Turner uci ts

Turner InvestmentsU.S. AND GLOBAL GROWTH EQUITY STRATEGIES

First Quarter 2011

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.

GROWTH

“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”

–Benjamin Franklin

Table of contents

3

Firm overview One

Investment philosophy & process Two

UCITs offeringU.S. Concentrated All Cap Growth EquityGlobal Growth Equity Three

Appendix Four

A culture defined by growth and innovation

4

Growth-equity focus for over 20 years

100% employee-owned; accountable professionals in a collaborative environment

Research team structure designed to drive clarity and conviction

Interests aligned with clients’

We remain firmly committed to who we are and the clients we serve.

Please see the appendix following this presentation for important information about how Turner aligns its interests with its clients’.

Your trusted partner

5We are quite fortunate to be among such good company.

†International clients

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.

CORPORATE

AT&T, Inc.

Campbell Soup Company

Caterpillar Inc.

CenterPoint Energy, Inc

Chevron Corporation

The Coca-Cola Company

Deluxe Corporation

Duke Energy Corporation

Mary Kay Inc.

McDonald’s Corporation

Shell Oil Company

Southern California Edison

Toyota

Wilshire Associates, Inc.

ENDOWMENT/FOUNDATION

Archdiocese of Los Angeles

Baptist Foundation of Texas

Catholic Healthcare West

Christian Brothers

Georgia Baptist Foundation

Navy-Marine Corps Relief Society

Thomas Jefferson University

University of Wisconsin Foundation

PRIVATE WEALTH

Brinker Capital

Merrill Lynch

Morgan Stanley Smith Barney

UBS Financial Services

Wells Fargo

PUBLIC

Alabama Trust Fund

California Public Employees’ Retirement System (CalPERS)

Cincinnati Retirement System

City of Milwaukee Employes’ Retirement System

Commonwealth of Pennsylvania State Employees’ Retirement System (PA SERS)

H.E.S.T. Australia Ltd.†

Minnesota State Board of Investment

Missouri Local Government Employees’ Retirement System (LAGERS)

Nebraska Investment Council

Philadelphia Public Employees’ Retirement System

South Carolina Retirement System

Teachers’ Retirement System of the State of Illinois

SUB-ADVISORY

Allianz Life Insurance Company

Deutsche Asset Management

Lincoln Financial

MassMutual

MetLife Investors

Penn Mutual Life Insurance Company

Principal Financial Group

Prudential

Russell Investment Group

RiverSource Investments

Thrivent Financial for Lutherans

Touchstone Investments

TAFT-HARTLEY

1199SEIU Benefit & Pension Funds

Boilermakers National Annuity Trust

IBEW Local No. 98

Inter-Local Pension Fund of the GCC/IBT

Media Guild Retirement Plan

Plumbers Local Union 690

Sheet Metal Workers’ Local No. 19

United Airlines Pilots

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Firm Founded

Large CapGrowth Equity

Experience in many growth market cycles

A natural history of evolution Commitment to our growth heritage that began over 20 years ago

A philosophy informed by groundbreaking research that began in the late 70s

Decades of experience through various market cycles bring depth and rigor to our approach

Introduction of new growth equity strategies at a measured pace

6Our understanding of growth equity is thorough and ingrained.

Note: Timeline shows a partial list of Turner strategies

Small CapGrowth Equity

MidcapGrowth Equity

InternationalGrowth Equity

Growth-Focused Long/Short Equity

Global Growth Equity

Multi-StrategyLong/Short Equity

SUPPLEMENTAL INFORMATION

Strategy summary

7

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.

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.

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.

Composite Inception date Market cap range Holdings range Performance benchmark

Relative performance vs performance

benchmark(since inception)

U.S. GROWTH EQUITY

All Cap Growth Equity*** 6.30.00 Greater than $1b 25 to 45 Russell 3000 Growth Index*** 2.7%

Core Growth Equity 4.1.90 Greater than $2b 50 to 70 Russell 1000 Growth Index 1.8%

Large Cap Growth** 12.1.01 Greater than $2b 50 to 70 Russell 1000 Growth Index 2.0%

Concentrated Growth Equity 1.1.98 Greater than $2b 15 to 30 Russell 1000 Growth Index 7.5%

Midcap Growth Equity 8.1.96 $1b to $10b 80 to 100 Russell Midcap Growth Index 4.9%

SMID Growth Equity 11.1.04 $500m to $5b 60 to 80 Russell 2500 Growth Index 3.3%

Small Cap Growth Equity 12.1.93 $5b or smaller 110 to 135 Russell 2000 Growth Index 7.5%

Small Cap GrowthPlus Equity 9.1.96 $2b or smaller 110 to 135 Russell 2000 Growth Index 4.0%

Micro Cap Growth Equity* 3.1.98 $200m to $1b 90 to 125 Russell 2000 Growth Index 17.4%

GLOBAL/INTERNATIONAL GROWTH EQUITY

Global Growth Equity 1.1.05 Greater than $2b 60 to 80 MSCI World Growth Index 2.0%

Concentrated Global Growth Equity 4.1.05 Greater than $2b 20 to 30 MSCI World Growth Index 5.7%

International Growth ADR Equity 5.1.02 Greater than $2b 50 to 70 MSCI World Growth, ex-US Index 3.0%

International Growth Equity 2.1.06 Greater than $2b 50 to 70 MSCI World Growth, ex-US Index 4.6%

Concentrated International Growth Equity 1.1.07 Greater than $2b 20 to 30 MSCI World Growth, ex-US Index 0.8%

Emerging Markets Equity 8.1.10 Greater than $2b 40 to 80 MSCI Emerging Markets Index 0.7%

8




LONG/SHORT EQUITY

Long/Short Equity 1.1.07 Greater than $250m 15 to 75 long15 to 75 short S&P 500 Index 9.5%

Select Opportunities Equity 1.1.08 Greater than $100m 10 to 50 long10 to 50 short S&P 500 Index 9.3%

Market Neutral Equity 4.1.08 Greater than $500m 20 to 60 long20 to 60 short S&P 500 Index 6.5%

Spectrum Equity 11.1.08 Greater than $100m 125 to 250 long125 to 250 short S&P 500 Index -5.3%

Titan Equity 7.1.10 Greater than $10b 75 to 125 long S&P 500 Index -8.1%

SECTOR-FOCUSED LONG/SHORT EQUITY

Global Consumer Long/Short Equity 1.1.05 Greater than $250m 15 to 75 long15 to 75 short S&P 500 Consumer Disc. Index 8.9%

Global Financial Services Long/Short Equity 1.1.05 Greater than $250m 15 to 75 long15 to 75 short S&P 500 Financials Index 16.1%

Global Medical Sciences Equity 1.1.08 Greater than $250m 15 to 75 long15 to 75 short S&P 500 Healthcare Index 13.5%

Global Resources & Infrastructure Equity 1.1.09 Greater than $100m 15 to 75 long15 to 75 short S&P 500 Index -8.2%

As of 3.31.11

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.

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.


Strategy summary

9




QUANTITATIVE EQUITY

Quantitative Broad Market Equity 11.1.02 Greater than $700m 75 to 115 Russell 3000 Index 1.9%

Quantitative Small Cap Value Equity 1.1.04 $400m to $1.6b 140 to 170 Russell 2000 Value Index 2.1%

Quantitative Small Cap Growth Equity 7.1.04 $400m to $1.6b 130 to 170 Russell 2000 Growth Index 0.8%

Quantitative Micro Cap Equity* 7.1.04 $50m to $600m 220 to 260 Russell Microcap Growth Index 3.2%

As of 3.31.11

*Closed to new investors.

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.

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..


Strategy summary

The Turner difference

We are dedicated to delivering an exceptional experience – and consistent results. 10

Culture

Empowered to perform

A culture shaped by collaboration and accountability

Research

Informed by experience

Growth research powered by depth and rigor

Innovation

Driven to discover new ideas

Looking forward to uncovering new investment opportunities

The power of a global perspective

Distinct Structure Sector/Industry-focused expertise allows us to capture

investment opportunities

Integrated global research operation

Information Advantage Continuous, informal exchange of information and ideas

Ability to cross-pollinate ideas from around the world

Creative Thinking Build on each other’s ideas and move thinking forward

Since our founding, we have organized our teams by sector and industry as the best means to develop investment

ideas.11

Sector/Industry-Based Fundamental Research

Health Care

Frank L. Sustersic, CFA

Heather Flick McMeekin

Vijay Shankaran, MD, PhD

Theresa B. Hoang

Richard Simons, CFA

Financial Services

Mark D. Turner

Rick Wetmore, CFA

David J. Honold, Jr., CFA

Pablo Echavarria, CFA

Sorin D. Roibu

Consumer

William C. McVail, CFA

Jason D. Schrotberger, CFA

Halie W. O’Shea

Eric R. Turner

Christopher E. Baggini, CFA

Cyclical

Robb J. Parlanti, CFA

Donald W. Smith, CFA

Marc G. Bianchi, CFA

Scott C. Swickard

Joshua B. Kohn, CFA

Technology

Robert E. Turner, CFA

Christopher K. McHugh

Tara R. Hedlund, CFA, CPA

Michael J. Lozano

Daniel Hirsch

The foundation of our thinking

We believe Earnings drive stock prices

Buying companies with sustainable and improving earnings dynamics generates superior returns over time

A disciplined process with the right structure and a talented, stable team provides a sustainable edge

We believe that inefficiencies in the market can be exploited.

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.

“Standardized unexpected

earnings are a significant

discriminator for excess

return. Stock prices do

respond to unanticipated

earnings changes.”

– Henry A. Latané and

Charles P. Jones

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

12

Historical underpinningsEffects of unexpected earnings on excess returns of U.S. stocks 1971-74

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Greater than expectedLess than expected MAGNITUDE OF EARNINGS SURPRISE

The breadth of our expertise

13

Investment team – a global view

We are committed to discovery of the best investment ideas across the globe.

Average years of experience:

Sr. portfolio managers: 23 years

Analysts: 9 years

Traders: 22 years

William C. McVail, CFA

Halie W. O’Shea

Jason D. Schrotberger, CFA

Eric R. Turner

Christopher E. Baggini, CFA

Robb J. Parlanti, CFA

Donald W. Smith, CFA

Marc G. Bianchi, CFA

Scott C. Swickard

Joshua B. Kohn, CFA

Mark D. Turner

David J. Honold, CFA

Rick Wetmore, CFA

Pablo Echavarria, CFA

Sorin D. Roibu

Frank L. Sustersic, CFA

Heather Flick McMeekin

Vijay Shankaran, MD, PhD

Theresa B. Hoang

Richard Simons, CFA

051015202530

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Years of experience _x000d_at Turner

Years of experience _x000d_prior to Turner

YEARS

Robert E. Turner, CFA

Christopher K. McHugh

Tara R. Hedlund, CFA, CPA

Michael J. Lozano

Daniel Hirsch

David Kovacs, CFA

Claire C. McConnell

Daniel McManus

Matthew Topley

Michelle McKeown

Melissa F. Hinmon

Michelle A. Brennan

Louise Hertzog

Kathleen M. Furgiuele

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YEARS

CONSUMER

CYCLICAL

FINANCIAL SERVICES

HEALTH CARE

TECHNOLOGY

QUANTITATIVE

TRADING

INVESTMENT PROCESS

Leveraging analytical power and insight

A continuous, disciplined process Multi-disciplinary research and analysis

Clear portfolio construction parameters and sell disciplines

Fully integrated risk management

Portfolio Construction

Stock Selection

FundamentalAnalysis

Idea Generation

Universe

PORTFOLIO MONITORING

FULLY INTEGRATED RISK MANAGEMENT

Our structure, resources and process rigor create the potential to deliver repeatable superior results. 14

IDEA GENERATION

Sourcing the best ideas

The heart of our investment process is fundamental research. 15

IDEA GENERATION

We seek to identify

Companies benefiting from change:

Accelerating earnings

Improving expectations

High returns on capital

Industry leaders:

Strong management

Sustainable earnings, margins, and

revenue growth

Compelling new products and services

Open-ended business opportunities

Market share gains

We continuously uncover new opportunities

Analyst teams

Screen to identify companies with improving fundamentals

Meet with company management teams

Access independent research

FUNDAMENTAL ANALYSIS

Rigorous security analysis

Industry-based experts Identify and quantify growth drivers

Produce 360° analysis using input from financials, competitors, suppliers, customers, and independent research

Conduct over 2,200 company meetings per year

Develop and continually analyze earnings models

TRACKER

16We incorporate multiple frames of reference to improve the quality of our investment insight.

Critical Drivers

Metrics

Income statement

Balance sheet

Guidance and estimates

Valuations

Market share

Dynamics

Drivers of growth

Caliber of management

Product cycles and pipelines

Brand value

Currency and political risks

Litigation and regulatory risks

FUNDAMENTAL ANALYSIS

STOCK SELECTION

Benefits from decades of investment experience

Portfolio managers Collaborate directly with analysts on company financial models and analysis

Responsible for security selection and weighting decisions

Our information edge provides the basis for superior security selection.

STOCK SELECTION

17

Informed decision making

Positive changes

Improving revenues, margins, earnings

Industry leadership – products, services, distribution, productivity

Improving technicals confirm fundamentals

Strong return potential

Target price providing attractive upside

Reasonable and transparent downside risk

High confidence

PORTFOLIO CONSTRUCTION

Portfolios are constructed to reflect conviction

We create diversified portfolios with our best ideas in each sector/industry.

PORTFOLIO CONSTRUCTION

18

Construction parameters

Style pure

Strict adherence to client guidelines

Rigorous sell discipline


60 - 80 global growth stocks

Opportunistic exposure to emerging markets

Flexibility to invest in mid and large cap companies

Fully invested - cash typically less than 3%

All Cap Growth Equity

25 – 45 growth stocks

Market capitalization minimum generally greater than $1 billion

Fully invested - cash typically less than 3%

We will sell at the first sign of earnings concern Changes in company fundamentals

Changes in technical indicators

Portfolio construction parameters

Identification of a better opportunity

We adhere to our sell discipline in all market environments.


19


Sell discipline

RISK MANAGEMENT

Fully integrated process

RISK MANAGEMENT

20Our implementation of risk management is designed to improve risk-reward outcomes.

Multi-disciplinary, multi-level risk management and oversight

FIRM LEVEL PORTFOLIO LEVEL SECURITY LEVEL

Dedicated compliance team

Six seasoned professionals

Enforce strict adherence to Code of Ethics and Personal Trading Policy

Pre- and post-trade compliance checks

State-of-the-art systems

Ongoing internal reviews(tracking performance)

Ongoing, real-time testing

Portfolio characteristics

Economic variables

Historical simulations

Stress testing

Sensitivity analysis

Correlation tracking

Sector

Industry

Security

Continuous analysis

Changing fundamentals

Deteriorating technicals

Valuations

Litigation/regulatory concerns

All Cap Growth Equity

22We provide a superior risk-reward experience.

SUPPLEMENTAL PERFORMANCE INFORMATION

Annualized returns

Turner All Cap Growth Equity Composite**Inception date: June 30, 2000Performance as of March 31, 2011

**Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity.

*** Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.

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.

1Q11 1 year 3 year (annualized)

5 year _x000d_(annualized)

10 year _x000d_(annualized)

Since inception _x000d_(annualized)

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

8.3%

40.1%

11.3%

6.9%9.4%

0.8%

6.3%

19.2%

5.6%4.3% 3.3%

-1.9%

5.0%

17.2%

7.9%

4.4% 5.0%

-2.6%

Turner All Cap Growth Equity Composite Russell 3000 Growth Index*** NASDAQ Composite Index

23An attractive performance profile through both positive and negative years.


Annual returns

Turner All Cap Growth Equity CompositeInception date: June 30, 2000

*Partial year return (6.30.00 through 12.31.00)

**Effective February 28, 2011, the Russell 3000 Growth Index was added as performance benchmark.

***The S&P 500 Index is being shown as a supplemental benchmark.


2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000*

Turner All Cap Growth Equity Composite 41.1% 64.9% -55.5% 31.7% 11.0% 12.9% 13.0% 95.0% -46.6% -37.7% -19.8%

Russell 3000 Growth Index** 17.6% 37.0% -38.4% 11.4% 9.5% 5.2% 6.9% 31.0% -28.0% -19.6% -25.4%

NASDAQ Composite Index 18.2% 45.4% -40.0% 10.7% 10.4% 2.1% 9.1% 50.8% -31.3% -20.8% -37.6%

S&P 500 Index*** 15.1% 26.5% -37.0% 5.5% 15.8% 4.9% 10.9% 28.7% -22.1% -11.9% -8.7%

Value Added vs. Russell 3000 Growth Index**

23.5% 27.9% -17.1% 20.3% 1.5% 7.7% 6.1% 64.0% -18.6% -18.1% 5.6%

Value Added vs. NASDAQ Composite Index

22.9% 19.5% -15.5% 21.0% 0.6% 10.8% 3.9% 44.2% -15.3% -16.9% 17.8%

Value Added vs. S&P 500 Index***

26.0% 38.4% -18.5% 26.2% -4.8% 8.0% 2.1% 66.3% -24.5% -25.8% -11.1%

We provide a superior risk-reward experience. 24


Annualized returns

Turner U.S. Concentrated All Cap Growth Equity Fund*Inception date: July 31, 2008Performance as of March 31, 2011

*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. 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. 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. 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.

1Q11 1 year Since inception _x000d_(annualized)0%

5%

10%

15%

20%

25%

6.8%

13.5%

3.5%

6.3%

19.2%

4.8%

Turner U.S. Concentrated All Cap Growth Equity Fund* Russell 3000 Growth Index

Share class

Initial sales charge

Management fee

CCY ISIN SEDOL WKN VALOR BLOOMBERG LIPPER MORNINGSTAR

I Up to 3.00% 0.75% $US IE00B3BFR920 B3BFR92 A1H4JC 4474070 TURUSQI ID 68084761 F00000LYJ4

A Up to 5.00% 1.55% $US IE00B46G1J56 B46G1J5 A1JFED 12527018 TURUSQA ID 68087481 F00000M9LJ

Portfolio attribution

Turner All Cap Growth Equity Composite Quarter ending March 31, 2011

25

Source: FactSet

Holdings and sector allocations are from a representative account, are subject to change and should not be considered as recommendations.

Top relative contributors SectorRelative performance vs.

Russell 3000 Growth Index

Green Mountain Coffee Roasters Inc.

Consumer staples 2.3%

Aruba Networks Inc. Technology 1.1%

NetLogic Microsystems Inc. Technology 0.9%

Cimarex Energy Co. Energy 0.9%

Concho Resources Inc. Energy 0.8%

Top relative detractors SectorRelative performance vs.

Russell 3000 Growth Index

F5 Networks Inc. Technology -0.8%

Entropic Communications Inc. Technology -0.8%

Marvell Technology Group Ltd. Technology -0.7%

Guess? Inc. Consumer discretionary -0.6%

NetApp Inc. Technology -0.3%

Consumer staples

Health care

Producer durables

Energy

Materials and processing

Financial services

Consumer discretionary

Technology

2.7%

0.7%

0.6%

0.1%

0.1%

-0.5%

-0.8%

-0.9%

Relative performance by sector vs. the Russell 3000 Growth Index

HOLDINGS

Top ten holdings

We stand behind our convictions. 26

*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity.

**Effective February 28, 2011, the Russell 3000 Growth Index was added as a performance benchmark.

As of 3.31.11Holdings are subject to change and do not constitute investment recommendations. Past performance is not a guarantee of future results.

Company nameTurner All Cap

Growth Equity*Russell 3000

Growth Index**

Apple Inc. 4.31% 4.18%

Las Vegas Sands Corp. 3.69% 0.18%

TIBCO Software Inc. 3.68% 0.06%

Concho Resources Inc. 3.63% 0.15%

Alexion Pharmaceuticals Inc. 3.50% 0.12%

Cimarex Energy Co. 3.36% 0.13%

Abercrombie & Fitch Co. 3.34% 0.05%

Entropic Communications Inc. 3.32% 0.01%

ASML Holding N.V. 3.31% 0.00%

Citigroup Inc. 3.28% 0.00%

Percentage of overall portfolio 35.42% 4.87%

27

Past performance is no guarantee of future results.

Turner All Cap Growth Equity Composite As of March 31, 2011

Representative holdings Rationale

High-quality growth companies:

Apple Inc. The launch of the iPad created a positive buzz for the company, while sales of its iMac desktop computers, MacBook laptop computers and iPhones remain robust.

IntercontinentalExchange Inc. The operator of regulated futures exchange and over-the-counter markets should be a direct beneficiary from the financial reform taking shape as there could be upwards to $1 billion in new revenue opportunities.

Market share gainers:

Las Vegas Sands Corp.

This casino operator continues to have a competitive advantage, especially overseas, with the recent addition of properties in Macau and Singapore. The expected growth in gaming volume in the Singapore market, combined with the company’s experienced management team, should position it for success.

F5 Networks

The company provides hardware and software solutions that optimize the delivery of network-based applications, which ultimately reduce the total server and technology expenditures for their customers. These products are instrumental in the growing trend of reducing cost through data center consolidation.

Cyclical growth companies:

Varian Semiconductor Equipment Associates

Company is a market leader in semiconductor implant technology and was recently awarded a large contract relating to the development of process equipment for a new solar project.

NetLogic Microsystems Inc. The leader in the design and development of knowledge-based processors and high-speed integrated circuits should benefit from an increase in cap-ex spending.

Focus on earnings growth continuesInvesting in companies with strong earnings prospects:• Product innovators, developing new markets• Management talent and depth• Favorable industry trends• Special emphasis placed on balance sheet

strength

RESULTS

Portfolio positioning

We maintain style purity throughout all market cycles. 28

Sources: FactSet, Turner quantitative system

RESULTS


Turner All Cap Growth Equity Composite Lead portfolio manager: Christopher K. McHugh

Sector Allocation


Consumer staples

Energy

Financial services

Health care


Producer durables

Technology

Utilities

Cash

15.6%

5.2%

9.2%

9.9%

13.8%

1.9%

8.2%

34.7%

0.0%

1.5%

19.2%

7.6%

11.4%

6.9%

10.7%

6.4%

12.8%

24.6%

0.4%

0.0%

Russell 3000 Growth Index Turner All Cap Growth Equity

Turner All Cap Growth Equity*

Russell 3000Growth Index**

Weighted average market capitalization $28.3B $83.6B

Weighted median market capitalization $9.8B $34.1B

Market capitalization range >$52.2B

7.6% 41.3%

$5.7B - $52.2B 59.8% 42.0%

$2.2B - $5.7B 25.2% 9.7%

<$2.2B 7.4% 7.0%

EPS Growth – 1 year forecast 18.8% 15.2%

P/E – 1 year forecast 17.3X 14.1X

P/E to growth ratio – 1 year forecast 0.9 0.9

Number of holdings 35 1,876



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.

RISK-REWARD MEASURES

Achieving desirable outcomes

Returns that justify the risks

We seek to produce

Consistent alpha generation

Volatility in line with benchmark return patterns

Style and capitalization purity

Aggressive growth with a record of alpha preservation through changing market conditions. 29

Returns-based statisticsTurner All Cap Growth Equity Composite vs. Russell 3000 Growth Index

Five year Since inception

Alpha (Jensen) 1.77% 5.85%

Beta 1.37 1.76

Standard deviation 27.40% 37.61%

Tracking error 13.07% 22.55%

R2 83.34 78.60

Information ratio 0.20 0.12



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.

Source: FactSet

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.

Turner All Cap Growth Equity Composite vs. Russell 3000 Growth Index

We believe our performance profile is attractive in both up and down markets. 30

*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.

Upside capture %

the upmarket return of the

portfolio divided by the

upmarket return of the

benchmark

Downside capture %

the downmarket return of the


downmarket return of the

benchmark

Upside capture % Downside capture %-200.0%

0.0%

200.0%

400.0%

600.0%

800.0%

1000.0%

1200.0%

1065.6%

-105.4%

100.0%

-100.0%

Turner All Cap Growth Equity Composite Russell 3000 Growth Index

Cat

egor

y %


Upside/Downside capture

Source: FactSet



Annualized returns

Turner Global Growth Equity CompositeInception date: January 1, 2005Performance as of March 31, 2011


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.

1Q11 1 year 3 year _x000d_(annualized) 5 year _x000d_(annualized) Since inception _x000d_(annualized)

0%

5%

10%

15%

20%

25%

4.9%

22.2%

1.5%

4.8%

7.2%

3.8%

15.5%

1.1%

3.4%

5.2%4.9%

14.0%

0.3%

2.6%

4.8%

Turner Global Growth Equity Composite MSCI World Growth Index MSCI World Index

An attractive performance profile through both positive and negative years. 33


Annual returns

Turner Global Growth Equity CompositeInception date: January 1, 2005

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.

2010 2009 2008 2007 2006 2005

Turner Global Growth Equity Composite 20.3% 45.5% -50.7% 31.4% 15.8% 11.9%

MSCI World Growth Index 14.9% 33.8% -40.9% 15.1% 15.5% 9.7%

MSCI World Index 12.3% 30.8% -40.3% 9.6% 20.7% 10.0%

Value Added vs. MSCI World Growth Index 5.4% 11.7% -9.8% 16.3% 0.3% 2.2%



Annualized returns

Turner Global Growth Equity FundInception date: July 31, 2008Performance as of March 31, 2011

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. 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. 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.

1Q11 1 year Since inception _x000d_(annualized)0%

5%

10%

15%

20%

25%

4.7%

20.3%

2.4%3.8%

15.5%

1.3%

4.9%

14.0%

1.3%

Turner Global Growth Equity Fund MSCI World Growth Index MSCI World Index

Share class

Initial sales charge

Management fee

CCY ISIN SEDOL WKN VALOR BLOOMBERG LIPPER MORNINGSTAR

I Up to 3.00% 0.75% $US IE00B3BFR581 B3BFR58 A1H4JB 4474064 TURGGEI ID 68084760 F00000LYJ3

A Up to 5.00% 1.55% $US IE00B3Z72F51 B3Z72F5 A1JFEC 12526930 TURGGEA ID 68087480 F00000M9LI

Portfolio attribution

Turner Global Growth Equity Quarter ending March 31, 2011

35

Source: FactSetHoldings and sector allocations are from a representative account, are subject to change and should not be considered as recommendations.

Top relative contributors SectorRelative performance vs. MSCI World Growth Index

ARM Holdings PLC Technology 0.7%

Valeant Pharmaceuticals International Inc.

Health care 0.6%

Cimarex Energy Co. Energy 0.5%

Caterpillar Inc. Producer durables 0.4%

Concho Resources Inc. Energy 0.4%

Top relative detractors SectorRelative performance vs. MSCI World Growth Index

Yara International ASA Materials and processing -0.3%

Canon Inc. Producer durables -0.3%

LVMH Moet Hennessy Louis Vuitton

Consumer discretionary -0.2%

HSBC Holdings PLC Financial services -0.2%

F5 Networks Inc. Technology -0.2%

Technology

Health care

Energy

Consumer staples



Utilities

Producer durables

Financial services

1.3%

0.7%

0.3%

0.2%

0.0%

0.0%

-0.1%

-0.3%

-0.6%

Relative performance by sector vs. the MSCI World Growth Index

HOLDINGS

Top ten holdings

We stand behind our convictions. 36

As of 3.31.11Holdings are subject to change and do not constitute investment recommendations. Past performance is not a guarantee of future results.

Company nameTurner Global

Growth EquityMSCI World

Growth Index

Google Inc. 4.80% 1.15%

Apple Inc. 4.01% 2.52%

Caterpillar Inc. 2.68% 0.56%

BHP Billiton PLC 2.41% 0.68%

Siemens AG 2.30% 0.58%

Schlumberger Ltd. 2.22% 1.00%

QUALCOMM Inc. 2.22% 0.70%

ASML Holding N.V. 2.10% 0.00%

HSBC Holdings PLC 2.05% 1.43%

Devon Energy Corp. 2.05% 0.00%

Percentage of overall portfolio 26.84% 8.62%

37

Past performance is no guarantee of future results.

Turner Global Growth Equity As of March 31, 2011

Representative holdings Rationale

High-quality growth companies:

Apple Inc. The launch of the iPad created a positive buzz for the company, while sales of its iMac desktop computers, MacBook laptop computers and iPhones remain robust.

Amazon.com Emerging as a dominant leader in e-commerce as third-party providers are directing more product to this online retailer.

Salesforce.com Inc.

The company specializes in customer relationship management applications, using cloud computer platforms that allow customers to avoid expensive hardware and software purchases. The key benefits of this technology are lower cost, higher speed, and instant collaboration among its users as the cloud computing concept is clearly taking off.

Market share gainers:

Las Vegas Sands Corp.

This casino operator continues to have a competitive advantage, especially overseas, with the recent addition of properties in Macau and Singapore. The expected growth in gaming volume in the Singapore market, combined with the company’s experienced management team, should position it for success.

Acme Packet Inc. The company is benefiting from the transition of networks using internet protocol technology in place of traditional telephone networks. This same IP technology is also gaining momentum in mobile technologies, which we feel should fuel continued growth for Acme Packet.

Cyclical growth companies:

ASML Holding N.V. Semiconductor well positioned with a persistent dominant position in the lithography market. The company is experiencing an increase in systems backlog as a result of high structural demand for their products, which should be a growth driver for earnings going forward.

OMRON Corp.The Japanese electronics manufacturer should see a rebound in industrial activity in both Europe and Asia. OMRON is poised to benefit from stronger than expected demand in both advanced and emerging markets.

Focus on earnings growth continuesInvesting in companies with strong earnings prospects:• Product innovators, developing new markets• Management talent and depth• Favorable industry trends• Special emphasis placed on balance sheet

strength

RESULTS

Portfolio positioning

RESULTS


Turner Global Growth Equity

Lead portfolio manager: Robert E. Turner, CFA

We maintain style purity throughout all market cycles. 38

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.

Turner GlobalGrowth Equity

MSCI World Growth Index

Weighted average market capitalization $57.8B $59.5B

Weighted median market capitalization $22.1B $31.5B

Market capitalization range >$41.0B

33.3% 40.5%

$16.3B - $41.0B 29.0% 27.5%

$10.1B - $16.3B 16.5% 13.3%

$2.6B - $10.1B 16.5% 18.3%

<$2.6B 4.7% 0.4%

EPS Growth – 1 year forecast 18.7% 14.9%

P/E – 1 year forecast 15.1X 13.9X

P/E to growth ratio – 1 year forecast 0.8 0.9

Number of holdings 71 992Sources: FactSet, Turner quantitative system

17%

8%

9%

9%

8%10%

15%

20%

1% 3%

Consumer discretionaryConsumer staples EnergyFinancial servicesHealth careMaterials and processingProducer durablesTechnologyUtilitiesCash

Sector Allocation Region Allocation

6%

16%

4%

62%

2%10%

Emerging Markets

Europe, ex-United Kingdom

Japan

North America

Pacific, ex-Japan

United Kingdom

Returns-based statisticsTurner Global Growth Equity Composite vs. MSCI World Growth Index

Five year Since Inception

Alpha (Jensen) 1.25% 1.51%

Beta 1.11 1.12

Standard deviation 21.72% 20.12%

Tracking error 5.87% 5.66%

R2 93.65 93.18

Information ratio 0.24 0.33

RISK-REWARD MEASURES

Achieving desirable outcomes

Returns that justify the risks

We seek to produce

Consistent alpha generation

Volatility in line with benchmark return patterns

Style and capitalization purity

39Aggressive growth with a record of alpha preservation through changing market conditions.

Source: FactSet

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.

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.

Turner Global Growth Equity Composite vs. MSCI World Growth Index

Performance profile is attractive in both up and down markets. 40

*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.

Upside capture %

the upmarket return of the


upmarket return of the

benchmark

Downside capture %

the downmarket return of the


downmarket return of the

benchmark

Upside capture % Downside capture %-150.0%

-100.0%

-50.0%

0.0%

50.0%

100.0%

150.0%

200.0%

138.3%

-105.7%

100.0%

-100.0%

Turner Global Growth Equity Composite MSCI World Growth Index

Cat

egor

y %


Upside/Downside capture

Source: FactSet

The Turner solution

A culture shaped by collaboration and accountability

Sector/industry-focused research powered by depth and rigor

Investment acumen that drives innovation

Proven success as a global growth equity manager

We deliver the benefits of growth. 41

As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.

Appendix

44

Firm structure

45

Consumer team

William C. McVail, CFASenior Portfolio Manager/ Global Security Analyst, Principal

Halie W. O’SheaPortfolio Manager/Global Security Analyst, Principal

Jason D. Schrotberger, CFASenior Portfolio Manager/Global Security Analyst, Principal

Eric R. TurnerGlobal Security Analyst, Principal

Christopher E. Baggini, CFASenior Portfolio Manager/Global Security Analyst, Principal

BA - Economics (Vassar College); BA - Psychology (Vassar College)

24 years experience, joined Turner in 1998

Previous employment: BlackRock Equity Advisors, PNC Investment Management and Research

CFA Institute; CFA Society of Philadelphia

MBA - (New York University); BS - Journalism (Northwestern University)


Previous employment: Janney Montgomery Scott, Sanford C. Bernstein & Co., Inc., Platts (a McGraw-Hill company), Loan Pricing Corporation


MBA - Finance (University of Illinois); BA - Economics (Denison University)


Previous employment: BlackRock Financial Management, PNC Asset Management, Commonwealth of PA PSERS


BS - Finance (University of Notre Dame)


Previous employment: Goldman Sachs & Co.

MBA - Finance (New York University); BS - Economics (Fairfield University)

25 years of experience, joined Turner in 2010

Previous employment: Aberdeen Asset Management, Nationwide Financial Services, Allied Investment Advisors, First Metropolitan


Industry expertise:Commercial/industrial services

Wholesale distribution

Consulting and personnel services

Environmental services

Industry expertise:Staples

Household personal care/sundries

Industry expertise:Apparel footwear/retail

Specialty stores

Restaurants

Gaming

Industry expertise:Airlines

Autos/auto parts/aftermarket

Recreational products

Industry expertise:Discount/department stores

Advertising

Hotels/lodging

Internet

46

Cyclical team

Robb J. Parlanti, CFASenior Portfolio Manager/Global Security Analyst, Principal

Donald W. Smith, CFAPortfolio Manager/Global Security Analyst, Principal

Marc G. Bianchi, CFAPortfolio Manager/Global Security Analyst, Principal

Scott C. SwickardGlobal Security Analyst, Principal

Joshua B. Kohn, CFAPortfolio Manager/Global Security Analyst, Principal

BS - Business (Wake Forest University)


Previous employment: PNC Bank

Board member of ALPHA Mid-Atlantic


MBA - Business Administration (MIT Sloan School of Management); BS - Operations Management (Syracuse University)


Previous employment: Delaware Investment Advisors, David L. Babson & Co. Inc., Polaris Service, Miller Anderson & Sherrerd, LLP

Member of U.S. National Rowing Team 1993-2000; Olympic Team 1996 and 2000


MBA - Finance (Crummer Graduate School of Business); BA - Economics (Rollins College)


Previous employment: Melhado Flynn & Associates, Crummer - Suntrust Scholarship Endowment Fund


MS - Accounting (Bradley University); BS - Accounting and Finance (Bradley University)


MS - Engineering (University of Pennsylvania); BS – Economics (University of Pennsylvania - Wharton School); BS - Engineering (University of Pennsylvania)


Previous employment: New York based Multi-Strategy Hedge Fund; George Weiss Associates, LLC

CFA Institute; New York Society of Security Analysts

Industry expertise:Integrated oil

Refiners

Chemicals

Domestic utilities

Industry expertise:Mining

Coal

Metals

Precious metals

Industry expertise:Oil service

Alternative energy

Paper/forest

Containers/packaging

Industry expertise:International utilities

Agriculture

Construction materials

Building products

Industry expertise:Exploration & production

Engineering & consultants

Pipelines

47

Financial services team

Mark D. TurnerPresident/Senior Portfolio Manager, Founder

David J. Honold, Jr., CFAPortfolio Manager/Global Security Analyst, Principal

Rick Wetmore, CFAPortfolio Manager/Global Security Analyst, Principal

Pablo Echavarria, CFAGlobal Security Analyst, Principal

Sorin D. RoibuGlobal Security Analyst

MBA - Finance (University of Illinois); BS - Economics (Bradley University)

29 years experience, co-founded Turner in 1990

Previous employment: First Maryland Asset Management, Merrill Lynch Asset Management, Wachovia Investment Management

Board of Trustees – The Haverford School; Board of Directors – CityTeam Ministries (Chester) and The Philadelphia Ronald McDonald House


BA - English with concentration in Economics (College of the Holy Cross)


Previous employment: Keefe, Bruyette & Woods, UBS, Federal Reserve Bank of New York


BS - Economics (University of Pennsylvania - Wharton School)



BS - Business Administration with concentrations in Finance and Accounting (Drexel University)



BS - Business Administration with a concentration in Finance (Drexel University)


Previous employment: BlackRock, Bank of America Securities, Rock Hill Funds, LLP

Industry expertise:Asset managers

European banks

Australian banks

Japanese banks & brokers

Industry expertise:US banks & thrifts

Canadian banks

Mortgage finance

Consumer finance/cards

Industry expertise:Financial processors

Financial analytics

Exchanges/market structure

Emerging markets banks

Industry expertise:Latin American banks

Global insurance

Industry expertise:Global property

Global banks

48

Health care team

Frank L. Sustersic, CFASenior Portfolio Manager/ Global Security Analyst, Principal

Heather Flick McMeekinPortfolio Manager/Global Security Analyst, Principal

Vijay Shankaran, MD, PhD Senior Portfolio Manager/Global Security Analyst, Principal

Theresa B. HoangGlobal Security Analyst, Principal

Richard Simons, CFAPortfolio Manager/Global Security Analyst, Principal

BS - Economics (University of Pennsylvania)


Previous employment: First Fidelity Bank Corporation

Wharton Club of Philadelphia


MBA - Finance (New York University); BSM - Finance (Tulane University)


Previous employment: UBS Paine Webber, Donaldson, Lufkin & Jenrette


MD and PhD - Immunology (Washington University School of Medicine); MBA (Wharton School of Business, University of Pennsylvania); AB - Chemistry (Dartmouth College)


Previous employment: Caxton Associates, MedImmune, Inc., RiverVest Ventures

Affiliate member of CFA Institute; Affiliate member of CFA Society of Philadelphia

BS - Business Administration (Temple University)


Previous employment: Towers Perrin


MB - Biopharmaceutical Engineering (University of Pennsylvania); BS - Biophysics (State University of New York at Geneseo)


Previous employment: Tryphon Capital Advisors


Industry expertise:Medical devices

Healthcare IT

Industry expertise:US pharmaceuticals

Euro pharmaceuticals

Managed care

Contract research organizations

Industry expertise:Biotechnology

Industry expertise:Pharmacy benefit managers

Distributors

Specialty distributors

Home health

Industry expertise:Life sciences

Instruments and consumables

Specialty pharmaceuticals

49

Technology team

Robert E. Turner, CFAChairman/Chief Investment Officer, Founder

Christopher K. McHughVice Chairman/Senior Portfolio Manager, Founder

Tara R. Hedlund, CFA, CPAPortfolio Manager/Global Security Analyst, Principal

Michael J. LozanoGlobal Security Analyst, Principal

Daniel HirschGlobal Security Analyst, Principal

MBA - (Bradley University); BS - Accounting (Bradley University)


Previous employment: Meridian Investment Company, Integon Corporation, McMillon/Eubanks, Andersen Consulting

Board of Directors - Bradley University; Advisory Board - City Team Ministries, Advisory Council - University of Notre Dame School of Architecture


MBA - Finance (Saint Joseph’s University); BS - Accounting (Philadelphia University)


Previous employment: Provident Capital Management

Board of Trustees - Philadelphia University

Affiliate member of CFA Society of Philadelphia

BBS - Accountancy (Villanova University)


Previous employment: Arthur Andersen LLP

PICPA; AICPA


BS - Business Administration with a concentration in Finance (University of Notre Dame)



BS - Business Administration with concentrations in Finance and Accounting (Drexel University)



Industry expertise:Data networking

Computer communications

Specialty telecomm

Telecomm equipment

Industry expertise:Electrical products

Electronic equipment instruments/components

Electronics distributors

Semiconductors

Industry expertise:Computer peripheral

Computer processing hardware

Information technology services

Packaged software

Industry expertise:Electronic equipment/instruments

Other industrials

Industry expertise:Electrical products

Office equipment/supplies

Aero/defense

Industrial specialties

50

Quantitative team

David Kovacs, CFAChief Investment Officer, Quantitative Strategies, Principal

Claire C. McConnellQuantitative Analyst, Principal

MBA - Finance and Accounting (University of Notre Dame); BS - Mathematics and Computer Science (University of Notre Dame)


Previous employment: Pilgrim Baxter & Associates, The West Company, Allied Signal, Inc.


BA - Engineering Sciences (Dartmouth College)


51

Trading team

Daniel McManusManaging Director of Global Equity Trading, Principal

Matthew TopleyDirector of Alternative Trading, Principal

Michelle McKeownSenior Equity Trader, Principal

Melissa F. HinmonSenior Equity Trader, Principal

Michelle A. BrennanEquity Trading Assistant, Principal

BBA - Marketing and Management (University of Pennsylvania - Wharton School)


Previous employment: Delaware Investment Advisors

Investment Traders Association of Philadelphia; TraderForum; Board member of Father Judge Alumni Vision for the Future Scholarship Fund

MS - Organizational Dynamics (University of Pennsylvania); MBA - Finance (La Salle University); BA - Management and Marketing (Holy Family University)

15 years experience,joined Turner in 1996

Previous employment: Cintas Corporation

Investment Traders Association of Philadelphia; TraderForum; Board member of Father Judge Alumni Vision for the Future Scholarship Fund; Board of Directors – Business Leadership Organized for Catholic Schools (BLOCS)

BS - Marketing (Pennsylvania State University)


Previous employment: Meridian Investment Company, CoreStates Asset Management

Investment Traders Association of Philadelphia; TraderForum


Previous employment: Merrill Lynch, NatWest Markets, McNamara Trading

Investment Traders Association of Philadelphia; Affiliate member of Market Technicians Association; TraderForum; National Organization of Investment Professionals; Quorum 15; ICI Equity Markets Advisory Committee

BS - Accounting (West Chester University)

13 years experience,joined Turner in 2002

Previous employment: Schorn Wealth Management Group

Trading team continues on the next page

52

Trading team, continued

Louise HertzogProgram Trader, Principal

Kathleen M. FurgiueleSenior Equity Trader, Principal


Previous employment: StoneRidge Investment Partners LLC, Meridian Investment Company, Provident National Bank


Previous employment: Wells Fargo Securities, Investec, Inc. and SM Jenkins & Company

Investment Traders Association of Philadelphia; TraderForum

Important information

*Effective February 28, 2011, the composite name changed from Turner New Enterprise Equity and the Russell 3000 Growth Index was added as performance benchmark.

Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

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.

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.

Turner All Cap Growth Equity Composite* as of 12.31.10Inception date/Creation date: 6.30.00

Year Gross of Fees Net of Fees

NASDAQ Composite

IndexRussell 3000

Growth Index*

No. of Accounts

at EndComposite Dispersion

% Firm Assets

Market Value at End (in

millions)

2010 41.09% 39.30% 18.16% 17.64% < 5 N/A 0.2 44.65

2009 64.86% 62.76% 45.36% 37.01% < 5 N/A 0.2 27.07

2008 -55.54% -56.11% -40.00% -38.44% < 5 N/A 0.1 18.01

2007 31.67% 30.00% 10.66% 11.40% < 5 N/A 0.4 103.41

2006 11.02% 9.32% 10.38% 9.46% < 5 N/A 0.1 24.48

2005 12.88% 11.27% 2.13% 5.17% < 5 N/A < 0.1 11.46

2004 12.96% 11.58% 9.15% 6.92% < 5 N/A 0.1 16.63

2003 94.95% 92.69% 50.77% 30.97% < 5 N/A 0.1 15.06

2002 -46.61% -47.15% -31.26% -28.03% < 5 N/A < 0.1 3.42

2001 -37.67% -38.42% -20.82% -20.82% < 5 N/A < 0.1 8.70

A1



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.

Turner Core Growth Equity Composite as of 12.31.10Inception date: 4.1.90; Creation date: 1.1.93

Year Gross of Fees Net of FeesRussell 1000

Growth IndexNo. of Accounts

at EndComposite Dispersion % Firm Assets

Market Value at End (in millions)

2010 12.89% 12.46% 16.71% 26 0.56 15.2 2,727.93

2009 38.82% 38.27% 37.21% 45 0.62 19.3 3,407.27

2008 -48.53% -48.73% -38.44% 47 0.35 15.7 2,426.28

2007 23.21% 22.77% 11.81% 43 0.23 12.3 3,581.44

2006 9.60% 9.21% 9.07% 25 0.31 14.3 3,251.52

2005 14.40% 13.96% 5.26% 21 0.36 11.7 2,149.30

2004 11.56% 11.00% 6.30% 17 0.51 9.2 1,449.52

2003 35.87% 35.04% 29.75% 17 0.51 4.1 501.68

2002 -26.36% -26.83% -27.88% 26 0.29 4.1 353.88

2001 -22.22% -22.70% -20.43% 25 0.35 4.7 450.82

A2



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.

Turner Large Cap Growth Composite* as of 12.31.10Inception date/Creation date: 12.1.01

Year Gross of Fees Net of FeesRussell 1000 Growth

IndexNo. of Accounts at

EndComposite Dispersion

% Firm AssetsMarket Value at End

(in millions)

2010 18.52% 17.62% 16.71% 28 N/A 9.6 1,729.90

2009 45.73% 45.07% 37.21% < 5 N/A < 0.1 0.72

2008 -50.61% -50.82% -38.44% < 5 N/A 1.3 204.40

2007 29.72% 29.25% 11.81% < 5 N/A 1.6 479.09

2006 7.28% 6.93% 9.07% < 5 N/A 1.7 391.44

2005 9.02% 8.67% 5.26% < 5 N/A 2.1 390.79

2004 11.99% 10.86% 6.30% < 5 N/A 2.6 404.99

2003 50.14% 48.26% 29.75% < 5 N/A < 0.1 4.27

2002 -31.70% -32.55% -27.88% < 5 N/A < 0.1 3.97

Dec 01 -0.77% -0.87% -0.19% < 5 N/A 0.1 10.87

A3

*Effective November 2010, the composite name changed from Strategic Growth Equity.



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.

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.

Turner Concentrated Growth Equity Composite as of 12.31.10Inception/Creation date: 1.1.98


IndexNo. of Accounts

at EndComposite

Dispersion % Firm Assets


2010 19.87% 19.10% 16.71% <5 N/A 0.5 88.87

2009 50.08% 49.07% 37.21% < 5 N/A 4.1 731.28

2008 -57.81% -58.10% -38.44% < 5 N/A 3.4 528.68

2007 32.75% 31.88% 11.81% 5 0.43 6.3 1,832.41

2006 6.28% 5.37% 9.07% 5 N/A 6.1 1,388.37

2005 14.31% 13.30% 5.26% < 5 N/A 2.6 476.43

2004 3.00% 2.05% 6.30% 5 N/A 3.4 538.17

2003 61.15% 59.66% 29.75% 5 N/A 5.5 677.94

2002 -46.09% -46.53% -27.88% 5 N/A 3.9 334.73

2001 -40.11% -40.69% -20.43% 9 1.45 3.0 289.04

A4



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.

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.

Turner Midcap Growth Equity Composite as of 12.31.10Inception date/Creation date: 8.1.96

Year Gross of Fees Net of FeesRussell Midcap




2010 28.76% 27.78% 26.38% 21 0.48 17.4 3,128.28

2009 49.71% 48.59% 46.29% 24 0.73 17.0 3,007.95

2008 -48.24% -48.62% -44.32% 26 0.45 16.5 2,550.42

2007 25.84% 24.91% 11.43% 24 0.40 15.7 4,585.44

2006 7.61% 6.81% 10.66% 29 0.40 17.0 3,875.23

2005 13.24% 12.37% 12.10% 33 0.30 20.6 3,766.89

2004 12.24% 11.36% 15.48% 36 0.27 21.1 3,337.92

2003 50.87% 49.64% 42.71% 36 0.85 21.1 2,602.47

2002 -31.98% -32.55% -27.41% 37 0.38 16.8 1,436.06

2001 -27.73% -28.35% -20.15% 35 0.40 16.7 1,592.42

A5


Turner Investments, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®) .

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.

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.

Turner SMID Growth Equity Composite as of 12.31.10Inception date: 11.1.04; Creation date: 9.1.09


Growth Index

No. of Accounts


% Firm Assets


2010 32.18% 31.20% 28.86% 5 N/A 1.5 264.14

2009 56.45% 55.30% 41.66% < 5 N/A 1.2 213.92

2008 -50.19% -50.56% -41.50% < 5 N/A 0.9 141.79

2007 25.99% 25.25% 9.69% < 5 N/A 1.0 305.06

2006 10.92% 10.42% 12.26% < 5 N/A 0.1 23.22

2005 17.47% 16.94% 8.17% < 5 N/A 0.1 18.71

Nov 04 to end Dec 04

11.74% 11.66% 11.74% < 5 N/A 0.1 15.93

A6



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.

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.

.

Turner Small Cap Growth Equity Composite as of 12.31.10Inception date/Creation date: 12.1.93




% Firm Assets


2010 27.02% 26.02% 29.09% 15 0.20 4.9 874.14

2009 39.97% 38.85% 34.47% 18 0.54 4.2 748.07

2008 -45.64% -46.07% -38.54% 18 0.18 3.4 530.83

2007 19.65% 18.71% 7.05% 16 0.31 3.3 965.11

2006 13.92% 13.01% 13.35% 17 0.49 3.8 873.38

2005 15.00% 14.07% 4.15% 18 0.49 4.6 842.42

2004 19.88% 18.89% 14.31% 14 0.36 3.4 544.39

2003 48.62% 47.36% 48.54% 13 0.88 2.7 336.91

2002 -25.98% -26.60% -30.26% 12 0.32 3.0 252.24

2001 -12.02% -12.75% -9.23% 13 0.57 3.5 338.50

A7



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.

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.

Turner Small Cap GrowthPlus Equity Composite as of 12.31.10Inception date/Creation date: 9.1.96

YearGross of

Fees Net of FeesRussell 2000




2010 29.79% 28.71% 29.09% 25 0.39 11.5 2,068.21

2009 37.84% 36.67% 34.47% 26 0.71 8.7 1,527.30

2008 -41.39% -41.89% -38.54% 29 0.54 7.0 1,073.46

2007 15.43% 14.44% 7.05% 29 0.53 5.7 1,660.89

2006 14.55% 13.58% 13.35% 28 0.30 6.6 1,514.19

2005 7.16% 6.22% 4.15% 26 0.30 7.5 1,374.80

2004 12.71% 11.71% 14.31% 24 0.35 8.6 1,355.47

2003 61.01% 59.46% 48.54% 11 0.59 6.2 767.89

2002 -32.22% -32.90% -30.26% 9 0.31 4.6 388.64

2001 -18.03% -18.86% -9.23% 9 0.67 7.0 667.16

A8



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.

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.

Turner Micro Cap Growth Equity Composite as of 12.31.10Inception date/Creation date: 3.1.98





2010 31.20% 29.52% 29.09% 6 0.13 4.0 726.96

2009 28.15% 26.48% 34.47% 6 N/A 3.3 587.89

2008 -42.80% -43.55% -38.54% 5 1.14 2.9 452.70

2007 18.99% 17.43% 7.05% 5 0.18 2.9 852.34

2006 16.26% 14.74% 13.35% 5 0.18 3.3 758.84

2005 12.38% 10.91% 4.15% 5 0.31 3.6 667.63

2004 24.95% 23.31% 14.31% 5 N/A 3.5 559.48

2003 51.41% 49.30% 48.54% < 5 N/A 2.7 333.74

2002 -18.96% -20.04% -30.26% < 5 N/A 2.1 175.21

2001 20.12% 18.60% -9.23% < 5 N/A 2.3 219.69

A9

Turner Global Growth Equity Composite as of 12.31.10Inception/Creation date: 1.1.05

Year Gross of Fees Net of FeesMSCI World



% Firm Assets

Market Value at End ($ in millions)

2010 20.26% 19.54% 14.89% 6 N/A 2.8 508.69

2009 45.48% 44.14% 33.85% 5 N/A 1.4 241.87

2008 -50.72% -51.03% -40.90% < 5 N/A < 0.1 2.85

2007 31.42% 30.64% 15.12% < 5 N/A < 0.1 7.68

2006 15.79% 15.09% 15.48% < 5 N/A < 0.1 0.65

2005 11.93% 11.26% 9.73% < 5 N/A < 0.1 0.56

A10



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.

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.

Turner Concentrated Global Growth Equity Composite as of 12.31.10Inception/Creation date: 4.1.05


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.

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.

Year Gross of Fees Net of FeesMSCI World



% Firm Assets


2010 23.33% 22.74% 14.89% 5 N/A 1.9 339.96

2009 61.24% 60.34% 33.85% < 5 N/A 1.3 230.58

2008 -52.95% -53.18% -40.90% < 5 N/A 0.4 67.93

2007 39.80% 38.67% 15.12% < 5 N/A 0.5 144.82

2006 11.59% 10.61% 15.48% < 5 N/A 0.1 24.07

Q2 05 to end Q4 05 24.92% 23.98% 12.03% < 5 N/A < 0.1 0.62

A11


Turner International Growth ADR Equity Composite as of 12.31.10Inception/Creation date: 5.1.02

YearGross of

Fees Net of Fees

MSCI World Growth Index,

ex-US

No. of Accounts at

EndComposite Dispersion % Firm Assets

Market Value at End (in

millions)

2010 22.84% 22.35% 13.42% < 5 N/A < 0.1 18.74

2009 46.24% 45.66% 31.20% < 5 N/A < 0.1 14.70

2008 -50.12% -50.37% -42.65% < 5 N/A < 0.1 9.75

2007 29.23% 28.19% 18.41% < 5 N/A < 0.1 0.58

2006 26.29% 25.28% 22.47% < 5 N/A < 0.1 0.45

2005 15.65% 14.73% 14.77% < 5 N/A < 0.1 0.35

2004 15.28% 14.35% 16.63% < 5 N/A < 0.1 0.31

2003 47.23% 46.06% 33.47% < 5 N/A < 0.1 0.27

May 02 to end Dec 02 -19.21% -19.64% -15.80% < 5 N/A < 0.1 0.18

A12


Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). 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.

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.

Turner International Growth Equity Composite as of 12.31.10Inception/Creation date: 2.1.06



ex-USNo. of Accounts


% Firm Assets

Market Value at End

($ in millions)

2010 28.48% 26.84% 13.42% < 5 N/A < 0.1 6.13

2009 48.87% 47.23% 31.20% < 5 N/A < 0.1 4.19

2008 -51.35% -51.84% -42.65% < 5 N/A < 0.1 2.43

2007 30.53% 29.27% 18.41% < 5 N/A < 0.1 4.20

Feb 06 to end Dec 06 17.38% 16.52% 14.95% < 5 N/A < 0.1 1.93

A13


Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). 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.

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.

Turner Concentrated International Growth Equity Composite as of 12.31.10Inception/Creation date: 1.1.07



ex-USNo. of Accounts


% Firm Assets


2010 13.45% 12.32% 13.42% <5 N/A < 0.1 0.79

2009 43.58% 42.14% 31.20% < 5 N/A < 0.1 0.71

2008 -50.76% -51.25% -42.65% < 5 N/A < 0.1 0.49

2007 30.18% 28.88% 18.41% < 5 N/A < 0.1 1.15

A14


Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). 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.

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.

Turner Emerging Markets Equity Composite as of 12.31.10Inception/Creation date: 8.1.10

Year Gross of Fees Net of FeesMSCI Emerging

Markets IndexNo. of Accounts


% Firm Assets


ITD 21.84% 21.33% 17.03% <5 N/A 0.1 1.30

A15



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.

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.

A16



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.

Turner Long/Short Equity Composite as of 12.31.10Inception date: 1.1.07; Creation date: 1.1.07

YearGross of Fees Net of Fees S&P 500 Index

No. of Accounts at End

Composite Dispersion


($ in millions)

2010 2.62% 1.52% 15.08% < 5 N/A 0.9 162.10

2009 19.26% 18.05% 26.47% < 5 N/A 0.4 64.15

2008 -15.53% -16.46% -36.98% < 5 N/A 0.2 28.42

2007 41.95% 32.37% 5.49% < 5 N/A < 0.1 7.83

A17



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.

Turner Select Opportunities Equity Composite as of 12.31.10Inception date: 1.1.08; Creation date: 1.1.08

YearGross of Fees Net of Fees S&P 500 Index




($ in millions)

2010 17.84% 15.13% 15.08% <5 N/A 0.4 77.12

2009 11.22% 9.47% 26.47% <5 N/A 0.2 30.60

2008 -2.18% -3.43% -36.98% <5 N/A 0.1 15.93

A18



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.

Turner Market Neutral Equity Composite as of 12.31.10Inception date: 4.1.08; Creation date: 4.1.08

Year

Gross of Fees Net of Fees S&P 500 IndexNo. of Accounts



($ in millions)

2010 -11.47% -12.45% 15.08% < 5 N/A 0.2 44.04

2009 28.99% 22.17% 26.47% < 5 N/A <0.1 11.71

Q2 08 to end Q4 08 7.86% 5.71% -30.41% < 5 N/A <0.1 1.18

A19



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.

Turner Spectrum Equity Composite as of 12.31.10Inception date: 11.1.08; Creation date: 11.1.08

Year

Gross of Fees Net of Fees S&P 500 IndexNo. of Accounts at



($ in millions)

2010 7.49% 5.40% 15.08% < 5 N/A 1.6 292.34

2009 17.65% 15.35% 26.47% < 5 N/A 0.1 22.94

Nov 08 to end Dec 08 -1.12% -1.28% -6.20% < 5 N/A < 0.1 0.61

A20



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.

Turner Titan Equity Composite as of 12.31.10Inception date/Creation date: 7.1.10

YearGross of

Fees Net of Fees S&P 500 IndexNo. of Accounts



ITD 2010 16.95% 15.29% 23.27% <5 N/A 0.3 47.55

A21



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.

Turner Global Consumer Long/Short Equity Composite as of 12.31.10Inception date: 1.1.05; Creation date: 1.1.05

YearGross of Fees Net of Fees

S&P 500 Cons Discr Index



($ in millions)

2010 5.33% 4.26% 27.84% < 5 0.2 42.56

2009 10.13% 8.33% 41.28% < 5 <0.1 4.22

2008 2.47% 1.17% -33.49% < 5 <0.1 0.49

2007 35.40% 26.67% -13.21% < 5 <0.1 0.30

2006 15.33% 11.30% 18.63% < 5 <0.1 0.22

2005 8.16% 5.74% -6.36% < 5 <0.1 0.19

A22



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.

Turner Global Financial Services Long/Short Equity Composite as of 12.31.10Inception date: 1.1.05; Creation date: 1.1.05


S&P 500 Financials Index




($ in millions)

2010 10.17% 8.99% 12.20% < 5 N/A 0.2 44.26

2009 8.41% 6.85% 17.33% < 5 N/A < 0.1 4.10

2008 -3.24% -4.13% -55.23% < 5 N/A < 0.1 0.53

2007 29.54% 22.20% -18.50% < 5 N/A < 0.1 0.37

2006 7.78% 5.36% 19.21% < 5 N/A < 0.1 0.28

2005 4.63% 2.95% 6.50% < 5 N/A < 0.1 0.26

A23



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.

Turner Global Medical Sciences Equity Composite as of 12.31.10Inception date: 1.1.08; Creation date: 1.1.08


S&P 500 Healthcare Index




($ in millions)

2010 10.47% 9.11% 2.94% < 5 N/A 0.3 45.17

2009 23.32% 19.04% 19.72% < 5 N/A <0.1 5.20

2008 3.60% 2.32% -22.80% < 5 N/A <0.1 1.08

A24



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.

Turner Global Resources & Infrastructure Equity Composite as of 12.31.10Inception date/Creation date: 1.1.09

YearGross of

Fees Net of Fees S&P 500 IndexNo. of Accounts



2010 16.24% 12.18% 15.08% <5 N/A <0.1 0.75

2009 11.04% 7.75% 26.47% <5 N/A <0.1 0.59


Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ®). 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.

Turner Quantitative Broad Market Equity Composite as of 12.31.10Inception/Creation date: 11.1.02

Year Gross of Fees Net of Fees Russell 3000 IndexNo. of Accounts at


% Firm Assets


2010 15.59% 14.74% 16.93% < 5 N/A < 0.1 12.34

2009 29.89% 28.71% 28.34% < 5 N/A < 0.1 1.26

2008 -39.04% -39.40% -37.31% < 5 N/A < 0.1 0.68

2007 16.83% 16.37% 5.14% < 5 N/A < 0.1 0.87

2006 13.96% 13.50% 15.71% < 5 N/A < 0.1 0.75

2005 7.49% 7.06% 6.12% < 5 N/A < 0.1 0.66

2004 17.21% 16.45% 11.94% < 5 N/A < 0.1 0.59

2003 31.95% 31.09% 31.06% < 5 N/A < 0.1 0.54

Nov 02 to end Dec 02

1.55% 1.44% 0.06% < 5 N/A < 0.1 0.41

A25


Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ®). 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.

Turner Quantitative Small Cap Value Equity Composite as of 12.31.10Inception/Creation date: 1.1.04

Year Gross of Fees Net of Fees Russell 2000 Value IndexNo. of Accounts


Market Value at End

(in millions)

2010 26.35% 25.79% 24.50% < 5 N/A 1.9 343.14

2009 19.08% 18.56% 20.58% < 5 N/A 1.3 232.41

2008 -32.25% -32.60% -28.92% < 5 N/A 1.1 176.84

2007 8.52% 7.87% -9.78% < 5 N/A < 0.1 1.76

2006 17.12% 16.42% 23.48% < 5 N/A < 0.1 1.62

2005 8.14% 7.49% 4.71% < 5 N/A < 0.1 1.41

2004 24.44% 23.69% 22.25% < 5 N/A < 0.1 1.31

The Russell 2000 Value Index is the performance benchmark for this strategy.

A26


Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ®).

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.

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Turner Quantitative Small Cap Growth Equity Composite as of 12.31.10Inception/Creation date: 7.1.04


IndexNo. of Accounts


% Firm Assets


2010 29.12% 28.50% 29.09% < 5 N/A 0.5 96.12

2009 33.28% 32.61% 34.47% < 5 N/A 0.3 52.06

2008 -43.12% -43.40% -38.54% < 5 N/A 0.3 39.63

2007 12.80% 12.25% 7.05% < 5 N/A 0.2 68.13

2006 16.11% 15.45% 13.35% < 5 N/A < 0.1 3.48

2005 9.36% 8.71% 4.15% < 5 N/A < 0.1 0.84

H2 04 10.28% 9.95% 8.16% < 5 N/A < 0.1 0.77

The Russell 2000 Growth Index is the sector neutral and performance benchmark for this strategy.

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Turner Investment Partners, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ®). 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.

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.

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.

Turner Quantitative Micro Cap Equity Composite as of 12.31.10Inception/Creation date: 7.1.04

Year Gross of Fees Net of FeesRussell Microcap



% Firm Assets


2010 25.38% 24.27% 29.48% < 5 N/A 0.2 34.11

2009 12.59% 11.59% 39.18% 5 0.14 1.3 236.75

2008 -33.09% -33.68% -44.65% 5 0.16 1.6 244.18

2007 1.48% 0.58% -2.68% 5 N/A 1.0 291.53

2006 18.15% 17.12% 11.39% < 5 N/A 0.4 92.88

2005 11.87% 10.88% 2.05% < 5 N/A 0.6 113.12

H2 04 13.19% 12.62% 6.61% < 5 N/A < 0.1 1.27

The Russell Microcap Growth Index is the performance benchmark for this strategy.

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Turner Investment Partners, Inc. (“Turner”), founded in 1990 and based in Berwyn, Pennsylvania, is an investment-management firm that's employee-owned.

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.

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.

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.

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.

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.

Turner claims compliance with the Global Investment Performance Standards (GIPS®). Please refer to the attached GIPS compliant performance presentation for more complete performance information and important performance disclosures. To receive a complete list and description of Turner's composites and/or presentations that adhere to the GIPS® standards, contact Debi Rossi at [email protected] or write Ms. Rossi at Turner, 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312.

Turner is a signatory of the Principles for Responsible Investing (PRI) established by the United Nations. The Principles are a framework for investors to help them consider environmental, social and governance (ESG) issues in their investment decision-making processes. As supporters of the Principles we believe that applying them will improve long-term financial returns while simultaneously aligning the goals of institutional investors with those of society at large.

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.

FactSet is a registered trademark of FactSet Research Systems Inc. and its affiliates.

Nothing presented should be considered an offer to provide any Turner service in any jurisdiction that would be unlawful under the securities laws of that jurisdiction.

This document and the information herein are confidential and may not be reproduced in any manner. Turner Investment Partners and Turner Investments are registered service marks of Turner Investment Partners, Inc.

This information is intended for use with institutional clients and intermediaries only. It has not been approved for and may not be distributed to the general public. This document and the information herein are confidential and may not be reproduced or distributed in any manner without prior written authorization from Turner. Earnings growth does not necessarily lead to an increase in share prices.

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