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Limited Maturity Fixed Income Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

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

Investment Philosophy and Principal Strategy

The Limited 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. The Limited Maturity Fixed Income Fund invests in securities having one of the four highest ratings of either Moody's or S&P. The Fund invests at least 80% of its nets assets, plus any borrowings for investment purposes, in fixed income securities with "limited maturity," or duration of less than five years.

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 short investment horizon.

Trading Symbol

AHALX

Inception Date

October 31, 1988

Composition as of 7/31/2010
Fixed Income 92.1%
Cash Equivalents 7.9%


Sector Diversification as of 7/31/2010
Corporate Bonds 41.5%
FNMA 16.6%
U.S. Treasury Instruments 14.9%
FHLMC 10.5%
Repurchase Agreements 7.8%
Unknown 7.6%
Asset Backed Securities 0.7%
Corporate CMO 0.4%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
U.S. TREASURY NOTE 4.25% 8.3%
FEDERAL HOME LOAN BANK 2.7%
FNMA 5.25% 2.6%
FREDDIE MAC 2.6%
FNMA 5.375% 2.6%
FEDERAL HOME LOAN BANK 2.6%
FNMA 6.00% 2.6%
US T-BOND 2.375% 9/30/14 2.6%
CITIGROUP 2.25% (TLGP) 2.5%
FHLMC 2.125% 9/21/2012 2.5%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$11.21

Total Net Assets
$8,443,124

Average Weighted Maturity
2.1 years

Duration
1.98

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
1.46% 2.49% 3.28% 4.60% 4.12% 5.12%
 
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.

City National Asset Management, Inc. ("CNAM"), a wholly owned subsidiary of City National Bank (”CNB”), a federally chartered commercial bank and indirect subsidiary of City National Corporation, serves as sub-advisor to the Limited Maturity Fixed Income Fund. All investment decisions for the Limited Maturity Fund are made by CNAM's Fixed Income Team of investment professionals, all of whom take an active part in the decision-making process.




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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