				60,228,842			1	%		0	%			60,272,261				60,000,000			0	%
NM - Not Meaningful
Assets under management ($ in millions) (1)		$	48,995			$	46,826			$	56,417			5	%		(13	%)		$	48,995			$	46,826			5	%
Average assets under management ($ in millions) (1) (2)		$	53,001			$	44,067			$	54,711			20	%		(3	%)		$	53,490			$	42,881			25	%
Effective fee rate (basis points) (3)			63.4				63.5				63.2										63.8				62.3
Effective tax rate			45.2	%			44.6	%			43.0	%									44.1	%			44.2	%
Employee compensation and benefits as a percentage of total revenues and other operating income (4)			26.4	%			25.4	%			25.7	%									26.1	%			26.2	%
Operating margin (5)			54.3	%			55.5	%			57.0	%									55.7	%			55.2	%
1. Excludes legacy activities.
2. Average assets under management for a period is computed on the beginning-of-first-month balance and all end-of-month balances in the period.
3. Effective fee rate is defined as annualized investment management fees (based on the number of days in the period) divided by the average assets under management for the period.
4. Calculated as employee compensation and benefits expense divided by total revenues and other operating income.
5. Calculated as operating income before income tax expense divided by total revenues and other operating income.

ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES																																			Exhibit - 3
Reconciliation of GAAP to Non-GAAP Adjusted Consolidated Statements of Income
(unaudited, in thousands, except share and per share amounts)
See Exhibit 5 for notes describing adjustments set forth below.
		Three Months Ended Jun. 30, 2010														Three Months Ended Jun. 30, 2009															Three Months Ended Mar. 31, 2010
		GAAP				Adjustments					Adjusted					GAAP				Adjustments						Adjusted					GAAP				Adjustments						Adjusted
Revenues and other operating income:
Investment management fees		$	83,841			$	-				$	83,841				$	69,760			$	-					$	69,760				$	85,287			$	-					$	85,287
Net gains (losses) on securities held for deferred compensation			(461	)			-					(461	)				985				-						985					321				-						321
Foreign currency gains (losses)			(45	)			-					(45	)				48				-						48					23				-						23
Total revenues and other operating income			83,335				-					83,335					70,793				-						70,793					85,631				-						85,631
Expenses:
Employee compensation and benefits:
Salaries, incentive compensation and benefits			24,647				(2,610	)		(a)		22,037					17,977				-						17,977					25,169				(3,161	)		(a)			22,008
Allocation of Class B profits interests			-				-					-					11,257				(11,257	)		(b)			-					-				-						-
Change in redemption value of Class B profits interests			-				-					-					17,412				(17,412	)		(b)			-					-				-						-
Total employee compensation and benefits			24,647				(2,610	)				22,037					46,646				(28,669	)					17,977					25,169				(3,161	)					22,008
Shareholder servicing and marketing			5,598				-					5,598					4,139				-						4,139					4,548				-						4,548
General and administrative			10,445				-					10,445					9,404				-						9,404					10,285				-						10,285
Total expenses			40,690				(2,610	)				38,080					60,189				(28,669	)					31,520					40,002				(3,161	)					36,841
Operating income before income tax expense			42,645				2,610					45,255					10,604				28,669						39,273					45,629				3,161						48,790
Non-operating income (loss)			(648	)			-					(648	)				(252	)			-						(252	)				(661	)			-						(661	)
Income before income tax expense			41,997				2,610					44,607					10,352				28,669						39,021					44,968				3,161						48,129
Income taxes			15,892				4,270			(c)		20,162					4,997				12,410			(c)			17,407					14,767				5,925			(c)			20,692
Net income			26,105				(1,660	)				24,445					5,355				16,259						21,614					30,201				(2,764	)					27,437
Net income attributable to non-controlling interests			7,150				(7,150	)		(d)		-					-				-						-					11,333				(11,333	)		(d)			-
Net income attributable to Artio Global Investors		$	18,955			$	5,490				$	24,445				$	5,355			$	16,259					$	21,614				$	18,868			$	8,569					$	27,437
Net income per diluted share attributable to Artio Global Investors		$	0.38								$	0.41				$	0.13									$	0.36				$	0.42									$	0.46
Weighted average diluted shares used in net income per share attributable to Artio Global Investors			60,322,994				-					60,322,994					42,000,000				18,000,000			(e)			60,000,000					44,628,842				15,600,000			(e)			60,228,842

ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES																				Exhibit - 4
Reconciliation of GAAP to Non-GAAP Adjusted Consolidated Statements of Income
(unaudited, in thousands, except share and per share amounts)
See Exhibit 5 for notes describing adjustments set forth below.
		Six Months Ended Jun. 30, 2010															Six Months Ended Jun. 30, 2009
		GAAP				Adjustments						Adjusted					GAAP				Adjustments						Adjusted
Revenues and other operating income:
Investment management fees		$	169,128			$	-					$	169,128				$	132,576			$	-					$	132,576
Net gains (losses) on securities held for deferred compensation			(140	)			-						(140	)				712				-						712
Foreign currency gains (losses)			(22	)			-						(22	)				32				-						32
Total revenues and other operating income			168,966				-						168,966					133,320				-						133,320
Expenses:
Employee compensation and benefits:
Salaries, incentive compensation and benefits			49,816				(5,771	)		(a)			44,045					34,917				-						34,917
Allocation of Class B profits interests			-				-						-					21,472				(21,472	)		(b)			-
Change in redemption value of Class B profits interests			-				-						-					35,538				(35,538	)		(b)			-
Total employee compensation and benefits			49,816				(5,771	)					44,045					91,927				(57,010	)					34,917
Shareholder servicing and marketing			10,146				-						10,146					7,208				-						7,208
General and administrative			20,730				-						20,730					17,578				-						17,578
Total expenses			80,692				(5,771	)					74,921					116,713				(57,010	)					59,703
Operating income before income tax expense			88,274				5,771						94,045					16,607				57,010						73,617
Non-operating income (loss)			(1,309	)			-						(1,309	)				(333	)			-						(333	)
Income before income tax expense			86,965				5,771						92,736					16,274				57,010						73,284
Income taxes			30,659				10,195			(c)			40,854					7,874				24,545			(c)			32,419
Net income			56,306				(4,424	)					51,882					8,400				32,465						40,865
Net income attributable to non-controlling interests			18,483				(18,483	)		(d)			-					-				-						-
Net income attributable to Artio Global Investors		$	37,823			$	14,059					$	51,882				$	8,400			$	32,465					$	40,865
Net income per diluted share attributable to Artio Global Investors		$	0.80									$	0.86				$	0.20									$	0.68
Weighted average diluted shares used in net income per share attributable to Artio Global Investors			47,151,819				13,120,442			(e)			60,272,261					42,000,000				18,000,000			(e)			60,000,000

ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES		Exhibit - 5
Notes to Reconciliation of GAAP to Non-GAAP Adjusted Consolidated Statements of Income
Management believes the Non-GAAP adjustments set forth below provide the reader with the ability to compare current period results to prior period results.
Additional information on the reorganization of the Company's ownership structure and the relating non-recurring items are discussed in the Company's prospectus dated September 23, 2009.
(a) Adjustments to exclude the amortization expense associated with the restricted stock units awarded at the time of the IPO, as the granting of the awards was one-time in nature.
(b) Adjustments to exclude the allocation of Class B profits interests and the change in redemption value of Class B profits interests, from all applicable periods presented, as the Company no longer incurs these expenses following the reorganization of the Company's ownership structure in connection with the IPO.
(c) The adjustments to income taxes for the three months ended Mar. 31, 2010 and the three and six months ended Jun. 30, 2010 reflect the tax effect of the assumed full exchange of the Principals' non-controlling interests for Class A common stock on the first day of the respective period, since prior to such exchange, income tax expense excludes the U.S. federal and state taxes for the income attributable to the Principals. In addition, the adjustments reflect the tax effect of excluding the amortization expense associated with the restricted stock units awarded at the time of the IPO.
The adjustment to income taxes for the three and six months ended Jun. 30, 2009 primarily reflects the tax effect of excluding the allocation of Class B profits interests and the change in redemption value of Class B profits interests.
(d) Adjustment to eliminate the Principals' non-controlling interests which are assumed to be exchanged for Class A common stock on the first day of the respective period.
(e) Diluted shares outstanding assumes the Company's ownership structure following the IPO was in effect at the beginning of each period presented and the Principals have fully exchanged their Class A Units in the intermediate holding company for Class A common stock in the public company.

ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES																										Exhibit - 6
Assets under Management by Investment Vehicle
(unaudited, in millions)
		Three Months Ended													% Change From							Six Months Ended								% Change From
		Jun. 30, 2010				Jun. 30, 2009				Mar. 31, 2010					Jun. 30, 2009			Mar. 31, 2010				Jun. 30, 2010				Jun. 30, 2009				Jun. 30, 2009
Proprietary Funds
Beginning assets under management		$	24,751			$	16,367			$	24,482				51	%		1	%			$	24,482			$	19,466			26	%
Gross client cash inflows			1,657				1,915				2,021				(13	%)		(18	%)				3,678				3,823			(4	%)
Gross client cash outflows			(2,844	)			(1,371	)			(1,995	)			(107	%)		(43	%)				(4,839	)			(3,341	)		(45	%)
Net client cash flows			(1,187	)			544				26				NM			NM					(1,161	)			482			NM
Transfers between investment vehicles			-				-				-				NM			NM					-				-			NM
Total client cash flows			(1,187	)			544				26				NM			NM					(1,161	)			482			NM
Market appreciation (depreciation)			(2,534	)			3,242				243				(178	%)		NM					(2,291	)			205			NM
Ending assets under management			21,030				20,153				24,751				4	%		(15	%)				21,030				20,153			4	%
Institutional Commingled Funds
Beginning assets under management			9,256				5,943				9,198				56	%		1	%				9,198				7,056			30	%
Gross client cash inflows			166				441				302				(62	%)		(45	%)				468				711			(34	%)
Gross client cash outflows			(534	)			(262	)			(262	)			(104	%)		(104	%)				(796	)			(564	)		(41	%)
Net client cash flows			(368	)			179				40				NM			NM					(328	)			147			NM
Transfers between investment vehicles			-				5				-				(100	%)		NM					-				1			(100	%)
Total client cash flows			(368	)			184				40				NM			NM					(328	)			148			NM
Market appreciation (depreciation)			(1,046	)			1,197				18				(187	%)		NM					(1,028	)			120			NM
Ending assets under management			7,842				7,324				9,256				7	%		(15	%)				7,842				7,324			7	%
Separate Accounts
Beginning assets under management			17,786				12,757				17,854				39	%		0	%				17,854				14,342			24	%
Gross client cash inflows			685				600				418				14	%		64	%				1,103				1,163			(5	%)
Gross client cash outflows			(906	)			(648	)			(567	)			(40	%)		(60	%)				(1,473	)			(921	)		(60	%)
Net client cash flows			(221	)			(48	)			(149	)			NM			(48	%)				(370	)			242			NM
Transfers between investment vehicles			-				(5	)			-				100	%		NM					-				(1	)		100	%
Total client cash flows			(221	)			(53	)			(149	)			NM			(48	%)				(370	)			241			NM
Market appreciation (depreciation)			(1,564	)			2,074				81				(175	%)		NM					(1,483	)			195			NM
Ending assets under management			16,001				14,778				17,786				8	%		(10	%)				16,001				14,778			8	%
Sub-advisory Accounts
Beginning assets under management			4,624				3,874				4,459				19	%		4	%				4,459				4,336			3	%
Gross client cash inflows			380				222				313				71	%		21	%				693				426			63	%
Gross client cash outflows			(419	)			(146	)			(135	)			(187	%)		NM					(554	)			(324	)		(71	%)
Net client cash flows			(39	)			76				178				(151	%)		(122	%)				139				102			36	%
Transfers between investment vehicles			-				-				-				NM			NM					-				-			NM
Total client cash flows			(39	)			76				178				(151	%)		(122	%)				139				102			36	%
Market appreciation (depreciation)			(463	)			621				(13	)			(175	%)		NM					(476	)			133			NM
Ending assets under management			4,122				4,571				4,624				(10	%)		(11	%)				4,122				4,571			(10	%)
Total Assets under Management (1)
Beginning assets under management			56,417				38,941				55,993				45	%		1	%				55,993				45,200			24	%
Gross client cash inflows			2,888				3,178				3,054				(9	%)		(5	%)				5,942				6,123			(3	%)
Gross client cash outflows			(4,703	)			(2,427	)			(2,959	)			(94	%)		(59	%)				(7,662	)			(5,150	)		(49	%)
Net client cash flows			(1,815	)			751				95				NM			NM					(1,720	)			973			NM
Transfers between investment vehicles			-				-				-				NM			NM					-				-			NM
Total client cash flows			(1,815	)			751				95				NM			NM					(1,720	)			973			NM
Market appreciation (depreciation)			(5,607	)			7,134				329				(179	%)		NM					(5,278	)			653			NM
Ending assets under management		$	48,995			$	46,826			$	56,417				5	%		(13	%)			$	48,995			$	46,826			5	%
1. Total assets under management excludes legacy activities.

ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES																										Exhibit - 7
Assets under Management by Investment Strategy
(unaudited, in millions)
		Three Months Ended													% Change From							Six Months Ended									% Change From
		Jun. 30, 2010				Jun. 30, 2009				Mar. 31, 2010					Jun. 30, 2009			Mar. 31, 2010				Jun. 30, 2010				Jun. 30, 2009					Jun. 30, 2009
International Equity I
Beginning assets under management		$	20,955			$	16,197			$	21,656				29	%		(3	%)			$	21,656			$	20,188				7	%
Gross client cash inflows			312				483				340				(35	%)		(8	%)				652				985				(34	%)
Gross client cash outflows			(1,371	)			(892	)			(1,101	)			(54	%)		(25	%)				(2,472	)			(1,899	)			(30	%)
Net client cash flows			(1,059	)			(409	)			(761	)			(159	%)		(39	%)				(1,820	)			(914	)			(99	%)
Transfers between investment strategies			-				10				-				(100	%)		NM					-				10				(100	%)
Total client cash flows			(1,059	)			(399	)			(761	)			(165	%)		(39	%)				(1,820	)			(904	)			(101	%)
Market appreciation (depreciation)			(2,476	)			3,326				60				(174	%)		NM					(2,416	)			(160	)			NM
Ending assets under management			17,420				19,124				20,955				(9	%)		(17	%)				17,420				19,124				(9	%)
International Equity II
Beginning assets under management			24,559				16,250				24,716				51	%		(1	%)				24,716				18,697				32	%
Gross client cash inflows			1,170				1,775				984				(34	%)		19	%				2,154				3,443				(37	%)
Gross client cash outflows			(2,297	)			(851	)			(1,179	)			(170	%)		(95	%)				(3,476	)			(1,998	)			(74	%)
Net client cash flows			(1,127	)			924				(195	)			NM			NM					(1,322	)			1,445				(191	%)
Transfers between investment strategies			-				-				50				NM			(100	%)				50				-				NM
Total client cash flows			(1,127	)			924				(145	)			NM			NM					(1,272	)			1,445				(188	%)
Market appreciation (depreciation)			(2,880	)			3,197				(12	)			(190	%)		NM					(2,892	)			229				NM
Ending assets under management			20,552				20,371				24,559				1	%		(16	%)				20,552				20,371				1	%
High Grade Fixed Income
Beginning assets under management			5,251				4,647				5,293				13	%		(1	%)				5,293				4,566				16	%
Gross client cash inflows			431				300				191				44	%		126	%				622				742				(16	%)
Gross client cash outflows			(167	)			(465	)			(389	)			64	%		57	%				(556	)			(832	)			33	%
Net client cash flows			264				(165	)			(198	)			NM			NM					66				(90	)			173	%
Transfers between investment strategies			-				(16	)			10				100	%		(100	%)				10				(16	)			163	%
Total client cash flows			264				(181	)			(188	)			NM			NM					76				(106	)			172	%
Market appreciation (depreciation)			137				223				146				(39	%)		(6	%)				283				229				24	%
Ending assets under management			5,652				4,689				5,251				21	%		8	%				5,652				4,689				21	%
High Yield
Beginning assets under management			4,523				1,303				3,516				NM			29	%				3,516				977				NM
Gross client cash inflows			777				612				1,199				27	%		(35	%)				1,976				931				112	%
Gross client cash outflows			(818	)			(178	)			(274	)			NM			(199	%)				(1,092	)			(241	)			NM
Net client cash flows			(41	)			434				925				(109	%)		(104	%)				884				690				28	%
Transfers between investment strategies			-				6				(10	)			(100	%)		100	%				(10	)			6				NM
Total client cash flows			(41	)			440				915				(109	%)		(104	%)				874				696				26	%
Market appreciation (depreciation)			(241	)			274				92				(188	%)		NM					(149	)			344				(143	%)
Ending assets under management			4,241				2,017				4,523				110	%		(6	%)				4,241				2,017				110	%
Global Equity
Beginning assets under management			892				421				618				112	%		44	%				618				591				5	%
Gross client cash inflows			73				7				305				NM			(76	%)				378				19				NM
Gross client cash outflows			(35	)			(36	)			(12	)			3	%		(192	%)				(47	)			(140	)			66	%
Net client cash flows			38				(29	)			293				NM			(87	%)				331				(121	)			NM
Transfers between investment strategies			-				-				(50	)			NM			100	%				(50	)			-				NM
Total client cash flows			38				(29	)			243				NM			(84	%)				281				(121	)			NM
Market appreciation (depreciation)			(113	)			84				31				NM			NM					(82	)			6				NM
Ending assets under management			817				476				892				72	%		(8	%)				817				476				72	%

ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES																						Exhibit - 7
Assets under Management by Investment Strategy
(unaudited, in millions)
		Three Months Ended										% Change From							Six Months Ended								% Change From
		Jun. 30, 2010			Jun. 30, 2009			Mar. 31, 2010				Jun. 30, 2009			Mar. 31, 2010				Jun. 30, 2010			Jun. 30, 2009					Jun. 30, 2009
US Equity
Beginning assets under management		126			44			81				186	%		56	%			81			$	49				65	%
Gross client cash inflows		125			1			35				NM			NM				160				2				NM
Gross client cash outflows		(8	)		(4	)		(3	)			(100	%)		(167	%)			(11	)			(6	)			(83	%)
Net client cash flows		117			(3	)		32				NM			NM				149				(4	)			NM
Transfers between investment strategies		-			-			-				NM			NM				-				-				NM
Total client cash flows		117			(3	)		32				NM			NM				149				(4	)			NM
Market appreciation (depreciation)		(21	)		15			13				NM			NM				(8	)			11				(173	%)
Ending assets under management		222			56			126				NM			76	%			222				56				NM
Other (1)
Beginning assets under management		111			79			113				41	%		(2	%)			113			$	132				(14	%)
Gross client cash inflows		-			-			-				NM			NM				-				1				(100	%)
Gross client cash outflows		(7	)		(1	)		(1	)			NM			NM				(8	)			(34	)			76	%
Net client cash flows		(7	)		(1	)		(1	)			NM			NM				(8	)			(33	)			76	%
Transfers between investment strategies		-			-			-				NM			NM				-				-				NM
Total client cash flows		(7	)		(1	)		(1	)			NM			NM				(8	)			(33	)			76	%
Market appreciation (depreciation)		(13	)		15			(1	)			(187	%)		NM				(14	)			(6	)			(133	%)
Ending assets under management		91			93			111				(2	%)		(18	%)			91				93				(2	%)
Total Assets under Management (2)
Beginning assets under management		56,417			38,941			55,993				45	%		1	%			55,993				45,200				24	%
Gross client cash inflows		2,888			3,178			3,054				(9	%)		(5	%)			5,942				6,123				(3	%)
Gross client cash outflows		(4,703	)		(2,427	)		(2,959	)			(94	%)		(59	%)			(7,662	)			(5,150	)			(49	%)
Net client cash flows		(1,815	)		751			95				NM			NM				(1,720	)			973				NM
Transfers between investment strategies		-			-			-				NM			NM				-				-				NM
Total client cash flows		(1,815	)		751			95				NM			NM				(1,720	)			973				NM
Market appreciation (depreciation)		(5,607	)		7,134			329				(179	%)		NM				(5,278	)			653				NM
Ending assets under management		48,995			46,826			56,417				5	%		(13	%)			48,995				46,826				5	%
1. Other includes Other International Equity and Other strategies.
2. Total assets under management excludes legacy activities.

ARTIO GLOBAL INVESTORS INC. AND SUBSIDIARIES																												Exhibit - 8
Mutual Fund Performance Data (1)
				Morningstar Ratings /
				Funds in Total Universe (# of Funds)						Lipper Percentile Rankings (PR) / Funds in Total Universe (# of Funds)
										YTD				1-Year				3-Year				5-Year				10-Year
						# of						# of				# of				# of				# of				# of
Fund				Rating		Funds		Category		PR		Funds		PR		Funds		PR		Funds		PR		Funds		PR		Funds		Classification
Artio International Equity Fund, Class A (2)				4		655		Foreign Large Blend		16		398		23		389		57		312		20		255		6		150		International Large-Cap Core
Artio International Equity Fund, Class I (2)				4		655		Foreign Large Blend		14		398		21		389		52		312		15		255		6		150		International Large-Cap Core
Artio International Equity II Fund, Class A				4		655		Foreign Large Blend		32		398		32		389		32		312		14		255		NA		NA		International Large-Cap Core
Artio International Equity II Fund, Class I				4		655		Foreign Large Blend		30		398		30		389		28		312		9		255		NA		NA		International Large-Cap Core
Artio Global Equity Fund, Class A				3		594		World Stock		51		109		25		108		54		96		52		79		NA		NA		Global Large-Cap Core
Artio Global Equity Fund, Class I				4		594		World Stock		41		109		21		108		49		96		50		79		NA		NA		Global Large-Cap Core
Artio Microcap Fund, Class A				2		666		Small Growth		5		777		4		756		32		662		NA		NA		NA		NA		Small-Cap Core
Artio Microcap Fund, Class I				2		666		Small Growth		4		777		4		756		30		662		NA		NA		NA		NA		Small-Cap Core
Artio Smallcap Fund, Class A				4		666		Small Growth		85		777		21		756		3		662		NA		NA		NA		NA		Small-Cap Core
Artio Smallcap Fund, Class I				4		666		Small Growth		84		777		19		756		2		662		NA		NA		NA		NA		Small-Cap Core
Artio Midcap Fund, Class A				3		694		Mid-Cap Growth		72		423		50		411		56		364		NA		NA		NA		NA		Mid-Cap Growth
Artio Midcap Fund, Class I				3		694		Mid-Cap Growth		71		423		47		411		52		364		NA		NA		NA		NA		Mid-Cap Growth
Artio Multicap Fund, Class A				3		1,545		Large Growth		66		484		41		448		45		386		NA		NA		NA		NA		Multi-Cap Growth
Artio Multicap Fund, Class I				3		1,545		Large Growth		64		484		38		448		41		386		NA		NA		NA		NA		Multi-Cap Growth
Artio Global High Income Fund, Class A				5		500		High Yield Bond		94		489		57		473		8		409		5		351		NA		NA		High Current Yield
Artio Global High Income Fund, Class I				5		500		High Yield Bond		93		489		56		473		6		409		4		351		NA		NA		High Current Yield
Artio Total Return Bond Fund, Class A				4		1,011		Intermediate Term Bond		76		584		61		556		42		473		28		392		10		234		Intermediate Investment Grade Debt
Artio Total Return Bond Fund, Class I				5		1,011		Intermediate Term Bond		69		584		59		556		34		473		20		392		8		234		Intermediate Investment Grade Debt
Note: Data as of June 30, 2010
NA: Not applicable
1.		Lipper, a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period.
		For each mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. This investment's independent Morningstar Rating metric is then compared against the mutual fund universe breakpoints to determine its hypothetical rating.  Data presented reflects past performance, which is no guarantee of future results. © 2010 Morningstar, Inc. All Rights Reserved.  This presentation is not, and should not be considered, sales material and is not an offer or a solicitation for any securities.
2.		Closed to new investors.