0001104659-17-051830.txt : 20170814 0001104659-17-051830.hdr.sgml : 20170814 20170814164712 ACCESSION NUMBER: 0001104659-17-051830 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20170814 DATE AS OF CHANGE: 20170814 EFFECTIVENESS DATE: 20170814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TURNER FUNDS CENTRAL INDEX KEY: 0001006783 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 333-00641 FILM NUMBER: 171031031 BUSINESS ADDRESS: STREET 1: 1235 WESTLAKES DRIVE, SUITE 100 CITY: BERWYN STATE: PA ZIP: 19312 BUSINESS PHONE: 6106763097 MAIL ADDRESS: STREET 1: 1235 WESTLAKES DRIVE, SUITE 100 CITY: BERWYN STATE: PA ZIP: 19312 FORMER COMPANY: FORMER CONFORMED NAME: TIP FUNDS DATE OF NAME CHANGE: 19970618 0001006783 S000006691 TURNER SMALL CAP GROWTH FUND C000018218 Investor TSCEX 497K 1 a17-20197_3497k.htm 497K

 

TURNER FUNDS

Turner Midcap Growth Fund

Turner Small Cap Growth Fund

Turner Titan Long/Short Fund

 

Supplement dated August 14, 2017

to the Summary Prospectus, Prospectus and

Statement of Additional Information (“SAI”) dated January 27, 2017

 

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

 

On July 20, 2017, the Board of Trustees of the Turner Funds (the “Trust”) determined to dissolve Turner Midcap Growth Fund, Turner Small Cap Growth Fund and Turner Titan Long/Short Fund (each, a “Fund” and collectively, the “Funds”) and therefore the Funds will begin the complete liquidation of their assets.  In connection with the liquidations, the Funds may hold more cash, cash equivalents or other short-term investments than normal, which may prevent a Fund from meeting its stated investment objective.  On August 12, 2017, the Board of Trustees of the Trust approved the closure of the Funds to purchases and redemptions and the liquidation of the Funds.

 

Accordingly, effective 4:00 p.m. (Eastern time) on August 14, 2017, the Funds will no longer accept orders from new investors or existing shareholders to purchase Fund shares.  Each Fund may distribute a portion of its assets in cash pro rata to shareholders to avoid being subject to federal income or excise taxes.  On or about the close of business on September 8, 2017 (the “Liquidation Date”), the Funds will no longer accept orders from investors to redeem Fund shares and the Funds will distribute as soon as reasonably practicable thereafter all of their assets in cash pro rata to their respective shareholders.  All outstanding shares will be redeemed and cancelled and the Funds will then be terminated as series of the Trust.

 

Shareholders should consult their personal tax advisers concerning their tax situation and the impact of the liquidation on their tax situation.

 

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE