N-CSR

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:				1-800-224-6312
Date of fiscal year end:	September 30
Date of reporting period:		September 30, 2013

Item 1. Reports to Stockholders.

Annual Report

September 30, 2013

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

Turner Emerging Growth Fund

Turner Large Growth Fund

Turner Midcap Growth Fund

Turner Small Cap Growth Fund

Emerging markets equity fund

Turner Emerging Markets Fund

Contents

2	Letter to shareholders
4	Total returns of the Turner Funds
7	Investment review: Turner Market Neutral Fund
8	Investment review: Turner Medical Sciences Long/Short Fund
9	Investment review: Turner Spectrum Fund
10	Investment review: Turner Titan Fund
11	Investment review: Turner All Cap Growth Fund
12	Investment review: Turner Emerging Growth Fund
13	Investment review: Turner Large Growth Fund
14	Investment review: Turner Midcap Growth Fund
15	Investment review: Turner Small Cap Growth Fund
16	Investment review: Turner Emerging Markets Fund
17	Schedules of investments
46	Financial statements
68	Notes to financial statements
78	Report of independent registered public accounting firm
79	Notice to shareholders
80	Disclosure of fund expenses
82	Trustees and officers of the Trust

Turner Funds

As of September 30, 2013, the Turner Funds offered a series of 10 mutual funds to individual and institutional investors. The minimum initial investment for Institutional Class Shares in a Turner Fund is $250,000 (except for $100,000 for the Turner Market Neutral Fund, the Turner Medical Sciences Long/Short Fund, the Turner Spectrum Fund and the Turner Titan Fund) for regular accounts and $100,000 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, L.P., based in Berwyn, Pennsylvania, serves as the investment adviser for the Turner Funds. Turner Investments, L.P., founded in 1990, manages more than $8.8 billion in stock investments as of September 30, 2013.

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 2013 ANNUAL REPORT 1

LETTER TO SHAREHOLDERS

Dear Shareholder;

Nearly 33 years ago, I was introduced to Dr. Henry Latane. He was a finance professor from the University of North Carolina whose research focused on earnings surprise. When many were arguing that the stock market was fully efficient, his research supported the conclusion that companies which reported earnings above what was expected (surprise) outperformed the market.

This made sense to me and with a natural bias to growth stocks, I adopted and adapted this approach to investing. Specifically, over the last three decades and for the entire history of Turner Investments, our philosophy has been "earnings expectations drive stock prices". We seek to buy those companies with improving earnings and sell those where we believe earnings are deteriorating.

Generally that worked pretty well. For most of the 1990s, earnings went up and stocks followed suit. As the tech bubble burst in 2000, earnings deteriorated, particularly in tech stocks, and the market went down. By 2003, tech had stabilized while the rest of the market marched forward driven by earnings growth fueled by credit expansion. Of course as we all know too well that ended badly with the credit bubble bursting bringing about the global financial crisis. Economic growth across the globe plummeted and so did earnings. Accordingly, the stock market went down.

With global economic calamity averted, stocks began to rally in 2009 and 2010. The early move off the bottom seemed to be a "dead cat bounce" from a severely oversold position. 2011 saw markets across the globe fluctuate up or down a bit as investors tried to assess whether the global financial crisis was over. By 2012, investors had tired of miniscule money market and treasury yields and began to seek yield from equity securities which at the time were offering a yield sharply higher than bonds (S&P 500 yielding nearly 3% while 10 year treasuries yielded less than 2%). As a result, stocks with modest growth but with a high yield performed best. Those stocks generally had lower volatility, or beta, than the market overall. This persisted into the first half of 2013.

Over the years, Turner's performance has been pretty predictable, i.e. market up, growth in favor, we outperform; market down, growth out of favor, we underperform. But we stick with our pure growth, earnings driven disciplines and bounce nicely off bottoms.

After bouncing nicely in 2009 and 2010, 2011 was a mixed year for performance in congruence with a mixed year for performance for the markets overall. However, in 2012 and the first half of 2013, as the market went up, we underperformed. In fact, the fastest growing stocks sharply underperformed the slower growing stocks. The same held true for high beta versus low beta. Was Dr. Latane wrong?

I don't think so. While at the time we were frustrated that the fast growers like Michael Kors and Salesforce.com were

underperforming Wal-Mart and Microsoft, in hindsight the focus on yield was very logical. For investors to dip their toes back in the investment pond, they required a yield better than they could find in treasuries from a company that wasn't going to "blow up".

Due to this investor preference and sentiment, the market was advancing but not in our type of stocks. Fortunately that changed about midyear this year as Fed Chairman Bernanke began to discuss tapering and interest rates rose.

With the prospects for improving global economies that bring about improving earnings, our type of stocks — pure growth stocks — once again began to outperform. Dr. Latane was vindicated!

So the question now is "is the return of pure growth stock out performance of the recent quarter here to stay or is yield still desirable". While you know our preference, my answer is "somewhere in between". With treasury rates still low and with the prospects that one can lose money in these if rates go up, stocks with above average dividend yields are still desirable. However, now that isn't the end all and be all for stock investing. History has shown that as interest rates rise, pure growth stocks lead by the technology, consumer and health care sectors tend to lead the market.

Adding to that within technology, mobility and cloud computing have become big drivers of growth. New cloud based companies are growing rapidly (and coming public) at the expense of legacy based companies. In the consumer sector, internet stocks continue to charge ahead as consumers use the internet longer and in more varied ways. Finally, in the health care sector, breakthroughs in drug discovery are driving many biotech stocks higher.

What was a pretty sharp headwind for a couple years for Turner recently became a pleasant tailwind. I think this continues.

Also, I have learned over the years that when one's style is out of favor, bad decisions are magnified and good decisions are muted. Certainly, while the headwinds were in place bad decisions were made, just as they will be made with the wind shifting to our back. The key is to minimize the mistakes, learn from them and move forward with the constant search for the next great growth stock.

As for the market in general, we feel the bias is upward. Since stocks began to advance in the Spring of 2009 any setback due to macro or geopolitical events has been met by renewed buying of stocks. That's because corporations have been generating a robust free cash flow with rising earnings. They are buying back their own shares, raising their dividends and recently have begun to buy the shares of other companies (takeovers). Following two recessions in eight years, the last being a "near death" experience, corporations have become very focused on the segments of their business where they have a competitive advantage

2 TURNER FUNDS 2013 ANNUAL REPORT

September 30, 2013

and are growing that. Segments of their business which are challenged, they are shedding. Corporations have embraced technology with factory automation, mobility and the cloud to sharply reduce the cost of doing business. Because of this, free cash flow has soared, debt levels have subsided, cash balances accumulate, shares are being bought back and dividends increased. With four years of this under their belts, corporations are now beginning to invest in their growth through capital expenditures and acquisitions. This has been the safety net beneath the market. While the headlines are often scary, the underlying fundamentals of global corporations are the best they have ever been.

Last year our 25 research analysts visited with over 2800 company management teams and engaged in extensive research within their global industry. Each of our analysts affirms that the productivity/profits growth is real and should continue as long as economic growth continues.

And continue it shall. For the most part, countries across the globe are united in their quantitative easing. They understand only too well the risk of deflation and are committed to do all they can do through both monetary and fiscal policy to avoid this.

Recessions or anticipations of recessions lead to the fall of stock prices. Recessions occur when excesses are building in the system that must be corrected. Because of the severity of the global financial crises, we are nowhere near exhibiting any sign of excesses. So until that happens, economies will grow, companies will prosper, earnings will rise and stock prices should follow suit. From our perspective, hopefully stocks are more in sync with their earnings with a little less emphasis on yield.

During this bull market of the last four years, the safest, most visible, most liquid, best governed market in the world, our home market USA has overall been the best performing market. While the US may not outperform other markets as much moving forward, we still see it near the front of the pack. All the positives I outlined from corporations a few paragraphs above, manifest themselves most vividly in US companies. After years and decades of underperformance, Japan should play catch-up and be a good relative performer due to its very aggressive QE program in place. Europe is showing some green shoots of growth and thus should perform reasonably well also. Finally, Emerging Markets stocks likely will continue to face headwinds, due to downward pressure on commodity prices, slower growth in China and country specific issues with inflation, elections, governance, etc.

But at the end of the day, it really boils down to earnings. Regardless of where a company is located or what it does, if its earnings go up, its stock price generally follows suit. Dr. Latane's research of nearly 40 years ago holds true today as it was then — announce a good quarter and your stock price goes up. Do that quarter after quarter

and your stock price really goes up. From its low price in the Spring of 2009, Salesforce.com , the poster child for new technology driven growth (cloud computing), has seen its stock increase nearly nine fold, due to the combination of sharply rising revenues and earnings.

Our goal is to find as many of these as we can for your portfolio. For our long/short portfolios, our team of analysts also seeks to find those companies that are seeing their earnings deteriorate because of competition from companies like Salesforce.com. Companies with a poor earnings growth profile make up the short side of our long/short portfolios.

As always, thank you for your support. The yield headwinds presented our team with some of its greatest challenges in our 23 year history, but fortunately that seems to have changed benefitting the performance of your fund over time.

Sincerely,

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 September 30, 2013, and are not intended as a forecast or investment recommendations. The indexes mentioned are not available for investment.

Bob Turner

TURNER FUNDS 2013 ANNUAL REPORT 3

PERFORMANCE  (Unaudited)

Total returns of the Turner Funds

Through September 30, 2013

Current performance may be lower or higher than the performance data quoted. Please call 1.800.224.6312 or visit our Web site 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		8.16	%		3.55	%		0.29	%		n/a			n/a		n/a		1.61	%	$	3.30
Investor Class Shares		7.99			3.26			0.10			n/a			n/a		n/a		1.35			0.60
Class C Shares		7.68			2.79			-0.60			n/a			n/a		n/a		0.63			0.07
S&P 500 Index		8.31			19.79			19.34			n/a			n/a		n/a		12.05
Barclays Capital U.S. Aggregate Bond Index		-1.77			-1.89			-1.68			n/a			n/a		n/a		4.09
Lipper Equity Market-Neutral Funds Average		-0.15			0.96			1.47			n/a			n/a		n/a		1.43
Inception date: 2/7/11
Turner Medical Sciences Long/Short Fund — Institutional Class Shares		10.75			15.63			13.25			n/a			n/a		n/a		5.56			16.74
Investor Class Shares		10.60			15.49			12.99			n/a			n/a		n/a		5.35			3.06
Class C Shares		10.18			14.90			12.15			n/a			n/a		n/a		4.59			1.37
S&P 500 Health Care Index		10.91			28.45			28.55			n/a			n/a		n/a		21.26
Barclays Capital U.S. Aggregate Bond Index		-1.77			-1.89			-1.68			n/a			n/a		n/a		4.09
Lipper Long/Short Equity Funds Average		4.77			10.35			10.07			n/a			n/a		n/a		3.37
Inception date: 2/7/11
Turner Spectrum Fund — Institutional Class Shares		2.70			4.96			4.96			3.30	%		n/a		n/a		4.24			481.85
Investor Class Shares		2.54			4.73			4.63			3.04			n/a		n/a		3.98			44.14
Class C Shares(1)		2.14			4.17			3.88			2.27			n/a		n/a		3.51			5.57
S&P 500 Index		8.31			19.79			19.34			16.27			n/a		n/a		17.54
Barclays Capital U.S. Aggregate Bond Index		-1.77			-1.89			-1.68			2.86			n/a		n/a		4.94
Lipper Long/Short Equity Funds Average		4.77			10.35			10.07			6.58			n/a		n/a		8.33
Inception date: 5/7/09

4 TURNER FUNDS 2013 ANNUAL REPORT

PERFORMANCE (continued)  (Unaudited)

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		5.00	%		7.24	%		3.43	%		n/a		n/a			n/a			2.54	%	$	21.17
Investor Class Shares		4.82			6.97			3.14			n/a		n/a			n/a			2.28			0.39
Class C Shares		4.18			6.24			2.28			n/a		n/a			n/a			1.47			0.03
S&P 500 Index		8.31			19.79			19.34			n/a		n/a			n/a			12.05
Barclays Capital U.S. Aggregate Bond Index		-1.77			-1.89			-1.68			n/a		n/a			n/a			4.09
Lipper Long/Short Equity Funds Average		4.77			10.35			10.07			n/a		n/a			n/a			3.37
Inception date: 2/7/11
Turner All Cap Growth Fund(2)		15.70			24.04			14.93			13.78		13.10	%		9.09	%		0.27			17.98
NASDAQ Composite Index		15.42			24.90			21.03			16.77		12.51			7.76			-0.38
Russell 3000® Growth Index		10.86			21.75			20.30			17.18		12.16			7.99			0.73
Inception date: 6/30/00
Turner Emerging Growth Fund(2) — Institutional Class Shares(3)		21.96			36.22			32.98			21.74		n/a			n/a			23.69			72.44
Investor Class Shares		21.82			35.97			32.63			21.45		11.16			11.44			18.81			180.29
Russell 2000® Growth Index		17.02			32.47			33.07			19.96		13.17			9.85			5.29
Inception date: 2/27/98
Turner Large Growth Fund — Institutional Class Shares		11.81			17.44			14.87			11.91		7.52			6.50			3.32			53.97
Investor Class Shares(4)		11.58			17.15			14.50			11.62		7.24			n/a			4.16			30.62
Russell 1000® Growth Index		10.34			20.87			19.27			16.94		12.07			7.82			3.88
Inception date: 2/28/01
Turner Midcap Growth Fund(2) — Institutional Class Shares(5)		15.05			27.55			24.69			13.85		10.99			n/a			4.66			205.68
Investor Class Shares		14.88			27.30			24.31			13.57		10.71			8.34			10.46			257.24
Retirement Class Shares(6)		14.72			27.07			24.11			13.31		10.46			7.99			7.61			4.24
Russell Midcap® Growth Index		12.48			25.42			27.54			17.65		13.92			10.16			8.29
Inception date: 10/1/96
Turner Small Cap Growth Fund(2)		18.60			33.02			33.79			18.42		12.71			9.81			11.91			233.04
Russell 2000® Growth Index		17.02			32.47			33.07			19.96		13.17			9.85			7.08
Inception date: 2/7/94
Turner Emerging Markets Fund — Institutional Class Shares		n/a			n/a			n/a			n/a		n/a			n/a			7.80			0.51
Investor Class Shares		n/a			n/a			n/a			n/a		n/a			n/a			7.80			0.04
MSCI Emerging Markets Index		n/a			n/a			n/a			n/a		n/a			n/a			8.19
Inception date: 8/27/13

⁽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.

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

TURNER FUNDS 2013 ANNUAL REPORT 5

(Unaudited)

Expense Ratio†

	Gross expense ratio			Net expense ratio*
Turner Market Neutral Fund
Institutional Class Shares		2.58	%		1.95	%
Investor Class Shares		2.83	%		2.20	%
Class C Shares		3.58	%		2.95	%
Turner Medical Sciences Long/Short Fund
Institutional Class Shares		2.17	%		1.95	%
Investor Class Shares		2.42	%		2.20	%
Class C Shares		3.17	%		2.95	%
Turner Spectrum Fund
Institutional Class Shares		2.40	%		1.95	%
Investor Class Shares		2.65	%		2.20	%
Class C Shares		3.40	%		2.95	%
Turner Titan Fund
Institutional Class Shares		2.44	%		1.95	%
Investor Class Shares		2.69	%		2.20	%
Class C Shares		3.44	%		2.95	%
	Gross expense ratio			Net expense ratio*
Turner All Cap Growth Fund
Investor Class Shares		1.47	%		1.24	%
Turner Emerging Growth Fund
Institutional Class Shares		1.32	%		1.17	%
Investor Class Shares		1.57	%		1.42	%
Turner Large Growth Fund
Institutional Class Shares		0.91	%		0.69	%
Investor Class Shares		1.16	%		0.94	%
Turner Midcap Growth Fund
Institutional Class Shares		1.04	%		0.93	%
Investor Class Shares		1.29	%		1.18	%
Retirement Class Shares		1.54	%		1.43	%
Turner Small Cap Growth Fund
Investor Class Shares		1.53	%		1.25	%
Turner Emerging Markets Fund
Institutional Class Shares		1.91	%		1.06	%
Investor Class Shares		2.16	%		1.31	%

†  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, 2014 for all funds, except the Turner Emerging Markets Fund, which may discontinue the arrangement at any time after January 31, 2015.

6 TURNER FUNDS 2013 ANNUAL REPORT

INVESTMENT REVIEW  (Unaudited)

Turner Market Neutral Fund

Fund profile

September 30, 2013

_n  Ticker symbol TMNFX

Investor Class Shares

_n  CUSIP #900297581

  Investor Class Shares

_n  Top five holdings¹

  (1) Lekoil

  (2) Harley-Davidson

  (3) Louisiana-Pacific

  (4) Pfizer

  (5) TIBCO Software

_n  % in five largest holdings 27.9%^1,2

_n  Number of holdings 60¹

_n  Net assets $0.60 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Market Neutral Fund, Investor Class Shares:
February 7, 2011-September 30, 2013^3,4

Average annual total returns (Periods ended September 30, 2013)

	One year			Since inception4
Turner Market Neutral Fund, Institutional Class Shares5		0.29	%		1.61	%
Turner Market Neutral Fund, Investor Class Shares5		0.10	%		1.35	%
Turner Market Neutral Fund, Class C Shares5		-0.60	%		0.63	%
S&P 500 Index6		19.34	%		12.05	%
Barclays Capital U.S. Aggregate Bond Index7		-1.68	%		4.09	%
Lipper Equity Market-Neutral Funds Average8		1.47	%		1.43	%

Sector weightings²:

Manager's discussion and analysis

The Turner Market Neutral Fund (Institutional Class and Investor Class) generated a positive absolute return during the 12-month period ended September 30, 2013. The Class C Shares generated a slightly negative return. During the reporting period, the Fund outperformed the Barclays Capital U.S. Aggregate Bond Index but underperformed both the S&P 500 Index and the Lipper Equity Market-Neutral Funds Average. The Turner Market Neutral Fund invests in stocks of companies with any capitalization range using a long/short strategy in seeking to capture alpha, reduce volatility, and preserve capital in declining markets.

During the reporting period, top contributors to performance were long and short positions in biotechnology, investment managers, apparel, and precious metals companies. Over the same period, top detractors to performance were long and short positions in computer hardware, precious metals, entertainment, and medical supplies companies.

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

²  Percentages based on total investments of long positions.

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.

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 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.

The Turner Market Neutral Fund is subject to the risks associated with selling securities short. A short sale involves a finite opportunity for appreciation, but a theoretically unlimited risk of loss. The Fund may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund's net asset value and total return.

TURNER FUNDS 2013 ANNUAL REPORT 7

INVESTMENT REVIEW  (Unaudited)

Turner Medical Sciences Long/Short Fund

Fund profile

September 30, 2013

_n  Ticker symbol TMSFX

  Investor Class Shares

_n  CUSIP #900297557

  Investor Class Shares

_n  Top five holdings¹

  (1) Pfizer

  (2) McKesson

  (3) Roche Holding AG ADR

  (4) Bristol-Myers Squibb

  (5) Cubist Pharmaceuticals

_n  % in five largest holdings 22.5%^1,2

_n  Number of holdings 87¹

_n  Net assets $3.06 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Medical Sciences Long/Short Fund,
Investor Class Shares:
February 7, 2011-September 30, 2013^3,4

Average annual total returns (Periods ended September 30, 2013)

	One year			Since inception4
Turner Medical Sciences Long/Short Fund, Institutional Class Shares5		13.25	%		5.56	%
Turner Medical Sciences Long/Short Fund, Investor Class Shares5		12.99	%		5.35	%
Turner Medical Sciences Long/Short Fund, Class C Shares5		12.15	%		4.59	%
S&P 500 Health Care Index6		28.55	%		21.26	%
Barclays Capital U.S. Aggregate Bond Index7		-1.68	%		4.09	%
Lipper Long/Short Equity Funds Average8		10.07	%		3.37	%

Sector weightings²:

Manager's discussion and analysis

The Turner Medical Sciences Long/Short Fund produced a positive absolute return for the 12-month period ended September 30, 2013. During the reporting period, the Fund outperformed the Lipper Long/Short Equity Funds Average and the Barclays Capital U.S. Aggregate Bond Index but underperformed the S&P 500 Health Care Index. The Turner Medical Sciences Long/Short Fund invests primarily (at least 80% of its net assets) in stocks of companies engaged in the health care sector using a long/short growth strategy in seeking to capture alpha, reduce volatility, and preserve capital in declining markets.

During the reporting period, top contributors to performance were long and short positions in biotechnology, medical distributors, pharmaceuticals, and health care technology companies. Over the same period, top detractors to performance were long and short positions in pharmaceuticals, biotechnology, hospital management, and health care services companies.

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

²  Percentages based on total investments of long positions.

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.

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

⁶  The S&P 500 Health Care 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 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.

ADR — American Depositary Receipt

The Turner Medical Sciences Long/Short Fund is subject to the risks associated with selling securities short. A short sale involves a finite opportunity for appreciation, but a theoretically unlimited risk of loss. The Fund is subject to the risks associated with health care-related companies. Many health care-related companies are smaller and less seasoned than companies in other sectors. Health care-related companies may also be strongly affected by scientific or technological developments and their products may quickly become obsolete. The Fund is subject to risks due to its foreign investments.

8 TURNER FUNDS 2013 ANNUAL REPORT

INVESTMENT REVIEW  (Unaudited)

Turner Spectrum Fund

Fund profile

September 30, 2013

_n  Ticker symbol TSPEX

Institutional Class Shares

_n  CUSIP #900297664

Institutional Class Shares

_n  Top five holdings¹

  (1) Ocwen Financial

  (2) Towers Watson, Cl A

  (3) McKesson

  (4) Anadarko Petroleum

  (5) IntercontinentalExchange

_n  % in five largest holdings 6.5%^1,2

_n  Number of holdings 394¹

_n  Net assets $481.85 million, Institutional Class Shares

Growth of a $100,000 investment in the
Turner Spectrum Fund, Institutional Class Shares:
May 7, 2009-September 30, 2013^3,4

Average annual total returns (Periods ended September 30, 2013)

	One year			Three years			Since inception
Turner Spectrum Fund, Institutional Class Shares5		4.96	%		3.30	%		4.24	%4
Turner Spectrum Fund, Investor Class Shares5		4.63	%		3.04	%		3.98	%4
Turner Spectrum Fund, Class C Shares5		3.88	%		2.27	%		3.51	%6
S&P 500 Index7		19.34	%		16.27	%		17.54	%4
Barclays Capital U.S. Aggregate Bond Index8		-1.68	%		2.86	%		4.94	%4
Lipper Long/Short Equity Funds Average9		10.07	%		6.58	%		8.33	%4

Sector weightings²:

Manager's discussion and analysis

The Turner Spectrum Fund produced a positive absolute return for the 12-month period ended September 30, 2013. During the reporting period, the Fund outperformed the Barclays Capital U.S. Aggregate Bond Index but underperformed both the S&P 500 Index and the Lipper Long/Short Equity Funds Average. The Turner Spectrum Fund is a multi-manager mutual fund that seeks long-term capital appreciation through investments in a number of long/short equity strategies offered by Turner Investments.

During the reporting period, top contributors to performance were long positions in biotechnology, internet, and consumer finance companies. Over the same period, top detractors to performance were long and short positions in entertainment, chemicals, and computer hardware companies.

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

²  Percentages based on total investments of long positions.

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 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

The Turner Spectrum Fund may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund's net asset value and total return. The Fund is subject to the risks associated with selling securities short. A short sale involves a finite opportunity for appreciation, but a theoretically unlimited risk of loss. The smaller capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies.

TURNER FUNDS 2013 ANNUAL REPORT 9

INVESTMENT REVIEW  (Unaudited)

Turner Titan Fund

Fund profile

September 30, 2013

_n  Ticker symbol TTLFX

  Investor Class Shares

_n  CUSIP #900297524

  Investor Class Shares

_n  Top five holdings¹

  (1) Salesforce.com

  (2) IntercontinentalExchange

  (3) eBay

  (4) Apple

  (5) Discover Financial Services

_n  % in five largest holdings 16.0%^1,2

_n  Number of holdings 107¹

_n  Net assets $0.39 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Titan Fund, Investor Class Shares:
February 7, 2011-September 30, 2013^3,4

Average annual total returns (Periods ended September 30, 2013)

	One year			Since inception4
Turner Titan Fund, Institutional Class Shares5		3.43	%		2.54	%
Turner Titan Fund, Investor Class Shares5		3.14	%		2.28	%
Turner Titan Fund, Class C Shares5		2.28	%		1.47	%
S&P 500 Index6		19.34	%		12.05	%
Barclays Capital U.S. Aggregate Bond Index7		-1.68	%		4.09	%
Lipper Long/Short Equity Funds Average8		10.07	%		3.37	%

Sector weightings²:

Manager's discussion and analysis

The Turner Titan Fund generated a positive absolute return for the 12-month period ended September 30, 2013. During the reporting period, the Fund outperformed the Barclays Capital U.S. Aggregate Bond Index but underperformed both the S&P 500 Index and the Lipper Long/Short Equity Funds Average. The Turner Titan Fund invests in stocks of companies with primarily large capitalization ranges across all major industry sectors using a long/short strategy in seeking to capture alpha, reduce volatility, and preserve capital in declining markets.

During the reporting period, top contributors to performance were long positions in internet, biotechnology, and gaming companies. Over the same period, top detractors to performance were long and short positions in entertainment, apparel, software, and semiconductor companies.

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

²  Percentages based on total investments of long positions.

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.

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 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.

The Turner Titan Fund may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund's net asset value and total return. The Fund is subject to the risks associated with selling securities short. A short sale involves a finite opportunity for appreciation, but a theoretically unlimited risk of loss. The smaller capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies.

10 TURNER FUNDS 2013 ANNUAL REPORT

INVESTMENT REVIEW  (Unaudited)

Turner All Cap Growth Fund

Fund profile

September 30, 2013

_n  Ticker symbol TBTBX

_n  CUSIP #87252R797

_n  Top five holdings¹

  (1) LinkedIn, Cl A

  (2) Avago Technologies

  (3) Cavium

  (4) NXP Semiconductors

  (5) Apple

_n  % in five largest holdings 23.3%^1,2

_n  Number of holdings 38¹

_n  Net assets $17.98 million

Growth of a $10,000 investment in the
Turner All Cap Growth Fund:
September 30, 2003-September 30, 2013³

Average annual total returns (Periods ended September 30, 2013)

	One year			Three years			Five years			10 years			Since inception3
Turner All Cap Growth Fund4		14.93	%		13.78	%		13.10	%		9.09	%		0.27	%
NASDAQ Composite Index5		21.03	%		16.77	%		12.51	%		7.76	%		-0.38	%
Russell 3000® Growth Index6		20.30	%		17.18	%		12.16	%		7.99	%		0.73	%

Sector weightings²:

Manager's discussion and analysis

Outperformance in internet software and services and capital markets holdings helped the Turner All Cap Growth Fund to gain a strong absolute return in the 12-month period ended September 30, 2013. However, the fund's return lagged that of both the Russell 3000^® Growth Index and the NASDAQ Composite Index on a relative basis.

From an attribution standpoint, the two sectors with the strongest outperformance to their corresponding index sectors were financial and consumer discretionary sectors. Within the sectors discussed above, hotels, restaurants, and leisure contributed to returns. The two bottom sectors that detracted from relative returns compared to their corresponding index were information technology and energy, with holdings in computers, communication equipment, and oil gas and consumable fuels holdings recording poor 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 All Cap Growth 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 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 8 in Notes to Financial Statements for more detailed information.

Cl — Class

The Turner All Cap Growth Fund may buy and sell securities frequently as part of its investment strategy. The medium capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies.

TURNER FUNDS 2013 ANNUAL REPORT 11

INVESTMENT REVIEW  (Unaudited)

Turner Emerging Growth Fund

Fund profile

September 30, 2013

_n  Ticker symbol TMCGX

  Investor Class Shares

_n  CUSIP #872524301

  Investor Class Shares

_n  Top five holdings¹

  (1) Middleby

  (2) Cracker Barrel Old Country Store

  (3) Huron Consulting Group

  (4) Tyler Technologies

  (5) Rex Energy

_n  % in five largest holdings 12.1%^1,2

_n  Number of holdings 109¹

_n  Net assets $180.29 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Emerging Growth Fund, Investor Class Shares:
September 30, 2003-September 30, 2013^3,4

Average annual total returns (Periods ended September 30, 2013)

	One year			Three years			Five years			10 years			Since inception
Turner Emerging Growth Fund, Institutional Class Shares5		32.98	%		21.74	%		—			—			23.69	%6
Turner Emerging Growth Fund, Investor Class Shares5		32.63	%		21.45	%		11.16	%		11.44	%		18.81	%4
Russell 2000® Growth Index7		33.07	%		19.96	%		13.17	%		9.85	%		5.29	%4

Sector weightings²:

Manager's discussion and analysis

During the 12-month period ended September 30, 2013, the Turner Emerging Growth Fund posted strong absolute returns; however, the fund slightly underperformed the Russell 2000^® Growth Index on a relative basis.

The two strongest returning sectors were energy and materials with those sectors outperforming their corresponding index sectors. Within those sectors, shares in oil gas and consumable fuels, and paper and forest products, did best. The health care and financial sectors detracted the most from relative results. In those sectors, health care equipment and supplies, health care specialty retail, and capital markets shares proved disappointing.

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 8 in Notes to Financial Statements for more detailed information.

Amounts designated as "—" are not applicable.

The Turner Emerging Growth Fund is also subject to taxable income and realized capital gains. Shareholder redemptions may force the Fund to sell securities at an inappropriate time, also resulting in realized gains.

12 TURNER FUNDS 2013 ANNUAL REPORT

INVESTMENT REVIEW  (Unaudited)

Turner Large Growth Fund

Fund profile

September 30, 2013

_n  Ticker symbol TTMEX

  Institutional Class Shares

_n  CUSIP #900297847

  Institutional Class Shares

_n  Top five holdings¹

  (1) Apple

  (2) Google, Cl A

  (3) Facebook, Cl A

  (4) Visa, Cl A

  (5) Gilead Sciences

_n  % in five largest holdings 19.7%^1,2

_n  Number of holdings 55¹

_n  Net assets $53.97 million, Institutional Class Shares

Growth of a $250,000 investment in the
Turner Large Growth Fund, Institutional Class Shares:
September 30, 2003-September 30, 2013^3,4

Average annual total returns (Periods ended September 30, 2013)

	One year			Three years			Five years			10 years			Since inception
Turner Large Growth Fund, Institutional Class Shares5		14.87	%		11.91	%		7.52	%		6.50	%		3.32	%4
Turner Large Growth Fund, Investor Class Shares5		14.50	%		11.62	%		7.24	%		—			4.16	%6
Russell 1000® Growth Index7		19.27	%		16.94	%		12.07	%		7.82	%		3.88	%4

Sector weightings²:

Manager's discussion and analysis

The Turner Large Growth Fund gained a healthy absolute return for the 12-month period ended September 30, 2013. However, the fund underperformed its benchmark, the Russell 1000^® Growth Index, on a relative basis.

Regarding sector attribution, the consumer discretionary and financial sectors contributed the most to positive performance. In those sectors, internet software and services, hotels restaurants and leisure, and capital markets shares boosted performance. Additionally, software holdings contributed positively. The technology and health care sectors overall detracted the most from performance. Shares of computers and peripherals, communications equipment, and pharmaceuticals produced unfavorable relative results.

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 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 the broad growth segment of the U.S. equity universe. It includes 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 8 in Notes to Financial Statements for more detailed information.

Amounts designated as "—" are not applicable.

Cl — Class

The Turner Large Growth Fund may buy and sell securities frequently as part of its investment strategy. The Fund is subject to the risk that large capitalization growth stocks may underperform other segments of the equity markets as a whole.

TURNER FUNDS 2013 ANNUAL REPORT 13

INVESTMENT REVIEW  (Unaudited)

Turner Midcap Growth Fund

Fund profile

September 30, 2013

_n  Ticker symbol TMGFX

  Investor Class Shares

_n  CUSIP #900297409

  Investor Class Shares

_n  Top five holdings¹

  (1) Wynn Resorts

  (2) LinkedIn, Cl A

  (3) NXP Semiconductors

  (4) IntercontinentalExchange

  (5) Alliance Data Systems

_n  % in five largest holdings 10.3%^1,2

_n  Number of holdings 77¹

_n  Net assets $257.24 million, Investor Class Shares

Growth of a $10,000 investment in the
Turner Midcap Growth Fund, Investor Class Shares:
September 30, 2003-September 30, 2013^3,4

Average annual total returns (Periods ended September 30, 2013)

	One year			Three years			Five years			10 years			Since inception
Turner Midcap Growth Fund, Institutional Class Shares5		24.69	%		13.85	%		10.99	%		—			4.66	%6
Turner Midcap Growth Fund, Investor Class Shares5		24.31	%		13.57	%		10.71	%		8.34	%		10.46	%4
Turner Midcap Growth Fund, Retirement Class Shares5		24.11	%		13.31	%		10.46	%		7.99	%		7.61	%7
Russell Midcap® Growth Index8		27.54	%		17.65	%		13.92	%		10.16	%		8.29	%4

Sector weightings²:

Manager's discussion and analysis

In the 12-month period ended September 30, 2013, the Turner Midcap Growth Fund advanced to produce strong absolute returns while underperforming the Russell Midcap^® Growth Index on a relative basis.

The financial and materials sectors provided the greatest contribution to the fund's performance. Real estate investment trusts (REITs) and financial IT services generated the best results within these sectors. In addition, specific holdings in biotechnology within the health care sector produced superior absolute returns. The major detractors from performance were the producer durable and information technology sectors. Subpar performers in those sectors included computers and peripherals, software, machinery, and household durables 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. 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 8 in Notes to Financial Statements for more detailed information.

Amounts designated as "—" are not applicable.

Cl — Class

The Turner Midcap Growth Fund may buy and sell securities frequently as part of its investment strategy. The medium capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies.

14 TURNER FUNDS 2013 ANNUAL REPORT

INVESTMENT REVIEW  (Unaudited)

Turner Small Cap Growth Fund

Fund profile

September 30, 2013

_n  Ticker symbol TSCEX

_n  CUSIP #900297300

_n  Top five holdings¹

  (1) ACADIA Pharmaceuticals

  (2) NPS Pharmaceuticals

  (3) QLIK Technologies

  (4) Rosetta Resources

  (5) Ciena

_n  % in five largest holdings 6.7%^1,2

_n  Number of holdings 106¹

_n  Net assets $233.04 million

Growth of a $10,000 investment in the
Turner Small Cap Growth Fund:
September 30, 2003-September 30, 2013³

Average annual total returns (Periods ended September 30, 2013)

	One year			Three years			Five years			10 years			Since inception3
Turner Small Cap Growth Fund4		33.79	%		18.42	%		12.71	%		9.81	%		11.91	%
Russell 2000® Growth Index5		33.07	%		19.96	%		13.17	%		9.85	%		7.08	%

Sector weightings²:

Manager's discussion and analysis

The Turner Small Cap Growth Fund gain a solid absolute return during the 12-month period ended September 30, 2013 and the fund just slightly beat its benchmark, the Russell 2000^® Growth Index, over the same time period on a relative basis.

Two of the strongest sectors were health care and materials. Specifically, holdings in biotechnology, health care equipment and supplies, and paper and forest products beat their index counterparts. But the information technology and the financials sector shares proved the biggest drag on performance. Software, computers and peripherals, computer equipment and a handful of financial industries stocks within the real estate investment trusts (REITs), trading companies and distributors, commercial bank industries recorded subpar results relative to the benchmark.

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 8 in Notes to Financial Statements for more detailed information.

The Turner Small Cap Growth Fund may buy and sell securities frequently as part of its investment strategy. The smaller capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies.

TURNER FUNDS 2013 ANNUAL REPORT 15

INVESTMENT REVIEW  (Unaudited)

Turner Emerging Markets Fund

Fund profile

September 30, 2013

_n  Ticker symbol TEEEX

  Institutional Class Shares

_n  CUSIP #900297516

  Institutional Class Shares

_n  Top five holdings¹

  (1) Samsung Electronics

  (2) Taiwan Semiconductor Manufacturing ADR

  (3) Industrial & Commerical Bank of China, H Shares

  (4) Banco do Brasil

  (5) Tencent Holdings

_n  % in five largest holdings 14.2%^1,2

_n  Number of holdings 92¹

_n  Net assets $0.51 million, Institutional Class Shares

Growth of a $250,000 investment in the
Turner Emerging Markets, Institutional Class Shares:
August 28, 2013-September 30, 2013³

Cumulative total returns (Period ended September 30, 2013)

	Since inception4
Turner Emerging Markets Fund, Institutional Class Shares5		7.80	%
Turner Emerging Markets Fund, Investor Class Shares5		7.80	%
MSCI Emerging Markets Index6		8.19	%

Sector weightings²:

Manager's discussion and analysis

The Turner Emerging Markets Fund generated a positive absolute return from its inception on August 28, 2013 through September 30, 2013. During that period, the Fund underperformed the MSCI Emerging Markets Index. The Turner Emerging Markets Fund is a diversified, actively managed portfolio of about 60 – 100 growth equity stocks that are economically tied to emerging markets. Emerging markets are defined as those markets included in the MSCI Emerging Markets Index.

The materials and energy sectors had a positive impact on the fund's performance during the period. Top contributors included holdings in metals and mining, pulp and paper, oil and gas production, and integrated oil companies. The fund's worst performing sectors were financials and technology. Notable detractors included commercial banks, real estate development and management, semiconductor, and information technology services 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 and Investor Class Shares will differ due to differences in fees.

⁴   The inception date of the Turner Emerging Markets Fund was August 28, 2013. 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 Emerging Markets Index captures large and mid cap representation, covering over 800 securities across 21 emerging market countries. The countries include: Brazil, Chile, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

ADR — American Depositary Receipt

The Turner Emerging Markets Fund is subject to risks due to its foreign investments and investments in emerging market countries.

16 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner Market Neutral Fund

September 30, 2013

	Shares		Value (000)
Common stock—75.6%
Consumer discretionary—12.4%
Harley-Davidson^		2,740	$	176
Norwegian Cruise Line Holdings*		2,650		82
Ralph Lauren^		940		155
Walt Disney		1,230		79
Total Consumer discretionary				492
Consumer staples—4.0%
Church & Dwight^		2,620		157
Total Consumer staples				157
Energy—6.8%
Lekoil*		324,724		224
PetroChina ADR^		400		44
Total Energy				268
Financials—19.5%
Affiliated Managers Group*^		670		122
Allstate^		1,440		73
Concentradora Fibra Hotelera Mexicana		42,790		71
Credicorp		1,220		158
Hersha Hospitality Trust^		19,160		107
Ocwen Financial*^		1,470		82
OFG Bancorp		4,960		80
Safeguard Scientifics*^		5,290		83
Total Financials				776
Health care—8.3%
AstraZeneca ADR		1,600		83
Cooper^		620		80
Pfizer		5,720		165
Total Health care				328
Industrials—3.9%
Eaton PLC^		2,250		155
Total Industrials				155
Information technology—16.4%
Apple^		180		86
Cavium*^		2,420		100
Jabil Circuit^		3,510		76
NXP Semiconductors*^		2,740		102
Skyworks Solutions*^		1,790		44

	Shares		Value (000)
Take-Two Interactive Software*^		4,350	$	79
TIBCO Software*^		6,410		164
Total Information technology				651
Materials—4.3%
Louisiana-Pacific*^		9,690		170
Total Materials				170
Total Common stock (Cost $2,810)**				2,997
Cash equivalent—5.5%
BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.060%‡		219,789		220
Total Cash equivalent (Cost $220)**				220
Total Investments—81.1% (Cost $3,030)**				3,217
Segregated cash with brokers—87.9%				3,484
Securities sold short—(73.8)% (Proceeds $(2,882))**				(2,925	)
Net Other assets (liabilities)—4.8%				189
Net Assets—100.0%			$	3,965

  *  Non-income producing security.

  **  This number is listed in thousands.

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

  ‡  Rate shown is the 7-day effective yield as of September 30, 2013.

ADR — American Depositary Receipt

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

TURNER FUNDS 2013 ANNUAL REPORT 17

FINANCIAL STATEMENTS

Schedule of securities sold short

Turner Market Neutral Fund

September 30, 2013

	Shares		Value (000)
Common stock—73.8%
Consumer discretionary—10.3%
Hasbro		1,790	$	84
Kohl's		1,520		79
Target		1,170		75
Twenty-First Century Fox		2,430		81
Under Armour, Cl A		1,120		89
Total Consumer discretionary				408
Consumer staples—4.0%
Clorox		940		77
Molson Coors Brewing		1,600		80
Total Consumer staples				157
Energy—4.7%
Apache		1,660		142
China Petroleum & Chemical ADR		580		45
Renewable Energy Group		3		—
Total Energy				187
Financials—16.1%
Arch Capital Group		1,340		73
Bancolombia ADR		2,730		157
DiamondRock Hospitality		10,230		109
IBERIABANK		1,390		72
Janus Capital Group		5,850		50
Macquarie Mexico Real Estate Management		39,160		67
T. Rowe Price Group		1,550		111
Total Financials				639
Health care—8.1%
LifePoint Hospitals		1,790		83
Optimer Pharmaceuticals		12,420		157
Sirona Dental Systems		1,210		81
Total Health care				321
Industrials—6.2%
Parker Hannifin		1,450		158
Southwest Airlines		6,140		89
Total Industrials				247
Information technology—20.0%
Concur Technologies		710		78
Electronic Arts		3,070		78

	Shares		Value (000)
FactSet Research Systems		730	$	80
Infosys SP ADR		1,610		77
Oracle		2,560		85
Power Integrations		810		44
Red Hat		1,700		78
Tech Data		1,700		85
Texas Instruments		4,620		187
Total Information technology				792
Materials—4.4%
American Vanguard		6,460		174
Total Materials				174
Total Common stock (Proceeds $2,882)*				2,925
Total Securities sold short—73.8% (Proceeds $2,882)*			$	2,925

Percentages disclosed are based on total net assets of the Fund at September 30, 2013.

  *  This number is listed in thousands.

ADR — American Depositary Receipt

Cl — Class

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

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

18 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner Medical Sciences Long/Short Fund

September 30, 2013

	Shares		Value (000)
Common stock—64.6%
Biotechnology—13.1%
Aegerion Pharmaceuticals*		1,860	$	159
Agios Pharmaceuticals*		3,240		91
Aveo Pharmaceuticals*		21,900		45
Biogen Idec*		1,290		311
Coronado Biosciences*		4,550		32
Cubist Pharmaceuticals*		9,540		606
Dyax*		15,460		106
Enanta Pharmaceuticals*		1,360		31
Geron*		28,080		94
Insmed*		7,230		113
Neurocrine Biosciences*		23,471		266
NPS Pharmaceuticals*^		12,580		400
Prothena*		495		10
Receptos*		3,260		85
Regeneron Pharmaceuticals*		660		206
Swedish Orphan Biovitrum*		17,490		174
Targacept*		8,450		45
Total Biotechnology				2,774
Health & wellness products—1.2%
Vitamin Shoppe*		5,740		251
Total Health & wellness products				251
Health care equipment & supplies—21.6%
Align Technology*		4,690		226
BioScrip*		16,410		144
BioTelemetry*		8,919		88
Bristol-Myers Squibb		13,750		636
Cardinal Health		8,110		423
Covidien		6,090		371
Dexcom*		5,900		167
Intuitive Surgical*		400		151
Mazor Robotics ADR*		3,660		62
McKesson		6,610		849
Omnicare		2,030		113
Premier, Cl A*		4,020		127
Prestige Brands Holdings*		5,080		153
ResMed		3,980		210
Universal Health Services, Cl B		6,060		454
Zimmer Holdings		5,000		411
Total Health care equipment & supplies				4,585

	Contracts/ Shares		Value (000)
Health care technology—2.7%
Allscripts Healthcare Solutions*		10,550	$	157
Cerner*		8,070		424
Total Health care technology				581
Life sciences tools & services—2.0%
Furiex Pharmaceuticals*		4,710		207
Icon*		5,400		221
Total Life sciences tools & services				428
Pharmaceuticals—21.9%
AbbVie		5,700		255
ACADIA Pharmaceuticals*		11,830		325
AstraZeneca ADR		10,130		526
DepoMed*		36,050		270
Dr. Reddy's Laboratories ADR		3,010		114
Impax Laboratories*		14,710		302
Pfizer		33,060		949
Roche Holding AG ADR		9,480		640
Salix Pharmaceuticals*		2,330		156
Shire ADR		2,720		326
ViroPharma*		13,124		516
Zoetis		8,100		252
Total Pharmaceuticals				4,631
Professional services—2.1%
Towers Watson, Cl A		4,070		435
Total Professional services				435
Total Common stock (Cost $11,742)**				13,685
Call option contracts—0.1%
Volcano, 10/13 at $20		35		12
Total Call option contracts (Cost $5)**				12
Put option contracts—0.0%
HCA Holdings, 10/13 at $38		74		1
Total Put option contracts (Cost $9)**				1

TURNER FUNDS 2013 ANNUAL REPORT 19

FINANCIAL STATEMENTS

Schedule of investments

Turner Medical Sciences Long/Short Fund

	Shares		Value (000)
Cash equivalent—12.6%
BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.060%‡		2,668,990	$	2,669
Total Cash equivalent (Cost $2,669)**				2,669
Total Investments—77.3% (Cost $14,425)**				16,367
Segregated cash with brokers—63.1%				13,361
Securities sold short—(38.8)% (Proceeds $(7,684))**				(8,224	)
Net Other assets (liabilities)—(1.6)%				(326	)
Net Assets—100.0%			$	21,178

  *  Non-income producing security.

  **  This number is listed in thousands.

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

  ‡  Rate shown is the 7-day effective yield as of September 30, 2013.

ADR — American Depositary Receipt

Cl — Class

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

20 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of securities sold short

Turner Medical Sciences Long/Short Fund

September 30, 2013

	Shares		Value (000)
Common stock—20.5%
Biotechnology—1.8%
Arena Pharmaceuticals		29,950	$	158
ImmunoGen		6,880		117
Portola Pharmaceuticals		3,876		104
Total Biotechnology				379
Drug stores—0.7%
CVS Caremark		2,600		148
Total Drug stores				148
Health care equipment & supplies—11.9%
AmerisourceBergen, Cl A		1,760		108
Boston Scientific		8,990		106
Express Scripts Holding		3,180		196
HealthSouth		4,590		158
HMS Holdings		3,120		67
Hospira		2,020		79
Laboratory Corp. of America Holdings		2,100		208
LifePoint Hospitals		2,610		122
Medtronic		3,870		206
Neogen		1,760		107
Quest Diagnostics		3,500		216
Sirona Dental Systems		4,170		279
Stericycle		1,940		224
Stryker		2,210		149
WellPoint		3,570		299
Total Health care equipment & supplies				2,524
Health care facilities—1.3%
Health Care REIT		2,040		127
National Health Investors		1,070		61
Ventas		1,550		95
Total Health care facilities				283
Health care technology—0.3%
Vocera Communications		3,790		70
Total Health care technology				70
Pharmaceuticals—4.5%
Eisai		4,980		202
Johnson & Johnson		2,390		207
Mallinckrodt		1,800		79
Merck		1,290		201

	Shares		Value (000)
Optimer Pharmaceuticals		20,530	$	260
Total Pharmaceuticals				949
Total Common stock (Proceeds $4,306)*				4,353
Exchange traded funds—18.3%
CurrencyShares Euro Trust		2,410		323
Health Care Select Sector SPDR		26,750		1,352
iShares NASDAQ Biotechnology Index Fund		4,329		907
Market Vectors Biotech ETF		8,130		673
Market Vectors Pharmaceutical ETF		12,870		616
Total Exchange traded funds (Cost $3,378)*				3,871
Total Securities sold short—38.8% (Proceeds $7,684)*			$	8,224

Percentages disclosed are based on total net assets of the Fund at September 30, 2013.

  *  This number is listed in thousands.

Cl — Class

ETF — Exchange Traded Fund

SPDR — Standard & Poor's Depositary Receipt

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

TURNER FUNDS 2013 ANNUAL REPORT 21

FINANCIAL STATEMENTS

Schedule of investments

Turner Spectrum Fund

September 30, 2013

	Shares		Value (000)
Common stock—98.0%
Consumer discretionary—17.3%
Abercrombie & Fitch		32,360	$	1,145
American Axle & Manufacturing Holdings*		73,400		1,447
Ann*		24,600		891
CBS, Cl B		47,930		2,644
Chipotle Mexican Grill*		2,640		1,132
Cracker Barrel Old Country Store		19,630		2,027
Crimson Wine Group*		155,870		1,489
Dollar General*		68,390		3,861
Fifth & Pacific*^		35,502		892
Five Below*		36,500		1,597
Francesca's Holdings*		45,220		843
General Motors*		71,610		2,576
Groupon*		207,910		2,331
Harley-Davidson		61,790		3,969
Home Depot^		75,610		5,735
J.C. Penney*		87,670		773
Las Vegas Sands^		63,660		4,228
Lennar, Cl A^		70,210		2,485
Lin Media, Cl A*		78,890		1,601
Lithia Motors, Cl A		28,440		2,075
Louis XIII Holdings*		4,268,815		3,798
Melco Crown (Philippines) Resorts*		5,309,831		1,342
Michael Kors Holdings*		35,080		2,614
Nike, Cl B		19,380		1,408
Norwegian Cruise Line Holdings*		104,340		3,219
Priceline.com*^		3,500		3,538
Ralph Lauren		10,820		1,782
Red Robin Gourmet Burgers*^		39,300		2,794
Ross Stores		64,870		4,723
Shutterfly*		36,270		2,027
Sotheby's		18,320		900
Starwood Hotels & Resorts Worldwide		44,960		2,988
Taylor Morrison Home, Cl A*		101,670		2,303
Tenneco*		51,270		2,589
Tesla Motors*		5,420		1,048
Time Warner		27,170		1,788
Urban Outfitters*		58,510		2,151
Vishop Holdings ADR*		15,270		867
Vitamin Shoppe*		28,400		1,243
Walt Disney		46,820		3,019

	Shares		Value (000)
Yum! Brands		31,150	$	2,224
Total Consumer discretionary				92,106
Consumer staples—5.5%
Anheuser-Busch InBev ADR		33,060		3,280
B&G Foods, Cl A^		87,630		3,028
Beam^		52,770		3,412
Colgate-Palmolive^		54,910		3,256
Constellation Brands*		75,060		4,307
Hershey^		39,100		3,617
PepsiCo		32,280		2,566
Prestige Brands Holdings*		28,130		847
Safeway		93,900		3,004
Sprouts Farmers Market*		45,160		2,005
Total Consumer staples				29,322
Energy—9.8%
Anadarko Petroleum^		67,100		6,240
Athlon Energy*		48,860		1,598
Cabot Oil & Gas^		98,460		3,675
Cobalt International Energy*^		230,650		5,734
Concho Resources*^		11,470		1,248
CONSOL Energy		52,270		1,759
EOG Resources^		22,380		3,788
EPL Oil & Gas*		55,450		2,058
Frank's International*		79,010		2,365
Goodrich Petroleum*		121,410		2,949
Gulfport Energy*^		72,250		4,649
Halliburton		25,030		1,205
Lekoil*		4,299,380		2,966
Ophir Energy*		600,014		3,242
Rosetta Resources*^		55,900		3,044
SemGroup, Cl A		47,780		2,724
SunPower*		109,050		2,853
Total Energy				52,097
Financials—16.7%
Affiliated Managers Group*^		19,020		3,474
AIA Group		399,230		1,876
AON		36,960		2,751
Banco Santander-Chile ADR		125,250		3,293
Bank of the Ozarks^		38,239		1,835
Bryn Mawr Bank		51,190		1,381
Cardtronics*^		49,671		1,843
Citigroup^		104,080		5,049

22 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
Concentradora Fibra Hotelera Mexicana		639,800	$	1,063
Countrywide		312,017		2,652
Credito Real*		1,015,563		1,605
Direct Line Insurance Group		828,990		2,861
Discover Financial Services^		80,922		4,090
East West BanCorp		32,610		1,042
Education Realty Trust^		180,600		1,643
Erste Group Bank		59,720		1,887
Fortegra Financial*^		193,479		1,647
Heritage Oaks Bancorp*		139,961		896
Hersha Hospitality Trust		265,990		1,487
Infinity Property & Casualty		31,137		2,011
Intact Financial		45,400		2,723
IntercontinentalExchange*^		33,555		6,088
Metropolitan Bank & Trust		1,436,238		2,738
Nelnet^		71,990		2,768
Ocwen Financial*^		165,385		9,224
OFG Bancorp		66,860		1,082
OmniAmerican Bancorp*		88,265		2,159
PacWest BanCorp		54,530		1,874
Portfolio Recovery Associates*^		88,579		5,309
ProAssurance^		83,420		3,759
Signature Bank*^		17,990		1,646
Simon Property Group		12,260		1,817
Tetragon Financial Group		10,188		102
Validus Holdings		86,360		3,194
Total Financials				88,869
Health care—17.6%
AbbVie^		28,389		1,270
ACADIA Pharmaceuticals*		66,200		1,819
Aegerion Pharmaceuticals*		32,990		2,828
Agios Pharmaceuticals*		17,900		500
Air Methods^		33,220		1,415
Align Technology*^		91,500		4,403
Allscripts Healthcare Solutions*		52,230		777
ArthroCare*^		88,167		3,137
AstraZeneca ADR		50,350		2,615
Aveo Pharmaceuticals*		122,970		255
Biogen Idec*^		12,780		3,077
BioScrip*		81,760		718
BioTelemetry*		139,960		1,387
Bristol-Myers Squibb^		99,560		4,608
Cardinal Health^		44,970		2,345

	Shares		Value (000)
Cerner*		64,926	$	3,412
Coronado Biosciences*		22,490		158
Covidien		30,120		1,836
Cubist Pharmaceuticals*^		68,505		4,353
DepoMed*		201,720		1,509
Dexcom*		66,844		1,887
Dr. Reddy's Laboratories ADR		16,430		621
Dyax*		85,630		587
Enanta Pharmaceuticals*		6,730		154
Furiex Pharmaceuticals*		23,140		1,018
Geron*		138,880		465
Gilead Sciences*^		15,390		967
Icon*		26,740		1,094
Impax Laboratories*		77,970		1,599
Insmed*		39,520		617
Intuitive Surgical*		2,000		753
Mazor Robotics ADR*		20,630		349
McKesson^		51,920		6,660
Neurocrine Biosciences*^		253,499		2,870
NPS Pharmaceuticals*^		98,960		3,148
Omnicare		10,110		561
Pfizer		163,510		4,693
Premier, Cl A*		39,290		1,245
Prothena*		1,416		29
Receptos*		15,520		403
Regeneron Pharmaceuticals*		3,791		1,186
ResMed		19,800		1,046
Roche Holding AG ADR^		73,030		4,931
Salix Pharmaceuticals*		11,620		777
Shire ADR^		13,480		1,616
Swedish Orphan Biovitrum*		86,670		863
Targacept*		44,800		238
Team Health Holdings*^		45,710		1,734
Universal Health Services, Cl B		30,000		2,250
ViroPharma*^		69,329		2,725
Zimmer Holdings		24,920		2,047
Zoetis		41,130		1,280
Total Health care				92,835
Industrials—13.4%
AMETEK		83,320		3,834
CAI International*^		123,330		2,870
Canadian Pacific Railway^		19,490		2,403
Copa Holdings, Cl A		24,390		3,382
Cummins		14,620		1,943

TURNER FUNDS 2013 ANNUAL REPORT 23

FINANCIAL STATEMENTS

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
Eaton PLC		34,760	$	2,393
FTI Consulting*		29,670		1,122
Genesee & Wyoming, Cl A*		54,860		5,100
Honeywell International^		20,150		1,673
Hunt (JB) Transportation Services		32,320		2,357
Huron Consulting Group*^		68,350		3,596
Macquarie Infrastructure^		108,360		5,802
Manpowergroup		42,470		3,089
MasTec*		64,350		1,950
Middleby*		9,390		1,962
Old Dominion Freight Line*^		71,190		3,274
Providence Resources*		129,770		669
Quanta Services*^		114,220		3,142
Roadrunner Transportation System*		122,870		3,470
Rockwell Automation		37,020		3,959
Saia*		66,525		2,074
Spirit Airlines*		74,600		2,557
Terex*		29,700		998
Towers Watson, Cl A		69,810		7,466
Total Industrials				71,085
Information technology—10.6%
Apple		11,590		5,526
Avago Technologies		47,290		2,039
Cisco Systems^		50,670		1,187
Citrix Systems*		17,130		1,210
Digimarc^		154,866		3,128
eBay*^		92,760		5,175
Ellie Mae*		114,248		3,657
Facebook, Cl A*^		78,780		3,958
JDS Uniphase*		84,260		1,239
Leidos Holdings		22,040		1,003
Linx		176,740		2,971
Manhattan Associates*^		33,330		3,181
OSI Systems*^		24,242		1,805
Salesforce.com*		64,210		3,333
ServiceNow*		20,060		1,042
Stratasys*		18,308		1,854
Synchronoss Technologies*		26,560		1,011
TE Connectivity		31,780		1,646
Tyler Technologies*^		61,400		5,371
Visa, Cl A^		17,320		3,310
Xilinx		25,490		1,194
Yandex*		44,440		1,619
Total Information technology				56,459

	Contracts/ Shares		Value (000)
Materials—6.7%
Augusta Resource*		70,962	$	145
Augusta Resource*		446,590		916
Capstone Mining*		972,300		2,341
Chemtura*		136,990		3,149
Commercial Metals		103,040		1,747
Constellium NV, Cl A*^		156,500		3,036
Eastman Chemical^		43,750		3,408
Louisiana-Pacific*		115,920		2,039
Lyondellbasell Industries, Cl A^		50,330		3,686
Methanex		59,485		3,050
Packaging Corp. of America		25,870		1,477
Rock-Tenn, Cl A		9,811		994
Rockwood Holdings^		74,930		5,013
Royal Gold		32,680		1,590
Silver Wheaton		53,340		1,321
SilverCrest Mines*		200,434		356
Valspar		25,200		1,598
Total Materials				35,866
Telecommunication services—0.2%
SBA Communications, Cl A*		15,410		1,240
Total Telecommunication services				1,240
Utilities—0.2%
Pattern Energy Group*		43,840		1,026
Total Utilities				1,026
Total Common stock (Cost $461,753)**				520,905
Call option contracts—0.1%
Cobalt International Energy, 1/14 at $27.5		1,448		322
Volcano, 10/13 at $20		164		57
Total Call option contracts (Cost $405)**				379
Put option contracts—0.0%
HCA Holdings, 10/13 at $38		381		6
Total Put option contracts (Cost $46)**				6

24 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner Spectrum Fund

	Shares		Value (000)
Cash equivalent—4.6%
BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.060%‡		24,212,676	$	24,213
Total Cash equivalent (Cost $24,213)**				24,213
Total Investments—102.7% (Cost $486,417)**				545,503
Segregated cash with brokers—76.7%				407,979
Securities sold short—(67.2)% (Proceeds $(347,049))**				(356,927	)
Written option contracts—0.0% (Proceeds $(89))**				(58	)
Net Other assets (liabilities)—(12.2)%				(64,941	)
Net Assets—100.0%			$	531,556

  *  Non-income producing security.

  **  This number is listed in thousands.

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

  ‡  Rate shown is the 7-day effective yield as of September 30, 2013.

ADR — American Depositary Receipt

Cl — Class

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

TURNER FUNDS 2013 ANNUAL REPORT 25

FINANCIAL STATEMENTS

Schedule of securities sold short

Turner Spectrum Fund

September 30, 2013

	Shares		Value (000)
Common stock—48.8%
Consumer discretionary—8.5%
AutoZone		4,180	$	1,767
Bally Technologies		11,940		860
Bed Bath & Beyond		23,110		1,788
Buckle		28,970		1,566
CarMax		35,640		1,727
Carnival		19,480		636
Coach		17,680		964
Delphi Automotive		12,800		748
DIRECTV		14,480		865
Dollar Tree		11,480		656
Foot Locker		20,380		692
Gap		31,580		1,272
Hasbro		27,700		1,306
Hennes & Mauritz AB, B Shares		31,030		1,348
International Game Technology		63,050		1,194
Johnson Controls		25,970		1,078
Kohl's		17,170		889
Lowe's		64,250		3,060
Lumber Liquidators Holdings		7,860		838
M.D.C Holdings		73,122		2,194
Macy's		37,290		1,614
Nordstrom		21,990		1,236
NVR		2,380		2,188
Panera Bread, Cl A		5,390		854
Target		39,730		2,542
Thomson Reuters		49,708		1,740
TJX		11,940		673
Tumi Holdings		30,740		619
Twenty-First Century Fox		78,780		2,639
Under Armour, Cl A		25,150		1,998
VF		7,450		1,483
Whirlpool		8,400		1,230
Williams-Sonoma		20,090		1,129
Total Consumer discretionary				45,393
Consumer staples—3.1%
Campbell Soup		33,300		1,356
Clorox		32,430		2,650
CVS Caremark		14,230		808
Dr Pepper Snapple Group		46,880		2,101
General Mills		18,300		877
Hormel Foods		15,480		652
Kraft Foods Group		24,900		1,306

	Shares		Value (000)
Molson Coors Brewing		21,710	$	1,088
Procter & Gamble		39,830		3,010
Sysco		40,900		1,302
Wal-Mart Stores		16,450		1,217
Total Consumer staples				16,367
Energy—6.1%
Apache		34,340		2,924
Approach Resources		99,490		2,615
Bill Barrett		119,070		2,990
CARBO Ceramics		11,810		1,170
Chesapeake Energy		143,070		3,703
Devon Energy		50,060		2,891
Encana		268,250		4,648
Exxon Mobil		11,150		959
Marathon Petroleum		14,830		954
Northern Oil & Gas		233,237		3,366
Oasis Petroleum		54,640		2,684
Ultra Petroleum		159,140		3,274
Total Energy				32,178
Financials—10.2%
American Express		64,990		4,907
Amlin		286,840		1,881
Arch Capital Group		39,450		2,135
Assurant		40,660		2,200
Banco Santander Central Hispano		224,891		1,834
Bancolombia ADR		48,360		2,783
Banregio Grupo Financiero		317,340		1,806
CBRE Group		97,430		2,254
Charles Schwab		47,530		1,005
Cincinnati Financial		59,906		2,825
Cohen & Steers		50,880		1,797
Comerica		45,890		1,804
DiamondRock Hospitality		128,050		1,366
First Republic Bank		61,190		2,853
Health Care REIT		40,160		2,505
IBERIABANK		39,150		2,031
Janus Capital Group		175,300		1,492
Lazard, Cl A		57,860		2,084
Macquarie Mexico Real Estate Management		614,530		1,051
National Health Investors		5,850		333
Nedcor		111,250		2,268

26 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of securities sold short

Turner Spectrum Fund

	Shares		Value (000)
OTP Bank Nyrt		93,570	$	1,853
Progressive		140,874		3,836
RLI		11,220		981
T. Rowe Price Group		43,070		3,098
Ventas		7,660		471
Total Financials				53,453
Health care—4.9%
AmerisourceBergen, Cl A		8,730		533
Arena Pharmaceuticals		335,190		1,766
Boston Scientific		50,330		591
Eisai		25,570		1,038
Eli Lilly		18,610		937
Express Scripts Holding		15,740		972
HealthSouth		22,820		787
HMS Holdings		45,310		975
Hospira		11,060		434
ImmunoGen		37,800		643
Johnson & Johnson		11,810		1,024
Laboratory Corp. of America Holdings		11,480		1,138
LifePoint Hospitals		30,050		1,401
Mallinckrodt		8,920		393
Medtronic		19,150		1,020
Merck		7,000		1,092
Neogen		9,860		599
Optimer Pharmaceuticals		190,320		2,398
Portola Pharmaceuticals		20,987		561
Quest Diagnostics		19,140		1,183
Sirona Dental Systems		41,210		2,759
Stryker		12,330		833
Vocera Communications		18,820		350
WellPoint		29,920		2,502
Total Health care				25,929
Industrials—7.7%
Armstrong World Industries		13,420		738
Atlas Air Worldwide Holdings		21,490		991
C.H. Robinson Worldwide		52,650		3,136
CSX		71,800		1,848
Emerson Electric		60,500		3,914
Fastenal		30,980		1,557
GrafTech International		203,380		1,719
Hub Group, Cl A		88,020		3,453
Landstar System		34,050		1,906

	Shares		Value (000)
Manitowoc		120,000	$	2,350
Norfolk Southern		52,590		4,067
PACCAR		18,060		1,005
Parker Hannifin		10,830		1,177
Southwest Airlines		183,450		2,671
Stericycle		10,410		1,201
Textainer Group Holdings		35,741		1,354
Textron		96,170		2,655
TransDigm Group		6,880		954
Trinity Industries		48,060		2,180
Werner Enterprises		96,832		2,259
Total Industrials				41,135
Information technology—4.4%
Angie's List		54,930		1,236
Bankrate		57,080		1,174
Cognizant Technology Solutions, Cl A		31,060		2,551
Control4		40,840		707
Electronic Arts		128,790		3,291
FactSet Research Systems		29,550		3,224
Marketo		14,670		468
MercadoLibre		16,250		2,192
NetApp		16,990		724
NetSuite		7,370		796
Oracle		39,060		1,296
Rackspace Hosting		13,930		735
Tech Data		19,680		982
Teradata		11,170		619
Western Union		128,670		2,401
Zillow, Cl A		14,310		1,207
Total Information technology				23,603
Materials—2.6%
Albemarle		40,120		2,525
Alcoa		342,370		2,780
Aluminum Corp. of China, H Shares		1,586,040		589
American Vanguard		49,302		1,327
AngloGold ADR		44,630		593
Barrick Gold		182,650		3,400
Globe Specialty Metals		64,170		989
Gold Fields SP ADR		188,080		860
Schnitzer Steel Industries, Cl A		36,880		1,016
Total Materials				14,079

TURNER FUNDS 2013 ANNUAL REPORT 27

FINANCIAL STATEMENTS

Schedule of securities sold short

Turner Spectrum Fund

	Shares		Value (000)
Telecommunication services—0.1%
Aruba Networks		29,020	$	483
Total Telecommunication services				483
Utilities—1.2%
Hong Kong & China Gas		1,235,781		2,973
National Fuel Gas		53,370		3,670
Total Utilities				6,643
Total Common stock (Proceeds $258,077)*				259,263
Exchange traded funds—18.4%
CurrencyShares Euro Trust		13,610		1,822
Health Care Select Sector SPDR		146,240		7,395
iShares Core S&P Small-Cap ETF		91,160		9,095
iShares NASDAQ Biotechnology Index Fund		23,671		4,961
iShares Russell 2000 Growth Index Fund		75,800		9,539
iShares Russell 2000 Index Fund		126,380		13,475
Market Vectors Biotech ETF		54,532		4,512
Market Vectors Oil Service ETF		51,540		2,427
Market Vectors Pharmaceutical ETF		70,340		3,365
Market Vectors Semiconductor ETF		30,580		1,220
PowerShares QQQ Trust		38,610		3,044
SPDR S&P 500 ETF Trust		50,420		8,476
SPDR S&P Homebuilders ETF		107,200		3,277
SPDR S&P Retail ETF		34,540		2,835
Vanguard Small-Cap ETF		108,430		11,113
Vanguard Small-Cap Growth ETF		97,050		11,108
Total Exchange traded funds (Proceeds $88,972)*				97,664
Total Securities sold short—67.2% (Proceeds $347,049)*			$	356,927

Percentages disclosed are based on total net assets of the Fund at September 30, 2013.

  *  This number is listed in thousands.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

SPDR — Standard & Poor's Depositary Receipt

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

28 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of open written option contracts

Turner Spectrum Fund

September 30, 2013

	Contracts		Value (000)
Written option contracts—0.0%
Written call option contracts—0.0%
Cobalt International Energy, 1/14 at $37.5		1,448	$	58
Total Written call option contracts (Premiums received $89)*				58
Total Written option contracts (Premiums received $89)*			$	58

Percentages disclosed are based on total net assets of the Fund at September 30, 2013.

  *  This number is listed in thousands.

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

TURNER FUNDS 2013 ANNUAL REPORT 29

FINANCIAL STATEMENTS

Schedule of investments

Turner Titan Fund

September 30, 2013

	Shares		Value (000)
Common stock—86.7%
Consumer discretionary—16.1%
Dollar General*		4,720	$	266
Groupon*		20,300		228
Harley-Davidson		4,200		270
Home Depot		4,930		374
Las Vegas Sands^		4,960		329
Michael Kors Holdings*		3,670		273
Norwegian Cruise Line Holdings*		10,350		319
Priceline.com*^		270		273
Ross Stores		3,810		277
Shutterfly*		3,620		202
Time Warner		5,940		392
Walt Disney		4,140		267
Total Consumer discretionary				3,470
Consumer staples—6.0%
Beam		4,180		270
Constellation Brands*		7,535		433
Hershey		3,440		318
Safeway		8,410		269
Total Consumer staples				1,290
Energy—5.9%
Anadarko Petroleum		2,850		265
Cobalt International Energy*		6,230		155
Concho Resources*^		2,520		274
EOG Resources		1,910		324
Halliburton^		5,490		264
Total Energy				1,282
Financials—11.0%
Affiliated Managers Group*		1,430		261
Banco Santander-Chile ADR		8,180		215
Citigroup^		8,420		408
Discover Financial Services^		10,570		534
East West BanCorp		7,130		228
IntercontinentalExchange*^		3,970		721
Total Financials				2,367
Health care—10.1%
Biogen Idec*^		1,365		329
Bristol-Myers Squibb		6,900		319
Cerner*		5,540		291
Cubist Pharmaceuticals*		3,340		212

	Shares		Value (000)
Gilead Sciences*^		3,370	$	212
McKesson		3,360		431
Roche Holding AG ADR		5,680		384
Total Health care				2,178
Industrials—12.2%
AMETEK		7,085		326
Cummins		3,180		423
Eaton PLC^		7,630		525
FTI Consulting*		6,070		229
Honeywell International		4,420		367
Rockwell Automation		3,000		321
Spirit Airlines*		6,390		219
Terex*		6,480		218
Total Industrials				2,628
Information technology—22.9%
Apple		1,340		639
Avago Technologies		10,360		447
Cisco Systems^		11,200		262
Citrix Systems*		3,760		265
eBay*^		11,900		663
Facebook, Cl A*^		8,580		431
JDS Uniphase*		18,280		269
Salesforce.com*		14,180		735
ServiceNow*		4,340		225
TE Connectivity		6,290		326
Visa, Cl A^		1,400		268
Xilinx		5,560		261
Yandex*		4,410		161
Total Information technology				4,952
Materials—1.2%
Eastman Chemical		3,410		266
Total Materials				266
Telecommunication services—1.3%
SBA Communications, Cl A*		3,380		273
Total Telecommunication services				273
Total Common stock (Cost $16,833)**				18,706

30 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner Titan Fund

	Shares		Value (000)
Cash equivalent—8.9%
BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.060%‡		1,920,923	$	1,921
Total Cash equivalent (Cost $1,921)**				1,921
Total Investments—95.6% (Cost $18,754)**				20,627
Segregated cash with brokers—58.6%				12,643
Securities sold short—(53.7)% (Proceeds $(11,531))**				(11,593	)
Net Other assets (liabilities)—(0.5)%				(98	)
Net Assets—100.0%			$	21,579

  *  Non-income producing security.

  **  This number is listed in thousands.

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

  ‡  Rate shown is the 7-day effective yield as of September 30, 2013.

ADR — American Depositary Receipt

Cl — Class

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

TURNER FUNDS 2013 ANNUAL REPORT 31

FINANCIAL STATEMENTS

Schedule of securities sold short

Turner Titan Fund

September 30, 2013

	Shares		Value (000)
Common stock—44.0%
Consumer discretionary—8.5%
Bed Bath & Beyond		2,160	$	167
Carnival		4,270		139
Coach		3,860		210
Delphi Automotive		2,750		161
International Game Technology		7,700		146
Lowe's		5,700		271
Macy's		3,700		160
Target		2,490		159
Twenty-First Century Fox		8,180		275
Under Armour, Cl A		1,970		157
Total Consumer discretionary				1,845
Consumer staples—5.0%
Clorox		2,880		235
Dr Pepper Snapple Group		4,730		212
Kraft Foods Group		5,500		288
Procter & Gamble		4,610		349
Total Consumer staples				1,084
Energy—2.7%
Exxon Mobil		2,400		206
Marathon Petroleum		3,240		209
Ultra Petroleum		7,840		161
Total Energy				576
Financials—6.2%
American Express		3,480		263
Charles Schwab		10,370		219
First Republic Bank		6,870		320
Progressive		8,110		221
T. Rowe Price Group		4,470		322
Total Financials				1,345
Health care—4.1%
Eli Lilly		4,080		205
LifePoint Hospitals		3,410		159
Sirona Dental Systems		4,440		298
WellPoint		2,550		213
Total Health care				875
Industrials—5.1%
Armstrong World Industries		2,950		162
Manitowoc		7,970		156

	Shares		Value (000)
Parker Hannifin		2,330	$	253
Southwest Airlines		21,930		320
TransDigm Group		1,510		209
Total Industrials				1,100
Information technology—11.9%
Angie's List		5,920		133
Cognizant Technology Solutions, Cl A		1,950		160
Electronic Arts		16,640		425
FactSet Research Systems		1,960		214
Marketo		3,210		102
MercadoLibre		2,060		278
NetApp		3,730		159
NetSuite		1,620		175
Oracle		8,570		284
Rackspace Hosting		3,040		160
Tech Data		4,260		213
Teradata		2,470		137
Zillow, Cl A		1,620		137
Total Information technology				2,577
Telecommunication services—0.5%
Aruba Networks		6,370		106
Total Telecommunication services				106
Total Common stock (Proceeds $9,497)*				9,508
Exchange traded funds—9.7%
iShares Russell 2000 Growth Index Fund		3,420		430
Market Vectors Biotech ETF		3,890		322
Market Vectors Semiconductor ETF		6,700		267
SPDR S&P 500 ETF Trust		6,340		1,066
Total Exchange traded funds (Proceeds $2,034)*				2,085
Total Securities sold short—53.7% (Proceeds $11,531)*			$	11,593

Percentages disclosed are based on total net assets of the Fund at September 30, 2013.

  *  This number is listed in thousands.

Cl — Class

ETF — Exchange Traded Fund

SPDR — Standard & Poor's Depositary Receipt

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

32 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner All Cap Growth Fund

September 30, 2013

	Shares		Value (000)
Common stock—99.2%†
Consumer discretionary—24.7%
Dunkin' Brands Group		7,130	$	323
Fifth & Pacific*		12,740		320
Fossil*		2,380		277
HomeAway*		11,380		319
LinkedIn, Cl A*		4,370		1,074
Michael Kors Holdings*		7,170		534
Ralph Lauren		3,500		577
Shutterfly*		6,420		359
Wynn Resorts		4,210		665
Total Consumer discretionary				4,448
Consumer staples—3.5%
Beam		9,770		632
Total Consumer staples				632
Energy—3.2%
Cobalt International Energy*		9,990		248
Schlumberger		3,770		333
Total Energy				581
Financials—9.1%
Affiliated Managers Group*		3,390		619
Citigroup		6,830		331
IntercontinentalExchange*^		3,810		692
Total Financials				1,642
Health care—13.9%
Biogen Idec*		1,110		267
Gilead Sciences*		7,010		441
NPS Pharmaceuticals*		25,260		804
Regeneron Pharmaceuticals*		1,960		613
Roche Holding AG ADR		5,420		366
Total Health care				2,491
Information technology—41.6%
Apple		1,690		806
Avago Technologies		22,010		948
Cavium*		21,620		891
Ciena*		16,400		410
JDS Uniphase*		16,090		237
Maxim Integrated Products		4,450		133
Monolithic Power Systems		19,240		583
NXP Semiconductors*		21,890		815
Peregrine Semiconductor*^		57,910		519

	Shares		Value (000)
QLIK Technologies*		17,120	$	586
ServiceNow*		7,020		365
Splunk*		3,770		226
Visa, Cl A		2,690		514
Yandex*		5,280		192
Yelp*^		3,480		230
Total Information technology				7,455
Materials—1.9%
Eastman Chemical		4,430		345
Total Materials				345
Telecommunication services—1.3%
SBA Communications, Cl A*		3,010		242
Total Telecommunication services				242
Total Common stock (Cost $14,262)**				17,836
Cash equivalent—8.8%
BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.060%‡ (1)		1,584,478		1,584
Total Cash equivalent (Cost $1,584)**				1,584
Total Investments—108.0% (Cost $15,846)**				19,420
Net Other assets (liabilities)—(8.0)%				(1,445	)
Net Assets—100.0%			$	17,975

  *  Non-income producing security.

  **  This number is listed in thousands.

  (1)  A portion of the Fund's position in this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2013 was $1,470**.

  ^  Security fully or partially on loan at September 30, 2013. The total value of securities on loan at September 30, 2013 was $1,434**. 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.

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

  ‡  Rate shown is the 7-day effective yield as of September 30, 2013.

ADR — American Depositary Receipt

Cl — Class

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

TURNER FUNDS 2013 ANNUAL REPORT 33

FINANCIAL STATEMENTS

Schedule of investments

Turner Emerging Growth Fund

September 30, 2013

	Shares		Value (000)
Common stock—99.7%
Consumer discretionary—17.5%
American Axle & Manufacturing Holdings*		143,670	$	2,833
Ann*		91,730		3,322
Asbury Automotive Group*		57,299		3,048
Buffalo Wild Wings*		18,020		2,004
Cracker Barrel Old Country Store		74,620		7,704
Dorman Products		16,340		810
E.W. Scripps*		83,950		1,540
Fox Factory Holding*		123,540		2,381
ITT Educational Services*^		41,340		1,282
Krispy Kreme Doughnuts*		55,607		1,075
Lithia Motors, Cl A		33,780		2,465
Louis XIII Holdings*		1,411,503		1,256
Meritage Homes*		6,440		277
Movado Group		24,439		1,069
Multimedia Games Holdings*		58,481		2,021
Oxford Industries		38,703		2,631
Red Robin Gourmet Burgers*		39,260		2,791
Shutterfly*		32,040		1,790
Vitamin Shoppe*		92,519		4,048
Total Consumer discretionary				44,347
Consumer staples—7.9%
B&G Foods, Cl A		137,430		4,748
Boston Beer, Cl A*^		18,340		4,479
Nexstar Broadcasting Group		60,260		2,682
Susser Holdings*		42,304		2,248
TreeHouse Foods*		10,947		732
United Natural Foods*		74,778		5,027
Total Consumer staples				19,916
Energy—9.4%
Bonanza Creek Energy*		59,590		2,876
Diamondback Energy*		94,220		4,018
EPL Oil & Gas*		60,760		2,255
Goodrich Petroleum*		139,880		3,398
Kodiak Oil & Gas*		189,320		2,283
PDC Energy*		20,430		1,216
Rex Energy*		251,040		5,597
SunPower*^		79,840		2,089
Total Energy				23,732

	Shares		Value (000)
Financials—6.5%
Campus Crest Communities		79,940	$	863
Cardtronics*		99,389		3,686
Hanmi Financial		78,830		1,306
Home Loan Servicing Solutions		117,120		2,578
Independent Bank*		99,760		998
OFG Bancorp		112,480		1,821
Stewart Information Services		62,290		1,993
Sun Communities		29,180		1,244
Umpqua Holdings^		116,260		1,886
Total Financials				16,375
Health care—18.7%
Acadia Healthcare*		73,150		2,884
ACADIA Pharmaceuticals*^		79,056		2,172
Aegerion Pharmaceuticals*		42,360		3,630
Agios Pharmaceuticals*^		27,810		778
Air Methods		83,570		3,560
Akorn*		140,650		2,768
Analogic		24,450		2,021
ArthroCare*		88,258		3,140
BioScrip*		147,050		1,291
BioTelemetry*		197,740		1,960
Cyberonics*		69,514		3,527
Enanta Pharmaceuticals*^		54,970		1,260
Endologix*		35,540		573
Furiex Pharmaceuticals*		17,760		781
Molina Healthcare*		49,610		1,766
Neurocrine Biosciences*		134,892		1,527
NPS Pharmaceuticals*		110,790		3,524
PAREXEL International*		29,084		1,461
Proto Labs*^		31,947		2,440
Receptos*^		70,200		1,823
Santarus*		123,960		2,798
Sarepta Therapeutics*^		33,570		1,586
Total Health care				47,270
Industrials—16.5%
Chart Industries*		31,268		3,847
Copa Holdings, Cl A		32,811		4,550
Energy Recovery*		80,048		580
EnPro Industries*		38,100		2,294
Genesee & Wyoming, Cl A*		36,180		3,364
Huron Consulting Group*		131,851		6,937
Hyster-Yale Materials Handling		12,385		1,111

34 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner Emerging Growth Fund

	Shares		Value (000)
Middleby*		38,403	$	8,022
On Assignment*		113,430		3,743
PGT*		117,820		1,168
Primoris Services		58,570		1,492
Roadrunner Transportation System*		64,350		1,817
Trex*		22,755		1,127
WageWorks*		34,420		1,736
Total Industrials				41,788
Information technology—21.3%
Ambarella*		62,141		1,213
ANSYS*		33,210		2,873
Benefitfocus*		5,280		260
Bottomline Technologies*		71,972		2,007
CalAmp*		47,750		842
Callidus Software*		141,792		1,300
Canadian Solar*^		79,480		1,350
Coherent		35,294		2,169
Diodes*		59,970		1,469
Electronics for Imaging*		141,660		4,488
Ellie Mae*		61,570		1,971
Heartland Payment Systems^		49,380		1,961
Immersion*		33,290		439
Imperva*		49,730		2,090
Interactive Intelligence Group*		25,210		1,601
Manhattan Associates*		38,800		3,703
Methode Electronics		61,250		1,715
Monolithic Power Systems		69,900		2,117
Monotype Imaging Holdings		62,330		1,786
NETGEAR*		58,570		1,807
OSI Systems*		37,310		2,778
QIWI ADR		28,137		880
SPS Commerce*		18,730		1,253
Synchronoss Technologies*		86,000		3,273
Trulia*		21,620		1,017
Tyler Technologies*		64,370		5,631
Web.com Group*		52,850		1,709
Total Information technology				53,702
Materials—1.6%
KapStone Paper & Packaging		86,000		3,681
Rentech Nitrogen Partners^		11,741		288
Total Materials				3,969

	Shares		Value (000)
Utilities—0.3%
Artesian Resources, Cl A		36,475	$	812
Total Utilities				812
Total Common stock (Cost $154,979)**				251,911
Cash equivalent—11.2%
BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.060%‡ (1)		28,399,583		28,400
Total Cash equivalent (Cost $28,400)**				28,400
Total Investments—110.9% (Cost $183,379)**				280,311
Net Other assets (liabilities)—(10.9)%				(27,578	)
Net Assets—100.0%			$	252,733

  *  Non-income producing security.

  **  This number is listed in thousands.

  (1)  A portion of the Fund's position in this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2013 was $22,358**.

  ^  Security fully or partially on loan at September 30, 2013. The total value of securities on loan at September 30, 2013 was $21,994**. 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.

  ‡  Rate shown is the 7-day effective yield as of September 30, 2013.

ADR — American Depositary Receipt

Cl — Class

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

TURNER FUNDS 2013 ANNUAL REPORT 35

FINANCIAL STATEMENTS

Schedule of investments

Turner Large Growth Fund

September 30, 2013

	Shares		Value (000)
Common stock—100.0%†
Consumer discretionary—23.3%
Amazon.com*		7,510	$	2,348
Chipotle Mexican Grill*		2,400		1,029
Comcast, Cl A		37,510		1,694
Home Depot		24,600		1,866
Las Vegas Sands		29,590		1,965
Lennar, Cl A		48,150		1,705
Liberty Global, Cl A*		20,340		1,614
LinkedIn, Cl A*		5,230		1,287
Michael Kors Holdings*		20,090		1,497
Ralph Lauren		7,745		1,276
Starbucks		24,300		1,870
Walt Disney		24,580		1,585
Total Consumer discretionary				19,736
Consumer staples—6.2%
Beam		23,270		1,504
Colgate-Palmolive		35,690		2,117
Estee Lauder, Cl A		11,490		803
Whole Foods Market		13,898		813
Total Consumer staples				5,237
Energy—4.9%
Cobalt International Energy*		27,650		687
Concho Resources*		14,358		1,562
Schlumberger		21,150		1,869
Total Energy				4,118
Financials—5.3%
Affiliated Managers Group*		6,670		1,218
Citigroup		36,770		1,784
IntercontinentalExchange*^		8,080		1,466
Total Financials				4,468
Health care—11.4%
Biogen Idec*		8,220		1,979
Bristol-Myers Squibb		35,590		1,647
Cerner*		21,630		1,137
Gilead Sciences*		38,190		2,399
McKesson		11,610		1,490
Pharmacyclics*		7,150		990
Total Health care				9,642

	Shares		Value (000)
Industrials—8.8%
AMETEK		38,450	$	1,770
Canadian Pacific Railway		11,470		1,414
Honeywell International		18,160		1,509
Pentair		20,440		1,327
Precision Castparts		6,330		1,438
Total Industrials				7,458
Information technology—36.9%
Amphenol		11,780		912
Apple		13,070		6,230
ASML Holding, NY Shares		7,580		749
Cavium*		24,280		1,000
Cisco Systems		71,430		1,673
eBay*		2,435		136
Ericsson (L.M.) Telephone ADR		103,860		1,387
Facebook, Cl A*		53,560		2,690
Google, Cl A*		3,815		3,341
Intel		59,090		1,354
JDS Uniphase*		44,440		654
NXP Semiconductors*		39,610		1,474
Salesforce.com*		37,300		1,936
ServiceNow*		20,230		1,051
Splunk*		15,470		929
Stratasys*^		12,480		1,264
Tableau Software, Cl A*		9,140		651
Visa, Cl A		13,650		2,609
Workday, Cl A*		14,360		1,162
Total Information technology				31,202
Materials—3.2%
Methanex		14,790		758
Monsanto		18,455		1,926
Total Materials				2,684
Total Common stock (Cost $72,623)**				84,545

36 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner Large Growth Fund

	Shares		Value (000)
Cash equivalent—3.5%
BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.060%‡ (1)		2,961,731	$	2,962
Total Cash equivalent (Cost $2,962)**				2,962
Total Investments—103.5% (Cost $75,585)**				87,507
Net Other assets (liabilities)—(3.5)%				(2,919	)
Net Assets—100.0%			$	84,588

  *  Non-income producing security.

  **  This number is listed in thousands.

  (1)  A portion of the Fund's position in this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2013 was $2,763**.

  ^  Security fully or partially on loan at September 30, 2013. The total value of securities on loan at September 30, 2013 was $2,707**. 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.

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

  ‡  Rate shown is the 7-day effective yield as of September 30, 2013.

ADR — American Depositary Receipt

Cl — Class

NY — New York

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

TURNER FUNDS 2013 ANNUAL REPORT 37

FINANCIAL STATEMENTS

Schedule of investments

Turner Midcap Growth Fund

September 30, 2013

	Shares		Value (000)
Common stock—95.6%†
Consumer discretionary—26.7%
BorgWarner		88,650	$	8,988
Dunkin' Brands Group		139,480		6,313
Fifth & Pacific*		225,980		5,679
Fossil*		52,460		6,098
Harley-Davidson		89,280		5,735
HomeAway*		228,450		6,397
Liberty Global, Cl A*		84,700		6,721
LinkedIn, Cl A*		39,810		9,796
Michael Kors Holdings*		101,550		7,568
Polaris Industries		67,600		8,733
PVH		19,150		2,273
Ralph Lauren		41,450		6,828
Shutterfly*		115,240		6,440
Starwood Hotels & Resorts Worldwide		89,550		5,951
Toll Brothers*		109,650		3,556
Tractor Supply		117,440		7,888
TripAdvisor*		44,260		3,357
Urban Outfitters*		146,760		5,396
Wynn Resorts		68,405		10,808
Total Consumer discretionary				124,525
Consumer staples—4.4%
Beam		130,540		8,439
Church & Dwight		83,840		5,035
Kroger		176,730		7,129
Total Consumer staples				20,603
Energy—6.1%
Cabot Oil & Gas		215,430		8,039
Cobalt International Energy*		156,800		3,898
Concho Resources*		68,338		7,436
Gulfport Energy*		73,090		4,703
Rosetta Resources*		84,390		4,596
Total Energy				28,672
Financials—8.2%
Affiliated Managers Group*		43,380		7,923
AON		48,100		3,581
Cardtronics*		191,040		7,088
IntercontinentalExchange*^		52,430		9,511
Markel*		10,530		5,452
Signature Bank*		51,160		4,682
Total Financials				38,237

	Shares		Value (000)
Health care—12.6%
Actavis*^		48,520	$	6,987
Alexion Pharmaceuticals*		37,704		4,380
BioMarin Pharmaceuticals*		44,630		3,223
Cerner*		88,890		4,671
Cooper		39,620		5,138
Covance*		39,090		3,380
Cubist Pharmaceuticals*		85,290		5,420
DaVita*		70,400		4,006
HCA Holdings		97,140		4,153
NPS Pharmaceuticals*		245,570		7,811
Regeneron Pharmaceuticals*		20,070		6,279
Vertex Pharmaceuticals*		43,060		3,265
Total Health care				58,713
Industrials—7.9%
Delta Air Lines		234,280		5,527
Genesee & Wyoming, Cl A*		60,140		5,591
MasTec*		182,540		5,531
Robert Half International		119,580		4,667
Rockwell Automation		52,900		5,658
Roper Industries		40,720		5,410
WESCO International*		59,950		4,588
Total Industrials				36,972
Information technology—21.4%
Alliance Data Systems*		42,720		9,034
Avago Technologies		164,930		7,112
Cavium*		214,929		8,855
Ciena*		293,300		7,327
Citrix Systems*		106,130		7,494
FireEye*		57,710		2,397
JDS Uniphase*		299,600		4,407
KLA-Tencor		76,850		4,676
Maxim Integrated Products		204,410		6,091
NXP Semiconductors*		261,830		9,742
ServiceNow*		170,160		8,840
Splunk*		95,330		5,724
Tableau Software, Cl A*		24,610		1,753
Trimble Navigation*		86,370		2,566
Ultratech*		171,390		5,193
Workday, Cl A*		83,282		6,740
Yelp*^		32,110		2,125
Total Information technology				100,076

38 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner Midcap Growth Fund

	Shares		Value (000)
Materials—7.0%
Crown Holdings*		120,920	$	5,112
Eastman Chemical		114,460		8,917
International Flavors & Fragrances		63,170		5,199
Methanex		75,700		3,881
PPG Industries		25,360		4,237
Rock-Tenn, Cl A		54,440		5,513
Total Materials				32,859
Telecommunication services—1.3%
SBA Communications, Cl A*		75,770		6,096
Total Telecommunication services				6,096
Total Common stock (Cost $340,293)**				446,753
Cash equivalent—5.5%
BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.060%‡ (1)		25,719,251		25,719
Total Cash equivalent (Cost $25,719)**				25,719
Total Investments—101.1% (Cost $366,012)**				472,472
Net Other assets (liabilities)—(1.1)%				(5,318	)
Net Assets—100.0%			$	467,154

  *  Non-income producing security.

  **  This number is listed in thousands.

  (1)  A portion of the Fund's position in this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2013 was $19,306**.

  ^  Security fully or partially on loan at September 30, 2013. The total value of securities on loan at September 30, 2013 was $18,860**. 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.

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

  ‡  Rate shown is the 7-day effective yield as of September 30, 2013.

Cl — Class

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

TURNER FUNDS 2013 ANNUAL REPORT 39

FINANCIAL STATEMENTS

Schedule of investments

Turner Small Cap Growth Fund

September 30, 2013

	Shares		Value (000)
Common stock—99.1%
Consumer discretionary—18.3%
American Public Education*		48,720	$	1,842
Ann*		72,988		2,644
Arctic Cat		28,430		1,622
Brunswick		60,080		2,398
Chuy's Holdings*		45,190		1,622
Fifth & Pacific*		85,120		2,139
Five Below*^		50,690		2,218
Francesca's Holdings*^		67,290		1,254
HomeAway*		61,730		1,728
Imax*^		65,020		1,966
Meritage Homes*		46,820		2,011
Pier 1 Imports		113,250		2,211
SHFL entertainment*		116,684		2,684
Shutterfly*		47,510		2,655
Sotheby's		59,994		2,947
Tenneco*		59,160		2,987
Texas Roadhouse		92,920		2,442
Vail Resorts		37,330		2,590
Vitamin Shoppe*		36,280		1,587
Zumiez*		40,560		1,117
Total Consumer discretionary				42,664
Consumer staples—5.7%
B&G Foods, Cl A		61,130		2,112
Hain Celestial Group*		21,410		1,651
Prestige Brands Holdings*		60,260		1,815
Rite Aid*		623,620		2,969
Susser Holdings*		37,390		1,987
United Natural Foods*		40,873		2,747
Total Consumer staples				13,281
Energy—4.0%
Dril-Quip*		18,460		2,118
Kodiak Oil & Gas*		183,190		2,209
Rosetta Resources*		58,590		3,192
SemGroup, Cl A		33,150		1,890
Total Energy				9,409
Financials—7.9%
Bank of the Ozarks		51,310		2,462
Cardtronics*		66,960		2,484
Corporate Office Properties		63,460		1,466
Education Realty Trust		184,380		1,678

	Shares		Value (000)
eHealth*		32,280	$	1,041
Hersha Hospitality Trust		277,560		1,552
Infinity Property & Casualty		19,610		1,267
Portfolio Recovery Associates*		51,260		3,072
Synovus Financial		588,050		1,941
Wisdomtree Investments*		127,590		1,481
Total Financials				18,444
Health care—17.8%
Acadia Healthcare*		47,750		1,883
ACADIA Pharmaceuticals*^		136,394		3,748
Aegerion Pharmaceuticals*		21,000		1,800
Air Methods		56,080		2,389
Akorn*		107,676		2,119
Align Technology*		62,670		3,016
Bruker*		82,540		1,704
Cepheid*		54,360		2,122
Cubist Pharmaceuticals*		40,470		2,572
Cyberonics*		25,430		1,290
Neurocrine Biosciences*		96,990		1,098
NPS Pharmaceuticals*		110,770		3,524
Proto Labs*^		27,770		2,121
Questcor Pharmaceuticals		22,540		1,307
Sarepta Therapeutics*^		29,080		1,373
Team Health Holdings*		50,920		1,932
Teleflex		28,923		2,380
ViroPharma*		68,200		2,680
West Pharmaceutical Services		61,100		2,514
Total Health care				41,572
Industrials—15.6%
Belden		34,690		2,222
CAI International*		90,570		2,108
Chart Industries*		13,280		1,634
Clean Harbors*		33,350		1,956
Generac Holdings		62,170		2,651
HEICO		42,260		2,862
Hexcel*		73,300		2,844
MasTec*		75,010		2,273
Old Dominion Freight Line*		43,525		2,002
On Assignment*		72,920		2,406
Saia*		70,590		2,201
Thermon Group Holdings*		88,975		2,056
US Airways Group*^		104,013		1,972
USG*^		80,780		2,309

40 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner Small Cap Growth Fund

	Shares		Value (000)
Watts Water Technologies		35,786	$	2,017
Woodward		66,811		2,728
Total Industrials				36,241
Information technology—23.9%
Aspen Technology*		88,740		3,066
Bottomline Technologies*		55,280		1,541
Cavium*		71,960		2,965
Ciena*		125,010		3,123
Cognex		55,540		1,742
CommVault Systems*		29,050		2,551
Cornerstone OnDemand*		46,770		2,406
Ellie Mae*		59,100		1,892
Fairchild Semiconductor International*		136,290		1,893
Guidewire Software*		61,580		2,901
Infoblox*		56,430		2,360
Ixia*		81,450		1,276
MAXIMUS		45,700		2,058
Monolithic Power Systems		89,660		2,715
OSI Systems*		32,990		2,457
QLIK Technologies*		93,411		3,199
RF Micro Devices*		302,630		1,707
Semtech*		74,150		2,224
Synaptics*		39,200		1,736
Synchronoss Technologies*		69,086		2,629
Take-Two Interactive Software*		116,360		2,113
The Ultimate Software Group*		18,130		2,672
Wex*		26,410		2,317
Yelp*^		32,500		2,151
Total Information technology				55,694
Materials—5.9%
Boise		216,500		2,728
Chemtura*		105,180		2,418
Commercial Metals		111,470		1,889
Kaiser Aluminum		26,340		1,877
Louisiana-Pacific*		128,810		2,266
PolyOne		81,910		2,515
Total Materials				13,693
Total Common stock (Cost $166,150)**				230,998

	Shares		Value (000)
Cash equivalent—8.2%
BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.060%‡ (1)		19,049,679	$	19,050
Total Cash equivalent (Cost $19,050)**				19,050
Total Investments—107.3% (Cost $185,200)**				250,048
Net Other assets (liabilities)—(7.3)%				(17,009	)
Net Assets—100.0%			$	233,039

  *  Non-income producing security.

  **  This number is listed in thousands.

  (1)  A portion of the Fund's position in this security was purchased with cash collateral received from securities lending. The total value of such security at September 30, 2013 was $14,943**.

  ^  Security fully or partially on loan at September 30, 2013. The total value of securities on loan at September 30, 2013 was $14,643**. 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.

  ‡  Rate shown is the 7-day effective yield as of September 30, 2013.

Cl — Class

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

TURNER FUNDS 2013 ANNUAL REPORT 41

FINANCIAL STATEMENTS

Schedule of investments

Turner Emerging Markets Fund

September 30, 2013

	Shares		Value (000)
Common stock—97.6%†
Consumer discretionary—8.7%
Grupo Sanborns		2,320	$	5
Hyundai Motor		40		9
Hyundai Precision Industry		30		8
Louis XIII Holdings*		2,411		2
Melco Crown (Philippines) Resorts*		7,860		2
Naspers		50		5
Tata Motors ADR		260		7
Tencent Holdings		190		10
Total Consumer discretionary				48
Consumer staples—7.7%
Arca Continental		797		5
Companhia de Bebidas das Americas ADR		170		7
Cosan, Cl A		470		6
HengAn International Group		549		6
ITC, Participatory Note		1,050		6
LG Household & Health Care		12		6
Magnit		90		6
Total Consumer staples				42
Energy—13.8%
Afren		1,700		4
China Oilfield Services		1,910		5
CNOOC		3,720		8
Cobalt International Energy*		210		5
Eurasia Drilling, Registered Shares		140		6
Ezion Holdings		1,000		2
KrisEnergy		5,070		5
Lekoil*		2,970		2
OAO Rosneft Oil		1,200		10
Ophir Energy*		787		4
Petroleo Brasileiro		1,180		9
Sapurakencana Petroleum*		5,420		6
Sasol		70		3
SK Innovation		50		7
Total Energy				76
Financials—27.1%
AIA Group		1,473		7
Banco do Brasil		930		11
Banco Santander-Chile ADR		210		6

	Shares		Value (000)
BR Malls Participacoes		390	$	4
CETIP		457		5
CITIC Securities, H Shares		3,063		6
Concentradora Fibra Hotelera Mexicana		3,010		5
Credicorp		60		8
Credito Real*		4,205		7
CTBC Financial Holding		10,020		7
Erste Group Bank		109		3
Growthpoint Properties		1,709		4
HDFC Bank ADR		80		2
Industrial & Commercial Bank of China, H Shares		22,320		15
Kasikornbank		1,290		7
KWG Property Holding		7,170		5
Metro Pacific Investments		32,436		3
Metropolitan Bank & Trust		2,639		5
Ping An Insurance Group, H Shares		1,020		8
Qatar National Bank		80		4
Sberbank of Russia ADR		610		7
Shinhan Financial Group		190		8
Turkiye Garanti Bankasi		1,200		5
UEM Sunrise Berhad		5,160		4
Yes Bank, Participatory Note		540		2
Total Financials				148
Health care—2.7%
Aspen Pharmacare Holdings		250		6
Glenmark Pharmaceuticals, Participatory Note		660		6
Kalbe Farma		27,110		3
Total Health care				15
Industrials—8.0%
China Railway Construction, H Shares		3,740		4
CIMC Enric Holdings		2,737		4
Copa Holdings, Cl A		55		7
Gamuda		3,192		5
Hyundai Engineering & Construction		101		6
Larsen & Toubro, Participatory Note		220		3
Localiza Rent a Car		440		6

42 TURNER FUNDS 2013 ANNUAL REPORT

Schedule of investments

Turner Emerging Markets Fund

	Shares		Value (000)
Mills Estruturas e Servicos de Engenharia		399	$	5
PT Jasa Marga Persero		8,740		4
Total Industrials				44
Information technology—18.2%
AAC Technologies Holdings		990		4
Duksan Hi-Metal		140		3
Epistar		3,400		6
HCL Technologies, Participatory Note		430		7
Hon Hai Precision Industry		2,523		6
Largan Precision		150		5
Linx		459		8
MediaTek		489		6
Samsung Electronics		20		27
Sonda		2,250		6
Taiwan Semiconductor Manufacturing ADR		900		16
Yandex*		170		6
Total Information technology				100
Materials—7.8%
African Rainbow Minerals		220		4
Anhui Conch Cement		1,720		6
Cemex*		5,510		5
China Molybdenum, H Shares		4,430		2
Formosa Chemicals & Fibre		1,750		5
Indocement Tunggal Prakarsa		3,040		5
LG Chem		20		6
Mexichem		956		4
Mondi		344		6
Total Materials				43
Telecommunication services—3.6%
Axiata Group		2,018		4
China Unicom (Hong Kong)		3,430		5
MTN Group		310		6
Tim Participacoes		1,000		5
Total Telecommunication services				20
Total Common stock (Cost $497)**				536

	Shares		Value (000)
Cash equivalent—2.2%
BlackRock Liquidity Funds TempCash Portfolio, Dollar Shares, 0.060%^		12,482	$	12
Total Cash equivalent (Cost $12)**				12
Total Investments—100.0% (Cost $509)**				548
Net Other assets (liabilities)—0.2%				1
Net Assets—100.0%			$	549

  *  Non-income producing security.

  **  This number is listed in thousands.

  ^  Rate shown is the 7-day effective yield as of September 30, 2013.

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

ADR — American Depositary Receipt

Cl — Class

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

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

TURNER FUNDS 2013 ANNUAL REPORT 43

FINANCIAL STATEMENTS

Schedule of investments

Turner Emerging Markets Fund

Country Allocation as of 9/30/13††
Brazil	10.8	%
China	9.1
Taiwan, Province Of China	9.1
Korea, Republic Of	7.8
Hong Kong	6.7
South Africa	6.4
Republic of Korea (South)	6.3
India	6.1
Mexico	5.8
Russian Federation	4.1
Malaysia	3.5
United States	3.5
Bermuda	2.7
Indonesia	2.1
Chile	2.1
Philippines	1.9
Cayman Islands	1.8
United Kingdom	1.5
Panama	1.4
Thailand	1.3
Singapore	1.3
Netherlands	1.1
Cyprus	1.0
Turkey	0.9
Qatar	0.7
Austria	0.6
Nigeria	0.4
Total	100.0	%

  ††  Country allocation based on country of incorporation. Percentages are based on total investments.

44 TURNER FUNDS 2013 ANNUAL REPORT

THIS PAGE WAS INTENTIONALLY LEFT BLANK

TURNER FUNDS 2013 ANNUAL REPORT 45

FINANCIAL STATEMENTS

Statements of assets and liabilities (000)

September 30, 2013

	Turner Market Neutral Fund			Turner Medical Sciences Long/Short Fund			Turner Spectrum Fund
Assets:
Investment securities, at cost	$	3,030		$	14,425		$	486,417
Investment securities, at value	$	3,217		$	16,367		$	545,503
Deposits with brokers for securities sold short		3,484			13,361			407,979
Foreign currency, at value		—			—			11
Receivable for investment securities sold		653			861			48,574
Receivable for capital shares sold		—			—			713
Prepaid expenses		6			4			67
Receivable for dividend income		5			8			111
Receivable from investment adviser		6			—			16
Reclaim receivable		—			—			8
Total assets		7,371			30,601			1,002,982
Liabilities:
Securities sold short, at proceeds		2,882			7,684			347,049
Written options, premiums received		—			—			89
Securities sold short, at value		2,925			8,224			356,927
Written options, at value		—			—			58
Cash overdraft		—			—			9,718
Foreign currency overdraft, at value		—			3			—
Payable for investment securities purchased		463			1,153			59,851
Obligation to return securities lending collateral		—			—			—
Payable for capital shares redeemed		—			2			44,178
Dividends payable on securities sold short (Note 2)		3			7			207
Broker fees and charges on short securities payable		2			14			181
Payable due to investment adviser		—			—			—
Payable due to administrator		—			2			61
Payable due to shareholder servicing		—			1			10
Payable due to distributor		—			1			3
Payable due to transfer agent		2			3			49
Payable due to custodian		5			4			25
Other accrued expenses		6			9			158
Total liabilities		3,406			9,423			471,426
Net assets	$	3,965		$	21,178		$	531,556
*Includes market value of securities on loan	$	—		$	—		$	—
Net assets:
Portfolio capital	$	7,027		$	20,122		$	526,841
Distributions in excess of investment income		(157	)		(153	)		(5,895	)
Accumulated net realized gain (loss) from investments, securities sold short, written options and foreign currency transactions		(3,049	)		(193	)		(38,626	)
Net unrealized appreciation on investments, securities sold short, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		144			1,402			49,236
Net assets	$	3,965		$	21,178		$	531,556
Outstanding shares of beneficial interest Institutional Class Shares (1)		323			1,450			42,141
Outstanding shares of beneficial interest Investor Class Shares (1)		59			267			3,906
Outstanding shares of beneficial interest Class C Shares (1)		7			122			507
Net assets — Institutional Class Shares	$	3,296		$	16,742		$	481,845
Net assets — Investor Class Shares	$	601		$	3,062		$	44,139
Net assets — Class C Shares	$	68		$	1,374		$	5,572
Net asset value, offering and redemption price per share — Institutional Class Shares	$	10.21	†	$	11.54	†	$	11.43
Net asset value, offering and redemption price per share — Investor Class Shares	$	10.14	†	$	11.48	†	$	11.30
Net asset value, offering and redemption price per share — Class C Shares	$	9.95	†	$	11.26		$	10.98	†

46 TURNER FUNDS 2013 ANNUAL REPORT

	Turner Titan Fund			Turner All Cap Growth Fund
Assets:
Investment securities, at cost	$	18,754		$	15,846
Investment securities, at value	$	20,627		$	19,420	*
Deposits with brokers for securities sold short		12,643			—
Foreign currency, at value		—			—
Receivable for investment securities sold		2,444			—
Receivable for capital shares sold		22			21
Prepaid expenses		9			7
Receivable for dividend income		3			4
Receivable from investment adviser		—			4
Reclaim receivable		—			—
Total assets		35,748			19,456
Liabilities:
Securities sold short, at proceeds		11,531			—
Written options, premiums received		—			—
Securities sold short, at value		11,593			—
Written options, at value		—			—
Cash overdraft		—			—
Foreign currency overdraft, at value		—			—
Payable for investment securities purchased		2,541			—
Obligation to return securities lending collateral		—			1,470
Payable for capital shares redeemed		6			—
Dividends payable on securities sold short (Note 2)		3			—
Broker fees and charges on short securities payable		—			—
Payable due to investment adviser		4			—
Payable due to administrator		2			2
Payable due to shareholder servicing		—			4
Payable due to distributor		—			—
Payable due to transfer agent		3			2
Payable due to custodian		5			1
Other accrued expenses		12			2
Total liabilities		14,169			1,481
Net assets	$	21,579		$	17,975
*Includes market value of securities on loan	$	—		$	1,434
Net assets:
Portfolio capital	$	20,930		$	24,736
Distributions in excess of investment income		(260	)		(25	)
Accumulated net realized gain (loss) from investments, securities sold short, written options and foreign currency transactions		(902	)		(10,310	)
Net unrealized appreciation on investments, securities sold short, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		1,811			3,574
Net assets	$	21,579		$	17,975
Outstanding shares of beneficial interest Institutional Class Shares (1)		2,014			—
Outstanding shares of beneficial interest Investor Class Shares (1)		37			1,741
Outstanding shares of beneficial interest Class C Shares (1)		3			—
Net assets — Institutional Class Shares	$	21,166		$	—
Net assets — Investor Class Shares	$	387		$	17,975
Net assets — Class C Shares	$	26		$	—
Net asset value, offering and redemption price per share — Institutional Class Shares	$	10.51		$	—
Net asset value, offering and redemption price per share — Investor Class Shares	$	10.44	†	$	10.32
Net asset value, offering and redemption price per share — Class C Shares	$	10.22	†	$	—

(1)  Unlimited authorization — par value $0.00001.

†  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 2013 ANNUAL REPORT 47

FINANCIAL STATEMENTS

Statements of assets and liabilities (000)

September 30, 2013

	Turner Emerging Growth Fund			Turner Large Growth Fund			Turner Midcap Growth Fund
Assets:
Investment securities, at cost	$	183,379		$	75,585		$	366,012
Investment securities, at value	$	280,311	*	$	87,507	*	$	472,472	*
Cash		—			—			—
Foreign currency, at value		—			—			—
Receivable for investment securities sold		253			424			17,118
Receivable for capital shares sold		181			25			546
Prepaid expenses		24			15			51
Receivable for dividend income		142			39			110
Receivable from investment adviser		—			—			—
Total assets		280,911			88,010			490,297
Liabilities:
Cash overdraft		—			—			7
Payable for investment securities purchased		510			449			2,895
Obligation to return securities lending collateral		22,358			2,763			19,306
Payable for capital shares redeemed		5,022			102			454
Payable due to investment adviser		175			25			241
Payable due to administrator		27			8			49
Payable due to shareholder servicing		37			6			53
Payable due to distributor		—			—			1
Payable due to transfer agent		10			15			31
Payable due to custodian		2			5			5
Other accrued expenses		37			49			101
Total liabilities		28,178			3,422			23,143
Net assets	$	252,733		$	84,588		$	467,154
*Includes market value of securities on loan	$	21,994		$	2,707		$	18,860
Net assets:
Portfolio capital	$	122,112		$	138,999		$	290,522
Undistributed net investment income (distributions in excess of investment income)		(1,286	)		10			1
Accumulated net realized gain (loss) from investment transactions		34,975			(66,343	)		70,171
Net unrealized appreciation on investments		96,932			11,922			106,460
Net assets	$	252,733		$	84,588		$	467,154
Outstanding shares of beneficial interest Institutional Class Shares (1)		1,110			3,677			4,736
Outstanding shares of beneficial interest Investor Class Shares (1)		2,800			2,104			6,003
Outstanding shares of beneficial interest Retirement Class Shares (1)		—			—			103
Net assets — Institutional Class Shares	$	72,442		$	53,965		$	205,679
Net assets — Investor Class Shares	$	180,291		$	30,623		$	257,240
Net assets — Retirement Class Shares	$	—		$	—		$	4,235
Net asset value, offering and redemption price per share — Institutional Class Shares	$	65.25	†	$	14.68		$	43.43
Net asset value, offering and redemption price per share — Investor Class Shares	$	64.38	†	$	14.55		$	42.85
Net asset value, offering and redemption price per share — Retirement Class Shares	$	—		$	—		$	41.07	†

48 TURNER FUNDS 2013 ANNUAL REPORT

	Turner Small Cap Growth Fund			Turner Emerging Markets Fund
Assets:
Investment securities, at cost	$	185,200		$	509
Investment securities, at value	$	250,048	*	$	548
Cash		—			1
Foreign currency, at value		—			1
Receivable for investment securities sold		1,223			5
Receivable for capital shares sold		68			—
Prepaid expenses		22			—
Receivable for dividend income		86			—
Receivable from investment adviser		—			6
Total assets		251,447			561
Liabilities:
Cash overdraft		—			—
Payable for investment securities purchased		2,729			10
Obligation to return securities lending collateral		14,943			—
Payable for capital shares redeemed		460			—
Payable due to investment adviser		142			—
Payable due to administrator		25			—
Payable due to shareholder servicing		47			—
Payable due to distributor		—			—
Payable due to transfer agent		12			1
Payable due to custodian		5			1
Other accrued expenses		45			—
Total liabilities		18,408			12
Net assets	$	233,039		$	549
*Includes market value of securities on loan	$	14,643		$	—
Net assets:
Portfolio capital	$	133,650		$	510
Undistributed net investment income (distributions in excess of investment income)		—			(1	)
Accumulated net realized gain (loss) from investment transactions		34,541			1
Net unrealized appreciation on investments		64,848			39
Net assets	$	233,039		$	549
Outstanding shares of beneficial interest Institutional Class Shares (1)		—			48
Outstanding shares of beneficial interest Investor Class Shares (1)		5,206			3
Outstanding shares of beneficial interest Retirement Class Shares (1)		—			—
Net assets — Institutional Class Shares	$	—		$	512
Net assets — Investor Class Shares	$	233,039		$	37
Net assets — Retirement Class Shares	$	—		$	—
Net asset value, offering and redemption price per share — Institutional Class Shares	$	—		$	10.78	†
Net asset value, offering and redemption price per share — Investor Class Shares	$	44.76		$	10.78	†
Net asset value, offering and redemption price per share — Retirement Class Shares	$	—		$	—

(1)  Unlimited authorization — par value $0.00001.

†  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 2013 ANNUAL REPORT 49

FINANCIAL STATEMENTS

Statements of operations (000)

	Turner Market Neutral Fund			Turner Medical Sciences Long/Short Fund			Turner Spectrum Fund
	year ended 9/30/13			year ended 9/30/13			year ended 9/30/13
Investment income:
Dividend	$	242		$	193		$	10,433
Securities lending		—			—			—
Foreign taxes withheld		(1	)		(1	)		(109	)
Total investment income		241			192			10,324
Expenses:
Investment advisory fees		340			435			12,012
Administrator fees		33			43			1,190
Shareholder service fees (1)		4			11			222
Shareholder service fees (2)		—			4			18
Distribution fees (2)		1			12			54
Accounting agent fees		13			9			21
Dividend expense		95			116			3,592
Broker fees and charges on short sales		87			117			3,575
Custodian fees		23			21			162
Transfer agent fees		15			23			495
Registration fees		41			52			144
Professional fees		5			8			233
Trustees' fees		4			5			146
Insurance and other fees		15			21			453
Total expenses		676			877			22,317
Less:
Investment advisory fee waiver		(232	)		(292	)		(6,574	)
Net expenses		444			585			15,743
Net investment loss		(203	)		(393	)		(5,419	)
Net realized gain from securities sold		2,933			6,068			130,454
Net realized loss from securities sold short		(4,795	)		(2,767	)		(108,005	)
Net realized gain on written options contracts		—			—			65
Net realized loss on foreign currency transactions		(14	)		(6	)		(284	)
Net change in unrealized appreciation (depreciation) on investments		57			(120	)		26,182
Net change in unrealized appreciation (depreciation) on securities sold short		80			(277	)		(9,906	)
Net change in unrealized appreciation (depreciation) on written options contracts		—			—			31
Net change in unrealized appreciation (depreciation) on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			2			(2	)
Net realized and unrealized gain (loss) from investments, options and foreign currencies		(1,739	)		2,900			38,535
Net increase (decrease) in net assets resulting from operations	$	(1,942	)	$	2,507		$	33,116

50 TURNER FUNDS 2013 ANNUAL REPORT

	Turner Titan Fund			Turner All Cap Growth Fund
	year ended 9/30/13			year ended 9/30/13
Investment income:
Dividend	$	494		$	132
Securities lending		—			5
Foreign taxes withheld		(1	)		—
Total investment income		493			137
Expenses:
Investment advisory fees		627			115
Administrator fees		62			29
Shareholder service fees (1)		4			48
Shareholder service fees (2)		1			—
Distribution fees (2)		3			—
Accounting agent fees		13			3
Dividend expense		57			—
Broker fees and charges on short sales		113			—
Custodian fees		30			12
Transfer agent fees		26			28
Registration fees		40			17
Professional fees		13			6
Trustees' fees		8			4
Insurance and other fees		23			13
Total expenses		1,020			275
Less:
Investment advisory fee waiver		(198	)		(113	)
Net expenses		822			162
Net investment loss		(329	)		(25	)
Net realized gain from securities sold		7,480			2,004
Net realized loss from securities sold short		(7,238	)		—
Net realized gain on written options contracts		—			—
Net realized loss on foreign currency transactions		(6	)		—
Net change in unrealized appreciation (depreciation) on investments		917			61
Net change in unrealized appreciation (depreciation) on securities sold short		(103	)		—
Net change in unrealized appreciation (depreciation) on written options 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) from investments, options and foreign currencies		1,050			2,065
Net increase (decrease) in net assets resulting from operations	$	721		$	2,040

(1)  Attributable to Investor Class Shares only.

(2)  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 2013 ANNUAL REPORT 51

FINANCIAL STATEMENTS

Statements of operations (000)

	Turner Emerging Growth Fund			Turner Large Growth Fund			Turner Midcap Growth Fund
	year ended 9/30/13			year ended 9/30/13			year ended 9/30/13
Investment income:
Dividend	$	1,924		$	1,809		$	3,146
Securities lending		242			144			275
Foreign taxes withheld		(1	)		(2	)		—
Total investment income		2,165			1,951			3,421
Expenses:
Investment advisory fees		2,295			972			3,741
Administrator fees		343			239			741
Shareholder service fees (2)		416			94			743
Shareholder service fees (3)		—			—			11
Distribution fees (3)		—			—			11
Accounting agent fees		3			3			3
Custodian fees		21			37			72
Transfer agent fees		107			97			280
Registration fees		35			43			61
Professional fees		66			40			137
Trustees' fees		39			27			84
Insurance and other fees		100			105			257
Total expenses		3,425			1,657			6,141
Less:
Investment advisory fee waiver		(366	)		(446	)		(738	)
Reimbursement of other operating expenses		—			—			—
Shareholder services waiver		—			—			—
Net expenses		3,059			1,211			5,403
Net investment income (loss)		(894	)		740			(1,982	)
Net realized gain from securities sold		36,788			33,884			82,710
Net change in unrealized appreciation (depreciation) on investments		29,719			(19,979	)		19,404
Net realized and unrealized gain from investments		66,507			13,905			102,114
Net increase in net assets resulting from operations	$	65,613		$	14,645		$	100,132

52 TURNER FUNDS 2013 ANNUAL REPORT

	Turner Small Cap Growth Fund			Turner Emerging Markets Fund
	year ended 9/30/13			8/28/13(1) thru 9/30/13
Investment income:
Dividend	$	1,645		$	1
Securities lending		246			—
Foreign taxes withheld		(3	)		—
Total investment income		1,888			1
Expenses:
Investment advisory fees		2,299			—
Administrator fees		343			—
Shareholder service fees (2)		561			—
Shareholder service fees (3)		—			—
Distribution fees (3)		—			—
Accounting agent fees		4			1
Custodian fees		38			4
Transfer agent fees		107			2
Registration fees		26			—
Professional fees		66			—
Trustees' fees		40			—
Insurance and other fees		96			—
Total expenses		3,580			7
Less:
Investment advisory fee waiver		(691	)		—
Reimbursement of other operating expenses		—			(6	)
Shareholder services waiver		(15	)		—
Net expenses		2,874			1
Net investment income (loss)		(986	)		—
Net realized gain from securities sold		43,625			—
Net change in unrealized appreciation (depreciation) on investments		23,107			39
Net realized and unrealized gain from investments		66,732			39
Net increase in net assets resulting from operations	$	65,746		$	39

(1)  Commencement of operations.

(2)  Attributable to Investor Class Shares only.

(3)  Attributable to Retirement 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 2013 ANNUAL REPORT 53

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner Market Neutral Fund						Turner Medical Sciences Long/Short Fund
	year ended 9/30/13			year ended 9/30/12			year ended 9/30/13			year ended 9/30/12
Investment activities:
Net investment loss	$	(203	)	$	(417	)	$	(393	)	$	(1,097	)
Net realized gain (loss) from securities sold and securities sold short		(1,862	)		(599	)		3,301			(1,302	)
Net realized gain on written options contracts		—			—			—			—
Net realized loss on foreign currency transactions		(14	)		(1	)		(6	)		(4	)
Net change in unrealized appreciation (depreciation) on investments and securities sold short		137			(200	)		(397	)		1,043
Net change in unrealized appreciation (depreciation) on written options contracts		—			—			—			—
Net change in unrealized appreciation (depreciation) on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—			2			2
Net increase (decrease) in net assets resulting from operations		(1,942	)		(1,217	)		2,507			(1,358	)
Dividends and distributions to shareholders:
Realized capital gains:
Institutional Class Shares		—			(394	)		—			—
Investor Class Shares		—			(67	)		—			—
Class C Shares		—			—			—			—
Total dividends and distributions		—			(461	)		—			—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		781			49,135			2,380			51,896
Proceeds from shares issued in lieu of cash distributions		—			385			—			—
Cost of shares redeemed		(43,717	)		(8,748	)		(24,867	)		(59,013	)
Net increase (decrease) in net assets from Institutional Class Shares transactions		(42,936	)		40,772			(22,487	)		(7,117	)
Investor Class Shares
Proceeds from shares issued		122			7,056			548			18,248
Proceeds from shares issued in lieu of cash distributions		—			67			—			—
Cost of shares redeemed		(5,087	)		(4,394	)		(7,356	)		(21,057	)
Net increase (decrease) in net assets from Investor Class Shares transactions		(4,965	)		2,729			(6,808	)		(2,809	)
Class C Shares
Proceeds from shares issued		—			137			361			2,329
Proceeds from shares issued in lieu of cash distributions		—			—			—			—
Cost of shares redeemed		(16	)		(49	)		(2,007	)		(1,522	)
Net increase (decrease) in net assets from Class C Shares transactions		(16	)		88			(1,646	)		807
Net increase (decrease) in net assets from capital share transactions		(47,917	)		43,589			(30,941	)		(9,119	)
Total increase (decrease) in net assets		(49,859	)		41,911			(28,434	)		(10,477	)
Net assets:
Beginning of year		53,824			11,913			49,612			60,089
End of year	$	3,965		$	53,824		$	21,178		$	49,612
Accumulated net investment income	$	(157	)	$	(339	)	$	(153	)	$	(773	)
Share issued and redeemed:
Institutional Class Shares
Issued		78			4,704			228			5,070
Issued in lieu of cash distributions		—			38			—			—
Redeemed		(4,476	)		(845	)		(2,419	)		(5,790	)
Net increase (decrease) in Institutional Class Shares		(4,398	)		3,897			(2,191	)		(720	)
Investor Class Shares
Issued		12			674			53			1,778
Issued in lieu of cash distributions		—			7			—			—
Redeemed		(514	)		(427	)		(732	)		(2,068	)
Net increase (decrease) in Investor Class Shares		(502	)		254			(679	)		(290	)
Class C Shares
Issued		—			14			35			230
Issued in lieu of cash distributions		—			—			—			—
Redeemed		(2	)		(5	)		(201	)		(152	)
Net increase (decrease) in Class C Shares		(2	)		9			(166	)		78
Net increase (decrease) in share transactions		(4,902	)		4,160			(3,036	)		(932	)

54 TURNER FUNDS 2013 ANNUAL REPORT

	Turner Spectrum Fund						Turner Titan Fund
	year ended 9/30/13			year ended 9/30/12			year ended 9/30/13			year ended 9/30/12
Investment activities:
Net investment loss	$	(5,419	)	$	(10,711	)	$	(329	)	$	(246	)
Net realized gain (loss) from securities sold and securities sold short		22,449			(26,926	)		242			298
Net realized gain on written options contracts		65			865			—			—
Net realized loss on foreign currency transactions		(284	)		(223	)		(6	)		(1	)
Net change in unrealized appreciation (depreciation) on investments and securities sold short		16,276			25,373			814			863
Net change in unrealized appreciation (depreciation) on written options contracts		31			—			—			—
Net change in unrealized appreciation (depreciation) on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(2	)		7			—			—
Net increase (decrease) in net assets resulting from operations		33,116			(11,615	)		721			914
Dividends and distributions to shareholders:
Realized capital gains:
Institutional Class Shares		—			(22,293	)		(341	)		(110	)
Investor Class Shares		—			(7,313	)		(20	)		(40	)
Class C Shares		—			(553	)		(6	)		(1	)
Total dividends and distributions		—			(30,159	)		(367	)		(151	)
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		295,417			786,546			48,123			18,412
Proceeds from shares issued in lieu of cash distributions		—			19,084			334			110
Cost of shares redeemed		(676,075	)		(388,983	)		(53,640	)		(4,663	)
Net increase (decrease) in net assets from Institutional Class Shares transactions		(380,658	)		416,647			(5,183	)		13,859
Investor Class Shares
Proceeds from shares issued		23,320			74,782			202			5,783
Proceeds from shares issued in lieu of cash distributions		—			7,037			20			40
Cost of shares redeemed		(108,927	)		(108,037	)		(4,711	)		(3,684	)
Net increase (decrease) in net assets from Investor Class Shares transactions		(85,607	)		(26,218	)		(4,489	)		2,139
Class C Shares
Proceeds from shares issued		351			3,376			286			503
Proceeds from shares issued in lieu of cash distributions		—			493			6			1
Cost of shares redeemed		(5,427	)		(5,176	)		(775	)		—
Net increase (decrease) in net assets from Class C Shares transactions		(5,076	)		(1,307	)		(483	)		504
Net increase (decrease) in net assets from capital share transactions		(471,341	)		389,122			(10,155	)		16,502
Total increase (decrease) in net assets		(438,225	)		347,348			(9,801	)		17,265
Net assets:
Beginning of year		969,781			622,433			31,380			14,115
End of year	$	531,556		$	969,781		$	21,579		$	31,380
Accumulated net investment income	$	(5,895	)	$	(8,238	)	$	(260	)	$	—
Share issued and redeemed:
Institutional Class Shares
Issued		26,718			70,716			4,796			1,802
Issued in lieu of cash distributions		—			1,757			34			11
Redeemed		(61,031	)		(35,203	)		(5,338	)		(455	)
Net increase (decrease) in Institutional Class Shares		(34,313	)		37,270			(508	)		1,358
Investor Class Shares
Issued		2,130			6,709			20			579
Issued in lieu of cash distributions		—			653			2			4
Redeemed		(9,945	)		(9,829	)		(479	)		(367	)
Net increase (decrease) in Investor Class Shares		(7,815	)		(2,467	)		(457	)		216
Class C Shares
Issued		33			307			29			50
Issued in lieu of cash distributions		—			46			1			—
Redeemed		(509	)		(481	)		(80	)		—
Net increase (decrease) in Class C Shares		(476	)		(128	)		(50	)		50
Net increase (decrease) in share transactions		(42,604	)		34,675			(1,015	)		1,624

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 2013 ANNUAL REPORT 55

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner All Cap Growth Fund						Turner Emerging Growth Fund
	year ended 9/30/13			year ended 9/30/12			year ended 9/30/13			year ended 9/30/12
Investment activities:
Net investment income (loss)	$	(25	)	$	(75	)	$	(894	)	$	(1,966	)
Net realized gain from securities sold and securities sold short		2,004			1,232			36,788			42,086
Net realized loss on foreign currency transactions		—			—			—			—
Net change in unrealized appreciation (depreciation) on investments and securities sold short		61			3,417			29,719			15,892
Net increase in net assets resulting from operations		2,040			4,574			65,613			56,012
Dividends and distributions to shareholders:
Net investment income:
Institutional Class Shares		—			—			—			—
Investor Class Shares		—			—			—			—
Realized capital gains:
Institutional Class Shares		—			—			(8,753	)		—
Investor Class Shares		—			—			(24,111	)		—
Return of capital:
Investor Class Shares		(73	)		—			—			—
Total dividends and distributions		(73	)		—			(32,864	)		—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		—			—			9,023			12,775
Proceeds from shares issued in lieu of cash distributions		—			—			8,473			—
Cost of shares redeemed		—			—			(23,483	)		(27,694	)
Net decrease in net assets from Institutional Class Shares transactions		—			—			(5,987	)		(14,919	)
Investor Class Shares
Proceeds from shares issued		1,709			7,196			24,834			27,454
Proceeds from Fund acquisition (Note 10)		—			—			—			—
Proceeds from shares issued in lieu of cash distributions		56			—			21,988			—
Cost of shares redeemed		(11,597	)		(18,983	)		(59,232	)		(56,328	)
Net decrease in net assets from Investor Class Shares transactions		(9,832	)		(11,787	)		(12,410	)		(28,874	)
Net decrease in net assets from capital share transactions		(9,832	)		(11,787	)		(18,397	)		(43,793	)
Total increase (decrease) in net assets		(7,865	)		(7,213	)		14,352			12,219
Net assets:
Beginning of year		25,840			33,053			238,381			226,162
End of year	$	17,975		$	25,840		$	252,733		$	238,381
Undistributed net investment income (accumulated net investment income)	$	(25	)	$	(1	)	$	(1,286	)	$	(1,536	)
Share issued and redeemed:
Institutional Class Shares
Issued		—			—			166			235
Issued in lieu of cash distributions		—			—			177			—
Redeemed		—			—			(436	)		(495	)
Net decrease in Institutional Class Shares		—			—			(93	)		(260	)
Investor Class Shares
Issued		195			815			451			521
Shares from Fund acquisition (Note 10)		—			—			—			—
Issued in lieu of cash distributions		7			—			464			—
Redeemed		(1,328	)		(2,255	)		(1,072	)		(1,060	)
Net decrease in Investor Class Shares		(1,126	)		(1,440	)		(157	)		(539	)
Net decrease in share transactions		(1,126	)		(1,440	)		(250	)		(799	)

56 TURNER FUNDS 2013 ANNUAL REPORT

	Turner Large Growth Fund
	year ended 9/30/13			year ended 9/30/12
Investment activities:
Net investment income (loss)	$	740		$	435
Net realized gain from securities sold and securities sold short		33,884			82,216
Net realized loss on foreign currency transactions		—			(1	)
Net change in unrealized appreciation (depreciation) on investments and securities sold short		(19,979	)		4,462
Net increase in net assets resulting from operations		14,645			87,112
Dividends and distributions to shareholders:
Net investment income:
Institutional Class Shares		(1,087	)		—
Investor Class Shares		(92	)		—
Realized capital gains:
Institutional Class Shares		—			—
Investor Class Shares		—			—
Return of capital:
Investor Class Shares		—			—
Total dividends and distributions		(1,179	)		—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		14,890			45,450
Proceeds from shares issued in lieu of cash distributions		1,034			—
Cost of shares redeemed		(172,365	)		(301,740	)
Net decrease in net assets from Institutional Class Shares transactions		(156,441	)		(256,290	)
Investor Class Shares
Proceeds from shares issued		7,080			8,694
Proceeds from Fund acquisition (Note 10)		15,614			—
Proceeds from shares issued in lieu of cash distributions		91			—
Cost of shares redeemed		(44,134	)		(29,601	)
Net decrease in net assets from Investor Class Shares transactions		(21,349	)		(20,907	)
Net decrease in net assets from capital share transactions		(177,790	)		(277,197	)
Total increase (decrease) in net assets		(164,324	)		(190,085	)
Net assets:
Beginning of year		248,912			438,997
End of year	$	84,588		$	248,912
Undistributed net investment income (accumulated net investment income)	$	10		$	449
Share issued and redeemed:
Institutional Class Shares
Issued		1,153			3,803
Issued in lieu of cash distributions		83			—
Redeemed		(13,194	)		(24,590	)
Net decrease in Institutional Class Shares		(11,958	)		(20,787	)
Investor Class Shares
Issued		546			716
Shares from Fund acquisition (Note 10)		1,216			—
Issued in lieu of cash distributions		7			—
Redeemed		(3,423	)		(2,394	)
Net decrease in Investor Class Shares		(1,654	)		(1,678	)
Net decrease in share transactions		(13,612	)		(22,465	)

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 2013 ANNUAL REPORT 57

FINANCIAL STATEMENTS

Statements of changes in net assets (000)

	Turner Midcap Growth Fund
	year ended 9/30/13			year ended 9/30/12
Investment activities:
Net investment loss	$	(1,982	)	$	(2,188	)
Net realized gain from securities sold		82,710			93,758
Net change in unrealized appreciation (depreciation) on investment transactions		19,404			19,856
Net increase in net assets resulting from operations		100,132			111,426
Dividends and distributions to shareholders:
Realized capital gains:
Institutional Class Shares		(2,966	)		—
Investor Class Shares		(5,108	)		—
Retirement Class Shares		(72	)		—
Total dividends and distributions		(8,146	)		—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		59,903			54,971
Proceeds from shares issued in lieu of cash distributions		2,364			—
Cost of shares redeemed		(131,596	)		(103,598	)
Net increase (decrease) in net assets from Institutional Class Shares transactions		(69,329	)		(48,627	)
Investor Class Shares
Proceeds from shares issued		40,974			76,266
Proceeds from shares issued in lieu of cash distributions		4,946			—
Cost of shares redeemed		(245,432	)		(214,569	)
Net increase (decrease) in net assets from Investor Class Shares transactions		(199,512	)		(138,303	)
Retirement Class Shares
Proceeds from shares issued		576			822
Proceeds from shares issued in lieu of cash distributions		72			—
Cost of shares redeemed		(2,024	)		(671	)
Net increase (decrease) in net assets from Retirement Class Shares transactions		(1,376	)		151
Net increase (decrease) in net assets from capital share transactions		(270,217	)		(186,779	)
Total increase (decrease) in net assets		(178,231	)		(75,353	)
Net assets:
Beginning of period		645,385			720,738
End of period	$	467,154		$	645,385
Accumulated net investment income	$	1		$	(2,022	)
Share issued and redeemed:
Institutional Class Shares
Issued		1,600			1,598
Issued in lieu of cash distributions		69			—
Redeemed		(3,604	)		(2,998	)
Net increase (decrease) in Institutional Class Shares		(1,935	)		(1,400	)
Investor Class Shares
Issued		1,098			2,238
Issued in lieu of cash distributions		147			—
Redeemed		(6,793	)		(6,311	)
Net increase (decrease) in Investor Class Shares		(5,548	)		(4,073	)
Retirement Class Shares
Issued		17			26
Issued in lieu of cash distributions		2			—
Redeemed		(59	)		(20	)
Net increase (decrease) in Retirement Class Shares		(40	)		6
Net increase (decrease) in share transactions		(7,523	)		(5,467	)

58 TURNER FUNDS 2013 ANNUAL REPORT

	Turner Small Cap Growth Fund						Turner Emerging Markets Fund
	year ended 9/30/13			year ended 9/30/12			8/28/13(1) thru 9/30/13
Investment activities:
Net investment loss	$	(986	)	$	(1,768	)	$	—
Net realized gain from securities sold		43,625			19,111			—
Net change in unrealized appreciation (depreciation) on investment transactions		23,107			47,225			39
Net increase in net assets resulting from operations		65,746			64,568			39
Dividends and distributions to shareholders:
Realized capital gains:
Institutional Class Shares		—			—			—
Investor Class Shares		(15,983	)		—			—
Retirement Class Shares		—			—			—
Total dividends and distributions		(15,983	)		—			—
Capital share transactions:
Institutional Class Shares
Proceeds from shares issued		—			—			475
Proceeds from shares issued in lieu of cash distributions		—			—			—
Cost of shares redeemed		—			—			—
Net increase (decrease) in net assets from Institutional Class Shares transactions		—			—			475
Investor Class Shares
Proceeds from shares issued		20,912			31,902			35
Proceeds from shares issued in lieu of cash distributions		15,896			—			—
Cost of shares redeemed		(103,631	)		(76,290	)		—
Net increase (decrease) in net assets from Investor Class Shares transactions		(66,823	)		(44,388	)		35
Retirement Class Shares
Proceeds from shares issued		—			—			—
Proceeds from shares issued in lieu of cash distributions		—			—			—
Cost of shares redeemed		—			—			—
Net increase (decrease) in net assets from Retirement Class Shares transactions		—			—			—
Net increase (decrease) in net assets from capital share transactions		(66,823	)		(44,388	)		510
Total increase (decrease) in net assets		(17,060	)		20,180			549
Net assets:
Beginning of period		250,099			229,919			—
End of period	$	233,039		$	250,099		$	549
Accumulated net investment income	$	—		$	(1,229	)	$	(1	)
Share issued and redeemed:
Institutional Class Shares
Issued		—			—			48
Issued in lieu of cash distributions		—			—			—
Redeemed		—			—			—
Net increase (decrease) in Institutional Class Shares		—			—			48
Investor Class Shares
Issued		558			950			3
Issued in lieu of cash distributions		473			—			—
Redeemed		(2,781	)		(2,255	)		—
Net increase (decrease) in Investor Class Shares		(1,750	)		(1,305	)		3
Retirement Class Shares
Issued		—			—			—
Issued in lieu of cash distributions		—			—			—
Redeemed		—			—			—
Net increase (decrease) in Retirement Class Shares		—			—			—
Net increase (decrease) in share transactions		(1,750	)		(1,305	)		51

(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 2013 ANNUAL REPORT 59

FINANCIAL STATEMENTS

Financial highlights

For a share outstanding throughout each period

	Net asset value, beginning of period		Net investment income (loss)(1)			Realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income		Distributions from capital gains			Total dividends and distributions
Turner Market Neutral Fund — Institutional Class Shares
2013	$	10.18		(0.09	)		0.12			0.03			—		—			—
2012	$	10.53		(0.11	)		(0.02	)		(0.13	)		—		(0.22	)		(0.22	)
2011 (4)	$	10.00		(0.09	)		0.62			0.53			—		—			—
Turner Market Neutral Fund — Investor Class Shares
2013	$	10.13		(0.10	)		0.11			0.01			—		—			—
2012	$	10.52		(0.14	)		(0.03	)		(0.17	)		—		(0.22	)		(0.22	)
2011 (4)	$	10.00		(0.10	)		0.62			0.52			—		—			—
Turner Market Neutral Fund — Class C Shares
2013	$	10.01		(0.19	)		0.13			(0.06	)		—		—			—
2012	$	10.46		(0.20	)		(0.03	)		(0.23	)		—		(0.22	)		(0.22	)
2011 (4)	$	10.00		(0.15	)		0.61			0.46			—		—			—
Turner Medical Sciences Long/Short Fund — Institutional Class Shares
2013	$	10.19		(0.13	)		1.48			1.35			—		—			—
2012	$	10.35		(0.15	)		(0.01	)		(0.16	)		—		—			—
2011 (4)	$	10.00		(0.12	)		0.47			0.35			—		—			—
Turner Medical Sciences Long/Short Fund — Investor Class Shares
2013	$	10.16		(0.16	)		1.48			1.32			—		—			—
2012	$	10.34		(0.18	)		—			(0.18	)		—		—			—
2011 (4)	$	10.00		(0.13	)		0.47			0.34			—		—			—
Turner Medical Sciences Long/Short Fund — Class C Shares
2013	$	10.04		(0.23	)		1.45			1.22			—		—			—
2012	$	10.30		(0.25	)		(0.01	)		(0.26	)		—		—			—
2011 (4)	$	10.00		(0.18	)		0.48			0.30			—		—			—

60 TURNER FUNDS 2013 ANNUAL REPORT

	Net asset value, end of period		Total return			Net assets end of period (000)		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
2013	$	10.21		0.29	%	$	3,296		1.95	%† (2)		2.98	%†		(0.87	)%†		973	%
2012	$	10.18		(1.23	)%	$	48,054		1.94	%† (3)		2.57	%†		(1.00	)%†		1,520	%
2011 (4)	$	10.53		5.30	%††	$	8,679		1.95	% (5)		3.92	%		(1.27	)%		1,184	%
Turner Market Neutral Fund — Investor Class Shares
2013	$	10.14		0.10	%	$	601		2.20	%† (2)		3.23	%†		(1.12	)%†		973	%
2012	$	10.13		(1.62	)%	$	5,685		2.19	%† (3)		2.82	%†		(1.25	)%†		1,520	%
2011 (4)	$	10.52		5.20	%††	$	3,233		2.20	% (5)		4.18	%		(1.54	)%		1,184	%
Turner Market Neutral Fund — Class C Shares
2013	$	9.95		(0.60	)%	$	68		2.94	%† (2)		3.98	%†		(1.87	)%†		973	%
2012	$	10.01		(2.21	)%	$	85		2.94	%† (3)		3.57	%†		(2.00	)%†		1,520	%
2011 (4)	$	10.46		4.60	%††	$	—		2.95	% (5)		4.77	%		(2.26	)%		1,184	%
Turner Medical Sciences Long/Short Fund — Institutional Class Shares
2013	$	11.54		13.25	%	$	16,742		1.98	%† (6)		2.99	%†		(1.26	)%†		492	%
2012	$	10.19		(1.55	)%	$	37,117		1.87	%† (7)		2.09	%†		(1.45	)%†		900	%
2011 (4)	$	10.35		3.50	%††	$	45,147		1.93	% (8)		2.74	%		(1.74	)%		608	%
Turner Medical Sciences Long/Short Fund — Investor Class Shares
2013	$	11.48		12.99	%	$	3,062		2.23	%† (6)		3.24	%†		(1.51	)%†		492	%
2012	$	10.16		(1.74	)%	$	9,606		2.12	%† (7)		2.34	%†		(1.70	)%†		900	%
2011 (4)	$	10.34		3.40	%††	$	12,777		2.14	% (8)		2.89	%		(1.93	)%		608	%
Turner Medical Sciences Long/Short Fund — Class C Shares
2013	$	11.26		12.15	%	$	1,374		2.98	%† (6)		3.99	%†		(2.26	)%†		492	%
2012	$	10.04		(2.52	)%	$	2,889		2.87	%† (7)		3.09	%†		(2.45	)%†		900	%
2011 (4)	$	10.30		3.00	%††	$	2,165		2.93	% (8)		3.63	%		(2.71	)%		608	%

*  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.
†  Does not include acquired fund fees or expenses.
††  Total return is for the period indicated and has not been annualized.
(1)  Based on average shares outstanding.
(2)  Dividend expense totaled 0.43% of average net assets for the year ended September 30, 2013, 0.43% of which was waived. Broker fees and charges on short sales totaled 0.38% of average net assets for the year ended September 30, 2013, 0.38% of which was waived. 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 2.74%, 2.99% and 3.73% for the Institutional, Investor and Class C Shares, respectively.
(3)  Dividend expense totaled 0.37% of average net assets for the year ended September 30, 2012, 0.37% of which was waived. Broker fees and charges on short sales totaled 0.22% of average net assets for the year ended September 30, 2012, 0.22% of which was waived. 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 2.53%, 2.78% and 3.53% for the Institutional, Investor and Class C Shares, respectively.
(4)  Commenced operations on February 7, 2011. All ratios for the period have been annualized.
(5)  Dividend expense totaled 0.44% of average net assets for the year ended September 30, 2011, 0.34% of which was waived. Broker fees and charges on short sales totaled 0.25% of average net assets for the year ended September 30, 2011, 0.19% of which was waived. 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 2.48%, 2.73% and 3.48% for the Institutional, Investor and Class C Shares, respectively.
(6)  Dividend expense totaled 0.45% of average net assets for the year ended September 30, 2013, 0.45% of which was waived. Broker fees and charges on short sales totaled 0.41% of average net assets for the year ended September 30, 2013, 0.41% of which was waived. 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 2.79%, 3.04% and 3.79% for the Institutional, Investor and Class C Shares, respectively.
(7)  Dividend expense totaled 0.04% of average net assets for the year ended September 30, 2012, 0.04% of which was waived. Broker fees and charges on short sales totaled 0.15% of average net assets for the year ended September 30, 2012, 0.15% of which was waived. 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 2.06%, 2.31% and 3.06% for the Institutional, Investor and Class C Shares, respectively.
(8)  Dividend expense totaled 0.15% of average net assets for the year ended September 30, 2011, 0.12% of which was waived. Broker fees and charges on short sales totaled 0.47% of average net assets for the year ended September 30, 2011, 0.39% of which was waived. 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 2.44%, 2.65% and 3.44% for the Institutional, Investor and Class C Shares, respectively.
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 2013 ANNUAL REPORT 61

FINANCIAL STATEMENTS

Financial highlights

For a share outstanding throughout each period

	Net asset value, beginning of period		Net investment income (loss)(1)			Realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income		Distributions from capital gains			Total dividends and distributions
Turner Spectrum Fund — Institutional Class Shares
2013	$	10.89		(0.07	)		0.61			0.54			—		—			—
2012	$	11.45		(0.13	)		0.04	(3)		(0.09	)		—		(0.47	)		(0.47	)
2011	$	10.82		(0.16	)		0.79			0.63			—		—			—
2010	$	10.81		(0.13	)		0.21			0.08			—		(0.07	)		(0.07	)
2009 (7)	$	10.00		(0.07	)		0.88			0.81			—		—			—
Turner Spectrum Fund — Investor Class Shares
2013	$	10.80		(0.09	)		0.59			0.50			—		—			—
2012	$	11.38		(0.16	)		0.05	(3)		(0.11	)		—		(0.47	)		(0.47	)
2011	$	10.78		(0.19	)		0.79			0.60			—		—			—
2010	$	10.80		(0.16	)		0.21			0.05			—		(0.07	)		(0.07	)
2009 (7)	$	10.00		(0.09	)		0.89			0.80			—		—			—
Turner Spectrum Fund — Class C Shares
2013	$	10.57		(0.17	)		0.58			0.41			—		—			—
2012	$	11.23		(0.24	)		0.05	(3)		(0.19	)		—		(0.47	)		(0.47	)
2011	$	10.72		(0.27	)		0.78			0.51			—		—			—
2010	$	10.80		(0.24	)		0.23			(0.01	)		—		(0.07	)		(0.07	)
2009 (9)	$	9.98		(0.07	)		0.89			0.82			—		—			—
Turner Titan Fund — Institutional Class Shares
2013	$	10.24		(0.08	)		0.43			0.35			—		(0.08	)		(0.08	)
2012	$	9.77		(0.11	)		0.67			0.56			—		(0.09	)		(0.09	)
2011 (12)	$	10.00		(0.10	)		(0.13	)		(0.23	)		—		—			—
Turner Titan Fund — Investor Class Shares
2013	$	10.20		(0.10	)		0.42			0.32			—		(0.08	)		(0.08	)
2012	$	9.76		(0.13	)		0.66			0.53			—		(0.09	)		(0.09	)
2011 (12)	$	10.00		(0.11	)		(0.13	)		(0.24	)		—		—			—
Turner Titan Fund — Class C Shares
2013	$	10.07		(0.16	)		0.39			0.23			—		(0.08	)		(0.08	)
2012	$	9.72		(0.21	)		0.65			0.44			—		(0.09	)		(0.09	)
2011 (12)	$	10.00		(0.16	)		(0.12	)		(0.28	)		—		—			—

62 TURNER FUNDS 2013 ANNUAL REPORT

	Net asset value, end of period		Total return			Net assets end of period (000)		Ratio of net expenses to average net assets*			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets*			Portfolio turnover rate**
Turner Spectrum Fund — Institutional Class Shares
2013	$	11.43		4.96	%	$	481,845		1.93	%† (2)		2.75	%†		(0.64	)%†		580	%
2012	$	10.89		(0.77	)%	$	832,857		1.89	%† (4)		2.34	%†		(1.15	)%†		996	%
2011	$	11.45		5.82	%	$	448,554		1.93	% (5)		2.48	%		(1.34	)%		1,153	%
2010	$	10.82		0.77	%	$	179,526		1.91	% (6)		2.85	%		(1.23	)%		1,808	%
2009 (7)	$	10.81		8.10	%††	$	8,681		2.44	% (8)		5.63	%		(1.78	)%		663	%
Turner Spectrum Fund — Investor Class Shares
2013	$	11.30		4.63	%	$	44,139		2.18	%† (2)		3.00	%†		(0.89	)%†		580	%
2012	$	10.80		(0.95	)%	$	126,533		2.14	%† (4)		2.59	%†		(1.40	)%†		996	%
2011	$	11.38		5.57	%	$	161,401		2.18	% (5)		2.70	%		(1.61	)%		1,153	%
2010	$	10.78		0.49	%	$	52,361		2.17	% (6)		3.12	%		(1.52	)%		1,808	%
2009 (7)	$	10.80		8.00	%††	$	4,567		2.71	% (8)		5.84	%		(2.09	)%		663	%
Turner Spectrum Fund — Class C Shares
2013	$	10.98		3.88	%	$	5,572		2.93	%† (2)		3.75	%†		(1.64	)%†		580	%
2012	$	10.57		(1.71	)%	$	10,391		2.89	%† (4)		3.34	%†		(2.15	)%†		996	%
2011	$	11.23		4.76	%	$	12,478		2.93	% (5)		3.39	%		(2.33	)%		1,153	%
2010	$	10.72		(0.07	)%	$	7,169		2.92	% (6)		3.82	%		(2.19	)%		1,808	%
2009 (9)	$	10.80		8.22	%††	$	—		2.35	% (8)		5.28	%		(3.12	)%		663	%
Turner Titan Fund — Institutional Class Shares
2013	$	10.51		3.43	%	$	21,166		1.94	%† (10)		2.42	%†		(0.76	)%†		788	%
2012	$	10.24		5.75	%	$	25,811		1.92	%† (11)		2.41	%†		(1.03	)%†		834	%
2011 (12)	$	9.77		(2.30	)%††	$	11,374		1.92	% (13)		3.54	%		(1.47	)%		647	%
Turner Titan Fund — Investor Class Shares
2013	$	10.44		3.14	%	$	387		2.19	%† (10)		2.67	%†		(1.01	)%†		788	%
2012	$	10.20		5.44	%	$	5,038		2.17	%† (11)		2.66	%†		(1.28	)%†		834	%
2011 (12)	$	9.76		(2.40	)%††	$	2,711		2.16	% (13)		4.66	%		(1.65	)%		647	%
Turner Titan Fund — Class C Shares
2013	$	10.22		2.28	%	$	26		2.94	%† (10)		3.42	%†		(1.76	)%†		788	%
2012	$	10.07		4.53	%	$	531		2.92	%† (11)		3.41	%†		(2.03	)%†		834	%
2011 (12)	$	9.72		(2.80	)%††	$	29		2.92	% (13)		2.31	%		(2.44	)%		647	%

*  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.
†  Does not include acquired fund fees or expenses.
††  Total return is for the period indicated and has not been annualized.
(1)  Based on average shares outstanding.
(2)  Dividend expense totaled 0.45% of average net assets for the year ended September 30, 2013, 0.45% of which was waived. Broker fees and charges on short sales totaled 0.45% of average net assets for the year ended September 30, 2013, 0.45% of which was waived. 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 2.83%, 3.08% and 3.83% for the Institutional, Investor and Class C Shares, respectively.
(3)  The amount shown for a share outstanding throughout the period and the aggregate net losses on investments for the fund are not in accord, because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
(4)  Dividend expense totaled 0.20% of average net assets for the year ended September 30, 2012, 0.20% of which was waived. Broker fees and charges on short sales totaled 0.33% of average net assets for the year ended September 30, 2012, 0.33% of which was waived. 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 2.42%, 2.67% and 3.42% for the Institutional, Investor and Class C Shares, respectively.
(5)  Dividend expense totaled 0.28% of average net assets for the year ended September 30, 2011, 0.22% of which was waived. Broker fees and charges on short sales totaled 0.32% of average net assets for the year ended September 30, 2011, 0.25% of which was waived. 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 2.40%, 2.65% and 3.40% for the Institutional, Investor and Class C Shares, respectively.
(6)  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.
(7)  Commenced operations on May 7, 2009. All ratios for the period have been annualized.
(8)  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.
(9)  Commenced operations on July 14, 2009. All ratios for the period have been annualized.
(10)  Dividend expense totaled 0.14% of average net assets for the year ended September 30, 2013, 0.14% of which was waived. Broker fees and charges on short sales totaled 0.27% of average net assets for the year ended September 30, 2013, 0.27% of which was waived. 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 2.35%, 2.60% and 3.35% for the Institutional, Investor and Class C Shares, respectively.
(11)  Dividend expense totaled 0.08% of average net assets for the year ended September 30, 2012, 0.08% of which was waived. Broker fees and charges on short sales totaled 0.23% of average net assets for the year ended September 30, 2012, 0.23% of which was waived. 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 2.23%, 2.48% and 3.23% for the Institutional, Investor and Class C Shares, respectively.
(12)  Commenced operations on February 7, 2011. All ratios for the period have been annualized.
(13)  Dividend expense totaled 0.28% of average net assets for the period ended September 30, 2011, 0.22% of which was waived. Broker fees and charges on short sales totaled 0.32% of average net assets for the period ended September 30, 2011, 0.25% of which was waived. 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 2.20%, 2.44% and 3.20% for the Institutional, Investor and Class C Shares, respectively.
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 2013 ANNUAL REPORT 63

FINANCIAL STATEMENTS

Financial highlights

For a share outstanding throughout each period

	Net asset value, beginning of period		Net investment income (loss)(1)			Realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income			Distributions from capital gains			Distributions from return of capital			Total dividends and distributions
Turner All Cap Growth Fund — Investor Class Shares
2013	$	9.01		(0.01	)		1.35			1.34			—			—			(0.03	)		(0.03	)
2012	$	7.67		(0.02	)		1.36			1.34			—			—			—			—
2011	$	7.03		(0.11	)		0.75			0.64			—			—			—			—
2010	$	5.95		(0.09	)		1.18			1.09			(0.01	)		—			—			(0.01	)
2009	$	5.60		—			0.35			0.35			—			—			—			—
Turner Emerging Growth Fund — Institutional Class Shares
2013	$	57.68		(0.12	)		16.10			15.98			—			(8.41	)		—			(8.41	)
2012	$	45.83		(0.34	)		12.19			11.85			—			—			—			—
2011	$	42.51		(0.40	)		3.72			3.32			—			—			—			—
2010	$	37.78		(0.31	)		5.04			4.73			—			—			—			—
2009 (3)	$	28.45		(0.12	)		9.45			9.33			—			—			—			—
Turner Emerging Growth Fund — Investor Class Shares
2013	$	57.16		(0.25	)		15.88			15.63			—			(8.41	)		—			(8.41	)
2012	$	45.52		(0.47	)		12.11			11.64			—			—			—			—
2011	$	42.32		(0.52	)		3.72			3.20			—			—			—			—
2010	$	37.71		(0.41	)		5.02			4.61			—			—			—			—
2009	$	46.42		(0.22	)		(7.31	)		(7.53	)		—			(1.18	)		—			(1.18	)
Turner Large Growth Fund — Institutional Class Shares
2013	$	12.86		0.07			1.83			1.90			(0.08	)		—			—			(0.08	)
2012	$	10.50		0.02			2.34			2.36			—			—			—			—
2011	$	10.56		—			(0.04	)		(0.04	)		(0.02	)		—			—			(0.02	)
2010	$	9.93		0.02			0.65			0.67			(0.04	)		—			—			(0.04	)
2009	$	10.41		0.05			(0.48	)		(0.43	)		(0.05	)		—			—			(0.05	)
Turner Large Growth Fund — Investor Class Shares
2013	$	12.74		0.02			1.82			1.84			(0.03	)		—			—			(0.03	)
2012	$	10.42		(0.01	)		2.33			2.32			—			—			—			—
2011	$	10.49		(0.03	)		(0.04	)		(0.07	)		—			—			—			—
2010	$	9.87		—			0.64			0.64			(0.02	)		—			—			(0.02	)
2009	$	10.34		0.03			(0.47	)		(0.44	)		(0.03	)		—			—			(0.03	)

64 TURNER FUNDS 2013 ANNUAL REPORT

	Net asset value, end of period		Total return			Net assets end of period (000)		Ratio of net expenses to average net assets*			Ratio of net Ratio of total expenses to average net assets			investment income (loss) to average net assets*			Portfolio turnover rate**
Turner All Cap Growth Fund — Investor Class Shares
2013	$	10.32		14.93	%	$	17,975		0.85	%		1.43	%		(0.13	)%		105	%
2012	$	9.01		17.47	%	$	25,840		0.86	%		1.34	%		(0.25	)%		182	%
2011	$	7.67		9.10	%	$	33,053		1.73	%		2.12	%		(1.29	)%		205	%
2010	$	7.03		18.25	%	$	23,227		1.64	%		2.15	%		(1.38	)%		115	%
2009	$	5.95		6.25	%	$	26,324		0.62	% (2)		1.23	%		0.09	%		220	%
Turner Emerging Growth Fund — Institutional Class Shares
2013	$	65.25		32.98	%	$	72,442		1.15	%		1.31	%		(0.21	)%		62	%
2012	$	57.68		25.86	%	$	69,391		1.15	%		1.30	%		(0.62	)%		75	%
2011	$	45.83		7.81	%	$	67,035		1.15	%		1.27	%		(0.77	)%		74	%
2010	$	42.51		12.52	%	$	276,445		1.15	%		1.28	%		(0.77	)%		96	%
2009 (3)	$	37.78		32.79	%†	$	243,790		1.15	%		1.33	%		(0.54	)%		78	%
Turner Emerging Growth Fund — Investor Class Shares
2013	$	64.38		32.63	%	$	180,291		1.40	%		1.56	%		(0.46	)%		62	%
2012	$	57.16		25.57	%	$	168,990		1.40	%		1.55	%		(0.87	)%		75	%
2011	$	45.52		7.56	%	$	159,127		1.40	%		1.55	%		(1.01	)%		74	%
2010	$	42.32		12.22	%	$	176,823		1.40	%		1.53	%		(1.02	)%		96	%
2009	$	37.71		(15.58	)%	$	188,812		1.40	%		1.56	%		(0.71	)%		78	%
Turner Large Growth Fund — Institutional Class Shares
2013	$	14.68		14.87	%	$	53,965		0.69	%		0.96	%		0.52	%		71	% (4)
2012	$	12.86		22.48	%	$	201,051		0.69	%		0.91	%		0.15	%		105	%
2011	$	10.50		(0.39	)%	$	382,336		0.69	%		0.89	%		(0.03	)%		182	%
2010	$	10.56		6.76	%	$	377,650		0.69	%		0.87	%		0.20	%		178	%
2009	$	9.93		(3.97	)%	$	381,277		0.69	%		0.92	%		0.65	%		126	%
Turner Large Growth Fund — Investor Class Shares
2013	$	14.55		14.50	%	$	30,623		0.94	%		1.21	%		0.27	%		71	% (4)
2012	$	12.74		22.26	%	$	47,861		0.94	%		1.16	%		(0.10	)%		105	%
2011	$	10.42		(0.67	)%	$	56,661		0.94	%		1.13	%		(0.28	)%		182	%
2010	$	10.49		6.51	%	$	163,750		0.94	%		1.12	%		(0.05	)%		178	%
2009	$	9.87		(4.21	)%	$	252,916		0.94	%		1.17	%		0.41	%		126	%

*  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)  Excluding fees paid indirectly, the ratio of net expenses to average net assets would have been 0.63%.
(3)  Commenced operations on February 1, 2009. All ratios for the period have been annualized.
(4)  If purchases of portfolio securities in connection with the reorganization of the Turner Concentrated Growth Fund into the Turner Large Growth Fund had been included, the portfolio turnover rate would have been 81%.
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 2013 ANNUAL REPORT 65

FINANCIAL STATEMENTS

Financial highlights

For a share outstanding throughout each period

	Net asset value, beginning of period		Net investment income (loss)(1)			Realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income		Distributions from capital gains			Total dividends and distributions
Turner Midcap Growth Fund — Institutional Class Shares
2013	$	35.39		(0.09	)		8.68			8.59			—		(0.55	)		(0.55	)
2012	$	30.42		(0.05	)		5.02			4.97			—		—			—
2011	$	29.90		(0.06	)		0.58			0.52			—		—			—
2010	$	26.12		(0.08	)		3.86			3.78			—		—			—
2009	$	26.20		(0.01	)		(0.07	)		(0.08	)		—		—			—
Turner Midcap Growth Fund — Investor Class Shares
2013	$	35.03		(0.18	)		8.55			8.37			—		(0.55	)		(0.55	)
2012	$	30.16		(0.13	)		5.00			4.87			—		—			—
2011	$	29.73		(0.13	)		0.56			0.43			—		—			—
2010	$	26.03		(0.15	)		3.85			3.70			—		—			—
2009	$	26.18		(0.06	)		(0.09	)		(0.15	)		—		—			—
Turner Midcap Growth Fund — Retirement Class Shares
2013	$	33.65		(0.25	)		8.22			7.97			—		(0.55	)		(0.55	)
2012	$	29.05		(0.20	)		4.80			4.60			—		—			—
2011	$	28.71		(0.22	)		0.56			0.34			—		—			—
2010	$	25.20		(0.21	)		3.72			3.51			—		—			—
2009	$	25.40		(0.11	)		(0.09	)		(0.20	)		—		—			—
Turner Small Cap Growth Fund — Investor Class Shares
2013	$	35.96		(0.16	)		11.47			11.31			—		(2.51	)		(2.51	)
2012	$	27.83		(0.23	)		8.36			8.13			—		—			—
2011	$	28.97		(0.26	)		(0.88	)		(1.14	)		—		—			—
2010	$	25.17		(0.20	)		4.00			3.80			—		—			—
2009	$	26.45		(0.07	)		(1.21	)		(1.28	)		—		—			—
Turner Emerging Markets Fund — Institutional Class Shares
2013 (2)	$	10.00		—			0.78			0.78			—		—			—
Turner Emerging Markets Fund — Investor Class Shares
2013 (2)	$	10.00		—			0.78			0.78			—		—			—

66 TURNER FUNDS 2013 ANNUAL REPORT

	Net asset value, end of period		Total return			Net assets end of period (000)		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 Midcap Growth Fund — Institutional Class Shares
2013	$	43.43		24.69	%	$	205,679		0.93	%		1.08	%		(0.24	)%		84	%
2012	$	35.39		16.34	%	$	236,147		0.93	%		1.04	%		(0.14	)%		121	%
2011	$	30.42		1.74	%	$	245,480		0.93	%		1.05	%		(0.18	)%		104	%
2010	$	29.90		14.47	%	$	164,993		0.93	%		1.03	%		(0.29	)%		90	%
2009	$	26.12		(0.31	)%	$	136,069		0.93	%		1.08	%		(0.05	)%		120	%
Turner Midcap Growth Fund — Investor Class Shares
2013	$	42.85		24.31	%	$	257,240		1.18	%		1.33	%		(0.49	)%		84	%
2012	$	35.03		16.15	%	$	404,427		1.18	%		1.29	%		(0.39	)%		121	%
2011	$	30.16		1.45	%	$	471,286		1.18	%		1.28	%		(0.38	)%		104	%
2010	$	29.73		14.21	%	$	751,124		1.18	%		1.28	%		(0.54	)%		90	%
2009	$	26.03		(0.57	)%	$	859,640		1.18	%		1.33	%		(0.29	)%		120	%
Turner Midcap Growth Fund — Retirement Class Shares
2013	$	41.07		24.11	%	$	4,235		1.43	%		1.58	%		(0.74	)%		84	%
2012	$	33.65		15.83	%	$	4,811		1.43	%		1.54	%		(0.64	)%		121	%
2011	$	29.05		1.18	%	$	3,972		1.43	%		1.54	%		(0.63	)%		104	%
2010	$	28.71		13.93	%	$	4,578		1.43	%		1.53	%		(0.79	)%		90	%
2009	$	25.20		(0.79	)%	$	3,892		1.43	%		1.58	%		(0.55	)%		120	%
Turner Small Cap Growth Fund — Investor Class Shares
2013	$	44.76		33.79	%	$	233,039		1.25	%		1.56	%		(0.43	)%		82	%
2012	$	35.96		29.21	%	$	250,099		1.25	%		1.53	%		(0.68	)%		100	%
2011	$	27.83		(3.94	)%	$	229,919		1.25	%		1.53	%		(0.76	)%		119	%
2010	$	28.97		15.10	%	$	274,925		1.25	%		1.52	%		(0.74	)%		89	%
2009	$	25.17		(4.84	)%	$	250,860		1.25	%		1.58	%		(0.36	)%		113	%
Turner Emerging Markets Fund — Institutional Class Shares
2013 (2)	$	10.78		7.80	%†	$	512		1.05	%		13.81	%		0.87	%		1	%
Turner Emerging Markets Fund — Investor Class Shares
2013 (2)	$	10.78		7.80	%†	$	37		1.30	%		15.39	%		0.62	%		1	%

*  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 August 28, 2013. All ratios for the period have been annualized.
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 2013 ANNUAL REPORT 67

NOTES TO FINANCIAL STATEMENTS

Notes to financial statements

September 30, 2013

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. The funds included herein are the Turner Market Neutral Fund ("Market Neutral Fund"), Turner Medical Sciences Long/Short Fund ("Medical Sciences Long/Short Fund"), Turner Spectrum Fund ("Spectrum Fund"), Turner Titan Fund ("Titan Fund"), Turner All Cap Growth Fund ("All Cap Growth Fund"), Turner Emerging Growth Fund ("Emerging Growth Fund"), Turner Large Growth Fund ("Large Growth Fund"), Turner Midcap Growth Fund ("Midcap Growth Fund"), Turner Small Cap Growth Fund ("Small Cap Growth Fund"), and Turner Emerging Markets Fund ("Emerging Markets Fund"), each a "Fund" and collectively the "Funds."

Each Fund is registered as a diversified portfolio of the Trust.

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.

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—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 an orderly transaction to an independent buyer in the principal or most advantageous market.

The Trust has a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Funds' investments. These inputs are 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)

Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including American Depositary Receipts ("ADRs"), 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 is 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. To the extent these securities are valued at the last sales price or NASDAQ Official Closing Price, they are categorized as Level 1 in the fair value hierarchy.

Investments in other open-end investment companies are valued at net asset value. These valuations are typically categorized as Level 1 in the fair value hierarchy.

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. In this situation, valuations are typically categorized as Level 2 in the fair value hierarchy.

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

68 TURNER FUNDS 2013 ANNUAL REPORT

available to the Committee. Depending on the source or relative significance of the valuation inputs, these securities may be categorized as Level 2 or Level 3 in the fair value hierarchy.

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 a Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. In addition, the Funds' Sub-administrator, as defined in Note 3, 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 a Fund calculates its net asset value. If price movements in a monitored index or security exceed levels recommended by the Committee for approval by the Board ("trigger points"), the Sub-administrator will notify the Adviser, as defined in Note 3, that such limits have been exceeded. If such trigger points are exceeded, then the close prices for certain foreign markets are systematically adjusted by fair value factors calculated by an independent pricing service. The circumstances described above use significant observable inputs and therefore these valuations are considered as Level 2 in the fair value hierarchy.

In the event that the Adviser believes that the fair values provided by a third party fair valuation vendor are not reliable, or believes that a foreign security held by a Fund should be fair valued for any other reason, the Adviser shall contact the Sub-administrator and request that a meeting of the Committee be held. Depending on the source or relative significance of the valuation inputs, these securities may be categorized as Level 2 or Level 3 in the fair value hierarchy.

For the year ended September 30, 2013, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following table is a summary of inputs used to value the Funds' investments as of September 30, 2013 (000). The breakdown, by sub-category, of the "common stock" category is disclosed on the Schedule of investments and Schedule of securities sold short for each Fund, as applicable.

	Level 1		Level 2		Total
Market Neutral Fund
Investments in securities
Common stock	$	2,997	$	—	$	2,997
Cash equivalent		220		—		220
Total Investments in securities	$	3,217	$	—	$	3,217
Securities sold short
Common stock	$	2,925	$	—	$	2,925
Total Securities sold short	$	2,925	$	—	$	2,925
Medical Sciences Long/Short Fund
Investments in securities
Common stock	$	13,685	$	—	$	13,685
Call option contracts		12		—		12
Put option contracts		1		—		1
Cash equivalent		2,669		—		2,669
Total Investments in securities	$	16,367	$	—	$	16,367
Securities sold short
Common stock	$	4,353	$	—	$	4,353
Exchange traded funds		3,871		—		3,871
Total Securities sold short	$	8,224	$	—	$	8,224
Spectrum Fund
Investments in securities
Common stock	$	520,905	$	—	$	520,905
Call option contracts		379		—		379
Put option contracts		6		—		6
Cash equivalent		24,213		—		24,213
Total Investments in securities	$	545,503	$	—	$	545,503
Securities sold short
Common stock	$	259,263	$	—	$	259,263
Exchange traded funds		97,664		—		97,664
Total Securities sold short	$	356,927	$	—	$	356,927
Other financial instruments(a)
Written call option contracts	$	58	$	—	$	58
Total Other financial instruments	$	58	$	—	$	58
Titan Fund
Investments in securities
Common stock	$	18,706	$	—	$	18,706
Cash equivalent		1,921		—		1,921
Total Investments in securities	$	20,627	$	—	$	20,627
Securities sold short
Common stock	$	9,508	$	—	$	9,508
Exchange traded funds		2,085		—		2,085
Total Securities sold short	$	11,593	$	—	$	11,593
All Cap Growth Fund
Investments in securities
Common stock	$	17,836	$	—	$	17,836
Cash equivalent		1,584		—		1,584
Total Investments in securities	$	19,420	$	—	$	19,420

TURNER FUNDS 2013 ANNUAL REPORT 69

NOTES TO FINANCIAL STATEMENTS

	Level 1		Level 2		Total
Emerging Growth Fund
Investments in securities
Common stock	$	251,911	$	—	$	251,911
Cash equivalent		28,400		—		28,400
Total Investments in securities	$	280,311	$	—	$	280,311
Large Growth Fund
Investments in securities
Common stock	$	84,545	$	—	$	84,545
Cash equivalent		2,962		—		2,962
Total Investments in securities	$	87,507	$	—	$	87,507
Midcap Growth Fund
Investments in securities
Common stock	$	446,753	$	—	$	446,753
Cash equivalent		25,719		—		25,719
Total Investments in securities	$	472,472	$	—	$	472,472
Small Cap Growth Fund
Investments in securities
Common stock	$	230,998	$	—	$	230,998
Cash equivalent		19,050		—		19,050
Total Investments in securities	$	250,048	$	—	$	250,048
Emerging Markets Fund
Investments in securities
Common stock
Consumer staples	$	—	$	6	$	6
Financials		—		2		2
Health care		—		6		6
Industrials		—		3		3
Information technology		—		7		7
Other common stock		512		—		512
Cash equivalent		12		—		12
Total Investments in securities	$	524	$	24	$	548

^(a)  Other financial instruments are derivative instruments and are reflected in the Schedule of open written option contracts.

For the year ended September 30, 2013, there were no significant changes to the Funds' fair valuation methodologies. 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 transfers between Levels as of September 30, 2013 based on the input Levels assigned at September 30, 2012.

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 lots sold.

Securities sold short—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 declared on open short positions are recorded on ex-date and 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 short positions. The Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund and Titan Fund engaged in short sales during the year ended September 30, 2013.

Participation Notes—The Emerging Markets Fund may invest in participation notes. Some countries, especially emerging markets countries, do not permit foreign entities to participate directly in their securities markets or otherwise have regulations that present difficulties for efficient foreign investment. The Emerging Markets Fund may use participation notes to establish a position in such markets as a substitute for direct investment. Participation notes are issued by banks or broker-dealers and are designed to track the return of a particular underlying equity security or debt security, currency or market. When the participation note matures, the issuer of the participation note will pay to, or receive from, the Emerging Markets Fund the difference between the nominal value of the underlying instrument at the time of purchase and that instrument's value at maturity. Investments in participation notes involve the same risks as are associated with a direct investment in the underlying security, currency or market that they seek to replicate. In addition, participation notes are generally traded over-the-counter and are subject to counterparty risk. Counterparty risk is the risk that the broker-dealer or

70 TURNER FUNDS 2013 ANNUAL REPORT

bank that issues the participation note will not fulfill its contractual obligation to complete the transaction with the Emerging Markets Fund. Participation notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, and the Emerging Markets Fund will rely on the creditworthiness of such banks or broker-dealers and will have no rights under a participation note against the issuer of the underlying assets when it invests in participation notes. In addition, participation notes may trade at a discount to the value of the underlying securities or markets that they seek to replicate.

Option transactions—Consistent with each Fund's investment objectives, the Funds may write covered call options and sell put 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 portfolios 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). The primary risk exposure from written and purchased options contracts is equity exposure.

Purchased options held by the Funds are included in "Investment securities, at value" on the Statements of assets and liabilities. As of September 30, 2013, these amounts were $13 (000) for the Medical Sciences Long/Short Fund and $385 (000) for the Spectrum Fund. Written option contracts are shown on the Statements of assets and liabilities under "Written options, at value" and were $58 (000) for the Spectrum Fund.

Any realized and unrealized gains and losses on purchase option contracts are included in "Net realized gain from securities sold" and "Net change in unrealized appreciation (depreciation) on investments," respectively, on the Statements of operations. Realized and unrealized gains and (losses) on purchased options for the Medical Sciences Long/Short Fund for the year ended September 30, 2013 were $(58) and $(5), respectively (000). Realized and unrealized gains and (losses) on purchased options for the Spectrum Fund for the year ended September 30, 2013 were $(3,927) and $(94), respectively (000). Any realized and unrealized gains and losses on written option contracts are shown on the Statements of operations under "Net realized gain on written options contracts" and "Net change in unrealized appreciation (depreciation) on written option contracts," respectively. Realized and unrealized gains and (losses) on written options for the Spectrum Fund for the year ended September 30, 2013 were $65 and $31, respectively (000). The Medical Sciences Long/Short Fund and Spectrum Fund engaged in limited purchased and written option activity during the year ended September 30, 2013, representing less than 1% of each Fund's average monthly fair value amounts of purchased and written options as compared to net assets.

A summary of option contracts written during the year ended September 30, 2013 for the Spectrum Fund is as follows:

	Option contracts			Option premiums (000)
Options outstanding at beginning of year		—		$	—
Options written		10,161			775
Options cancelled in a closing purchase transaction		(7,888	)		(646	)
Options exercised		—			—
Options expired		(825	)		(40	)
Options outstanding at end of year		1,448		$	89

TURNER FUNDS 2013 ANNUAL REPORT 71

NOTES TO FINANCIAL STATEMENTS

Foreign currency translation—The books and records of the Funds 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 Funds 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 Funds' books and the U.S. dollar equivalent amounts actually received or paid.

Illiquid Securities—Illiquid securities are securities that cannot be disposed of within seven business days at approximately the price at which they are being carried on a Fund's books. Illiquid securities include demand instruments with demand notice periods exceeding seven days, securities for which there is no active secondary market, and repurchase agreements with maturities of over seven days in length. The Funds may invest in securities that are neither listed on a stock exchange nor traded over the counter, including privately placed securities. Investing in such unlisted emerging country equity securities, including investments in new and early stage companies, may involve a high degree of business and financial risk that can result in substantial losses. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund, or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements which might be applicable if their securities were publicly traded. If such securities are required to be registered under the securities laws of one or more jurisdictions before being resold, a Fund may be required to bear the expenses of registration.

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.

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.

New Accounting Pronouncement—In January 2013, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2013-01 "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities ("ASU 2013-01") which amended Accounting Standards Codification Subtopic 210-20, "Balance Sheet Offsetting." ASU 2013-01 clarified the scope of ASU No. 2011-11 "Disclosures about Offsetting Assets and Liabilities" ("ASU 2011-11"). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of that entity's financial statements to understand the effect of those arrangements on its financial position. ASU 2013-01 clarifies the scope of ASU 2011-11 as it applies to derivatives accounted for in accordance with Topic 815, "Derivatives and Hedging," including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with other requirements of GAAP or subject to an enforceable master netting arrangement or similar agreement. The guidance in ASU 2013-01 and ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. Management is currently evaluating any impact ASU 2013-01 and ASU 2011-11 may have on the Trust's financial statements.

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

Turner Investments, L.P. ("Turner," the "Adviser," or the "Administrator") provides administrative services to the Funds under an Administration Agreement 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 Fund Services Ohio, Inc. ("Citi" or the "Sub-administrator"), Citi provides sub-administrative services, including certain fund accounting services, to the Trust. For the year ended September 30, 2013, Citi was paid $764 (000) by Turner.

72 TURNER FUNDS 2013 ANNUAL REPORT

Foreside Fund Services, LLC (the "Distributor") provides distribution services to the Funds under a Distribution Services Agreement.

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 to exceed 0.75% of each 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 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 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 to exceed 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 0.25% in shareholder servicing fees.

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under a Transfer Agency Agreement with the Trust.

Certain officers and trustees of the Trust are also officers or employees of Turner or Citi. 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.

4. 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 the Funds.

For its services, Turner receives annual fees, which are calculated daily and paid monthly, based on the average daily net assets of the Funds. Turner has contractually agreed to waive all or a portion of its fees and to reimburse expenses in order to limit total Fund operating expenses (excluding acquired fund fees and expenses and interest expense 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 expense relating to short sales in its contractual waiver) to a specified percentage of the average daily net assets of each Fund, except the 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	%	January 31, 2014
Investor Class		1.50	%		2.20	%	January 31, 2014
Class C		1.50	%		2.95	%	January 31, 2014
Medical Sciences Long/Short Fund
Institutional Class		1.50	%		1.95	%	January 31, 2014
Investor Class		1.50	%		2.20	%	January 31, 2014
Class C		1.50	%		2.95	%	January 31, 2014
Spectrum Fund
Institutional Class		1.50	%		1.95	%	January 31, 2014
Investor Class		1.50	%		2.20	%	January 31, 2014
Class C		1.50	%		2.95	%	January 31, 2014
Titan Fund
Institutional Class		1.50	%		1.95	%	January 31, 2014
Investor Class		1.50	%		2.20	%	January 31, 2014
Class C		1.50	%		2.95	%	January 31, 2014
Emerging Growth Fund
Institutional Class		1.00	%		1.15	%	January 31, 2014
Investor Class		1.00	%		1.40	%	January 31, 2014
Large Growth Fund
Institutional Class		0.60	%		0.69	%	January 31, 2014
Investor Class		0.60	%		0.94	%	January 31, 2014
Midcap Growth Fund
Institutional Class		0.75	%		0.93	%	January 31, 2014
Investor Class		0.75	%		1.18	%	January 31, 2014
Retirement Class		0.75	%		1.43	%	January 31, 2014
Small Cap Growth Fund
Investor Class		1.00	%		1.25	%	January 31, 2014
Emerging Markets Fund
Institutional Class		0.70	%		1.05	%	January 31, 2015
Investor Class		0.70	%		1.30	%	January 31, 2015

For 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 its performance benchmark. The Fund's base fee (1.10%) 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 its 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).

TURNER FUNDS 2013 ANNUAL REPORT 73

NOTES TO FINANCIAL STATEMENTS

The resulting amount is then added to (in the case of overperformance) or subtracted from (in the case of underperformance) the Fund's base advisory 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 its 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 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	%

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

During the year ended September 30, 2013, the All Cap Growth Fund's advisory fees, before waivers, were adjusted in accordance with the policy described above (000):

	Base advisory fee		Performance adjustment			Net advisory fee before waivers
All Cap Growth Fund	$	212	$	(97	)	$	115

5. Contingent deferred sales charges (Class C Shares):

A 1.00% contingent deferred sales charge ("CDSC") will be deducted with respect to Class C Shares of the Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund and Titan Fund 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 Class C Shares statutory prospectus for the Market Neutral Fund, Medical Sciences Long/Short Fund, Spectrum Fund and Titan Fund.

6. Investment transactions:

The cost of security purchases and the proceeds from security sales, other than short-term investments and option contracts written, for the year ended September 30, 2013 were as follows (000):

	Purchases		Sales
Market Neutral Fund	$	160,632	$	197,130
Medical Sciences Long/Short Fund		85,705		105,044
Spectrum Fund		3,915,115		4,286,521
Titan Fund		288,455		302,920
All Cap Growth Fund		20,298		29,960

	Purchases		Sales
Emerging Growth Fund	$	139,273	$	186,391
Large Growth Fund*		114,357		307,441
Midcap Growth Fund		417,723		709,746
Small Cap Growth Fund		186,835		268,313
Emerging Markets Fund		370		4

*  Costs of purchases and proceeds from sales of portfolio securities incurred to realign the Fund's portfolio after the reorganization of the Turner Concentrated Growth Fund into the Large Growth Fund are excluded from these amounts. The cost of purchases excluded were $15,344(000).

7. 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 GAAP. These book/tax differences are either temporary or permanent in nature. These differences are primarily due to wash sales, REIT adjustments, foreign currency transactions, net operating losses, return of capital distributions, equalization 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 Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.

Withholding taxes on dividends and net realized capital gains as a result of certain investments in ADRs by the Funds have been provided for in accordance with each investment's applicable country's tax rules and rates.

Accordingly, the following permanent differences have been reclassified to/from the following accounts during the fiscal year ended September 30, 2013 (000):

Fund	Undistributed net investment income		Accumulated net realized gain (loss)			Portfolio Capital
Market Neutral Fund	$	385	$	8		$	(393	)
Medical Sciences Long/Short Fund		1,013		(968	)		(45	)

74 TURNER FUNDS 2013 ANNUAL REPORT

Fund	Undistributed net investment income			Accumulated net realized gain (loss)			Portfolio Capital
Spectrum Fund	$	7,762		$	44		$	(7,806	)
Titan Fund		69			(5	)		(64	)
All Cap Growth Fund		1			—			(1	)
Emerging Growth Fund		1,144			(103	)		(1,041	)
Large Growth Fund		—			18,670			(18,670	)
Midcap Growth Fund		4,005			(4,005	)		—
Small Cap Growth Fund		2,215			(2,215	)		—
Emerging Markets Fund		(1	)		1			—

The tax character of dividends and distributions declared during the years ended September 30, 2013 and September 30, 2012 were as follows (000):

		Ordinary income		Long-term capital gain		Return of capital		Total
Market Neutral Fund
	2012	$	457	$	4	$	—	$	461

		Ordinary income		Long-term capital gain		Return of capital		Total
Spectrum Fund
	2012	$	30,159	$	—	$	—	$	30,159
Titan Fund
	2013	$	367	$	—	$	—	$	367
	2012		151		—		—		151
All Cap Growth Fund
	2013	$	—	$	—	$	73	$	73
Emerging Growth Fund
	2013	$	—	$	32,864	$	—	$	32,864
Large Growth Fund
	2013	$	1,179	$	—	$	—	$	1,179
Midcap Growth Fund
	2013	$	739	$	7,407	$	—	$	8,146
Small Cap Growth Fund
	2013	$	—	$	15,983	$	—	$	15,983

As of September 30, 2013, the components of distributable earnings (accumulated losses) on a tax basis were as follows (000):

	Undistributed ordinary income		Undistributed long-term capital gains		Capital loss carryforward			Post- October losses			Post- October currency losses			Unrealized appreciation (depreciation)		Total distributable earnings (accumulated losses)
Market Neutral Fund	$	—	$	—	$	(730	)	$	(2,251	)	$	(125	)	$	44	$	(3,062	)
Medical Sciences Long/Short Fund		—		293		—			—			(146	)		909		1,056
Spectrum Fund		—		—		(13,925	)		(2,807	)		(5,219	)		26,666		4,715
Titan Fund		—		—		—			(246	)		(260	)		1,155		649
All Cap Growth Fund		—		—		(10,311	)		—			(25	)		3,575		(6,761	)
Emerging Growth Fund		—		35,414		—			—			(1,035	)		96,242		130,621
Large Growth Fund		11		—		(66,259	)		—			—			11,837		(54,411	)
Midcap Growth Fund		12,240		58,930		—			—			—			105,462		176,632
Small Cap Growth Fund		3,054		32,518		—			—			—			63,817		99,389
Emerging Markets Fund		1		—		—			—			—			38		39

Under current tax law, capital losses and specified ordinary losses realized after October 31 and non-specified ordinary losses incurred after December 31 (ordinary losses collectively known as "late year ordinary loss") may be deferred and treated as having arisen in the following fiscal year.

As of the end of their latest tax year end of September 30, 2013, the Funds in the following tables had capital loss carryforwards ("CLCFs"). CLCFs not subject to expiration must be used prior to using any CLCFs that are subject to expiration. A summary of these CLCFs is detailed in the tables below.

CLCFs not subject to expiration (000):

	Short Term		Long Term
Market Neutral Fund	$	730	$	—
Spectrum Fund		13,925		—
All Cap Growth Fund		446		—

CLCFs subject to expiration (000):

	Expiring September 30,
	2017		2018		Total
All Cap Growth Fund	$	7,475	$	2,390	$	9,865
Large Growth Fund		1,774		64,485		66,259

As of January 18, 2013, the Large Growth Fund credited accumulated net realized loss $20,921 (000) and charged paid-in-capital $35,249 (000) and unrealized appreciation $1,373 (000) due to the Turner Concentrated Growth Fund merger with Large Growth Fund. 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's merger with the Large Growth Fund. Internal Revenue Code Section 382 limits the amount of annual CLCFs available for use.

TURNER FUNDS 2013 ANNUAL REPORT 75

NOTES TO FINANCIAL STATEMENTS

During the year ended September 30, 2013, Medical Sciences Long/Short Fund and Large Growth Fund utilized $165 and $33,222, respectively (000), of CLCFs.

At September 30, 2013, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for the investments held by each Fund, excluding securities sold short and written options, were as follows (000):

	Federal tax cost		Unrealized appreciation		Unrealized depreciation			Net unrealized appreciation (depreciation)
Market Neutral Fund	$	3,059	$	214	$	(56	)	$	158
Medical Sciences Long/Short Fund		14,454		2,022		(109	)		1,913
Spectrum Fund		492,832		65,122		(12,451	)		52,671
Titan Fund		19,034		1,656		(63	)		1,593
All Cap Growth Fund		15,846		3,966		(392	)		3,574
Emerging Growth Fund		184,069		98,099		(1,857	)		96,242
Large Growth Fund		75,672		12,962		(1,127	)		11,835
Midcap Growth Fund		367,012		107,983		(2,523	)		105,460
Small Cap Growth Fund		186,231		66,933		(3,116	)		63,817
Emerging Markets Fund		510		42		(4	)		38

Management has analyzed the Funds' tax positions taken on Federal income tax returns for all open tax years and has concluded that as of September 30, 2013, 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 taxing authorities.

8. Loans of portfolio securities:

The Funds may lend securities in their portfolios 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 based on the previous day's market value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. Cash collateral received is invested in the Dollar Shares of the BlackRock Liquidity Funds TempCash, 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 the projected lending activity.

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

The following Funds had securities on loan and had invested cash collateral with the following values as of September 30, 2013 (000):

Fund	Value of Securities on Loan		Value of Collateral
All Cap Growth Fund	$	1,434	$	1,470
Emerging Growth Fund		21,994		22,358
Large Growth Fund		2,707		2,763
Midcap Growth Fund		18,860		19,306
Small Cap Growth Fund		14,643		14,943

9. Concentration/risks:

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

Governments of some developing countries exercise substantial influence over many aspects of the private sector. In some countries, the government owns or controls many companies, including the largest companies in the country. As such, government actions in the future could have a significant effect on the economic conditions in developing countries in these regions, which could affect private sector companies, the Fund and the value of its securities. Furthermore, certain developing countries are among the largest debtors to commercial banks and foreign governments. Trading in debt obligations issued or guaranteed by such governments or their agencies and instrumentalities involves a high degree of risk.

76 TURNER FUNDS 2013 ANNUAL REPORT

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.

10. Fund Merger:

On January 18, 2013, the Large Growth Fund acquired all of the net assets of the Turner Concentrated Growth Fund ("Concentrated Growth Fund"), an open-end investment company, pursuant to a Plan of Reorganization approved by the Concentrated Growth Fund shareholders on January 9, 2013. 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 1,216,063 Investor Class shares of the Large Growth Fund, valued at $15,614 (000), for the 2,025,116 Investor Class shares of the Concentrated Growth Fund outstanding on January 18, 2013. The exchange ratio (Large Growth Fund shares issued/Concentrated Growth Fund shares outstanding) was 0.60:1 for the Investor Class.

The investment portfolio of the Concentrated Growth Fund, with a fair value of $16,717 (000) and identified cost of $15,344 (000) at January 18, 2013, was the principal asset acquired by the Large Growth Fund. For financial reporting purposes, assets received and shares issued by the Large Growth Fund were recorded at fair value; however, the cost basis of the investments received from the Concentrated 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 January 18, 2013, the net assets of the Concentrated Growth Fund, which included portfolio capital of $35,249 (000), accumulated net investment loss of $87 (000), accumulated realized losses of $20,921 (000) and unrealized gains of $1,373 (000), combined with the Large Growth Fund were $225,958 (000). The undistributed net investment income and unrealized gains of the Concentrated Growth Fund may be distributed by the Large Growth Fund in future periods. Immediately prior to the merger, the net assets of the Concentrated Growth Fund and the Large Growth Fund were $15,614 (000) and $210,344 (000), respectively. All fees and expenses incurred by the Concentrated 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, 2012, the beginning of the annual reporting period of the Large Growth Fund, the Fund's pro forma results of operations for the year ended September 30, 2013, are as follows (000):

Net investment income/(loss):	$	1,012
Net realized/unrealized gains/(losses):		14,238
Change in net assets resulting from operations:	$	15,250

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 Concentrated Growth Fund that have been included in the Large Growth Fund's Statement of operations since January 18, 2013.

11. Subsequent Events:

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 additional disclosures and/or adjustments were required to the financial statements as of September 30, 2013.

TURNER FUNDS 2013 ANNUAL REPORT 77

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders
Turner Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Turner Funds, comprising the Turner Market Neutral Fund, Turner Medical Sciences Long/Short Fund, Turner Spectrum Fund, Turner Titan Fund, Turner All Cap Growth Fund, Turner Emerging Growth Fund, Turner Large Growth Fund, Turner Midcap Growth Fund, Turner Small Cap Growth Fund, and Turner Emerging Markets Fund (collectively, the Funds), as of September 30, 2013, and the related statements of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds comprising the Turner Funds referred to above as of September 30, 2013, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Philadelphia, Pennsylvania
November 22, 2013

78 TURNER FUNDS 2013 ANNUAL REPORT

NOTICE TO SHAREHOLDERS  (Unaudited)

For shareholders that do not have a September 30, 2013 tax year end, this notice is for informational purposes only. For shareholders with a September 30, 2013 year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal period ended September 30, 2013, each portfolio is designating the following items with regard to distributions paid during the year.

	Dividends qualifying for corporate dividends receivable deduction(1)			Qualifying dividend income(2)			Short-term capital gain(3)		Long-term capital gain(4)
Titan Fund		33.12	%		23.69	%	$	367	$	—
Emerging Growth Fund		0.00	%		0.00	%		—		32,864
Large Growth Fund		100.00	%		100.00	%		—		—
Midcap Growth Fund		22.45	%		23.99	%		739		7,407
Small Cap Growth Fund		0.00	%		0.00	%		—		15,983

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

⁽²⁾  The percentage in this column represents the amount of "Qualifying Dividend Income" and is reflected as a percentage of "Ordinary Income Distributions" which may be subject to a maximum tax rate of 23.8% (includes 3.8% Medicare tax) for individual taxpayers.

⁽³⁾  The amount in this column (000) represents the amount of "Short-Term Capital Gain" as designated in accordance with Section 871(k)(2) and 881(e) of the Internal Revenue Code. This designation is not applicable to U.S. citizens or U.S. resident shareholders.

⁽⁴⁾  The amount in this column (000) represents the amount of Long-Term Capital Gain" as designated by each applicable fund.

The information reported herein may differ from the information and distributions taxable to the Shareholders for the calendar year ending December 31, 2013. Complete information will be computed and reported in conjunction with your 2013 Form 1099-DIV.

TURNER FUNDS 2013 ANNUAL REPORT 79

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 helps 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 4/1/13		Ending Account Value 9/30/13		Annualized Expense Ratios			Expenses Paid During Period*
Turner Market Neutral Fund — Institutional Class Shares
Actual Fund Return	$	1,000.00	$	1,081.60		1.96	%	$	10.23
Hypothetical 5% Return		1,000.00		1,015.24		1.96			9.90
Turner Market Neutral Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,079.90		2.21			11.52
Hypothetical 5% Return		1,000.00		1,013.99		2.21			11.16
Turner Market Neutral Fund — Class C Shares
Actual Fund Return		1,000.00		1,076.80		2.95			15.36
Hypothetical 5% Return		1,000.00		1,010.28		2.95			14.87
Turner Medical Sciences Long/Short Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,107.50		2.02			10.67
Hypothetical 5% Return		1,000.00		1,014.94		2.02			10.20
Turner Medical Sciences Long/Short Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,106.00		2.29			12.09
Hypothetical 5% Return		1,000.00		1,013.59		2.29			11.56

	Beginning Account Value 4/1/13		Ending Account Value 9/30/13		Annualized Expense Ratios			Expenses Paid During Period*
Turner Medical Sciences Long/Short Fund — Class C Shares
Actual Fund Return	$	1,000.00	$	1,101.80		3.02	%	$	15.91
Hypothetical 5% Return		1,000.00		1,009.93		3.02			15.22
Turner Spectrum Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,027.00		1.98			10.06
Hypothetical 5% Return		1,000.00		1,015.14		1.98			10.00
Turner Spectrum Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,025.40		2.25			11.42
Hypothetical 5% Return		1,000.00		1,013.79		2.25			11.36
Turner Spectrum Fund — Class C Shares
Actual Fund Return		1,000.00		1,021.40		2.98			15.10
Hypothetical 5% Return		1,000.00		1,010.13		2.98			15.02
Turner Titan Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,050.00		1.97			10.12
Hypothetical 5% Return		1,000.00		1,015.19		1.97			9.95

80 TURNER FUNDS 2013 ANNUAL REPORT

  (Unaudited)

	Beginning Account Value 4/1/13		Ending Account Value 9/30/13		Annualized Expense Ratios			Expenses Paid During Period*
Turner Titan Fund — Investor Class Shares
Actual Fund Return	$	1,000.00	$	1,048.20		2.31	%	$	11.86
Hypothetical 5% Return		1,000.00		1,013.49		2.31			11.66
Turner Titan Fund — Class C Shares
Actual Fund Return		1,000.00		1,041.80		3.05			15.61
Hypothetical 5% Return		1,000.00		1,009.78		3.05			15.37
Turner All Cap Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,157.00		0.84			4.54
Hypothetical 5% Return		1,000.00		1,020.86		0.84			4.26
Turner Emerging Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,219.60		1.15			6.40
Hypothetical 5% Return		1,000.00		1,019.30		1.15			5.82
Turner Emerging Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,218.20		1.40			7.78
Hypothetical 5% Return		1,000.00		1,018.05		1.40			7.08
Turner Large Growth Fund — Institutional Class Shares
Actual Fund Return		1,000.00		1,118.10		0.69			3.66
Hypothetical 5% Return		1,000.00		1,021.61		0.69			3.50
Turner Large Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,115.80		0.94			4.99
Hypothetical 5% Return		1,000.00		1,020.36		0.94			4.76

	Beginning Account Value 4/1/13		Ending Account Value 9/30/13		Annualized Expense Ratios			Expenses Paid During Period*
Turner Midcap Growth Fund — Institutional Class Shares
Actual Fund Return	$	1,000.00	$	1,150.50		0.93	%	$	5.01
Hypothetical 5% Return		1,000.00		1,020.41		0.93			4.71
Turner Midcap Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,148.80		1.18			6.36
Hypothetical 5% Return		1,000.00		1,019.15		1.18			5.97
Turner Midcap Growth Fund — Retirement Class Shares
Actual Fund Return		1,000.00		1,147.20		1.43			7.70
Hypothetical 5% Return		1,000.00		1,017.90		1.43			7.23
Turner Small Cap Growth Fund — Investor Class Shares
Actual Fund Return		1,000.00		1,186.00		1.25			6.85
Hypothetical 5% Return		1,000.00		1,018.80		1.25			6.33
Turner Emerging Markets Fund — Institutional Class Shares
Actual Fund Return**		1,000.00		1,078.00		1.02			1.05
Hypothetical 5% Return		1,000.00		1,019.80		5.32			1.05
Turner Emerging Markets Fund — Investor Class Shares
Actual Fund Return**		1,000.00		1,078.00		1.26			1.30
Hypothetical 5% Return		1,000.00		1,018.55		6.58			1.30

  *  Unless otherwise indicated, expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period from 4/1/13 — 9/30/13).

  **  Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 34/365 (to reflect the period from inception to date, 8/28/13 — 9/30/13).

TURNER FUNDS 2013 ANNUAL REPORT 81

TRUSTEES AND OFFICERS OF THE TRUST

Name, address and age(1)	Position held with Trust and length of service(2)	Principal occupation(s) during past 5 years	Number of portfolios in complex overseen by trustee		Other directorships held
Interested Trustee*
Thomas R. Trala, Jr. (46)	Trustee (since 2010); President (since 2004)	Executive Managing Director (since 2010) and Chief Operating Officer (since 2004), Turner.		10	None
* Mr. Trala is deemed to be an "Interested Trustee" by virtue of his relationship with Turner.
Non-Interested Trustees
Alfred C. Salvato (55)	Chairman of the Board (since 2004); Trustee (since 1996)	Chief Investment Officer (since 2003) and Treasurer (since 1995), Thomas Jefferson University.		10	None
Janet F. Sansone (68)	Trustee (since 1996)	Chief Management Officer, United States Government Printing Office (2008-2010); Self-employed Consultant (since 1999).		10	None
John T. Wholihan (75)	Trustee (since 1996)	Dean Emeritus (since 2007), Professor (since 1984) and Dean (1984-2007), College of Business Administration, Loyola Marymount University.		10	None
Executive Officers
Ty S. Edwards 3435 Stelzer Road, Columbus, OH 43219 (47)	Controller and Chief Financial Officer (since 2010)	Senior Vice President, Financial Services, Citi Fund Services (since 2010); Director, Product Management, Columbia Management (2007-2009); Deputy Treasurer, Columbia Funds, (2006-2007); Director, Fund Administration, Columbia Management (2004-2007).		N/A	N/A
Brian F. McNally (55)	Vice-President (since 2002), Secretary and Chief Compliance Officer (since 2004)	General Counsel and Chief Compliance Officer (since 2004), Deputy General Counsel (2002-2004), Turner.		N/A	Turner Funds plc (since 2008).
Jennifer L. Page (47)	Vice-President and Assistant Secretary (since 2011)	Director – Fund Administration and Compliance (since 2011), Director – Fund Administration – Offshore & Alternatives (2011), Turner; Senior Project Manager, AC Lordi Consulting (2010-2011); Senior Manager – Internal Audit (2006-2010), Senior Compliance Manager (2004-2006), Senior Risk Manager (2001-2006), Senior Fund Accounting Manager (1996-2001), Vanguard.		N/A	N/A

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

⁽²⁾  Each Officer serves a one-year term. All Trustees elected to office on or after February 19, 2010, are subject to a 12-year term of office ending on December 31st of the 12 year anniversary of the year in which he or she was first elected to the position of Trustee, subject to a one-time renewal for a second 12-year term by vote of a majority of the Trustees, including a majority of the "non-interested" Trustees. Additionally, each Trustee who had not reached the age of 70 as of December 31, 2009, is subject to a retirement age of 75, so that any Trustee who reaches such age shall resign as of the December 31st immediately following his or her 75th birthday. All other Trustees serve until his or her respective successor has been duly elected and qualified.

Trustee and Officer information is as of September 30, 2013.

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

82 TURNER FUNDS 2013 ANNUAL 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.

Chief Operating & Financial Officer
Executive Managing Director

Turner Investments, L.P.

Dr. John T. Wholihan

Professor (Retired), Dean Emeritus, College of Business

Loyola Marymount University

Investment adviser

Turner Investments, L.P.

Berwyn, Pennsylvania

Distributor

Foreside Fund Services, LLC

Portland, Maine

Administrator

Turner Investments, L.P.

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 Web site 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 Investments, L.P. Turner Investments, L.P. will vote such proxies in accordance with its 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' Web site, www.turnerinvestments.com; (ii) on the Commission's Web site at http://www.sec.gov; and (iii) without charge by calling 1.800.224.6312.

TURNER FUNDS 2013 ANNUAL REPORT 83

THIS PAGE WAS INTENTIONALLY LEFT BLANK

84 TURNER FUNDS 2013 ANNUAL REPORT

Turner Funds

P.O. Box 219805

Kansas City, Missouri 64121-9805

Telephone: 1.800.224.6312

Email: mutualfunds@turnerinvestments.com

Web Site: www.turnerinvestments.com

TUR-AR-002-0310

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer.

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

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

	2013				2012
	All fees and services to the Trust that were pre-approved		All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved		All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a) Audit Fees (1)	$	240,000	N/A	N/A	$	255,000	N/A	N/A
(b) Audit-Related Fees (2)	$	12,500	N/A	N/A	$	20,550	N/A	N/A
(c) Tax Fees (3)	$	113,704	N/A	N/A	$	120,328	N/A	N/A
(d) All Other Fees	N/A		N/A	N/A	N/A		N/A	N/A

Notes:

(1)	Audit Fees include fees related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.
(2)	Audit-Related Fees relate to consents issued in connection with review of registration statements.
(3)	Tax Fees consist of tax compliance services for the Trust. These services primarily included review of federal income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements

(e)(1) The Audit Committee has delegated pre-approval of non-audit services to the Chairman of the Audit Committee, subject to ratification by the Audit Committee.

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

	2013		2012
Audit-Related Fees	0.00	%	0.00	%
Tax Fees	0.00	%	0.00	%
All Other Fees	0.00	%	0.00	%

(f)  Not applicable.

(g)  The aggregate non-audit fees and services billed by KPMG for the last two fiscal years were $113,704 and $120,328 for 2013 and 2012, respectively, as described above.

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

Item 5.   Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.   Schedule of Investments.

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) Registrant’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated herein by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on December 7, 2012, which is the most current document.

(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 (Principal Executive Officer)
Date	December 4, 2013

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 (Principal Executive Officer)
Date	December 4, 2013

By (Signature and Title)		/s/ Ty Edwards
		Ty Edwards, Controller and Chief Financial Officer (Principal Financial Officer)
Date	December 4, 2013

EX-99.CERT

Exhibit 99.CERT

CERTIFICATIONS

I, Thomas R. Trala, Jr., certify that:

1.I have reviewed this report on Form N-CSR of Turner Funds (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

December 4, 2013	/s/ Thomas R. Trala, Jr.
Date	Thomas R. Trala, Jr.
	President (Principal Executive Officer)

CERTIFICATIONS

I, Ty Edwards, certify that:

1.I have reviewed this report on Form N-CSR of Turner Funds (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

December 4, 2013	/s/ Ty Edwards
Date	Ty Edwards
	Controller and Chief Financial Officer (Principal Financial Officer)

EX-99.906CERT

Exhibit 99.906CERT

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2013 of Turner Funds (the “Registrant”).

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer’s knowledge:

1.The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

2.The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

December 4, 2013
Date
	/s/ Thomas R. Trala, Jr.
	Thomas R. Trala, Jr.
	President (Principal Executive Officer)
	/s/ Ty Edwards
	Ty Edwards
	Controller and Chief Financial Officer (Principal Financial Officer)

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document.  A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.