TIP FUNDS
Turner Large Cap Growth Equity Fund
Turner Growth Equity Fund
Turner Midcap Growth Fund
Turner Small Cap Growth Fund
Turner Micro Cap Growth Fund
Supplement dated April 7, 2000
to the Prospectus dated January 31, 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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A Special Meeting of the shareholders of the Turner Large Cap Growth Equity Fund
has been scheduled for May 31, 2000. At the Special Meeting, shareholders will
be asked to vote on a proposed reorganization of the Turner Large Cap Growth
Equity Fund into the Mercury Select Growth Fund. If you are a shareholder of
record as of April 19, 2000 (the "Record Date"), you will be eligible to vote at
the Special Meeting. If you become a shareholder after the Record Date, you will
not be eligible to vote at the Meeting. All shareholders of record as of the
Record Date will receive a proxy statement relating to the proposed
reorganization.
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The following disclosure replaces the first paragraph of the "Closing the Funds
to New Investors" section on page 25 of the Prospectus:
There are limits to the amount an investment adviser can effectively invest
in certain asset classes. Too many advisers try to manage more and more
money regardless of their capacity to find attractive investments. Turner
Investment Partners will not do this. Turner will close a Fund to most new
investors once assets under management reach certain specified levels. For
the Small Cap Growth and Micro Cap Growth Styles, those specified levels
have been reached, and the Small Cap Growth and Micro Cap Growth Funds are
currently closed to new investors. Similarly, Turner's Midcap Growth and
the Growth Equity Styles (which include the assets of each Fund) will be
closed when the assets Turner manages in those styles are within the range
of $5.6 billion and $7.9 billion and $7.8 billion and $11.3 billion,
respectively. When these asset ranges are reached, the Midcap Growth and
Growth Equity Funds will be closed to new investors. Existing shareholders
of the Funds will be notified before any Fund is closed to new investors.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
TUR-D-030-05
