Turner Funds N-CSRS 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)
Michael P. Malloy Drinker Biddle & Reath LLP One Logan Square, Suite 2000 Philadelphia, PA 19103
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(800) 224-6312
Date of fiscal year end:	September 30
Date of reporting period:		March 31, 2011

Item 1. Reports to Stockholders.

Semiannual Report

March 31, 2011 (unaudited)

Long/short equity funds

Turner Market Neutral Fund

Turner Medical Sciences Long/Short Fund

Turner Spectrum Fund

Turner Titan Fund

U.S. growth equity funds

Turner All Cap Growth Fund
(formerly Turner New Enterprise Fund)

Turner Concentrated Growth Fund

Turner Emerging Growth Fund

Turner Large Growth Fund
(formerly Turner Core Growth Fund)

Turner Midcap Growth Fund

Turner Small Cap Growth Fund

Quantitative equity funds

Turner Quantitative Broad Market Equity Fund

Turner Quantitative Large Cap Value Fund

Global and international equity funds

Turner Global Opportunities Fund

Turner International Growth Fund
(formerly Turner International Core Growth Fund)

Core equity fund

Turner Small Cap Equity Fund

Contents

2	Letter to shareholders
5	Total returns of Turner Funds
9	Investment review: Turner Market Neutral Fund
10	Investment review: Turner Medical Sciences Long/Short Fund
11	Investment review: Turner Spectrum Fund
12	Investment review: Turner Titan Fund
13	Investment review: Turner All Cap Growth Fund  (formerly Turner New Enterprise Fund)
14	Investment review: Turner Concentrated Growth Fund
15	Investment review: Turner Emerging Growth Fund
16	Investment review: Turner Large Growth Fund  (formerly Turner Core Growth Fund)
17	Investment review: Turner Midcap Growth Fund
18	Investment review: Turner Small Cap Growth Fund
19	Investment review: Turner Quantitative Broad Market Equity Fund
20	Investment review: Turner Quantitative Large Cap Value Fund
21	Investment review: Turner Global Opportunities Fund
22	Investment review: Turner International Growth Fund  (formerly Turner International Core Growth  Fund)
23	Investment review: Turner Small Cap Equity Fund
24	Schedules of investments
64	Financial statements
88	Notes to financial statements
98	Board of Trustees considerations in approving the Advisory Agreements
100	Shareholder voting
101	Disclosure of fund expenses

Turner Funds

As of March 31, 2011, the Turner Funds offered a series of 15 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 Market Neutral Fund, Turner Medical Sciences Long/Short Fund, Turner Spectrum Fund and Turner Titan 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 is $2,500 for regular accounts and $2,000 for individual retirement accounts.

Turner Investments, based in Berwyn, Pennsylvania, serves as the investment adviser for the Funds (other than the Turner Small Cap Equity Fund). Turner Investment Management LLC, a subsidiary of Turner Investments, serves as the investment adviser for the Turner Small Cap Equity Fund. Turner Investments, founded in 1990, manages more than $18 billion in stock investments as of March 31, 2011.

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 website, www.turnerinvestments.com, or may write to Turner Funds, P.O. Box 219805, Kansas City, Missouri 64121-9805.

TURNER FUNDS 2011 SEMIANNUAL REPORT 1

LETTER TO SHAREHOLDERS

To our shareholders

Managing a stock mutual fund is not unlike being a golfer who makes a breakthrough on the professional tour. When a rising star distinguishes himself from the pack, golfing pundits say things like, "Well, it's no wonder — look at that upright swing of his." But when he inevitably goes through a rough stretch of performance, the pundits tend to change their tune and observe, "You know, that upright swing of his was just bound to bring him down to earth at some point."

Like a standout professional golfer's swing, the stock-investment processes that we — and other money managers — use aren't perfect. They don't work well all the time. And they often are perceived as only being as good as the most recent performance they have wrought. But the best investment processes, like the best pro golfers, do prove to perform well on balance.

Funds outperform

In managing our own eight U.S. and global/international growth funds and four long/short funds, we employ an investment process that prizes earnings, based on the premise that earnings drive stock prices. Happily, the past six months ended March 31, 2011, happened to be one of those times when our growth-investment process — the investing equivalent of a distinctive and skilled golf swing — worked well. All twelve of our growth and long/short funds in operation throughout the entire six-month period outperformed one or more of their benchmarks. And all three new long/short funds that opened on February 7 — the Turner Market Neutral Fund, the Turner Medical Sciences Long/Short Fund, and the Turner Titan Fund — also got off to good starts, beating one or more of their indexes.

Alas, our swing may not have seemed nearly as good when we most recently reported our funds' results, in the 2010 Turner Funds Annual Report last September. Then, during the 12-month period covered by that report, only four of our funds managed to beat par — their benchmarks.

Even so, we remained confident then that our growth-investment process was sound — that there was nothing fundamentally wrong with our swing. We reasoned that it would eventually lead to better performance.

And that's exactly what happened.

We stick with our processes

When our funds undergo spells of less-than-stellar performance, it's undoubtedly frustrating for shareholders — and for us as well, since our portfolio managers (and other Turner Investments employees) are shareholders in our funds, too.

But if there's anything we believe about stock investing, it's this: if you're convinced that your investment process is logical and well constructed, you shouldn't abandon it when it's generating adverse results. There's a natural tendency in investing to succumb to the temptation to alter an investment process out of desperation to do something — anything — to "cure" a spell of unfavorable performance. But that cure can be worse than the disease. In such a circumstance, we think it's prudent to stick with our investment processes and give them the time needed to pay off.

Of course, the key test for an investment process isn't how it performs in just six months, but its ability to generate outperformance and increase shareholders' wealth over time. And we say with a measure of pride that our funds have generally passed that test: all share classes in eight of the nine growth and long/short funds with records longer than 12 months have beaten one or more of their benchmarks since inception.

As for the investment results in the most recent six-month period, they were certainly helped by a strongly rising stock market. The market, as represented by the S&P 500 Index, gained 17.31%. In the wake of the 2000-2009 decade that we call the Terrible 2000s, the worst decade for stock investing in history, with an annualized 0.95% loss, the S&P 500 has been on a tear, rising almost 100% in the past two years — the second-fastest rise in history.

Bull corrected just once

On balance, this bull market has been uncommonly benign: it has suffered only one correction, i.e., a pullback of 10% or more. (Corrections have occurred about once annually since 1900.) The bull market's resilience has been such that it reminds us of those inflatable punching toys that snap back after being knocked down. With pop-up resilience, the market has kept its equilibrium after absorbing some solid whacks.

Those whacks included three crises late in the period. There was the nuclear crisis in Japan, when the Fukushima Daiichi nuclear station had a partial meltdown following an earthquake-induced tsunami, which resulted in a disruption of component supplies to manufacturers around the world. There was a new phase of the European debt crisis, when Portugal's government collapsed and pushed its credit rating lower, fanning winds of anxiety that a second major financial crisis in three years was in the offing. And there were civil uprisings in the Middle East, most notably in Libya and Egypt, which led to a decline in global oil production. But despite all these geo-economic downers, the market generated positive returns in all six months of the period.

2 TURNER FUNDS 2011 SEMIANNUAL REPORT

March 31, 2011

Total returns
Six-month period ended March 31, 2011
Long/short equity funds
Turner Market Neutral Fund, Investor Class (TMNFX)	3.30	%†
S&P 500 Index	1.48	†
Barclays Capital U.S. Aggregate Bond Index	1.34	†
Lipper Equity Market-Neutral Funds Average	0.79	†
Turner Medical Sciences Long/Short Fund, Investor Class (TMSFX)	2.60	†
S&P 500 Healthcare Index	2.86	†
Barclays Capital U.S. Aggregate Bond Index	1.34	†
Lipper Long/Short Equity Funds Average	0.70	†
Turner Spectrum Fund, Institutional Class (TSPEX)	9.24
S&P 500 Index	17.31
Barclays Capital U.S. Aggregate Bond Index	-0.88
Lipper Long/Short Equity Funds Average	7.88
Turner Titan Fund, Investor Class (TTLFX)	1.50	†
S&P 500 Index	1.48	†
Barclays Capital U.S. Aggregate Bond Index	1.34	†
Lipper Long/Short Equity Funds Average	0.70	†
U.S. growth equity funds
Turner All Cap Growth Fund (TBTBX)	34.99
NASDAQ Composite Index	17.41
Russell 3000® Growth Index	19.33
Turner Concentrated Growth Fund (TTOPX)	23.08
S&P 500 Index	17.31
Russell 1000® Growth Index	18.57
Turner Emerging Growth Fund, Investor Class (TMCGX)	33.51
Russell 2000® Growth Index	27.93
Turner Large Growth Fund, Institutional Class (TTMEX)	20.86
Russell 1000® Growth Index	18.57
Turner Midcap Growth Fund, Investor Class (TMGFX)	30.47
Russell Midcap® Growth Index	22.97
Turner Small Cap Growth Fund (TSCEX)	30.24
Russell 2000® Growth Index	27.93
Quantitative equity funds
Turner Quantitative Broad Market Equity Fund, Institutional Class (TBMEX)	19.29
Russell 3000® Index	18.71
S&P 500 Index	17.31
Turner Quantitative Large Cap Value Fund, Institutional Class (TLVFX)	16.21	%
Russell 1000® Value Index	17.68
Global and international equity funds
Turner Global Opportunities Fund, Institutional Class (TGLBX)	23.26
MSCI World Growth Index	14.33
MSCI World Index	14.42
Turner International Growth Fund, Institutional Class (TICGX)	22.79
MSCI World ex-U.S. Growth Index	11.40
Core equity fund
Turner Small Cap Equity Fund, Investor Class (TSEIX)	29.07
Russell 2000® Index	25.48

†  Returns are from the fund's inception date: February 7, 2011.

(Please call 1.800.224.6312 or visit our website 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 9.)

Stocks look good to us

In our view, stocks have had a lot of things going for them in the past six months — and have a lot of things going for them in the near term that may help sustain this bull market. For example:

• Despite Japan's nuclear crisis, the European debt crisis, and unrest in the Middle East — plus the prospect that a key stock-market catalyst, the Federal Reserve's quantitative easing, may end soon — we estimate the global economy may grow more than 4% this year. That's more than a point higher than the global economy's average in the past two decades.

• Earnings for the S&P 500 Index companies should rise at least 10% this year and in the high single digits next year, in our estimation. And earnings for the first quarter should be the ninth in a series of better-than-expected quarterly results. We agree with this assessment of the state of earnings and the market by Bank of America Merrill Lynch: "Corporate profit growth remains solid, and valuations provide a significant cushion to absorb some worst-than-expected outcomes" for any crisis du jour that may surface.

• Mergers and acquisitions are picking up, with multi-billion-dollar deals announced recently in the telecommunications, semiconductor, e-commerce, and pharmaceutical industries, among others. The resources are certainly available for more M&A activity this year:

TURNER FUNDS 2011 SEMIANNUAL REPORT 3

LETTER TO SHAREHOLDERS (continued)

Lazard, an investment bank, estimates that corporations and private-equity firms hold nearly $2.4 trillion in cash.

• We think corporate capital spending should increase at a double-digit rate in both 2011 and 2012, outpacing economic growth by a factor of three. That should especially help technology and industrial companies, in our analysis.

Allocations shifting

• We believe the stock market should benefit from a continuing shift in investors' asset allocations from low-yielding money markets and bonds to stocks. U.S. and international stock funds took in a net $13 billion of new investment in February (the latest month for which data are available), on the heels of a $19.7 billion inflow in January, Citigroup Global Markets reported. In contrast, stock funds suffered outflows of $37.6 billion in 2010 and $9.1 billion in 2009.

• Finally, we think the market should benefit in 2011 from the third year of the presidential-election cycle, which has invariably been an up year for stocks. Since 1955 the S&P 500 Index has advanced an average of 18% in the third year of the cycle, with no losing years.

And we think the longer term outlook for stocks is encouraging as well. Two years ago, when the Terrible 2000s were at their most terrible, we said in the 2009 Turner Funds Semiannual Report that stocks offered superior return potential to investors with long time horizons. We noted: "We refuse to believe that the next 10 years for stocks will be as painfully disappointing as the last 10 years. That's because we as investors above all believe in probabilities, in making decisions that are the most likely to produce a constructive result. And based on the probabilities, we think this decade of dreadful performance by stocks is likely to be the exception that proves the rule."

Better returns ahead?

We still stand behind that statement today. The five- and 10-year returns on stocks as of March 31 remain below the norm: the S&P 500 Index is up an annualized 2.62% for the past five years and an annualized 3.29% for the past 10 years. So stock investors could continue to profit from the statistical phenomenon known as reversion to the mean — the tendency for worse-than-average performance to be followed by periods of above-average performance, and vice versa.

In our judgment, the lackluster stock-market results of the most recent five- and 10-year periods may be followed by sparkling results over the next five or 10 years. According to WisdomTree Asset Management, after the worst 10-year periods of performance dating back to 1871, stocks generated much better returns in all subsequent 10-year periods, with a level of inflation-adjusted results 2.32 percentage points above that of all other 10-year periods.

In closing, as a result of the strong performance of our stock funds recently and our optimism about the stock market's course, we think our own upright golf swing is in the groove and should deliver more good scores.

If nothing else, the market's exceptional rally over the past two years is a testament to the perils of trying to time the market — the practice of investing in stocks when the market's prospects appear favorable and getting out of stocks when the prospects seem poor. Indeed, because you as a Turner Funds shareholder have in your hands this report, chances are you're not a market timer and thus have benefited from the gains our funds have produced in the past six months or longer.

To our way of thinking, putting time on your side — five years, 10 years, 20 years, whatever — improves the odds that you will reap the wealth-building rewards that stocks can uniquely provide. As we see it, putting time on your side going forward should be rewarded with additional good results in the stock market and our funds.

Bob Turner

Chairman and Chief Investment Officer
Turner Investments

Past performance is no guarantee of future results. The views expressed are those of Turner Investments as of March 31, 2011, and are not intended as a forecast or investment recommendations. The indexes mentioned are not available for investment.

Bob Turner

4 TURNER FUNDS 2011 SEMIANNUAL REPORT

PERFORMANCE

Total returns of the Turner Funds

Through March 31, 2011

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 Foreside Fund Services, LLC, Portland, Maine. 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

10 years

(Annualized*) Since inception

Total net assets ($mil)

Turner Market Neutral Fund — Institutional Class Shares

n/a

n/a

n/a

n/a

n/a

n/a

3.40

%

$

3.35

Investor Class Shares

n/a

n/a

n/a

n/a

n/a

n/a

3.30

0.07

Class C Shares

n/a

n/a

n/a

n/a

n/a

n/a

3.30

—

S&P 500 Index

n/a

n/a

n/a

n/a

n/a

n/a

1.48

Barclays Capital U.S. Aggregate Bond Index

n/a

n/a

n/a

n/a

n/a

n/a

1.34

Lipper Equity Market-Neutral Funds Average

n/a

n/a

n/a

n/a

n/a

n/a

0.79

Inception date: 2/7/11

Turner Medical Sciences Long/Short Fund — Institutional Class Shares

n/a

n/a

n/a

n/a

n/a

n/a

2.60

2.25

Investor Class Shares

n/a

n/a

n/a

n/a

n/a

n/a

2.60

2.49

Class C Shares

n/a

n/a

n/a

n/a

n/a

n/a

2.50

0.45

S&P 500 Healthcare Index

n/a

n/a

n/a

n/a

n/a

n/a

2.86

Barclays Capital U.S. Aggregate Bond Index

n/a

n/a

n/a

n/a

n/a

n/a

1.34

Lipper Long/Short Equity Average

n/a

n/a

n/a

n/a

n/a

n/a

0.70

Inception date: 2/7/11

Turner Spectrum Fund — Institutional Class Shares

9.24

%

2.87

%

6.87

%

n/a

n/a

n/a

9.59

306.10

Investor Class Shares

9.09

2.89

6.62

n/a

n/a

n/a

9.30

96.84

Class C Shares(1)

8.68

2.64

5.81

n/a

n/a

n/a

9.87

8.78

S&P 500 Index

17.31

5.92

15.65

n/a

n/a

n/a

24.68

Barclays Capital U.S. Aggregate Bond Index

-0.88

0.42

5.12

n/a

n/a

n/a

6.46

Lipper Long/Short Equity Average

7.88

2.49

6.78

n/a

n/a

n/a

13.77

Inception date: 5/7/09

TURNER FUNDS 2011 SEMIANNUAL REPORT 5

PERFORMANCE (continued)

Fund name/Index	Six months			Year to date			One year			Three years			Five years			10 years			(Annualized*) Since inception			Total net assets ($mil)
Turner Titan Fund — Institutional Class Shares		n/a			n/a			n/a			n/a			n/a			n/a			1.50	%	$	4.08
Investor Class Shares		n/a			n/a			n/a			n/a			n/a			n/a			1.50			0.07
Class C Shares		n/a			n/a			n/a			n/a			n/a			n/a			1.40			0.02
S&P 500 Index		n/a			n/a			n/a			n/a			n/a			n/a			1.48
Barclays Capital U.S. Aggregate Bond Index		n/a			n/a			n/a			n/a			n/a			n/a			1.34
Lipper Long/Short Equity Average		n/a			n/a			n/a			n/a			n/a			n/a			0.70
Inception date: 2/7/11
Turner All Cap Growth Fund(2)		34.99	%		7.96	%		38.34	%		9.88	%		5.52	%		8.02	%		-0.48			58.97
NASDAQ Composite Index		17.41			4.83			15.98			6.86			3.52			4.22			-3.25
Russell 3000® Growth Index		19.33			6.30			19.24			5.58			4.32			3.26			-1.86
Inception date: 6/30/00
Turner Concentrated Growth Fund		23.08			5.97			23.64			-0.55			-0.38			0.88			1.33			55.65
S&P 500 Index		17.31			5.92			15.65			2.35			2.62			3.29			1.51
Russell 1000® Growth Index		18.57			6.03			18.26			5.19			4.34			2.99			-0.06
Inception date: 6/30/99
Turner Emerging Growth Fund(2) — Institutional Class Shares(3)		33.64			11.28			31.75			n/a			n/a			n/a			37.65			375.78
Investor Class Shares		33.51			11.22			31.43			6.13			4.22			10.71			20.06			222.66
Russell 2000® Growth Index		27.93			9.24			31.04			10.16			4.34			6.44			3.93
Inception date: 2/27/98
Turner Large Growth Fund — Institutional Class Shares		20.86			6.97			16.77			0.87			1.72			3.67			2.64			544.16
Investor Class Shares(4)		20.78			6.92			16.56			0.61			1.48			n/a			3.45			115.17
Russell 1000® Growth Index		18.57			6.03			18.26			5.19			4.34			2.99			1.80
Inception date: 2/28/01
Turner Midcap Growth Fund(2) — Institutional Class Shares(5)		30.67			10.21			30.54			n/a			n/a			n/a			4.38			258.93
Investor Class Shares		30.47			10.14			30.21			7.13			4.86			6.09			11.48			955.15
Retirement Class Shares(6)		30.30			10.06			29.90			6.86			4.56			n/a			8.44			5.25
Russell Midcap® Growth Index		22.97			7.85			26.60			7.63			4.93			6.94			7.68
Inception date: 10/1/96
Turner Small Cap Growth Fund(2)		30.24			11.36			32.29			10.35			4.90			7.62			12.16			345.17
Russell 2000® Growth Index		27.93			9.24			31.04			10.16			4.34			6.44			6.29
Inception date: 2/7/94
Turner Quantitative Broad Market Equity Fund — Institutional Class Shares		19.29			6.80			14.41			n/a			n/a			n/a			2.95			12.00
Investor Class Shares		19.24			6.70			14.10			n/a			n/a			n/a			2.72			0.03
Russell 3000® Index		18.71			6.38			17.41			n/a			n/a			n/a			4.38
S&P 500 Index		17.31			5.92			15.65			n/a			n/a			n/a			3.61
Inception date: 6/30/08

6 TURNER FUNDS 2011 SEMIANNUAL REPORT

PERFORMANCE (continued)

Fund name/Index	Six months			Year to date			One year			Three years			Five years			10 years			(Annualized*) Since inception			Total net assets ($mil)
Turner Quantitative Large Cap Value Fund — Institutional Class Shares		16.21	%		6.25	%		12.49	%		-1.80	%		0.79	%		n/a			2.56	%	$	0.81
Investor Class Shares(7)		15.99			6.13			12.13			n/a			n/a			n/a			10.14			0.01
Russell 1000® Value Index		17.68			6.46			15.15			0.60			1.38			n/a			3.30
Inception date: 10/10/05
Turner Global Opportunities Fund — Institutional Class Shares		23.26			5.19			n/a			n/a			n/a			n/a			42.00			1.34
Investor Class Shares		23.13			5.12			n/a			n/a			n/a			n/a			41.60			0.71
MSCI World Growth Index		14.33			3.79			n/a			n/a			n/a			n/a	��		28.66
MSCI World Index		14.42			4.91			n/a			n/a			n/a			n/a			27.03
Inception date: 5/7/10
Turner International Growth Fund — Institutional Class Shares		22.79			4.47			28.24			1.76			n/a			n/a			4.61			6.37
Investor Class Shares(7)		22.67			4.47			27.99			n/a			n/a			n/a			30.46			0.51
MSCI World ex-U.S. Growth Index		11.40			2.66			14.16			-1.70			n/a			n/a			0.70
Inception date: 1/31/07
Turner Small Cap Equity Fund(2) — Institutional Class Shares(3)		29.26			11.34			31.63			n/a			n/a			n/a			33.02			—
Investor Class Shares		29.07			11.26			31.21			4.71			-0.16	%		n/a			8.09			5.70
Russell 2000® Index		25.48			7.94			25.79			8.57			3.35			n/a			7.61
Inception date: 3/4/02

⁽¹⁾  Commenced operations on July 14, 2009.

⁽²⁾  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.

⁽³⁾  Commenced operations on February 1, 2009.

⁽⁴⁾  Commenced operations on August 1, 2005.

⁽⁵⁾  Commenced operations on June 16, 2008.

⁽⁶⁾  Commenced operations on September 24, 2001.

⁽⁷⁾  Commenced operations on October 31, 2008.

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

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 7

Expense Ratio†

	Gross expense ratio			Net expense ratio*
Turner Market Neutral Fund
Institutional Class Shares		2.13	%		1.95	%
Investor Class Shares		2.38	%		2.20	%
Class C Shares		3.13	%		2.95	%
Turner Medical Sciences Long/Short Fund
Institutional Class Shares		2.13	%		1.95	%
Investor Class Shares		2.38	%		2.20	%
Class C Shares		3.13	%		2.95	%
Turner Spectrum Fund
Institutional Class Shares		2.88	%		1.95	%
Investor Class Shares		3.15	%		2.20	%
Class C Shares		3.85	%		2.95	%
Turner Titan Fund
Institutional Class Shares		2.13	%		1.95	%
Investor Class Shares		2.38	%		2.20	%
Class C Shares		3.13	%		2.95	%
Turner All Cap Growth Fund
Investor Class Shares		2.15	%		1.64	%
Turner Concentrated Growth Fund
Investor Class Shares		1.94	%		1.51	%
Turner Emerging Growth Fund
Institutional Class Shares		1.30	%		1.17	%
Investor Class Shares		1.55	%		1.42	%
Turner Large Growth Fund
Institutional Class Shares		0.87	%		0.69	%
Investor Class Shares		1.12	%		0.94	%
	Gross expense ratio			Net expense ratio*
Turner Midcap Growth Fund
Institutional Class Shares		1.03	%		0.93	%
Investor Class Shares		1.28	%		1.18	%
Retirement Class Shares		1.53	%		1.43	%
Turner Small Cap Growth Fund
Investor Class Shares		1.52	%		1.25	%
Turner Quantitative Broad Market Equity Fund
Institutional Class Shares		2.29	%		0.65	%
Investor Class Shares		6.73	%		0.90	%
Turner Quantitative Large Cap Value Fund
Institutional Class Shares		12.61	%		0.69	%
Investor Class Shares		12.82	%		0.94	%
Turner Global Opportunities Fund
Institutional Class Shares		8.34	%		1.11	%
Investor Class Shares		8.59	%		1.36	%
Turner International Growth Fund
Institutional Class Shares		3.93	%		1.10	%
Investor Class Shares		4.18	%		1.35	%
Turner Small Cap Equity Fund
Institutional Class Shares		1.79	%		1.20	%
Investor Class Shares		2.04	%		1.45	%

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

*  Net expense ratio reflects contractual waivers of certain fees and/or expense reimbursements. Turner may discontinue this arrangement at any time after January 31, 2012.

8 TURNER FUNDS 2011 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Market Neutral Fund

Fund profile

March 31, 2011

^g  Ticker symbol TMNFX

  Investor Class Shares

^g  CUSIP #900297581

  Investor Class Shares

^g  Top five holdings¹

  (1) Martin Marietta Materials

  (2) Arch Capital Group

  (3) ACE

  (4) Ensco SP ADR

  (5) Salesforce.com

^g  % in five largest holdings 23.4%²

^g  Number of holdings 71¹

^g  Price/earnings ratio 31.9

^g  Weighted average market capitalization $25.39 billion

^g  % of holdings with positive earnings surprises 65.7%

^g  % of holdings with negative earnings surprises 32.9%

^g  Net assets $0.1 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Market Neutral Fund,
Investor Class Shares:
February 7, 2011-March 31, 2011^3,4

Cumulative total returns (Period ended March 31, 2011)

	Since inception4
Turner Market Neutral Fund, Institutional Class Shares5		3.40	%
Turner Market Neutral Fund, Investor Class Shares5		3.30	%
Turner Market Neutral Fund, Class C Shares5		3.30	%
S&P 500 Index6		1.48	%
Barclays Capital U.S. Aggregate Bond Index7		1.34	%
Lipper Equity Market-Neutral Funds Average8		0.79	%

Sector weightings²:

Manager's discussion and analysis

Generally good stock selection helped the Turner Market Neutral Fund, Investor Class Shares (TMNFX) to get off to a good start in its first two months of operation. After opening on February 7, the fund gained 3.30%, beating the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, and the Lipper Equity Market-Neutral Funds Average. The fund seeks to generate returns that have historically been associated with stocks, with relatively low volatility and a correlation unlike that of the broad market.

Six of the seven sectors in which the fund was invested contributed extra return. The information-technology and financials sectors added the most extra return. In those sectors, long and short positions in semiconductor, data-networking, wireless-communications, banking, insurance, and investment-management shares generated favorable relative results. The prime deflator of performance was the energy sector. In that sector, long and short positions in energy-production, natural-gas, and energy-services shares recorded the poorest relative performance.

¹  Cash equivalent is not being considered a holding for the top five holdings, but is counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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.

⁴  The inception date of the Turner Market Neutral Fund was February 7, 2011. Cumulative returns, not annualized.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The S&P 500 Index is a widely-recognized, market value-weighted (higher market value stocks have more influence than lower market value stocks) index of 500 stocks designed to mimic the overall equity market's industry weightings.

⁷  The Barclays Capital U.S. Aggregate Bond Index (prior to November 2008, the Index was known as the "Lehman Brothers U.S. Aggregate Bond Index") represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities.

⁸  The Lipper Equity Market-Neutral Funds Average represents the average annualized total return for all reporting funds in the Lipper Equity Market-Neutral Fund category.

TURNER FUNDS 2011 SEMIANNUAL REPORT 9

INVESTMENT REVIEW

Turner Medical Sciences Long/Short Fund

Fund profile

March 31, 2011

^g  Ticker symbol TMSFX

  Investor Class Shares

^g  CUSIP #900297557

  Investor Class Shares

^g  Top five holdings¹

  (1) Allergan

  (2) Watson Pharmaceuticals International

  (3) Jazz Pharmaceuticals

  (4) Pfizer

  (5) HCA Holdings

^g  % in five largest holdings 11.8%²

^g  Number of holdings 62¹

^g  Price/earnings ratio 13.6

^g  Weighted average market capitalization $34.45 billion

^g  % of holdings with positive earnings surprises 54.1%

^g  % of holdings with negative earnings surprises 36.1%

^g  Net assets $2 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Medical Sciences Long/Short Fund,
Investor Class Shares:
February 7, 2011-March 31, 2011^3,4

Cumulative total returns (Period ended March 31, 2011)

	Since inception4
Turner Medical Sciences Long/Short Fund, Institutional Class Shares5		2.60	%
Turner Medical Sciences Long/Short Fund, Investor Class Shares5		2.60	%
Turner Medical Sciences Long/Short Fund, Class C Shares5		2.50	%
S&P 500 Healthcare Index6		2.86	%
Barclays Capital U.S. Aggregate Bond Index7		1.34	%
Lipper Long/Short Equity Funds Average8		0.70	%

Sector weightings²:

Manager's discussion and analysis

The Turner Medical Sciences Long/Short Fund, Investor Class Shares (TMSFX) got off to a good start in its first two months of operation. Opening on February 7, the fund went on to gain 2.60% through March 31 to outperform the Lipper Long/Short Equity Funds Average and the Barclays Capital U.S. Aggregate Bond Index, but it slightly trailed the S&P 500 Healthcare Index. The fund seeks to capture alpha (the estimated amount of risk-adjusted excess return expected from an investment's fundamentals), reduce volatility, and preserve capital in declining markets.

In the fund's long and short positions, stocks in three health-care industries — biotechnology, specialty pharmaceutical, and health care services — produced the greatest extra return. The main detractors were long and short positions in the stocks of medical-device companies.

¹  Cash equivalent is not being considered a holding for the top five holdings, but is counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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.

⁴  The inception date of the Turner Medical Sciences Long/Short Fund was February 7, 2011. Cumulative returns, not annualized.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The S&P 500 Healthcare Index is an unmanaged index which includes the stocks in the health care sector of the S&P 500 Index.

⁷  The Barclays Capital U.S. Aggregate Bond Index (prior to November 2008, the Index was known as the "Lehman Brothers U.S. Aggregate Bond Index") represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities.

⁸  Lipper Long/Short Equity Funds Average represents the average annualized total return for all reporting funds in the Lipper Long/Short Equity Fund category.

10 TURNER FUNDS 2011 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Spectrum Fund

Fund profile

March 31, 2011

^g  Ticker symbol TSPEX

  Institutional Class Shares

^g  CUSIP #900297664

  Institutional Class Shares

^g  Top five holdings¹

  (1) HCA Holdings

  (2) Google, Cl A

  (3) Cubist Pharmaceuticals

  (4) Citigroup

  (5) CF Industries Holdings

^g  % in five largest holdings 5.3%²

^g  Number of holdings 517¹

^g  Price/earnings ratio 17.6

^g  Weighted average market capitalization $17.16 billion

^g  % of holdings with positive earnings surprises 54.0%

^g  % of holdings with negative earnings surprises 24.2%

^g  Net assets $306 million, Institutional Class Shares

Growth of a $100,000 investment in the
Turner Spectrum Fund, Institutional Class Shares:
May 7, 2009-March 31, 2011^3,4

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Since inception
Turner Spectrum Fund, Institutional Class Shares5		9.24	%		6.87	%		9.59	%4
Turner Spectrum Fund, Investor Class Shares5		9.09	%		6.62	%		9.30	%4
Turner Spectrum Fund, Class C Shares5		8.68	%		5.81	%		9.87	%6
S&P 500 Index7		17.31	%		15.65	%		24.68	%4
Barclays Capital U.S. Aggregate Bond Index8		-0.88	%		5.12	%		6.46	%4
Lipper Long/Short Equity Average9		7.88	%		6.78	%		13.77	%4

Sector weightings²:

Manager's discussion and analysis

In the six-month period ended March 31, the Turner Spectrum Fund, Institutional Class Shares (TSPEX) produced a 9.24% gain. That return underperformed the S&P 500 Index but outperformed the Barclays Capital U.S. Aggregate Bond Index and the Lipper Long/Short Equity Funds Average. The fund seeks to generate returns that have historically been associated with stocks, with relatively low volatility and a correlation unlike that of the broad market.

Overall, seven of the 10 sectors in which the fund held positions contributed extra return, with the health-care and information-technology sectors making the greatest contributions. In those sectors, long and short positions in drug, medical-device, medical-distribution, data-networking, semiconductor, and wireless-communications shares generated the best relative results. Detracting most from long and short results were holdings in the energy sector. In that sector, energy-production, natural-gas, and energy-services shares performed unsatisfactorily. The fund kept a modest net long exposure, mainly in U.S. stocks.

¹  Cash equivalent is not being considered a holding for the top five holdings, but is counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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.

⁴  The inception date of the Turner Spectrum Fund (Institutional Class Shares and Investor Class Shares) was May 7, 2009. Index returns are based on Institutional Class Shares inception date.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The inception date of the Turner Spectrum Fund (Class C Shares) was July 14, 2009.

⁷  The S&P 500 Index is a widely-recognized, market value-weighted (higher market value stocks have more influence than lower market value stocks) index of 500 stocks designed to mimic the overall equity market's industry weightings.

⁸  The Barclays Capital U.S. Aggregate Bond Index (prior to November 2008, the Index was known as the "Lehman Brothers U.S. Aggregate Bond Index") represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities.

⁹  Lipper Long/Short Equity Funds Average represents the average annualized total return for all reporting funds in the Lipper Long/Short Equity Fund category.

Cl — Class

TURNER FUNDS 2011 SEMIANNUAL REPORT 11

INVESTMENT REVIEW

Turner Titan Fund

Fund profile

March 31, 2011

^g  Ticker symbol TTLFX

  Investor Class Shares

^g  CUSIP #900297524

  Investor Class Shares

^g  Top five holdings¹

  (1) Marathon Oil

  (2) Parker Hannifin

  (3) Check Point Software Technologies

  (4) Las Vegas Sands

  (5) Viacom, Cl B

^g  % in five largest holdings 12.6%²

^g  Number of holdings 110¹

^g  Price/earnings ratio 15.7

^g  Weighted average market capitalization $50.33 billion

^g  % of holdings with positive earnings surprises 79.0%

^g  % of holdings with negative earnings surprises 24.0%

^g  Net assets $0.1 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Titan Fund, Investor Class Shares:
February 7, 2011-March 31, 2011^3,4

Cumulative total returns (Period ended March 31, 2011)

	Since inception4
Turner Titan Fund, Institutional Class Shares5		1.50	%
Turner Titan Fund, Investor Class Shares5		1.50	%
Turner Titan Fund, Class C Shares5		1.40	%
S&P 500 Index6		1.48	%
Barclays Capital U.S. Aggregate Bond Index7		1.34	%
Lipper Long/Short Equity Funds Average8		0.70	%

Sector weightings²:

Manager's discussion and analysis

In its first two months of operation, the Turner Titan Fund, Investor Class Shares (TTLFX) produced a 1.50% gain. That return outperformed the S&P 500 Index, the Barclays Capital U.S. Aggregate Bond Index, and the Lipper Long/Short Equity Funds Average. The fund seeks to generate returns that have historically been associated with stocks, with relatively low volatility and a correlation unlike that of the broad market.

Overall, six of the eight sectors in which the fund was invested made positive contributions to performance. Information-technology and financials holdings, in their long and short positions, contributed the most extra return. In those two sectors, semiconductor, data-networking, wireless-communications, insurance, investment-management, and investment-bank shares were among the winners. Detracting most from results were long and short holdings in the consumer-discretionary sector. In that sector, gaming, entertainment, e-commerce, and Internet-search shares performed unsatisfactorily.

¹  Cash equivalent is not being considered a holding for the top five holdings, but is counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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.

⁴  The inception date of the Turner Titan Fund was February 7, 2011. Cumulative returns, not annualized.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The S&P 500 Index is a widely-recognized, market value-weighted (higher market value stocks have more influence than lower market value stocks) index of 500 stocks designed to mimic the overall equity market's industry weightings.

⁷  The Barclays Capital U.S. Aggregate Bond Index (prior to November 2008, the Index was known as the "Lehman Brothers U.S. Aggregate Bond Index") represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities.

⁸  Lipper Long/Short Equity Funds Average represents the average annualized total return for all reporting funds in the Lipper Long/Short Equity Fund category.

Cl — Class

12 TURNER FUNDS 2011 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner All Cap Growth Fund
(formerly Turner New Enterprise Fund)

Fund profile

March 31, 2011

^g  Ticker symbol TBTBX

^g  CUSIP #87252R797

^g  Top five holdings¹

  (1) Apple

  (2) Las Vegas Sands

  (3) TIBCO Software

  (4) Concho Resources

  (5) Alexion Pharmaceuticals

^g  % in five largest holdings 17.4%²

^g  Number of holdings 36¹

^g  Price/earnings ratio 19.7

^g  Weighted average market capitalization $23.09 billion

^g  % of holdings with positive earnings surprises 82.9%

^g  % of holdings with negative earnings surprises 17.1%

^g  Net assets $59 million

Growth of a $10,000 investment in the
Turner All Cap Growth Fund:
September 30, 2000-March 31, 2011³

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Three years			Five years			10 years			Since inception
Turner All Cap Growth Fund4		34.99	%		38.34	%		9.88	%		5.52	%		8.02	%		-0.48	%
NASDAQ Composite Index5		17.41	%		15.98	%		6.86	%		3.52	%		4.22	%		-3.25	%
Russell 3000® Growth Index6		19.33	%		19.24	%		5.58	%		4.32	%		3.26	%		-1.86	%

Sector weightings²:

Manager's discussion and analysis

Strong stock selection led to a substantial margin of outperformance for the Turner All Cap Growth Fund (TBTBX), formerly the Turner New Enterprise Fund, in the six months ended March 31. The fund gained 34.99%, beating the NASDAQ Composite Index return of 17.41% by 17.58 percentage points. The fund's gain was the biggest of any of our funds.

Altogether, eight of the fund's nine sector positions produced good relative returns. The information-technology, energy, consumer-staples, and materials sectors, which accounted for 54% of the fund's holdings, performed best. Winners here included data-networking, energy-services, supermarket, and metals shares. The lone sector that impaired performance was financials, a 9% weighting. Stocks in that sector producing unfavorable relative returns included securities-exchange, investment-management, and insurance shares.

¹  Cash equivalent and short-term investment are not being considered a holding for the top five holdings, but are counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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 All Cap Growth Fund, formerly the Turner New Enterprise Fund, was June 30, 2000.

⁴  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁵  The NASDAQ Composite Index includes the more than 5,000 domestic and non-U.S. based common stocks listed on the NASDAQ stock market. The index is market-value weighted. This means that each company's security affects the index in proportion to its market value. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the index. Because it is so broad-based, the Index is one of the most widely followed and quoted major market indices.

⁶  The Russell 3000^® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000^® companies with higher price-to-book ratios and higher forecasted growth values.

⁷  Cash equivalent includes short-term investment held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

TURNER FUNDS 2011 SEMIANNUAL REPORT 13

INVESTMENT REVIEW

Turner Concentrated Growth Fund

Fund profile

March 31, 2011

^g  Ticker symbol TTOPX

^g  CUSIP #87252R862

^g  Top five holdings¹

  (1) Apple

  (2) Las Vegas Sands

  (3) Salesforce.com

  (4) Google, Cl A

  (5) Acme Packet

^g  % in five largest holdings 25.4%²

^g  Number of holdings 24¹

^g  Price/earnings ratio 20.6

^g  Weighted average market capitalization $50.55 billion

^g  % of holdings with positive earnings surprises 73.9%

^g  % of holdings with negative earnings surprises 26.1%

^g  Net assets $56 million

Growth of a $10,000 investment in the
Turner Concentrated Growth Fund:
September 30, 2000-March 31, 2011³

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Three years			Five years			10 years			Since inception
Turner Concentrated Growth Fund4		23.08	%		23.64	%		-0.55	%		-0.38	%		0.88	%		1.33	%
S&P 500 Index5		17.31	%		15.65	%		2.35	%		2.62	%		3.29	%		1.51	%
Russell 1000® Growth Index6		18.57	%		18.26	%		5.19	%		4.34	%		2.99	%		-0.06	%

Sector weightings²:

Manager's discussion and analysis

Good results in three major sectors enhanced the performance of the Turner Concentrated Growth Fund (TTOPX) in the six-month period ended March 31. The fund rose 23.08%, outperforming the S&P 500 Index and the Russell 1000^® Growth Index returns of 17.31% and 18.57% by 5.77 and 4.51 percentage points, respectively.

About 57% of the fund's holdings were concentrated in three sectors, information technology, consumer discretionary, and materials, whose returns added the most value to performance. In those sectors, semiconductor, data-networking, food-processing, gaming, and metals stocks performed well. Altogether, six of seven sector positions added extra return. The health-care sector, an 8% weighting, was the only detractor from performance, with health-services and medical-equipment shares recording lagging returns.

¹  Cash equivalent and short-term investment are not being considered a holding for the top five holdings, but are counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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.

⁴  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁵  The S&P 500 Index is a widely-recognized, market value-weighted (higher market value stocks have more influence than lower market value stocks) index of 500 stocks designed to mimic the overall equity market's industry weightings.

⁶  The Russell 1000^® Growth Index measures the performance of those Russell 1000 Companies with higher price-to-book ratios and higher forecasted growth values.

⁷  Cash equivalent includes short-term investment held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

Cl — Class

14 TURNER FUNDS 2011 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Emerging Growth Fund

Fund profile

March 31, 2011

^g  Ticker symbol TMCGX

  Investor Class Shares

^g  CUSIP #872524301

  Investor Class Shares

^g  Top five holdings¹

  (1) Deckers Outdoor

  (2) Ariba

  (3) AMERIGROUP

  (4) Huntsman

  (5) Hypercom

^g  % in five largest holdings 10.5%²

^g  Number of holdings 121¹

^g  Price/earnings ratio 20.1

^g  Weighted average market capitalization $1.89 billion

^g  % of holdings with positive earnings surprises 61.7%

^g  % of holdings with negative earnings surprises 31.7%

^g  Net assets $223 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Emerging Growth Fund, Investor Class Shares:
September 30, 2000-March 31, 2011^3,4

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Three years			Five years			10 years			Since inception
Turner Emerging Growth Fund, Institutional Class Shares5		33.64	%		31.75	%		—			—			—			37.65	%6
Turner Emerging Growth Fund, Investor Class Shares5		33.51	%		31.43	%		6.13	%		4.22	%		10.71	%		20.06	%4
Russell 2000® Growth Index7		27.93	%		31.04	%		10.16	%		4.34	%		6.44	%		3.93	%4

Sector weightings²:

Manager's discussion and analysis

Ample outperformance in most sectors helped the Turner Emerging Growth Fund, Investor Class Shares (TMCGX) to produce favorable results in the six-month period ended March 31. The fund rose 33.51%, a return that beat the 27.93% advance by its benchmark, the Russell 2000^® Growth Index, by 5.58 percentage points.

Six of the fund's 10 sector positions outperformed their corresponding index sectors. Outperforming the most were health-care, consumer-discretionary, energy, and materials stocks, which represented 47% of all holdings. In those sectors, medical-equipment, health-services, retailing, energy-services, and metals shares did relatively well. The primary detractor from results was the fund's financials position, a 2% weighting. Underperformers here included insurance and diversified financial stocks.

¹  Cash equivalent and short-term investment are not being considered a holding for the top five holdings, but are counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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.

⁴  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.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The inception date of the Turner Emerging Growth Fund (Institutional Class Shares) was February 1, 2009.

⁷  The Russell 2000^® Growth Index is a widely-recognized, capitalization-weighted (companies with larger market capitalizations have more influence than those with smaller market capitalizations) index of the 2,000 smallest U.S. companies out of the 3,000 largest U.S. companies with higher growth rates and price-to-book ratios.

⁸  Cash equivalent includes short-term investment held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

Amounts designated as "—" are not applicable.

TURNER FUNDS 2011 SEMIANNUAL REPORT 15

INVESTMENT REVIEW

Turner Large Growth Fund
(formerly Turner Core Growth Fund)

Fund profile

March 31, 2011

^g  Ticker symbol TTMEX

  Institutional Class Shares

^g  CUSIP #900297847

  Institutional Class Shares

^g  Top five holdings¹

  (1) Apple

  (2) Google, Cl A

  (3) Oracle

  (4) Schlumberger

  (5) QUALCOMM

^g  % in five largest holdings 19.6%²

^g  Number of holdings 76¹

^g  Price/earnings ratio 18.2

^g  Weighted average market capitalization $58.24 billion

^g  % of holdings with positive earnings surprises 84.0%

^g  % of holdings with negative earnings surprises 16.0%

^g  Net assets $544 million, Institutional Class Shares

Growth of a $250,000 investment in the
Turner Large Growth Fund, Institutional Class Shares:
February 28, 2001-March 31, 2011^3,4

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Three years			Five years			10 years			Since inception
Turner Large Growth Fund, Institutional Class Shares5		20.86	%		16.77	%		0.87	%		1.72	%		3.67	%		2.64	%4
Turner Large Growth Fund, Investor Class Shares5		20.78	%		16.56	%		0.61	%		1.48	%		—			3.45	%6
Russell 1000® Growth Index7		18.57	%		18.26	%		5.19	%		4.34	%		2.99	%		1.80	%4

Sector weightings²:

Manager's discussion and analysis

In the six-month period ended March 31, good stock picking fueled the performance of the Turner Large Growth Fund, Institutional Class Shares (TTMEX), formerly the Turner Core Growth Fund. As a result the fund advanced 20.86%, which outpaced the Russell 1000^® Growth Index return of 18.57% by 2.29 percentage points.

Six of the fund's nine sector positions beat their corresponding index sectors. Providing the most extra return were information-technology, industrials, and consumer-discretionary shares, which accounted for 62% of holdings. Semiconductor, data-networking, industrial-equipment, automotive, gaming, and e-commerce stocks performed especially well. Financials stocks, a 6% weighting, were the greatest detriment to performance; diversified financial, insurance, and investment-management stocks were notable laggards.

¹  Cash equivalent and short-term investment are not being considered a holding for the top five holdings, but are counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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 Large Growth Fund, formerly the Turner Core Growth Fund. Performance of the Institutional and Investor Class Shares will differ due to differences in fees.

⁴  The inception date of the Turner Large Growth Fund (Institutional Class Shares) was February 28, 2001. Index returns are based on Institutional Class Shares inception date.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The inception date of the Turner Large Growth Fund (Investor Class Shares) was August 1, 2005.

⁷  The Russell 1000^® Growth Index measures the performance of those Russell 1000 Companies with higher price-to-book ratios and higher forecasted growth values.

⁸  Cash equivalent includes short-term investment held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

Cl — Class

Amounts designated as "—" are not applicable.

16 TURNER FUNDS 2011 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Midcap Growth Fund

Fund profile

March 31, 2011

^g  Ticker symbol TMGFX

  Investor Class Shares

^g  CUSIP #900297409

  Investor Class Shares

^g  Top five holdings¹

  (1) Salesforce.com

  (2) Joy Global

  (3) Varian Semiconductor Equipment Associates

  (4) Cummins

  (5) Green Mountain Coffee Roasters

^g  % in five largest holdings 9.0%²

^g  Number of holdings 100¹

^g  Price/earnings ratio 18.7

^g  Weighted average market capitalization $9.71 billion

^g  % of holdings with positive earnings surprises 80.8%

^g  % of holdings with negative earnings surprises 19.2%

^g  Net assets $955 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Midcap Growth Fund, Investor Class Shares:
September 30, 2000-March 31, 2011^3,4

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Three years			Five years			10 years			Since inception
Turner Midcap Growth Fund, Institutional Class Shares5		30.67	%		30.54	%		—			—			—			4.38	%6
Turner Midcap Growth Fund, Investor Class Shares5		30.47	%		30.21	%		7.13	%		4.86	%		6.09	%		11.48	%4
Turner Midcap Growth Fund, Retirement Class Shares5		30.30	%		29.90	%		6.86	%		4.56	%		—			8.44	%7
Russell Midcap® Growth Index8		22.97	%		26.60	%		7.63	%		4.93	%		6.94	%		7.68	%4

Sector weightings²:

Manager's discussion and analysis

Reflecting the strong performance of smaller stocks, the Turner Midcap Growth Fund, Investor Class Shares (TMGFX) gained 30.47% in the six-month period ended March 31. The fund outperformed the Russell Midcap^® Growth Index return of 22.97% by a substantial margin — 7.50 percentage points.

Stock selection was excellent: superior relative returns in nine of 10 sectors added value to the fund's results. Adding the most value were the information-technology, materials, and consumer-staples sectors, a 35% weighting. Semiconductor, data-networking, software, metals, mining, coffee-roasting, and supermarket stocks were notable contributors. A 1% position in utilities stocks, especially in the telecommunications industry, was the sole detractor from performance.

¹  Cash equivalent and short-term investment are not being considered a holding for the top five holdings, but are counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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.

⁴  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.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The inception date of the Turner Midcap Growth Fund (Institutional Class Shares) was June 16, 2008.

⁷  The inception date of the Turner Midcap Growth Fund (Retirement Class Shares) was September 24, 2001.

⁸  The Russell Midcap^® Growth Index is a capitalization-weighted (companies with larger market capitalizations have more influence than those with smaller market capitalizations) index of the 800 smallest U.S. companies out of the 1,000 largest companies with higher growth rates and price-to-book ratios.

⁹  Cash equivalent includes short-term investment held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

Amounts designated as "—" are not applicable.

TURNER FUNDS 2011 SEMIANNUAL REPORT 17

INVESTMENT REVIEW

Turner Small Cap Growth Fund

Fund profile

March 31, 2011

^g  Ticker symbol TSCEX

^g  CUSIP #900297300

^g  Top five holdings¹

  (1) TIBCO Software

  (2) Cooper

  (3) Sotheby's

  (4) HealthSouth

  (5) Genesee & Wyoming, Cl A

^g  % in five largest holdings 5.5%²

^g  Number of holdings 138¹

^g  Price/earnings ratio 21.7

^g  Weighted average market capitalization $2.10 billion

^g  % of holdings with positive earnings surprises 67.2%

^g  % of holdings with negative earnings surprises 29.9%

^g  Net assets $345 million

Growth of a $10,000 investment in the
Turner Small Cap Growth Fund:
September 30, 2000-March 31, 2011³

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Three years			Five years			10 years			Since inception
Turner Small Cap Growth Fund4		30.24	%		32.29	%		10.35	%		4.90	%		7.62	%		12.16	%
Russell 2000® Growth Index5		27.93	%		31.04	%		10.16	%		4.34	%		6.44	%		6.29	%

Sector weightings²:

Manager's discussion and analysis

Good stock selection, especially in the larger market sectors, and strong performance by small-cap stocks propelled the Turner Small Cap Growth Fund (TSCEX) to a 30.24% return in the six-month period ended March 31. The fund's results represented a margin of outperformance of 2.31 percentage points over the index, the Russell 2000^® Growth Index, which gained 27.93%.

Seven of the fund's nine sector positions beat their index-sector counterparts. The fund's consumer-discretionary, information-technology, and health-care stocks, a 53% weighting, performed best in relative terms. Winners included cosmetics, mattress, electrical-supply, restaurant, photographic-services, digital-networking, wireless-communications, semiconductor, software, information-systems, health-benefits, vision-care, and drug-services stocks. A 5% position in financials stocks, particularly investment-bank, investment-management, and securities-trading services shares, were a drag on performance.

¹  Cash equivalent and short-term investment are not being considered a holding for the top five holdings, but are counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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.

⁴  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁵  The Russell 2000^® Growth Index is a widely-recognized, capitalization-weighted (companies with larger market capitalizations have more influence than those with smaller market capitalizations) index of the 2,000 smallest U.S. companies out of the 3,000 largest U.S. companies with higher growth rates and price-to-book ratios.

⁶  Cash equivalent includes short-term investment held as collateral for securities lending activity. Please see Note 11 in Notes to Financial Statements for more detailed information.

Cl — Class

18 TURNER FUNDS 2011 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Quantitative Broad Market Equity Fund

Fund profile

March 31, 2011

^g  Ticker symbol TBMEX

  Institutional Class Shares

^g  CUSIP #900297730

  Institutional Class Shares

^g  Top five holdings¹

  (1) Apple

  (2) General Electric

  (3) International Business Machines

  (4) Williams

  (5) Caterpillar

^g  % in five largest holdings 9.5%²

^g  Number of holdings 109¹

^g  Price/earnings ratio 14.7

^g  Weighted average market capitalization $69.75 billion

^g  % of holdings with positive earnings surprises 82.4%

^g  % of holdings with negative earnings surprises 16.7%

^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, 2011³

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Since inception
Turner Quantitative Broad Market Equity Fund, Institutional Class Shares4		19.29	%		14.41	%		2.95	%
Turner Quantitative Broad Market Equity Fund, Investor Class Shares4		19.24	%		14.10	%		2.72	%
Russell 3000® Index5		18.71	%		17.41	%		4.38	%
S&P 500 Index6		17.31	%		15.65	%		3.61	%

Sector weightings²:

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 19.29%. That return was good enough to outdistance the Russell 3000^® Index and the S&P 500 Index by 0.58 and 1.98 percentage points, respectively.

The fund's proprietary quantitative model selected stocks that did well in relative terms in seven of the 10 market sectors. Utilities and industrials stocks, a 14% weighting, enhanced performance to the greatest degree. Winners here included telecommunications, electric-utility, industrial-equipment, and heavy-equipment shares. Hurting results the most were energy and consumer-staples stocks, which represented 18% of the portfolio; energy-exploration, energy-services, convenience-store, and food-processing stocks were among the detractors.

¹  Cash equivalent is not being considered a holding for the top five holdings, but is counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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 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.

⁴  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁵  The Russell 3000^® Index is a widely-recognized, market value-weighted (higher market value stocks have more influence than lower market value stocks) index of 3000 stocks that reflect the overall equity market's performance.

⁶  The S&P 500 Index is a widely-recognized, market value-weighted (higher market value stocks have more influence than lower market value stocks) index of 500 stocks designed to mimic the overall equity market's industry weightings.

TURNER FUNDS 2011 SEMIANNUAL REPORT 19

INVESTMENT REVIEW

Turner Quantitative Large Cap Value Fund

Fund profile

March 31, 2011

^g  Ticker symbol TLVFX

  Institutional Class Shares

^g  CUSIP #900297821

  Institutional Class Shares

^g  Top five holdings¹

  (1) AT&T

  (2) JPMorgan Chase

  (3) Berkshire Hathaway, Cl B

  (4) Verizon Communications

  (5) Chevron

^g  % in five largest holdings 13.8%²

^g  Number of holdings 85¹

^g  Price/earnings ratio 13.1

^g  Weighted average market capitalization $62.47 billion

^g  % of holdings with positive earnings surprises 72.6%

^g  % of holdings with negative earnings surprises 23.8%

^g  Net assets $0.8 million, Institutional Class Shares

Growth of a $25,000 investment in the
Turner Quantitative Large Cap Value Fund,
Institutional Class Shares:
October 10, 2005-March 31, 2011^3,4

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Three years			Five years			Since inception
Turner Quantitative Large Cap Value Fund, Institutional Class Shares5		16.21	%		12.49	%		-1.80	%		0.79	%		2.56	%4
Turner Quantitative Large Cap Value Fund, Investor Class Shares5		15.99	%		12.13	%		—			—			10.14	%6
Russell 1000® Value Index6		17.68	%		15.15	%		0.60	%		1.38	%		3.30	%4

Sector weightings²:

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 16.21%. That return trailed the Russell 1000^® Value Index's 17.68% gain by 1.47 percentage points.

The fund's proprietary quantitative model selected stocks that did relatively well in three of the 10 market sectors: health care, consumer staples, and industrials, a 29% weighting. The best performers in those sectors included medical-equipment, health-services, beverage, and industrial-equipment shares. Utilities, energy, and consumer-discretionary holdings, representing 29% of the portfolio, impaired results the most; electric-utility, telecommunications, petroleum, natural-gas, energy-services, e-commerce, apparel, and automotive stocks were among the detractors.

¹  Cash equivalent is not being considered a holding for the top five holdings, but is counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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 the difference in fees.

⁴  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.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The inception date of the Turner Quantitative Large Cap Value Fund (Investor Class Shares) was October 31, 2008.

⁶  The Russell 1000^® Value Index measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values.

Cl — Class

Amounts designated as "—" are not applicable.

20 TURNER FUNDS 2011 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Global Opportunities Fund

Fund profile

March 31, 2011

^g  Ticker symbol TGLBX

  Institutional Class Shares

^g  CUSIP #900297623

  Institutional Class Shares

^g  Top five holdings¹

  (1) Apple

  (2) Valeant Pharmaceuticals International

  (3) Las Vegas Sands

  (4) ASML Holding, NY Shares

  (5) Walter Energy

^g  % in five largest holdings 23.7%²

^g  Number of holdings 30¹

^g  Price/earnings ratio 20.0

^g  Weighted average market capitalization $47.58 billion

^g  % of holdings with positive earnings surprises 69.0%

^g  % of holdings with negative earnings surprises 13.8%

^g  Net assets $1 million, Institutional Class Shares

Growth of a $250,000 investment in the
Turner Global Opportunities Fund,
Institutional Class Shares:
May 7, 2010-March 31, 2011³

Cumulative total returns (Periods ended March 31, 2011)

	Six months (not annualized)			Since inception4
Turner Global Opportunities Fund, Institutional Class Shares5		23.26	%		42.00	%
Turner Global Opportunities Fund, Investor Class Shares5		23.13	%		41.60	%
MSCI World Growth Index6		14.33	%		28.66	%
MSCI World Index7		14.42	%		27.03	%

Sector weightings²:

Manager's discussion and analysis

Exceptionally strong performance in two sectors was enough to provide the Turner Global Opportunities Fund, Institutional Class Shares (TGLBX) with the push to outpace its benchmark in the six-month period ended March 31. The fund gained 23.26%, a return that beat the 14.33% and 14.42% returns of its benchmarks, the MSCI World Growth Index and the MSCI World Index by 8.93 and 8.84 percentage points, respectively.

The big sector outperformers, health care and industrials, accounted for 23% of the fund's holdings. Among the winners in those two sectors were pharmaceutical, biotechnology, medical-device, metals, and mining stocks. The primary detractors from results were the fund's information-technology and financials positions, a 48% weighting. Underperformers here included software, semiconductor, insurance, and securities-exchange stocks.

¹  Cash equivalent is not being considered a holding for the top five holdings, but is counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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 Global Opportunities Fund was May 7, 2010. Performance of the Institutional and Investor Class Shares will differ due to differences in fees.

⁴  Cumulative returns, not annualized.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The MSCI World Growth Index measures the performance of growth stocks in developed countries throughout the world. The index includes reinvestment of dividends, net of foreign withholding taxes.

⁷  The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

NY — New York

TURNER FUNDS 2011 SEMIANNUAL REPORT 21

INVESTMENT REVIEW

Turner International Growth Fund
(formerly Turner International Core Growth Fund)

Fund profile

March 31, 2011

^g  Ticker symbol TICGX

  Institutional Class Shares

^g  CUSIP #900297771

  Institutional Class Shares

^g  Top five holdings¹

  (1) BHP Billiton

  (2) Nestle

  (3) Rio Tinto

  (4) HSBC Holdings

  (5) BG Group

^g  % in five largest holdings 12.3%²

^g  Number of holdings 74¹

^g  Price/earnings ratio 15.2

^g  Weighted average market capitalization $48.47 billion

^g  % of holdings with positive earnings surprises 39.7%

^g  % of holdings with negative earnings surprises 19.2%

^g  Net assets $6 million, Institutional Class Shares

Growth of a $250,000 investment in the
Turner International Growth Fund,
Institutional Class Shares:
January 31, 2007-March 31, 2011^3,4

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Three years			Since inception
Turner International Growth Fund, Institutional Class Shares5		22.79	%		28.24	%		1.76	%		4.61	%4
Turner International Growth Fund, Investor Class Shares5		22.67	%		27.99	%		—			30.46	%6
MSCI World ex-U.S. Growth Index7		11.40	%		14.16	%		-1.70	%		0.70	%4

Sector weightings²:

Manager's discussion and analysis

Substantially outdoing the rising international stock market in the six months ended March 31, the Turner International Growth Fund, Institutional Class Shares (TICGX), formerly the Turner International Core Growth Fund, gained 22.79%. The fund outperformed the return for its benchmark, the MSCI World ex-U.S. Growth Index, by 11.39 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 financials, industrials, and consumer-discretionary sectors, which accounted for a 34% weighting. Insurance, investment-management, industrial-equipment, Internet, hotel, and e-commerce stocks performed best. Conversely, energy shares, which constituted 6% of the portfolio, impaired performance the most. Energy-production and energy-services stocks in particular produced subpar returns.

¹  Cash equivalent is not being considered a holding for the top five holdings, but is counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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 the difference in fees.

⁴  The inception date of the Turner International Growth Fund (Institutional Class Shares) was January 31, 2007. Index returns are based on Institutional Class Shares inception date.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The inception date of the Turner International Growth Fund (Investor Class Shares) was October 31, 2008.

⁷  The MSCI World Growth ex-U.S. Growth Index is a market capitalization weighted index (companies with larger market capitalizations have more influence than those with smaller market capitalizations) designed to measure the combined equity market performance of developed and emerging markets countries, excluding the United States.

Amounts designated as "—" are not applicable.

22 TURNER FUNDS 2011 SEMIANNUAL REPORT

INVESTMENT REVIEW

Turner Small Cap Equity Fund

Fund profile

March 31, 2011

^g  Ticker symbol TSEIX

  Investor Class Shares

^g  CUSIP #87252R714

  Investor Class Shares

^g  Top five holdings¹

  (1) Titan International

  (2) OmniVision Technologies

  (3) HealthSouth

  (4) TPC Group

  (5) SVB Financial Group

^g  % in five largest holdings 9.9%²

^g  Number of holdings 88¹

^g  Price/earnings ratio 16.8

^g  Weighted average market capitalization $1.73 billion

^g  % of holdings with positive earnings surprises 70.1%

^g  % of holdings with negative earnings surprises 21.8%

^g  Net assets $6 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, 2011^3,4

Average annual total returns (Periods ended March 31, 2011)

	Six months (not annualized)			One year			Three years			Five years			Since inception
Turner Small Cap Equity Fund, Institutional Class Shares5		29.26	%		31.63	%		—			—			33.02	%6
Turner Small Cap Equity Fund, Investor Class Shares5		29.07	%		31.21	%		4.71	%		-0.16	%		8.09	%4
Russell 2000® Index7		25.48	%		25.79	%		8.57	%		3.35	%		7.61	%4

Sector weightings²:

Manager's discussion and analysis

In a robust market for small-cap stocks, the Turner Small Cap Equity Fund, Investor Class Shares (TSEIX) rose 29.07% in the six-month period ended March 31. The fund's return exceeded the Russell 2000^® Index's 25.48% gain by 3.59 percentage points.

The fund is invested in both growth and value stocks, and its growth holdings generally outperformed its value holdings. Six of the fund's eight sector positions beat their corresponding index sectors. The greatest degree of outperformance was supplied by information-technology and consumer-discretionary stocks, which represented 31% of the portfolio. Winners included digital-graphics, software, image-sensor, information-systems, laser, retail, and food-processing shares. A 23% position in health-care and materials stocks hurt results the most; specifically, health-care services, diagnostic-test, and metals holdings produced disappointing results.

¹  Cash equivalent is not being considered a holding for the top five holdings, but is counted in the number of holdings. The fund composition is subject to change.

²  Percentages based on total investments.

³  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 the difference in fees.

⁴  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.

⁵  Fee waivers are in effect; if they had not been in effect, performance would have been lower.

⁶  The inception date of the Turner Small Cap Equity Fund (Institutional Class Shares) was February 1, 2009.

⁷  The Russell 2000^® Index is a widely-recognized, market value-weighted (higher market value stocks have more influence than lower market value stocks) index of 2000 stocks that reflects the performance of the smallest 2,000 companies in the Russell 3000^® Index. The Russell 3000^® Index is designed to depict the overall equity market's performance.

Amounts designated as "—" are not applicable.

TURNER FUNDS 2011 SEMIANNUAL REPORT 23

FINANCIAL STATEMENTS

Schedule of investments

Turner Market Neutral Fund

March 31, 2011

	Shares		Value (000)
Common stock—86.6%
Consumer discretionary—9.4%
CarMax*^		1,740	$	56
Home Depot^		1,700		63
Interpublic Group of Cos.		5,670		71
Las Vegas Sands*		1,500		63
Stanley Black & Decker		900		69
Total Consumer discretionary				322
Energy—9.8%
Ensco SP ADR		2,340		136
James River Coal*^		2,740		66
Northern Oil & Gas*		2,590		69
Swift Energy*^		1,520		65
Total Energy				336
Financials—13.9%
ACE^		2,160		140
Arch Capital Group*^		1,420		141
Charles Schwab		7,170		129
Fifth Third Bancorp		4,730		66
Total Financials				476
Health care—15.4%
Cubist Pharmaceuticals*		2,750		70
HCA Holdings*		1,900		64
Medtronic^		3,180		125
Perrigo		920		73
United Therapeutics*^		920		62
Universal Health Services, Cl B^		1,340		66
Zimmer Holdings*		1,090		66
Total Health care				526
Industrials—10.0%
Caterpillar^		1,210		135
Donaldson^		1,160		71
Equifax^		1,710		67
Flowserve		530		68
Total Industrials				341
Information technology—15.8%
Akamai Technologies*		1,760		67
Google, Cl A*^		225		132
Rubicon Technology*		2,540		70
Salesforce.com*		1,010		135

	Shares		Value (000)
Synchronoss Technologies*		2,060	$	71
Tekelec*		7,730		63
Total Information technology				538
Materials—12.3%
Air Products & Chemicals^		760		68
CF Industries Holdings		520		71
International Flavors & Fragrances		1,120		70
Martin Marietta Materials		1,590		142
Nalco Holding		2,530		69
Total Materials				420
Total Common stock (Cost $2,849)				2,959
Cash equivalent—0.1%
BlackRock TempCash Fund, Institutional Shares, 0.000%**^		4,020		4
Total Cash equivalent (Cost $4)				4
Total Investments—86.7% (Cost $2,853)			$	2,963

As of March 31, 2011, 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 $3,417.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  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

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

24 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of securities sold short

Turner Market Neutral Fund

March 31, 2011

	Shares		Value (000)
Common stock—83.6%
Consumer discretionary—11.3%
Advance Auto Parts		890	$	58
Chipotle Mexican Grill*		500		136
Lamar Advertising, Cl A*		1,870		69
Lowe's		2,350		62
VF		620		61
Total Consumer discretionary				386
Consumer staples—2.0%
Kimberly-Clark		1,040		68
Total Consumer staples				68
Energy—10.2%
Arch Coal		1,910		69
Berry Petroleum, Cl A		1,440		73
Continental Resources*		980		70
Noble		2,970		135
Total Energy				347
Financials—13.4%
Bank of America		4,600		61
Chubb		2,230		137
Northern Trust		1,270		64
Travelers		2,230		133
Wells Fargo		2,030		64
Total Financials				459
Health care—11.1%
AstraZeneca ADR		2,580		119
Becton Dickinson		840		67
QIAGEN*		3,130		63
STERIS		3,730		129
Total Health care				378
Industrials—11.8%
ABB SP ADR		5,820		141
C.R. Bard		700		70
General Electric		3,260		65
Masco		4,750		66
W.W. Grainger		450		62
Total Industrials				404

	Shares		Value (000)
Information technology—11.6%
Fiserv*		970	$	61
Intuit*		1,290		68
NetApp*		1,350		65
Telefonaktiebolaget LM Ericsson SP ADR		5,410		70
VMware, Cl A*		810		66
Xilinx		2,080		68
Total Information technology				398
Materials—10.2%
Mosaic		850		67
Praxair		680		69
Sigma-Aldrich		1,070		68
Vulcan Materials		3,130		144
Total Materials				348
Telecommunication services—2.0%
SBA Communications, Cl A*		1,770		70
Total Telecommunication services				70
Total Common stock (Proceeds $2,805)				2,858
Total Securities sold short—83.6% (Proceeds $2,805)			$	2,858

As of March 31, 2011, 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 $3,417.**

  *  Non-income producing security.

  **  This number is listed in thousands.

ADR — American Depositary Receipt

Cl — Class

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 25

FINANCIAL STATEMENTS

Schedule of investments

Turner Medical Sciences Long/Short Fund

March 31, 2011

	Shares		Value (000)
Common stock—37.5%
Biotechnology—8.4%
Achillion Pharmaceuticals*		2,480	$	18
Amarin ADR*		4,590		34
Cubist Pharmaceuticals*		2,900		73
Medivation*		2,220		41
Momenta Pharmaceuticals*		1,580		25
Onyx Pharmaceuticals*		660		23
QLT*		10,060		70
Regeneron Pharmaceuticals*		870		39
Savient Pharmaceuticals*		3,770		40
Targacept*		1,580		42
United Therapeutics*		510		34
Total Biotechnology				439
Health care equipment & supplies—3.6%
Arthrocare*		1,340		45
Medtronic		1,540		60
Smith & Nephew		7,150		81
Total Health care equipment & supplies				186
Health care providers & services—8.0%
AMERIGROUP*		940		60
AmerisourceBergen, Cl A		1,830		72
Chemed		690		46
HealthSouth*		1,280		32
Healthspring*		870		33
MEDNAX*		490		33
Tenet Healthcare*		9,630		72
UnitedHealth Group		1,470		66
Total Health care providers & services				414
Life sciences tools & services—0.5%
PerkinElmer		940		25
Total Life sciences tools & services				25
Pharmaceuticals—17.0%
Allergan		1,920		136
Bayer		626		49
HCA Holdings*		2,600		88
Jazz Pharmaceuticals*		3,080		98
Perrigo		570		45
Pfizer		4,600		94
Questcor Pharmaceuticals*		2,300		33
Shire ADR		810		71

	Shares		Value (000)
Valeant Pharmaceuticals International		1,612	$	80
Watson Pharmaceuticals*		2,410		135
Zimmer Holdings*		890		54
Total Pharmaceuticals				883
Total Common stock (Cost $1,863)				1,947
Cash equivalent—52.5%
BlackRock TempCash Fund, Institutional Shares, 0.000%**^		2,722,885		2,723
Total Cash equivalent (Cost $2,723)				2,723
Total Investments—90.0% (Cost $4,586)			$	4,670

As of March 31, 2011, 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 $5,190.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  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

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

26 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of securities sold short

Turner Medical Sciences Long/Short Fund

March 31, 2011

	Shares		Value (000)
Common stock—22.7%
Biotechnology—8.8%
BioTime*		3,110	$	23
Curis*		7,950		26
Cytori Therapeutics*		3,130		25
Human Genome Sciences*		2,310		63
ImmunoGen*		6,760		61
Life Technologies*		1,140		59
Mesoblast*		5,100		38
Oncolytics Biotech*		5,120		30
QIAGEN*		1,430		29
Sangamo BioSciences*		9,340		78
Sequenom*		2,200		14
Synta Pharmaceuticals*		2,440		13
Total Biotechnology				460
Commercial services & supplies—1.3%
Stericycle*		770		68
Total Commercial services & supplies				68
Health care equipment & supplies—7.0%
Boston Scientific*		4,960		36
C.R. Bard		1,350		134
IDEXX Laboratories*		1,030		80
Patterson		2,180		70
Thoratec*		1,700		44
Total Health care equipment & supplies				364
Life sciences tools & services—1.1%
Pharmaceutical Product Development		1,240		34
Techne		350		25
Total Life sciences tools & services				59

	Shares		Value (000)
Pharmaceuticals—4.4%
AstraZeneca ADR		1,370	$	62
Auxilium Pharmaceuticals*		640		14
Genomma Lab Internacional, Cl B*		24,980		57
Opko Health*		6,060		23
Salix Pharmaceuticals*		910		32
ViroPharma*		1,200		24
VIVUS*		2,920		18
Total Pharmaceuticals				231
Total Common stock (Proceeds $1,171)				1,180
Total Securities sold short—22.7% (Proceeds $1,171)			$	1,180

As of March 31, 2011, 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 $5,190.**

  *  Non-income producing security.

  **  This number is listed in thousands.

ADR — American Depositary Receipt

Cl — Class

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 27

FINANCIAL STATEMENTS

Schedule of investments

Turner Spectrum Fund

March 31, 2011

	Shares		Value (000)
Common stock—66.4%
Consumer discretionary—9.1%
Abercrombie & Fitch, Cl A		15,690	$	921
Bwin.Party Digital Entertainment*		198,130		636
CarMax*		25,220		810
Chico's FAS		27,590		411
Children's Place Retail Stores*		24,640		1,228
CROCS*		77,250		1,378
CyberAgent		230		810
Daimler*		6,462		458
Deckers Outdoor*		3,290		284
Exceed*		79,240		589
Ford Motor*		32,980		492
Fossil*		11,300		1,058
Home Depot		45,360		1,681
Interpublic Group of Cos.		224,530		2,822
Kohl's		17,150		910
Las Vegas Sands*		81,370		3,436
McDonald's		9,770		743
Modine Manufacturing*		16,560		267
Morgans Hotel Group*		25,610		251
Motorcar Parts of America*		38,800		543
NagaCorp		1,854,260		381
Nordstrom		15,450		693
O'Charley's*		90,090		538
OfficeMax*		114,080		1,476
Penn National Gaming*		18,720		694
RadioShack		32,330		485
Rakuten		410		369
Red Robin Gourmet Burgers*		26,920		724
Scientific Games, Cl A*		118,760		1,038
Signet Jewelers*		23,910		1,100
Stanley Black & Decker		21,590		1,654
Starbucks		27,290		1,008
Starwood Hotels & Resorts Worldwide		22,150		1,287
Steven Madden*		13,490		633
Swatch Group		4,115		1,820
TRW Automotive Holdings*		11,850		653
Viacom, Cl B		37,570		1,748
WMS Industries*		36,530		1,291
Total Consumer discretionary				37,320

	Shares		Value (000)
Consumer staples—1.2%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR		7,570	$	318
Cosan, Cl A		30,640		395
Green Mountain Coffee Roasters*		7,800		504
Hershey		12,150		660
Mead Johnson Nutrition, Cl A		8,810		510
Medifast*		35,050		692
SunOpta*		57,600		428
Walgreen		34,820		1,398
Total Consumer staples				4,905
Energy—8.5%
Anadarko Petroleum		13,650		1,118
Approach Resources*		20,160		677
Baker Hughes		14,740		1,082
BG Group		18,000		448
BreitBurn Energy Partners LP		32,310		702
Cabot Oil & Gas		9,800		519
Cameron International*		27,830		1,589
Cimarex Energy		12,060		1,390
Complete Production Services*		16,870		537
Concho Resources*		18,920		2,030
CVR Energy*		11,600		269
Dawson Geophysical*		5,450		239
Devon Energy		5,460		501
Dril-Quip*		3,240		256
El Paso		34,630		623
Energy XXI (Bermuda)*		16,170		551
Ensco SP ADR		60,100		3,476
Gulf Island Fabrication		6,140		198
Helmerich & Payne		3,640		250
Hyperdynamics*		24,530		113
International Coal Group*		134,670		1,522
James River Coal*		98,270		2,375
Key Energy Services*		28,970		451
Kinder Morgan*		35,000		1,037
Marathon Oil		58,940		3,142
Nabors Industries*		20,920		636
Northern Oil & Gas*		125,520		3,351
Peabody Energy		7,010		504
Petrohawk Energy*		42,520		1,044
Petrominerales		15,468		586
Plains Exploration & Products*		11,230		407

28 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
PT Adaro Energy		969,680	$	245
Schlumberger		5,670		529
Stone Energy*		12,910		431
Straits Asia Resources		111,250		222
Swift Energy*		37,650		1,607
Tidewater		6,710		402
Total Energy				35,059
Financials—10.3%
ACE		47,560		3,077
Affiliated Managers Group*		7,290		797
AIA Group*		430,940		1,327
AON		45,010		2,384
Arch Capital Group*		20,960		2,079
Bank of Nova Scotia		8,120		499
Bank of the Ozarks		7,770		340
Brasil Insurance Participacoes e Administracao*		775		855
Capital One Financial		7,320		380
CB Richard Ellis Group, Cl A*		19,540		522
Charles Schwab		155,480		2,803
China Minsheng Banking, Cl H		943,887		868
China Pacific Insurance Group, Cl H		123,251		518
CIT Group*		16,500		702
Citigroup*		796,330		3,520
Discover Financial Services		95,350		2,300
DnB NOR ASA		39,754		610
East West Bancorp		35,040		770
Fifth Third Bancorp		133,830		1,858
FPIC Insurance Group*		7,010		266
Horace Mann Educators		39,760		668
IntercontinentalExchange*		3,450		426
Invesco		65,350		1,670
Jardine Lloyd Thompson Group		53,460		593
Kilroy Realty		9,070		352
KKR		41,200		676
Lazard, Cl A		19,970		830
M&T Bank		5,620		497
MarketAxess Holdings		15,240		369
MF Global Holdings*		163,940		1,357
Moody's		19,490		661
NYSE Euronext		69,500		2,444
Ocwen Financial*		67,220		741
RenaissanceRe Holdings		31,360		2,164

	Shares		Value (000)
Standard Chartered		15,393	$	399
T. Rowe Price Group		7,710		512
Texas Capital Bancshares*		21,467		558
Tokio Marine Holdings		6,900		185
U-Store-It Trust		29,960		315
Unum Group		13,880		364
Total Financials				42,256
Health care—13.6%
Achillion Pharmaceuticals*		77,410		553
Alexion Pharmaceuticals*		4,390		433
Allergan		39,300		2,791
Amarin ADR*		98,984		723
AMERIGROUP*		10,330		664
AmerisourceBergen, Cl A		41,130		1,627
Arthrocare*		30,420		1,014
Bayer		6,919		538
Catalyst Health Solutions*		8,450		473
Charles River Laboratories International*		10,590		406
Chemed		7,770		518
Cubist Pharmaceuticals*		145,000		3,660
DepoMed*		76,440		767
Express Scripts*		9,360		520
Gilead Sciences*		13,390		568
HCA Holdings*		114,010		3,861
HealthSouth*		39,460		986
Healthspring*		15,670		586
Hypermarcas*		56,830		749
Illumina*		8,800		617
IPC Hospitalist*		7,200		327
Jazz Pharmaceuticals*		43,190		1,376
McKesson		9,470		749
Medivation*		52,350		976
MEDNAX*		5,160		344
Medtronic		63,270		2,490
Molina Healthcare*		24,490		980
Momenta Pharmaceuticals*		31,710		503
Onyx Pharmaceuticals*		7,290		256
PerkinElmer		9,860		259
Perrigo		20,020		1,592
Pfizer		50,910		1,034
QLT*		235,038		1,633
Questcor Pharmaceuticals*		25,520		368
Regeneron Pharmaceuticals*		9,040		406

TURNER FUNDS 2011 SEMIANNUAL REPORT 29

FINANCIAL STATEMENTS

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
Savient Pharmaceuticals*		81,070	$	859
Shire ADR		22,050		1,920
Smith & Nephew		185,160		2,088
Smith & Nephew SP ADR		7,480		422
Targacept*		36,420		968
Tenet Healthcare*		260,510		1,941
United Therapeutics*		19,080		1,279
UnitedHealth Group		27,260		1,232
Universal Health Services, Cl B		50,740		2,507
Valeant Pharmaceuticals International		31,530		1,570
Vermillion*		17,730		82
Watson Pharmaceuticals*		49,470		2,771
Zimmer Holdings*		47,430		2,871
Total Health care				55,857
Industrials—5.3%
Caterpillar^		30,660		3,414
Chart Industries*		8,080		445
Commercial Vehicle Group*		7,600		136
Cummins		4,600		504
Danaher		14,680		762
Deere		6,880		667
Donaldson		16,820		1,031
Equifax		43,420		1,687
FedEx		4,230		396
First Solar*		9,160		1,473
Flowserve		7,790		1,003
Greenbrier*		72,706		2,063
Komatsu SP ADR		18,200		619
Manpower		8,350		525
Middleby*		7,623		711
Owens Corning*		44,820		1,613
Parker Hannifin		17,090		1,618
Precision Castparts		3,460		509
Siemens		4,830		662
Union Pacific		6,000		590
United Continental Holdings*		20,780		478
United Rentals*		18,540		617
Volvo, B Shares*		10,150		178
Total Industrials				21,701
Information technology—11.6%
Acme Packet*		17,120		1,215
Aeroflex Holding*		30,960		564

	Shares		Value (000)
Akamai Technologies*		26,580	$	1,010
Altera		14,310		630
Anaren*		30,380		611
Ancestry.com*		14,700		521
Apple*		5,020		1,749
Ariba*		24,050		821
ARM Holdings		39,130		361
ASML Holding, NY Shares*		34,340		1,528
Atmel*		37,840		516
Autodesk*		14,810		653
Baidu ADR*		3,800		524
Check Point Software Technologies*		20,510		1,047
Citrix Systems*		7,310		537
Comtech Telecommunications		19,930		542
Cypress Semiconductor*		29,040		563
Digimarc*^		46,900		1,355
EMC*		19,080		507
Entropic Communications*		27,280		230
Funtalk China Holdings*		79,070		514
Google, Cl A*		6,550		3,840
GSI Group*		116,070		1,195
HSW International*		86,648		275
Imagination Technologies Group*		67,050		462
Informatica*		8,680		453
InterDigital		16,130		770
JDS Uniphase*		27,130		565
Juniper Networks*		30,440		1,281
Kenexa*		34,240		945
Lam Research*		8,100		459
Limelight Networks*		130,320		933
MasterCard, Cl A		4,140		1,042
Micron Technology*		55,830		640
NXP Semiconductors*		20,900		627
OmniVision Technologies*		18,180		646
Omron		16,710		470
OpenTable*		4,750		505
Oracle		49,220		1,642
QLIK Technologies*		16,200		421
QUALCOMM		16,760		919
Rovi*		7,840		421
Rubicon Technology*		38,020		1,052
Salesforce.com*		18,680		2,495
SAVVIS*		12,780		474
SINA*		5,690		609

30 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
SuccessFactors*		12,860	$	503
SunPower, Cl A*		14,940		256
Synchronoss Technologies*		49,950		1,736
Tekelec*		116,310		944
Teradyne*		31,380		559
Texas Instruments		14,740		509
TIBCO Software*		19,520		532
Varian Semiconductor Equipment Associates*		30,880		1,503
VeriFone Systems*		19,514		1,072
WebMD Health*		11,500		614
ZTE, Cl H		68,290		318
Total Information technology				47,685
Materials—6.2%
African Minerals*		5,215		42
Air Products & Chemicals		11,450		1,033
AK Steel Holding		30,610		483
Arkema		5,220		474
Atlas Iron*		55,000		212
CF Industries Holdings		25,510		3,490
Chemtura*		147,820		2,543
China Molybdenum, H Shares		220,910		193
Cliffs Natural Resources		2,670		262
Consolidated Thompson Iron Mines		125,940		2,227
Fibria Celulose SP ADR*		33,410		549
First Quantum Minerals		3,030		392
Freeport-McMoRan Copper & Gold		9,040		502
Huntsman		29,150		507
International Flavors & Fragrances		16,640		1,037
Lake Shore Gold		94,035		397
LyondellBasell Industries NV, Cl A*		7,350		291
Maanshan Iron & Steel, H Shares		348,160		188
Martin Marietta Materials		23,620		2,118
Metals USA Holdings*		20,230		331
Molycorp*		6,220		373
Nalco Holding		38,260		1,045
Neo Material Technologies		12,302		118
North American Palladium*		61,200		397
OSAKA Titanium technologies		8,000		552

	Shares		Value (000)
Pan American Silver		10,520	$	391
Potash Corp. of Saskatchewan		39,270		2,314
Schnitzer Steel Industries, Cl A		7,480		486
Senomyx*		52,980		320
Shougang Concord International Enterprises*		1,983,940		273
Sims Metal Management		14,200		258
Temple-Inland		21,640		506
Titanium Metals*		37,460		696
United States Steel		8,810		475
Wacker Chemie		1,100		247
Total Materials				25,722
Telecommunication services—0.4%
Brasil Telecom ADR		25,790		696
Elephant Talk Communications*		58,790		153
NII Holdings*		12,090		504
Sprint Nextel*		41,000		190
Total Telecommunication services				1,543
Utilities—0.2%
Energen		8,090		511
Veolia Environnement ADR		17,180		535
Total Utilities				1,046
Total Common stock (Cost $255,461)				273,094
Exchange traded funds—0.4%
ETFS Palladium Trust		1,580		120
iShares Dow Jones U.S. Real Estate Index Fund^		16,070		955
PowerShares U.S. Dollar Index Bullish Fund		29,390		640
Total Exchange traded funds (Cost $1,559)				1,715
Exchange traded note—0.4%
iPath S&P 500 VIX Short-Term Futures ETN		54,910		1,612
Total Exchange traded note (Cost $1,784)				1,612

TURNER FUNDS 2011 SEMIANNUAL REPORT 31

FINANCIAL STATEMENTS

Schedule of investments

Turner Spectrum Fund

	Contracts/ Shares		Value (000)
Put option contracts—0.2%
Chipotle Mexican Grill, 6/11 at $260		98	$	142
iShares Russell 2000 Index Fund, 4/11 at $81		975		45
iShares Russell 2000 Index Fund, 5/11 at $80		1,748		231
Oil Services Holders Trust, 4/11 at $155		245		22
Panera Bread, 5/11 at $115		98		25
Range Resources, 5/11 at $55		333		65
SPDR Metals & Mining ETF, 4/11 at $72		293		23
SPDR S&P 500 ETF Trust, 4/11 at $124		831		17
SPDR S&P 500 ETF Trust, 6/11 at $120		352		44
SPDR S&P Retail ETF, 6/11 at $50		976		178
Under Armour, 4/11 at $70		146		45
Total Put option contracts (Cost $2,211)				837
Call option contracts—0.4%
Abercrombie & Fitch, 5/11 at $50		488		483
Las Vegas Sands, 6/11 at $40		1,838		910
Schlumberger, 5/11 at $85		205		202
Starwood Hotels & Resorts Worldwide, 5/11 at $58		239		76
United States Steel, 4/11 at $53		479		121
Total Call option contracts (Cost $1,641)				1,792
Cash equivalent—15.8%
BlackRock TempCash Fund, Institutional Shares, 0.000%**		65,233,269		65,233
Total Cash equivalent (Cost $65,233)				65,233
Total Investments—83.6% (Cost $327,889)			$	344,283

As of March 31, 2011, 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 $411,714.***

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

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  This number is listed in thousands.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

ETN — Exchange Traded Note

LP — Limited Partnership

NV — Naamloze Vennootschap

NY — New York

S&P — Standard & Poor's

SPDR — Standard & Poor's Depositary Receipt

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

32 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of securities sold short

Turner Spectrum Fund

March 31, 2011

	Shares		Value (000)
Common stock—34.7%
Consumer discretionary—5.9%
Adidas		7,729	$	487
Advance Auto Parts		12,990		852
Bally Technologies*		24,690		935
Carter's*		30,850		883
Chipotle Mexican Grill, Cl A*		17,100		4,658
DIRECTV, Cl A*		24,380		1,141
Dollar General*		32,680		1,025
Gentex		31,210		944
Lamar Advertising, Cl A*		56,380		2,083
Life Time Fitness*		7,730		288
Lowe's		52,590		1,390
Luxottica Group ADR		9,870		324
Marks & Spencer		71,981		389
Marriott International, Cl A		41,820		1,488
McGraw-Hill		7,980		314
Netflix*		2,700		641
P.F. Chang's China Bistro		33,300		1,538
Ross Stores		9,270		659
TJX		9,630		479
Toyota Motor SP ADR		7,070		567
Under Armour, Cl A*		9,670		658
VF		14,220		1,401
Wynn Macau		345,886		965
Total Consumer discretionary				24,109
Consumer staples—0.8%
Coca-Cola		9,300		254
Colgate-Palmolive		6,320		510
Kimberly-Clark		15,570		1,016
Nu Skin Enterprises, Cl A		12,820		369
Wal-Mart Stores		23,140		1,205
Total Consumer staples				3,354
Energy—4.2%
Apache		3,160		414
Arch Coal		28,505		1,027
Berry Petroleum, Cl A		36,110		1,822
Bill Barrett*		13,530		540
Cameco		6,250		188
CARBO Ceramics		3,700		522
Comstock Resources*		13,480		417
Continental Resources*		14,620		1,045
Denbury Resources*		25,340		618

	Shares		Value (000)
FMC Technologies*		4,200	$	397
Halliburton		7,590		378
Murphy Oil		5,940		436
Niko Resources		6,160		591
Noble		69,520		3,172
Paladin Energy		98,600		369
Patterson-UTI Energy		14,060		413
Penn Virginia		20,930		355
Royal Dutch Shell ADR		8,190		597
SM Energy		3,370		250
Southwestern Energy*		7,510		323
Transocean*		8,860		691
Ultra Petroleum*		30,890		1,521
Ur-Energy*		46,290		76
Weatherford International*		41,800		945
Total Energy				17,107
Financials—6.2%
AMB Property		11,460		412
Associated Banc-Corp		41,040		609
Banco Santander Chile ADR		7,350		638
Bank of America		171,250		2,283
Bank of New York Mellon		34,490		1,030
China Merchants Bank, H Shares		223,030		618
Chubb		32,640		2,001
Compartamos*		238,432		430
Everest Re Group		6,600		582
First Niagara Financial Group		33,010		448
Franklin Resources		5,470		684
FXCM, Cl A		41,820		545
Green Dot, Cl A*		13,680		587
HCP		10,360		393
Investment Technology Group*		107,730		1,960
Janus Capital Group		36,840		459
Legg Mason		38,280		1,382
Northern Trust		64,440		3,270
Ping An Insurance Group of China, H Shares		49,397		501
Piper Jaffray*		9,720		403
Principal Financial Group		13,670		439
St. Joe*		21,730		545
Travelers		58,120		3,457
Wells Fargo		45,030		1,427
Weyerhaeuser		20,110		495
Total Financials				25,598

TURNER FUNDS 2011 SEMIANNUAL REPORT 33

FINANCIAL STATEMENTS

Schedule of securities sold short

Turner Spectrum Fund

	Shares		Value (000)
Health care—4.3%
AMAG Pharmaceuticals*		600	$	10
AstraZeneca ADR		67,120		3,096
Auxilium Pharmaceuticals*		7,090		152
Becton Dickinson		12,600		1,003
BioTime*		34,810		259
Boston Scientific*		54,900		395
Curis*		88,000		286
Cytori Therapeutics*		34,700		272
Genomma Lab Internacional, Cl B*		442,610		1,001
Human Genome Sciences*		25,630		703
IDEXX Laboratories*		11,560		893
ImmunoGen*		74,930		680
Isis Pharmaceuticals*		20,804		188
Life Technologies*		12,700		666
Mesoblast*		53,700		403
Oncolytics Biotech ADR*		57,300		334
Opko Health*		64,270		240
Patterson		24,170		778
Pharmaceutical Product Development		13,720		380
QIAGEN*		61,350		1,230
Salix Pharmaceuticals*		10,090		353
Sangamo BioSciences*		103,600		863
Sequenom*		24,450		155
STERIS		54,270		1,874
Synta Pharmaceuticals*		25,430		134
Techne		3,900		279
Thoratec*		30,448		789
ViroPharma*		13,170		262
VIVUS*		32,100		199
Total Health care				17,877
Industrials—3.3%
3M		12,620		1,180
ABB SP ADR		103,260		2,498
C.R. Bard		31,070		3,086
General Electric		72,950		1,463
Ingersoll-Rand		10,500		507
Kennametal		15,420		601
Masco		70,430		980
Quanta Services*		14,420		323
Stericycle*		8,630		765
Textron		28,550		782

	Shares		Value (000)
W.W. Grainger		9,730	$	1,340
Total Industrials				13,525
Information technology—6.1%
Adobe Systems*		15,550		516
ADTRAN		11,470		487
Broadridge Financial Solutions		19,980		453
Cymer*		22,250		1,259
Dell*		113,120		1,641
eBay*		19,670		611
Electronic Arts*		24,510		479
Fiserv*		26,310		1,650
FLIR Systems		15,120		523
Intersil, Cl A		33,940		423
Intuit*		25,860		1,373
Lexmark International*		13,850		513
Linear Technology		22,760		765
Logitech International*		23,430		425
Maxim Integrated Products		22,710		581
NetApp*		38,700		1,865
Novellus Systems*		18,640		692
ON Semiconductor*		42,890		423
Oplink Communications*		14,660		286
Qlogic*		25,250		468
RF Micro Devices*		64,490		413
Silicon Laboratories*		15,980		691
Skyworks Solutions*		11,360		368
Sohu.com*		4,320		386
Sourcefire*		23,770		654
STMicroelectronics, NY Shares		61,680		766
Synaptics*		14,330		387
Telefonaktiebolaget LM Ericsson SP ADR		170,710		2,195
TriQuint Semiconductor*		23,510		304
Tyler Technologies*		13,440		319
VMware, Cl A*		12,170		992
Xilinx		62,860		2,062
Total Information technology				24,970
Materials—3.0%
Acerinox		17,560		347
Akzo Nobel		7,410		509
Aluminum Corporation of China*		17,350		411
ArcelorMittal, NY Shares		21,680		784
Bemis		9,700		318

34 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of securities sold short

Turner Spectrum Fund

	Shares		Value (000)
Calgon Carbon*		24,580	$	390
Carpenter Technology		8,640		369
Coeur d'Alene Mines*		9,920		345
Inmet Mining		4,100		288
Kumba Iron Ore		6,350		449
Mosaic		26,580		2,093
Newmont Mining		8,380		457
Nucor		22,680		1,044
Praxair		10,220		1,038
Sigma-Aldrich		16,160		1,029
SSAB AB, A Shares		4,500		71
Taseko Mines*		54,100		321
Vulcan Materials		46,370		2,115
Total Materials				12,378
Telecommunication services—0.7%
American Tower*		9,790		507
Crown Castle International*		6,080		259
SBA Communications, Cl A*		41,960		1,665
Tele Norte Leste Participacoes ADR		33,680		590
Total Telecommunication services				3,021
Utilities—0.2%
Fair Isaac		26,320		832
Total Utilities				832
Total Common stock (Proceeds $139,959)				142,771
Exchange traded funds—7.2%
Financial Select Sector SPDR Fund		34,190		561
Industrial Select Sector SPDR Fund		68,410		2,578
iShares MSCI Emerging		23,180		1,129
iShares Russell 2000 Growth Index Fund		35,140		3,350
iShares Russell 2000 Growth Index Fund		35,190		2,962
Materials Select Sector SPDR Trust		103,460		4,142
Oil Service Holders Trust		1,380		227
Semiconductor HOLDRs Trust		42,830		1,482
SPDR Metals & Mining ETF		6,720		499
SPDR S&P 500 ETF Trust		42,470		5,627
SPDR S&P Homebuilders ETF		35,260		642
SPDR S&P Oil & Gas Exploration & Production ETF		39,510		2,548

	Shares		Value (000)
SPDR S&P Retail ETF		35,660	$	1,812
Vanguard Small-Cap Growth ETF		23,150		1,998
Total Exchange traded funds (Proceeds $27,987)				29,557
Total Securities Sold Short—41.9% (Proceeds $167,946)			$	172,328

As of March 31, 2011, 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 $411,714.**

  *  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 and Poor's

SPDR — Standard and Poor's Depositary Receipt

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 35

FINANCIAL STATEMENTS

Schedule of open options written

Turner Spectrum Fund

March 31, 2011

	Contracts		Value (000)
Written put options*—0.1%
Abercrombie & Fitch, 5/11 at $47		486	$	24
Chipotle Mexican Grill, 6/11 at $230		146		83
iShares Russell 2000 Index Fund, 5/11 at $74		1,226		56
Las Vegas Sands, 6/11 at $35		2,116		239
Panera Bread, 5/11 at $95		195		12
Schlumberger, 5/11 at $75		306		11
SPDR S&P Retail ETF, 6/11 at $45		1,707		108
Starwood Hotels & Resorts Worldwide, 5/11 at $53		359		41
Under Armour, 4/11 at $60		293		8
Total Written put options (Premiums received $1,124)				582
Written call options*—0.3%
Abercrombie & Fitch, 5/11 at $60		976		288
Chipotle Mexican Grill, 6/11 at $310		98		63
iShares Russell 2000 Index Fund, 4/11 at $84		975		141
Las Vegas Sands, 6/11 at $50		3,506		431
Panera Bread, 7/11 at $130		195		82
Schlumberger, 7/11 at $95		389		128
SPDR S&P Retail ETF, 6/11 at $52		976		135
Starwood Hotels & Resorts Worldwide, 5/11 at $65		248		17
Under Armour, 4/11 at $75		219		4
United States Steel, 4/11 at $58		489		29
Total Written call options (Premiums received $1,244)				1,318
Total Written option contracts (Premiums received $2,368)			$	1,900

As of March 31, 2011 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.

Percentages are based on Net Assets of $411,714.**

  *  Non-income producing security.

  **  This number is listed in thousands.

ETF — Exchange Traded Fund

S&P — Standard and Poor's

SPDR — Standard and Poor's Depositary Receipt

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

36 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Titan Fund

March 31, 2011

	Shares		Value (000)
Common stock—83.5%
Consumer discretionary—15.3%
Fossil*		450	$	42
Home Depot		1,660		62
Interpublic Group of Cos.		3,100		39
Las Vegas Sands*^		2,050		87
Scientific Games, Cl A*		4,930		43
Stanley Black & Decker		710		54
Starbucks		1,430		53
Starwood Hotels & Resorts Worldwide		1,080		63
Swatch Group		132		58
TRW Automotive Holdings*		960		53
Viacom, Cl B^		1,850		86
Total Consumer discretionary				640
Consumer staples—2.5%
Mead Johnson Nutrition, Cl A^		720		42
Walgreen^		1,560		62
Total Consumer staples				104
Energy—11.5%
Anadarko Petroleum		640		53
Baker Hughes^		710		52
Cabot Oil & Gas^		800		42
Cameron International*^		710		41
Concho Resources*^		770		83
Devon Energy^		450		41
Marathon Oil^		2,390		127
Peabody Energy		580		42
Total Energy				481
Financials—7.7%
AON^		870		46
Capital One Financial^		600		31
Citigroup*^		9,340		41
Discover Financial Services		1,730		42
IntercontinentalExchange*^		280		35
Invesco		2,430		62
NYSE Euronext		1,760		62
Total Financials				319

	Shares		Value (000)
Health care—7.7%
Allergan^		580	$	41
Express Scripts*		760		42
Gilead Sciences*		1,120		47
HealthSouth*		2,150		54
McKesson^		780		62
Shire ADR		230		20
Watson Pharmaceuticals*^		980		55
Total Health care				321
Industrials—11.3%
Caterpillar		520		58
Cummins		410		45
Deere		570		55
FedEx		350		33
Manpower		680		43
Parker Hannifin^		990		94
Precision Castparts		280		41
Siemens		390		53
Union Pacific^		490		48
Total Industrials				470
Information technology—24.2%
Acme Packet*^		720		51
Apple*^		180		63
ASML Holding, NY Shares*^		1,480		66
Atmel*		3,070		42
Autodesk*^		1,200		53
Baidu ADR*		310		43
Check Point Software Technologies*^		1,710		87
Citrix Systems*		590		43
EMC*		1,550		41
Google, Cl A*^		145		85
JDS Uniphase*		2,200		46
Juniper Networks*		1,570		66
Limelight Networks*		10,590		76
Oracle^		2,290		76
QUALCOMM^		1,370		75
Texas Instruments^		1,220		42
Varian Semiconductor Equipment Associates*^		1,090		53
Total Information technology				1,008

TURNER FUNDS 2011 SEMIANNUAL REPORT 37

FINANCIAL STATEMENTS

Schedule of investments

Turner Titan Fund

	Shares		Value (000)
Materials—3.3%
CF Industries Holdings^		550	$	75
Cliffs Natural Resources		220		22
Potash Corp. of Saskatchewan		720		42
Total Materials				139
Total Common stock (Cost $3,391)				3,482
Cash equivalent—8.0%
BlackRock TempCash Fund, Institutional Shares, 0.000%**^		331,893		332
Total Cash equivalent (Cost $332)				332
Total Investments—91.5% (Cost $3,723)			$	3,814

As of March 31, 2011, 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 $4,169.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  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

NY — New York

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

38 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of securities sold short

Turner Titan Fund

March 31, 2011

	Shares		Value (000)
Common stock—43.4%
Consumer discretionary—12.5%
Carter's*		1,510	$	43
Chipotle Mexican Grill*		230		63
DIRECTV, Cl A*		1,130		53
Dollar General*		1,340		42
Gentex		1,500		45
Lamar Advertising, Cl A*		1,190		44
Lowe's		1,520		40
Marriott International, Cl A		1,170		42
P.F. Chang's China Bistro		680		31
Toyota Motor SP ADR		570		46
VF		420		41
Wynn Macau		11,400		32
Total Consumer discretionary				522
Consumer staples—1.0%
Colgate-Palmolive		510		41
Total Consumer staples				41
Energy—2.4%
Berry Petroleum, Cl A		430		22
Ultra Petroleum*		860		42
Weatherford International*		1,690		38
Total Energy				102
Financials—5.0%
Bank of America		4,290		57
Investment Technology Group*		2,530		46
Legg Mason		1,220		44
Northern Trust		1,210		61
Total Financials				208
Health care—0.3%
Thoratec*		430		11
Total Health care				11
Industrials—4.9%
3M		450		42
C.R. Bard		470		47
General Electric		2,100		42
Ingersoll-Rand		860		42
Textron		1,230		34
Total Industrials				207
Information technology—14.3%
Adobe Systems*		1,270		42
Cymer*		940		53

	Shares		Value (000)
Dell*		2,810	$	41
FLIR Systems		1,240		43
Linear Technology		1,860		63
Logitech International*		1,960		36
NetApp*		690		33
Oplink Communications*		1,200		23
Silicon Laboratories*		1,300		56
Sourcefire*		1,930		53
STMicroelectronics, NY Shares		3,000		37
Telefonaktiebolaget LM Ericsson SP ADR		4,250		55
TriQuint Semiconductor*		1,910		25
Xilinx		1,070		35
Total Information technology				595
Materials—3.0%
ArcelorMittal, NY Shares		1,760		64
Mosaic		310		24
Nucor		800		37
Total Materials				125
Total Common stock (Proceeds $1,776)				1,811
Exchange traded funds—3.8%
SPDR S&P 500 Trust ETF		800		106
SPDR S&P Homebuilders ETF		2,860		52
Total Exchange traded funds (Proceeds $156)				158
Total Securities sold short—47.2% (Proceeds $1,932)			$	1,969

As of March 31, 2011 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 $4,169.**

  *  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

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 39

FINANCIAL STATEMENTS

Schedule of investments

Turner All Cap Growth Fund

March 31, 2011

	Shares		Value (000)
Common stock—98.4%†
Consumer discretionary—12.8%
Abercrombie & Fitch		33,050	$	1,940
Guess?		39,930		1,571
Las Vegas Sands*		50,710		2,141
Starwood Hotels & Resorts Worldwide		32,740		1,903
Total Consumer discretionary				7,555
Consumer staples—5.2%
Green Mountain Coffee Roasters* #		28,930		1,869
Whole Foods Market		18,370		1,211
Total Consumer staples				3,080
Energy—9.2%
Cameron International*		23,960		1,368
Cimarex Energy		16,920		1,950
Concho Resources*		19,640		2,107
Total Energy				5,425
Financials—9.9%
Citigroup*		431,080		1,905
IntercontinentalExchange*		11,340		1,401
Invesco		42,130		1,077
M&T Bank		16,510		1,461
Total Financials				5,844
Health care—13.8%
Alexion Pharmaceuticals*		20,610		2,034
AMERIGROUP*		19,940		1,281
AmerisourceBergen, Cl A		46,890		1,855
Illumina* #		24,480		1,715
United Therapeutics*		18,300		1,227
Total Health care				8,112
Industrials—2.4%
Cummins		12,860		1,410
Total Industrials				1,410
Information technology—40.7%
Aeroflex Holding*		65,538		1,194
Apple*		7,180		2,502
ASML Holding, NY Shares*		43,200		1,922
Baidu ADR*		11,990		1,652

	Shares		Value (000)
Broadcom, Cl A		43,490	$	1,713
Cypress Semiconductor*		89,780		1,740
Entropic Communications* #		228,210		1,928
F5 Networks*		17,210		1,765
Inphi*		56,810		1,194
Juniper Networks*		27,850		1,172
Netlogic Microsystems* #		41,250		1,733
Salesforce.com*		13,930		1,861
TIBCO Software*		78,400		2,136
Varian Semiconductor Equipment Associates*		30,550		1,487
Total Information technology				23,999
Materials—1.9%
Walter Energy		8,460		1,146
Total Materials				1,146
Telecommunication services—2.5%
Aruba Networks*		44,030		1,489
Total Telecommunication services				1,489
Total Common stock (Cost $46,202)				58,060
Cash equivalent—7.9%
BlackRock TempCash Fund, Institutional Shares, 0.000%** (1)		4,650,095		4,650
Total Cash equivalent (Cost $4,650)				4,650
Total Investments—106.3% (Cost $50,852)			$	62,710

As of March 31, 2011, 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 $58,968.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  This number is listed in thousands.

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

40 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner All Cap Growth Fund

  #  Security fully or partially on loan at March 31, 2011. The total value of securities on loan at March 31, 2011 was $3,843***. 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, 2011 was $3,920.***

ADR — American Depositary Receipt

Cl — Class

NY — New York

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 41

FINANCIAL STATEMENTS

Schedule of investments

Turner Concentrated Growth Fund

March 31, 2011

	Shares		Value (000)
Common stock—98.6%†
Consumer discretionary—9.1%
Las Vegas Sands*		72,000	$	3,040
Toll Brothers*		104,450		2,065
Total Consumer discretionary				5,105
Energy—9.2%
Anadarko Petroleum		31,250		2,560
Cimarex Energy		22,220		2,561
Total Energy				5,121
Financials—9.1%
Charles Schwab		141,890		2,558
Citigroup*		570,490		2,522
Total Financials				5,080
Health care—8.0%
Allergan		37,960		2,696
United Therapeutics*		25,850		1,732
Total Health care				4,428
Industrials—12.4%
Caterpillar		24,480		2,726
FedEx		18,150		1,698
Manpower		39,330		2,473
Total Industrials				6,897
Information technology—44.9%
Acme Packet*		40,030		2,841
Apple*		9,370		3,265
Broadcom, Cl A		56,040		2,207
Ciena* #		103,670		2,691
F5 Networks*		15,090		1,548
Google, Cl A*		4,850		2,843
Netlogic Microsystems*		50,880		2,138
NXP Semiconductors*		70,540		2,116
Salesforce.com*		22,140		2,957
SanDisk*		51,100		2,355
Total Information technology				24,961

	Shares		Value (000)
Materials—5.9%
CF Industries Holdings		11,900	$	1,628
Goldcorp		33,080		1,647
Total Materials				3,275
Total Common stock (Cost $45,503)				54,867
Cash equivalent—7.1%
BlackRock TempCash Fund, Institutional Shares, 0.000%** (1)		3,974,438		3,974
Total Cash equivalent (Cost $3,974)				3,974
Total Investments—105.7% (Cost $49,477)			$	58,841

As of March 31, 2011, 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 $55,647.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  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, 2011. The total value of securities on loan at March 31, 2011 was $2,651***. 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, 2011 was $2,703.***

Cl — Class

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

42 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Emerging Growth Fund

March 31, 2011

	Shares		Value (000)
Common stock—94.6%
Consumer discretionary—14.1%
7 Days Group Holdings ADR* #		228,170	$	4,627
Ann*		171,950		5,005
Asbury Automotive Group*		192,450		3,558
Body Central*		155,300		3,608
Buffalo Wild Wings*		123,710		6,734
California Pizza Kitchen*		263,770		4,452
Chico's FAS		79,020		1,177
Children's Place Retail Stores*		108,150		5,389
Cooper Tire & Rubber		171,280		4,410
Cracker Barrel Old Country Store		109,800		5,396
CROCS*		131,690		2,349
Deckers Outdoor*		181,410		15,630
DineEquity* #		59,140		3,252
Imax*		19,190		614
JOS. A. Bank Clothiers* #		117,350		5,971
Maidenform Brands*		52,980		1,514
Modine Manufacturing*		97,610		1,575
Stoneridge*		149,180		2,181
Ulta Salon, Cosmetics & Fragrance*		70,560		3,396
Vitamin Shoppe* #		106,760		3,612
Total Consumer discretionary				84,450
Consumer staples—5.1%
Boston Beer, Cl A*		44,870		4,156
Green Mountain Coffee Roasters* #		108,165		6,988
TreeHouse Foods*		163,057		9,273
United Natural Foods*		226,948		10,172
Total Consumer staples				30,589
Energy—10.1%
Approach Resources*		185,890		6,246
BreitBurn Energy Partners LP		99,440		2,161
Brigham Exploration*		231,265		8,598
Carrizo Oil & Gas*		142,448		5,261
GeoResources*		115,920		3,625
ION Geophysical*		424,420		5,386
James River Coal* #		160,620		3,882
Key Energy Services*		444,390		6,910
Lufkin Industries		59,520		5,563
Northern Oil & Gas*		154,580		4,127

	Shares		Value (000)
Rex Energy* #		219,440	$	2,557
Swift Energy*		140,890		6,013
Total Energy				60,329
Financials—1.7%
Harleysville Group		93,760		3,106
IBERIABANK		49,766		2,993
Radian Group		374,170		2,548
Umpqua Holdings		147,560		1,688
Total Financials				10,335
Health care—18.8%
Achillion Pharmaceuticals*		171,370		1,225
Amarin ADR*		391,330		2,857
AMERIGROUP*		213,270		13,703
Ardea Biosciences* #		77,100		2,212
Arthrocare*		164,180		5,474
Bio-Reference Laboratories* #		132,770		2,979
Catalyst Health Solutions*		187,115		10,465
Computer Programs & Systems		73,980		4,755
DexCom*		44,350		688
HeartWare International* #		13,940		1,192
HMS Holdings*		68,120		5,576
ICON ADR*		149,360		3,225
Impax Laboratories*		132,690		3,377
Medivation* #		131,070		2,443
Molina Healthcare*		211,573		8,463
NxStage Medical*		169,290		3,721
Orthofix International*		150,500		4,885
Parexel International*		192,484		4,793
Pharmasset*		72,450		5,703
PSS World Medical*		123,750		3,360
QLT*		91,725		638
Quality Systems #		66,583		5,549
Questcor Pharmaceuticals* #		272,800		3,931
Sunrise Senior Living* #		154,415		1,842
SXC Health Solutions*		126,844		6,951
Volcano*		90,760		2,323
Total Health care				112,330
Industrials—16.3%
American Science & Engineering		28,469		2,629
Chart Industries*		32,030		1,763
Clean Harbors*		90,120		8,891
Consolidated Graphics*		65,417		3,574

TURNER FUNDS 2011 SEMIANNUAL REPORT 43

FINANCIAL STATEMENTS

Schedule of investments

Turner Emerging Growth Fund

	Shares		Value (000)
Copa Holdings, Cl A		87,851	$	4,639
EnPro Industries*		146,290		5,313
ESCO Technologies		72,600		2,770
Genesee & Wyoming, Cl A*		169,785		9,881
Greenbrier*		222,776		6,322
Hub Group, Cl A*		140,098		5,070
Huron Consulting Group*		191,690		5,308
Kforce*		413,640		7,570
Lindsay #		51,171		4,043
Meritor*		355,070		6,026
Middleby*		88,163		8,219
Robbins & Myers		85,734		3,943
Triumph Group		128,502		11,366
Total Industrials				97,327
Information technology—19.3%
Acme Packet*		42,394		3,008
ANSYS*		121,960		6,609
Ariba*		435,760		14,877
Blue Coat Systems*		171,910		4,841
Bottomline Technologies*		122,402		3,077
Camelot Information Systems ADR*		230,270		3,820
Cavium Networks*		72,700		3,267
Cirrus Logic*		277,570		5,837
Cogo Group*		213,890		1,726
Coherent*		45,390		2,638
Entropic Communications* #		503,480		4,254
Fabrinet*		140,460		2,832
Hittite Microwave*		103,860		6,623
Hypercom*		960,560		11,556
Ixia*		117,820		1,871
Kenexa*		198,940		5,489
Motricity* #		93,689		1,408
NETGEAR*		114,190		3,704
Netlogic Microsystems*		119,530		5,023
NetScout Systems*		136,170		3,720
Power Integrations		86,280		3,307
Quantum*		808,750		2,038
Rofin-Sinar Technologies*		66,960		2,645
Silicon Image*		205,801		1,846
Synchronoss Technologies*		95,520		3,319
Taleo, Cl A*		119,450		4,258
Terremark Worldwide*		121,450		2,308
Total Information technology				115,901

	Shares		Value (000)
Materials—8.1%
Domtar		83,010	$	7,619
Globe Specialty Metals		309,340		7,040
Huntsman		708,497		12,314
KapStone Paper & Packaging*		170,910		2,934
LSB Industries*		154,740		6,134
Noranda Aluminum Holding*		205,711		3,302
Solutia*		349,585		8,879
Total Materials				48,222
Telecommunication services—0.9%
Aruba Networks*		163,190		5,522
Total Telecommunication services				5,522
Utilities—0.2%
Artesian Resources, Cl A #		66,785		1,302
Total Utilities				1,302
Total Common stock (Cost $362,697)				566,307
Exchange traded fund—1.0%
Market Vectors Junior Gold Miners ETF		145,680		5,714
Total Exchange traded fund (Cost $5,987)				5,714
Cash equivalent—12.8%
BlackRock TempCash Fund, Institutional Shares, 0.000%** (1)		76,799,436		76,799
Total Cash equivalent (Cost $76,799)				76,799
Total Investments—108.4% (Cost $445,483)			$	648,820

As of March 31, 2011, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further intformation regarding fair value measurements.

Percentages are based on Net Assets of $598,436.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  This number is listed in thousands.

44 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Emerging Growth Fund

  #  Security fully or partially on loan at March 31, 2011. The total value of securities on loan at March 31, 2011 was $47,085***. 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, 2011 was $48,027.***

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

LP — Limited Partnership

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 45

FINANCIAL STATEMENTS

Schedule of investments

Turner Large Growth Fund

March 31, 2011

	Shares		Value (000)
Common stock—97.9%†
Consumer discretionary—13.2%
Amazon.com*		52,570	$	9,469
Coach		109,350		5,691
General Motors*		264,030		8,193
Las Vegas Sands*		276,000		11,653
Lululemon Athletica* #		54,790		4,879
Royal Caribbean Cruises* #		119,210		4,919
Stanley Black & Decker		79,730		6,107
Starbucks		271,420		10,029
Starwood Hotels & Resorts Worldwide		127,190		7,392
Toll Brothers*		343,670		6,794
TRW Automotive Holdings*		107,340		5,912
Viacom, Cl B		128,610		5,983
Total Consumer discretionary				87,021
Consumer staples—3.6%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR #		74,810		3,137
Estee Lauder, Cl A		50,650		4,880
Mead Johnson Nutrition, Cl A		168,870		9,783
Whole Foods Market		92,839		6,118
Total Consumer staples				23,918
Energy—11.2%
Anadarko Petroleum		139,890		11,460
Cimarex Energy		99,000		11,409
Concho Resources*		104,950		11,261
Devon Energy		151,383		13,892
National Oilwell Varco		58,920		4,670
Schlumberger		228,960		21,353
Total Energy				74,045
Financials—5.6%
CB Richard Ellis Group, Cl A*		166,800		4,453
Charles Schwab		547,140		9,865
Citigroup*		2,103,090		9,296
IntercontinentalExchange*		36,510		4,510
Invesco		323,750		8,275
Western Union		24,010		499
Total Financials				36,898

	Shares		Value (000)
Health care—9.1%
Agilent Technologies*		142,720	$	6,391
Alexion Pharmaceuticals*		40,500		3,996
Allergan		156,350		11,104
Covidien		89,490		4,648
Express Scripts*		110,530		6,147
Medtronic		153,620		6,045
Shire ADR		72,650		6,328
United Therapeutics*		64,870		4,348
Universal Health Services, Cl B		116,030		5,733
Valeant Pharmaceuticals International		103,180		5,139
Total Health care				59,879
Industrials—12.9%
AGCO*		134,880		7,414
AMETEK		172,555		7,570
Caterpillar		145,870		16,243
Cummins		111,560		12,229
FedEx		101,420		9,488
First Solar*		17,100		2,750
KBR		44,760		1,691
Manpower		142,410		8,955
Precision Castparts		48,770		7,178
Rockwell Automation		121,150		11,467
Total Industrials				84,985
Information technology—36.9%
Acme Packet*		98,730		7,006
Altera		233,400		10,274
Apple*		107,120		37,326
ASML Holding, NY Shares*		247,040		10,993
Broadcom, Cl A		301,770		11,884
Ciena* #		254,910		6,617
Cognizant Technology Solutions, Cl A*		113,810		9,264
EMC*		219,050		5,816
F5 Networks*		47,740		4,897
Google, Cl A*		51,950		30,454
Juniper Networks*		222,710		9,372
MasterCard, Cl A		23,730		5,973
Netlogic Microsystems*		145,910		6,131
NXP Semiconductors*		137,480		4,124
Oracle		680,040		22,693
QUALCOMM		353,510		19,383

46 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Large Growth Fund

	Shares		Value (000)
Rovi*		156,380	$	8,390
Salesforce.com*		105,480		14,090
SanDisk*		159,160		7,336
Varian Semiconductor Equipment Associates*		126,819		6,172
VeriFone Systems*		93,390		5,132
Total Information technology				243,327
Materials—4.9%
Celanese, Ser A		149,170		6,618
CF Industries Holdings		32,500		4,446
Cliffs Natural Resources		61,322		6,027
Goldcorp		147,390		7,340
International Flavors & Fragrances		130,840		8,151
Total Materials				32,582
Telecommunication services—0.5%
Aruba Networks*		91,035		3,081
Total Telecommunication services				3,081
Total Common stock (Cost $495,755)				645,736
Cash equivalent—3.4%
BlackRock TempCash Fund, Institutional Shares, 0.000%** (1)		22,157,621		22,158
Total Cash equivalent (Cost $22,158)				22,158
Total Investments—101.3% (Cost $517,913)			$	667,894

As of March 31, 2011, 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 $659,336.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  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, 2011. The total value of securities on loan at March 31, 2011 was $15,871***. 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, 2011 was $16,188.***

ADR — American Depositary Receipt

Cl — Class

NY — New York

Ser — Series

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 47

FINANCIAL STATEMENTS

Schedule of investments

Turner Midcap Growth Fund

March 31, 2011

	Shares			Value (000)
Common stock—98.9%†
Consumer discretionary—16.0%
Abercrombie & Fitch, Cl A		245,530		$	14,413
BorgWarner*		118,050	��		9,407
Coach		279,280			14,534
Dick's Sporting Goods*		260,320			10,407
Guess?		151,762			5,972
Interpublic Group of Cos.		1,387,348			17,439
MGM Resorts International* #		597,200			7,853
Nordstrom		375,570			16,855
Priceline.com*		32,260			16,338
Royal Caribbean Cruises* #		231,530			9,553
Stanley Black & Decker		131,968			10,109
Starwood Hotels & Resorts Worldwide		327,910			19,058
Tempur-Pedic International*		197,440			10,002
TRW Automotive Holdings*		133,770			7,368
WMS Industries*		290,655			10,275
Wynn Resorts		119,425			15,197
Total Consumer discretionary					194,780
Consumer staples—4.7%
Green Mountain Coffee Roasters* #		329,400			21,283
Hansen Natural*		118,502			7,137
Mead Johnson Nutrition, Cl A		143,820			8,332
Whole Foods Market		313,450			20,656
Total Consumer staples					57,408
Energy—7.1%
Alpha Natural Resources* #		213,840			12,696
Cameron International*		320,291			18,288
Cimarex Energy		156,550			18,041
Concho Resources*		182,640			19,597
QEP Resources		236,846			9,602
Whiting Petroleum*		122,680			9,011
Total Energy					87,235
Financials—9.8%
AON		314,580			16,660
CB Richard Ellis Group, Cl A*		642,800			17,163
Discover Financial Services		415,600			10,024
IntercontinentalExchange*		76,870			9,497
Invesco		514,950			13,162
M&T Bank		116,984			10,350

	Shares		Value (000)
T. Rowe Price Group		261,629	$	17,377
Unum Group		405,310		10,639
Western Union		692,140		14,376
Total Financials				119,248
Health care—14.1%
Agilent Technologies*		309,280		13,850
Alexion Pharmaceuticals*		145,627		14,370
AMERIGROUP*		160,695		10,325
AmerisourceBergen, Cl A		359,858		14,236
Charles River Laboratories International* #		206,240		7,915
Illumina* #		109,250		7,655
Intuitive Surgical*		33,292		11,102
Laboratory Corp. of America Holdings*		102,365		9,431
Onyx Pharmaceuticals*		141,786		4,988
Perrigo		123,150		9,793
United Therapeutics*		149,656		10,030
Universal Health Services, Cl B		310,340		15,334
Valeant Pharmaceuticals International		315,800		15,730
Varian Medical Systems*		155,070		10,489
Vertex Pharmaceuticals*		101,210		4,851
Watson Pharmaceuticals*		212,360		11,894
Total Health care				171,993
Industrials—11.5%
AGCO*		199,440		10,963
Cummins		196,780		21,571
Goodrich		152,278		13,024
Joy Global		239,942		23,709
Manpower		159,820		10,050
Owens Corning*		342,361		12,322
Parker Hannifin		136,600		12,933
Rockwell Automation		134,151		12,697
United Continental Holdings*		582,405		13,390
WESCO International*		153,953		9,622
Total Industrials				140,281
Information technology—27.4%
Acme Packet*		147,690		10,480
Aeroflex Holding*		377,540		6,875
Altera		210,440		9,264
ASML Holding, NY Shares*		419,660		18,675

48 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Midcap Growth Fund

	Shares		Value (000)
Broadcom, Cl A		310,931	$	12,244
Ciena* #		328,900		8,538
Cypress Semiconductor*		904,630		17,532
F5 Networks*		163,774		16,798
Fortinet*		133,850		5,889
Informatica*		173,650		9,070
Juniper Networks*		289,020		12,162
Lam Research*		163,335		9,255
Marvell Technology Group*		779,440		12,120
MercadoLibre #		77,480		6,325
Netlogic Microsystems* #		434,820		18,271
NVIDIA*		385,460		7,116
NXP Semiconductors*		331,820		9,955
OpenTable* #		128,460		13,662
Riverbed Technology*		110,500		4,160
Rovi*		157,100		8,428
Salesforce.com*		219,630		29,337
SanDisk*		319,960		14,747
SINA*		103,692		11,099
SuccessFactors*		402,590		15,737
SunPower, Cl A* #		214,290		3,673
TIBCO Software*		307,630		8,383
Varian Semiconductor Equipment Associates*		485,931		23,650
VeriFone Systems*		190,448		10,465
Total Information technology				333,910
Materials—5.6%
CF Industries Holdings		71,050		9,719
Cliffs Natural Resources		180,495		17,739
LyondellBasell Industries NV, Cl A*		236,730		9,363
Silver Wheaton		133,900		5,806
Temple-Inland		242,480		5,674
United States Steel #		127,870		6,897
Walter Energy		93,265		12,631
Total Materials				67,829
Telecommunication services—2.2%
Aruba Networks* #		522,860		17,694
NII Holdings*		208,350		8,682
Total Telecommunication services				26,376

	Shares		Value (000)
Utilities—0.5%
Energen		101,590	$	6,412
Total Utilities				6,412
Total Common stock (Cost $773,279)				1,205,472
Cash equivalent—10.0%
BlackRock TempCash Fund, Institutional Shares, 0.000%** (1)		121,940,994		121,941
Total Cash equivalent (Cost $121,941)				121,941
Total Investments—108.9% (Cost $895,220)			$	1,327,413

As of March 31, 2011, 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 $1,219,331.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  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, 2011. The total value of securities on loan at March 31, 2011 was $109,950***. 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, 2011 was $112,149.***

Cl — Class

NV — Naamloze Vennootschap

NY — New York

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 49

FINANCIAL STATEMENTS

Schedule of investments

Turner Small Cap Growth Fund

March 31, 2011

	Shares		Value (000)
Common stock—99.1%†
Consumer discretionary—15.5%
7 Days Group Holdings ADR* #		67,130	$	1,361
Bravo Brio Restaurant Group*		57,120		1,011
Brunswick		109,940		2,796
Children's Place Retail Stores*		41,320		2,059
CROCS*		136,300		2,432
DineEquity* #		46,892		2,578
Finish Line, Cl A		182,640		3,625
Gaylord Entertainment* #		101,566		3,522
Meritage Homes*		67,920		1,639
Modine Manufacturing*		139,850		2,257
Polaris Industries		33,230		2,892
Saks* #		232,820		2,633
Scientific Games, Cl A*		52,260		457
Sonic Automotive, Cl A #		115,520		1,618
Sotheby's		83,001		4,366
Steven Madden*		63,750		2,992
Tempur-Pedic International*		50,420		2,554
Tenneco*		52,190		2,216
Texas Roadhouse, Cl A		148,430		2,522
True Religion Apparel* #		114,520		2,688
Ulta Salon, Cosmetics & Fragrance*		58,927		2,836
Warnaco Group*		40,780		2,332
Total Consumer discretionary				53,386
Consumer staples—2.5%
Cott* #		221,960		1,864
Diamond Foods #		37,840		2,112
Hain Celestial Group*		56,900		1,837
United Natural Foods*		65,043		2,915
Total Consumer staples				8,728
Energy—5.0%
Dril-Quip*		28,670		2,266
Energy XXI (Bermuda)*		86,360		2,945
James River Coal* #		130,400		3,152
Key Energy Services*		221,737		3,448
Oasis Petroleum*		84,050		2,657
Swift Energy*		62,120		2,651
Total Energy				17,119

	Shares		Value (000)
Financials—5.7%
Bank of the Ozarks #		56,340	$	2,463
Calamos Asset Management, Cl A		58,945		978
Endurance Specialty Holdings		29,750		1,453
Greenhill #		20,887		1,374
Kilroy Realty		42,140		1,636
MarketAxess Holdings		102,370		2,477
MF Global Holdings*		316,460		2,620
Portfolio Recovery Associates*		28,570		2,432
Tanger Factory Outlet Centers		85,940		2,255
Texas Capital Bancshares*		73,820		1,919
Total Financials				19,607
Health care—17.9%
Amarin ADR*		200,620		1,464
AMERIGROUP*		54,537		3,504
Catalyst Health Solutions*		55,350		3,096
Cepheid*		93,890		2,631
Chemed		37,260		2,482
Cooper		64,270		4,464
Exelixis*		85,050		961
HealthSouth*		174,750		4,365
Healthspring*		43,240		1,616
Hill-Rom Holdings		60,190		2,286
HMS Holdings*		31,570		2,584
Impax Laboratories*		75,905		1,932
Incyte* #		115,810		1,836
Medicis Pharmaceutical, Cl A		55,390		1,775
Medivation* #		82,630		1,540
MEDNAX*		39,850		2,654
Onyx Pharmaceuticals*		65,370		2,300
Parexel International*		70,220		1,748
Pharmasset*		33,650		2,649
PSS World Medical*		106,980		2,904
Quality Systems #		30,660		2,555
Regeneron Pharmaceuticals*		41,940		1,885
Seattle Genetics* #		106,600		1,660
SXC Health Solutions*		45,240		2,479
Targacept*		54,830		1,458
Tenet Healthcare*		322,600		2,403
Volcano*		28,120		720
Total Health care				61,951

50 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Small Cap Growth Fund

	Shares		Value (000)
Industrials—17.4%
A123 Systems* #		157,740	$	1,002
Actuant, Cl A		97,600		2,830
Alaska Air Group*		38,770		2,459
Avis Budget Group*		149,820		2,683
Belden		48,310		1,814
Clean Harbors*		33,020		3,258
Copa Holdings, Cl A		46,250		2,442
EnPro Industries*		63,670		2,313
Genesee & Wyoming, Cl A*		72,450		4,217
GrafTech International*		102,140		2,107
Greenbrier*		50,290		1,427
Herman Miller		66,260		1,822
Hexcel*		144,300		2,841
Hub Group, Cl A*		87,530		3,168
Kforce*		164,490		3,010
Knight Transportation		79,000		1,521
Lindsay #		26,340		2,081
Meritor*		76,656		1,301
Polypore International*		43,217		2,489
Robbins & Myers		44,015		2,024
Triumph Group		26,640		2,356
TrueBlue*		194,842		3,271
WESCO International*		62,817		3,926
Woodward Governor		103,131		3,564
Total Industrials				59,926
Information technology—27.8%
Acme Packet*		55,980		3,972
Aeroflex Holding*		97,716		1,779
Anixter International		33,350		2,331
Ariba*		115,580		3,946
BroadSoft* #		18,190		867
Cavium Networks*		77,460		3,480
Cirrus Logic*		172,600		3,630
Concur Technologies* #		72,420		4,016
Dice Holdings*		127,083		1,920
Entropic Communications* #		329,800		2,787
Inphi* #		76,406		1,605
Intralinks Holdings*		97,700		2,612
IPG Photonics*		41,930		2,418
Ixia*		194,370		3,087

	Shares		Value (000)
Jack Henry & Associates		92,494	$	3,135
Limelight Networks*		428,860		3,071
Motricity* #		77,090		1,159
NETGEAR*		54,890		1,781
Netlogic Microsystems* #		98,540		4,141
Oclaro* #		148,480		1,709
OpenTable* #		17,930		1,907
Progress Software*		89,190		2,594
QLIK Technologies*		71,010		1,846
QuinStreet* #		69,710		1,584
Riverbed Technology*		106,350		4,004
Sapient*		290,410		3,325
SAVVIS*		79,430		2,946
SuccessFactors* #		76,630		2,995
Synchronoss Technologies*		107,830		3,747
Syntel		23,030		1,203
Taleo, Cl A*		86,750		3,093
Teradyne*		161,240		2,872
TIBCO Software*		171,620		4,676
Ultratech*		86,760		2,551
VeriFone Systems*		56,685		3,115
Total Information technology				95,904
Materials—5.9%
AK Steel Holding		172,570		2,723
Allied Nevada Gold*		92,229		3,272
Louisiana-Pacific*		194,550		2,043
Rock-Tenn, Cl A #		51,941		3,602
Solutia*		134,180		3,408
Stillwater Mining*		142,980		3,279
Thompson Creek Metals* #		174,060		2,183
Total Materials				20,510
Telecommunication services—1.4%
Aruba Networks*		86,696		2,934
Cogent Communications Group*		135,850		1,938
Total Telecommunication services				4,872
Total Common stock (Cost $242,643)				342,003

TURNER FUNDS 2011 SEMIANNUAL REPORT 51

FINANCIAL STATEMENTS  (Unaudited)

Schedule of investments

Turner Small Cap Growth Fund

	Shares		Value (000)
Cash equivalent—16.8%
BlackRock TempCash Fund, Institutional Shares, 0.000%** (1)		58,106,678		58,107
Total Cash equivalent (Cost $58,107)				58,107
Total Investments—115.9% (Cost $300,750)			$	400,110

As of March 31, 2011, 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 $345,168.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  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, 2011. The total value of securities on loan at March 31, 2011 was $53,531***. 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, 2011 was $54,601.***

ADR — American Depositary Receipt

Cl — Class

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

52 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Quantitative Broad Market Equity Fund

March 31, 2011

	Shares		Value (000)
Common stock—98.9%
Consumer discretionary—12.9%
Amazon.com*		760	$	137
Automatic Data Processing		2,470		127
CBS, Cl B		4,000		100
Comcast, Cl A		4,380		108
DIRECTV, Cl A*		2,560		120
Goodyear Tire & Rubber*		6,890		103
Guess?		2,050		81
Harley-Davidson		2,560		109
Interpublic Group of Cos.		7,630		96
Lowe's		3,630		96
Starbucks		3,720		137
Starwood Hotels & Resorts Worldwide		1,540		89
Tenneco*		1,640		70
Walt Disney		2,490		107
WMS Industries*		2,140		76
Total Consumer discretionary				1,556
Consumer staples—7.5%
Altria Group		2,850		74
Brown-Forman, Cl B		1,740		119
Coca-Cola		1,760		117
Dr. Pepper Snapple Group		2,380		88
Mead Johnson Nutrition, Cl A		1,130		66
PepsiCo		1,536		99
Philip Morris International		2,040		134
Procter & Gamble		2,490		153
Wal-Mart Stores		1,022		53
Total Consumer staples				903
Energy—10.7%
Apache		790		103
Comstock Resources*		3,570		110
ConocoPhillips		2,150		172
Devon Energy		1,000		92
Exxon Mobil		1,860		157
Occidental Petroleum		1,170		122
Patterson-UTI Energy		4,180		123
Spectra Energy		3,980		108
Whiting Petroleum*		1,540		113
Williams		6,030		188
Total Energy				1,288

	Shares		Value (000)
Financials—17.6%
American Express		2,550	$	115
Bank of America		7,900		105
Berkshire Hathaway, Cl B*		1,200		100
BlackRock, CI A		670		135
Capital One Financial		1,270		66
Chubb		1,860		114
Citigroup*		30,640		135
Goldman Sachs Group		530		84
JPMorgan Chase		3,746		173
M&T Bank		810		72
MetLife		2,330		104
MSCI, Cl A*		2,430		90
NASDAQ OMX Group*		3,600		93
PNC Financial Services Group		1,580		100
Progressive		4,980		105
Raymond James Financial		3,430		131
SunTrust Banks		3,700		107
Travelers		2,040		121
US Bancorp		2,240		59
Wells Fargo		3,190		101
Total Financials				2,110
Health care—11.2%
Alexion Pharmaceuticals*		1,050		104
Bruker*		4,530		94
Cerner*		990		110
CIGNA		2,900		128
CVS Caremark		3,090		106
Express Scripts*		1,720		96
HealthSouth*		3,470		87
Illumina*		1,170		82
McKesson		1,700		134
Medtronic		2,580		102
Pfizer		9,030		183
WellPoint	��	1,720		120
Total Health care				1,346
Industrials—11.7%
3M		710		66
Boeing		990		73
Caterpillar		1,660		185
Deere		1,490		144
First Solar*		420		68
General Electric		10,977		220

TURNER FUNDS 2011 SEMIANNUAL REPORT 53

FINANCIAL STATEMENTS

Schedule of investments

Turner Quantitative Broad Market Equity Fund

	Shares		Value (000)
Honeywell International		1,610	$	96
Manpower		1,080		68
Norfolk Southern		1,850		128
Oshkosh*		2,300		81
Union Pacific		1,460		144
United Continental Holdings*		2,700		62
United Parcel Service, Cl B		990		74
Total Industrials				1,409
Information technology—14.7%
Adobe Systems*		2,530		84
Apple*		1,020		355
ASML Holding, NY Shares*		2,590		115
Broadcom, Cl A		1,900		75
Entropic Communications*		8,720		74
F5 Networks*		360		37
Google, Cl A*		249		146
Intel		4,990		101
International Business Machines		1,210		197
Micron Technology*		6,450		74
Oracle		4,880		163
QUALCOMM		1,080		59
Salesforce.com*		570		76
SanDisk*		1,560		72
Symantec*		3,850		71
Texas Instruments		2,050		71
Total Information technology				1,770
Materials—6.6%
Ball		3,880		139
Celanese, Ser A		2,180		97
Eastman Chemical		1,040		103
Freeport-McMoRan Copper & Gold		2,760		153
Greif, Cl A		1,230		81
Monsanto		1,480		107
Walter Energy		830		112
Total Materials				792
Telecommunication services—4.1%
Aruba Networks*		2,720		92
AT&T		4,790		147
MetroPCS Communications*		9,020		146
Verizon Communications		2,660		103
Total Telecommunication services				488

	Shares		Value (000)
Utilities—1.9%
AES*		7,570	$	99
EQT		2,690		135
Total Utilities				234
Total Common stock (Cost $9,811)				11,896
Cash equivalent—1.2%
BlackRock TempCash Fund, Institutional Shares, 0.000%**		148,964		149
Total Cash equivalent (Cost $149)				149
Total Investments—100.1% (Cost $9,960)			$	12,045

As of March 31, 2011, 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 $12,033.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  This number is listed in thousands.

Cl — Class

NY — New York

Ser — Series

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

54 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Quantitative Large Cap Value Fund

March 31, 2011

	Shares		Value (000)
Common stock—97.3%†
Consumer discretionary—9.0%
AutoZone*		50	$	14
DIRECTV, Cl A*		270		13
Dollar Tree*		150		8
Home Depot		170		6
Johnson Controls		180		7
Mattel		180		4
Stanley Black & Decker		90		7
Time Warner		160		6
Viacom, Cl B		190		9
Total Consumer discretionary				74
Consumer staples—11.1%
Archer-Daniels-Midland		180		6
Avon Products		300		8
Clorox		80		6
Coca-Cola		100		7
Energizer Holdings*		120		9
Hansen Natural*		160		10
Lorillard		120		11
PepsiCo		140		9
Philip Morris International		140		9
Procter & Gamble		150		9
Wal-Mart Stores		140		7
Total Consumer staples				91
Energy—11.6%
Apache		60		8
Chevron		180		19
ConocoPhillips		180		14
Devon Energy		80		7
Hess		220		19
Occidental Petroleum		100		10
Spectra Energy		360		10
Williams		240		8
Total Energy				95
Financials—25.1%
Allstate		310		10
AMB Property		310		11
American Express		180		8
AON		190		10
Bank of America		400		5
Berkshire Hathaway, Cl B*		260		22

	Shares		Value (000)
Citigroup*		1,890	$	8
CNA Financial		310		9
Goldman Sachs Group		30		5
JPMorgan Chase		550		25
MetLife		210		9
NASDAQ OMX Group*		370		10
NYSE Euronext		280		10
People's United Financial		640		8
Prinicipal Financial Group		410		13
Prudential Financial		80		5
Travelers		100		6
Unum Group		490		13
US Bancorp		360		10
Wells Fargo		290		9
Total Financials				206
Health care—12.2%
Boston Scientific*		820		6
Express Scripts*		220		12
Henry Schein*		170		12
Hospira*		100		6
Johnson & Johnson		230		14
Laboratory Corp. of America Holdings*		110		10
Life Technologies*		180		9
Mylan*		180		4
PerkinElmer		280		7
Thermo Fisher Scientific*		160		9
UnitedHealth Group		240		11
Total Health care				100
Industrials—6.5%
Boeing		130		9
Caterpillar		70		8
Honeywell International		160		9
Huntington Ingalls Industries*		23		1
Norfolk Southern		140		10
Northrop Grumman		140		9
Union Pacific		70		7
Total Industrials				53
Information technology—4.6%
Fidelity National Information Services		210		7
Fiserv*		160		10
Intel		320		7

TURNER FUNDS 2011 SEMIANNUAL REPORT 55

FINANCIAL STATEMENTS

Schedule of investments

Turner Quantitative Large Cap Value Fund

	Shares		Value (000)
Microsoft		350	$	9
National Semiconductor		370		5
Total Information technology				38
Materials—2.1%
Air Products & Chemicals		60		5
Dow Chemical		150		6
EI du Pont de Nemours		110		6
Total Materials				17
Telecommunication services—6.2%
AT&T		980		30
Verizon Communications		550		21
Total Telecommunication services				51
Utilities—8.9%
AES*		860		11
American Electric Power		240		9
CMS Energy		590		12
Constellation Energy Group		330		10
Exelon		120		5
Pepco Holdings		440		8
Pinnacle West Capital		220		9
Sempra Energy		140		9
Total Utilities				73
Total Common stock (Cost $635)				798
Cash equivalent—5.9%
BlackRock TempCash Fund, Institutional Shares, 0.000%**		47,673		48
Total Cash equivalent (Cost $48)				48
Total Investments—103.2% (Cost $683)			$	846

As of March 31, 2011, 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 $820.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  This number is listed in thousands.

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

Cl — Class

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

56 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Global Opportunities Fund

March 31, 2011

	Shares		Value (000)
Common stock—98.2%†
Consumer discretionary—7.1%
InterContinental Hotels Group		2,408	$	49
Las Vegas Sands*		2,270		96
Total Consumer discretionary				145
Consumer staples—5.6%
Natura Cosmeticos		1,860		52
Whole Foods Market		940		62
Total Consumer staples				114
Energy—5.4%
Cimarex Energy		600		69
PT Adaro Energy		166,820		42
Total Energy				111
Financials—6.4%
AIA Group*		23,800		73
Standard Chartered		2,219		58
Total Financials				131
Health care—11.4%
Alexion Pharmaceuticals*		780		77
Shire ADR		1,890		55
Valeant Pharmaceuticals International		2,020		101
Total Health care				233
Industrials—12.0%
Caterpillar		480		53
CNH Global*		1,190		58
Danaher		1,630		85
FANUC		330		50
Total Industrials				246
Information technology—42.9%
Apple*		340		119
ARM Holdings		1,840		52
ASML Holding, NY Shares*		2,110		94
Baidu SP ADR*		550		76
Broadcom, Cl A		1,880		74
Google, Cl A*		140		82
Imagination Technologies Group*		7,490		51
OpenTable*		620		66
QUALCOMM		1,360		75

	Shares		Value (000)
Salesforce.com*		580	$	77
SanDisk*		1,230		57
ZTE, H Shares		11,600		54
Total Information technology				877
Materials—7.4%
Silver Wheaton		1,500		65
Walter Energy		630		86
Total Materials				151
Total Common stock (Cost $1,641)				2,008
Cash equivalent—4.0%
BlackRock TempCash Fund, Institutional Shares, 0.000%**		82,474		82
Total Cash equivalent (Cost $82)				82
Total Investments—102.2% (Cost $1,723)			$	2,090

As of March 31, 2011, all of the Fund's investments were considered Level 1. Please see Note 2 in Notes to Financial Statements for further information regarding fair value measurements.

Percentages are based on Net Assets of $2,045.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  This number is listed in thousands.

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

ADR — American Depositary Receipt

Cl — Class

NY — New York

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 57

FINANCIAL STATEMENTS

Schedule of investments

Turner Global Opportunities Fund

Country Allocation as of 3/31/11†
United States	55.5	%
United Kingdom	10.1
Canada	7.9
Netherlands	7.3
Cayman Islands	3.6
Hong Kong	3.5
China	2.6
Jersey	2.6
Brazil	2.5
Japan	2.4
Indonesia	2.0
Total	100.0	%

  †  Percentages are based on total investments.

58 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner International Growth Fund

March 31, 2011

	Shares		Value (000)
Common stock—96.1%
Consumer discretionary—7.2%
Hyundai Motor		530	$	98
InterContinental Hotels Group		3,396		70
ITV*		46,363		57
Lululemon Athletica*		1,250		111
LVMH Moet Hennessy Louis Vuitton		541		86
Swatch Group		162		72
Total Consumer discretionary				494
Consumer staples—13.9%
Adecoagro*		6,770		91
Anheuser-Busch InBev		1,720		98
British American Tobacco		2,050		82
Carlsberg, Cl B		744		80
Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR*		1,221		50
Danone		1,330		87
Diageo		3,800		72
FamilyMart		2,300		87
Nestle		3,724		214
Remy Cointreau		1,240		93
Total Consumer staples				954
Energy—6.4%
BG Group		4,910		122
Petroleum Geo-Services*		6,270		101
Petrominerales		2,519		96
Suncor Energy		2,660		119
Total Energy				438
Financials—12.4%
AIA Group*		35,769		110
Bank of Nova Scotia		1,447		89
BNP Paribas		1,110		81
H&R Real Estate Investment Trust		2,940		67
HSBC Holdings		12,540		129
Industrial & Commerical Bank of China, H Shares		82,000		68
Julius Baer Group		2,195		95
LIG Insurance*		2,840		69
Standard Chartered		3,183		83
UBS*		3,440		62
Total Financials				853

	Shares		Value (000)
Health care—8.1%
Bayer		849	$	66
Covidien		1,280		66
Novo Nordisk, Cl B		660		83
Roche Holding		620		89
Shire ADR		3,000		87
Smith & Nephew		5,690		64
Valeant Pharmaceuticals International		2,119		106
Total Health care				561
Industrials—14.4%
Atlas Copco, A Shares		1,990		53
Beijing Enterprises Holdings		9,500		54
CAE		5,040		67
Canadian National Railway		1,518		115
CNH Global*		1,490		72
FANUC		500		76
Komatsu		2,920		99
Randstad Holding*		1,800		100
Sensata Technologies Holding*		2,040		71
Siemens		840		115
Volvo, B Shares*		5,320		94
Wolseley*		2,243		75
Total Industrials				991
Information technology—15.4%
ARM Holdings		9,890		91
ASML Holding		2,580		114
Baidu ADR*		760		105
Canon		2,400		104
Check Point Software Technologies*		1,440		74
Imagination Technologies Group*		10,610		73
Infosys Technologies ADR		560		40
Mail.ru Group GDR Registered*		1,815		54
Omron		3,400		96
Qihoo 360 Technology ADR*		2,210		65
SAP		1,680		103
SINA*		680		73
ZTE, Cl H		14,410		67
Total Information technology				1,059
Materials—15.4%
Air Liquide		789		105
Arkema		1,235		112

TURNER FUNDS 2011 SEMIANNUAL REPORT 59

FINANCIAL STATEMENTS

Schedule of investments

Turner International Growth Fund

	Shares		Value (000)
BHP Billiton		4,970	$	239
Christian Hansen Holding		3,160		72
Goldcorp		2,250		112
LyondellBasell Industries NV, Cl A*		2,350		93
Potash Corp. of Saskatchewan		1,857		110
Rexam		14,620		85
Rio Tinto		1,880		132
Total Materials				1,060
Telecommunication services—1.5%
America Movil, Ser L		35,270		103
Total Telecommunication services				103
Utilities—1.4%
Veolia Environnement		3,195		99
Total Utilities				99
Total Common stock (Cost $5,609)				6,612
Cash equivalent—2.7%
BlackRock TempCash Fund, Institutional Shares, 0.000%**		188,245		188
Total Cash equivalent (Cost $188)				188
Total Investments—98.8% (Cost $5,797)			$	6,800

As of March 31, 2011, 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 $6,882.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  This number is listed in thousands.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depository Receipt

NV — Naamloze Vennootschap

Ser — Series

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

Country Allocation as of 3/31/11†
United Kingdom	15.5	%
Canada	12.9
France	9.8
Switzerland	7.8
Japan	6.8
Netherlands	6.6
United States	4.4
Germany	4.2
Cayman Islands	3.6
Australia	3.5
Denmark	3.5
Republic of Korea (South)	2.5
Hong Kong	2.4
Jersey	2.4
Sweden	2.2
China	2.0
Mexico	1.5
Norway	1.5
Belgium	1.4
Luxembourg	1.3
Israel	1.1
Ireland (Republic of)	1.0
Russian Federation	0.8
Brazil	0.7
India	0.6
Total	100.0	%

  †  Percentages are based on total investments.

60 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

Schedule of investments

Turner Small Cap Equity Fund

March 31, 2011

	Shares		Value (000)
Common stock—99.3%
Consumer discretionary—11.7%
American Greetings, Cl A		2,420	$	57
Cooper Tire & Rubber		2,820		73
Dillard's, CI A		880		35
Finish Line, Cl A		3,180		63
Men's Wearhouse		1,860		50
Oxford Industries		1,330		45
Red Robin Gourmet Burgers*		2,460		66
Sally Beauty Holdings*		5,270		74
Select Comfort*		4,060		49
Stage Stores		1,870		36
Steven Madden*		1,425		67
Stoneridge*		3,350		49
Total Consumer discretionary				664
Energy—6.3%
Berry Petroleum, Cl A		1,820		92
Complete Production Services*		1,110		35
Energy XXI (Bermuda)*		2,780		95
Green Plains Renewable Energy*		2,200		26
Lufkin Industries		330		31
Patriot Coal*		3,180		82
Total Energy				361
Financials—15.9%
BioMed Realty Trust		2,400		46
CNO Financial Group*		10,630		80
EZCORP, CI A*		920		29
LaSalle Hotel Properties		3,070		83
Mid-America Apartment Communities		1,390		89
National Penn Bancshares		10,330		80
PennantPark Investment		6,960		83
Platinum Underwriters Holdings		1,310		50
ProAssurance*		510		32
Signature Bank*		1,640		92
Susquehanna Bancshares		5,850		55
SVB Financial Group*		1,880		107
Tanger Factory Outlet Centers		1,920		50
Tower Group		1,210		29
Total Financials				905

	Shares		Value (000)
Health care—12.4%
AMERIGROUP*		1,310	$	84
Centene*		2,050		68
Emergent BioSolutions*		3,250		79
Hanger Orthopedic Group*		1,770		46
HealthSouth*		4,340		108
Medicis Pharmaceutical, Cl A		2,470		79
Medidata Solutions*		2,090		53
Sirona Dental Systems*		1,780		89
Skilled Healthcare Group, Cl A*		3,060		44
Zoll Medical*		1,260		56
Total Health care				706
Industrials—19.9%
Aircastle		7,260		88
Alaska Air Group*		1,070		68
Atlas Air Worldwide Holdings*		1,180		82
Esterline Technologies*		1,140		81
Genesee & Wyoming, Cl A*		1,200		70
Hexcel*		4,990		98
MasTec*		3,120		65
Meritor*		2,050		35
Moog, Cl A*		1,580		73
Robbins & Myers		1,500		69
TAL International Group		2,570		93
Titan International		5,090		136
Tutor Perini		2,370		58
WESCO International*		1,480		93
Woodward Governor		770		27
Total Industrials				1,136
Information technology—20.1%
ADTRAN		950		40
Amkor Technology*		5,410		36
Coherent*		640		37
CommVault Systems*		1,710		68
Compuware*		7,700		89
Convergys*		3,580		51
Entegris*		3,600		32
j2 Global Communications*		2,360		70
Mentor Graphics*		6,870		101
OmniVision Technologies*		3,150		112
QuickLogic*		3,210		16
ShoreTel*		8,150		67
Silicon Graphics International*		4,890		105

TURNER FUNDS 2011 SEMIANNUAL REPORT 61

FINANCIAL STATEMENTS  (Unaudited)

Schedule of investments

Turner Small Cap Equity Fund

	Shares		Value (000)
Silicon Image*		6,500	$	58
SuccessFactors*		1,130		44
Teradyne*		1,990		35
TIBCO Software*		2,270		62
ValueClick*		4,640		67
VeriFone Systems*		1,000		55
Total Information technology				1,145
Materials—10.8%
Ferro*		5,450		90
Kraton Performance Polymers*		1,540		59
Louisiana-Pacific*		5,760		60
Minerals Technologies		810		56
PolyOne		5,530		79
Rockwood Holdings*		1,970		97
Taseko Mines*		4,800		28
Thompson Creek Metals*		3,280		41
TPC Group*		3,720		108
Total Materials				618
Utilities—2.2%
Avista		2,480		57
Cleco		2,060		71
Total Utilities				128
Total Common stock (Cost $4,079)				5,663
Cash equivalent—1.9%
BlackRock TempCash Fund, Institutional Shares, 0.000%**		107,538		108
Total Cash equivalent (Cost $108)				108
Total Investments—101.2% (Cost $4,187)			$	5,771

As of March 31, 2011, 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 $5,702.***

  *  Non-income producing security.

  **  Rate shown is the 7-day effective yield as of March 31, 2011.

  ***  This number is listed in thousands.

Cl — Class

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

62 TURNER FUNDS 2011 SEMIANNUAL REPORT

THIS PAGE WAS INTENTIONALLY LEFT BLANK

TURNER FUNDS 2011 SEMIANNUAL REPORT 63

FINANCIAL STATEMENTS

Statements of assets and liabilities (000)

March 31, 2011

		Turner Market Neutral Fund			Turner Medical Sciences Long/Short Fund			Turner Spectrum Fund			Turner Titan Fund
Assets:
Investment securities, at cost		$	2,853		$	4,586		$	327,889		$	3,723
Investment securities, at value		$	2,963		$	4,670		$	344,283		$	3,814
Deposits with brokers for securities sold short			3,435			1,708			196,661			2,500
Deposits with brokers for options			—			—			53,000			—
Foreign currency, at value			—			—			1			—
Receivable for investment securities sold			550			40			35,128			618
Receivable for capital shares sold			—			141			5,857			—
Prepaid expenses			1			—			26			—
Receivable for dividend income			3			—			132			1
Reclaim receivable			—			—			2			—
Total assets			6,952			6,559			635,090			6,933
Liabilities:
Securities sold short, at proceeds			2,805			1,171			167,946			1,932
Written options, premiums received			—			—			2,368			—
Securities sold short, at value			2,858			1,180			172,328			1,969
Written options, at value			—			—			1,900			—
Payable for investment securities purchased			674			181			48,388			789
Obligation to return securities lending collateral			—			—			—			—
Payable for capital shares redeemed			—			—			163			—
Dividends payable on securities sold short (Note 2)			—			—			36			—
Broker fees and charges on short sales payable			—			—			65			—
Payable due to investment adviser			3			6			275			4
Payable due to administrator			—			—			38			—
Payable due to shareholder servicing			—			—			33			—
Payable due to distributor			—			—			5			—
Payable due to fund accounting			—			—			2			—
Payable due to transfer agent			—			—			13			—
Payable due to custodian			—			—			99			—
Payable due to trustees			—			—			2			—
Other accrued expenses			—			2			29			2
Total liabilities			3,535			1,369			223,376			2,764
Net assets		$	3,417		$	5,190		$	411,714		$	4,169
	*Includes market value of securities on loan	$	—		$	—		$	—		$	—
Net assets:
Portfolio capital		$	3,326		$	5,123		$	387,115		$	4,160
Undistributed net investment income (accumulated net investment loss)			(1	)		(9	)		(2,054	)		(6	)
Accumulated net realized gain (loss) on investments, securities sold short, written options and foreign currency transactions			35			1			14,185			(39	)
Net unrealized appreciation on investments, written options, securities sold short, foreign currencies and translation of other assets and liabilities denominated in foreign currencies			57			75			12,468			54
Net assets		$	3,417		$	5,190		$	411,714		$	4,169
Outstanding shares of beneficial interest Institutional Class Shares (1)(2)			323,634			218,956			25,897,729			401,734
Outstanding shares of beneficial interest Investor Class Shares (1)(2)			6,861			242,625			8,234,167			6,937
Outstanding shares of beneficial interest Class C Shares (1)(2)			20			44,223			753,227			2,179
Net assets — Institutional Class Shares (2)		$	3,345,805		$	2,246,619		$	306,095,976		$	4,076,781
Net assets — Investor Class Shares (2)		$	70,889		$	2,489,749		$	96,840,014		$	70,385
Net assets — Class C Shares (2)		$	207		$	453,444		$	8,778,139		$	22,088
Net asset value, offering and redemption price per share — Institutional Class Shares		$	10.34		$	10.26		$	11.82		$	10.15
Net asset value, offering and redemption price per share — Investor Class Shares		$	10.33		$	10.26		$	11.76		$	10.15
Net asset value, offering and redemption price per share — Class C Shares		$	10.33	†	$	10.25		$	11.65		$	10.14

64 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

		Turner All Cap Growth Fund			Turner Concentrated Growth Fund			Turner Emerging Growth Fund			Turner Large Growth Fund
Assets:
Investment securities, at cost		$	50,852		$	49,477		$	445,483		$	517,913
Investment securities, at value		$	62,710	*	$	58,841	*	$	648,820	*	$	667,894	*
Deposits with brokers for securities sold short			—			—			—			—
Deposits with brokers for options			150			150			150			150
Foreign currency, at value			—			—			—			—
Receivable for investment securities sold			—			1,473			3,053			13,591
Receivable for capital shares sold			138			81			698			718
Prepaid expenses			5			7			27			43
Receivable for dividend income			8			3			98			204
Reclaim receivable			—			—			—			—
Total assets			63,011			60,555			652,846			682,600
Liabilities:
Securities sold short, at proceeds			—			—			—			—
Written options, premiums received			—			—			—			—
Securities sold short, at value			—			—			—			—
Written options, at value			—			—			—			—
Payable for investment securities purchased			—			2,116			4,822			5,799
Obligation to return securities lending collateral			3,920			2,703			48,027			16,188
Payable for capital shares redeemed			48			14			937			620
Dividends payable on securities sold short (Note 2)			—			—			—			—
Broker fees and charges on short sales payable			—			—			—			—
Payable due to investment adviser			37			34			432			220
Payable due to administrator			6			6			58			66
Payable due to shareholder servicing			14			12			45			29
Payable due to distributor			—			—			—			—
Payable due to fund accounting			—			—			—			2
Payable due to transfer agent			4			5			18			84
Payable due to custodian			9			10			29			95
Payable due to trustees			—			—			2			9
Other accrued expenses			5			8			40			152
Total liabilities			4,043			4,908			54,410			23,264
Net assets		$	58,968		$	55,647		$	598,436		$	659,336
	*Includes market value of securities on loan	$	3,843		$	2,651		$	47,085		$	15,871
Net assets:
Portfolio capital		$	63,595		$	78,676		$	431,509		$	694,725
Undistributed net investment income (accumulated net investment loss)			(225	)		(301	)		(2,076	)		(495	)
Accumulated net realized gain (loss) on investments, securities sold short, written options and foreign currency transactions			(16,260	)		(32,092	)		(34,334	)		(184,875	)
Net unrealized appreciation on investments, written options, securities sold short, foreign currencies and translation of other assets and liabilities denominated in foreign currencies			11,858			9,364			203,337			149,981
Net assets		$	58,968		$	55,647		$	598,436		$	659,336
Outstanding shares of beneficial interest Institutional Class Shares (1)(2)			—			—			6,614,524			42,720,337
Outstanding shares of beneficial interest Investor Class Shares (1)(2)			6,212,182			6,817,217			3,940,603			9,093,898
Outstanding shares of beneficial interest Class C Shares (1)(2)			—			—			—			—
Net assets — Institutional Class Shares (2)		$	—		$	—		$	375,778,386		$	544,161,511
Net assets — Investor Class Shares (2)		$	58,968,064		$	55,647,184		$	222,657,477		$	115,174,342
Net assets — Class C Shares (2)		$	—		$	—		$	—		$	—
Net asset value, offering and redemption price per share — Institutional Class Shares		$	—		$	—		$	56.81		$	12.74
Net asset value, offering and redemption price per share — Investor Class Shares		$	9.49		$	8.16		$	56.50		$	12.67
Net asset value, offering and redemption price per share — Class C Shares		$	—		$	—		$	—		$	—

(1)  Unlimited authorization — par value $0.00001.

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

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

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

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 65

FINANCIAL STATEMENTS

Statements of assets and liabilities (000)

March 31, 2011

		Turner Midcap Growth Fund			Turner Small Cap Growth Fund			Turner Quantitative Broad Market Equity Fund			Turner Quantitative Large Cap Value Fund
Assets:
Investment securities, at cost		$	895,220		$	300,750		$	9,960		$	683
Investment securities, at value		$	1,327,413	*	$	400,110	*	$	12,045		$	846
Deposits with brokers for securities sold short			—			—			—			—
Deposits with brokers for options			150			150			—			—
Foreign currency, at value			—			—			—			—
Receivable for investment securities sold			3,192			7,078			—			—
Receivable for capital shares sold			2,605			1,291			15			—
Prepaid expenses			41			16			4			5
Receivable for dividend income			227			96			13			1
Reclaim receivable			16			—			—			—
Total assets			1,333,644			408,741			12,077			852
Liabilities:
Payable for investment securities purchased			—			5,847			—			—
Obligation to return securities lending collateral			112,149			54,601			—			—
Payable for capital shares redeemed			777			2,745			13			—
Payable due to investment adviser			790			200			10			6
Payable due to administrator			139			34			1			—
Payable due to shareholder servicing			211			87			—			—
Payable due to distributor			1			—			—			—
Payable due to fund accounting			1			—			—			3
Payable due to transfer agent			59			11			5			9
Payable due to custodian			50			25			10			12
Payable due to trustees			7			1			—			—
Other accrued expenses			129			22			5			2
Total liabilities			114,313			63,573			44			32
Net assets		$	1,219,331		$	345,168		$	12,033		$	820
	*Includes market value of securities on loan	$	109,950		$	53,531		$	—		$	—
Net assets:
Portfolio capital		$	1,041,357		$	269,703		$	10,488		$	909
Undistributed net investment income (accumulated net investment loss)			(945	)		(1,301	)		26			3
Accumulated net realized gain (loss) on investments and foreign currency transactions			(253,274	)		(22,594	)		(566	)		(255	)
Net unrealized appreciation on investments, foreign currencies and translation of other assets and liabilities denominated in foreign currencies			432,193			99,360			2,085			163
Net assets		$	1,219,331		$	345,168		$	12,033		$	820
Outstanding shares of beneficial interest Institutional Class Shares (1)(2)			6,627,700			—			1,139,453			90,480
Outstanding shares of beneficial interest Investor Class Shares (1)(2)			24,623,167			9,147,305			2,755			586
Outstanding shares of beneficial interest Retirement Class Shares (1)(2)			140,448			—			—			—
Net assets — Institutional Class Shares (2)		$	258,926,793		$	—		$	12,003,958		$	814,803
Net assets — Investor Class Shares (2)		$	955,149,753		$	345,167,747		$	28,958		$	5,276
Net assets — Retirement Class Shares (2)		$	5,254,383		$	—		$	—		$	—
Net asset value, offering and redemption price per share — Institutional Class Shares		$	39.07		$	—		$	10.53		$	9.01
Net asset value, offering and redemption price per share — Investor Class Shares		$	38.79		$	37.73		$	10.51		$	9.00
Net asset value, offering and redemption price per share — Retirement Class Shares		$	37.41		$	—		$	—		$	—

66 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

		Turner Global Opportunities Fund			Turner International Growth Fund			Turner Small Cap Equity Fund
Assets:
Investment securities, at cost		$	1,723		$	5,797		$	4,187
Investment securities, at value		$	2,090		$	6,800		$	5,771
Deposits with brokers for securities sold short			—			—			—
Deposits with brokers for options			—			—			—
Foreign currency, at value			—			2			—
Receivable for investment securities sold			—			143			31
Receivable for capital shares sold			20			52			1
Prepaid expenses			4			18			10
Receivable for dividend income			3			13			9
Reclaim receivable			—			6			—
Total assets			2,117			7,034			5,822
Liabilities:
Payable for investment securities purchased			—			112			11
Obligation to return securities lending collateral			—			—			—
Payable for capital shares redeemed			50			—			77
Payable due to investment adviser			4			8			4
Payable due to administrator			—			1			1
Payable due to shareholder servicing			—			—			1
Payable due to distributor			—			—			—
Payable due to fund accounting			4			4			1
Payable due to transfer agent			3			3			3
Payable due to custodian			11			21			21
Payable due to trustees			—			—			—
Other accrued expenses			—			3			1
Total liabilities			72			152			120
Net assets		$	2,045		$	6,882		$	5,702
	*Includes market value of securities on loan	$	—		$	—		$	—
Net assets:
Portfolio capital		$	1,586		$	6,096		$	10,446
Undistributed net investment income (accumulated net investment loss)			(3	)		(60	)		55
Accumulated net realized gain (loss) on investments and foreign currency transactions			95			(158	)		(6,383	)
Net unrealized appreciation on investments, foreign currencies and translation of other assets and liabilities denominated in foreign currencies			367			1,004			1,584
Net assets		$	2,045		$	6,882		$	5,702
Outstanding shares of beneficial interest Institutional Class Shares (1)(2)			94,172			555,514			26
Outstanding shares of beneficial interest Investor Class Shares (1)(2)			49,982			44,989			400,532
Outstanding shares of beneficial interest Retirement Class Shares (1)(2)			—			—			—
Net assets — Institutional Class Shares (2)		$	1,337,564		$	6,367,616		$	365
Net assets — Investor Class Shares (2)		$	707,880		$	514,724		$	5,701,191
Net assets — Retirement Class Shares (2)		$	—		$	—		$	—
Net asset value, offering and redemption price per share — Institutional Class Shares		$	14.20		$	11.46		$	14.24	†
Net asset value, offering and redemption price per share — Investor Class Shares		$	14.16		$	11.44		$	14.23
Net asset value, offering and redemption price per share — Retirement Class Shares		$	—		$	—		$	—

(1)  Unlimited authorization — par value $0.00001.

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

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

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

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 67

FINANCIAL STATEMENTS

Statements of operations (000)

	Turner Market Neutral Fund			Turner Medical Sciences Long/Short Fund			Turner Spectrum Fund			Turner Titan Fund
	2/7/11(1) thru 3/31/11			2/7/11(1) thru 3/31/11			10/1/10 thru 3/31/11			2/7/11(1) thru 3/31/11
Investment income:
Dividend	$	5		$	1		$	1,193		$	2
Securities lending		—			—			—			—
Foreign taxes withheld		—			—			(20	)		—
Total Investment Income		5			1			1,173			2
Expenses:
Investment advisory fees		5			6			2,251			5
Administrator fees		—			1			211			—
Shareholder service fees (2)		—			1			87			—
Shareholder service fees (3)		—			—			10			—
Distribution fees (3)		—			—			29			—
Chief compliance officer fees		—			—			6			—
Accounting agent fees		—			—			10			—
Dividend expense		1			—			364			1
Broker fees and charges on short sales		—			1			485			—
Custodian fees		—			—			159			—
Transfer agent fees		—			—			29			—
Registration fees		2			2			67			2
Professional fees		—			—			28			—
Trustees' fees		—			—			8			—
Insurance and other fees		—			—			31			2
Total expenses		8			11			3,775			10
Less:
Investment advisory fee waiver		(2	)		(1	)		(768	)		(2	)
Net expenses		6			10			3,007			8
Net investment loss		(1	)		(9	)		(1,834	)		(6	)
Net realized gain (loss) from securities sold		54			(22	)		42,184			(31	)
Net realized gain (loss) from securities sold short		(19	)		23			(20,978	)		(8	)
Net realized gain (loss) on written options contracts		—			—			124			—
Net realized gain on foreign currency transactions		—			—			251			—
Net change in unrealized appreciation (depreciation) on investments		110			84			7,813			91
Net change in unrealized appreciation (depreciation) on securities sold short		(53	)		(9	)		(2,718	)		(37	)
Net change in unrealized appreciation (depreciation) on written option contracts		—			—			524			—
Net change in unrealized appreciation (depreciation) on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—			(13	)		—
Net realized and unrealized gain (loss) on investments, options and foreign currencies		92			76			27,187			15
Net increase (decrease) in net assets resulting from operations	$	91		$	67		$	25,353		$	9

68 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

	Turner All Cap Growth Fund			Turner Concentrated Growth Fund			Turner Emerging Growth Fund			Turner Large Growth Fund
	10/1/10 thru 3/31/11			10/1/10 thru 3/31/11			10/1/10 thru 3/31/11			10/1/10 thru 3/31/11
Investment income:
Dividend	$	102		$	106		$	1,068		$	1,760
Securities lending		4			5			141			24
Foreign taxes withheld		—			(4	)		(22	)		(29	)
Total Investment Income		106			107			1,187			1,755
Expenses:
Investment advisory fees		294			361			2,615			1,669
Administrator fees		30			36			368			391
Shareholder service fees (2)		51			63			251			188
Shareholder service fees (3)		—			—			—			—
Distribution fees (3)		—			—			—			—
Chief compliance officer fees		1			2			12			22
Accounting agent fees		1			1			2			4
Dividend expense		—			—			—			—
Broker fees and charges on short sales		—			—			—			—
Custodian fees		15			16			68			115
Transfer agent fees		9			12			61			132
Registration fees		8			9			27			26
Professional fees		5			7			59			115
Trustees' fees		1			2			16			29
Insurance and other fees		7			10	��		58			95
Total expenses		422			519			3,537			2,786
Less:
Investment advisory fee waiver		(91	)		(111	)		(274	)		(668	)
Net expenses		331			408			3,263			2,118
Net investment loss		(225	)		(301	)		(2,076	)		(363	)
Net realized gain (loss) from securities sold		4,605			8,670			53,059			83,050
Net realized gain (loss) from securities sold short		—			—			—			—
Net realized gain (loss) on written options contracts		—			—			—			—
Net realized gain on foreign currency transactions		—			—			—			—
Net change in unrealized appreciation (depreciation) on investments		5,176			1,537			97,658			48,653
Net change in unrealized appreciation (depreciation) on securities sold short		—			—			—			—
Net change in unrealized appreciation (depreciation) on written option contracts		—			—			—			—
Net change in unrealized appreciation (depreciation) on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—			—			—
Net realized and unrealized gain (loss) on investments, options and foreign currencies		9,781			10,207			150,717			131,703
Net increase (decrease) in net assets resulting from operations	$	9,556		$	9,906		$	148,641		$	131,340

(1)  Commencement of operations.

(2)  Attributable to Investor Class Shares only.

(3)  Attributable to Class C 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 2011 SEMIANNUAL REPORT 69

FINANCIAL STATEMENTS

Statements of operations (000)

	Turner Midcap Growth Fund			Turner Small Cap Growth Fund			Turner Quantitative Broad Market Equity Fund			Turner Quantitative Large Cap Value Fund
	10/1/10 thru 3/31/11			10/1/10 thru 3/31/11			10/1/10 thru 3/31/11			10/1/10 thru 3/31/11
Investment income:
Dividend	$	5,142		$	409		$	104		$	9
Interest		—			—			—			—
Securities lending		101			239			—			—
Foreign taxes withheld		(59	)		—			—			—
Total Investment Income		5,184			648			104			9
Expenses:
Investment advisory fees		4,054			1,557			29			2
Administrator fees		760			219			8			1
Shareholder service fees (1)		1,080			389			—			—
Shareholder service fees (2)		7			—			—			—
Distribution fees (2)		7			—			—			—
Chief compliance officer fees		31			6			1			—
Accounting agent fees		4			2			1			4
Custodian fees		95			54			10			8
Transfer agent fees		163			33			9			10
Registration fees		34			13			12			21
Professional fees		146			31			3			—
Trustees' fees		39			8			1			—
Insurance and other fees		151			29			3			1
Total expenses before fee reductions		6,571			2,341			77			47
Less:
Investment advisory fee waiver		(442	)		(392	)		(29	)		(2	)
Reimbursements of other operating expenses		—			—			(12	)		(42	)
Net expenses		6,129			1,949			36			3
Net investment income (loss)		(945	)		(1,301	)		68			6
Net realized gain from securities sold		110,241			48,313			85			22
Net realized loss on foreign currency transactions		—			—			—			—
Net change in unrealized appreciation (depreciation) on investments		170,889			34,360			1,874			96
Net realized and unrealized gain (loss) from investments, options and foreign currencies		281,130			82,673			1,959			118
Net increase (decrease) in net assets resulting from operations	$	280,185		$	81,372		$	2,027		$	124

70 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

	Turner Global Opportunities Fund			Turner International Growth Fund			Turner Small Cap Equity Fund
	10/1/10 thru 3/31/11			10/1/10 thru 3/31/11			10/1/10 thru 3/31/11
Investment income:
Dividend	$	7		$	40		$	49
Interest		—			—			—
Securities lending		—			—			53
Foreign taxes withheld		(1	)		(4	)		—
Total Investment Income		6			36			102
Expenses:
Investment advisory fees		6			26			30
Administrator fees		1			4			4
Shareholder service fees (1)		—			—			7
Shareholder service fees (2)		—			—			—
Distribution fees (2)		—			—			—
Chief compliance officer fees		—			—			—
Accounting agent fees		8			9			2
Custodian fees		11			22			26
Transfer agent fees		5			5			6
Registration fees		5			16			18
Professional fees		—			1			1
Trustees' fees		—			—			—
Insurance and other fees		2			3			3
Total expenses before fee reductions		38			86			97
Less:
Investment advisory fee waiver		(6	)		(26	)		(30	)
Reimbursements of other operating expenses		(23	)		(27	)		(22	)
Net expenses		9			33			45
Net investment income (loss)		(3	)		3			57
Net realized gain from securities sold		100			1,030			1,255
Net realized loss on foreign currency transactions		(1	)		(15	)		—
Net change in unrealized appreciation (depreciation) on investments		208			183			352
Net realized and unrealized gain (loss) from investments, options and foreign currencies		307			1,198			1,607
Net increase (decrease) in net assets resulting from operations	$	304		$	1,201		$	1,664

(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 2011 SEMIANNUAL REPORT 71

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner Market Neutral Fund			Turner Medical Sciences Long/Short Fund			Turner Spectrum Fund						Turner Titan Fund			Turner All Cap Growth Fund
	2/7/11(1) thru 3/31/2011 (unaudited)			2/7/11(1) thru 3/31/2011 (unaudited)			period ended 3/31/2011 (unaudited)			year ended 9/30/2010			2/7/11(1) thru 3/31/2011 (unaudited)			period ended 3/31/2011 (unaudited)			year ended 9/30/2010
Investment activities:
Net investment loss	$	(1	)	$	(9	)	$	(1,834	)	$	(1,410	)	$	(6	)	$	(225	)	$	(344	)
Net realized gain (loss) from securities sold and securities sold short		35			1			21,206			(6,861	)		(39	)		4,728			3,912
Net realized gain (loss) on written option contracts		—			—			124			247			—			(123	)		—
Net realized gain (loss) on foreign currency transactions		—			—			251			(138	)		—			—			—
Net change in unrealized appreciation (depreciation) on investments and securities sold short		57			75			5,095			6,237			54			5,176			261
Net change in unrealized appreciation (depreciation) on written option contracts		—			—			524			(56	)		—			—			—
Net change in unrealized appreciation (depreciation) on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—			(13	)		(2	)		—			—			—
Net increase (decrease) in net assets resulting from operations		91			67			25,353			(1,983	)		9			9,556			3,829
Dividends and distributions to shareholders:
Net investment income
Investor Class Shares		—			—			—			—			—			—			(23	)^
Realized capital gains
Institutional Class Shares		—			—			—			(92	)		—			—			—
Investor Class Shares		—			—			—			(47	)		—			—			—
Class C Shares		—			—			—			(3	)		—			—			—
Total dividends and distributions		—			—			—			(142	)		—			—			(23	)
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		3,257			2,205			171,503			187,039			4,068			—			—
Proceeds from shares issued in lieu of cash distributions		—			—			—			84			—			—			—
Cost of shares redeemed		—			—			(63,927	)		(14,332	)		—			—			—
Net increase in net assets from Institutional Class Shares transactions		3,257			2,205			107,576			172,791			4,068			—			—
Investor Class Shares
Proceeds from shares issued		69			2,489			52,605			57,936			70			37,338			7,014
Proceeds from shares issued in lieu of cash distributions		—			—			—			47			—			—			22
Cost of shares redeemed		—			(22	)		(13,843	)		(10,048	)		—			(11,153	)		(13,939	)
Net increase (decrease) in net assets from Investor Class Shares transactions		69			2,467			38,762			47,935			70			26,185			(6,903	)
Class C Shares
Proceeds from shares issued		—			451			2,013			7,401			22			—			—
Proceeds from shares issued in lieu of cash distributions		—			—			—			3			—			—			—
Cost of shares redeemed		—			—			(1,046	)		(197	)		—			—			—
Net increase in net assets from Class C Shares transactions		—			451			967			7,207			22			—			—
Net increase (decrease) in net assets from capital share transactions		3,326			5,123			147,305			227,933			4,160			26,185			(6,903	)
Total increase (decrease) in net assets		3,417			5,190			172,658			225,808			4,169			35,741			(3,097	)
Net Assets:
Beginning of period		—			—			239,056			13,248			—			23,227			26,324
End of period	$	3,417		$	5,190		$	411,714		$	239,056		$	4,169		$	58,968		$	23,227
Accumulated net investment loss	$	(1	)	$	(9	)	$	(2,054	)	$	(220	)	$	(6	)	$	(225	)	$	—
Share issued and redeemed:
Institutional Class Shares
Issued		324			219			11,456			17,118			402			—			—
Issued in lieu of cash distributions		—			—			—			8			—			—			—
Redeemed		—			—			(2,154	)		(1,333	)		—			—			—
Net increase in Institutional Class Shares		324			219			9,302			15,793			402			—			—
Investor Class Shares
Issued		7			245			4,603			5,370			7			4,164			1,076
Issued in lieu of cash distributions		—			—			—			4			—			—			4
Redeemed		—			(2	)		(1,228	)		(938	)		—			(1,255	)		(2,198	)
Net increase (decrease) in Investor Class Shares		7			243			3,375			4,436			7			2,909			(1,118	)
Class C Shares
Issued		—			44			176			688			2			—			—
Redeemed		—			—			(92	)		(19	)		—			—			—
Net increase in Class C Shares		—			44			84			669			2			—			—
Net increase (decrease) in share transactions		331			506			12,761			20,898			411			2,909			(1,118	)

(1)  Commencement of operations.

^  Includes return of capital of $1 (000).

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.

72 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

TURNER FUNDS 2011 SEMIANNUAL REPORT 73

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner Concentrated Growth Fund						Turner Emerging Growth Fund						Turner Large Growth Fund						Turner Midcap Growth Fund						Turner Small Cap Growth Fund
	period ended 3/31/2011 (unaudited)			year ended 9/30/2010			period ended 3/31/2011 (unaudited)			year ended 9/30/2010			period ended 3/31/2011 (unaudited)			year ended 9/30/2010			period ended 3/31/2011 (unaudited)			year ended 9/30/2010			period ended 3/31/2011 (unaudited)			year ended 9/30/2010
Investment activities:
Net investment income (loss)	$	(301	)	$	(468	)	$	(2,076	)	$	(3,867	)	$	(363	)	$	751		$	(945	)	$	(4,906	)	$	(1,301	)	$	(1,976	)
Net realized gain from securities sold		8,670			4,512			53,059			31,561			83,050			28,303	†		110,241			107,778			48,313			25,168
Net change in unrealized appreciation (depreciation) on investments		1,537			(1,040	)		97,658			22,753			48,653			6,444			170,889			24,016			34,360			14,979
Net increase in net assets resulting from operations		9,906			3,004			148,641			50,447			131,340			35,498			280,185			126,888			81,372			38,171
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		—			—			—			—			(671	)		(1,623	)		—			—			—			—
Investor Class Shares		—			(121	)^		—			—			—			(664	)		—			—			—			—
Total dividends and distributions		—			(121	)		—			—			(671	)		(2,287	)		—			—			—			—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		—			—			37,982			44,818			20,103			279,938			71,011			61,281			—			—
Proceeds from Fund acquisition (Note 14)		—			—			—			—			140,336			—			—			—			—			—
Proceeds from shares issued in lieu of cash distributions		—			—			—			—			612			1,398			—			—			—			—
Cost of shares redeemed		—			—			(30,086	)		(41,796	)		(95,758	)		(312,150	)†		(32,121	)		(48,879	)		—			—
Net increase (decrease) in net assets from Institutional Class Shares transactions		—			—			7,896			3,022			65,293			(30,814	)		38,890			12,402			—			—
Investor Class Shares
Proceeds from shares issued		9,255			12,686			13,917			16,414			10,459			158,361			124,576			189,151			61,598			56,625
Proceeds from Fund acquisition (Note 14)		—			—			—			—			1,518			—			—			—			—			—
Proceeds from shares issued in lieu of cash distributions		—			119			—			—			—			597			—			—			—			—
Cost of shares redeemed		(6,438	)		(12,737	)		(25,286	)		(49,217	)		(90,003	)		(254,148	)		(144,360	)		(407,498	)		(72,727	)		(70,731	)
Net increase (decrease) in net assets from Investor Class Shares transactions		2,817			68			(11,369	)		(32,803	)		(78,026	)		(95,190	)		(19,784	)		(218,347	)		(11,129	)		(14,106	)
Retirement Class Shares
Proceeds from shares issued		—			—			—			—			—			—			909			793			—			—
Cost of shares redeemed		—			—			—			—			—			—			(1,564	)		(642	)		—			—
Net increase (decrease) in net assets from Retirement Class Shares transactions		—			—			—			—			—			—			(655	)		151			—			—
Net increase (decrease) in net assets from capital share transactions		2,817			68			(3,473	)		(29,781	)		(12,733	)		(126,004	)		18,451			(205,794	)		(11,129	)		(14,106	)
Total increase (decrease) in net assets		12,723			2,951			145,168			20,666			117,936			(92,793	)		298,636			(78,906	)		70,243			24,065
Net Assets:
Beginning of period		42,924			39,973			453,268			432,602			541,400			634,193			920,695			999,601			274,925			250,860
End of period	$	55,647		$	42,924		$	598,436		$	453,268		$	659,336		$	541,400		$	1,219,331		$	920,695		$	345,168		$	274,925
Undistributed net investment income (accumulated net investment income)	$	(301	)	$	—		$	(2,076	)	$	—		$	(495	)	$	539		$	(945	)	$	—		$	(1,301	)	$	—
Share issued and redeemed:
Institutional Class Shares
Issued		—			—			739			1,099			4,220			27,088			2,027			2,060			—			—
Share from Fund acquisition (Note 14)		—			—			—			—			10,966			—			—			—			—			—
Issued in lieu of cash distributions		—			—			—			—			51			132			—			—			—			—
Redeemed		—			—			(628	)		(1,049	)		(8,295	)		(29,854	)†		(917	)		(1,752	)		—			—
Net increase (decrease) in Institutional Class Shares		—			—			111			50			6,942			(2,634	)		1,110			308			—			—
Investor Class Shares
Issued		1,191			2,002			271			411			930			15,470			3,515			6,754			1,762			2,130
Share from Fund acquisition (Note 14)		—			—			—			—			119			—			—			—			—			—
Issued in lieu of cash distributions		—			18			—			—			—			56			—			—			—			—
Redeemed		(845	)		(2,036	)		(508	)		(1,240	)		(7,566	)		(25,538	)		(4,157	)		(14,508	)		(2,104	)		(2,609	)
Net increase (decrease) in Investor Class Shares		346			(16	)		(237	)		(829	)		(6,517	)		(10,012	)		(642	)		(7,754	)		(342	)		(479	)
Retirement Class Shares
Issued		—			—			—			—			—			—			27			29			—			—
Redeemed		—			—			—			—			—			—			(46	)		(24	)		—			—
Net increase (decrease) in Retirement Class Shares		—			—			—			—			—			—			(19	)		5			—			—
Net increase (decrease) in share transactions		346			(16	)		(126	)		(779	)		425			(12,646	)		449			(7,441	)		(342	)		(479	)

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

^  Includes return of capital of $1 (000).

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.

74 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

TURNER FUNDS 2011 SEMIANNUAL REPORT 75

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner Quantitative Broad Market Equity Fund						Turner Quantitative Large Cap Value Fund						Turner Global Opportunities Fund						Turner International Growth Fund						Turner Small Cap Equity Fund
	period ended 3/31/2011 (unaudited)			year ended 9/30/2010			period ended 3/31/2011 (unaudited)			year ended 9/30/2010			period ended 3/31/2011 (unaudited)			5/7/10(1) thru 9/30/2010			period ended 3/31/2011 (unaudited)			year ended 9/30/2010			period ended 3/31/2011 (unaudited)			year ended 9/30/2010
Investment activities:
Net investment income (loss)	$	68		$	68		$	6		$	10		$	(3	)	$	(1	)	$	3		$	24		$	57		$	38
Net realized gain (loss) from securities sold		85			(473	)		22			104			100			(4	)		1,030			465			1,255			4,883
Net realized loss on foreign currency transactions		—			—			—			—			(1	)		(1	)		(15	)		(12	)		—			—
Net change in unrealized appreciation (depreciation) on investments		1,874			133			96			(58	)		208			159			183			187			352			(3,478	)
Net increase (decrease) in net assets resulting from operations		2,027			(272	)		124			56			304			153			1,201			664			1,664			1,443
Dividends and distributions to shareholders:
Net investment income
Institutional Class Shares		(107	)		(7	)		(11	)		(13	)		—			—			(48	)		(59	)		(10	)		—
Investor Class Shares		—			—			—			—			—			—			(1	)		—			(12	)		—
Total dividends and distributions		(107	)		(7	)		(11	)		(13	)		—			—			(49	)		(59	)		(22	)		—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		998			12,228			3			1			417			1,000			319			518			1,740			723
Proceeds from shares issued in lieu of cash distributions		107			7			11			13			—			—			48			59			10			—
Cost of shares redeemed		(1,969	)		(1,525	)		(137	)		(3	)		(522	)		—			(126	)		—			(2,260	)		(6,351	)
Net increase (decrease) in net assets from Institutional Class Shares transactions		(864	)		10,710			(123	)		11			(105	)		1,000			241			577			(510	)		(5,628	)
Investor Class Shares
Proceeds from shares issued		5			15			—			—			695			—			484			135			280			1,249
Proceeds from shares issued in lieu of cash distributions		—			—			—			—			—			—			1			—			12			—
Cost of shares redeemed		—			(5	)		—			—			(2	)		—			(125	)		(36	)		(2,170	)		(19,715	)
Net increase (decrease) in net assets from Investor Class Shares transactions		5			10			—			—			693			—			360			99			(1,878	)		(18,466	)
Net increase (decrease) in net assets from capital share transactions		(859	)		10,720			(123	)		11			588			1,000			601			676			(2,388	)		(24,094	)
Total increase (decrease) in net assets		1,061			10,441			(10	)		54			892			1,153			1,753			1,281			(746	)		(22,651	)
Net Assets:
Beginning of period		10,972			531			830			776			1,153			—			5,129			3,848			6,448			29,099
End of period	$	12,033		$	10,972		$	820		$	830		$	2,045		$	1,153		$	6,882		$	5,129		$	5,702		$	6,448
Undistributed net investment income (accumulated net investment income)	$	26		$	65		$	3		$	8		$	(3	)	$	—		$	(60	)	$	(14	)	$	55		$	20
Share issued and redeemed:
Institutional Class Shares
Issued		102			1,338			—			—			31			100			29			60			147			69
Issued in lieu of cash distributions		11			1			1			2			—			—			4			7			1			—
Redeemed		(202	)		(173	)		(16	)		—			(37	)		—			(11	)		—			(174	)		(597	)
Net increase (decrease) in Institutional Class Shares		(89	)		1,166			(15	)		2			(6	)		100			22			67			(26	)		(528	)
Investor Class Shares
Issued		—			2			—			—			50			—			45			16			22			124
Issued in lieu of cash distributions		—			—			—			—			—			—			—			—			1			—
Redeemed		—			(1	)		—			—			—			—			(12	)		(4	)		(180	)		(1,976	)
Net increase (decrease) in Investor Class Shares		—			1			—			—			50			—			33			12			(157	)		(1,852	)
Net increase (decrease) in share transactions		(89	)		1,167			(15	)		2			44			100			55			79			(183	)		(2,380	)

(1)  Commencement of operations.

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

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

76 TURNER FUNDS 2011 SEMIANNUAL REPORT

(Unaudited)

TURNER FUNDS 2011 SEMIANNUAL REPORT 77

FINANCIAL STATEMENTS

(Unaudited)

Statements of cash flows (000)

	Turner Market Neutral Fund			Turner Medical Sciences Long/Short Fund
	2/7/11(1) thru 3/31/11			2/7/11(1) thru 3/31/11
Cash flows from operating activities:
Net increase(decrease) in net assets resulting from operations	$	91		$	67
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities
Purchases of long-term portfolio investments		(7,211	)		(3,241	)
Proceeds from sales of long-term portfolio investments		4,415			1,356
Purchases of short-term portfolio investments		(4,136	)		(5,510	)
Proceeds from sales of short-term investments		4,133			2,787
Payments to cover securities sold short		(4,599	)		(1,232	)
Proceeds from securities sold short		7,385			2,426
Realized gain from securities sold and securities sold short		(35	)		(1	)
Change in unrealized appreciation (depreciation) on investments		(110	)		(84	)
Change in unrealized appreciation (depreciation) on securities sold short		53			9
Increase in deposits with brokers for securities sold short and options		(3,435	)		(1,708	)
Increase in receivable for investment securities sold		(550	)		(40	)
Increase in prepaid expenses		(1	)		—
Increase in receivable for dividend income		(3	)		—
Increase in payable for investment securities purchased		674			181
Increase in payable due to investment adviser		3			6
Increase in other accrued expenses		—			2
Net cash provided by operating activities		(3,326	)		(4,982	)
Cash flows from financing activities:
Proceeds from shares issued		3,326			5,004
Cost of shares reedemed		—			(22	)
Distributions from capital gains		—			—
Net cash used in financing activities		3,326			4,982
Net increase in cash		—			—
Cash, beginning of period		—			—
Cash, end of period	$	—		$	—
Non-cash Capital shares sold receivable	$	—		$	(141	)
Capital shares redeemed payable		—			—
Reinvestments of distributions		—			—

(1)  Commencement of operations.

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

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

78 TURNER FUNDS 2011 SEMIANNUAL REPORT

FINANCIAL STATEMENTS

(Unaudited)

Statements of cash flows (000)

	Turner Spectrum Fund				Turner Titan Fund
	period ended 3/31/11				2/7/11(1) thru 3/31/11
Cash flows from operating activities:
Net increase(decrease) in net assets resulting from operations	$	25,353			$	9
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities
Purchases of long-term portfolio investments		(1,244,184	)			(6,233	)
Proceeds from sales of long-term portfolio investments		1,189,623				2,810
Purchases of short-term portfolio investments		(552,047	)			(4,960	)
Proceeds from sales of short-term investments		513,934				4,629
Payments to cover securities sold short		(939,893	)			(3,057	)
Proceeds from securities sold short		972,176				4,981
Realized gain on written option contracts		(124	)			—
Realized gain/loss from securities sold and securities sold short		(21,206	)			39
Premiums received from written option contracts		13,655				—
Premiums paid to closed option contracts		(11,403	)			—
Change in unrealized appreciation (depreciation) on investments		(7,813	)			(91	)
Change in unrealized appreciation (depreciation) on written option contracts		(524	)			—
Change in unrealized appreciation (depreciation) on securities sold short		2,718				37
Increase in deposits with brokers for securities sold short and options		(88,573	)			(2,500	)
Increase in receivable for investment securities sold		(5,371	)			(618	)
Decrease in prepaid expenses		38				—
Increase in receivable for dividend income		(70	)			(1	)
Increase in reclaim receivable		(1	)			—
Increase in payable for investment securities purchased		9,985				789
Decrease in broker fees and charges on short sales payable		(5	)			—
Increase in payable due to investment adviser		294				4
Increase in payable due to shareholder servicing		11				—
Increase in payable due to distributor		1				—
Increase in payable due to administrator		38				—
Decrease in dividends payable on securities sold short		(22	)			—
Increase in other accrued expenses		80				2
Net cash provided by operating activities		(143,330	)			(4,160	)
Cash flows from financing activities:
Proceeds from shares issued		222,076		��		4,160
Cost of shares reedemed		(78,746	)			—
Net cash used in financing activities		143,330				4,160
Net increase in cash		—				—
Cash, beginning of period		—				—
Cash, end of period	$	—			$	—
Non-cash Capital shares sold receivable	$	(4,044	)		$	—
Capital shares redeemed payable		70				—
Reinvestments of distributions		134				—

(1)  Commencement of operations.

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

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 79

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 Market Neutral Fund — Institutional Class Shares
	2011	(1)	$	10.00		(0.01	) (2)		0.35			0.34			—			—			—		$	10.34
Turner Market Neutral Fund — Investor Class Shares
	2011	(1)	$	10.00		—	(2)*		0.33			0.33			—			—			—		$	10.33
Turner Market Neutral Fund — Class C Shares
	2011	(1)	$	10.00		(0.02	) (2)		0.35			0.33			—			—			—		$	10.33
Turner Medical Sciences Long/Short Fund — Institutional Class Shares
	2011	(1)	$	10.00		(0.03	) (2)		0.29			0.26			—			—			—		$	10.26
Turner Medical Sciences Long/Short Fund — Investor Class Shares
	2011	(1)	$	10.00		(0.03	) (2)		0.29			0.26			—			—			—		$	10.26
Turner Medical Sciences Long/Short Fund — Class C Shares
	2011	(1)	$	10.00		(0.04	) (2)		0.29			0.25			—			—			—		$	10.25
Turner Spectrum Fund — Institutional Class Shares
	2011	**	$	10.82		(0.06	) (2)		1.06			1.00			—			—			—		$	11.82
	2010		$	10.81		(0.13	) (2)		0.21	(3)		0.08			—			(0.07	)		(0.07	)	$	10.82
	2009	(5)	$	10.00		(0.07	) (2)		0.88			0.81			—			—			—		$	10.81
Turner Spectrum Fund — Investor Class Shares
	2011	**	$	10.78		(0.08	) (2)		1.06			0.98			—			—			—		$	11.76
	2010		$	10.80		(0.16	) (2)		0.21	(3)		0.05			—			(0.07	)		(0.07	)	$	10.78
	2009	(5)	$	10.00		(0.09	) (2)		0.89			0.80			—			—			—		$	10.80
Turner Spectrum Fund — Class C Shares
	2011	**	$	10.72		(0.12	) (2)		1.05			0.93			—			—			—		$	11.65
	2010		$	10.80		(0.24	) (2)		0.23	(3)		(0.01	)		—			(0.07	)		(0.07	)	$	10.72
	2009	(7)	$	9.98		(0.07	) (2)		0.89			0.82			—			—			—		$	10.80
Turner Titan Fund — Institutional Class Shares
	2011	(1)	$	10.00		(0.02	) (2)		0.17			0.15			—			—			—		$	10.15
Turner Titan Fund — Investor Class Shares
	2011	(1)	$	10.00		(0.03	) (2)		0.18			0.15			—			—			—		$	10.15
Turner Titan Fund — Class C Shares
	2011	(1)	$	10.00		(0.04	) (2)		0.18			0.14			—			—			—		$	10.14
Turner All Cap Growth Fund — Investor Class Shares
	2011	**	$	7.03		(0.05	) (2)		2.51			2.46			—			—			—		$	9.49
	2010		$	5.95		(0.09	) (2)		1.18			1.09			(0.01	)		—			(0.01	)	$	7.03
	2009		$	5.60		—	* (2)		0.35			0.35			—			—			—		$	5.95
	2008		$	8.72		(0.07	) (2)		(3.05	)		(3.12	)		—			—			—		$	5.60
	2007		$	6.26		(0.07	) (2)		2.53			2.46			—			—			—		$	8.72
	2006		$	5.86		(0.07	) (2)		0.47	(3)		0.40			—			—			—		$	6.26

80 TURNER FUNDS 2011 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 Market Neutral Fund — Institutional Class Shares
	2011	(1)		3.40	%†††	$	3,346		1.95	%		1.95	%		2.56	%		(0.36	)%		231	%
Turner Market Neutral Fund — Investor Class Shares
	2011	(1)		3.30	%†††	$	71		2.17	%		2.17	%		2.94	%		(0.28	)%		231	%
Turner Market Neutral Fund — Class C Shares
	2011	(1)		3.30	%†††	$	—		2.92	%		2.92	%		3.19	%		(1.49	)%		231	%
Turner Medical Sciences Long/Short Fund — Institutional Class Shares
	2011	(1)		2.60	%†††	$	2,247		1.93	%		1.93	%		2.12	%		(1.73	)%		105	%
Turner Medical Sciences Long/Short Fund — Investor Class Shares
	2011	(1)		2.60	%†††	$	2,490		2.18	%		2.18	%		2.49	%		(2.11	)%		105	%
Turner Medical Sciences Long/Short Fund — Class C Shares
	2011	(1)		2.50	%†††	$	453		2.93	%		2.93	%		3.10	%		(2.84	)%		105	%
Turner Spectrum Fund — Institutional Class Shares
	2011	**		9.24	%†††	$	306,096		1.91	%		1.91	%		2.43	%		(1.13	)%		556	%
	2010			0.77	%	$	179,526		1.91	% (4)		1.91	% (4)		2.85	%		(1.23	)%		1,808	%
	2009	(5)		8.10	%†††	$	8,681		2.44	% (6)		2.44	% (6)		5.63	%		(1.78	)%		663	%
Turner Spectrum Fund — Investor Class Shares
	2011	**		9.09	%†††	$	96,840		2.16	%		2.16	%		2.67	%		(1.39	)%		556	%
	2010			0.49	%	$	52,361		2.17	% (4)		2.17	% (4)		3.12	%		(1.52	)%		1,808	%
	2009	(5)		8.00	%†††	$	4,567		2.71	% (6)		2.71	% (6)		5.84	%		(2.09	)%		663	%
Turner Spectrum Fund — Class C Shares
	2011	**		8.68	%†††	$	8,778		2.91	%		2.91	%		3.42	%		(2.12	)%		556	%
	2010			(0.07	)%	$	7,169		2.92	% (4)		2.92	% (4)		3.82	%		(2.19	)%		1,808	%
	2009	(7)		8.22	%†††	$	—		2.35	% (6)		2.35	% (6)		5.28	%		(3.12	)%		663	%
Turner Titan Fund — Institutional Class Shares
	2011	(1)		1.50	%†††	$	4,077		1.94	%		1.94	%		2.45	%		(1.50	)%		129	%
Turner Titan Fund — Investor Class Shares
	2011	(1)		1.50	%†††	$	70		2.17	%		2.17	%		2.69	%		(1.73	)%		129	%
Turner Titan Fund — Class C Shares
	2011	(1)		1.40	%†††	$	22		2.94	%		2.94	%		3.38	%		(2.46	)%		129	%
Turner All Cap Growth Fund — Investor Class Shares
	2011	**		34.99	%†††	$	58,968		1.61	%		1.61	%		2.06	%		(1.10	)%		84	%
	2010			18.25	%	$	23,227		1.64	%		1.64	%		2.15	%		(1.38	)%		115	%
	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	%

*  Amount represents less than $0.01 per share.
**  For the six-month period ended March 31, 2011, unless otherwise indicated (unaudited). All ratios for the period have been annualized.
†  Inclusive of fees paid indirectly, waivers and/or reimbursements.
††  Excludes effect of in-kind transfers and mergers, as applicable. Not annualized for periods less than one year.
†††  Total return is for the period indicated and has not been annualized.
(1)  Commenced operations on February 7, 2011. All ratios for the period have been annualized (unaudited).
(2)  Based on average shares outstanding.
(3)  The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
(4)  Dividend expense totaled 0.45% of average net assets for the year ended September 30, 2010, 0.42% of which was waived. Broker fees and charges on short sales totaled 0.38% of average net assets for the year ended September 30, 2010, 0.37% 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 2.70%, 2.96% and 3.71% for the Institutional, Investor and Class C Shares, respectively.
(5)  Commenced operations on May 7, 2009. All ratios for the period have been annualized.
(6)  Dividend expense totaled 0.70% of average net assets for the period ended September 30, 2009. If dividend expense had not been contractually waived, the ratios of net expenses to average net assets would have been 3.14%, 3.41% and 3.05% for the Institutional, Investor and Class C Shares, respectively. If broker fees and charges on short sales had not been included, the ratios of net expenses to average net assets would have been 1.94%, 2.20% and 1.95% for the Institutional, Investor and Class C Shares, respectively.
(7)  Commenced operations on July 14, 2009. All ratios for the period have been annualized.
Amounts designated as "—" are either $0, not applicable or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2011 SEMIANNUAL REPORT 81

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 Concentrated Growth Fund — Investor Class Shares
	2011	*	$	6.63		(0.05	) (1)		1.58			1.53			—			—			—		$	8.16
	2010		$	6.16		(0.07	) (1)		0.56			0.49			(0.02	)		—			(0.02	)	$	6.63
	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
Turner Emerging Growth Fund — Institutional Class Shares
	2011	*	$	42.51		(0.17	) (1)		14.47			14.30			—			—			—		$	56.81
	2010		$	37.78		(0.31	) (1)		5.04			4.73			—			—			—		$	42.51
	2009	(2)	$	28.45		(0.12	) (1)		9.45	(3)		9.33			—			—			—		$	37.78
Turner Emerging Growth Fund — Investor Class Shares
	2011	*	$	42.32		(0.24	) (1)		14.42			14.18			—			—			—		$	56.50
	2010		$	37.71		(0.41	) (1)		5.02			4.61			—			—			—		$	42.32
	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
Turner Large Growth Fund — Institutional Class Shares
	2011	*	$	10.56		—	** (1)		2.20			2.20			(0.02	)		—			(0.02	)	$	12.74
	2010		$	9.93		0.02	(1)		0.65			0.67			(0.04	)		—			(0.04	)	$	10.56
	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
Turner Large Growth Fund — Investor Class Shares
	2011	*	$	10.49		(0.02	) (1)		2.20			2.18			—			—			—		$	12.67
	2010		$	9.87		—	** (1)		0.64			0.64			(0.02	)		—			(0.02	)	$	10.49
	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
Turner Midcap Growth Fund — Institutional Class Shares
	2011	*	$	29.90		—	** (1)		9.17			9.17			—			—			—		$	39.07
	2010		$	26.12		(0.08	) (1)		3.86			3.78			—			—			—		$	29.90
	2009		$	26.20		(0.01	) (1)		(0.07	)		(0.08	)		—			—			—		$	26.12
	2008	(4)	$	34.67		(0.01	) (1)		(8.46	)		(8.47	)		—			—			—		$	26.20
Turner Midcap Growth Fund — Investor Class Shares
	2011	*	$	29.73		(0.04	) (1)		9.10			9.06			—			—			—		$	38.79
	2010		$	26.03		(0.15	) (1)		3.85			3.70			—			—			—		$	29.73
	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
Turner Midcap Growth Fund — Retirement Class Shares
	2011	*	$	28.71		(0.07	) (1)		8.77			8.70			—			—			—		$	37.41
	2010		$	25.20		(0.21	) (1)		3.72			3.51			—			—			—		$	28.71
	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

82 TURNER FUNDS 2011 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 Concentrated Growth Fund — Investor Class Shares
	2011	*		23.08	%†††	$	55,647		1.61	%		1.61	%		2.05	%		(1.19	)%		100	%
	2010			7.94	%	$	42,924		1.51	%		1.51	%		1.94	%		(1.14	)%		215	%
	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	%
Turner Emerging Growth Fund — Institutional Class Shares
	2011	*		33.64	%†††	$	375,778		1.15	%		1.15	%		1.25	%		(0.70	)%		42	%
	2010			12.52	%	$	276,445		1.15	%		1.15	%		1.28	%		(0.77	)%		96	%
	2009	(2)		32.79	%†	$	243,790		1.15	%		1.15	%		1.33	%		(0.54	)%		78	%
Turner Emerging Growth Fund — Investor Class Shares
	2011	*		33.51	%†††	$	222,657		1.40	%		1.40	%		1.50	%		(0.95	)%		42	%
	2010			12.22	%	$	176,823		1.40	%		1.40	%		1.53	%		(1.02	)%		96	%
	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	%
Turner Large Growth Fund — Institutional Class Shares
	2011	*		20.86	%†††	$	544,162		0.69	%		0.69	%		0.93	%		(0.07	)%		111	%
	2010			6.76	%	$	377,650		0.69	%		0.69	%		0.87	%		0.20	%		178	%
	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	%
Turner Large Growth Fund — Investor Class Shares
	2011	*		20.78	%†††	$	115,174		0.94	%		0.94	%		1.19	%		(0.28	)%		111	%
	2010			6.51	%	$	163,750		0.94	%		0.94	%		1.12	%		(0.05	)%		178	%
	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	%
Turner Midcap Growth Fund — Institutional Class Shares
	2011	*		30.67	%†††	$	258,927		0.93	%		0.93	%		1.01	%		0.02	%		47	%
	2010			14.47	%	$	164,993		0.93	%		0.93	%		1.03	%		(0.29	)%		90	%
	2009			(0.31	)%	$	136,069		0.93	%		0.93	%		1.08	%		(0.05	)%		120	%
	2008	(4)		(24.43	)%†††	$	137,451		0.93	%		0.94	%		1.03	%		(0.09	)%		157	%
Turner Midcap Growth Fund — Investor Class Shares
	2011	*		30.47	%†††	$	955,150		1.18	%		1.18	%		1.26	%		(0.22	)%		47	%
	2010			14.21	%	$	751,124		1.18	%		1.18	%		1.28	%		(0.54	)%		90	%
	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	%
Turner Midcap Growth Fund — Retirement Class Shares
	2011	*		30.30	%†††	$	5,254		1.43	%		1.43	%		1.51	%		(0.44	)%		47	%
	2010			13.93	%	$	4,578		1.43	%		1.43	%		1.53	%		(0.79	)%		90	%
	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	%

*  For the six-month period ended March 31, 2011, unless otherwise indicated (unaudited). All ratios for the period have been annualized.
**  Amount represents less than $0.01 per share.
†  Inclusive of fees paid indirectly, waivers and/or reimbursements.
††  Excludes effect of in-kind transfers and mergers, as applicable. Not annualized for periods less than one year.
†††  Total return is for the period indicated and has not been annualized.
(1)  Based on average shares outstanding.
(2)  Commenced operations on February 1, 2009. All ratios for the period have been annualized.
(3)  The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
(4)  Commenced operations on June 16, 2008. All ratios for the period have been annualized.
Amounts designated as "—" are either $0, not applicable or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2011 SEMIANNUAL REPORT 83

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 Small Cap Growth Fund — Investor Class Shares
	2011	*	$	28.97		(0.14	) (1)		8.90			8.76			—			—			—		$	37.73
	2010		$	25.17		(0.20	) (1)		4.00			3.80			—			—			—		$	28.97
	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
Turner Quantitative Broad Market Equity Fund — Institutional Class Shares
	2011	*	$	8.91		0.06	(1)		1.65			1.71			(0.09	)		—			(0.09	)	$	10.53
	2010		$	8.31		0.10	(1)		0.59	(2)		0.69			(0.09	)		—			(0.09	)	$	8.91
	2009		$	8.73		0.11	(1)		(0.47	)		(0.36	)		(0.06	)		—			(0.06	)	$	8.31
	2008	(3)	$	10.00		0.04	(1)		(1.31	)		(1.27	)		—			—			—		$	8.73
Turner Quantitative Broad Market Equity Fund — Investor Class Shares
	2011	*	$	8.88		0.04	(1)		1.66			1.70			(0.07	)		—			(0.07	)	$	10.51
	2010		$	8.30		0.08	(1)		0.58	(2)		0.66			(0.08	)		—			(0.08	)	$	8.88
	2009		$	8.72		0.08	(1)		(0.45	)		(0.37	)		(0.05	)		—			(0.05	)	$	8.30
	2008	(3)	$	10.00		0.03	(1)		(1.31	)		(1.28	)		—			—			—		$	8.72
Turner Quantitative Large Cap Value Fund — Institutional Class Shares
	2011	*	$	7.86		0.06	(1)		1.21			1.27			(0.12	)		—			(0.12	)	$	9.01
	2010		$	7.45		0.10	(1)		0.43			0.53			(0.12	)		—			(0.12	)	$	7.86
	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	(4)	$	10.00		0.16	(1)		1.33			1.49			(0.05	)		—			(0.05	)	$	11.44
Turner Quantitative Large Cap Value Fund — Investor Class Shares
	2011	*	$	7.85		0.05	(1)		1.20			1.25			(0.10	)		—			(0.10	)	$	9.00
	2010		$	7.44		0.08	(1)		0.44			0.52			(0.11	)		—			(0.11	)	$	7.85
	2009	(5)	$	7.50		0.07	(1)		0.04	(2)		0.11			(0.17	)		—			(0.17	)	$	7.44

84 TURNER FUNDS 2011 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 Small Cap Growth Fund — Investor Class Shares
	2011	*		30.24	%†††	$	345,168		1.25	%		1.25	%		1.50	%		(0.83	)%		55	%
	2010			15.10	%	$	274,925		1.25	%		1.25	%		1.52	%		(0.74	)%		89	%
	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	%
Turner Quantitative Broad Market Equity Fund — Institutional Class Shares
	2011	*		19.29	%†††	$	12,004		0.64	%		0.64	%		1.34	%		1.17	%		32	%
	2010			8.30	%	$	10,952		0.64	%		0.64	%		2.28	%		1.13	%		164	%
	2009			(3.95	)%	$	521		0.64	%		0.65	%		20.30	%		1.56	%		324	%
	2008	(3)		(12.70	)%†††	$	542		0.64	%		0.66	%		17.95	%		1.60	%		118	%
Turner Quantitative Broad Market Equity Fund — Investor Class Shares
	2011	*		19.24	%†††	$	29		0.89	%		0.89	%		1.57	%		0.90	%		32	%
	2010			7.98	%	$	20		0.89	%		0.89	%		6.72	%		0.88	%		164	%
	2009			(4.09	)%	$	10		0.89	%		0.90	%		20.60	%		1.15	%		324	%
	2008	(3)		(12.80	)%†††	$	2		0.89	%		0.91	%		16.99	%		1.28	%		118	%
Turner Quantitative Large Cap Value Fund — Institutional Class Shares
	2011	*		16.21	%†††	$	815		0.69	%		0.69	%		11.63	%		1.53	%		3	%
	2010			7.24	%	$	825		0.69	%		0.69	%		12.61	%		1.31	%		201	%
	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	(4)		14.92	%†††	$	580		0.59	%		0.59	%		7.71	%		1.52	%		252	%
Turner Quantitative Large Cap Value Fund — Investor Class Shares
	2011	*		15.99	%†††	$	5		0.94	%		0.94	%		11.77	%		1.28	%		3	%
	2010			7.07	%	$	5		0.90	%		0.90	%		12.82	%		1.10	%		201	%
	2009	(5)		1.67	%†††	$	4		0.89	%		0.90	%		15.93	%		1.18	%		241	%

*  For the six-month period ended March 31, 2011, unless otherwise indicated (unaudited). All ratios for the period have been annualized.
†  Inclusive of fees paid indirectly, waivers and/or reimbursements.
††  Excludes effect of in-kind transfers and mergers, as applicable. Not annualized for periods less than one year.
†††  Total return is for the period indicated and has not been annualized.
(1)  Based on average shares outstanding.
(2)  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.
(3)  Commenced operations on June 30, 2008. All ratios for the period have been annualized.
(4)  Commenced operations on October 10, 2005. All ratios for the period have been annualized.
(5)  Commenced operations on October 31, 2008. All ratios for the period have been annualized.
Amounts designated as "—" are either $0, not applicable or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2011 SEMIANNUAL REPORT 85

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 Global Opportunities Fund — Institutional Class Shares
	2011	*	$	11.52		(0.03	) (1)		2.71			2.68			—			—			—		$	14.20
	2010	(2)	$	10.00		(0.01	) (1)		1.53			1.52			—			—			—		$	11.52
Turner Global Opportunities Fund — Investor Class Shares
	2011	*	$	11.50		(0.01	) (1)		2.67			2.66			—			—			—		$	14.16
	2010	(2)	$	10.00		(0.03	) (1)		1.53			1.50			—			—			—		$	11.50
Turner International Growth Fund — Institutional Class Shares
	2011	*	$	9.41		0.01	(1)		2.13			2.14			(0.09	)		—			(0.09	)	$	11.46
	2010		$	8.24		0.04	(1)		1.26			1.30			(0.13	)		—			(0.13	)	$	9.41
	2009		$	8.34		0.08	(1)		(0.07	) (3)		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	(4)	$	10.00		0.07	(1)		2.14			2.21			—			—			—		$	12.21
Turner International Growth Fund — Investor Class Shares
	2011	*	$	9.39		—	** (1)		2.12			2.12			(0.07	)		—			(0.07	)	$	11.44
	2010		$	8.24		0.05	(1)		1.23			1.28			(0.13	)		—			(0.13	)	$	9.39
	2009	(5)	$	6.27		0.07	(1)		2.01			2.08			(0.11	)		—			(0.11	)	$	8.24
Turner Small Cap Equity Fund — Institutional Class Shares
	2011	*	$	11.09		0.08	(1)		3.16			3.24			(0.09	)		—			(0.09	)	$	14.24
	2010		$	9.83		0.05	(1)		1.21			1.26			—			—			—		$	11.09
	2009	(6)	$	7.73		—	** (1)		2.10	(3)		2.10			—			—			—		$	9.83
Turner Small Cap Equity Fund — Investor Class Shares
	2011	*	$	11.05		0.12	(1)		3.09			3.21			(0.03	)		—			(0.03	)	$	14.23
	2010		$	9.82		0.01	(1)		1.22			1.23			—			—			—		$	11.05
	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

86 TURNER FUNDS 2011 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 Global Opportunities Fund — Institutional Class Shares
	2011	*		23.26	%†††	$	1,338		1.10	%		1.10	%		4.83	%		(0.38	)%		65	%
	2010	(2)		15.20	%†††	$	1,153		1.10	%		1.10	%		8.33	%		(0.31	)%		37	%
Turner Global Opportunities Fund — Investor Class Shares
	2011	*		23.13	%†††	$	708		1.35	%		1.35	%		3.45	%		(0.19	)%		65	%
	2010	(2)		15.00	%†††	$	—		1.56	%		1.56	%		8.92	%		(0.77	)%		37	%
Turner International Growth Fund — Institutional Class Shares
	2011	*		22.79	%†††	$	6,368		1.10	%		1.10	%		2.85	%		0.10	%		117	%
	2010			15.88	%	$	5,019		1.10	%		1.10	%		3.93	%		0.51	%		120	%
	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	(4)		22.10	%†††	$	2,409		1.10	%		1.10	%		4.63	%		0.99	%		111	%
Turner International Growth Fund — Investor Class Shares
	2011	*		22.67	%†††	$	515		1.35	%		1.35	%		3.05	%		(0.07	)%		117	%
	2010			15.61	%	$	110		1.35	%		1.35	%		4.15	%		0.61	%		120	%
	2009	(5)		33.95	%†††	$	—		1.29	%		1.29	%		5.59	%		1.14	%		139	%
Turner Small Cap Equity Fund — Institutional Class Shares
	2011	*		29.26	%†††	$	—		1.20	%		1.20	%		2.60	%		1.25	%		86	%
	2010			12.82	%	$	291		1.20	%		1.20	%		1.79	%		0.52	%		189	%
	2009	(6)		27.17	%†††	$	5,439		1.20	%		1.20	%		1.59	%		0.05	%		280	%
Turner Small Cap Equity Fund — Investor Class Shares
	2011	*		29.07	%†††	$	5,701		1.45	%		1.45	%		3.12	%		1.86	%		86	%
	2010			12.53	%	$	6,157		1.45	%		1.45	%		2.04	%		0.07	%		189	%
	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	%

*  For the six-month period ended March 31, 2011, unless otherwise indicated (unaudited). All ratios for the period have been annualized.
**  Amount represents less than $0.01 per share.
†  Inclusive of fees paid indirectly, waivers and/or reimbursements.
††  Excludes effect of in-kind transfers and mergers, as applicable. Not annualized for periods less than one year.
†††  Total return is for the period indicated and has not been annualized.
(1)  Based on average shares outstanding.
(2)  Commenced operations on May 7, 2010. All ratios for the period have been annualized.
(3)  The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
(4)  Commenced operations on January 31, 2007. All ratios for the period have been annualized.
(5)  Commenced operations on October 31, 2008. All ratios for the period have been annualized.
(6)  Commenced operations on February 1, 2009. All ratios for the period have been annualized.
Amounts designated as "—" are either $0, not applicable or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

TURNER FUNDS 2011 SEMIANNUAL REPORT 87

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Notes to financial statements

March 31, 2011

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 fifteen active portfolios as of March 31, 2011. The financial statements included herein are those of the Turner Market Neutral Fund (the "Market Neutral Fund"), the Turner Medical Sciences Long/Short Fund (the "Medical Sciences Long/Short Fund), the Turner Spectrum Fund (the "Spectrum Fund"), the Turner Titan Fund (the "Titan Fund"), the Turner All Cap Growth Fund (the "All Cap Growth Fund", formerly the Turner New Enterprise Fund), the Turner Concentrated Growth Fund (the "Concentrated Growth Fund"), the Turner Emerging Growth Fund (the "Emerging Growth Fund"), the Turner Large Growth Fund (the "Large Growth Fund", formerly the Turner Core Growth Fund), the Turner Midcap Growth Fund (the "Midcap Growth Fund"), the 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 Turner Global Opportunities Fund (the "Global Opportunities Fund"), the Turner International Growth Fund (the "International Growth Fund", formerly the Turner International Core Growth Fund), and the Turner Small Cap Equity Fund (the "Small Cap Equity Fund"), each a "Fund" and collectively the "Funds." The Market Neutral Fund, Medical Sciences Long/Short Fund and Titan Fund commenced operations on February 7, 2011.

Each Fund is registered as a diversified portfolio of the Trust with the exception of the Concentrated Growth Fund and Global Opportunities Fund, 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 bid and ask prices from two broker-dealers who make a market in the security and determine the average of the two.

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 Committee 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

88 TURNER FUNDS 2011 SEMIANNUAL REPORT

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 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 Sub-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 Sub-Administrator notifies the Adviser for any Fund holding the relevant securities that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

The Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund, Titan Fund, Global Opportunities Fund and International Growth Fund use Interactive Data Pricing and Reference Data, Inc. ("Interactive Data") as a third party fair valuation vendor. Interactive Data provides a fair value for foreign securities in the Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund, Titan Fund, Global Opportunities Fund and International Growth 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 exceeded on a specific day, the Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund, Titan Fund, Global Opportunities Fund and International Growth 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' Sub-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 hierarchy to maximize the use of the observable market data and minimize the use of the 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, 2011 maximized the use of observable inputs and minimized the use of unobservable inputs. For the six months ended March 31, 2011, 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. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy during the reporting period. For each Fund there were no significant

TURNER FUNDS 2011 SEMIANNUAL REPORT 89

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

transfers between the levels during the reporting period, based on the input levels assigned under the hierarchy at the beginning and end of the reporting period.

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

Securities sold short—As consistent with each Fund's investment objectives, the Funds may engage in short sales. Short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends that accrue during the period of the loan. Dividends are shown as an expense for financial reporting purposes. To borrow the security, the Fund also may be required to pay a fee, which is shown as an expense for financial 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 brokers 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. The Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund and Titan Fund engaged in short sales during the six months ended March 31, 2011.

Option transactions—As consistent with each Fund's investment objectives, 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 consideration 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 (loss) on written option contracts and net change in unrealized appreciation (depreciation) on written option contracts, respectively. Realized and unrealized gains and (losses) on purchased options in the Spectrum Fund for the six months ended March 31, 2011 were $(1,228,684) and $(1,181,393), respectively. Realized and unrealized gains and (losses) on purchased options in the All Cap Growth Fund for the six months ended March 31, 2011 were $(123,376) and $8,250, respectively. These amounts are shown on the Statement of Operations as net realized gain (loss) from securities

90 TURNER FUNDS 2011 SEMIANNUAL REPORT

sold and net change in unrealized appreciation (depreciation) on investments, respectively.

Foreign currency translation—The books and records of the Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund, Titan Fund, Global Opportunities Fund and International 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 Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund, Titan Fund, Global Opportunities Fund and International Growth Fund do 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 or 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 Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund, Titan Fund, Global Opportunities Fund and International Growth Fund's books and the U.S. dollar equivalent amounts actually received or paid.

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

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

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

3. Transactions with affiliates:

Certain officers and trustees of the Trust are also officers or employees of Turner Investment Partners, Inc. ("Turner") or Citi Fund Services Ohio, Inc. ("Citi"), 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.

Foreside Fund Services, LLC (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 Citi, effective October 1, 2010, Citi provides sub-administrative services to the Trust. For the six months ended March 31, 2011, Citi was paid $412,563 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 Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund and Titan 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 Shares, Retirement Class Shares and Class C Shares that are subject to the arrangement in return for providing shareholder services. Currently, Investor Class Shares of each Fund, Retirement Class Shares of the Midcap Growth Fund and Class C Shares of the Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund and Titan Fund pay twenty-five basis points (0.25%) in shareholder servicing fees.

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 91

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

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.

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 total Fund operating expenses (excluding acquired fund fees and expenses and interest expenses relating to short sales, except for the Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund and Titan Fund, for which Turner includes acquired fund fees and expenses and interest expenses relating to short sales in its contractual waiver) to a specified percentage of the average daily net assets of each Fund, except the Concentrated Growth Fund and All Cap Growth Fund, on an annualized basis through certain dates disclosed in the following table:

	Advisory fee			Expense cap			Date (through)
Market Neutral Fund
Institutional Class		1.50	%		1.95	%	February 2, 2012
Investor Class		1.50	%		2.20	%	February 2, 2012
Class C		1.50	%		2.95	%	February 2, 2012
Medical Sciences Long/Short Fund
Institutional Class		1.50	%		1.95	%	February 2, 2012
Investor Class		1.50	%		2.20	%	February 2, 2012
Class C		1.50	%		2.95	%	February 2, 2012
Spectrum Fund
Institutional Class		1.50	%		1.95	%	January 31, 2012
Investor Class		1.50	%		2.20	%	January 31, 2012
Class C		1.50	%		2.95	%	January 31, 2012
Titan Fund
Institutional Class		1.50	%		1.95	%	February 2, 2012
Investor Class		1.50	%		2.20	%	February 2, 2012
Class C		1.50	%		2.95	%	February 2, 2012
Emerging Growth Fund
Institutional Class		1.00	%		1.15	%	January 31, 2012
Investor Class		1.00	%		1.40	%	January 31, 2012
Large Growth Fund
Institutional Class		0.60	%		0.69	%	January 31, 2012
Investor Class		0.60	%		0.94	%	January 31, 2012
Midcap Growth Fund
Institutional Class		0.75	%		0.93	%	January 31, 2012
Investor Class		0.75	%		1.18	%	January 31, 2012
Retirement Class		0.75	%		1.43	%	January 31, 2012
	Advisory fee			Expense cap			Date (through)
Small Cap Growth Fund
Investor Class		1.00	%		1.25	%	January 31, 2012
Quantitative Broad Market Equity Fund
Institutional Class		0.50	%		0.64	%	January 31, 2012
Investor Class		0.50	%		0.89	%	January 31, 2012
Quantitative Large Cap Value Fund
Institutional Class		0.60	%		0.69	%	January 31, 2012
Investor Class		0.60	%		0.94	%	January 31, 2012
Global Opportunities Fund
Institutional Class		0.75	%		1.10	%	January 31, 2012
Investor Class		0.75	%		1.35	%	January 31, 2012
International Growth Fund
Institutional Class		0.85	%		1.10	%	January 31, 2012
Investor Class		0.85	%		1.35	%	January 31, 2012
Small Cap Equity Fund
Institutional Class		0.95	%		1.20	%	January 31, 2012
Investor Class		0.95	%		1.45	%	January 31, 2012

For the remaining Funds, the Concentrated Growth Fund and the All Cap Growth Fund, the advisory fee is comprised of a base fee and 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 All Cap Growth 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, acquired fund fees and expenses and interest expenses relating to short sales) 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

92 TURNER FUNDS 2011 SEMIANNUAL REPORT

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
All Cap Growth Fund		1.10	%		+/-0.40%		+/-2.50%		0.25	%
Concentrated Growth Fund		1.10	%		+/-0.40%		+/-2.50%		0.25	%

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

During the six months ended March 31, 2011, 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
All Cap Growth Fund	$	224,657	$	69,832	$	294,489
Concentrated Growth Fund		278,800		82,690		361,490

6. Redemption fees:

Sales or exchanges out of the All Cap Growth Fund, Large Growth 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 charges:

A 1.00% contingent deferred sales charge ("CDSC") will be deducted with respect to the Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund and Titan 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 Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund and Titan Fund's Class C statutory 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, 2011 were as follows (000):

	Purchases		Sales
Market Neutral Fund	$	7,211	$	4,415
Medical Sciences Long/Short Fund		3,241		1,356
Spectrum Fund		1,244,184		1,189,623
Titan Fund		6,233		2,810
All Cap Growth Fund		58,878		33,340
Concentrated Growth Fund		52,179		48,202
Emerging Growth Fund		211,035		218,041
Large Growth Fund		607,637		637,191
Midcap Growth Fund		515,118		504,624
Small Cap Growth Fund		168,952		181,823
Quantitative Broad Market Equity Fund		3,589		4,451
	Purchases		Sales
Quantitative Large Cap Value Fund	$	21	$	159
Global Opportunities Fund		1,566		1,024
International Growth Fund		7,359		6,873
Small Cap Equity Fund		5,315		7,688

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, expired capital loss carryforwards, foreign currency transactions, net operating losses and investments in partnerships and passive foreign investment companies. 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, 2010 and September 30, 2009 were as follows (000):

		Ordinary income		Long-term capital gain		Return of capital		Total
Spectrum Fund
	2010	$	142	$	—	$	—	$	142
	2009		—		—		—		—
All Cap Growth Fund
	2010	$	22	$	—	$	1	$	23
	2009		—		—		—		—
Concentrated Growth Fund
	2010	$	120	$	—	$	1	$	121
	2009		—		—		—		—
Emerging Growth Fund
	2010	$	—	$	—	$	—	$	—
	2009		—		12,445		—		12,445
Large Growth Fund
	2010	$	2,287	$	—	$	—	$	2,287
	2009		2,308		—		—		2,308

TURNER FUNDS 2011 SEMIANNUAL REPORT 93

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

		Ordinary income		Long-term capital gain		Return of capital		Total
Quantitative Broad Market Equity Fund
	2010	$	7	$	—	$	—	$	7
	2009		4		—		—		4
Quantitative Large Cap Value Fund
	2010	$	13	$	—	$	—	$	13
	2009		14		—		—		14
		Ordinary income		Long-term capital gain		Return of capital		Total
International Growth Fund
	2010	$	59	$	—	$	—	$	59
	2009		42		—		—		42
Small Cap Equity Fund
	2010	$	—	$	—	$	—	$	—
	2009		17		—		—		17

As of September 30, 2010, 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			Unrealized appreciation		Other temporary differences		Total distributable earnings (accumulated losses)
Spectrum Fund	$	—	$	(37	)	$	(2,435	)	$	(129	)	$	1,847	$	—	$	(754	)
All Cap Growth Fund		—		(20,717	)		—			—			6,534		—		(14,183	)
Concentrated Growth Fund		—		(40,745	)		—			—			7,810		—		(32,935	)
Emerging Growth Fund		—		(86,022	)		—			—			104,308		—		18,286
Large Growth Fund		540		(266,157	)		—			—			99,559		—		(166,058	)
Midcap Growth Fund		—		(361,471	)		—			—			259,260		—		(102,211	)
Small Cap Growth Fund		—		(70,467	)		—			—			64,560		—		(5,907	)
Quantitative Broad Market Equity Fund		67		(177	)		(467	)		—			202		—		(375	)
Quantitative Large Cap Value Fund		8		(277	)		—			—			67		—		(202	)
Global Opportunities Fund		—		—			(4	)		—			159		—		155
International Growth Fund		49		(1,165	)		—			(3	)		753		—		(366	)
Small Cap Equity Fund		22		(7,648	)		—			—			1,209		31		(6,386	)

Post-October losses represent losses realized on investment transactions from November1, 2009 through September 30, 2010 that, in accordance with Federal income tax regulations, a Fund may elect to defer and treat as having arisen in the following year. For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains.

At September 30, 2010, the Funds had capital loss carry-forwards available to offset future realized capital gains through the indicated expiration dates (000):

	Expiring September 30,
	2011		2013		2014		2015		2016		2017		2018		Total
Spectrum Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	37	$	37
All Cap Growth Fund		385		247		—		—		—		17,695		2,390		20,717
Concentrated Growth Fund		12,850		—		—		—		172		—		27,723		40,745
Emerging Growth Fund		—		—		—		—		—		41,623		44,399		86,022
Large Growth Fund		318		—		200		827		—		175,370		89,442		266,157
Midcap Growth Fund		129,499		—		—		—		—		142,386		89,586		361,471
Small Cap Growth Fund		25,994		—		—		—		—		27,970		16,503		70,467
Quantitative Broad Market Equity Fund		—		—		—		—		—		48		129		177
Quantitative Large Cap Value Fund		—		—		—		—		—		155		122		277
International Growth Fund		—		—		—		—		—		1,089		76		1,165
Small Cap Equity Fund		—		—		—		—		—		501		7,147		7,648

As of March 7, 2011, the Large Growth Fund credited accumulated net realized loss $12,828 (000) and charged paid-in-capital $123,626 (000) and unrealized appreciation $31,165 (000) due to the Turner Large Cap Growth Fund ("Large Cap Growth Fund") merger with the Large Growth Fund. Internal Revenue Code 382 limits the amount of annual capital loss carryover available for use. It is unlikely that the Fund will need to permanently forfeit any of these amounts.

94 TURNER FUNDS 2011 SEMIANNUAL REPORT

The Regulated Investment Company Modernization Act of 2010, (the "Modernization Act"), was signed into law by President Obama on December 22, 2010. The Modernization Act makes a number of changes to the provisions in the Internal Revenue Code of 1986, as amended relating to regulated investment companies ("RICs") that will generally become effective for taxable years beginning after December 22, 2010. The Modernization Act allows RICs to generally carryover net capital losses indefinitely, effective for losses arising in taxable years beginning after December 22, 2010. Such losses will retain their character as either long-term capital losses or short-term capital losses. Under pre-enactment law, capital losses could be carried forward for eight years and carried forward as short-term losses irrespective of the character of the original loss. Loss carryovers from years beginning prior to December 22, 2010 will still expire subject to the eight-year limitation. The Modernization Act further provides that losses arising in taxable years after December 22, 2010 (which are carried forward indefinitely) would be utilized prior to loss carryovers arising in taxable years beginning prior to December 22, 2010.

At March 31, 2011, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for the investments held by the Fund, excluding securities sold short and written options, were as follows (000):

	Federal tax cost		Unrealized appreciation		Unrealized depreciation			Net unrealized appreciation
Market Neutral Fund	$	2,853	$	117	$	(7	)	$	110
Medical Sciences Long/Short Fund		4,586		96		(12	)		84
Spectrum Fund		332,246		15,471		(3,434	)		12,037
Titan Fund		3,723		108		(17	)		91
All Cap Growth Fund		51,008		12,278		(576	)		11,702
Concentrated Growth Fund		49,517		9,973		(649	)		9,324
Emerging Growth Fund		446,814		205,504		(3,498	)		202,006
Large Growth Fund		519,468		151,531		(3,105	)		148,426
Midcap Growth Fund		897,042		438,176		(7,805	)		430,371
Small Cap Growth Fund		301,468		101,076		(2,434	)		98,642
Quantitative Broad Market Equity Fund		9,964		2,150		(69	)		2,081
Quantitative Large Cap Value Fund		683		165		(2	)		163
Global Opportunities Fund		1,723		376		(9	)		367
International Growth Fund		5,884		956		(40	)		916
Small Cap Equity Fund		4,214		1,579		(22	)		1,557

Management has analyzed the Funds' tax positions taken on Federal income tax returns for all open tax years and has concluded that as of March 31, 2011, 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. Concentration/risks:

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

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

11. Loans of portfolio securities:

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

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

TURNER FUNDS 2011 SEMIANNUAL REPORT 95

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

12. Derivative contracts:

Written Options—A summary of option contracts written during the six months ended March 31, 2011 for the Spectrum Fund is as follows:

	Option contracts			Option premiums (000)
Options outstanding at beginning of year		2,729		$	240
Options written		99,643			13,655
Options cancelled in a closing purchase transaction		(83,263	)		(11,244	)
Options exercised		(585	)		(38	)
Options expired		(3,619	)		(245	)
Options outstanding at end of year		14,905		$	2,368

13. In-kind transactions:

During the year ended September 30, 2010, the Large Growth Fund distributed securities in lieu of cash for shareholder redemptions. The shareholders received a pro-rata portion of the Large 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

During the six months ended March 31, 2011, there were no in-kind transactions.

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. Fund merger:

On March 7, 2011, the Large Growth Fund acquired all of the net assets of the Large Cap Growth Fund, an open-end investment company, pursuant to a plan of reorganization approved by the Large Cap Growth Fund shareholders on February 28, 2011. The purpose of the transaction was to combine the two Funds managed by the Adviser with similar investment objectives and policies. The acquisition was accomplished by a tax-free exchange of 10,966,460 Institutional Class shares and 119,229 Investor Class shares of the Large Growth Fund, valued at $140,366,060 and $1,517,732, respectively, for 23,818,691 Institutional Class shares and 258,725 Investor Class shares of the Large Cap Growth Fund outstanding on March 7, 2011. The exchange ratios (Large Growth Fund shares issued/Large Cap Growth Fund shares outstanding) were 0.46:1 and 0.46:1 for the Institutional Class and Investor Class, respectively.

The investment portfolio of the Large Cap Growth Fund, with a fair value of $141,864,763 and identified cost of $110,699,412 at March 7, 2011, was the principal asset acquired by the Large Growth Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Large Cap Growth Fund was carried forward to align ongoing reporting of the Large Growth Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Upon the business combination of the Funds on March 7, 2011, the net assets of the Large Cap Growth Fund, which included portfolio capital of $123,626,391, accumulated net investment loss of $39,065, accumulated realized losses of $12,868,885 and unrealized gains of $31,165,351, combined with the Large Growth Fund were $666,939,990. The undistributed net investment income and unrealized gains of the Large Cap Growth Fund may be distributed by the Large Growth Fund in future periods. Immediately prior to the merger, the net assets of the Large Cap Growth Fund and the Large Growth Fund were $141,883,792 and $525,056,198, respectively. All fees and expenses incurred by the Large Cap Growth Fund and the Large Growth Fund directly in connection with the Plan of Reorganization were borne by the Adviser.

Assuming the acquisition had been completed on October 1, 2010, the beginning of the annual reporting period of the Large Growth Fund, the Fund's pro forma results of operations for the six months ended March 31, 2011, are as follows (000):

Net investment income/(loss):	$	(287	)
Net realized/unrealized gains/(losses):		146,276
Change in net assets resulting from operations:	$	145,989

96 TURNER FUNDS 2011 SEMIANNUAL REPORT

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Large Cap Growth Fund that have been included in the Large Growth Fund Statement of Operations since March 7, 2011.

15. Subsequent events:

On February 25, 2011, the Board determined to close and liquidate the Quantitative Large Cap Value Fund and the Small Cap Equity Fund, effective on April 29, 2011. This decision was made after careful consideration of the Funds' asset size, strategic importance, current expenses and historical performance. In connection with the liquidation, the Funds discontinued accepting orders for the purchase of the Funds' shares or exchanges into the Funds from other Turner Funds after the close of business on April 1, 2011. On the close of business on April 29, 2011, the Funds distributed pro rata all of its assets in cash to their shareholders, and all outstanding shares were redeemed and cancelled.

Effective April 14, 2011, the Emerging Growth Fund was reopened to new investors and existing shareholders.

On May 27, 2011, the Board determined to close and liquidate the Quantitative Broad Market Equity Fund, effective June 30, 2011.

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, 2011.

TURNER FUNDS 2011 SEMIANNUAL REPORT 97

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

Board of Trustees considerations in approving the Advisory Agreements

On November 19, 2010, the Board of Trustees (the "Board" or "Trustees") of the Turner Funds (the "Funds" or the "Trust") held a meeting to decide whether to approve the advisory agreement with Turner Investment Partners, Inc. ("TIP") with respect to each of the Turner Market Neutral Fund, the Turner Titan Fund, and the Turner Medical Sciences Fund (collectively, the "New Funds"). In preparation for the meeting, the Board requested and reviewed a wide variety of information from TIP. The information described, among other things: TIP's business; its organizational structure, personnel and operations; advisory services; the performance of the separate accounts/ strategies that replicated the proposed strategies of the New Funds over past periods; compliance; the proposed advisory fees and expenses to be paid by the New Funds; and information on trading. At the meeting, representatives from TIP presented additional oral information to the Trustees to help them evaluate TIP's fees and other aspects of the advisory agreement. The Trustees discussed the written materials and TIP's oral presentation, and deliberated on the approval of the advisory agreement in light of this information.

The Board, including all of the independent Trustees, considered, among other things: (1) the nature, extent and quality of the proposed services provided by TIP; (2) the performance of the separate accounts/ strategies over the past periods (as available) and versus each New Fund's proposed 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 proposed expense ratios of the New Funds, with expense waivers, as compared to expense ratios for relevant Morningstar peer groups; (5) the qualifications of TIP's personnel, portfolio management capabilities and investment methodologies; (6) TIP's operations, compliance program and policies; (7) the financial condition of TIP; (8) the cost of services provided by TIP and TIP's potential profitability from managing the New Funds; (9) "fall-out" benefits to TIP and its affiliates from the relationship with the New Funds; (10) the extent to which economies of scale are relevant given the New Funds' proposed asset size and current asset growth potential; and (11) a comparison of the fees charged by TIP with fees charged by TIP to similar clients, to the extent it deemed it relevant.

The independent Trustees, in executive session, reached the following conclusions, among others, regarding TIP and the advisory agreements: the recent performance of the separate account or strategies, as applicable, was generally comparable, and in some cases better, than their respective benchmarks; the proposed advisory fees were generally competitive with the fees of their Morningstar peer groups; and the net total expense ratios of the New Funds were generally competitive. The independent Trustees also concluded that: they were satisfied with the quality of services provided by TIP in advising the existing Turner Funds and believed that the proposed portfolio management teams for the New Funds had the expertise to handle the new products; the fact that TIP did not expect, at least initially, to earn any significant profits from management of the New Funds and in fact would have to subsidize them for an initial period; and that each New Fund was not large enough to attain significant economies of scale.

Based on the factors considered, the independent Trustees had concluded that it was appropriate to approve the advisory agreement with respect to the New Funds.

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 approve the advisory agreement and (b) determined that the compensation payable by the New Funds under the advisory agreement is fair and reasonable.

On February 25, 2011, the Board of the Trust held a meeting to decide whether to renew the advisory agreements for each of the Turner Funds (the "Advisory Agreements") with TIP and Turner Investment Management LLC (collectively, the "Adviser") for the upcoming year. In preparation for the meeting, the board requested and reviewed a wide variety of information from the Adviser. The materials described, among other things: the Adviser's business; the Adviser's organizational structure, personnel and operations; advisory services; the Funds' performance; compliance; advisory fees and expenses paid by the Funds for the fiscal year ended September 30, 2010; and information on trading. At the meeting, representatives of the Adviser 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; the Adviser's Form ADVs; and a profitability report for the Adviser for the fiscal year ended September 30, 2010.

The Board, including all of the independent Trustees, considered, among other things: (1) the nature, extent and quality of the services provided by the Adviser; (2) the performance of the Funds over the past one, three, five and ten years, where applicable, versus each Fund's respective Morningstar category and peer group; (3) the

98 TURNER FUNDS 2011 SEMIANNUAL REPORT

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

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 Fund for the year ended September 30, 2010; (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 similar clients, to the extent the Board deemed it relevant.

The independent Trustees, in executive session, reached the following conclusions, among others, regarding the Adviser and the Advisory Agreements: the recent performance of the Funds was, in most cases, within industry norms. They determined that although performance lagged peer groups in the case of several Funds, the Adviser had helped the performance of the Funds, and the Funds' recent performance, in general, was satisfactory. Moreover, the independent Trustees noted the recent enhancements to the staffing of the portfolio management department and to that department's structure. The independent Trustees also concluded that the Funds' net total expense ratios and advisory fees were generally competitive, and noted that the recently negotiated reductions in transfer agency fees would make them more so. 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, and the Trust, was not large enough to attain significant economies of scale.

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 (b) determined that the compensation payable by the Trust's Funds under the Advisory Agreements is fair and reasonable.

TURNER FUNDS 2011 SEMIANNUAL REPORT 99

SHAREHOLDER VOTING  (Unaudited)

A special meeting of the shareholders of the Large Cap Growth Fund was held on February 28, 2011 (the "Meeting"). At the Meeting, shareholders of the Large Cap Growth Fund approved a Plan of Reorganization which provides for and contemplates: (1) the transfer of all of the assets and liabilities of the Large Cap Growth Fund to the Large Growth Fund in exchange for Institutional Class shares and Investor Class shares of the Large Growth Fund; and (2) the distribution of the Institutional Class shares of the Large Growth Fund and the distribution of the Investor Class shares of the Large Growth Fund in the liquidation of the Large Cap Growth Fund. There were 23,903,248 shares of Large Cap Growth Fund eligible to vote at the Meeting. The results of the Meeting are presented below:

Voting Results	No. of Shares		% of Outstanding Shares			% of Shares Voted
Affirmative		18,926,007		79.178	%		99.782	%
Against		26,197		0.109	%		0.138	%
Abstain		15,182		0.064	%		0.080	%
Total		18,967,386		79.351	%		100.000	%

100 TURNER FUNDS 2011 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 on-going 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 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 help you 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 cost 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 10/1/10		Ending Account Value 3/31/11		Annualized Expense Ratios			Expenses Paid During Period*
Turner Market Neutral Fund — Institutional Class Shares
Actual Fund Return**	$	1,000.00	$	1,034.00		1.95	%	$	2.88
Hypothetical 5% Return		1,000.00		1,015.21		1.95	%		9.80
Turner Market Neutral Fund — Investor Class Shares
Actual Fund Return**		1,000.00		1,033.00		2.17	%		3.20
Hypothetical 5% Return		1,000.00		1,014.11		2.17	%		10.90
Turner Market Neutral Fund — Class C Shares
Actual Fund Return**		1,000.00		1,033.00		2.92	%		4.31
Hypothetical 5% Return		1,000.00		1,010.37		2.92	%		14.64
Turner Medical Sciences Long/Short Fund — Institutional Class Shares
Actual Fund Return**		1,000.00		1,026.00		1.93	%		2.84
Hypothetical 5% Return		1,000.00		1,015.31		1.93	%		9.70
Turner Medical Sciences Long/Short Fund — Investor Class Shares
Actual Fund Return**		1,000.00		1,026.00		2.18	%		3.21
Hypothetical 5% Return		1,000.00		1,014.06		2.18	%		10.95
	Beginning Account Value 10/1/10		Ending Account Value 3/31/11		Annualized Expense Ratios			Expenses Paid During Period*
Turner Medical Sciences Long/Short Fund — Class C Shares
Actual Fund Return**	$	1,000.00	$	1,025.00		2.93	%	$	4.31
Hypothetical 5% Return		1,000.00		1,010.32		2.93	%		14.69
Turner Spectrum Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,092.40		1.91	%		9.96
Hypothetical 5% Return		1,000.00		1,015.41		1.91	%		9.60
Turner Spectrum Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,090.90		2.16	%		11.26
Hypothetical 5% Return		1,000.00		1,014.16		2.16	%		10.85
Turner Spectrum Fund — Class C Shares
Actual Fund Return		1,000.00		1,086.80		2.91	%		15.14
Hypothetical 5% Return		1,000.00		1,010.42		2.91	%		14.59
Turner Titan Fund — Institutional Class Shares
Actual Fund Return**		1,000.00		1,015.00		1.94	%		2.84
Hypothetical 5% Return		1,000.00		1,015.26		1.94	%		9.75

TURNER FUNDS 2011 SEMIANNUAL REPORT 101

DISCLOSURE OF FUND EXPENSES  (Unaudited)

	Beginning Account Value 10/1/10		Ending Account Value 3/31/11		Annualized Expense Ratios			Expenses Paid During Period*
Turner Titan Fund — Investor Class Shares
Actual Fund Return**	$	1,000.00	$	1,015.00		2.17	%	$	3.17
Hypothetical 5% Return		1,000.00		1,014.11		2.17	%		10.90
Turner Titan Fund — Class C Shares
Actual Fund Return**		1,000.00		1,014.00		2.94	%		4.30
Hypothetical 5% Return		1,000.00		1,010.27		2.94	%		14.74
Turner All Cap Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,349.90		1.61	%		9.43
Hypothetical 5% Return		1,000.00		1,016.90		1.61	%		8.10
Turner Concentrated Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,230.80		1.61	%		8.95
Hypothetical 5% Return		1,000.00		1,016.90		1.61	%		8.10
Turner Emerging Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,336.40		1.15	%		6.70
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		1,335.10		1.40	%		8.15
Hypothetical 5% Return		1,000.00		1,017.95		1.40	%		7.04
Turner Large Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,208.60		0.69	%		3.80
Hypothetical 5% Return		1,000.00		1,021.49		0.69	%		3.48
Turner Large Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,207.80		0.94	%		5.17
Hypothetical 5% Return		1,000.00		1,020.24		0.94	%		4.73
Turner Midcap Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,306.70		0.93	%		5.35
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		1,304.70		1.18	%		6.78
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		1,303.00		1.43	%		8.21
Hypothetical 5% Return		1,000.00		1,017.80		1.43	%		7.19
	Beginning Account Value 10/1/10		Ending Account Value 3/31/11		Annualized Expense Ratios			Expenses Paid During Period*
Turner Small Cap Growth Fund — Investor Class Shares
Actual Fund Return	$	1,000.00	$	1,302.40		1.25	%	$	7.18
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		1,192.90		0.64	%		3.50
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		1,192.40		0.89	%		4.86
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		1,162.10		0.69	%		3.72
Hypothetical 5% Return		1,000.00		1,021.49		0.69	%		3.48
Turner Quantitative Large Cap Value Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,159.90		0.94	%		5.06
Hypothetical 5% Return		1,000.00		1,020.24		0.94	%		4.73
Turner Global Opportunities Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,232.60		1.10	%		6.12
Hypothetical 5% Return		1,000.00		1,019.45		1.10	%		5.54
Turner Global Opportunities Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,231.30		1.35	%		7.51
Hypothetical 5% Return		1,000.00		1,018.20		1.35	%		6.79
Turner International Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,227.90		1.10	%		6.11
Hypothetical 5% Return		1,000.00		1,019.45		1.10	%		5.54
Turner International Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,226.70		1.35	%		7.49
Hypothetical 5% Return		1,000.00		1,018.20		1.35	%		6.79
Turner Small Cap Equity Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,292.60		1.20	%		6.86
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		1,290.70		1.45	%		8.28
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 10/1/10 - 3/31/11).

  **  Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 53/365 (to reflect the period from inception to date, 2/7/11 - 3/31/11)

102 TURNER FUNDS 2011 SEMIANNUAL REPORT

Turner Funds

Turner Funds' trustees

Alfred C. Salvato

Chief Investment Officer & Treasurer

Thomas Jefferson University

Janet F. Sansone

Executive Director

JFS Consulting

Thomas R. Trala, Jr.

Executive Managing Director & Chief Operating Officer

Turner Investment Partners, Inc.

Dr. John T. Wholihan

Professor (Retired), Dean Emeritus, College of Business

Loyola Marymount University

Investment advisers

Turner Investment Partners, Inc.

Turner Investment Management LLC

Berwyn, Pennsylvania

Distributor

Foreside Fund Services, LLC

Portland, Maine

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 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 2011 SEMIANNUAL REPORT 103

THIS PAGE WAS INTENTIONALLY LEFT BLANK

104 TURNER FUNDS 2011 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-002-0505

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 to open-end management investment companies.

Item 6.    Schedule of Investments.

(a)  Schedule of Investments is included as part of report to shareholders filed under Item 1.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

Item 11. Controls and Procedures.

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

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

Item 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

Date  May 23, 2011

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
Date May 23, 2011
By (Signature and Title)	/s/ Ty Edwards
	Ty Edwards, Treasurer
Date May 24, 2011