Investment Objective

• Seek to capture alpha and deliver positive returns over time in all market environments
• Manage a balanced portfolio of long and short investments across all major industry sectors
• Seek to maintain a low or negative correlation to broader market indices

Investment Philosophy

We seek to buy companies with improving earnings dynamics and short those with deteriorating fundamentals.

Investment Process

Turner Market Neutral Equity's systematic research process involves the use of the following tools to evaluate potential long and short positions:

• A proprietary computer model, used to screen candidates for investment according to numerous earnings-growth and valuation factors. Companies are ranked from the first percentile (most attractive for long positions) to the 100th percentile (most attractive for short positions).
   
• Fundamental analysis, used to ascertain if the companies we follow will exceed, meet, or fall short of consensus earnings expectations.  Our sector teams perform rigorous research as we seek to buy companies with improving earnings dynamics and short those with deteriorating fundamentals.
   
• Technical analysis, used to evaluate both positive and negative price/volume patterns and relative strength/weakness trends.
   
• Comprehensive risk management at both the individual stock and overall portfolio levels.

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 6.30.10 were approximately $16.2 billion. Assets under management totals include a limited number of non-discretionary arrangements where Turner provides a model portfolio. As of 6.30.10,  2.4% 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.

Number of positions refers to the total number of long or short positions, respectively, in the portfolio. It does not include put or call options used to hedge the risk of a related long or short position.