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Fund Information
Government Bond Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The Government Bond Fund seeks to provide current income by investing primarily in U.S. Government securities.

Investment Philosophy and Principal Strategy

We purchase a diversified portfolio, at least 80% of which consists of U.S. corporations and U.S. Government securities either issued or guaranteed by the U.S. Government or its agencies or instrumentalities. We may also purchase mortgage backed and asset backed instruments issued by the U.S. Government or a government sponsored agency 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

CGBAX

Inception Date

January 14, 2000

Composition as of 7/31/2010
Fixed Income 99.5%
Cash Equivalents 0.5%


Sector Diversification as of 7/31/2010
FHLMC 30.2%
FNMA 29.6%
Unknown 22.5%
U.S. Agency Bonds 16.7%
GNMA 0.5%
Repurchase Agreements 0.4%
STIF Treasury/Government 0.1%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
FHLB 4.805% 08/20/2015 7.8%
AID-ISRAEL 0% 05/15/2020 7.0%
FNMA STEP CPN 6/10/15 6.5%
FHRR R009 AJ 5.75% 6.4%
FNMA 3.0% 7/28/2014 6.0%
FNMA 2.9% 4/7/2014 5.9%
FHRR RO11 AB 5.8%
FANNIE MAE 4.625% 4.9%
FHLB 3.25% 09/12/2014 4.8%
FHRR R1010 AB 5.50% 3.8%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$10.70

Total Net Assets
$3,188,361

Average Weighted Maturity
3.5 years

Duration
3.28

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
1.43% 3.47% 3.61% 4.36% 3.89% 4.53%
 
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
0.95%

Gross Expense Ratio
1.02%

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.

Paul Single and Robert Harder serve as portfolio managers for the Fund.

Paul Single serves as Senior Vice President and Director - Fixed Income Investments for City National Asset Management, the investment management division of City National Bank. In this capacity, he utilizes his wide range of asset management experience, including money market, short duration, intermediate and core accounts with a focus on a variety of sectors including government, investment-grade corporate debt, and mortgage- and asset-backed securities. Mr. Single serves as co-manager of the CNI Charter Government Bond and Limited Maturity Fixed Income Funds.

Mr. Single has more than twenty-five years of experience in investment, trading and distribution of institutional money management. Prior to joining City National, he served as vice president and principal of the investment management group at Wells Fargo Bank/Wells Fargo Capital Management, which managed over $75 billion in assets. In this capacity, Mr. Single specialized in the management of investment grade fixed income portfolios, with a particular emphasis on mortgages and structured products.

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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