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Fund Information
Large Cap Value Equity Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The Large Cap Value Fund seeks to provide capital appreciation and moderate income consistent with current returns available in the marketplace by investing in large U.S. corporations and U.S. dollar denominated American Depository Receipts of large foreign corporations which are undervalued.

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 Value Index. We look for companies whose market valuations compare favorably relative to similar companies. We monitor the holdings in the Large Cap Value Fund in order to capitalize as favorably as possible on the shifting investment environment. Although the Large Cap Value 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 Value Index.

Investor Profile

This fund is designed for investors who can assume the risks and volatility involved with investing in large capitalization value stocks and U.S. dollar denominated American Depository Receipts of large foreign corporations.

Trading Symbol

CVEAX

Inception Date

January 14, 2000

Composition as of 7/31/2010
Equities 94.9%
Cash Equivalents 5.1%


Sector Diversification as of 7/31/2010
Depository Institutions 12.1%
Insurance Carriers 9.3%
Chemicals and Allied Products 9.2%
Electric, Gas, and Sanitary Services 7.1%
Communications 6.1%
Electronic and Other Electric Equipment 4.9%
Oil and Gas Extraction 4.5%
Petroleum and Coal Products 4.2%
Food and Kindred Products 3.9%
Industrial Machinery and Equipment 3.7%
Other 35.3%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
JP MORGAN CHASE & CO. 3.3%
CHEVRON CORP 2.9%
WELLS FARGO CO 2.6%
EXXON MOBIL COR 2.4%
BANK OF AMERICA CORP. 2.2%
PROCTER & GAMBLE CO 2.1%
AT&T INC 2.0%
WAL-MART STORES 1.9%
CONOCOPHILLIPS 1.7%
VERIZON COMMUNICATIONS 1.7%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$7.17

Total Net Assets
$9,456,678

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
-3.25% -4.58% 2.38% -10.56% -1.50% 0.49%
 
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.

Steven Decker and Max Sasso serve as portfolio managers for the Fund.

Steven Decker 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 is responsible for managing high-net-worth individual and trust portfolios. He also serves as co-manager of the CNI Charter Large Cap Value Equity Fund.

Mr. Decker has nearly 15 years of experience in portfolio management and equity analysis. Prior to joining City National, Mr. Decker was founding partner and portfolio manager/analyst at Palladian Capital.

Max Sasso 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 the management of employee benefit plans, foundations, and individual client portfolios. Mr. Sasso specializes in the research, analysis, and selection of securities for the firm’s domestic equity strategies, with a primary focus on companies in the industrial and consumer discretionary sectors. He is also co-manager for the CNI Charter Large Cap Value Fund.

Mr. Sasso has nearly 15 years of experience in the investment management industry, with most of his time spent in the field of equity research, analysis and portfolio management. He joined the City National Asset Management team in 1997. During his tenure, he served as an Equity Analyst and Assistant Portfolio Manager and quickly worked his way up to become Senior Portfolio Manager.


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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