Turner Small Cap Equity Fund - Investor Class The Turner Small Cap Equity Fund is an actively managed "blend" portfolio of about 70-100 growth and value companies with a market capitalization range of less than $2 billion at time of purchase. Holdings in the Fund are broadly diversified in 9 market sectors and consist of growth stocks of companies that we think have favorable prospects and value stocks that we think have valuable return potential not reflected in their prices. TSEIX - Investor Class PDF Fund Information as of 6.30.10 (Includes Fund Fact Sheet, Quarterly Attribution & Commentary) TSEEX - Institutional 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 Policy The Small Cap Equity Fund invests primarily in equity securities of small capitalization companies that the Advisor believes have the potential for long-term growth and that are attractively priced. Most of these companies are based in the United States, but some may be headquartered in or doing a substantial portion of their business overseas. In pursuing its objective, the Fund may invest in securities convertible into small cap equity securities and securities issued by non-U.S. small cap companies. A small capitalization company is one that has a market capitalization at the time of purchase that is within the range of market capitalizations represented in the Russell 2000 Index. The Fund may buy and sell securities frequently as part of its investment strategy. This may result in higher transaction costs and additional tax consequences. Investment Process The Turner Small Cap Equity Fund investment process includes: fundamental analysis of each company, as well as review of such characteristics as price-cash flow, price-earnings and price-book value ratios, with an emphasis on companies that the Advisor believes can generate and sustain long-term growth.   emphasis on companies with quality management teams   a quantitative approach to determine whether a company's share price reflects its perceived value. Inception Date Investor Class - 3.4.02 Institutional Class - 2.1.09 Composition   Asset Type Proportion   Equities 97.30%   Cash Equivalents 2.70% Ticker Symbol Investor Class - TSEIX Institutional Class - TSEEX Top Holdings as of July 31, 2010   Percentage of Portfolio Assets† SYNIVERSE HOLDINGS INC 2.15 % ARVINMERITOR INC. 2.12 % EARTHLINK INC 1.98 % TIBCO SOFTWARE 1.89 % COOPER TIRE & RUBBER CO 1.73 % ATLAS AIR WORLDWIDE HLDGS 1.72 % STEVEN MADDEN LTD 1.69 % SALLY BEAUTY CO 1.68 % SIGNATURE BANK 1.63 % FERRO CORP 1.62 % † Based on Market Value Complete Holdings These holdings are not recommendations and we may no longer hold these securities. Investor Class Performance: As of 09/03/10 Net Asset Value: $ 10.51 Total Net Assets: $ 8,902,004 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 11780.87 Account Value if you took income and capital gains in cash : $ 8290.00 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 17.37% -13.21% -3.70% 3.97% Institutional Class Performance: As of 09/03/10 Net Asset Value: $ 10.55 Total Net Assets: $ 6,148,130 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 10724.45 Account Value if you took income and capital gains in cash : $ 10724.45 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 17.61% N/A N/A 17.77% 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 smaller capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Small cap stocks may be very volatile and the price movements of the Fund's shares may reflect that volatility. Such volatility may make selling a large quantity of shares of one issuer more difficult. Investing in issuers headquartered or otherwise located in foreign countries poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments.