Investment Objective
To seek capital appreciation.

Investment Policy
The Turner Small Cap Core Equity strategy is a broadly diversified, actively managed "blend" portfolio of approximately 70-100 growth and value stocks of small companies — those with market capitalizations generally between $200 million and $2 billion.

Investment Philosophy
The portfolio is managed according to the principle that combining investments in growth and value stocks can produce higher returns over time than investing solely in either style. We avoid over-concentration in any individual security or market sector. Holdings are from all market sectors, with over-weightings of up to 5% in sectors with high return potential.

Investment Process
The Turner Small Cap Core Equity investment process is systematic and begins with the screening of a universe of about 2,000 small-cap stocks for various fundamental factors that we think drive stock prices. We identify stocks of companies that display strong business momentum and that sell at reasonable prices. We employ fundamental analysis to determine the depth of a stock's attractiveness, looking deeply into a company's business. In selecting growth stocks, we seek to identify hidden assets that signify attractive return potential, such as large net cash positions, and a catalyst for positive change. We also emply a strict sell discipline on all holdings.

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.