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Fund Information
Corporate Bond Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The Corporate Bond Fund seeks to provide current income by investing in a diversified portfolio of fixed income securities.

Investment Philosophy and Principal Strategy

We purchase a diversified portfolio of fixed income securities, at least 80% of which consists of investment grade corporate notes, bonds, and debentures that are nationally traded, including U.S. government and agency securities and corporate issues of domestic and international companies denominated in U.S. dollars. We may also purchase mortgage backed and asset backed instruments whose maturity and duration are consistent with an intermediate-term strategy.

Investor Profile

This fund is designed for investors who seek capital appreciation and who wish to maintain a high degree of liquidity consistent with a relatively short investment horizon.

Trading Symbol

CCBAX

Inception Date

January 14, 2000

Composition as of 7/31/2010
Fixed Income 98.0%
Cash Equivalents 2.0%


Sector Diversification as of 7/31/2010
Corporate Bonds 82.8%
Private Placement 9.9%
Municipal Bonds 2.3%
Repurchase Agreements 1.9%
Taxable Municipal Bonds 0.9%
U.S. Treasury Instruments 0.6%
FNMA 0.6%
Foreign Bonds 0.5%
FHLMC 0.5%
STIF Treasury/Government 0.0%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
GMAC LLC 2.2% 12/19/12 4.5%
WACHOVIA BANK NA 4.800% 3.3%
KINGDOM OF DENMARK 3.0%
GE CAPITAL 2.2% 6/8/2012 2.8%
CITIGROUP 2.25% (TLGP) 2.5%
JPMORGAN CHASE 12-26-2012 2.5%
CONOCOPHILLIPS CANADA 2.2%
WFC 3 12/09/11 2.2%
GECC 6.00% 2.2%
MICROSOFT 4.2% 06/01/19 2.1%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$10.87

Total Net Assets
$2,189,297

Average Weighted Maturity
3.9 years

Duration
3.37

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
3.03% 5.07% 6.56% 6.02% 4.76% 5.40%
 
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.

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TOTAL ANNUAL FUND OPERATING EXPENSES

Net Expense Ratio
1.00%

Gross Expense Ratio
1.00%

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 Miller and Robert Harder 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.

Robert Harder serves as Senior Vice President and Senior Portfolio Manager for City National Asset Management, the investment management division of City National Bank. In this capacity, he manages client relationships with an emphasis on fixed income management. He also specializes in the research, analysis, selection and trading of fixed income securities for both CNI Charter Funds and individual fixed income portfolios. Mr. Harder serves as co-manager of the CNI Charter Corporate Bond and Government Bond Funds.

Mr. Harder has nearly 20 years of experience in the field of investment management. Prior to joining City National, he was with Wells Fargo Bank for over ten years, where he served as portfolio manager and relationship manager at Wells Capital Management. While there, he was one of six mutual fund and separate account fixed income managers responsible for a combined portfolio of over $12 billion, in addition to performing risk analysis and in-depth research on both individual fixed income sectors and mutual funds.

Mr. Harder is a Chartered Financial Analyst (CFA) candidate, and is an active member of the Association for Investment Management and Research (AIMR), Los Angeles Venture Association (LAVA) and the Los Angeles Society of Financial Analysts. He holds a bachelor’s degree from the University of California at Los Angeles.


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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