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TIP Funds
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PROSPECTUS
APRIL 26, 1999
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TURNER CORE HIGH QUALITY FIXED INCOME FUND
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INVESTMENT ADVISER:
TURNER INVESTMENT PARTNERS, INC.
THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED ANY FUND
SHARES OR DETERMINED WHETHER THIS PROSPECTUS IS ACCURATE OR COMPLETE.
IT IS A CRIME FOR ANYONE TO TELL YOU OTHERWISE.
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TIP Funds
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HOW TO READ THIS PROSPECTUS
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TIP Funds is a mutual fund family that offers shares in separate investment
portfolios (Funds). The Fund has individual investment goals and strategies.
This prospectus gives you important information about the Fund that you should
know before investing. Please read this prospectus and keep it for future
reference.
This prospectus has been arranged into different sections so that you can easily
review this important information. On the next page, there is some general
information you should know about the Fund. For more detailed information about
the Fund, please see:
TURNER CORE HIGH QUALITY FIXED INCOME FUND......................................
INVESTMENTS AND PORTFOLIO MANAGEMENT............................................
PURCHASING, SELLING AND EXCHANGING TIP FUNDS....................................
DIVIDENDS, DISTRIBUTIONS AND TAXES..............................................
FINANCIAL HIGHLIGHTS............................................................
TO OBTAIN MORE INFORMATION ABOUT TIP FUNDS PLEASE REFER TO
THE BACK COVER OF THE PROSPECTUS
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INTRODUCTION
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The Turner Core High Quality Fixed Income Fund is a mutual fund. A mutual fund
pools shareholders' money and, using professional investment managers, invests
it in securities.
The Turner Core High Quality Fixed Income Fund has its own investment goal and
strategies for reaching that goal. The Adviser invests the Fund's assets in a
way that it believes will help the Fund achieve its goal. Still, investing in
the Fund involves risks, and there is no guarantee that the Fund will achieve
its goal. The Adviser's judgments about the markets, the economy or companies
may not anticipate actual market movements, economic conditions or company
performance, and these judgments may affect the return on your investment. In
fact, no matter how good a job the Adviser does, you could lose money on your
investment in the Fund, just as you could with other investments. A Fund share
is not a bank deposit, and it is not insured or guaranteed by the FDIC or any
government agency.
The value of your investment in the Fund is based on the market value of the
securities the Fund holds. These prices change daily due to economic and other
events that affect particular companies and other issuers. These price
movements, sometimes called volatility, may be greater or lesser depending on
the types of securities the Fund owns and the markets in which they trade. The
estimated level of volatility for the Fund is set forth in the Fund Summary that
follows. The effect on the Fund's share price of a change in the value of a
single security will depend on how widely the Fund diversifies its holdings.
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YEAR 2000 RISKS
Like other mutual funds (and most organizations around the world), the Fund
could be affected by computer problems related to the transition to the year
2000. While no one knows if these problems will have any impact on the Fund or
on the financial markets in general, the Fund is taking steps to protect
investors. These include efforts to ensure that the Fund's own systems are
prepared to make the transition to the year 2000, and to determine that the
problem will not affect the systems used by the Fund's major service providers.
Whether these steps will be effective can only be known for certain in the year
2000. In addition, year 2000 problems may negatively affect the companies and
governments whose securities the Fund purchases, which may ultimately have an
impact on the value of the Fund's shares. There is additional information on
these risks in the Statement of Additional Information.
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TURNER CORE HIGH QUALITY FIXED INCOME FUND
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[ICON] FUND SUMMARY
<TABLE>
<S> <C>
INVESTMENT GOAL CURRENT INCOME AND CAPITAL APPRECIATION
INVESTMENT FOCUS INVESTMENT GRADE U.S. CORPORATE AND GOVERNMENT BONDS
SHARE PRICE VOLATILITY MEDIUM
PRINCIPAL INVESTMENT STRATEGY ATTEMPTS TO IDENTIFY QUALITY FIXED INCOME SECURITIES WITH
INTERMEDIATE MATURITIES
INVESTOR PROFILE INVESTORS WHO ARE SEEKING CURRENT INCOME AND CAPITAL
APPRECIATION AND WHO ARE WILLING TO ACCEPT PRINCIPAL RISK.
</TABLE>
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[ICON] INVESTMENT STRATEGY OF THE TURNER CORE HIGH QUALITY FIXED INCOME FUND
The Turner Core High Quality Fixed Income Fund invests primarily (at least 65%
of its assets) in investment grade fixed income securities, including U.S.
Government securities, corporate debt securities, mortgage-backed securities,
asset-backed securities, and short-term obligations. Turner Investment Partners
will allocate the Fund's assets among these market sectors based on its analysis
of historical data, yield trends and credit ratings. In selecting investments
for the Fund, Turner chooses securities with intermediate durations that are
attractively priced and that offer competitive yields. Typically, the Fund's
average duration will be between three and six years (although the Fund may hold
securities with longer or shorter durations).
[ICON] WHAT ARE THE RISKS OF INVESTING IN THE FUND?
The prices of the Fund's fixed income securities respond to economic
developments, particularly interest rate changes, as well as to perceptions
about the creditworthiness of individual issuers, including governments.
Generally, the Fund's fixed income securities will decrease in value if interest
rates rise and vice versa, and the volatility of lower rated securities is even
greater than that of higher rated securities. Also, longer-term securities are
generally more volatile, so the average maturity or duration of these securities
affects risk. In addition, the Fund is subject to the risk that its principal
market segment, U.S. fixed income securities, may underperform compared to other
market segments or to the fixed income markets as a whole.
Although the Fund's U.S. Government securities are considered to be among the
safest investments, they are not guaranteed against price movements due to
changing interest rates. Obligations issued by some U.S. Government agencies are
backed by the U.S. Treasury, while others are backed solely by the ability of
the agency to borrow from the U.S. Treasury or by the agency's own resources,
and are subject to slightly greater risks.
Mortgage-backed securities are fixed income securities representing an interest
in a pool of underlying mortgage loans. They are sensitive to changes in
interest rates, but may respond to these changes differently from other fixed
income securities due to the possibility of prepayment of the underlying
mortgage loans. As a result, it may not be possible to determine in advance the
actual maturity date or average life of a mortgage-backed security. Rising
interest rates tend to discourage refinancings, with the result that the average
life and volatility of the security will increase, exacerbating its decrease in
market price. When interest rates fall, however, mortgage-backed securities may
not gain as much in market value because of the expectation of additional
mortgage prepayments that must be reinvested at lower interest rates. Prepayment
risk may make it difficult to calculate the average maturity of the Fund's
mortgage-backed securities and, therefore, to assess the volatility risk of the
Fund.
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TURNER CORE HIGH QUALITY FIXED INCOME FUND
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[ICON] PERFORMANCE INFORMATION
As of January 31, 1999, the Fund had not yet commenced operations, and did not
have a performance history.
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[ICON] FUND FEES AND EXPENSES
This table describes the Fund's fees and expenses that you may pay if you buy
and hold shares of the Fund.
ANNUAL FUND OPERATING EXPENSES (expenses deducted from Fund assets)
INSTITUTIONAL CLASS SHARES
Investment Advisory Fees 0.35%
Distribution (12b-1) Fees None
Other Expenses* 0.70%
TOTAL ANNUAL FUND OPERATING EXPENSES 1.05%
Fee waivers and expense reimbursements 0.60%
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NET TOTAL OPERATING EXPENSES 0.45%**
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* OTHER EXPENSES ARE ESTIMATED FOR THE CURRENT YEAR.
** THE FUND'S ADVISER HAS CONTRACTUALLY AGREED TO WAIVE FEES AND TO REIMBURSE
EXPENSES IN ORDER TO KEEP TOTAL OPERATING EXPENSES FROM EXCEEDING 0.45% FOR A
PERIOD OF ONE YEAR, OR FROM EXCEEDING 1.45% IN ANY SUBSEQUENT YEAR. For more
information about these fees, see "Investment Adviser" and "Distribution of
Fund Shares."
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EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated. The Example also
assumes that each year your investment has a 5% return and Fund expenses remain
the same. Although your actual costs and returns might be different, your
approximate costs of investing $10,000 in the Fund would be:
1 YEAR 3 YEARS
Turner Core High Quality Fixed Income Fund $46 $144
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THE FUND'S OTHER INVESTMENTS
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In addition to the investments and strategies described in this prospectus, the
Fund also may invest in other securities, use other strategies and engage in
other investment practices. These investments and strategies, as well as those
described in this prospectus, are described in detail in the Fund's Statement of
Additional Information (SAI). Of course, there is no guarantee that the Fund
will achieve its investment goal.
The investments and strategies described throughout this prospectus are those
that we use under normal conditions. During unusual economic or market
conditions or for temporary defensive or liquidity purposes, the Fund may invest
up to 100% of its assets in cash, repurchase agreements and short-term
obligations that would not ordinarily be consistent with the Fund's objective.
The Fund will do so only if the Adviser believes that the risk of loss outweighs
the opportunity for gains.
INVESTMENT ADVISER
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Turner Investment Partners, Inc., an SEC-registered adviser, serves as the
Adviser to the Turner Core High Quality Fixed Income Fund. As of March 31, 1998,
Turner had approximately $3.4 billion in assets under management.
As the Fund's Adviser, Turner Investment Partners makes investment decisions for
the Fund and continuously reviews, supervises and administers the Fund's
investment programs. The Adviser also ensures compliance with the Fund's
investment policies and guidelines.
The Turner Core High Quality Fixed Income Fund was not in operation and did not
pay Turner any advisory fees for the fiscal year ended September 30, 1998.
PORTFOLIO MANAGER
James L. Midanek, a Fixed Income Portfolio Manager of Turner Investment
Partners, Inc., is the portfolio manager of the Turner Core High Quality Fixed
Income Fund. Mr. Midanek joined Turner in 1997. Prior to joining Turner, Mr.
Midanek was Chief Investment Officer of Solon Asset Management, L.P., which he
founded in 1989, and Portfolio Manager of the Short Duration Government Funds.
From 1992 to 1994, Mr. Midanek was Chief Investment Officer to the Fixed Income
Group of Montgomery Asset Management, L.P., where he managed four institutional
fixed income funds.
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INVESTING IN THE TURNER FUNDS
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In order to open a new account, you must complete and mail the NEW ACCOUNT
APPLICATION that you receive with this prospectus.
All trades must be received by the Fund's Transfer Agent by 4:00 PM EST. Your
check must be made payable to the Turner Funds.
The Fund's minimum initial investment is $2,500. The minimum subsequent
investment is $500.
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ONCE YOU ARE A SHAREHOLDER OF THE TURNER FUNDS YOU CAN DO THE FOLLOWING:
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* Purchase, redeem or exchange Fund shares by phone.
Call 1-800-224-6312 between 9:00 AM and 4:00 PM EST Monday through Friday and
press 3 to place a trade.
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* Purchase, redeem or exchange Fund shares by mail. Shareholders can mail
trade requests to:
Regular mail Express or overnight mail
The Turner Funds The Turner Funds
P.O. Box 419805 c/o DST Systems Inc.
Kansas City, MO 64141-6805 330 W. 9th Street
Kansas City, MO 64105
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* Purchase Fund shares by wiring funds to:
United Missouri Bank of Kansas NA
ABA #101000695
Account # 9870601168
Further Credit: name of fund, shareholder name and Turner Funds account
number
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PURCHASING, SELLING AND EXCHANGING TIP FUNDS
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The Turner Core High Quality Fixed Income Fund is a "no load" mutual fund
meaning you pay no sales charge when purchasing shares of the Fund. The minimum
initial investment is $2,500 and subsequent investments are $500. The Fund
reserves the right to waive the minimum initial investment.
This section tells you how to buy, sell (sometimes called "redeem") or exchange
shares of the Fund.
WHEN CAN YOU PURCHASE SHARES?
You may purchase shares of any Fund on any day that the New York Stock Exchange
is open for business (a Business Day).
PURCHASING TIP FUND SHARES
To open an account:
* BY MAIL -- Please send your completed application, with a check payable
to the Turner Funds, to the address listed on this page. Your check
must be in U.S. dollars and drawn on a bank located in the United
States. We do not accept third party checks, credit card checks or
cash.
* BY WIRE -- Please call us at 1-800-224-6312 (option 3) to let us know
that you intend to make your initial investment by wire. You will be
given an account number and fax number to which you should send your
completed New Account Application. Once this is complete you will need
to instruct your bank to wire money to: United Missouri Bank of Kansas,
N.A.; ABA #10-10-00695; for Account Number 98-7060-116-8; Further
Credit: [Turner Core High Quality Fixed Income Fund]. The shareholder's
name and account number must be specified in the wire.
* SYSTEMATIC INVESTMENT PLAN -- If you have a checking or savings account
with certain banks, you may purchase shares automatically through
regular deductions from your account. Please call 1-800-224-6312 for
information regarding participating banks. With minimum initial
purchase amounts and a minimum preauthorized investment amount of $100,
you may begin regularly scheduled investments once a month.
* HOW FUND PRICES ARE CALCULATED -- The price per share (the offering
price) will be the net asset value per share (NAV) next determined
after the Fund receives your purchase order. The Fund's NAV is
calculated once each Business Day at the regularly-scheduled close of
normal trading on the New York Stock Exchange (NYSE) (normally, 4:00
p.m., Eastern time). So, for you to receive the current Business Day's
NAV, generally we must receive your purchase order before 4:00 p.m.,
Eastern time.
In calculating NAV, the Fund generally values its investment portfolio
at market price. If market prices are unavailable or we think that they
are unreliable, fair value prices may be determined in good faith using
methods approved by the Board of Trustees. The Fund may hold portfolio
securities that are listed on foreign exchanges. These securities may
trade on weekends or other days when the Fund does not calculate NAV.
As a result, the value of these investments may change on days when you
cannot purchase or sell Fund shares.
NET ASSET VALUE
NAV for one Fund share is the value of that share's portion of all of the net
assets in the Fund.
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ADDITIONAL INFORMATION
You may also buy shares through accounts with brokers and other institutions
that are authorized to place trades in Fund shares for customers. If you invest
through an authorized institution, you will have to follow its procedures, which
may be different from the procedures for investing directly. Your institution
may charge a fee for its services, in addition to the fees charged by the Fund.
You will also generally have to address your correspondence or questions
regarding the Fund to your institution.
We may reject any purchase order if we determine that accepting the order would
not be in the best interests of the Fund or its shareholders.
FOR CUSTOMERS OF FINANCIAL INSTITUTIONS
If you purchase, sell or exchange Fund shares through a financial institution
(rather than directly from us), you may have to transmit your purchase, sale and
exchange requests to your financial institution at an earlier time for your
transaction to become effective that day. This allows the financial institution
time to process your request and transmit it to us. For more information about
how to purchase, sell or exchange Fund shares through your financial
institution, you should contact your financial institution directly.
PURCHASING ADDITIONAL SHARES
* BY MAIL -- Please send your check payable to the TIP Funds along with a
signed letter stating the name of the TIP Fund and your account number.
* BY PHONE -- Current shareholders are eligible to purchase shares by
phone if they have requested that privileges by checking the
appropriate box on the New Account Application. Shareholders who have
requested telephone privileges can call 1-800-224-6312 (option 3) and
giving the fund and account number you would like to make a subsequent
purchase into. You must then instruct your bank to wire the money by
following the instructions listed on page 7.
TELEPHONE TRANSACTIONS
Purchasing, selling and exchanging Fund shares over the telephone is extremely
convenient, but not without risk. Although we have certain safeguards and
procedures to confirm the identity of callers and the authenticity of
instructions, we are not responsible for any losses or costs incurred by
following telephone instructions we reasonably believe to be genuine. If you or
your financial institution transact with us over the telephone, you will
generally bear the risk of any loss.
SELLING TIP FUND SHARES
If you own shares directly, you may sell your shares on any Business Day by
contacting us directly by mail or telephone. You may also sell your shares by
contacting your financial institution by mail or telephone. The sale price of
each share will be the next NAV determined after we receive your request.
Holders of shares may sell shares by following procedures established when they
opened their account or accounts. If you have questions, call 1-800-224-6312. If
you own shares through an account with a broker or other institution, contact
that broker or institution to sell your shares. If you would like to sell
$50,000 or more of your shares, please notify us in writing and include a
signature guarantee.
SIGNATURE GUARANTEES
A signature guarantee is a widely accepted way to protect shareholders by
verifying the signature in certain circumstances including, (1) written requests
for redemptions in excess of $50,000; (2) all written requests to wire
redemption proceeds to a bank other than the bank previously designated on the
account application; and (3) redemption requests that provide that the
redemption proceeds should be sent to an address other than the address of
record or to a person other than the registered shareholder(s) for the account.
Signature guarantees can be obtained from any of the following institutions: a
national or state bank, a trust company, a federal savings and loan association,
or a broker-dealer that is a member of a national securities exchange. A
notarized signature is not sufficient.
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* BY MAIL -- Shareholders wishing to redeem shares of the TIP Funds
should send us a letter with your name, fund and account number and the
amount of your request. All letters must be signed by the owner(s) of
the account. All proceeds will be mailed or wired (depending on
instructions given) to the address or instructions given to us when the
account was established. If you would like the proceeds sent to either
a different bank account or address, a signature guarantee is required.
* BY PHONE -- When filling out your New Account Application, shareholders
are given the opportunity to establish telephone redemption privileges.
If you elect to take advantage of this privilege you will be able to
redeem shares of the TIP Funds by calling 1-800-224-6312 (option 3) and
informing one of our representatives.
* SYSTEMATIC WITHDRAWAL PLAN -- If you have at least $2,500 in your
account, you may use the Systematic Withdrawal Plan. Under the plan you
may arrange monthly, quarterly, semi-annual or annual automatic
withdrawals of at least $100 from any Fund. The proceeds of each
withdrawal will be mailed to you by check or, if you have an account
with certain banks, electronically transferred to your account. Please
call 1-800-224-6312 for information regarding banks that participate in
the Systematic Withdrawal Plan.
* REDEMPTIONS IN KIND -- The Fund generally pays sale (redemption)
proceeds in cash. However, under unusual conditions that make the
payment of cash unwise (and for the protection of the Fund's remaining
shareholders) the Fund might pay all or part of your redemption
proceeds in liquid securities with a market value equal to the
redemption price (redemption in kind). Although it is highly unlikely
that your shares would ever be redeemed in kind, you would probably
have to pay brokerage costs to sell the securities distributed to you,
as well as taxes on any capital gains from the sale, as with any
redemption.
* SUSPENSION OF YOUR RIGHT TO SELL SHARES -- The Fund may suspend your
right to sell your shares if the NYSE restricts trading, the SEC
declares an emergency or for other reasons. More information about this
is in the Fund's SAI.
* INVOLUNTARY SALES OF YOUR SHARES -- If your account balance drops below
the required minimum of $1,000, you may be required to sell your
shares. You will always be given at least 60 days' written notice to
give you time to add to your account and avoid selling your shares.
RECEIVING YOUR MONEY
Normally, we will send your sale proceeds within three Business Days after we
receive your request, but it may take up to seven days. Your proceeds can be
wired to your bank account (subject to a $10 wire fee) or sent to you by check.
IF YOU RECENTLY PURCHASED YOUR SHARES BY CHECK OR THROUGH ACH, REDEMPTION
PROCEEDS MAY NOT BE AVAILABLE UNTIL YOUR CHECK HAS CLEARED (WHICH MAY TAKE UP TO
15 DAYS FROM THE DATE OF PURCHASE).
EXCHANGING FUND SHARES
HOW TO EXCHANGE YOUR SHARES
You may exchange your shares on any Business Day by contacting us directly by
mail or telephone. You may also exchange shares through your financial
institution by mail or telephone. IF YOU RECENTLY PURCHASED SHARES BY CHECK OR
THROUGH ACH, YOU MAY NOT BE ABLE TO EXCHANGE YOUR SHARES UNTIL YOUR CHECK HAS
CLEARED (WHICH MAY TAKE UP TO 15 DAYS FROM THE DATE OF PURCHASE). THIS EXCHANGE
PRIVILEGE MAY BE CHANGED OR CANCELED AT ANY TIME UPON 60 DAYS' NOTICE.
EXCHANGES
When you exchange shares, you are really selling your shares and buying other
Fund shares. So, your sale price and purchase price will be based on the NAV
next calculated after we receive your exchange request.
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DISTRIBUTION OF FUND SHARES
SEI Investments Distribution Co. (SIDCO) is the distributor of the Funds. SIDCO
receives no compensation for distributing the Fund's shares.
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DIVIDENDS, DISTRIBUTIONS AND TAXES
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DIVIDENDS AND DISTRIBUTIONS
The Fund distributes its investment income quarterly as a dividend to
shareholders. The Fund makes distributions of capital gains, if any, at least
annually.
You will receive dividends and distributions in the form of additional Fund
shares unless you elect to receive payment in cash. To elect cash payment, you
must notify us in writing prior to the date of the distribution. Your election
will be effective for dividends and distributions paid after the Fund receives
your written notice. To cancel your election, simply send us written notice.
THE "RECORD DATE"
If you own Fund shares on a Fund's record date, you will be entitled to receive
the distribution.
TAXES
PLEASE CONSULT YOUR TAX ADVISOR REGARDING YOUR SPECIFIC QUESTIONS ABOUT FEDERAL,
STATE AND LOCAL INCOME TAXES. Below we have summarized some important tax issues
that affect the Fund and its shareholders. This summary is based on current tax
laws, which may change.
The Fund will distribute substantially all of its investment income and capital
gains, if any. The dividends and distributions you receive may be subject to
federal, state and local taxation, depending upon your tax situation. Capital
gains distributions may be taxable at different rates depending on the length of
time a Fund holds its portfolio securities. EACH SALE OR EXCHANGE OF FUND SHARES
IS A TAXABLE EVENT.
FUND DISTRIBUTIONS
Distributions you receive from a Fund may be taxable whether or not you reinvest
them.
MORE INFORMATION ABOUT TAXES IS IN THE SAI.
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TIP FUNDS
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INVESTMENT ADVISER
TURNER INVESTMENT PARTNERS, INC.
1235 WESTLAKES DRIVE
SUITE 350
BERWYN, PA 19312
DISTRIBUTOR
SEI INVESTMENTS DISTRIBUTION CO.
LEGAL COUNSEL
MORGAN, LEWIS & BOCKIUS LLP
More information about the TIP Funds is available without charge through the
following:
STATEMENT OF ADDITIONAL INFORMATION (SAI)
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The SAI dated January 31, 1999, includes more detailed information about TIP
Funds. The SAI is on file with the SEC and is incorporated by reference into
this prospectus. This means that the SAI, for legal purposes, is a part of this
prospectus.
ANNUAL AND SEMI-ANNUAL REPORTS
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These reports list the Fund's holdings and contain information from the Fund's
managers about fund strategies and recent market conditions and trends. The
reports also contain detailed financial information about the Fund.
TO OBTAIN MORE INFORMATION:
BY TELEPHONE: Call 1-800-224-6312.
BY MAIL: Write to the TIP Funds at:
P.O. Box 419805
Kansas City, MO 64141-6805
BY INTERNET: http://www.turner-invest.com
FROM THE SEC: You can also obtain the SAI or the Annual or Semi-Annual Reports,
as well as other information about TIP Funds, from the SEC's website
("http://www.sec.gov"). You may review and copy documents at the SEC Public
Reference Room in Washington, DC (for information call 1-800-SEC-0330). You may
request documents by mail from the SEC, upon payment of a duplicating fee, by
writing to: Securities and Exchange Commission, Public Reference Section,
Washington, DC 20549-6009.
The Fund's Investment Company Act registration number is 811-07527.
