Turner Concentrated Growth Fund The Turner Concentrated Growth Fund is a non-diversified multi-cap growth portfolio that invests primarily in common stocks and other equity securities of U.S. companies that Turner considers to have strong earnings growth potential. Generally, the Fund will invest in companies with a market capitalization of $2 billion or greater at time of purchase. The number of holdings in the Fund will range between 15-30 stocks. TTOPX - 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 Policy Turner Concentrated Growth Fund invests substantially in common stocks in different sectors and capitalization ranges that Turner believes have strong earnings growth potential and that represent the firm's best equity investment ideas. Turner Concentrated Growth Fund is concentrated, meaning that it may invest in fewer stocks (15-30) than a typical mutual fund would; as a result, it may have more return potential and volatility risk than other mutual funds. Investment Process Turner Concentrated 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 6.30.99 Composition   Asset Type Proportion   Equities 96.70%   Cash Equivalents 3.30% Ticker Symbol TTOPX Top Holdings as of July 31, 2010   Percentage of Portfolio Assets† CISCO SYSTEMS INC 5.89 % APPLE INC 5.68 % LAM RESEARCH 5.59 % CATERPILLAR INC 5.28 % LAS VEGAS SANDS CORP 5.18 % BROADCOM CORP 5.13 % CB RICHARD ELLIS GROUP 4.97 % INTUITIVE SURGICAL INC. 4.93 % BAIDU.COM, INC. ADR 4.83 % STARBUCKS CORP 4.69 % † Based on Market Value Complete Holdings These holdings are not recommendations and we may no longer hold these securities. Performance: As of 09/07/10 Net Asset Value: $ 6.21 Total Net Assets: $ 40,156,408 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 7239.48 Account Value if you took income and capital gains in cash : $ 5070.00 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 16.71% -13.43% -1.98% -1.52% 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. The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, and may experience increased volatility. 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 Fund may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund's net asset value and total return.