TIP FUNDS
TURNER TOP 20 FUND
TURNER TECHNOLOGY FUND
TURNER B2B E-COMMERCE FUND
TURNER WIRELESS & COMMUNICATIONS FUND
TURNER GLOBAL TOP 40 FUND
SUPPLEMENT DATED OCTOBER 12, 2000
TO THE PROSPECTUS DATED JUNE 30, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.
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The following disclosure replaces the "Fund Fees and Expenses" table for
the Turner Top 20 Fund on page 9 of the prospectus:
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
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CLASS I SHARES
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Investment Advisory Fees 1.10%*
Distribution (12b-1) Fees None
Other Expenses 1.45%
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TOTAL ANNUAL FUND OPERATING EXPENSES 2.55%
Fee waivers and expense reimbursements 1.20%**
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NET TOTAL OPERATING EXPENSES 1.35%
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*The advisory fee is subject to a performance adjustment based on the
Fund's performance relative to the performance of the S&P 500 Index,
and may range from 0.70% to 1.50%, depending on the Fund's
performance. Investment Advisory Fees and Net Total Operating
Expenses reflected in the table above do not include the effect of
any possible adjustment to the Adviser's fee.
**The Fund's Adviser has contractually agreed to reimburse expenses
in order to keep other expenses from exceeding 0.25% until January
31, 2001, and to keep total operating expenses from exceeding 1.85%
in the subsequent year. The Adviser has an arrangement with certain
broker-dealers who have agreed to pay certain Fund expenses in return
for the direction to them of a portion of the Fund's brokerage
transactions. It is anticipated that the Fund's expenses will
continue to be reduced as a result of these arrangements, thereby
reducing the amount of expenses, if any, that must be reimbursed by
the Adviser to maintain the expense ceilings discussed above.
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The following disclosure replaces the "Fund Fees and Expenses" table for the
Turner Technology Fund on page 11 of the prospectus:
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
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CLASS I SHARES
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Investment Advisory Fees 1.10%*
Distribution (12b-1) Fees None
Other Expenses 1.45%
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TOTAL ANNUAL FUND OPERATING EXPENSES 2.55%
Expense reimbursements 1.20%**
---------------------------------------------------- --------------
NET TOTAL OPERATING EXPENSES 1.35%
---------------------------------------------------- --------------
*The advisory fee is subject to a performance adjustment based on the
Fund's performance relative to the performance of the Pacific Stock
Exchange Technology Index, and may range from 0.70% to 1.50%, depending
on the Fund's performance. Investment Advisory Fees and Net Total
Operating Expenses reflected in the table above do not include the
effect of any possible adjustment to the Adviser's fee.
**The Fund's Adviser has contractually agreed to reimburse expenses in
order to keep other expenses from exceeding 0.25% until January 31,
2001, and to keep total operating expenses from exceeding 1.85% in the
subsequent year. The Adviser has an arrangement with certain
broker-dealers who have agreed to pay certain Fund expenses in return
for the direction to them of a portion of the Fund's brokerage
transactions. It is anticipated that the Fund's expenses will continue
to be reduced as a result of these arrangements, thereby reducing the
amount of expenses, if any, that must be reimbursed by the Adviser to
maintain the expense ceilings discussed above.
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<PAGE>
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The following disclosure replaces the "Fund Fees and Expenses" table for the
Turner B2B E-Commerce Fund on page 13 of the prospectus:
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
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CLASS I SHARES
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Investment Advisory Fees 1.10%*
Distribution (12b-1) Fees None
Other Expenses 0.50%**
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TOTAL ANNUAL FUND OPERATING EXPENSES 1.60%
Expense reimbursements 0.25%
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NET TOTAL OPERATING EXPENSES 1.35%***
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* The advisory fee is subject to a performance adjustment based on the
Fund's performance relative to the performance of the Pacific Stock
Exchange Technology Index, and may range from 0.70% to 1.50%,
depending on the Fund's performance. Investment Advisory Fees and Net
Total Operating Expenses reflected in the table above do not include
the effect of any possible adjustment to the Adviser's fee.
** Other Expenses are estimated for the current year.
***The Fund's Adviser has contractually agreed to reimburse expenses in
order to keep total operating expenses from exceeding 1.35% until
June 30, 2001, and from exceeding 1.85% in the subsequent year. The
Adviser has an arrangement with certain broker-dealers who have
agreed to pay certain Fund expenses in return for the direction to
them of a portion of the Fund's brokerage transactions. It is
anticipated that the Fund's expenses will continue to be reduced as a
result of these arrangements, thereby reducing the amount of
expenses, if any, that must be reimbursed by the Adviser to maintain
the expense ceilings discussed above.
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<PAGE>
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The following disclosure replaces the "Fund Fees and Expenses" table for the
Turner Wireless & Communications Fund on page 15 of the prospectus:
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
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CLASS I SHARES
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Investment Advisory Fees 1.10%*
Distribution (12b-1) Fees None
Other Expenses 0.50%**
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TOTAL ANNUAL FUND OPERATING EXPENSES 1.60%
Expense reimbursements 0.25%
--------------------------------------------------- --------------
NET TOTAL OPERATING EXPENSES 1.35%***
--------------------------------------------------- --------------
* The advisory fee is subject to a performance adjustment based on the
Fund's performance relative to the performance of the Pacific Stock
Exchange Technology Index, and may range from 0.70% to 1.50%,
depending on the Fund's performance. Investment Advisory Fees and Net
Total Operating Expenses reflected in the table above do not include
the effect of any possible adjustment to the Adviser's fee.
** Other Expenses are estimated for the current fiscal year.
***The Fund's Adviser has contractually agreed to reimburse expenses in
order to keep total operating expenses from exceeding 1.35% until
June 30, 2001, and from exceeding 1.85% in the subsequent year. The
Adviser has an arrangement with certain broker-dealers who have
agreed to pay certain Fund expenses in return for the direction to
them of a portion of the Fund's brokerage transactions. It is
anticipated that the Fund's expenses will continue to be reduced as a
result of these arrangements, thereby reducing the amount of
expenses, if any, that must be reimbursed by the Adviser to maintain
the expense ceilings discussed above.
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<PAGE>
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The following disclosure replaces the "Fund Fees and Expenses" table for the
Turner Global Top 40 Fund on page 17 of the prospectus:
ANNUAL FUND OPERATING EXPENSES (EXPENSES DEDUCTED FROM FUND ASSETS)
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CLASS I SHARES
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Investment Advisory Fees 1.10%*
Distribution (12b-1) Fees None
Other Expenses 0.65%**
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TOTAL ANNUAL FUND OPERATING EXPENSES 1.65%
Expense reimbursements 0.25%***
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NET TOTAL OPERATING EXPENSES 1.40%
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* The advisory fee is subject to a performance adjustment based on the
Fund's performance relative to the performance of the Pacific Stock
Exchange Technology Index, and may range from 0.70% to 1.50%,
depending on the Fund's performance. Investment Advisory Fees and Net
Total Operating Expenses reflected in the table above do not include
the effect of any possible adjustment to the Adviser's fee.
** Other Expenses are estimated for the current fiscal year.
***The Fund's Adviser has contractually agreed to reimburse expenses in
order to keep other expenses from exceeding 0.40% until June 30,
2001, and to keep total operating expenses from exceeding 1.90% in
the subsequent year. The Adviser has an arrangement with certain
broker-dealers who have agreed to pay certain Fund expenses in return
for the direction to them of a portion of the Fund's brokerage
transactions., It is anticipated that the Fund's expenses will
continue to be reduced as a result of these arrangements, thereby
reducing the amount of expenses, if any, that must be reimbursed by
the Adviser to maintain the expense ceilings discussed above.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
TUR-B-030-06000
