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2011 Tax Information

Mutual funds are required to distribute taxable capital gains to shareholders at least annually. Below is a list of Turner Funds that, as of October 31, 2011, are distributing taxable capital gains in December 2011.

To calculate your distribution for a fund on this list, multiply the number of shares you own by the fund’s total per-share capital gains.

Record date: 12/14/2011
Ex date: 12/15/2011
Reinvest date: 12/15/2011
Payable date: 12/16/2011

Turner Fund	Share Class	Ticker	2011 declaration date/record date	Total per-share gains
INTERNATIONAL/GLOBAL GROWTH EQUITY
Turner Global Opportunities Fund	Institutional Class	TGLBX	12/14/11	$0.116051 (short-term) $0.234846 (long-term)
Turner Global Opportunities Fund	Investor Class	TGLPX	12/14/11	$0.116051 (short-term) $0.234846 (long-term)
Turner International Growth Fund (formerly the Turner International Core Growth Fund)	Institutional Class	TICGX	12/14/11	None
Turner International Growth Fund (formerly the Turner International Core Growth Fund)	Investor Class	TICFX	12/14/11	None
LONG/SHORT EQUITY
Turner Market Neutral Fund	Investor Class	TMNFX	12/14/11	$0.221449 (short-term) $0.000000 (long-term)
Turner Market Neutral Fund	Institutional Class	TMNEX	12/14/11	$0.221449 (short-term) $0.000000 (long-term)
Turner Market Neutral Fund	C Class	TMNCX	12/14/11	$0.221449 (short-term) $0.000000 (long-term)
Turner Medical Sciences Long/Short Fund	Investor Class	TMSFX	12/14/11	None
Turner Medical Sciences Long/Short Fund	Institutional Class	TMSEX	12/14/11	None
Turner Medical Sciences Long/Short Fund	C Class	TMSCX	12/14/11	None
Turner Spectrum Fund	C Class	TSCCX	12/14/11	$0.470724 (short-term) $0.000000 (long-term)
Turner Spectrum Fund	Investor Class	TSPCX	12/14/11	$0.470724 (short-term) $0.000000 (long-term)
Turner Spectrum Fund	Institutional Class	TSPEX	12/14/11	$0.470724 (short-term) $0.000000 (long-term)
Turner Titan Fund	Investor Class	TTLFX	12/14/11	$0.086335 (short-term) $0.000000 (long-term)
Turner Titan Fund	Institutional Class	TTLEX	12/14/11	$0.086335 (short-term) $0.000000 (long-term)
Turner Titan Fund	C Class	TTLCX	12/14/11	$0.086335 (short-term) $0.000000 (long-term)
U.S. GROWTH EQUITY
Turner All Cap Growth Fund (formerly the Turner New Enterprise Fund)	Investor Class	TBTBX	12/14/11	None
Turner Concentrated Growth Fund Investor Class TTOPX 12/14/11 None	Investor Class	TTOPX	12/14/11	None
Turner Emerging Growth Fund	Institutional Class	TMCOX	12/14/11	None
Turner Emerging Growth Fund	Investor Class	TMCGX	12/14/11	None
Turner Large Growth Fund (formerly the Turner Core Growth Fund)	Investor Class	TMCGX	12/14/11	None
Turner Large Growth Fund (formerly the Turner Core Growth Fund)	Institutional Class	TTMEX	12/14/11	None
Turner Midcap Growth Fund	Retirement Class	TMIIX	12/14/11	None
Turner Midcap Growth Fund	Institutional Class	TMGEX	12/14/11	None
Turner Midcap Growth Fund	Investor Class	TMGFX	12/14/11	None
Turner Small Cap Growth Fund	Investor Class	TSCEX	12/14/11	None

Past performance is no guarantee of future results. To obtain performance data current to the most recent quarter-end, visit each Fund’s fact sheet using the ticker symbols above. 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. 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.

Effective October 1, 2010, The Turner Funds are distributed by Foreside Fund Services, LLC, Portland, ME. The investor should consider the investment objectives, risks, charges and expenses carefully before investing. This information can be found in the prospectus. A free summary or statutory prospectus, which contains detailed information, including fees and expenses, and the risks associated with investing in this fund, can be obtained by calling 800.224.6312. Read the prospectus carefully before investing. Past performance is no guarantee of future results. Mutual fund investing involves risk, including potential loss of principal. This communication should not be considered an offer to provide any product or service in any jurisdiction that would be unlawful under the securities laws of that jurisdiction.