Turner uci ts

First Quarter 2011
Turner Investments
U.S. AND GLOBAL GROWTH EQUITY STRATEGIES
The enclosed materials have been prepared by Turner Investment Partners, Inc. and are being provided solely for the information of the persons to whom they have been delivered. These materials are being issued in the United Kingdom by Turner International, Ltd., which is authorized and regulated by the UK Financial Services Authority (the "FSA"). These communications are being issued in the United Kingdom only to and/or are directed only at persons who are professional clients or eligible counterparties for the purposes of the rules of the FSA and the products and services described in these communications are only available to such persons. Persons of any other description should not rely or act upon this information. These materials may not be reproduced, distributed or published by any recipient for any purpose without the prior written consent of Turner Investment Partners, Inc.

GROWTH
“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”
–Benjamin Franklin

Table of contents
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A culture defined by growth and innovation
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Growth-equity focus for over 20 years
100% employee-owned; accountable professionals in a collaborative environment
Research team structure designed to drive clarity and conviction
Interests aligned with clients’
Please see the appendix following this presentation for important information about how Turner aligns its interests with its clients’.
We remain firmly committed to who we are and the clients we serve.

Your trusted partner
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†International clients
Note:This is a partial client list. Turner does not use performance-based criteria to determine which clients are included on the list.It is not known whether the clients approve or disapprove of Turner or its services.
We are quitefortunate to be among such good company.

Firm FoundedLarge CapGrowth Equity
Experience in many growth market cycles
Small CapGrowth Equity
MidcapGrowth Equity
InternationalGrowth Equity
Growth-Focused
Long/Short Equity
Global Growth
Equity
Multi-Strategy
Long/Short Equity
A natural history of evolution
Commitment to our growth heritage that began over 20 years ago
A philosophy informed by groundbreaking research that began in the late 70s
Decades of experience through various market cycles bring depth and rigor to our approach
Introduction of new growth equity strategies at a measured pace
Note: Timeline shows a partial list of Turner strategies
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Our understanding ofgrowth equity is thorough and ingrained.

SUPPLEMENTAL INFORMATIONStrategy summary
As of 3.31.11*Closed to new investors.**Formerly Turner Strategic Growth Equity***Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity. In addition the Russell 3000 Growth Index was added as a performance benchmark.
Portfolios that focus their investments in one or more economic sector, invest in small and/or mid-size companies, foreign companies, and IPO’s typically involve greater risk, particularly in the short term. Also, the use of short sales, option strategies, and leverage may result in significant capital loss. Please obtain and review all financial material carefully before investing. Indexes are unmanaged and cannot be invested in directly.
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see the appendix following this presentation for Important Performance Information about the performance presented herein.
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As of 3.31.11
Portfolios that focus their investments in one or more economic sector, invest in small and/or mid-size companies, foreign companies, and IPO’s typically involve greater risk, particularly in the short term. Also, the use of short sales, option strategies, and leverage may result in significant capital loss. Foreign stocks involve special risks not typically associated with U.S. stocks. The stocks held by the strategy may underperform other types of stocks, and they may not increase or may decline in value. The strategy may also enter into foreign currency exchange contracts to hedge the currency risk of portfolio securities denominated in a foreign currency. Foreign investments may be riskier than U.S. investments because of factors such as foreign government restrictions, changes in currency exchange rates, incomplete financial information about the issuers of securities, and political or economic instability. Foreign stocks may be more volatile and less liquid than U.S. stocks. Please obtain and review all financial material carefully before investing. Indexes are unmanaged and cannot be invested in directly.
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see the appendix following this presentation for Important Performance Information about the performance presented herein.
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As of 3.31.11
*Closed to new investors.
Portfolios that focus their investments in one or more economic sector, invest in small and/or mid-size companies, foreign companies, and IPO’s typically involve greater risk, particularly in the short term. Also, the use of short sales, option strategies, and leverage may result in significant capital loss. Please obtain and review all financial material carefully before investing. Indexes are unmanaged and cannot be invested in directly.
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see the appendix following this presentation for Important Performance Information about the performance presented herein..
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The Turner difference
We are dedicatedto delivering an exceptional experience – and consistentresults.
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The power of a global perspective
Sector/Industry-Based Fundamental Research
Distinct Structure
Sector/Industry-focused expertise allows us to capture investment opportunities
Integrated global research operation
Information Advantage
Continuous, informal exchange of information and ideas
Ability to cross-pollinate ideas from around the world
Creative Thinking
Build on each other’s ideas and move thinking forward
Since our founding, we have organized our teams by sector and industry as the best means to develop investment ideas.
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The foundation of our thinking
We believe
Earnings drive stock prices
Buying companies with sustainable and improving earnings dynamics generates superior returns over time
A disciplined process with the right structure and a talented, stable team provides a sustainable edge
“Standardized unexpected earnings are a significant discriminator for excess return. Stock prices do respond to unanticipated earnings changes.”
–Henry A. Latané and Charles P. Jones
Source: Standardized Unexpected Earnings--1971-77; Henry A. Latané and Charles P. Jones; The Journal of Finance, Vol. 34, No. 3 (Jun., 1979) pp.717-724
The views expressed represent the opinions of Turner Investments and are not intended as a forecast, a guarantee of future results, or investment recommendations. Past performance is no guarantee of future results.
We believe that inefficiencies in the market can be exploited.
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Historical underpinningsEffects of unexpected earnings on excess returns of U.S. stocks 1971-74
Mean excess return at 6 months
MAGNITUDE OF EARNINGS SURPRISE
Greater than expected
Less than expected

The breadth of our expertise
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Average years of experience:
Sr. portfolio managers: 23 years
Analysts: 9 years
Traders: 22 years
Investment team – a global view
CONSUMER
CYCLICAL
FINANCIAL SERVICES
HEALTH CARE
TECHNOLOGY
QUANTITATIVE
TRADING
YEARS
YEARS
We are committed to discovery of the best investment ideas across the globe.

INVESTMENT PROCESSLeveraging analytical power and insight
A continuous, disciplined process
Multi-disciplinary research and analysis
Clear portfolio construction parameters and sell disciplines
Fully integrated risk management
FULLY INTEGRATED RISK MANAGEMENT
Portfolio Construction
Stock Selection
FundamentalAnalysis
Idea Generation
Universe
PORTFOLIO MONITORING
Our structure, resources and process rigor create the potential to deliver repeatable superior results.
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IDEA GENERATIONSourcing the best ideas
We continuously uncover new opportunities
Analyst teams
Screen to identify companies with improving fundamentals
Meet with company management teams
Access independent research
IDEA GENERATION
The heart of our investment process is fundamental research.
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FUNDAMENTAL ANALYSISRigorous security analysis
Industry-based experts
Identify and quantify growth drivers
Produce 360° analysis using input from financials, competitors, suppliers, customers, and independent research
Conduct over 2,200 company meetings per year
Develop and continually analyze earnings models
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FUNDAMENTAL ANALYSIS
TRACKER
We incorporate multiple frames of reference to improve the quality of our investment insight.

STOCK SELECTIONBenefits from decades of investment experience
Portfolio managers
Collaborate directly with analysts on company financial models and analysis
Responsible for security selection and weighting decisions
STOCK SELECTION
Ourinformation edge provides the basis for superior security selection.
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PORTFOLIO CONSTRUCTIONPortfolios are constructed to reflect conviction
PORTFOLIO CONSTRUCTION
We create diversified portfolios with our best ideas in each sector/industry.
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We will sell at the first sign of earnings concern
Changes in company fundamentals
Changes in technical indicators
Portfolio construction parameters
Identification of a better opportunity
PORTFOLIO MONITORING
We adhere to our sell discipline in all market environments.
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PORTFOLIO MONITORINGSell discipline

RISK MANAGEMENTFully integrated process
RISK MANAGEMENT
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Our implementation of risk management is designed to improve risk-reward outcomes.

All Cap Growth Equity

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SUPPLEMENTAL PERFORMANCE INFORMATIONAnnualized returns
Turner All Cap Growth Equity Composite**
Inception date: June 30, 2000
Performance as of March 31, 2011
**Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity.
*** Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see important information in the appendix following this presentation about the performance presented.For the period ended March 31, 2011, the composite returned net of fees: 38.3%, 9.9%, 5.5%, 8.0%, -0.5% for the one year, three year, five year, ten year, and since inception periods.
We provide asuperior risk-reward experience.

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SUPPLEMENTAL PERFORMANCE INFORMATIONAnnual returns
Turner All Cap Growth Equity Composite
Inception date: June 30, 2000
*Partial year return (6.30.00 through 12.31.00)
**Effective February 28, 2011, the Russell 3000 Growth Index was added as performance benchmark.
***The S&P 500 Index is being shown as a supplemental benchmark.
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see important information in the appendix following this presentation about the performance presented.
An attractive performance profile through both positive and negative years.

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Turner U.S. Concentrated All Cap Growth Equity Fund*
Inception date: July 31, 2008
*Please note that effective 16 March 2011 the Turner US Concentrated All Cap Growth Equity Fund changed its name from the Turner US Quantitative Broad Market Equity Fund. The change of name reflects a change in the investment objective and policy of the sub-fund. The performance data included here relates to the investment objective of the sub-fund prior to this change. Potential investors are advised to read the full Prospectus dated 16 March 2011 before making an investment decision on whether or not to invest in the Fund. Please note that past performance is not necessarily a guide to future performance.
The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Funds are offered solely to non-US investors under the terms and conditions set forth in the prospectus. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings.
Funds are offered solely to non-US investors under the terms and conditions set forth in the prospectus. A free prospectus, which contains important information about the Fund, can be obtained from www.turnerfundsplc.com. An investor should read the prospectus carefully before investing. Funds are not available for sale in any jurisdiction in which the sale would be prohibited. Accordingly, this document is not available for distribution in any jurisdiction where the funds have not been approved for sale. The Fund is available only to Professional clients and may not be suitable for all investors.
The Investments of the Company are subject to market fluctuations and the risks inherent in all investments and there can be no assurance that an investment will retain its value or that appreciation will occur. The price of Shares and the income from Shares can go down as well as up and investors may not realise the value of their initial investment. A Fund may concentrate its investments, which means that it may invest in the securities of fewer issuers than more diversified funds. As a result, they may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased risk of loss and increased volatility. Prospective investors should consult a stockbroker, bank manager, solicitor, accountant, financial adviser or their professional advisers accordingly.

Portfolio attribution
Turner All Cap Growth Equity Composite Quarter ending March 31, 2011
Source: FactSet
Holdings and sector allocations are from a representative account, are subject to change and should not be considered as recommendations.
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HOLDINGSTop ten holdings
*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity.
**Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.
As of 3.31.11
Holdings are subject to change and do not constitute investment recommendations. Past performance is not a guarantee of future results.
We stand behind our convictions.
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RESULTSPortfolio positioning
Turner All Cap Growth Equity Composite As of March 31, 2011
Focus on earnings growth continues
Investing in companies with strong earnings prospects:
Product innovators, developing new markets
Management talent and depth
Favorable industry trends
Special emphasis placed on balance sheet strength
Past performance is no guarantee of future results.
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Sources: FactSet, Turner quantitative system
We maintainstyle purity throughout all market cycles.
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RESULTSPortfolio characteristics
Turner All Cap Growth Equity Composite
Lead portfolio manager: Christopher K. McHugh
Sector Allocation
Characteristics, holdings and sector weighting information are as of March 31, 2011, are from a representative account, are subject to change and should not be considered as recommendations.

RISK-REWARD MEASURESAchieving desirable outcomes
Returns that justify the risks
We seek to produce
Consistent alpha generation
Volatility in line with benchmark return patterns
Style and capitalization purity
Source: FactSet
This information is based on gross of fee performance for the five year and since inception (6.30.00) time periods ending 3.31.11.
Past performance is not a guarantee of future results and there can be no assurance that the strategy will be successful in limiting risk or volatility. As with all investments, there are associated inherent risks. Portfolios that invest in small and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies. Please obtain and review all financial material carefully before investing. Alpha is a measurement of risk-adjusted performance against its relative benchmark. Beta is the systematic risk of a portfolio and represents sensitivity to its benchmark. Standard deviation is a measurement of dispersion of a set of data from its mean. Tracking error is the active risk of the portfolio and the annualized standard deviation of the excess returns between the portfolio and its benchmark. R-squared is a measurement of how much a portfolio’s performance reflects the returns from the relevant market. Information ratio is the ratio of expected return to risk, as measured by standard deviation.
Aggressive growth with a record of alpha preservation through changing market conditions.
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Turner All Cap Growth Equity Composite vs. Russell 3000 Growth Index
Upside capture %
the upmarket return of the portfolio divided by the upmarket return of the benchmark
Downside capture %
the downmarket return of the portfolio divided by the downmarket return of the benchmark
Category %
Source: FactSet
*Gross of fee returns were utilized for the calculation from composite inception (6.30.00) through 3.31.11. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Fees reduce performance and will alter the gap between the composite and the index. Down/Up market returns determine the period where the selected indexes’ returns were less than/greater than zero and calculates the corresponding composite’s compound total return. Capture % does not reflect actual composite returns. The same information, when charted over a different market cycle, will yield a different result and the results of other accounts will vary. Please see important information in the appendix following this presentation for actual composite returns.
We believe our performance profile is attractive in both up and down markets.
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SUPPLEMENTAL PERFORMANCE INFORMATIONUpside/Downside capture

Global Growth Equity

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Turner Global Growth Equity Composite
Inception date: January 1, 2005
Performance is gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see important information in the appendix following this presentation about the performance presented.
For the period ended March 31, 2011, the composite returned net of fees: 21.5%, 0.8%, 4.1%, 6.5% for the one year, three year, five year and since inception periods.

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SUPPLEMENTAL PERFORMANCE INFORMATIONAnnual returns
Turner Global Growth Equity Composite
Inception date: January 1, 2005
Composite returns are gross of fees and market weighted. The deduction of fees will lower actual returns. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Please see important information in the appendix following this presentation about the performance presented.
An attractive performance profile through both positive and negative years.

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Turner Global Growth Equity Fund
Inception date: July 31, 2008
The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Funds are offered solely to non-US investors under the terms and conditions set forth in the prospectus. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings.
Funds are offered solely to non-US investors under the terms and conditions set forth in the prospectus. A free prospectus, which contains important information about the Fund, can be obtained from www.turnerfundsplc.com. An investor should read the prospectus carefully before investing. Funds are not available for sale in any jurisdiction in which the sale would be prohibited. Accordingly, this document is not available for distribution in any jurisdiction where the funds have not been approved for sale. The Fund is available only to Professional clients and may not be suitable for all investors.
The Investments of the Company are subject to market fluctuations and the risks inherent in all investments and there can be no assurance that an investment will retain its value or that appreciation will occur. The price of Shares and the income from Shares can go down as well as up and investors may not realise the value of their initial investment. A Fund may concentrate its investments, which means that it may invest in the securities of fewer issuers than more diversified funds. As a result, they may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased risk of loss and increased volatility. Prospective investors should consult a stockbroker, bank manager, solicitor, accountant, financial adviser or their professional advisers accordingly.

Portfolio attribution
Turner Global Growth Equity Quarter ending March 31, 2011
Source: FactSetHoldings and sector allocations are from a representative account, are subject to change and should not be considered as recommendations.
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HOLDINGSTop ten holdings
As of 3.31.11
Holdings are subject to change and do not constitute investment recommendations. Past performance is not a guarantee of future results.
We stand behind our convictions.
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RESULTSPortfolio positioning
Turner Global Growth Equity As of March 31, 2011
Focus on earnings growth continues
Investing in companies with strong earnings prospects:
Product innovators, developing new markets
Management talent and depth
Favorable industry trends
Special emphasis placed on balance sheet strength
Past performance is no guarantee of future results.
36

RESULTSPortfolio characteristics
Turner Global Growth Equity
Lead portfolio manager: Robert E. Turner, CFA
Sector Allocation
Region Allocation
Sources: FactSet, Turner quantitative system
Characteristics, holdings and sector weighting information are as of March 31, 2011, are from a representative account, are subject to change and should not be considered as recommendations.
We maintainstyle purity throughout all market cycles.
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RISK-REWARD MEASURESAchieving desirable outcomes
Returns that justify the risks
We seek to produce
Consistent alpha generation
Volatility in line with benchmark return patterns
Style and capitalization purity
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Source: FactSet
This information is based on gross of fee performance for the five year and since inception (1.1.05) time periods ending 3.31.11.
Past performance is not a guarantee of future results and there can be no assurance that the strategy will be successful in limiting risk or volatility. As with all investments, there are associated inherent risks. The strategy is subject to risks due to its foreign investments. Foreign stocks involve special risks not typically associated with U.S. stocks. The stocks held by the strategy may underperform other types of stocks, and they may not increase or may decline in value. The strategy may also enter into foreign currency exchange contracts to hedge the currency risk of portfolio securities denominated in a foreign currency. Foreign investments may be riskier than U.S. investments because of factors such as foreign government restrictions, changes in currency exchange rates, incomplete financial information about the issuers of securities, and political or economic instability. Foreign stocks may be more volatile and less liquid than U.S. stocks. Please obtain and review all financial material carefully before investing. Alpha is a measurement of risk-adjusted performance against its relative benchmark. Beta is the systematic risk of a portfolio and represents sensitivity to its benchmark. Standard deviation is a measurement of dispersion of a set of data from its mean. Tracking error is the active risk of the portfolio and the annualized standard deviation of the excess returns between the portfolio and its benchmark. R-squared is a measurement of how much a portfolio’s performance reflects the returns from the relevant market. Information ratio is the ratio of expected return to risk, as measured by standard deviation.
Aggressive growth with a record of alpha preservation through changing market conditions.

Turner Global Growth Equity Composite vs. MSCI World Growth Index
Upside capture %
the upmarket return of the portfolio divided by the upmarket return of the benchmark
Downside capture %
the downmarket return of the portfolio divided by the downmarket return of the benchmark
Category %
Source: FactSet
*Gross of fee returns were utilized for the calculation from composite inception (1.1.05) through 3.31.11. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Fees reduce performance and will alter the gap between the composite and the index. Down/Up market returns determines the period where the selected indexes’ returns were less than/greater than zero and calculate the corresponding composite’s compound total return. Capture % does not reflect actual composite returns. The same information, when charted over a different market cycle, may yield a different result. Please refer to the GIPS® performance in the appendix for important information about the composite results following this presentation.
Performance profile is attractive in both up and down markets.
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SUPPLEMENTAL PERFORMANCE INFORMATIONUpside/Downside capture

The Turner solution
A culture shaped by collaboration and accountability
Sector/industry-focused research powered by depth and rigor
Investment acumen that drives innovation
Proven success as a global growth equity manager
As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.
We deliver the benefits of growth.
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Appendix

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Firm structure

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Consumer team

45
Cyclical team

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Financial services team

47
Health care team

48
Technology team

49
Quantitative team

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Trading team
Trading team continues on the next page

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Trading team, continued

Important information
Turner All Cap Growth Equity Composite* as of 12.31.10
Inception date/Creation date: 6.30.00
*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity and the Russell 3000 Growth Index was added as performance benchmark.
Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request.The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s All Cap Growth Equity strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s All Cap Growth Equity strategy is 0.95% on the first $25 million and 0.85% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
The NASDAQ Composite Index is a market-value weighted index that includes the more than 3,000 domestic and non-U.S. based securities listed on The NASDAQ Stock Market. The Russell 3000 Growth Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
A1

Turner Core Growth Equity Composite as of 12.31.10
Inception date: 4.1.90; Creation date: 1.1.93
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Core Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Core Growth Equity strategy is 0.75% on the first $25 million and 0.50% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results. Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
A2

Turner Large Cap Growth Composite* as of 12.31.10
*Effective November 2010, the composite name changed from Strategic Growth Equity.
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Large Cap Growth strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Large Cap Growth strategy is 0.75% on the first $25 million and 0.50% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results. Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Indexes are unmanaged and cannot be invested in directly.
A3

Turner Concentrated Growth Equity Composite as of 12.31.10
Inception/Creation date: 1.1.98
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in the Turner’s Concentrated Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Concentrated Growth Equity strategy is 1.00% on all assets for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
A4

Turner Midcap Growth Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request.The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Midcap Growth Equity strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Midcap Growth Equity strategy is 0.75% on the first $25 million and 0.65% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8 % of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.
A5

Turner SMID Growth Equity Composite as of 12.31.10
Turner Investments, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request.The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s SMID Growth Equity strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s SMID Growth Equity strategy is 0.95% on the first $25 million and 0.85% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Firm assets for 1998 include $360 million from Solon Asset Management, acquired 1.5.98. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. The Russell 2500 Growth Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index.
A6

Turner Small Cap Growth Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request.The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Small Cap Growth Equity strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Small Cap Growth Equity strategy is 0.95% on the first $25 million and 0.85% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.
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A7

Turner Small Cap GrowthPlus Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request.The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Small Cap GrowthPlus Equity strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Small Cap GrowthPlus strategy is 0.95% of the first $25 million and 0.85% on the balance. Minimum account size is $10 million. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.
A8

Turner Micro Cap Growth Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request.The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Micro Cap Growth Equity strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings.Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Micro Cap Growth Equity strategy is 1% on all assets. Minimum account size is $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.09 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Past performance is no guarantee of future results.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Russell Microcap Growth Index measures the performance of those Russell Microcap companies with higher price-to-book ratios and higher forecasted growth values.
A9

Turner Global Growth Equity Composite as of 12.31.10
A10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Global Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Global Growth Equity strategy is 0.60% on the first $100 million, 0.50% on the next $150 million, and 0.40% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
The MSCI World Growth Index measures the performance of growth stocks in developed countries throughout the world. The index includes reinvestment of dividends, net of foreign withholding taxes.MSCI World Index.

Turner Concentrated Global Growth Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Concentrated Global Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Concentrated Global Growth Equity strategy is 1.00% on all assets for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
The MSCI World Growth Index measures the performance of growth stocks in developed countries throughout the world. The index includes reinvestment of dividends, net of foreign withholding taxes. The MSCI World Index – (Morgan Stanley Capital International) is a market capitalization-weighted index that measures the performance of stock markets in 22 countries.
A11

Turner International Growth ADR Equity Composite as of 12.31.10
A12
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request.The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s International Growth ADR strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s International Growth ADR strategy is 0.80% on the first $25 million, 0.70% on the next $25 million and 0.50% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings.
The MSCI World Growth Index, ex-US measures the performance of growth stocks in developed countries throughout the world, excluding the United States. The index includes reinvestment of dividends, net of foreign withholding taxes.

Turner International Growth Equity Composite as of 12.31.10
A13
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request.The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s International Growth Equity strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s International Growth Equity strategy is 0.80% on the first $25 million, 0.70% on the next $25 million and 0.50% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
The MSCI World Growth Index, ex-US measures the performance of growth stocks in developed countries throughout the world, excluding the United States. The index includes reinvestment of dividends, net of foreign withholding taxes.

Turner Concentrated International Growth Equity Composite as of 12.31.10
A14
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request.The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Concentrated International Growth Equity strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Concentrated International Growth Equity strategy is 1.00% on all assets for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
The MSCI World Growth Index, ex US measures the performance of growth stocks in developed countries throughout the world. The index includes reinvestment of dividends, net of foreign withholding taxes.

Turner Emerging Markets Equity Composite as of 12.31.10
A15
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Emerging Markets Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Emerging Markets Equity strategy is 1.00% on the first $50 million, 0.80% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
MSCI Emerging Markets Index is designed to measure equity market performance in global emerging markets. The Emerging Markets Index is a float-adjusted market capitalization index. As of May 2005, it consisted of indices in 26 emerging economies: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela. Indexes are unmanaged and cannot be invested in directly.

A16
Turner Long/Short Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Long/Short Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Long/Short Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.

A17
Turner Select Opportunities Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Select Opportunities Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Select Opportunities Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.

A18
Turner Market Neutral Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Market Neutral Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Market Neutral Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.

A19
Turner Spectrum Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Spectrum Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Spectrum Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.

A20
Turner Titan Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Titan Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Titan Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.

A21
Turner Global Consumer Long/Short Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Global Consumer Long/Short Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Global Consumer Long/Short Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.

A22
Turner GlobalFinancial Services Long/Short Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Global Financial Services Long/Short Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Global Financial Services Long/Short Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.

A23
Turner Global Medical Sciences Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Global Medical Sciences Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Global Medical Sciences Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.

A24
Turner Global Resources & Infrastructure Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Global Resources & Infrastructure Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Global Resources & Infrastructure Equity strategy is 1.00% management fee and a 20.00% incentive fee for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.

Turner Quantitative Broad Market Equity Composite as of 12.31.10
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Quantitative Broad Market Equity strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Quantitative Broad Market Equity Strategy is 0.40% on the first $50 million, 0.30% on the next $50 million, and 0.20% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year.Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results. Equity performance for calendar years 1999-2002 was marked by extraordinary market increases and decreases in the share prices of firms operating in various sectors of the overall market relative to normal historical equity market returns. Past performance is no guarantee of future results.
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Turner Quantitative Small Cap Value Equity Composite as of 12.31.10
The Russell 2000 Value Index is the performance benchmark for this strategy.
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Small capitalization companies often present additional risks, including lack of product diversification, potentially insufficient capital resources, and greater exposure to business and economic cycles. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request.The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions, that invest in Turner’s Quantitative Small Cap Value Equity strategy.A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Quantitative Small Cap Value Equity Strategy is 0.85% on the first $25 million, and 0.75% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
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Turner Quantitative Small Cap Growth Equity Composite as of 12.31.10
The Russell 2000 Growth Index is the sector neutral and performance benchmark for this strategy.
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month, excluding portfolios with significant restrictions that invest in Turner’s Quantitative Small Cap Growth Equity strategy. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite’s underlying accounts’ fee schedules. The fee for Turner’s Quantitative Small Cap Growth Equity strategy is 0.85% on the first $25 million and 0.75% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market-weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
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Turner Quantitative Micro Cap Equity Composite as of 12.31.10
The Russell Microcap Growth Index is the performance benchmark for this strategy.
Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management. Additional information regarding policies for calculating and reporting returns is available upon request. A copy of the verification report is available upon request. The composite includes all discretionary, fee-paying portfolios under management for at least one month excluding portfolios with significant restrictions, that are invested in Turner’s Quantitative Micro Cap Equity strategy. Micro capitalization stocks are generally those companies between $80 million and $500 million at initial purchase. The composite's primary benchmark is the Russell Microcap Growth Index. Prior to November 2006, the primary benchmark for the composite was the Russell 2000 Growth Index. Effective November 2006, the primary benchmark was changed to the Russell Microcap Growth Index, a new index created about that time that was believed to be more appropriate for the investment strategy The inception and creation date of this composite was July 1, 2004. A complete list and description of firm composites is available upon request. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules. The fee for Turner’s Quantitative Micro Cap Equity Strategy is 0.95% on the first $25 million and 0.85% on the balance for a minimum account size of $10 million. Turner, in its discretion, may accept lower minimum investment amounts and may agree to negotiate its fee. The dispersion of annual returns is measured by the market weighted standard deviation of portfolio returns within the composite for the full year. Total firm assets under management as of 12.31.10 were $18.0 billion; 1.8% of those assets were non-discretionary. Past performance is no guarantee of future results.
The micro capitalization companies the strategy invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these very small companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Micro cap stocks also tend to be traded only in the over the counter market, and may not be as liquid as larger capitalization stocks. As a result, the prices of the micro cap stocks owned by the strategy will be very volatile, and the price movements of the strategy’s shares will reflect that volatility.
Russell and the Russell Indexes are either registered trademarks or trade names of Russell Investment Group in the U.S. and/or other countries. Indexes are unmanaged and cannot be invested in directly. Russell Microcap Growth Index measures the performance of those Russell Microcap companies with higher price-to-book ratios and higher forecasted growth values.
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Turner Investment Partners, Inc. (“Turner”), founded in 1990 and based in Berwyn, Pennsylvania, is an investment-management firm that's employee-owned.
Total firm assets under management as of 3.31.11 were approximately $18.6 billion; 1.6% of those assets were non-discretionary. Assets under management include all assets managed or sub-advised by Turner and its subsidiaries.
Interests aligned with clients’: We think our success has been due mainly to our commitment to providing clients with a level of investment performance and service that we ourselves would expect if we were in the client's shoes. Our actions are always guided by what’s best for our clients – with uncompromising integrity and ethical standards. As over 71% of our employees are equity owners of the firm, and many have invested personal capital in our investment strategies, we share in the risks and the rewards of our investment decisions. Our success is directly tied to our clients’ success.
Past performance is no guarantee of future results. All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings. Gross of fee performance is calculated and presented before the application of management and custodial fees, but net of trading expenses. Net of fee performance is calculated based on the composite's underlying accounts' fee schedules.
The views expressed represent the opinions of Turner and its subsidiaries as of the date indicated and may change. They are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. Opinions about individual securities mentioned may change, and there can be no guarantee that Turner will select and hold any particular security for its client portfolios.
Characteristics, holdings, and sector weighting information are subject to change, and should not be considered as recommendations. Cash consists of U.S. dollars and/or cash equivalents such as repurchase agreements, certificates of deposits or commercial paper. Forward earnings projections are not predictors of stock price or investment performance, and do not represent past performance. There is no guarantee that the forward earnings projections will accurately predict the actual earnings experience of any of the companies involved, and no guarantee of future results.
Turner claims compliance with the Global Investment Performance Standards (GIPS®). Please refer to the attached GIPS compliant performance presentation for more complete performance information and important performance disclosures. To receive a complete list and description of Turner's composites and/or presentations that adhere to the GIPS® standards, contact Debi Rossi at drossi@turnerinvestments.com or write Ms. Rossi at Turner, 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312.
Turner is a signatory of the Principles for Responsible Investing (PRI) established by the United Nations. The Principles are a framework for investors to help them consider environmental, social and governance (ESG) issues in their investment decision-making processes. As supporters of the Principles we believe that applying them will improve long-term financial returns while simultaneously aligning the goals of institutional investors with those of society at large.
As with all investments, there are associated inherent risks. Portfolios that invest in small and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies. Please obtain and review all financial material carefully before investing.
FactSet is a registered trademark of FactSet Research Systems Inc. and its affiliates.
Nothing presented should be considered an offer to provide any Turner service in any jurisdiction that would be unlawful under the securities laws of that jurisdiction.
This document and the information herein are confidential and may not be reproduced in any manner. Turner Investment Partners and Turner Investments are registered service marks of Turner Investment Partners, Inc.
This information is intended for use with institutional clients and intermediaries only. It has not been approved for and may not be distributed to the general public. This document and the information herein are confidential and may not be reproduced or distributed in any manner without prior written authorization from Turner. Earnings growth does not necessarily lead to an increase in share prices.
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