Turner Midcap Equity Fund The Turner Midcap Equity Fund is an actively managed "blend" portfolio of about 60-80 growth and value stocks of medium-sized companies. 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. TMCEX - Institutional Class PDF  Fund Information as of 12.31.09 (Includes Fund Fact Sheet, Quarterly Attribution & Commentary) TMCFX - Investor Class PDF Fund Information as of 12.31.09 (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 Midcap Equity Fund investment process is systematic and begins with the screening of a universe of mid cap stocks for various fundamental factors that we think drive stock prices. We identify stocks of companies that display strong business momentum and that sell at reasonable prices. We employ fundamental analysis to determine the depth of a stock's attractiveness, looking deeply into a company's business. In selecting growth stocks, we seek to identify hidden assets that signify attractive return potential, such as large net cash positions, and a catalyst for positive change. We also employ a strict sell discipline on all holdings. Inception Date Institutional Class - 2/1/07 Investor Class - 2/1/07 Composition   Asset Type Proportion   Equities 94.00%   Mutual Fund 3.40%   Cash Equivalents 2.60% Ticker Symbol Institutional Class - TMCEX Investor Class - TMCFX Top Holdings as of January 31, 2010   Percentage of Portfolio Assets† ALLIANCE BERNSTEIN HOLD 1.97 % GREEN MOUNTAIN COFFEE INC 1.95 % DIGITAL REALTY INC 1.94 % SBA COMMUNICATIONS CORP 1.87 % WINDSTREAM CORP 1.76 % SUNTRUST BANKS 1.73 % CLIFFS NATURAL RESOURCES 1.73 % BRANDYWINE REALTY TRUST 1.71 % LAS VEGAS SANDS CORP 1.71 % CONCHO RESOURCES INC 1.70 % † Based on Market Value Complete Holdings These holdings are not recommendations and we may no longer hold these securities. Institutional Class Performance: As of 03/10/10 Net Asset Value: $ 7.75 Total Net Assets: $ 1,698,918 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 5820.00 Account Value if you took income and capital gains in cash : $ 5820.00 Assumes initial investment of $10,000 occurred on the fund's inception date. As of 12/31/09 Expense Ratio Information Description 1 Year Annualized 3 Years Annualized 5 Years Annualized Since Inception No Load 18.03% N/A N/A N/A Investor Class Performance: As of 03/10/10 Net Asset Value: $ 7.62 Total Net Assets: $ 632,117 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 5710.00 Account Value if you took income and capital gains in cash : $ 5710.00 Assumes initial investment of $10,000 occurred on the fund's inception date. As of 12/31/09 Expense Ratio Information Description 1 Year Annualized 3 Years Annualized 5 Years Annualized Since Inception No Load 17.78% N/A N/A N/A 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 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’s portfolio turnover rates are described in the Financial Highlights. 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. 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.