Turner Spectrum Fund Morningstar Alternative Investments Observer, 4Q 2009 The Turner Spectrum Fund is a multi-manager mutual fund that seeks long-term capital appreciation through investments in a number of long/short equity strategies offered by Turner Investment Partners. The strategy intends to rebalance its investment portfolio annually as of each December 31 to the following weightings: Turner Long Short Equity - 16.6% Turner Select Opportunities - 16.6% Turner Global Medical Sciences - 16.6% Turner Global Consumer - 16.6% Turner Global Financial Services - 16.6% Turner Market Neutral - 16.6% TSPEX - Institutional Class  PDF Fund Information  as of December 31, 2009 TSPCX - Investor Class  PDF Fund Information  as of December 31, 2009 TSCCX - Class C PDF Fund Information - Coming Soon Profile | Top Holdings | Performance | Prospectus

Profile Investment Objective Seeks capital appreciation through allocating its assets to various investment strategies, each managed by a separate portfolio management team at Turner. Investment Policy The Turner Spectrum Fund invests primarily in common stocks and other equity securities of U.S. and foreign companies that the Turner's portfolio management teams believe have superior (in the case of long positions) or inferior (in the case of short positions) return prospects. The Fund seeks to achieve its investment objective by allocating its assets to various investment strategies, each managed by a separate portfolio management team at Turner. The Fund initially intends to invest its assets utilizing the following six Investment Strategies with the intention to attempt to rebalance its investment portfolio annually as of each December 31st to approximately the following equal weightings: Global Consumer - 16.6%; Long/Short Equity - 16.6%; Global Financial Services - 16.6%; Global Medical Sciences - 16.6%; Select Opportunities - 16.6%; and Market Neutral - 16.6% Investment Process The six underlying strategies of Turner Spectrum Fund utilize a systematic research process that involves the use of the following tools to evaluate potential long and short positions: A proprietary computer model, used to screen candidates for investment according to numerous earnings-growth and valuation factors. Companies are ranked from the first percentile (most attractive for long positions) to the 100th percentile (most attractive for short positions). Fundamental analysis, used to ascertain if the companies we follow will exceed, meet, or fall short of consensus earnings expectations.  Our sector teams perform rigorous research as we seek to buy companies with improving earnings dynamics and short those with deteriorating fundamentals. Technical analysis, used to evaluate both positive and negative price/volume patterns and relative strength/weakness trends. Comprehensive risk management at both the individual stock and overall portfolio levels. Inception Date Institutional Class - 5.7.09 Investor Class - 5.7.09 Class C - 7.15.09 Ticker Symbol Institutional Class - TSPEX Investor Class - TSPCX Class C - TSCCX Top Holdings - Long Positions as of January 31, 2010   Percentage of Portfolio Assets† PFIZER 1.59 % VERMILLION INC 1.50 % CARNIVAL CORP 1.31 % GLOBAL PAYMENTS INC 1.18 % T ROWE PRICE GROUP INC. 1.15 % LEAR CORP 1.12 % JP MORGAN CHASE & CO. 1.01 % CYBERSOURCE CORP 1.00 % ICON PLC ADR 0.85 % UNITED THERAPEUTICS CORP 0.81 % † Based on Market Value These holdings are not recommendations and we may no longer hold these securities. Institutional Class Performance: As of 03/11/10 Net Asset Value: $ 11.09 Total Net Assets: $ 50,063,533 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 10110.00 Account Value if you took income and capital gains in cash : $ 10110.00 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 N/A N/A N/A N/A Investor Class Performance: As of 03/11/10 Net Asset Value: $ 11.07 Total Net Assets: $ 16,908,391 Growth of a $10,000 Investment Account value if you reinvested income and capital gains : $ 10100.00 Account Value if you took income and capital gains in cash : $ 10100.00 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 N/A N/A N/A N/A Class C Performance: As of 03/11/10 Net Asset Value: $ 11.05 Total Net Assets: $ 1,108,002 As of 12/31/09 Expense Ratio Information Description 1 Year Annualized 3 Years Annualized 5 Years Annualized Since Inception Load N/A 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.  These factors contribute to price volatility, which is the principal risk of investing in the Fund.  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. The Fund is subject to the risks associated with selling securities short. A short sale involves a finite opportunity for appreciation, but a theoretically unlimited risk of loss. The smaller capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. Therefore, small cap stock prices may be more volatile than those of larger companies. The Fund is subject to risks due to its foreign investments.  Foreign investments may be riskier than U.S. investments because of factors such as foreign government restrictions, changes in currency exchange rates, incomplete financial information about the issuers of securities, and political or economic instability.  Foreign stocks may be more volatile and less liquid than U.S. stocks. The risks associated with foreign investments are heightened when investing in emerging markets. Such investments tend to fluctuate in price more widely and to be less liquid than other foreign investment. The Fund is subject to risks associated with the use of options, including: (1) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect correlation between the movement in prices of options and the securities underlying them; (3) there may not be a liquid secondary market for options; and (4) while the Fund will receive a premium when it writes call options, it may not participate fully in a rise in the market value of the underlying security.