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Diversified Equity Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The Diversified Equity Fund seeks to provide long-term capital growth. The Fund uses multiple Investment Managers that each use distinct investment styles and research techniques to achieve the Fund’s investment objectives.

Investment Philosophy and Principal Strategy

The Diversified Equity Fund invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks of U.S. companies of large-capitalization U.S. companies (defined by Russell/Mellon, a company that provides portfolio performance services to institutional clients and calculates, distributes and services the Russell indexes, as companies with market capitalizations of greater than $14 billion) that are diversified among various industries and sectors. The Fund may also invest up to 20% of its assets in mid-capitalization companies (as defined by Russell/Mellon, companies with capitalizations of $1.8 billion to $14 billion).

Investor Profile

The fund is designed for investors who can assume the risks and volatility involved with investing in large and mid capitalization stocks.

Trading Symbol

AHADX

Inception Date

October 20, 1988

Composition as of 7/31/2010
Equities 97.9%
Cash Equivalents 2.1%


Sector Diversification as of 7/31/2010
Industrial Machinery and Equipment 12.2%
Oil and Gas Extraction 7.2%
Depository Institutions 7.2%
Electronic and Other Electric Equipment 6.7%
Business Services 6.5%
Chemicals and Allied Products 5.9%
Food and Kindred Products 5.7%
Instruments and Related Products 4.5%
Communications 3.6%
Insurance Carriers 3.4%
Other 37.3%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
APPLE INC 2.2%
PEPSICO INC 2.1%
CISCO SYSTEMS INC 1.9%
AMERICAN EXPRESS 1.4%
JP MORGAN CHASE & CO. 1.4%
INTL BUSINESS MACHINES CO 1.3%
CONOCOPHILLIPS 1.3%
US BANCORP 1.2%
OCCIDENTAL PETROLEUM CORP 1.1%
PRUDENTIAL FINANCIAL INC 1.1%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$10.93

Total Net Assets
$6,151,326

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
-5.64% -7.90% 1.58% -10.47% -2.96% 8.37%
 
Disclosure

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please click here or call 1-888-889-0799.

*If the fund is less than 1 year old, cumulative return since inception is shown; if the fund is less than 10 years old, annualized return since inception is shown.

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TOTAL ANNUAL FUND OPERATING EXPENSES

Net Expense Ratio
N/A

Gross Expense Ratio
N/A

For more information on fund expenses, click here.


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FUND MANAGEMENT

CCM Advisors ("CCMA") provides the Fund with investment management services. CCMA’s address is 190 South LaSalle, Suite 2800, Chicago, Illinois 60603.

CCMA is wholly-owned by Convergent Capital Management, LLC (“CCM”), which in turn is majority-owned by City National Corporation. CCM is a holding company that owns and maintains ownership interests (including majority ownership interests) in asset management firms. CCM does not provide investment advisory or related services to its affiliates, each of which operates independently of CCM, or to any clients of its affiliates.

CCMA is responsible for the evaluation, selection and monitoring of each of the Fund’s sub-advisor(s). CCMA selects sub-advisors based on a variety of factors, including investment style, performance record and the characteristic of each sub-advisor’s typical investments. The assets of each multi-manager Fund are divided into segments and CCMA is responsible for allocating the assets among the sub-advisors in accordance with their specific investment styles.

AMBS Investment Counsel ("AMBS") serves as a sub-advisor to a portion of the Diversified Equity Fund. AMBS seeks opportunities for excess return in the Russell 1000 Value index plus stocks equivalent to, but found outside, the core marketplace. They follow a traditional fundamental large cap value approach with emphasis on dividends and hands on research and contacts. The portfolio is managed by Barbara J. DeMoor, CFA (Chief Executive Officer), Wayne A. Titche (Chief Investment Officer) and Allan J. Meyers, CFA (Senior Vice President & Portfolio Manager).

City National Asset Management, Inc. ("CNAM") serves as a sub-advisor to a portion of the Diversified Equity Fund. CNAM’s equity management is an objective process that combines thorough quantitative analysis with market acumen. Together, the investment managers and support teams monitor the domestic and international economies, conduct valuation analyses and gauge market sentiment to arrive at an overall market outlook. The market outlook guides strategy and helps define such issues as the inclination toward growth versus value stock strategy and the most attractive investment sectors.

SKBA Capital Management LLC ("SKBA") serves as a sub-advisor to a portion of the Diversified Equity Fund. SKBA seeks opportunities in both the large and middlecapitalization areas of the stock market while following a value-oriented style. The SKBA portion of the Fund is managed by Andrew W. Bischel, CFA (Chief Executive Officer & Chief Investment Officer), Kenneth J. Kaplan, CFA (Chairman), Joshua J. Rothe' (President, Director of Research) and Matthew D. Zuck, CFA (Senior Vice President, Director of Corporate Development).

Turner Investment Partners ("Turner") serves as a sub-advisor to a portion of the Diversified Equity Fund. Turner invests in growth equity securities for the portfolio. Their focus is on large cap securities, but the firm will also invest in mid cap companies. The portfolio is managed by Robert E. Turner (Chairman & Chief Investment Officer), Mark D. Turner (Vice Chairman & Senior Portfolio Manager), Robb J. Parlanti (Senior Portfolio Manager/Security Analyst) and Halie W. O'Shea (Portfolio Manager & Security Analyst).




Disclosure

To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund's prospectus which may be obtained by clicking here or by calling 1-888-889-0799. Please read the prospectus carefully before investing.

Mutual Funds involve risk, including possible loss of principal. CNI Charter Funds are distributed by SEI Investments Distribution Co., Oaks, PA 19456, which is not affiliated with CNAM or CCMA and is not a bank.

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