Turner Funds N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-07527
Turner Funds
(Exact name of registrant as specified in charter)
1205 Westlakes Drive, Suite 100 Berwyn, PA					19312
(Address of principal executive offices)					(Zip code)
Turner Funds P.O. Box 219805 Kansas City, MO 64121-9805
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-800-224-6312
Date of fiscal year end:	September 30, 2009
Date of reporting period:		September 30, 2009

Item 1.   Reports to Stockholders.

Annual Report

September 30, 2009

Alternative equity fund

Turner Spectrum Fund

U.S. growth equity funds

Turner Concentrated Growth Fund

Turner Core Growth Fund

Turner Emerging Growth Fund

Turner Large Cap Growth Fund

Turner Midcap Growth Fund

Turner New Enterprise Fund

Turner Small Cap Growth Fund

Quantitative equity funds

Turner Quantitative Broad Market Equity Fund

Turner Quantitative Large Cap Value Fund

International equity fund

Turner International Core Growth Fund

Core equity funds

Turner Midcap Equity Fund

Turner Small Cap Equity Fund

Contents

2	Letter to shareholders
6	Total returns of Turner Funds
8	Investment review: Turner Spectrum Fund
9	Investment review: Turner Concentrated Growth Fund
10	Investment review: Turner Core Growth Fund
11	Investment review: Turner Emerging Growth Fund
12	Investment review: Turner Large Cap Growth Fund
13	Investment review: Turner Midcap Growth Fund
14	Investment review: Turner New Enterprise Fund
15	Investment review: Turner Small Cap Growth Fund
16	Investment review: Turner Quantitative Broad Market Equity Fund
17	Investment review: Turner Quantitative Large Cap Value Fund
18	Investment review: Turner International Core Growth Fund
19	Investment review: Turner Midcap Equity Fund
20	Investment review: Turner Small Cap Equity Fund
21	Schedules of investments
54	Financial statements
74	Notes to financial statements
83	Report of independent registered public accounting firm
84	Notice to shareholders
85	Trustees and officers of the Trust
86	Disclosure of fund expenses

Turner Funds

As of September 30, 2009, the Turner Funds offered a series of 13 mutual funds to individual and institutional investors. The minimum initial investment for Institutional Class Shares in a Turner Fund is $250,000 (except for $25,000 for the Turner Quantitative Large Cap Value Fund and $100,000 for the Turner Spectrum Fund) for regular accounts and $100,000 (with the exception of $10,000 for the Turner Quantitative Large Cap Value Fund) for individual retirement accounts. The minimum initial investment for Investor Class Shares, Retirement Class Shares (and Class C Shares of the Turner Spectrum Fund) is $2,500 for regular accounts and $2,000 for individual retirement accounts.

Turner Investment Partners, Inc., based in Berwyn, Pennsylvania, serves as the investment adviser for the Funds (other than the Turner Small Cap Equity Fund and Turner Midcap Equity Fund). Turner Investment Partners, Inc., founded in 1990, manages more than $17 billion in stock investments as of September 30, 2009. Turner Investment Management LLC, a subsidiary of Turner Investment Partners, Inc., serves as the investment adviser for the Turner Small Cap Equity Fund and Turner Midcap Equity Fund.

Shareholder services

Turner Funds shareholders receive annual and semiannual reports, quarterly account statements, and a quarterly newsletter. Shareholders who have questions about their accounts may call a toll-free telephone number, 1.800.224.6312, may visit our Web site, www.turnerinvestments.com, or may write to Turner Funds, P.O. Box 219805, Kansas City, Missouri 64121-9805.

TURNER FUNDS 2009 ANNUAL REPORT 1

LETTER TO SHAREHOLDERS

To our shareholders

As Charles Dickens might have put it if he were a Wall Street Journal reporter, it was the best of stock markets, it was the worst of stock markets.

The market in the 12-month period ended September 30, 2009, was both nastier than your average bear in the first six months and more robust than your average bull in the subsequent six months. In the first six months, the market, as represented by the S&P 500 Index, plummeted 30.54%, a continuation of a bear market that produced a loss of more than 56% from peak to trough over 17 months. But in the final six months of the period, the market reversed direction dramatically, soaring 34.02% in registering an average daily gain of about 0.3% — a daily gain nearly three times higher than the previous record set in 1982. However, for the entire 12-month period, the downside trumped the upside, with the S&P 500 Index losing 6.91%.

In our last letter, in the 2009 Turner Funds Semiannual Report, we offered the view that the stock market could break into bullish territory once signs became more evident that the economy was improving. And that's exactly what happened.

Signs point to recovery

Although the end of a recession is apparent only in retrospect, it appears that the worst recession in modern times is history, thanks partly to massive economic-stimulus programs by governments around the world and the continuing economic vitality of emerging nations like China, India, and Brazil. Among the recent encouraging signs of an improving domestic economy: corporate earnings reports are relatively upbeat and, in our analysis, are likely to rise at double-digit rates in both 2010 and 2011; industrial production is climbing; banks are repaying the billions of dollars they borrowed from the federal government during the financial crisis; the housing market is stabilizing; and consumers are showing more willingness to spend on discretionary goods and services such as apparel, electronics, and restaurants. According to what we've read, most economists now forecast that the world economy will expand 3-5% next year.

As the economy began to revive in the second half of the period, investors' risk aversion inversely declined. Up until then, burnt-fingered investors hesitated to touch even the stocks of the best growth companies whose price/earnings ratios had shriveled to the single digits. But beginning in March, a new tolerance for risk emerged. For instance, in many cases, small stocks that had lost the most previously and had the weakest fundamentals soared like fireworks in the sky, appreciating more than 100%. And the realization sank in among investors that the price to be paid for remaining extremely risk averse was steep, that keeping assets parked in safe havens like money-market funds and Treasury securities would likely lead to returns of near-skeletal leanness. In March, the average interest rate for money-market accounts nationally was below 2% and the one-year Treasury note was yielding 0.54%, according to Bankrate.com. In cont rast, stocks stacked up relatively well just as a source of income, with S&P 500 Index shares in aggregate paying an annual dividend of more than 3%.

In that best-of-markets, worst-of-markets environment, the performance of our 13 stock funds followed a similar pattern, as mixed as a dry martini. In the first six months of the period, our funds recorded losses ranging from 25.83% to 37.66%. In the following six months, our funds rebounded vigorously, gaining from 26.67% to 50.36%. But for the most part, the gains weren't enough to offset the losses sustained in the first half. Altogether, for the entire 12-month period, 10 of our funds recorded negative returns. Even so, five of our funds — the Turner New Enterprise Fund, the Turner Small Cap Growth Fund, the newly launched Turner Spectrum Fund, the Turner International Core Growth Fund, and the Turner Quantitative Broad Market Equity Fund — beat at least one of their benchmarks for the period.

Heartened and chagrined

For our part, we are heartened that our funds did well in the second half . . . and chagrined that our funds' performance wasn't better for the entire 12-month period. And just as we didn't gloat in 2007 when most of our funds outperformed, we will refrain from making excuses when most of our funds underperformed in this most recent 12-month period. Instead, we shall simply try to tell in as straightforward a manner as possible how our funds performed and the reasons for that performance. Our commitment to you has always included candor in both good times and bad, so this letter, like previous ones, will seek to tell it the way it seems to us to be, for better or worse, for our growth, international, core, and value funds.

As we see it, here, briefly, is why our funds performed as they did:

Our growth and international funds have tended to do best in a flat or rising stock market. Since the market on balance was neither flat nor rising, most of our growth and international funds struggled unsuccessfully to deliver positive returns. But, as noted, they rebounded sharply as the market turned distinctly bullish. And if the market retains its bullish bias, we think our growth and international funds should continue to shine, and more of them may beat their benchmarks going forward.

Our two core funds emphasized stocks of companies with low betas, solid cash flows, and ample assets on their balance sheets. But the stocks that did best by far during the period tended to have high betas and weak balance

2 TURNER FUNDS 2009 ANNUAL REPORT

September 30, 2009

sheets. Many of the top-performing stocks in our core funds' small- and mid-cap universes were companies that had refinanced their debt, and the market, anticipating an improvement in their financial condition, rewarded them lavishly in the second half of the period. The investment process of our core funds generally didn't lead us to such companies, and as a result the Turner Midcap Equity Fund and the Turner Small Cap Equity Fund trailed their indexes.

Likewise, the performance of our two quantitative funds, the Turner Quantitative Broad Market Equity Fund and the Turner Quantitative Large Cap Value Fund, was impaired by the superior relative performance of stocks that our quant model classified as having poor fundamentals. To the extent that our quantitative model didn't take into account factors that had nothing to do with fundamentals — factors such as the biggest percentage decline in stock price over the previous year — the results of the funds suffered. Even so, the Turner Quantitative Broad Market Equity Fund's return, although negative, exceeded the benchmarks, due to good stock selection by our quantitative model in some major market sectors.

Total returns
12-month period ended September 30, 2009
Alternative equity fund
Turner Spectrum Fund, Institutional Class (TSPEX)	8.10	%†
S&P 500 Index	17.59	†
Barclays Capital U.S. Aggregate Bond Index	5.05	†
Lipper Long/Short Equity Funds Classification	12.16	†
U.S. growth equity funds
Turner Concentrated Growth Fund (TTOPX)	-2.99
Russell 1000 Growth Index	-1.85
Turner Core Growth Fund, Institutional Class (TTMEX)	-3.97
Russell 1000 Growth Index	-1.85
Turner Emerging Growth Fund, Investor Class (TMCGX)	-15.58
Russell 2000 Growth Index	-6.32
Turner Large Cap Growth Fund, Institutional Class (TSGEX)	-3.52
Russell Top 200 Growth Index	-2.33
Russell 1000 Growth Index	-1.85
Turner Midcap Growth Fund, Investor Class (TMGFX)	-0.57
Russell Midcap Growth Index	-0.40
Turner New Enterprise Fund (TBTBX)	6.25
NASDAQ Composite Index	2.54
Turner Small Cap Growth Fund (TSCEX)	-4.84
Russell 2000 Growth Index	-6.32
Quantitative equity funds
Turner Quantitative Broad Market Equity Fund, Institutional Class (TBMEX)	-3.95	%
Russell 3000 Index	-6.42
S&P 500 Index	-6.91
Turner Quantitative Large Cap Value Fund, Institutional Class (TLVFX)	-14.88
Russell 1000 Value Index	-10.62
International equity fund
Turner International Core Growth Fund, Institutional Class (TICGX)	0.71
MSCI World Growth ex-U.S. Index	-0.99
Core equity funds
Turner Midcap Equity Fund, Investor Class (TMCFX)	-12.31
Russell Midcap Index	-3.55
Turner Small Cap Equity Fund, Investor Class (TSEIX)	-14.78
Russell 2000 Index	-9.55

†  Returns are from the fund's inception date, May 7, 2009.

(Please call 1.800.224.6312 or visit our Web site at www.turnerinvestments.com for the most recent month-end performance. For more details on the performance of each fund during the 12-month period, see the Investment review beginning on page 8.)

Saying the same things

Happily, the results of our funds over the long term — since their inception — are much better than they were over the past 12 months. Eight of our 12 funds that have been in existence for more than one year have beaten at least one of their benchmarks since inception. In communicating that record of long-term performance, we take comfort from this observation by the American physician and author Oliver Wendell Holmes Sr. in 1891: "What if one does say the same things — of course, in a little different form each time — over and over? If he has anything to say worth saying, that is just what he ought to do."

We think we have something worth saying: the best measure of the merit of a mutual fund is how it has performed over the longest possible time span, so the majority of our funds have proven their merit, in our view. Cultivating a long-term time horizon is especially worthwhile when we've endured a 12-month period that has been as unfavorable for stocks as this 12-month period has been. (For that matter, we've suffered through a decade that threatens to be the worst ever for stocks; as of September 30, the S&P 500 Index is down an annualized

TURNER FUNDS 2009 ANNUAL REPORT 3

LETTER TO SHAREHOLDERS (continued)

1.57% in the 2000s, a bigger loss than even in the 1930s, in the midst of the Great Depression.)

One reason why we think our funds have performed well over time is blatant self-interest: our own money is on the line. We encourage our portfolio managers to invest in the funds they run. If it's true that there are more important things in life than a little money, and one of them is a lot of money, then we think having our portfolio managers invest in their own funds is critical to ensuring that they will be focused on producing the best results possible. That way, their interests are most likely to be in synch with the interests of you, our shareholders.

Spectrum: our new fund

The newest fund in which some of our portfolio managers are putting their money is the Turner Spectrum Fund. The fund, introduced on May 7, seeks to capitalize on both rising and falling stock prices. We think it provides the diversification of a multi-manager fund — six long/short investments in all — and has relatively modest fees, without the extra layer of charges levied by many hedge funds.

We think a prime advantage of the Spectrum Fund is that it gives us the opportunity to add extra return from a broader spectrum of the market — hence the fund's name; we are free to choose from a range of stocks that we think have either good return potential (in our long positions) or poor return potential (in our short positions). As we see it, the Spectrum Fund is comparable to a golfer who benefits from having access to all 14 clubs in his bag, in contrast to a traditional mutual fund that holds only long positions, which is like a golfer who's limited to just six or seven clubs.

As for the market environment that the Spectrum Fund and our other funds will encounter, we think it's likely to be much better in the near term and over the next 10 years than it has been in the past 12 months and 10 years. In the near term, we think if employment improves, it should be reflected positively in the economy and earnings, helping to propel the market higher. We're optimistic about earnings partly because we think companies have considerable earnings leverage — more leverage than may be generally supposed. Companies have cut costs aggressively, so if revenue growth picks up in concert with an accelerating world economy, operati ng margins should also rise, in our estimation.

As earnings gradually improve, we think the rally in low-quality stocks that kicked off this new bull market should be superseded by an increasingly high correlation between good stock returns and companies reporting above-average rates of earnings growth. In short, we expect high quality and fundamentals to matter more and more, and we expect a classic stock picker's market. If we can in fact pick good stocks, which we regard as our forte, it could prove to be the best of markets for our funds going forward.

Thankfully, the worst of markets in this decade — which we've characterized as the Terrible 2000s — is coming to an end. Even though the Terrible 2000s have been dismal for stocks, they've failed to unravel our conviction that stocks remain the best wealth-building investment over time. If it's true that time is an investor's best friend, and if history is any criterion, we think patient, long-term investing is likely to be rewarded more fully in the next decade. And we look forward to reporting just how rewarding our funds prove to be for you (and for us).

Bob Turner

Chairman and Chief Investment Officer
Turner Investment Partners

Past performance is no guarantee of future results. The views expressed are those of Turner Investment Partners as of September 30, 2009, and are not intended as a forecast or investment recommendations. The indexes mentioned are not available for investment.

Bob Turner

4 TURNER FUNDS 2009 ANNUAL REPORT

September 30, 2009

Lipper Inc. performance rankings of mutual funds with at least three years of history

Periods ending September 30, 2009

	One year		Two years		Three years		Four years		Five years		Seven years		Ten years
Large-Cap Growth Funds
Turner Core Growth Fund, Institutional Class Shares
Ranking versus competitors		481/814		655/759		540/698		413/641		128/582		40/494		—
Percentile ranking		59		86		77		64		22		8		—
Investor Class Shares
Ranking versus competitors		498/814		669/759		564/698		449/641		—		—		—
Percentile Ranking		61		88		81		70		—		—		—
Turner Large Cap Growth Fund Institutional Class Shares
Ranking versus competitors		435/814		725/759		665/698		610/641		557/582		402/494		—
Percentile ranking		53		96		95		95		96		81		—
Large-Cap Core Funds
Turner Quantitative Large Cap Value Fund Institutional Class Shares
Ranking versus competitors		896/904		723/823		623/760		—		—		—		—
Percentile ranking		99		88		82		—		—		—		—
Multi-Cap Growth Funds
Turner Concentrated Growth Fund
Ranking versus competitors		240/478		417/431		313/384		258/338		201/320		172/284		155/160
Percentile ranking		50		97		82		76		63		61		97
Turner Midcap Growth Fund, Investor Class Shares
Ranking versus competitors		173/478		220/431		121/384		118/338		73/320		51/284		47/160
Percentile ranking		36		51		32		35		23		18		29
Retirement Class Shares
Ranking versus competitors		181/478		231/431		127/384		129/338		86/320		72/284		—
Percentile ranking		38		54		33		38		27		25		—
Science and Technology Funds
Turner New Enterprise Fund
Ranking versus competitors		111/148		132/143		76/133		62/124		36/120		9/105		—
Percentile Ranking		75		92		57		50		30		9		—
Small-Cap Growth Funds
Turner Emerging Growth Fund Investor Class Shares
Ranking versus competitors		542/568		332/537		254/489		230/453		121/404		56/344		1/212
Percentile ranking		95		62		52		51		30		16		0
Turner Small Cap Growth Fund
Ranking versus competitors		239/568		153/537		93/489		80/453		128/404		32/344		116/212
Percentile ranking		42		28		19		18		32		9		55
Small-Cap Core Funds
Turner Small Cap Equity Fund Investor Class Shares
Ranking versus competitors		658/735		600/678		540/608		489/546		448/491		334/403		—
Percentile ranking		90		88		89		90		91		83		—

Source: Lipper Inc.

Total return is ranking criteria. Past performance is no guarantee of future results.

TURNER FUNDS 2009 ANNUAL REPORT 5

PERFORMANCE

Total returns of the Turner Funds

Through September 30, 2009

Current performance may be lower or higher than the performance data quoted. Please call 1.800.224.6312 or visit our website at www.turnerinvestments.com for the most recent month-end performance information.

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. Past performance is no guarantee of future results. 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 indices mentioned are unmanaged statistical composites of stock-market performance. Investing in an index is not possible.

The holdings and sector weightings of the Funds are subject to change. Forward-earnings projections are not predictors of stock price or investment performance, and do not represent past performance. There is no guarantee that the forward-earnings projections will accurately predict the actual earnings experience of any of the companies involved, and there is no guarantee that owning securities of companies with relatively high price-to-earnings ratios will cause the portfolio to outperform its benchmark or index.

The Turner Funds are distributed by SEI Investments Distribution Company, Oaks, Pennsylvania 19456. The investor should consider the investment objectives, risks, charges, and expenses carefully before investing. This and other information can be found in the prospectus. A free prospectus, which contains detailed information, including fees and expenses, and the risks associated with investing in these Funds, can be obtained by calling 1.800.224.6312. Read the prospectus carefully before investing.

Fund name/index	Six months			Year to date			One year			Three years			Five years			Ten years			(Annualized) Since inception			Total net assets ($mil)
Turner Spectrum Fund — Institutional Class Shares		n/a			n/a			n/a			n/a			n/a			n/a			8.10	%*	$	8.67
Investor Class Shares		n/a			n/a			n/a			n/a			n/a			n/a			8.00	*		4.56
Class C Shares(1)		n/a			n/a			n/a			n/a			n/a			n/a			8.22	*		—
S&P 500 Index		n/a			n/a			n/a			n/a			n/a			n/a			17.59	*
Barclays Capital U.S. Aggregate Bond Index		n/a			n/a			n/a			n/a			n/a			n/a			5.05	*
Lipper Long/Short Equity Funds Classification		n/a			n/a			n/a			n/a			n/a			n/a			12.16	*
Inception date: 5/7/09
Turner Concentrated Growth Fund		45.63	%		43.93	%		-2.99	%		-6.76	%		1.14	%		-4.53	%		-1.24			39.97
Russell 1000 Growth Index		32.58			27.11			-1.85			-2.50			1.86			-2.56			-2.85
Inception date: 6/30/99
Turner Core Growth Fund — Institutional Class Shares		32.75			30.14			-3.97			-4.79			2.67			n/a			0.10			381.28
Investor Class Shares(2)		32.48			29.87			-4.21			-5.06			n/a			n/a			-1.43			252.92
Russell 1000 Growth Index		32.58			27.11			-1.85			-2.50			1.86			n/a			-1.27
Inception date: 2/28/01
Turner Emerging Growth Fund(8) — Institutional Class Shares(3)		35.61			n/a			n/a			n/a			n/a			n/a			32.79	*		243.79
Investor Class Shares		35.40			21.76			-15.58			-3.96			3.53			13.22	%		18.72			188.81
Russell 2000 Growth Index		43.06			29.12			-6.32			-2.60			2.91			1.10			1.04
Inception date: 2/27/98
Turner Large Cap Growth Fund — Institutional Class Shares		30.09			28.20			-3.52			-7.26			-1.56			n/a			-8.30			94.66
Investor Class Shares(4)		29.88			27.99			-3.73			n/a			n/a			n/a			-10.48			1.47
Russell Top 200 Growth Index		29.31			23.63			-2.33			-2.21			1.29			n/a			-6.00
Russell 1000 Growth Index		32.58			27.11			-1.85			-2.50			1.86			n/a			-5.24
Inception date: 6/14/00

6 TURNER FUNDS 2009 ANNUAL REPORT

PERFORMANCE (continued)

Fund name/index	Six months			Year to date			One year			Three years			Five years			Ten years			(Annualized) Since inception			Total net assets ($mil)
Turner Midcap Growth Fund(8) — Institutional Class Shares(5)		45.92	%		39.68	%		-0.31	%		n/a			n/a			n/a			-19.72	%	$	136.07
Investor Class Shares		45.74			39.42			-0.57			-1.97	%		4.40	%		1.93	%		9.48			859.64
Retirement Class Shares(6)		45.58			39.15			-0.79			-2.23			4.02			n/a			4.80			3.89
Russell Midcap Growth Index		41.89			37.12			-0.40			-3.10			3.75			2.18			5.51
Inception date: 10/1/96
Turner New Enterprise Fund(8)		54.55			53.35			6.25			-1.68			5.65			n/a			-5.46			26.32
NASDAQ Composite Index		39.47			35.59			2.54			-1.18			3.12			n/a			-5.94
Inception date: 6/30/00
Turner Small Cap Growth Fund(8)		43.66			31.03			-4.84			-1.29			3.37			2.34			10.51			250.86
Russell 2000 Growth Index		43.06			29.12			-6.32			-2.60			2.91			1.10			4.31
Inception date: 2/7/94
Turner Quantitative Broad Market Equity Fund — Institutional Class Shares		35.56			22.21			-3.95			n/a			n/a			n/a			-13.14			0.52
Investor Class Shares		35.62			22.06			-4.09			n/a			n/a			n/a			-13.32			0.01
Russell 3000 Index		35.87			21.19			-6.42			n/a			n/a			n/a			-11.83
S&P 500 Index		34.02			19.26			-6.91			n/a			n/a			n/a			-11.93
Inception date: 6/30/08
Turner Quantitative Large Cap Value Fund — Institutional Class Shares		30.02			7.50			-14.88			-7.10			n/a			n/a			-2.04			0.77
Investor Class Shares(7)		29.84			7.36			n/a			n/a			n/a			n/a			1.67	*		—
Russell 1000 Value Index		37.99			14.85			-10.62			-7.87			n/a			n/a			-1.75
Inception date: 10/10/05
Turner International Core Growth Fund — Institutional Class Shares		50.36			37.10			0.71			n/a			n/a			n/a			-6.00			3.85
Investor Class Shares(7)		50.36			37.10			n/a			n/a			n/a			n/a			33.95	*		—
MSCI World Growth ex-U.S. Index		41.88			25.27			-0.99			n/a			n/a			n/a			-6.41
Inception date: 1/31/07
Turner Midcap Equity Fund — Institutional Class Shares		26.96			13.70			-11.66			n/a			n/a			n/a			-12.66			1.41
Investor Class Shares		26.67			13.43			-12.31			n/a			n/a			n/a			-13.27			0.59
Russell Midcap Index		45.71			32.63			-3.55			n/a			n/a			n/a			-8.33
Inception date: 1/31/07
Turner Small Cap Equity Fund(8) — Institutional Class Shares(3)		33.02			n/a			n/a			n/a			n/a			n/a			27.17	*		5.44
Investor Class Shares		32.88			14.32			-14.78			-9.20			-1.85			n/a			4.50			23.66
Russell 2000 Index		43.95			22.43			-9.55			-4.57			2.41			n/a			4.21
Inception date: 3/4/02

⁽¹⁾  Commenced operations on July 14, 2009.

⁽²⁾  Commenced operations on August 1, 2005.

⁽³⁾  Commenced operations on February 1, 2009.

⁽⁴⁾  Commenced operations on January 31, 2007.

⁽⁵⁾  Commenced operations on June 16, 2008.

⁽⁶⁾  Commenced operations on September 24, 2001.

⁽⁷⁾  Commenced operations on October 31, 2008.

⁽⁸⁾  Investing in technology and science companies and small- and mid-capitalization companies may subject the Funds to specific inherent risks, including above-average price fluctuations.

*  Returns of less than one year are cumulative, and not annualized.

Amounts designated as "—" have been rounded to $0 ($mil).

TURNER FUNDS 2009 ANNUAL REPORT 7

INVESTMENT REVIEW

Turner Spectrum Fund

Fund profile

September 30, 2009

^g  Ticker symbol TSPEX

  Institutional Class Shares

^g  CUSIP #900297664

  Institutional Class Shares

^g  Top five holdings††

  (1) Genworth Financial, Cl A

  (2) Pfizer

  (3) Gilead Sciences

  (4) Micron Technology

  (5) Melco Crown Entertainment

^g  % in five largest holdings 11.6%†

^g  Number of holdings 329††

^g  Price/earnings ratio N/A

^g  Weighted average market capitalization N/A

^g  % of holdings with positive earnings surprises N/A

^g  % of holdings with negative earnings surprises N/A

^g  Net assets $9 million, Institutional Class Shares

Growth of a $100,000 investment in the
Turner Spectrum Fund, Institutional Class Shares:

May 7, 2009-September 30, 2009*^,**

Cumulative total returns (Periods ending September 30, 2009)

	Since inception
Turner Spectrum Fund, Institutional Class Shares		8.10	%**
Turner Spectrum Fund, Investor Class Shares		8.00	%**
Turner Spectrum Fund, Class C Shares		8.22	%***
S&P 500 Index		17.59	%**
Barclays Capital U.S. Aggregate Bond Index		5.05	%**
Lipper Long/Short Equity Funds Classification		12.16	%**

Sector weightings†:

Manager's discussion and analysis

In its first five months of operation, the Turner Spectrum Fund, Institutional Class (TSPEX) produced an 8.10% gain. The fund underperformed the S&P 500 Index's 17.59% advance and the Lipper Long/Short Equity Funds Classification's 12.16% gain but beat the Barclays Capital U.S. Aggregate Bond Index, which was up5.05%.

The fund, which consists of six Turner long/short strategies that seek to capitalize on both rising and falling stock prices, produced its best relative returns in the financials, consumer-staples, and consumer-discretionary sectors. Information-technology stocks hurt performance the most. The fund was conservatively positioned, with a net long/short exposure of less than 40%. It held broadly diversified positions in large-cap, mid-cap, and small-cap stocks, most of them traded in the U.S. In general, the smaller stocks performed best.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. Performance of the Institutional, Investor and Class C Shares will differ due to differences in fees.

**  The inception date of the Turner Spectrum Fund (Institutional Class Shares and Investor Class Shares) was May 7, 2009. Cumulative returns, not annualized. Index returns are based on Institutional Class Shares inception date.

***  The inception date of the Turner Spectrum Fund (Class C Shares) was July 14, 2009. Cumulative return, not annualized.

†  Percentages based on total investments.

††  Cash equivalents are not being considered a holding for the top five holdings, but are counted in the number of holdings.

Cl — Class

8 TURNER FUNDS 2009 ANNUAL REPORT

INVESTMENT REVIEW

Turner Concentrated Growth Fund

Fund profile

September 30, 2009

^g  Ticker symbol TTOPX

^g  CUSIP #87252R862

^g  Top five holdings†††

  (1) Alcatel-Lucent

  (2) Micron Technology

  (3) Taiwan Semiconductor Manufacturing

  (4) Apple

  (5) Amazon.com

^g  % in five largest holdings 29.5%†

^g  Number of holdings 22†††

^g  Price/earnings ratio 33.4

^g  Weighted average market capitalization $27.92 billion

^g  % of holdings with positive earnings surprises 71.4%

^g  % of holdings with negative earnings surprises 28.6%

^g  Net assets $40 million

Growth of a $10,000 investment in the
Turner Concentrated Growth Fund:

September 30, 1999-September 30, 2009*

Average annual total returns (Periods ending September 30, 2009)

	One year			Three years			Five years			Ten years			Since inception
Turner Concentrated Growth Fund		-2.99	%		-6.76	%		1.14	%		-4.53	%		-1.24	%
Russell 1000 Growth Index		-1.85	%		-2.50	%		1.86	%		-2.56	%		-2.85	%

Sector weightings†:

Manager's discussion and analysis

The Turner Concentrated Growth Fund (TTOPX) contains a select few stocks that Turner thinks have the strongest expected earnings power and return potential. Many of the stocks that the fund owned in the 12-month period ended September 30 did prove to have favorable return potential in relative terms. Nevertheless, the fund lost 2.99%, underperforming the Russell 1000 Growth Index's 1.85% decline.

Information-technology, energy, and industrials stocks, a 55% weighting, contributed the most extra return to the fund. Semiconductor, data-networking, energy-services, and semiconductor-capital-equipment stocks produced the best relative results. Altogether, four of the fund's seven sector positions beat their corresponding index sectors. Health-care holdings, a 4% weighting, detracted the most from results, due to sizable losses in biotechnology and contract-research shares.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. The inception date of the Turner Concentrated Growth Fund was June 30, 1999.

†  Percentages based on total investments.

††  Cash equivalents include short-term investments held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

†††  Cash equivalents and short-term investments are not being considered a holding for the top five holdings, but are counted in the number of holdings.

TURNER FUNDS 2009 ANNUAL REPORT 9

INVESTMENT REVIEW

Turner Core Growth Fund

Fund profile

September 30, 2009

^g  Ticker symbol TTMEX

  Institutional Class Shares

^g  CUSIP #900297847

  Institutional Class Shares

^g  Top five holdings†††

  (1) Apple

  (2) Cisco Systems

  (3) Gilead Sciences

  (4) Amgen

  (5) PepsiCo

^g  % in five largest holdings 17.1%†

^g  Number of holdings 73†††

^g  Price/earnings ratio 20.4

^g  Weighted average market capitalization $47.63 billion

^g  % of holdings with positive earnings surprises 72.2%

^g  % of holdings with negative earnings surprises 18.1%

^g  Net assets $381 million, Institutional Class Shares

Growth of a $250,000 investment in the
Turner Core Growth Fund, Institutional Class Shares:

February 28, 2001-September 30, 2009*^,**

Average annual total returns (Periods ending September 30, 2009)

	One year			Three years			Five years			Since inception
Turner Core Growth Fund, Institutional Class Shares		-3.97	%		-4.79	%		2.67	%		0.10	%**
Turner Core Growth Fund, Investor Class Shares		-4.21	%		-5.06	%		—			-1.43	%***
Russell 1000 Growth Index		-1.85	%		-2.50	%		1.86	%		-1.27	%**

Sector weightings†:

Manager's discussion and analysis

Underperformance in two major sectors contributed significantly to the underperformance of the Turner Core Growth Fund, Institutional Class (TTMEX) in the 12-month period ended September 30. Stocks in the financials and health-care sectors accounted for 27% of the fund's holdings, and their losses, especially in insurance, securities-exchange, biotechnology, medical-equipment, and contract-engineering shares, were significantly greater than those of the index sectors. That damped the overall return of the fund, which lost 3.97% and trailed the Russell 1000 Growth Index's 1.85%decline.

Four of the fund's 10 sector positions outperformed their corresponding index sectors. Contributing the most to results were energy and industrials shares, a 16% weighting; energy-services and semiconductor-capital-equipment holdings produced good relative returns.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. On February 25, 2005, the Constellation TIP Core Growth Fund reorganized into the Turner Core Growth Fund. Performance of the Institutional and Investor Class Shares will differ due to differences in fees.

**  The inception date of the Turner Core Growth Fund (Institutional Class Shares) was February 28, 2001. Index returns are based on Institutional Class Shares inception date.

***  The inception date of the Turner Core Growth Fund (Investor Class Shares) was August 1, 2005.

†  Percentages based on total investments.

††  Cash equivalents include short-term investments held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

†††  Cash equivalents and short-term investments are not being considered a holding for the top five holdings, but are counted in the number of holdings.

Amounts designated as "—" are not applicable.

10 TURNER FUNDS 2009 ANNUAL REPORT

INVESTMENT REVIEW

Turner Emerging Growth Fund

Fund profile

September 30, 2009

^g  Ticker symbol TMCGX

  Investor Class Shares

^g  CUSIP #872524301

  Investor Class Shares

^g  Top five holdings†††

  (1) ANSYS

  (2) Bucyrus International, Cl A

  (3) Alexion Pharmaceuticals

  (4) Air Methods

  (5) Walter Energy

^g  % in five largest holdings 8.7%†

^g  Number of holdings 125†††

^g  Price/earnings ratio 17.5

^g  Weighted average market capitalization $11.38 billion

^g  % of holdings with positive earnings surprises 68.6%

^g  % of holdings with negative earnings surprises 20.2%

^g  Net assets $189 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Emerging Growth Fund,
Investor Class Shares:

September 30, 1999-September 30, 2009*^,***

Average annual total returns (Periods ending September 30, 2009)

	One year			Three years			Five years			Ten years			Since inception
Turner Emerging Growth Fund, Institutional Class Shares		—			—			—			—			32.79	%**
Turner Emerging Growth Fund, Investor Class Shares		-15.58	%		-3.96	%		3.53	%		13.22	%		18.72	%***
Russell 2000 Growth Index		-6.32	%		-2.60	%		2.91	%		1.10	%		1.04	%***

Sector weightings†:

Manager's discussion and analysis

In the 12-month period ended September 30, the Turner Emerging Growth Fund, Investor Class (TMCGX) lost 15.58%, underperforming the Russell 2000 Growth Index's 6.32% negative return. Subpar results in four major sectors — health care, information technology, consumer discretionary, and industrials, a 62% weighting — were the biggest drags on the fund's performance. Detractors here included biotechnology, medical-services, semiconductor, wireless-communications, automotive, gaming, and industrial-equipment stocks.

Four of the fund's 10 sector positions added value. Consumer-staples and materials stocks, which amounted to 8% of holdings, outperformed by the largest margin. Food-processing, beverage, and metals shares were relatively strong performers.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. Performance of the Institutional and Investor Class Shares will differ due to differences in fees.

**  The inception date of the Turner Emerging Growth Fund (Institutional Class Shares) was February 1, 2009. Cumulative return, not annualized.

***  The inception date of the Turner Emerging Growth Fund (Investor Class Shares) was February 27, 1998. Index returns are based on Investor Class Shares inception date.

†  Percentages based on total investments.

††  Cash equivalents include short-term investments held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

†††  Cash equivalents and short-term investments are not being considered a holding for the top five holdings, but are counted in the number of holdings.

Cl — Class

Amounts designated as "—" are not applicable.

TURNER FUNDS 2009 ANNUAL REPORT 11

INVESTMENT REVIEW

Turner Large Cap Growth Fund

Fund profile

September 30, 2009

^g  Ticker symbol TSGEX

  Institutional Class Shares

^g  CUSIP #87252R839

  Institutional Class Shares

^g  Top five holdings††

  (1) PepsiCo

  (2) Apple

  (3) Google, Cl A

  (4) Cisco Systems

  (5) QUALCOMM

^g  % in five largest holdings 24.6%†

^g  Number of holdings 48††

^g  Price/earnings ratio 20.5

^g  Weighted average market capitalization $54.78 billion

^g  % of holdings with positive earnings surprises 78.7%

^g  % of holdings with negative earnings surprises 14.9%

^g  Net assets $95 million, Institutional Class Shares

Growth of a $250,000 investment in the
Turner Large Cap Growth Fund,
Institutional Class Shares:

June 14, 2000-September 30, 2009*^,**

Average annual total returns (Periods ending September 30, 2009)

	One year			Three years			Five years			Since inception
Turner Large Cap Growth Fund, Institutional Class Shares		-3.52	%		-7.26	%		-1.56	%		-8.30	%**
Turner Large Cap Growth Fund, Investor Class Shares		-3.73	%		—			—			-10.48	%***
Russell Top 200 Growth Index		-2.33	%		-2.21	%		1.29	%		-6.00	%**
Russell 1000 Growth Index		-1.85	%		-2.50	%		1.86	%		-5.24	%**

Sector weightings†:

Manager's discussion and analysis

Strong gains in information-technology stocks weren't enough to offset losses in other sectors for the Turner Large Cap Growth Fund, Institutional Class (TSGEX) in the 12-month period ended September 30. As a result the fund lost 3.52%, underperforming the Russell Top 200 Growth Index's 2.33% loss.

Information technology beat its corresponding index sector, as did energy and industrials; together, they accounted for 45% of the fund's investments, with semiconductor, wireless-communications, data-networking, energy-services, and semiconductor-capital-equipment stocks enhancing results. Detracting most from performance were losses in the health-care, materials, and financials sectors, which represented 26% of the portfolio. Relatively poor performers in those sectors included biotechnology, contract-research, mining, insurance, and investment-management shares.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. Performance of the Institutional and Investor Class Shares will differ due to differences in fees.

**  The inception date of the Turner Large Cap Growth Fund (Institutional Class Shares) was June 14, 2000. Index returns are based on Institutional Class Shares inception date.

***  The inception date of the Turner Large Cap Growth Fund (Investor Class Shares) was January 31, 2007.

†  Percentages based on total investments.

††  Cash equivalents are not being considered a holding for the top five holdings, but are counted in the number of holdings.

Cl — Class

Amounts designated as "—" are not applicable.

12 TURNER FUNDS 2009 ANNUAL REPORT

INVESTMENT REVIEW

Turner Midcap Growth Fund

Fund profile

September 30, 2009

^g  Ticker symbol TMGFX

  Investor Class Shares

^g  CUSIP #900297409

  Investor Class Shares

^g  Top five holdings†††

  (1) Micron Technology

  (2) Avon Products

  (3) F5 Networks

  (4) NetApp

  (5) Whole Foods Market

^g  % in five largest holdings 8.3%†

^g  Number of holdings 99†††

^g  Price/earnings ratio 22.3

^g  Weighted average market capitalization $6.4 billion

^g  % of holdings with positive earnings surprises 77.6%

^g  % of holdings with negative earnings surprises 20.4%

^g  Net assets $860 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Midcap Growth Fund, Investor Class Shares:

September 30, 1999-September 30, 2009*^,***

Average annual total returns (Periods ending September 30, 2009)

	One year			Three years			Five years			Ten years			Since inception
Turner Midcap Growth Fund, Institutional Class Shares		-0.31	%		—			—			—			-19.72	%**
Turner Midcap Growth Fund, Investor Class Shares		-0.57	%		-1.97	%		4.40	%		1.93	%		9.48	%***
Turner Midcap Growth Fund, Retirement Class Shares		-0.79	%		-2.23	%		4.02	%		—			4.80	%****
Russell Midcap Growth Index		-0.40	%		-3.10	%		3.75	%		2.18	%		5.51	%***

Sector weightings†:

Manager's discussion and analysis

In the 12-month period ended September 30, the Turner Midcap Growth Fund, Investor Class (TMGFX) lost 0.57%, a result that slightly underperformed the Russell Midcap Growth Index's 0.40% drop.

The fund's performance was most impaired by unfavorable relative returns in the health-care, materials, and utilities sectors, a 20% weighting. The fund's biotechnology, medical-equipment, mining, and telecommunications stocks were key detractors. Three of the fund's 10 sector positions trumped their corresponding index sectors — consumer discretionary, consumer staples, and information technology, a 48% weighting. Contributing the greatest degree of outperformance were automotive, retailing, food, semiconductor, and wireless-communications stocks.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. Performance of the Institutional, Investor and Retirement Class Shares will differ due to differences in fees.

**  The inception date of the Turner Midcap Growth Fund (Institutional Class Shares) was June 16, 2008.

***  The inception date of the Turner Midcap Growth Fund (Investor Class Shares) was October 1, 1996. Index returns are based on Investor Class Shares inception date.

****  The inception date of the Turner Midcap Growth Fund (Retirement Class Shares) was September 24, 2001.

†  Percentages based on total investments.

††  Cash equivalents include short-term investments held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

†††  Cash equivalents and short-term investments are not being considered a holding for the top five holdings, but are counted in the number of holdings.

Amounts designated as "—" are not applicable.

TURNER FUNDS 2009 ANNUAL REPORT 13

INVESTMENT REVIEW

Turner New Enterprise Fund

Fund profile

September 30, 2009

^g  Ticker symbol TBTBX

^g  CUSIP #87252R797

^g  Top five holdings†††

  (1) F5 Networks

  (2) Micron Technology

  (3) Express Scripts

  (4) Gilead Sciences

  (5) Apple

^g  % in five largest holdings 21.1%†

^g  Number of holdings 34†††

^g  Price/earnings ratio 25.0

^g  Weighted average market capitalization $23.48 billion

^g  % of holdings with positive earnings surprises 81.8%

^g  % of holdings with negative earnings surprises 15.2%

^g  Net assets $26 million

Growth of a $10,000 investment in the
Turner New Enterprise Fund:

June 30, 2000-September 30, 2009*

Average annual total returns (Periods ending September 30, 2009)

	One year			Three years			Five years			Since inception
Turner New Enterprise Fund		6.25	%		-1.68	%		5.65	%		-5.46	%
NASDAQ Composite Index		2.54	%		-1.18	%		3.12	%		-5.94	%

Sector weightings†:

Manager's discussion and analysis

Good stock selection powered the Turner New Enterprise Fund (TBTBX) to a 6.25% gain in the 12-month period ended September 30. The fund's return exceeded that of the NASDAQ Composite Index, which rose 2.54%.

Stock selection was savvy, with six of the fund's seven sector positions outperforming their corresponding index sectors. Returns in three cyclical or defensive sectors — industrials, materials, and consumer staples, a 12% weighting — were responsible for much of the fund's performance premium. Semiconductor-capital-equipment, industrial-equipment, metals, mining, food, and beverage shares contributed the most. An 11% position in health-care stocks was the sole detractor, with biotechnology and contract-research shares recording poor relative returns.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. The inception date of the Turner New Enterprise Fund was June 30, 2000.

†  Percentages based on total investments.

††  Cash equivalents include short-term investments held as collateral for securities lending activity. Please see Note 11 in Notes to Financials for more detailed information.

†††  Cash equivalents and short-term investments are not being considered a holding for the top five holdings, but are counted in the number of holdings.

14 TURNER FUNDS 2009 ANNUAL REPORT

INVESTMENT REVIEW

Turner Small Cap Growth Fund

Fund profile

September 30, 2009

^g  Ticker symbol TSCEX

^g  CUSIP #900297300

^g  Top five holdings†††

  (1) Tenet Healthcare

  (2) Atheros Communications

  (3) PMC - Sierra

  (4) Fairchild Semiconductor International

  (5) Teradyne

^g  % in five largest holdings 6.6%†

^g  Number of holdings 121†††

^g  Price/earnings ratio 21.5

^g  Weighted average market capitalization $1.37 billion

^g  % of holdings with positive earnings surprises 74.2%

^g  % of holdings with negative earnings surprises 20.8%

^g  Net assets $251 million

Growth of a $10,000 investment in the
Turner Small Cap Growth Fund:

September 30, 1999-September 30, 2009*

Average annual total returns (Periods ending September 30, 2009)

	One year			Three years			Five years			Ten years			Since inception
Turner Small Cap Growth Fund		-4.84	%		-1.29	%		3.37	%		2.34	%		10.51	%
Russell 2000 Growth Index		-6.32	%		-2.60	%		2.91	%		1.10	%		4.31	%

Sector weightings†:

Manager's discussion and analysis

The Turner Small Cap Growth Fund (TSCEX) produced favorable, substantial relative returns in five of the nine market sectors in which it was invested in the 12-month period ended September 30. That was more than enough to enable the fund to outpace its benchmark, the Russell 2000 Growth Index. The fund recorded a loss of 4.84%, compared with the Russell 2000 Growth Index's 6.32% decline.

The fund's best relative performers were energy, industrials, consumer-staples, consumer-discretionary, and materials stocks, a 28% weighting. Specifically, energy-services, industrial-equipment, beverage, consulting, education, retailing, and metals shares did best in those sectors. Health-care and information-technology stocks, a 47% weighting, were drags on performance; biotechnology, medical-equipment, semiconductor, and data-networking shares were among thelaggards.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. The inception date of the Turner Small Cap Growth Fund was February 7, 1994.

†  Percentages based on total investments.

††  Cash equivalents include short-term investments held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

†††  Cash equivalents and short-term investments are not being considered a holding for the top five holdings, but are counted in the number of holdings.

TURNER FUNDS 2009 ANNUAL REPORT 15

INVESTMENT REVIEW

Turner Quantitative Broad Market Equity Fund

Fund profile

September 30, 2009

^g  Ticker symbol TBMEX

  Institutional Class Shares

^g  CUSIP #900297730

  Institutional Class Shares

^g  Top five holdings††

  (1) General Electric

  (2) Microsoft

  (3) Citigroup

  (4) AT&T

  (5) International Business Machines

^g  % in five largest holdings 8.3%†

^g  Number of holdings 112††

^g  Price/earnings ratio 16.2

^g  Weighted average market capitalization $55.17 billion

^g  % of holdings with positive earnings surprises 83.8%

^g  % of holdings with negative earnings surprises 16.2%

^g  Net assets $0.5 million, Institutional Class Shares

Growth of a $250,000 investment in the
Turner Quantitative Broad Market Equity Fund,
Institutional Class Shares:

June 30, 2008-September 30, 2009*

Average annual total returns (Periods ending September 30, 2009)

	One year			Since inception
Turner Quantitative Broad Market Equity Fund, Institutional Class Shares		-3.95	%		-13.14	%
Turner Quantitative Broad Market Equity Fund, Investor Class Shares		-4.09	%		-13.32	%
Russell 3000 Index		-6.42	%		-11.83	%
S&P 500 Index		-6.91	%		-11.93	%

Sector weightings†:

Manager's discussion and analysis

In the 12-month period ended September 30, the Turner Quantitative Broad Market Equity Fund, Institutional Class (TBMEX) lost 3.95%, a performance that outpaced the Russell 3000 Index's 6.42% negative return.

On balance, the fund's stock selection was effective, with good relative returns in most holdings, selected because they ranked highly in our proprietary quantitative model. Six of 10 sector positions outperformed, with particularly rewarding relative returns in two sectors: consumer discretionary and energy, a 23% weighting. Retailing, consulting, petroleum, and energy-services shares were among the best performers in those sectors. Impairing results the most were holdings in the health-care, industrials, and materials sectors, a 24% weighting. Pharmaceutical, medical-device, semiconductor-capital-equipment, heavy-equipment, and metals stocks were the biggest losers.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemption of fund shares. The inception date of the Turner Quantitative Broad Market Equity Fund was June 30, 2008. Performance of the Institutional and Investor Class Shares will differ due to the difference in fees.

†  Percentages based on total investments.

††  Cash equivalents are not being considered a holding for the top five holdings, but are counted in the number of holdings.

16 TURNER FUNDS 2009 ANNUAL REPORT

INVESTMENT REVIEW

Turner Quantitative Large Cap Value Fund

Fund profile

September 30, 2009

^g  Ticker symbol TLVFX

  Institutional Class Shares

^g  CUSIP #900297821

  Institutional Class Shares

^g  Top five holdings††

  (1) General Electric

  (2) AT&T

  (3) JPMorgan Chase

  (4) Bank of America

  (5) Exxon Mobil

^g  % in five largest holdings 16.4%†

^g  Number of holdings 95††

^g  Price/earnings ratio 16.7

^g  Weighted average market capitalization $59.97 billion

^g  % of holdings with positive earnings surprises 78.7%

^g  % of holdings with negative earnings surprises 18.1%

^g  Net assets $0.8 million, Institutional Class Shares

Growth of a $25,000 investment in the
Turner Quantitative Large Cap Value Fund,
Institutional Class Shares:

October 10, 2005-September 30, 2009*^,**

Average annual total returns (Periods ending September 30, 2009)

	One year			Three years			Since inception
Turner Quantitative Large Cap Value Fund, Institutional Class Shares		-14.88	%		-7.10	%		-2.04	%**
Turner Quantitative Large Cap Value Fund, Investor Class Shares		—			—			1.67	%***
Russell 1000 Value Index		-10.62	%		-7.87	%		-1.75	%**

Sector weightings†:

Manager's discussion and analysis

In the 12 months ended September 30, the Turner Quantitative Large Cap Value Fund, Institutional Class (TLVFX) lost 14.88%. The loss exceeded that of the Russell 1000 Value Index, which declined 10.62%.

The fund is invested in large-cap value stocks that rank highly in our proprietary quantitative model. The model proved only somewhat effective at picking outperforming stocks: four of the fund's 10 sector investments outperformed their corresponding index sectors. Positions in the consumer-staples and information-technology sectors, a 15% weighting, enhanced performance to the greatest degree; food-retailing, semiconductor, and telecommunications shares did best. Hurting results the most were major positions in financials, consumer-discretionary, and health-care stocks, which represented 43% of the portfolio; banking, insurance, retailing, pharmaceutical, and medical-equipment shares were significant detractors.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. Performance of the Institutional and Investor Class Shares will differ due to differences in fees.

**  The inception date of the Turner Quantitative Large Cap Value Fund (Institutional Class Shares) was October 10, 2005. Index returns are based on Institutional Class Shares inception date.

*** The inception date of the Turner Quantitative Large Cap Value Fund (Investor Class Shares) was October 31, 2008. Cumulative return, not annualized.

†  Percentages based on total investments.

††  Cash equivalents are not being considered a holding for the top five holdings, but are counted in the number of holdings.

Amounts designated as "—" are not applicable.

TURNER FUNDS 2009 ANNUAL REPORT 17

INVESTMENT REVIEW

Turner International Core Growth Fund

Fund profile

September 30, 2009

^g  Ticker symbol TICGX

  Institutional Class Shares

^g  CUSIP #900297771

  Institutional Class Shares

^g  Top five holdings††

  (1) Nestle

  (2) Alcatel-Lucent

  (3) Roche Holding

  (4) ASML Holding

  (5) BHP Billiton

^g  % in five largest holdings 11.3%†

^g  Number of holdings 70††

^g  Price/earnings ratio N/A

^g  Weighted average market capitalization N/A

^g  % of holdings with positive earnings surprises N/A

^g  % of holdings with negative earnings surprises N/A

^g  Net assets $4 million, Institutional Class Shares

Growth of a $250,000 investment in the
Turner International Core Growth Fund,
Institutional Class Shares:

January 31, 2007-September 30, 2009*^,**

Average annual total returns (Periods ending September 30, 2009)

	One year			Since inception
Turner International Core Growth Fund, Institutional Class Shares		0.71	%		-6.00	%**
Turner International Core Growth Fund, Investor Class Shares		—			33.95	%***
MSCI World Growth ex-U.S. Index		-0.99	%		-6.41	%**

Sector weightings†:

Manager's discussion and analysis

Generally good stock selection resulted in the Turner International Core Growth Fund, Institutional Class (TICGX) recording a 0.71% gain in the 12-month period ended September 30. That return was good enough to beat the MSCI World Growth ex-U.S. Index's 0.99% loss.

Six of 10 sector positions contributed to the fund's results. Information-technology, consumer-discretionary, and industrials holdings, a 27% weighting, added the most value; in those sectors, semiconductor, data-networking, retailing, automotive, and semiconductor-capital-equipment shares performed especially well. Health-care and materials positions, a 21% weighting, were the primary detractors from performance, with biotechnology, contract-research, and metals stocks providing weak relative returns.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. Performance of the Institutional and Investor Class Shares will differ due to differences in fees.

**  The inception date of the Turner International Core Growth Fund (Institutional Class Shares) was January 31, 2007. Index returns are based on Institutional Class Shares inception date.

***  The inception date of the Turner International Core Growth Fund (Investor Class Shares) was October 31, 2008. Cumulative return, not annualized.

†  Percentages based on total investments.

††  Cash equivalents are not being considered a holding for the top five holdings, but are counted in the number of holdings.

MSCI — Morgan Stanley Capital International

Amounts designated as "—" are not applicable.

18 TURNER FUNDS 2009 ANNUAL REPORT

INVESTMENT REVIEW

Turner Midcap Equity Fund

Fund profile

September 30, 2009

^g  Ticker symbol TMCFX

  Investor Class Shares

^g  CUSIP #900297797

  Investor Class Shares

^g  Top five holdings††

  (1) AllianceBernstein Holding LP

  (2) McDermott International

  (3) Mylan

  (4) Biovail

  (5) Windstream

^g  % in five largest holdings 9.7%†

^g  Number of holdings 74††

^g  Price/earnings ratio 15.5

^g  Weighted average market capitalization $4.25 billion

^g  % of holdings with positive earnings surprises 75.3%

^g  % of holdings with negative earnings surprises 19.2%

^g  Net assets $0.6 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Midcap Equity Fund,
Investor Class Shares:

January 31, 2007-September 30, 2009*

Average annual total returns (Periods ending September 30, 2009)

	One year			Since inception
Turner Midcap Equity Fund, Institutional Class Shares		-11.66	%		-12.66	%
Turner Midcap Equity Fund, Investor Class Shares		-12.31	%		-13.27	%
Russell Midcap Index		-3.55	%		-8.33	%

Sector weightings†:

Manager's discussion and analysis

In the 12 months ended September 30, the Turner Midcap Equity Fund, Investor Class (TMCFX) returned a negative 12.31%, underperforming the Russell Midcap Index's 3.55% loss.

The fund's performance was hurt most by losses in consumer-discretionary, health-care, and materials stocks, with a combined weighting of 28%. Consulting, automotive, consumer-electronics, diagnostic-testing, surgical-equipment, and engineering-services stocks lost the most. Stock selection overall was subpar, with only one of 10 sector positions — information technology, a 16% weighting — outperforming its corresponding index sector. In that sector, telecommunications, software, and disk-drive shares were among the outperformers.

*   These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. The inception date of the Turner Midcap Equity Fund was January 31, 2007. Performance of the Institutional and Investor Class Shares will differ due to differences in fees.

†   Percentages based on total investments.

††   Cash equivalents are not being considered a holding for the top five holdings, but are counted in the number of holdings.

LP — Limited Partnership

TURNER FUNDS 2009 ANNUAL REPORT 19

INVESTMENT REVIEW

Turner Small Cap Equity Fund

Fund profile

September 30, 2009

^g  Ticker symbol TSEIX

  Investor Class Shares

^g  CUSIP #87252R714

  Investor Class Shares

^g  Top five holdings†††

  (1) Hecla Mining

  (2) Brandywine Realty Trust

  (3) NCR

  (4) Prosperity Bancshares

  (5) Signature Bank

^g  % in five largest holdings 8.6%†

^g  Number of holdings 93†††

^g  Price/earnings ratio 16.8

^g  Weighted average market capitalization $1.22 billion

^g  % of holdings with positive earnings surprises 72.8%

^g  % of holdings with negative earnings surprises 14.1%

^g  Net assets $24 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Small Cap Equity Fund,
Investor Class Shares:

March 4, 2002-September 30, 2009*^,***

Average annual total returns (Periods ending September 30, 2009)

	One year			Three years			Five years			Since inception
Turner Small Cap Equity Fund, Institutional Class Shares		—			—			—			27.17	%**
Turner Small Cap Equity Fund, Investor Class Shares		-14.78	%		-9.20	%		-1.85	%		4.50	%***
Russell 2000 Index		-9.55	%		-4.57	%		2.41	%		4.21	%***

Sector weightings†:

Manager's discussion and analysis

The Turner Small Cap Equity Fund, Investor Class (TSEIX) returned a negative 14.78% in the 12-month period ended September 30. The fund's loss was larger than that of the benchmark, the Russell 2000 Index, which fell 9.55%.

The fund is invested in both growth and value stocks in the 10 market sectors; five of those sector positions beat their index counterparts, but they didn't represent enough of a portfolio weighting to prevent the fund from underperforming. Energy and financials shares, which amounted to a 25% position, produced the strongest relative returns. In those sectors, energy-services, energy exploration/production, real-estate, banking, and financial-data stocks delivered extra return. Health-care, consumer-discretionary, and information-technology shares, a 46% weighting, were the biggest drags on performance. Pharmaceutical, biotechnology, e-commerce, gaming, retailing, airline, semiconductor, and digital-hardware stocks recorded subpar results.

*  These figures represent past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. The performance in the above graph and table does not reflect the deduction of taxes the shareholder will pay on fund distributions or the redemptions of fund shares. Performance of the Institutional and Investor Class Shares will differ due to differences in fees.

**  The inception date of the Turner Small Cap Equity Fund (Institutional Class Shares) was February 1, 2009. Cumulative return, not annualized.

***  The inception date of the Turner Small Cap Equity Fund (Investor Class Shares) was March 4, 2002. Index returns are based on Investor Class Shares inception date.

†  Percentages based on total investments.

††  Cash equivalents include short-term investments held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

†††  Cash equivalents and short-term investments are not being considered a holding for the top five holdings, but are counted in the number of holdings.

Amounts designated as "—" are not applicable.

20 TURNER FUNDS 2009 ANNUAL REPORT

FINANCIAL STATEMENTS

Schedule of investments

Turner Spectrum Fund

September 30, 2009

	Shares		Value (000)
Common stock—83.6%
Consumer discretionary—15.2%
Amazon.com*^		630	$	59
AnnTaylor Stores*		2,020		32
Blockbuster, Cl A*		62,210		67
Bon-Ton Stores		2,700		20
Capella Education*		540		36
Cooper Tire & Rubber		3,170		56
Cosi*^		66,910		42
Finish Line, Cl A		3,170		32
Focus Media Holding ADR*		4,280		47
Fuqi International*		3,080		90
Gap		2,380		51
Gaylord Entertainment*		9,900		199
Guess?^		2,380		88
HOT Topic*		2,820		21
Jamba*^		59,110		110
Li & Fung		8,680		35
Lumber Liquidators*		1,790		39
Melco Crown Entertainment ADR*^		33,610		234
Morgans Hotel Group*		8,010		43
NutriSystem		2,340		35
Orient-Express Hotels, Cl A		4,120		48
Pier 1 Imports*		470		2
Pulte Homes		9,060		100
Red Robin Gourmet Burgers*		720		15
Saks*		5,110		35
Shuffle Master*		7,610		72
Talbots		3,410		31
Tempur-Pedic International		1,850		35
True Religion Apparel*^		2,090		54
Urban Outfitters*		3,390		102
Warnaco Group*		1,000		44
WMS Industries*		620		28
Wynn Macau*†		33,273		43
Wynn Resorts*		950		67
Total Consumer discretionary				2,012
Consumer staples—2.9%
China-Biotics*		2,760		44
Diedrich Coffee*^		6,120		147
Green Mountain Coffee Roasters*		720		53
Groupe Danone ADR		2,520		31

	Shares		Value (000)
Reddy Ice Holdings*^		14,260	$	78
Unilever ADR		1,050		30
Total Consumer staples				383
Energy—2.0%
Arena Resources*^		1,110		39
EXCO Resources		1,430		27
Penn Virginia		1,770		41
Range Resources		710		35
Southwestern Energy*		2,480		106
Weatherford International*		1,130		23
Total Energy				271
Financials—18.5%
ACE		790		42
Alexandria Real Estate Equities		350		19
American Physicians Capital		670		19
American Physicians Service Group		360		8
Ameriprise Financial		5,910		215
Artio Global Investors, Cl A*		3,660		95
Astoria Financial		1,730		19
Banco Compartamos		10,773		39
Brookfield Asset Management, Cl A		1,090		25
CapitalSource		12,710		55
Charles Schwab		1,600		31
Chimera Investment		10,970		42
Citizens Republic Bancorp*		29,170		22
Comerica		1,170		35
Digital Realty Trust		870		40
Discover Financial Services		1,540		25
DnB NOR		2,276		26
Duke Realty		2,550		31
Fifth Third Bancorp^		14,030		142
Fortress Investment Group LLC, Cl A*		26,460		138
GAM Holding		1,182		59
Genworth Financial, Cl A^		26,740		320
Goldman Sachs Group		210		39
Governor & Co. of the Bank of Ireland ADR		1,260		25
Hartford Financial Services Group		3,270		87
HDFC Bank ADR		330		39
ING Groep ADR		1,940		34

TURNER FUNDS 2009 ANNUAL REPORT 21

FINANCIAL STATEMENTS

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
Intesa Sanpaolo		13,500	$	60
Itau Unibanco Holding ADR		1,800		36
KBW*		1,080		35
KKR Financial Holdings LLC		8,380		39
Lazard, Cl A		1,730		71
MHI Hospitality		8,875		19
MSCI, Cl A*^		1,005		30
National Bank of Greece ADR		5,540		40
Och-Ziff Capital Management Group LLC, Cl A		6,416		78
Ocwen Financial*		1,580		18
PartnerRe		370		28
Radian Group^		15,230		161
T. Rowe Price Group^		1,360		62
Visa, Cl A		283		20
Weingarten Realty Investors^		2,380		47
XL Capital, Cl A		1,930		34
Total Financials				2,449
Health care—16.1%
Alexion Pharmaceuticals*		623		28
Align Technology*		5,740		81
AMERIGROUP*		1,170		26
Amgen*		3,060		184
Amylin Pharmaceuticals*		830		11
Arthrocare*		1,570		32
Auxilium Pharmaceuticals*		990		34
BioMarin Pharmaceutical*		2,330		42
Cepheid*		330		4
Cerus*		4,740		11
Charles River Laboratories International*		270		10
Covance*		530		29
Dendreon*		3,020		85
Eli Lilly		3,210		106
Facet Biotech*		3,070		53
Gilead Sciences*^		5,680		264
Human Genome Sciences*		3,260		61
Intuitive Surgical*		660		173
Javelin Pharmaceuticals*		8,520		16
LHC Group*		660		20
Meridian Bioscience		490		12
Momenta Pharmaceuticals*		1,370		15
Penwest Pharmaceuticals*		3,480		7
Pfizer^		17,330		287

	Shares		Value (000)
Protalix BioTherapeutics*		5,210	$	43
Psychiatric Solutions*		460		12
Regeneron Pharmaceuticals*		420		8
Savient Pharmaceuticals*^		5,510		84
Seattle Genetics*		1,110		16
Somaxon Pharmaceuticals*		1,520		4
Thermo Fisher Scientific*		730		32
Transition Therapeutics*		260		2
United Therapeutics*		870		43
Valeant Pharmaceuticals International*		1,310		37
Vermillion*		10,730		145
Vivus*		3,080		32
Watson Pharmaceuticals*		1,070		39
Zimmer Holdings*^		750		40
Total Health care				2,128
Industrials—7.6%
A123 Systems*		3,900		83
American Superconductor*		3,330		112
Bucyrus International, Cl A^		1,990		71
Cenveo*		6,250		43
Clean Harbors*		450		25
Commercial Vehicle Group*		1,850		12
Cummins		560		25
Ener1*		20,230		140
Guangshen Railway ADR		1,071		22
HUB Group, Cl A*		4,610		105
Shaw Group*		1,190		38
Shun Tak Holdings		90,760		69
SmartHeat*		2,410		29
Tata Motors ADR		5,590		72
Terex*		5,250		109
TNT ADR		1,007		27
Wabash National		7,190		20
Total Industrials				1,002
Information technology—15.0%
Activision Blizzard*		2,510		31
Alcatel-Lucent ADR^		14,250		64
Apple*^		420		78
Ariba*		1,150		13
ASML Holding, NY Shares		2,160		64
Atheros Communications*^		2,053		54
Autonomy*		1,603		42

22 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
Byd, Cl H		7,250	$	60
Cirrus Logic*		3,620		20
comScore*		2,430		44
Cybersource*		6,700		112
DG FastChannel*		1,790		38
F5 Networks*^		2,200		87
Finisar*		2,437		24
Global Payments		580		27
Glu Mobile*		9,070		10
GSI Commerce*		4,520		87
Inotera Memories		49,950		32
Integrated Device Technology*		1,450		10
Internet Capital Group*		1,320		11
Isilon Systems*		2,280		14
Kenexa*		2,400		32
Lam Research*		1,170		40
Lender Processing Services		920		35
Marvell Technology Group*		1,540		25
Mastercard, Cl A		180		36
Mellanox Technologies*		650		11
Micron Technology*^		30,860		253
Net 1 UEPS Technologies*^		5,250		110
Novatel Wireless*		1,800		20
Palm*		2,550		44
PMC - Sierra*		5,920		57
Radiant Systems*^		4,620		50
Sourcefire*		1,120		24
STEC*		4,730		139
Take-Two Interactive Software*		3,970		45
Telestone Technologies*		4,020		29
Varian Semiconductor Equipment Associates*		1,100		36
VeriSign*^		2,060		49
VistaPrint*		550		28
Total Information technology				1,985
Materials—4.7%
CF Industries Holdings^		600		52
KapStone Paper and Packaging*^		11,780		96
Packaging Corp of America		1,450		29
Schweitzer-Manduit International^		2,910		158
Solutia*^		7,900		91

	Shares/ contracts		Value (000)
Temple-Inland		6,320	$	104
Terra Industries		710		25
Thompson Creek Metals*		3,730		45
Xstrata		1,812		27
Total Materials				627
Telecommunication services—0.8%
America Movil, Ser L ADR		2,410		106
Total Telecommunication services				106
Utilities—0.8%
Dynegy, Cl A*		44,140		113
Total Utilities				113
Total Common stock (Cost $10,284)				11,076
Put option contracts*—0.9%
Apple, 11/09 at $175		4		3
Financial Select Sector SPDR Fund, 10/09 at $15		272		13
Genworth Financial, 12/09 at $12.5		69		15
iShares Dow Jones US Real Estate Index Fund, 10/09 at $40		60		3
iShares Russell 2000 Index Fund, 10/09 at $60		283		39
Micron Technology, 01/10 at $7.5		168		13
SPDR S&P Retail ETF, 10/09 at $34		274		22
SPDR Trust Ser 1, 10/09 at $102		58		5
STEC, 11/09 at $30		25		11
Total Put option contracts (Cost $137)				124
Call option contracts*—0.2%
CROCS, 11/09 at $7		95		6
Gilead Sciences, 11/09 at $47.5		10		2
Melco Crown Entertainment, 11/09 at $7.5		153		11
Total Call option contracts (Cost $21)				19

TURNER FUNDS 2009 ANNUAL REPORT 23

FINANCIAL STATEMENTS

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
Cash equivalent—3.9%
BlackRock TempCash Fund, Institutional Shares 0.050%**		515,151	$	515
Total Cash equivalent (Cost $515)				515
Total Investments—88.6% (Cost $10,957)			$	11,734

Percentages are based on Net Assets of $13,248.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

  ^  All or a portion of the shares have been committed as collateral for open short positions.

  †  Security fair valued using methods determined in good faith by the Fair Value Committee. As of September 30, 2009, the total market value of this security was $43,279, representing 0.3% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

LLC — Limited Liability Company

NY — New York

S&P — Standard & Poor's

Ser — Series

SPDR — Standard & Poor's Depositary Receipt

The accompanying notes are an integral part of the financial statements.

24 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of securities sold short

Turner Spectrum Fund

September 30, 2009

	Shares		Value (000)
Common stock—40.4%
Consumer discretionary—8.1%
Advance Auto Parts		880	$	34
AutoNation*		8,410		152
AutoZone*		210		31
Blue Nile*		830		52
Cherokee		1,220		29
Children's Place Retail Stores*		920		27
Chipotle Mexican Grill, Cl A*		310		30
Christopher & Banks		2,960		20
Collective Brands*		1,330		23
Columbia Sportswear		2,480		102
Conn's*		2,200		25
Daimler		530		27
Gildan Activewear*		1,190		23
J.C. Penney		860		29
La-Z-Boy		2,580		22
Lululemon Athletica*		1,390		32
McGraw-Hill		630		16
MGM Mirage*		11,960		144
NetFlix*		840		39
Oxford Industries		1,060		21
Phillips-Van Heusen		660		29
Scripps Networks Interactive, Cl A		540		20
Under Armour, Cl A*		1,810		50
Wet Seal, Cl A*		26,380		100
Total Consumer discretionary				1,077
Consumer staples—0.5%
American Italian Pasta, Cl A*		980		26
Brown-Forman, Cl B		430		21
Clorox		300		18
Total Consumer staples				65
Energy—1.2%
Cal Dive International*		1,640		16
Exxon Mobil		290		20
Marathon Oil		574		18
Pride International*		3,460		106
Total Energy				160
Financials—10.6%
AllianceBernstein Holding LP		3,990		109
AmeriCredit*		11,520		182
BB&T		4,570		125

	Shares		Value (000)
Boston Private Financial Holdings		6,270	$	41
Canadian Imperial Bank of Commerce		480		29
Capital One Financial		1,370		49
Chubb		400		20
City National		830		32
Developers Diversified Realty		5,050		47
Essex Property Trust		250		20
Federated Investors, Cl B		970		26
Invesco		1,160		26
Legg Mason		680		21
Moody's		2,700		55
NASDAQ OMX Group*		1,340		28
Nomura Holdings ADR		3,670		22
Nordea Bank		2,310		23
Potlatch		1,290		37
PrivateBancorp		6,090		149
Raymond James Financial		2,440		57
Regency Centers		1,480		55
Stewart Information Services		3,880		48
SunTrust Banks		1,780		40
TCF Financial		4,480		58
Valley National Bancorp		2,260		28
Willis Group Holdings		620		18
Wintrust Financial		1,260		35
WR Berkley		730		18
Total Financials				1,398
Health care—7.9%
Acadia Pharmaceuticals*		7,310		13
AMAG Pharmaceuticals*		5,400		236
Ardea Biosciences*		810		15
Baxter International		360		20
Boston Scientific*		13,210		140
Celgene*		1,090		61
Genzyme*		2,860		162
MannKind*		5,150		51
Masimo*		1,620		42
Medidata Solutions*		960		15
Merck		3,960		125
Myriad Genetics*		780		21
Theravance*		8,040		118
Zoll Medical*		1,200		26
Total Health care				1,045

TURNER FUNDS 2009 ANNUAL REPORT 25

FINANCIAL STATEMENTS

Schedule of securities sold short

Turner Spectrum Fund

	Shares		Value (000)
Industrials—1.4%
Allegiant Travel*		1,240	$	47
Gol Linhas Aereas Inteligentes ADR		3,230		33
ICF International*		690		21
L-3 Communications Holdings		243		19
Lockheed Martin		306		24
Northrop Grumman		359		19
Snap-On		610		21
Total Industrials				184
Information technology—7.6%
Akamai Technologies*		1,630		32
Automatic Data Processing		1,300		51
Blackboard*		600		23
BMC Software*		470		18
CA		1,250		27
Citrix Systems*		3,320		130
Infosys Technologies ADR		2,762		134
Intuit*		960		27
Jack Henry & Associates		1,100		26
Linear Technology		650		18
Logitech International*		1,670		31
Nokia ADR		2,017		29
SAP ADR		630		31
Sohu.com*		310		21
Symantec*		8,200		135
Telefonaktiebolaget LM Ericsson ADR		13,460		135
Total System Services		1,730		28
VMware, Cl A*		2,630		106
Total Information technology				1,002
Materials—1.6%
Agrium		1,400		70
Allegheny Technologies		570		20
Lubrizol		1,460		104
Terra Nitrogen LP		160		17
Total Materials				211
Telecommunication services—1.5%
Tele Norte Leste Participacoes ADR		5,440		102
Telefonica ADR		1,250		104
Total Telecommunication services				206
Total Common stock (Proceeds $5,305)				5,348

	Shares		Value (000)
Exchange traded funds—10.0%
Financial Select Sector SPDR Fund		1,740	$	26
iShares Dow Jones Transportation Average Index Fund		830		57
iShares Dow Jones U.S. Industrial Sector Index Fund		890		45
iShares Dow Jones U.S. Real Estate Index Fund		3,930		168
iShares FTSE/Xinhua China 25 Index Fund		3,350		137
iShares MSCI Hong Kong Index Fund		3,600		56
iShares MSCI United Kingdom Index Fund		3,060		48
iShares Russell 2000 Growth Index Fund		2,240		146
Market Vectors - Agribusiness ETF		560		21
Materials Select Sector SPDR Fund		1,048		32
Powershares QQQ		1,670		70
SPDR S&P Homebuilders ETF		2,250		34
SPDR S&P Retail ETF		3,330		114
SPDR Trust, Ser 1		1,210		128
Vanguard Small-Cap Growth ETF		4,110		236
Total Exchange traded funds (Proceeds $1,264)				1,318
Rights—0.0%
Swedbank, Expires 10/09*		6		6
Total Rights (Proceeds $6)				6
Total Securities sold short—50.4% (Proceeds $6,575)			$	6,672

Percentages are based on Net Assets of $13,248.**

  *  Non-income producing security.

  **  This number has been rounded to the nearest thousand.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

FTSE — Financial Times Stock Exchange

LP — Limited Partnership

S&P — Standard & Poor's

Ser — Series

SPDR — Standard & Poor's Depositary Receipt

The accompanying notes are an integral part of the financial statements.

26 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of open options written

Turner Spectrum Fund

September 30, 2009

	Contracts		Value (000)
Written call options—0.0%
Micron Technology, 10/09 at $9*		28	$	—
Total open options written (Premiums received $0)			$	—

The following is a summary of inputs used as of September 30, 2009 in valuing the Fund's investments carried at value:

Investments in securities	Level 1		Level 2		Level 3			Total
Common stock	$	11,033	$	—	$	43	†	$	11,076
Put option contracts		124		—		—			124
Call option contracts		19		—		—			19
Cash equivalent		515		—		—			515
Total Investments in securities	$	11,691	$	—	$	43		$	11,734
Securities sold short	Level 1		Level 2		Level 3			Total
Common stock	$	5,348	$	—	$	—		$	5,348
Exchange traded funds		1,318		—		—			1,318
Rights		6		—		—			6
Written call options		—		—		—			—
Total Securities sold short	$	6,672	$	—	$	—		$	6,672

  †  Classified as consumer discretionary.

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:

	Investments in securities
Beginning balance as of October 1, 2008	$	—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Net purchases/sales		43
Net transfer in and/or out of Level 3		—
Ending balance as of September 30, 2009	$	43

Percentages are based on Net Assets of $13,248.**

  *  Non-income producing security.

  **  This number has been rounded to the nearest thousand.

Amounts designated as "—" are $0 or rounded to $0.

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 27

FINANCIAL STATEMENTS

Schedule of investments

Turner Concentrated Growth Fund

September 30, 2009

	Shares		Value (000)
Common stock—97.8%†
Consumer discretionary—14.8%
Amazon.com*		22,260	$	2,078
International Game Technology		89,800		1,929
Pulte Homes		173,030		1,902
Total Consumer discretionary				5,909
Energy—4.4%
PetroHawk Energy*		73,230		1,773
Total Energy				1,773
Financials—15.9%
Charles Schwab		94,900		1,817
Fortress Investment Group LLC, Cl A* #		334,560		1,739
Genworth Financial, Cl A		93,450		1,117
Morgan Stanley		53,900		1,665
Total Financials				6,338
Health care—3.8%
Gilead Sciences*		32,730		1,524
Total Health care				1,524
Industrials—3.1%
Continental Airlines, Cl B*		75,050		1,234
Total Industrials				1,234
Information technology—47.4%
Adobe Systems*		47,950		1,585
Alcatel-Lucent ADR		662,140		2,973
Apple*		11,260		2,087
Broadcom, Cl A*		59,570		1,828
Lam Research*		53,790		1,837
Micron Technology*		302,960		2,484
QUALCOMM		44,530		2,003
Salesforce.com*		33,850		1,927
Taiwan Semiconductor Manufacturing ADR		201,472		2,208
Total Information technology				18,932

	Shares		Value (000)
Materials—8.4%
Alcoa		132,880	$	1,743
Nucor		34,790		1,636
Total Materials				3,379
Total Common stock (Cost $30,222)				39,089
Cash equivalent—2.7%
BlackRock TempCash Fund, Institutional Shares 0.050%**(1)		1,071,703		1,072
Total Cash equivalent (Cost $1,072)				1,072
Total Investments—100.5% (Cost $31,294)			$	40,161

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $39,973.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

  †  More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

  #  Security fully or partially on loan at September 30, 2009. The total value of securities on loan at September 30, 2009 was $170,040. Certain of these securities may have been sold prior to period end and are included in receivable for investment securities sold on the Statement of Assets and Liabilities.

  (1)  The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Morgan Stanley. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 100% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the BlackRock TempCash Fund, Institutional Shares, a money market fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. A partial position of this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2009 was $178,777.

ADR — American Depositary Receipt

Cl — Class

LLC — Limited Liability Company

The accompanying notes are an integral part of the financial statements.

28 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Core Growth Fund

September 30, 2009

	Shares		Value (000)
Common stock—97.9%†
Consumer discretionary—10.9%
Amazon.com*		142,050	$	13,262
Cablevision Systems, Cl A		328,135		7,793
Coach		119,790		3,943
Guess?		134,980		5,000
Honda Motor ADR		131,430		3,984
International Game Technology		243,580		5,232
Kohl's*		158,070		9,018
Lowe's		290,140		6,075
Pulte Homes		745,010		8,188
Wynn Resorts* #		92,100		6,529
Total Consumer discretionary				69,024
Consumer staples—9.5%
Archer-Daniels-Midland		276,250		8,072
Avon Products		225,970		7,674
Colgate-Palmolive		121,540		9,271
CVS Caremark		298,310		10,662
PepsiCo		318,020		18,655
Whole Foods Market* #		193,262		5,892
Total Consumer staples				60,226
Energy—12.4%
Cameron International*		283,010		10,703
Enbridge		139,050		5,395
Occidental Petroleum		156,030		12,233
PetroHawk Energy*		294,140		7,121
Petroleo Brasileiro ADR		270,080		12,397
Southwestern Energy*		195,057		8,325
Transocean*		134,810		11,530
Weatherford International*		538,810		11,170
Total Energy				78,874
Financials—14.5%
Ameriprise Financial		234,220		8,509
BlackRock, Cl A		51,630		11,195
Charles Schwab		620,240		11,877
Digital Realty Trust #		105,460		4,820
Fifth Third Bancorp		286,390		2,901
Fortress Investment Group LLC, Cl A* #		693,860		3,608
Goldman Sachs Group		61,990		11,428
Hartford Financial Services Group		283,160		7,504

	Shares		Value (000)
IntercontinentalExchange*		47,060	$	4,574
MSCI, Cl A*		165,300		4,896
T. Rowe Price Group		232,020		10,603
Visa, Cl A		148,410		10,257
Total Financials				92,172
Health care—13.0%
Alexion Pharmaceuticals*		79,750		3,552
Allergan		77,800		4,416
Amgen*		314,651		18,951
Express Scripts*		146,320		11,352
Gilead Sciences*		451,790		21,044
Intuitive Surgical* #		15,238		3,996
Pfizer		541,470		8,961
St. Jude Medical*		156,250		6,096
Teva Pharmaceutical Industries ADR		83,890		4,242
Total Health care				82,610
Industrials—3.9%
C.H. Robinson Worldwide		74,040		4,276
Caterpillar		114,880		5,897
Cummins		108,760		4,873
Joy Global		115,219		5,639
Robert Half International		160,370		4,013
Total Industrials				24,698
Information technology—25.2%
Adobe Systems*		136,600		4,513
Alcatel-Lucent ADR		1,399,120		6,282
Apple*		156,560		29,022
Applied Materials		890,100		11,927
ASML Holding, NY Shares		245,150		7,249
Broadcom, Cl A*		293,640		9,012
Cisco Systems*		1,020,890		24,032
F5 Networks*		108,460		4,298
Google, Cl A*		37,510		18,599
Juniper Networks*		213,950		5,781
Lam Research*		317,350		10,841
Mastercard, Cl A		32,920		6,655
QUALCOMM		375,410		16,886
Salesforce.com*		84,070		4,786
Total Information technology				159,883

TURNER FUNDS 2009 ANNUAL REPORT 29

FINANCIAL STATEMENTS

Schedule of investments

Turner Core Growth Fund

	Shares		Value (000)
Materials—3.9%
Alcoa		698,010	$	9,158
Monsanto		105,500		8,165
Rio Tinto ADR		41,300		7,033
Total Materials				24,356
Telecommunication services—2.9%
America Movil, Ser L ADR		151,560		6,643
China Unicom Hong Kong ADR #		570,170		8,119
Millicom International Cellular*		45,320		3,297
Total Telecommunication services				18,059
Utilities—1.7%
Aqua America		253,480		4,472
Questar		171,040		6,424
Total Utilities				10,896
Total Common stock (Cost $525,914)				620,798
Cash equivalent—5.3%
BlackRock TempCash Fund Institutional Shares 0.050%** (1)		34,006,298		34,006
Total Cash equivalent (Cost $34,006)				34,006
Total Investments—103.2% (Cost $559,920)			$	654,804

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $634,193.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

  †  More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

  #  Security fully or partially on loan at September 30, 2009. The total value of securities on loan at September 30, 2009 was $13,624,734. Certain of these securities may have been sold prior to period end and are included in receivable for investment securities sold on the Statement of Assets and Liabilities.

  (1)  The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Morgan Stanley. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 100% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the BlackRock TempCash Fund, Institutional Shares, a money market fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. A partial position of this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2009 was $14,082,370.

ADR — American Depositary Receipt

Cl — Class

LLC — Limited Liability Company

NY — New York

Ser — Series

The accompanying notes are an integral part of the financial statements.

30 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Emerging Growth Fund

September 30, 2009

	Shares		Value (000)
Common stock—97.3%
Consumer discretionary—13.3%
AnnTaylor Stores*		126,800	$	2,015
Boyd Gaming* #		372,100		4,067
California Pizza Kitchen*		228,970		3,577
Chico's FAS*		304,410		3,957
Citi Trends*		196,470		5,594
Coinstar*		76,740		2,531
Cooper Tire & Rubber		217,600		3,825
Corinthian Colleges*		19,830		368
Cracker Barrel Old Country Store		48,430		1,666
Deckers Outdoor*		62,490		5,302
DineEquity #		92,620		2,292
Genesco*		87,450		2,105
Imax*		291,300		2,741
JOS A Bank Clothiers* #		67,330		3,014
New Oriental Education & Technology Group ADR* #		13,450		1,082
Red Robin Gourmet Burgers*		193,440		3,950
Ryland Group		87,860		1,851
Talbots #		149,600		1,381
True Religion Apparel* #		123,970		3,215
Vitacost.com* #		133,850		1,462
Volcom* #		83,400		1,374
Total Consumer discretionary				57,369
Consumer staples—4.5%
Central European Distribution*		196,140		6,425
Green Mountain Coffee Roasters* #		61,525		4,543
TreeHouse Foods*		54,830		1,956
United Natural Foods*		277,088		6,628
Total Consumer staples				19,552
Energy—8.6%
Arena Resources*		145,690		5,172
Brigham Exploration*		288,695		2,621
Carrizo Oil & Gas*		179,648		4,399
Dawson Geophysical*		79,400		2,174
NATCO Group, Cl A*		136,165		6,030
Penn Virginia		219,370		5,026
Walter Energy		123,850		7,439
Willbros Group*		298,752		4,550
Total Energy				37,411

	Shares		Value (000)
Financials—6.9%
American Physicians Capital		213,320	$	6,146
City Holding		39,800		1,187
CNinsure ADR		18,950		435
Harleysville Group		116,160		3,677
IBERIABANK		69,070		3,147
Navigators Group*		118,590		6,522
Radian Group		702,280		7,430
Umpqua Holdings #		121,260		1,285
Total Financials				29,829
Health care—18.2%
Acorda Therapeutics*		285,062		6,636
Air Methods*		241,239		7,857
Alexion Pharmaceuticals*		188,410		8,392
Auxilium Pharmaceuticals* #		75,430		2,581
Catalyst Health Solutions*		124,280		3,623
Facet Biotech*		74,210		1,283
HMS Holdings*		60,120		2,298
ICON ADR*		178,240		4,365
Immucor*		74,240		1,314
Kendle International*		143,130		2,393
MedAssets*		132,810		2,998
Momenta Pharmaceuticals*		77,820		826
Orthofix International*		130,940		3,848
Parexel International*		282,254		3,836
PharMerica*		184,250		3,422
PSS World Medical*		120,840		2,638
Psychiatric Solutions*		174,200		4,661
Savient Pharmaceuticals* #		242,170		3,681
SXC Health Solutions*		64,207		3,004
Vanda Pharmaceuticals* #		85,220		992
Viropharma*		215,300		2,071
West Pharmaceutical Services		55,380		2,249
Wright Medical Group*		123,528		2,206
XenoPort*		78,240		1,661
Total Health care				78,835
Industrials—18.5%
Aerovironment* #		65,390		1,837
American Science & Engineering #		74,839		5,092
AZZ*		52,430		2,106
Bucyrus International, Cl A		244,920		8,724
CBIZ*		760,260		5,672

TURNER FUNDS 2009 ANNUAL REPORT 31

FINANCIAL STATEMENTS

Schedule of investments

Turner Emerging Growth Fund

	Shares		Value (000)
Chart Industries*		139,181	$	3,005
CIRCOR International		78,090		2,207
Clean Harbors*		112,380		6,322
Copa Holdings, Cl A		65,930		2,933
Cubic		75,870		2,994
EnPro Industries*		167,400		3,827
ESCO Technologies*		67,160		2,646
Genesee & Wyoming, Cl A*		182,185		5,524
HUB Group, Cl A*		93,108		2,128
Huron Consulting Group* #		218,900		5,654
Middleby* #		112,010		6,162
Powell Industries*		90,260		3,465
Robbins & Myers		58,340		1,370
SmartHeat* #		218,748		2,596
Triumph Group		63,626		3,053
United Stationers*		40,450		1,926
Wabash National		352,540		959
Total Industrials				80,202
Information technology—20.3%
3PAR* #		393,166		4,337
Actuate*		508,920		2,941
ANSYS*		267,430		10,021
Ariba*		547,130		6,347
AsiaInfo Holdings*		173,690		3,469
Atheros Communications*		110,710		2,937
Blue Coat Systems*		161,760		3,654
Cavium Networks* #		100,780		2,164
Cirrus Logic*		165,420		920
Cogo Group*		182,780		1,119
Comtech Telecommunications*		88,995		2,957
Cybersource*		337,706		5,629
Ebix* #		46,170		2,556
Fairchild Semiconductor International, Cl A*		393,030		4,021
Global Cash Access Holdings*		208,460		1,524
Hittite Microwave*		59,900		2,203
Integrated Device Technology*		301,270		2,036
Kenexa*		188,220		2,537
Net 1 UEPS Technologies*		200,290		4,198
Netezza*		204,210		2,295
Netscout Systems*		99,670		1,346

	Shares		Value (000)
Palm* #		229,790	$	4,005
Plexus*		112,170		2,955
Power Integrations		81,660		2,722
Quality Systems #		27,560		1,697
Sourcefire*		100,130		2,150
STEC* #		110,160		3,237
Tyler Technologies*		108,939		1,862
Total Information technology				87,839
Materials—4.5%
Domtar*		54,810		1,930
Huntsman		472,130		4,301
Schweitzer-Manduit International		78,420		4,263
Solutia*		506,125		5,861
Thompson Creek Metals*		239,470		2,891
Total Materials				19,246
Telecommunication services—1.8%
Neutral Tandem*		182,180		4,146
NTELOS Holdings		205,180		3,624
Total Telecommunication services				7,770
Utilities—0.7%
Artesian Resources, Cl A #		60,815		1,023
California Water Service Group		50,362		1,961
Total Utilities				2,984
Total Common stock (Cost $338,111)				421,037

32 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Emerging Growth Fund

	Shares		Value (000)
Cash equivalent—15.0%
BlackRock TempCash Fund Institutional Shares 0.050%** (1)		64,838,426	$	64,838
Total Cash equivalent (Cost $64,838)				64,838
Total Investments—112.3% (Cost $402,949)			$	485,875

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $432,602.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

  #  Security fully or partially on loan at September 30, 2009. The total value of securities on loan at September 30, 2009 was $50,473,901. Certain of these securities may have been sold prior to period end and are included in receivable for investment securities sold on the Statement of Assets and Liabilities.

  (1)  The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Morgan Stanley. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 100% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the BlackRock TempCash Fund, Institutional Shares, a money market fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. A partial position of this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2009 was $51,758,547.

ADR — American Depositary Receipt

Cl — Class

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 33

FINANCIAL STATEMENTS

Schedule of investments

Turner Large Cap Growth Fund

September 30, 2009

	Shares		Value (000)
Common stock—97.5%†
Consumer discretionary—10.8%
Amazon.com*		31,720	$	2,961
Coach		36,070		1,188
Honda Motor ADR		39,890		1,209
International Game Technology		47,320		1,017
Kohl's*		27,170		1,550
Lowe's		86,160		1,804
Pulte Homes		63,610		699
Total Consumer discretionary				10,428
Consumer staples—14.5%
Archer-Daniels-Midland		65,890		1,925
Avon Products		76,790		2,608
Colgate-Palmolive		21,140		1,613
CVS Caremark		64,560		2,307
PepsiCo		92,790		5,443
Total Consumer staples				13,896
Energy—3.8%
Occidental Petroleum		23,550		1,846
Southwestern Energy*		20,260		865
Weatherford International*		44,060		913
Total Energy				3,624
Financials—5.8%
Charles Schwab		56,480		1,082
Fifth Third Bancorp		75,400		764
Goldman Sachs Group		9,410		1,735
T. Rowe Price Group		22,000		1,005
Visa, Cl A		14,810		1,023
Total Financials				5,609
Health care—17.1%
Alcon		8,030		1,114
Amgen*		49,180		2,962
Express Scripts*		31,410		2,437
Gilead Sciences*		73,250		3,412
Pfizer		49,700		823
Shire ADR		19,380		1,013
St. Jude Medical*		42,790		1,669
Teva Pharmaceutical Industries ADR		25,820		1,305
Thermo Fisher Scientific*		39,000		1,703
Total Health care				16,438

	Shares		Value (000)
Industrials—2.8%
C.H. Robinson Worldwide		14,440	$	834
Caterpillar		18,050		927
Cummins		21,100		945
Total Industrials				2,706
Information technology—39.2%
Adobe Systems*		50,790		1,678
Alcatel-Lucent ADR		422,840		1,899
Apple*		27,120		5,027
Applied Materials		192,310		2,577
Broadcom, Cl A*		132,540		4,068
Cisco Systems*		202,300		4,762
Google, Cl A*		9,665		4,793
Juniper Networks*		84,630		2,287
Kla-Tencor		62,130		2,228
QUALCOMM		91,250		4,104
Taiwan Semiconductor Manufacturing ADR		207,875		2,278
Xilinx		84,040		1,968
Total Information technology				37,669
Materials—3.5%
Monsanto		16,720		1,294
Nucor		22,640		1,064
Rio Tinto ADR		6,170		1,051
Total Materials				3,409
Total Common stock (Cost $84,594)				93,779

34 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Large Cap Growth Fund

	Shares		Value (000)
Cash equivalent—4.4%
BlackRock TempCash Fund, Institutional Shares 0.050%**		4,205,660	$	4,206
Total Cash equivalent (Cost $4,206)				4,206
Total Investments—101.9% (Cost $88,800)			$	97,985

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $96,131.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

  †  More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

ADR — American Depositary Receipt

Cl — Class

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 35

FINANCIAL STATEMENTS

Schedule of investments

Turner Midcap Growth Fund

September 30, 2009

	Shares		Value (000)
Common stock—100.4%†
Consumer discretionary—18.6%
Bed Bath & Beyond*		355,840	$	13,358
Black & Decker		144,340		6,681
Cablevision Systems, Cl A		267,936		6,363
Coach		446,960		14,714
Darden Restaurants		160,886		5,491
DR Horton		847,550		9,671
Goodyear Tire & Rubber*		610,430		10,396
Guess?		388,932		14,406
Nordstrom #		353,050		10,782
Panera Bread, Cl A*		71,689		3,943
Penn National Gaming*		194,428		5,378
priceline.com*		69,540		11,531
Pulte Homes		746,727		8,206
Starwood Hotels & Resorts Worldwide		458,860		15,156
Urban Outfitters*		494,884		14,931
Warnaco Group*		137,550		6,033
WMS Industries*		300,725		13,400
Wynn Resorts* #		217,005		15,384
Total Consumer discretionary				185,824
Consumer staples—6.9%
Alberto-Culver, Cl B		238,907		6,613
Avon Products		537,400		18,250
Energizer Holdings*		191,250		12,687
Green Mountain Coffee Roasters*		108,350		8,001
Hansen Natural*		192,315		7,066
Whole Foods Market* #		552,920		16,858
Total Consumer staples				69,475
Energy—6.4%
Cameron International*		370,969		14,030
Consol Energy		287,946		12,989
Nabors Industries*		491,470		10,272
PetroHawk Energy*		485,060		11,743
Range Resources		296,811		14,651
Total Energy				63,685
Financials—10.6%
Affiliated Managers Group*		111,974		7,280
CB Richard Ellis Group, Cl A*		622,860		7,312
Digital Realty Trust #		258,470		11,815

	Shares		Value (000)
Discover Financial Services		523,710	$	8,500
Fifth Third Bancorp		784,350		7,945
Genworth Financial, Cl A		950,210		11,355
Hartford Financial Services Group		196,830		5,216
IntercontinentalExchange*		99,411		9,662
MSCI, Cl A*		326,680		9,676
T. Rowe Price Group		344,929		15,763
TD Ameritrade Holding*		590,570		11,587
Total Financials				106,111
Health care—14.0%
Alexion Pharmaceuticals*		341,297		15,201
AmerisourceBergen, Cl A		322,728		7,223
Beckman Coulter		144,945		9,993
CIGNA		241,260		6,777
Community Health Systems*		200,280		6,395
DaVita*		140,039		7,932
Health Management Associates, Cl A*		549,780		4,118
Illumina*		332,449		14,129
Intuitive Surgical* #		48,092		12,612
Laboratory Corp. of America Holdings*		111,820		7,347
Life Technologies*		176,220		8,203
Omnicare		355,304		8,001
United Therapeutics*		271,006		13,277
Vertex Pharmaceuticals*		152,140		5,766
Waters*		91,308		5,100
Watson Pharmaceuticals*		212,881		7,800
Total Health care				139,874
Industrials—10.5%
C.H. Robinson Worldwide		223,190		12,889
Continental Airlines, Cl B*		619,622		10,187
Cummins		307,680		13,787
Fastenal #		211,060		8,168
Joy Global		160,190		7,840
McDermott International*		355,710		8,989
Navistar International*		134,190		5,021
Parker Hannifin		184,900		9,585
Precision Castparts		137,262		13,983
Robert Half International		449,639		11,250
URS*		68,770		3,002
Total Industrials				104,701

36 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Midcap Growth Fund

	Shares		Value (000)
Information technology—25.6%
Alcatel-Lucent ADR		2,305,480	$	10,352
ASML Holding, NY Shares		379,760		11,229
Atheros Communications*		451,258		11,972
Broadcom, Cl A*		474,151		14,552
Brocade Communications Systems*		1,202,560		9,452
Ciena* #		431,480		7,024
F5 Networks*		441,514		17,497
Fiserv*		253,443		12,216
Global Payments		285,940		13,353
Juniper Networks*		262,384		7,090
Lam Research*		355,965		12,160
Marvell Technology Group*		885,990		14,344
McAfee*		370,691		16,233
MercadoLibre*		142,980		5,499
Micron Technology*		2,330,880		19,113
NetApp*		651,780		17,390
Netlogic Microsystems* #		148,910		6,701
PMC - Sierra*		1,114,419		10,654
Salesforce.com*		190,990		10,873
Varian Semiconductor Equipment Associates*		376,061		12,350
VeriSign*		420,680		9,966
VistaPrint* #		109,543		5,559
Total Information technology				255,579
Materials—5.2%
Airgas		133,779		6,471
Alcoa		665,720		8,734
CF Industries Holdings		121,560		10,482
Ecolab		209,277		9,675
Thompson Creek Metals*		273,610		3,303
United States Steel		314,380		13,949
Total Materials				52,614
Telecommunication services—0.8%
Millicom International Cellular*		112,570		8,188
Total Telecommunication services				8,188

	Shares		Value (000)
Utilities—1.8%
AES*		750,656	$	11,125
Questar		176,606		6,633
Total Utilities				17,758
Total Common stock (Cost $766,521)				1,003,809
Cash equivalent—7.0%
BlackRock TempCash Fund, Institutional Shares 0.050%** (1)		69,957,421		69,957
Total Cash equivalent (Cost $69,957)				69,957
Total Investments—107.4% (Cost $836,478)			$	1,073,766

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $999,601.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

  †  More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

  #  Security fully or partially on loan at September 30, 2009. The total value of securities on loan at September 30, 2009 was $68,078,495. Certain of these securities may have been sold prior to period end and are included in receivable for investment securities sold on the Statement of Assets and Liabilities.

  (1)  The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Morgan Stanley. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 100% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the BlackRock TempCash Fund, Institutional Shares, a money market fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. This security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2009 was $69,957,421.

ADR — American Depositary Receipt

Cl — Class

NY — New York

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 37

FINANCIAL STATEMENTS

Schedule of investments

Turner New Enterprise Fund

September 30, 2009

	Shares		Value (000)
Common stock—99.7%†
Consumer discretionary—15.4%
Coach		27,700	$	912
Guess?		21,680		803
Melco Crown Entertainment ADR*		102,100		711
Orient-Express Hotels, Cl A #		65,500		754
WMS Industries*		19,370		863
Total Consumer discretionary				4,043
Consumer staples—5.6%
Green Mountain Coffee Roasters*		10,390		767
Whole Foods Market* #		23,460		715
Total Consumer staples				1,482
Financials—8.5%
Genworth Financial, Cl A		56,900		680
Goldman Sachs Group		4,590		846
MSCI, Cl A*		23,830		706
Total Financials				2,232
Health care—11.9%
Alexion Pharmaceuticals*		20,790		926
Express Scripts*		15,260		1,184
Gilead Sciences*		22,170		1,033
Total Health care				3,143
Industrials—1.7%
A123 Systems*		21,200		452
Total Industrials				452
Information technology—51.4%
Alcatel-Lucent ADR		189,170		849
Apple*		5,540		1,027
Applied Micro Circuits*		73,600		735
ASML Holding, NY Shares		24,600		728
Atheros Communications*		28,430		754
Broadcom, Cl A*		23,550		723
Brocade Communications Systems*		61,200		481
Ciena*		41,040		668
F5 Networks*		35,640		1,413
Google, Cl A*		1,430		709
Lam Research*		24,240		828
McAfee*		15,890		696

	Shares		Value (000)
Micron Technology*		171,880	$	1,409
QUALCOMM		16,860		758
STEC* #		14,200		417
Taiwan Semiconductor Manufacturing ADR		56,903		624
Varian Semiconductor Equipment Associates*		21,980		722
Total Information technology				13,541
Materials—5.2%
CF Industries Holdings		9,410		811
Thompson Creek Metals*		45,570		550
Total Materials				1,361
Total Common stock (Cost $19,833)				26,254
Cash equivalent—9.6%
BlackRock TempCash Fund, Institutional Shares 0.050%** (1)		2,526,159		2,526
Total Cash equivalent (Cost $2,526)				2,526
Total Investments—109.3% (Cost $22,359)			$	28,780

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $26,324.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

  †  More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

  #  Security fully or partially on loan at September 30, 2009. The total value of securities on loan at September 30, 2009, was $1,254,475. Certain of these securities may have been sold prior to period end and are included in receivable for investment securities sold on the Statement of Assets and Liabilities.

38 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner New Enterprise Fund

  (1)  The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Morgan Stanley. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 100% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the BlackRock TempCash Fund, Institutional Shares, a money market fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. A partial position of this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2009 was $1,282,957.

ADR — American Depositary Receipt

Cl — Class

NY — New York

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 39

FINANCIAL STATEMENTS

Schedule of investments

Turner Small Cap Growth Fund

September 30, 2009

	Shares		Value (000)
Common stock—98.3%†
Consumer discretionary—16.4%
ArvinMeritor		225,436	$	1,763
Capella Education*		25,100		1,690
Coldwater Creek*		287,650		2,359
Deckers Outdoor*		23,040		1,955
DineEquity #		68,130		1,686
Fuqi International* #		56,420		1,652
Gaylord Entertainment* #		78,308		1,574
J. Crew Group*		87,910		3,149
Life Time Fitness* #		83,560		2,344
Orient-Express Hotels, Cl A #		270,680		3,115
Ryland Group		86,480		1,822
Saks* #		430,250		2,934
Scientific Games, Cl A*		105,490		1,670
Texas Roadhouse, Cl A*		239,620		2,545
True Religion Apparel* #		96,680		2,507
Tupperware Brands		48,030		1,918
Warnaco Group*		76,770		3,367
WMS Industries*		70,260		3,131
Total Consumer discretionary				41,181
Consumer staples—2.7%
Central European Distribution*		33,660		1,103
Chattem* #		26,249		1,743
Lance		64,000		1,653
United Natural Foods*		94,833		2,268
Total Consumer staples				6,767
Energy—2.3%
Arena Resources*		66,170		2,349
Holly		39,800		1,020
Key Energy Services*		279,007		2,427
Total Energy				5,796
Financials—6.4%
Artio Global Investors, Cl A* #		94,400		2,469
Bank of the Ozarks #		74,680		1,981
E-House China Holdings ADR* #		81,130		1,733
GLG Partners #		514,500		2,074
optionsXpress Holdings		25,600		442
ProAssurance*		29,660		1,548
Stifel Financial*		41,080		2,255
Tanger Factory Outlet Centers #		49,060		1,832
Western Alliance Bancorp*		271,190		1,711
Total Financials				16,045

	Shares		Value (000)
Health care—23.7%
Acorda Therapeutics*		114,310	$	2,661
Align Technology*		118,795		1,689
AMERIGROUP*		82,957		1,839
Auxilium Pharmaceuticals* #		43,600		1,492
Emergency Medical Services, Cl A*		43,060		2,002
ev3*		152,810		1,881
Haemonetics*		26,270		1,474
Healthsouth*		134,640		2,106
Human Genome Sciences* #		143,510		2,701
ICON ADR*		53,130		1,301
Immucor*		70,450		1,247
Impax Laboratories*		102,120		890
MedAssets*		91,520		2,066
Mednax*		35,230		1,935
NuVasive* #		55,900		2,334
Onyx Pharmaceuticals*		32,610		978
OSI Pharmaceuticals*		29,600		1,045
Owens & Minor		48,060		2,175
Parexel International*		91,130		1,239
Perrigo		42,510		1,445
PharMerica*		79,600		1,478
Psychiatric Solutions*		90,490		2,421
Regeneron Pharmaceuticals*		61,130		1,179
Savient Pharmaceuticals* #		118,900		1,807
Seattle Genetics*		83,100		1,166
STERIS		66,160		2,015
SXC Health Solutions*		30,570		1,430
Tenet Healthcare*		732,850		4,309
Thoratec*		67,020		2,029
United Therapeutics*		66,240		3,245
Vivus*		69,060		722
West Pharmaceutical Services		60,270		2,448
XenoPort*		33,496		711
Total Health care				59,460
Industrials—8.5%
American Superconductor* #		50,280		1,687
Copa Holdings, Cl A		45,530		2,026
Ener1*		152,220		1,053
EnPro Industries*		57,650		1,318
Genesee & Wyoming, Cl A*		61,880		1,876
HUB Group, Cl A*		48,410		1,106
Kforce*		179,930		2,163

40 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Small Cap Growth Fund

	Shares		Value (000)
Mobile Mini*		109,936	$	1,908
Nordson		23,930		1,342
Tetra Tech*		79,260		2,103
Trina Solar ADR*		68,998		2,220
Watsco		44,080		2,376
Total Industrials				21,178
Information technology—32.4%
Adtran		106,070		2,604
Ariba*		217,210		2,520
AsiaInfo Holdings* #		122,760		2,452
Atheros Communications*		156,830		4,161
Blue Coat Systems*		86,260		1,949
Ciena* #		150,680		2,453
comScore*		104,940		1,890
Cybersource*		149,235		2,488
Cymer*		50,070		1,946
DealerTrack Holdings*		99,920		1,889
Digital River*		61,120		2,464
Diodes*		85,960		1,555
Fairchild Semiconductor International, Cl A*		371,580		3,801
GSI Commerce*		135,640		2,619
MercadoLibre* #		49,960		1,921
Net 1 UEPS Technologies*		136,500		2,861
Netlogic Microsystems* #		79,640		3,584
Omniture*		115,267		2,471
Palm* #		200,410		3,493
Plexus*		113,540		2,991
PMC - Sierra*		425,530		4,068
Quality Systems #		23,030		1,418
Riverbed Technology*		61,420		1,349
Semtech*		136,750		2,326
SolarWinds* #		73,470		1,618
Sourcefire*		114,359		2,455
Teradyne*		387,560		3,585
Ultratech*		135,950		1,798
Varian Semiconductor Equipment Associates*		104,790		3,441
Verigy*		186,870		2,172
VistaPrint* #		52,050		2,642
Vocus*		109,201		2,281
Total Information technology				81,265

	Shares		Value (000)
Materials—4.0%
Century Aluminum*		143,440	$	1,341
Compass Minerals International #		37,190		2,291
Schweitzer-Manduit International		19,367		1,053
Solutia*		84,280		976
Temple-Inland		130,930		2,150
Thompson Creek Metals* #		179,370		2,165
Total Materials				9,976
Telecommunication services—1.9%
Neutral Tandem*		67,570		1,538
Premiere Global Services*		153,190		1,273
tw telecom inc, Cl A* #		148,630		1,999
Total Telecommunication services				4,810
Total Common stock (Cost $196,457)				246,478
Cash equivalent—22.9%
BlackRock TempCash Fund, Institutional Shares 0.050%** (1)		57,498,985		57,499
Total Cash equivalent (Cost $57,499)				57,499
Total Investments—121.2% (Cost $253,956)			$	303,977

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $250,860.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

  †  More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

  #  Security fully or partially on loan at September 30, 2009. The total value of securities on loan at September 30, 2009, was $52,493,374. Certain of these securities may have been sold prior to period end and are included in receivable for investment securities sold on the Statement of Assets and Liabilities.

TURNER FUNDS 2009 ANNUAL REPORT 41

FINANCIAL STATEMENTS

Schedule of investments

Turner Small Cap Growth Fund

  (1)  The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Morgan Stanley. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 100% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the BlackRock TempCash Fund, Institutional Shares, a money market fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. A partial position of this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2009 was $53,739,634.

ADR — American Depositary Receipt

Cl — Class

The accompanying notes are an integral part of the financial statements.

42 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Quantitative Broad Market Equity Fund

September 30, 2009

	Shares		Value (000)
Common stock—97.6%
Consumer discretionary—10.9%
Amazon.com*		30	$	3
American Eagle Outfitters		160		3
AutoNation*		220		4
Comcast, Cl A		310		5
DeVry		70		4
DIRECTV Group*		180		5
Ford Motor*		730		5
Guess?		130		5
Home Depot		140		4
Liberty Media - Interactive, Cl A*		450		5
Macy's		150		3
McDonald's		60		3
Target		50		2
Time Warner Cable, Cl A		89		4
Walt Disney		110		3
Total Consumer discretionary				58
Consumer staples—10.2%
Altria Group		260		5
Avon Products		210		7
Coca-Cola		100		5
Constellation Brands, Cl A*		310		5
CVS Caremark		80		3
Estee Lauder, Cl A		130		5
Fresh Del Monte Produce*		170		4
Kroger		240		5
PepsiCo		76		4
Philip Morris International		50		2
Procter & Gamble		50		3
Wal-Mart Stores		122		6
Total Consumer staples				54
Energy—11.7%
Anadarko Petroleum		60		4
Apache		50		4
Chevron		50		3
Cimarex Energy		130		6
ConocoPhillips		56		3
Devon Energy		60		4
Exxon Mobil		120		8
Murphy Oil		90		5
Occidental Petroleum		35		3
Penn Virginia		220		5

	Shares		Value (000)
Pioneer Natural Resources		160	$	6
Spectra Energy		290		5
Williams		330		6
Total Energy				62
Financials—15.5%
Affiliated Managers Group*		70		4
Bank of America		410		7
Bank of New York Mellon		90		2
Charles Schwab		270		5
Citigroup		1,790		9
Goldman Sachs Group		20		4
JPMorgan Chase		176		8
MetLife		70		2
NYSE Euronext		90		3
Old Republic International		341		4
PNC Financial Services Group		140		7
Principal Financial Group		140		4
Regions Financial		420		3
Reinsurance Group of America, Cl A		60		3
T. Rowe Price Group		84		4
US Bancorp		210		4
Webster Financial		320		4
Wells Fargo		170		5
Total Financials				82
Health care—12.0%
Boston Scientific*		420		4
Bristol-Myers Squibb		200		5
Charles River Laboratories International*		140		5
Community Health Systems*		180		6
Coventry Health Care*		280		6
Intuitive Surgical*		20		5
Inverness Medical Innovations*		150		6
Johnson & Johnson		101		6
Merck		90		3
Mylan*		340		5
PDL BioPharma		400		3
Pfizer		350		6
Thermo Fisher Scientific*		90		4
Total Health care				64

TURNER FUNDS 2009 ANNUAL REPORT 43

FINANCIAL STATEMENTS

Schedule of investments

Turner Quantitative Broad Market Equity Fund

	Shares		Value (000)
Industrials—8.5%
3M		40	$	3
AMR*		300		2
Boeing		50		3
CSX		120		5
General Electric		557		9
Harsco		110		4
Navistar International*		140		5
Precision Castparts		40		4
Union Pacific		60		4
United Parcel Service, Cl B		50		3
United Technologies		50		3
Total Industrials				45
Information technology—19.2%
Alliance Data Systems*		90		5
Apple*		30		5
Cisco Systems*		297		7
Corning		360		5
Fidelity National Information Services		220		6
Google, Cl A*		9		5
Hewlett-Packard		140		7
Intel		180		4
International Business Machines		72		9
Juniper Networks*		170		5
Microsoft		347		9
Oracle		160		3
QUALCOMM		110		5
Salesforce.com*		100		6
Taiwan Semiconductor Manufacturing ADR		552		6
VeriSign*		220		5
Xerox		550		4
Xilinx		270		6
Total Information technology				102
Materials—3.8%
Celanese, Ser A		120		3
Cytec Industries		140		5
Eastman Chemical		60		3
Greif, Cl A		90		5
Nucor		100		4
Total Materials				20

	Shares		Value (000)
Telecommunication services—4.3%
AT&T		320	$	9
Crown Castle International*		220		7
NII Holdings*		140		4
Verizon Communications		100		3
Total Telecommunication services				23
Utilities—1.5%
Energen		120		5
Great Plains Energy		190		3
Total Utilities				8
Total Common stock (Cost $440)				518
Cash equivalent—2.8%
BlackRock TempCash Fund, Institutional Shares 0.050%**		14,784		15
Total Cash equivalent (Cost $15)				15
Total Investments—100.4% (Cost $455)			$	533

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $531.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

ADR — American Depositary Receipt

Cl — Class

Ser — Series

The accompanying notes are an integral part of the financial statements.

44 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Quantitative Large Cap Value Fund

September 30, 2009

	Shares		Value (000)
Common stock—97.8%
Consumer discretionary—9.7%
Amazon.com*		50	$	5
Apollo Group, Cl A*		80		6
Comcast, Cl A		470		8
Ford Motor*		440		3
Home Depot		250		7
Johnson Controls		290		7
Liberty Media - Interactive, Cl A*		620		7
Lowe's		210		4
Time Warner		280		8
Time Warner Cable, Cl A		230		10
Urban Outfitters*		240		7
Walt Disney		110		3
Total Consumer discretionary				75
Consumer staples—6.4%
Avon Products		210		7
Coca-Cola		100		5
CVS Caremark		160		6
Kraft Foods, Cl A		240		6
Sara Lee		600		7
Smithfield Foods*		250		4
Wal-Mart Stores		110		5
Whole Foods Market*		330		10
Total Consumer staples				50
Energy—16.8%
Apache		60		6
Chevron		180		13
Devon Energy		80		5
EOG Resources		110		9
Exxon Mobil		320		22
Marathon Oil		320		10
Murphy Oil		120		7
Occidental Petroleum		170		13
Peabody Energy		240		9
Southwestern Energy*		140		6
Spectra Energy		630		12
Weatherford International*		290		6
Williams		460		8
XTO Energy		100		4
Total Energy				130

	Shares		Value (000)
Financials—23.2%
Aflac		240	$	10
Arthur J. Gallagher		350		9
Bank of America		1,410		24
BB&T		150		4
Capital One Financial		240		9
Citigroup		1,480		7
Equity Residential		140		4
Fifth Third Bancorp		370		4
Franklin Resources		100		10
Goldman Sachs Group		80		15
JPMorgan Chase		550		24
MetLife		210		8
Morgan Stanley		200		6
Regions Financial		870		5
T. Rowe Price Group		170		8
TD Ameritrade Holding*		370		7
US Bancorp		370		8
Wells Fargo		630		18
Total Financials				180
Health care—9.7%
Boston Scientific*		660		7
Charles River Laboratories International*		140		5
Community Health Systems*		150		5
Coventry Health Care*		400		8
Illumina*		160		7
Medco Health Solutions*		130		7
Merck		180		5
Mylan*		490		8
Pfizer		1,010		17
UnitedHealth Group		240		6
Total Health care				75
Industrials—9.1%
Boeing		90		5
General Electric		1,890		31
Illinois Tool Works		130		6
L-3 Communications Holdings		80		6
Lockheed Martin		60		5
Norfolk Southern		170		7
Northrop Grumman		120		6
Raytheon		90		5
Total Industrials				71

TURNER FUNDS 2009 ANNUAL REPORT 45

FINANCIAL STATEMENTS

Schedule of investments

Turner Quantitative Large Cap Value Fund

	Shares		Value (000)
Information technology—8.3%
Alliance Data Systems*		150	$	9
Altera		390		8
Applied Materials		350		5
Electronic Arts*		170		3
Hewlett-Packard		90		4
Intel		290		6
Mastercard, Cl A		30		6
Motorola		510		4
National Semiconductor		390		5
VeriSign*		320		8
Xerox		730		6
Total Information technology				64
Materials—3.2%
Celanese, Ser A		210		5
Dow Chemical		370		10
Freeport-McMoRan Copper & Gold		150		10
Total Materials				25
Telecommunication services—5.3%
AT&T		960		26
NII Holdings*		250		7
Verizon Communications		250		8
Total Telecommunication services				41
Utilities—6.1%
AES*		550		8
Centerpoint Energy		610		8
EQT		170		7
Exelon		90		5
Oneok		210		8
PPL		180		5
TECO Energy		490		7
Total Utilities				48
Total Common stock (Cost $634)				759

	Shares		Value (000)
Cash equivalent—2.2%
BlackRock TempCash Fund, Institutional Shares 0.050%**		17,188	$	17
Total Cash equivalent (Cost $17)				17
Total Investments—100.0% (Cost $651)			$	776

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $776.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

Cl — Class

Ser — Series

The accompanying notes are an integral part of the financial statements.

46 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner International Core Growth Fund

September 30, 2009

	Shares		Value (000)
Common stock—96.4%
Consumer discretionary—11.2%
Dongfeng Motor Group, Cl H		32,810	$	35
Honda Motor		1,900		59
Inditex		1,140		65
Intercontinental Hotels Group		2,939		38
LVMH Moet Hennessy Louis Vuitton		585		59
Panasonic		3,590		53
Parkson Retail Group		27,407		41
Sony		1,500		44
Wynn Macau* ^		29,248		38
Total Consumer discretionary				432
Consumer staples—10.9%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		770		43
Diageo		4,590		71
Hypermarcas*		2,304		46
Nestle		2,490		106
Reckitt Benckiser Group		1,054		51
Wimm-Bill-Dann Foods ADR*		600		43
Woolworths		2,290		59
Total Consumer staples				419
Energy—10.8%
BG Group		3,810		66
CNOOC		33,800		46
Enbridge		1,360		53
OGX Petroleo e Gas Participacoes		100		76
Transocean*		760		65
Tullow Oil		2,940		53
Weatherford International*		2,760		57
Total Energy				416
Financials—18.7%
Admiral Group		3,770		70
Bank of Nova Scotia		866		39
Deutsche Boerse		650		53
GAM Holding		1,426		71
HDFC Bank ADR		350		41
Industrial & Commercial Bank of China		95,250		72
ING Groep		4,290		77
Intesa Sanpaolo		15,329		68
Mitsubishi UFJ Financial Group		10,030		54

	Shares		Value (000)
Mitsui Fudosan		3,160	$	53
Standard Chartered		2,378		59
Westpac Banking		2,760		64
Total Financials				721
Health care—10.6%
Alcon		450		62
AstraZeneca		610		28
Biovail		2,211		34
Covidien		990		43
Nobel Biocare Holding		830		28
Roche Holding		520		84
Sonova Holding		420		42
SSL International		4,910		50
Teva Pharmaceutical Industries ADR		720		36
Total Health care				407
Industrials—4.2%
Komatsu		3,200		60
Kurita Water Industries		1,600		57
Tyco International		1,330		46
Total Industrials				163
Information technology—11.7%
Aixtron		2,569		70
Alcatel-Lucent		19,520		87
ASML Holding		2,730		80
Autonomy*		2,640		69
Longtop Financial Technologies ADR*		1,280		36
Samsung Electronics		90		63
Taiwan Semiconductor Manufacturing ADR		4,120		45
Total Information technology				450
Materials—10.9%
Air Liquide		500		57
Anhui Conch Cement, Cl H		6,880		46
ArcelorMittal		1,484		55
BHP Billiton		2,400		80
Rio Tinto		1,393		73
Silver Wheaton*		4,450		56
Syngenta		220		51
Total Materials				418

TURNER FUNDS 2009 ANNUAL REPORT 47

FINANCIAL STATEMENTS

Schedule of investments

Turner International Core Growth Fund

	Shares		Value (000)
Telecommunication services—5.0%
America Movil, Ser L		20,490	$	45
China Unicom Hong Kong		28,580		41
Millicom International Cellular*		690		50
Rogers Communications, Cl B		2,010		57
Total Telecommunication services				193
Utilities—2.4%
International Power		9,759		45
Tokyo Gas		11,300		47
Total Utilities				92
Total Common stock (Cost $3,100)				3,711
Preferred stock—3.2%
Financials—1.6%
Itau Unibanco Holding		3,014		61
Total Financials				61
Utilities—1.6%
Cia Energetica de Minas Gerais		3,950		60
Total Utilities				60
Total Preferred stock (Cost $99)				121
Cash equivalent—1.2%
BlackRock TempCash Fund, Institutional Shares 0.050%**		46,165		46
Total Cash equivalent (Cost $46)				46
Total Investments—100.8% (Cost $3,245)			$	3,878

Country Allocation as of 9/30/09†
Switzerland	15.8	%
United Kingdom	15.5
Japan	11.0
Brazil	7.4
Australia	7.1
Canada	6.2
France	5.2
China	4.9
Netherlands	4.0
Germany	3.2
Hong Kong	3.2
Luxembourg	2.7
Italy	1.7
Spain	1.7
South Korea	1.6
Taiwan	1.2
Mexico	1.2
United States	1.2
India	1.1
Ireland	1.1
Russia	1.1
Cayman Islands	1.0
Israel	0.9
Subtotal	100.0	%

  †  Percentages are based on total investments.

The following is a summary of inputs used as of September 30, 2009 in valuing the Fund's investments carried at value:

Investments in securities	Level 1		Level 2		Level 3			Total
Common stock	$	3,673	$	—	$	38	††	$	3,711
Preferred stock		121		—		—			121
Cash equivalent		46		—		—			46
Total Investments in securities	$	3,840	$	—	$	38		$	3,878

  ††  Classified as consumer discretionary.

	Investments in Securities
Beginning balance as of October 1, 2008	$	—
Realized gain/(loss)		—
Change in unrealized appreciation (depreciation)		—
Net purchases/sales		38
Net transfer in and/or out of Level 3		—
Ending balance as of September 30, 2009	$	38

Percentages are based on Net Assets of $3,848.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

  ^  Security fair valued using methods determined in good faith by the Fair Value Committee. As of September 30, 2009 the total market value of this security was $38,044, representing 1.0% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

Ser — Series

The accompanying notes are an integral part of the financial statements.

48 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Midcap Equity Fund

September 30, 2009

	Shares		Value (000)
Common stock—98.0%
Consumer discretionary—13.8%
Abercrombie & Fitch, Cl A		850	$	28
Aeropostale*		750		33
Dollar Tree*		520		25
Guess?		590		22
Lamar Advertising, Cl A*		1,170		32
Las Vegas Sands*		1,520		26
Newell Rubbermaid		1,600		25
NVR*		27		17
O'Reilly Automotive*		410		15
priceline.com*		137		23
WMS Industries*		685		30
Total Consumer discretionary				276
Consumer staples—4.7%
Church & Dwight		267		15
JM Smucker		625		33
Sara Lee		1,930		21
Whole Foods Market*		805		25
Total Consumer staples				94
Energy—9.2%
Alpha Natural Resources*		745		26
Concho Resources*		835		30
ENSCO International		595		25
FMC Technologies*		570		30
Oil States International*		880		31
PetroHawk Energy*		615		15
Plains All American Pipeline LP		564		26
Total Energy				183
Financials—17.6%
AllianceBernstein Holding LP		1,680		46
Allied World Assurance Holdings		530		25
Arch Capital Group*		432		29
Assured Guaranty		1,320		26
Brandywine Realty Trust		3,360		37
Chimera Investment		2,730		10
Digital Realty Trust		620		28
Douglas Emmett		1,950		24
First Horizon National*		2,081		28
IntercontinentalExchange*		120		12
Marshall & Ilsley		3,565		29

	Shares		Value (000)
SunTrust Banks		1,530	$	34
Zions Bancorporation		1,280		23
Total Financials				351
Health care—9.5%
Biovail		2,485		38
Intuitive Surgical*		83		22
King Pharmaceuticals*		2,975		32
Life Technologies*		735		34
Mylan*		2,415		39
Universal Health Services, Cl B		400		25
Total Health care				190
Industrials—10.0%
Flowserve		210		21
Joy Global		615		30
McDermott International*		1,580		40
Oshkosh		470		14
Roper Industries		685		35
TransDigm Group*		735		37
WW Grainger		260		23
Total Industrials				200
Information technology—16.8%
Global Payments		650		30
IAC/InterActiveCorp*		1,775		36
Intersil, Cl A		1,645		25
Jabil Circuit		1,805		24
Maxim Integrated Products		1,810		33
McAfee*		755		33
NCR*		2,235		31
Novellus Systems*		1,130		24
ON Semiconductor*		3,430		28
Sybase*		720		28
Synopsys*		1,055		24
Western Digital*		544		20
Total Information technology				336
Materials—5.3%
Carpenter Technology		715		17
Cliffs Natural Resources		510		16
Commercial Metals		1,435		26
Pactiv*		1,145		30
Pan American Silver*		745		17
Total Materials				106

TURNER FUNDS 2009 ANNUAL REPORT 49

FINANCIAL STATEMENTS

Schedule of investments

Turner Midcap Equity Fund

	Shares		Value (000)
Telecommunication services—4.7%
Millicom International Cellular*		280	$	21
SBA Communications, Cl A*		1,340		36
Windstream		3,770		38
Total Telecommunication services				95
Utilities—6.4%
AES*		1,420		21
Constellation Energy Group		910		29
Northeast Utilities		1,215		29
NV Energy		2,135		25
RRI Energy*		3,425		24
Total Utilities				128
Total Common stock (Cost $1,688)				1,959
Cash equivalent—5.2%
BlackRock TempCash Fund, Institutional Shares 0.050%**		104,528		105
Total Cash equivalent (Cost $105)				105
Total Investments—103.2% (Cost $1,793)			$	2,064

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $2,000.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

Cl — Class

LP — Limited Partnership

The accompanying notes are an integral part of the financial statements.

50 TURNER FUNDS 2009 ANNUAL REPORT

Schedule of investments

Turner Small Cap Equity Fund

September 30, 2009

	Shares		Value (000)
Common stock—98.6%
Consumer discretionary—15.4%
Bally Technologies*		3,640	$	140
Buffalo Wild Wings* #		8,580		357
Carter's*		11,350		303
Cheesecake Factory*		21,810		404
Collective Brands*		21,570		374
Corinthian Colleges*		15,730		292
Dress Barn*		16,540		297
Lumber Liquidators*		19,330		419
Men's Wearhouse		7,360		182
Ryland Group		14,970		315
Service International		67,400		472
Tempur-Pedic International		13,900		263
Tractor Supply*		7,540		365
Vail Resorts*		9,150		307
Total Consumer discretionary				4,490
Consumer staples—3.2%
AgFeed Industries* #		38,840		208
Darling International*		40,580		298
TreeHouse Foods*		11,970		427
Total Consumer staples				933
Energy—6.6%
Bristow Group*		9,960		295
Clean Energy Fuels*		19,370		279
InterOil*		5,720		226
Regency Energy Partners LP		18,610		365
Stone Energy*		26,550		433
Tetra Technologies*		33,650		326
Total Energy				1,924
Financials—19.3%
American Capital		89,690		290
BioMed Realty Trust		22,640		313
Brandywine Realty Trust		50,020		552
Cash America International		15,630		471
DCT Industrial Trust		61,180		313
First Niagara Financial Group		26,260		324
Hancock Holding		10,270		386
Knight Capital Group, Cl A*		13,990		304
MF Global*		54,480		396
Omega Healthcare Investors		10,660		171
PrivateBancorp #		15,060		368

	Shares		Value (000)
Prosperity Bancshares		14,360	$	500
Signature Bank*		16,560		480
Stifel Financial*		6,890		378
Tanger Factory Outlet Centers		9,710		362
Total Financials				5,608
Health care—12.9%
Almost Family*		4,880		145
American Medical Systems Holdings*		23,500		397
Catalyst Health Solutions*		6,220		181
Emergency Medical Services, Cl A*		5,170		240
ev3*		29,460		363
Genoptix*		5,170		180
Greatbatch*		10,850		244
Human Genome Sciences*		6,140		116
Medicis Pharmaceutical, Cl A		21,960		469
Nektar Therapeutics*		34,900		340
PSS World Medical*		13,360		292
Salix Pharmaceuticals*		14,370		306
Seattle Genetics*		21,060		295
Vivus*		17,640		184
Total Health care				3,752
Industrials—11.3%
AirTran Holdings*		61,580		385
Albany International, Cl A		11,370		221
Belden		10,390		240
Chicago Bridge & Iron, NY Shares		12,190		228
Deluxe		19,420		332
EnerNOC*		10,130		336
Esterline Technologies*		6,720		263
GrafTech International*		20,280		298
Manitowoc		24,420		231
RINO International* #		10,000		211
Tetra Tech*		9,930		264
Woodward Governor		10,810		262
Total Industrials				3,271
Information technology—19.7%
ADC Telecommunications*		37,300		311
Applied Micro Circuits*		20,120		201
Cadence Design Systems*		51,660		379

TURNER FUNDS 2009 ANNUAL REPORT 51

FINANCIAL STATEMENTS

Schedule of investments

Turner Small Cap Equity Fund

	Shares		Value (000)
Cymer*		7,940	$	308
Entegris*		36,610		181
JDS Uniphase*		50,090		356
Mantech International, Cl A*		5,950		281
MercadoLibre* #		8,260		318
NCR*		38,250		529
Polycom*		13,190		353
Power Integrations		8,490		283
Sapient*		37,010		297
Semtech*		17,570		299
Solera Holdings		12,300		383
Teradyne*		37,830		350
TNS*		12,710		348
Unisys*		130,200		348
Zoran*		18,750		216
Total Information technology				5,741
Materials—6.0%
Century Aluminum*		25,350		237
Hecla Mining* #		132,950		584
Kaiser Aluminum		10,520		382
Rock-Tenn, Cl A		5,960		281
Rockwood Holdings*		13,030		268
Total Materials				1,752
Telecommunication services—0.9%
NTELOS Holdings		13,220		234
PAETEC Holding*		7,790		30
Total Telecommunication services				264
Utilities—3.3%
Avista		15,420		312
Cleco		12,390		311
PNM Resources		29,420		343
Total Utilities				966
Total Common stock (Cost $23,991)				28,701

	Shares		Value (000)
Cash equivalent—6.6%
BlackRock TempCash Fund Institutional Shares 0.050%** (1)		1,903,379	$	1,903
Total Cash equivalent (Cost $1,903)				1,903
Total Investments—105.2% (Cost $25,894)			$	30,604

As of September 30, 2009, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $29,099.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of September 30, 2009.

  ***  This number has been rounded to the nearest thousand.

  #  Security fully or partially on loan at September 30, 2009. The total value of securities on loan at September 30, 2009, was $1,339,239. Certain of these securities may have been sold prior to period end and are included in receivable for investment securities sold on the Statement of Assets and Liabilities.

  (1)  The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Morgan Stanley. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 100% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the BlackRock TempCash Fund, Institutional Shares, a money market fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. A partial position of this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2009 was $1,346,126.

Cl — Class

LP — Limited Partnership

NY — New York

The accompanying notes are an integral part of the financial statements.

52 TURNER FUNDS 2009 ANNUAL REPORT

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TURNER FUNDS 2009 ANNUAL REPORT 53

FINANCIAL STATEMENTS

Statements of assets and liabilities (000)

September 30, 2009

	Turner Spectrum Fund			Turner Concentrated Growth Fund			Turner Core Growth Fund			Turner Emerging Growth Fund			Turner Large Cap Growth Fund
Assets:
Investment securities, at cost	$	10,957		$	31,294		$	559,920		$	402,949		$	88,800
Investment securities, at value	$	11,734		$	40,161	*	$	654,804	*	$	485,875	*	$	97,985
Deposits with brokers for securities sold short		8,243			—			—			—			—
Receivable for investment securities sold		1,534			—			32,412			3,829			4,271
Receivable for capital shares sold		163			26			1,324			206			225
Unrealized appreciation on spot foreign currency contracts		38			—			—			—			—
Receivable from investment adviser		36			—			—			—			10
Receivable for dividend income		2			18			165			146			23
Prepaid expenses		1			8			15			22			11
Reclaim receivable		—			3			12			25			—
Total assets		21,751			40,216			688,732			490,103			102,525
Liabilities:
Securities sold short, at proceeds		6,575			—			—			—			—
Written options, premiums received		—			—			—			—			—
Securities sold short, at value		6,672			—			—			—			—
Written options, at value		—			—			—			—			—
Payable for investment securities purchased		1,650			—			39,682			5,012			6,256
Cash overdraft		98			—			—			—			—
Unrealized depreciation on spot foreign currency contracts		38			—			—			—			—
Dividends payable on securities sold short (Note 2)		6			—			—			—			—
Broker fees and charges on short sales payable		4			—			—			—			—
Payable due to shareholder servicing		1			12			72			38			—
Payable due to administrator		1			5			72			50			11
Obligation to return securities lending collateral		—			179			14,082			51,759			—
Payable for capital shares redeemed		—			23			322			270			86
Payable due to investment adviser		—			8			158			267			—
Payable due to chief compliance officer		—			1			10			7			2
Payable due to distributor		—			—			—			—			—
Other accrued expenses		33			15			141			98			39
Total liabilities		8,503			243			54,539			57,501			6,394
Net assets	$	13,248		$	39,973		$	634,193		$	432,602		$	96,131
*Includes market value of securities on loan	$	—		$	170		$	13,625		$	50,474		$	—
Net assets:
Portfolio capital of Institutional Class Shares	$	8,229		$	—		$	484,778		$	195,920		$	114,530
Portfolio capital of Investor Class Shares		4,335			206,857			350,177			272,710			1,527
Portfolio capital of Retirement Class Shares		—			—			—			—			—
Portfolio capital of Class C Shares		—			—			—			—			—
Undistributed net investment income (accumulated net investment loss)		(4	)		121			1,903			—			227
Accumulated net realized gain (loss) on investments, securities sold short, written option contracts and foreign currency transactions		5			(175,872	)		(297,549	)		(118,954	)		(29,338	)
Net unrealized appreciation on investments, written options and securities sold short		680			8,867			94,884			82,926			9,185
Net unrealized appreciation on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		3			—			—			—			—
Net assets	$	13,248		$	39,973		$	634,193		$	432,602		$	96,131
Outstanding shares of beneficial interest (1) Institutional Class Shares (2)		802,733			—			38,411,907			6,453,079			21,454,536
Outstanding shares of beneficial interest (1) Investor Class Shares (2)		422,785			6,486,611			25,622,911			5,007,090			334,257
Outstanding shares of beneficial interest (1) Retirement Class Shares (2)		—			—			—			—			—
Outstanding shares of beneficial interest (1) Class C Shares (2)		29			—			—			—			—
Net assets — Institutional Class Shares (2)	$	8,681,194		$	—		$	381,277,154		$	243,790,203		$	94,663,946
Net assets — Investor Class Shares (2)	$	4,566,909		$	39,972,934		$	252,916,302		$	188,812,071		$	1,467,259
Net assets — Retirement Class Shares (2)	$	—		$	—		$	—		$	—		$	—
Net assets — Class C Shares (2)	$	311		$	—		$	—		$	—		$	—
Net asset value, offering and redemption price per share — Institutional Class Shares	$	10.81		$	—		$	9.93		$	37.78		$	4.41
Net asset value, offering and redemption price per share — Investor Class Shares	$	10.80		$	6.16		$	9.87		$	37.71		$	4.39
Net asset value, offering and redemption price per share — Retirement Class Shares	$	—		$	—		$	—		$	—		$	—
Net asset value, offering and redemption price per share — Class C Shares	$	10.80	†	$	—		$	—		$	—		$	—

54 TURNER FUNDS 2009 ANNUAL REPORT

	Turner Midcap Growth Fund			Turner New Enterprise Fund			Turner Small Cap Growth Fund			Turner Quantitative Broad Market Equity Fund			Turner Quantitative Large Cap Value Fund
Assets:
Investment securities, at cost	$	836,478		$	22,359		$	253,956		$	455		$	651
Investment securities, at value	$	1,073,766	*	$	28,780	*	$	303,977	*	$	533		$	776
Deposits with brokers for securities sold short		—			—			—			—			—
Receivable for investment securities sold		9,549			766			2,335			5			—
Receivable for capital shares sold		1,044			2			337			5			—
Unrealized appreciation on spot foreign currency contracts		—			—			—			—			—
Receivable from investment adviser		—			—			—			3			—
Receivable for dividend income		156			2			81			1			1
Prepaid expenses		27			6			7			9			16
Reclaim receivable		6			—			—			—			—
Total assets		1,084,548			29,556			306,737			556			793
Liabilities:
Securities sold short, at proceeds		—			—			—			—			—
Written options, premiums received		—			—			—			—			—
Securities sold short, at value		—			—			—			—			—
Written options, at value		—			—			—			—			—
Payable for investment securities purchased		1,121			1,854			1,622			13			—
Cash overdraft		11,087			—			—			—			—
Unrealized depreciation on spot foreign currency contracts		—			—			—			—			—
Dividends payable on securities sold short (Note 2)		—			—			—			—			—
Broker fees and charges on short sales payable		—			—			—			—			—
Payable due to shareholder servicing		188			5			60			—			—
Payable due to administrator		116			3			29			—			—
Obligation to return securities lending collateral		69,957			1,283			53,740			—			—
Payable for capital shares redeemed		1,781			67			240			—			—
Payable due to investment adviser		432			4			125			—			5
Payable due to chief compliance officer		16			—			4			—			—
Payable due to distributor		1			—			—			—			—
Other accrued expenses		248			16			57			12			12
Total liabilities		84,947			3,232			55,877			25			17
Net assets	$	999,601		$	26,324		$	250,860		$	531		$	776
*Includes market value of securities on loan	$	68,078		$	1,254		$	52,493		$	—		$	—
Net assets:
Portfolio capital of Institutional Class Shares	$	158,044		$	—		$	—		$	616		$	1,018
Portfolio capital of Investor Class Shares		1,198,021			52,841			322,092			11			3
Portfolio capital of Retirement Class Shares		4,620			—			—			—			—
Portfolio capital of Class C Shares		—			—			—			—			—
Undistributed net investment income (accumulated net investment loss)		—			23			—			4			11
Accumulated net realized gain (loss) on investments, securities sold short, written option contracts and foreign currency transactions		(598,372	)		(32,961	)		(121,253	)		(178	)		(381	)
Net unrealized appreciation on investments, written options and securities sold short		237,288			6,421			50,021			78			125
Net unrealized appreciation on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—			—			—			—
Net assets	$	999,601		$	26,324		$	250,860		$	531		$	776
Outstanding shares of beneficial interest (1) Institutional Class Shares (2)		5,209,154			—			—			62,701			103,499
Outstanding shares of beneficial interest (1) Investor Class Shares (2)		33,018,864			4,421,342			9,967,773			1,231			584
Outstanding shares of beneficial interest (1) Retirement Class Shares (2)		154,426			—			—			—			—
Outstanding shares of beneficial interest (1) Class C Shares (2)		—			—			—			—			—
Net assets — Institutional Class Shares (2)	$	136,069,400		$	—		$	—		$	521,148		$	772,133
Net assets — Investor Class Shares (2)	$	859,640,001		$	26,324,116		$	250,860,387		$	10,214		$	4,347
Net assets — Retirement Class Shares (2)	$	3,891,907		$	—		$	—		$	—		$	—
Net assets — Class C Shares (2)	$	—		$	—		$	—		$	—		$	—
Net asset value, offering and redemption price per share — Institutional Class Shares	$	26.12		$	—		$	—		$	8.31		$	7.45	†
Net asset value, offering and redemption price per share — Investor Class Shares	$	26.03		$	5.95		$	25.17		$	8.30		$	7.44
Net asset value, offering and redemption price per share — Retirement Class Shares	$	25.20		$	—		$	—		$	—		$	—
Net asset value, offering and redemption price per share — Class C Shares	$	—		$	—		$	—		$	—		$	—

(1)  Unlimited authorization — par value $0.00001.

(2)  Shares and Net Assets have not been rounded.

†  Difference in net asset value recalculation and net asset value stated is caused by rounding differences.

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 55

FINANCIAL STATEMENTS

Statements of assets and liabilities (000)

September 30, 2009

	Turner International Core Growth Fund			Turner Midcap Equity Fund			Turner Small Cap Equity Fund
Assets:
Investment securities, at cost	$	3,245		$	1,793		$	25,894
Foreign currency, at cost		6			—			—
Investment securities, at value	$	3,878		$	2,064		$	30,604	*
Foreign currency, at value		7			—			—
Receivable for investment securities sold		—			279			401
Receivable for capital shares sold		—			—			7
Receivable from investment adviser		—			6			—
Receivable for dividend income		9			2			21
Prepaid expenses		11			6			10
Reclaim receivable		6			—			—
Total assets		3,911			2,357			31,043
Liabilities:
Payable for investment securities purchased		38			346			519
Payable due to shareholder servicing		—			—			5
Payable due to administrator		—			—			3
Obligation to return securities lending collateral		—			—			1,346
Payable for capital shares redeemed		—			—			37
Payable due to investment adviser		5			—			11
Other accrued expenses		20			11			23
Total liabilities		63			357			1,944
Net assets	$	3,848		$	2,000		$	29,099
*Includes market value of securities on loan	$	—		$	—		$	1,339
Net assets:
Portfolio capital of Institutional Class Shares	$	4,819		$	1,290		$	4,374
Portfolio capital of Investor Class Shares		—			742			32,554
Undistributed net investment income		4			2			6
Accumulated net realized loss on investments and foreign currency transactions		(1,609	)		(305	)		(12,545	)
Net unrealized appreciation on investments		633			271			4,710
Net unrealized appreciation on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		1			—			—
Net assets	$	3,848		$	2,000		$	29,099
Outstanding shares of beneficial interest (1) Institutional Class Shares (2)		467,136			202,379			553,527
Outstanding shares of beneficial interest (1) Investor Class Shares (2)		32			86,084			2,409,481
Net assets — Institutional Class Shares (2)	$	3,847,901		$	1,410,500		$	5,438,626
Net assets — Investor Class Shares (2)	$	267		$	589,216		$	23,660,105
Net asset value, offering and redemption price per share — Institutional Class Shares	$	8.24		$	6.97		$	9.83
Net asset value, offering and redemption price per share — Investor Class Shares	$	8.24	†	$	6.84		$	9.82

(1)  Unlimited authorization — par value $0.00001.

(2)  Shares and Net Assets have not been rounded.

†  Difference in net asset value recalculation and net asset value stated is caused by rounding differences.

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

56 TURNER FUNDS 2009 ANNUAL REPORT

Statements of operations (000)

	Turner Spectrum Fund			Turner Concentrated Growth Fund			Turner Core Growth Fund
	5/7/09(1) thru 9/30/09			year ended 9/30/09			year ended 9/30/09
Investment income:
Dividend	$	18		$	373		$	6,312
Securities lending		—			31			304
Foreign taxes withheld		—			(21	)		(68	)
Total investment income		18			383			6,548
Expenses:
Investment advisory fees		41			183			2,926
Shareholder service fees (2)		2			80			513
Administrator fees		4			47			725
Chief compliance officer fees		—			3			41
Custodian fees		35			7			39
Transfer agent fees		29			56			195
Dividend expense		19			—			—
Broker fees and charges on short sales		14			—			—
Professional fees		6			15			237
Printing fees		1			10			149
Registration fees		—			19			52
Trustees' fees		—			3			50
Insurance and other fees		7			6			81
Total expenses		158			429			5,008
Less:
Investment advisory fee waiver		(41	)		(165	)		(1,129	)
Reimbursements of other operating expenses		(46	)		—			—
Fees paid indirectly (3)		—			(1	)		—
Net expenses		71			263			3,879
Net investment income (loss)		(53	)		120			2,669
Net realized gain (loss) from securities sold		552			(15,251	)		(175,116	)
Net realized loss from securities sold short		(502	)		—			—
Net realized gain on written option contracts		7			—			—
Net realized loss on foreign currency transactions		(3	)		—			—
Net change in unrealized appreciation on investments		777			13,260			146,832
Net change in unrealized depreciation on securities sold short		(97	)		—			—
Net change in unrealized appreciation on written option contracts		—			—			—
Net change in unrealized appreciation on foreign currencies, and translation of other assets and liabilities denominated in foreign currencies		3			—			—
Net realized and unrealized gain (loss) on investments and foreign currencies		737			(1,991	)		(28,284	)
Net increase (decrease) in net assets resulting from operations	$	684		$	(1,871	)	$	(25,615	)

(1)  Commencement of operations

(2)  Attributable to Investor Class Shares only.

(3)  See Note 4 in Notes to Financial Statements.

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 57

FINANCIAL STATEMENTS

Statements of operations (000)

	Turner Emerging Growth Fund			Turner Large Cap Growth Fund			Turner Midcap Growth Fund			Turner New Enterprise Fund			Turner Small Cap Growth Fund
	year ended 9/30/09			year ended 9/30/09			year ended 9/30/09			year ended 9/30/09			year ended 9/30/09
Investment income:
Dividend	$	1,629		$	572		$	6,196		$	122		$	874
Securities lending		810			5			1,174			37			873
Foreign taxes withheld		—			(14	)		(3	)		(7	)		(1	)
Total investment income		2,439			563			7,367			152			1,746
Expenses:
Investment advisory fees		3,611			235			6,220			79			1,968
Shareholder service fees (1)		750			3			1,799			54			492
Shareholder service fees (2)		—			—			8			—			—
Distribution fees (2)		—			—			8			—			—
Administrator fees		537			58			1,233			32			292
Chief compliance officer fees		30			3			69			2			16
Custodian fees		30			13			41			3			34
Transfer agent fees		114			95			457			54			65
Professional fees		173			20			400			10			96
Printing fees		108			13			260			6			61
Registration fees		46			26			78			17			22
Trustees' fees		37			4			84			2			20
Insurance and other fees		66			7			151			5			37
Total expenses		5,502			477			10,808			264			3,103
Less:
Investment advisory fee waiver		(599	)		(204	)		(1,275	)		(79	)		(641	)
Reimbursements of other operating expenses		—			—			—			(52	)		—
Fees paid indirectly (3)		(1	)		—			(5	)		(2	)		(1	)
Net expenses		4,902			273			9,528			131			2,461
Net investment income (loss)		(2,463	)		290			(2,161	)		21			(715	)
Net realized loss from securities sold		(118,692	)		(7,967	)		(312,396	)†		(9,267	)		(54,422	)
Net realized loss on foreign currency transactions		—			—			—			—			—
Net change in unrealized appreciation on investments		35,521			11,049			279,766			9,302			44,425
Net change in unrealized appreciation on foreign currencies, and translation of other assets and liabilities denominated in foreign currencies		—			—			—			—			—
Net realized and unrealized gain (loss) on investments and foreign currencies		(83,171	)		3,082			(32,630	)		35			(9,997	)
Net increase (decrease) in net assets resulting from operations	$	(85,634	)	$	3,372		$	(34,791	)	$	56		$	(10,712	)

58 TURNER FUNDS 2009 ANNUAL REPORT

	Turner Quantitative Broad Market Equity Fund			Turner Quantitative Large Cap Value Fund			Turner International Core Growth Fund			Turner Midcap Equity Fund			Turner Small Cap Equity Fund
	year ended 9/30/09			year ended 9/30/09			year ended 9/30/09			year ended 9/30/09			year ended 9/30/09
Investment income:
Dividend	$	10		$	18		$	76		$	10		$	290
Securities lending		—			—			—			—			82
Foreign taxes withheld		—			—			(8	)		—			—
Total investment income		10			18			68			10			372
Expenses:
Investment advisory fees		2			4			24			6			242
Shareholder service fees (1)		—			—			—			1			59
Shareholder service fees (2)		—			—			—			—			—
Distribution fees (2)		—			—			—			—			—
Administrator fees		1			1			4			1			38
Chief compliance officer fees		—			—			—			—			2
Custodian fees		11			6			31			11			33
Transfer agent fees		54			54			55			54			51
Professional fees		—			—			1			—			12
Printing fees		4			3			3			—			8
Registration fees		14			23			21			29			22
Trustees' fees		—			—			—			—			2
Insurance and other fees		2			3			8			3			7
Total expenses		88			94			147			105			476
Less:
Investment advisory fee waiver		(2	)		(4	)		(24	)		(6	)		(112	)
Reimbursements of other operating expenses		(82	)		(86	)		(93	)		(91	)		—
Fees paid indirectly (3)		—			—			—			—			—
Net expenses		4			4			30			8			364
Net investment income (loss)		6			14			38			2			8
Net realized loss from securities sold		(141	)		(244	)		(1,030	)		(173	)		(7,158	)
Net realized loss on foreign currency transactions		—			—			(8	)		—			—
Net change in unrealized appreciation on investments		114			131			1,208			297			4,120
Net change in unrealized appreciation on foreign currencies, and translation of other assets and liabilities denominated in foreign currencies		—			—			2			—			—
Net realized and unrealized gain (loss) on investments and foreign currencies		(27	)		(113	)		172			124			(3,038	)
Net increase (decrease) in net assets resulting from operations	$	(21	)	$	(99	)	$	210		$	126		$	(3,030	)

(1)  Attributable to Investor Class Shares only.

(2)  Attributable to Retirement Class Shares only.

(3) See Note 4 in Notes to Financial Statements.

†  Includes realized gains and losses as a result of in-kind transactions (see Note 13 in Notes to Financial Statements).

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 59

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner Spectrum Fund			Turner Concentrated Growth Fund						Turner Core Growth Fund
	5/7/09(1) thru 9/30/09			year ended 9/30/09			year ended 9/30/08			year ended 9/30/09			year ended 9/30/08
Investment activities:
Net investment income (loss)	$	(53	)	$	120		$	(452	)	$	2,669		$	1,850
Net realized gain (loss) from securities sold and securities sold short		50			(15,251	)		(11,806	)		(175,116	)		(118,054	)
Net realized gain from written option contracts		7			—			—			—			—
Net realized loss on foreign currency transactions		(3	)		—			—			—			—
Net change in unrealized appreciation (depreciation) on investments and securities sold short		680			13,260			(13,283	)		146,832			(100,153	)
Net change in unrealized appreciation on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		3			—			—			—			—
Net increase (decrease) in net assets resulting from operations		684			(1,871	)		(25,541	)		(25,615	)		(216,357	)
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		—			—			—			(1,661	)		(612	)
Investor Class Shares		—			—			—			(647	)		(273	)
Realized capital gains
Investor Class Shares		—			—			—			—			—
Total dividends and distributions		—			—			—			(2,308	)		(885	)
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		8,244			—			—			132,265			315,619
Proceeds from shares issued in lieu of cash distributions		—			—			—			1,393			503
Cost of shares redeemed		(15	)		—			—			(95,340	)		(69,452	)
Net increase (decrease) in net assets from Institutional Class Shares transactions		8,229			—			—			38,318			246,670
Investor Class Shares
Proceeds from shares issued		4,521			12,446			53,335			52,699			377,978
Proceeds from shares issued in lieu of cash distributions		—			—			—			587			271
Cost of shares redeemed		(186	)		(13,183	)		(46,614	)		(50,263	)		(62,221	)
Net increase (decrease) in net assets from Investor Class Shares transactions		4,335			(737	)		6,721			3,023			316,028
Retirement Class Shares
Proceeds from shares issued		—			—			—			—			—
Cost of shares redeemed		—			—			—			—			—
Net increase (decrease) in net assets from Retirement Class Shares transactions		—			—			—			—			—
Net increase (decrease) in net assets from capital share transactions		12,564			(737	)		6,721			41,341			562,698
Total increase (decrease) in net assets		13,248			(2,608	)		(18,820	)		13,418			345,456
Net assets:
Beginning of period		—			42,581			61,401			620,775			275,319
End of period	$	13,248		$	39,973		$	42,581		$	634,193		$	620,775
Undistibuted net investment income (accumulated net investment loss) (distributions in excess of net investment income)	$	(4	)	$	121		$	—		$	1,903		$	1,519
Shares issued and redeemed:
Institutional Class Shares
Issued		804			—			—			15,778			23,511
Issued in lieu of cash distributions		—			—			—			185			33
Redeemed		(1	)		—			—			(12,152	)		(5,465	)
Net increase (decrease) in Institutional Class Shares		803			—			—			3,811			18,079
Investor Class Shares
Issued		441			2,606			5,908			6,605			27,457
Issued in lieu of cash distributions		—			—			—			78			18
Redeemed		(18	)		(2,824	)		(5,270	)		(6,266	)		(4,889	)
Net increase (decrease) in Investor Class Shares		423			(218	)		638			417			22,586
Retirement Class Shares
Issued		—			—			—			—			—
Redeemed		—			—			—			—			—
Net increase (decrease) in Retirement Class Shares		—			—			—			—			—
Net increase (decrease) in share transactions		1,226			(218	)		638			4,228			40,665

60 TURNER FUNDS 2009 ANNUAL REPORT

	Turner Emerging Growth Fund						Turner Large Cap Growth Fund						Turner Midcap Growth Fund
	year ended 9/30/09			year ended 9/30/08			year ended 9/30/09			year ended 9/30/08			year ended 9/30/09			year ended 9/30/08
Investment activities:
Net investment income (loss)	$	(2,463	)	$	(3,958	)	$	290		$	82		$	(2,161	)	$	(5,777	)
Net realized gain (loss) from securities sold and securities sold short		(118,692	)		33,323			(7,967	)		(5,825	)		(312,396	)†		(9,460	)
Net realized gain from written option contracts		—			—			—			—			—			—
Net realized loss on foreign currency transactions		—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on investments and securities sold short		35,521			(132,601	)		11,049			(8,429	)		279,766			(385,739	)
Net change in unrealized appreciation on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from operations		(85,634	)		(103,236	)		3,372			(14,172	)		(34,791	)		(400,976	)
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		—			—			(96	)		(89	)		—			—
Investor Class Shares		—			(2,912	)		(2	)		—			—			—
Realized capital gains
Investor Class Shares		(12,445	)		(84,525	)		—			—			—			—
Total dividends and distributions		(12,445	)		(87,437	)		(98	)		(89	)		—			—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		205,712			—			70,616			18,638			41,508			165,302
Proceeds from shares issued in lieu of cash distributions		—			—			78			75			—			—
Cost of shares redeemed		(8,295	)		—			(8,117	)		(13,516	)		(43,531	)		(3,189	)
Net increase (decrease) in net assets from Institutional Class Shares transactions		197,417			—			62,577			5,197			(2,023	)		162,113
Investor Class Shares
Proceeds from shares issued		71,659			97,413			938			931			224,510			473,324
Proceeds from shares issued in lieu of cash distributions		12,367			86,908			2			—			—			—
Cost of shares redeemed		(280,340	)		(102,107	)		(297	)		(131	)		(324,371	)†		(444,668	)
Net increase (decrease) in net assets from Investor Class Shares transactions		(196,314	)		82,214			643			800			(99,861	)		28,656
Retirement Class Shares
Proceeds from shares issued		—			—			—			—			1,351			3,515
Cost of shares redeemed		—			—			—			—			(2,855	)		(1,912	)
Net increase (decrease) in net assets from Retirement Class Shares transactions		—			—			—			—			(1,504	)		1,603
Net increase (decrease) in net assets from capital share transactions		1,103			82,214			63,220			5,997			(103,388	)		192,372
Total increase (decrease) in net assets		(96,976	)		(108,459	)		66,494			(8,264	)		(138,179	)		(208,604	)
Net assets:
Beginning of period		529,578			638,037			29,637			37,901			1,137,780			1,346,384
End of period	$	432,602		$	529,578		$	96,131		$	29,637		$	999,601		$	1,137,780
Undistibuted net investment income (accumulated net investment loss) (distributions in excess of net investment income)	$	—		$	(206	)	$	227		$	35		$	—		$	—
Shares issued and redeemed:
Institutional Class Shares
Issued		6,697			—			17,375			2,996			2,105			5,354
Issued in lieu of cash distributions		—			—			23			11			—			—
Redeemed		(244	)		—			(2,255	)		(2,270	)		(2,142	)		(108	)
Net increase (decrease) in Institutional Class Shares		6,453			—			15,143			737			(37	)		5,246
Investor Class Shares
Issued		2,324			1,807			265			156			11,485			14,256
Issued in lieu of cash distributions		411			1,563			—			—			—			—
Redeemed		(9,137	)		(1,920	)		(76	)		(24	)		(16,455	)†		(13,798	)
Net increase (decrease) in Investor Class Shares		(6,402	)		1,450			189			132			(4,970	)		458
Retirement Class Shares
Issued		—			—			—			—			73			110
Redeemed		—			—			—			—			(147	)		(61	)
Net increase (decrease) in Retirement Class Shares		—			—			—			—			(74	)		49
Net increase (decrease) in share transactions		51			1,450			15,332			869			(5,081	)		5,753

(1)  Commencement of operations.

†  Includes realized gains, losses or redemptions as a result of in-kind transactions (see Note 13 in Notes to Financial Statements.)

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 61

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner New Enterprise Fund						Turner Small Cap Growth Fund
	year ended 9/30/09			year ended 9/30/08			year ended 9/30/09			year ended 9/30/08
Investment activities:
Net investment income (loss)	$	21		$	(583	)	$	(715	)	$	(1,416	)
Net realized loss from securities sold		(9,267	)		(13,706	)		(54,422	)		(13,030	)
Net change in unrealized appreciation (depreciation) on investments		9,302			(13,004	)		44,425			(47,793	)
Net increase (decrease) in net assets resulting from operations		56			(27,293	)		(10,712	)		(62,239	)
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		—			—			—			—
Realized capital gains
Institutional Class Shares		—			—			—			—
Total dividends and distributions		—			—			—			—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		—			—			—			—
Proceeds from shares issued in lieu of cash distributions		—			—			—			—
Cost of shares redeemed		—			—			—			—
Net increase in net assets from Institutional Class Shares transactions		—			—			—			—
Investor Class Shares
Proceeds from shares issued		6,399			59,670			58,406			63,454
Proceeds from shares issued in lieu of cash distributions		—			—			—			—
Cost of shares redeemed		(12,890	)		(69,763	)		(46,268	)		(69,711	)
Net increase (decrease) in net assets from Investor Class Shares transactions		(6,491	)		(10,093	)		12,138			(6,257	)
Net increase (decrease) in net assets from capital share transactions		(6,491	)		(10,093	)		12,138			(6,257	)
Total increase (decrease) in net assets		(6,435	)		(37,386	)		1,426			(68,496	)
Net assets:
Beginning of year		32,759			70,145			249,434			317,930
End of year	$	26,324		$	32,759		$	250,860		$	249,434
Undistibuted net investment income	$	23		$	—		$	—		$	—
Shares issued and redeemed:
Institutional Class Shares
Issued		—			—			—			—
Issued in lieu of cash distributions		—			—			—			—
Redeemed		—			—			—			—
Net increase in Institutional Class Shares		—			—			—			—
Investor Class Shares
Issued		1,510			7,008			2,877			2,086
Redeemed		(2,941	)		(9,203	)		(2,338	)		(2,298	)
Net increase (decrease) in Investor Class Shares		(1,431	)		(2,195	)		539			(212	)
Net increase (decrease) in share transactions		(1,431	)		(2,195	)		539			(212	)

62 TURNER FUNDS 2009 ANNUAL REPORT

	Turner Quantitative Broad Market Equity Fund						Turner Quantitative Large Cap Value Fund
	year ended 9/30/09			6/30/08(1) thru 9/30/08			year ended 9/30/09			year ended 9/30/08
Investment activities:
Net investment income (loss)	$	6		$	2		$	14		$	14
Net realized loss from securities sold		(141	)		(37	)		(244	)		(108	)
Net change in unrealized appreciation (depreciation) on investments		114			(36	)		131			(80	)
Net increase (decrease) in net assets resulting from operations		(21	)		(71	)		(99	)		(174	)
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		(4	)		—			(14	)		(8	)
Realized capital gains
Institutional Class Shares		—			—			—			(110	)
Total dividends and distributions		(4	)		—			(14	)		(118	)
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		—			612			109			102
Proceeds from shares issued in lieu of cash distributions		4			—			14			118
Cost of shares redeemed		—			—			—			—
Net increase in net assets from Institutional Class Shares transactions		4			612			123			220
Investor Class Shares
Proceeds from shares issued		8			3			3			—
Proceeds from shares issued in lieu of cash distributions		—			—			—			—
Cost of shares redeemed		—			—			—			—
Net increase (decrease) in net assets from Investor Class Shares transactions		8			3			3			—
Net increase (decrease) in net assets from capital share transactions		12			615			126			220
Total increase (decrease) in net assets		(13	)		544			13			(72	)
Net assets:
Beginning of year		544			—			763			835
End of year	$	531		$	544		$	776		$	763
Undistibuted net investment income	$	4		$	2		$	11		$	11
Shares issued and redeemed:
Institutional Class Shares
Issued		—			62			16			9
Issued in lieu of cash distributions		1			—			2			11
Redeemed		—			—			—			—
Net increase in Institutional Class Shares		1			62			18			20
Investor Class Shares
Issued		1			—			1			—
Redeemed		—			—			—			—
Net increase (decrease) in Investor Class Shares		1			—			1			—
Net increase (decrease) in share transactions		2			62			19			20

(1)  Commencement of operations.

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 63

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner International Core Growth Fund						Turner Midcap Equity Fund
	year ended 9/30/09			year ended 9/30/08			year ended 9/30/09			year ended 9/30/08
Investment activities:
Net investment income (loss)	$	38		$	45		$	2		$	(1	)
Net realized loss from securities sold		(1,030	)		(517	)		(173	)		(111	)
Net realized loss on foreign currency transactions		(8	)		(28	)		—			—
Net change in unrealized appreciation (depreciation) on investments		1,208			(979	)		297			(52	)
Net change in unrealized appreciation (depreciation) on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		2			(1	)		—			—
Net increase (decrease) in net assets resulting from operations		210			(1,480	)		126			(164	)
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		(42	)		(5	)		—			—
Realized capital gains
Institutional Class Shares		—			(28	)		—			—
Investor Class Shares		—			—			—			—
Total dividends and distributions		(42	)		(33	)		—			—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		433			4,955			2,237			100
Proceeds from shares issued in lieu of cash distributions		42			33			—			—
Cost of shares redeemed		(130	)		(2,549	)		(1,047	)		—
Net increase in net assets from Institutional Class Shares transactions		345			2,439			1,190			100
Investor Class Shares
Proceeds from shares issued		—			—			279			185
Proceeds from shares issued in lieu of cash distributions		—			—			—			—
Cost of shares redeemed		—			—			(109	)		(139	)
Net increase (decrease) in net assets from Investor Class Shares transactions		—			—			170			46
Net increase (decrease) in net assets from capital share transactions		345			2,439			1,360			146
Total increase (decrease) in net assets		513			926			1,486			(18	)
Net assets:
Beginning of year		3,335			2,409			514			532
End of year	$	3,848		$	3,335		$	2,000		$	514
Undistibuted net investment income	$	4		$	16		$	2		$	—
Shares issued and redeemed:
Institutional Class Shares
Issued		77			427			359			11
Issued in lieu of cash distributions		7			3			—			—
Redeemed		(17	)		(227	)		(168	)		—
Net increase in Institutional Class Shares		67			203			191			11
Investor Class Shares
Issued		—			—			49			19
Issued in lieu of cash distributions		—			—			—			—
Redeemed		—			—			(18	)		(14	)
Net increase (decrease) in Investor Class Shares		—			—			31			5
Net increase (decrease) in share transactions		67			203			222			16

64 TURNER FUNDS 2009 ANNUAL REPORT

	Turner Small Cap Equity Fund
	year ended 9/30/09			year ended 9/30/08
Investment activities:
Net investment income (loss)	$	8		$	(219	)
Net realized loss from securities sold		(7,158	)		(4,329	)
Net realized loss on foreign currency transactions		—			—
Net change in unrealized appreciation (depreciation) on investments		4,120			(4,794	)
Net change in unrealized appreciation (depreciation) on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—
Net increase (decrease) in net assets resulting from operations		(3,030	)		(9,342	)
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		—			—
Realized capital gains
Institutional Class Shares		—			—
Investor Class Shares		(17	)		(9,517	)
Total dividends and distributions		(17	)		(9,517	)
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		4,588			—
Proceeds from shares issued in lieu of cash distributions		—			—
Cost of shares redeemed		(212	)		—
Net increase in net assets from Institutional Class Shares transactions		4,376			—
Investor Class Shares
Proceeds from shares issued		16,333			6,597
Proceeds from shares issued in lieu of cash distributions		15			9,456
Cost of shares redeemed		(12,786	)		(38,278	)
Net increase (decrease) in net assets from Investor Class Shares transactions		3,562			(22,225	)
Net increase (decrease) in net assets from capital share transactions		7,938			(22,225	)
Total increase (decrease) in net assets		4,891			(41,084	)
Net assets:
Beginning of year		24,208			65,292
End of year	$	29,099		$	24,208
Undistibuted net investment income	$	6		$	—
Shares issued and redeemed:
Institutional Class Shares
Issued		579			—
Issued in lieu of cash distributions		—			—
Redeemed		(25	)		—
Net increase in Institutional Class Shares		554			—
Investor Class Shares
Issued		1,861			497
Issued in lieu of cash distributions		2			676
Redeemed		(1,554	)		(2,844	)
Net increase (decrease) in Investor Class Shares		309			(1,671	)
Net increase (decrease) in share transactions		863			(1,671	)

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 65

FINANCIAL STATEMENTS

Statement of cash flows (000)

	Turner Spectrum Fund
	5/7/09(1) thru 9/30/09
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	684
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities
Purchases of long-term portfolio investments		(48,296	)
Proceeds from sales of long-term portfolio investments		38,839
Purchases of short-term portfolio investments		(1,321	)
Proceeds from sales of short-term investments		379
Payments to cover securities sold short		(24,026	)
Proceeds from securities sold short		30,086
Realized gain on written option contracts		(7	)
Realized gains from securities sold and securities sold short		(36	)
Change in unrealized appreciation on investments		(777	)
Change in unrealized depreciation on securities sold short		97
Increase in deposits with brokers for securities sold short		(8,243	)
Increase in receivable for investment securities sold		(1,534	)
Increase in receivable from investment adviser		(36	)
Increase in prepaid expenses		(1	)
Increase in unrealized appreciation on spot foreign currency contracts		(38	)
Increase in receivable for dividend income		(2	)
Increase in payable for investment securities purchased		1,650
Increase in broker fees and charges on short sales payable		4
Increase in payable due to shareholder servicing		1
Increase in payable due to administrator		1
Increase in dividends payable on securities sold short		6
Increase in unrealized depreciation on spot foreign currency contracts		38
Increase in other accrued expenses		33
Net cash used in operating activities		(12,499	)
Cash flows from financing activities:
Proceeds from shares issued		12,602
Cost of shares redeemed		(201	)
Net cash provided by financing activities		12,401
Net decrease in cash		(98	)
Cash — beginning of period		—
Cash overdraft — end of period	$	(98	)
Non-cash Capital shares sold receivable	$	163

(1)  Commencement of operations

The accompanying notes are an integral part of the financial statements.

66 TURNER FUNDS 2009 ANNUAL REPORT

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TURNER FUNDS 2009 ANNUAL REPORT 67

FINANCIAL STATEMENTS

Financial highlights

For a share outstanding throughout each period

	Net asset value, beginning of period		Net investment income (loss)			Realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from capital gains			Total dividends and distributions			Net asset value, end of period
Turner Spectrum Fund — Institutional Class Shares
2009 (6)	$	10.00		(0.07	) (1)		0.88			0.81			—			—			—		$	10.81
Turner Spectrum Fund — Investor Class Shares
2009 (6)	$	10.00		(0.09	) (1)		0.89			0.80			—			—			—		$	10.80
Turner Spectrum Fund — Class C Shares
2009 (7)	$	9.98		(0.07	) (1)		0.89			0.82			—			—			—		$	10.80
Turner Concentrated Growth Fund — Investor Class Shares
2009	$	6.35		0.02	(1)		(0.21	)		(0.19	)		—			—			—		$	6.16
2008	$	10.12		(0.07	) (1)		(3.70	)		(3.77	)		—			—			—		$	6.35
2007	$	7.60		(0.05	) (1)		2.57			2.52			—			—			—		$	10.12
2006	$	7.10		(0.08	) (1)		0.58			0.50			—			—			—		$	7.60
2005	$	5.82		(0.02	)		1.30			1.28			—			—			—		$	7.10
Turner Core Growth Fund — Institutional Class Shares
2009	$	10.41		0.05	(1)		(0.48	)		(0.43	)		(0.05	)		—			(0.05	)	$	9.93
2008	$	14.39		0.06	(1)		(4.01	)		(3.95	)		(0.03	)		—			(0.03	)	$	10.41
2007	$	11.65		0.02			2.77			2.79			(0.05	)		—			(0.05	)	$	14.39
2006	$	10.93		0.06			0.69			0.75			(0.03	)		—			(0.03	)	$	11.65
2005 (2)	$	8.84		0.02			2.07			2.09			—			—			—		$	10.93
Turner Core Growth Fund — Investor Class Shares
2009	$	10.34		0.03	(1)		(0.47	)		(0.44	)		(0.03	)		—			(0.03	)	$	9.87
2008	$	14.33		0.02	(1)		(3.99	)		(3.97	)		(0.02	)		—			(0.02	)	$	10.34
2007	$	11.61		0.02			2.73			2.75			(0.03	)		—			(0.03	)	$	14.33
2006	$	10.93		0.07			0.64			0.71			(0.03	)		—			(0.03	)	$	11.61
2005 (2)(4)	$	10.58		—			0.35			0.35			—			—			—		$	10.93
Turner Emerging Growth Fund — Institutional Class Shares
2009 (5)	$	28.45		(0.12	) (1)		9.45	(8)		9.33			—			—			—		$	37.78
Turner Emerging Growth Fund — Investor Class Shares
2009	$	46.42		(0.22	) (1)		(7.31	)		(7.53	)		—			(1.18	)		(1.18	)	$	37.71
2008	$	64.06		(0.35	) (1)		(8.54	)		(8.89	)		(0.25	)		(8.50	)		(8.75	)	$	46.42
2007	$	55.97		(0.30	) (1)		13.61			13.31			—			(5.22	)		(5.22	)	$	64.06
2006	$	56.46		(0.32	) (1)		3.02			2.70			—			(3.19	)		(3.19	)	$	55.97
2005	$	50.02		(0.46	) (1)		13.35			12.89			—			(6.45	)		(6.45	)	$	56.46
Turner Large Cap Growth Fund — Institutional Class Shares
2009	$	4.59		0.03	(1)		(0.20	) (8)		(0.17	)		(0.01	)		—			(0.01	)	$	4.41
2008	$	6.78		0.01	(1)		(2.19	)		(2.18	)		(0.01	)		—			(0.01	)	$	4.59
2007	$	5.58		0.01	(1)		1.21			1.22			(0.02	)		—			(0.02	)	$	6.78
2006	$	5.41		0.01	(1)		0.17			0.18			(0.01	)		—			(0.01	)	$	5.58
2005	$	4.83		0.01	(1)		0.57			0.58			—	*		—			—		$	5.41

68 TURNER FUNDS 2009 ANNUAL REPORT

	Total return			Net assets end of period (000)		Ratio of net expenses to average net assets††			Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets††			Portfolio turnover rate†††
Turner Spectrum Fund — Institutional Class Shares
2009 (6)		8.10	%†	$	8,681		2.44	% (9)		2.44	% (9)		5.63	%		(1.78	)%		663	%
Turner Spectrum Fund — Investor Class Shares
2009 (6)		8.00	%†	$	4,567		2.71	% (9)		2.71	% (9)		5.84	%		(2.09	)%		663	%
Turner Spectrum Fund — Class C Shares
2009 (7)		8.22	%†	$	—		2.35	% (9)		2.35	% (9)		5.28	%		(3.12	)%		663	%
Turner Concentrated Growth Fund — Investor Class Shares
2009		(2.99	)%	$	39,973		0.82	%		0.82	%		1.34	%		0.38	%		208	%
2008		(37.25	)%	$	42,581		1.53	%		1.54	%		1.91	%		(0.83	)%		348	%
2007		33.16	%	$	61,401		1.11	%		1.11	%		1.46	%		(0.57	)%		220	%
2006		7.04	%	$	38,180		1.59	%		1.59	%		1.79	%		(1.01	)%		251	%
2005		21.99	%	$	30,779		1.15	%		1.15	%		1.41	%		(0.57	)%		330	%
Turner Core Growth Fund — Institutional Class Shares
2009		(3.97	)%	$	381,277		0.69	%		0.69	%		0.92	%		0.65	%		126	%
2008		(27.53	)%	$	360,083		0.69	%		0.69	%		0.90	%		0.42	%		200	%
2007		24.00	%	$	237,778		0.68	%		0.68	%		1.06	%		0.42	%		103	%
2006		6.91	%	$	71,935		0.59	%		0.59	%		1.20	%		0.77	%		124	%
2005 (2)		23.64	%	$	40,857		0.69	% (3)		0.69	%		1.60	%		0.46	%		136	%
Turner Core Growth Fund — Investor Class Shares
2009		(4.21	)%	$	252,916		0.94	%		0.94	%		1.17	%		0.41	%		126	%
2008		(27.76	)%	$	260,692		0.94	%		0.94	%		1.15	%		0.15	%		200	%
2007		23.68	%	$	37,541		0.94	%		0.94	%		1.31	%		0.15	%		103	%
2006		6.52	%	$	23,418		0.94	%		0.94	%		1.43	%		0.23	%		124	%
2005 (2)(4)		3.31	%†	$	1		0.83	%		0.83	%		2.50	%		0.33	%		136	%
Turner Emerging Growth Fund — Institutional Class Shares
2009 (5)		32.79	%†	$	243,790		1.15	%		1.15	%		1.33	%		(0.54	)%		78	%
Turner Emerging Growth Fund — Investor Class Shares
2009		(15.58	)%	$	188,812		1.40	%		1.40	%		1.56	%		(0.71	)%		78	%
2008		(16.08	)%	$	529,578		1.40	%		1.40	%		1.49	%		(0.66	)%		71	%
2007		25.08	%	$	638,037		1.40	%		1.40	%		1.48	%		(0.50	)%		88	%
2006		4.95	%	$	565,227		1.40	%		1.40	%		1.44	%		(0.57	)%		78	%
2005		27.90	%	$	502,108		1.40	%		1.40	%		1.44	%		(0.90	)%		74	%
Turner Large Cap Growth Fund — Institutional Class Shares
2009		(3.52	)%	$	94,664		0.69	%		0.69	%		1.21	%		0.75	%		107	%
2008		(32.16	)%	$	28,975		0.69	%		0.69	%		1.09	%		0.21	%		213	%
2007		21.86	%	$	37,814		0.70	%		0.70	%		1.23	%		0.23	%		119	%
2006		3.40	%	$	19,510		0.75	%		0.75	%		1.16	%		0.26	%		194	%
2005		12.09	%	$	43,025		0.75	%		0.75	%		1.10	%		0.16	%		155	%

*  Amount represents less than $0.01 per share.
†  Total return is for the period indicated and has not been annualized.
††  Inclusive of fees paid indirectly, waivers and/or reimbursements.
†††  Excludes effect of in-kind transfers and mergers, as applicable.
(1)  Based on average shares outstanding.
(2)  Effective February 25, 2005, the Constellation TIP Core Growth Fund reorganized with and into a newly-created series of the Turner Fu nds, the Turner Core Growth Fund.
(3)  For the period October 1, 2004 through February 25, 2005, the total expense cap was 1.25%. Effective February 26, 2005, the total expense cap was changed to 0.59%.
(4)  Commenced operations on August 1, 2005. All ratios for the period have been annualized.
(5)  Commenced operations on February 1, 2009. All ratios for the period have been annualized.
(6)  Commenced operations on May 7, 2009. All ratios for the period have been annualized.
(7)  Commenced operations on July 14, 2009. All ratios for the period have been an nualized.
(8)  The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
(9)  Dividend expense totaled 0.70% of average net assets for the period ended September 30, 2009. If dividend expense had not been contractually waived, the ratios of net expenses to average net assets would have been 3.14%, 3.41% and 3.05% for the Institutional, Investor and Class C Shares, respectively. If broker fees and charges on short sales had not been included, the ratios of net expenses to average net assets would have been 1.94%, 2.20% and 1.95% for the Institutional, Investor and Class C Shares, respectively.
Amounts designated as "—" are either $0, not applicable or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 69

FINANCIAL STATEMENTS

Financial highlights

For a share outstanding throughout each period

	Net asset value, beginning of period		Net investment income (loss)			Realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from capital gains		Total dividends and distributions			Net asset value, end of period
Turner Large Cap Growth Fund — Investor Class Shares
2009	$	4.57		0.02	(1)		(0.19	) (3)		(0.17	)		(0.01	)		—		(0.01	)	$	4.39
2008	$	6.77		—	*		(2.19	)		(2.19	)		(0.01	)		—		(0.01	)	$	4.57
2007 (4)	$	5.92		0.01	(1)		0.84			0.85			—			—		—		$	6.77
Turner Midcap Growth Fund — Institutional Class Shares
2009	$	26.20		(0.01	) (1)		(0.07	)		(0.08	)		—			—		—		$	26.12
2008 (2)	$	34.67		(0.01	) (1)		(8.46	)		(8.47	)		—			—		—		$	26.20
Turner Midcap Growth Fund — Investor Class Shares
2009	$	26.18		(0.06	) (1)		(0.09	)		(0.15	)		—			—		—		$	26.03
2008	$	35.71		(0.14	) (1)		(9.39	)		(9.53	)		—			—		—		$	26.18
2007	$	27.63		(0.20	) (1)		8.28			8.08			—			—		—		$	35.71
2006	$	26.39		(0.08	) (1)		1.32			1.24			—			—		—		$	27.63
2005	$	20.99		(0.19	) (1)		5.59			5.40			—			—		—		$	26.39
Turner Midcap Growth Fund — Retirement Class Shares
2009	$	25.40		(0.11	) (1)		(0.09	)		(0.20	)		—			—		—		$	25.20
2008	$	34.74		(0.22	) (1)		(9.12	)		(9.34	)		—			—		—		$	25.40
2007	$	26.96		(0.30	) (1)		8.08			7.78			—			—		—		$	34.74
2006	$	25.89		(0.23	) (1)		1.30			1.07			—			—		—		$	26.96
2005	$	20.69		(0.30	) (1)		5.50			5.20			—			—		—		$	25.89
Turner New Enterprise Fund — Investor Class Shares
2009	$	5.60		—	*		0.35			0.35			—			—		—		$	5.95
2008	$	8.72		(0.07	) (1)		(3.05	)		(3.12	)		—			—		—		$	5.60
2007	$	6.26		(0.07	) (1)		2.53			2.46			—			—		—		$	8.72
2006	$	5.86		(0.07	) (1)		0.47	(3)		0.40			—			—		—		$	6.26
2005	$	4.52		(0.03	)		1.37			1.34			—			—		—		$	5.86
Turner Small Cap Growth Fund — Investor Class Shares
2009	$	26.45		(0.07	) (1)	��	(1.21	)		(1.28	)		—			—		—		$	25.17
2008	$	32.98		(0.15	) (1)		(6.38	)		(6.53	)		—			—		—		$	26.45
2007	$	26.17		(0.20	) (1)		7.01			6.81			—			—		—		$	32.98
2006	$	24.68		(0.21	) (1)		1.70			1.49			—			—		—		$	26.17
2005	$	21.33		(0.01	)		3.36			3.35			—			—		—		$	24.68
Turner Quantitative Broad Market Equity Fund — Institutional Class Shares
2009	$	8.73		0.11	(1)		(0.47	)		(0.36	)		(0.06	)		—		(0.06	)	$	8.31
2008 (5)	$	10.00		0.04	(1)		(1.31	)		(1.27	)		—			—		—		$	8.73
Turner Quantitative Broad Market Equity Fund — Investor Class Shares
2009	$	8.72		0.08	(1)		(0.45	)		(0.37	)		(0.05	)		—		(0.05	)	$	8.30
2008 (5)	$	10.00		0.03	(1)		(1.31	)		(1.28	)		—			—		—		$	8.72

70 TURNER FUNDS 2009 ANNUAL REPORT

	Total return			Net assets end of period (000)		Ratio of net expenses to average net assets††			Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets††			Portfolio turnover rate†††
Turner Large Cap Growth Fund — Investor Class Shares
2009		(3.73	)%	$	1,467		0.94	%		0.94	%		1.47	%		0.58	%		107	%
2008		(32.40	)%	$	662		0.94	%		0.94	%		1.36	%		(0.05	)%		213	%
2007 (4)		14.36	%†	$	87		0.94	%		0.94	%		1.51	%		0.13	%		119	%
Turner Midcap Growth Fund — Institutional Class Shares
2009		(0.31	)%	$	136,069		0.93	%		0.93	%		1.08	%		(0.05	)%		120	%
2008 (2)		(24.43	)%†	$	137,451		0.93	%		0.94	%		1.03	%		(0.09	)%		157	%
Turner Midcap Growth Fund — Investor Class Shares
2009		(0.57	)%	$	859,640		1.18	%		1.18	%		1.33	%		(0.29	)%		120	%
2008		(26.69	)%	$	994,545		1.18	%		1.18	%		1.25	%		(0.44	)%		157	%
2007		29.24	%	$	1,340,172		1.18	%		1.18	%		1.24	%		(0.63	)%		155	%
2006		4.70	%	$	1,113,201		1.18	%		1.18	%		1.18	%		(0.30	)%		135	%
2005		25.73	%	$	955,730		1.20	%		1.20	%		1.20	%		(0.78	)%		152	%
Turner Midcap Growth Fund — Retirement Class Shares
2009		(0.79	)%	$	3,892		1.43	%		1.43	%		1.58	%		(0.55	)%		120	%
2008		(26.89	)%	$	5,784		1.43	%		1.43	%		1.50	%		(0.69	)%		157	%
2007		28.86	%	$	6,212		1.49	%		1.49	%		1.56	%		(0.98	)%		155	%
2006		4.13	%	$	2,444		1.68	%		1.68	%		1.68	%		(0.83	)%		135	%
2005		25.13	%	$	1,833		1.70	%		1.70	%		1.70	%		(1.28	)%		152	%
Turner New Enterprise Fund — Investor Class Shares
2009		6.25	%	$	26,324		0.62	%		0.63	%		1.23	%		0.09	%		220	%
2008		(35.78	)%	$	32,759		1.52	%		1.54	%		1.90	%		(0.89	)%		323	%
2007		39.30	%	$	70,145		1.27	%		1.27	%		1.73	%		(0.98	)%		173	%
2006		6.83	%	$	24,040		1.61	%		1.61	%		2.06	%		(1.02	)%		235	%
2005		29.65	%	$	9,144		1.36	%		1.36	%		1.87	%		(1.14	)%		227	%
Turner Small Cap Growth Fund — Investor Class Shares
2009		(4.84	)%	$	250,860		1.25	%		1.25	%		1.58	%		(0.36	)%		113	%
2008		(19.80	)%	$	249,434		1.25	%		1.26	%		1.51	%		(0.48	)%		141	%
2007		26.02	%	$	317,930		1.25	%		1.25	%		1.48	%		(0.65	)%		134	%
2006		6.04	%	$	248,271		1.25	%		1.25	%		1.42	%		(0.79	)%		154	%
2005		15.71	%	$	257,149		1.25	%		1.25	%		1.44	%		(0.91	)%		153	%
Turner Quantitative Broad Market Equity Fund — Institutional Class Shares
2009		(3.95	)%	$	521		0.64	%		0.65	%		20.30	%		1.56	%		324	%
2008 (5)		(12.70	)%†	$	542		0.64	%		0.66	%		17.95	%		1.60	%		118	%
Turner Quantitative Broad Market Equity Fund — Investor Class Shares
2009		(4.09	)%	$	10		0.89	%		0.90	%		20.60	%		1.15	%		324	%
2008 (5)		(12.80	)%†	$	2		0.89	%		0.91	%		16.99	%		1.28	%		118	%

*  Amount represents less than $0.01 per share.
†  Total return is for the period indicated and has not been annualized.
††  Inclusive of fees paid indirectly, waivers and/or reimbursements.
†††  Excludes effect of in-kind transfers and mergers, as applicable.
(1)  Based on average shares outstanding.
(2)  Commenced operations on June 16, 2008. All ratios for the period have been annualized.
(3)&nb sp; The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
(4)  Commenced operations on January 31, 2007. All ratios for the period have been annualized.
(5)  Commenced operations on June 30, 2008. All ratios for the period have been annualized.
Amounts designated as "—" are either $0, not applicable or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 71

FINANCIAL STATEMENTS

Financial highlights

For a share outstanding throughout each period

	Net asset value, beginning of period		Net investment income (loss)			Realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from capital gains			Total dividends and distributions			Net asset value, end of period
Turner Quantitative Large Cap Value Fund — Institutional Class Shares
2009	$	8.97		0.14	(1)		(1.49	)		(1.35	)		(0.17	)		—			(0.17	)	$	7.45
2008	$	12.86		0.16	(1)		(2.23	)		(2.07	)		(0.12	)		(1.70	)		(1.82	)	$	8.97
2007	$	11.44		0.14	(1)		1.65			1.79			(0.15	)		(0.22	)		(0.37	)	$	12.86
2006 (5)	$	10.00		0.16	(1)		1.33			1.49			(0.05	)		—			(0.05	)	$	11.44
Turner Quantitative Large Cap Value Fund — Investor Class Shares
2009 (6)	$	7.50		0.07	(1)		0.04	(2)		0.11			(0.17	)		—			(0.17	)	$	7.44
Turner International Core Growth Fund — Institutional Class Shares
2009	$	8.34		0.08	(1)		(0.07	) (2)		0.01			(0.11	)		—			(0.11	)	$	8.24
2008	$	12.21		0.12	(1)		(3.87	)		(3.75	)		(0.02	)		(0.10	)		(0.12	)	$	8.34
2007 (3)	$	10.00		0.07	(1)		2.14			2.21			—			—			—		$	12.21
Turner International Core Growth Fund — Investor Class Shares
2009 (6)	$	6.27		0.07	(1)		2.01			2.08			(0.11	)		—			(0.11	)	$	8.24
Turner Midcap Equity Fund — Institutional Class Shares
2009	$	7.89		0.02	(1)		(0.94	) (2)		(0.92	)		—			—			—		$	6.97
2008	$	10.68		0.01	(1)(2)		(2.80	)		(2.79	)		—			—			—		$	7.89
2007 (3)	$	10.00		0.04	(1)(2)		0.64			0.68			—			—			—		$	10.68
Turner Midcap Equity Fund — Investor Class Shares
2009	$	7.80		—	* (1)		(0.96	) (2)		(0.96	)		—			—			—		$	6.84
2008	$	10.61		(0.03	) (1)		(2.78	)		(2.81	)		—			—			—		$	7.80
2007 (3)	$	10.00		(0.02	) (1)		0.63			0.61			—			—			—		$	10.61
Turner Small Cap Equity Fund — Institutional Class Shares
2009 (4)	$	7.73		—	* (1)		2.10	(2)		2.10			—			—			—		$	9.83
Turner Small Cap Equity Fund — Investor Class Shares
2009	$	11.53		—	* (1)		(1.70	)		(1.70	)		—			(0.01	)		(0.01	)	$	9.82
2008	$	17.31		(0.06	) (1)		(2.95	)		(3.01	)		—			(2.77	)		(2.77	)	$	11.53
2007	$	16.94		(0.12	) (1)		1.79			1.67			—			(1.30	)		(1.30	)	$	17.31
2006	$	16.06		(0.07	) (1)		0.95			0.88			—			—			—		$	16.94
2005	$	13.92		(0.11	) (1)		2.25			2.14			—			—			—		$	16.06

72 TURNER FUNDS 2009 ANNUAL REPORT

	Total return			Net assets end of period (000)		Ratio of net expenses to average net assets††			Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets††			Portfolio turnover rate†††
Turner Quantitative Large Cap Value Fund — Institutional Class Shares
2009		(14.88	)%	$	772		0.69	%		0.70	%		14.51	%		2.10	%		241	%
2008		(18.76	)%	$	763		0.69	%		0.72	%		6.13	%		1.54	%		181	%
2007		15.91	%	$	835		0.65	%		0.65	%		5.25	%		1.15	%		271	%
2006 (5)		14.92	%†	$	580		0.59	%		0.59	%		7.71	%		1.52	%		252	%
Turner Quantitative Large Cap Value Fund — Investor Class Shares
2009 (6)		1.67	%†	$	4		0.89	%		0.90	%		15.93	%		1.18	%		241	%
Turner International Core Growth Fund — Institutional Class Shares
2009		0.71	%	$	3,848		1.10	%		1.10	%		5.24	%		1.31	%		139	%
2008		(31.04	)%	$	3,335		1.10	%		1.11	%		3.05	%		1.10	%		245	%
2007 (3)		22.10	%†	$	2,409		1.10	%		1.10	%		4.63	%		0.99	%		111	%
Turner International Core Growth Fund — Investor Class Shares
2009 (6)		33.95	%†	$	—		1.29	%		1.29	%		5.59	%		1.14	%		139	%
Turner Midcap Equity Fund — Institutional Class Shares
2009		(11.66	)%	$	1,411		0.90	%		0.90	%		10.15	%		0.31	%		346	%
2008		(26.12	)%	$	85		0.90	%		0.95	%		17.32	%		0.09	%		168	%
2007 (3)		6.80	%†	$	—		0.90	%		0.90	%		31.25	%		0.60	%		98	%
Turner Midcap Equity Fund — Investor Class Shares
2009		(12.31	)%	$	589		1.15	%		1.15	%		15.60	%		(0.04	)%		346	%
2008		(26.48	)%	$	429		1.15	%		1.20	%		17.02	%		(0.32	)%		168	%
2007 (3)		6.10	%†	$	532		1.15	%		1.15	%		22.26	%		(0.26	)%		98	%
Turner Small Cap Equity Fund — Institutional Class Shares
2009 (4)		27.17	%†	$	5,439		1.20	%		1.20	%		1.59	%		0.05	%		280	%
Turner Small Cap Equity Fund — Investor Class Shares
2009		(14.78	)%	$	23,660		1.45	%		1.45	%		1.89	%		0.03	%		280	%
2008		(20.20	)%	$	24,208		1.45	%		1.45	%		1.62	%		(0.48	)%		168	%
2007		10.14	%	$	65,292		1.36	%		1.36	%		1.59	%		(0.70	)%		157	%
2006		5.48	%	$	81,340		1.24	%		1.24	%		1.70	%		(0.39	)%		143	%
2005		15.37	%	$	67,713		1.43	%		1.43	%		1.67	%		(0.71	)%		170	%

*  Amount represents less than $0.01 per share.
†  Total return is for the period indicated and has not been annualized.
††  Inclusive of fees paid indirectly, waivers and/or reimbursements.
†††  Excludes effect of in-kind transfers and mergers, as applicable.
(1)  Based on average shares outstanding.
(2)  The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains or losses on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
(3)  Commenced operations on January 31, 2007. All ratios for the period have been annualized.
(4)  Commenced operations on February 1, 2009. All ratios for the period have been annualized.
(5)  Commenced operations on October 10, 2005. All ratios for the period have been annualized.
(6)  Commenced operations on October 31, 2008. All ratios for the period have been annualized.
Amounts designated as "—" are either $0, not applicable or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2009 ANNUAL REPORT 73

NOTES TO FINANCIAL STATEMENTS

Notes to financial statements

September 30, 2009

1. Organization:

Turner Funds (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with thirteen active portfolios as of September 30, 2009. The financial statements included herein are those of the Turner Spectrum Fund (the "Spectrum Fund"), Turner Concentrated Growth Fund (the "Concentrated Growth Fund"), the Turner Core Growth Fund (the "Core Growth Fund"), the Turner Emerging Growth Fund (the "Emerging Growth Fund"), the Turner Large Cap Growth Fund (the "Large Cap Growth Fund"), the Turner Midcap Growth Fund (the "Midcap Growth Fund"), the Turner New Enterprise Fund (the "New Enterprise Fund"), Turner Small Cap Growth Fund (the "Small Cap Growth Fund"), the Turner Quantitative Broad Market Equity Fund (the "Quantitative Broad Market Equity Fund"), the Turner Quantitative Large Cap Value Fund (the "Quantitative Large Cap Value Fund"), t he Turner International Core Growth Fund (the "International Core Growth Fund"), the Turner Midcap Equity Fund (the "Midcap Equity Fund"), and the Turner Small Cap Equity Fund (the "Small Cap Equity Fund"), each a "Fund" and collectively the "Funds." The Spectrum Fund commenced operations on May 7, 2009.

Each Fund is registered as a diversified portfolio of the Trust with the exception of the Large Cap Growth Fund and the Concentrated Growth Fund, each of which are non-diversified.

The Funds are registered to offer different classes of shares: Institutional Class Shares, Investor Class Shares, Retirement Class Shares, Class C Shares, or a combination of the four. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Funds' prospectus provides a description of each Fund's investment objectives, policies, and strategies along with information on the classes of shares currently being offered.

The Emerging Growth, Small Cap Growth and Small Cap Equity Funds were closed to new investors on March 7, 2000, July 31, 2004 and May 1, 2005, respectively. Effective March 1, 2008 and August 24, 2009, the Small Cap Equity Fund and Small Cap Growth Fund were reopened to new investors and existing shareholders, respectively.

2. Significant accounting policies:

The following is a summary of the significant accounting policies followed by the Funds.

Financial Accounting Standards Board ("FASB") Launches Accounting Standards Codification—The FASB has issued FASB Statement No. 168, The "FASB Accounting Standards Codification(TM)" and the Hierarchy of Generally Accepted Accounting Principles, which has been codified into ASC Topic 105 ("ASC 105"). ASC 105 established the FASB Accounting Standards Codification(TM) ("Codification" or "ASC") as the single sour ce of authoritative U.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission ("SEC") under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. The Codification superseded all existing non-SEC accounting and reporting standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification became non-authoritative.

Following the Codification, the FASB did not issue new standards in the form of Statements, FASB Staff Positions or Emerging Issues Task Force Abstracts. Instead, it issued Accounting Standards Updates, which served to update the Codification, provided background information about the guidance and provide the basis for conclusions on the changes to the Codification.

GAAP is not intended to be changed as a result of the FASB's Codification project, but it changed the way the guidance is organized and presented. As a result, these changes had a significant impact on how companies reference GAAP in their financial statements and in their accounting policies for financial statements issued for interim and annual periods ending after September 15, 2009. The Trust has implemented the Codification as of September 30, 2009.

Use of estimates—The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security valuation—Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ) are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent,

74 TURNER FUNDS 2009 ANNUAL REPORT

third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not "readily available" are valued in accordance with Fair Value Procedures established by the Board of Trustees (the "Board"). The Funds' Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been delisted from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committ ee will determine the value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser of the Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it ma y request that a Committee meeting be called. In addition, the Fund's Administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Administrator and approved by the Committee, the Administrator notifies the Adviser for any Fund holding the relevant securities that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

The International Core Growth and Spectrum Funds use FT Interactive Data Corp. ("FT") as a third party fair valuation vendor. FT provides a fair value for foreign securities in the International Core Growth and Spectrum Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by FT in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a "confidence interval" which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the International Core Growth and Spectrum Funds value their non-U.S. securities that ex ceed the applicable "confidence interval" based upon the fair values provided by FT. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by FT are not reliable, the Adviser contacts the Funds' Administrator and may request that a meeting of the Committee be held.

If a local market in which the Funds own securities is closed for one or more days or a portion of a day, the Funds shall value all securities held in that corresponding currency based on the fair value prices provided by FT using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, fair value is defined as the price that a fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market. The guidance established a three-tier heirarchy to maximize the use of the observable market data and minimize the use of unobservable inputs and to establish classification of the fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

TURNER FUNDS 2009 ANNUAL REPORT 75

NOTES TO FINANCIAL STATEMENTS

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)

The valuation techniques used by the Funds to measure fair value in accordance with the guidance, during the year ended September 30, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs. For the year ended September 30, 2009, there have been no significant changes to the Funds' fair valuation methodologies. Fair value measurement classifications are summarized in each Fund's Schedule of investments, Schedule of securities sold short or Schedule of open options written.

Security transactions and related income—Security transactions are accounted for on the date the security is purchased or sold (trade date). Dividend income is recognized on the ex-dividend date. Costs used in determining realized gains and losses on the sales of investment securities are those of the specific securities sold during the respective holding period.

Securities sold short—As consistent with each Fund's investment objectives, the Funds may engage in short sales. Short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends that accrue during the period of the loan. Dividends are shown as an expense for financial reporting purposes. To borrow the security, the Fund also may be required to pay a fee, which is shown as an expense for financial r eporting purposes. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale.

Until a Fund closes its short position or replaces the borrowed security, the Fund will: (a) maintain a segregated account containing cash or liquid securities at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time the security was sold short, or (b) otherwise cover the Fund's short positions.

Option transactions—The Fund may write covered call options as a means of increasing the yield on its portfolio and as a means of providing limited protection against decreases in its market value. The Fund may purchase put and call options to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market value of securities that the Fund may seek to purchase in the future. A put option gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for und ertaking the obligations under the option contract. The initial purchase (sale) of an option contract is an "opening transaction." In order to close out an option position, the Fund may enter into a "closing transaction," which is simply the sale (purchase) of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened. If the Fund is unable to effect a closing purchase transaction with respect to an option it has written, it will not be able to sell the underlying security until the option expires or the Fund delivers the security upon exercise. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written. Option contracts are valued at the last quoted sales price. If there is no such reported sale on th e valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price. When an option expires on its stipulated expiration date or the Fund enters into a closing purchase transaction, the Fund realizes a gain or loss if the cost of the closing purchase transaction differs from the premium received when the option was sold without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When an option is exercised, the premium originally received decreases the cost basis of the security (or increases the proceeds on a sale of the security). Realized and unrealized gains and losses on written option transactions are shown on the Statement of Operations as Net realized gain on written option contracts and Net change in unrealized appreciation on written option contracts, respectively. Realized and unrealized gains and losses on purchased options of $(275,441) and $(14,954), respective ly are shown on the Statement of Operations as net

76 TURNER FUNDS 2009 ANNUAL REPORT

realized gain (loss) from securities sold and net change in unrealized appreciation on investments, respectively.

Foreign currency translation—The books and records of the International Core Growth Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The International Core Growth Fund does not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments in the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains o r losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the International Core Growth Fund's books and the U.S. dollar equivalent amounts actually received or paid.

Expenses—Expenses that are specifically attributed to one of the Funds are charged to that Fund. Certain other expenses of the Funds are prorated among the Funds on the basis of relative daily net assets. Other common expenses of the Trust are allocated among the Funds on the basis of relative daily net assets.

Classes—Class specific expenses are borne by that class. Income, non-class specific expenses and realized/unrealized gains and losses are allocated to the respective classes on the basis of the relative daily net assets.

Dividends and distributions—The Funds declare and distribute net investment income, if any, annually, as a dividend to shareholders. Any net realized capital gains on sales of securities for all Funds are distributed to shareholders at least annually.

3. Transactions with affiliates:

Certain officers and trustees of the Trust are also officers or employees of Turner Investment Partners, Inc. ("Turner") or SEI Global Funds Services ("SEI"), the Trust's sub-administrator. With the exception of the Trust's Chief Compliance Officer, such officers are paid no fees by the Trust for serving as officers and trustees of the Trust.

SEI Investments Distribution Co. (the "Distributor") provides distribution services to the Funds under a Distribution Agreement.

4. Administration, shareholder servicing, distribution and transfer agent agreements:

Turner provides administrative services to the Funds under Administration Agreements with the Trust. For its services, Turner receives an annual fee of 0.15% of the aggregate average daily net assets of the Trust up to $2 billion and 0.12% of the aggregate average daily net assets of the Trust over $2 billion. Under a separate Sub-Administration Agreement between Turner and SEI, SEI provides sub-administrative services to the Trust. For the year ended September 30, 2009, SEI was paid $1,036,097 by Turner.

The Funds have adopted a Distribution Plan for Retirement Class Shares and Class C Shares (the "Distribution Plan") under which firms, including the Distributor, that provide distribution services may receive compensation. Under the Distribution Plan, which was adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, the Distributor is entitled to receive aggregate fees for distribution services not exceeding seventy-five basis points (0.75%) of the Fund's average daily net assets attributable to Retirement Class or Class C Shares that are subject to the arrangement in return for providing a broad range of distribution services. Currently, the Retirement Class Shares of the Midcap Growth Fund pay the Distributor twenty-five basis points (0.25%) and the Class C Shares of the Spectrum Fund pay the Distributor seventy-five basis points (0.75%) in distribution fees.

The Funds have also adopted Shareholder Services Plans (the "Shareholder Services Plans"). Under the Shareholder Services Plans, service providers are entitled to receive aggregate fees for shareholder services not exceeding twenty-five basis points (0.25%) of each Fund's average daily net assets attributable to Investor Class and Retirement Class Shares that are subject to the arrangement in return for providing shareholder services. Currently, Investor Class Shares of each Fund and Retirement Class Shares of the Midcap Growth Fund pay 0.25% in shareholder servicing fees.

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust.

The Funds may earn cash management credits which can be used to offset transfer agent expenses. During the year ended September 30, 2009, the following Funds earned cash management credits which were used to offset transfer agent expenses. These amounts are labeled as "Fees Paid Indirectly" on the Statements of Operations.

	Amount
Spectrum Fund	$	6
Concentrated Growth Fund		1,249
Core Growth Fund		295
Emerging Growth Fund		1,330
Large Cap Growth Fund		100
Midcap Growth Fund		4,602
New Enterprise Fund		1,806
Small Cap Growth Fund		1,477
Quantitative Broad Market Equity Fund		42
Quantitative Large Cap Value Fund		46
International Core Growth Fund		52
Midcap Equity Fund		41
Small Cap Equity Fund		205

TURNER FUNDS 2009 ANNUAL REPORT 77

NOTES TO FINANCIAL STATEMENTS

5. Investment advisory agreement:

The Trust and Turner are parties to an Investment Advisory Agreement dated April 28, 1996 under which Turner receives a fee that is calculated daily and paid monthly, based on the average daily net assets of certain Funds. Pursuant to an Amended and Restated Advisory Agreement dated November 17, 2006, Turner Investment Management LLC, an affiliate of Turner, serves as the investment adviser for the Small Cap Equity Fund and Midcap Equity Fund.

For their services, Turner and Turner Investment Management LLC receive annual fees, which are calculated daily and paid monthly, based on average daily net assets. Turner and Turner Investment Management LLC have contractually agreed to waive all or a portion of their fees and to reimburse expenses in order to limit operating expenses to a specified percentage of the average daily net assets of each Fund, except the Concentrated Growth Fund and New Enterprise Fund, on an annualized basis through certain dates as disclosed in the following table:

	Advisory fee			Expense cap			Date (through)
Spectrum Fund
Institutional Class		1.50	%		1.95	%	May 6, 2010
Investor Class		1.50	%		2.20	%	May 6, 2010
Class C		1.50	%		2.95	%	July 14, 2010
Core Growth Fund
Institutional Class		0.60	%*		0.69	%	January 31, 2010
Investor Class		0.60	%*		0.94	%	January 31, 2010
Emerging Growth Fund
Institutional Class		1.00	%		1.15	%	January 31, 2010
Investor Class		1.00	%		1.40	%	January 31, 2010
Large Cap Growth Fund
Institutional Class		0.60	%		0.69	%	January 31, 2010
Investor Class		0.60	%		0.94	%	January 31, 2010
Midcap Growth Fund
Institutional Class		0.75	%		0.93	%	January 31, 2010
Investor Class		0.75	%		1.18	%	January 31, 2010
Retirement Class		0.75	%		1.43	%	January 31, 2010
Small Cap Growth Fund
Investor Class		1.00	%		1.25	%	January 31, 2010
Quantitative Broad Market Equity Fund
Institutional Class		0.50	%		0.64	%	January 31, 2010
Investor Class		0.50	%		0.89	%	January 31, 2010
Quantitative Large Cap Value Fund
Institutional Class		0.60	%		0.69	%	January 31, 2010
Investor Class		0.60	%		0.94	%	January 31, 2010
International Core Growth Fund
Institutional Class		0.85	%		1.10	%	January 31, 2010
Investor Class		0.85	%		1.35	%	January 31, 2010
Midcap Equity Fund
Institutional Class		0.75	%		0.90	%	January 31, 2010
Investor Class		0.75	%		1.15	%	January 31, 2010
	Advisory fee			Expense cap			Date (through)
Small Cap Equity Fund
Institutional Class		0.95	%		1.20	%	January 31, 2010
Investor Class		0.95	%		1.45	%	January 31, 2010

*  Prior to February 1, 2008, the advisory fee for the Core Growth Fund was 0.75%.

For the remaining Funds, the Concentrated Growth Fund and the New Enterprise Fund, the advisory fee is comprised of a base fee and a performance adjustment that increases or decreases the total fee depending upon the performance of the Fund relative to the Fund's performance benchmark. The Fund's base fee (1.10% for both the Concentrated Growth Fund and the New Enterprise Fund) is accrued daily and paid monthly, based on the Fund's average net assets during the current month.

The performance adjustment is calculated and paid monthly by comparing the Fund's performance to that of the Fund's performance benchmark over the current month plus the previous 11 months (the "performance period"). The annual performance adjustment rate is multiplied by the average net assets of the Fund over the entire performance period, which is then multiplied by a fraction, the numerator of which is the number of days in the month and the denominator of which is 365 (366 in leap years). The resulting amount is then added to (in the case of overperformance) or subtracted from (in the case of underperformance) the Fund's base fee.

In cases where the advisory fee is comprised of a base fee and a performance adjustment, Turner has voluntarily agreed to waive all or a portion of their fees and to reimburse expenses in order to keep such Fund's "other expenses" (excluding distribution fees) from exceeding a specified percentage of the average daily net assets of the Fund on an annualized basis. Accordingly, the base advisory fee, annual adjustment rate, over/under performance relative to the benchmark threshold, and other expense cap are as follows:

	Base advisory fee			Annual adjustment rate		Benchmark threshold(1)		Other expenses cap
Concentrated Growth Fund		1.10	%		+/-0.40%		+/-2.50%		0.25	%
New Enterprise Fund		1.10			+/-0.40		+/-2.50		0.25

⁽¹⁾  See the Fund's Prospectus and Statement of Additional Information for more information regarding the Funds' performance benchmark.

During the year ended September 30, 2009, the Funds' advisory fees, before waivers, were adjusted in accordance with the policy described above:

	Base adviser fee		Performance adjustment			Net adviser fee before waivers
Concentrated Growth Fund	$	350,889	$	(167,529	)	$	183,359
New Enterprise Fund		236,328		(157,271	)		79,057

78 TURNER FUNDS 2009 ANNUAL REPORT

6. Redemption fees:

Sales or exchanges out of the Core Growth Fund, New Enterprise Fund, Quantitative Large Cap Value Fund, and the Small Cap Equity Fund within 90 days of purchase are not currently subject to a redemption fee of 2.00%, but may be in the future. The Funds will provide notice to shareholders before they implement the redemption fee.

7. Contingent deferred sales charge (Turner Spectrum Fund, Class C Shares):

A 1.00% contingent deferred sales charge ("CDSC") will be deducted with respect to the Spectrum Fund, Class C Shares, redeemed within 12 months of purchase. The CDSC will be based on the lower of the original purchase price or the value of the Class C Shares redeemed. The CDSC may be waived for certain investors, as described in the Spectrum Fund's prospectus.

8. Investment transactions:

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the year or period ended September 30, 2009 were as follows (000):

	Purchases (000)		Sales (000)
Spectrum Fund	$	48,296	$	38,839
Concentrated Growth Fund		67,114		68,016
Core Growth Fund		662,202		624,672
Emerging Growth Fund		324,333		261,156
Large Cap Growth Fund		105,202		43,699
Midcap Growth Fund		1,020,286		1,091,742
New Enterprise Fund		48,976		55,297
Small Cap Growth Fund		237,591		223,761
Quantitative Broad Market Equity Fund		1,411		1,406
Quantitative Large Cap Value Fund		1,692		1,582
International Core Growth Fund		4,386		4,028
Midcap Equity Fund		4,335		2,998
Small Cap Equity Fund		78,047		69,312

9. Federal tax policies and information:

Each of the Funds is classified as a separate taxable entity for Federal income tax purposes. Each of the Funds intends to continue to qualify as a separate "regulated investment company" under the Internal Revenue Code and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required.

The amounts of dividends from net investment income and distributions from net realized capital gains, if any, are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. These differences are primarily due to wash sales, REIT adjustments and net operating losses. The character and timing of dividends from net investment income and distributions from net realized gains distributed during the fiscal year may differ from the year that the income or realized gains (losses) were recorded by the Funds. To the extent these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise.

Accordingly, the following permanent differences have been reclassified to/from the following accounts during the fiscal year ended September 30, 2009 (000):

	Undistributed net investment income			Accumulated net realized gain (loss)			Paid-in capital
Spectrum Fund	$	49		$	(49	)	$	—
Concentrated Growth Fund		1			(1	)		—
Core Growth Fund		23			(23	)		—
Emerging Growth Fund		2,669			(13	)		(2,656	)
Midcap Growth Fund		2,161			7,906			(10,067	)
New Enterprise Fund		2			(2	)		—
Small Cap Growth Fund		715			(28	)		(687	)
International Core Growth Fund		(8	)		8			—
Small Cap Equity Fund		(2	)		10			(8	)

The tax character of dividends and distributions declared during the years ended September 30, 2009 and September 30, 2008 were as follows (000):

		Ordinary income		Long-term capital gain		Total
Core Growth Fund
	2009	$	2,308	$	—	$	2,308
	2008		885		—		885
Emerging Growth Fund
	2009	$	—	$	12,445	$	12,445
	2008		2,910		84,527		87,437
Large Cap Growth Fund
	2009	$	98	$	—	$	98
	2008		89		—		89
Quantitative Broad Market Equity Fund
	2009	$	4	$	—	$	4
	2008		—		—		—
Quantitative Large Cap Value Fund
	2009	$	14	$	—	$	14
	2008		76		42		118
International Core Growth Fund
	2009	$	42	$	—	$	42
	2008		33		—		33
Small Cap Equity Fund
	2009	$	17	$	—	$	17
	2008		3,123		6,394		9,517

TURNER FUNDS 2009 ANNUAL REPORT 79

NOTES TO FINANCIAL STATEMENTS

As of September 30, 2009, the components of distributable earnings (accumulated losses) on a tax basis were as follows (000):

	Undistributed ordinary income		Capital loss carryforward			Post- October losses			Post- October currency losses			Other Unrealized appreciation (depreciation)			Other temporary differences		Total distributable earnings (accumulated losses)
Spectrum Fund	$	142	$	—		$	—		$	(4	)	$	542		$	4	$	684
Concentrated Growth Fund		120		(143,620	)		(1,680	)		—			(21,704	)		—		(166,884	)
Core Growth Fund		1,904		(176,716	)		(75,403	)		—			49,453			—		(200,762	)
Emerging Growth Fund		—		(41,623	)		(55,723	)		—			61,318			—		(36,028	)
Large Cap Growth Fund		227		(11,703	)		(6	)		—			(8,444	)		—		(19,926	)
Midcap Growth Fund		—		(398,838	)		(8,295	)		—			46,049			—		(361,084	)
New Enterprise Fund		22		(26,510	)		(398	)		—			369			—		(26,517	)
Small Cap Growth Fund		—		(79,161	)		(16,754	)		—			24,683			—		(71,232	)
Quantitative Broad Market Equity Fund		5		(48	)		(129	)		—			76			—		(96	)
Quantitative Large Cap Value Fund		10		(155	)		(176	)		—			76			—		(245	)
International Core Growth Fund		57		(1,090	)		(484	)		(3	)		549			—		(971	)
Midcap Equity Fund		3		(108	)		(13	)		—			86			—		(32	)
Small Cap Equity Fund		—		(501	)		(3,054	)		—			(4,279	)		5		(7,829	)

Post-October losses represent losses realized on investment transactions from November 1, 2008 through September 30, 2009 that, in accordance with Federal income tax regulations, a Fund may elect to defer and treat as having arisen in the following year. For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.

At September 30, 2009, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates (000):

	Expiring September 30,
	2010		2011		2012		2014		2015		2016		2017		Total
Concentrated Growth Fund	$	130,598	$	12,850	$	—	$	—	$	—	$	172	$	—	$	143,620
Core Growth Fund		—		318		—		201		827		—		175,370		176,716
Emerging Growth Fund		—		—		—		—		—		—		41,623		41,623
Large Cap Growth Fund		—		11,642		—		—		—		61		—		11,703
Midcap Growth Fund		126,952		129,499		—		—		—		—		142,387		398,838
New Enterprise Fund		8,182		386		247		—		—		—		17,695		26,510
Small Cap Growth Fund		25,196		25,994		—		—		—		—		27,971		79,161
Quantitative Broad Market Equity Fund		—		—		—		—		—		—		48		48
Quantitative Large Cap Value Fund		—		—		—		—		—		—		155		155
International Core Growth Fund		—		—		—		—		—		—		1,090		1,090
Midcap Equity Fund		—		—		—		—		—		25		83		108
Small Cap Equity Fund		—		—		—		—		—		—		501		501

During the year ended September 30, 2009, the Concentrated Growth Fund and Large Cap Growth Fund utilized capital loss carryforwards of $5,366,353 and $3,891,650, respectively, to offset capital gains.

80 TURNER FUNDS 2009 ANNUAL REPORT

At September 30, 2009, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for the investments held by the Funds, excluding securities sold short, were as follows (000):

Fund	Federal tax cost		Unrealized appreciation		Unrealized depreciation			Net unrealized appreciation (depreciation)
Spectrum Fund	$	11,095	$	909	$	(270	)	$	639
Concentrated Growth Fund		61,865		9,102		(30,806	)		(21,704	)
Core Growth Fund		605,351		107,865		(58,412	)		49,453
Emerging Growth Fund		424,557		102,115		(40,797	)		61,318
Large Cap Growth Fund		106,429		10,393		(18,837	)		(8,444	)
Midcap Growth Fund		1,027,717		251,686		(205,637	)		46,049
New Enterprise Fund		28,411		6,331		(5,962	)		369
Small Cap Growth Fund		279,294		56,833		(32,150	)		24,683
Quantitative Broad Market Equity Fund		457		83		(7	)		76
Quantitative Large Cap Value Fund		700		131		(55	)		76
International Core Growth Fund		3,329		722		(173	)		549
Midcap Equity Fund		1,978		273		(187	)		86
Small Cap Equity Fund		34,883		4,910		(9,189	)		(4,279	)

Management has analyzed the Funds' tax position taken on Federal income tax returns for all open tax years and has concluded that as of September 30, 2009, no provision for income tax would be required in the Funds' financial statements. The Funds' Federal and State income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

10. Concentrations/risks:

Certain Funds invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Funds may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility on the Fund's net asset value and magnified effect on the total return.

The Funds enter into contracts that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

11. Loans of portfolio securities:

The Funds may lend securities in their portfolio pursuant to a securities lending agreement ("Lending Agreement") with Morgan Stanley. Unless otherwise agreed, security loans, made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 100% of the market value of the securities loaned. Cash collateral received is invested in the BlackRock TempCash Fund, Institutional Shares, a money market fund. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds receive an annual fee for their participation in the Lending Agreement based on projected lending activity.

In the event of bankruptcy of the borrower, realization/ retention of the collateral may be subject to legal proceedings.

12. Derivative contracts:

Written Options—A summary of option contracts written during the period May 7, 2009 (commencement of operations) through September 30, 2009 for the Spectrum Fund is as follows:

	Option contracts			Option premiums (000)
Options outstanding at beginning of period	$	—		$	—
Options written		209			11
Options canceled in a closing purchase transaction		(99	)		(7	)
Options expired		(82	)		(4	)
Options outstanding at end of period		28			—

TURNER FUNDS 2009 ANNUAL REPORT 81

NOTES TO FINANCIAL STATEMENTS

13. In-kind transactions:

During the year ended September 30, 2009, the Midcap Growth Fund distributed securities in lieu of cash for shareholder redemptions. The shareholders received a pro-rata portion of the Fund's holdings based on shares outstanding. The value of the redemptions were as follows:

Date		Redemption		Securities		Cash		Realized loss		Fund shares redeemed
	12/22/08	$	8,209,938	$	8,167,796	$	42,142	$	3,254,486		458,074
	7/10/09		27,614,859		27,356,692		258,167		4,717,568		1,386,984

These transactions were completed pursuant to procedures adopted by the Board. These procedures are designed to minimize or eliminate any adverse tax implications to the Funds and its shareholders.

14. Subsequent events:

The Trust has evaluated the need for disclosures and/or adjustments resulting from subsequent events through November 30, 2009, the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements as of September 30, 2009.

82 TURNER FUNDS 2009 ANNUAL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders
Turner Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Turner Spectrum Fund, Turner Concentrated Growth Fund, Turner Core Growth Fund, Turner Emerging Growth Fund, Turner Large Cap Growth Fund, Turner Midcap Growth Fund, Turner New Enterprise Fund, Turner Small Cap Growth Fund, Turner Quantitative Broad Market Equity Fund, Turner Quantitative Large Cap Value Fund, Turner International Core Growth Fund, Turner Midcap Equity Fund, and Turner Small Cap Equity Fund, (collectively, the Funds), as of September 30, 2009, and the related statements of operations for the year or period then ended, the changes in net assets in the years or periods in the two-year period then ended, the statement of cash flows for the period then ended for the Turner Spectrum Fund and the financial highlights for each of the years or periods in the five-year period then ended. These financial s tatements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2009, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the aforementioned funds of the Turner Funds as of September 30, 2009, the results of their operations for the year or period then ended, the changes in their net assets in each of the years or periods in the two-year period then ended, the cash flows for the period then ended for the Turner Spectrum Fund, and their financial highlights for the periods indicated in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania
November 30, 2009

TURNER FUNDS 2009 ANNUAL REPORT 83

NOTICE TO SHAREHOLDERS  (Unaudited)

For shareholders that do not have a September 30th, 2009 tax year end, this notice is for informational purposes only. For shareholders with a September 30th, 2009 year end, please consult your tax advisor as to the pertinance of this notice. For the fiscal year ended September 30th, 2009, each portfolio is designating the following items with regard to distributions paid during the year.

	Long term (15% rate) capital gain distribution			Ordinary income distributions			Total distributions			Dividends qualifying for corporate dividends receivable deduction(1)			Qualifying dividend income(2)			Qualifying interest income(3)			Qualifying short-term capital gain(4)
Turner Spectrum Fund		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Turner Concentrated Growth Fund		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Turner Core Growth Fund		0.00	%		100.00	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%
Turner Emerging Growth Fund		100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Turner Large Cap Growth Fund		0.00	%		100.00	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%
Turner Midcap Growth Fund		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Turner New Enterprise Fund		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Turner Small Cap Growth Fund		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Turner Quantitative Broad Market Equity Fund		0.00	%		100.00	%		100.00	%		80.38	%		73.66	%		0.00	%		0.00	%
Turner Quantitative Large Cap Value Fund		0.00	%		100.00	%		100.00	%		57.16	%		55.87	%		0.00	%		0.00	%
Turner International Core Growth Fund*		0.00	%		100.00	%		100.00	%		0.45	%		95.78	%		0.00	%		0.00	%
Turner Midcap Equity Fund		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Turner Small Cap Equity Fund		0.00	%		100.00	%		100.00	%		98.10	%		100.00	%		0.00	%		100.00	%

⁽¹⁾  Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and are reflected as a percentage of "Ordinary Income Distributions".

⁽²⁾  The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of "Ordinary Income Distribuions". It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

⁽³⁾  The percentage in this column represents the amount of "Qualifying Interest Income" as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid to foreign investors.

⁽⁴⁾  The percentage in this column represents the amount of "Qualifying Short-Term Capital Gain" as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

*  The Turner International Core Growth Fund intends to pass through a foreign tax credit to shareholders. For fiscal year ended 2009 the total amount of foreign source income is $68,816. The total amount of foreign tax paid is $6,127. Your allocable share of the foreign tax credit will be reported on Form 1099-DIV.

The information reported herein may differ from the information and distributions taxable to the Shareholders for the calendar year ending December 31, 2009. Complete information will be computed and reported in conjunction with your 2009 Form 1099-DIV.

84 TURNER FUNDS 2009 ANNUAL REPORT

TRUSTEES AND OFFICERS OF THE TRUST

Name, address and age(1)	Position held with Trust and length of service(2)	Principal occupation(s) during past 5 years	Number of portfolios in complex overseen by trustee		Other directorships held
Interested Trustee*
Robert E. Turner (53)	Trustee (since 1996)	Chairman and Chief Investment Officer, Turner (since 1990).		13	None
* Mr. Turner is deemed to be an "Interested Trustee" by virtue of his relationship with Turner.
Non-Interested Trustees
Alfred C. Salvato (51)	Chairman of the Board (since 2004); Trustee (since 1996)	Chief Investment Officer & Treasurer, Thomas Jefferson University (since 2003) Treasurer since 1995.		13	None
Janet F. Sansone (64)	Trustee (since 1997)	Chief Management Officer, United States Government Printing Office (since 2008); Self-employed Consultant (1999-2007).		13	None
John T. Wholihan (71)	Trustee (since 1996)	Dean Emeritus (since 2007), Professor (since 1984) and Dean (1984-2007), College of Business Administration, Loyola Marymount University.		13	None
Executive Officers
Thomas R. Trala, Jr. (43)	President (since 2004)	Chief Operating Officer (since 2004) and Chief Financial Officer (since 1995), Turner.		N/A	N/A
Michael Lawson SEI One Freedom Valley Drive, Oaks, PA 19456 (48)	Controller and Chief Financial Officer (since 2005)	Director, Fund Accounting, SEI Investments (since 2005); Manager, Fund Accounting (since 1998).		N/A	N/A
Brian F. McNally (51)	Vice-President (since 2002), Secretary and Chief Compliance Officer (since 2004), Turner	General Counsel and Chief Compliance Officer (since 2004), Deputy General Counsel (2002-2004).		N/A	N/A
Calvin Fisher (36)	Vice-President and Assistant Secretary (since 2006), Turner	Director – Mutual Fund Administration and Compliance (since 2005); Manager, Mutual Fund Administration (since 2001).		N/A	N/A

⁽¹⁾  Each Trustee and executive officer, unless noted otherwise, may be contacted by writing to such Trustee or officer c/o Turner Funds, 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312, Attn: Turner Chief Legal Officer.

⁽²⁾  Each Trustee serves until his or her respective successor has been duly elected and qualified. Each officer serves a one-year term.

The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1.800.224.6312.

TURNER FUNDS 2009 ANNUAL REPORT 85

DISCLOSURE OF FUND EXPENSES

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, distribution (12b-1) and/or shareholder services and other expenses. It is important for you to understand the impact of these costs on your investment returns. Operating expenses such as these are deducted from a mutual fund's gross income and directly reduce its final investment return. These expenses are expressed as a percentage of a mutual fund's average net assets; this percentage is known as a mutual fund's expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table below and on the next page illustrates your Fund's costs in two ways:

• Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under "Expenses Paid During Period."

• Hypothetical 5% Return. This section helps you compare your Fund's costs with those of other mutual funds. It provides information about hypothetical account values and expenses based on the Fund's actual expense ratio (column 3) and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. This section is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expenses Paid During Period" column with those that appear in the same charts in the shareholder reports for other mutual funds.

Note: Because the return is set at 5% for comparison purposes — NOT your Fund's actual return — the hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period.

	Beginning Account Value 4/1/09		Ending Account Value 9/30/09		Annualized Expense Ratios			Expenses Paid During Period*
Turner Spectrum Fund — Institutional Class Shares
Actual Fund Return	$	1,000.00	$	1,081.00		2.44	%	$	10.16	**
Hypothetical 5% Return		1,000.00		1,012.84		2.44			12.31
Turner Spectrum Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,080.00		2.71			11.27	**
Hypothetical 5% Return		1,000.00		1,011.48		2.71			13.67
Turner Spectrum Fund — Class C Shares
Actual Fund Return		1,000.00		1,082.20		2.35			5.23	***
Hypothetical 5% Return		1,000.00		1,013.29		2.35			11.86
Turner Concentrated Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,456.30		0.92			5.66
Hypothetical 5% Return		1,000.00		1,020.46		0.92			4.66
Turner Core Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,327.50		0.69			4.03
Hypothetical 5% Return		1,000.00		1,021.61		0.69			3.50
	Beginning Account Value 4/1/09		Ending Account Value 9/30/09		Annualized Expense Ratios			Expenses Paid During Period*
Turner Core Growth Fund — Investor Class Shares
Actual Fund Return	$	1,000.00	$	1,324.80		0.94	%	$	5.48
Hypothetical 5% Return		1,000.00		1,020.36		0.94			4.76
Turner Emerging Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,356.10		1.15			6.79
Hypothetical 5% Return		1,000.00		1,019.30		1.15			5.82
Turner Emerging Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,354.00		1.40			8.26
Hypothetical 5% Return		1,000.00		1,018.05		1.40			7.08
Turner Large Cap Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,300.90		0.69			3.98
Hypothetical 5% Return		1,000.00		1,021.61		0.69			3.50
Turner Large Cap Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,298.80		0.94			5.42
Hypothetical 5% Return		1,000.00		1,020.36		0.94			4.76

86 TURNER FUNDS 2009 ANNUAL REPORT

	Beginning Account Value 4/1/09		Ending Account Value 9/30/09		Annualized Expense Ratios			Expenses Paid During Period*
Turner Midcap Growth Fund — Institutional Class Shares
Actual Fund Return	$	1,000.00	$	1,459.20		0.93	%	$	5.73
Hypothetical 5% Return		1,000.00		1,020.41		0.93			4.71
Turner Midcap Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,457.40		1.18			7.27
Hypothetical 5% Return		1,000.00		1,019.15		1.18			5.97
Turner Midcap Growth Fund — Retirement Class Shares
Actual Fund Return		1,000.00		1,455.80		1.43			8.80
Hypothetical 5% Return		1,000.00		1,017.90		1.43			7.23
Turner New Enterprise Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,545.50		0.88			5.62
Hypothetical 5% Return		1,000.00		1,020.66		0.88			4.46
Turner Small Cap Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,436.60		1.25			7.64
Hypothetical 5% Return		1,000.00		1,018.80		1.25			6.33
Turner Quantitative Broad Market Equity Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,355.60		0.64			3.78
Hypothetical 5% Return		1,000.00		1,021.86		0.64			3.24
Turner Quantitative Broad Market Equity Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,356.20		0.89			5.26
Hypothetical 5% Return		1,000.00		1,020.61		0.89			4.51
Turner Quantitative Large Cap Value Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,300.20		0.69			3.98
Hypothetical 5% Return		1,000.00		1,021.61		0.69			3.50
	Beginning Account Value 4/1/09		Ending Account Value 9/30/09		Annualized Expense Ratios			Expenses Paid During Period*
Turner Quantitative Large Cap Value Fund — Investor Class Shares
Actual Fund Return	$	1,000.00	$	1,298.40		0.94	%	$	5.42
Hypothetical 5% Return		1,000.00		1,020.36		0.94			4.76
Turner International Core Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,503.60		1.10			6.90
Hypothetical 5% Return		1,000.00		1,019.55		1.10			5.57
Turner International Core Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,503.60		1.35			8.47
Hypothetical 5% Return		1,000.00		1,018.30		1.35			6.83
Turner Midcap Equity Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,269.60		0.90			5.12
Hypothetical 5% Return		1,000.00		1,020.56		0.90			4.56
Turner Midcap Equity Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,266.70		1.15			6.53
Hypothetical 5% Return		1,000.00		1,019.30		1.15			5.82
Turner Small Cap Equity Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,330.20		1.20			7.01
Hypothetical 5% Return		1,000.00		1,019.05		1.20			6.07
Turner Small Cap Equity Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,328.80		1.45			8.47
Hypothetical 5% Return		1,000.00		1,017.80		1.45			7.33

  *  Unless otherwise indicated, expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period from 4/1/09 - 9/30/09.)

  **  Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 146/365 (to reflect the period from inception to date, 5/7/09 - 9/30/09.)

  ***  Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 78/365 (to reflect the period from inception to date, 7/14/09 - 9/30/09.)

TURNER FUNDS 2009 ANNUAL REPORT 87

Turner Funds

Turner Funds' trustees

Alfred C. Salvato

Chief Investment Officer & Treasurer

Thomas Jefferson University

Janet F. Sansone

Chief Management Officer

Office of The Public Printer of the United States

Robert E. Turner

Chairman and Chief Investment Officer

Turner Investment Partners, Inc.

Dr. John T. Wholihan

Professor, Dean Emeritus, College of Business

Loyola Marymount University

Investment advisers

Turner Investment Partners, Inc.

Turner Investment Management LLC

Berwyn, Pennsylvania

Distributor

SEI Investments Distribution Company

Oaks, Pennsylvania

Administrator

Turner Investment Partners, Inc.

Berwyn, Pennsylvania

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

This report was prepared for shareholders of the Turner Funds. It may be distributed to others only if preceded or accompanied by a Turner Funds' Prospectus, which contains detailed information. All Turner Funds are offered by prospectus only.

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds' Forms N-Q are available on the Commission's website at http://www.sec.gov, and may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

The Board of Trustees of the Turner Funds has delegated responsibility for decisions regarding proxy voting for securities
held by each Fund to Turner Investment Management LLC ("TIM") (with respect to the Small Cap Equity Fund and Midcap Equity Fund only) and to Turner Investment Partners, Inc. (with respect to each other Fund). TIM and Turner Investment Partners, Inc., will vote such proxies in accordance with their respective proxy policies and procedures, which are included in Appendix B to the SAI. The Board of Trustees will periodically review each Fund's proxy voting record.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) via the Funds' website, www.turnerinvestments.com; (ii) on the Commission's website at http://www.sec.gov; and (iii) without charge by calling 1.800.224.6312.

88 TURNER FUNDS 2009 ANNUAL REPORT

Turner Funds

P.O. Box 219805

Kansas City, Missouri 64121-9805

Telephone: 1.800.224.6312

Email: mutualfunds@turnerinvestments.com

Web Site: www.turnerinvestments.com

TUR-AR-002-0306

Item 2.   Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, and principal accounting officer.

Item 3.   Audit Committee Financial Expert.

The Board of Trustees of the Turner Funds has determined that the Board’s Audit Committee does not have an “audit committee financial expert,” as the Securities and Exchange Commission has defined that term.  After carefully considering all of the factors involved in the definition of “audit committee financial expert,” the Board determined that none of the members of the audit committee possessed all five attributes in the definition, although some members of the Audit Committees possessed some of the attributes.  The Board also determined that the Audit Committee members have general financial expertise, and given the size and types of the Turner Funds and in light of the nature of the accounting and valuation issues presented over the past several years, it did not appear that the Audit Committee members lacked any necessary skill to serve on the Audit Committee.

Item 4.   Principal Accountant Fees and Services.

Fees billed by KPMG LLP (“KPMG”) Related to the Trust

KPMG billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

		2009				2008
		All fees and services to the Trust that were pre-approved		All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved		All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees (1)	$	236,000	N/A	N/A	$	243,500	N/A	N/A
(b)	Audit-Related Fees	N/A		N/A	N/A	N/A		N/A	N/A
(c)	Tax Fees (2)	$	76,150	N/A	N/A	$	62,400	N/A	N/A
(d)	All Other Fees (3)	N/A		N/A	N/A	N/A		N/A	N/A

Notes:

(1)Audit fees include fees related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(2)Tax fees consist of tax compliance services for the Trust.  These services primarily included review of federal income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.

(3)All Other Fees consist of fees for services provided in connection with an assessment of the advisor’s anti-money laundering program.

(e)(1)       The audit committee does not have pre-approval policies and procedures.  Instead, the audit committee approves on a case-by-case basis each audit or non-audit service before the accountant is engaged by the registrant.

(e)(2)       Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	2009		2008
Audit-Related Fees	0.00	%	0.00	%
Tax Fees	0.00	%	0.00	%
All Other Fees	0.00	%	0.00	%

(f)            Not applicable.

(g)           The aggregate non-audit fees and services billed by KPMG for the last two fiscal years were $76,150 and $62,400 for 2009 and 2008, respectively, as described above.

(h)           The registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.   Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.   Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1.

Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9.   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.   Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees since the registrant’s last proxy solicitation.

Item 11.   Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 as amended (the “Act”)) were effective as of a date within 90 days of the filing date of this report, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) of the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Items 12.   Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b)  Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Turner Funds
By (Signature and Title)	/s/ Thomas R. Trala, Jr.
	Thomas R. Trala, Jr., President and CEO
Date: December 9, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Thomas R. Trala, Jr.
	Thomas R. Trala, Jr., President and CEO
Date: December 9, 2009
By (Signature and Title)	/s/ Michael Lawson
	Michael Lawson, Controller and CFO
Date: December 9, 2009