Turner Midcap Growth Fund - Investor Class Turner Midcap Growth Fund featured in Barron's, 6.22.09 The Turner Midcap Growth Fund is a diversified portfolio of medium market capitalization stocks that Turner believes offers strong earnings growth potential. Generally, the Fund will invest in companies with a market capitalization between $1 billion and $10 billion at time of purchase. The number of holdings in the Fund will range between 80-100 stocks. TMGFX - Investor Class Shares PDF Fund Information as of 6.30.10 (Includes Fund Fact Sheet, Quarterly Attribution & Commentary) TMIIX - Retirement Class Shares PDF Fund Information as of 6.30.10 (Includes Fund Fact Sheet, Quarterly Attribution & Commentary) TMGEX - Institutional Class Shares 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 capital appreciation. Investment Policy The Turner Midcap Growth Fund invests primarily in a diversified portfolio of common stocks with medium market capitalizations at the time of purchase that Turner believes offer strong earnings growth potential. Midcap companies are defined for this purpose as companies with market capitalizations at the time of purchase in the range of those market capitalizations of companies included in the Russell Midcap Growth Index. Investment Process The Turner Midcap Growth Fund's investment process involves the use of three tools to evaluate stocks for investment or continued ownership: a proprietary computer model, used to screen candidates for investment according to numerous earnings-growth and valuation factors. Companies thus screened are ranked from the first percentile (most attractive) to the 100th percentile (least attractive). Those ranked in the top 35% qualify for further consideration.   fundamental analysis, used to ascertain if the companies we follow will exceed, meet, or fall short of consensus earnings expectations.   technical analysis, used to evaluate trends in trading volume and prices of individual stocks. Altogether, stocks that rate favorably according to the three tools may be purchased. Conversely, stocks that rank unfavorably in those criteria either aren't purchased or, in the case of holdings, are sold. Inception Date Investor Class Shares - 10.1.96 Retirement Class Shares - 9.24.01 Institutional Class Shares - 6.16.08 Composition   Asset Type Proportion   Equities 99.70%   Cash Equivalents 0.30% Ticker Symbol Investor Class Shares - TMGFX Retirement Class Shares - TMIIX Institutional Class Shares - TMGEX Top Holdings as of July 31, 2010   Percentage of Portfolio Assets† F5 NETWORKS, INC. 3.27 % SALESFORCE.COM 2.32 % NETAPP INC 2.19 % CUMMINS ENGINE 2.14 % STARWOOD HOTELS & RESORTS 1.88 % INTUITIVE SURGICAL INC. 1.88 % LAM RESEARCH 1.86 % GOODRICH B F 1.81 % WYNN RESORTS LTD 1.75 % T ROWE PRICE GROUP INC. 1.67 % † Based on Market Value Complete Holdings These holdings are not recommendations and we may no longer hold these securities. Investor Class Shares Performance: As of 09/03/10 Net Asset Value: $ 28.41 Total Net Assets: $ 730,103,101 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 26266.12 Account Value if you took income and capital gains in cash : $ 21080.00 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 24.76% -7.51% 1.31% 9.02% Retirement Class Shares Performance: As of 09/03/10 Net Asset Value: $ 27.44 Total Net Assets: $ 4,403,887 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 11803.47 Account Value if you took income and capital gains in cash : $ 11803.47 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 24.44% -7.73% 0.98% 4.48% Institutional Class Shares Performance: As of 09/03/10 Net Asset Value: $ 28.57 Total Net Assets: $ 155,122,571 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 6094.61 Account Value if you took income and capital gains in cash : $ 6094.61 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 25.13% N/A N/A -12.45% 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 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. The medium capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these medium capitalization companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies.