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Fund Information
High Yield Bond Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The High Yield Bond Fund seeks maximize total return by investing primarily in fixed income securities rated below investment grade.

Investment Philosophy and Principal Strategy

We purchase a diversified portfolio, at least 80% of which consists of fixed income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities, and zero coupon obligations. We seek to invest in securities that offer a high current yield as well as total return potential. The average maturity of the High Yield Bond Fund’s investments will vary.

Investor Profile

This fund is designed for investors who seek a high level of current income along with capital appreciation.

Trading Symbol

CHBAX

Inception Date

January 14, 2000

Composition as of 7/31/2010
Fixed Income 97.2%
Equities 1.7%
Unknown 1.0%


Sector Diversification as of 7/31/2010
Private Placement 52.3%
Corporate Bonds 48.1%
Unknown 1.1%
Convertible Bonds 0.1%
Electronic and Other Electric Equipment 0.0%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
IRONSHORE HLDGS 144A 1.5%
RIVER ROCK ENTERTAINMENT 1.4%
SPECTRUM BRANDS 6/15/18 1.4%
TELECORDIA 5/1/18 1.3%
NUVEEN INVESTMENT 1.3%
GXS WORLDWIDE INC 144A 1.2%
CPG INT INC 7/1/13 1.2%
INTCOMX INC 144A 1.2%
ASPECT SOFTWARE 144A 1.1%
BIOSCRIP 144A 1.1%
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
$23,029,146

Average Weighted Maturity
5.4 years

Duration
4.09

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
4.36% 9.76% 23.26% 6.50% 6.00% 6.73%
 
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.

Bond and bond funds will decrease in value as interest rates rise.

High yield bonds involve greater risks of default or downgrade and are more volatile to investment grade securities, due to the speculative nature of their investments.

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TOTAL ANNUAL FUND OPERATING EXPENSES

Net Expense Ratio
1.30%

Gross Expense Ratio
1.40%

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.

The High Yield Bond Fund is managed by Richard J. Lindquist, CFA, a Managing Director and the head of the high yield management team at Guggeheim Investment Managment. The high yield management team, including Mr. Lindquist, joined Guggenheim on April 15, 2009. Mr. Lindquist was previously a Managing Director and the head of the high yield management team at Credit Suisse Asset Management, LLC ("CSAM"). He joined CSAM in 1995 as a result of the acquisition of CS First Boston Investment Management, where he had been since 1989. Previously, he managed high yield portfolios at Prudential Insurance Company of America and a high yield mutual fund at T. Rowe Price Associates. Mr. Lindquist holds a BS in Finance from Boston College and an MBA in Finance from the University of Chicago Graduate School of Business.


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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