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  • With more than $XX billion under management, we at Turner have pursued a growth equity focus for more than two decades. Our goal is to provide solutions and share innovative ideas with our clients to improve investment results, whether that’s measured by returns, exposure to risk, transparency, or any other desired end. To do this we’ve developed an investment culture characterized by Detailed researchDisciplined processesAnd high ethical standardsYou’ll see the elements of our culture in The structure of our investment teamOur commitment to client serviceAnd the collaborative approach we take to managing our client’s capital You’ll also see it in the very low turnover of our staff. Team members are encouraged to come here and do the best work of their career, and to share in the ownership of the firm. [Transition] That’s been a great recipe for success of our singular goal of achieving the objectives of our clients, some of whom you’ll see on the next slide.
  • We would be honored to work with your organization and to add your name to our list of client partners. With Turner you’ll experience a culture aligned with your interests, and focused on the achievement of your goals. You will find innovations designed to keep your objectives on track as market conditions and dynamics change. With Spectrum you’ll be served by a distinct, multi-manager, multi-strategy long/short strategy. It’s an approach that’s driven by exceptional research, diversification, and risk management to provide you with equity-like returns with lower volatility and real downside protection. We look forward to our continued discussions with you – thank you again for your time and attention today.
  • We would be honored to work with your organization and to add your name to our list of client partners. With Turner you’ll experience a culture aligned with your interests, and focused on the achievement of your goals. You will find innovations designed to keep your objectives on track as market conditions and dynamics change. With Spectrum you’ll be served by a distinct, multi-manager, multi-strategy long/short strategy. It’s an approach that’s driven by exceptional research, diversification, and risk management to provide you with equity-like returns with lower volatility and real downside protection. We look forward to our continued discussions with you – thank you again for your time and attention today.
  • We would be honored to work with your organization and to add your name to our list of client partners. With Turner you’ll experience a culture aligned with your interests, and focused on the achievement of your goals. You will find innovations designed to keep your objectives on track as market conditions and dynamics change. With Spectrum you’ll be served by a distinct, multi-manager, multi-strategy long/short strategy. It’s an approach that’s driven by exceptional research, diversification, and risk management to provide you with equity-like returns with lower volatility and real downside protection. We look forward to our continued discussions with you – thank you again for your time and attention today.
  • Culture, research, innovation. The Turner team is driven and energized, individually and collectively, by a singular goal: the opportunity and mandate to produce the best results for clients each and every day. Our team is organized to uncover opportunities in ways that others aren’t. At the heart of our organization is a global sector-based research platform. This structure has proven powerful because it enables analysts to pursue and vet ideas across capitalization ranges. If you have a mid cap portfolio with us, you’ll benefit from our years of research on a company during the time it was a small cap. When that company becomes a large cap you will experience continuity of research instead of working through a hand-off between analysts. The team commands resources, investment infrastructure, and process disciplines that put us in the sweet spot between the able, but often under-resourced, boutiques, and the mega-sized shops with their inherent conflicts and organizational challenges. Team members here push each other to understand how the financial world is evolving in order to align our clients beneficially with change and growth. [Transition] The bottom line is people. And, it is important to note that we have developed quite a bit of bench strength over the years and have invested in building a seasoned investment team
  • Notes for Turner presenters:The groundbreaking work of Latané and Jones inspired and informed the growth investing style of Robert Turner, which in turn laid the groundwork for Turner Investments.
  • If you were to walk onto our investment floor today, one of the first things you’d notice is that there are clusters of analysts working throughout the room in sector teams. No walls separate them or create barriers to the flow of information. You would see our traders in line of sight with analysts and portfolio managers.You would see multiple meetings taking place spontaneously and efficiently – sometimes for 30 minutes, occasionally for an hour, but more often just for a few minutes or even a few seconds. You might see a junior analyst tap a founding member of the firm on the shoulder to discuss a company or an investment idea. No appointment necessary. You would notice that there’s a lot of experience in the room. Senior members on each sector team have two decades or more of experience; other members are not far behind. These individuals have worked together through many market cycles. They’ve covered their industries and individual companies through a variety of economic and market conditions. They know what makes a growth stock advance, and they also know how to spot the conditions that will cause a growth company’s stock to fall.[Transition] These are the skills, processes, and know-how that drive Spectrum
  • We would be honored to work with your organization and to add your name to our list of client partners. With Turner you’ll experience a culture aligned with your interests, and focused on the achievement of your goals. You will find innovations designed to keep your objectives on track as market conditions and dynamics change. With Spectrum you’ll be served by a distinct, multi-manager, multi-strategy long/short strategy. It’s an approach that’s driven by exceptional research, diversification, and risk management to provide you with equity-like returns with lower volatility and real downside protection. We look forward to our continued discussions with you – thank you again for your time and attention today.
  • Turner uci ts

    1. 1. First Quarter 2011<br />Turner Investments<br />U.S. AND GLOBAL GROWTH EQUITY STRATEGIES<br />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. <br />
    2. 2. GROWTH<br />“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”<br />–Benjamin Franklin<br />
    3. 3. Table of contents<br />2<br />
    4. 4. A culture defined by growth and innovation<br />3<br /><ul><li>Growth-equity focus for over 20 years
    5. 5. 100% employee-owned; accountable professionals in a collaborative environment
    6. 6. Research team structure designed to drive clarity and conviction
    7. 7. Interests aligned with clients’</li></ul>Please see the appendix following this presentation for important information about how Turner aligns its interests with its clients’. <br />We remain firmly committed to who we are and the clients we serve.<br />
    8. 8. Your trusted partner <br />4<br />†International clients<br />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.<br />We are quitefortunate to be among such good company.<br />
    9. 9. Firm FoundedLarge CapGrowth Equity<br />Experience in many growth market cycles<br />Small CapGrowth Equity<br />MidcapGrowth Equity<br />InternationalGrowth Equity<br />Growth-Focused <br />Long/Short Equity<br />Global Growth <br />Equity<br />Multi-Strategy<br />Long/Short Equity<br />A natural history of evolution<br />Commitment to our growth heritage that began over 20 years ago<br />A philosophy informed by groundbreaking research that began in the late 70s<br />Decades of experience through various market cycles bring depth and rigor to our approach<br />Introduction of new growth equity strategies at a measured pace <br />Note: Timeline shows a partial list of Turner strategies<br />5<br />Our understanding ofgrowth equity is thorough and ingrained.<br />
    10. 10. SUPPLEMENTAL INFORMATIONStrategy summary<br />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.<br />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. <br />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.<br />6<br />
    11. 11. SUPPLEMENTAL INFORMATIONStrategy summary<br />As of 3.31.11<br />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. <br />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.<br />7<br />
    12. 12. SUPPLEMENTAL INFORMATIONStrategy summary<br />As of 3.31.11<br />*Closed to new investors.<br />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. <br />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..<br />8<br />
    13. 13. The Turner difference<br />We are dedicatedto delivering an exceptional experience – and consistentresults.<br />9<br />
    14. 14. The power of a global perspective<br />Sector/Industry-Based Fundamental Research<br />Distinct Structure <br />Sector/Industry-focused expertise allows us to capture investment opportunities<br />Integrated global research operation<br />Information Advantage <br />Continuous, informal exchange of information and ideas<br />Ability to cross-pollinate ideas from around the world<br />Creative Thinking <br />Build on each other’s ideas and move thinking forward<br />Since our founding, we have organized our teams by sector and industry as the best means to develop investment ideas.<br />10<br />
    15. 15. The foundation of our thinking<br />We believe<br />Earnings drive stock prices<br />Buying companies with sustainable and improving earnings dynamics generates superior returns over time<br />A disciplined process with the right structure and a talented, stable team provides a sustainable edge<br />“Standardized unexpected earnings are a significant discriminator for excess return. Stock prices do respond to unanticipated earnings changes.” <br />–Henry A. Latané and Charles P. Jones<br />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<br />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. <br />We believe that inefficiencies in the market can be exploited.<br />11<br />Historical underpinningsEffects of unexpected earnings on excess returns of U.S. stocks 1971-74<br />Mean excess return at 6 months<br />MAGNITUDE OF EARNINGS SURPRISE <br />Greater than expected<br />Less than expected<br />
    16. 16. The breadth of our expertise<br />12<br />Average years of experience:<br /><ul><li>Sr. portfolio managers: 23 years
    17. 17. Analysts: 9 years
    18. 18. Traders: 22 years</li></ul>Investment team – a global view<br />CONSUMER<br />CYCLICAL<br />FINANCIAL SERVICES<br />HEALTH CARE<br />TECHNOLOGY <br />QUANTITATIVE<br />TRADING<br />YEARS<br />YEARS<br />We are committed to discovery of the best investment ideas across the globe.<br />
    19. 19. INVESTMENT PROCESSLeveraging analytical power and insight<br />A continuous, disciplined process<br />Multi-disciplinary research and analysis<br />Clear portfolio construction parameters and sell disciplines <br />Fully integrated risk management<br />FULLY INTEGRATED RISK MANAGEMENT<br />Portfolio Construction<br />Stock Selection<br />FundamentalAnalysis<br />Idea Generation<br />Universe<br />PORTFOLIO MONITORING<br />Our structure, resources and process rigor create the potential to deliver repeatable superior results.<br />13<br />
    20. 20. IDEA GENERATIONSourcing the best ideas<br />We continuously uncover new opportunities<br />Analyst teams<br />Screen to identify companies with improving fundamentals<br />Meet with company management teams<br />Access independent research<br />IDEA GENERATION<br />The heart of our investment process is fundamental research.<br />14<br />
    21. 21. FUNDAMENTAL ANALYSISRigorous security analysis<br />Industry-based experts <br />Identify and quantify growth drivers<br />Produce 360° analysis using input from financials, competitors, suppliers, customers, and independent research<br />Conduct over 2,200 company meetings per year <br />Develop and continually analyze earnings models<br />15<br />FUNDAMENTAL ANALYSIS<br />TRACKER <br />We incorporate multiple frames of reference to improve the quality of our investment insight.<br />
    22. 22. STOCK SELECTIONBenefits from decades of investment experience<br />Portfolio managers<br />Collaborate directly with analysts on company financial models and analysis<br />Responsible for security selection and weighting decisions<br />STOCK SELECTION<br />Ourinformation edge provides the basis for superior security selection.<br />16<br />
    23. 23. PORTFOLIO CONSTRUCTIONPortfolios are constructed to reflect conviction<br />PORTFOLIO CONSTRUCTION<br />We create diversified portfolios with our best ideas in each sector/industry.<br />17<br />
    24. 24. We will sell at the first sign of earnings concern<br />Changes in company fundamentals<br />Changes in technical indicators<br />Portfolio construction parameters<br />Identification of a better opportunity<br />PORTFOLIO MONITORING<br />We adhere to our sell discipline in all market environments.<br />18<br />PORTFOLIO MONITORINGSell discipline<br />
    25. 25. RISK MANAGEMENTFully integrated process<br />RISK MANAGEMENT<br />19<br />Our implementation of risk management is designed to improve risk-reward outcomes. <br />
    26. 26. All Cap Growth Equity<br />
    27. 27. 21<br />SUPPLEMENTAL PERFORMANCE INFORMATIONAnnualized returns<br />Turner All Cap Growth Equity Composite**<br />Inception date: June 30, 2000<br />Performance as of March 31, 2011<br />**Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity.<br />*** Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.<br />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.<br />We provide asuperior risk-reward experience.<br />
    28. 28. 22<br />SUPPLEMENTAL PERFORMANCE INFORMATIONAnnual returns<br />Turner All Cap Growth Equity Composite<br />Inception date: June 30, 2000<br />*Partial year return (6.30.00 through 12.31.00)<br />**Effective February 28, 2011, the Russell 3000 Growth Index was added as performance benchmark.<br />***The S&P 500 Index is being shown as a supplemental benchmark.<br />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.<br />An attractive performance profile through both positive and negative years.<br />
    29. 29. 23<br />SUPPLEMENTAL PERFORMANCE INFORMATIONAnnualized returns<br />Turner U.S. Concentrated All Cap Growth Equity Fund*<br />Inception date: July 31, 2008<br />Performance as of March 31, 2011<br />*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. <br />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. <br />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.<br />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.<br />We provide asuperior risk-reward experience.<br />
    30. 30. Portfolio attribution<br />Turner All Cap Growth Equity Composite Quarter ending March 31, 2011<br />Source: FactSet<br />Holdings and sector allocations are from a representative account, are subject to change and should not be considered as recommendations. <br />24<br />
    31. 31. HOLDINGSTop ten holdings<br />*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity. <br />**Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.<br />As of 3.31.11<br />Holdings are subject to change and do not constitute investment recommendations. Past performance is not a guarantee of future results.<br />We stand behind our convictions.<br />25<br />
    32. 32. RESULTSPortfolio positioning <br />Turner All Cap Growth Equity Composite As of March 31, 2011<br />Focus on earnings growth continues<br />Investing in companies with strong earnings prospects:<br /><ul><li>Product innovators, developing new markets
    33. 33. Management talent and depth
    34. 34. Favorable industry trends
    35. 35. Special emphasis placed on balance sheet strength</li></ul>Past performance is no guarantee of future results.<br />26<br />
    36. 36. Sources: FactSet, Turner quantitative system<br />We maintainstyle purity throughout all market cycles.<br />27<br />RESULTSPortfolio characteristics<br />Turner All Cap Growth Equity Composite <br />Lead portfolio manager: Christopher K. McHugh<br /> Sector Allocation<br />*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity. <br />**Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.<br />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.<br />
    37. 37. RISK-REWARD MEASURESAchieving desirable outcomes<br />Returns that justify the risks <br />We seek to produce <br />Consistent alpha generation <br />Volatility in line with benchmark return patterns<br />Style and capitalization purity<br />Source: FactSet<br />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. <br />*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity. <br />**Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.<br />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. <br />Aggressive growth with a record of alpha preservation through changing market conditions.<br />28<br />
    38. 38. Turner All Cap Growth Equity Composite vs. Russell 3000 Growth Index<br />Upside capture %<br />the upmarket return of the portfolio divided by the upmarket return of the benchmark<br />Downside capture %<br />the downmarket return of the portfolio divided by the downmarket return of the benchmark<br />Category %<br />Source: FactSet<br />*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.<br />We believe our performance profile is attractive in both up and down markets.<br />29<br />SUPPLEMENTAL PERFORMANCE INFORMATIONUpside/Downside capture<br />
    39. 39. Global Growth Equity<br />
    40. 40. 31<br />SUPPLEMENTAL PERFORMANCE INFORMATIONAnnualized returns<br />Turner Global Growth Equity Composite<br />Inception date: January 1, 2005<br />Performance as of March 31, 2011<br />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.<br />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.<br />We provide asuperior risk-reward experience.<br />
    41. 41. 32<br />SUPPLEMENTAL PERFORMANCE INFORMATIONAnnual returns<br />Turner Global Growth Equity Composite<br />Inception date: January 1, 2005<br />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.<br />An attractive performance profile through both positive and negative years.<br />
    42. 42. 33<br />SUPPLEMENTAL PERFORMANCE INFORMATIONAnnualized returns<br />Turner Global Growth Equity Fund<br />Inception date: July 31, 2008<br />Performance as of March 31, 2011<br />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. <br />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.<br />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.<br />We provide asuperior risk-reward experience.<br />
    43. 43. Portfolio attribution<br />Turner Global Growth Equity Quarter ending March 31, 2011<br />Source: FactSetHoldings and sector allocations are from a representative account, are subject to change and should not be considered as recommendations. <br />34<br />
    44. 44. HOLDINGSTop ten holdings<br />As of 3.31.11<br />Holdings are subject to change and do not constitute investment recommendations. Past performance is not a guarantee of future results.<br />We stand behind our convictions.<br />35<br />
    45. 45. RESULTSPortfolio positioning <br />Turner Global Growth Equity As of March 31, 2011<br />Focus on earnings growth continues<br />Investing in companies with strong earnings prospects:<br /><ul><li>Product innovators, developing new markets
    46. 46. Management talent and depth
    47. 47. Favorable industry trends
    48. 48. Special emphasis placed on balance sheet strength</li></ul>Past performance is no guarantee of future results.<br />36<br />
    49. 49. RESULTSPortfolio characteristics<br />Turner Global Growth Equity<br />Lead portfolio manager: Robert E. Turner, CFA<br /> Sector Allocation<br />Region Allocation<br />Sources: FactSet, Turner quantitative system<br />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.<br />We maintainstyle purity throughout all market cycles.<br />37<br />
    50. 50. RISK-REWARD MEASURESAchieving desirable outcomes<br />Returns that justify the risks <br />We seek to produce <br />Consistent alpha generation <br />Volatility in line with benchmark return patterns<br />Style and capitalization purity<br />38<br />Source: FactSet<br />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. <br />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. <br />Aggressive growth with a record of alpha preservation through changing market conditions.<br />
    51. 51. Turner Global Growth Equity Composite vs. MSCI World Growth Index<br />Upside capture %<br />the upmarket return of the portfolio divided by the upmarket return of the benchmark<br />Downside capture %<br />the downmarket return of the portfolio divided by the downmarket return of the benchmark<br />Category %<br />Source: FactSet<br />*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.<br />Performance profile is attractive in both up and down markets.<br />39<br />SUPPLEMENTAL PERFORMANCE INFORMATIONUpside/Downside capture<br />
    52. 52. The Turner solution<br /><ul><li>A culture shaped by collaboration and accountability
    53. 53. Sector/industry-focused research powered by depth and rigor
    54. 54. Investment acumen that drives innovation
    55. 55. Proven success as a global growth equity manager</li></ul>As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.<br />We deliver the benefits of growth.<br />40<br />
    56. 56. 41<br />
    57. 57. Appendix<br />
    58. 58. 43<br />Firm structure <br />
    59. 59. 44<br />Consumer team<br />
    60. 60. 45<br />Cyclical team<br />
    61. 61. 46<br />Financial services team<br />
    62. 62. 47<br />Health care team<br />
    63. 63. 48<br />Technology team<br />
    64. 64. 49<br />Quantitative team<br />
    65. 65. 50<br />Trading team<br />Trading team continues on the next page<br />
    66. 66. 51<br />Trading team, continued<br />
    67. 67. Important information<br />Turner All Cap Growth Equity Composite* as of 12.31.10<br />Inception date/Creation date: 6.30.00<br />*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity and the Russell 3000 Growth Index was added as performance benchmark.<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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.<br />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.<br />A1<br />
    68. 68. Important information<br />Turner Core Growth Equity Composite as of 12.31.10<br />Inception date: 4.1.90; Creation date: 1.1.93<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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.<br />A2<br />
    69. 69. Important information<br />Turner Large Cap Growth Composite* as of 12.31.10<br />Inception date/Creation date: 12.1.01<br />*Effective November 2010, the composite name changed from Strategic Growth Equity. <br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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.<br />A3<br />
    70. 70. Important information<br />Turner Concentrated Growth Equity Composite as of 12.31.10<br />Inception/Creation date: 1.1.98<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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. <br />A4<br />
    71. 71. Important information<br />Turner Midcap Growth Equity Composite as of 12.31.10<br />Inception date/Creation date: 8.1.96<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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. <br />A5<br />
    72. 72. Important information<br />Turner SMID Growth Equity Composite as of 12.31.10<br />Inception date: 11.1.04; Creation date: 9.1.09<br />Turner Investments, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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. <br />A6<br />
    73. 73. Important information<br />Turner Small Cap Growth Equity Composite as of 12.31.10<br />Inception date/Creation date: 12.1.93<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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.<br />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.<br />. <br />A7<br />
    74. 74. Important information<br />Turner Small Cap GrowthPlus Equity Composite as of 12.31.10<br />Inception date/Creation date: 9.1.96<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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. <br />A8<br />
    75. 75. Important information<br />Turner Micro Cap Growth Equity Composite as of 12.31.10<br />Inception date/Creation date: 3.1.98<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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. <br />A9<br />
    76. 76. Turner Global Growth Equity Composite as of 12.31.10<br />Inception/Creation date: 1.1.05<br />A10<br />Important information<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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. <br />
    77. 77. Turner Concentrated Global Growth Equity Composite as of 12.31.10<br />Inception/Creation date: 4.1.05<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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.<br />A11<br />Important information<br />
    78. 78. Turner International Growth ADR Equity Composite as of 12.31.10<br />Inception/Creation date: 5.1.02<br />A12<br />Important information<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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.<br />
    79. 79. Turner International Growth Equity Composite as of 12.31.10<br />Inception/Creation date: 2.1.06<br />A13<br />Important information<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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. <br />
    80. 80. Turner Concentrated International Growth Equity Composite as of 12.31.10<br />Inception/Creation date: 1.1.07<br />A14<br />Important information<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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.<br />
    81. 81. Turner Emerging Markets Equity Composite as of 12.31.10<br />Inception/Creation date: 8.1.10<br />A15<br />Important information<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />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.<br />
    82. 82. A16<br />Important information<br />Turner Long/Short Equity Composite as of 12.31.10<br />Inception date: 1.1.07; Creation date: 1.1.07<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />
    83. 83. A17<br />Important information<br />Turner Select Opportunities Equity Composite as of 12.31.10<br />Inception date: 1.1.08; Creation date: 1.1.08<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />
    84. 84. A18<br />Important information<br />Turner Market Neutral Equity Composite as of 12.31.10<br />Inception date: 4.1.08; Creation date: 4.1.08<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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.<br />
    85. 85. A19<br />Important information<br />Turner Spectrum Equity Composite as of 12.31.10<br />Inception date: 11.1.08; Creation date: 11.1.08<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />
    86. 86. A20<br />Important information<br />Turner Titan Equity Composite as of 12.31.10<br />Inception date/Creation date: 7.1.10<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />
    87. 87. A21<br />Important information<br />Turner Global Consumer Long/Short Equity Composite as of 12.31.10<br />Inception date: 1.1.05; Creation date: 1.1.05<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />
    88. 88. A22<br />Important information<br />Turner GlobalFinancial Services Long/Short Equity Composite as of 12.31.10<br />Inception date: 1.1.05; Creation date: 1.1.05<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />
    89. 89. A23<br />Important information<br />Turner Global Medical Sciences Equity Composite as of 12.31.10<br />Inception date: 1.1.08; Creation date: 1.1.08<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />
    90. 90. A24<br />Important information<br />Turner Global Resources & Infrastructure Equity Composite as of 12.31.10<br />Inception date/Creation date: 1.1.09<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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. <br />
    91. 91. Important information<br />Turner Quantitative Broad Market Equity Composite as of 12.31.10<br />Inception/Creation date: 11.1.02<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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.<br />A25<br />
    92. 92. Important information<br />Turner Quantitative Small Cap Value Equity Composite as of 12.31.10<br />Inception/Creation date: 1.1.04<br />The Russell 2000 Value Index is the performance benchmark for this strategy.<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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.<br />A26<br />
    93. 93. Important information<br />Turner Quantitative Small Cap Growth Equity Composite as of 12.31.10<br />Inception/Creation date: 7.1.04<br />The Russell 2000 Growth Index is the sector neutral and performance benchmark for this strategy.<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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.<br />. <br />A27<br />
    94. 94. Important information<br />Turner Quantitative Micro Cap Equity Composite as of 12.31.10<br />Inception/Creation date: 7.1.04<br />The Russell Microcap Growth Index is the performance benchmark for this strategy.<br />Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).<br />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.<br />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. <br />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. <br />A28<br />
    95. 95. Important information<br />Turner Investment Partners, Inc. (“Turner”), founded in 1990 and based in Berwyn, Pennsylvania, is an investment-management firm that's employee-owned. <br />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.<br />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. <br />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. <br />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.<br />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. <br />Turner claims compliance with the Global Investment Performance Standards (GIPS

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