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<PAGE>
Turner Large Cap Growth Equity Fund to Reorganize into
Mercury Select Growth Fund
Turner Investment Partners Will Continue To Manage the Fund
Berwyn, PA--March, 10, 2000. As announced today by Merrill Lynch & Co. (NYSE:
MER), the Turner Large Cap Growth Equity Fund will reorganize into Merrill's
Mercury Funds family, and be known as Mercury Select Growth Fund, pending
shareholder approval. Turner Investment Partners will act as subadviser for the
Fund.
Robert E. Turner, Chairman and Chief Investment Officer of Turner Investment
Partners, said, "By staying focused on investment performance, we believe our
clients and fund shareholders will reap the rewards of our new strategic
relationship with Merrill Lynch and the relationship with Vanguard we announced
last week. We understand that investors will only keep investing as long as our
"investment engine" is running smoothly. This relationship with Merrill will
allow our firm to maintain its independence and continue to retain and attract
highly qualified and dedicated investment professionals. As we've stated before,
we remain firmly committed to our growth philosophy and maintaining our capacity
limits."
"While we begin our next decade of operation, these strategic relationships are
paramount to our overall business strategy, and we do not contemplate any more
reorganizations with the remaining Turner Funds," said Stephen J. Kneeley,
President and Chief Operating Officer. "We had hoped to announce the Merrill
Lynch and Vanguard reorganizations at the same time, but were unable to do so
due to the volume of regulatory filings that needed to be prepared. The depth of
capabilities and level of strategic thinking within the Merrill organization is
phenomenal, and we believe that the Fund's shareholders will benefit from the
reorganization of this Fund. Merrill can achieve economies of scale in assets
and deliver a broad array of shareholder services. The leadership within Merrill
Lynch's senior management recognizes the new paradigms affecting the industry
and we are excited to be part of their strategy."
"Our large cap growth capability is one of the cornerstones of our investment
strengths and critical to our continued success. We appreciate Merrill for
recognizing our track record in this capitalization range," said Peter Moran,
Chief Marketing Officer. " The fund ranked 15 out of 271 large cap growth funds
for the 3 years ended February 29, 2000, according to the Lipper Analytical
Services. [The ranking for the one year period ending 2/29/2000 was 41 out
of 428
<PAGE>
large cap growth funds]. This is the one equity capitalization range where we
have unlimited capacity and proven performance, but are confronted by an army of
entrenched competitors. We need to attract additional investors in order to
build a stable long term base of assets."
Under the proposed reorganization of the TIP: Turner Large Cap Growth Equity
Fund, shareholders will be sent a proxy asking them to approve the
reorganization into the Mercury Select Growth Equity Fund. A special shareholder
meeting will be scheduled for late May. If approved, the tax-free reorganization
is expected to be completed in June. A preliminary proxy statement/prospectus
describing the proposed transaction was filed today with the SEC. Shareholders
will be mailed a copy of the definitive proxy statement/prospectus after it is
reviewed by the SEC.
Shareholders should read the proxy statement/prospectus carefully when they
receive it because it contains important information about the proposed
reorganization. Shareholders can also obtain the proxy statement/prospectus and
other information about the proposed reorganization for free from the SEC's
website (www.sec.gov). In addition, shareholders can obtain a prospectus or
other reports and information for free from Turner Investment Partners by
calling 1-800-224-6312.
Turner Investment Partners manages over $8 billion in equity and fixed income
assets in mutual funds and institutional separate accounts. As of February 29,
2000, The Turner Funds are comprised of 7 equity and 3 fixed income funds and
over $2 billion in assets. More information on Turner, including its asset
capacity study, is available from its website at http://www.turner-invest.com.
Merrill Lynch is one of the world's leading financial management and advisory
companies with offices in 43 countries and total client assets exceeding $1.7
trillion
Past performance is no guarantee of future results. The Fund's distributor is
SEI Investments Distribution Co., Oaks, PA. Investments in mutual funds involve
risk, including possible loss of the principal amount invested. Please read the
prospectus carefully before investing or sending money. For a free prospectus
containing more complete information about the Turner Large Cap Growth Equity
Fund, or any other Turner Fund, including charges and expenses, please call
1-800-224-6312.
<PAGE>
Contact:
Stephen J. Kneeley
Turner Investment Partners, Inc.
610.251.0268
# # #
March 10, 2000
Today, a press release was issued detailing a new relationship between Merrill
Lynch & Co. and Turner Investment Partners, Inc. A copy of the press release is
attached for your information. Essentially, the Turner Large Cap Growth Equity
Fund will become the Mercury Select Growth Equity Fund (the Mercury family of
funds is owned by Merrill Lynch). Turner will continue to manage the assets of
the Mercury Select Growth Equity Fund in the same manner we do currently. We
announced a similar relationship with Vanguard last week involving the
reorganization of our Growth Equity Fund into the Vanguard Growth Equity Fund.
These recent distribution alliances will enable Turner to do the following:
o provide consistently superior investment returns combined with the highest
level of client service; and
o offer the opportunity for career growth in a positive and rewarding work
environment and, to the extent it is financially possible, compensation and
benefits that are at the upper-end of industry levels.
If we are to make good on these commitments, we need to grow the firm in a way
that makes sense for everyone connected with Turner. That includes remaining an
independent, employee-owned firm where we can make decisions in the best
interest of our clients and employees. It's been said that the "assets" of an
investment firm go up the elevator in the morning and down it in the evening. At
Turner, this is true - our assets are our people. We have had very low personnel
turnover and we intend to keep it that way.
The Merrill Lynch and Vanguard relationships make sense for our clients and
employees for the following reasons:
o Turner's asset base and revenues will grow, allowing the investment team
and other employees the opportunity to grow their responsibilities and
compensation. Twenty-eight of our fifty-three employees are equity
participants. These 28 people represent our entire investment team, our
department heads (management team), and other key people within the
organization. If we don't take care of our employees, some other firm will!
o If we focus our asset growth only in the traditional institutional and
financial intermediary channels, we could eventually have in excess of 500
separate account clients, 150 - 200 employees, a new location,
infrastructure associated with the distribution of our mutual funds, etc.
by the time we run out of product capacity. With distribution partners like
Merrill and Vanguard, we avoid the distractions that would accompany the
necessary growth in infrastructure that would result from growth in these
traditional channels.
o We can continue to focus on servicing a manageable number of institutional
clients and financial advisors, including Vanguard and Merrill Lynch.
o We want to maintain the culture that has gotten us to where we are today.
We like the entrepreneurial spirit that lives here at Turner.
<PAGE>
These are but a few of the reasons we believe we are building a firm that will
continue to grow and produce above-average investment results for our clients.
We will continue to explore ways in which we can garner distribution of our
products in the most efficient manner possible. We believe we can accomplish
this without reorganizing any additional Turner mutual funds.
Under the proposed reorganization of the TIP: Turner Large Cap Growth Equity
Fund, shareholders will be sent a proxy asking them to approve the
reorganization into the Mercury Select Growth Equity Fund. A special shareholder
meeting will be scheduled for late May. If approved, the tax-free reorganization
is expected to be completed in June. A preliminary proxy statement/prospectus
describing the proposed transaction was filed today with the SEC. Shareholders
will be mailed a copy of the definitive proxy statement/prospectus after it is
reviewed by the SEC.
SHAREHOLDERS SHOULD READ THE PROXY STATEMENT/PROSPECTUS CAREFULLY WHEN THEY
RECEIVE IT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED
REORGANIZATION. SHAREHOLDERS CAN ALSO OBTAIN THE PROXY STATEMENT/PROSPECTUS AND
OTHER INFORMATION ABOUT THE PROPOSED REORGANIZATION FOR FREE FROM THE SEC'S WEB
SITE (WWW.SEC.GOV). IN ADDITION, SHAREHOLDERS CAN OBTAIN A PROSPECTUS OR OTHER
REPORTS AND INFORMATION FOR FREE FROM TURNER INVESTMENT PARTNERS BY CALLING
1-800-224-6312.
Please do not hesitate to call your client service contact or me if you have any
questions about these recent announcements.
Sincerely,
Stephen J. Kneeley
President/Chief Operating Officer
