Investment Objective

Capital appreciation.

Investment Policy

The Turner Strategic Growth Equity strategy invests primarily in equity securities of U.S. companies with very large market capitalizations (generally greater than $3 Billion) that Turner believes have strong earnings growth potential.

The strategy invests in securities of companies in a variety of economic sectors, and generally will not invest more than 50% of its assets in any one sector of the economy (for example, technology or industrial). It also will not invest more than 25% in any one industry or group of industries. Portfolio exposure is generally limited to 5% of assets in any single issuer, subject to exceptions for the most heavily weighted securities in the Russell 1000 Growth Index.

Investment Philosophy
For Turner Strategic Growth Equity (and all our equity portfolios), we believe earnings expectations drive stock prices. We buy companies with strong earnings prospects and sell those with deteriorating prospects.

Investment Process
Turner Strategic Growth Equity's investment process involves the use of three tools to evaluate stocks with varied market capitalizations for investment or continued ownership:

• a proprietary computer model, used to screen candidates for investment according to numerous earnings-growth and valuation factors. Companies thus screened are ranked from the first percentile (most attractive) to the 100th percentile (least attractive). Those ranked in the top 35% qualify for further consideration.
  
• fundamental analysis, used to ascertain if the companies we follow will exceed, meet, or fall short of consensus earnings expectations.
  
• technical analysis, used to evaluate trends in trading volume and prices of individual stocks.

Important Disclosure Information

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.  Turner Investment Partners has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of Turner's composites and/or presentations that adhere to the GIPS® standards, contact Debi Rossi at drossi@turnerinvestments.com or write Ms. Rossi at Turner Investment Partners, Inc., 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312.

Total firm assets under management as of 9.30.08 were approximately $22.2 billion. Assets under management totals include a limited number of non-discretionary arrangements where Turner provides a model portfolio. As of 9.30.08, 4.2% of Turner's assets under management were non-discretionary. Firm assets for 1998 include $360 million from Solon Asset Management, acquired 1.5.98. Past performance is no guarantee of future results.

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.