Turner Quantitative Large Cap Value Fund - Institutional Class The Turner Quantitative Large Cap Value Fund (formerly known as Turner Large Cap Value Fund) is a diversified portfolio that invests primarily in common stocks and other equity securities of U.S. companies with large market capitalizations that Turner believes, based on its quantitative model, are undervalued relative to the market or to their historic valuation. The Fund’s strategy is based on Turner’s proprietary quantitative model, which seeks to identify large cap value securities based on such value characteristics as price to cash flow, price to earnings and price to book value ratios, among other factors. TLVFX - Institutional Class PDF Fund Information as of 6.30.10 (Includes Fund Fact Sheet, Quarterly Attribution & Commentary) TLVEX - Investor Class PDF Fund Information as of 6.30.10 (Includes Fund Fact Sheet, Quarterly Attribution & Commentary Profile | Top Holdings | Performance | Prospectus

Profile Investment Objective To produce long-term capital appreciation.   Investment Process The Turner Quantitative Large Cap Value Fund's investment process involves the use of four steps: Step One We utilize a proprietary quantitative model to evaluate various factors and identify those that have been predictive of future price performance during the previous three years by economic sector Step Two We rank all companies in the universe relative to one another based on the predictive characteristics by sector Step Three We construct a diversified portfolio of the best ranked companies by utilizing proprietary portfolio optimization and diversification tools Step Four We re-balance the portfolio regularly using program trades that minimize "implementation shortall", at a minimum cost. Inception Date Institutional Class - 10.10.05 Investor Class - 11.1.08 Composition   Asset Type Proportion   Equities 96.10%   Cash Equivalents 3.90% Ticker Symbol Institutional Class - TLVFX Investor Class - TLVEX Top Holdings as of July 31, 2010   Percentage of Portfolio Assets† EXXON MOBIL COR 4.66 % CHEVRON CORP 3.73 % AT&T INC 3.39 % GENERAL ELECTRIC 2.21 % JP MORGAN CHASE & CO. 2.17 % CITIGROUP 2.17 % VERIZON COMMUNICATIONS 2.12 % WELLS FARGO CO 1.88 % BANK OF AMERICA CORP. 1.75 % WAL-MART STORES 1.61 % † Based on Market Value Complete Holdings These holdings are not recommendations and we may no longer hold these securities. Institutional Class Performance: As of 09/03/10 Net Asset Value: $ 7.62 Total Net Assets: $ 800,197 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 7790.33 Account Value if you took income and capital gains in cash : $ 6300.00 Assumes initial investment of $10,000 occurred on the fund's inception date. As of 06/30/10 Expense Ratio Information Description 1 Year Annualized 3 Years Annualized 5 Years Annualized Since Inception No Load 14.72% -12.41% N/A -2.35% Investor Class Performance: As of 09/03/10 Net Asset Value: $ 7.61 Total Net Assets: $ 4,509 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 8608.95 Account Value if you took income and capital gains in cash : $ 8400.00 Assumes initial investment of $10,000 occurred on the fund's inception date. As of 06/30/10 Expense Ratio Information Description 1 Year Annualized 3 Years Annualized 5 Years Annualized Since Inception No Load 14.37% N/A N/A -0.93% Risk Disclosure The performance data quoted represents past performance and the principal value and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown here. Please call 800.224.6312 or visit our website www.turnerinvestments.com for performance current to the most recent month end. Returns shown, unless otherwise indicated, are total returns, with dividends and income reinvested. Returns spanning more than one year are annualized. Fee waivers are in effect; if they had not been in effect performance would have been lower. Past performance can vary over short periods. Past performance is no guarantee of future results. Since it purchases equity securities, including common stocks, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, and the prices of these companies' securities may decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their claim on the company's assets in the event of liquidation. The Fund is also subject to taxable income and realized capital gains. Shareholder redemptions may force the Fund to sell securities at an inappropriate time, also resulting in realized gains. In addition, because it focuses only on U.S. growth companies, the Fund generally will hold fewer stocks in larger percentage amounts than funds that are more broadly diversified and with a different focus. By investing in different sectors and capitalization ranges, Turner seeks to reduce the Fund's overall level of volatility. Ideally, when one sector or capitalization range is out of favor, the other ranges will offer a counterbalancing influence. The Fund may participate in initial public offerings ("IPOs"). Some successful IPOs may have a significant impact on the Fund's performance, especially if the Fund has lower asset levels. There is no guarantee that there will be successful IPOs, or that the Fund will have access to successful IPOs. In addition, as Fund assets grow, the positive impact of successful IPOs on Fund performance tends to decrease. The Fund may buy and sell securities frequently as part of its investment strategy. This may result in higher transaction costs and additional tax liabilities.