TURNER FUNDS

                   PENN CAPITAL STRATEGIC HIGH YIELD BOND FUND

                          Supplement dated May 13, 2002
                    to the Prospectus dated January 31, 2002

THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION
BEYOND THAT CONTAINED IN THE PROSPECTUS AND SHOULD
BE READ IN CONJUNCTION WITH THE PROSPECTUS.

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On May 9, 2002, the Board of Trustees of the Turner Funds (the "Board") approved
the selection of Turner Investment Partners, Inc. ("Turner"),  as adviser to the
Penn  Capital  Strategic  High  Yield  Bond  Fund  (the  "Fund").  The Board had
appointed  Turner interim adviser to the Fund,  pursuant to an interim  advisory
agreement,  on April 30, 2002. The Board's  decision to retain Turner as adviser
to the Fund on a  permanent  basis  will be  subject  to  shareholder  approval.
Shareholders  of the Fund will receive in the mail a proxy  statement  providing
details  about a  Special  Meeting  of  Shareholders  relating  to the  proposed
advisory  approval.  This Special  Meeting is expected to take place on or about
July 31, 2002.

In connection with the upcoming  Special Meeting and Turner's  assumption of the
Fund's  management,  the  Fund  was  closed  to new  purchases  and the Fund has
suspended   the  payment  of  dividends   to   investors,   including   dividend
reinvestments.  All such  dividends  will  accrue but will not be paid until the
Fund reopens to new  purchases,  which is expected to occur on or before May 31,
2002.

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               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE


PEN-FS-011-02