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Fund Information
Large Cap Growth Equity Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The Large Cap Growth Fund seeks to provide capital appreciation by investing in large U.S. corporations and U.S. dollar denominated American Depository Receipts of large foreign corporations with the potential for growth.

Investment Philosophy and Principal Strategy

We purchase a diversified portfolio, at least 80% of which consists of equity securities of large U.S. corporations and U.S. dollar denominated American Depository Receipts of large foreign corporations. Large corporations are considered to be companies with market capitalizations at the time of purchase in the range of those market capitalizations of companies included in the S&P 500/BARRA Growth Index. We look for companies possessing superior management, strong market position, consistent records of increased earnings, and a strong operating and financial position. Although the Large Cap Growth Fund is not an index fund, we seek to manage the portfolio’s overall risk characteristics to be similar to those of the S&P 500/BARRA Growth Index.

Investor Profile

This fund is designed for investors who can assume the risks and volatility involved with investing in large capitalization growth stocks and foreign stocks.

Trading Symbol

CLEAX

Inception Date

January 14, 2000

Composition as of 7/31/2010
Equities 96.5%
Cash Equivalents 3.5%


Sector Diversification as of 7/31/2010
Industrial Machinery and Equipment 13.4%
Business Services 12.2%
Chemicals and Allied Products 11.8%
Electronic and Other Electric Equipment 7.1%
Oil and Gas Extraction 6.7%
Instruments and Related Products 5.5%
Primary Metal Industries 4.4%
Security, Commodity Brokers & Services 4.1%
Petroleum and Coal Products 3.6%
Communications 3.6%
Other 27.5%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
MICROSOFT CORP 4.5%
APPLE INC 4.4%
INTL BUSINESS MACHINES CO 3.7%
ORACLE CORP 2.9%
EXXON MOBIL COR 2.7%
AT&T INC 2.0%
COLGATE PALMOLIVE CO 2.0%
QUALCOMM 2.0%
PROCTER & GAMBLE CO 1.9%
SCHLUMBERGER 1.9%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$6.87

Total Net Assets
$8,454,463

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
-3.71% -8.17% 2.81% -6.18% -1.01% -3.33%
 
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
1.26%

Gross Expense Ratio
1.26%

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.

Otis “Tres” Heald and Joseph Querriera serve as portfolio managers for the Fund.

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.

Joseph Querriera serves as Vice President and Senior Portfolio Manager for City National Asset Management, the investment management division at City National Bank. In this capacity, he is responsible for account management of high-net-worth individual and trust portfolios. In addition, he serves as an equity analyst with a focus on the non-bank financial sector and as co-manager of the CNI Charter Large Cap Growth Equity Fund.

Mr. Querriera has over 10 years of experience in investment analysis and portfolio management. Prior to joining City National, he served as second vice president and portfolio manager at Northern Trust where he established his expertise in managing accounts for high-net-worth individuals and institutions..


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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