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Socially Responsible Equity Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The Socially Responsible Equity Fund seeks to provide long-term capital growth. The Fund does not invest in an issuer that derives more than 5% of its total revenue from tobacco, alcohol, gambling, abortion or weaponry (whether sold to consumers or the military), or that is involved in nuclear power.

Investment Philosophy and Principal Strategy

The Socially Responsible Equity Fund invests at least 80% of its net assets in common stocks of U.S. issuers that meet certain socially responsible criteria. The Socially Responsible Equity Fund may invest up to 50% of its assets in securities of mid-cap companies (defined by Standard & Poor's, a company that provides financial market data to institutional clients and calculates, distributes and services the S&P indexes, as companies with market capitalizations of greater than $750 million and less than $3.3 billion at the time of purchase).

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

AHRAX

Inception Date

January 3, 2005

Composition as of 7/31/2010
Equities 96.3%
Cash Equivalents 3.7%


Sector Diversification as of 7/31/2010
Oil and Gas Extraction 10.3%
Chemicals and Allied Products 8.9%
Depository Institutions 8.5%
Electronic and Other Electric Equipment 8.0%
Holding and Other Investment Offices 6.6%
Industrial Machinery and Equipment 6.4%
Business Services 6.2%
Insurance Carriers 4.9%
Electric, Gas, and Sanitary Services 4.8%
Wholesale Trade - Nondurable Goods 4.5%
Other 31.0%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
BROOKFIELD ASSET MGMT 3.4%
EXTERRAN HOLDINGS INC 3.2%
BERKSHIRE HATHAWAY - CL B 3.2%
PATTERSON ENERG 3.1%
EMERSON ELECTRIC CO 3.1%
CONOCOPHILLIPS 3.0%
ENCANA CORP 2.9%
CHUBB CORP 2.9%
SPECTRA ENERGY CORP 2.8%
UNIT CORP 2.7%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$8.18

Total Net Assets
$2,145,982

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
-3.84% -3.24% 4.69% -8.93% -1.99% -1.29%
 
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.

SKBA Capital Management, LLC (“SKBA”) serves as sub-advisor to the Socially Responsible Equity Fund. SKBA is located at 44 Montgomery Street, San Francisco, California 94104, and is indirectly majority owned by CCM. SKBA provides investment advisory services to a variety of clients.

All SKBA client accounts are managed by an investment strategy team led by Andrew W. Bischel (Chief Executive Officer and Chief Investment Officer). The members of the strategy team are Mr. Bischel, Kenneth J. Kaplan (Chairman), Josh J. Rothe (President, Director of Research), and Matthew D. Zuck (Senior Vice President, Director of Corporate Development).


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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