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Fund Information
Opportunistic Value Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The Opportunistic Value Fund seeks to achieve long-term capital appreciation by investing in a diversified portfolio of equity securities which are undervalued.

Investment Philosophy and Principal Strategy

We use a bottom up investment process to invest primarily in a diversified portfolio of 40-60 common and preferred equity securities of largecap and mid-cap U.S. corporations, diversified by industry sector to control overall portfolio risk, that are currently undervalued in the opinion of the Fund’s sub-advisor. In selecting investments, the sub-advisor evaluates the ratio of relative market capitalization to revenues (“RMCR”) of each company it considers for investment, in relation to the ratios for an index of 1,000 companies created by the sub-adviser and that company’s history. The Fund typically holds investment for one to five years.

Investor Profile

This fund is designed for investors who can assume the risks and volatility involved with investing in medium to large capitalization stocks that the fund’s sub-advisor believes are undervalued.

Trading Symbol

OPVNX

Inception Date

June 25, 2008

Composition as of 3/31/2010
Equities 100.0%


Sector Diversification as of 3/31/2010
Industrial Machinery and Equipment 10.8%
Depository Institutions 10.7%
Oil and Gas Extraction 10.5%
Insurance Carriers 9.2%
Instruments and Related Products 7.1%
Business Services 5.8%
Electronic and Other Electric Equipment 5.2%
Miscellaneous Manufacturing Industries 5.2%
Engineering & Management Services 5.0%
Food and Kindred Products 4.5%
Other 39.8%


Top Holdings as of 3/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
US BANCORP 4.1%
TYCO INTERNATIONAL LTD 3.5%
BROOKFIELD ASSET MGMT 3.1%
UNUMPROVIDENT CORP 3.0%
BB&T CORPORATION 3.0%
SYMANTEC CORP 2.9%
UNIT CORP 2.9%
MYLAN INC/PA 2.9%
QUEST DIAGNOSTIC INC 2.9%
HCC INSURANCE 2.9%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$7.49

Total Net Assets
$99

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
13.23% 10.56% 38.31% -5.18% 3.31% 3.65%
 
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
1.22%

Gross Expense Ratio
1.22%

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.

SKBA Capital Management, LLC (“SKBA”) serves as sub-advisor to the Fund. All SKBA client accounts are managed by an investment strategy team led by Andrew W. Bischel (CEO and Chief Investment Officer). The strategy team for the Fund meets at least weekly to discuss and decide which securities should be added to or sold from the Fund’s portfolio. The members of the strategy team are Andrew W. Bischel, Kenneth J. Kaplan (Chairman), Josh J. Rothe (President and Director of Equity Research), Matthew D. Zuck (Senior Vice President and Director of Corporate Development) and Shelley H. Mann (Senior Vice President and Director of Trading). Each of these individuals has been with SKBA for at least the last five years.


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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