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Full Maturity Fixed Income Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The Full Maturity Fixed Income Fund seeks to provide a high level of current income, consistent with the preservation of capital.

Investment Philosophy and Principal Strategy

The Full Maturity Fixed Income Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities either issued or guaranteed by the U.S. Government or its agencies or instrumentalities, money market instruments and non-convertible fixed income securities (i.e., bonds which cannot be converted into stock) of U.S. companies and U.S. dollar-denominated debt obligations issued by foreign governments and corporations. The Full Maturity Fixed Income Fund invests in securities having one of the three highest ratings of either Moody's or S&P. The Fund may also invest up to 20% of its total assets in securities with a minimum credit rating from Moody's or S&P of Baa or BBB, respectively, or which, if unrated, are determined by our sub-advisors to be of comparable quality.

Investor Profile

The fund is designed for investors who seek capital appreciation and who wish to maintain a high degree of liquidity consistent with a relatively medium investment horizon.

Trading Symbol

AHAFX

Inception Date

October 20, 1988

Composition as of 7/31/2010
Fixed Income 96.0%
Cash Equivalents 3.1%
Equities 0.8%
Unknown 0.1%


Sector Diversification as of 7/31/2010
Corporate Bonds 49.2%
FNMA 15.6%
U.S. Treasury Instruments 11.9%
Asset Backed Securities 6.8%
FHLMC 6.8%
Unknown 3.5%
U.S. Agency Bonds 3.1%
Corporate CMO 2.1%
Private Placement 0.6%
Interest Income - Foreign Bonds 0.4%
Other 0.0%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
U.S. TREASURY BOND 4.9%
FNMA 4.625% 2.3%
U.S. TREASURY BOND 2.2%
FNMA 4.375% 2.1%
FNMA 5.00% 02/01/2036 2.1%
FNCL POOL # 745418 5.5% 2.0%
FED HOME LOAN BK BD 1.9%
U.S. TREASURY NOTE 4.75% 1.9%
FHLMC 2.50% 1/7/2014 1.8%
FNMA POOL #995865 4.50% 1.5%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$10.90

Total Net Assets
$3,216,103

Average Weighted Maturity
5.2 years

Duration
4.16

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
3.71% 7.65% 9.03% 6.56% 4.97% 6.51%
 
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.

Baird Advisors ("Baird") serves as sub-advisor to a portion of the Full Maturity Fixed Income Fund. Baird Advisors is an institutional fixed income department within Robert W. Baird & Co., Inc. Baird provides management services to pension plans, non-profit organizations and individuals. Baird invests in high quality, intermediate to longer term securities while matching the duration of the aggregate index, with diversification across bond market sectors such as governments, agencies, corporates and mortgages. The portfolio managers for Baird are Mary Ellen Stanek, CFA (Managing Director & CIO), Daniel A. Tranchita, CFA (Sr. Vice President, Sr. Portfolio Manager) and Gary Elfe (Managing Director, Sr. Portfolio Manager).

Boyd Watterson Asset Management ("Boyd") serves as a sub-advisor to a portion of the Full Maturity Fixed Income Fund. Boyd actively moves average portfolio target duration by /-20% around the intermediate maturity time horizon by forecasting interest rate movements, weightings among bond sectors including up to 15% weighting in US dollar denominated foreign securities and their expertise in utility and U.S. corporate research to seek returns outside the core marketplace. The portfolio is managed by James R. Shirak, CFA (Executive Vice President, Lead Fixed Strategist), David Dirk, CFA (Senior Vice President) and William A. Spetrino, Jr. (Executive Vice President).




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.

Bond and bond funds are subject to interest rate risk and will decline in value as interest rates rise.

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