Turner All Cap Growth Fund (TBTBX)

All mutual funds, regardless of performance, must distribute to shareholders any net realized gains from the sale of individual securities in their portfolios. Distributions are made to those who are registered shareholders of the fund on the record date. Distributions are paid on the pay date. All dates and distributions are subject to board approval. Distributions will vary depending on the funds' income and any profits realized from the sale of securities in the funds' portfolio. Past distributions are not indicative of future trends. A fund's per share capital gain distributions are the same for each share class offered.

Below is a list of Turner Funds that are, as of October 31, 2012, to distribute taxable capital gains in December 2012. Funds that aren’t shown below are expected to pay no or nominal long-term capital gain distributions. Capital gains are payable to the shareholders of record as of December 20, 2012 (the "Record Date") with the distribution occurring on December 24, 2012 (the "Payable Date").

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.

Special Dividend for the Turner Concentrated Growth Fund

The Turner Concentrated Growth Fund is required to distribute substantially all of its income and gains realized to date prior to the date of the merger with the Turner Large Growth Fund. As a result, the Turner Concentrated Growth Fund will distribute a special dividend to shareholders prior to merging with the Turner Large Growth Fund after close of business on Friday, January 18th.

For additional information, contact your financial professional or call 800.224.6312 (Monday-Friday from 8:00 a.m. to 5:00 p.m. EST).

Record Date 01/16/13
Ex-Date 01/17/13
Pay Date 01/18/13

Per share income distribution: $0.094517

Important Information

Turner Investments and its affiliates do not provide tax advice. The information is provided for general educational purposes only. The information is not to be relied upon for legal or tax advice. Investors should consult with their legal or tax advisors for personalized assistance, including information regarding any specific state law requirements.

Past performance can vary over short periods. 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 by clicking on the fund names 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.

The Turner Funds are distributed by Foreside Fund Services, LLC, Portland, ME. An 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 or by visiting www.turnerinvestments.com/fundinfo. 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.

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Turner has contractually agreed to waive fees and reimburse Fund expenses to keep the Fund's "Other Expenses" (excluding acquired fund fees and expenses and interest expenses relating to short sales) from exceeding 0.25% through January 31, 2014. Only the Board of Trustees of the Turner Funds may terminate the waiver prior to January 31, 2014. Turner may discontinue this arrangement at any time after January 31, 2014. The advisory fee is subject to a performance adjustment based on the Fund’s performance relative to the performance of the NASDAQ Composite Index and may range from 0.70% to 1.50%, depending on the Fund’s performance. Redemptions within 90 days of purchase may be subject to a 2.00% redemption fee. At this time, purchases of the Fund will not be subject to this redemption fee. The Fund will notify all existing shareholders if and when it decides to implement the fee.