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Fund Information
Multi-Asset Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The Multi Asset Fund seeks to generate a positive total return in excess of inflation in a manner consistent with capital preservation in all market environments.

Investment Philosophy and Principal Strategy

We invest in a diversified portfolio, including but not limited to direct investments in many diversified asset classes and investments in mutual funds and exchange-traded funds ("underlying funds").

The Fund is a "fund of funds," which is a term used to describe mutual funds that pursue their investment objectives by investing all or substantial portions of their assets in other mutual funds or other types of funds. The cost of investing in the Fund will generally be higher than the cost of investing in a mutual fund that invests solely in individual stocks and bonds. By investing in the Fund, an investor will indirectly bear fees and expenses charged by the underlying funds in addition to the Fund's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the Fund's shareholders and may therefore increase the amount of taxes payable by shareholders. The underlying funds in which the Fund may invest include other funds in the CNI Charter Funds family ("affiliated" funds) as well as funds unaffiliated with CNI Charter Funds ("unaffiliated" funds).

The securities and investments selected proportionately reflect the judgment of City National Asset Management, Inc. ("CNAM" or the "Investment Manager") of the potential returns and risks of each asset class. The Investment ManagerCNAM considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence and technical stock market measures. We will purchase and sell portfolio securities based on a variety of valuation factors, including but not limited to expected return, expected risk, yield and price and earnings multiples, as well as analysis of various economic measures and statistics.

Investor Profile

The Fund is designed for investors who can assume the risks and volatility involved with investing in diversified asset classes and investments in mutual funds and exchange-traded funds.

Trading Symbol

CNIAX

Inception Date

October 1, 2007

Composition as of 7/31/2010
Mutual Fund 82.4%
Cash Equivalents 17.6%


Sector Diversification as of 7/31/2010
Mutual Funds 78.7%
Repurchase Agreements 17.0%
Dividend Income 3.7%
STIF Treasury/Government 0.5%


Top Holdings as of 6/30/2008 Percentage of
Portfolio Assets
(Based on Market Value)
SPDR S&P BIOTECH ETF 1.9%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$9.85

Total Net Assets
$21,379,419

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
0.68% -1.00% 4.03% N/A N/A -2.10%
 
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
1.32%

Gross Expense Ratio
1.32%

For more information on fund expenses, click here.


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FUND MANAGEMENT

City National Asset Management, Inc. ("CNAM") provides investment management services to the Equity, Fixed Income and Money Market Funds. CNAM is a wholly owned subsidiary of City National Bank ("CNB"), a federally chartered commercial bank that has provided investment management services to institutions and individuals for over 40 years.

William C. Miller, Jr. and Otis “Tres” Heald serve as portfolio managers for the Fund.

William C. Miller, Jr. is Senior Vice President and Senior Fixed Income Portfolio Manager of CNAM, where he specializes in the research, analysis, and selection of fixed income securities. Mr. Miller has been with CNB and CNAM since 2001 and has over 15 years of investment management experience. From 1998 to 2001, Mr. Miller was Investment Officer with Fiduciary Trust International of California and, from 1995 to 1998, was an Associate with Pacific Investment Management Company. Mr. Miller, a Chartered Financial Analyst, holds a Bachelor's degree with a concentration in Finance from California State University, Fullerton.

Otis “Tres” Heald serves as Senior Vice President and Director - Equity Investments for City National Asset Management, the investment management division of City National Bank. In this capacity, he oversees the management of sophisticated individual and tax-exempt investment portfolios, and serves as an equity analyst with a focus on the healthcare sector. Mr. Heald serves as co-manager of the CNI Charter Large Cap Growth Equity Fund.

Mr. Heald has nearly 20 years of experience in portfolio management, equity analysis and credit analysis. Prior to joining City National, he served as market investment executive and senior vice president for Bank of America Capital Management. Other past positions include portfolio manager and equity analyst for a boutique investment management firm in Seattle, Washington, where he served as the president of their mutual fund company.

Mr. Heald is a CFA (Chartered Financial Analyst) charterholder, and is a member of the Los Angeles Society of Financial Analysts and the Orange County Society of Investment Managers. He holds a master’s degree in business administration from the University of Southern California, and a dual bachelor’s degree in finance and real estate from San Francisco State University.


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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