Investment Objective
To produce a total return after fees exceeding that of the Russell 1000 Growth Index over a full market cycle.

Investment Policy
Turner Growth Equity is an actively managed portfolio of about 60-80 large cap growth stocks with 20-30% midcap exposure. The portfolio is sector neutral to the Russell 1000 Growth Index and consists of shares of companies with strong earnings prospects, i. e., with Wall Street consensus earnings forecasts that on balance are higher than the average for the Russell 1000 Growth Index.

Investment Philosophy
For Turner's Growth Equity strategy, we believe earnings expectations drive stock prices. We buy companies with strong earnings prospects and sell those with deteriorating prospects. We believe efforts to "time" the market and rotate among sectors are counterproductive. As a result, Turner Growth Equity is typically fully invested and maintains sector weightings that are "neutral" to — they mirror — the Russell 1000 Growth Index.

We avoid over-concentration in any individual security; we limit individual positions to a maximum of 2% of the portfolio (except for issues representing more than 2% of the Russell 1000 Growth Index, in which case we may hold positions up to 1.5 times their index weightings). Stock selection is the primary determinant of performance.

Investment Process
Turner 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 (10%), 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 (80%), used to ascertain if the companies we follow will exceed, meet, or fall short of consensus earnings expectations.
  
  
• technical analysis (10%), 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 from a representative account, 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 that owning securities of companies with relatively high price-to-earnings ratios.