Turner Funds NCSRS Certified semi-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, 2010

Date of reporting period:		March 31, 2010

Item 1. Reports to Stockholders.

Semiannual Report

March 31, 2010 (unaudited)

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

	5			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

	52			Financial statements

	72			Notes to financial statements

	80			Board of Trustees considerations in approving the Advisory Agreements

	81			Disclosure of fund expenses

Turner Funds

As of March 31, 2010, 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 $18 billion in stock investments as of March 31, 2010. 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 2010 SEMIANNUAL REPORT 1

LETTER TO SHAREHOLDERS

To our shareholders

In the six months ended March 31, 2010, the stock market reflected nothing so much as a mirror image of the prolonged bear market of 2007-2009, an investment black hole that pulverized stock-market prices by more than 50%.

In contrast, since reaching a bottom on March 9, 2009, the market, as represented by the S&P 500 Index, has driven stock prices higher with a similar relentless consistency. During that time, the S&P 500 recorded 10 positive monthly returns and didn't suffer even the typical "correction" (a temporary pullback of 10% or more). For the most recent six-month period, the S&P 500 Index gained 11.75%, the equivalent of more than a full year's results by historical standards.

Of late it's been a strong, silent bull market, with stocks registering more moderate gains following outsized returns early on. The quiet upward course of the market is evident in the Chicago Board Options Exchange Volatility Index, which measures how much disruption investors expect in the market; the index fell below 17 in mid-March — in sharp relief to readings as high as 80 during the financial crisis in 2008. Back then, a global depression seemed a distinct possibility, due to what The Wall Street Journal called the Four Horsemen of the Financial Apocalypse: Derivatives, Leverage, Greed, and Fraud.

Smaller stocks rebound

A distinguishing characteristic of the market since it turned bullish is that smaller, more speculative stocks with low price/book ratios have performed best. Those stocks had been beaten up so much during the bear market that they were priced as if investors fully expected their issuers to go out of business. But like a child on a trampoline, they bounced back energetically. In the past six months alone, the small-cap Russell 2000 Value Index soared 14.01%; the Russell Midcap Value Index, 15.32%.

In effect, these smaller stocks gained the most in the past six months for no better reason than they had gained the most in the previous six months. According to our Quantitative Investing Team, price momentum was the performance factor that worked best in the past six months. Other, more fundamentally oriented factors such as earnings, return on equity, and market-share leadership were of lesser importance. To us, it's an example of how Mr. Market can sometimes be perverse. For instance, the stocks of companies that were ranked by Morningstar as having no "moat," or no long-term competitive advantage, outperformed those with a wid e or narrow moat. And Bank of America Merrill Lynch found that in the first quarter, the stocks with the best return on equity rose 7.4%, while the stocks with the worst return on equity gained 10.1%. Just as in the bond market, where "junk" high-yield bonds outperformed, junk shares generally flourished in the stock market.

We attribute the outperformance of junk stocks to two catalysts: the Federal Reserve kept short-term interest rates near zero and the stock market rally was so exceptionally positive. As a result, momentum investors and short-term traders were emboldened to become much more tolerant of market risk and persist in doing what they had been doing — bidding up the price of low-quality stocks.

Low quality didn't help us

Although low quality may have benefited momentum investors and short-term traders, it didn't do nearly as much for our own mutual funds. Low quality is not our game. For our 13 U.S. growth, international-growth, core (a blend of growth and value), quantitative, and alternative funds, we focus on picking high-quality stocks for fundamental reasons. For instance, our growth and international funds emphasize the stocks of companies that we think can exceed Wall Street's earnings expectations. Our core funds emphasize stocks with business momentum, such as an improving rate of revenue growth, balance-sheet strength, and undervalued assets. Our quantitative funds select stocks according to the diverse factors in our model that have proven to be most predictive of outperformance in each market sector. And our alternative fund uses fundamental, quantitative, and technical analysis to select stocks for long positions that we think have high-return potential and stocks for short positions that we perceive as underperformers.

Inasmuch as our stock-selection process isn't geared to price momentum, our funds' performance was a mixed bag in the past six months. Six of our 13 funds outperformed at least one of their benchmarks: the Turner Emerging Growth Fund, the Turner New Enterprise Fund, the Turner Small Cap Growth Fund, the Turner International Core Growth Fund, the Turner Quantitative Broad Market Equity Fund, and the Turner Spectrum Fund.

The returns of all 13 funds were uniformly positive, ranging from 3.00% for the Turner Spectrum Fund to 15.39% for the Turner New Enterprise Fund. On an absolute numerical basis, results were generally good: 11 of the funds generated returns in excess of 10%. And as was the case for the market as a whole, the funds specializing in smaller stocks did best.

Total returns
Six-month period ended March 31, 2010
*Alternative equity fund*
Turner Spectrum Fund, Institutional Class (TSPEX)	3.00	%
S&P 500 Index	11.75
Barclays Capital U.S. Aggregate Bond Index	1.99
Lipper Long/Short Equity Funds Classification	4.66

2 TURNER FUNDS 2010 SEMIANNUAL REPORT

March 31, 2010

*U.S. growth equity funds*
Turner Concentrated Growth Fund (TTOPX)	7.45	%
Russell 1000 Growth Index	12.96
Turner Core Growth Fund, Institutional Class (TTMEX)	10.50
Russell 1000 Growth Index	12.96
Turner Emerging Growth Fund, Investor Class (TMCGX)	14.00
Russell 2000 Growth Index	12.07
Turner Large Cap Growth Fund, Institutional Class (TSGEX)	11.36
Russell Top 200 Growth Index	12.23
Russell 1000 Growth Index	12.96
Turner Midcap Growth Fund, Investor Class (TMGFX)	14.44
Russell Midcap Growth Index	14.88
Turner New Enterprise Fund (TBTBX)	15.39
NASDAQ Composite Index	13.56
Turner Small Cap Growth Fund (TSCEX)	13.31
Russell 2000 Growth Index	12.07
*Quantitative equity funds*
Turner Quantitative Broad Market Equity Fund, Institutional Class (TBMEX)	12.92
Russell 3000 Index	12.19
S&P 500 Index	11.75
Turner Quantitative Large Cap Value Fund, Institutional Class (TLVFX)	10.79
Russell 1000 Value Index	11.28
*International equity fund*
Turner International Core Growth Fund, Institutional Class (TICGX)	10.96
MSCI World Growth ex-U.S. Index	6.29
*Core equity funds*
Turner Midcap Equity Fund, Investor Class (TMCFX)	14.26
Russell Midcap Index	15.10
Turner Small Cap Equity Fund, Investor Class (TSEIX)	10.69
Russell 2000 Index	13.07

(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 six-month period, see the Investment review beginning on page 8.)

Fundamentals matter little

If anything surprised us about the market's behavior in the past six months, it was that fundamentals failed to matter more as the bull market progressed. But we believe to everything there is a season and buying the shares of high-quality companies is the surest way to build wealth in the stock market in the long run. We think the market's fascination with speculative, low-quality stocks will inevitably wane; historically, in previous bull markets, that fascination has lasted five to seven months, according to Bank of America Merrill Lynch.

To us, this market resembles the market in 2003, when low quality also held sway. Back then, an improving economy and the prospect of rising interest rates prompted investors to begin gravitating towards quality. We think that quality should return to favor again in 2010 and enhance the relative performance of our funds. We think it's particularly significant that one consequence of the outperformance of low quality is that higher quality is now selling relatively cheaply, and we are taking advantage of the opportunity to add to our positions in good stocks.

On the occasion of the first birthday of this bull market, we take note that the past four bull markets have lasted an average of 55 months. In our judgment, the current bull could continue to rage for some time to come, as long as the economy continues to expand and earnings hold up, both of which we think are probable.

Economic signals rising

For one thing, in the U.S., the Index of Leading Economic Indicators rose for the 12th consecutive month in March. In the past six months, the index is up about 10% annualized, compared with an average gain of about 8% annualized during the previous six economic recoveries. Because of these and numerous other positive economic signs, we think the possibility of the U.S. economy suffering a double-dip recession seems remote. Indeed, we think economic growth may exceed expectations, which are still generally modest.

For another thing, earnings continue to grow strongly. Even the most conservative Wall Street analysts are projecting that companies in the S&P 500 Index will report growth in earnings per share in the double digits in both 2010 and 2011. In our view, as investors come to appreciate that companies' earnings power is for real, we think it could move the market higher. We envision this scenario: as earnings grow, companies could start hiring in earnest in the second or third quarter, and consumer confidence and spending could improve, leading to a virtuous circle for both earnings and the market.

Finally, the companies in the S&P 500 Index are sitting on a mountain of cash — a record $1.1 trillion, by our

TURNER FUNDS 2010 SEMIANNUAL REPORT 3

LETTER TO SHAREHOLDERS (continued)

reckoning. We think that as time passes, they are likely to spend some of it on capital equipment, to the benefit of the economy. Capital spending is in fact rising after two years of underinvestment, when companies were on the defensive and conserving cash to weather the recession. Also, we think companies may spend some of their cash hoard on acquisitions, which could inject additional fuel into the market's engine.

Even so, we hasten to add that since this bull market has yet to endure a correction, it wouldn't be at all shocking if one occurred before the year's end. Since 1900, a correction has taken place about once a year on average.

How our funds are positioned

But on balance, we expect an increasingly high correlation between good stock returns and companies reporting above-average rates of earnings growth this year. In short, we expect a stock picker's market. In anticipation of that prospect, we've positioned our funds in this way:

Our eight U.S. and international growth funds, as always, hold shares that in our estimation offer the greatest prospective earnings power. Our growth funds continue to own three types of growth stocks. One, they hold classic growth stocks in industries like investment management, biotechnology, and wireless communications that we think have high-return potential for strong fundamental reasons. Two, they hold stocks of companies gaining market share in their businesses. And three, they hold cyclical stocks in industries such as metals, banking, business services, and chemicals that historically have tended to do well as the economy expands.

Our two core funds generally own stocks with above-average levels of cash on their issuers' balance sheets and low betas. The funds' sector weightings are being kept close to those of the indexes. We see little need to be overexposed to any of the sectors since their valuations are comparable; we think none of them offer enough of a price discount to merit placing special emphasis on them. Plus, we are finding appealing candidates for investment in all sectors.

Our two quantitative funds remain broadly diversified, with substantial weightings of growth factors in our model. That weighting is consistent with our view that 2010 may be a year in which above-average earnings, the hallmark of growth stocks, are a prime differentiator of performance among stocks. We expect banking stocks, among others, to do well, as banks stand to profit from a steep yield curve in making loans and from their improving balance sheets.

And our long/short fund, the Turner Spectrum Fund, composed of six long/short strategies managed by us, is emphasizing growth stocks with attractive PEG (price/earnings-to-earnings growth) ratios. The Spectrum Fund is invested mainly in U.S. stocks, which our fundamental analysis indicates have superior return potential to that of foreign stocks generally. The fund has a modest net long exposure (its percentage of long positions minus its percentage of short positions), of less than 19%, as of March 31.

We thank you for your vote of confidence in entrusting your wealth to us for investment. As of March 31, the wealth in our funds totaled more than $2.9 billion, which included not only your money but the money of mine and other portfolio managers here as well. We pledge to continue exerting our best efforts to produce good performance for the Turner funds that you and we own. And we look forward to reporting to you how that performance actually played out over the next six months. In the months ahead, we think the market, which recently has been the looking-glass equivalent of the bear market that preceded it, may reward more fully the higher quality stocks we prize.

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 March 31, 2010, and are not intended as a forecast or investment recommendations. The indexes mentioned are not available for investment.

Bob Turner

4 TURNER FUNDS 2010 SEMIANNUAL REPORT

PERFORMANCE

Total returns of the Turner Funds

Through March 31, 2010

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
($mill)

Turner Spectrum Fund —
Institutional Class Shares

3.00

1.47

n/a

11.35

52.81

Investor Class Shares

2.82

1.38

n/a

11.05

19.63

Class C Shares⁽¹⁾

2.64

1.29

n/a

11.07

1.80

S&P 500 Index

11.75

5.39

n/a

31.41

Barclays Capital U.S. Aggregate
Bond Index

1.99

1.78

n/a

7.14

Lipper Long/Short Equity Funds
Classification

4.66

1.77

n/a

19.87

Inception date: 5/7/09

Turner Concentrated
Growth Fund

7.45

1.85

56.48

-6.47

1.58

-10.28

-0.52

43.08

Russell 1000 Growth Index

12.96

4.65

49.75

-0.78

3.42

-4.21

-1.61

Inception date: 6/30/99

Turner Core Growth Fund —
Institutional Class Shares

10.50

3.90

46.70

-3.88

2.90

n/a

1.20

460.00

Investor Class Shares⁽²⁾

10.37

3.72

46.22

-4.13

n/a

0.83

340.74

Russell 1000 Growth Index

12.96

4.65

49.75

-0.78

3.42

n/a

0.13

Inception date: 2/28/01

Turner Emerging Growth Fund⁽⁸⁾ —
Institutional Class Shares⁽³⁾

14.13

9.55

54.77

n/a

42.71

283.38

Investor Class Shares

14.00

9.50

54.36

-3.41

3.63

6.97

19.16

193.07

Russell 2000 Growth Index

12.07

7.61

60.32

-2.42

3.82

-1.53

1.96

Inception date: 2/27/98

Turner Large Cap Growth Fund —
Institutional Class Shares

11.36

5.15

44.87

-5.58

-0.21

n/a

-6.88

127.94

Investor Class Shares⁽⁴⁾

11.18

5.17

44.40

-5.85

n/a

-5.81

1.50

Russell Top 200 Growth Index

12.23

3.54

45.13

-0.16

3.16

n/a

-4.59

Russell 1000 Growth Index

12.96

4.65

49.75

-0.78

3.42

n/a

-3.79

Inception date: 6/14/00

TURNER FUNDS 2010 SEMIANNUAL REPORT 5

PERFORMANCE (continued)

Fund name/index

Six
months

Year
to
date

One
year

Three
years

Five
years

Ten
years

(Annualized)
Since
inception

Total
net assets
($mill)

Turner Midcap Growth Fund⁽⁸⁾ —
Institutional Class Shares⁽⁵⁾

14.59

7.55

67.21

n/a

-7.89

139.58

Investor Class Shares

14.44

7.47

66.80

-0.41

4.58

-2.85

10.20

923.35

Retirement Class Shares⁽⁶⁾

14.29

7.38

66.38

-0.65

4.23

n/a

6.17

4.75

Russell Midcap Growth Index

14.88

7.67

63.00

-2.04

4.27

-1.69

6.39

Inception date: 10/1/96

Turner New Enterprise Fund⁽⁸⁾

15.39

8.72

78.33

0.17

6.38

n/a

-3.78

28.71

NASDAQ Composite Index

13.56

5.91

58.62

0.69

4.59

n/a

-4.29

Inception date: 6/30/00

Turner Small Cap Growth Fund⁽⁸⁾

13.31

8.48

62.79

-1.49

5.12

-1.63

11.03

291.24

Russell 2000 Growth Index

12.07

7.61

60.32

-2.42

3.82

-1.53

4.91

Inception date: 2/7/94

Turner Quantitative Broad
Market Equity Fund —
Institutional Class Shares

12.92

6.54

53.07

n/a

-3.07

11.63

Investor Class Shares

12.84

6.67

53.03

n/a

-3.26

—

Russell 3000 Index

12.19

5.94

52.44

n/a

-2.40

S&P 500 Index

11.75

5.39

49.77

n/a

-2.70

Inception date: 6/30/08

Turner Quantitative
Large Cap Value Fund —
Institutional Class Shares

10.79

6.42

44.05

-6.51

n/a

0.46

0.86

Investor Class Shares⁽⁷⁾

10.76

6.42

43.81

n/a

8.74

—

Russell 1000 Value Index

11.28

6.78

53.56

-7.33

n/a

0.82

Inception date: 10/10/05

Turner International Core
Growth Fund —
Institutional Class Shares

10.96

3.33

66.84

-2.59

n/a

-1.90

4.81

Investor Class Shares⁽⁷⁾

10.81

3.21

66.62

n/a

32.15

0.13

MSCI World Growth ex-U.S. Index

6.29

1.91

50.81

-5.04

n/a

-3.59

Inception date: 1/31/07

Turner Midcap Equity Fund —
Institutional Class Shares

14.34

10.15

45.16

-7.75

n/a

-6.92

1.68

Investor Class Shares

14.26

10.04

44.73

-8.28

n/a

-7.49

0.19

Russell Midcap Index

15.10

8.67

67.71

-3.30

n/a

-2.84

Inception date: 1/31/07

Turner Small Cap Equity Fund⁽⁸⁾ —
Institutional Class Shares⁽³⁾

10.78

3.62

47.36

n/a

34.06

6.29

Investor Class Shares

10.69

3.62

47.09

-8.71

-1.17

n/a

5.53

12.84

Russell 2000 Index

13.07

8.85

62.76

-3.99

3.36

n/a

5.54

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).

6 TURNER FUNDS 2010 SEMIANNUAL REPORT

Expense Ratio†

	Gross expense ratio			Net expense ratio
Turner Spectrum Fund
Institutional Class Shares		2.50	%		1.95	%
Investor Class Shares		2.75	%		2.20	%
Class C Shares		3.50	%		2.95	%
Turner Concentrated Growth Fund
Investor Class Shares		1.34	%		0.82	%
Turner Core Growth Fund
Institutional Class Shares		0.92	%		0.69	%
Investor Class Shares		1.17	%		0.94	%
Turner Emerging Growth Fund
Institutional Class Shares		1.35	%		1.17	%
Investor Class Shares		1.58	%		1.42	%
Turner Large Cap Growth Fund
Institutional Class Shares		1.21	%		0.69	%
Investor Class Shares		1.47	%		0.94	%
Turner Midcap Growth Fund
Institutional Class Shares		1.08	%		0.93	%
Investor Class Shares		1.33	%		1.18	%
Retirement Class Shares		1.58	%		1.43	%
Turner New Enterprise Fund
Investor Class Shares		1.25	%		0.64	%
	Gross expense ratio			Net expense ratio
Turner Small Cap Growth Fund
Investor Class Shares		1.58	%		1.25	%
Turner Quantitative Broad Market Equity Fund
Institutional Class Shares		20.30	%		0.64	%
Investor Class Shares		20.60	%		0.89	%
Turner Quantitative Large Cap Value Fund
Institutional Class Shares		14.51	%		0.69	%
Investor Class Shares		15.93	%		0.94	%
Turner International Core Growth Fund
Institutional Class Shares		5.24	%		1.10	%
Investor Class Shares		5.59	%		1.35	%
Turner Midcap Equity Fund
Institutional Class Shares		10.16	%		0.91	%
Investor Class Shares		15.61	%		1.16	%
Turner Small Cap Equity Fund
Institutional Class Shares		1.60	%		1.21	%
Investor Class Shares		1.90	%		1.46	%

† These expense ratios are based on the most recent prospectus and may differ from those shown in the financial highlights.

TURNER FUNDS 2010 SEMIANNUAL REPORT 7

INVESTMENT REVIEW

Turner Spectrum Fund

Fund profile

March 31, 2010

^g Ticker symbol TSPEX

Institutional Class Shares

^g CUSIP #900297664

Institutional Class Shares

^g Top five holdings††

(1) Psychiatric Solutions

(2) Global Payments

(3) Google, Cl A

(4) T. Rowe Price Group

(5) Micron Technology

^g % in five largest holdings 11.1%†

^g Number of holdings 329††

^g Price/earnings ratio 18.4

^g Weighted average market capitalization $65.52 billion

^g % of holdings with positive earnings surprises 59.9%

^g % of holdings with negative earnings surprises 20.8%

^g Net assets $53 million, Institutional Class Shares

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

May 7, 2009-March 31, 2010*^,**

Cumulative total returns (Periods ending March 31, 2010)

	Six months (not annualized)			Since Inception
Turner Spectrum Fund, Institutional Class Shares		3.00	%		11.35	%**
Turner Spectrum Fund, Investor Class Shares		2.82	%		11.05	%**
Turner Spectrum Fund, Class C Shares		2.64	%		11.07	%***
S&P 500 Index		11.75	%		31.41	%**
Barclays Capital U.S. Aggregate Bond Index		1.99	%		7.14	%**
Lipper Long/Short Equity Funds Classification		4.66	%		19.87	%**

Sector weightings†:

Manager's discussion and analysis

In its first full six months of operation, the Turner Spectrum Fund, Institutional Class Shares (TSPEX) produced a 3.00% gain. That return underperformed the S&P 500 Index and the Lipper Long/Short Equity Funds Classification but outperformed the Barclays Capital U.S. Aggregate Bond Index. Employing long and short positions, the fund seeks not necessarily to always beat the stock market, but rather to produce consistently positive returns and manage risk by protecting capital in market downturns.

Overall, the health-care and financial-services sectors, in their long and short positions, contributed the most extra return to the fund's results. In those two sectors, health-care products and investment-management shares were among the winners. Detracting most from long and short results were holdings in the producer-durables sector. In that sector, semiconductor-capital-equipment shares performed unsatisfactorily. The fund kept a modest net long exposure.

* 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 2010 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Concentrated Growth Fund

Fund profile

March 31, 2010

^g Ticker symbol TTOPX

^g CUSIP #87252R862

^g Top five holdings†††

(1) Apple

(2) Las Vegas Sands

(3) Rio Tinto ADR

(4) Cerner

(5) BlackRock

^g % in five largest holdings 24.7%†

^g Number of holdings 25†††

^g Price/earnings ratio 21.2

^g Weighted average market capitalization $57.14 billion

^g % of holdings with positive earnings surprises 79.2%

^g % of holdings with negative earnings surprises 12.5%

^g Net assets $43 million

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

September 30, 1999-March 31, 2010*

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Five years			Ten years			Since inception
Turner Concentrated Growth Fund		7.45	%		56.48	%		-6.47	%		1.58	%		-10.28	%		-0.52	%
Russell 1000 Growth Index		12.96	%		49.75	%		-0.78	%		3.42	%		-4.21	%		-1.61	%

Sector weightings†:

Manager's discussion and analysis

Weak results in three major sectors impaired the performance of the Turner Concentrated Growth Fund (TTOPX) in the six-month period ended March 31. The fund gained 7.45%, underperforming the benchmark Russell 1000 Growth Index's 12.96% return by 5.51 percentage points.

About 61% of the fund's holdings were concentrated in three sectors, financials, industrials, and information technology, whose returns detracted most from performance. In those sectors, investment-management, semiconductor-capital-equipment, telecommunications, and semiconductor stocks lagged. Four of seven sector positions added extra return, with the consumer-discretionary sector adding the most return. In that sector, gaming, retailing, and Internet shares fared 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. 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.

ADR — American Depositary Receipt

TURNER FUNDS 2010 SEMIANNUAL REPORT 9

INVESTMENT REVIEW

Turner Core Growth Fund

Fund profile

March 31, 2010

^g Ticker symbol TTMEX

Institutional Class Shares

^g CUSIP #900297847

Institutional Class Shares

^g Top five holdings†††

(1) Apple

(2) Cisco Systems

(3) Google, Cl A

(4) JPMorgan Chase

(5) PepsiCo

^g % in five largest holdings 17.9%†

^g Number of holdings 67†††

^g Price/earnings ratio 18.5

^g Weighted average market capitalization $54.76 billion

^g % of holdings with positive earnings surprises 71.2%

^g % of holdings with negative earnings surprises 27.3%

^g Net assets $460 million, Institutional Class Shares

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

February 28, 2001-March 31, 2010*^,**

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Five years			Since inception
Turner Core Growth Fund, Institutional Class Shares		10.50	%		46.70	%		-3.88	%		2.90	%		1.20	%**
Turner Core Growth Fund, Investor Class Shares		10.37	%		46.22	%		-4.13	%		—			0.83	%***
Russell 1000 Growth Index		12.96	%		49.75	%		-0.78	%		3.42	%		0.13	%**

Sector weightings†:

Manager's discussion and analysis

Underperformance in three sectors offset some good stock selection in other sectors for the Turner Core Growth Fund, Institutional Class Shares (TTMEX) in the six-month period ended March 31. The net result: the fund gained 10.50%, underperforming the Russell 1000 Growth Index by 2.46 percentage points.

A 27% position in the energy, health-care, and industrials sectors were the prime detractors from performance. Energy-services, biotechnology, medical-device, and semiconductor-capital-equipment shares were particularly weak. On the plus side, five of the fund's 10 sector positions beat their index sectors. Materials, utilities, and consumer-staples stocks, which amounted to a 15% weighting, boosted the fund's results the most. Winners here included metals, mining, telecommunications, supermarket, and drugstore-chain 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. 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.

Cl — Class

Amounts designated as "—" are not applicable.

10 TURNER FUNDS 2010 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Emerging Growth Fund

Fund profile

March 31, 2010

^g Ticker symbol TMCGX

Investor Class Shares

^g CUSIP #872524301

Investor Class Shares

^g Top five holdings†††

(1) Radian Group

(2) Walter Energy

(3) Bucyrus International, Cl A

(4) Solutia

(5) Orthofix International

^g % in five largest holdings 10.6%†

^g Number of holdings 118†††

^g Price/earnings ratio 17.7

^g Weighted average market capitalization $1.51 billion

^g % of holdings with positive earnings surprises 76.9%

^g % of holdings with negative earnings surprises 13.7%

^g Net assets $193 million, Investor Class Shares

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

September 30, 1999-March 31, 2010*^,***

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Five years			Ten years			Since inception
Turner Emerging Growth Fund, Institutional Class Shares		14.13	%		54.77	%		—			—			—			42.71	%**
Turner Emerging Growth Fund, Investor Class Shares		14.00	%		54.36	%		-3.41	%		3.63	%		6.97	%		19.16	%***
Russell 2000 Growth Index		12.07	%		60.32	%		-2.42	%		3.82	%		-1.53	%		1.96	%***

Sector weightings†:

Manager's discussion and analysis

Ample outperformance in some key sectors enabled the Turner Emerging Growth Fund, Investor Class Shares (TMCGX) to produce favorable results in the six-month period ended March 31. The fund rose 14.00%, a return that beat its benchmark, the Russell 2000 Growth Index, by 1.93 percentage points.

Four of the fund's nine sector positions, which represented 45% of all holdings, outperformed their corresponding index sectors in health care, materials, industrials, and financials by more than nine percentage points. In those sectors, contract-research, biotechnology, health-services, specialty-chemicals, heavy-equipment, and financial-consulting holdings did relatively well. The primary detractor from results was the fund's consumer-discretionary position, a 15% weighting. Underperformers here included apparel, airline, and business-consulting 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 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.

*** 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 2010 SEMIANNUAL REPORT 11

INVESTMENT REVIEW

Turner Large Cap Growth Fund

Fund profile

March 31, 2010

^g Ticker symbol TSGEX

Institutional Class Shares

^g CUSIP #87252R839

Institutional Class Shares

^g Top five holdings†††

(1) Apple

(2) PepsiCo

(3) Cisco Systems

(4) Google, Cl A

(5) Broadcom, Cl A

^g % in five largest holdings 24.9%†

^g Number of holdings 59†††

^g Price/earnings ratio 18.4

^g Weighted average market capitalization $58.95 billion

^g % of holdings with positive earnings surprises 77.6%

^g % of holdings with negative earnings surprises 20.7%

^g Net assets $128 million, Institutional Class Shares

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

June 14, 2000-March 31, 2010*^,**

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Five years			Since inception
Turner Large Cap Growth Fund, Institutional Class Shares		11.36	%		44.87	%		-5.58	%		-0.21	%		-6.88	%**
Turner Large Cap Growth Fund, Investor Class Shares		11.18	%		44.40	%		-5.85	%		—			-5.81	%***
Russell Top 200 Growth Index		12.23	%		45.13	%		-0.16	%		3.16	%		-4.59	%**
Russell 1000 Growth Index		12.96	%		49.75	%		-0.78	%		3.42	%		-3.79	%**

Sector weightings†:

Manager's discussion and analysis

In the six-month period ended March 31, the stock selection of the Turner Large Cap Growth Fund, Institutional Class Shares (TSGEX), was mixed. As a result the fund advanced 11.36%, which lagged the Russell Top 200 Growth Index by 0.87 percentage point.

Four of the fund's eight sector positions beat their corresponding index sectors. Providing the most extra return were consumer-discretionary shares, which accounted for 11% of holdings. Hotel, gaming, luxury-goods, and motorcycle stocks performed especially well. Information-technology and health-care stocks, a 53% weighting, were the greatest detriment to performance; semiconductor, wireless-communications, pharmaceutical, and biotechnology stocks were significant laggards.

* 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 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.

12 TURNER FUNDS 2010 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Midcap Growth Fund

Fund profile

March 31, 2010

^g Ticker symbol TMGFX

Investor Class Shares

^g CUSIP #900297409

Investor Class Shares

^g Top five holdings†††

(1) F5 Networks

(2) T. Rowe Price Group

(3) Priceline.com

(4) Starwood Hotels & Resorts Worldwide

(5) Micron Technology

^g % in five largest holdings 8.8%†

^g Number of holdings 92†††

^g Price/earnings ratio 20.2

^g Weighted average market capitalization $7.46 billion

^g % of holdings with positive earnings surprises 74.7%

^g % of holdings with negative earnings surprises 23.1%

^g Net assets $923 million, Investor Class Shares

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

September 30, 1999-March 31, 2010*^,***

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Five years			Ten years			Since inception
Turner Midcap Growth Fund, Institutional Class Shares		14.59	%		67.21	%		—			—			—			-7.89	%**
Turner Midcap Growth Fund, Investor Class Shares		14.44	%		66.80	%		-0.41	%		4.58	%		-2.85	%		10.20	%***
Turner Midcap Growth Fund, Retirement Class Shares		14.29	%		66.38	%		-0.65	%		4.23	%		—			6.17	%****
Russell Midcap Growth Index		14.88	%		63.00	%		-2.04	%		4.27	%		-1.69	%		6.39	%***

Sector weightings†:

Manager's discussion and analysis

The Turner Midcap Growth Fund, Investor Class Shares (TMGFX) gained 14.44% in the six-month period ended March 31. The fund underperformed the Russell Midcap Growth Index's 14.88% return slightly, by 0.44 percentage point.

Good relative returns in five of 10 sectors added value to the fund's results. Adding the most value were the consumer-discretionary, materials, and financials sectors, a 34% weighting. Hotel, gaming, metals, regional-banking, and diversified financial stocks were notable contributors. A 23% position in health-care and industrials stocks, especially in the biotechnology, pharmaceutical, and semiconductor-capital-equipment industries, was the prime detractor from performance.

* 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 2010 SEMIANNUAL REPORT 13

INVESTMENT REVIEW

Turner New Enterprise Fund

Fund profile

March 31, 2010

^g Ticker symbol TBTBX

^g CUSIP #87252R797

^g Top five holdings†††

(1) F5 Networks

(2) Micron Technology

(3) Green Mountain Coffee Roasters

(4) Apple

(5) Alexion Pharmaceuticals

^g % in five largest holdings 20.2%†

^g Number of holdings 34†††

^g Price/earnings ratio 21.9

^g Weighted average market capitalization $26.74 billion

^g % of holdings with positive earnings surprises 81.8%

^g % of holdings with negative earnings surprises 18.2%

^g Net assets $29 million

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

June 30, 2000-March 31, 2010*

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Five years			Since inception
Turner New Enterprise Fund		15.39	%		78.33	%		0.17	%		6.38	%		-3.78	%
NASDAQ Composite Index		13.56	%		58.62	%		0.69	%		4.59	%		-4.29	%

Sector weightings†:

Manager's discussion and analysis

Substantial outperformance in the materials and consumer-staples sectors contributed to the Turner New Enterprise Fund (TBTBX) recording a 15.39% gain in the six months ended March 31. The fund beat the NASDAQ Composite Index's 13.56% return by 1.83 percentage points. The fund's gain was the biggest of any of our funds.

Altogether, four of the fund's eight sector positions produced good relative returns. Among materials and consumer-staples stocks, which accounted for 15% of the fund's holdings, steel, metals, supermarket, and coffee-equipment shares performed best. Impairing performance was a 41% position in the information-technology and industrials sectors. Stocks in those sectors that produced unfavorable relative returns included semiconductor, data-networking, and semiconductor-capital-equipment 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 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 2010 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Small Cap Growth Fund

Fund profile

March 31, 2010

^g Ticker symbol TSCEX

^g CUSIP #900297300

^g Top five holdings†††

(1) Atheros Communications

(2) Netlogic Microsystems

(3) Orient-Express Hotels, Cl A

(4) DineEquity

(5) Human Genome Sciences

^g % in five largest holdings 7.2%†

^g Number of holdings 111†††

^g Price/earnings ratio 20.3

^g Weighted average market capitalization $1.65 billion

^g % of holdings with positive earnings surprises 77.3%

^g % of holdings with negative earnings surprises 18.2%

^g Net assets $291 million

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

September 30, 1999-March 31, 2010*

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Five years			Ten years			Since inception
Turner Small Cap Growth Fund		13.31	%		62.79	%		-1.49	%		5.12	%		-1.63	%		11.03	%
Russell 2000 Growth Index		12.07	%		60.32	%		-2.42	%		3.82	%		-1.53	%		4.91	%

Sector weightings†:

Manager's discussion and analysis

Good stock selection and strong performance by small-cap stocks propelled the Turner Small Cap Growth Fund (TSCEX) to a 13.31% return in the six-month period ended March 31. The fund's results represented a margin of outperformance of 1.24 percentage points over the index, the Russell 2000 Growth Index, which gained 12.07%.

Six of the fund's nine sector positions beat their index-sector counterparts. The fund's health-care, materials, and energy stocks, a 29% weighting, performed best in relative terms. Winners included pharmaceutical, biotechnology, contract-research, mining, and energy-services stocks. A 26% position in information-technology stocks, particularly financial-technology, semiconductor, and communications-systems shares, were a drag on performance.

* 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.

Cl — Class

TURNER FUNDS 2010 SEMIANNUAL REPORT 15

INVESTMENT REVIEW

Turner Quantitative Broad Market Equity Fund

Fund profile

March 31, 2010

^g Ticker symbol TBMEX

Institutional Class Shares

^g CUSIP #900297730

Institutional Class Shares

^g Top five holdings††

(1) Microsoft

(2) International Business Machines

(3) General Electric

(4) Procter & Gamble

(5) AT&T

^g % in five largest holdings 7.5%†

^g Number of holdings 117††

^g Price/earnings ratio 15.2

^g Weighted average market capitalization $57.67 billion

^g % of holdings with positive earnings surprises 78.5%

^g % of holdings with negative earnings surprises 18.1%

^g Net assets $12 million, Institutional Class Shares

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

June 30, 2008-March 31, 2010*

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Since inception
Turner Quantitative Broad Market Equity Fund, Institutional Class Shares		12.92	%		53.07	%		-3.07	%
Turner Quantitative Broad Market Equity Fund, Investor Class Shares		12.84	%		53.03	%		-3.26	%
Russell 3000 Index		12.19	%		52.44	%		-2.40	%
S&P 500 Index		11.75	%		49.77	%		-2.70	%

Sector weightings†:

Manager's discussion and analysis

In the six-month period ended March 31, the Turner Quantitative Broad Market Equity Fund, Institutional Class Shares (TBMEX) rose 12.92%. That return was good enough to outdistance the Russell 3000 Index by 0.73 percentage point.

The fund's proprietary quantitative model selected stocks that did well in relative terms in six of the 10 market sectors. Energy, materials, and consumer-staples stocks, a 28% weighting, enhanced performance to the greatest degree. Winners here included oil/gas-production, steel, specialty-chemicals, drugstore-chain, food-processing, and beverage shares. Hurting results the most were financials and consumer-discretionary stocks, which represented 28% of the portfolio; major-bank, investment-management, e-commerce, hotel, and automotive stocks were among the 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 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 2010 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Quantitative Large Cap Value Fund

Fund profile

March 31, 2010

^g Ticker symbol TLVFX

Institutional Class Shares

^g CUSIP #900297821

Institutional Class Shares

^g Top five holdings††

(1) Exxon Mobil

(2) AT&T

(3) Chevron

(4) JPMorgan Chase

(5) Verizon Communications

^g % in five largest holdings 14.5%†

^g Number of holdings 100††

^g Price/earnings ratio 14.2

^g Weighted average market capitalization $58.93 billion

^g % of holdings with positive earnings surprises 80.8%

^g % of holdings with negative earnings surprises 14.1%

^g Net assets $0.9 million, Institutional Class Shares

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

October 10, 2005-March 31, 2010*^,**

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Since inception
Turner Quantitative Large Cap Value Fund, Institutional Class Shares		10.79	%		44.05	%		-6.51	%		0.46	%**
Turner Quantitative Large Cap Value Fund, Investor Class Shares		10.76	%		43.81	%		—			8.74	%***
Russell 1000 Value Index		11.28	%		53.56	%		-7.33	%		0.82	%**

Sector weightings†:

Manager's discussion and analysis

In the six-month period ended March 31, the Turner Quantitative Large Cap Value Fund, Institutional Class Shares (TLVFX) climbed 10.79%. That return slightly trailed the Russell 1000 Value Index's 11.28% gain by 0.49 percentage point.

The fund's proprietary quantitative model selected stocks that did well in relative terms in five of the 10 market sectors. Energy and financials stocks, a 43% weighting, enhanced performance to the greatest degree. Winners here included oil/gas-production, energy-services, banking, and insurance shares. Hurting results the most were consumer-discretionary and health-care stocks, which represented 19% of the portfolio; hotel, e-commerce, automotive, pharmaceutical, and health-services stocks were among the 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.

† 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 2010 SEMIANNUAL REPORT 17

INVESTMENT REVIEW

Turner International Core Growth Fund

Fund profile

March 31, 2010

^g Ticker symbol TICGX

Institutional Class Shares

^g CUSIP #900297771

Institutional Class Shares

^g Top five holdings††

(1) Nestle

(2) ASML Holding

(3) BHP Billiton

(4) Aixtron

(5) Lundin Mining

^g % in five largest holdings 13.5%†

^g Number of holdings 62††

^g Price/earnings ratio 17.1

^g Weighted average market capitalization $39.38 billion

^g % of holdings with positive earnings surprises 29.5%

^g % of holdings with negative earnings surprises 23.0%

^g Net assets $5 million, Institutional Class Shares

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

January 31, 2007-March 31, 2010*^,**

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Since inception
Turner International Core Growth Fund, Institutional Class Shares		10.96	%		66.84	%		-2.59	%		-1.90	%**
Turner International Core Growth Fund, Investor Class Shares		10.81	%		66.62	%		—			32.15	%***
MSCI World Growth ex-U.S. Index		6.29	%		50.81	%		-5.04	%		-3.59	%**

Sector weightings†:

Manager's discussion and analysis

Capitalizing on the bullish direction of the international stock market in the six months ended March 31, the Turner International Core Growth Fund, Institutional Class Shares (TICGX) gained 10.96%. The fund outperformed the MSCI World Growth ex-U.S. Index's 6.29% gain by 4.67 percentage points.

The key to the fund's outperformance was good stock selection; seven of its 10 sector positions beat their corresponding index sectors. Adding the most value were holdings in the consumer-discretionary and utilities sectors, which accounted for a 16% weighting. Consumer-electronics, Internet, hotel, and telecommunications stocks performed best. Conversely, information-technology shares, which constituted 14% of the portfolio, impaired performance the most. Financial-technology, semiconductor, and communications-network stocks produced losses.

* 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.

† 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 2010 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Midcap Equity Fund

Fund profile

March 31, 2010

^g Ticker symbol TMCFX

Investor Class Shares

^g CUSIP #900297797

Investor Class Shares

^g Top five holdings††

(1) Cliffs Natural Resources

(2) Brandywine Realty Trust

(3) AllianceBernstein Holding LP

(4) SBA Communications, Cl A

(5) IAC/InterActiveCorp

^g % in five largest holdings 9.5%†

^g Number of holdings 73††

^g Price/earnings ratio 15.2

^g Weighted average market capitalization $5.58 billion

^g % of holdings with positive earnings surprises 77.8%

^g % of holdings with negative earnings surprises 16.7%

^g Net assets $0.2 million, Investor Class Shares

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

January 31, 2007-March 31, 2010*

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Since inception
Turner Midcap Equity Fund, Institutional Class Shares		14.34	%		45.16	%		-7.75	%		-6.92	%
Turner Midcap Equity Fund, Investor Class Shares		14.26	%		44.73	%		-8.28	%		-7.49	%
Russell Midcap Index		15.10	%		67.71	%		-3.30	%		-2.84	%

Sector weightings†:

Manager's discussion and analysis

The Turner Midcap Equity Fund, Investor Class Shares (TMCFX) recorded a 14.26% gain in the six-month period ended March 31. That return underperformed its benchmark, the Russell Midcap Index, by 0.84 percentage point.

Good relative returns in the materials and energy sectors, a 16% weighting, added the most value to the fund's results. Mining, specialty-metals, energy-services, and oil/gas-exploration stocks were notable contributors. Altogether, four of the fund's 10 sector positions outperformed their corresponding index sectors. In general, value holdings produced returns superior to those of growth holdings. A 19% position in information-technology and utilities stocks, especially in the semiconductor, electric-utility, and telecommunications industries, detracted most from the fund's 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. 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.

Cl — Class

LP — Limited Partnership

TURNER FUNDS 2010 SEMIANNUAL REPORT 19

INVESTMENT REVIEW

Turner Small Cap Equity Fund

Fund profile

March 31, 2010

^g Ticker symbol TSEIX

Investor Class Shares

^g CUSIP #87252R714

Investor Class Shares

^g Top five holdings†††

(1) Assured Guaranty

(2) Cabot

(3) Cash America International

(4) Service International

(5) Domtar

^g % in five largest holdings 8.8%†

^g Number of holdings 91†††

^g Price/earnings ratio 16.0

^g Weighted average market capitalization $1.56 billion

^g % of holdings with positive earnings surprises 63.0%

^g % of holdings with negative earnings surprises 22.0%

^g Net assets $13 million, Investor Class Shares

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

March 4, 2002-March 31, 2010*^,***

Average annual total returns (Periods ending March 31, 2010)

	Six months (not annualized)			One year			Three years			Five years			Since inception
Turner Small Cap Equity Fund, Institutional Class Shares		10.78	%		47.36	%		—			—			34.06	%**
Turner Small Cap Equity Fund, Investor Class Shares		10.69	%		47.09	%		-8.71	%		-1.17	%		5.53	%***
Russell 2000 Index		13.07	%		62.76	%		-3.99	%		3.36	%		5.54	%***

Sector weightings†:

Manager's discussion and analysis

In a favorable market for small-cap stocks, the Turner Small Cap Equity Fund, Investor Class Shares (TSEIX) rose 10.69% in the six-month period ended March 31. However, that return trailed the Russell 2000 Index's 13.07% gain by 2.38 percentage points.

The fund is invested in both growth and value stocks, and its value holdings generally outperformed growth holdings during the period. Four of the fund's 10 sector positions beat their corresponding index sectors. The greatest degree of outperformance was supplied by materials and energy stocks, which represented 12% of the portfolio. Winners included metals, mining, oil/gas-production, and energy-services shares. An 18% position in information-technology and utilities stocks hurt results the most; semiconductor, electric-utility, and telecommunications holdings performed poorly.

* 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.

*** 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 2010 SEMIANNUAL REPORT

FINANCIAL STATEMENTS

(Unaudited)

Schedule of investments

Turner Spectrum Fund

March 31, 2010

	Shares		Value (000)
Common stock—73.8%
Consumer discretionary—14.3%
Abercrombie & Fitch, Cl A^		8,060	$	368
Amazon.com*		1,290		175
Ameristar Casinos		11,910		217
Ballantyne Strong*		22,970		124
Brunswick		6,330		101
Buffalo Wild Wings*		3,780		182
Carnival		9,730		378
Cinemark Holdings		16,020		294
Citi Trends*		10,090		327
Coach		4,550		180
Cooper Tire & Rubber		6,090		116
Cosi*		57,850		51
CyberAgent		80		142
DR Horton		6,340		80
Drugstore.com*^		73,140		261
Focus Media Holding ADR*		25,190		460
Gaylord Entertainment*		9,130		268
Guess?		6,360		299
hhgregg*^		14,800		374
Imax*		9,530		171
Joe's Jeans*		161,500		425
Kohl's*		13,020		713
Las Vegas Sands*		21,010		445
Lear*^		1,620		128
Leggett & Platt		9,150		198
Li & Fung		23,080		114
Lululemon Athletica*		4,570		189
Maidenform Brands*^		11,890		260
Morgans Hotel Group*		27,700		178
Orient-Express Hotels, Cl A*^		19,350		274
Oxford Industries		6,920		141
Priceline.com*		880		224
Pulte Group*		17,810		200
RadioShack		9,030		204
Red Robin Gourmet Burgers*^		14,250		348
Regal Entertainment Group, Cl A		28,260		496
Select Comfort*		11,190		89
Sotheby's		4,550		141
Systemax^		12,770		278
Urban Outfitters*		7,040		268
Whirlpool		1,900		166
WMS Industries*^		13,050		547
Total Consumer discretionary				10,594

	Shares		Value (000)
Consumer staples—1.5%
Hansen Natural*		5,410	$	235
PepsiCo		5,310		351
Wal-Mart Stores		9,600		534
Total Consumer staples				1,120
Energy—4.8%
Alpha Natural Resources*		4,580		229
Arena Resources*		9,790		327
Atlas Energy		10,690		333
Cairn Energy*		21,640		137
Concho Resources*		3,580		180
EOG Resources		6,420		597
James River Coal*		37,250		592
Key Energy Services*		13,940		133
L&L Energy*		8,630		106
Occidental Petroleum		7,030		594
Petrohawk Energy*		8,420		171
Southwestern Energy*		4,680		190
Total Energy				3,589
Financials—16.6%
ACE		6,290		329
American Physicians Capital		4,060		130
American Physicians Service Group		2,190		55
AON		10,630		454
Banco Compartamos		21,151		119
Bank of Nova Scotia		4,602		231
Bank Rakyat Indonesia		176,510		160
BlackRock, Cl A		1,120		244
Boston Private Financial Holdings		7,910		58
CB Richard Ellis Group, Cl A*		39,140		620
Charles Schwab		50,360		941
Comerica^		22,060		839
Delphi Financial Group, Cl A		13,180		332
Fifth Third Bancorp		18,360		250
Fortress Investment Group LLC, Cl A*		61,810		246
Genworth Financial, Cl A*		17,450		320
Goldman Sachs Group		2,850		486
Host Hotels & Resorts		6,040		88
HSBC Holdings		15,900		161
IBERIABANK		5,400		324
IntercontinentalExchange*^		2,140		240
Itau Unibanco Holding ADR		7,460		164

TURNER FUNDS 2010 SEMIANNUAL REPORT 21

FINANCIAL STATEMENTS

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
JPMorgan Chase		17,150	$	767
Julius Baer Group		16,593		602
Lazard, Cl A^		7,650		273
Macerich		9,000		345
MF Global Holdings*		20,930		169
Nara Bancorp*		10,440		92
National Financial Partners*		8,675		122
Och-Ziff Capital Management Group LLC, Cl A*^		17,206		276
Oriental Financial Group		22,550		304
PMI Group*		36,490		198
Primerica*		2,500		38
Prudential		25,810		215
Prudential Financial		2,050		124
Radian Group		9,280		145
Southwest Bancorp		19,710		163
T. Rowe Price Group		20,730		1,139
TD Ameritrade Holding*		11,640		222
U-Store-It Trust		15,680		113
Visa, Cl A		2,290		208
Total Financials				12,306
Health care—15.5%
Alexion Pharmaceuticals*		2,570		139
Align Technology*		31,060		601
Allergan		3,820		250
AmerisourceBergen, Cl A		8,560		247
Ardea Biosciences*		3,060		56
Beckman Coulter		980		61
Biovail		15,250		256
Boston Scientific*		17,960		130
Cardinal Health		3,580		129
Dr. Reddy's Laboratories ADR		2,170		61
Edwards Lifesciences*		1,250		124
Facet Biotech*		13,690		369
Gilead Sciences*		18,670		849
Henry Schein*		6,520		384
Hospira*		10,180		577
InterMune*		7,070		315
Johnson & Johnson		5,680		370
McKesson		9,070		596
Medco Health Solutions*		2,850		184
Merck		9,880		369
Momenta Pharmaceuticals*		4,110		62
Myriad Genetics*		10,260		247

	Shares		Value (000)
OraSure Technologies*		11,320	$	67
Pfizer		28,500		489
Pharmasset*		2,660		71
PSS World Medical*		8,620		203
Psychiatric Solutions*^		58,520		1,744
Roche Holding ADR		4,560		185
Shire ADR		11,930		787
Tenet Healthcare*		55,750		319
United Therapeutics*		9,050		501
UnitedHealth Group		3,770		123
Vermillion*		18,230		524
WellPoint*		970		63
XenoPort*		5,230		48
Total Health care				11,500
Industrials—2.9%
Diamond Management & Technology Consultants, Cl A		13,030		102
Ener1*		13,250		63
Kforce*		14,600		222
Knoll		7,140		80
Manpower		9,890		565
McDermott International*		22,230		598
Resources Connection*		17,350		333
TrueBlue*		13,490		209
Total Industrials				2,172
Information technology—15.9%
Adobe Systems*		10,770		381
Apple*		1,590		374
Applied Materials		44,130		595
Art Technology Group*		28,890		127
Aruba Networks*		33,670		460
Blue Coat Systems*		3,930		122
Cirrus Logic*		9,400		79
Cypress Semiconductor*		12,580		145
Digimarc*		9,090		157
F5 Networks*		5,240		323
Funtalk China Holdings*		14,270		94
Global Payments		35,520		1,618
Google, Cl A*		2,660		1,508
GSI Commerce*		3,970		110
Hewlett-Packard		3,450		183
Intel		36,200		806
Juniper Networks*		7,310		224

22 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
Lam Research*		5,300	$	198
Marvell Technology Group*		6,730		137
MaxLinear, Cl A*		5,780		103
Micron Technology*		98,790		1,026
Microsoft		9,480		278
Netlogic Microsystems*		32,990		971
O2Micro International ADR*		12,540		86
Pixelworks*		47,930		276
Radiant Systems*^		24,830		354
Sonic Solutions*		31,930		299
Teradyne*		22,790		254
Varian Semiconductor Equipment Associates*		7,030		233
Veeco Instruments*		2,610		113
ZTE, Cl H		26,000		157
Total Information technology				11,791
Materials—2.3%
A. Schulman		3,970		97
ArcelorMittal		3,240		142
Bway Holding*		12,510		252
Freeport-McMoRan Copper & Gold		1,560		130
Huntsman		10,210		123
Lundin Mining*		38,130		203
Newmont Mining^		3,600		183
Quaker Chemical		8,530		231
Senomyx*		25,800		84
Solutia*		11,950		193
Walter Energy		730		68
Total Materials				1,706
Total Common stock (Cost $52,181)				54,778
Exchange traded funds—1.3%
Market Vectors Junior Gold Miners ETF^		23,190		596
ProShares UltraShort S&P 500		6,770		210
ProShares UltraShort Technology		7,850		165
Total Exchange traded funds (Cost $980)				971

	Shares		Value (000)
*Put option contracts—0.3%**
F5 Networks, 05/10 at $60		52	$	14
Google, Cl A, 04/10 at $560		27		33
iShares Russell 2000 Index Fund, 04/10 at $67		419		39
Micron Technology, 05/10 at $10		319		20
SPDR S&P 500 ETF Trust, 04/10 at $117		79		10
SPDR S&P Metals & Mining ETF, 04/10 at $56		118		18
SPDR S&P Retail ETF, 05/10 at $41		568		52
Total Put option contracts (Cost $221)				186
*Call option contract—0.1%**
Google, Cl A, 04/10 at $560		27		52
Total Call option contract (Cost $45)				52
Cash equivalent—10.0%
BlackRock TempCash Fund Institutional Shares 0.138%**		7,426,673		7,427
Total Cash equivalent (Cost $7,427)				7,427
Total Investments—85.5% (Cost $60,854)			$	63,414

As of March 31, 2010, 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 $74,209.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

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

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

LLC — Limited Liability Company

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipt

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 23

FINANCIAL STATEMENTS

Schedule of securities sold short

Turner Spectrum Fund

March 31, 2010

	Shares		Value (000)
Common stock—42.7%
Consumer discretionary—10.9%
Aeropostale*		12,365	$	357
AutoZone*		1,960		339
Bally Technologies*		6,850		278
Best Buy		2,750		117
Buckle		6,910		254
CarMax*		5,500		138
CBS, Cl B		12,770		178
Choice Hotels International		5,480		191
Columbia Sportswear		3,210		169
Ctrip.com International ADR*		2,270		89
Discovery Communications, Cl A*		5,460		184
Family Dollar Stores		2,160		79
Foot Locker		8,060		121
Ford Motor*		8,920		112
Garmin		6,880		265
International Speedway, Cl A		4,610		119
Liz Claiborne*		13,560		101
LKQ*		35,430		719
Macy's		43,590		949
MGM Mirage*		35,230		423
Morningstar*		2,870		138
NetFlix*		1,650		122
Peet's Coffee & Tea*		6,310		250
PetMed Express		10,930		242
PF Chang's China Bistro*		9,160		404
Polaris Industries		3,830		196
Ross Stores		4,740		253
Sears Holdings*		3,880		421
Staples		6,160		144
Starbucks		6,440		156
Tractor Supply		2,270		132
Under Armour, Cl A*		9,110		268
VF		2,270		182
Total Consumer discretionary				8,090
Consumer staples—0.5%
Estee Lauder, Cl A		3,660		238
QKL Stores*		4,220		27
Safeway		4,910		122
Total Consumer staples				387

	Shares		Value (000)
Energy—2.1%
Arch Coal		5,820	$	133
Forest Oil*		27,220		703
Quicksilver Resources*		9,770		137
Sunoco		20,290		603
Total Energy				1,576
Financials—9.3%
Admiral Group		4,690		94
Arthur J. Gallagher		7,780		191
Aspen Insurance Holdings		25,390		732
Astoria Financial		8,830		128
AvalonBay Communities		4,520		390
Banco Santander		22,688		301
Commerzbank		18,420		158
Cullen/Frost Bankers		3,060		171
eHealth*		5,870		92
Federated Investors, Cl B		32,720		863
Huntington Bancshares		21,020		113
Legg Mason		10,290		295
M&T Bank		1,440		114
Marsh & McLennan		4,280		105
Morgan Stanley		15,540		455
National Penn Bancshares		15,880		110
optionsXpress Holdings		10,560		172
People's United Financial		11,440		179
Piper Jaffray*		4,300		174
Principal Financial Group		7,660		224
Public Storage		2,860		263
SL Green Realty		3,950		226
SunTrust Banks		34,200		916
Whitney Holding		8,710		120
WR Berkley		11,920		311
Total Financials				6,897
Health care—7.6%
Auxilium Pharmaceuticals*		16,800		524
Becton Dickinson		12,050		949
Bristol-Myers Squibb		9,220		246
Covance*		9,510		584
CR Bard		3,200		277
Dendreon*		3,530		129
Eisai		11,500		410

24 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of securities sold short

Turner Spectrum Fund

	Shares		Value (000)
Haemonetics*		10,100	$	577
Isis Pharmaceuticals*		11,270		123
LifePoint Hospitals*		15,430		567
Nektar Therapeutics*		8,080		123
NuVasive*		2,140		97
Quest Diagnostics		5,980		349
Smith & Nephew ADR		6,420		321
St. Jude Medical*		8,610		353
Total Health care				5,629
Industrials—1.8%
American Superconductor*		2,580		75
Avery Dennison		16,430		598
C.H. Robinson Worldwide		1,930		108
Gardner Denver		2,760		121
Gol Linhas Aereas Inteligentes ADR		16,390		203
HEICO		2,440		126
Powell Industries*		1,710		56
Total Industrials				1,287
Information technology—9.2%
Alcatel-Lucent ADR		24,010		75
Automatic Data Processing		18,260		812
Baidu ADR*		1,410		842
Ciena*		46,470		708
eBay*		4,920		133
Fair Isaac		5,940		151
Infosys Technologies ADR		4,740		279
International Rectifier*		4,860		111
KLA-Tencor		24,610		761
Linear Technology		3,600		102
Logitech International*		8,340		136
Nokia ADR		8,930		139
Paychex		11,540		354
Perfect World ADR*		3,510		131
SAP ADR		2,680		129
Sina*		7,660		289
STMicroelectronics, NY Shares		73,940		729
Texas Instruments		6,460		158
Verigy*		10,370		116
Western Digital*		17,570		685
Total Information technology				6,840

	Shares		Value (000)
Materials—1.3%
Nucor		2,310	$	105
Potash Corp. of Saskatchewan		4,780		570
Sealed Air		3,560		75
Texas Industries		6,030		206
Total Materials				956
Total Common stock (Proceeds $31,193)				31,662
Exchange traded funds—8.1%
Claymore/AlphaShares China Real Estate ETF		7,630		138
Energy Select Sector SPDR Fund		5,040		290
iShares Barclays 20+ Year Treasury Bond Fund		1,360		122
iShares Barclays 7-10 Year Treasury Bond Fund		750		67
iShares MSCI Emerging Markets Index Fund		8,040		339
iShares Russell 2000 Growth Index Fund		10,310		755
iShares S&P SmallCap 600/BARRA Growth Index Fund		10,790		661
Materials Select Sector SPDR Fund		4,870		165
Oil Services Holders Trust		1,340		164
Powershares QQQ		2,560		123
ProShares Ultra QQQ		3,720		243
Semiconductor HOLDRs Trust		6,020		168
SPDR S&P 500 ETF Trust		3,240		379
SPDR S&P Biotech ETF		2,800		168
SPDR S&P Homebuilders ETF		8,270		139
SPDR S&P Metals & Mining ETF		5,490		312
SPDR S&P Oil & Gas Exploration & Production ETF		15,230		642
Technology Select Sector SPDR Fund		14,280		330
Vanguard Small-Cap Growth ETF		12,210		797
Total Exchange traded funds (Proceeds $5,804)				6,002

TURNER FUNDS 2010 SEMIANNUAL REPORT 25

FINANCIAL STATEMENTS

Schedule of securities sold short

Turner Spectrum Fund

	Shares		Value (000)
*Rights—0.0%**
Gol Linhas Aereas Inteligentes, Expires 05/10		472	$	—
Total Rights (Proceeds $—)				—
Total Securities sold short—50.8% (Proceeds $36,997)			$	37,664

As of March 31, 2010, all of the Fund's investments in securities sold short 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 $74,209.**

* Non-income producing security.

** This number is listed in thousands.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

NY — New York

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipt

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

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

26 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of open options written

Turner Spectrum Fund

March 31, 2010

	Contracts		Value (000)
*Written call options—0.0%**
Micron Technology, 05/10 at $12		82	$	3
Total Open options written (Premiums received $3)			$	3

As of March 31, 2010, all of the Fund's investments in open options written were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

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, 2009	$	43
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Net purchases/sales		—
Net transfer in and/or out of Level 3		(43	)
Ending balance as of March 31, 2010	$	—

Percentages are based on Net Assets of $74,209.**

* Non-income producing security.

** This number is listed in thousands.

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 27

FINANCIAL STATEMENTS

(Unaudited)

Schedule of investments

Turner Concentrated Growth Fund

March 31, 2010

	Shares		Value (000)
Common stock—98.2%†
Consumer discretionary—10.3%
Las Vegas Sands* #		117,760	$	2,491
Pulte Group*		173,030		1,946
Total Consumer discretionary				4,437
Energy—2.9%
Concho Resources*		24,590		1,238
Total Energy				1,238
Financials—13.5%
BlackRock, Cl A		9,870		2,149
Comerica		45,410		1,728
JPMorgan Chase		43,770		1,959
Total Financials				5,836
Health care—13.5%
Cerner*		25,400		2,160
Intuitive Surgical*		2,280		794
United Therapeutics*		22,590		1,250
UnitedHealth Group		49,410		1,614
Total Health care				5,818
Industrials—7.5%
Caterpillar		31,640		1,989
Manpower		21,883		1,250
Total Industrials				3,239
Information technology—45.4%
Aixtron ADR #		46,200		1,648
Apple*		11,270		2,648
Broadcom, Cl A		59,570		1,977
Cisco Systems*		80,400		2,093
Cree*		12,290		863
F5 Networks*		19,570		1,203
Google, Cl A*		3,730		2,115
Hewlett-Packard		31,690		1,684
Lam Research*		55,370		2,066
Micron Technology*		163,000		1,694
Salesforce.com*		21,020		1,565
Total Information technology				19,556

	Shares		Value (000)
Materials—5.1%
Rio Tinto ADR		9,220	$	2,183
Total Materials				2,183
Total Common stock (Cost $36,186)				42,307
Cash equivalent—11.0%
BlackRock TempCash Fund Institutional Shares 0.138%** (1)		4,747,752		4,748
Total Cash equivalent (Cost $4,748)				4,748
Total Investments—109.2% (Cost $40,934)			$	47,055

As of March 31, 2010, 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 $43,081.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

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

# Security fully or partially on loan at March 31, 2010. The total value of securities on loan at March 31, 2010, was $4,134.*** 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 March 31, 2010 was $4,194.***

ADR — American Depositary Receipt

Cl — Class

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

28 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Core Growth Fund

March 31, 2010

	Shares		Value (000)
Common stock—97.6%
Consumer discretionary—11.5%
Cablevision Systems, Cl A		467,345	$	11,282
Coach		183,820		7,265
Guess?		156,200		7,338
Harley-Davidson		282,400		7,927
Las Vegas Sands* #		582,270		12,315
Lear*		88,850		7,050
Lowe's		391,960		9,501
Pulte Group*		1,150,250		12,940
Starwood Hotels & Resorts Worldwide		191,450		8,929
Whirlpool		82,760		7,221
Total Consumer discretionary				91,768
Consumer staples—10.2%
Avon Products		305,670		10,353
Colgate-Palmolive		136,490		11,637
CVS Caremark		329,720		12,055
Mead Johnson Nutrition, Cl A		164,750		8,572
PepsiCo		358,000		23,685
Whole Foods Market* #		426,322		15,412
Total Consumer staples				81,714
Energy—11.1%
Alpha Natural Resources*		188,260		9,392
Cameron International*		354,900		15,211
Enbridge		158,280		7,558
Occidental Petroleum		230,910		19,521
Schlumberger		238,110		15,110
Southwestern Energy*		272,987		11,116
Weatherford International*		676,200		10,725
Total Energy				88,633
Financials—16.5%
BlackRock, Cl A		65,020		14,159
Charles Schwab		827,380		15,464
Fifth Third Bancorp		1,146,440		15,580
Fortress Investment Group LLC, Cl A*		955,640		3,813
Goldman Sachs Group		95,180		16,240
IntercontinentalExchange*		100,330		11,255
JPMorgan Chase		571,690		25,583

	Shares		Value (000)
T. Rowe Price Group		259,030	$	14,228
Visa, Cl A		170,390		15,511
Total Financials				131,833
Health care—12.0%
Alexion Pharmaceuticals*		102,450		5,570
Allergan		109,140		7,129
Cerner*		104,800		8,914
Express Scripts*		116,720		11,877
Gilead Sciences*		309,110		14,059
Hospira*		68,814		3,898
Intuitive Surgical*		33,798		11,766
McKesson		115,120		7,566
Teva Pharmaceutical Industries ADR		137,230		8,657
United Therapeutics*		88,240		4,882
UnitedHealth Group		193,310		6,315
Waters*		86,830		5,865
Total Health care				96,498
Industrials—4.5%
ABB ADR		330,760		7,224
Caterpillar		177,120		11,132
Cummins		142,830		8,848
Manpower		150,460		8,594
Total Industrials				35,798
Information technology—24.2%
Apple*		170,620		40,084
Applied Materials		747,980		10,083
ASML Holding, NY Shares		466,780		16,524
Broadcom, Cl A		378,790		12,568
Cisco Systems*		1,139,870		29,671
Cree*		85,300		5,990
F5 Networks*		110,740		6,811
Google, Cl A*		48,400		27,443
Lam Research*		358,140		13,366
Micron Technology*		473,610		4,921
QUALCOMM		406,310		17,061
Salesforce.com*		125,080		9,312
Total Information technology				193,834

TURNER FUNDS 2010 SEMIANNUAL REPORT 29

FINANCIAL STATEMENTS

Schedule of investments

Turner Core Growth Fund

	Shares		Value (000)
Materials—4.1%
Freeport-McMoRan Copper & Gold		110,820	$	9,258
Monsanto		98,990		7,070
Rio Tinto ADR		69,970		16,564
Total Materials				32,892
Telecommunication services—2.7%
America Movil, Ser L ADR		234,800		11,820
Millicom International Cellular #		114,500		10,208
Total Telecommunication services				22,028
Utilities—0.8%
Questar		154,620		6,680
Total Utilities				6,680
Total Common stock (Cost $647,572)				781,678
Cash equivalent—4.8%
BlackRock TempCash Fund Institutional Shares 0.138%** (1)		38,291,200		38,291
Total Cash equivalent (Cost $38,291)				38,291
Total Investments—102.4% (Cost $685,863)			$	819,969

As of March 31, 2010, 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 $800,738.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

# Security fully or partially on loan at March 31, 2010. The total value of securities on loan at March 31, 2010, was $23,042.*** 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.

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 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Emerging Growth Fund

March 31, 2010

	Shares		Value (000)
Common stock—97.3%
Consumer discretionary—16.3%
7 Days Group Holdings ADR*		326,280	$	3,390
AnnTaylor Stores*		204,930		4,242
ArvinMeritor*		309,630		4,133
Asbury Automotive Group*		200,730		2,670
Boyd Gaming*		169,860		1,678
Buffalo Wild Wings* #		71,210		3,426
California Pizza Kitchen*		234,290		3,934
Chico's FAS		363,830		5,246
Children's Place Retail Stores*		73,800		3,288
Citi Trends*		198,510		6,440
Cooper Tire & Rubber		224,710		4,274
Cracker Barrel Old Country Store		94,350		4,376
Deckers Outdoor*		38,050		5,251
G-III Apparel Group*		120,320		3,316
Imax* #		306,330		5,511
JOS A Bank Clothiers*		94,780		5,180
Pier 1 Imports*		284,044		1,809
Skechers U.S.A., Cl A*		110,230		4,004
True Religion Apparel* #		175,210		5,319
Total Consumer discretionary				77,487
Consumer staples—4.2%
Central European Distribution*		108,600		3,802
Green Mountain Coffee Roasters*		62,165		6,019
TreeHouse Foods*		120,907		5,304
United Natural Foods*		165,588		4,658
Total Consumer staples				19,783
Energy—5.6%
Arena Resources*		182,430		6,093
Brigham Exploration*		276,765		4,414
Carrizo Oil & Gas*		159,118		3,652
James River Coal*		305,910		4,864
Key Energy Services*		393,170		3,755
Swift Energy*		126,890		3,901
Total Energy				26,679
Financials—7.4%
American Physicians Capital		215,530		6,886
Harleysville Group		83,280		2,812
IBERIABANK		80,350		4,822
Radian Group		882,630		13,804

	Shares		Value (000)
Sunstone Hotel Investors*		255,090	$	2,849
Umpqua Holdings		122,520		1,625
Wilmington Trust		157,670		2,612
Total Financials				35,410
Health care—19.1%
Acorda Therapeutics*		191,502		6,550
Alexion Pharmaceuticals*		92,510		5,030
AMERIGROUP*		172,220		5,725
Bio-Reference Labs*		57,370		2,522
Catalyst Health Solutions*		109,860		4,546
DexCom*		111,020		1,080
HMS Holdings*		60,500		3,085
ICON ADR*		189,420		5,000
Immucor*		216,940		4,857
Impax Laboratories*		230,730		4,121
Integra LifeSciences Holdings*		78,880		3,457
InterMune* #		60,190		2,683
Kendle International*		147,550		2,579
MedAssets*		115,470		2,425
Momenta Pharmaceuticals*		104,030		1,557
Orthofix International*		212,576		7,734
Par Pharmaceutical*		95,810		2,376
Parexel International*		269,574		6,284
Pharmasset*		49,080		1,315
PSS World Medical*		183,440		4,313
Psychiatric Solutions*		208,210		6,205
SXC Health Solutions*		64,877		4,365
Vermillion* #		26,300		756
West Pharmaceutical Services		55,950		2,347
Total Health care				90,912
Industrials—12.0%
Allegiant Travel, Cl A* #		49,800		2,881
American Science & Engineering		25,299		1,895
Bucyrus International, Cl A		159,520		10,527
Clean Harbors*		62,260		3,459
Consolidated Graphics*		69,637		2,884
Copa Holdings, Cl A		111,101		6,755
EnPro Industries*		129,930		3,778
Genesee & Wyoming, Cl A*		150,795		5,145
HUB Group, Cl A*		147,768		4,135
Huron Consulting Group*		155,890		3,165
Kforce*		293,780		4,468

TURNER FUNDS 2010 SEMIANNUAL REPORT 31

FINANCIAL STATEMENTS

Schedule of investments

Turner Emerging Growth Fund

	Shares		Value (000)
Triumph Group		68,006	$	4,767
United Stationers*		58,462		3,440
Total Industrials				57,299
Information technology—24.0%
3PAR* #		279,716		2,797
Acme Packet*		50,190		967
Actuate*		514,190		2,874
ANSYS*		167,110		7,209
Ariba*		501,280		6,441
Aruba Networks*		183,360		2,505
AsiaInfo Holdings*		128,320		3,398
Atheros Communications*		100,180		3,878
Blue Coat Systems*		207,220		6,432
Bottomline Technologies*		139,492		2,348
Cavium Networks*		106,850		2,656
Cirrus Logic*		62,700		526
Cogo Group*		184,670		1,291
Comtech Telecommunications*		102,715		3,286
Cybersource*		259,876		4,584
Diodes*		83,670		1,874
Ebix* #		140,970		2,251
Fairchild Semiconductor International, Cl A*		189,970		2,023
Hittite Microwave*		75,210		3,307
Kenexa*		196,900		2,707
MAXIMUS		78,390		4,777
MicroStrategy, Cl A*		49,110		4,178
Net 1 UEPS Technologies*		190,740		3,508
Netezza*		333,800		4,269
Netlogic Microsystems* #		225,670		6,642
Netscout Systems*		120,950		1,789
Plexus*		118,130		4,256
Power Integrations		107,950		4,448
Quality Systems #		57,960		3,561
Rubicon Technology* #		69,900		1,412
Sanmina-SCI*		171,905		2,837
Sourcefire*		101,170		2,322
Synchronoss Technologies*		145,380		2,816
Tyler Technologies*		96,219		1,803
Xyratex*		148,666		2,517
Total Information technology				114,489

	Shares		Value (000)
Materials—8.5%
A. Schulman		70,640	$	1,729
Century Aluminum*		201,380		2,771
Domtar*		57,020		3,673
Huntsman		477,630		5,755
Solutia*		634,765		10,226
Stillwater Mining*		210,850		2,737
Thompson Creek Metals*		204,420		2,766
Walter Energy		118,290		10,914
Total Materials				40,571
Utilities—0.2%
Artesian Resources, Cl A #		62,225		1,099
Total Utilities				1,099
Total Common stock (Cost $327,053)				463,729
Cash equivalent—8.2%
BlackRock TempCash Fund Institutional Shares 0.138%** (1)		39,035,593		39,036
Total Cash equivalent (Cost $39,036)				39,036
Total Investments—105.5% (Cost $366,089)			$	502,765

As of March 31, 2010, 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 $476,454.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

# Security fully or partially on loan at March 31, 2010. The total value of securities on loan at March 31, 2010, was $25,570.*** 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.

32 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Emerging Growth Fund

ADR — American Depositary Receipt

Cl — Class

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 33

FINANCIAL STATEMENTS

Schedule of investments

Turner Large Cap Growth Fund

March 31, 2010

	Shares		Value (000)
Common stock—99.4%†
Consumer discretionary—11.1%
Coach		36,400	$	1,438
Guess?		20,300		954
Harley-Davidson		71,210		1,999
Las Vegas Sands* #		94,600		2,001
Lear*		11,810		937
Lowe's		105,450		2,556
Pulte Group*		117,430		1,321
Starwood Hotels & Resorts Worldwide		48,300		2,253
Whirlpool		10,840		946
Total Consumer discretionary				14,405
Consumer staples—15.4%
Avon Products		88,870		3,010
Colgate-Palmolive		38,020		3,242
CVS Caremark		38,810		1,419
Mead Johnson Nutrition, Cl A		36,810		1,915
PepsiCo		112,890		7,469
Whole Foods Market*		78,080		2,822
Total Consumer staples				19,877
Energy—3.9%
Occidental Petroleum		29,260		2,474
Schlumberger		22,000		1,396
Southwestern Energy*		28,390		1,156
Total Energy				5,026
Financials—6.0%
Charles Schwab		70,860		1,324
Fifth Third Bancorp		96,660		1,314
Goldman Sachs Group		11,660		1,989
T. Rowe Price Group		27,690		1,521
Visa, Cl A		18,540		1,688
Total Financials				7,836
Health care—16.1%
Allergan		22,000		1,437
Cerner*		19,560		1,664
Edwards Lifesciences*		9,070		897
Express Scripts*		19,600		1,994
Gilead Sciences*		68,260		3,104
Intuitive Surgical*		4,400		1,532
McKesson		18,100		1,189

	Shares		Value (000)
Shire ADR		24,300	$	1,603
Teva Pharmaceutical Industries ADR		35,420		2,234
Thermo Fisher Scientific*		42,080		2,165
UnitedHealth Group		41,340		1,351
Waters*		25,110		1,696
Total Health care				20,866
Industrials—5.7%
ABB ADR		85,400		1,865
Caterpillar		30,400		1,911
Cummins		28,980		1,795
Manpower		30,700		1,754
Total Industrials				7,325
Information technology—37.4%
Apple*		32,820		7,710
Applied Materials		133,240		1,796
ASML Holding, NY Shares		82,600		2,924
Broadcom, Cl A		145,530		4,829
Cisco Systems*		280,470		7,301
Cognizant Technology Solutions, Cl A*		37,850		1,929
Cree*		20,040		1,407
EMC*		98,500		1,777
F5 Networks*		22,560		1,388
Google, Cl A*		9,425		5,344
Hewlett-Packard		51,600		2,743
Marvell Technology Group*		90,930		1,853
Micron Technology*		141,530		1,470
QUALCOMM		68,310		2,868
Salesforce.com*		18,800		1,400
Xilinx		68,000		1,734
Total Information technology				48,473
Materials—3.8%
Freeport-McMoRan Copper & Gold		11,400		952
Monsanto		16,410		1,172
Rio Tinto ADR		11,750		2,782
Total Materials				4,906
Total Common stock (Cost $107,876)				128,714

34 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Large Cap Growth Fund

	Shares		Value (000)
Cash equivalent—2.0%
BlackRock TempCash Fund Institutional Shares 0.138%** (1)		2,584,597	$	2,585
Total Cash equivalent (Cost $2,585)				2,585
Total Investments—101.4% (Cost $110,461)			$	131,299

As of March 31, 2010, 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 $129,444.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

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

# Security fully or partially on loan at March 31, 2010. The total value of securities on loan at March 31, 2010, was $2,001.*** 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.

ADR — American Depositary Receipt

Cl — Class

NY — New York

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 35

FINANCIAL STATEMENTS

Schedule of investments

Turner Midcap Growth Fund

March 31, 2010

	Shares		Value (000)
Common stock—99.9%
Consumer discretionary—19.7%
Bed Bath & Beyond*		355,840	$	15,572
Cablevision Systems, Cl A		347,966		8,400
Coach		446,960		17,664
Focus Media Holding ADR*		527,087		9,625
Guess?		349,832		16,435
Harley-Davidson		336,700		9,451
Nordstrom		257,750		10,529
Panera Bread, Cl A*		126,159		9,650
Priceline.com*		77,270		19,704
Pulte Group*		1,302,834		14,657
Stanley Black & Decker		134,700		7,733
Starwood Hotels & Resorts Worldwide		412,800		19,253
Urban Outfitters*		411,054		15,632
Warnaco Group*		137,550		6,562
WMS Industries*		338,355		14,190
Wynn Resorts* #		203,795		15,454
Total Consumer discretionary				210,511
Consumer staples—7.1%
Avon Products		449,790		15,234
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Cl A ADR #		102,267		6,875
Green Mountain Coffee Roasters* #		137,300		13,293
Hansen Natural*		239,102		10,372
Mead Johnson Nutrition, Cl A		212,770		11,071
Whole Foods Market*		514,790		18,610
Total Consumer staples				75,455
Energy—6.3%
Alpha Natural Resources*		152,550		7,610
Cameron International*		330,169		14,151
Concho Resources*		182,640		9,198
Consol Energy		172,516		7,360
Nabors Industries*		212,940		4,180
Petrohawk Energy*		485,060		9,837
Range Resources		233,551		10,947
Whiting Petroleum*		53,600		4,333
Total Energy				67,616

	Shares		Value (000)
Financials—11.0%
Affiliated Managers Group*		155,184	$	12,259
CB Richard Ellis Group, Cl A*		809,050		12,824
Digital Realty Trust #		162,290		8,796
Fifth Third Bancorp		1,047,770		14,239
Genworth Financial, Cl A*		309,010		5,667
IntercontinentalExchange*		126,271		14,165
Lazard, Cl A		252,730		9,023
MSCI, Cl A*		246,740		8,907
T. Rowe Price Group		360,819		19,820
TD Ameritrade Holding*		590,570		11,256
Total Financials				116,956
Health care—14.5%
Alexion Pharmaceuticals*		235,907		12,826
AmerisourceBergen, Cl A		474,428		13,721
Cerner*		126,861		10,791
Charles River Laboratories International*		265,206		10,425
CIGNA		241,260		8,825
Community Health Systems*		92,370		3,411
DaVita*		140,039		8,879
Edwards Lifesciences*		107,290		10,609
Health Management Associates, Cl A*		615,378		5,292
Henry Schein*		146,744		8,643
Hospira*		235,570		13,345
Human Genome Sciences*		155,030		4,682
Intuitive Surgical*		35,372		12,314
United Therapeutics*		267,866		14,821
Vertex Pharmaceuticals*		152,140		6,218
Waters*		145,018		9,795
Total Health care				154,597
Industrials—10.2%
Continental Airlines, Cl B*		554,672		12,186
Cummins		281,540		17,441
Fastenal #		269,490		12,933
Joy Global		239,942		13,581
McDermott International*		462,090		12,440
Owens Corning*		167,560		4,263
Parker Hannifin		164,790		10,669
Precision Castparts		137,262		17,392
Robert Half International		269,219		8,192
Total Industrials				109,097

36 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Midcap Growth Fund

	Shares		Value (000)
Information technology—24.6%
ASML Holding, NY Shares		379,760	$	13,444
Atheros Communications*		435,578		16,861
Broadcom, Cl A		527,611		17,506
Cree*		141,360		9,926
F5 Networks*		358,084		22,026
Global Payments		266,620		12,144
Juniper Networks*		452,424		13,880
Lam Research*		494,635		18,460
Marvell Technology Group*		719,720		14,668
McAfee*		250,561		10,055
MercadoLibre* #		142,980		6,893
Micron Technology*		1,840,730		19,125
NetApp*		516,420		16,815
Netlogic Microsystems* #		340,480		10,020
PMC - Sierra*		1,114,419		9,941
QLogic*		629,060		12,770
Salesforce.com*		246,730		18,369
Varian Semiconductor Equipment Associates*		422,401		13,990
VistaPrint* #		109,543		6,271
Total Information technology				263,164
Materials—5.2%
CF Industries Holdings		121,560		11,084
Ecolab		240,847		10,585
Thompson Creek Metals*		842,600		11,400
United States Steel		189,830		12,058
Walter Energy		115,875		10,692
Total Materials				55,819
Telecommunication services—0.7%
Millicom International Cellular		80,480		7,175
Total Telecommunication services				7,175
Utilities—0.6%
Questar		148,916		6,433
Total Utilities				6,433
Total Common stock (Cost $731,681)				1,066,823

	Shares		Value (000)
Cash equivalent—6.9%
BlackRock TempCash Fund Institutional Shares 0.138%** (1)		73,931,617	$	73,932
Total Cash equivalent (Cost $73,932)				73,932
Total Investments—106.8% (Cost $805,613)			$	1,140,755

As of March 31, 2010, 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 $1,067,675.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

# Security fully or partially on loan at March 31, 2010. The total value of securities on loan at March 31, 2010, was $71,230.*** 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.

ADR — American Depositary Receipt

Cl — Class

NY — New York

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 37

FINANCIAL STATEMENTS

Schedule of investments

Turner New Enterprise Fund

March 31, 2010

	Shares		Value (000)
Common stock—97.2%†
Consumer discretionary—15.6%
Guess?		21,680	$	1,018
Las Vegas Sands* #		31,010		656
Orient-Express Hotels, Cl A*		65,500		929
Pulte Group*		100,470		1,130
WMS Industries*		17,830		748
Total Consumer discretionary				4,481
Consumer staples—8.6%
Green Mountain Coffee Roasters* #		14,070		1,362
Whole Foods Market*		30,570		1,105
Total Consumer staples				2,467
Energy—2.6%
Concho Resources*		14,950		753
Total Energy				753
Financials—6.8%
CB Richard Ellis Group, Cl A*		40,522		642
Fifth Third Bancorp		47,600		647
JPMorgan Chase		14,860		665
Total Financials				1,954
Health care—9.5%
Alexion Pharmaceuticals*		20,790		1,131
Edwards Lifesciences*		5,540		548
Express Scripts*		5,700		580
United Therapeutics*		8,410		465
Total Health care				2,724
Industrials—6.3%
Continental Airlines, Cl B*		45,020		989
Manpower		14,470		827
Total Industrials				1,816
Information technology—39.2%
Apple*		5,540		1,302
Aruba Networks*		43,500		594
ASML Holding, NY Shares		24,600		871
Atheros Communications*		19,350		749
Broadcom, Cl A		20,330		675
Cree*		10,740		754
F5 Networks*		22,410		1,378
Google, Cl A*		1,430		811

	Shares		Value (000)
Lam Research*		15,390	$	574
Micron Technology*^		131,240		1,364
Netlogic Microsystems* #		25,280		744
QUALCOMM		16,860		708
Varian Semiconductor Equipment Associates*		21,980		728
Total Information technology				11,252
Materials—8.6%
Cliffs Natural Resources		11,490		815
Thompson Creek Metals*		45,570		617
United States Steel #		16,000		1,016
Total Materials				2,448
Total Common stock (Cost $19,003)				27,895
Cash equivalent—15.3%
BlackRock TempCash Fund Institutional Shares 0.138%** (1)		4,402,296		4,402
Total Cash equivalent (Cost $4,402)				4,402
Total Investments—112.5% (Cost $23,405)			$	32,297

As of March 31, 2010, 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 $28,709.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

^ A portion of the shares have been committed as collateral for options.

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

# Security fully or partially on loan at March 31, 2010. The total value of securities on loan at March 31, 2010, was $3,763.*** 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 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner New Enterprise Fund

Cl — Class

NY — New York

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 39

FINANCIAL STATEMENTS

Schedule of investments

Turner Small Cap Growth Fund

March 31, 2010

	Shares		Value (000)
Common stock—98.3%†
Consumer discretionary—17.9%
ArvinMeritor*		231,646	$	3,092
Brunswick		91,640		1,464
Capella Education*		33,570		3,117
CROCS*		337,450		2,960
DineEquity* #		114,240		4,516
Finish Line, Cl A		182,320		2,975
Gaylord Entertainment* #		129,108		3,781
Orient-Express Hotels, Cl A*		319,730		4,534
Ryland Group		116,910		2,624
Saks* #		442,100		3,802
Tempur-Pedic International*		116,260		3,506
Texas Roadhouse, Cl A*		246,220		3,420
True Religion Apparel* #		100,400		3,048
Tupperware Brands		64,940		3,131
Warnaco Group*		78,880		3,763
WMS Industries*		54,860		2,301
Total Consumer discretionary				52,034
Consumer staples—2.5%
Central European Distribution*		72,680		2,544
Diamond Foods		40,930		1,721
United Natural Foods*		112,623		3,168
Total Consumer staples				7,433
Energy—3.8%
Arena Resources*		63,490		2,120
James River Coal* #		130,450		2,074
Key Energy Services*		294,417		2,812
Rex Energy*		110,508		1,259
Swift Energy*		93,650		2,879
Total Energy				11,144
Financials—6.2%
Artio Global Investors, Cl A		97,000		2,400
Bank of the Ozarks		81,570		2,871
Boston Private Financial Holdings		252,830		1,863
MF Global Holdings* #		269,477		2,174
National Financial Partners*		177,430		2,502
Stifel Financial*		46,600		2,505
Symetra Financial*		89,720		1,182
Tanger Factory Outlet Centers		57,760		2,493
Total Financials				17,990

	Shares		Value (000)
Health care—23.6%
Acorda Therapeutics*		72,950	$	2,495
Align Technology*		120,585		2,332
AMERIGROUP*		95,767		3,183
Cooper		52,120		2,027
Emergency Medical Services, Cl A*		67,340		3,808
ev3*		157,020		2,490
Healthsouth*		147,360		2,756
Hill-Rom Holdings		31,740		864
HMS Holdings*		24,150		1,232
Human Genome Sciences*		147,470		4,453
ICON ADR*		86,590		2,286
Immucor*		100,570		2,252
Impax Laboratories*		104,940		1,874
InterMune* #		35,160		1,567
MedAssets*		97,450		2,047
Mednax*		18,130		1,055
Myriad Genetics*		47,360		1,139
Onyx Pharmaceuticals*		33,510		1,015
OSI Pharmaceuticals*		30,410		1,811
Parexel International*		124,440		2,901
Pharmasset*		28,410		761
PSS World Medical*		76,870		1,807
Psychiatric Solutions*		93,370		2,782
Regeneron Pharmaceuticals*		62,810		1,664
Salix Pharmaceuticals*		75,700		2,820
Seattle Genetics*		112,280		1,341
SXC Health Solutions*		38,590		2,596
Teleflex		35,430		2,270
Tenet Healthcare*		653,730		3,739
Thoratec*		26,260		878
United Therapeutics*		58,900		3,259
West Pharmaceutical Services		31,850		1,336
Total Health care				68,840
Industrials—8.4%
Copa Holdings, Cl A		50,220		3,053
Ener1* #		393,610		1,862
EnPro Industries*		67,420		1,961
Genesee & Wyoming, Cl A*		93,000		3,173
HUB Group, Cl A*		92,690		2,594
Kforce*		142,450		2,167
Nordson		33,900		2,303
TrueBlue*		168,802		2,616

40 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Small Cap Growth Fund

	Shares		Value (000)
Watsco		45,290	$	2,576
WESCO International*		65,210		2,263
Total Industrials				24,568
Information technology—29.2%
ADTRAN		119,400		3,146
Archipelago Learning*		54,050		788
Ariba*		248,690		3,196
Aruba Networks*		165,740		2,264
AsiaInfo Holdings*		106,110		2,810
Atheros Communications*		141,420		5,475
Blue Coat Systems*		108,380		3,364
Cavium Networks*		31,500		783
Cybersource*		151,670		2,675
Diodes*		120,280		2,694
GSI Commerce*		139,380		3,856
MercadoLibre* #		70,780		3,412
Net 1 UEPS Technologies*		116,910		2,150
Netlogic Microsystems* #		163,660		4,817
Plexus*		116,670		4,204
PMC - Sierra*		437,260		3,900
QLogic*		147,760		3,000
Quality Systems #		32,820		2,017
Riverbed Technology*		102,320		2,906
Semtech*		162,430		2,831
SolarWinds* #		112,440		2,435
Sourcefire*		136,049		3,122
SuccessFactors* #		137,910		2,626
Taleo, Cl A*		121,990		3,161
Teradyne*		398,240		4,448
Varian Semiconductor Equipment Associates*		107,680		3,566
Veeco Instruments*		52,910		2,302
VistaPrint* #		53,480		3,062
Total Information technology				85,010
Materials—5.3%
AK Steel Holding		130,240		2,977
Century Aluminum*		137,130		1,887
Schweitzer-Mauduit International		33,257		1,582
Solutia*		192,880		3,107
Temple-Inland		162,680		3,324
Thompson Creek Metals*		184,310		2,494
Total Materials				15,371

	Shares		Value (000)
Telecommunication services—1.4%
Premiere Global Services*		157,410	$	1,300
tw telecom inc, Cl A*		152,730		2,772
Total Telecommunication services				4,072
Total Common stock (Cost $207,535)				286,462
Cash equivalent—15.1%
BlackRock TempCash Fund Institutional Shares 0.138%** (1)		43,891,134		43,891
Total Cash equivalent (Cost $43,891)				43,891
Total Investments—113.4% (Cost $251,426)			$	330,353

As of March 31, 2010, 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 $291,238.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

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

# Security fully or partially on loan at March 31, 2010. The total value of securities on loan at March 31, 2010, was $36,089.*** 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.

ADR — American Depositary Receipt

Cl — Class

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 41

FINANCIAL STATEMENTS

Schedule of investments

Turner Quantitative Broad Market Equity Fund

March 31, 2010

	Shares		Value (000)
Common stock—99.3%
Consumer discretionary—11.7%
DeVry		1,540	$	100
DIRECTV, Cl A*		3,390		114
Kohl's*		1,720		94
Leggett & Platt		5,110		111
Lowe's		3,700		90
Ltd. Brands		4,190		103
Lululemon Athletica*		2,900		120
Macy's		4,620		101
McDonald's		1,080		72
Target		1,830		96
Time Warner		2,900		91
Vail Resorts*		2,000		80
Whirlpool		1,080		94
WMS Industries*		2,180		92
Total Consumer discretionary				1,358
Consumer staples—9.9%
Altria Group		4,800		99
Avon Products		3,860		131
Central European Distribution*		2,490		87
Coca-Cola		1,830		101
CVS Caremark		3,860		141
PepsiCo		1,486		98
Philip Morris International		900		47
Procter & Gamble		2,620		166
Sara Lee		7,420		103
Sysco		1,830		54
Wal-Mart Stores		2,362		131
Total Consumer staples				1,158
Energy—11.3%
Anadarko Petroleum		770		56
Apache		770		78
Chevron		590		45
Concho Resources*		2,000		101
Exxon Mobil		1,390		93
Massey Energy		2,310		121
Occidental Petroleum		685		58
Patterson-UTI Energy		4,800		67
Penn Virginia		3,220		79
Petrohawk Energy*		3,390		69
Pioneer Natural Resources		2,490		140
Range Resources		1,540		72

	Shares		Value (000)
Schlumberger		1,080	$	69
Spectra Energy		5,700		128
Williams		6,160		142
Total Energy				1,318
Financials—16.6%
Affiliated Managers Group*		1,390		110
Bank of America		5,110		91
BlackRock, Cl A		310		68
Charles Schwab		4,930		92
Citigroup*		24,220		98
Discover Financial Services		5,700		85
Eaton Vance		2,900		97
Fortress Investment Group LLC, Cl A*		20,860		83
Goldman Sachs Group		490		84
JPMorgan Chase		2,716		122
Lincoln National		3,390		104
MetLife		2,490		108
Morgan Stanley		2,800		82
PNC Financial Services Group		2,180		130
Principal Financial Group		3,390		99
Raymond James Financial		3,390		91
State Street		2,310		104
T. Rowe Price Group		1,624		89
TD Ameritrade Holding*		4,800		91
Wells Fargo		3,220		100
Total Financials				1,928
Health care—12.6%
Abbott Laboratories		1,720		91
Amgen*		1,390		83
Bristol-Myers Squibb		3,700		99
Bruker*		6,330		93
Cardinal Health		1,720		62
Gilead Sciences*		2,900		132
Healthsouth*		3,700		69
Inverness Medical Innovations*		1,540		60
Johnson & Johnson		1,871		122
Medtronic		2,620		118
Merck		2,490		93
Mylan*		6,620		150
Pfizer		8,330		143
Teleflex		1,230		79
WellPoint*		1,080		69
Total Health care				1,463

42 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Quantitative Broad Market Equity Fund

	Shares		Value (000)
Industrials—9.7%
3M		770	$	64
Boeing		1,390		101
CSX		1,720		88
General Electric		9,507		173
Honeywell International		2,310		105
Navistar International*		2,900		130
Raytheon		2,000		114
Spirit Aerosystems Holdings, Cl A*		5,110		119
Terex*		4,800		109
United Parcel Service, Cl B		900		58
United Technologies		900		66
Total Industrials				1,127
Information technology—16.0%
Apple*		590		139
Broadcom, Cl A		3,390		112
Cisco Systems*		4,277		111
CommScope*		3,530		99
Google, Cl A*		149		85
Hewlett-Packard		2,620		139
Intel		3,860		86
International Business Machines		1,422		182
Juniper Networks*		3,390		104
Micron Technology*		12,670		132
Microsoft		6,277		184
Oracle		3,530		90
QUALCOMM		3,110		131
Salesforce.com*		2,000		149
Xilinx		4,930		126
Total Information technology				1,869
Materials—6.7%
AK Steel Holding		4,490		103
Celanese, Ser A		2,310		74
Cliffs Natural Resources		1,540		109
Cytec Industries		2,000		93
Eastman Chemical		1,080		69
Freeport-McMoRan Copper & Gold		770		64
Greif, Cl A		1,390		77
Rio Tinto ADR		310		73
Southern Copper		1,540		49
Thompson Creek Metals*		4,800		65
Total Materials				776

	Shares		Value (000)
Telecommunication services—2.2%
AT&T		6,330	$	163
Verizon Communications		2,800		87
Total Telecommunication services				250
Utilities—2.6%
American Electric Power		2,490		85
Energen		2,310		108
Entergy		1,390		113
Total Utilities				306
Total Common stock (Cost $11,317)				11,553
Cash equivalent—0.7%
BlackRock TempCash Fund Institutional Shares 0.138%**		86,367		86
Total Cash equivalent (Cost $86)				86
Total Investments—100.0% (Cost $11,403)			$	11,639

As of March 31, 2010, 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 $11,644.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

ADR — American Depositary Receipt

Cl — Class

LLC — Limited Liability Company

Ser — Series

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 43

FINANCIAL STATEMENTS

Schedule of investments

Turner Quantitative Large Cap Value Fund

March 31, 2010

	Shares		Value (000)
Common stock—98.6%†
Consumer discretionary—10.8%
AutoZone*		50	$	9
Comcast, Cl A		500		9
DIRECTV, Cl A*		270		9
Dollar Tree*		100		6
Family Dollar Stores		210		8
Ford Motor*		430		5
Home Depot		170		5
ITT Educational Services*		50		6
J.C. Penney		170		6
Lowe's		190		4
Mattel		180		4
Time Warner		230		7
Viacom, Cl B*		190		7
Walt Disney		210		7
Total Consumer discretionary				92
Consumer staples—5.4%
Avon Products		200		7
Clorox		80		5
Coca-Cola		80		4
CVS Caremark		190		7
Hansen Natural*		110		5
Kraft Foods, Cl A		200		6
PepsiCo		80		5
Philip Morris International		140		8
Total Consumer staples				47
Energy—17.5%
Anadarko Petroleum		80		6
Apache		50		5
Chevron		330		25
Concho Resources*		310		15
ConocoPhillips		90		5
Exxon Mobil		530		35
Halliburton		140		4
Hess		220		14
Occidental Petroleum		70		6
Pioneer Natural Resources		280		16
Schlumberger		130		8
Spectra Energy		250		6
Williams		240		6
Total Energy				151

	Shares		Value (000)
Financials—25.4%
AON		190	$	8
Bank of America		750		14
Blackstone Group LP		290		4
Cincinnati Financial		310		9
Citigroup*		4,210		17
CNA Financial*		310		8
Cullen/Frost Bankers		110		6
Digital Realty Trust		160		9
Eaton Vance		230		8
Fifth Third Bancorp		630		9
Genworth Financial, Cl A*		450		8
Goldman Sachs Group		40		7
IntercontinentalExchange*		90		10
JPMorgan Chase		430		19
MetLife		140		6
NASDAQ OMX Group*		370		8
PNC Financial Services Group		160		9
Principal Financial Group		340		10
Prudential Financial		170		10
T. Rowe Price Group		160		9
Travelers		100		5
US Bancorp		320		8
Wells Fargo		540		17
Total Financials				218
Health care—8.6%
Aetna		300		11
Beckman Coulter		90		6
Bristol-Myers Squibb		200		5
Cephalon*		140		10
Gilead Sciences*		180		8
Mylan*		180		4
St. Jude Medical*		230		9
Stryker		140		8
UnitedHealth Group		240		8
WellPoint*		80		5
Total Health care				74
Industrials—9.6%
Boeing		130		10
Bucyrus International, Cl A		120		8
General Dynamics		50		4
General Electric		630		11
Honeywell International		160		7

44 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Quantitative Large Cap Value Fund

	Shares		Value (000)
ITT		170	$	9
Norfolk Southern		140		8
Northrop Grumman		140		9
Union Pacific		110		8
WW Grainger		80		9
Total Industrials				83
Information technology—5.8%
Altera		230		6
Corning		240		5
Fiserv*		160		8
Hewlett-Packard		100		5
Intel		290		6
National Semiconductor		370		5
Oracle		160		4
Xerox		1,080		11
Total Information technology				50
Materials—4.1%
Celanese, Ser A		140		4
Cliffs Natural Resources		110		8
Eastman Chemical		150		10
Freeport-McMoRan Copper & Gold		110		9
Steel Dynamics		240		4
Total Materials				35
Telecommunication services—5.2%
AT&T		1,040		27
Verizon Communications		580		18
Total Telecommunication services				45
Utilities—6.2%
Allegheny Energy		500		11
CMS Energy		590		9
Exelon		120		5
Northeast Utilities		380		11
Pinnacle West Capital		220		9
Wisconsin Energy		180		9
Total Utilities				54
Total Common stock (Cost $763)				849

	Shares		Value (000)
Cash equivalent—1.3%
BlackRock TempCash Fund Institutional Shares 0.138%**		11,155	$	11
Total Cash equivalent (Cost $11)				11
Total Investments—99.9% (Cost $774)			$	860

As of March 31, 2010, 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 $860.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

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

Cl — Class

LP — Limited Partnership

Ser — Series

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 45

FINANCIAL STATEMENTS

Schedule of investments

Turner International Core Growth Fund

March 31, 2010

		Shares		Value (000)
Common stock—96.5%
Consumer discretionary—14.2%
Focus Media Holding ADR*			5,770	$	106
Gafisa			11,620		79
Honda Motor			2,500		88
Inditex			1,201		79
Intercontinental Hotels Group			5,190		81
LVMH Moet Hennessy Louis Vuitton			695		81
Parkson Retail Group			44,092		76
Sony			2,870		110
Total Consumer discretionary					700
Consumer staples—13.3%
Anheuser-Busch InBev			1,570		79
Danone			1,280		77
Diageo			4,680		79
Hypermarcas*			6,077		74
Nestle			3,778		194
Reckitt Benckiser Group			1,326		73
Wimm-Bill-Dann Foods ADR			3,630		81
Total Consumer staples					657
Energy—8.5%
Cairn Energy*			13,010		82
CNOOC			45,800		75
Enbridge			1,530		73
Niko Resources			670		72
OGX Petroleo e Gas Participacoes	��		7,505		70
Tenaris			2,159		47
Total Energy					419
Financials—13.1%
Bank of Nova Scotia			1,479		74
Bank Rakyat Indonesia			72,920		66
HDFC Bank ADR			540		76
Intesa Sanpaolo			17,175		64
Julius Baer Group			2,091		76
Mitsubishi UFJ Financial Group			14,830		78
Prudential			9,020		75
Standard Chartered			2,136		58
Westpac Banking			3,100		79
Total Financials					646

	Shares		Value (000)
Health care—11.5%
Bayer		790	$	54
Biovail		3,550		59
Covidien		970		49
Hikma Pharmaceuticals		4,070		39
Mindray Medical International ADR		1,280		46
Novartis		1,990		107
Roche Holding		620		101
Shire		2,080		46
SSL International		5,500		68
Total Health care				569
Industrials—3.4%
JS Group		3,600		73
Komatsu		4,560		96
Total Industrials				169
Information technology—13.4%
Aixtron		3,135		113
ASML Holding		3,620		129
Autonomy*		2,960		82
Canon		2,000		92
Fujitsu		7,000		46
Inotera Memories		103,000		83
Longtop Financial Technologies ADR*		1,300		42
OMRON		3,100		72
Total Information technology				659
Materials—14.6%
Air Liquide		530		64
ArcelorMittal		2,146		94
BHP Billiton		2,880		115
Lundin Mining*		20,740		110
Rio Tinto		2,683		176
Silver Wheaton*		6,110		96
Thompson Creek Metals*		4,920		67
Total Materials				722
Telecommunication services—2.8%
America Movil, Ser L		29,340		74
Millicom International Cellular		740		66
Total Telecommunication services				140

46 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner International Core Growth Fund

	Shares		Value (000)
Utilities—1.7%
Tokyo Gas		18,300	$	81
Total Utilities				81
Total Common stock (Cost $3,996)				4,762
Preferred stock—1.2%
Financials—1.2%
Itau Unibanco Holding		2,734		60
Total Financials				60
Total Preferred stock (Cost $31)				60
Cash equivalent—1.5%
BlackRock TempCash Fund Institutional Shares 0.138%**		75,200		75
Total Cash equivalent (Cost $75)				75
Total Investments—99.2% (Cost $4,102)			$	4,897

As of March 31, 2010, 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.

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, 2009	$	38
Realized gain/(loss)		—
Change in unrealized appreciation (depreciation)		—
Net purchases/sales		—
Net transfer in and/or out of Level 3		(38	)
Ending balance as of March 31, 2010	$	—

Percentages are based on Net Assets of $4,938.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

ADR — American Depositary Receipt

Ser — Series

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

Country Allocation as of 3/31/10†
Japan	15.0	%
United Kingdom	14.6
Canada	11.3
Switzerland	9.8
Australia	6.0
Brazil	5.8
Cayman Islands	4.7
France	4.5
Luxembourg	4.2
Germany	3.4
Netherlands	2.6
United States	2.4
Taiwan	1.7
Russia	1.7
Spain	1.6
Belgium	1.6
Hong Kong	1.5
Mexico	1.5
India	1.5
Indonesia	1.4
Italy	1.3
Ireland	1.0
China	0.9
Total	100.0	%

† Percentages are based on total investments.

TURNER FUNDS 2010 SEMIANNUAL REPORT 47

FINANCIAL STATEMENTS

Schedule of investments

Turner Midcap Equity Fund

March 31, 2010

	Shares		Value (000)
Common stock—94.7%
Consumer discretionary—13.6%
Autoliv		515	$	26
DISH Network, Cl A		1,000		21
Guess?		705		33
Hasbro		790		30
Lamar Advertising, Cl A*		695		24
Las Vegas Sands*		1,405		30
Lear*		409		32
Office Depot*		1,760		14
Stanley Black & Decker		240		14
Starwood Hotels & Resorts Worldwide		660		31
Total Consumer discretionary				255
Consumer staples—5.8%
Green Mountain Coffee Roasters*		337		32
Safeway		1,165		29
Sara Lee		1,985		28
Whole Foods Market*		555		20
Total Consumer staples				109
Energy—7.7%
Alpha Natural Resources*		400		20
Concho Resources*		500		25
Ensco ADR		435		20
FMC Technologies*		215		14
Newfield Exploration*		505		26
Oil States International*		455		21
Plains Exploration & Production*		600		18
Total Energy				144
Financials—16.7%
AllianceBernstein Holding LP		1,144		35
Arch Capital Group*		408		31
Assured Guaranty		1,320		29
Brandywine Realty Trust		3,150		39
City National		130		7
Digital Realty Trust		500		27
Douglas Emmett		1,610		25
Fifth Third Bancorp		1,965		27
First Horizon National*		822		11
IntercontinentalExchange*		163		18
Marshall & Ilsley		3,865		31
SunTrust Banks		1,225		33
Total Financials				313

	Shares		Value (000)
Health care—10.4%
Biovail		1,705	$	29
DaVita*		415		26
Dendreon*		380		14
Humana*		455		21
Intuitive Surgical*		57		20
King Pharmaceuticals*		2,450		29
Life Technologies*		570		30
Mylan*		1,195		27
Total Health care				196
Industrials—8.7%
Chicago Bridge & Iron, NY Shares*		975		23
Continental Airlines, Cl B*		620		14
Cooper Industries		660		32
Joy Global		325		18
McDermott International*		1,230		33
Terex*		605		14
WW Grainger		280		30
Total Industrials				164
Information technology—14.4%
Broadridge Financial Solutions		1,180		25
Check Point Software Technologies*		835		29
IAC/InterActiveCorp*		1,470		33
Jabil Circuit		1,800		29
MEMC Electronic Materials*		1,070		16
Micron Technology*		2,720		28
Nuance Communications*		1,480		25
ON Semiconductor*		2,220		18
Seagate Technology		1,010		19
Sybase*		570		27
Teradyne*		1,790		20
Total Information technology				269
Materials—8.7%
Carpenter Technology		750		27
Cliffs Natural Resources		590		42
Cytec Industries		655		31
Lubrizol		244		22
Scotts Miracle-Gro, Cl A		400		19
Temple-Inland		1,095		22
Total Materials				163

48 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Midcap Equity Fund

	Shares		Value (000)
Telecommunication services—3.6%
SBA Communications, Cl A*		960	$	34
Windstream		2,910		32
Total Telecommunication services				66
Utilities—5.1%
Constellation Energy Group		850		30
Northeast Utilities		980		27
NV Energy		1,140		14
Questar		575		25
Total Utilities				96
Total Common stock (Cost $1,385)				1,775
Exchange traded fund—2.5%
iShares Russell Midcap Index Fund		520		46
Total Exchange traded fund (Cost $47)				46
Cash equivalent—5.7%
BlackRock TempCash Fund Institutional Shares 0.138%**		107,305		107
Total Cash equivalent (Cost $107)				107
Total Investments—102.9% (Cost $1,539)			$	1,928

As of March 31, 2010, 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 $1,874.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

ADR — American Depositary Receipt

Cl — Class

LP — Limited Partnership

NY — New York

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 49

FINANCIAL STATEMENTS

Schedule of investments

Turner Small Cap Equity Fund

March 31, 2010

	Shares		Value (000)
Common stock—99.4%
Consumer discretionary—17.3%
ArvinMeritor*		23,850	$	318
Buffalo Wild Wings* #		5,710		275
Collective Brands*		12,350		281
Cooper Tire & Rubber		17,470		332
Dress Barn* #		5,770		151
hhgregg*		8,840		223
Jack in the Box*		8,870		209
JOS A Bank Clothiers*		2,120		116
Meredith		7,770		267
Sally Beauty Holdings*		11,270		101
Service International		37,840		347
Steven Madden*		3,780		185
Talbots* #		21,450		278
Tempur-Pedic International*		7,790		235
Total Consumer discretionary				3,318
Consumer staples—2.4%
Ruddick		7,490		237
TreeHouse Foods*		5,120		224
Total Consumer staples				461
Energy—4.2%
Berry Petroleum, Cl A		3,370		95
Complete Production Services*		14,140		163
Nordic American Tanker Shipping #		4,290		130
Regency Energy Partners LP		10,050		221
Rex Energy*		16,240		185
Total Energy				794
Financials—23.7%
Assured Guaranty		17,300		380
BioMed Realty Trust		15,570		258
Brandywine Realty Trust		24,500		299
Cash America International		8,910		352
Conseco*		46,720		291
DCT Industrial Trust		43,960		230
East West Bancorp		17,960		313
First Niagara Financial Group		21,960		312
Hancock Holding		5,080		212
Knight Capital Group, Cl A*		8,650		132
LaSalle Hotel Properties		8,810		205
MB Financial		10,600		239

	Shares		Value (000)
MF Global Holdings*		14,130	$	114
Montpelier Re Holdings		7,940		133
National Penn Bancshares		16,210		112
Prosperity Bancshares		3,200		131
Signature Bank*		7,780		288
Stifel Financial*		2,610		140
SVB Financial Group*		2,510		117
Tanger Factory Outlet Centers		6,380		276
Total Financials				4,534
Health care—13.2%
Amedisys* #		4,240		234
American Medical Systems Holdings*		13,640		253
ev3*		17,450		277
Healthsouth*		14,210		266
Healthspring*		10,360		182
Human Genome Sciences*		3,440		104
ICON ADR*		3,690		97
Martek Biosciences*		9,370		211
Nektar Therapeutics*		9,570		146
Salix Pharmaceuticals*		5,080		189
Savient Pharmaceuticals*		9,140		132
Seattle Genetics*		19,610		234
Thoratec*		3,870		130
Vanda Pharmaceuticals*		6,380		74
Total Health care				2,529
Industrials—9.0%
Atlas Air Worldwide Holdings*		6,320		335
Beacon Roofing Supply*		5,120		98
Clean Harbors*		2,210		123
Esterline Technologies*		4,010		198
Geo Group*		7,140		141
Harbin Electric* #		8,560		185
Orion Marine Group*		5,140		93
Resources Connection*		4,220		81
UAL*		5,430		106
WESCO International*		2,380		83
Woodward Governor		8,380		268
Total Industrials				1,711
Information technology—15.6%
Acxiom*		9,180		165
Art Technology Group*		47,520		210

50 TURNER FUNDS 2010 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Small Cap Equity Fund

	Shares		Value (000)
Earthlink		24,990	$	213
Emulex*		23,900		317
Entegris*		45,150		228
Intersil, Cl A		8,910		131
j2 Global Communications*		5,970		140
Polycom*		4,650		142
Skyworks Solutions*		15,330		239
Solera Holdings		5,460		211
Teradyne*		17,940		200
TIBCO Software*		28,590		309
Unisys*		6,863		239
Zoran*		22,450		242
Total Information technology				2,986
Materials—8.9%
Cabot		12,360		376
Domtar*		5,250		338
Ferro		23,780		209
Hecla Mining* #		51,170		280
OM Group*		5,550		188
Rockwood Holdings*		11,640		310
Total Materials				1,701
Telecommunication services—1.5%
Syniverse Holdings*		14,800		288
Total Telecommunication services				288
Utilities—3.6%
Avista		12,180		252
Cleco		7,360		195
Nicor		5,820		244
Total Utilities				691
Total Common stock (Cost $15,680)				19,013
Cash equivalent—7.3%
BlackRock TempCash Fund Institutional Shares 0.138%** (1)		1,394,618		1,395
Total Cash equivalent (Cost $1,395)				1,395
Total Investments—106.7% (Cost $17,075)			$	20,408

As of March 31, 2010, 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 $19,128.***

* Non-income producing security.

** Rate shown is the 7-day effective yield as of March 31, 2010.

*** This number is listed in thousands.

# Security fully or partially on loan at March 31, 2010. The total value of securities on loan at March 31, 2010, was $1,354.*** 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 March 31, 2010 was $1,395.***

ADR — American Depositary Receipt

Cl — Class

LP — Limited Partnership

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

TURNER FUNDS 2010 SEMIANNUAL REPORT 51

FINANCIAL STATEMENTS

(Unaudited)

Statements of assets and liabilities (000)

March 31, 2010

	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	$	60,854		$	40,934		$	685,863		$	366,089		$	110,461
Investment securities, at value	$	63,414		$	47,055	*	$	819,969	*	$	502,765	*	$	131,299	*
Deposits with brokers for securities sold short		49,021			—			—			—			—
Deposits with brokers for options		—			150			150			150			150
Receivable for investment securities sold		6,210			—			6,215			2,001			—
Receivable for capital shares sold		767			140			4,584			272			203
Unrealized appreciation on spot foreign currency contracts		40			—			—			—			—
Prepaid expenses		27			9			42			66			25
Receivable for dividend income		14			20			450			69			71
Receivable from investment adviser		—			—			—			—			—
Reclaim receivable		—			3			24			25			2
Total assets		119,493			47,377			831,434			505,348			131,750
Liabilities:
Securities sold short, at proceeds		36,997			—			—			—			—
Written options, premiums received		3			—			—			—			—
Securities sold short, at value		37,664			—			—			—			—
Written options, at value		3			—			—			—			—
Foreign currency cash overdraft		2			—			—			—			—
Payable for investment securities purchased		7,444			—			6,063			1,915			—
Unrealized depreciation on spot foreign currency contracts		40			—			—			—			—
Dividends payable on securities sold short (Note 2)		39			—			—			—			—
Broker fees and charges on short sales payable		19			—			—			—			—
Payable due to administrator		8			5			93			56			15
Payable due to shareholder servicing		4			11			103			40			—
Payable due to distributor		2			—			—			—			—
Payable due to investment adviser		1			36			283			349			34
Obligation to return securities lending collateral		—			4,194			23,581			26,261			2,047
Payable for capital shares redeemed		—			30			382			152			162
Payable due to chief compliance officer		—			1			9			5			1
Other accrued expenses		58			19			182			116			47
Total liabilities		45,284			4,296			30,696			28,894			2,306
Net assets	$	74,209		$	43,081		$	800,738		$	476,454		$	129,444
*Includes market value of securities on loan	$	—		$	4,134		$	23,042		$	25,570		$	2,001
Net assets:
Portfolio capital of Institutional Class Shares	$	51,766		$	—		$	523,529		$	201,066		$	134,321
Portfolio capital of Investor Class Shares		19,148			207,212			408,785			252,958			1,408
Portfolio capital of Retirement Class Shares		—			—			—			—			—
Portfolio capital of Class C Shares		1,753			—			—			—			—
Undistributed net investment income (accumulated net investment loss) (distributions in excess of net investment income)		(287	)		(244	)		90			(1,932	)		93
Accumulated net realized loss on investments, securities sold short, written options and foreign currency transactions		(67	)		(170,008	)		(265,772	)		(112,314	)		(27,216	)
Net unrealized appreciation on investments, written options and securities sold short		1,893			6,121			134,106			136,676			20,838
Net unrealized appreciation on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		3			—			—			—			—
Net assets	$	74,209		$	43,081		$	800,738		$	476,454		$	129,444
Outstanding shares of beneficial interest ⁽¹⁾ Institutional Class Shares ⁽²⁾		4,775,575			—			42,104,070			6,571,325			26,111,734
Outstanding shares of beneficial interest ⁽¹⁾ Investor Class Shares ⁽²⁾		1,779,572			6,532,228			31,345,242			4,491,092			307,986
Outstanding shares of beneficial interest ⁽¹⁾ Retirement Class Shares ⁽²⁾		—			—			—			—			—
Outstanding shares of beneficial interest ⁽¹⁾ Class C Shares ⁽²⁾		160,940			—			—			—			—
Net Assets — Institutional Class Shares ⁽²⁾	$	52,805,431		$	—		$	460,001,020		$	283,380,516		$	127,940,867
Net Assets — Investor Class Shares ⁽²⁾	$	19,631,771		$	43,080,542		$	340,737,072		$	193,073,548		$	1,502,650
Net Assets — Retirement Class Shares ⁽²⁾	$	—		$	—		$	—		$	—		$	—
Net Assets — Class C Shares ⁽²⁾	$	1,772,213		$	—		$	—		$	—		$	—
Net asset value, offering and redemption price per share — Institutional Class Shares	$	11.06		$	—		$	10.93		$	43.12		$	4.90
Net asset value, offering and redemption price per share — Investor Class Shares	$	11.03		$	6.60		$	10.87		$	42.99		$	4.88
Net asset value, offering and redemption price per share — Retirement Class Shares	$	—		$	—		$	—		$	—		$	—
Net asset value, offering and redemption price per share — Class C Shares	$	11.01		$	—		$	—		$	—		$	—

52 TURNER FUNDS 2010 SEMIANNUAL 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	$	805,613		$	23,405		$	251,426		$	11,403		$	774
Investment securities, at value	$	1,140,755	*	$	32,297	*	$	330,353	*	$	11,639		$	860
Deposits with brokers for securities sold short		—			—			—			—			—
Deposits with brokers for options		150			90			150			—			—
Receivable for investment securities sold		—			—			—			—			—
Receivable for capital shares sold		1,396			161			501			—			—
Unrealized appreciation on spot foreign currency contracts		—			—			—			—			—
Prepaid expenses		58			7			22			8			16
Receivable for dividend income		256			10			61			8			1
Receivable from investment adviser		—			—			—			2			—
Reclaim receivable		16			1			—			—			—
Total assets		1,142,631			32,566			331,087			11,657			877
Liabilities:
Securities sold short, at proceeds		—			—			—			—			—
Written options, premiums received		—			—			—			—			—
Securities sold short, at value		—			—			—			—			—
Written options, at value		—			—			—			—			—
Foreign currency cash overdraft		—			—			—			—			—
Payable for investment securities purchased		—			—			2,319			—			—
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 administrator		126			3			34			1			—
Payable due to shareholder servicing		194			6			63			—			—
Payable due to distributor		1			—			—			—			—
Payable due to investment adviser		591			22			180			—			5
Obligation to return securities lending collateral		72,733			3,806			37,035			—			—
Payable for capital shares redeemed		1,009			3			141			1			—
Payable due to chief compliance officer		13			—			3			—			—
Other accrued expenses		289			17			74			11			12
Total liabilities		74,956			3,857			39,849			13			17
Net assets	$	1,067,675		$	28,709		$	291,238		$	11,644		$	860
*Includes market value of securities on loan	$	71,230		$	3,763		$	36,089		$	—		$	—
Net assets:
Portfolio capital of Institutional Class Shares	$	143,237		$	—		$	—		$	11,525		$	1,031
Portfolio capital of Investor Class Shares		1,143,879			51,477			328,238			17			3
Portfolio capital of Retirement Class Shares		4,906			—			—			—			—
Portfolio capital of Class C Shares		—			—			—			—			—
Undistributed net investment income (accumulated net investment loss) (distributions in excess of net investment income)		(2,158	)		(168	)		(869	)		5			4
Accumulated net realized loss on investments, securities sold short, written options and foreign currency transactions		(557,331	)		(31,492	)		(115,058	)		(139	)		(264	)
Net unrealized appreciation on investments, written options and securities sold short		335,142			8,892			78,927			236			86
Net unrealized appreciation on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—			—			—			—
Net assets	$	1,067,675		$	28,709		$	291,238		$	11,644		$	860
Outstanding shares of beneficial interest ⁽¹⁾ Institutional Class Shares ⁽²⁾		4,663,980			—			—			1,250,942			105,323
Outstanding shares of beneficial interest ⁽¹⁾ Investor Class Shares ⁽²⁾		30,993,434			4,183,966			10,210,970			1,897			592
Outstanding shares of beneficial interest ⁽¹⁾ Retirement Class Shares ⁽²⁾		164,779			—			—			—			—
Outstanding shares of beneficial interest ⁽¹⁾ Class C Shares ⁽²⁾		—			—			—			—			—
Net Assets — Institutional Class Shares ⁽²⁾	$	139,582,084		$	—		$	—		$	11,626,893		$	855,569
Net Assets — Investor Class Shares ⁽²⁾	$	923,347,217		$	28,708,764		$	291,238,479		$	17,606		$	4,809
Net Assets — Retirement Class Shares ⁽²⁾	$	4,746,178		$	—		$	—		$	—		$	—
Net Assets — Class C Shares ⁽²⁾	$	—		$	—		$	—		$	—		$	—
Net asset value, offering and redemption price per share — Institutional Class Shares	$	29.93		$	—		$	—		$	9.29		$	8.12
Net asset value, offering and redemption price per share — Investor Class Shares	$	29.79		$	6.86		$	28.52		$	9.28		$	8.12
Net asset value, offering and redemption price per share — Retirement Class Shares	$	28.80		$	—		$	—		$	—		$	—
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.

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 2010 SEMIANNUAL REPORT 53

FINANCIAL STATEMENTS

(Unaudited)

Statements of assets and liabilities (000)

March 31, 2010

	Turner International Core Growth Fund			Turner Midcap Equity Fund			Turner Small Cap Equity Fund
Assets:
Investment securities, at cost	$	4,102		$	1,539		$	17,075
Foreign currency, at cost		5			—			—
Investment securities, at value	$	4,897		$	1,928		$	20,408	*
Foreign currency, at value		5			—			—
Receivable for investment securities sold		32			14			231
Receivable for capital shares sold		—			—			18
Receivable from investment adviser		—			4			—
Prepaid expenses		19			11			21
Receivable for dividend income		12			3			24
Reclaim receivable		7			—			—
Total assets		4,972			1,960			20,702
Liabilities:
Cash overdraft		—			—			64
Payable for investment securities purchased		—			74			80
Payable due to administrator		1			—			2
Payable due to shareholder servicing		—			—			3
Payable due to investment adviser		13			—			6
Obligation to return securities lending collateral		—			—			1,395
Other accrued expenses		20			12			24
Total liabilities		34			86			1,574
Net assets	$	4,938		$	1,874		$	19,128
*Includes market value of securities on loan	$	—		$	—		$	1,354
Net assets:
Portfolio capital of Institutional Class Shares	$	5,396		$	1,384		$	4,611
Portfolio capital of Investor Class Shares		124			271			20,678
Undistributed net investment income (distributions in excess of net investment income)		(52	)		(1	)		27
Accumulated net realized loss on investments and foreign currency transactions		(1,325	)		(169	)		(9,521	)
Net unrealized appreciation on investments		795			389			3,333
Net assets	$	4,938		$	1,874		$	19,128
Outstanding shares of beneficial interest ⁽¹⁾Institutional Class Shares ⁽²⁾		533,600			212,233			577,619
Outstanding shares of beneficial interest ⁽¹⁾Investor Class Shares ⁽²⁾		14,690			24,886			1,180,720
Net Assets — Institutional Class Shares ⁽²⁾	$	4,805,853		$	1,680,567		$	6,292,718
Net Assets — Investor Class Shares ⁽²⁾	$	132,238		$	193,730		$	12,835,058
Net asset value, offering and redemption price per share — Institutional Class Shares	$	9.01		$	7.92		$	10.89
Net asset value, offering and redemption price per share — Investor Class Shares	$	9.00		$	7.78		$	10.87

(1) Unlimited authorization — par value $0.00001.

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

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.

54 TURNER FUNDS 2010 SEMIANNUAL REPORT

Statements of operations (000)

(Unaudited)

	Turner Spectrum Fund			Turner Concentrated Growth Fund			Turner Core Growth Fund
	10/1/09 thru 3/31/10			10/1/09 thru 3/31/10			10/1/09 thru 3/31/10
Investment income:
Dividend	$	95		$	80		$	3,350
Securities lending		—			4			28
Foreign taxes withheld		—			(2	)		(92	)
Total Investment income		95			82			3,286
Expenses:
Investment advisory fees		263			276			2,118
Administrator fees		25			29			503
Shareholder service fees ⁽¹⁾		12			50			375
Shareholder service fees ⁽²⁾		1			—			—
Distribution fees ⁽²⁾		2			—			—
Chief compliance officer fees		1			1			22
Dividend expense		105			—			—
Broker fees and charges on short sales		71			—			—
Custodian fees		61			3			18
Transfer agent fees		42			27			103
Registration fees		7			9			24
Professional fees		5			7			114
Printing fees		5			5			81
Trustees' fees		1			2			31
Insurance and other fees		7			1			40
Total expenses		608			410			3,429
Less:
Investment advisory fee waiver		(230	)		(84	)		(617	)
Net expenses		378			326			2,812
Net investment income (loss)		(283	)		(244	)		474
Net realized gain from securities sold		3,138			5,864			31,777	†
Net realized loss from securities sold short		(3,068	)		—			—
Net realized gain on written option contracts		3			—			—
Net realized loss on foreign currency transactions		(3	)		—			—
Net change in unrealized appreciation (depreciation) on investments		1,783			(2,746	)		39,222
Net change in unrealized depreciation on securities sold short		(570	)		—			—
Net realized and unrealized gain on investments and foreign currencies		1,283			3,118			70,999
Net increase in net assets resulting from operations	$	1,000		$	2,874		$	71,473

(1) Attributable to Investor Class Shares only.

(2) Attributable to Class C Shares only.

† 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 2010 SEMIANNUAL REPORT 55

FINANCIAL STATEMENTS

(Unaudited)

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
	10/1/09 thru 3/31/10			10/1/09 thru 3/31/10			10/1/09 thru 3/31/10			10/1/09 thru 3/31/10			10/1/09 thru 3/31/10
Investment income:
Dividend	$	566		$	596		$	3,402		$	29		$	465
Securities lending		219			3			234			9			297
Foreign taxes withheld		—			(8	)		(30	)		(1	)		—
Total Investment income		785			591			3,606			37			762
Expenses:
Investment advisory fees		2,164			373			3,766			173			1,306
Administrator fees		308			89			716			19			186
Shareholder service fees ⁽¹⁾		229			2			1,084			33			326
Shareholder service fees ⁽²⁾		—			—			5			—			—
Distribution fees ⁽²⁾		—			—			5			—			—
Chief compliance officer fees		14			4			33			1			8
Custodian fees		13			8			20			2			13
Transfer agent fees		60			66			216			24			32
Registration fees		38			20			33			7			10
Professional fees		71			20			165			4			43
Printing fees		49			14			115			3			30
Trustees' fees		19			5			44			1			11
Insurance and other fees		27			6			61			1			16
Total expenses		2,992			607			6,263			268			1,981
Less:
Investment advisory fee waiver		(275	)		(177	)		(499	)		(63	)		(350	)
Reimbursements of other operating expenses		—			—			—			—			—
Net expenses		2,717			430			5,764			205			1,631
Net investment income (loss)		(1,932	)		161			(2,158	)		(168	)		(869	)
Net realized gain from securities sold		6,640			2,122			41,041			1,469			6,195
Net realized loss on foreign currency transactions		—			—			—			—			—
Net change in unrealized appreciation (depreciation) on investments		53,750			11,653			97,854			2,471			28,906
Net change in unrealized depreciation on foreign currencies, and translation of other assets and liabilities denominated in foreign currencies		—			—			—			—			—
Net realized and unrealized gain on investments and foreign currencies		60,390			13,775			138,895			3,940			35,101
Net increase in net assets resulting from operations	$	58,458		$	13,936		$	136,737		$	3,772		$	34,232

56 TURNER FUNDS 2010 SEMIANNUAL 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
	10/1/09 thru 3/31/10			10/1/09 thru 3/31/10			10/1/09 thru 3/31/10			10/1/09 thru 3/31/10			10/1/09 thru 3/31/10
Investment income:
Dividend	$	13		$	8		$	30		$	19		$	96
Securities lending		—			—			—			—			70
Foreign taxes withheld		—			—			(4	)		—			—
Total Investment income		13			8			26			19			166
Expenses:
Investment advisory fees		3			2			18			8			100
Administrator fees		1			1			3			1			15
Shareholder service fees ⁽¹⁾		—			—			—			1			19
Shareholder service fees ⁽²⁾		—			—			—			—			—
Distribution fees ⁽²⁾		—			—			—			—			—
Chief compliance officer fees		—			—			—			—			1
Custodian fees		1			2			9			6			12
Transfer agent fees		27			27			27			27			30
Registration fees		12			17			18			21			18
Professional fees		—			—			1			—			3
Printing fees		—			—			—			—			2
Trustees' fees		—			—			—			—			1
Insurance and other fees		2			1			3			2			2
Total expenses		46			50			79			66			203
Less:
Investment advisory fee waiver		(3	)		(2	)		(18	)		(8	)		(58	)
Reimbursements of other operating expenses		(38	)		(46	)		(38	)		(48	)		—
Net expenses		5			2			23			10			145
Net investment income (loss)		8			6			3			9			21
Net realized gain from securities sold		39			117			285			136			3,024
Net realized loss on foreign currency transactions		—			—	��		(1	)		—			—
Net change in unrealized appreciation (depreciation) on investments		158			(39	)		162			118			(1,377	)
Net change in unrealized depreciation on foreign currencies, and translation of other assets and liabilities denominated in foreign currencies		—			—			(1	)		—			—
Net realized and unrealized gain on investments and foreign currencies		197			78			445			254			1,647
Net increase in net assets resulting from operations	$	205		$	84		$	448		$	263		$	1,668

(1) Attributable to Investor Class Shares only.

(2) Attributable to Retirement Class Shares only.

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 2010 SEMIANNUAL REPORT 57

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner Spectrum Fund						Turner Concentrated Growth Fund						Turner Core Growth Fund
	10/1/09 thru 3/31/10 (unaudited)			5/7/09⁽¹⁾ thru 9/30/09			10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09			10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09
Investment activities:
Net investment income (loss)	$	(283	)	$	(53	)	$	(244	)	$	120		$	474		$	2,669
Net realized gain (loss) from securities sold and securities sold short		70			50			5,864			(15,251	)		31,777	†		(175,116	)
Net realized gain on written option contracts		3			7			—			—			—			—
Net realized loss on foreign currency transactions		(3	)		(3	)		—			—			—			—
Net change in unrealized appreciation (depreciation) on investments and securities sold short		1,213			680			(2,746	)		13,260			39,222			146,832
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		1,000			684			2,874			(1,871	)		71,473			(25,615	)
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		—			—			—			—			(1,623	)		(1,661	)
Investor Class Shares		—			—			(121	)		—			(664	)		(647	)
Realized capital gains
Institutional Class Shares		(92	)		—			—			—			—			—
Investor Class Shares		(47	)		—			—			—			—			—
Class C Shares		(3	)		—			—			—			—			—
Total dividends and distributions		(142	)		—			(121	)		—			(2,287	)		(2,308	)
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		44,023			8,244			—			—			96,367			132,265
Proceeds from shares issued in lieu of cash distributions		84			—			—			—			1,398			1,393
Cost of shares redeemed		(570	)		(15	)		—			—			(59,014	)†		(95,340	)
Net increase in net assets from Institutional Class Shares transactions		43,537			8,229			—			—			38,751			38,318
Investor Class Shares
Proceeds from shares issued		15,685			4,521			7,586			12,446			82,070			52,699
Proceeds from shares issued in lieu of cash distributions		47			—			119			—			597			587
Cost of shares redeemed		(919	)		(186	)		(7,350	)		(13,183	)		(24,059	)		(50,263	)
Net increase (decrease) in net assets from Investor Class Shares transactions		14,813			4,335			355			(737	)		58,608			3,023
Class C Shares
Proceeds from shares issued		1,750			—			—			—			—			—
Proceeds from shares issued in lieu of cash distributions		3			—			—			—			—			—
Net increase in net assets from Class C Shares transactions		1,753			—			—			—			—			—
Net increase (decrease) in net assets from capital share transactions		60,103			12,564			355			(737	)		97,359			41,341
Total increase (decrease) in net assets		60,961			13,248			3,108			(2,608	)		166,545			13,418
Net assets:
Beginning of period		13,248			—			39,973			42,581			634,193			620,775
End of period	$	74,209		$	13,248		$	43,081		$	39,973		$	800,738		$	634,193
Undistributed net investment income (accumulated net investment loss) (distributions in excess of net investment income)	$	(287	)	$	(4	)	$	(244	)	$	121		$	90		$	1,903
Shares issued and redeemed:
Institutional Class Shares
Issued		4,018			804			—			—			9,306			15,778
Issued in lieu of cash distributions		8			—			—			—			132			185
Redeemed		(53	)		(1	)		—			—			(5,746	)†		(12,152	)
Net increase in Institutional Class Shares		3,973			803			—			—			3,692			3,811
Investor Class Shares
Issued		1,437			441			1,216			2,606			8,017			6,605
Issued in lieu of cash distributions		4			—			18			—			56			78
Redeemed		(84	)		(18	)		(1,189	)		(2,824	)		(2,351	)		(6,266	)
Net increase (decrease) in Investor Class Shares		1,357			423			45			(218	)		5,722			417
Class C Shares
Issued		161			—			—			—			—			—
Net increase in Class C Shares		161			—			—			—			—			—
Net increase (decrease) in share transactions		5,491			1,226			45			(218	)		9,414			4,228

58 TURNER FUNDS 2010 SEMIANNUAL REPORT

	Turner Emerging Growth Fund						Turner Large Cap Growth Fund
	10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09			10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09
Investment activities:
Net investment income (loss)	$	(1,932	)	$	(2,463	)	$	161		$	290
Net realized gain (loss) from securities sold and securities sold short		6,640			(118,692	)		2,122			(7,967	)
Net realized gain on written option contracts		—			—			—			—
Net realized loss on foreign currency transactions		—			—			—			—
Net change in unrealized appreciation (depreciation) on investments and securities sold short		53,750			35,521			11,653			11,049
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		58,458			(85,634	)		13,936			3,372
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		—			—			(295	)		(96	)
Investor Class Shares		—			—			—			(2	)
Realized capital gains
Institutional Class Shares		—			—			—			—
Investor Class Shares		—			(12,445	)		—			—
Class C Shares		—			—			—			—
Total dividends and distributions		—			(12,445	)		(295	)		(98	)
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		23,005			205,712			33,315			70,616
Proceeds from shares issued in lieu of cash distributions		—			—			293			78
Cost of shares redeemed		(17,859	)		(8,295	)		(13,817	)		(8,117	)
Net increase in net assets from Institutional Class Shares transactions		5,146			197,417			19,791			62,577
Investor Class Shares
Proceeds from shares issued		8,656			71,659			80			938
Proceeds from shares issued in lieu of cash distributions		—			12,367			—			2
Cost of shares redeemed		(28,408	)		(280,340	)		(199	)		(297	)
Net increase (decrease) in net assets from Investor Class Shares transactions		(19,752	)		(196,314	)		(119	)		643
Class C Shares
Proceeds from shares issued		—			—			—			—
Proceeds from shares issued in lieu of cash distributions		—			—			—			—
Net increase in net assets from Class C Shares transactions		—			—			—			—
Net increase (decrease) in net assets from capital share transactions		(14,606	)		1,103			19,672			63,220
Total increase (decrease) in net assets		43,852			(96,976	)		33,313			66,494
Net assets:
Beginning of period		432,602			529,578			96,131			29,637
End of period	$	476,454		$	432,602		$	129,444		$	96,131
Undistributed net investment income (accumulated net investment loss) (distributions in excess of net investment income)	$	(1,932	)	$	—		$	93		$	227
Shares issued and redeemed:
Institutional Class Shares
Issued		583			6,697			7,576			17,375
Issued in lieu of cash distributions		—			—			62			23
Redeemed		(465	)		(244	)		(2,981	)		(2,255	)
Net increase in Institutional Class Shares		118			6,453			4,657			15,143
Investor Class Shares
Issued		224			2,324			18			265
Issued in lieu of cash distributions		—			411			—			—
Redeemed		(740	)		(9,137	)		(44	)		(76	)
Net increase (decrease) in Investor Class Shares		(516	)		(6,402	)		(26	)		189
Class C Shares
Issued		—			—			—			—
Net increase in Class C Shares		—			—			—			—
Net increase (decrease) in share transactions		(398	)		51			4,631			15,332

(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 2010 SEMIANNUAL REPORT 59

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner Midcap Growth Fund						Turner New Enterprise Fund						Turner Small Cap Growth Fund
	10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09			10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09			10/1/09 thru 3/31/10 (unaudited)				year ended 9/30/09
Investment activities:
Net investment income (loss)	$	(2,158	)	$	(2,161	)	$	(168	)	$	21		$	(869	)		$	(715	)
Net realized gain (loss) from securities sold		41,041			(312,396	)†		1,469			(9,267	)		6,195				(54,422	)
Net change in unrealized appreciation (depreciation) on investments		97,854			279,766			2,471			9,302			28,906				44,425
Net increase (decrease) in net assets resulting from operations		136,737			(34,791	)		3,772			56			34,232				(10,712	)
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		—			—			—			—			—				—
Investor Class Shares		—			—			(23	)		—			—				—
Total dividends and distributions		—			—			(23	)		—			—		��		—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		12,887			41,508			—			—			—				—
Proceeds from shares issued in lieu of cash distributions		—			—			—			—			—				—
Cost of shares redeemed		(27,694	)		(43,531	)		—			—			—				—
Net increase (decrease) in net assets from Institutional Class Shares transactions		(14,807	)		(2,023	)		—			—			—				—
Investor Class Shares
Proceeds from shares issued		105,486			224,510			3,899			6,399			37,149				58,406
Proceeds from shares issued in lieu of cash distributions		—			—			22			—			—				—
Cost of shares redeemed		(159,628	)		(324,371	)†		(5,285	)		(12,890	)		(31,003	)			(46,268	)
Net increase (decrease) in net assets from Investor Class Shares transactions		(54,142	)		(99,861	)		(1,364	)		(6,491	)		6,146				12,138
Retirement Class Shares
Proceeds from shares issued		545			1,351			—			—			—				—
Cost of shares redeemed		(259	)		(2,855	)		—			—			—				—
Net increase (decrease) in net assets from Retirement Class Shares transactions		286			(1,504	)		—			—			—				—
Net increase (decrease) in net assets from capital share transactions		(68,663	)		(103,388	)		(1,364	)		(6,491	)		6,146				12,138
Total increase (decrease) in net assets		68,074			(138,179	)		2,385			(6,435	)		40,378				1,426
Net assets:
Beginning of period		999,601			1,137,780			26,324			32,759			250,860				249,434
End of period	$	1,067,675		$	999,601		$	28,709		$	26,324		$	291,238			$	250,860
Undistributed net investment income (accumulated net investment loss) (distributions in excess of net investment income)	$	(2,158	)	$	—		$	(168	)	$	23		$	(869	)		$	—
Shares issued and redeemed:
Institutional Class Shares
Issued		471			2,105			—			—			—				—
Issued in lieu of cash distributions		—			—			—			—			—				—
Redeemed		(1,016	)		(2,142	)		—			—			—				—
Net increase (decrease) in Institutional Class Shares		(545	)		(37	)		—			—			—				—
Investor Class Shares
Issued		3,854			11,485			615			1,510			1,430				2,877
Issued in lieu of cash distributions		—			—			4			—			—				—
Redeemed		(5,880	)		(16,455	)†		(856	)		(2,941	)		(1,187	)			(2,338	)
Net increase (decrease) in Investor Class Shares		(2,026	)		(4,970	)		(237	)		(1,431	)		243				539
Retirement Class Shares
Issued		20			73			—			—			—				—
Redeemed		(9	)		(147	)		—			—			—				—
Net increase (decrease) in Retirement Class Shares		11			(74	)		—			—			—				—
Net increase (decrease) in share transactions		(2,560	)		(5,081	)		(237	)		(1,431	)		243				539

60 TURNER FUNDS 2010 SEMIANNUAL REPORT

	Turner Quantitative Broad Market Equity Fund						Turner Quantitative Large Cap Value Fund
	10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09			10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09
Investment activities:
Net investment income (loss)	$	8		$	6		$	6		$	14
Net realized gain (loss) from securities sold		39			(141	)		117			(244	)
Net change in unrealized appreciation (depreciation) on investments		158			114			(39	)		131
Net increase (decrease) in net assets resulting from operations		205			(21	)		84			(99	)
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		(7	)		(4	)		(13	)		(14	)
Investor Class Shares		—			—			—			—
Total dividends and distributions		(7	)		(4	)		(13	)		(14	)
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		10,934			—			—			109
Proceeds from shares issued in lieu of cash distributions		7			4			13			14
Cost of shares redeemed		(32	)		—			—			—
Net increase (decrease) in net assets from Institutional Class Shares transactions		10,909			4			13			123
Investor Class Shares
Proceeds from shares issued		6			8			—			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		6			8			—			3
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		10,915			12			13			126
Total increase (decrease) in net assets		11,113			(13	)		84			13
Net assets:
Beginning of period		531			544			776			763
End of period	$	11,644		$	531		$	860		$	776
Undistributed net investment income (accumulated net investment loss) (distributions in excess of net investment income)	$	5		$	4		$	4		$	11
Shares issued and redeemed:
Institutional Class Shares
Issued		1,190			—			—			16
Issued in lieu of cash distributions		1			1			2			2
Redeemed		(3	)		—			—			—
Net increase (decrease) in Institutional Class Shares		1,188			1			2			18
Investor Class Shares
Issued		1			1			—			1
Issued in lieu of cash distributions		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease) in Investor Class Shares		1			1			��			1
Retirement Class Shares
Issued		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease) in Retirement Class Shares		—			—			—			—
Net increase (decrease) in share transactions		1,189			2			2			19

† 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 2010 SEMIANNUAL REPORT 61

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner International Core Growth Fund						Turner Midcap Equity Fund
	10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09			10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09
Investment activities:
Net investment income	$	3		$	38		$	9		$	2
Net realized gain (loss) from securities sold		285			(1,030	)		136			(173	)
Net realized loss on foreign currency transactions		(1	)		(8	)		—			—
Net change in unrealized appreciation (depreciation) on investments		162			1,208			118			297
Net change in unrealized appreciation (depreciation) on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(1	)		2			—			—
Net increase (decrease) in net assets resulting from operations		448			210			263			126
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		(59	)		(42	)		(9	)		—
Investor Class Shares		—			—			(3	)		—
Realized capital gains
Investor Class Shares		—			—			—			—
Total dividends and distributions		(59	)		(42	)		(12	)		—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		518			433			974			2,237
Proceeds from shares issued in lieu of cash distributions		59			42			9			—
Cost of shares redeemed		—			(130	)		(889	)		(1,047	)
Net increase in net assets from Institutional Class Shares transactions		577			345			94			1,190
Investor Class Shares
Proceeds from shares issued		133			—			53			279
Proceeds from shares issued in lieu of cash distributions		—			—			3			—
Cost of shares redeemed		(9	)		—			(527	)		(109	)
Net increase (decrease) in net assets from Investor Class Shares transactions		124			—			(471	)		170
Net increase (decrease) in net assets from capital share transactions		701			345			(377	)		1,360
Total increase (decrease) in net assets		1,090			513			(126	)		1,486
Net assets:
Beginning of period		3,848			3,335			2,000			514
End of period	$	4,938		$	3,848		$	1,874		$	2,000
Undistributed net investment income (distributions in excess of net investment income)	$	(52	)	$	4		$	(1	)	$	2
Shares issued and redeemed:
Institutional Class Shares
Issued		60			77			133			359
Issued in lieu of cash distributions		7			7			1			—
Redeemed		—			(17	)		(124	)		(168	)
Net increase in Institutional Class Shares		67			67			10			191
Investor Class Shares
Issued		16			—			8			49
Issued in lieu of cash distributions		—			—			—			—
Redeemed		(1	)		—			(69	)		(18	)
Net increase (decrease) in Investor Class Shares		15			—			(61	)		31
Net increase (decrease) in share transactions		82			67			(51	)		222

62 TURNER FUNDS 2010 SEMIANNUAL REPORT

	Turner Small Cap Equity Fund
	10/1/09 thru 3/31/10 (unaudited)			year ended 9/30/09
Investment activities:
Net investment income	$	21		$	8
Net realized gain (loss) from securities sold		3,024			(7,158	)
Net realized loss on foreign currency transactions		—			—
Net change in unrealized appreciation (depreciation) on investments		(1,377	)		4,120
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		1,668			(3,030	)
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		—			—
Investor Class Shares		—			—
Realized capital gains
Investor Class Shares		—			(17	)
Total dividends and distributions		—			(17	)
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		533			4,588
Proceeds from shares issued in lieu of cash distributions		—			—
Cost of shares redeemed		(296	)		(212	)
Net increase in net assets from Institutional Class Shares transactions		237			4,376
Investor Class Shares
Proceeds from shares issued		882			16,333
Proceeds from shares issued in lieu of cash distributions		—			15
Cost of shares redeemed		(12,758	)		(12,786	)
Net increase (decrease) in net assets from Investor Class Shares transactions		(11,876	)		3,562
Net increase (decrease) in net assets from capital share transactions		(11,639	)		7,938
Total increase (decrease) in net assets		(9,971	)		4,891
Net assets:
Beginning of period		29,099			24,208
End of period	$	19,128		$	29,099
Undistributed net investment income (distributions in excess of net investment income)	$	27		$	6
Shares issued and redeemed:
Institutional Class Shares
Issued		52			579
Issued in lieu of cash distributions		—			—
Redeemed		(28	)		(25	)
Net increase in Institutional Class Shares		24			554
Investor Class Shares
Issued		90			1,861
Issued in lieu of cash distributions		—			2
Redeemed		(1,318	)		(1,554	)
Net increase (decrease) in Investor Class Shares		(1,228	)		309
Net increase (decrease) in share transactions		(1,204	)		863

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 2010 SEMIANNUAL REPORT 63

FINANCIAL STATEMENTS

(Unaudited)

Statement of cash flows (000)

	Turner Spectrum Fund
	10/1/09 thru 3/31/10
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	1,000
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities
Purchases of long-term portfolio investments		(271,412	)
Proceeds from sales of long-term portfolio investments		232,263
Purchases of short-term portfolio investments		(8,951	)
Proceeds from sales of short-term portfolio investments		1,334
Payments to cover securities sold short		187,685
Proceeds from securities sold short		(160,318	)
Realized gains on written option contracts		(3	)
Realized gains from securities sold and securities sold short		(70	)
Change in unrealized appreciation on investments		(1,783	)
Change in unrealized depreciation on securities sold short		570
Increase in deposits with brokers for securities sold short		(40,778	)
Increase in receivable for investment securities sold		(4,676	)
Decrease in receivable from investment adviser		36
Increase in prepaid expenses		(26	)
Increase in unrealized appreciation on spot foreign currency contracts		(2	)
Increase in receivable for dividend income		(12	)
Increase in foreign currency cash overdraft		2
Increase in payable for investment securities purchased		5,794
Increase in broker fees and charges on short sales payable		15
Increase in payable due to shareholder servicing		3
Increase in payable due to adviser		1
Increase in payable due to distributor		2
Increase in payable due to administrator		7
Increase in dividends payable on securities sold short		33
Increase in unrealized depreciation on spot foreign currency contracts		2
Increase in other accrued expenses		25
Net cash used in operating activities		(59,259	)
Cash flows from financing activities:
Proceeds from shares issued		60,988
Cost of shares redeemed		(1,489	)
Distributions from capital gains		(142	)
Net cash provided by financing activities		59,357
Net increase in cash		98
Cash overdraft — beginning of period		(98	)
Cash — end of period	$	—
Non-cash Capital shares sold receivable	$	604

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

64 TURNER FUNDS 2010 SEMIANNUAL REPORT

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TURNER FUNDS 2010 SEMIANNUAL REPORT 65

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
	2010	*	$	10.81		(0.08	) ⁽¹⁾		0.40			0.32			—			(0.07	)		(0.07	)	$	11.06
	2009	⁽⁶⁾	$	10.00		(0.07	) ⁽¹⁾		0.88			0.81			—			—			—		$	10.81
Turner Spectrum Fund — Investor Class Shares
	2010	*	$	10.80		(0.10	) ⁽¹⁾		0.40			0.30			—			(0.07	)		(0.07	)	$	11.03
	2009	⁽⁶⁾	$	10.00		(0.09	) ⁽¹⁾		0.89			0.80			—			—			—		$	10.80
Turner Spectrum Fund — Class C Shares
	2010	*	$	10.80		(0.14	) ⁽¹⁾		0.42			0.28			—			(0.07	)		(0.07	)	$	11.01
	2009	⁽⁷⁾	$	9.98		(0.07	) ⁽¹⁾		0.89			0.82			—			—			—		$	10.80
Turner Concentrated Growth Fund — Investor Class Shares
	2010	*	$	6.16		(0.04	) ⁽¹⁾		0.50			0.46			(0.02	)		—			(0.02	)	$	6.60
	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
	2010	*	$	9.93		0.01	⁽¹⁾		1.03			1.04			(0.04	)		—			(0.04	)	$	10.93
	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
	2010	*	$	9.87		—	⁽¹⁾		1.02			1.02			(0.02	)		—			(0.02	)	$	10.87
	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
	2010	*	$	37.78		(0.21	) ⁽¹⁾		5.55			5.34			—			—			—		$	43.12
	2009	⁽⁵⁾	$	28.45		(0.12	) ⁽¹⁾		9.45	⁽⁸⁾		9.33			—			—			—		$	37.78
Turner Emerging Growth Fund — Investor Class Shares
	2010	*	$	37.71		(0.20	) ⁽¹⁾		5.48			5.28			—			—			—		$	42.99
	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
	2010	*	$	4.41		0.01	⁽¹⁾		0.49			0.50			(0.01	)		—			(0.01	)	$	4.90
	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

66 TURNER FUNDS 2010 SEMIANNUAL 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
	2010	*		3.00	%†	$	52,805		2.07	% ⁽¹⁰⁾		2.07	%		3.37	%		(1.51	)%		944	%
	2009	⁽⁶⁾		8.10	%†	$	8,681		2.44	% ⁽⁹⁾		2.44	% ⁽⁹⁾		5.63	%		(1.78	)%		663	%
Turner Spectrum Fund — Investor Class Shares
	2010	*		2.82	%†	$	19,632		2.35	% ⁽¹⁰⁾		2.35	%		3.68	%		(1.83	)%		944	%
	2009	⁽⁶⁾		8.00	%†	$	4,567		2.71	% ⁽⁹⁾		2.71	% ⁽⁹⁾		5.84	%		(2.09	)%		663	%
Turner Spectrum Fund — Class C Shares
	2010	*		2.64	%†	$	1,772		2.99	% ⁽¹⁰⁾		2.99	%		4.35	%		(2.53	)%		944	%
	2009	⁽⁷⁾		8.22	%†	$	—		2.35	% ⁽⁹⁾		2.35	% ⁽⁹⁾		5.28	%		(3.12	)%		663	%
Turner Concentrated Growth Fund — Investor Class Shares
	2010	*		7.45	%†	$	43,081		1.62	%		1.62	%		2.04	%		(1.21	)%		105	%
	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
	2010	*		10.50	%†	$	460,001		0.69	%		0.69	%		0.86	%		0.24	%		44	%
	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
	2010	*		10.37	%†	$	340,737		0.94	%		0.94	%		1.12	%		—			44	%
	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
	2010	*		14.13	%†	$	283,380		1.15	%		1.15	%		1.28	%		(0.79	)%		50	%
	2009	⁽⁵⁾		32.79	%†	$	243,790		1.15	%		1.15	%		1.33	%		(0.54	)%		78	%
Turner Emerging Growth Fund — Investor Class Shares
	2010	*		14.00	%†	$	193,074		1.40	%		1.40	%		1.53	%		(1.04	)%		50	%
	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
	2010	*		11.36	%†	$	127,941		0.69	%		0.69	%		0.97	%		0.26	%		53	%
	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	%

*  For the six-month period ended March 31, 2010, unless otherwise indicated (unaudited). All ratios for the period have been annualized.
**  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 Funds, 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 annualized.
(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 cha rges 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.
(10)  Dividend expense totaled 0.60% of average net assets for the six months ended March 31, 2010. Broker fees and charges on short sales totaled 0.41% of average net assets for the six months ended March 31, 2010, 0.35% of which was waived beginning on January 13, 2010. If dividend expense and broker fees and charges on short sales had not been contractually waived, the ratios of net expenses to average net assets would have been 3.02%, 3.30%, and 3.94% 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 2010 SEMIANNUAL 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 Large Cap Growth Fund — Investor Class Shares
	2010	*	$	4.39		—	**		0.49			0.49			—	**		—		—	**	$	4.88
	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
	2010	*	$	26.12		(0.03	) ⁽¹⁾		3.84			3.81			—			—		—		$	29.93
	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
	2010	*	$	26.03		(0.06	) ⁽¹⁾		3.82			3.76			—			—		—		$	29.79
	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
	2010	*	$	25.20		(0.09	) ⁽¹⁾		3.69			3.60			—			—		—		$	28.80
	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
	2010	*	$	5.95		(0.04	) ⁽¹⁾		0.96			0.92			(0.01	)		—		(0.01	)	$	6.86
	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
	2010	*	$	25.17		(0.09	) ⁽¹⁾		3.44			3.35			—			—		—		$	28.52
	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
	2010	*	$	8.31		0.05	⁽¹⁾		1.02			1.07			(0.09	)		—		(0.09	)	$	9.29
	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
	2010	*	$	8.30		0.04	⁽¹⁾		1.02			1.06			(0.08	)		—		(0.08	)	$	9.28
	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

68 TURNER FUNDS 2010 SEMIANNUAL 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
	2010	*		11.18	%†	$	1,503		0.94	%		0.94	%		1.22	%		0.01	%		53	%
	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
	2010	*		14.59	%†	$	139,582		0.93	%		0.93	%		1.03	%		(0.21	)%		30	%
	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
	2010	*		14.44	%†	$	923,347		1.18	%		1.18	%		1.28	%		(0.46	)%		30	%
	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
	2010	*		14.29	%†	$	4,746		1.43	%		1.43	%		1.53	%		(0.71	)%		30	%
	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
	2010	*		15.39	%†	$	28,709		1.57	%		1.57	%		2.06	%		(1.29	)%		62	%
	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
	2010	*		13.31	%†	$	291,238		1.25	%		1.25	%		1.52	%		(0.67	)%		40	%
	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
	2010	*		12.92	%†	$	11,627		0.64	%		0.64	%		6.55	%		1.20	%		30	%
	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
	2010	*		12.84	%†	$	17		0.89	%		0.89	%		12.14	%		0.84	%		30	%
	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	%

TURNER FUNDS 2010 SEMIANNUAL 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 Quantitative Large Cap Value Fund — Institutional Class Shares
	2010	*	$	7.45		0.05	⁽¹⁾		0.74			0.79			(0.12	)		—			(0.12	)	$	8.12
	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
	2010	*	$	7.44		0.04	⁽¹⁾		0.75			0.79			(0.11	)		—			(0.11	)	$	8.12
	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
	2010	*	$	8.24		0.01	⁽¹⁾		0.89			0.90			(0.13	)		—			(0.13	)	$	9.01
	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
	2010	*	$	8.24		0.02	⁽¹⁾		0.87			0.89			(0.13	)		—			(0.13	)	$	9.00
	2009	⁽⁶⁾	$	6.27		0.07	⁽¹⁾		2.01			2.08			(0.11	)		—			(0.11	)	$	8.24
Turner Midcap Equity Fund — Institutional Class Shares
	2010	*	$	6.97		0.04	⁽¹⁾		0.96			1.00			(0.05	)		—			(0.05	)	$	7.92
	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
	2010	*	$	6.84		0.03	⁽¹⁾		0.94			0.97			(0.03	)		—			(0.03	)	$	7.78
	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
	2010	*	$	9.83		0.02	⁽¹⁾		1.04			1.06			—			—			—		$	10.89
	2009	⁽⁴⁾	$	7.73		—	** ⁽¹⁾		2.10	⁽²⁾		2.10			—			—			—		$	9.83
Turner Small Cap Equity Fund — Investor Class Shares
	2010	*	$	9.82		0.01	⁽¹⁾		1.04			1.05			—			—			—		$	10.87
	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

70 TURNER FUNDS 2010 SEMIANNUAL 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
	2010	*		10.79	%†	$	855		0.69	%		0.69	%		12.76	%		1.36	%		133	%
	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
	2010	*		10.76	%†	$	5		0.91	%		0.91	%		12.97	%		1.14	%		133	%
	2009	⁽⁶⁾		1.67	%†	$	4		0.89	%		0.90	%		15.93	%		1.18	%		241	%
Turner International Core Growth Fund — Institutional Class Shares
	2010	*		10.96	%†	$	4,806		1.10	%		1.10	%		3.73	%		0.12	%		53	%
	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
	2010	*		10.81	%†	$	132		1.36	%		1.36	%		3.78	%		0.58	%		53	%
	2009	⁽⁶⁾		33.95	%†	$	—		1.29	%		1.29	%		5.59	%		1.14	%		139	%
Turner Midcap Equity Fund — Institutional Class Shares
	2010	*		14.34	%†	$	1,680		0.90	%		0.90	%		6.57	%		1.02	%		118	%
	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
	2010	*		14.26	%†	$	194		1.15	%		1.15	%		6.50	%		0.77	%		118	%
	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
	2010	*		10.78	%†	$	6,293		1.20	%		1.20	%		1.77	%		0.41	%		100	%
	2009	⁽⁴⁾		27.17	%†	$	5,439		1.20	%		1.20	%		1.59	%		0.05	%		280	%
Turner Small Cap Equity Fund — Investor Class Shares
	2010	*		10.69	%†	$	12,835		1.45	%		1.45	%		1.99	%		0.11	%		100	%
	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	%

TURNER FUNDS 2010 SEMIANNUAL REPORT 71

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Notes to financial statements

March 31, 2010

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 March 31, 2010. 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"), the T urner 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."

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' prospectuses provide 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.

Use of estimates—The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") 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 long positions and the most recent quoted ask price for short positions. 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, 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 a Fund becomes aware of a Significant Event that has occurred with

72 TURNER FUNDS 2010 SEMIANNUAL REPORT

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 may 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 informat ion provided.

The International Core Growth Fund and Spectrum Fund use Interactive Data Pricing and Reference Data, Inc. (formerly FT Interactive Data Corp.) ("Interactive Data") as a third party fair valuation vendor. Interactive Data provides a fair value for foreign securities in the International Core Growth Fund and Spectrum Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by Interactive Data 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 excee ded on a specific day, the International Core Growth Fund and Spectrum Fund value their non-U.S. securities that exceed the applicable "confidence interval" based upon the fair values provided by Interactive Data. 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 Interactive Data 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 Interactive Data 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.

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 six months ended March 31, 2010 maximized the use of observable inputs and minimized the use of unobservable inputs. For the six months ended March 31, 2010, 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

TURNER FUNDS 2010 SEMIANNUAL REPORT 73

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

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 reporting 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 Funds may write covered call options as a means of increasing the yield on their portfolios and as a means of providing limited protection against decreases in their market value. The Funds may purchase put and call options to protect against a decline in the market value of the securities in their portfolio or to anticipate an increase in the market value of securities that the Funds 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 considerati on for undertaking 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 the 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 for the six months ended Marc h 31, 2010 of $(467,513) and $(28,252), respectively are shown on the Statement of Operations as net 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.

74 TURNER FUNDS 2010 SEMIANNUAL REPORT

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 six months ended March 31, 2010, SEI was paid $543,507 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 six months ended March 31, 2010, each Fund earned less than $500 of cash management credits to offset transfer agent expenses and therefore these amounts do not appear on the Statement of Operations. The following represents the unrounded cash management credits earned by each Fund.

	Amount
Spectrum Fund	$	8
Concentrated Growth Fund		71
Core Growth Fund		18
Emerging Growth Fund		78
Large Cap Growth Fund		7
Midcap Growth Fund		240
New Enterprise Fund		104
Small Cap Growth Fund		61
Quantitative Broad Market Equity Fund		3
Quantitative Large Cap Value Fund		4
International Core Growth Fund		4
Midcap Equity Fund		2
Small Cap Equity Fund		11

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	%	January 31, 2011
Investor Class		1.50	%		2.20	%	January 31, 2011
Class C		1.50	%		2.95	%	January 31, 2011
Core Growth Fund
Institutional Class		0.60	%		0.69	%	January 31, 2011
Investor Class		0.60	%		0.94	%	January 31, 2011
Emerging Growth Fund
Institutional Class		1.00	%		1.15	%	January 31, 2011
Investor Class		1.00	%		1.40	%	January 31, 2011

TURNER FUNDS 2010 SEMIANNUAL REPORT 75

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

	Advisory fee			Expense cap			Date (through)
Large Cap Growth Fund
Institutional Class		0.60	%		0.69	%	January 31, 2011
Investor Class		0.60	%		0.94	%	January 31, 2011
Midcap Growth Fund
Institutional Class		0.75	%		0.93	%	January 31, 2011
Investor Class		0.75	%		1.18	%	January 31, 2011
Retirement Class		0.75	%		1.43	%	January 31, 2011
Small Cap Growth Fund
Investor Class		1.00	%		1.25	%	January 31, 2011
Quantitative Broad Market Equity Fund
Institutional Class		0.50	%		0.64	%	January 31, 2011
Investor Class		0.50	%		0.89	%	January 31, 2011
Quantitative Large Cap Value Fund
Institutional Class		0.60	%		0.69	%	January 31, 2011
Investor Class		0.60	%		0.94	%	January 31, 2011
International Core Growth Fund
Institutional Class		0.85	%		1.10	%	January 31, 2011
Investor Class		0.85	%		1.35	%	January 31, 2011
Midcap Equity Fund
Institutional Class		0.75	%		0.90	%	January 31, 2011
Investor Class		0.75	%		1.15	%	January 31, 2011
Small Cap Equity Fund
Institutional Class		0.95	%		1.20	%	January 31, 2011
Investor Class		0.95	%		1.45	%	January 31, 2011

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 each Fund's performance benchmark.

During the six months ended March 31, 2010, 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	$	220,502	$	55,694	$	276,196
New Enterprise Fund		143,034		29,896		172,930

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 six months ended March 31, 2010 were as follows (000):

	Purchases (000)		Sales (000)
Spectrum Fund	$	271,412	$	232,263
Concentrated Growth Fund		41,081		40,675
Core Growth Fund		391,184		300,952
Emerging Growth Fund		206,834		223,925
Large Cap Growth Fund		84,775		63,513
Midcap Growth Fund		296,148		371,018
New Enterprise Fund		15,733		17,948
Small Cap Growth Fund		106,183		101,296

76 TURNER FUNDS 2010 SEMIANNUAL REPORT

	Purchases (000)		Sales (000)
Quantitative Broad Market Equity Fund	$	11,496	$	658
Quantitative Large Cap Value Fund		1,051		1,039
International Core Growth Fund		2,766		2,223
Midcap Equity Fund		2,287		2,679
Small Cap Equity Fund		20,889		32,220

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.

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

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.

TURNER FUNDS 2010 SEMIANNUAL REPORT 77

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

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.

At March 31, 2010, 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 and written options, were as follows (000):

Fund	Federal tax cost		Aggregate gross unrealized appreciation		Aggregate gross unrealized depreciation			Net unrealized appreciation
Spectrum Fund	$	60,854	$	3,067	$	(507	)	$	2,560
Concentrated Growth Fund		40,942		6,315		(202	)		6,113
Core Growth Fund		690,491		139,740		(10,262	)		129,478
Emerging Growth Fund		366,830		140,568		(4,633	)		135,935
Large Cap Growth Fund		110,570		21,271		(542	)		20,729
Midcap Growth Fund		808,274		340,454		(7,973	)		332,481
New Enterprise Fund		23,558		8,776		(37	)		8,739
Small Cap Growth Fund		251,749		81,968		(3,364	)		78,604
Quantitative Broad Market Equity Fund		11,403		327		(91	)		236
Quantitative Large Cap Value Fund		775		93		(8	)		85
International Core Growth Fund		4,102		867		(72	)		795
Midcap Equity Fund		1,539		393		(4	)		389
Small Cap Equity Fund		17,150		3,464		(206	)		3,258

Management has analyzed the Funds' tax position taken on Federal income tax returns for all open tax years and has concluded that as of March 31, 2010, 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

78 TURNER FUNDS 2010 SEMIANNUAL REPORT

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 six months ended March 31, 2010 for the Spectrum Fund is as follows:

	Option contracts			Option premiums (000)
Options outstanding at beginning of period		28		$	—
Options written		1,604			69
Options canceled in a closing purchase transaction		(1,206	)		(56	)
Options exercised		(13	)		—
Options expired		(331	)		(10	)
Options outstanding at end of period		82		$	3

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 Midcap Growth 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

During the six months ended March 31, 2010, the Core Growth Fund distributed securities in lieu of cash for shareholder redemptions. The shareholders received a pro-rata portion of the Core Growth Fund's holdings based on shares outstanding. The value of the redemption was as follows:

Date				Redemption				Securities				Cash				Realized loss				Fund shares redeemed
	11/9/09			$	15,554,214			$	15,292,016			$	262,198			$	1,492,642				1,518,966

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:

On February 19, 2010, the Board of Trustees determined to close and liquidate the Turner Midcap Equity Fund, effective on April 30, 2010. This decision was made after careful consideration of the Fund's asset size, strategic importance, current expenses and historical performance. In connection with the liquidation, the Fund discontinued accepting orders for the purchase of Fund shares or exchanges into the Fund from other Turner Funds after the close of business on April 1, 2010. On the close of business on April 30, 2010, the Fund distributed pro rata all of its assets in cash to its shareholders, and all outstanding shares were redeemed and cancelled.

The Trust has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements as of March 31, 2010.

TURNER FUNDS 2010 SEMIANNUAL REPORT 79

BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AGREEMENTS (Unaudited)

Board of Trustees considerations in approving the Advisory Agreements

On February 19, 2010, the Board of Trustees (the "Board" or "Trustees") of the Turner Funds (the "Funds or "Trust") held a meeting to decide whether to renew the advisory agreements (the "Advisory Agreements") with Turner Investment Partners, Inc. and Turner Investment Management, LLC (collectively, the "Adviser") for the upcoming year (and whether to approve the Advisory Agreement with respect to a new Fund, the Turner Global Opportunities Fund). In preparation for the meeting, the Board requested and reviewed a wide variety of information from the Adviser. The information described, among other things: the Adviser's business; its organizational structure, personnel and operations; advisory services; with respect to the existing Funds, the Funds' performance; compliance; advisory fees and expenses paid by the Funds for the fiscal year ended September 30, 2009; and information on trading. At the meeting, representatives of the A dviser discussed, and answered Board members' questions about, among other things, a chart of advisory fees received by the Adviser for the various Funds; a schedule of the commissions paid to the Trust's top 10 brokers; a soft dollar commission usage report for the fiscal year ended September 30, 2009; the Adviser's Form ADVs; and an Adviser profitability report for the fiscal year ended September 30, 2009.

The Board, including all of the independent Trustees, considered (including, to the extent relevant, with respect to the Global Opportunities Fund), among other things: (1) the nature, extent and quality of the services provided by the Adviser; (2) the performance of the existing Funds over the past one, three, five and ten years, where applicable, versus each Fund's respective Morningstar category and peer group; (3) the contractual and actual compensation to be paid under the agreements as compared to the compensation paid to relevant Morningstar peer groups; (4) the expense ratios of the Funds, with expense waivers, as compared to expense ratios for relevant Morningstar peer groups; (5) the qualifications of the Adviser's personnel, portfolio management capabilities and investment methodologies; (6) the Adviser's operations, compliance program and policies; (7) the financial condition of the Adviser; (8) the cost of services provided by the Adviser and the Adviser's profitability from each existing Fund for the year ended September 30, 2009; (9) "fall-out" benefits to the Adviser and its affiliates from the relationship with the Funds; (10) the extent to which economies of scale are relevant given the Funds' current asset size and current asset growth potential; and (11) a comparison of the fees charged by the Adviser with fees charged by the Adviser to clients employing similar investment strategies, to the extent it deemed it relevant.

The independent Trustees, in executive session, reached the following conclusions, among others, regarding the Adviser and Advisory Agreements: the recent performance of the existing Funds was, in most cases, above the median; the advisory fees were generally competitive (more than half of the existing Funds' advisory fees were below the median); and the net total expense ratios of the Funds were generally competitive (in most cases the net total expense ratios were below the median). The independent Trustees also concluded that: they were satisfied with the quality of services provided by the Adviser in advising the existing Funds; the profits earned by the Adviser seemed reasonable in light of the nature, extent and quality of the services provided to each existing Fund; and that each Fund was not large enough to attain significant economies of scale. With respect to the Global Opportunities Fund, the Trustees considered, amon g other things, the viability of the proposed strategy, the Adviser's experience, qualifications and track record in managing that strategy in a limited partnership vehicle and the length of that record as well as the quality of that performance. The Trustees also considered the proposed fees for the Global Opportunities Fund, as compared to those of its competitors, including both the net and gross total expense ratios. They discussed the need for establishment of prime brokerage arrangements for the Global Opportunities Fund with NewEdge USA, LLC and the Funds' custodian and considered the Adviser's experience in handling similar prime brokerage arrangements.

Based on the Board's deliberations and its evaluation of the information described above, the Trustees, including all of the independent Trustees, unanimously: (a) agreed to renew the Advisory Agreements for another year (and approve the Advisory Agreement with respect to the Global Opportunities Fund) and (b) determined that the compensation payable by the Trust's Funds under the Advisory Agreements is fair and reasonable.

80 TURNER FUNDS 2010 SEMIANNUAL REPORT

DISCLOSURE OF FUND EXPENSES (Unaudited)

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 10/1/09		Ending Account Value 3/31/10		Annualized Expense Ratios			Expenses Paid During Period*
Turner Spectrum Fund — Institutional Class Shares
Actual Fund Return	$	1,000.00	$	1,030.00		2.07	%	$	10.48
Hypothetical 5% Return		1,000.00		1,020.14		2.07			10.40
Turner Spectrum Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,028.20		2.35			11.88
Hypothetical 5% Return		1,000.00		1,018.95		2.35			11.80
Turner Spectrum Fund — Class C Shares
Actual Fund Return		1,000.00		1,026.40		2.99			15.11
Hypothetical 5% Return		1,000.00		1,015.06		2.99			14.98
Turner Concentrated Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,074.50		1.62			8.38
Hypothetical 5% Return		1,000.00		1,016.85		1.62			8.15
Turner Core Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,105.00		0.69			3.62
Hypothetical 5% Return		1,000.00		1,021.49		0.69			3.48
	Beginning Account Value 10/1/09		Ending Account Value 3/31/10		Annualized Expense Ratios			Expenses Paid During Period*
Turner Core Growth Fund — Investor Class Shares
Actual Fund Return	$	1,000.00	$	1,103.70		0.94	%	$	4.93
Hypothetical 5% Return		1,000.00		1,020.24		0.94			4.73
Turner Emerging Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,141.30		1.15			6.14
Hypothetical 5% Return		1,000.00		1,019.20		1.15			5.79
Turner Emerging Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,140.00		1.40			7.47
Hypothetical 5% Return		1,000.00		1,017.95		1.40			7.04
Turner Large Cap Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,113.60		0.69			3.64
Hypothetical 5% Return		1,000.00		1,021.49		0.69			3.48
Turner Large Cap Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,111.80		0.94			4.95
Hypothetical 5% Return		1,000.00		1,020.24		0.94			4.73

TURNER FUNDS 2010 SEMIANNUAL REPORT 81

DISCLOSURE OF FUND EXPENSES (Unaudited)

	Beginning Account Value 10/1/09		Ending Account Value 3/31/10		Annualized Expense Ratios			Expenses Paid During Period*
Turner Midcap Growth Fund — Institutional Class Shares
Actual Fund Return	$	1,000.00	$	1,145.90		0.93	%	$	4.98
Hypothetical 5% Return		1,000.00		1,020.29		0.93			4.68
Turner Midcap Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,144.40		1.18			6.31
Hypothetical 5% Return		1,000.00		1,019.05		1.18			5.94
Turner Midcap Growth Fund — Retirement Class Shares
Actual Fund Return		1,000.00		1,142.90		1.43			7.64
Hypothetical 5% Return		1,000.00		1,017.80		1.43			7.19
Turner New Enterprise Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,153.90		1.57			8.43
Hypothetical 5% Return		1,000.00		1,017.10		1.57			7.90
Turner Small Cap Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,133.10		1.25			6.65
Hypothetical 5% Return		1,000.00		1,018.70		1.25			6.29
Turner Quantitative Broad Market Equity Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,129.20		0.64			3.40
Hypothetical 5% Return		1,000.00		1,021.74		0.64			3.23
Turner Quantitative Broad Market Equity Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,128.40		0.89			4.72
Hypothetical 5% Return		1,000.00		1,020.49		0.89			4.48
Turner Quantitative Large Cap Value Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,107.90		0.69			3.63
Hypothetical 5% Return		1,000.00		1,021.49		0.69			3.48
	Beginning Account Value 10/1/09		Ending Account Value 3/31/10		Annualized Expense Ratios			Expenses Paid During Period*
Turner Quantitative Large Cap Value Fund — Investor Class Shares
Actual Fund Return	$	1,000.00	$	1,107.60		0.91	%	$	4.78
Hypothetical 5% Return		1,000.00		1,020.39		0.91			4.58
Turner International Core Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,109.60		1.10			5.79
Hypothetical 5% Return		1,000.00		1,019.45		1.10			5.54
Turner International Core Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,108.10		1.36			7.15
Hypothetical 5% Return		1,000.00		1,018.15		1.36			6.84
Turner Midcap Equity Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,143.40		0.90			4.81
Hypothetical 5% Return		1,000.00		1,020.44		0.90			4.53
Turner Midcap Equity Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,142.60		1.15			6.14
Hypothetical 5% Return		1,000.00		1,019.20		1.15			5.79
Turner Small Cap Equity Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,107.80		1.20			6.31
Hypothetical 5% Return		1,000.00		1,018.95		1.20			6.04
Turner Small Cap Equity Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,106.90		1.45			7.62
Hypothetical 5% Return		1,000.00		1,017.70		1.45			7.29

* Unless otherwise indicated, expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period from 10/1/09 - 3/31/10.)

82 TURNER FUNDS 2010 SEMIANNUAL REPORT

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.

TURNER FUNDS 2010 SEMIANNUAL REPORT 83

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84 TURNER FUNDS 2010 SEMIANNUAL 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-SA-002-0504

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

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 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) 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 Investment Company Act of 1940 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 Investment Company Act of 1940) 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) Not applicable for semi-annual report.

(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: June 7, 2010

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: June 7, 2010


By (Signature and Title)	/s/ Michael Lawson
	Michael Lawson, Controller and CFO

Date: June 7, 2010

Turner Funds Inactive N-CSRSCertified semi-annual shareholder report (management investment company)

SIGNATURES