Turner Core Growth 130/30 Fund
The Turner Core Growth 130/30 Fund typically invests 100% of portfolio capital in long positions while 30% of the portfolio value is sold short. The proceeds from the short sales are then used to fund the purchase of the additional 30% of the portfolio's long investments. The net market exposure for each investment is generally 100%. TCGOX - Institutional Class Shares TCGTX - Investor Class Shares
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Profile 
Investment Objective Seeks absolute returns through long-term capital appreciation.
Investment Process The Turner Core Growth 130/30 Fund's investment process involves the use of three tools to evaluate stocks for its portfolio construction process:
Inception Date Composition
Ticker Symbol Top Holdings as of November 30, 2008
† Based on Market Value Complete Holdings These holdings are not recommendations and we may no longer hold these securities. Performance:
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. There is no assurance that the long/short strategy will be successful. Short sales potentially expose the fund to greater risks due to unanticipated market movements, which may magnify losses and increase the volatility of returns. 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 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. Number of positions refers to the total number of long or short positions, respectively, in the portfolio. It does not include put or call options used to hedge the risk of a related long or short position. Emergency Order Prohibiting Short Sales. On September 18, 2008 and as subsequently amended, the Securities and Exchange Commission (the "SEC") issued an emergency order that temporarily prohibits any person from effecting short sales in publicly traded securities of certain financial firms (the "Short Sales Order"). The Short Sales Order is effective through October 2, 2008, unless extended by the SEC. Foreign market regulators have taken similar steps in many instances. As a result of the Short Sales Order, certain short sale opportunities may now be unavailable until the Short Sales Order is withdrawn or modified. The Short Sales Order may also indirectly impact the selection of securities for a portfolio because the Short Sales Order might preclude the portfolio from hedging long sector and industry risk through the short selling of the securities of financial firms identified in the Short Sales Order. The emergency nature of the Short Sales Order creates some uncertainty in established market mechanisms. Therefore, unforeseen market and operational risks may result from the Short Sales Order. The short selling of common stock of financial firms may be a significant portion of an investment strategy. The Short Sales Order may therefore alter the implementation of Turner’s investment program with respect to short selling the securities of financial firms identified in the Short Sales Order while the Shor |
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