City National Rochdale Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07923

CNI Charter Funds

(Exact name of registrant as specified in charter)

400 North Roxbury Drive

Beverly Hills, California 90210

 (Address of principal executive offices)

William J. Souza, Esq.

400 North Roxbury Drive

Beverly Hills, California 90210

 (Name and address of agent for service)

Registrant’s telephone number, including area code: 1-888-889-0799

Date of fiscal year end: September 30, 2013

Date of reporting period: March 31, 2013

Item 1. Reports to Stockholders.

This report and the financial statements contained herein are provided for the general information of the shareholders of CNI Charter Funds. This report is not authorized for distribution to prospective investors in CNI Charter Funds unless preceded or accompanied by an effective prospectus. Please remember that past performance is no guarantee of future results.

Shares of CNI Charter Funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency and involve investment risks, including the possible loss of the principal amount invested.

TABLE OF CONTENTS

CNI Charter Funds Semi-Annual Report

2	Letter to Our Shareholders
4	Schedule of Investments
93	Statements of Assets and Liabilities
98	Statements of Operations
104	Statements of Changes in Net Assets
110	Financial Highlights
115	Notes to Financial Statements
128	Disclosure of Fund Expenses
131	Shareholder Voting Results
132	Board Approval of Advisory and Sub-Advisory Agreements

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. The Funds’ Form N-Q filings are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The most current Form N-Q filing is also available on the Funds’ website at www.cnicharterfunds.com and without charge, upon request, by calling 1-888-889-0799.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to the Funds’ portfolio securities, and information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 is available (1) without charge, upon request, by calling 1-888-889-0799, (2) on the Funds’ website at www.cnicharterfunds.com, and (3) on the Securities and Exchange Commission’s website at www.sec.gov.

CNI CHARTER FUNDS | PAGE 1

letter to our shareholders

March 31, 2013 (Unaudited)

Dear Shareholders,

This semi-annual report covers the six-month period ended March 31, 2013. Calendar year 2012 came to a close with domestic equity markets pausing amidst the seemingly schizophrenic “risk on, risk-off” environment that dominated investor behavior throughout the year. Uncertainties surrounding the anticipated fiscal cliff, slowing global growth concerns, and US presidential election jitters stifled the market rally during the fourth quarter, leading to a slight decline in the S&P 500 Index. Nonetheless, a 16% calendar year return supported by improving economic fundamentals and historically low interest rates coaxed many market participants into taking an optimistic view of risk assets heading into 2013.

As concern over a collapse of the Eurozone abated and the Federal Reserve showed no signs of abandoning its accommodative monetary policy, investor attitudes increasingly gravitated towards a “glass half-full” perspective to begin 2013. Renewed confidence in slow but positive movement on the domestic employment front and increasing evidence of a sustainable housing recovery set the stage for a strong showing across equity markets in the first quarter. Corporate earnings have generally continued to show promise, as companies have streamlined cost structures and exploited low borrowing costs to capture a larger share of modest top line growth. Tight credit spreads driven by an ever-present reach for yield, accompanied by the Fed’s unwavering commitment to hold short-term interest rates at extremely low levels for the foreseeable future has finally begun to nudge skeptical investors back into equity markets.

While global growth questions remain and policy risks continue to command ongoing attention, an improving fundamental backdrop is a welcome trend across the investment landscape.

Below is a summary of the asset classes where the CNI Charter Funds are invested for the six months ended March 31, 2013. Please note the inclusion of four newly added funds to the family as a result of our integration with the Rochdale Investment Trust.

MONEY MARKET FUNDS

With short term interest rates steadily hovering near zero, we remain committed to helping our clients preserve positive returns by waving a substantial portion of our fees. The three CNI Charter Money Market Funds all delivered positive absolute performance for the six month period ending with the close of the first quarter. The Fed’s stated policy of maintaining extremely low interest rates until the unemployment rate drops to 6.5% will likely keep yields quite low for at least the next several quarters, as unemployment currently hovers around 7.5%. At this point in time, we anticipate a gradual reduction in the Fed’s aggressive policies to begin sometime in 2014, depending on the pace of economic recovery and progress made towards achieving the unemployment rate target.

BOND FUNDS

Looking across our suite of CNI Charter Fund fixed income offerings, we welcome the addition of two new strategies to expand upon our already-extensive fixed income capabilities. With City National Bank’s recent acquisition of Rochdale Investment Management, we are pleased to be able to provide access to both an opportunistic strategy (CNI Charter Fixed Income Opportunities Fund) that focuses on higher yielding segments of the fixed income markets (such as emerging market bonds), and an intermediate-term, core-oriented strategy (CNI Charter Intermediate Fixed Income Fund) that offers complementary exposure to our existing set of high-quality taxable bond investments by attempting to capture enhanced yields from the lower end of the investment grade spectrum.

Broad US Core fixed income markets were essentially flat for the six month period ending with the close of the first quarter, as represented by the 0.09% return delivered by the Barclays US Aggregate Index. Market participants grew increasingly more comfortable investing in risk assets moving into the new year, and with most (if not all) investment grade debt trading considerably above par, equity markets were the clear beneficiary of this relative value trade. High Yield credit extended its winning streak, with the BofA Merrill Lynch US High Yield Master II Index finishing Q1 with its sixth consecutive quarter of positive performance. This index,

CNI CHARTER FUNDS | PAGE 2

representative of non-investment grade debt, generated a return of 6.17% over the aforementioned six month period.

Fixed income strategies continue to play an important role in broadly diversified investment portfolios. With absolute yields at historically low levels, however, we expect returns on high quality fixed income investments to be relatively modest in coming quarters.

ABSOLUTE RETURN FUND

Our Multi-Asset Fund, designed to deliver positive absolute performance in excess of inflation irrespective of the market environment, generated an attractive return pattern during the trailing six month period, with only one month finishing in the red. We believe this flexible, “go-anywhere” type of strategy should continue to serve investors well going forward, as our ability to invest across a wide range of asset classes within a well-defined, conservative risk framework offers valuable diversification benefits.

EQUITY FUNDS

Equity investors benefited from improving economic conditions and an increased appetite for risk assets as 2013 began. Many of our underlying strategies are currently positioned to take advantage of an anticipated continuation of this trend, as our forward looking view has recently evolved from one of slow growth to moderate expansion.

On that note, we are very excited to offer exposure to two new equity-oriented strategies to add to our existing lineup. A dedicated emerging markets equity fund (CNI Charter Emerging Markets Fund) as well as an income-oriented equity fund (CNI Charter Dividend & Income Fund) are now available for inclusion in client portfolios in addition to our existing Funds.

As we continue to strive to provide access to only the highest quality, top-tier investment strategies, our focus on maximizing risk-adjusted returns over a long-term time horizon remains paramount.

We thank you for your trust and confidence in our abilities to continue to serve you well through your investment in the CNI Charter Funds. We remain as committed as ever to protecting and growing your capital in a thoughtful, responsible way as we seek to carefully navigate through an ever-changing investment landscape.

Sincerely,

Bruce Simon

Chief Investment Officer

City National Asset Management, Inc.

and City National Rochdale

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the money market funds.

CNI Charter Funds do not generally accept investments by non-U.S. persons and may not be available in all states.

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

CNI CHARTER FUNDS | PAGE 3

schedule of investments

March 31, 2013 (Unaudited)

Government Money Market Fund

Description	Face Amount (000)			Value (000)
U.S. Government Agency Obligations [67.6%]
FAMC DN(A)
0.220%, 04/01/13		$	12,927	$	12,927
0.060%, 04/11/13			5,000		5,000
0.090%, 04/17/13			15,000		14,999
0.180%, 04/23/13			10,000		9,999
0.090%, 04/25/13			7,000		7,000
0.070%, 05/01/13			6,000		6,000
0.203%, 05/10/13			70,000		69,985
0.120%, 05/23/13			14,597		14,594
0.130%, 05/31/13			10,000		9,998
0.140%, 06/03/13			19,018		19,013
0.190%, 06/10/13			25,000		24,991
0.185%, 06/21/13			40,000		39,983
0.125%, 08/01/13			20,844		20,835
0.162%, 08/06/13			34,000		33,981
0.160%, 11/25/13			10,945		10,933
FFCB(B)
0.230%, 04/01/13			25,000		24,998
0.210%, 04/01/13			5,000		5,000
0.160%, 04/01/13			24,150		24,150
0.246%, 04/02/13			31,690		31,692
0.196%, 04/02/13			43,750		43,750
0.186%, 04/02/13			25,000		24,998
0.156%, 04/02/13			25,000		25,000
0.236%, 04/04/13			20,000		20,000
0.167%, 04/11/13			20,000		20,000
0.210%, 05/06/13			50,000		49,998
0.097%, 08/10/13			22,075		22,087
FFCB DN
0.150%, 06/26/13(A)			5,000		4,998
FHLB
0.230%, 04/01/13(B)			20,000		19,999
0.210%, 04/01/13(B)			25,000		24,996
0.200%, 04/01/13(B)			15,000		14,998
0.170%, 04/01/13(B)			70,000		69,999
0.160%, 04/01/13(B)			20,000		20,000
0.150%, 04/01/13(B)			70,000		70,002
0.055%, 04/09/13(B)			15,000		15,000

Description	Face Amount (000)			Value (000)
0.240%, 04/16/13		$	10,000	$	10,000
0.160%, 04/17/13			10,000		10,000
0.162%, 04/23/13(B)			30,000		30,000
0.230%, 04/29/13			18,715		18,716
0.230%, 05/02/13			9,500		9,501
0.150%, 05/15/13(B)			40,000		40,000
0.230%, 05/17/13			30,000		30,004
3.625%, 05/29/13			21,565		21,683
0.100%, 06/12/13(B)			20,000		20,000
1.625%, 06/14/13			26,125		26,201
1.875%, 06/21/13			5,000		5,019
0.280%, 07/26/13			5,700		5,703
0.140%, 08/28/13			25,000		24,998
0.140%, 09/05/13			25,000		24,998
4.000%, 09/06/13			6,515		6,621
4.500%, 09/16/13			12,510		12,756
3.625%, 10/18/13			20,000		20,374
FHLB DN(A)
0.092%, 04/03/13			133,300		133,299
0.010%, 04/10/13			90,000		90,000
0.085%, 04/12/13			30,000		29,999
0.165%, 04/17/13			30,000		29,998
0.081%, 05/03/13			37,200		37,197
0.090%, 05/10/13			50,000		49,995
0.114%, 05/15/13			30,000		29,996
0.120%, 06/12/13			12,800		12,797
0.121%, 06/19/13			41,370		41,359
0.120%, 07/26/13			15,000		14,994
FHLMC
1.720%, 04/11/13			5,000		5,002
0.800%, 04/19/13			10,000		10,004
4.125%, 09/27/13			11,808		12,033
FHLMC DN(A)
0.070%, 04/03/13			29,000		29,000
0.100%, 04/17/13			10,000		9,999
0.095%, 04/18/13			93,500		93,496
0.150%, 04/22/13			5,900		5,899
0.080%, 05/20/13			30,000		29,997
FNMA
3.875%, 07/12/13			31,414		31,731
0.500%, 08/09/13			6,500		6,507
1.000%, 09/23/13			5,000		5,019
1.125%, 10/08/13			15,493		15,565
FNMA DN(A)
0.065%, 04/01/13			10,000		10,000
0.100%, 04/17/13			25,000		24,999
0.120%, 05/01/13			34,445		34,442
0.085%, 05/08/13			30,000		29,998
0.100%, 06/18/13			40,000		39,991
0.123%, 07/03/13			30,555		30,545
0.150%, 08/14/13			28,567		28,551
0.150%, 08/21/13			25,000		24,985

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 4

schedule of investments

March 31, 2013 (Unaudited)

Government Money Market Fund (continued)

Description	Face Amount (000)			Value (000)
Private Export Funding
3.550%, 04/15/13		$	8,832	$	8,844
Total U.S. Government Agency Obligations (Cost $2,104,718)					2,104,718
U.S. Government Related Securities [10.4%]
Straight-A Funding
0.190%, 04/01/13			15,000		15,000
0.190%, 04/01/13			50,000		50,000
0.190%, 04/02/13			52,498		52,498
0.190%, 04/03/13			30,000		30,000
0.190%, 04/09/13			30,000		29,999
0.190%, 04/17/13			30,000		29,997
0.190%, 04/18/13			35,000		34,997
0.190%, 04/19/13			10,000		9,999
0.180%, 06/04/13			25,000		24,992
0.180%, 06/05/13			27,048		27,039
0.180%, 06/06/13			20,000		19,993
Total U.S. Government Related Securities (Cost $324,514)					324,514
U.S. Treasury Obligations [7.2%]
U.S. Treasury Notes
0.625%, 04/30/13			20,000		20,007
1.375%, 05/15/13			15,000		15,021
0.250%, 10/31/13			5,000		5,001
U.S. Treasury Bills(A)
0.074%, 04/04/13			85,000		84,999
0.065%, 04/11/13			100,000		99,998
Total U.S. Treasury Obligations (Cost $225,026)					225,026
Municipal Bonds [6.3%]
California [2.0%]
ABAG Finance Authority for Nonprofit, Miramar Apartments Project, Ser A, RB, FNMA, AMT
0.110%, 04/04/13(B) (C)			15,000		15,000
California Statewide, Communities Development Authority, Fairway Family Apartments Project, Ser PP, RB, FNMA, AMT
0.120%, 04/04/13(B) (C)			8,000		8,000

Description	Face Amount (000)			Value (000)
Los Angeles, Community Redevelopment Agency, Hollywood and Vine Apartments Project, Ser A, RB, FNMA, AMT
0.110%, 04/04/13(B) (C		$	28,450	$	28,450
Sacramento County Housing Authority, Ashford Heights Apartments Project, Ser H, RB, FNMA, AMT
0.120%, 04/04/13(B) (C			9,000		9,000
Total California					60,450
New York [3.0%]
New York State, Housing Finance Agency, 11th Avenue Project, Ser A, RB, FNMA, AMT
0.120%, 04/03/13(B) (C)			19,000		19,000
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
0.120%, 04/03/13(B) (C)			23,800		23,800
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
0.120%, 04/03/13(B) (C)			14,100		14,100
New York State, Housing Finance Agency, 750 6th Avenue Project, Ser A, RB, FNMA, AMT
0.120%, 04/03/13(B) (C)			7,500		7,500
New York State, Housing Finance Agency, Victory Housing Project, Ser 2004-A, RB, FHLMC, AMT
0.120%, 04/03/13(B) (C)			7,900		7,900
New York State, Housing Finance Agency, West 38th Street Project, Ser A, RB, FNMA, AMT
0.120%, 04/03/13(B) (C)			20,000		20,000
Total New York					92,300
Texas [0.8%]
Houston, Housing Finance, Regency Park Apartments Project, RB, FNMA, AMT
0.150%, 04/03/13(B) (C)			13,695		13,695

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 5

schedule of investments

March 31, 2013 (Unaudited)

Government Money Market Fund (continued)

Description	Face Amount (000)			Value (000)
Texas Department of Housing & Community Affairs, Idlewilde Apartments Project, RB, FNMA, AMT
0.140%, 04/04/13(B) (C)		$	13,725	$	13,725
Total Texas					27,420
Washington [0.5%]
Washington State, Housing Finance Commission, Vintage Spokane Project, Ser A, RB, FNMA, AMT
0.150%, 04/04/13(B) (C)			16,295		16,295
Total Municipal Bonds (Cost $196,465)					196,465

Repurchase Agreements(D) [7.9%]
Bank of America
0.120%, dated 03/28/13, repurchased on 04/01/13, repurchase price $10,000,100 (collateralized by a U.S. Treasury Note, par value $9,914,800, 1.375%, 12/31/18; with total market value $10,200,000)	10,000	10,000
Barclays
0.150%, dated 03/28/13, repurchased on 04/01/13, repurchase price $70,000,875 (collateralized by various U.S. Treasury obligations, par values ranging from $16,000,000 to $54,000,000, 0.375%, 04/15/15 to 01/15/16; with total market value $71,300,000)	70,000	70,000
Deutsche Bank
0.200%, dated 03/28/13, repurchased on 04/01/13, repurchase price $50,000,833 (collateralized by a U.S. Government obligation, par value $50,900,000, 0.375%, 12/10/14; with total market value $51,000,015)	50,000	50,000

Description	Face Amount (000)/Shares			Value (000)
Deutsche Bank
0.150%, dated 03/28/13, repurchased on 04/01/13, repurchase price $65,000,813 (collateralized by a U.S. Treasury Note, par value $66,300,000, 0.625%, 08/31/17; with total market value $66,300,001)		$	65,000	$	65,000
Goldman Sachs
0.180%, dated 03/28/13, repurchased on 04/01/13, repurchase price $50,000,750 (collateralized by a U.S. Government obligation, par value $51,000,000 0.500%, 01/29/16; with total market value $51,000,003)			50,000		50,000
Total Repurchase Agreements (Cost $245,000)					245,000
Short-Term Investment [0.3%]
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.050%*			9,109,709		9,110
Total Short-Term Investment (Cost $9,110)					9,110
Total Investments [99.7%] (Cost $3,104,833)				$	3,104,833

Percentages are based on Net Assets of $3,113,874 ($ Thousands).

* The rate reported is the 7-day effective yield as of March 31, 2013.

(A) Zero coupon security. The rate reported is the effective yield at time of purchase.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2013.

(C) Put and Demand Feature — The date reported is the next reset date or put date.

(D) Tri-party Repurchase Agreement.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 6

schedule of investments

March 31, 2013 (Unaudited)

Government Money Market Fund (concluded)

ABAG — Association of Bay Area Governments

AMT — Alternative Minimum Tax (subject to)

DN — Discount Note

FAMC — Federal Agricultural Mortgage Corporation

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

RB — Revenue Bond

Ser — Series

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government Agency Obligations	$	—	$	2,104,718	$	—	$	2,104,718
U.S. Government Related Security		—		324,514		—		324,514
U.S. Treasury Obligations		—		225,026		—		225,026
Municipal Bonds		—		196,465		—		196,465
Repurchase Agreements		—		245,000		—		245,000
Short-Term Investment		9,110		—		—		9,110
Total Investments in Securities	$	9,110	$	3,095,723	$	—	$	3,104,833

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 7

schedule of investments

March 31, 2013 (Unaudited)

Prime Money Market Fund

Description	Face Amount (000)			Value (000)
Commercial Paper [52.2%]
Air Transportation [1.3%]
United Parcel Service(A)
0.030%, 04/03/13		$	15,000	$	15,000
Banks [25.6%]
ASB Finance(A)
0.469%, 05/21/13			10,000		10,001
0.270%, 04/11/13			20,000		19,998
0.230%, 08/28/13			5,000		4,995
Australia & New Zealand Banking Group(A)
0.220%, 09/12/13			10,000		9,990
0.210%, 05/03/13			10,000		9,998
0.170%, 06/03/13			15,000		14,996
Bank of Nova Scotia
0.225%, 06/05/13			10,000		9,996
Bank of Tokyo-Mitsubishi UFJ NY
0.220%, 04/03/13			7,500		7,500
BNZ International Funding(A)
0.280%, 05/09/13			10,000		9,997
0.200%, 06/06/13			15,000		14,994
Korea Development Bank NY
0.300%, 04/02/13			10,000		10,000
0.230%, 05/21/13			10,000		9,997
0.210%, 06/11/13			15,000		14,994
Macquarie Bank(A)
0.240%, 06/14/13			15,000		14,993
0.220%, 06/10/13			13,000		12,994
Mitsubishi UFJ Trust & Banking(A)
0.361%, 04/11/13			10,000		9,999
0.250%, 09/16/13			15,000		14,982
Mizuho Funding(A)
0.240%, 06/14/13			15,000		14,993
Sumitomo Corp of America
0.250%, 05/29/13			20,000		19,992
0.230%, 04/08/13			15,000		14,999

Description	Face Amount (000)			Value (000)
Sumitomo Mitsui Trust Bank Limited(A)
0.250%, 04/15/13		$	10,000	$	9,999
0.240%, 06/06/13			10,000		9,996
0.230%, 05/07/13			15,000		14,997
Westpac Securities NZ(A)
0.504%, 04/15/13			5,000		5,000
0.240%, 08/19/13			7,850		7,843
Total Banks					298,243
Financial Services [14.2%]
Caisse Centrale Desjardins du Quebec(A)
0.230%, 04/04/13			15,000		15,000
0.220%, 04/05/13			10,000		10,000
0.200%, 05/10/13			10,000		9,998
CPPIB Capital(A)
0.120%, 04/01/13			20,000		20,000
0.120%, 04/04/13			15,000		15,000
General Electric Capital
0.240%, 07/29/13			15,000		14,988
0.240%, 09/03/13			10,000		9,989
0.200%, 05/06/13			10,000		9,998
MetLife Short Term Funding(A)
0.130%, 04/17/13			15,000		14,999
0.130%, 04/26/13			10,000		9,999
Toyota Credit Canada
0.300%, 05/16/13			10,000		9,996
Toyota Financial Services de Puerto Rico
0.250%, 08/27/13			15,000		14,984
Toyota Motor Credit
0.190%, 04/26/13			10,000		9,999
Total Financial Services					164,950
Food, Beverage & Tobacco [0.9%]
Nestle Capital(A)
0.331%, 07/10/13			10,000		9,991
Import/Export [2.6%]
Mitsui & USA
0.220%, 05/20/13			12,000		11,996
0.190%, 05/10/13			8,000		7,998
0.190%, 05/15/13			10,000		9,998
Total Import/Export					29,992

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 8

schedule of investments

March 31, 2013 (Unaudited)

Prime Money Market Fund (continued)

Description	Face Amount (000)			Value (000)
Investment Banker/Broker Dealer [3.0%]
AllianceBernstein(A)
0.400%, 04/10/13		$	10,000	$	9,999
0.370%, 05/28/13			5,000		4,997
0.350%, 04/24/13			10,000		9,998
0.340%, 06/04/13			10,000		9,994
Total Investment Banker/Broker Dealer					34,988
Medical-HMO [3.0%]
UnitedHealth Group(A)
0.350%, 06/24/13			15,000		14,988
0.310%, 05/28/13			20,000		19,990
Total Medical-HMO					34,978
Petroleum & Fuel Products [0.7%]
BP Capital Markets(A)
0.250%, 04/03/13			8,400		8,400
Schools [0.9%]
University of California
0.170%, 05/07/13			10,000		9,998
Total Commercial Paper (Cost $606,540)					606,540
Certificates of Deposit [19.9%]
Banco Del Estado De Chile
0.450%, 04/11/13			10,000		10,000
0.360%, 06/24/13			10,000		10,000
0.310%, 07/08/13			15,000		15,000
Bank of America
0.200%, 04/03/13			25,000		25,000
0.200%, 04/26/13			10,000		10,000
Bank of Montreal IL
0.200%, 04/04/13			10,000		10,000
0.308%, 05/01/13			15,000		15,000
0.210%, 07/08/13			6,750		6,750
Bank of Nova Scotia
0.605%, 04/05/13			8,000		8,001
0.230%, 08/02/13			15,000		15,000
Bank of Tokyo-Mitsubishi UFJ NY
0.830%, 04/12/13			2,500		2,500
Canadian Imperial Bank of Commerce NY
0.520%, 04/04/13			9,700		9,700
Mizuho Corporate Bank
0.270%, 04/10/13			20,000		20,001
Norinchukin Bank
0.260%, 04/30/13			10,000		10,000

Description	Face Amount (000)			Value (000)
0.250%, 05/06/13		$	15,000	$	15,000
0.250%, 06/10/13			10,000		10,000
Royal Bank of Canada NY
0.480%, 06/28/13			4,000		4,003
Toronto-Dominion Bank
0.302%, 04/22/13			10,000		10,000
0.190%, 05/07/13			15,000		15,000
0.240%, 09/25/13			10,000		10,000
Total Certificates of Deposit (Cost $230,955)					230,955
Municipal Bonds [7.8%]
California [2.3%]
California State, Ser A-2, RB
2.500%, 06/20/13			10,000		10,045
Los Angeles, Department of Water & Power, Ser B-3, RB
0.150%, 04/01/13(B) (C) (D)			16,340		16,340
Total California					26,385
Illinois [1.2%]
Chicago, Midway Airport Authority, Ser B, RB, AMT
0.170%, 04/01/13(B) (C) (D)			14,500		14,500
Massachusetts [1.4%]
Massachusetts State, Health & Educational Facilities Authority, Childrens Hospital Project, Ser N-4, RB
0.140%, 04/01/13(B) (C) (D)			16,100		16,100
North Carolina [1.4%]
Charlotte, Water and Sewer System, Ser B, RB
0.130%, 04/04/13(B)(D)			16,300		16,300
Ohio [1.5%]
Ohio State, Higher Educational Facility Commission, Cleveland Clinic Project, Ser B-4, RB
0.140%, 04/01/13(B)(D)			17,485		17,485
Total Municipal Bonds (Cost $90,770)					90,770

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 9

schedule of investments

March 31, 2013 (Unaudited)

Prime Money Market Fund (continued)

Description	Face Amount (000)			Value (000)
Corporate Bond [1.3%]
Banks [1.3%]
National Australia Bank
0.366%, 05/04/13(B)		$	15,000	$	15,000
Total Corporate Bond (Cost $15,000)					15,000
U.S. Government Agency Obligation [0.9%]
FHLB
0.170%, 04/01/13(B)			10,000		10,000
Total U.S. Government Agency Obligation (Cost $10,000)					10,000
U.S. Government Related Security [0.4%]
Straight-A Funding
0.190%, 04/01/13			5,000		5,000
Total U.S. Government Related Security (Cost $5,000)					5,000

Repurchase Agreements(E) [15.8%]
Bank of America
0.120%, dated 03/28/13, repurchased on 04/01/13, repurchase price $10,000,100 (collateralized by a U.S. Treasury Note, par value $9,914,800, 1.375%, 12/31/18; with total market value $10,200,000)	10,000	10,000
Barclays
0.150%, dated 03/28/13, repurchased on 04/01/13, repurchase price $49,000,613 (collateralized by various U.S. Treasury Notes, par values ranging from $21,100,000 to $28,700,000, 0.375% - 0.750%, 01/15/16 to 06/30/17; with total market value $49,800,001)	49,000	49,000
Deutsche Bank
0.150%, dated 03/28/13, repurchased on 04/01/13, repurchase price $75,000,938 (collateralized by a U.S. Treasury Note, par value $72,600,000, 2.125%, 12/31/15; with total market value $76,500,001)	75,000	75,000

Description	Face Amount (000)/Shares			Value (000)
Goldman Sachs
0.180%, dated 03/28/13, repurchased on 04/01/13, repurchase price $50,000,750 (collateralized by a U.S. Government obligation, par value $51,000,000, 0.500%, 01/29/16; with total market value $51,000,000)		$	50,000	$	50,000
Total Repurchase Agreements (Cost $184,000)					184,000
Short-Term Investment [2.1%]
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*			24,563,096		24,563
Total Short-Term Investment (Cost $24,563)					24,563
Total Investments [100.4%] (Cost $1,166,828)				$	1,166,828

Percentages are based on Net Assets of $1,161,680 ($ Thousands).

* The rate reported is the 7-day effective yield as of March 31, 2013.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2013, the value of these securities amounted to $409,118 ($ Thousands), representing 35.2% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2013.

(C) Securities are held in conjunction with a letter of credit from a major bank or financial institution.

(D) Put and Demand Feature — The date reported is the next reset date or put date.

(E) Tri-Party Repurchase Agreement.

AMT — Alternative Minimum Tax (subject to)

Cl — Class

FHLB — Federal Home Loan Bank

HMO — Health Maintenance Organization

RB — Revenue Bond

Ser — Series

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 10

schedule of investments

March 31, 2013 (Unaudited)

Prime Money Market Fund (concluded)

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Commercial Paper	$	—	$	606,540	$	—	$	606,540
Certificates of Deposit		—		230,955		—		230,955
Municipal Bonds		—		90,770		—		90,770
Corporate Bond		—		15,000		—		15,000
U.S. Government Agency Obligation		—		10,000		—		10,000
U.S. Government Related Security		—		5,000		—		5,000
Repurchase Agreements		—		184,000		—		184,000
Short-Term Investment		24,563		—		—		24,563
Total Investments in Securities	$	24,563	$	1,142,265	$	—	$	1,166,828

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 11

schedule of investments

March 31, 2013 (Unaudited)

California Tax Exempt Money Market Fund

Description	Face Amount (000)			Value (000)
Municipal Bonds [83.7%]
California [79.2%]
Bay Area Toll Authority, Ser A-2, RB
0.090%, 04/04/13(A) (B) (C)		$	5,000	$	5,000
Bay Area Toll Authority, Ser C-1, RB
0.090%, 04/04/13(A) (B) (C)			12,350		12,350
Bay Area Toll Authority, Ser C-1, RB
0.090%, 04/04/13(A) (B) (C)			14,445		14,445
Bay Area Toll Authority, Ser C-2, RB
0.090%, 04/04/13(A) (B) (C)			4,190		4,190
California State, Economic Recovery Project, Ser C-1, GO
0.110%, 04/01/13(A) (B) (C)			31,035		31,035
California State, GO
Pre-Refunded @ 100
5.000%, 08/01/13(D)			4,240		4,308
California State, Health Facilities Financing Authority, City of Hope Project, Ser B, RB
0.100%, 04/03/13(A) (C)			10,000		10,000
California State, Health Facilities Financing Authority, Health Facility Catholic Project, RB
0.100%, 04/03/13(A) (B) (C)			6,750		6,750
California State, Health Facilities Financing Authority, Health Facility Catholic Project, RB
0.100%, 04/03/13(A) (B) (C)			3,500		3,500

Description	Face Amount (000)			Value (000)
California State, Health Facilities Financing Authority, Kaiser Permanente, Ser C, RB
0.108%, 04/03/13(A) (C)		$	20,885	$	20,885
California State, Health Facilities Financing Authority, Ser A, RB
0.100%, 04/03/13(A) (B) (C)			2,085		2,085
California State, Health Facilities Financing Authority, Ser B, RB
0.110%, 04/03/13(A) (B) (C)			15,110		15,110
California State, Health Facilities Financing Authority, Ser C, RB
0.110%, 04/03/13(A) (B) (C)			8,650		8,650
California State, Health Facilities Financing Authority, St. Joseph Health System Project, Ser B, RB
0.110%, 04/01/13(A) (B) (C)			1,400		1,400
California State, Health Facilities Financing Authority, Stanford Hospital Project, Ser B-2, RB
0.170%, 12/05/13(C)			18,550		18,550
California State, Health Facilities Financing Authority, Stanford Hospital, Ser A, RB
Pre-Refunded @ 100
5.000%, 11/15/13(D)			1,900		1,956
California State, Infrastructure & Economic Development Bank, Pacific Gas & Electric Project, Ser B, RB
0.110%, 04/01/13(A) (B) (C)			16,315		16,315
California State, Kindergarten Project, Ser A-1, GO
0.150%, 04/01/13(A) (B) (C)			6,805		6,805
California State, Kindergarten Project, Ser A-2, GO
0.100%, 04/01/13(A) (B) (C)			8,250		8,250
California State, Kindergarten Project, Ser A-3, GO
0.110%, 04/01/13(A) (B) (C)			5,760		5,760
California State, Kindergarten Project, Ser A-8, GO
0.110%, 04/04/13(A) (B) (C)			11,400		11,400
California State, Municipal Finance Authority, RB
0.110%, 04/01/13(A) (C)			13,000		13,000
California State, Ser A, GO
0.110%, 04/03/13(A) (B) (C)			1,500		1,500
California State, Ser A-2, GO
0.100%, 04/01/13(A) (B) (C)			1,100		1,100

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 12

schedule of investments

March 31, 2013 (Unaudited)

California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)			Value (000)
California State, Ser A-2, GO
0.110%, 04/03/13(A) (B) (C)		$	2,000	$	2,000
California State, Ser A-2, RB
2.500%, 06/20/13			22,540		22,643
California State, Ser B-1, GO
0.050%, 04/01/13(A) (B) (C)			5,200		5,200
California State, Ser B-4, GO
0.110%, 04/03/13(A) (B) (C)			15,000		15,000
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB
0.110%, 04/03/13(A) (C)			5,000		5,000
California Statewide, Communities Development Authority, Kaiser Permanente, Ser D, RB
0.110%, 04/03/13(A) (C)			16,500		16,500
California Statewide, Communities Development Authority, Masters College Project, Ser A, RB
0.130%, 04/04/13(A) (B) (C)			3,000		3,000
Eastern Municipal Water District, Ser C, COP
0.100%, 04/03/13(A) (C)			3,200		3,200
Eastern Municipal Water District, Ser D, COP
0.100%, 04/03/13(A) (C)			12,375		12,375
Elsinore Valley, Municipal Water District, Ser A, COP
0.150%, 04/03/13(A) (B) (C)			3,335		3,335
Elsinore Valley, Municipal Water District, Ser B, COP
0.140%, 04/03/13(A) (B) (C)			14,400		14,400
Golden State Tobacco Securitization, Ser A-2, RB
Pre-Refunded @ 100
7.900%, 06/01/13(D)			2,000		2,026
Golden State, Tobacco Securitization, Ser A-4, RB
Pre-Refunded @ 100
7.800%, 06/01/13(D)			3,600		3,646
Golden State, Tobacco Securitization, Ser B, RB
Pre-Refunded @ 100
5.500%, 06/01/13(D)			4,915		4,959
Golden State, Tobacco Securitization, Ser B, RB, AGM
Pre-Refunded @ 100
5.000%, 06/01/13(D)			2,540		2,560

Description	Face Amount (000)			Value (000)
Golden State, Tobacco Securitization, Ser B, RB, FGIC
Pre-Refunded @ 100
5.500%, 06/01/13(D)		$	1,000	$	1,009
Golden State, Tobacco Settlement, Ser A-1, RB
Pre-Refunded @ 100
6.750%, 06/01/13(D)			1,135		1,147
Golden State, Tobacco Settlement, Ser A-3, RB
Pre-Refunded @ 100
7.875%, 06/01/13(D)			2,170		2,198
Golden State, Tobacco Settlement, Ser B, RB
Pre-Refunded @ 100
5.625%, 06/01/13(D)			11,430		11,534
Golden State, Tobacco Settlement, Ser B, RB
Pre-Refunded @ 100
5.500%, 06/01/13(D)			9,300		9,382
Kern County, TRAN
2.500%, 06/28/13			10,000		10,055
Los Angeles County, Metropolitan Transportation Authority, Ser A1, RB
0.140%, 04/04/13(A) (C)			1,040		1,040
Los Angeles County, Metropolitan Transportation Authority, Ser A2, RB
0.140%, 04/01/13(A) (C)			25,500		25,500
Los Angeles, Department of Water & Power, Ser A-3, RB
0.090%, 04/04/13(A) (C)			2,500		2,500
Los Angeles, Department of Water & Power, Ser A-8, RB
0.110%, 04/04/13(A) (C)			3,000		3,000
Los Angeles, Department of Water & Power, Ser B-1, RB
0.100%, 04/04/13(A) (C)			6,200		6,200
Los Angeles, Department of Water & Power, Ser B-2, RB
0.120%, 04/01/13(A) (C)			13,500		13,500
Los Angeles, Department of Water & Power, Ser B-3, RB
0.150%, 04/01/13(A) (C)			2,060		2,060
Los Angeles, Department of Water & Power, Ser B-4, RB
0.100%, 04/04/13(A) (C)			9,075		9,075
Los Angeles, Department of Water & Power, Ser B-6, RB
0.100%, 04/01/13(A) (C)			2,600		2,600

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 13

schedule of investments

March 31, 2013 (Unaudited)

California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)			Value (000)
Los Angeles, Unified School District, Ser A, GO, AGM
Pre-Refunded @ 100
5.000%, 07/01/13(D)		$	18,305	$	18,524
Metropolitan Water District of Southern California, Ser A-1, RB
0.120%, 04/04/13(A) (C)			10,000		10,000
Metropolitan Water District of Southern California, Ser A-2, RB
0.120%, 04/04/13(A) (C)			11,000		11,000
Metropolitan Water District of Southern California, Ser A-3, RB
0.120%, 04/04/13(A) (C)			10,000		10,000
Modesto, Water Revenue, Ser A, RB
0.110%, 04/04/13(A) (B) (C)			4,800		4,800
Newport Beach, Hoag Memorial Hospital Project, Ser C, RB
0.090%, 04/03/13(A) (C)			14,200		14,200
Orange County, Apartment Development Authority, Riverbend Apartments Project, Ser B, RB, FHLMC
0.110%, 04/04/13(A) (C)			10,000		10,000
Orange County, Water District Authority, Ser A, COP
0.120%, 04/03/13(A) (B) (C)			25,350		25,350
Riverside County, Public Facilities Authority, Ser C, COP
0.100%, 04/03/13(A) (B) (C)			5,700		5,700
Riverside County, Water Authority, Ser A, RB
0.170%, 04/04/13(C)			16,375		16,375
Sacramento County, Sanitation District Financing Authority, Ser E, RB
0.110%, 04/03/13(A) (B) (C)			6,700		6,700
San Bernardino County, Ser A, TRAN
2.000%, 06/28/13			4,000		4,017
San Diego County, Regional Transportation Commission, Ser B, RB
0.110%, 04/04/13(A) (C)			9,180		9,180
San Diego County, Regional Transportation Commission, Ser D, RB
0.100%, 04/04/13(A) (C)			10,890		10,890

Description	Face Amount (000)			Value (000)
San Francisco City & County, Airports Commission, Ser 37C, RB
0.120%, 04/03/13(A) (B) (C)		$	15,900	$	15,900
Santa Barbara County, Ser A, RB
2.000%, 06/28/13			5,000		5,022
Santa Clara County, Financing Authority, VMC Facility Replacement Project, Ser B, RB
0.140%, 04/03/13(A) (C)			14,820		14,820
Santa Clara Valley, Transportation Authority, Ser C, RB
0.110%, 04/04/13(A) (C)			995		995
Santa Clara Valley, Transportation Authority, Ser C, RB
0.100%, 04/04/13(A) (C)			12,000		12,000
Santa Clara Valley, Transportation Authority, Ser D, RB
0.110%, 04/04/13(A) (C)			22,800		22,800
Southern California, Public Power Authority, Ser A-1, RB
0.110%, 04/03/13(A) (B) (C)			19,400		19,400
Southern California, Public Power Authority, Ser A-2, RB
0.110%, 04/03/13(A) (B) (C)			8,900		8,900
State of California, Ser A-5, GO
0.050%, 04/01/13(A) (B) (C)			15,800		15,800
State of California, Ser C-2, GO
0.060%, 04/01/13(A) (B) (C)			2,300		2,300
Ventura County, TRAN
2.500%, 07/01/13			5,000		5,029
West Basin, Municipal Water District, Ser A, COP, NATL-RE
Pre-Refunded @ 100
5.000%, 08/01/13(D)			1,625		1,650
West Basin, Municipal Water District, Ser A, COP, NATL-RE
Pre-Refunded @ 100
5.000%, 08/01/13(D)			2,090		2,123
West Basin, Municipal Water District, Ser A, COP, NATL-RE
Pre-Refunded @ 100
5.000%, 08/01/13(D)			1,345		1,365
Total California					725,828

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 14

schedule of investments

March 31, 2013 (Unaudited)

California Tax Exempt Money Market Fund (concluded)

Description	Face Amount (000)			Value (000)
New York [3.3%]
New York City, Municipal Water Finance Authority, Ser DD-1, RB
0.130%, 04/01/13(A) (C)		$	30,010	$	30,010
Texas [1.2%]
Lower Neches Valley Authority Industrial Development, Ser A, RB
0.070%, 04/01/13(A) (C)			11,000		11,000
Total Municipal Bonds (Cost $766,838)					766,838
Commercial Paper [13.8%]
California [13.8%]
California State
0.140%, 05/22/13			15,000		15,000
City & County of San Francisco
0.150%, 05/16/13			10,000		10,000
0.140%, 05/16/13			29,855		29,855
Sacramento Municipal Utility District
0.140%, 06/06/13			15,000		15,000
San Diego Water Authority
0.140%, 07/02/13			13,100		13,100
0.140%, 07/09/13			6,000		6,000
0.130%, 06/03/13			10,000		10,000
Santa Clara Valley Water District
0.140%, 06/03/13			4,090		4,090
State of California
0.130%, 04/04/13			10,000		10,000
University of California
0.140%, 05/03/13			10,000		10,000
0.110%, 04/04/13			3,400		3,400
Total California					126,445
Total Commercial Paper (Cost $126,445)					126,445
Total Investments [97.5%] (Cost $893,283)				$	893,283

Percentages are based on Net Assets of $916,044 ($ Thousands).

(A) Put and Demand Feature — The date reported is the next reset or put date.

(B) Securities are held in conjunction with a letter of credit from a major bank or financial institution.

(C) Floating Rate Security — The rate reported is the rate in effect on March 31, 2013.

(D) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

AGM — Assured Guarantee Municipal

COP — Certificate of Participation

FGIC — Financial Guaranty Insurance Company

FHLMC — Federal Home Loan Mortgage Corporation

GO — General Obligation

NATL-RE — National Public Finance Guarantee Corporation

RB — Revenue Bond

Ser — Series

TRAN — Tax and Revenue Anticipation Note

As of March 31, 2013, all of the Fund’s investments are Level 2.

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 15

schedule of investments

March 31, 2013 (Unaudited)

Limited Maturity Fixed Income Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [37.5%]
Banks [19.9%]
Barclays Bank, MTN
2.385%, 03/10/17(A)		$	545	$	574
Citigroup
5.850%, 08/02/16			1,075		1,225
Commonwealth Bank of Australia, MTN
0.750%, 10/28/13(A) (B)			1,100		1,102
Goldman Sachs Group
5.125%, 01/15/15			1,100		1,175
JPMorgan Chase
6.000%, 01/15/18			955		1,135
Morgan Stanley
5.375%, 10/15/15			1,100		1,201
National Australia Bank, MTN
2.750%, 03/09/17			1,125		1,184
National Bank of Canada
1.500%, 06/26/15			905		919
Wachovia
5.750%, 06/15/17			1,100		1,293
Total Banks					9,808
Computer System Design & Services [0.3%]
IBM
2.100%, 05/06/13			140		140
Financial Services [5.5%]
Caterpillar Financial Services, MTN
1.625%, 06/01/17			545		554
Daimler Finance North America
6.500%, 11/15/13			940		975

Description	Face Amount (000)			Value (000)
General Electric Capital
2.950%, 05/09/16		$	1,100	$	1,163
Total Financial Services					2,692
Food, Beverage & Tobacco [4.7%]
Anheuser-Busch InBev Worldwide
5.375%, 11/15/14			1,100		1,182
Bottling Group
6.950%, 03/15/14			1,100		1,166
Total Food, Beverage & Tobacco					2,348
Investment Banker/Broker Dealer [2.2%]
Merrill Lynch, MTN
6.400%, 08/28/17			940		1,103
Oil, Gas & Consumable Fuels [2.6%]
ConocoPhillips Canada Funding I
5.625%, 10/15/16			1,100		1,278
Telephones & Telecommunications [2.3%]
AT&T
2.400%, 08/15/16			1,100		1,147
Total Corporate Bonds (Cost $18,311)					18,516
U.S. Government Agency Obligations [31.4%]
FHLMC
4.375%, 07/17/15			1,800		1,965
1.250%, 05/12/17			1,800		1,839
1.000%, 07/30/14			1,200		1,213
1.000%, 09/29/17			940		947
FNMA
5.000%, 03/15/16			1,800		2,041
1.000%, 10/16/17			1,300		1,301
0.500%, 07/02/15			4,000		4,013
0.500%, 07/30/15			2,150		2,152
Total U.S. Government Agency Obligations (Cost $15,382)					15,471
U.S. Government Mortgage-Backed Obligations [15.4%]
FHLMC, Pool G12806
5.500%, 09/01/22			89		95
FHLMC, Pool G18247
5.000%, 04/01/23			54		57

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 16

schedule of investments

March 31, 2013 (Unaudited)

Limited Maturity Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
FHLMC, Pool G18251
5.000%, 05/01/23		$	85	$	91
FHLMC, Pool G18321
4.500%, 08/01/24			43		46
FHLMC, Pool J04241
5.500%, 01/01/22			32		35
FHLMC, Pool J04459
5.000%, 03/01/22			52		56
FHLMC, Pool J04508
5.000%, 03/01/22			75		80
FHLMC, Pool J07575
5.000%, 04/01/23			43		46
FHLMC REMIC, Ser 2004-2825, Cl VP
5.500%, 06/15/15			2,721		2,811
FHLMC REMIC, Ser 2011-3877, Cl ND
3.000%, 02/15/25			764		791
FHLMC REMIC, Ser 2012-4077, Cl BA
2.000%, 05/15/42			509		521
FNMA, Pool 837196
5.500%, 02/01/21			90		98
FNMA, Pool 933915
4.500%, 06/01/23			72		78
FNMA, Pool 961783
4.500%, 02/01/23			90		97
FNMA REMIC, Ser 2010-39, Cl PD
3.000%, 06/25/38			740		759
FNMA REMIC, Ser 2011-79, Cl GC
2.000%, 12/25/22			528		542
FNMA REMIC, Ser 2012-1, Cl AE
1.750%, 12/25/21			437		450
GNMA, Ser 2012-3, Cl AK
3.000%, 01/16/27			909		958
Total U.S. Government Mortgage-Backed Obligations (Cost $7,487)					7,611
U.S. Treasury Obligations [7.2%]
U.S. Treasury Bond
2.375%, 09/30/14			1,400		1,445
U.S. Treasury Notes
4.250%, 08/15/15			560		612
0.250%, 06/30/14			1,500		1,501
Total U.S. Treasury Obligations (Cost $3,525)					3,558

Description	Face Amount (000)/Shares			Value (000)
Municipal Bonds [4.1%]
California [4.1%]
Southern California, Public Power Authority, Ser B, RB, AGM, ETM
6.930%, 05/15/17		$	1,195	$	1,472
University of California, RB
1.988%, 06/14/13(A)			545		546
Total California					2,018
Total Municipal Bonds (Cost $1,931)					2,018
Sovereign Debt [2.3%]
Province of Ontario, Canada
1.600%, 09/21/16			1,100		1,132
Total Sovereign Debt (Cost $1,118)					1,132
Asset-Backed Security [0.1%]
USAA Auto Owner Trust, Ser 2009-2, Cl A4
2.530%, 07/15/15			67		67
Total Asset-Backed Security (Cost $67)					67
Short-Term Investments [1.3%]
CNI Government Money Market Fund, Cl I, 0.010%*†			326,895		327
SEI Daily Income Trust Government Fund, Cl A, 0.020%*			326,895		327
Total Short-Term Investments (Cost $654)					654
Total Investments [99.3%] (Cost $48,475)				$	49,027

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 17

schedule of investments

March 31, 2013 (Unaudited)

Limited Maturity Fixed Income Fund (concluded)

Percentages are based on Net Assets of $49,366 ($ Thousands).

* The rate reported is the 7-day effective yield as of March 31, 2013.

† Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2013.

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2013, the value of these securities amounted to $1,102 ($ Thousands), representing 2.2% of the net assets of the Fund.

AGM — Assured Guarantee Municipal

Cl — Class

ETM — Escrowed to Maturity

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

MTN — Medium Term Note

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	18,516	$	—	$	18,516
U.S. Government Agency Obligations		—		15,471		—		15,471
U.S. Government Mortgage-Backed Obligations		—		7,611		—		7,611
U.S. Treasury Obligations		—		3,558		—		3,558
Municipal Bonds		—		2,018		—		2,018
Sovereign Debt		—		1,132		—		1,132
Asset-Backed Security		—		67		—		67
Short-Term Investments		654		—		—		654
Total Investments in Securities	$	654	$	48,373	$	—	$	49,027

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 18

schedule of investments

March 31, 2013 (Unaudited)

Government Bond Fund

Description	Face Amount (000)			Value (000)
U.S. Government Mortgage-Backed Obligations [50.1%]
FHLMC REMIC, Ser 2010-3775, Cl MH
4.000%, 12/15/40		$	6,248	$	6,732
FHLMC REMIC, Ser 2011-3805, Cl EK
4.000%, 06/15/40			4,607		4,828
FHLMC REMIC, Ser 2011-3806, Cl UP
4.500%, 02/15/41			6,772		7,313
FHLMC REMIC, Ser 2011-3877, Cl ND
3.000%, 02/15/25			3,031		3,138
FHLMC REMIC, Ser 2012-4020, Cl EJ
3.000%, 02/15/42			4,350		4,526
FHLMC REMIC, Ser 2012-4021, Cl P
3.000%, 03/15/27			5,934		6,215
FHLMC REMIC, Ser 2012-4077, Cl BA
2.000%, 05/15/42			7,609		7,788
FNMA, Pool 735288
5.000%, 03/01/35			4,831		5,255
FNMA ARM, Pool 766620
2.768%, 03/01/34(A)			245		262
FNMA REMIC, Ser 2011-144, Cl CE
1.250%, 06/25/35			1,297		1,298
FNMA REMIC, Ser 2011-79, Cl GC,
2.000%, 12/25/22			4,571		4,693
FNMA REMIC, Ser 2011-99, Cl AV
4.000%, 08/25/24			7,262		7,750
FNMA REMIC, Ser 2012-32, Cl DE
3.000%, 12/25/26			7,195		7,508
GNMA
8.000%, 08/15/22			9		11
7.500%, 06/15/24			2		2
7.500%, 05/15/26			3		3
7.500%, 04/15/32			29		32
7.000%, 12/15/16			5		6
6.000%, 01/15/29			5		6

Description	Face Amount (000)			Value (000)
GNMA ARM
1.750%, 04/20/35(A)		$	348	$	365
1.750%, 08/20/35			73		77
GNMA CMO, Ser 2010-87, Cl NE
3.000%, 09/20/38			5,680		5,898
GNMA CMO, Ser 2010-99, Cl XJ
3.500%, 08/20/39			6,294		6,651
GNMA CMO, Ser 2012-43, Cl HA
3.500%, 06/20/40			7,611		8,048
Total U.S. Government Mortgage-Backed Obligations (Cost $87,593)					88,405
U.S. Government Agency Obligations [39.2%]
Egypt Government AID Bond
4.450%, 09/15/15			8,000		8,780
FAMC, MTN
3.250%, 06/25/14			7,000		7,247
FHLB
3.250%, 09/12/14			3,000		3,130
1.000%, 06/09/17			7,000		7,069
0.683%, 04/08/14(A)			8,000		8,040
FHLMC
1.000%, 09/29/17			4,000		4,028
FNMA
1.000%, 10/16/17			7,000		7,008
Israel Government AID Bond
4.193%, 05/15/20(B)			15,528		13,807
Tennessee Valley Authority, Ser E
6.250%, 12/15/17			8,000		9,967
Total U.S. Government Agency Obligations (Cost $65,835)					69,076
U.S. Treasury Obligations [5.5%]
U.S. Treasury Notes
1.375%, 11/30/15			5,500		5,652
1.250%, 02/15/14			4,000		4,038
Total U.S. Treasury Obligations (Cost $9,470)					9,690

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 19

schedule of investments

March 31, 2013 (Unaudited)

Government Bond Fund (concluded)

Description	Shares		Value (000)
Short-Term Investments [5.1%]
CNI Charter Government Money Market Fund, Cl I, 0.010%*†		4,513,798	$	4,514
SEI Daily Income Trust Government Fund, Cl A, 0.020%*		4,513,798		4,514
Total Short-Term Investments (Cost $9,028)				9,028
Total Investments [99.9%] (Cost $171,926)			$	176,199

Percentages are based on Net Assets of $176,346 ($ Thousands).

* The rate reported is the 7-day effective yield as of March 31, 2013.

† Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2013.

(B) Zero coupon security. The rate reported is the effective yield at time of purchase.

AID — Agency for International Development

ARM — Adjustable Rate Mortgage

Cl — Class

CMO — Collateralized Mortgage Obligation

FAMC — Federal Agriculture Mortgage Corporation

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

MTN — Medium Term Note

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government Mortgage-Backed Obligations	$	—	$	88,405	$	—	$	88,405
U.S. Government Agency Obligations		—		69,076		—		69,076
U.S. Treasury Obligations		—		9,690		—		9,690
Short-Term Investments		9,028		—		—		9,028
Total Investments in Securities	$	9,028	$	167,171	$	—	$	176,199

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 20

schedule of investments

March 31, 2013 (Unaudited)

Corporate Bond Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [88.3%]
Banks [6.3%]
Barclays Bank
2.385%, 03/10/17(A)		$	1,950	$	2,053
Deutsche Bank, MTN
3.875%, 08/18/14			853		888
JPMorgan Chase
6.000%, 10/01/17			2,390		2,816
Nordea Bank
2.250%, 03/20/15(B)			500		514
Wachovia Bank, MTN
4.800%, 11/01/14			2,179		2,316
Total Banks					8,587
Broadcasting & Cable [0.8%]
Time Warner Cable
5.850%, 05/01/17			1,000		1,161
Coatings/Paint [1.1%]
Sherwin-Williams
3.125%, 12/15/14			1,450		1,509
Computer System Design & Services [3.2%]
Cisco Systems
5.500%, 02/22/16			1,250		1,420

Description	Face Amount (000)			Value (000)
Dell
5.625%, 04/15/14		$	1,000	$	1,044
2.300%, 09/10/15			1,000		1,002
NetApp
2.000%, 12/15/17			1,000		1,006
Total Computer System Design & Services					4,472
Diversified Metals & Mining [3.5%]
BHP Billiton
5.250%, 12/15/15			2,377		2,660
Freeport-McMoRan Copper & Gold
1.400%, 02/13/15			1,000		1,007
Rio Tinto
2.250%, 09/20/16			1,100		1,141
Total Diversified Metals & Mining					4,808
Diversified Minerals [1.7%]
Teck Resources
3.150%, 01/15/17			1,250		1,302
2.500%, 02/01/18			1,000		1,009
Total Diversified Minerals					2,311
Diversified Operations [2.0%]
3M, MTN
4.375%, 08/15/13			500		508
Siemens
5.750%, 10/17/16(B)			2,000		2,310
Total Diversified Operations					2,818
Drugs [3.0%]
AbbVie
1.200%, 11/06/15(B)			1,000		1,008
Wyeth
5.500%, 02/15/16			2,750		3,124
Total Drugs					4,132
Electric Utilities [2.5%]
American Electric Power
1.650%, 12/15/17			1,000		1,003
Commonwealth Edison
6.950%, 07/15/18			1,000		1,230

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 21

schedule of investments

March 31, 2013 (Unaudited)

Corporate Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Exelon
4.900%, 06/15/15		$	1,138	$	1,232
Total Electric Utilities					3,465
Financial Services [19.9%]
American Express Credit
2.800%, 09/19/16			2,600		2,753
American Honda Finance
1.600%, 02/16/18(B)			1,000		1,012
Caisse Centrale Desjardins du Quebec
2.650%, 09/16/15(B)			3,000		3,131
CME Group
5.400%, 08/01/13			95		97
Countrywide Financial
6.250%, 05/15/16			1,200		1,337
Daimler Finance North America (B)
2.300%, 01/09/15			1,350		1,380
1.875%, 09/15/14			1,000		1,015
Ford Motor Credit
8.000%, 12/15/16			1,000		1,199
2.375%, 01/16/18			1,000		994
General Electric Capital
2.150%, 01/09/15			3,000		3,076
Harley-Davidson Financial Services, MTN
3.875%, 03/15/16(B)			1,000		1,074
HSBC Finance
5.250%, 04/15/15			1,250		1,348
Nissan Motor Acceptance, MTN
1.950%, 09/12/17(B)			2,000		2,029
PACCAR Financial, MTN
0.800%, 02/08/16			1,500		1,498
Penske Truck Leasing (B)
3.750%, 05/11/17			750		803
3.125%, 05/11/15			500		517
VW Credit, MTN
1.875%, 10/13/16			3,000		3,055
Western Union
5.930%, 10/01/16			1,000		1,104
Total Financial Services					27,422
Food, Beverage & Tobacco [3.3%]
Anheuser-Busch InBev Worldwide
5.375%, 11/15/14			1,195		1,284
Bottling Group
6.950%, 03/15/14			1,000		1,060
5.500%, 04/01/16			1,000		1,137

Description	Face Amount (000)			Value (000)
Dr Pepper Snapple Group
2.900%, 01/15/16		$	1,000	$	1,054
Total Food, Beverage & Tobacco					4,535
Home Decoration Products [0.4%]
Newell Rubbermaid
2.000%, 06/15/15			500		509
Internet Security [0.8%]
Symantec
2.750%, 09/15/15			1,000		1,034
Investment Banker/Broker Dealer [5.1%]
Credit Suisse
5.500%, 08/15/13			1,250		1,273
Goldman Sachs Group
5.625%, 01/15/17			1,700		1,903
Jefferies Group
8.500%, 07/15/19			1,370		1,706
Macquarie Group
6.000%, 01/14/20(B)			2,000		2,194
Total Investment Banker/Broker Dealer					7,076
Medical Products & Services [2.0%]
Genentech
4.750%, 07/15/15			2,500		2,724
Medical-HMO [0.9%]
UnitedHealth Group
4.875%, 03/15/15			1,205		1,302
Petroleum & Fuel Products [9.5%]
BP Capital Markets
5.250%, 11/07/13			2,000		2,056
ConocoPhillips Canada Funding I
5.625%, 10/15/16			2,000		2,324
Kinder Morgan Energy Partners
6.000%, 02/01/17			1,000		1,163
Shell International Finance
3.250%, 09/22/15			2,500		2,668
Spectra Energy
5.500%, 03/01/14			615		640
Total Capital International
1.500%, 02/17/17			2,980		3,031

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 22

schedule of investments

March 31, 2013 (Unaudited)

Corporate Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Transocean
6.000%, 03/15/18		$	1,000	$	1,133
Total Petroleum & Fuel Products					13,015
Real Estate Investment Trusts [4.3%]
HCP
5.650%, 12/15/13			500		517
5.625%, 05/01/17			500		575
Health Care
4.700%, 09/15/17			1,000		1,121
Kimco Realty
6.875%, 10/01/19			1,080		1,369
Simon Property Group
6.100%, 05/01/16			2,000		2,285
Total Real Estate Investment Trusts					5,867
Retail [6.4%]
Lowe's
6.100%, 09/15/17			3,000		3,610
McDonald's, MTN
0.750%, 05/29/15			1,000		1,005
Tesco
2.000%, 12/05/14(B)			2,000		2,037
Wal-Mart Stores
2.875%, 04/01/15			2,000		2,096
Total Retail					8,748
Security Brokers & Dealers [2.7%]
Citigroup
5.850%, 08/02/16			980		1,116
5.500%, 02/15/17			250		278
Morgan Stanley, MTN
6.250%, 08/28/17			2,000		2,328
Total Security Brokers & Dealers					3,722
Telephones & Telecommunications [8.9%]
AT&T
5.100%, 09/15/14			2,000		2,127
2.400%, 08/15/16			1,870		1,950
Motorola Solutions
6.000%, 11/15/17			1,000		1,171
Telefonica Emisiones
6.421%, 06/20/16			1,000		1,109
Verizon Communications
5.550%, 02/15/16			2,195		2,476

Description	Face Amount (000)/Shares			Value (000)
Vivendi
3.450%, 01/12/18(B)		$	1,000	$	1,035
Vodafone Group
5.000%, 09/15/15			2,250		2,473
Total Telephones & Telecommunications					12,341
Total Corporate Bonds (Cost $116,745)					121,558
U.S. Government Mortgage-Backed Obligations [2.0%]
FNMA REMIC, Ser 2002-56, Cl MC
5.500%, 09/25/17			166		179
GNMA, Ser 2012-3, Cl AK
3.000%, 01/16/27			2,463		2,595
Total U.S. Government Mortgage-Backed Obligations (Cost $2,747)					2,774
Unaffiliated Registered Investment Company [1.9%]
Vanguard High-Yield Corporate Fund			427,350		2,620
Total Unaffiliated Registered Investment Company (Cost $2,500)					2,620
Sovereign Debt [1.1%]
Korea National Oil
2.875%, 11/09/15(B)			1,000		1,040
United Mexican States, MTN
5.875%, 01/15/14			450		467
Total Sovereign Debt (Cost $1,451)					1,507
Municipal Bond [0.2%]
California [0.2%]
California State, GO
5.700%, 11/01/21			185		224
Total Municipal Bond (Cost $188)					224
Commercial Paper [2.9%]
Deutsche Bank Financial
0.190%, 04/26/13			2,000		1,999

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 23

schedule of investments

March 31, 2013 (Unaudited)

Corporate Bond Fund (concluded)

Description	Face Amount (000)/Shares			Value (000)
MetLife Short Term Funding(B)
0.140%, 04/26/13		$	2,000	$	2,000
Total Commercial Paper (Cost $3,999)					3,999
Repurchase Agreement(C) [2.2%]
Barclays
0.150%, dated 03/28/13, repurchased on 04/01/13, repurchase price $3,000,038 (collateralized by a U.S. Treasury Note, par value $3,005,600, 0.750%, 06/30/17; with total market value $3,054,573)			3,000		3,000
Total Repurchase Agreement (Cost $3,000)					3,000
Short-Term Investments [0.3%]
CNI Prime Money Market Fund, Cl I, 0.030%*†			231,079		231
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*			231,079		231
Total Short-Term Investments (Cost $462)					462
Total Investments [98.9%] (Cost $131,092)				$	136,144

Percentages are based on Net Assets of $137,592 ($ Thousands).

* The rate reported is the 7-day effective yield as of March 31, 2013.

† Investment in Affiliate.

(A) Floating Rate Security - The rate reported is the rate in effect on March 31, 2013.

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2013, the value of these securities amounted to $23,099 ($ Thousands), representing 16.8% of the net assets of the Fund.

(C) Tri-party Repurchase Agreement

Cl — Class

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

HMO — Health Maintenance Organization

MTN — Medium Term Note

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	121,558	$	—	$	121,558
U.S. Government Mortgage-Backed Obligations		—		2,774		—		2,774
Unaffiliated Registered Investment Company		2,620		—		—		2,620
Sovereign Debt		—		1,507		—		1,507
Municipal Bond		—		224		—		224
Commercial Paper		—		3,999		—		3,999
Repurchase Agreement		—		3,000		—		3,000
Short-Term Investments		462		—		—		462
Total Investments in Securities	$	3,082	$	133,062	$	—	$	136,144

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 24

schedule of investments

March 31, 2013 (Unaudited)

California Tax Exempt Bond Fund

Description	Face Amount (000)			Value (000)
Municipal Bonds [99.4%]
Arizona [1.2%]
Arizona State, School Facilities Board, Ser C, COP, AGM
Callable 09/01/14 @ 100
5.000%, 09/01/15		$	750	$	797
California [96.6%]
Bay Area, Infrastructure Financing Authority, State Payment Acceleration Project, RB, NATL-RE FGIC
Callable 08/01/14 @ 100
5.000%, 08/01/17			860		911
Beverly Hills Community Facilities District 2002-A
4.000%, 09/01/22			250		277
California State Public Works Board, Ser A, RB
3.000%, 03/01/21			1,000		1,051
California State, Economic Recovery Authority, Ser A, GO, NATL-RE
Callable 07/01/14 @ 100
5.000%, 07/01/15			965		1,020
California State, Economic Recovery Authority, Ser B, GO
4.000%, 07/01/23(A)			750		784
California State, Educational Facilities Authority, Loyola Marymount, RB
4.000%, 10/01/13			500		509

Description	Face Amount (000)			Value (000)
California State, Educational Facilities Authority, Stanford University Project, Ser T-4, RB
5.000%, 03/15/14		$	350	$	366
California State, Ser A, GO
Callable 07/01/19 @ 100
5.000%, 07/01/20			1,000		1,209
California State, GO
Callable 03/01/15 @ 100
5.000%, 03/01/16			1,500		1,625
California State, GO
Callable 05/03/13 @ 100
5.000%, 02/01/18			175		176
California State, GO
4.000%, 02/01/18			1,000		1,135
California State, GO
4.000%, 02/01/19			1,000		1,143
California State, GO
5.000%, 09/01/20			1,000		1,219
California State, GO
5.000%, 09/01/21			1,200		1,468
California State, GO
Callable 11/01/20 @ 100
5.000%, 11/01/22			1,025		1,229
California State, Health Facilities Financing Authority, Ser A, RB
5.000%, 10/01/15			450		498
California State, Health Facilities Financing Authority, Ser A, RB
5.500%, 08/15/17			500		595
California State, Health Facilities Financing Authority, Ser A, RB
5.000%, 11/15/17			375		440
California State, Health Facilities Financing Authority, Ser A, RB
5.000%, 07/01/18			500		587
California State, Health Facilities Financing Authority, Ser A, RB
5.500%, 08/15/18			125		152
California State, Public Works Board, Department of Corrections-Administration Project, Ser A, RB, AMBAC
Callable 05/03/13 @ 100
5.250%, 03/01/18			155		156

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 25

schedule of investments

March 31, 2013 (Unaudited)

California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)			Value (000)
California State, Public Works Board, Department of Corrections-State Prisons, Ser A, RB, AMBAC
5.000%, 12/01/19		$	850	$	959
California State, Public Works Board, Department of Mental Health Project, Ser A, RB
5.250%, 06/01/13			200		202
California State, Public Works Board, Ser A, RB
4.000%, 04/01/17			500		559
California State, Public Works Board, Ser G-1, RB
Callable 10/01/19 @ 100
5.250%, 10/01/23			250		295
California State, Public Works Board, State Prisons, Ser C, RB
5.000%, 10/01/16			1,000		1,142
California State, Public Works Board, University of California Project, Ser C-1, RB
Callable 03/01/20 @ 100
5.000%, 03/01/21			660		799
California State, Public Works Board, University of California Research Project, Ser L, RB, NATL-RE
Callable 11/01/15 @ 100
5.250%, 11/01/16			1,000		1,118
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB
5.000%, 04/01/19			250		301
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB
3.900%, 08/01/31(A)			625		648
California Statewide, Communities Development Authority, Ser A, RB
5.000%, 08/15/18			200		238
Carlsbad, Public Financing Authority, Municipal Golf Course Project, Ser A, RB, AMBAC
4.500%, 09/01/16			350		388
Castaic Lake, Water Agency, Water Systems Improvement Project, Ser A, COP, NATL-RE
7.000%, 08/01/13			300		306

Description	Face Amount (000)			Value (000)
Contra Costa Transportation Authority, Ser B, RB
Callable 03/01/20 @ 100
5.000%, 03/01/23		$	1,000	$	1,209
El Camino, Hospital District, GO, NATL-RE
Callable 02/01/17 @ 100
5.000%, 08/01/20			500		566
El Dorado, Irrigation District, Ser A, RB, AGM
4.500%, 03/01/19			500		578
Gilroy, Unified School District, GO
3.400%, 04/01/13(B)			500		500
Gilroy, Unified School District, GO, NATL-RE FGIC(C)
Pre-Refunded @ 100
5.250%, 08/01/13			800		813
Golden State, Tobacco Settlement, Enhanced-Asset Backed, Ser A, RB, AMBAC
Callable 04/18/13 @ 100
5.000%, 06/01/20			500		503
Jefferson, Unified High School District, Ser A, GO, NATL-RE FGIC
5.000%, 08/01/14			200		209
Los Angeles County, Metropolitan Transportation Authority, RB
Callable 07/01/19 @ 100
5.000%, 07/01/23			350		420
Los Angeles County, Metropolitan Transportation Authority, Proposition C, Ser A, RB, NATL-RE
Callable 07/01/14 @ 100
5.000%, 07/01/16			200		212
Los Angeles County, Sanitation Districts Financing Authority, Capital Projects (District #14), Sub-Ser B, RB, NATL-RE FGIC
3.750%, 10/01/14			175		183
Los Angeles Department of Water & Power, Ser A, RB
5.000%, 07/01/19			500		610
Los Angeles, Department of Airports, Ser C, RB
4.000%, 05/15/17			545		616
Los Angeles, Department of Water & Power, Power Systems Project, Sub-Ser A-2, RB, AGM
Callable 07/01/15 @ 100
5.000%, 07/01/25			1,000		1,085

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 26

schedule of investments

March 31, 2013 (Unaudited)

California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Los Angeles, Department of Water & Power, Ser B-3, RB
Callable 05/01/13 @ 100
0.060%, 07/01/34(A)		$	1,000	$	1,000
Los Angeles, Municipal Improvement Authority, Capital Equipment, Ser A, RB
4.000%, 11/01/19			575		647
Los Angeles, Municipal Improvement Authority, Central Library Project, Ser A, RB, NATL-RE
Callable 05/03/13 @ 100
5.500%, 06/01/18			500		502
Los Angeles, Municipal Improvement Authority, Real Property, Ser E, RB
5.000%, 09/01/15			275		301
Los Angeles, Municipal Improvement Authority, Ser C, RB
4.000%, 09/01/16			500		545
Los Angeles, Unified School District, Ser A-1, GO, NATL-RE
Callable 07/01/14 @ 100
5.000%, 07/01/17			165		175
Los Angeles, Unified School District, Ser E, GO, AGM
Callable 07/01/17 @ 100
5.000%, 07/01/19			500		580
Los Angeles, Unified School District, Ser I, GO
Callable 07/01/19 @ 100
5.250%, 07/01/23			1,000		1,183
Los Angeles, Wastewater Systems Authority, Ser A, RB
5.000%, 06/01/14			825		870
Modesto, Irrigation District, Ser A, RB
5.000%, 07/01/17			1,000		1,165
Modesto, Irrigation District, Ser A, RB
5.000%, 07/01/21			310		378
Mount San Antonio, Community College District, GO
3.126%, 05/01/15(B)			635		626
Mountain View, School District Community Facilities District, GO, NATL-RE
2.000%, 08/01/16(B)			100		92
M-S-R, Public Power Agency, Sub-Ser L, RB, AGM
5.000%, 07/01/18			500		596

Description	Face Amount (000)				Value (000)
Oakland-Alameda County Coliseum Authority, Ser A, RB
5.000%, 02/01/20		$	795		$	938
Orange County, Public Financing Authority, RB, NATL-RE
5.000%, 07/01/17			1,050			1,206
Orange County, Sanitation District, Ser A, COP
3.000%, 02/01/17			500			543
Port of Oakland, Ser B, RB, NATL-RE
Callable 11/01/17 @ 100
5.000%, 11/01/23			500			561
Port of Oakland, Ser C, RB, NATL-RE
5.000%, 11/01/15			450			501
Riverside County, Ser A, COP, AMBAC
5.000%, 11/01/17			1,600			1,822
Sacramento County Sanitation Districts Financing Authority, Ser A, RB
Callable 12/01/21 @ 100
5.000%, 12/01/22			900			1,103
Sacramento County, Sanitation Districts Financing Authority, Ser A, RB, NATL-RE FGIC
5.250%, 12/01/23			650			817
Sacramento, Area Flood Control Agency, Ser A, SAB, NATL-RE FGIC
Callable 10/01/17 @ 100
5.000%, 10/01/21			400	��		455
Sacramento, City Financing Authority, EPA Building Project, Ser A, RB, AMBAC
Callable 05/03/13 @ 100
4.750%, 05/01/17			525			526
Sacramento, Municipal Utility District, Ser T, RB, NATL-RE FGIC
Callable 05/15/14 @ 100
5.250%, 05/15/22			115			120
Sacramento, Unified School District, Election of 2002, GO, NATL-RE
Callable 07/01/15 @ 100
5.000%, 07/01/18			300			326
San Diego, Public Facilities Financing Authority Sewer Revenue, Ser A, RB
Callable 05/15/20 @ 100
5.250%, 05/15/24			500			599

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 27

schedule of investments

March 31, 2013 (Unaudited)

California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)			Value (000)
San Diego, Public Facilities Financing Authority, Ser B, RB
5.000%, 05/15/14		$	750	$	790
San Francisco City & County, Airports Commission, Ser B, RB
5.000%, 05/01/17			495		578
San Francisco City & County, Finance, RB, NATL-RE
Callable 07/01/14 @ 100
3.750%, 07/01/18			500		517
San Francisco City & County, Multiple Capital Improvement Projects, Ser B, COP
Callable 04/01/19 @ 100
5.000%, 04/01/22			735		839
San Francisco City & County, Public Utilities Commission Water Revenue, Ser D, RB
4.000%, 11/01/19			1,000		1,157
San Francisco City & County, Public Utilities Commission Water Revenue, Sub-Ser A, RB
5.000%, 11/01/20			250		308
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA
5.000%, 08/01/17			540		589
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL-RE FGIC
5.250%, 08/01/13			500		508
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL-RE FGIC
Callable 08/01/13 @ 100
5.250%, 08/01/18			600		606
San Francisco, Bay Area Transit Financing Authority, Ser A, RB, NATL-RE
Callable 07/01/15 @ 100
5.000%, 07/01/24			550		603
San Mateo County, Transportation Authority, Ser A, RB, NATL-RE
5.250%, 06/01/19			755		923
San Mateo, Unified High School District, GO
1.050%, 02/15/15(B)			1,000		990	��

Description	Face Amount (000)			Value (000)
Santa Clara County, Financing Authority, RB
5.000%, 02/01/20		$	500	$	588
Santa Margarita, Dana Point Authority, Improvement Districts 3-3A-4-4A, Ser A, RB, AMBAC
Callable 08/01/14 @ 100
5.000%, 08/01/15			290		308
Santa Monica, Public Financing Authority, Ser A, RB
5.000%, 06/01/21			580		710
Southern California, Public Power Authority, Subordinated Southern Transmission Project, Ser A, RB
5.000%, 07/01/17			1,200		1,407
Turlock, Irrigation District, Ser A, RB
5.000%, 01/01/17			575		654
University of California, Regents Medical Center, Ser E, RB
Callable 05/15/17 @ 101
5.000%, 05/15/21			250		282
University of California, Ser A, RB, AMBAC(C)
Pre-Refunded @ 100
5.125%, 05/15/13			470		473
University of California, Ser A, RB, AMBAC(C)
Pre-Refunded @ 100
5.125%, 05/15/13			40		40
University of California, Ser E, RB
Callable 05/15/20 @ 100
5.000%, 05/15/22			500		603
Ventura County Public Financing Authority, Ser A, RB
4.000%, 11/01/18			500		570
Total California					63,229
New York [0.6%]
New York State, Local Assistance Correction Authority, Ser E, RB
6.000%, 04/01/14			370		380
Puerto Rico [1.0%]
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB, ETM
4.000%, 08/01/16			130		145

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 28

schedule of investments

March 31, 2013 (Unaudited)

California Tax Exempt Bond Fund (concluded)

Description	Face Amount (000)/Shares			Value (000)
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB
4.000%, 08/01/16		$	475	$	509
Total Puerto Rico					654
Total Municipal Bonds (Cost $63,156)					65,060
Short-Term Investment [2.0%]
CNI Charter California Tax Exempt Money Market Fund, Cl S, 0.010%*†			1,307,362		1,307
Total Short-Term Investment (Cost $1,307)					1,307
Total Investments [101.4%] (Cost $64,463)				$	66,367

Percentages are based on Net Assets of $65,453 ($ Thousands).

* The rate reported is the 7-day effective yield as of March 31, 2013.

† Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2013.

(B) Zero coupon security. The rate reported is the effective yield at time of purchase.

(C) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

AGM — Assured Guarantee Municipal

AMBAC — American Municipal Bond Assurance Corporation

Cl — Class

COP — Certificate of Participation

EPA — Environmental Protection Agency

ETM — Escrowed to Maturity

FGIC — Financial Guaranty Insurance Company

GO — General Obligation

NATL-RE — National Public Finance Guarantee Corporation

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

TA — Tax Allocation

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	65,060	$	—	$	65,060
Short-Term Investment		1,307		—		—		1,307
Total Investments in Securities	$	1,307	$	65,060	$	—	$	66,367

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 29

schedule of investments

March 31, 2013 (Unaudited)

Full Maturity Fixed Income Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [40.5%]
Agriculture [0.2%]
Bunge NA Finance
5.900%, 04/01/17		$	100	$	113
Automotive [0.5%]
Johnson Controls
5.500%, 01/15/16			100		112
Volkswagen International Finance
2.375%, 03/22/17(A)			125		130
Total Automotive					242
Banks [10.3%]
Bank of America
10.200%, 07/15/15			100		117
Bank of America, MTN
5.650%, 05/01/18			160		185
Barclays Bank
5.125%, 01/08/20			100		115
BB&T, MTN
1.600%, 08/15/17			355		358
Capital One Financial
7.375%, 05/23/14			100		107
Citigroup
6.375%, 08/12/14			170		182
Commonwealth Bank of Australia
5.000%, 10/15/19(A)			150		176
Credit Suisse NY, MTN
5.300%, 08/13/19			150		177
Deutsche Bank, MTN
3.450%, 03/30/15			100		105
Dresdner Bank - New York
7.250%, 09/15/15			150		162

Description	Face Amount (000)			Value (000)
Fifth Third Bancorp
3.625%, 01/25/16		$	105	$	112
Goldman Sachs Group
3.625%, 02/07/16			355		377
ING Bank
3.750%, 03/07/17(A)			200		213
JPMorgan Chase
4.250%, 10/15/20			150		165
KeyBank
5.800%, 07/01/14			150		159
Kookmin Bank
7.250%, 05/14/14(A)			100		106
Morgan Stanley
4.750%, 03/22/17			165		182
PNC Funding
4.250%, 09/21/15			325		352
3.000%, 05/19/14			125		129
Sumitomo Mitsui Banking
3.150%, 07/22/15(A)			200		210
SunTrust Banks
6.000%, 09/11/17			119		141
US Bancorp, MTN
1.650%, 05/15/17			345		352
Wells Fargo
3.625%, 04/15/15			125		132
Wells Fargo, MTN
2.100%, 05/08/17			325		335
Total Banks					4,649
Cable/Media [0.8%]
DIRECTV Holdings
3.500%, 03/01/16			170		181
Time Warner Cable
4.125%, 02/15/21			165		177
Total Cable/Media					358
Computer System Design & Services [0.8%]
Hewlett-Packard
4.650%, 12/09/21			150		155
2.125%, 09/13/15			190		193
Total Computer System Design & Services					348
Drugs [0.4%]
Wyeth
5.500%, 02/15/16			160		182

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 30

schedule of investments

March 31, 2013 (Unaudited)

Full Maturity Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
Electronic Compo-Semicon [0.7%]
Texas Instruments
1.650%, 08/03/19		$	345	$	344
Energy [1.8%]
Carolina Power & Light
5.150%, 04/01/15			80		87
Exelon
5.625%, 06/15/35			75		83
Exelon Generation
4.250%, 06/15/22			100		105
Korea Electric Power
7.750%, 04/01/13			95		95
6.750%, 08/01/27			75		102
PPL Energy Supply, Ser A
5.700%, 10/15/15			75		82
Trans-Allegheny Interstate Line
4.000%, 01/15/15(A)			100		105
Virginia Electric and Power
8.875%, 11/15/38			100		168
Total Energy					827
Finance Auto Loans [0.2%]
Toyota Motor Credit, MTN
2.000%, 09/15/16			100		103
Financial Services [3.6%]
American Express Credit, MTN
2.800%, 09/19/16			175		185
Associates Corp of North America
6.950%, 11/01/18			150		183
Bank of New York Mellon, MTN
3.100%, 01/15/15			175		183
General Electric Capital
2.250%, 11/09/15			350		362
General Electric Capital, MTN
6.000%, 08/07/19			125		152
4.375%, 09/16/20			150		168
HSBC Finance
6.676%, 01/15/21(A)			83		98
National Rural Utilities Cooperative Finance
10.375%, 11/01/18			125		183
UFJ Finance Aruba
6.750%, 07/15/13			125		127
Total Financial Services					1,641

Description	Face Amount (000)			Value (000)
Food, Beverage & Tobacco [1.0%]
Kraft Foods
6.500%, 08/11/17		$	150	$	181
PepsiCo
3.125%, 11/01/20			260		279
Total Food, Beverage & Tobacco					460
Gas-Distribution [0.1%]
KeySpan
8.000%, 11/15/30			50		67
Insurance [2.2%]
Manulife Financial
3.400%, 09/17/15			198		208
MetLife
5.000%, 06/15/15			175		191
Metropolitan Life Global Funding I
3.875%, 04/11/22(A)			125		135
Protective Life
4.300%, 06/01/13			100		101
Prudential Financial, MTN
6.200%, 01/15/15			160		174
5.375%, 06/21/20			155		183
Total Insurance					992
Insurance Brokers [0.7%]
Aon
3.500%, 09/30/15			200		211
Marsh & McLennan
5.750%, 09/15/15			79		88
Total Insurance Brokers					299
Invest Mgmnt/Advis Serv [0.4%]
BlackRock
3.500%, 12/10/14			170		179
Investment Banker/Broker Dealer [1.8%]
Bear Stearns
7.250%, 02/01/18			275		342
Jefferies Group
6.450%, 06/08/27			100		110
Morgan Stanley
4.750%, 04/01/14			75		77
Morgan Stanley, MTN
6.625%, 04/01/18			100		120

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 31

schedule of investments

March 31, 2013 (Unaudited)

Full Maturity Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
TD Ameritrade Holding
5.600%, 12/01/19		$	155	$	186
Total Investment Banker/Broker Dealer					835
Medical Products [0.2%]
Zimmer Holdings
4.625%, 11/30/19			75		85
Medical-HMO [0.6%]
UnitedHealth Group
4.750%, 02/10/14			40		41
4.700%, 02/15/21			200		230
Total Medical-HMO					271
Metal-Iron [0.6%]
Vale Overseas
6.875%, 11/21/36			100		114
5.625%, 09/15/19			165		186
Total Metal-Iron					300
Metals & Mining [0.3%]
Rio Tinto Finance USA
6.500%, 07/15/18			100		122
Multi-Media [1.1%]
CBS
3.375%, 03/01/22			175		178
Time Warner
7.700%, 05/01/32			150		204
Viacom
6.250%, 04/30/16			125		144
Total Multi-Media					526
Networking Products [0.3%]
Cisco Systems
5.500%, 01/15/40			100		119
Office Automation and Equip [0.4%]
Xerox
6.350%, 05/15/18			160		187
Oil, Gas & Consumable Fuels [2.1%]
BP Capital Markets
3.200%, 03/11/16			100		107
3.125%, 10/01/15			345		364

Description	Face Amount (000)			Value (000)
Husky Energy
3.950%, 04/15/22		$	150	$	161
Marathon Oil
6.000%, 10/01/17			150		178
Petrobras International Finance
3.875%, 01/27/16			100		105
Total Capital International
1.500%, 02/17/17			100		102
Total Oil, Gas & Consumable Fuels					1,017
Petroleum & Fuel Products [3.0%]
Anadarko Finance
7.500%, 05/01/31			150		199
DCP Midstream
9.750%, 03/15/19(A)			114		150
Energy Transfer Partners
6.625%, 10/15/36			75		86
Enterprise Products Operating
6.500%, 01/31/19			140		174
3.700%, 06/01/15			125		132
Kinder Morgan Energy Partners
5.950%, 02/15/18			150		179
5.300%, 09/15/20			125		146
ONEOK
4.250%, 02/01/22			100		106
ONEOK Partners
2.000%, 10/01/17			105		106
Spectra Energy Capital
6.200%, 04/15/18			75		91
Total Petroleum & Fuel Products					1,369
Pharmacy Services [0.4%]
Express Scripts Holding
3.500%, 11/15/16			150		162
Property Trust [0.3%]
WEA Finance
7.500%, 06/02/14(A)			125		134
REITs-Health Care [0.8%]
HCP
2.625%, 02/01/20			195		196
Health Care
4.950%, 01/15/21			165		184
Total REITs-Health Care					380

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 32

schedule of investments

March 31, 2013 (Unaudited)

Full Maturity Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
REITs-Office Property [0.4%]
Boston Properties
5.875%, 10/15/19		$	150	$	180
REITs-Regional Malls [0.8%]
Simon Property Group
2.150%, 09/15/17			350		361
Retail [0.4%]
Lowe's
5.000%, 10/15/15			165		184
Retail-Restaurants [0.2%]
Yum! Brands
6.250%, 03/15/18			95		114
Telephones & Telecommunications [3.1%]
AT&T
5.600%, 05/15/18			310		368
British Telecommunications
9.625%, 12/15/30			100		155
Deutsche Telekom International Finance
8.750%, 06/15/30			75		106
6.000%, 07/08/19			50		60
GTE
6.840%, 04/15/18			100		124
New Cingular Wireless Services
8.750%, 03/01/31			75		117
Telecom Italia Capital
7.200%, 07/18/36			75		75
Telefonica Emisiones
6.421%, 06/20/16			75		83
Verizon Communications
3.000%, 04/01/16			345		365
Total Telephones & Telecommunications					1,453
Total Corporate Bonds (Cost $17,606)					18,603
U.S. Treasury Obligations [19.9%]
U.S. Treasury Bonds
6.250%, 08/15/23			675		955
5.250%, 11/15/28			900		1,219
2.625%, 04/30/16			385		411
2.625%, 11/15/20			425		464
0.875%, 07/31/19			815		804

Description	Face Amount (000)			Value (000)
U.S. Treasury Notes
4.375%, 02/15/38		$	950	$	1,188
2.750%, 02/15/19			795		877
2.375%, 07/31/17			710		763
1.750%, 05/15/22			730		732
1.250%, 04/30/19			1,675		1,698
Total U.S. Treasury Obligations (Cost $8,811)					9,111
U.S. Government Mortgage-Backed Obligations [19.5%]
FHLMC, Pool A93505
4.500%, 08/01/40			79		84
FHLMC, Pool A93996
4.500%, 09/01/40			111		119
FHLMC, Pool C03490
4.500%, 08/01/40			574		614
FHLMC, Pool C09015
3.000%, 10/01/42			269		276
FHLMC, Pool C20300
6.500%, 01/01/29			5		6
FHLMC, Pool E01280
5.000%, 12/01/17			9		10
FHLMC, Pool G04222
5.500%, 04/01/38			55		60
FHLMC, Pool G04913
5.000%, 03/01/38			172		185
FHLMC, Pool G08003
6.000%, 07/01/34			36		40
FHLMC, Pool G11431
6.000%, 02/01/18			6		6
FHLMC, Pool G11880
5.000%, 12/01/20			29		31
FHLMC, Pool G18124
6.000%, 06/01/21			21		24
FHLMC, Pool J19197
3.000%, 05/01/27			232		245
FHLMC, Pool Q08998
3.500%, 06/01/42			243		256
FHLMC, Pool Q10378
3.000%, 08/01/42			260		267
FHLMC ARM(B)
2.807%, 01/01/35			6		7
2.801%, 01/01/35			11		12
2.745%, 12/01/34			18		19
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2011-K704, Cl A2
2.412%, 08/25/18			400		422

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 33

schedule of investments

March 31, 2013 (Unaudited)

Full Maturity Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2012-K705, Cl A2
2.303%, 09/25/18		$	200	$	210
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2012-K706, Cl A2
2.323%, 10/25/18			150		157
FHLMC Multifamily Structured Pass-Through Certificates, Ser 2012-K708, Cl A2
2.130%, 01/25/19			300		311
FHLMC REMIC, Ser 2007-R010, Cl VA
5.500%, 04/15/17			44		44
FHLMC REMIC, Ser 2804, Cl VC
5.000%, 07/15/21			118		130
FNMA, Pool 252570
6.500%, 07/01/29			9		10
FNMA, Pool 253183
7.500%, 04/01/30			1		1
FNMA, Pool 253398
8.000%, 08/01/30			3		4
FNMA, Pool 254545
5.000%, 12/01/17			25		27
FNMA, Pool 254685
5.000%, 04/01/18			21		23
FNMA, Pool 254949
5.000%, 11/01/33			27		29
FNMA, Pool 255814
5.500%, 08/01/35			59		65
FNMA, Pool 303168
9.500%, 02/01/25			3		4
FNMA, Pool 725424
5.500%, 04/01/34			45		49
FNMA, Pool 735060
6.000%, 11/01/34			28		32
FNMA, Pool 735228
5.500%, 02/01/35			24		27
FNMA, Pool 735230
5.500%, 02/01/35			59		66
FNMA, Pool 745275
5.000%, 02/01/36			251		273
FNMA, Pool 745418
5.500%, 04/01/36			307		337
FNMA, Pool 844809
5.000%, 11/01/35			135		147

Description	Face Amount (000)			Value (000)
FNMA, Pool AD0454
5.000%, 11/01/21		$	66	$	72
FNMA, Pool AD8522
4.000%, 08/01/40			80		85
FNMA, Pool AE0828
3.500%, 02/01/41			484		511
FNMA, Pool AE0949
4.000%, 02/01/41			518		553
FNMA, Pool AH0621
3.500%, 01/01/41			121		128
FNMA, Pool AJ1407
4.000%, 09/01/41			120		128
FNMA, Pool AJ7689
4.000%, 12/01/41			366		391
FNMA, Pool AO2970
3.000%, 05/01/42			248		256
FNMA, Pool AO4137
3.500%, 06/01/42			270		286
FNMA, Pool MA1277
2.500%, 12/01/27			194		201
FNMA ARM
2.590%, 04/01/35(B)			83		87
FNMA REMIC, Ser 33, Cl LD
4.250%, 09/25/22			7		7
FNMA Whole Loan, Ser W6, Cl 1A6
5.500%, 07/25/34			30		30
GNMA, Pool 780315
9.500%, 12/15/17			4		5
GNMA, Pool G2 4696
4.500%, 05/20/40			266		294
GNMA, Pool G2 4747
5.000%, 07/20/40			103		115
GNMA, Pool G2 4923
4.500%, 01/20/41			139		153
GNMA, Pool G2 MA0155
4.000%, 06/20/42			345		374
GNMA, Pool G2 MA0392
3.500%, 09/20/42			313		335
NCUA Guaranteed Notes, Ser 2010-C1, Cl A2
2.900%, 10/29/20			225		240
NCUA Guaranteed Notes, Ser 2010-R1, Cl 2A
1.840%, 10/07/20			76		77
Total U.S. Government Mortgage-Backed Obligations (Cost $8,677)					8,957

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 34

schedule of investments

March 31, 2013 (Unaudited)

Full Maturity Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
U.S. Government Agency Obligations [9.6%]
FHLMC
2.500%, 01/07/14		$	380	$	387
1.000%, 09/29/17			560		564
FNMA
4.625%, 10/15/13			415		425
2.875%, 12/11/13			460		469
2.375%, 07/28/15			870		910
1.375%, 11/15/16			530		546
1.125%, 04/27/17			200		204
0.625%, 10/30/14			905		910
Total U.S. Government Agency Obligations (Cost $4,381)					4,415
Commercial Mortgage-Backed Obligations [4.4%]
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9, Ser PWR9, Cl A4A
4.871%, 09/11/42			200		216
Citigroup, Ser 2005-CD1
5.219%, 07/15/44(B)			200		219
Citigroup, Ser 2007-CD4, Cl A2B
5.205%, 12/11/49			32		32
Commercial Mortgage, Ser 2005-C5, Cl A5A
5.116%, 06/10/44(B)			275		299
Commercial Mortgage Trust, Ser CR2, Cl A4
3.147%, 08/15/45			125		130
GS Mortgage Securities II, Ser GCJ9, Cl A3
2.773%, 11/10/45			275		275
JPMorgan Chase Commercial Mortgage Securities Series 2005-CIBC12, Ser CB12, Cl A4
4.895%, 09/12/37			275		297
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6, Ser C6, Cl A4
2.858%, 11/15/45			275		278
Wachovia Bank Commercial Mortgage Trust, Ser 2005-C22
5.297%, 12/15/44(B)			250		274
Total Commercial Mortgage-Backed Obligations (Cost $1,980)					2,020

Description	Face Amount (000)			Value (000)
Asset-Backed Securities [2.4%]
American Express Credit Account Master Trust, Ser 2008-5, Cl A
1.003%, 03/15/16(B)		$	200	$	201
American Express Credit Account Master Trust, Ser 2009-2, Cl A
1.453%, 03/15/17(B)			575		584
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2
6.205%, 05/28/37			158		161
Cityscape Home Equity Loan Trust, Ser 1997-C, Cl A4
7.000%, 07/25/28			3		—
GMAC Mortgage Corporation Loan Trust, Ser 2004-GH1, Cl A6
4.810%, 07/25/35			60		58
Green Tree Financial, Ser 1997-7, Cl A6
6.760%, 07/15/29			42		45
RAAC, Ser 2004-SP1, Cl AI4
5.285%, 08/25/27(B)			25		25
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5
5.572%, 06/25/32(B)			39		34
Total Asset-Backed Securities (Cost $1,115)					1,108
Residential Mortgage-Backed Securities [0.4%]
Banc of America Alternative Loan Trust, Ser 2004-2, Cl 5A1
5.500%, 03/25/19			48		49
Chase Mortgage Finance, Ser 2003-S13, Cl A11
5.500%, 11/25/33			27		27
Residential Accredit Loans, Ser 2004-QS5, Cl A5
4.750%, 04/25/34			15		16
Residential Accredit Loans, Ser 2004-QS6, Cl A1
5.000%, 05/25/19			24		24
WaMu Mortgage Pass-Through Certificates, Ser 2004-CB2, Cl 5A
5.000%, 07/25/19			75		77
Total Residential Mortgage-Backed Securities (Cost $187)					193

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 35

schedule of investments

March 31, 2013 (Unaudited)

Full Maturity Fixed Income Fund (concluded)

Description	Face Amount (000)/Shares			Value (000)
Sovereign Debt [0.3%]
United Mexican States, MTN
5.125%, 01/15/20		$	100	$	117
Total Sovereign Debt (Cost $99)					117
Municipal Bond [0.2%]
Puerto Rico [0.2%]
Government Development Bank for Puerto Rico, Ser B, RB
4.704%, 05/01/16			100		101
Total Municipal Bond (Cost $100)					101
Short-Term Investments [3.1%]
CNI Government Money Market Fund, Cl I, 0.010%*†			721,075		721
SEI Daily Income Trust Government Fund, Cl A, 0.020%*			721,075		721
Total Short-Term Investments (Cost $1,442)					1,442
Total Investments [100.3%] (Cost $44,398)				$	46,067

Percentages are based on Net Assets of $45,908 ($ Thousands).

* The rate reported is the 7-day effective yield as of March 31, 2013.

† Investment in Affiliate.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2013, the value of these securities amounted to $1,457 ($ Thousands), representing 3.2% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2013.

ARM — Adjustable Rate Mortgage

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

HMO — Health Maintenance Organization

MTN — Medium Term Note

NA — National Association

NCUA — National Credit Union Administration

RB — Revenue Bond

REITs — Real Estate Investment Trusts

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

Amounts designated as “—” are either $0 or have been rounded to $0.

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	18,603	$	—	$	18,603
U.S. Treasury Obligations		—		9,111		—		9,111
U.S. Government Mortgage-Backed Obligations		—		8,957		—		8,957
U.S. Government Agency Obligations		—		4,415		—		4,415
Commercial Mortgage-Backed Obligations		—		2,020		—		2,020
Asset-Backed Securities		—		1,108		—		1,108
Residential Mortgage-Backed Securities		—		193		—		193
Sovereign Debt		—		117		—		117
Municipal Bond		—		101		—		101
Short-Term Investments		1,442		—		—		1,442
Total Investments in Securities	$	1,442	$	44,625	$	—	$	46,067

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 36

schedule of investments

March 31, 2013 (Unaudited)

High Yield Bond Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [96.5%]
Advertising Agencies [1.8%]
MDC Partners(A)
11.000%, 11/01/16		$	925	$	1,027
6.750%, 04/01/20			2,000		2,020
Total Advertising Agencies					3,047
Airlines [0.5%]
American Airlines, Ser 2011-2, Cl A Pass-Through Trust
8.625%, 10/15/21			470		489
Continental Airlines, Ser 2007-1, Cl C
7.339%, 04/19/14(B)			196		201
Continental Airlines, Ser 2009-2, Cl B Pass-Through Trust
9.250%, 05/10/17(B)			145		162
Total Airlines					852
Apparel/Textiles [1.0%]
Levi Strauss
6.875%, 05/01/22(A)			1,545		1,692
Applications Software [0.5%]
Nuance Communications
5.375%, 08/15/20(A)			775		785
Autoparts [0.7%]
Asbury Automotive Group
7.625%, 03/15/17			100		103

Description	Face Amount (000)			Value (000)
Stanadyne
10.000%, 08/15/14		$	900	$	894
Stanadyne Holdings
12.000%, 02/15/15(C)			225		158
Total Autoparts					1,155
Broadcasting & Cable [3.8%]
Bresnan Broadband Holdings
8.000%, 12/15/18(A)			750		817
Cablevision Systems
8.000%, 04/15/20			400		450
CSC Holdings
7.625%, 07/15/18			100		116
6.750%, 11/15/21			300		336
DCP
10.750%, 08/15/15(A)			500		527
DISH DBS
5.875%, 07/15/22			875		918
Local TV Finance
9.250%, 06/15/15(A)			122		123
Unitymedia Hessen GmbH & KG(A)
7.500%, 03/15/19			500		547
5.500%, 01/15/23			675		694
Univision Communications(A)
6.875%, 05/15/19			1,525		1,632
6.750%, 09/15/22			250		270
Total Broadcasting & Cable					6,430
Building & Construction [2.1%]
APERAM(A)
7.750%, 04/01/18			1,625		1,617
7.375%, 04/01/16			400		403
Building Materials Corp of America
6.750%, 05/01/21(A)			950		1,038
Dycom Investments
7.125%, 01/15/21			300		321
Interline Brands
7.500%, 11/15/18			190		206
Total Building & Construction					3,585
Business Services [0.4%]
FTI Consulting
6.000%, 11/15/22(A)			680		719

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 37

schedule of investments

March 31, 2013 (Unaudited)

High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Chemicals [0.3%]
Nexeo Solutions
8.375%, 03/01/18		$	250	$	244
Polymer Group
7.750%, 02/01/19			380		414
Total Chemicals					658
Coal Mining [1.4%]
CONSOL Energy
8.250%, 04/01/20			400		443
Penn Virginia Resource Partners
8.375%, 06/01/20			1,580		1,659
8.250%, 04/15/18			405		429
Total Coal Mining					2,531
Commercial Services [2.2%]
Bankrate
11.750%, 07/15/15			162		175
Ceridian
8.875%, 07/15/19(A)			600		698
CKE Holdings
10.500%, 03/14/16(A) (D)			801		847
DynCorp International
10.375%, 07/01/17			445		438
ServiceMaster
8.000%, 02/15/20			425		455
7.450%, 08/15/27			275		238
7.100%, 03/01/18			380		374
7.000%, 08/15/20(A)			620		642
Total Commercial Services					3,867
Communications Software [1.0%]
Aspect Software
10.625%, 05/15/17			1,660		1,660
Computer Graphics [0.2%]
Epicor Software
8.625%, 05/01/19			400		433
Computer System Design & Services [3.1%]
Brocade Communications Systems
4.625%, 01/15/23(A)			1,750		1,693
iGate
9.000%, 05/01/16			850		925
Stratus Technologies Bermuda
12.000%, 03/29/15			766		784

Description	Face Amount (000)			Value (000)
Stream Global Services
11.250%, 10/01/14(A)		$	1,955	$	2,024
Total Computer System Design & Services					5,426
Consumer Products & Services [4.9%]
American Achievement
10.875%, 04/15/16(A)			500		485
American Standard Americas
10.750%, 01/15/16(A)			260		270
Armored Autogroup
9.250%, 11/01/18			2,110		1,883
Central Garden and Pet
8.250%, 03/01/18			1,500		1,545
Reynolds Group Issuer
6.875%, 02/15/21			1,775		1,890
Spectrum Brands Escrow(A)
6.625%, 11/15/22			65		71
6.375%, 11/15/20			130		140
WMG Acquisition
11.500%, 10/01/18			1,260		1,479
6.000%, 01/15/21(A)			575		602
Yankee Acquisition, Ser B
9.750%, 02/15/17			50		52
Total Consumer Products & Services					8,417
Containers & Packaging [1.0%]
Ardagh Packaging Finance
4.875%, 11/15/22(A)			450		444
Intertape Polymer US
8.500%, 08/01/14(B)			32		32
Pretium Packaging
11.500%, 04/01/16			350		380
Sealed Air
8.125%, 09/15/19(A)			750		848
Total Containers & Packaging					1,704
Data Processing/Mgmt [1.5%]
First Data(A)
8.875%, 08/15/20			150		168
8.750%, 01/15/22(D)			2,310		2,443
Total Data Processing/Mgmt					2,611
Distribution/Wholesale [0.5%]
INTCOMEX
13.250%, 12/15/14			868		894

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 38

schedule of investments

March 31, 2013 (Unaudited)

High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Diversified Operations [0.3%]
Amsted Industries
8.125%, 03/15/18(A)		$	450	$	484
Drugs [0.3%]
Endo Health Solutions
7.000%, 07/15/19			400		428
E-Commerce/Products [0.4%]
GXS Worldwide
9.750%, 06/15/15			650		674
E-Commerce/Services [0.8%]
IAC
4.750%, 12/15/22(A)			1,505		1,471
Educational Services [1.0%]
Laureate Education
9.250%, 09/01/19(A)			1,500		1,667
Electric Utilities [0.6%]
AES
7.375%, 07/01/21			850		986
Engines-Internal Combust [0.3%]
Briggs & Stratton
6.875%, 12/15/20			500		560
Enterprise Software/Serv [0.6%]
Infor
9.375%, 04/01/19			865		981
Entertainment & Gaming [4.9%]
Buffalo Thunder Development Authority
9.375%, 12/15/14(A) (B) (E)			75		23
Caesars Entertainment Operating
10.000%, 12/15/18			900		613
8.500%, 02/15/20			650		642
Carmike Cinemas
7.375%, 05/15/19			310		340
Choctaw Resort Development Enterprise
7.250%, 11/15/19(A)			175		164
Chukchansi Economic Development Authority
9.750%, 05/30/20(A)			473		279

Description	Face Amount (000)			Value (000)
Diamond Resorts
12.000%, 08/15/18		$	750	$	829
Inn of the Mountain Gods Resort & Casino
1.250%, 11/30/20(A)			103		93
Lions Gate Entertainment
10.250%, 11/01/16(A)			1,200		1,309
Mashantucket Western Pequot Tribe
8.500%, 11/15/15(A) (E)			170		12
MCE Finance
5.000%, 02/15/21(A)			275		278
NAI Entertainment Holdings
8.250%, 12/15/17(A)			450		488
Regal Entertainment Group
9.125%, 08/15/18			225		253
Seminole Indian Tribe of Florida
7.750%, 10/01/17(A)			360		389
Snoqualmie Entertainment Authority(A)
9.125%, 02/01/15			255		255
4.223%, 02/01/14(F)			450		448
Speedway Motorsports
6.750%, 02/01/19			250		267
Tunica-Biloxi Gaming Authority
9.000%, 11/15/15(A)			125		110
Waterford Gaming
8.625%, 09/15/14(A) (B)			45		10
Wynn Las Vegas
5.375%, 03/15/22			600		629
Yonkers Racing
11.375%, 07/15/16(A)			975		1,046
Total Entertainment & Gaming					8,477
Financial Services [3.3%]
CNH Capital
6.250%, 11/01/16			250		276
Credit Acceptance
9.125%, 02/01/17			500		544
Icahn Enterprises
8.000%, 01/15/18			450		481
7.750%, 01/15/16			1,150		1,197
Jefferies Finance
7.375%, 04/01/20(A)			345		351
Nationstar Mortgage(A)
9.625%, 05/01/19			800		912
7.875%, 10/01/20			240		265
6.500%, 07/01/21			700		730
Oxford Finance
7.250%, 01/15/18(A)			450		464

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 39

schedule of investments

March 31, 2013 (Unaudited)

High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Rural
10.125%, 07/15/19(A)		$	400	$	407
Total Financial Services					5,627
Food, Beverage & Tobacco [3.6%]
ARAMARK
5.750%, 03/15/20(A)			375		383
Beverages & More
9.625%, 10/01/14(A)			750		773
Bumble Bee Acquisition
9.000%, 12/15/17(A)			648		713
Bumble Bee Holdco SCA
9.625%, 03/15/18(A) (D)			1,000		1,040
Hawk Acquisition Sub
4.250%, 10/15/20(A)			1,125		1,126
Le-Nature's
9.000%, 06/15/13(A) (B) (E)			150		3
US Foods
8.500%, 06/30/19(A)			1,750		1,857
Vector Group
7.750%, 02/15/21(A)			310		326
Total Food, Beverage & Tobacco					6,221
Gold Mining [0.9%]
Eldorado
6.125%, 12/15/20(A)			750		778
IAMGOLD
6.750%, 10/01/20(A)			780		751
Total Gold Mining					1,529
Human Resources [0.4%]
Emergency Medical Services
8.125%, 06/01/19			650		713
Insurance [1.6%]
Fidelity & Guaranty Life Holdings
6.375%, 04/01/21(A)			425		434
Ironshore Holdings US
8.500%, 05/15/20(A)			950		1,088
National Life Insurance
10.500%, 09/15/39(A)			150		213
Wilton Re Finance
5.875%, 03/30/33(A) (F)			1,000		1,010
Total Insurance					2,745

Description	Face Amount (000)			Value (000)
Internet & Catalog Retail [0.8%]
Expedia
5.950%, 08/15/20		$	1,250	$	1,390
Internet Connectiv Svcs [0.9%]
Zayo Group
10.125%, 07/01/20			1,135		1,336
8.125%, 01/01/20			250		280
Total Internet Connectiv Svcs					1,616
Internet Infrastr Equip [0.9%]
CyrusOne
6.375%, 11/15/22(A)			1,425		1,493
Investment Banker/Broker Dealer [1.4%]
Jefferies Group
8.500%, 07/15/19			240		299
Nuveen Investments
9.125%, 10/15/17(A)			1,975		2,039
Total Investment Banker/Broker Dealer					2,338
Machinery [1.6%]
Tempel Steel
12.000%, 08/15/16(A)			500		470
Thermadyne Holdings
9.000%, 12/15/17			2,170		2,365
Total Machinery					2,835
Medical Information Sys [1.0%]
IMS Health
6.000%, 11/01/20(A)			1,600		1,668
Medical Products & Services [3.0%]
Apria Healthcare Group
12.375%, 11/01/14			1,210		1,234
11.250%, 11/01/14			600		618
BioScrip
10.250%, 10/01/15			600		633
HCA
7.500%, 02/15/22			1,225		1,409
OnCure Holdings
11.750%, 05/15/17			500		247
Physio-Control International
9.875%, 01/15/19(A)			125		141
Symbion
11.000%, 08/23/15(D)			418		428

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 40

schedule of investments

March 31, 2013 (Unaudited)

High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Tenet Healthcare
6.250%, 11/01/18		$	350	$	388
Total Medical Products & Services					5,098
Metal-Copper [0.9%]
KGHM International
7.750%, 06/15/19(A)			1,590		1,670
Metals & Mining [1.3%]
AM Castle
12.750%, 12/15/16			220		258
Midwest Vanadium
11.500%, 02/15/18(A)			500		315
Mirabela Nickel
8.750%, 04/15/18(A)			1,020		931
Noranda Aluminum Acquisition
4.524%, 05/15/15(D) (F)			673		673
Total Metals & Mining					2,177
Miscellaneous Business Services [0.3%]
MCBC Holdings
6.817%, 10/15/14(A) (B) (E)			50		5
Sitel
11.000%, 08/01/17(A)			425		449
Total Miscellaneous Business Services					454
Miscellaneous Manufacturing [2.3%]
AGY Holding
11.000%, 11/15/14			100		51
Atkore International
9.875%, 01/01/18			435		478
CEVA Group(A)
11.625%, 10/01/16			250		260
11.500%, 04/01/18			100		92
8.375%, 12/01/17			1,275		1,313
Coleman Cable
9.000%, 02/15/18			1,090		1,180
Rivers Pittsburgh Borrower
9.500%, 06/15/19(A)			275		300
Thermon Industries
9.500%, 05/01/17			241		268
Total Miscellaneous Manufacturing					3,942
Multi-line Insurance [0.1%]
Kemper
6.000%, 05/15/17			195		215

Description	Face Amount (000)			Value (000)
Non-Ferrous Metals [0.2%]
Horsehead Holding
10.500%, 06/01/17(A)		$	390	$	417
Office Automation and Equip [0.3%]
CDW
8.000%, 12/15/18			400		446
Oil-Field Services [2.8%]
Exterran Holdings
7.250%, 12/01/18			1,800		1,935
Exterran Partners
6.000%, 04/01/21(A)			225		224
Hiland Partners
7.250%, 10/01/20(A)			725		792
SESI
7.125%, 12/15/21			1,450		1,622
6.375%, 05/01/19			300		323
Total Oil-Field Services					4,896
Paper & Related Products [0.6%]
Unifrax I
7.500%, 02/15/19(A)			1,025		1,056
Petrochemicals [0.6%]
Sawgrass Merger Sub
8.750%, 12/15/20(A)			1,000		1,043
Petroleum & Fuel Products [9.4%]
Access Midstream Partners
4.875%, 05/15/23			475		469
Atlas Pipeline Partners
5.875%, 08/01/23(A)			1,490		1,483
Bill Barrett
9.875%, 07/15/16			250		267
7.625%, 10/01/19			1,325		1,408
BreitBurn Energy Partners
7.875%, 04/15/22			1,660		1,776
Carrizo Oil & Gas
7.500%, 09/15/20			175		187
Crestwood Midstream Partners
7.750%, 04/01/19			1,550		1,616
Eagle Rock Energy Partners
8.375%, 06/01/19			1,750		1,846
EP Energy
6.875%, 05/01/19			325		356
Legacy Reserves
8.000%, 12/01/20(A)			760		787
Magnum Hunter Resources
9.750%, 05/15/20(A)			785		824

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 41

schedule of investments

March 31, 2013 (Unaudited)

High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Midstates Petroleum
10.750%, 10/01/20(A)		$	400	$	444
Milagro Oil & Gas
10.500%, 05/15/16			400		312
Newfield Exploration
5.625%, 07/01/24			300		310
Penn Virginia
7.250%, 04/15/19			900		898
Precision Drilling
6.500%, 12/15/21			400		427
SandRidge Energy
8.125%, 10/15/22			1,000		1,067
7.500%, 03/15/21			250		260
Targa Resources Partners
5.250%, 05/01/23(A)			1,500		1,560
Total Petroleum & Fuel Products					16,297
Phys Therapy/Rehab Cntrs [0.4%]
Physiotherapy Associates Holdings
11.875%, 05/01/19(A)			665		640
Printing & Publishing [0.7%]
Griffey Intermediate
7.000%, 10/15/20(A)			940		959
Logo Merger Sub
8.375%, 10/15/20(A)			200		207
Total Printing & Publishing					1,166
Property/Casualty Ins [0.4%]
Lancashire Holdings
5.700%, 10/01/22(A)			480		476
QBE Capital Funding III
7.250%, 05/24/41(A) (F)			250		263
Total Property/Casualty Ins					739
Publishing-Books [0.2%]
Baker & Taylor Acquisitions
15.000%, 04/01/17(A)			475		366
Real Estate [1.6%]
CBRE Services
5.000%, 03/15/23			1,025		1,037
Kennedy-Wilson
8.750%, 04/01/19(A)			1,665		1,798
Total Real Estate					2,835

Description	Face Amount (000)			Value (000)
Real Estate Investment Trusts [0.2%]
Entertainment Properties Trust
5.750%, 08/15/22		$	360	$	393
Research and Development [1.1%]
Alion Science and Technology
12.000%, 11/01/14(D)			608		622
10.250%, 02/01/15			330		185
Catalent Pharma Solutions
9.500%, 04/15/15(D)			323		321
Jaguar Holding II
9.500%, 12/01/19(A)			675		774
Total Research and Development					1,902
Retail [5.8%]
AmeriGas Finance
7.000%, 05/20/22			1,910		2,077
Brands
5.625%, 02/15/22			250		265
Burlington Coat Factory Warehouse
10.000%, 02/15/19			1,500		1,665
Checkers Drive-In Restaurants
11.000%, 12/01/17(A)			250		262
Dufry Finance SCA
5.500%, 10/15/20(A)			1,600		1,664
Fifth & Pacific
10.500%, 04/15/19			190		214
10.500%, 04/15/19(A)			385		434
GRD Holdings III
10.750%, 06/01/19(A)			2,170		2,281
Mobile Mini
7.875%, 12/01/20			755		840
Wok Acquisition
10.250%, 06/30/20(A)			285		305
Total Retail					10,007
Rubber & Plastic [0.2%]
Goodyear Tire & Rubber
7.000%, 05/15/22			250		263
Schools-Day Care [0.2%]
Knowledge Universe Education
7.750%, 02/01/15(A)			400		392

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 42

schedule of investments

March 31, 2013 (Unaudited)

High Yield Bond Fund (continued)

Description	Face Amount (000)			Value (000)
Shipbuilding [0.3%]
Huntington Ingalls Industries
7.125%, 03/15/21		$	250	$	272
6.875%, 03/15/18			250		272
Total Shipbuilding					544
Steel & Steel Works [0.4%]
Standard Steel
12.000%, 05/01/15(A)			600		639
Telephones & Telecommunications [4.3%]
Avaya
10.125%, 11/01/15(D)			1,235		1,232
9.750%, 11/01/15			250		249
7.000%, 04/01/19(A)			420		411
Clearwire Communications
12.000%, 12/01/15(A)			280		302
CommScope
8.250%, 01/15/19(A)			1,325		1,438
Level 3 Financing
4.215%, 02/15/15(F)			1,250		1,250
Lynx I
5.375%, 04/15/21(A)			355		369
SBA Telecommunications
5.750%, 07/15/20(A)			300		312
Sprint Nextel
7.000%, 03/01/20(A)			1,150		1,340
UPCB Finance V
7.250%, 11/15/21(A)			500		552
Total Telephones & Telecommunications					7,455
Textile-Home Furnishings [0.4%]
Empire Today
11.375%, 02/01/17(A)			700		729
Transportation Services [5.1%]
ACL I
10.625%, 02/15/16(D)			570		598
Commercial Barge Line
12.500%, 07/15/17			250		272
Florida East Coast Railway
8.125%, 02/01/17			750		804
Harbinger Group
7.875%, 07/15/19(A)			1,125		1,187
Marquette Transportation
10.875%, 01/15/17			1,160		1,241
Pegasus Solutions
10.500%, 04/15/15(A) (B)			100		90

Description	Face Amount (000)/Shares			Value (000)
Quality Distribution
9.875%, 11/01/18		$	800	$	880
Royal Caribbean Cruises
5.250%, 11/15/22			525		532
Rural
10.125%, 07/15/19(A)			650		650
Sabre
8.500%, 05/15/19(A)			795		863
Sabre Holdings
8.350%, 03/15/16			1,245		1,370
Travelport
11.875%, 09/01/16			90		77
9.875%, 09/01/14			300		301
Total Transportation Services					8,865
Web Hosting/Design [0.5%]
Equinix
7.000%, 07/15/21			250		277
5.375%, 04/01/23			340		344
4.875%, 04/01/20			250		252
Total Web Hosting/Design					873
X-Ray Equipment [0.4%]
Hologic
6.250%, 08/01/20(A)			700		745
Total Corporate Bonds (Cost $159,600)					166,633
Common Stock [0.1%]
Printing & Publishing [0.1%]
Houghton Mifflin Harcourt*			9,352		222
Total Common Stock (Cost $400)					222
		Number of Warrants
Warrants [0.1%]
Alion Science and Technology,
Expires 03/15/17(B)			380		—
CUI Acquisition*(B) (G) (H)			2,756		110
Global Aviation*(B)			35,583		—
Total Warrants (Cost $250)					110

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 43

schedule of investments

March 31, 2013 (Unaudited)

High Yield Bond Fund (concluded)

Description	Face Amount (000)/Shares			Value (000)
Loans [0.1%]
Global Aviation Term Loan 10.000%, 07/13/17		$	22,104	$	22
3.000%, 02/13/18			215,654		75
Total Loans (Cost $185)					97
Convertible Bond [0.0%]
Food, Beverage & Tobacco [0.0%]
Vector Group
3.875%, 06/15/26(F)			54		57
Total Convertible Bond (Cost $56)					57
Special Stock [0.0%]
Broadcasting & Cable [0.0%]
Adelphia CVV(B) (G)			8,500		7
Total Special Stock (Cost $9)					7
Short-Term Investments [1.6%]
CNI Prime Money Market Fund, Cl I, 0.030%**†			1,414,802		1,415
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**			1,414,802		1,415
Total Short-Term Investments (Cost $2,830)					2,830
Total Investments [98.4%] (Cost $163,330)				$	169,956

Percentages are based on Net Assets of $172,730 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2013.

† Investment in Affiliate.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2013, the value of these securities amounted to $87,660 ($ Thousands), representing 50.7% of the net assets of the Fund.

(B) Security considered illiquid. The total value of such securities as of March 31, 2013 was $643 ($ Thousands) and represented 0.37% of net assets of the Fund.

(C) Step Bond — The rate reported is the rate in effect on March 31, 2013. The coupon on a step bond changes on a specific date.

(D) Payment in Kind.

(E) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(F) Floating Rate Security — The rate reported is the rate in effect on March 31, 2013.

(G) Securities are fair valued. The total value of such securities as of March 31, 2013 was $117 ($ Thousands) and represented 0.07% of net assets of the Fund.

(H) This warrant is a result of the restructuring of Cleveland Unlimited, has an exercise price of $0.0001 per share of common stock and does not have an expiration date.

Cl — Class

CVV — Contingent Value Vehicle

Ser — Series

Amounts designated as “—” are either $0 or have been rounded to $0.

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Corporate Bonds	$	—	$	166,628	$	5	$	166,633
Common Stock		—		—		222		222
Warrants		—		—		110		110
Loans		—		97		—		97
Convertible Bond		—		57		—		57
Special Stock		—		—		7		7
Short-Term Investments		2,830		—		—		2,830
Total Investments in Securities	$	2,830	$	166,782	$	344	$	169,956

(1) Of the $344 ($ Thousands) in Level 3 securities as of March 31, 2013, $117 ($ Thousands) or 0.07% of net assets of the Fund are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are not valued by third party vendors or broker quotes.

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2013, there have been no transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 44

schedule of investments

March 31, 2013 (Unaudited)

Intermediate Fixed Income Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [79.7%]
Consumer Discretionary [4.0%]
AutoZone
3.700%, 04/15/22		$	250	$	258
Best Buy
7.250%, 07/15/13			250		254
3.750%, 03/15/16			300		300
Comcast
3.125%, 07/15/22			200		205
Expedia
5.950%, 08/15/20			250		278
Gap
5.950%, 04/12/21			495		566
Hasbro
6.125%, 05/15/14			250		264
Royal Caribbean Cruises
6.875%, 12/01/13			250		258
Scripps Networks Interactive
2.700%, 12/15/16			1,000		1,052
Toys R Us
7.375%, 10/15/18			500		441
Toys R Us Property II
8.500%, 12/01/17			21		22
Tupperware Brands
4.750%, 06/01/21			500		527

Description	Face Amount (000)			Value (000)
WPP Finance UK
8.000%, 09/15/14		$	749	$	823
5.875%, 06/15/14			400		422
Total Consumer Discretionary					5,670
Consumer Staples [5.1%]
Avon Products
6.500%, 03/01/19			250		284
5.625%, 03/01/14			700		730
B&G Foods
7.625%, 01/15/18			229		245
Campbell Soup
8.875%, 05/01/21			350		484
ConAgra Foods
4.950%, 08/15/20(B)			410		470
1.900%, 01/25/18			200		202
CVS Caremark
2.750%, 12/01/22			500		493
Kellogg
3.125%, 05/17/22			250		259
Lorillard Tobacco
8.125%, 06/23/19			500		636
PepsiAmericas
4.875%, 01/15/15			250		269
Reynolds American
7.625%, 06/01/16			290		345
6.750%, 06/15/17			100		120
Safeway
5.000%, 08/15/19			475		529
4.750%, 12/01/21			526		566
3.950%, 08/15/20			672		687
WM Wrigley Jr
4.650%, 07/15/15			750		799
Total Consumer Staples					7,118
Energy [4.6%]
Boardwalk Pipelines
5.875%, 11/15/16			146		164
5.750%, 09/15/19			175		203
5.500%, 02/01/17			221		247
5.200%, 06/01/18			84		93
Buckeye Partners
6.050%, 01/15/18			155		177
4.625%, 07/15/13			400		404
Chesapeake Energy
9.500%, 02/15/15			385		435
Copano Energy
7.750%, 06/01/18			189		198

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 45

schedule of investments

March 31, 2013 (Unaudited)

Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
Ecopetrol
7.625%, 07/23/19		$	250	$	313
Enbridge Energy Partners
5.875%, 12/15/16			191		219
5.350%, 12/15/14			20		22
Energy Transfer Partners
9.700%, 03/15/19			330		445
9.000%, 04/15/19			189		249
6.125%, 02/15/17			426		493
3.600%, 02/01/23			200		199
FMC Technologies
3.450%, 10/01/22			200		203
Kinder Morgan Energy Partners
5.625%, 02/15/15			284		309
National Oilwell Varco
6.125%, 08/15/15			100		101
Petrobras International Finance - Pifco
5.750%, 01/20/20			250		275
2.875%, 02/06/15			500		510
Plains All American Pipeline
5.875%, 08/15/16			205		227
PPL Energy Supply
6.200%, 05/15/16			105		120
Puget Energy
6.000%, 09/01/21			500		568
Sabine Pass LNG
7.500%, 11/30/16			100		110
Williams Partners
3.350%, 08/15/22			200		198
Total Energy					6,482
Financials [21.4%]
ACE INA Holdings
2.700%, 03/13/23			850		846
Alleghany
5.625%, 09/15/20			270		311
American Express Bank
5.500%, 04/16/13			100		100
American Express Credit, MTN
7.300%, 08/20/13			250		256
Axis Specialty Finance
5.875%, 06/01/20			250		285
Bank of America
5.420%, 03/15/17(B)			42		47
Bear Stearns
5.550%, 01/22/17			468		534
Berkshire Hathaway
3.000%, 02/11/23			250		254
1.550%, 02/09/18			300		304

Description	Face Amount (000)			Value (000)
Berkshire Hathaway Finance
1.600%, 05/15/17		$	440	$	449
Bunge Finance
8.500%, 06/15/19			105		135
5.875%, 05/15/13			257		259
5.100%, 07/15/15			500		542
Capital One
1.500%, 03/22/18			475		470
Citigroup
5.000%, 09/15/14			503		528
CNA Financial
6.950%, 01/15/18			1,076		1,282
Countrywide Financial, MTN
6.000%, 08/26/20(A)			313		313
Dresdner Bank NY
7.250%, 09/15/15			1,000		1,081
ERAC USA Finance
3.300%, 10/15/22(B)			250		252
General Electric Capital, MTN
5.625%, 09/15/17			300		352
5.450%, 01/15/16			289		292
Goldman Sachs Group
6.250%, 09/01/17			550		647
6.000%, 06/15/20			500		590
5.625%, 01/15/17			700		784
5.350%, 01/15/16			250		276
5.250%, 04/01/13			392		392
5.125%, 01/15/15			355		379
Icahn Enterprises
8.000%, 01/15/18			440		471
7.750%, 01/15/16			305		318
Janus Capital Group
6.700%, 06/15/17			600		687
Jefferies Group
5.875%, 06/08/14			733		773
JPMorgan Chase, MTN
5.300%, 05/15/18			150		148
Lehman Brothers Holdings, MTN
7.000%, 09/28/37(C)			400		107
Merrill Lynch
5.700%, 05/02/17			950		1,060
Moody's
5.500%, 09/01/20			800		874
Morgan Stanley
5.375%, 10/15/15			210		229
4.750%, 04/01/14			3,323		3,435
4.200%, 11/20/14			250		262
Morgan Stanley, MTN
6.000%, 05/13/14			1,050		1,107
6.000%, 04/28/15			600		654
5.450%, 01/09/17			100		112

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 46

schedule of investments

March 31, 2013 (Unaudited)

Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
NASDAQ OMX Group
5.550%, 01/15/20		$	1,249	$	1,347
National Bank of Canada, MTN
1.450%, 11/07/17			750		747
National Rural Utilities Cooperative Finance
6.550%, 11/01/18			300		369
Nationsbank
10.200%, 07/15/15			250		292
Nisource Capital Markets, MTN
7.860%, 03/27/17			163		190
Nisource Finance
5.400%, 07/15/14			266		281
Principal Financial Group
3.300%, 09/15/22			200		203
Progressive
7.000%, 10/01/13			40		41
Protective Life
6.400%, 01/15/18			250		290
Salomon, MTN
7.300%, 08/01/13			250		255
Silicon Valley Bank
6.050%, 06/01/17			355		388
SLM, MTN
5.050%, 11/14/14			500		527
5.000%, 06/15/18			802		806
UBS, MTN
7.375%, 06/15/17			388		449
Wells Fargo
2.625%, 12/15/16			235		247
1.500%, 01/16/18			150		150
Wells Fargo, MTN
3.450%, 02/13/23			250		252
2.100%, 05/08/17			250		258
Wells Fargo Bank
5.750%, 05/16/16			100		114
Westpac Banking, MTN
1.600%, 01/12/18			250		253
Wilmington Trust
8.500%, 04/02/18			315		396
Total Financials					30,052
Healthcare [1.1%]
Actavis
3.250%, 10/01/22			500		507
BioMed Realty
3.850%, 04/15/16			500		531
Boston Scientific
4.500%, 01/15/15			250		265

Description	Face Amount (000)			Value (000)
UnitedHealth Group
1.625%, 03/15/19		$	250	$	251
Total Healthcare					1,554
Industrials [7.7%]
Avery Dennison
5.375%, 04/15/20			405		443
Canadian National Railway
2.250%, 11/15/22			650		640
Carlisle
3.750%, 11/15/22			250		250
Caterpillar
7.000%, 12/15/13			250		262
CNH America
7.250%, 01/15/16			388		433
DCP Midstream Operating
3.250%, 10/01/15			120		125
Eaton
8.875%, 06/15/19			125		166
Embraer Overseas
6.375%, 01/24/17			465		526
IDEX
4.200%, 12/15/21			250		267
Ingersoll-Rand Global Holding
9.500%, 04/15/14			250		272
International Lease Finance, MTN
6.100%, 04/15/14			250		258
5.650%, 06/01/14			197		205
Joy Global
6.000%, 11/15/16			500		576
Lennox International
4.900%, 05/15/17			250		273
Manitowoc
9.500%, 02/15/18			148		163
NuStar Logistics
8.150%, 04/15/18			250		286
4.800%, 09/01/20			200		198
Owens Corning
6.500%, 12/01/16			620		698
Penske Truck Leasing(B)
4.875%, 07/11/22			200		211
4.250%, 01/17/23			300		302
3.375%, 03/15/18			250		260
2.500%, 03/15/16			500		512
Republic Services
3.550%, 06/01/22			250		261
Roper Industries
3.125%, 11/15/22			200		201
1.850%, 11/15/17			250		252

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 47

schedule of investments

March 31, 2013 (Unaudited)

Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
Rowan
4.875%, 06/01/22		$	200	$	218
Spectra Energy
5.500%, 03/01/14			240		250
Spectra Energy Capital
6.750%, 07/15/18			745		877
Transocean
7.375%, 04/15/18			494		590
6.000%, 03/15/18			500		566
Xylem
3.550%, 09/20/16			200		213
Total Industrials					10,754
Information Technology [7.7%]
Advanced Micro Devices
8.125%, 12/15/17			1,000		1,010
Arrow Electronics
6.875%, 06/01/18			400		470
Avnet
6.625%, 09/15/16			128		146
Cardtronics
8.250%, 09/01/18(D)			225		246
Dell
5.650%, 04/15/18			500		522
5.625%, 04/15/14			322		336
Fiserv
3.500%, 10/01/22			250		249
Hewlett-Packard
4.750%, 06/02/14			850		888
1.550%, 05/30/14			920		924
KLA-Tencor
6.900%, 05/01/18			200		240
Lexmark International
5.125%, 03/15/20			2,250		2,305
Nokia
5.375%, 05/15/19			950		905
Western Union
5.253%, 04/01/20			2,000		2,143
Xerox
8.250%, 05/15/14			473		510
Total Information Technology					10,894
Materials [8.1%]
Airgas
2.900%, 11/15/22			250		245
Alcoa
6.750%, 07/15/18			700		799
6.150%, 08/15/20			200		218
5.720%, 02/23/19			385		414

Description	Face Amount (000)			Value (000)
AngloGold Ashanti Holdings
5.375%, 04/15/20		$	1,317	$	1,394
ArcelorMittal
10.350%, 06/01/19			200		252
9.500%, 02/15/15			400		452
6.125%, 06/01/18			800		864
5.375%, 06/01/13			250		252
Cabot
5.000%, 10/01/16			300		334
International Paper
5.500%, 01/15/14			465		480
Kinross
5.125%, 09/01/21			303		317
Rio Tinto Finance USA
8.950%, 05/01/14			100		109
RPM International
6.125%, 10/15/19			150		176
3.450%, 11/15/22			250		248
Southern Copper
6.375%, 07/27/15			380		417
Vale Inco
5.700%, 10/15/15			100		109
Vale Overseas
5.625%, 09/15/19			350		395
Vulcan Materials
6.400%, 11/30/17			1,000		1,115
Worthington Industries
6.500%, 04/15/20			250		273
Xstrata Canada
6.000%, 10/15/15			1,192		1,322
5.500%, 06/15/17			1,010		1,142
Total Materials					11,327
REITs [6.4%]
CommonWealth
6.650%, 01/15/18			300		344
5.875%, 09/15/20			105		115
DDR
4.625%, 07/15/22			250		270
Equity One
3.750%, 11/15/22			250		249
HCP
6.000%, 03/01/15			215		234
6.000%, 01/30/17			350		405
5.650%, 12/15/13			250		259
HCP, MTN
6.300%, 09/15/16			462		535
Health Care
5.875%, 05/15/15			268		294

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 48

schedule of investments

March 31, 2013 (Unaudited)

Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
Healthcare Realty Trust
6.500%, 01/17/17		$	250	$	288
5.125%, 04/01/14			695		725
Highwoods Realty
3.625%, 01/15/23			200		198
Liberty Property, MTN
7.500%, 01/15/18			177		216
National Retail Properties
6.875%, 10/15/17			300		358
3.800%, 10/15/22			350		358
Post Apartment Homes
3.375%, 12/01/22			200		202
Prologis
7.375%, 10/30/19			558		699
6.875%, 03/15/20			279		343
Realty Income
5.950%, 09/15/16			129		148
3.250%, 10/15/22			200		196
Senior Housing Properties Trust
6.750%, 12/15/21			500		578
4.300%, 01/15/16			500		523
Simon Property Group
6.100%, 05/01/16			600		686
5.750%, 12/01/15			408		456
Tanger Properties
6.150%, 11/15/15			115		130
Washington Real Estate Investment Trust
3.950%, 10/15/22			250		255
Total REITs					9,064
Shipping & Transportation [1.2%]
Burlington Northern Santa Fe
3.000%, 03/15/23			250		252
Federal Express 1998 Pass Through Trust
7.020%, 01/15/16			568		620
GATX
8.750%, 05/15/14			200		217
6.000%, 02/15/18			170		191
Union Pacific
4.875%, 01/15/15			400		429
Total Shipping & Transportation					1,709
Telecommunication Services [5.7%]
America Movil
5.750%, 01/15/15			186		201
CenturyLink
6.450%, 06/15/21			355		376
5.800%, 03/15/22			250		253

Description	Face Amount (000)			Value (000)
COX Communications
7.250%, 11/15/15		$	231	$	267
COX Communications, MTN
6.850%, 01/15/18			224		270
Qwest
6.500%, 06/01/17			100		116
Telecom Italia Capital
7.175%, 06/18/19			100		114
6.999%, 06/04/18			600		677
6.175%, 06/18/14			625		654
5.250%, 11/15/13			560		571
5.250%, 10/01/15			700		738
4.950%, 09/30/14			832		862
Telefonica Emisiones
6.421%, 06/20/16			200		222
Telefonica Emisiones SAU
6.221%, 07/03/17			286		320
5.462%, 02/16/21			115		124
5.134%, 04/27/20			300		316
4.949%, 01/15/15			764		802
3.992%, 02/16/16			500		521
3.729%, 04/27/15			400		414
Verizon New England
4.750%, 10/01/13			250		255
Total Telecommunications Services					8,073
Utilities [6.7%]
AES Gener
7.500%, 03/25/14			61		64
American Water Capital
6.085%, 10/15/17			310		370
AmeriGas Partners
6.500%, 05/20/21			477		508
Arizona Public Service
6.250%, 08/01/16			44		51
British Transco Finance
6.625%, 06/01/18			128		158
Cleveland Electric Illuminating
7.880%, 11/01/17			10		12
5.700%, 04/01/17			10		11
Commonwealth Edison
4.700%, 04/15/15			250		270
Enersis
7.375%, 01/15/14			263		275
Entergy Mississippi
6.640%, 07/01/19			540		646
4.950%, 06/01/18			39		39
Entergy New Orleans
5.250%, 08/01/13			250		253
Entergy Texas
7.125%, 02/01/19			190		236

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 49

schedule of investments

March 31, 2013 (Unaudited)

Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)/Shares			Value (000)
Jersey Central Power & Light
5.625%, 05/01/16		$	265	$	298
National Fuel Gas
4.900%, 12/01/21			500		557
National Grid
6.300%, 08/01/16			270		314
Northern Indiana Public Service, MTN
7.590%, 06/12/17			440		513
NuStar Pipeline Operating Partnership
5.875%, 06/01/13			570		573
Ohio Edison
6.400%, 07/15/16			217		252
5.450%, 05/01/15			236		258
ONEOK
4.250%, 02/01/22			350		372
PacifiCorp
5.450%, 09/15/13			500		511
Panhandle Eastern Pipe Line
7.000%, 06/15/18			396		481
Pennsylvania Electric
6.625%, 04/01/19			15		17
Puget Energy
5.625%, 07/15/22			250		275
Puget Sound Energy, MTN
6.740%, 06/15/18			57		71
Southwestern Electric Power
5.875%, 03/01/18			581		683
3.550%, 02/15/22			500		521
Southwestern Public Service
8.750%, 12/01/18			250		335
TransAlta
5.750%, 12/15/13			480		496
Xcel Energy
5.613%, 04/01/17			10		12
Total Utilities					9,432
Total Corporate Bonds (Cost $106,890)					112,129
Preferred Stock [8.5%]
Energy [0.2%]
NextEra Energy Capital Holdings			10,000		260
Financials [3.4%]
BB&T			10,000		255
Charles Schwab			20,000		528
Citigroup*			10,000		249
Digital Realty Trust			10,000		270
Goldman Sachs Group			25,000		633

Description	Shares/Face Amount (000)			Value (000)
HSBC Holdings			30,000	$	843
JPMorgan Chase			20,000		506
Kimco Realty			10,000		254
PPL Capital Funding*			10,000		252
Prudential Financial			10,000		254
Vornado Realty Trust			20,000		509
Wells Fargo			10,000		255
Total Financials					4,808
Industrials [0.5%]
Pitney Bowes			10,000		257
Stanley Black & Decker			20,000		528
Total Industrials					785
REITs [1.9%]
National Retail Properties			20,000		531
Realty Income			20,000		534
Senior Housing Properties Trust			52,500		1,315
Ventas Realty			10,000		252
Total REITs					2,632
Telecommunication Services [1.6%]
Qwest			43,700		1,172
Telephone & Data Systems			30,000		758
United States Cellular			10,000		265
Total Telecommunication Services					2,195
Utilities [0.9%]
DTE Energy			20,000		551
Entergy Louisiana			10,000		258
SCE Trust I			20,000		526
Total Utilities					1,335
Total Preferred Stock (Cost $11,497)					12,015
U.S. Government Agency Obligations [7.7%]
FFCB
3.600%, 05/14/32		$	200		200
3.500%, 02/28/33			2,000		2,008
FHLB
5.500%, 08/20/18			225		230
3.480%, 03/25/33			990		986
3.400%, 10/04/32			1,667		1,662
3.400%, 03/28/33			1,000		1,002
3.100%, 07/09/26			538		538
3.070%, 10/15/27			110		110

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 50

schedule of investments

March 31, 2013 (Unaudited)

Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)			Value (000)
FHLMC
5.500%, 05/01/37		$	38	$	41
FNMA
3.400%, 09/27/32			4,000		4,011
Total U.S. Government Agency Obligations (Cost $10,766)					10,788
Asset-Backed Security [1.1%]
BT SPE (Acquired 07/06/11, Acquisition Cost $1,611,982)
9.250%, 06/06/16(D) (E) (F)			1,612		1,561
Total Asset-Backed Security (Cost $1,612)					1,561
Convertible Bonds [0.4%]
Information Technology [0.4%]
Advanced Micro Devices
6.000%, 05/01/15			256		254
Linear Technology
3.000%, 05/01/27			258		276
Total Information Technology					530
Total Convertible Bonds (Cost $491)					530
Foreign Government Bonds [0.3%]
Province of Newfoundland Canada
7.320%, 10/13/23			100		138
Province of Quebec Canada
7.380%, 04/09/26			100		143
Region of Lombardy
5.804%, 10/25/32			150		142
Total Foreign Government Bonds (Cost $388)					423

Description	Face Amount (000)/Shares			Value (000)
Certificate of Deposit [0.1%]
Swiss Bank
7.375%, 07/15/15		$	175	$	190
Total Certificate of Deposit (Cost $184)					190
Short-Term Investment [1.2%]
First American Government Obligations Fund, 0.020%**			1,616,475		1,616
Total Short-Term Investment (Cost $1,616)					1,616
Total Investments [99.0%] (Cost $133,444)				$	139,252

Percentages are based on Net Assets of $140,663 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2013.

(A) Step Bond — The rate reported is the rate in effect on March 31, 2013. The coupon on a step bond changes on a specific date.

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2013, the value of these securities amounted to $2,054 ($ Thousands), representing 1.5% of the net assets of the Fund.

(C) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(D) Security is considered illiquid.

(E) Security is considered restricted. The total market value of such security as of March 31, 2013 was $1,561 ($Thousands) and represented 1.1% of Net Assets of the Fund.

(F) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of March 31, 2013 was $1,561 ($Thousands) and represented 1.1% of Net Assets of the Fund.

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

MTN — Medium Term Note

REITs — Real Estate Investment Trusts

SPE — Special Purpose Entity

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 51

schedule of investments

March 31, 2013 (Unaudited)

Intermediate Fixed Income Fund (concluded)

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	112,129	$	—	$	112,129
Preferred Stock		5,758		6,257		—		12,015
U.S. Government Agency Obligations		—		10,788		—		10,788
Asset-Backed Security		—		—		1,561		1,561
Convertible Bonds		—		530		—		530
Foreign Government Bonds		—		423		—		423
Certificate of Deposit		—		190		—		190
Short-Term Investment		1,616		—		—		1,616
Total Investments in Securities	$	7,374	$	130,317	$	1,561	$	139,252

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands) as of March 31, 2013:

	Investments in Asset-Backed Security
Beginning Balance as of January 1, 2013	$	1,742
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		6
Net purchases		—
Net sales		(187	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending Balance as of March 31, 2013	$	1,561

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2013. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2013		Valuation Techniques
BT SPE	$	1,560,963	Discounted Cash Flow Model
			Observable Inputs
			Cumulated Collections
			Cumulated Defaults
			Annualized Default Rate
			Cumulated Default Rate
			Pace of Collection Pace of Defaults
			Interest Rates
			Unobservable Inputs	Range
			Projected Default Rates		5%-12	%
			Projected Collection Rates		90%-100	%
			Expected Discount Rates		7%-9.25	%

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2013, there have been no transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 52

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund

Description	Face Amount (000)			Value (000)
Corporate Bonds [70.3%]
Advertising Sales [0.1%]
Lamar Media
5.875%, 02/01/22		$	200	$	216
5.000%, 05/01/23			450		450
Total Advertising Sales					666
Aerospace & Defense [0.4%]
BE Aerospace
5.250%, 04/01/22			950		980
Silver II Borrower
7.750%, 12/15/20(A)			450		479
TransDigm
7.750%, 12/15/18			1,125		1,235
5.500%, 10/15/20(A)			425		443
Total Aerospace & Defense					3,137
Air Transportation [0.1%]
PHI
8.625%, 10/15/18			875		952
Applications Software [0.3%]
Emdeon
11.000%, 12/31/19			1,075		1,239
Nuance Communications
5.375%, 08/15/20(A)			800		810
Serena Software
10.375%, 03/15/16			200		203
Total Applications Software					2,252

Description	Face Amount (000)/Shares		Value (000)
Auto Rent & Lease [0.4%]
Hertz
7.500%, 10/15/18	$	175	$	193
6.750%, 04/15/19		825		900
United Rentals North America
8.375%, 09/15/20		875		976
7.625%, 04/15/22		300		335
7.375%, 05/15/20		400		444
Total Auto Rent & Lease				2,848
Auto/Trk Prts and Equip-Repl [0.6%]
Allison Transmission
7.125%, 05/15/19(A)		650		700
Exide Technologies
8.625%, 02/01/18		1,150		988
IDQ Holdings
11.500%, 04/01/17(A)		700		770
UCI International
8.625%, 02/15/19		1,775		1,837
Total Auto/Trk Prts and Equip-Repl				4,295
Automotive [0.4%]
Chrysler Group
8.250%, 06/15/21		925		1,033
Jaguar Land Rover Automotive(A)
8.125%, 05/15/21		1,250		1,406
5.625%, 02/01/23		150		156
Total Automotive				2,595
Autoparts [1.3%]
Affinia Group
10.750%, 08/15/16(A)		240		261
9.000%, 11/30/14		950		952
American Axle & Manufacturing
7.750%, 11/15/19		1,225		1,354
6.625%, 10/15/22		100		103
6.250%, 03/15/21		275		282
Cooper-Standard Automotive
8.500%, 05/01/18		350		382
International Automotive Components Group
9.125%, 06/01/18(A)		1,225		1,213
Pittsburgh Glass Works
8.500%, 04/15/16(A)		975		992
Schaeffler Finance(A)
8.500%, 02/15/19		1,150		1,308
7.750%, 02/15/17		400		451

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 53

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Tenneco
7.750%, 08/15/18		$	50	$	55
6.875%, 12/15/20			275		302
Tomkins
9.000%, 10/01/18			873		972
Total Autoparts					8,627
Banks [7.4%]
Alliance Bank JSC(H)
14.592%, 03/25/20			9,734		3,407
9.082%, 03/25/20(A)			1,838		643
Banco BMG
8.000%, 04/15/18			1,000		980
Banco de Reservas de la Republica Dominicana
7.000%, 02/01/23			1,000		1,000
Bank of Georgia JSC, MTN
7.750%, 07/05/17			2,600		2,754
CIT Group
6.625%, 04/01/18(A)			325		370
5.375%, 05/15/20			225		247
5.250%, 03/15/18			1,500		1,620
4.750%, 02/15/15(A)			325		340
4.250%, 08/15/17			175		183
CorpGroup Banking
6.750%, 03/15/23			2,000		2,093
Credit Bank of Moscow via CBOM Finance
7.700%, 02/01/18			2,500		2,587
Credit Europe Bank
7.988%, 01/24/23(B)			5,000		5,231
Developmental Bank of Mongolia
5.750%, 03/21/17			500		513
EXIM of Ukraine CJSC via Credit Suisse First Boston International
5.793%, 02/09/16(B)			4,378		3,891
First Ukrainian International Bank CJSC via Standard Bank
11.000%, 12/31/14			2,165		2,200
NDR Finance
8.000%, 06/22/17(B)			902		699
Nomos Bank via Nomos Capital
10.000%, 04/26/19			1,000		1,060
Oschadbank via SSB #1
8.250%, 03/10/16			1,000		985

Description	Face Amount (000)			Value (000)
Promsvyazbank via PSB Finance, MTN
10.200%, 11/06/19		$	3,000	$	3,195
Renaissance Capital via Renaissance Consumer Funding
13.500%, 06/21/18			5,000		5,400
Russian Standard Bank via Russian Standard Finance, MTN
10.750%, 04/10/18			3,000		3,251
Sberbank of Russia via SB Capital
5.125%, 10/29/22			1,000		999
Tinkoff Credit Systems via TCS Finance, MTN
14.000%, 06/06/18			3,350		3,668
Turkiye Is Bankasi
6.000%, 10/24/22			200		209
Turkiye Vakiflar Bankasi Tao
6.000%, 11/01/22(A)			2,500		2,563
5.750%, 04/24/17			500		540
Ukreximbank via Biz Finance
8.375%, 04/27/15			1,000		1,015
Yapi ve Kredi Bankasi
5.500%, 12/06/22			500		495
Total Banks					52,138
Broadcasting & Cable [2.5%]
Aerospace Satellite Holding
12.750%, 11/16/15			3,000		3,304
AMC Networks
7.750%, 07/15/21			675		764
4.750%, 12/15/22			200		199
Anixter
5.625%, 05/01/19			600		637
Belden
5.500%, 09/01/22(A)			800		820
CCO Holdings
8.125%, 04/30/20			50		56
7.375%, 06/01/20			450		499
7.000%, 01/15/19			500		539
6.625%, 01/31/22			650		697
5.750%, 09/01/23(A)			525		526
5.125%, 02/15/23			225		218
Cequel Communications Holdings I
6.375%, 09/15/20(A)			350		363
Clear Channel Communications
9.000%, 03/01/21			1,625		1,517

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 54

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Clear Channel Worldwide Holdings
7.625%, 03/15/20		$	1,475	$	1,538
6.500%, 11/15/22(A)			800		844
Crown Media Holdings
10.500%, 07/15/19			1,550		1,748
DISH DBS
5.875%, 07/15/22			1,775		1,862
General Cable
5.750%, 10/01/22(A)			700		714
Total Broadcasting & Cable					16,845
Building & Construction [1.9%]
Building Materials Corp. of America(A)
7.500%, 03/15/20			100		109
6.750%, 05/01/21			575		628
Dynacast International
9.250%, 07/15/19			800		872
GEO
9.250%, 06/30/20			500		432
7.550%, 07/18/14(B)			23,407		1,683
Grupo Cementos de Chihuahua
8.125%, 02/08/20			700		749
Interline Brands
10.000%, 11/15/18(A) (C)			1,075		1,191
7.500%, 11/15/18			775		841
Masonite International
8.250%, 04/15/21(A)			1,075		1,193
MasTec
4.875%, 03/15/23			250		247
Nortek
10.000%, 12/01/18			525		588
8.500%, 04/15/21(A)			1,475		1,637
Ply Gem Industries
9.375%, 04/15/17			175		192
8.250%, 02/15/18			1,050		1,143
Reliance Intermediate Holdings
9.500%, 12/15/19(A)			300		334
Roofing Supply Group
10.000%, 06/01/20(A)			775		876
Servicios Corporativos Javer SAPI
9.875%, 04/06/21			300		281
Total Building & Construction					12,996

Description	Face Amount (000)			Value (000)
Business Services [0.2%]
CoreLogic
7.250%, 06/01/21		$	1,250	$	1,381
Capacitors [0.2%]
Kemet
10.500%, 05/01/18			1,150		1,199
Chemicals [0.9%]
Ashland
4.750%, 08/15/22(A)			125		127
Axiall
4.875%, 05/15/23(A)			100		102
Eagle Spinco
4.625%, 02/15/21(A)			175		178
EuroChem Mineral & Chemical via EuroChem GI
5.125%, 12/12/17(A)			1,000		1,015
Hexion US Finance
9.000%, 11/15/20			675		641
8.875%, 02/01/18			725		751
6.625%, 04/15/20(A)			425		426
Huntsman International
8.625%, 03/15/20			150		168
8.625%, 03/15/21			425		478
Momentive Performance Materials
10.000%, 10/15/20			650		650
OMNOVA Solutions
7.875%, 11/01/18			1,100		1,171
OXEA Finance & Cy SCA
9.500%, 07/15/17(A)			707		767
Total Chemicals					6,474
Circuit Boards [0.1%]
Viasystems
7.875%, 05/01/19(A)			850		888
Coatings/Paint [0.2%]
US Coatings Acquisition
7.375%, 05/01/21(A)			1,050		1,105
Commercial Serv-Finance [0.8%]
Igloo Holdings
8.250%, 12/15/17(A)			1,000		1,033
Interactive Data
10.250%, 08/01/18			1,125		1,277
Lender Processing Services
5.750%, 04/15/23			1,325		1,381

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 55

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
TransUnion Holding
9.625%, 06/15/18		$	1,200	$	1,305
8.125%, 06/15/18(A) (C)			475		507
Total Commercial Serv-Finance					5,503
Commercial Services [1.1%]
Altegrity
11.750%, 05/01/16(A)			300		210
BC Luxco 1
7.375%, 01/29/20			5,000		5,237
ServiceMaster
8.000%, 02/15/20			800		858
7.450%, 08/15/27			150		130
7.100%, 03/01/18			475		467
7.000%, 08/15/20(A)			1,025		1,061
Total Commercial Services					7,963
Communication & Media [0.2%]
Entravision Communications
8.750%, 08/01/17			703		763
Truven Health Analytics
10.625%, 06/01/20(A)			775		884
Total Communication & Media					1,647
Communications Software [0.1%]
Aspect Software
10.625%, 05/15/17			550		550
Computer Graphics [0.3%]
Epicor Software
8.625%, 05/01/19			1,825		1,976
Computer System Design & Services [0.2%]
NCR(A)
5.000%, 07/15/22			475		476
4.625%, 02/15/21			250		249
SunGard Data Systems
7.625%, 11/15/20			575		623
7.375%, 11/15/18			50		54
6.625%, 11/01/19(A)			275		284
Total Computer System Design & Services					1,686
Computers-Memory Devices [0.3%]
Seagate HDD Cayman
7.000%, 11/01/21			300		325
6.875%, 05/01/20			150		161

Description	Face Amount (000)			Value (000)
Spansion
7.875%, 11/15/17		$	1,250	$	1,313
Total Computers-Memory Devices					1,799
Consumer Products & Services [2.1%]
Libbey Glass
6.875%, 05/15/20			1,200		1,294
Norcraft
10.500%, 12/15/15			1,100		1,152
Prestige Brands
8.250%, 04/01/18			675		736
8.125%, 02/01/20			300		339
Reynolds Group Issuer
9.875%, 08/15/19(A)			1,950		2,138
9.000%, 04/15/19			825		873
8.500%, 05/15/18			375		394
8.250%, 02/15/21			2,100		2,163
7.125%, 04/15/19			100		107
5.750%, 10/15/20			700		713
Sealy Mattress
10.875%, 04/15/16(A)			134		142
Spectrum Brands
9.500%, 06/15/18			250		283
6.750%, 03/15/20			1,000		1,079
Yankee Acquisition, Ser B
9.750%, 02/15/17			1,150		1,193
YCC Holdings
10.250%, 02/15/16(C)			1,375		1,418
Total Consumer Products & Services					14,024
Containers & Packaging [1.2%]
Ardagh Packaging Finance(A)
9.125%, 10/15/20			1,825		2,020
7.000%, 11/15/20			200		205
Ball
5.000%, 03/15/22			450		468
Berry Plastics
9.500%, 05/15/18			300		335
BOE Merger
9.500%, 11/01/17(A)			825		888
BWAY Holding
10.000%, 06/15/18			425		476
Crown Americas
4.500%, 01/15/23(A)			200		194
Greif
7.750%, 08/01/19			400		466
Packaging Dynamics
8.750%, 02/01/16(A)			950		994
Pactiv
7.950%, 12/15/25			200		190

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 56

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Sealed Air
8.375%, 09/15/21(A)		$	1,875	$	2,147
Total Containers & Packaging					8,383
Data Processing/Mgmt [0.8%]
Audatex North America
6.750%, 06/15/18(A)			1,450		1,555
First Data(A)
11.250%, 01/15/21			400		416
8.750%, 01/15/22(C)			2,725		2,882
8.250%, 01/15/21			450		468
7.375%, 06/15/19			250		266
Total Data Processing/Mgmt					5,587
Dialysis Centers [0.0%]
DaVita HealthCare Partners
5.750%, 08/15/22			475		494
Distribution/Wholesale [0.3%]
Dematic
7.750%, 12/15/20(A)			500		520
HD Supply
10.500%, 01/15/21			100		104
VWR Funding
7.250%, 09/15/17(A)			1,750		1,853
Total Distribution/Wholesale					2,477
Diversified Minerals [0.4%]
African Minerals
8.500%, 02/10/17(D)			2,600		2,525
Diversified Operations [0.2%]
JB Poindexter
9.000%, 04/01/22(A)			825		862
Koppers
7.875%, 12/01/19			625		687
Total Diversified Operations					1,549
Drugs [0.2%]
Grifols
8.250%, 02/01/18			1,300		1,430
E-Commerce/Services [0.0%]
IAC
4.750%, 12/15/22(A)			400		391

Description	Face Amount (000)			Value (000)
Educational Software [0.2%]
SSI Investments II
11.125%, 06/01/18		$	1,450	$	1,610
Electric Utilities [0.8%]
Calpine
7.500%, 02/15/21(A)			1,035		1,136
Energy Future Intermediate Holding
11.750%, 03/01/22(A)			700		805
10.000%, 12/01/20			700		794
6.875%, 08/15/17(A)			175		184
Hrvatska Elektroprivreda
6.000%, 11/09/17			200		206
NRG Energy
8.250%, 09/01/20			575		649
7.875%, 05/15/21			875		973
7.625%, 01/15/18			150		171
7.625%, 05/15/19			800		864
Star Energy Geothermal Wayang Windu
6.125%, 03/27/20			200		200
Total Electric Utilities					5,982
Electronic Parts Distrib [0.2%]
Rexel(A)
6.125%, 12/15/19			1,275		1,342
5.250%, 06/15/20			375		379
Total Electronic Parts Distrib					1,721
Enterprise Software/Serv [0.8%]
Allen Systems Group
10.500%, 11/15/16(A) (F)			450		285
Infor US
11.500%, 07/15/18(A)			1,650		1,939
9.375%, 04/01/19			1,225		1,389
Sophia
9.750%, 01/15/19(A)			1,575		1,756
Total Enterprise Software/Serv					5,369
Entertainment & Gaming [1.6%]
Affinity Gaming
9.000%, 05/15/18(A)			950		1,014
American Casino & Entertainment Properties
11.000%, 06/15/14			852		859
Ameristar Casinos
7.500%, 04/15/21			725		795

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 57

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Caesars Entertainment Operating
8.500%, 02/15/20		$	700	$	691
Chester Downs & Marina
9.250%, 02/01/20(A)			550		525
Cinemark USA
8.625%, 06/15/19			500		552
7.375%, 06/15/21			375		419
5.125%, 12/15/22(A)			175		176
MGM Resorts International
8.625%, 02/01/19			1,000		1,165
7.750%, 03/15/22			775		860
6.750%, 10/01/20(A)			250		265
Regal Cinemas
8.625%, 07/15/19			475		527
Seminole Hard Rock Entertainment
2.780%, 03/15/14(A) (B)			1,100		1,097
Seminole Indian Tribe of Florida(A)
7.804%, 10/01/20(F)			715		758
7.750%, 10/01/17			225		243
Station Casinos
7.500%, 03/01/21(A)			550		565
Total Entertainment & Gaming					10,511
Export/Import Bank [0.5%]
Sinek Capital via Edel Capital SA
7.700%, 08/03/15			3,030		3,242
Financial Services [0.7%]
Astana Finance
9.000%, 11/16/11(E)			3,000		255
Astana Finance, MTN
7.875%, 06/08/10(E)			250		29
International Lease Finance
8.750%, 03/15/17			1,475		1,735
6.250%, 05/15/19			625		685
5.875%, 08/15/22			775		835
4.625%, 04/15/21			300		299
Metalloinvest Finance
6.500%, 07/21/16			1,000		1,053
Total Financial Services					4,891
Firearms and Ammunition [0.1%]
FGI Operating
7.875%, 05/01/20(A)			1,025		1,076

Description	Face Amount (000)			Value (000)
Food, Beverage & Tobacco [4.5%]
ARAMARK
5.750%, 03/15/20(A)		$	725	$	741
Avangardco Investments Public
10.000%, 10/29/15			1,000		983
Constellation Brands
6.000%, 05/01/22			975		1,065
Dean Foods
9.750%, 12/15/18			775		897
Del Monte
7.625%, 02/15/19			1,925		1,997
ESAL GmbH
6.250%, 02/05/23			500		502
Fufeng Group
7.625%, 04/13/16			1,000		1,010
Hawk Acquisition Sub
4.250%, 10/15/20(A)			1,775		1,777
JBS
10.500%, 08/04/16			3,500		3,972
MHP
10.250%, 04/29/15			1,000		1,068
8.250%, 04/02/20			4,500		4,467
Michael Foods Group
9.750%, 07/15/18			2,050		2,281
Michael Foods Holding
8.500%, 07/15/18(A) (C)			1,125		1,162
Minerva Luxembourg
7.750%, 01/31/23			4,300		4,612
Pinnacle Foods Finance
9.250%, 04/01/15			321		322
8.250%, 09/01/17			825		886
Smithfield Foods
7.750%, 07/01/17			875		1,014
6.625%, 08/15/22			425		463
US Foods
8.500%, 06/30/19(A)			2,950		3,131
Total Food, Beverage & Tobacco					32,350
Footwear and Related Apparel [0.1%]
Wolverine World Wide
6.125%, 10/15/20(A)			275		292
Gold Mining [0.4%]
Banro
10.000%, 03/01/17(A)			3,000		2,490

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 58

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Home Decoration Products [0.0%]
RSI Home Products
6.875%, 03/01/18(A)		$	300	$	305
Hotels and Motels [0.0%]
Choice Hotels International
5.750%, 07/01/22			200		222
Human Resources [0.2%]
Emergency Medical Services
8.125%, 06/01/19			1,500		1,646
Investment Banker/Broker Dealer [0.4%]
Neuberger Berman Group(A)
5.875%, 03/15/22			400		423
5.625%, 03/15/20			500		524
Nuveen Investments
9.500%, 10/15/20(A)			1,350		1,411
TID Global Sukuk I
2.210%, 12/20/49(E)			3,500		525
Total Investment Banker/Broker Dealer					2,883
Mach Tools and Rel Products [0.1%]
Mcron Finance Sub
8.375%, 05/15/19(A)			575		635
Milacron
7.750%, 02/15/21(A)			175		181
Total Mach Tools and Rel Products					816
Manufacturing [0.1%]
Cleaver-Brooks
8.750%, 12/15/19(A)			500		539
Marine Services [0.1%]
Oceanografia
11.250%, 07/15/15			1,002		789
Medical Information Sys [0.1%]
MModal
10.750%, 08/15/20(A)			775		666
Medical Products & Services [2.9%]
Bio City Development
8.000%, 07/06/18(D)			1,000		999
Biomet(A)
6.500%, 08/01/20			1,300		1,380
6.500%, 10/01/20			925		951

Description	Face Amount (000)			Value (000)
DJO Finance
9.875%, 04/15/18		$	700	$	768
9.750%, 10/15/17			150		156
8.750%, 03/15/18(A)			300		335
7.750%, 04/15/18			1,225		1,249
HCA
7.500%, 02/15/22			3,250		3,738
5.875%, 03/15/22			400		431
5.875%, 05/01/23			825		858
HCA Holdings
7.750%, 05/15/21			1,850		2,061
IASIS Healthcare
8.375%, 05/15/19			1,375		1,445
Omnicare
7.750%, 06/01/20			975		1,080
Tenet Healthcare
4.500%, 04/01/21(A)			500		490
United Surgical Partners International
9.000%, 04/01/20			1,050		1,189
Universal Hospital Services
7.625%, 08/15/20(A)			950		1,022
Vanguard Health Holding II
8.000%, 02/01/18			1,675		1,782
Total Medical Products & Services					19,934
Medical-HMO [0.5%]
CDRT Holding
9.250%, 10/01/17(A) (C)			1,150		1,193
MultiPlan
9.875%, 09/01/18(A)			1,850		2,056
Total Medical-HMO					3,249
Medical-Outptnt/Home Med [0.1%]
CRC Health
10.750%, 02/01/16(F)			475		480
Metal-Copper [1.0%]
Carmen Copper
6.500%, 03/21/17			1,000		1,007
First Quantum Minerals
7.250%, 10/15/19			6,500		6,501
Total Metal-Copper					7,508
Metal-Iron [0.2%]
London Mining Jersey
8.000%, 02/15/16(D)			1,500		1,400

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 59

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Metals & Mining [0.9%]
TiZir
9.000%, 09/28/17		$	4,500	$	4,601
Vedanta Resources Jersey II, MTN
4.000%, 03/30/17(D)			2,000		1,992
Total Metals & Mining					6,593
Miscellaneous Business Services [0.4%]
Cie Generale de Geophysique - Veritas
9.500%, 05/15/16			75		79
7.750%, 05/15/17			200		206
6.500%, 06/01/21			1,150		1,207
Garda World Security
9.750%, 03/15/17(A)			1,275		1,367
Total Miscellaneous Business Services					2,859
Miscellaneous Manufacturing [1.0%]
Mueller Water Products
8.750%, 09/01/20			259		295
7.375%, 06/01/17			950		977
NTRP via Interpipe
10.250%, 08/02/17			2,000		1,720
Rivers Pittsburgh Borrower
9.500%, 06/15/19(A)			875		956
Stroika Finance via Emerging Markets Structured Products
7.400%, 03/25/14(F) (K)			254,767		287
Thermon Industries
9.500%, 05/01/17			275		305
TMK Bonds
5.250%, 02/11/15(D)			2,500		2,500
Total Miscellaneous Manufacturing					7,040
Office Automation and Equip [0.3%]
CDW
12.535%, 10/12/17			416		447
8.500%, 04/01/19			1,775		1,981
Total Office Automation and Equip					2,428
Oil-Field Services [1.3%]
Basic Energy Services
7.750%, 02/15/19			800		818
Forbes Energy Services
9.000%, 06/15/19			625		606
Sea Trucks Group
9.000%, 03/26/18(A)			6,800		6,849

Description	Face Amount (000)			Value (000)
SESI
7.125%, 12/15/21		$	700	$	783
6.375%, 05/01/19			150		161
Total Oil-Field Services					9,217
Paper & Related Products [0.8%]
Bio Pappel
7.000%, 08/27/13			4,930		4,881
MMI International
8.000%, 03/01/17(A)			300		307
Unifrax I
7.500%, 02/15/19(A)			250		258
Total Paper & Related Products					5,446
Petroleum & Fuel Products [8.8%]
Access Midstream Partners
4.875%, 05/15/23			925		913
Alliance Oil
7.250%, 07/16/14(D)			900		932
Antero Resources Finance
6.000%, 12/01/20(A)			1,200		1,254
ATP Oil & Gas
11.875%, 05/01/15			650		46
Berry Petroleum
6.750%, 11/01/20			75		81
6.375%, 09/15/22			700		744
Chaparral Energy
9.875%, 10/01/20			925		1,068
7.625%, 11/15/22			475		519
Chesapeake Energy
6.875%, 08/15/18			100		107
6.875%, 11/15/20			225		245
6.775%, 03/15/19			550		574
5.750%, 03/15/23			425		431
5.375%, 06/15/21			375		376
Chesapeake Midstream Partners
6.125%, 07/15/22			575		617
Chesapeake Oilfield Operating
6.625%, 11/15/19(A)			875		901
Comstock Resources
9.500%, 06/15/20			300		329
7.750%, 04/01/19			225		237
Concho Resources
7.000%, 01/15/21			250		275
5.500%, 04/01/23			650		674
DNO International
7.805%, 04/11/16(B)			4,800		4,956
Drill Rigs Holdings
6.500%, 10/01/17(A)			375		379

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 60

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
El Paso
7.250%, 06/01/18		$	400	$	459
6.500%, 09/15/20			675		746
Energy Transfer Equity
7.500%, 10/15/20			1,950		2,247
EP Energy
9.375%, 05/01/20			1,150		1,328
6.875%, 05/01/19			225		246
EPE Holdings
8.125%, 12/15/17(A)			450		472
Forest Oil
7.250%, 06/15/19			1,375		1,375
GeoPark Latin America Agencia en Chile
7.500%, 02/11/20(A)			4,000		4,160
Georgian Oil and Gas
6.875%, 05/16/17			1,000		1,047
Halcon Resources
9.750%, 07/15/20(A)			975		1,077
Holly Energy Partners
8.250%, 03/15/18			150		162
6.500%, 03/01/20(A)			900		956
Inergy Midstream
6.000%, 12/15/20(A)			425		442
InterOil Exploration and Production
15.000%, 03/14/16			16,500		2,824
Kodiak Oil & Gas
5.500%, 01/15/21(A)			200		210
Linn Energy
8.625%, 04/15/20			900		992
7.750%, 02/01/21			325		349
Lone Pine Resources Canada
10.375%, 02/15/17			475		425
MarkWest Energy Partners
6.250%, 06/15/22			601		648
MIE Holdings
9.750%, 05/12/16			1,000		1,078
MIE Holdings, MTN
6.875%, 02/06/18			3,700		3,866
Newfield Exploration
5.625%, 07/01/24			875		903
Oasis Petroleum
6.875%, 01/15/23			600		660
6.500%, 11/01/21			850		927
OGX Austria GmbH
8.500%, 06/01/18			2,000		1,560
Panoro Energy
12.000%, 11/15/18(A)			1,300		1,362
Petroleos de Venezuela
5.000%, 10/28/15			3,000		2,768
4.900%, 10/28/14			1,000		962

Description	Face Amount (000)			Value (000)
Plains Exploration & Production
6.750%, 02/01/22		$	350	$	390
6.125%, 06/15/19			275		301
Range Resources
5.000%, 03/15/23(A)			250		256
Regency Energy Partners
9.375%, 06/01/16			227		241
6.875%, 12/01/18			125		136
5.500%, 04/15/23			200		214
Rosneft Oil via Rosneft International Finance
4.199%, 03/06/22			500		496
Sabine Pass Liquefaction
5.625%, 02/01/21(A)			250		259
SandRidge Energy
8.125%, 10/15/22			1,275		1,361
Sibur Securities
3.914%, 01/31/18			1,000		983
State Oil of the Azerbaijan Republic, MTN
4.750%, 03/13/23			2,000		1,963
Tesoro Logistics
5.875%, 10/01/20(A)			225		237
Tethys Oil
9.500%, 09/07/15			20,000		3,223
W&T Offshore
8.500%, 06/15/19			1,475		1,604
Total Petroleum & Fuel Products					61,573
Printing & Publishing [0.4%]
Logo Merger Sub
8.375%, 10/15/20(A)			1,050		1,087
Nielsen Finance
4.500%, 10/01/20(A)			325		325
Visant
10.000%, 10/01/17			1,175		1,072
Total Printing & Publishing					2,484
Quarrying [0.0%]
Compass Minerals International
8.000%, 06/01/19			250		271
Radio [0.5%]
Cumulus Media Holdings
7.750%, 05/01/19			975		1,002
Entercom Radio
10.500%, 12/01/19			1,000		1,150
Sirius XM Radio
5.250%, 08/15/22(A)			175		179

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 61

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Townsquare Radio
9.000%, 04/01/19(A)		$	950	$	1,038
Total Radio					3,369
Real Estate Oper/Develop [0.1%]
Renhe Commercial Holdings
13.000%, 03/10/16			500		345
Research and Development [0.3%]
Jaguar Holding I
9.375%, 10/15/17(A)			575		618
Jaguar Holding II
9.500%, 12/01/19(A)			1,175		1,348
Total Research and Development					1,966
Resorts/Theme Parks [0.2%]
Cedar Fair
5.250%, 03/15/21(A)			725		720
Six Flags Entertainment
5.250%, 01/15/21(A)			850		851
Total Resorts/Theme Parks					1,571
Retail [3.0%]
Academy
9.250%, 08/01/19(A)			1,050		1,184
Brands
5.625%, 02/15/22			350		371
Claire's Stores
6.125%, 03/15/20(A)			250		256
DineEquity
9.500%, 10/30/18			1,325		1,511
Express
8.750%, 03/01/18			275		300
Grupo Famsa
11.000%, 07/20/15			2,007		2,147
Gymboree
9.125%, 12/01/18			725		682
Hillman Group
10.875%, 06/01/18(A)			1,250		1,374
Jo-Ann Stores
8.125%, 03/15/19(A)			1,900		1,986
Jo-Ann Stores Holdings
9.750%, 10/15/19(A)			900		945
Michaels Stores
7.750%, 11/01/18			1,200		1,311
New Academy Finance
8.000%, 06/15/18(A) (C)			600		621

Description	Face Amount (000)			Value (000)
NPC International
10.500%, 01/15/20		$	1,175	$	1,369
Party City Holdings
8.875%, 08/01/20(A)			400		439
Penske Automotive Group
5.750%, 10/01/22(A)			350		365
Petco Animal Supplies
9.250%, 12/01/18(A)			875		965
Petco Holdings
8.500%, 10/15/17(A)			1,300		1,341
PVH
4.500%, 12/15/22			200		197
Sally Holdings
6.875%, 11/15/19			1,075		1,191
5.750%, 06/01/22			175		183
Serta Simmons Holdings
8.125%, 10/01/20(A)			975		1,013
Shearer's Foods
9.000%, 11/01/19(A)			475		520
Suburban Propane Partners
7.500%, 10/01/18			464		503
Total Retail					20,774
Rubber & Plastic [0.7%]
Gajah Tunggal
7.750%, 02/06/18			5,000		5,175
Schools-Day Care [0.1%]
Knowledge Universe Education
7.750%, 02/01/15(A)			575		563
Security Brokers & Dealers [0.7%]
Ally Financial
8.300%, 02/12/15			1,275		1,415
8.000%, 03/15/20			325		403
7.500%, 09/15/20			850		1,037
6.250%, 12/01/17			650		727
5.500%, 02/15/17			1,075		1,163
Total Security Brokers & Dealers					4,745
Security Services [0.1%]
Monitronics International
9.125%, 04/01/20			800		846

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 62

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Semicon Compo-Intg Circu [0.1%]
NXP(A)
5.750%, 02/15/21		$	200	$	207
5.750%, 03/15/23			200		204
Total Semicon Compo-Intg Circu					411
Semi-Conductors [0.5%]
Advanced Micro Devices
7.750%, 08/01/20			625		575
7.500%, 08/15/22(A)			225		204
Flextronics International(A)
5.000%, 02/15/23			300		299
4.625%, 02/15/20			250		253
Freescale Semiconductor
9.250%, 04/15/18(A)			675		741
MagnaChip Semiconductor
10.500%, 04/15/18			550		613
Stoneridge
9.500%, 10/15/17(A)			550		591
Total Semi-Conductors					3,276
Shipbuilding [0.7%]
OSX 3 Leasing
9.250%, 03/20/15(A)			5,100		5,062
Steel & Steel Works [0.1%]
Evraz Group
7.400%, 04/24/17			500		531
Steel Dynamics
5.250%, 04/15/23(A)			75		76
Total Steel & Steel Works					607
Sugar [0.0%]
Cosan Luxembourg
5.000%, 03/14/23			250		252
Telecommunication Equip [0.3%]
CommScope
8.250%, 01/15/19(A)			1,775		1,926
Telephones & Telecommunications [4.6%]
Altice Financing
8.000%, 12/15/19			4,190		5,773
Bharti Airtel International Netherlands
5.125%, 03/11/23			2,000		2,008

Description	Face Amount (000)			Value (000)
Digicel(A)
8.250%, 09/01/17		$	725	$	767
7.000%, 02/15/20			450		470
6.000%, 04/15/21			1,125		1,120
Digicel Group(A)
10.500%, 04/15/18			600		667
8.250%, 09/30/20			400		424
Intelsat Jackson Holdings
8.500%, 11/01/19			475		533
7.500%, 04/01/21			275		306
7.250%, 04/01/19			350		382
7.250%, 10/15/20			900		989
6.625%, 12/15/22(A)			175		185
Intelsat Luxembourg(A)
8.125%, 06/01/23			450		457
7.750%, 06/01/21			450		458
Level 3 Communications
8.875%, 06/01/19(A)			400		437
Level 3 Financing
8.625%, 07/15/20			475		530
8.125%, 07/01/19			1,150		1,265
Lynx II
6.375%, 04/15/23(A)			200		209
MetroPCS Wireless
6.625%, 11/15/20			1,100		1,149
6.625%, 04/01/23(A)			675		689
Sprint Capital
6.900%, 05/01/19			1,400		1,537
6.875%, 11/15/28(F)			3,050		3,119
Sprint Nextel
7.000%, 03/01/20(A)			600		699
Syniverse Holdings
9.125%, 01/15/19			1,675		1,838
VimpelCom Holdings
7.504%, 03/01/22			1,000		1,113
5.200%, 02/13/19			200		201
Virgin Media Finance
5.250%, 02/15/22			1,000		1,016
Wind Acquisition Holdings Finance
12.250%, 07/15/17			3,061		3,184
Total Telephones & Telecommunications					31,525
Tools-Hand Held [0.0%]
BC Mountain
7.000%, 02/01/21(A)			250		265
Transportation Services [2.4%]
Azerbaijan Railways via Aquarius Investments
8.250%, 02/18/16			2,550		2,760

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 63

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Dubai Holding Commercial Operations, MTN
6.000%, 02/01/17		$	5,200	$	7,980
Grupo KUO De
6.250%, 12/04/22			2,000		2,145
Grupo Senda Autotransporte
10.500%, 10/03/15			3,633		3,742
SMU
7.750%, 02/08/20			200		214
Total Transportation Services					16,841
Transport-Equip and Leasng [0.1%]
Maxim Crane Works
12.250%, 04/15/15(A)			675		707
Utilities [0.9%]
DTEK Finance
9.500%, 04/28/15			2,000		2,105
7.875%, 04/04/18			4,000		3,949
Total Utilities					6,054
Waste Disposal [0.1%]
ADS Waste Holdings
8.250%, 10/01/20(A)			475		512
X-Ray Equipment [0.1%]
Hologic
6.250%, 08/01/20(A)			600		638
Total Corporate Bonds (Cost $475,146)					491,694
Loans [21.8%]
Aerospace [0.5%]
AM General 0.000%, 03/20/18(I)			525,000		514
AWAS Aviation 4.750%, 06/26/18			156,756		157
DAE Aviation 6.250%, 10/19/18			370,631		376
Delos Aircraft 4.750%, 04/04/16			695,000		699
Delta Airlines 5.250%, 10/16/18			400,000		406
Silver II Acquisition 4.000%, 12/13/19			250,000		252
Six3 Systems 7.000%, 09/20/19			230,000		231

Description	Face Amount (000)			Value (000)
Standard Aero 6.250%, 10/19/18		$	168,019	$	171
Transdigm 3.750%, 02/25/20			350,000		354
United Airlines 0.000%, 03/22/19(I)			110,000		111
Wesco Distribution 4.500%, 12/04/19			175,000		177
WP CPP Holdings 4.750%, 12/21/19			280,000		281
Total Aerospace					3,729
Broadcasting [0.7%]
Barrington Broadcasting 7.500%, 06/14/17			90,704		91
Clear Channel 3.854%, 01/29/16			1,068,557		946
Clear Channel Communications 3.854%, 01/29/16			1,088,737		948
Cumulus Media Holdings 7.500%, 09/16/19			225,000		232
Entercom Communications 6.250%, 11/17/18			159,226		162
Gray Television 4.750%, 10/11/19			515,721		521
Hubbard Radio 5.250%, 04/28/17			270,169		273
LIN Television 4.000%, 12/15/18			149,622		151
Merrill 7.250%, 03/08/18			445,000		445
Mission Broadcasting 4.500%, 11/19/19			23,771		24
Radio One 7.500%, 03/23/16			437,593		448
TAR Broadcasting 4.500%, 11/19/19			56,229		57
Univision Communications 4.750%, 02/22/20			712,731		716
Total Broadcasting					5,014
Cable/Wireless Video [0.6%]
Bresnan Broadband Holdings 4.500%, 12/14/17			334,489		337
Cequel Communications 4.000%, 02/10/19			1,066,938		1,076
Leap Wireless 0.000% 03/01/20			345,000		347
Liberty Cablevision 10.000%, 06/11/18			525,000		535
MediaCom Broadband 4.500%, 10/23/17			595,725		599

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 64

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Salem Communications 4.500%, 03/12/20		$	110,000	$	111
San Juan Cable 6.000%, 06/09/17			324,225		328
WaveDivision 5.500%, 08/09/19			85,000		86
WideOpenWest Finance 6.250%, 07/12/18			518,176		523
Total Cable/Wireless Video					3,942
Chemicals [0.4%]
Ascend Performance Materials 6.750%, 04/10/18			72,593		74
Berlin Packaging 0.000%, 03/28/20(I)			80,000		81
DuPont Performance Coatings 4.750%, 01/18/20			465,000		471
Eagle Spinco 0.000%, 01/27/17(I)			110,000		111
Hexion Specialty Chemicals 0.206%, 05/05/13			126,213		122
Huntsman International 2.743%, 04/19/17			432,747		435
Ineos Holdings 6.500%, 04/27/18			700,125		711
PQ 4.500%, 02/09/18			165,000		167
Taminco Global 4.250%, 02/15/19			163,763		165
Tronox 4.500%, 03/13/20			450,000		456
Univar 5.000%, 06/30/17			42,845		43
Total Chemicals					2,836
Consumer Durables [0.1%]
Serta Simmons Holdings 5.000%, 09/19/19			780,115		789
Wolverine World Wide 4.000%, 07/31/19			76,934		78
Total Consumer Durables					867
Consumer Non-Durables [0.1%]
Bausch & Lomb 5.250%, 05/10/19			382,776		386
Revlon Consumer Products 4.000%, 11/19/17			115,000		117
Spectrum Brands 4.500%, 12/17/19			104,738		106
Total Consumer Non-Durables					609

Description	Face Amount (000)			Value (000)
Diversified Media [1.5%]
Acquisitions Cocego 4.500%, 09/20/19		$	129,675	$	131
Affinion Group Holdings 5.000%, 10/08/16			834,444		815
Emmis Operating Company 4.362%, 11/01/13			15,190		15
Encompass Digital Media 6.750%, 08/10/17			170,000		171
Formula One 6.000%, 04/23/17			113,640		115
Getty Images 4.750%, 10/03/19			140,000		142
Harland Clarke Holdings 2.704%, 06/30/14			2,019,537		1,998
Kasima 5.000%, 03/31/17			491,250		494
Live Nation Entertainment 4.500%, 10/20/16			305,161		307
McGraw-Hill Global Education 9.000%, 03/18/19			400,000		386
MTL Publishing 5.500%, 03/05/18			338,300		342
Nielsen Finance 3.992%, 12/31/17			530,874		536
Nine Entertainment 3.500%, 01/31/20			295,000		295
Southern Graphic Systems 5.000%, 10/11/19			220,000		222
Tribune 4.000%, 12/31/19			1,315,000		1,325
TWCC Holding 4.250%, 02/11/17			213,939		217
Van Wagner Communications 8.250%, 08/03/18			250,000		253
Village Roadshow Films 4.750%, 11/16/17			1,120,000		1,134
Virgin Media Investment 0.000%, 02/15/20(I)			1,750,000		1,742
Warner Music Group 5.250%, 10/25/18			187,625		190
Total Diversified Media					10,830
Energy [2.1%]
Alon USA 9.250%, 11/09/18			191,667		199
Aventine Renewal 10.500%, 12/01/15			351,013		263
Bashneft 1.752%, 08/16/14			3,541,667		3,488
Chesapeake Energy 5.750%, 12/01/17			1,530,000		1,576
Energy Transfer Partners 3.750%, 03/23/17			885,000		888

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 65

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
EP Energy 4.500%, 04/26/19		$	540,000	$	546
Glencore International 2.110%, 07/12/13			1,875,000		1,862
Interpipe Ukraine 0.299%, 03/06/14			4,035,784		3,592
MEG Energy 3.750%, 03/21/20			700,000		706
NFR Energy 8.750%, 12/31/18			130,000		133
NGPL Pipeco 6.750%, 09/15/17			133,929		136
NRG Energy 3.250%, 07/01/18			351,804		356
Saxon Energy Services 5.500%, 02/13/19			165,000		166
Walter Energy 4.000%, 04/02/18			419,504		422
Total Energy					14,333
Financials [2.4%]
Alliant Holdings 5.000%, 12/07/19			300,000		304
American Capital 5.500%, 08/15/17			145,000		147
Asurion 4.500%, 05/24/19			1,554,261		1,570
BNY ConvergEx 5.250%, 12/19/16			395,949		394
CNO Financial Group 4.250%, 09/28/16			54,000		55
Evergreen Acquisition 5.000%, 07/09/19			199,500		202
General Growth Properties 0.000%, 07/11/16(I)			450,000		441
iStar Financial 4.500%, 10/11/17			1,900,288		1,925
JSC BTA Bank 4.727%, 09/30/13			5,986,369		4,610
MIP Delaware 0.000%, 07/12/18			165,000		166
Moneygram 0.000%, 03/26/20(I)			140,000		141
Nuveen Investments 5.204%, 05/13/17			465,000		473
RPI Finance 3.500%, 05/09/18			1,498,079		1,518
Sonangol Finance 1.209%, 10/15/14			2,580,645		2,548
Springleaf Financial 5.500%, 05/06/17			1,935,000		1,945
TCW 4.000%, 12/20/19			225,000		227
Total Financials					16,666

Description	Face Amount (000)			Value (000)
Food & Drug [0.1%]
Dunkin' Brands 3.750%, 02/14/20		$	916,355	$	926
Total Food & Drug					926
Food & Tobacco [0.8%]
Blue Buffalo 6.500%, 08/09/19			284,288		288
Brasa 7.500%, 07/22/19			139,650		140
Burger King 3.750%, 09/26/19			124,688		126
Del Monte 4.000%, 03/08/18			170,000		171
HJ Heinz 0.000%, 03/27/20(I)			2,175,000		2,194
Ma San 9.952%, 07/03/14			1,000,000		997
Piere Foods 5.750%, 06/20/17			75,000		76
Pinnacle Foods Finance 4.750%, 10/17/18			138,950		140
Reynolds Group Issuer 4.750%, 09/28/18			364,088		369
SuperValu 6.250%, 02/05/19			190,000		193
Valinor 10.000%, 12/20/13			1,282,639		334
Wendy's/Arby's Group 4.750%, 05/15/19			258,700		261
Total Food & Tobacco					5,289
Forest Prod/Containers [0.5%]
Berry Plastics 3.500%, 02/08/20			3,150,000		3,142
BWAY Holding 4.500%, 08/07/17			160,000		161
Consolidated Container 5.000%, 07/03/19			159,600		162
Total Forest Prod/Containers					3,465
Gaming/Leisure [0.8%]
Bombardier Recreational Products 5.000%, 01/23/19			180,000		182
Boyd Acquisition Sub Peninsula Gaming 5.750%, 11/14/17			94,763		96
CCM Merger 6.000%, 03/01/17			166,094		167
Cedar Fair 3.250%, 03/06/20			230,000		233

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 66

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Cinemark USA 3.210%, 12/18/19		$	235,000	$	237
Clubcorp Club Operations 5.000%, 11/30/16			104,733		106
Harrah's Entertainment 5.492%, 01/28/18			764,533		708
Harrah's Operating 3.282%, 01/28/15			426,935		426
Las Vegas Sands 2.710%, 11/23/15			249,093		250
MGM Resorts International 4.250%, 12/20/19			805,000		810
NP Opco 5.500%, 09/18/19			590,000		596
Penn National Gaming 3.750%, 06/14/18			124,685		126
Regent Seven Seas Cruises 4.750%, 12/21/18			200,000		202
Rock Ohio Caesars 0.000%, 03/27/19			80,000		80
Sabre Holdings 4.000%, 02/15/18			465,000		468
SeaWorld Parks & Entertainment 4.000%, 08/08/17			504,204		506
Twin River Management 0.000%, 09/22/18			80,000		81
Total Gaming/Leisure					5,274
Healthcare [1.3%]
American Renal Holdings 4.500%, 08/14/19			165,000		165
Aptails Pharma 5.500%, 02/10/17			577,022		581
Ardent Health Services 6.750%, 07/02/18			319,200		325
Biomet 3.954%, 07/25/17			129,350		131
Community Health Systems 3.810%, 01/25/17			586,996		593
ConvaTec 5.750%, 12/30/16			432,201		438
Davita HealthCare Partners 4.000%, 08/21/19			300,000		303
Drumm 5.000%, 05/04/18			642,889		621
HCA 3.561%, 03/31/17			1,605,000		1,618
Health Management Association 0.000%, 11/16/18			100,000		101
Hologic 4.500%, 07/19/19			477,600		484
IASIS Healthcare 4.500%, 05/03/18			503,737		510

Description	Face Amount (000)			Value (000)
IMS Health 3.750%, 09/01/17		$	173,096	$	175
Lifepoint Hospitals 2.170%, 07/31/17			170,000		171
Onex Carestream Finance 5.000%, 02/24/17			260,635		261
Par Pharm 5.000%, 09/18/19			488,775		493
Patheon 7.250%, 12/06/18			254,363		258
RHCP 8.000%, 11/05/18			355,228		360
Sage Products 4.250%, 12/13/19			125,000		126
Select Medical 3.540%, 02/19/16			110,000		110
Universal Health Services 3.750%, 11/15/16			390,402		394
Valeant Pharmaceuticals 4.250%, 09/27/19			270,000		273
Vanguard 5.000%, 01/15/16			182,127		184
Warner Chilcott 4.250%, 03/14/18			644,855		654
Total Healthcare					9,329
Housing [0.8%]
Capital Automotive 5.250%, 03/10/17			1,878,413		1,883
CB Richard Ellis 5.750%, 09/04/19			2,381,905		2,385
Crown Castle International 4.000%, 01/25/19			648,028		655
Realogy 4.518%, 10/10/16			332,678		337
Total Housing					5,260
Information Technology [1.8%]
Alix Partners 4.500%, 05/29/19			302,716		305
Apex Tool Group 4.500%, 01/25/20			205,000		208
Avaya 4.811%, 10/26/17			660,000		638
Blackboard 0.000%, 10/04/18(I)			265,000		269
CDW 4.000%, 07/15/17			574,595		577
CompuCom Systems 6.500%, 10/04/18			150,000		153
DataPipe 5.750%, 03/07/19			110,000		111

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 67

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
EZE Castle Software 5.250%, 12/19/16		$	179,703	$	179
First Data 4.195%, 03/24/18			1,595,000		1,593
Freescale Semiconductor 5.000%, 02/13/20			1,635,000		1,639
Infor US 5.750%, 10/05/16			217,438		220
Instant Web 3.579%, 08/07/14			715,204		501
Interactive Data 3.750%, 02/11/18			613,155		620
Lawson Software 5.250%, 04/05/18			458,850		466
Microsemi 3.750%, 02/19/20			380,000		383
ON Semiconductor 0.000%, 01/02/18(I)			650,000		627
Peak 10 7.250%, 10/25/18			270,000		272
Presidio 5.750%, 03/31/17			309,225		311
Riverbed Technology 4.000%, 12/13/19			233,403		235
Semtech 4.250%, 03/15/17			133,988		135
Sophos 6.500%, 05/10/19			129,350		130
SS&C Technologies 5.000%, 06/07/19			178,995		181
SunGard Data Systems 4.500%, 01/31/20			1,005,000		1,016
SurveyMonkey.com 5.750%, 02/05/19			430,000		435
Syniverse Holdings 5.000%, 04/23/19			1,097,525		1,102
Telx Group 7.750%, 09/22/17			216,957		219
Vertafore 5.250%, 07/29/16			284,449		288
Total Information Technology					12,813
Manufacturing [0.5%]
Alliance Laundry Systems 5.500%, 12/04/18			149,241		150
Allison Transmission 4.250%, 08/15/19			527,583		533
Aluma Systems 6.250%, 10/16/18			74,843		75
BOC Edward 0.000%, 03/21/20			80,000		80
Boomerang Tube 11.000%, 10/02/17			237,000		239
Frac Tech International 8.500%, 05/06/16			331,210		313

Description	Face Amount (000)			Value (000)
Genpact International 4.250%, 08/17/19		$	194,513	$	197
Huish Detergents 6.500%, 03/21/20			250,000		252
Milacron 0.000%, 03/21/20(I)			120,000		121
Nacco Materials Handling 5.000%, 11/08/18			222,923		224
Sealed Air 4.000%, 10/03/18			78,800		80
Sensata Technologies 4.000%, 05/10/18			508,709		514
Tomkins 3.750%, 09/29/16			563,188		570
Wabash 6.000%, 05/08/19			178,488		181
Total Manufacturing					3,529
Metals and Mining [1.3%]
Atlas Iron Limited 8.750%, 12/07/17			155,000		155
Compass Minerals International 5.250%, 12/14/19			355,000		359
Fortescue Metals 5.250%, 10/12/17			2,248,675		2,274
Novelis 4.000%, 03/10/17			1,284,962		1,301
Vedanta Resources 3.452%, 12/15/14			5,000,000		4,863
Total Metals and Mining					8,952
Retail [0.6%]
Academy Sports Limited 4.750%, 08/03/18			184,538		186
Albertson's 5.750%, 02/26/16			560,000		569
Collective Brands Finance 7.250%, 10/09/19			279,300		283
Gymboree 5.000%, 02/23/18			265,000		256
HMK Intermediate 7.250%, 04/01/19			347,375		350
J. Crew 4.750%, 01/26/18			69,295		71
Landry's Restaurants 6.500%, 04/19/18			272,489		275
Michaels Stores 3.750%, 01/24/20			360,000		363
Ollie's Bargain Outlet 6.250%, 09/27/19			140,000		141
OSI Restaurant 4.750%, 10/23/19			102,375		103

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 68

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Party City 5.750%, 07/10/19		$	194,513	$	196
Petco Animal Supplies 4.500%, 11/24/17			378,980		384
Pilot Travel Centers 4.250%, 08/06/19			94,525		96
Rite Aid 5.250%, 02/07/20			760,000		775
Toys-R-Us 6.000%, 09/01/16			456,562		443
Total Retail					4,491
Services [0.9%]
Acosta 5.000%, 03/02/18			334,594		339
Advanced Disposal Services 4.250%, 10/05/19			738,150		746
ARAMARK 3.784%, 07/26/16			790,000		795
Avis Budget Car Rental 3.750%, 03/15/19			337,950		341
Brand Energy & Infrastructure Bank Loan 6.250%, 10/16/18			311,524		313
Bright Horizons Family Solutions 4.000%, 01/24/20			105,000		106
Corporate Executive Board 5.000%, 07/02/19			65,000		66
Dematic 5.250%, 12/18/19			300,000		303
Duff & Phelps 0.000%, 03/14/20			115,000		116
First Advantage 6.250%, 02/13/19			290,000		289
Harbor Freight Tools 5.500%, 11/14/17			164,175		166
Hertz 3.750%, 03/04/18			435,888		439
IMG Worldwide 5.500%, 06/16/16			992,806		995
Inc. Research 7.000%, 07/12/18			569,050		574
ISS 0.000%, 04/18/18(I)			240,000		240
Progressive Waste Solutions 0.000%, 10/22/19			199,500		202
Sedgwick Claims Management 4.000%, 12/31/16			374,940		377
Total Safety US 5.750%, 03/11/20			110,000		111
Total Services					6,518

Description	Face Amount (000)			Value (000)
Telecommunications [1.6%]
Alcatel Lucent 6.250%, 07/31/16		$	315,000	$	320
Arris Group 0.000%, 02/07/20(I)			760,000		761
Bulgaria Telecom 5.500%, 01/15/20			5,000,000		5,864
Consolidated Communications 5.250%, 12/31/18			225,000		227
Digital Globe 3.750%, 01/25/20			545,000		552
Genesys Telecomm 4.000%, 01/31/20			102,857		103
Integra Telecom 6.000%, 02/19/19			636,375		646
Intelsat Jackson Holdings 3.242%, 02/01/14			1,033,538		1,040
Level 3 Communications 4.750%, 08/01/19			735,000		744
SBA Senior Finance II 3.750%, 09/30/19			75,000		76
Windstream 3.500%, 01/10/20			414,525		419
Zayo Group 4.500%, 07/02/19			598,496		604
Total Telecommunications					11,356
Transportation [0.8%]
A'Ayan Leasing 3.349%, 04/13/20			3,000,000		720
American Commercial Lines 7.500%, 09/20/19			300,000		300
American Petroleum Tank 0.000%, 09/28/19			265,000		265
August LuxUK Holding 6.250%, 04/27/18			44,991		45
August US Holding 6.250%, 04/27/18			34,696		35
Azeria Railways 4.202%, 12/17/14			2,640,000		2,548
Fleetpride 5.250%, 11/15/19			215,000		217
Navistar International 7.000%, 08/17/17			89,775		91
Remy International 4.250%, 12/16/16			440,034		444
Schaeffler Finance 4.250%, 01/31/17			600,000		607
Total Transportation					5,272

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 69

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)/Shares			Value (000)
Utility [1.1%]
Ameriforge Group 5.000%, 01/22/20		$	100,000	$	101
Astoria Generating 8.500%, 10/26/17			190,000		196
Calpine 4.000%, 04/01/18			1,168,205		1,182
CITGO Petroleum 8.000%, 06/24/15			389,031		392
EMG Utica 0.000%, 03/26/20(I)			140,000		141
Glenn Pool Oil & Gas 4.500%, 05/02/16			1,228,916		1,229
Obsidian Natural Gas Trust 6.252%, 11/02/15			1,383,997		1,391
Plains Exploration & Production 4.000%, 11/29/19			1,070,000		1,071
Ruby Western Pipeline 0.000%, 03/22/20(I)			280,000		283
Tesoro 2.780%, 01/30/16			360,000		364
Texas Competitive 4.768%, 10/10/17			684,899		485
TPF Generation Holdings 4.612%, 12/15/14			60,241		60
Vantage Drilling 6.250%, 10/17/17			1,084,813		1,091
Total Utility					7,986
Wireless Communications [0.5%]
Cricket 4.750%, 10/10/19			59,850		60
MetroPCS Wireless 4.000%, 03/19/18			409,003		410
Vodafone Americas Finance 6.875%, 08/11/2015			2,619,514		2,672
Total Wireless Communications					3,142
Total Loans (Cost $152,208)					152,428
Short-Term Investment [5.7%]
First American Government Obligations Fund, 0.020%*			39,734,744		39,735
Total Short-Term Investment (Cost $39,735)					39,735

Description	Face Amount (000)				Value (000)
Asset-Backed Securities [3.3%]
BT SPE (Acquired 07/06/11, Acquisition Cost $15,762,348)
9.250%, 06/06/16(F) (G) (J)		$	15,762		$	15,263
Start CLO, Ser 2011-7A, Cl A
15.281%, 06/09/16(A) (B) (F)			3,500			3,667
Start VI CLO, Ser 2010-6A
16.360%, 04/01/15(A) (B)			500			517
Start VI CLO, Ser 2010-6X, Cl A
16.360%, 04/01/15(B)			500			518
Yapi Dpr Finance, Ser 2010-1
0.924%, 11/21/14(B)			3,294	��		3,204
Total Asset-Backed Securities (Cost $23,539)						23,169
Foreign Government Bonds [1.2%]
Bosnia & Herzegovina
2.063%, 12/11/21(F)			1,342			1,411
1.028%, 12/11/17			2,372			2,661
Egyptian Paris Club
3.092%, 01/01/21(H)			339			255
Ghana Government
14.250%, 07/25/16			1,489			699
Mivivienda
3.500%, 01/31/23			200			194
Mongolia International
5.125%, 12/05/22			1,000			932
4.125%, 01/05/18			1,000			970
United Republic of Tanzania
6.450%, 03/08/20			1,300			1,371
Total Foreign Government Bonds (Cost $8,469)						8,493
Sovereign Debt [0.5%]
City of Kyiv
9.375%, 07/11/16			1,190			1,166
Republc of Belarus
8.750%, 08/03/15			2,000			2,080
Republic of Serbia
5.250%, 11/21/17			500			515
Total Sovereign Debt (Cost $3,563)						3,761

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 70

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)/Shares			Value (000)
Sovereign Loan [0.3%]
Kenya Ministry of Finance, 5.207%, 05/15/14(H)		$	2,000,000	$	1,990
Total Sovereign Loan (Cost $1,976)					1,990
Mortgage-Backed Security [0.1%]
Sea Lane, Ser 2011-1X, Cl A
14.310%, 02/12/16(B)			1,000		1,038
Total Mortgage-Backed Security (Cost $1,000)					1,038
		Number of Warrants
Warrants [0.1%]
Central Bank of Nigeria,
Expires 11/15/20**			2,000		374
Total Warrants (Cost $377)					374
Common Stock [0.0%]
Energy [0.0%]
Aventine Renewable Energy Holdings**			3,836		58
Total Common Stock (Cost $0)	��				58
Total Investments [103.3%] (Cost $706,013)				$	722,740

Percentages are based on Net Assets of $699,332 ($ Thousands).

* The rate reported is the 7-day effective yield as of March 31, 2013.

** Non-income producing security.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2013, the value of these securities amounted to $146,533 ($ Thousands), representing 20.9% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2013.

(C) Payment in Kind.

(D) In default on interest payments. Rate shown represents the last coupon rate prior to default. See also note (K).

(E) Step Bond — The rate reported is the rate in effect on March 31, 2013. The coupon on a step bond changes on a specific date.

(F) Security is considered illiquid.

(G) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2013 was $15,263 ($ Thousands) and represented 2.2% of Net Assets of the Fund.

(H) Zero coupon security. The rate reported is the effective yield at time of purchase.

(I)  Unsettled bank loan.

(J) Security is considered restricted. The total market value of such security as of March 31, 2013 was $15,263 ($Thousands) and represented 2.2% of Net Assets of the Fund.

(K)  Security is in default on interest payments as of May 9, 2013.

Cl — Class

EUR — Euro

GBP — British Pound Sterling

HMO — Health Maintenance Organization

MTN — Medium Term Note

MXP — Mexican Peso

NOK — Norwegian Krone

SEK — Swedish Krone

Ser — Series

SPE — Special Purpose Entity

USD — United States Dollar

A list of the open forward foreign currency contracts held by the Fund at March 31, 2013, is as follows:

Settlement Date	Currency to Deliver (Thousands)		Currency to Receive (Thousands)		Unrealized Depreciation ($ Thousands)
4/30/13	EUR	12,500	USD	15,995	$	(29	)
4/30/13	GBP	5,333	USD	8,054		(47	)
4/30/13	NOK	17,023	USD	2,907		(5	)
5/2/13	SEK	38,432	USD	5,648		(247	)
5/2/13	USD	2,707	SEK	17,141		(78	)
3/6/14	MXP	23,000	USD	1,735		(70	)
					$	(476	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2013, is as follows:

Counterparty	Currency to Deliver ($ Thousands)			Currency to Receive ($ Thousands)		Unrealized Depreciation ($ Thousands)
US Bank		(37,445	)		36,969	$	(476	)
						$	(476	)

For the period ended March 31, 2013, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 71

schedule of investments

March 31, 2013 (Unaudited)

Fixed Income Opportunities Fund (concluded)

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	491,694	$	—	$	491,694
Loans		—		152,428		—		152,428
Short-Term Investment		39,735		—		—		39,735
Asset-Backed Securities		—		7,906		15,263		23,169
Foreign Government Bonds		—		8,493		—		8,493
Sovereign Debt		—		3,761		—		3,761
Sovereign Loan		—		1,990		—		1,990
Mortgage-Backed Security		—		1,038		—		1,038
Warrants		—		374		—		374
Common Stock		—		58		—		58
Total Investments in Securities	$	39,735	$	667,742	$	15,263	$	722,740

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands) as of March 31, 2013:

	Investments in Asset-Backed Securities
Beginning Balance as of January 1, 2013	$	17,034
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		58
Net purchases		—
Net sales		(1,829	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending Balance as of March 31, 2013	$	15,263

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2013. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2013		Valuation Techniques
BT SPE	$	15,263,471	Discounted Cash Flow Model
			Observable Inputs
			Cumulated Collections
			Cumulated Defaults
			Annualized Default Rate
			Cumulated Default Rate
			Pace of Collection Pace of Defaults
			Interest Rates
			Unobservable Inputs	Range
			Projected Default Rates		5%-12	%
			Projected Collection Rates		90%-100	%
			Expected Discount Rates		7%-9.25	%

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2013, there have been no transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 72

schedule of investments

March 31, 2013 (Unaudited)

Multi-Asset Fund

Description	Shares		Value (000)
Unaffiliated Registered Investment Companies [38.0%]
DoubleLine Total Return Bond Fund		188,816	$	2,151
Eaton Vance Floating Rate Advantage Fund		241,071		2,707
ING Global Real Estate Fund		70,473		1,331
Ivy High Income Fund		71,796		626
Principal Preferred Securities Fund		233,282		2,482
Vanguard Short-Term Bond Index Fund		441,618		4,686
Total Unaffiliated Registered Investment Companies (Cost $13,532)				13,983
Exchange-Traded Funds [37.9%]
Powershares DB Gold		31,199		1,700
SPDR S&P 500		24,912		3,900
SPDR S&P Dividend		34,182		2,256
Vanguard Emerging Markets		24,948		1,070
Vanguard Global Ex-U.S. Real Estate		10,349		594
Vanguard MSCI EAFE		44,997		1,639
Vanguard REITs		7,960		561
Vanguard Small Cap Value		12,295		1,121
Wisdomtree Emerging Markets Equity Income Fund		19,552		1,076
Total Exchange-Traded Funds (Cost $12,680)				13,917
Affiliated Registered Investment Companies† [19.7%]
CNI Corporate Bond Fund, Servicing Class		230,664		2,498
CNI Government Bond Fund, Institutional Class		168,666		1,802
CNI High Yield Bond Fund, Institutional Class		117,407		1,043
CNI Limited Maturity Fixed Income Fund, Institutional Class		167,929		1,889
Total Affiliated Registered Investment Companies (Cost $7,134)				7,232
Description		Shares		Value (000)
Short-Term Investments [4.3%]
CNI Prime Money Market Fund, Cl I, 0.030%*†		799,394	$	799
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%*		799,086		799
Total Short-Term Investments (Cost $1,598)				1,598
Total Investments [99.9%] (Cost $34,944)			$	36,730

Percentages are based on Net Assets of $36,761 ($ Thousands).

* The rate reported is the 7-day effective yield as of March 31, 2013.

† Investment in Affiliate.

Cl — Class

EAFE — Europe, Australasia and Far East

MSCI — Morgan Stanley Capital International

REITs — Real Estate Investment Trusts

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipts

As of March 31, 2013, all of the Fund’s investments are Level 1.

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 73

schedule of investments

March 31, 2013 (Unaudited)

Dividend & Income Fund

Description	Shares		Value (000)
Common Stock [96.5%]†
Consumer Discretionary [5.4%]
Mattel		70,000	$	3,066
McDonald's		25,000		2,492
Regal Entertainment Group, Cl A		69,300		1,155
Total Consumer Discretionary				6,713
Consumer Staples [28.1%]
Altria Group		14,250		490
B&G Foods		55,000		1,677
Campbell Soup		15,000		680
Clorox		20,400		1,806
Coca-Cola		18,000		728
ConAgra Foods		27,800		996
Dr Pepper Snapple Group		35,400		1,662
General Mills		51,800		2,554
Hershey		17,000		1,488
HJ Heinz		7,035		508
Imperial Tobacco Group ADR		23,152		1,620
JM Smucker		2,600		258
Kellogg		37,000		2,384
Kimberly-Clark		15,500		1,519
Kraft Foods Group		13,194		680
Lancaster Colony		5,000		385
Lorillard		62,490		2,521
PepsiCo		8,000		633
Philip Morris International		34,600		3,208

Description	Shares		Value (000)
Procter & Gamble		30,169	$	2,325
Reynolds American		10,692		476
Sysco		52,600		1,850
Unilever ADR		22,200		938
Vector Group		101,664		1,639
Wal-Mart Stores		30,000		2,245
Total Consumer Staples				35,270
Energy [10.7%]
Buckeye Partners		4,400		269
Chevron		12,683		1,507
Crestwood Midstream Partners		25,300		603
Dorchester Minerals		9,000		209
Enbridge Energy Partners		15,000		452
Energy Transfer Partners		3,700		187
Enterprise Products Partners		27,092		1,633
EQT Corporation		13,752		932
Exxon Mobil		19,938		1,797
Kinder Morgan Energy Partners		5,700		512
NuStar Energy		11,250		600
Occidental Petroleum		22,000		1,724
ONEOK Partners		2,400		138
Penn West Petroleum		24,806		267
Plains All American Pipeline		31,600		1,785
Spectra Energy		4,753		146
TransCanada(A)		13,928		667
Total Energy				13,428
Financials [3.4%]
Arthur J Gallagher		13,200		545
Cincinnati Financial		39,700		1,874
FirstMerit		28,571		472
NBT Bancorp		25,935		575
Travelers		6,067		511
US Bancorp		10,000		339
Total Financials				4,316
Healthcare [8.2%]
Bristol-Myers Squibb		57,000		2,348
Eli Lilly		36,900		2,095
GlaxoSmithKline ADR		30,000		1,407
Johnson & Johnson		29,500		2,405
Merck		9,150		405
Pfizer		55,300		1,596
Total Healthcare				10,256

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 74

schedule of investments

March 31, 2013 (Unaudited)

Dividend & Income Fund (continued)

Description	Shares		Value (000)
Industrials [2.1%]
3M		5,400	$	574
Eaton(A)		31,000		1,899
Honeywell International		1,872		141
Total Industrials				2,614
Information Technology [3.9%]
IBM		4,500		960
Intel		65,000		1,420
Microsoft		75,500		2,160
Paychex		10,000		351
Total Information Technology				4,891
Materials [3.6%]
Acadian Timber		36,000		531
EI du Pont de Nemours		40,900		2,011
Nucor		15,000		692
Olin		32,000		807
Southern Copper		12,128		456
Total Materials				4,497
REITs [12.3%]
Apartment Investment & Management, Cl A		17,229		528
Camden Property Trust		8,914		612
EPR Properties		18,200		947
Health Care Property Investors		33,546		1,673
Health Care REIT		11,612		789
Healthcare Realty Trust		17,000		483
Liberty Property Trust		17,385		691
Mack-Cali Realty		35,000		1,001
National Health Investors		20,000		1,309
National Retail Properties		36,500		1,320
Plum Creek Timber		24,000		1,253
Senior Housing Properties Trust		13,000		349
Sovran Self Storage		10,036		647
Tanger Factory Outlet Centers		27,984		1,012
Ventas		35,132		2,572
Weyerhaeuser		9,170		288
Total REITs				15,474
Shipping & Transportation [0.6%]
Chorus Aviation(A)		55,000		209
Fly Leasing ADR		37,370		605
Total Shipping & Transportation				814

Description	Shares		Value (000)
Telecommunication Services [6.1%]
AT&T		67,000	$	2,458
Consolidated Communications Holdings		75,900		1,332
Deutsche Telekom ADR		49,300		522
Verizon Communications		46,067		2,264
Windstream		136,128		1,082
Total Telecommunication Services				7,658
Utilities [12.1%]
AmeriGas Partners		28,200		1,267
Atmos Energy		15,000		640
Brookfield Infrastructure Partners		20,000		761
Cleco		4,536		213
Duke Energy		22,526		1,635
Entergy		13,700		867
Ferrellgas Partners		7,300		135
FirstEnergy		20,000		844
Hawaiian Electric Industries		24,010		665
National Fuel Gas		13,286		815
NiSource		20,000		587
Northeast Utilities		31,992		1,391
Northwest Natural Gas		8,396		368
OGE Energy		16,800		1,176
Pinnacle West Capital		4,185		242
Portland General Electric		12,000		364
PPL		20,000		626
Suburban Propane Partners		11,200		499
UIL Holdings		11,000		436
United Utilities Group ADR		19,318		417
Wisconsin Energy		27,500		1,179
Total Utilities				15,127
Total Common Stock (Cost $87,274)				121,058
Preferred Stock [1.5%]
REITs [1.1%]
CommonWealth		10,000		257
First Potomac Realty Trust		10,000		260
National Retail Properties		10,000		265
Public Storage		20,000		537
Total REITs				1,319

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 75

schedule of investments

March 31, 2013 (Unaudited)

Dividend & Income Fund (concluded)

Description	Shares/Face Amount (000)			Value (000)
Telecommunication Services [0.4%]
Qwest			20,000	$	534
Total Preferred Stock (Cost $1,781)					1,853
Asset-Backed Security [0.6%]
BT SPE (Acquired 07/06/11, Acquisition Cost $805,991
9.250%, 06/06/16(B) (C) (D)		$	806		780
Total Asset-Backed Security (Cost $806)					780
Short-Term Investment [1.0%]
First American Government Obligations Fund, Cl Z, 0.020%**			1,253,908		1,254
Total Short-Term Investment (Cost $1,254)					1,254
Total Investments [99.6%] (Cost $91,115)				$	124,945

Percentages are based on Net Assets of $125,408 ($ Thousands).

** The rate reported is the 7-day effective yield as of March 31, 2013.

† Note the Fund uses more specific categories in following its investment limitations on investment concentrations. Broad industry sectors are used for financial reporting purposes.

(A) Foreign Security.

(B) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security at March 31, 2013 was $780 ($ Thousands) and represented 0.6% of Net Assets of the Fund.

(C) Security is considered illiquid.

(D) Security is considered restricted. The total market value of such security as of March 31, 2013 was $780 ($Thousands) and represented 0.6% of Net Assets of the Fund.

ADR — American Depositary Receipt

Cl — Class

REITs — Real Estate Investment Trusts

SPE — Special Purpose Entity

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	121,058	$	—	$	—	$	121,058
Preferred Stock		1,853		—		—		1,853
Asset-Backed Security		—		—		780		780
Short-Term Investment		1,254		—		—		1,254
Total Investments in Securities	$	124,165	$	—	$	780	$	124,945

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands) as of March 31, 2013:

	Investments in Asset-Backed Security
Beginning Balance as of January 1, 2013	$	871
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		3
Net purchases		—
Net sales		(94	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending Balance as of March 31, 2013	$	780

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2013. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2013		Valuation Techniques
BT SPE	$	780,481	Discounted Cash Flow Model
			Observable Inputs
			Cumulated Collections
			Cumulated Defaults
			Annualized Default Rate
			Cumulated Default Rate
			Pace of Collection Pace of Defaults
			Interest Rates
			Unobservable Inputs	Range
			Projected Default Rates		5%-12	%
			Projected Collection Rates		90%-100	%
			Expected Discount Rates		7%-9.25	%

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2013, there have been no transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 76

schedule of investments

March 31, 2013 (Unaudited)

U.S. Core Equity Fund

Description	Shares		Value (000)
Common Stock [98.5%]
Aerospace & Defense [2.8%]
Textron		45,000	$	1,342
United Technologies		17,900		1,672
Total Aerospace & Defense				3,014
Auto Components [1.1%]
Magna International		20,900		1,227
Biotechnology [6.2%]
Amgen		16,600		1,702
Celgene*		24,500		2,840
Gilead Sciences*		45,600		2,231
Total Biotechnology				6,773
Capital Markets [1.1%]
Affiliated Managers Group*		7,500		1,152
Chemicals [1.6%]
Mosaic		28,800		1,717
Commercial Banks [4.3%]
M&T Bank		12,300		1,269
US Bancorp		45,500		1,544
Wells Fargo		51,400		1,901
Total Commercial Banks				4,714
Communications Equipment [2.8%]
Qualcomm		45,800		3,066

Description	Shares		Value (000)
Computers & Peripherals [5.6%]
Apple		9,900	$	4,382
EMC*		69,200		1,653
Total Computers & Peripherals				6,035
Construction & Engineering [2.9%]
Chicago Bridge & Iron		24,000		1,490
Quanta Services*		57,300		1,638
Total Construction & Engineering				3,128
Consumer Finance [1.9%]
American Express		30,900		2,084
Diversified Financial Services [3.9%]
Citigroup		45,200		2,000
JPMorgan Chase		47,600		2,259
Total Diversified Financial Services				4,259
Diversified Telecommunication Services [2.9%]
AT&T		42,200		1,548
Verizon Communications		33,500		1,647
Total Diversified Telecommunication Services				3,195
Electric Utilities [1.5%]
American Electric Power		33,900		1,649
Energy Equipment & Services [5.9%]
Cameron International*		26,400		1,721
National Oilwell Varco		33,500		2,370
Schlumberger		30,800		2,307
Total Energy Equipment & Services				6,398
Food & Staples Retailing [5.0%]
Casey's General Stores		23,800		1,388
Costco Wholesale		17,600		1,867
CVS		40,600		2,233
Total Food & Staples Retailing				5,488
Food Products [2.4%]
ConAgra Foods		32,700		1,171
Dean Foods*		78,400		1,421
Total Food Products				2,592

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 77

schedule of investments

March 31, 2013 (Unaudited)

U.S. Core Equity Fund (continued)

Description	Shares		Value (000)
Health Care Equipment & Supplies [3.0%]
Baxter International		22,000	$	1,598
Covidien		24,700		1,676
Total Health Care Equipment & Supplies				3,274
Health Care Providers & Services [1.5%]
UnitedHealth Group		27,600		1,579
Hotels, Restaurants & Leisure [2.4%]
Starbucks		24,700		1,407
Yum! Brands		16,600		1,194
Total Hotels, Restaurants & Leisure				2,601
Industrial Conglomerates [2.1%]
Danaher		36,300		2,256
Insurance [4.8%]
ACE		14,800		1,317
Prudential Financial		37,500		2,212
Travelers		19,500		1,642
Total Insurance				5,171
Internet Software & Services [2.9%]
eBay*		20,200		1,095
Google, Cl A*		2,600		2,065
Total Internet Software & Services				3,160
IT Services [5.0%]
Accenture, Cl A		14,000		1,064
IBM		4,900		1,045
Mastercard, Cl A		3,000		1,623
Visa, Cl A		9,900		1,682
Total IT Services				5,414
Life Sciences Tools & Services [1.6%]
Thermo Fisher Scientific		22,800		1,744
Machinery [2.8%]
Cummins		11,700		1,355
Wabtec		16,800		1,715
Total Machinery				3,070

Description	Shares		Value (000)
Media [3.6%]
Comcast, Cl A		47,300	$	1,987
DIRECTV*		33,100		1,874
Total Media				3,861
Multiline Retail [1.5%]
Target		23,100		1,581
Oil, Gas & Consumable Fuels [4.7%]
Exxon Mobil		39,100		3,523
Occidental Petroleum		19,600		1,536
Total Oil, Gas & Consumable Fuels				5,059
Pharmaceuticals [2.5%]
Allergan		12,600		1,406
Mylan*		45,300		1,311
Total Pharmaceuticals				2,717
Real Estate Management & Development [0.9%]
Jones Lang LaSalle		10,300		1,024
Road & Rail [1.3%]
Union Pacific		9,900		1,410
Semiconductors & Semiconductor Equipment [1.2%]
Intel		58,800		1,285
Software [0.9%]
Oracle		31,000		1,002
Specialty Retail [2.4%]
Bed Bath & Beyond*		24,700		1,591
Home Depot		15,400		1,075
Total Specialty Retail				2,666
Water Utilities [1.5%]
American Water Works		38,400		1,591
Total Common Stock (Cost $98,839)				106,956

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 78

schedule of investments

March 31, 2013 (Unaudited)

U.S. Core Equity Fund (concluded)

Description	Shares		Value (000)
Short-Term Investments [0.5%]
CNI Prime Money Market Fund, Cl I, 0.030%**†		258,231	$	258
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.010%**		258,231		258
Total Short-Term Investments (Cost $516)				516
Total Investments [99.0%] (Cost $99,355)			$	107,472

Percentages are based on Net Assets of $108,559 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2013.

† Investment in Affiliate.

Cl — Class

As of March 31, 2013, all of the Fund’s investments are Level 1.

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 79

schedule of investments

March 31, 2013 (Unaudited)

Diversified Equity Fund

Description	Shares		Value (000)
Common Stock [97.9%]
Aerospace & Defense [0.9%]
Boeing		582	$	50
General Dynamics		284		20
Honeywell International		670		51
L-3 Communications Holdings, Cl 3		77		6
Lockheed Martin		229		22
Northrop Grumman		203		14
Precision Castparts		945		179
Raytheon		278		16
Rockwell Collins		117		8
United Technologies		721		67
Total Aerospace & Defense				433
Airlines [0.0%]
Southwest Airlines		622		8
Apparel/Textiles [1.0%]
Coach		240		12
Fossil*		46		4
Michael Kors Holdings*		3,830		217
Nike, Cl B		620		37
PVH		67		7
Ralph Lauren, Cl A		962		163
VF		75		13
Total Apparel/Textiles				453
Auto Components [0.1%]
BorgWarner		99		8
Delphi Automotive		251		11

Description	Shares		Value (000)
Goodyear Tire & Rubber*		210	$	3
Total Auto Components				22
Automotive [4.0%]
AutoZone*		311		124
Ford Motor		38,851		511
Harley-Davidson		193		10
Johnson Controls		16,885		592
Paccar		13,302		673
Total Automotive				1,910
Banks [3.8%]
Bank of America		45,546		555
Bank of New York Mellon		994		28
CIT Group*		12,500		544
Citigroup		6,677		295
Comerica		160		6
Fifth Third Bancorp		748		12
First Horizon National		208		2
Huntington Bancshares*		719		5
KeyCorp*		789		8
Leucadia National		251		7
M&T Bank		104		11
Moody's		166		9
PNC Financial Services Group		452		30
State Street		390		23
SunTrust Banks*		461		13
US Bancorp		1,592		54
Wells Fargo*		4,189		155
Zions Bancorporation		157		4
Total Banks				1,761
Beauty Products [0.9%]
Estee Lauder, Cl A		3,595		230
Procter & Gamble		2,334		180
Total Beauty Products				410
Biomedical Research & Products [0.1%]
Celgene*		358		42
Biotechnology [1.3%]
Alexion Pharmaceuticals*		167		15
Amgen		640		66
Biogen Idec*		1,352		261

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 80

schedule of investments

March 31, 2013 (Unaudited)

Diversified Equity Fund (continued)

Description	Shares		Value (000)
Gilead Sciences*		5,741	$	281
Total Biotechnology				623
Broadcasting & Cable [3.5%]
Aruba Networks		7,390		183
Cisco Systems		38,756		810
F5 Networks*		927		83
Harris		96		4
JDS Uniphase		201		3
Motorola Solutions		236		15
Palo Alto Networks*		1,690		96
Qualcomm		6,558		439
Total Broadcasting & Cable				1,633
Building & Construction [1.2%]
DR Horton		239		6
Masco		305		6
Owens Corning*		13,700		540
Total Building & Construction				552
Business Services [2.0%]
Accenture, Cl A		551		42
Automatic Data Processing		414		27
Cognizant Technology Solutions, Cl A*		258		20
Computer Sciences		131		6
eBay*		6,547		355
Fidelity National Information Services		251		10
Fiserv*		114		10
Mastercard, Cl A		90		49
Omnicom Group		223		13
Paychex		277		10
SAIC		242		3
Total System Services		137		3
Visa, Cl A		2,411		410
Xerox		1,046		9
Total Business Services				967
Chemicals [2.9%]
Air Products & Chemicals		177		16
Airgas		58		6
CF Industries Holdings		54		10
Dow Chemical		1,029		33
Eastman Chemical		132		9
Ecolab		227		18
EI du Pont de Nemours		798		39

Description	Shares		Value (000)
FMC		118	$	7
International Flavors & Fragrances		70		5
LyondellBasell Industries, Cl A		5,424		343
Methanex		1,980		81
Monsanto		3,018		319
Mosaic		236		14
Potash Corp of Saskatchewan		9,900		389
PPG Industries		122		16
Praxair		253		28
Sigma-Aldrich		103		8
Total Chemicals				1,341
Commercial Banks [1.4%]
BB&T		20,498		643
Regions Financial		1,208		10
Total Commercial Banks				653
Communication & Media [2.3%]
Cablevision Systems, Cl A		183		3
CBS, Cl B		500		23
Comcast, Cl A		8,355		351
DIRECTV*		490		28
Discovery Communications, Cl A		210		16
Interpublic Group		354		5
McGraw-Hill		240		12
News, Cl A		1,709		52
Scripps Networks Interactive, Cl A		74		5
Time Warner		8,865		511
Time Warner Cable, Cl A		253		24
Viacom, Cl B		389		24
Washington Post, Cl B		4		2
Total Communication & Media				1,056
Computer & Electronics Retail [0.0%]
GameStop, Cl A		104		3
Computer Software [1.6%]
Adobe Systems		426		18
CA		284		7
Microsoft		21,013		601
Oracle		3,155		102
Symantec*		589		15
Total Computer Software				743

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 81

schedule of investments

March 31, 2013 (Unaudited)

Diversified Equity Fund (continued)

Description	Shares		Value (000)
Computer System Design & Services [4.0%]
Apple		2,811	$	1,244
Dell		1,248		18
Fusion-io*		7,340		120
Hewlett-Packard*		1,669		40
IBM		895		191
NetApp*		308		11
SanDisk		207		12
Seagate Technology		273		10
Stratasys*		2,830		210
Teradata		142		8
Western Digital		185		9
Total Computer System Design & Services				1,873
Computers & Peripherals [0.4%]
EMC*		7,428		178
Construction & Engineering [0.0%]
Jacobs Engineering Group*		111		6
Quanta Services*		182		5
Total Construction & Engineering				11
Construction Materials [0.0%]
Vulcan Materials		111		6
Consumer Products & Services [0.9%]
Clorox		112		10
Colgate-Palmolive		3,366		397
Hasbro		98		4
Kimberly-Clark		331		32
Mattel		294		13
Total Consumer Products & Services				456
Containers & Packaging [0.1%]
Ball		128		6
Bemis		88		3
Owens-Illinois*		140		4
Total Containers & Packaging				13
Distributors [0.0%]
Genuine Parts		132		10
Diversified Consumer Services [0.0%]
H&R Block		232		7

Description	Shares		Value (000)
Diversified Manufacturing [0.7%]
3M		542	$	57
Danaher		495		31
General Electric		8,885		205
Parker Hannifin		127		12
Textron		232		7
Total Diversified Manufacturing				312
Diversified Metals & Mining [0.1%]
Alcoa		914		8
Allegheny Technologies		92		3
Cliffs Natural Resources		129		2
Freeport-McMoRan Copper & Gold, Cl B		811		27
Newmont Mining		424		18
United States Steel		123		2
Total Diversified Metals & Mining				60
Drugs [3.5%]
Abbott Laboratories		8,462		299
AbbVie		12,551		512
Actavis*		109		10
Allergan		1,683		188
AmerisourceBergen, Cl A		197		10
Bristol-Myers Squibb		1,399		58
Eli Lilly		853		48
Forest Laboratories*		200		7
Johnson & Johnson		2,389		195
Merck		2,583		114
Mylan*		338		10
Perrigo		75		9
Pfizer		6,143		177
Total Drugs				1,637
Electrical Equipment [0.1%]
Emerson Electric		617		34
Electrical Services [2.2%]
Ameren		207		7
American Electric Power		415		20
AMETEK		5,185		225
CenterPoint Energy		365		9
CMS Energy		226		6
Consolidated Edison		250		15
DTE Energy		147		10
Duke Energy		602		44
Eaton		403		25
Exelon		731		25

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 82

schedule of investments

March 31, 2013 (Unaudited)

Diversified Equity Fund (continued)

Description	Shares		Value (000)
First Solar*		51	$	1
FirstEnergy		357		15
Integrys Energy Group		67		4
NextEra Energy		362		28
NiSource		266		8
Northeast Utilities		10,269		446
Pepco Holdings		197		4
Pinnacle West Capital		94		6
PPL		498		16
Public Service Enterprise Group		432		15
Rockwell Automation		119		10
Roper Industries		84		11
SCANA		113		6
Southern		743		35
TECO Energy		175		3
Wisconsin Energy		196		8
Xcel Energy		417		12
Total Electrical Services				1,014
Electronic Equipment & Instruments [1.4%]
Amphenol, Cl A		136		10
Arrow Electronics*		15,500		630
FLIR Systems		124		3
Jabil Circuit		157		3
Molex		118		3
TE Connectivity		359		15
Total Electronic Equipment & Instruments				664
Energy [0.2%]
Dominion Resources		492		29
Edison International		278		14
Entergy		152		9
PG&E		375		17
Sempra Energy		193		15
Total Energy				84
Engineering Services [0.0%]
Fluor		139		9
Entertainment [1.6%]
Carnival		380		13
Chipotle Mexican Grill, Cl A*		27		9
Darden Restaurants		111		6
International Game Technology		226		4
Las Vegas Sands		3,160		178
Marriott International, Cl A		208		9
Starbucks		5,030		286
Starwood Hotels & Resorts Worldwide		3,466		221

Description	Shares		Value (000)
Wyndham Worldwide		117	$	8
Wynn Resorts		68		8
Total Entertainment				742
Financial Services [2.0%]
American Express		5,721		386
Capital One Financial		8,198		450
Charles Schwab		939		17
CME Group, Cl A		262		16
Discover Financial Services		423		19
Hudson City Bancorp		406		4
IntercontinentalExchange		62		10
Nasdaq Stock Market		101		3
NYSE Euronext		208		8
People's United Financial		289		4
SLM		387		8
Western Union		486		7
Total Financial Services				932
Food, Beverage & Tobacco [2.2%]
Beam		137		9
Brown-Forman, Cl B		130		9
Coca-Cola		3,275		133
Coca-Cola Enterprises		224		8
ConAgra Foods		354		13
Constellation Brands, Cl A*		130		6
Dr Pepper Snapple Group		174		8
General Mills		552		27
Kellogg Company		213		14
Molson Coors Brewing, Cl B		133		7
Monster Beverage*		123		6
PepsiCo		9,927		785
Safeway		205		5
Total Food, Beverage & Tobacco				1,030
Gas/Natural Gas [0.0%]
AGL Resources		101		4
ONEOK		175		9
Total Gas/Natural Gas				13
Health Care Technology [0.3%]
Cerner*		1,335		126
Healthcare Products & Services [1.7%]
Agilent Technologies		296		12
Cardinal Health		291		12
Humana		135		9

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 83

schedule of investments

March 31, 2013 (Unaudited)

Diversified Equity Fund (continued)

Description	Shares		Value (000)
Life Technologies		147	$	10
McKesson		5,961		644
Medtronic		864		41
PerkinElmer		97		3
Thermo Fisher Scientific		306		23
UnitedHealth Group		876		50
Waters*		73		7
Total Healthcare Products & Services				811
Household Furniture & Fixtures [0.7%]
Garmin		94		3
Harman International Industries		58		3
Lennar, Cl A		7,111		295
Newell Rubbermaid		245		6
PulteGroup*		291		6
Stanley Black & Decker		137		11
Whirlpool		67		8
Total Household Furniture & Fixtures				332
Independent Power Producers & Energy Trader [0.0%]
AES		529		7
NRG Energy		276		7
Total Independent Power Producers & Energy Trader				14
Industrial [0.0%]
Dun & Bradstreet		35		3
Equifax		103		6
Robert Half International		119		4
Total Industrial				13
Insurance [8.7%]
ACE		290		26
Aetna		280		14
Aflac		400		21
Allstate		408		20
American International Group*		18,261		709
Aon		266		16
Assurant		67		3
Berkshire Hathaway, Cl B		7,881		821
Catamaran*		2,850		151
Chubb		223		20
Cigna		244		15
Cincinnati Financial		126		6
Coventry Health Care		115		6
DaVita*		72		9
Express Scripts Holding		699		40
Genworth Financial, Cl A*		44,921		449

Description	Shares		Value (000)
Hartford Financial Services Group		373	$	10
HCA Holdings		4,750		193
HCC Insurance Holdings		13,500		567
Lincoln National		232		8
Loews		4,865		214
Marsh & McLennan		469		18
MetLife		17,634		670
Principal Financial Group		236		8
Progressive		475		12
Prudential Financial		397		23
Tenet Healthcare*		89		4
Torchmark		80		5
Travelers		323		27
Unum Group		231		7
XL Group, Cl A		252		8
Total Insurance				4,100
Internet & Catalog Retail [0.1%]
Expedia		80		5
Netflix		48		9
priceline.com*		43		30
TripAdvisor*		94		5
Total Internet & Catalog Retail				49
Investment Banker/Broker Dealer [1.1%]
Affiliated Managers Group*		1,230		189
Ameriprise Financial		174		13
BlackRock, Cl A		107		27
E*Trade Financial*		244		3
Franklin Resources		118		18
Goldman Sachs Group		374		55
Invesco		377		11
JPMorgan Chase		3,270		155
Legg Mason		98		3
Morgan Stanley		1,173		26
Northern Trust*		186		10
T Rowe Price Group		221		16
Total Investment Banker/Broker Dealer				526
Machinery [2.6%]
AGCO		3,900		203
Caterpillar		3,530		307
Cummins		2,461		285
Deere		333		29
Dover		149		11
Flowserve		41		7
Illinois Tool Works		355		22
Ingersoll-Rand		235		13

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 84

schedule of investments

March 31, 2013 (Unaudited)

Diversified Equity Fund (continued)

Description	Shares		Value (000)
Joy Global		91	$	5
Pall		95		7
Pentair		1,826		96
Snap-on		50		4
Titan International		10,100		213
Xylem		159		4
Total Machinery				1,206
Manufacturing [0.9%]
Tyco International		12,548		402
Medical Products & Services [6.1%]
Bard (C.R.)		65		6
Baxter International		6,166		448
Becton Dickinson		166		16
Boston Scientific*		1,160		9
CareFusion*		12,932		452
Covidien		9,953		675
DENTSPLY International		122		5
Edwards Lifesciences*		97		8
Hospira*		141		5
Intuitive Surgical*		204		100
Laboratory Corp of America Holdings*		6,980		630
Patterson		11,071		421
Quest Diagnostics		135		8
St. Jude Medical		242		10
Stryker		247		16
Varian Medical Systems		93		7
WellPoint		260		17
Zimmer Holdings		145		11
Total Medical Products & Services				2,844
Miscellaneous Manufacturing [0.0%]
Leggett & Platt		122		4
Multi-Media [0.7%]
Walt Disney		5,323		302
Office Equipment & Supplies [0.0%]
Avery Dennison		86		4
Office Furniture & Fixtures [1.4%]
Autodesk		192		8
BMC Software		112		5
Citrix Systems*		159		11
Electronic Arts*		256		5
Intuit		238		16
Red Hat		165		8

Description	Shares		Value (000)
Salesforce.com*		1,975	$	353
ServiceNow*		1,610		58
Splunk*		2,320		93
Workday, Cl A*		1,540		95
Total Office Furniture & Fixtures				652
Paper & Related Products [1.3%]
International Paper		377		18
MeadWestvaco		150		5
Sealed Air		23,966		578
Total Paper & Related Products				601
Personal Products [0.0%]
Avon Products		369		8
Petroleum & Fuel Products [10.1%]
Anadarko Petroleum		2,468		216
Apache		335		26
Baker Hughes		378		17
Cabot Oil & Gas		180		12
Cameron International		212		14
Chesapeake Energy		445		9
Chevron		1,660		197
Cobalt International Energy*		2,660		75
Concho Resources*		2,070		202
ConocoPhillips		4,343		261
Consol Energy		195		7
Denbury Resources*		17,119		319
Devon Energy		323		18
Diamond Offshore Drilling		59		4
Ensco, Cl A		199		12
EOG Resources		232		30
EQT		129		9
Exxon Mobil		3,828		345
FMC Technologies*		203		11
Halliburton		796		32
Helmerich & Payne		91		5
Hess		254		18
Kinder Morgan		540		21
Marathon Oil		605		20
Marathon Petroleum		283		25
Murphy Oil		155		10
Nabors Industries		249		4
National Oilwell Varco		365		26
Newfield Exploration*		116		3
Noble		6,116		233
Noble Energy		153		18
Occidental Petroleum		688		54
Peabody Energy		230		5
Phillips 66		5,181		362

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 85

schedule of investments

March 31, 2013 (Unaudited)

Diversified Equity Fund (continued)

Description	Shares		Value (000)
Pioneer Natural Resources		113	$	14
QEP Resources		153		5
Range Resources		139		11
Rowan, Cl A		106		4
Schlumberger		4,555		341
Southwestern Energy*		18,600		693
Spectra Energy		571		18
Tesoro		117		7
Transocean*		5,900		307
Valero Energy		7,172		326
Whiting Petroleum*		7,000		356
Williams		582		22
WPX Energy		171		3
Total Petroleum & Fuel Products				4,727
Printing & Publishing [0.5%]
ADT		4,473		219
Cintas		90		4
Gannett		196		4
Iron Mountain		143		5
Pitney Bowes		172		3
Republic Services, Cl A		254		8
Stericycle*		74		8
Total Printing & Publishing				251
Railroads [0.0%]
CSX		872		22

Real Estate Investment Trust [1.2%]
American Tower, Cl A	2,198		169
Apartment Investment & Management, Cl A	125		4
AvalonBay Communities	97		12
Boston Properties	130		13
Equity Residential	274		15
HCP	387		19
Health Care	223		15
Host Hotels & Resorts	621		11
Kimco Realty	349		8
Plum Creek Timber	139		7
ProLogis	395		16
Public Storage	123		19
Simon Property Group	1,248		198
Ventas	249		18
Vornado Realty Trust	145		12
Weyerhaeuser	466		15
Total Real Estate Investment Trust			551
Description	Shares		Value (000)
Real Estate Management & Development [1.8%]
Brookfield Asset Management, Cl A	18,500	$	675
CBRE Group, Cl A*	7,440		188
Total Real Estate Management & Development			863
Retail [3.2%]
Abercrombie & Fitch, Cl A	68		3
AutoNation*	33		2
Bed Bath & Beyond	193		12
Best Buy	227		5
CarMax*	195		8
Costco Wholesale	372		39
CVS	1,052		58
Dollar General*	262		13
Dollar Tree*	194		9
Family Dollar Stores	82		5
Gap	254		9
GNC Holdings, Cl A	4,770		187
Home Depot	5,598		391
JC Penney	10,522		159
Kohl's	181		8
Kroger	443		15
L Brands	205		9
Lowe's	948		36
Macy's	338		14
McDonald's	857		85
Nordstrom	128		7
O'Reilly Automotive	95		10
PetSmart	92		6
Ross Stores	190		12
Sherwin-Williams	73		12
Staples	576		8
SYSCO	501		18
Target	556		38
Tiffany	102		7
TJX	623		29
Urban Outfitters*	94		4
Walgreen	735		35
Wal-Mart Stores	1,429		107
Whole Foods Market	1,317		114
Yum! Brands	385		28
Total Retail			1,502
Schools [0.0%]
Apollo Group, Cl A	86		2

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 86

schedule of investments

March 31, 2013 (Unaudited)

Diversified Equity Fund (continued)

Description	Shares		Value (000)
Semi-Conductors [1.9%]
Advanced Micro Devices		519	$	1
Altera		273		10
Analog Devices		261		12
Applied Materials		1,025		14
ASML Holding, Cl G		2,355		160
Broadcom, Cl A		447		16
Cavium*		2,340		91
Intel		4,226		92
KLA-Tencor		142		7
Lam Research*		139		6
Linear Technology		199		8
LSI*		470		3
Microchip Technology		167		6
Micron Technology*		873		9
NVIDIA		534		7
NXP Semiconductor*		7,140		216
Stmicroelectronics, Cl Y		23,020		177
Teradyne*		163		3
Texas Instruments		944		33
Xilinx		223		9
Total Semi-Conductors				880
Steel & Steel Works [0.0%]
Nucor		271		12
Telephones & Telecommunications [3.0%]
AT&T		10,692		392
CenturyLink		535		19
Corning		35,558		474
Crown Castle International*		251		18
Frontier Communications		853		3
MetroPCS Communications*		273		3
Sprint Nextel*		2,573		16
Verizon Communications		2,442		120
Vodafone Group ADR		12,100		344
Windstream		505		4
Total Telephones & Telecommunications				1,393
Trading Companies & Distributors [0.1%]
Fastenal		231		12
WW Grainger		51		11
Total Trading Companies & Distributors				23

Description	Shares		Value (000)
Transportation Services [0.4%]
CH Robinson Worldwide		138	$	8
Expeditors International of Washington		176		6
FedEx		250		25
Norfolk Southern		269		21
Union Pacific		401		57
United Parcel Service, Cl B		611		52
Total Transportation Services				169
Trucking [0.0%]
Ryder System		44		3
Waste Management Services [0.0%]
Waste Management		374		15
Web Portals/ISP [3.3%]
Akamai Technologies*		152		5
Amazon.com*		1,551		413
Facebook, Cl A*		10,300		263
Google, Cl A*		795		631
Juniper Networks*		10,391		193
VeriSign		130		6
Yahoo!*		828		20
Total Web Portals/ISP				1,531
Wholesale [0.4%]
Archer-Daniels-Midland		563		19
Campbell Soup		153		7
Dean Foods*		159		3
Hershey		128		11
HJ Heinz		274		20
Hormel Foods		115		5
JM Smucker		92		9
Kraft Foods Group		506		26
McCormick		113		8
Mead Johnson Nutrition, Cl A		173		13
Mondelez International, Cl A		1,520		47
Tyson Foods, Cl A		242		6
Total Wholesale				174
Total Common Stock (Cost $38,471)				45,807

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 87

schedule of investments

March 31, 2013 (Unaudited)

Diversified Equity Fund (concluded)

Description	Shares		Value (000)
Short-Term Investments [2.3%]
CNI Government Money Market Fund, Cl I, 0.010%**†		548,966	$	549
SEI Daily Income Trust Government Fund, Cl A, 0.020%**		548,966		549
Total Short-Term Investments (Cost $1,098)				1,098
Total Investments [100.2%] (Cost $39,569)			$	46,905

Percentages are based on Net Assets of $46,789 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2013.

† Investment in Affiliate.

ADR — American Depositary Receipt

Cl — Class

As of March 31, 2013, all of the Fund’s investments are Level 1.

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 88

schedule of investments

March 31, 2013 (Unaudited)

Socially Responsible Equity Fund

Description	Shares		Value (000)
Common Stock [95.8%]
Automotive [5.5%]
Ford Motor		174,200	$	2,291
Johnson Controls		58,700		2,058
Paccar		49,000		2,477
Total Automotive				6,826
Banks [4.3%]
Bank of America		193,000		2,351
CIT Group*		69,100		3,004
Total Banks				5,355
Broadcasting & Cable [2.4%]
Cisco Systems		140,800		2,944
Building & Construction [2.4%]
Owens Corning*		76,200		3,005
Chemicals [1.9%]
EI du Pont de Nemours		47,700		2,345
Commercial Banks [2.7%]
BB&T		105,000		3,296
Communication & Media [1.0%]
Time Warner		22,700		1,308
Computer Software [1.9%]
Microsoft		82,700		2,366

Description	Shares		Value (000)
Distributors [1.1%]
Genuine Parts		17,200	$	1,341
Drugs [2.0%]
AbbVie		60,300		2,459
Electrical Equipment [1.4%]
Emerson Electric		31,200		1,743
Electrical Services [4.4%]
Eaton		50,000		3,063
Northeast Utilities		55,200		2,399
Total Electrical Services				5,462
Electronic Equipment & Instruments [2.9%]
Arrow Electronics*		87,800		3,566
Financial Services [2.8%]
American Express		25,500		1,720
CME Group, Cl A		27,200		1,670
Total Financial Services				3,390
Food, Beverage & Tobacco [2.9%]
PepsiCo		45,900		3,631
Healthcare Products & Services [3.3%]
Cardinal Health		38,200		1,590
McKesson		23,200		2,505
Total Healthcare Products & Services				4,095
Household Furniture & Fixtures [1.0%]
Whirlpool		10,000		1,185
Insurance [10.5%]
American International Group*		92,000		3,571
Berkshire Hathaway, Cl B		23,000		2,397
Chubb		27,000		2,363
Genworth Financial, Cl A*		237,600		2,376
HCC Insurance Holdings		55,500		2,333
Total Insurance				13,040
Machinery [0.9%]
Titan International		54,800		1,155

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 89

schedule of investments

March 31, 2013 (Unaudited)

Socially Responsible Equity Fund (concluded)

Description	Shares		Value (000)
Manufacturing [1.0%]
Tyco International		37,475	$	1,199
Medical Products & Services [10.1%]
Baxter International		33,000		2,397
CareFusion*		71,500		2,502
Covidien		35,200		2,388
Laboratory Corp of America Holdings*		31,600		2,850
Patterson		61,700		2,347
Total Medical Products & Services				12,484
Paper & Related Products [3.4%]
Packaging Corp of America		27,400		1,229
Sealed Air		125,000		3,014
Total Paper & Related Products				4,243
Petroleum & Fuel Products [11.0%]
ConocoPhillips		53,000		3,185
Denbury Resources*		124,000		2,313
Phillips 66		21,000		1,469
Southwestern Energy*		94,300		3,514
Spectra Energy		58,600		1,802
Whiting Petroleum*		25,000		1,271
Total Petroleum & Fuel Products				13,554
Property & Casualty Insurance [1.9%]
Fidelity National Financial, Cl A		94,000		2,372
Real Estate Investment Trust [1.5%]
Redwood Trust		81,000		1,878
Real Estate Management & Development [2.8%]
Brookfield Asset Management, Cl A		96,000		3,503
Retail [1.6%]
Home Depot		28,000		1,954
Semi-Conductors [2.8%]
Analog Devices		49,500		2,301
Intel		54,200		1,185
Total Semi-Conductors				3,486

Description	Shares		Value (000)
Telephones & Telecommunications [3.4%]
Corning		177,400	$	2,365
Vodafone Group ADR		66,800		1,898
Total Telephones & Telecommunications				4,263
Transportation Services [1.0%]
United Parcel Service, Cl B		14,300		1,228
Total Common Stock (Cost $96,738)				118,676
Short-Term Investment [4.3%]
AIM STIT-Government TaxAdvantage Portfolio, 0.040%**		5,285,061		5,285
Total Short-Term Investment (Cost $5,285)				5,285
Total Investments [100.1%] (Cost $102,023)			$	123,961

Percentages are based on Net Assets of $123,876 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2013.

ADR — American Depositary Receipt

Cl — Class

As of March 31, 2013, all of the Fund’s investments are Level 1.

For the period ended March 31, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 90

schedule of investments

March 31, 2013 (Unaudited)

Emerging Markets Fund

Description	Shares		Value (000)
Common Stock [87.8%]
China [11.7%]
Baidu ADR*		5,500	$	482
Bank of China		2,407,000		1,116
China Construction Bank		523,000		427
China Medical System Holdings		2,263,300		2,298
Dongfang Electric		732,800		1,214
Dongyue Group		2,043,000		1,184
Harbin Electric		820,000		667
New Oriental Education & Technology Group ADR		36,235		652
PICC Property & Casualty		2,376,000		3,052
Prince Frog International Holdings		1,637,000		844
Sunac China Holdings		4,441,000		3,129
Tingyi Cayman Islands Holding		1,044,000		2,724
Zhejiang Expressway		2,040,000		1,611
ZTE		1,422,900		2,456
Total China				21,856
Hong Kong [31.1%]
AAC Technologies Holdings		965,000		4,637
Bosideng International Holdings		10,642,000		3,304
China Foods		2,256,000		1,293
China Unicom (Hong Kong)		884,000		1,184
Chow Sang Sang Holdings International		764,000		2,254
CIMC Enric Holdings		378,000		407
Future Bright Holdings		2,778,000		863
Galaxy Entertainment Group*		1,658,000		6,920
Great Wall Motor		2,044,500		6,927
Magic Holdings International		7,739,000		3,170
Man Wah Holdings		1,570,400		1,501

Description	Shares		Value (000)
NagaCorp		9,182,600	$	7,748
Ping An Insurance Group of China		606,500		4,704
Skyworth Digital Holdings		3,549,589		2,382
Tencent Holdings		175,800		5,589
Xtep International Holdings		10,704,000		4,151
Yuzhou Properties		5,336,000		1,299
Total Hong Kong				58,333
India [17.5%]
Axis Bank		77,033		1,843
Coal India		505,218		2,873
Cognizant Technology Solutions, Cl A ADR*		24,100		1,846
Crisil		66,304		1,079
Dr. Reddy's Laboratories ADR		54,500		1,763
HDFC Bank		47,090		542
HDFC Bank ADR		33,100		1,239
ICICI Bank		91,023		1,750
ICICI Bank ADR		74,100		3,179
Infosys		6,800		362
Infosys ADR		5,000		270
ITC		450,030		2,562
KPIT Cummins Infosystems		383,280		682
NHPC		1,700,000		621
Persistent Systems		100,929		1,010
Satyam Computer Services*		334,993		791
Shree Cement		4,100		305
Sobha Developers		460,782		2,951
Sun Pharmaceutical Industries		73,285		1,105
Tata Global Beverages		1,030,161		2,423
Tata Motors ADR		102,600		2,505
Tech Mahindra		20,931		408
Yes Bank		93,105		735
Total India				32,844
Indonesia [8.3%]
PT ACE Hardware Indonesia Tbk		13,130,000		1,121
PT Bank Mandiri Tbk		2,215,500		2,280
PT BW Plantation Tbk		5,547,500		759
PT Ciputra Development Tbk		26,166,000		2,908
PT Global Mediacom Tbk		6,515,000		1,559
PT Lippo Karawaci Tbk		5,054,000		713
PT Media Nusantara Citra Tbk		10,805,500		3,141
PT Nippon Indosari Corpindo Tbk		411,000		305
PT Ramayana Lestari Sentosa Tbk		7,258,500		1,038
PT Surya Citra Media Tbk		1,397,000		399

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 91

schedule of investments

March 31, 2013 (Unaudited)

Emerging Markets Fund (concluded)

Description	Shares		Value (000)
PT United Tractors Tbk		655,000	$	1,227
Total Indonesia				15,450
Malaysia [5.6%]
Genting Malaysia Berhad		1,752,100		2,048
Malayan Banking Berhad		1,287,725		3,888
Multi-Purpose Holdings Berhad		3,240,100		3,788
Sime Darby Berhad		280,900		841
Total Malaysia				10,565
Philippines [5.0%]
GT Capital Holdings		97,350		1,748
Megaworld		13,767,000		1,312
Metro Pacific Investments		9,434,600		1,290
Metropolitan Bank and Trust		418,840		1,201
San Miguel		513,230		1,453
San Miguel Pure Foods		37,620		253
SM Prime Holdings		3,703,675		1,733
Vista Land & Lifescapes		3,000,000		399
Total Philippines				9,389
South Korea [1.2%]
Samsung Electronics		1,685		2,313
Thailand [7.4%]
Bank of Ayudhya PCL		958,300		1,137
Charoen Pokphand Foods PCL		1,161,900		1,299
Krung Thai Bank PCL - Foreign		5,343,750		4,562
L.P.N. Development PCL		2,200,000		1,897
L.P.N. Development PCL NVDR		285,000		246
Minor International PCL		1,047,800		869
PTT Exploration & Production PCL		450,512		2,277
Siam Cement PCL		96,300		1,631
Total Thailand				13,918
Total Common Stock (Cost $141,476)				164,668

Description	Shares		Value (000)
Short-Term Investment [10.6%]
First American Government Obligations Fund, 0.020%**		19,788,324	$	19,788
Total Short-Term Investment (Cost $19,788)				19,788
Total Investments [98.4%] (Cost $161,264)			$	184,456

Percentages are based on Net Assets of $187,464 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2013.

ADR — American Depositary Receipt

Cl — Class

NVDR — Non-Voting Depository Receipt

PCL — Public Company Limited

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	164,668	$	—	$	—	$	164,668
Short-Term Investment		19,788		—		—		19,788
Total Investments in Securities	$	184,456	$	—	$	—	$	184,456

See below for transfers into or out of Level 1 and Level 2 ($ Thousands).

	Country	Market Value
Transfers into Level 2	None	$	—
Transfers out of Level 2	Indonesia		(10,432	)
	Philippines		(6,657	)
	Thailand		(11,204	)
Net transfers out of Level 2		$	(28,293	)

	Country	Market Value
Transfers into Level 1	Indonesia	$	10,432
	Philippines		6,657
	Thailand		11,204
Transfers out of Level 1	None		—
Net transfers into Level 1		$	28,293

Transfers were made into Level 1 due to the Indonesia, Philippines and Thailand markets being closed on December 31, 2012. For the period ended March 31, 2013, there have been no transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 92

statements of assets and liabilities (000)

March 31, 2013 (Unaudited)

	Government Money Market Fund			Prime Money Market Fund			California Tax Exempt Money Market Fund
ASSETS:
Cost of securities (including repurchase agreements)	$	3,104,833		$	1,166,828		$	893,283
Investments in securities, at value	$	2,859,833		$	982,828		$	893,283
Repurchase agreements, at value		245,000			184,000			—
Cash		7,739			—			20,949
Dividend and interest receivable		1,753			391			1,927
Prepaid expenses		192			69			53
Total Assets		3,114,517			1,167,288			916,212
LIABILITIES:
Payable for income distributions		8			17			2
Payable due to custodian		—			5,300			—
Investment adviser fees payable		159			109			69
Shareholder servicing & distribution fees payable		—			7			24
Administrative fees payable		81			32			—
Accrued expenses		395			143			73
Total Liabilities		643			5,608			168
Net Assets	$	3,113,874		$	1,161,680		$	916,044
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	3,113,875		$	1,161,694		$	916,042
Accumulated net realized gain (loss) on investments		(1	)		(14	)		2
Net Assets	$	3,113,874		$	1,161,680		$	916,044
Institutional Class Shares ($Dollars):
Net Assets	$	—		$	2,703,606		$	—
Total shares outstanding at end of period		—			2,703,606			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	1.00		$	—
Class N Shares ($Dollars):
Net Assets	$	2,615,185,195		$	350,726,174		$	707,279,931
Total shares outstanding at end of period		2,615,183,845			350,788,362			707,281,441
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00		$	1.00		$	1.00
Class S Shares ($Dollars):
Net Assets	$	391,525,612		$	237,462,372		$	68,808,483
Total shares outstanding at end of period		391,526,732			237,427,795			68,804,806
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00		$	1.00		$	1.00
Servicing Class Shares ($Dollars)^:
Net Assets	$	107,163,501		$	570,787,587		$	139,955,708
Total shares outstanding at end of period		107,164,812			570,866,954			139,957,471
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00		$	1.00		$	1.00

^ Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 93

statements of assets and liabilities (000)

March 31, 2013 (Unaudited)

	Limited Maturity Fixed Income Fund			Government Bond Fund			Corporate Bond Fund			California Tax Exempt Bond Fund
ASSETS:
Cost of securities (including affiliated investments)	$	48,475		$	171,926		$	131,092		$	64,463
Investments in securities, at value	$	48,700		$	171,685		$	135,913		$	65,060
Affiliated investments, at value		327			4,514			231			1,307
Cash		21			20			—			—
Receivable for investment securities sold		1,170			—			—			—
Dividend and income receivable		305			563			1,158			684
Receivable for capital shares sold		—			1,093			932			206
Prepaid expenses		4			10			8			3
Total Assets		50,527			177,885			138,242			67,260
LIABILITIES:
Payable for income distributions		13			65			191			85
Payable for capital shares redeemed		—			1,356			365			125
Payable for investment securities purchased		1,106			—			—			1,548
Investment adviser fees payable		21			66			46			17
Shareholder servicing & distribution fees payable		5			26			30			14
Administrative fees payable		2			6			5			2
Accrued expenses		14			20			13			16
Total Liabilities		1,161			1,539			650			1,807
Net Assets	$	49,366		$	176,346		$	137,592		$	65,453
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	50,891		$	173,380		$	132,286		$	63,455
Distributions in excess of net investment income		(43	)		(400	)		(21	)		—
Accumulated net realized gain (loss) on investments		(2,034	)		(907	)		275			94
Net unrealized appreciation on investments		552			4,273			5,052			1,904
Net Assets	$	49,366		$	176,346		$	137,592		$	65,453
Institutional Class Shares ($Dollars):
Net Assets	$	43,944,301		$	55,511,504		$	—		$	—
Total shares outstanding at end of period		3,905,865			5,199,458			—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	11.25		$	10.68		$	—		$	—
Class N Shares ($Dollars):
Net Assets	$	5,421,950		$	2,575,896		$	3,011,377		$	6,555,277
Total shares outstanding at end of period		481,631			240,885			277,696			611,309
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	11.26		$	10.69		$	10.84		$	10.72
Servicing Class Shares ($Dollars):
Net Assets	$	—		$	118,258,612		$	134,580,586		$	58,898,210
Total shares outstanding at end of period		—			11,080,696			12,425,830			5,508,716
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	10.67		$	10.83		$	10.69

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 94

statements of assets and liabilities (000)

March 31, 2013 (Unaudited)

	Full Maturity Fixed Income Fund			High Yield Bond Fund		Intermediate Fixed Income Fund			Fixed Income Opportunities Fund
ASSETS:
Cost of securities (including affiliated investments)	$	44,398		$	163,330	$	133,444		$	706,013
Investments in securities, at value	$	45,346		$	168,541	$	139,252		$	722,740
Affiliated investments, at value		721			1,415		—			—
Cash		8			602		25			—
Foreign currency (1)		—			—		—			249
Dividend and income receivable		323			3,924		1,641			11,404
Receivable for investment securities sold		—			425		250			15,897
Receivable for capital shares sold		13			1,292		526			2,336
Prepaid expenses		3			9		14			33
Total Assets		46,414			176,208		141,708			752,659
LIABILITIES:
Payable for income distributions		13			569		—			—
Payable to custodian		—			—		—			24,158
Payable for capital shares redeemed		—			118		175			493
Payable for investment securities purchased		456			2,628		717			27,447
Unrealized loss on forward foreign currency contracts		—			—		—			476
Investment adviser fees payable		19			90		46			292
Shareholder servicing & distribution fees payable		—			51		29			228
Administrative fees payable		2			6		5			51
Trustee fees payable		—			—		—			2
Accrued expenses		16			16		73			180
Total Liabilities		506			3,478		1,045			53,327
Net Assets	$	45,908		$	172,730	$	140,663		$	699,332
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	44,040		$	165,526	$	136,951		$	675,632
Undistributed (Distributions in excess of) net investment income		(50	)		—		278			2,268
Accumulated net realized gain (loss) on investments and foreign currency		249			578		(2,374	)		5,195
Net unrealized appreciation (depreciation) on:
Investments		1,669			6,626		5,808			16,727
Foreign Currency		—			—		—			(490	)
Net Assets	$	45,908		$	172,730	$	140,663		$	699,332
Institutional Class Shares ($Dollars):
Net Assets	$	45,613,820		$	41,150,011	$	—		$	—
Total shares outstanding at end of period		4,252,567			4,635,502		—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.73		$	8.88	$	—		$	—
Class N Shares ($Dollars):
Net Assets	$	294,602		$	52,503,896	$	140,663,361		$	699,332,254
Total shares outstanding at end of period		27,491			5,915,640		5,225,600			25,326,290
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.72		$	8.88	$	26.92		$	27.61
Servicing Class Shares ($Dollars):
Net Assets	$	—		$	79,075,989	$	—		$	—
Total shares outstanding at end of period		—			8,910,608		—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	8.87	$	—		$	—

(1) Cost of foreign currency is $250 (000).

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 95

statements of assets and liabilities (000)

March 31, 2013 (Unaudited)

	Multi-Asset Fund			Dividend & Income Fund			U.S. Core Equity Fund
ASSETS:
Cost of securities (including affiliated investments)	$	34,944		$	91,115		$	99,355
Investments in securities, at value	$	28,699		$	124,945		$	107,214
Affiliated investments, at value		8,031			—			258
Cash		22			18			22
Dividend and income receivable		63			304			60
Receivable for investment securities sold		—			—			937
Receivable for capital shares sold		14			419			871
Prepaid expenses		2			18			1
Total Assets		36,831			125,704			109,363
LIABILITIES:
Payable for income distributions		37			—			98
Payable for capital shares redeemed		—			126			626
Investment adviser fees payable		16			66			36
Shareholder servicing & distribution fees payable		12			43			34
Administrative fees payable		1			14			4
Trustee fees payable		—			1			—
Accrued expenses		4			46			6
Total Liabilities		70			296			804
Net Assets	$	36,761		$	125,408		$	108,559
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	37,639		$	101,460		$	100,166
Undistributed (Distributions in excess of) net investment income		(45	)		166			—
Accumulated net realized gain (loss) on investments		(2,619	)		(10,048	)		276
Net unrealized appreciation on investments		1,786			33,830			8,117
Net Assets	$	36,761		$	125,408		$	108,559
Institutional Class Shares ($Dollars):
Net Assets	$	7,519,463		$	—		$	110
Total shares outstanding at end of period		703,810			—			10
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.68		$	—		$	10.92	^
Class N Shares ($Dollars):
Net Assets	$	23,481,809		$	125,408,266		$	53,320,719
Total shares outstanding at end of period		2,197,293			3,841,559			4,893,315
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.69		$	32.65		$	10.90
Servicing Class Shares ($Dollars):
Net Assets	$	5,759,833		$	—		$	55,238,181
Total shares outstanding at end of period		538,402			—			5,067,998
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.70		$	—		$	10.90

Amounts designated as “—” are either $0 or have been rounded to $0.

^ Net assets divided by shares do not calculate to the stated net asset value because net assets amount is shown rounded.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 96

statements of assets and liabilities (000)

March 31, 2013 (Unaudited)

	Diversified Equity Fund			Socially Responsible Equity Fund			Emerging Markets Fund
ASSETS:
Cost of securities (including affiliated investments)	$	39,569		$	102,023		$	161,264
Investments in securities, at value	$	46,356		$	123,961		$	184,456
Affiliated investments, at value		549			—			—
Cash		9			60			—
Foreign currency(1)		—			—			3,624
Dividend and income receivable		24			86			218
Receivable for investment securities sold		126			648			595
Receivable for capital shares sold		1			144			2,476
Prepaid expenses		3			6			20
Total Assets		47,068			124,905			191,389
LIABILITIES:
Payable for income distributions		6			—			—
Payable for capital shares redeemed		1			111			71
Payable for investment securities purchased		226			805			3,547
Investment adviser fees payable		26			78			148
Shareholder servicing & distribution fees payable		2			7			61
Administrative fees payable		2			4			20
Trustee fees payable		—			—			4
Accrued expenses		16			24			74
Total Liabilities		279			1,029			3,925
Net Assets	$	46,789		$	123,876		$	187,464
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	55,532		$	107,300		$	165,251
Accumulated net investment loss/Distributions in excess of net investment income		—			(4	)		(446	)
Accumulated net realized loss on investments and foreign currency		(16,079	)		(5,358	)		(530	)
Net unrealized appreciation (depreciation) on investments on:
Investments		7,336			21,938			23,192
Foreign currency		—			—			(3	)
Net Assets	$	46,789		$	123,876		$	187,464
Institutional Class Shares ($Dollars):
Net Assets	$	43,075,277		$	93,318,561		$	—
Total shares outstanding at end of period		2,864,939			8,187,739			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	15.04		$	11.40		$	—
Class N Shares ($Dollars):
Net Assets	$	3,713,491		$	30,557,883		$	187,464,223
Total shares outstanding at end of period		246,234			2,686,746			5,618,926
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	15.08		$	11.37		$	33.36

(1) Cost of foreign currency is $3,625 (000).

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 97

statements of operations

For the six months ended March 31, 2013 (Unaudited)

	Government Money Market Fund (000)			Prime Money Market Fund (000)			California Tax Exempt Money Market Fund (000)
INCOME:
Interest Income	$	2,869		$	1,579		$	627
Total Investment Income		2,869			1,579			627
EXPENSES:
Investment Advisory Fees		4,233			1,531			1,255
Shareholder Servicing Fees — Class N(1)		9,643			1,301			2,397
Shareholder Servicing Fees — Class S(1)		1,317			1,014			315
Shareholder Servicing Fees — Servicing Class		119			712			177
Administration Fees		714			268			203
Transfer Agent Fees		108			39			30
Trustee Fees		79			29			22
Professional Fees		245			89			67
Printing Fees		78			28			22
Custody Fees		72			25			7
Registration Fees		65			24			18
Insurance and Other Expenses		140			54			41
Total Expenses		16,813			5,114			4,554
Less, Waivers of:
Investment Advisory Fees		(2,813	)		(629	)		(1,023	)
Shareholder Servicing Fees — Class N(1)		(9,642	)		(1,020	)		(2,397	)
Shareholder Servicing Fees — Class S(1)		(1,317	)		(1,240	)		(315	)
Shareholder Servicing Fees — Servicing Class		(119	)		(704	)		(177	)
Administration Fees		(161	)		(60	)		(46	)
Transfer Agent Fees(2)		(55	)		(20	)		(15	)
Net Expenses		2,706			1,441			581
Net Investment Income		163			138			46
Net Realized Gain from Securities Transactions		6			—			—
Net Increase in Net Assets Resulting from Operations	$	169		$	138		$	46

(1) Includes class specific distribution expenses.

(2) See Note 3 for updated Transfer Agency Agreements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 98

statements of operations

For the six months ended March 31, 2013 (Unaudited)

	Limited Maturity Fixed Income Fund (000)			Government Bond Fund (000)			Corporate Bond Fund (000)			California Tax Exempt Bond Fund (000)
INCOME:
Interest Income	$	291		$	1,388		$	1,781		$	799
Total Investment Income		291			1,388			1,781			799
EXPENSES:
Investment Advisory Fees		127			378			272			82
Shareholder Servicing Fees — Class N(1)		12			8			7			16
Shareholder Servicing Fees — Servicing Class		—			148			166			68
Administration Fees		11			38			30			13
Transfer Agent Fees		20			6			4			2
Trustee Fees		1			4			3			2
Professional Fees		4			12			10			4
Custody Fees		1			4			3			1
Registration Fees		1			4			2			1
Printing Fees		1			4			3			1
Insurance and Other Expenses		2			7			10			3
Total Expenses		180			613			510			193
Recovery of Investment Advisory Fees Previously Waived(2)		—			22			—			3
Less, Waivers of:
Investment Advisory Fees		—			—			—			(2	)
Shareholder Servicing Fees — Class N		(6	)		—			—			—
Transfer Agent Fees(3)		—			(3	)		(2	)		(1	)
Net Expenses		174			632			508			193
Net Investment Income		117			756			1,273			606
Net Realized Gain from Securities Transactions		116			—			274			195
Net Change in Unrealized Depreciation on Investments		(71	)		(445	)		(43	)		(432	)
Net Increase in Net Assets Resulting from Operations	$	162		$	311		$	1,504		$	369

(1) Includes class specific distribution expenses.

(2) See Note 4 for Advisory Fees recovered.

(3) See Note 3 for updated Transfer Agency Agreements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 99

statements of operations

For the six months ended March 31, 2013 (Unaudited)

	Full Maturity Fixed Income			High Yield Bond Fund			Intermediate Fixed Income Fund (000)†					Fixed Income Opportunities Fund (000)†
	Fund (000)			(000)				2013			2012		2013			2012
INCOME:
Dividend Income	$	—		$	2		$	153		$	380	$	—		$	—
Dividend Income from Affiliated Investments		—			1			—			—		—			—
Interest Income		574			6,395			1,285			4,961		13,065			42,982
Income from Securities Lending		—			—			7			29		—			—
Less: Foreign Taxes Withheld		—			—			—			—		(86	)		(3	)
Total Investment Income		574			6,398			1,445			5,370		12,979			42,979
EXPENSES:
Investment Advisory Fees		115			561			134			455		838			2,902
Shareholder Servicing Fees — Class N(1)		1			126			135			455		637			2,206
Shareholder Servicing Fees — Servicing Class		—			90			—			—		—			—
Administration Fees		10			35			51			213		202			754
Transfer Agent Fees		20			5			3			33		18			109
Trustee Fees		1			4			1			7		8			38
Professional Fees		4			11			4			32		22			154
Custody Fees		1			3			10			42		27			210
Registration Fees		1			3			10			28		12			59
Printing Fees		1			4			2			10		7			51
Insurance and Other Expenses		2			6			3			7		14			16
Total Expenses		156			848			353			1,282		1,785			6,499
Recovery of Investment Advisory Fees Previously Waived(2)		—			9			—			5		—			—
Less, Waiver of:
Investment Advisory Fees		—			(1	)		(1	)		—		(3	)		—
Transfer Agent Fees(3)		—			(3	)		—			—		—			—
Net Expenses		156			853			352			1,287		1,782			6,499
Net Investment Income		418			5,545			1,093			4,083		11,197			36,480
Net Realized Gain (Loss) from:
Securities Transactions		299			1,112			71			473		4,510			1,021
Foreign Currency Transactions		—			—			—			—		1,332			(345	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(679	)		3,199			610			4,019		2,779			21,698
Foreign Currency Transactions		—			—			—			—		(221	)		(312	)
Net Increase in Net Assets Resulting from Operations	$	38		$	9,856		$	1,774		$	8,575	$	19,597		$	58,542

† For the three months ended March 31, 2013 (Unaudited) and the year ended December 31, 2012 (Audited). Effective March 29, 2013, each of the Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio (each a “Predecessor Fund”) were merged into CNI Charter Fund’s Intermediate Fixed Income Fund and Fixed Income Opportunities Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end.

(1) Includes class specific distribution expenses.

(2) See Note 4 for Advisory Fees recovered.

(3) See Note 3 for updated Transfer Agency Agreements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 100

statements of operations

For the six months ended March 31, 2013 (Unaudited)

	Multi-Asset			Dividend & Income Fund (000)†						U.S. Core Equity
	Fund (000)			2013			2012			Fund (000)(1)
INCOME:
Dividend Income	$	459		$	1,076		$	5,732		$	502
Dividend Income from Affiliated Investments		70			—			—			—
Interest Income		—			19			110			—
Less: Foreign Taxes Withheld		—			(5	)		(40	)		(2	)
Total Investment Income		529			1,090			5,802			500
EXPENSES:
Investment Advisory Fees		99			196			828			122
Shareholder Servicing Fees — Class N(2)		61			123			509			77
Shareholder Servicing Fees — Servicing Class		8			—			—			38
Administration Fees		9			44			205			13
Transfer Agent Fees		1			5			64			1
Trustee Fees		1			1			9			1
Professional Fees		3			4			32			5
Custody Fees		1			11			45			1
Printing Fees		1			1			19			2
Registration Fees		1			7			31			—
Interest Expense on Borrowings		—			1			—			—
Insurance and Other Expenses		2			2			4			1
Total Expenses		187			395			1,746			261
Recovery of Investment Advisory Fees Previously Waived		—			—			6			—
Less, Waiver of:
Investment Advisory Fees		—			(1	)		—			—
Transfer Agent Fees(3)		(1	)		—			—			—
Net Expenses		186			394			1,752			261
Net Investment Income		343			696			4,050			239
Net Realized Gain (Loss) from:
Securities Transactions		915			4,354			(2,661	)		276
Affiliated Investments		92			—			—			—
Distributions of Realized Gains from Investment Company Shares		51			—			116			—
Foreign Currency Transactions		—			—			(6	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(49	)		10,063			7,411			8,117
Affiliated Investments		(65	)		—			—			—
Net Increase in Net Assets Resulting from Operations	$	1,287		$	15,113		$	8,910		$	8,632

† For the three months ended March 31, 2013 (Unaudited) and the year ended December 31, 2012 (Audited). Effective March 29, 2013, the Rochdale Dividend & Income Portfolio (the “Predecessor Fund”) was merged into CNI Charter Fund’s Dividend & Income Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end.

(1) Commenced operations on December 3, 2012.

(2) Includes class specific distribution expenses.

(3) See Note 3 for updated Transfer Agency Agreements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 101

statements of operations

For the six months ended March 31, 2013 (Unaudited)

	Diversified Equity			Socially Responsible			Emerging Markets Fund (000)†
	Fund (000)			Equity Fund (000)			2013			2012
INCOME:
Dividend Income	$	432		$	1,162		$	340		$	1,942
Interest Income		—			—			—			1
Less: Foreign Taxes Withheld		(5	)		(6	)		(15	)		(130	)
Total Investment Income		427			1,156			325			1,813
EXPENSES:
Investment Advisory Fees		164			420			392			858
Shareholder Servicing Fees — Class N(1)		9			69			158			343
Administration Fees		10			24			48			198
Transfer Agent Fees		21			27			3			33
Trustee Fees		1			3			—			10
Professional Fees		3			8			5			29
Custody Fees		1			2			31			140
Printing Fees		1			3			2			7
Registration Fees		1			2			8			45
Insurance and Other Expenses		2			4			—			5
Total Expenses		213			562			647			1,668
Recovery of Investment Advisory Fees Previously Waived(2)		—			—			—			18
Less, Waiver of:
Investment Advisory Fees		(22	)		—			(1	)		—
Shareholder Servicing Fees — Class N		(5	)		(35	)		—			—
Net Expenses		186			527			646			1,686
Net Investment Income (Loss)		241			629			(321	)		127
Net Realized Gain (Loss) from:
Securities Transactions		1,033			5,063			1,827			(2,280	)
Foreign Currency Transactions		—			—			(76	)		(359	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		2,752			9,320			2,458			20,671
Foreign Currency Transactions		—			—			8			(11	)
Net Increase in Net Assets Resulting from Operations	$	4,026		$	15,012		$	3,896		$	18,148

† For the three months ended March 31, 2013 (Unaudited) and the year ended December 31, 2012 (Audited). Effective March 29, 2013, the Rochdale Emerging Markets Portfolio (the “Predecessor Fund”) was merged into CNI Charter Fund’s Emerging Markets Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end.

(1) Includes class specific distribution expenses.

(2) See Note 4 for Advisory Fees recovered.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 102

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CNI CHARTER FUNDS | PAGE 103

statements of changes in net assets

For the six months ended March 31, 2013 (Unaudited) and the year ended September 30, 2012

	Government Money Market Fund (000)						Prime Money Market Fund (000)(2)
	2013			2012			2013			2012
OPERATIONS:
Net Investment Income	$	163		$	333		$	138		$	209
Net Realized Gain (Loss) from Security Transactions		6			(2	)		—			(2	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		—			—			—			—
Net Increase in Net Assets Resulting from Operations		169			331			138			207
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			(1	)		—
Class N		(141	)		(292	)		(38	)		(54	)
Class S		(17	)		(30	)		(14	)		(28	)
Servicing Class^		(5	)		(11	)		(85	)		(127	)
Realized Capital Gains:
Institutional Class		—			—			—			—
Class N		—			—			—			—
Servicing Class^		—			—			—			—
Total Dividends and Distributions		(163	)		(333	)		(138	)		(209	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			31,090			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		—			—			(28,386	)		—
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			2,704			—
Class N:
Shares Issued		2,287,997			4,477,708			429,374			788,534
Shares Issued in Lieu of Dividends and Distributions		116			237			26			37
Shares Redeemed		(2,481,001	)		(4,595,995	)		(472,710	)		(844,817	)
Increase (Decrease) in Net Assets from Class N Share Transactions		(192,888	)		(118,050	)		(43,310	)		(56,246	)
Class S:
Shares Issued		617,640			903,404			383,823			1,112,831
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		(515,037	)		(905,676	)		(402,421	)		(1,121,886	)
Increase (Decrease) in Net Assets from Class S Share Transactions		102,603			(2,272	)		(18,598	)		(9,055	)
Servicing Class^:
Shares Issued		459,945			779,564			1,426,368			3,258,448
Shares Issued in Lieu of Dividends and Distributions		—			—			14			21
Shares Redeemed		(449,234	)		(734,817	)		(1,362,322	)		(3,381,990	)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		10,711			44,747			64,060			(123,521	)
Net Increase (Decrease) in Net Assets from Share Transactions		(79,574	)		(75,575	)		4,856			(188,822	)
Total Increase (Decrease) in Net Assets		(79,568	)		(75,577	)		4,856			(188,824	)
NET ASSETS:
Beginning of Period		3,193,442			3,269,019			1,156,824			1,345,648
End of Period	$	3,113,874		$	3,193,442		$	1,161,680		$	1,156,824
Distributions in excess of net investment income	$	—		$	—		$	—		$	—

(1) See Note 9 for shares issued and redeemed.

(2) Institutional Class commenced operations on December 19, 2012.

(3) Institutional Class commenced operations on February 1, 2012.

^ Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares for the Government Money Market Fund, Prime Money Market Fund and California Tax Exempt Money Market Fund. Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares for the Government Bond Fund and Corporate Bond Fund. This share class name change had no impact on the Fund’s operations or investment policy.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 104

California Tax Exempt Money Market Fund (000)						Limited Maturity Fixed Income Fund (000)						Government Bond Fund (000)(3)						Corporate Bond Fund (000)
2013			2012			2013			2012			2013			2012			2013			2012
$	46		$	91		$	117		$	365		$	756		$	1,505		$	1,273		$	2,788
	—			—			116			330			—			19			274			1,084
	—			—			(71	)		120			(445	)		638			(43	)		3,119
	46			91			162			815			311			2,162			1,504			6,991
	—			—			(150	)		(348	)		(411	)		(431	)		—			—
	(35	)		(68	)		(10	)		(41	)		(14	)		(32	)		(22	)		(51	)
	(4	)		(8	)		—			—			—			—			—			—
	(7	)		(15	)		—			—			(731	)		(1,969	)		(1,272	)		(2,744	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			(2	)		(20	)		(11	)
	—			—			—			—			—			(141	)		(1,056	)		(527	)
	(46	)		(91	)		(160	)		(389	)		(1,156	)		(2,575	)		(2,370	)		(3,333	)
	—			—			654			41,212			5,023			59,073			—			—
	—			—			44			206			395			412			—			—
	—			—			(4,896	)		(25,396	)		(5,140	)		(4,191	)		—			—
	—			—			(4,198	)		16,022			278			55,294			—			—
	597,908			1,072,087			1,986			1,021			234			410			989			458
	34			66			9			41			8			19			27			38
	(557,194	)		(1,033,785	)		(921	)		(3,167	)		(622	)		(392	)		(524	)		(514	)
	40,748			38,368			1,074			(2,105	)		(380	)		37			492			(18	)
	136,511			335,463			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(167,672	)		(313,714	)		—			—			—			—			—			—
	(31,161	)		21,749			—			—			—			—			—			—
	494,892			1,079,873			—			—			16,768			49,341			19,010			60,716
	—			—			—			—			340			1,378			236			1,069
	(492,602	)		(1,112,139	)		—			—			(22,408	)		(101,850	)		(17,602	)		(43,147	)
	2,290			(32,266	)		—			—			(5,300	)		(51,131	)		1,644			18,638
	11,877			27,851			(3,124	)		13,917			(5,402	)		4,200			2,136			18,620
	11,877			27,851			(3,122	)		14,343			(6,247	)		3,787			1,270			22,278
	904,167			876,316			52,488			38,145			182,593			178,806			136,322			114,044
$	916,044		$	904,167		$	49,366		$	52,488		$	176,346		$	182,593		$	137,592		$	136,322
$	—		$	—		$	(43	)	$	—		$	(400	)	$	—		$	(21	)	$	—

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 105

statements of changes in net assets

For the six months ended March 31, 2013 (Unaudited) and the year ended September 30, 2012

	California Tax Exempt Bond Fund (000)						Full Maturity Fixed Income Fund (000)
	2013			2012			2013			2012
OPERATIONS:
Net Investment Income	$	606		$	1,360		$	418		$	1,002
Net Realized Gain (Loss) from:
Security Transactions and Affiliated Investments		195			462			299			1,134
Distributions of Realized Gains from Investment Company Shares		—			—			—			—
Foreign Currency Transactions		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments and Foreign Currency Transactions		(432	)		781			(679	)		211
Increase in Net Assets Resulting from Operations		369			2,603			38			2,347
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			(465	)		(1,056	)
Class N		(55	)		(105	)		(3	)		(8	)
Servicing Class^		(551	)		(1,255	)		—			—
Realized Capital Gains:
Institutional Class		—			—			(999	)		(585	)
Class N		(55	)		(30	)		(6	)		(6	)
Servicing Class^		(474	)		(365	)		—			—
Total Dividends and Distributions		(1,135	)		(1,755	)		(1,473	)		(1,655	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			—			2,933
Shares Issued in Lieu of Dividends and Distributions		—			—			1,220			1,363
Shares Redeemed		—			—			(775	)		(2,282	)
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			445			2,014
Class N:
Shares Issued		738			3,425			25			94
Shares Issued in Lieu of Dividends and Distributions		74			97			9			14
Shares Redeemed		(272	)		(2,064	)		(37	)		(304	)
Redemption Fees		—			—			—			—
Increase (Decrease) in Net Assets from Class N Share Transactions		540			1,458			(3	)		(196	)
Servicing Class^:
Shares Issued		15,019			17,636			—			—
Shares Issued in Lieu of Dividends and Distributions		155			703			—			—
Shares Redeemed		(7,428	)		(20,739	)		—			—
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		7,746			(2,400	)		—			—
Net Increase (Decrease) in Net Assets from Share Transactions		8,286			(942	)		442			1,818
Total Increase (Decrease) in Net Assets		7,520			(94	)		(993	)		2,510
NET ASSETS:
Beginning of Period		57,933			58,027			46,901			44,391
End of Period	$	65,453		$	57,933		$	45,908		$	46,901
Undistributed (Distributions in excess of) net investment income	$	—		$	—		$	(50	)	$	—

† For the three months ended March 31, 2013 (Unaudited) and the years ended December 31, 2012 and December 31, 2011. Effective March 29, 2013, each of the Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio (each a “Predecessor Fund”) were merged into CNI Charter Fund’s Intermediate Fixed Income Fund and Fixed Income Opportunities Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end.

(1) See Note 9 for shares issued and redeemed.

(2) Institutional Class commenced operations on February 2, 2012.

(3) Institutional Class commenced operations on March 22, 2012.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

* On March 29, 2013, the Intermediate Fixed Income Fund and the Fixed Income Opportunities Fund were reorganized into the CNI Charter Funds. See Note 1 in Notes to Financial Statements for additional information.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 106

High Yield Bond Fund (000)(2)						Intermediate Fixed Income Fund (000)†*									Fixed Income Opportunities Fund (000)†*									Multi-Asset Fund (000)(3)
2013			2012			2013			2012 (Audited)			2011 (Audited)			2013			2012 (Audited)			2011 (Audited)			2013			2012
$	5,545		$	9,712		$	1,093		$	4,083		$	3,298		$	11,197		$	36,480		$	21,099		$	343		$	864
	1,112			1,469			71			473			816			4,510			1,021			3,394			1,007			(1,646	)
	—			—			—			—			—			—			—			—			51			39
	—			—			—			—			—			1,332			(345	)		31			—			—
	3,199			8,146			610			4,019			(1,574	)		2,558			21,386			(18,354	)		(114	)		4,175
	9,856			19,327			1,774			8,575			2,540			19,597			58,542			6,170			1,287			3,432
													��
	(1,473	)		(1,277	)		—			—			—			—			—			—			(90	)		(193	)
	(1,582	)		(2,482	)		(988	)		(4,065	)		(3,317	)		(9,628	)		(35,978	)		(20,482	)		(247	)		(470	)
	(2,513	)		(5,925	)		—			—			—			—			—			—			(70	)		(236	)
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			(1,348	)		(5,264	)		—			—
	—			—			—			—			—			—			—			—			—			—
	(5,568	)		(9,684	)		(988	)		(4,065	)		(3,317	)		(9,628	)		(37,326	)		(25,746	)		(407	)		(899	)
	3,279			42,923			—			—			—			—			—			—			1,424			15,151
	1,108			1,195			—			—			—			—			—			—			90			193
	(5,248	)		(3,910	)		—			—			—			—			—			—			(6,703	)		(2,777	)
	(861	)		40,208			—			—			—			—			—			—			(5,189	)		12,567
	13,598			10,301			15,464			52,862			66,170			57,377			204,737			297,255			846			2,415
	738			1,589			501			3,348			3,006			5,849			34,855			23,868			162			303
	(1,761	)		(4,485	)		(6,447	)		(38,323	)		(36,351	)		(27,958	)		(104,410	)		(61,815	)		(3,095	)		(5,550	)
	—			—			—			5			5			—			13			15			—			—
	12,575			7,405			9,518			17,892			32,830			35,268			135,195			259,323			(2,087	)		(2,832	)
	24,991			71,253			—			—			—			—			—			—			153			4,333
	310			2,062			—			—			—			—			—			—			33			189
	(22,338	)		(71,307	)		—			—			—			—			—			—			(1,796	)		(17,484	)
	2,963			2,008			—			—			—			—			—			—			(1,610	)		(12,962	)
	14,677			49,621			9,518			17,892			32,830			35,268			135,195			259,323			(8,886	)		(3,227	)
	18,965			59,264			10,304			22,402			32,053			45,237			156,411			239,747			(8,006	)		(694	)
	153,765			94,501			130,359			107,957			75,904			654,095			497,684			257,937			44,767			45,461
$	172,730		$	153,765		$	140,663		$	130,359		$	107,957		$	699,332		$	654,095		$	497,684		$	36,761		$	44,767
$	—		$	23		$	278		$	173		$	155		$	2,268		$	699		$	542		$	(45	)	$	19

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 107

statements of changes in net assets

For the six months ended March 31, 2013 (Unaudited) and the year ended September 30, 2012

	Dividend & Income Fund (000)†*									U.S. Core Equity Fund (000)(2)
	2013			2012 (Audited)			2011 (Audited)			2013
OPERATIONS:
Net Investment Income (Loss)	$	696		$	4,050		$	2,679		$	239
Net Realized Gain (Loss) from:
Security Transactions		4,354			(2,661	)		(1,399	)		276
Distributions of Realized Gains from Investment Company Shares		—			116			—			—
Foreign Currency Transactions		—			(6	)		1			—
Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions		10,063			7,411			5,849			8,117
Increase in Net Assets Resulting from Operations		15,113			8,910			7,130			8,632
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			—			—
Class N		(1,032	)		(4,044	)		(2,681	)		(101	)
Servicing Class^		—			—			—			(138	)
Return of Capital:
Class N		—			(727	)		(502	)		—
Total Dividends and Distributions		(1,032	)		(4,771	)		(3,183	)		(239	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		—			—			—			—
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			—			—
Class N:
Shares Issued		11,117			49,255			49,571			52,198
Shares Issued in Lieu of Dividends and Distributions		822			4,440			2,938			89
Shares Redeemed		(16,750	)		(48,715	)		(20,226	)		(3,186	)
Redemption Fees		—			7			20			—
Increase (Decrease) in Net Assets from Class N Share Transactions		(4,811	)		4,987			32,303			49,101
Servicing Class:
Shares Issued		—			—			—			54,584
Shares Issued in Lieu of Dividends and Distributions		—			—			—			3
Shares Redeemed		—			—			—			(3,522	)
Increase in Net Assets from Servicing Class Share Transactions		—			—			—			51,065
Net Increase (Decrease) in Net Assets from Share Transactions		(4,811	)		4,987			32,303			100,166
Total Increase (Decrease) in Net Assets		9,270			9,126			36,250			108,559
NET ASSETS:
Beginning of Period		116,138			107,012			70,762			—
End of Period	$	125,408		$	116,138		$	107,012		$	108,559
Undistributed (Distributions in excess of) net investment income/Accumulated net investment loss	$	166		$	502		$	555		$	—

† For the three months ended March 31, 2013 (Unaudited) and the years/period ended December 31, 2012 and December 31, 2011. Effective March 29, 2013, each of the Rochdale Dividend & Income Portfolio and Rochdale Emerging Markets Portfolio (each a “Predecessor Fund”) were merged into CNI Charter Fund’s Dividend & Income Fund and Emerging Markets Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end.

(1) See Note 9 for shares issued and redeemed.

(2) Commenced operations on December 3, 2012.

(3) Commenced operations on December 14, 2011.

* On March 29, 2013, the Dividend & Income Fund and Emerging Markets Fund were reorganized into the CNI Charter Funds. See Note 1 in Notes to Financial Statements for additional information.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 108

Diversified Equity Fund (000)						Socially Responsible Equity Fund (000)						Emerging Markets Fund (000)†*
2013			2012			2013			2012			2013			2012 (Audited)			2011(3) (Audited)
$	241		$	283		$	629		$	1,199		$	(321	)	$	127		$	(5	)
	1,033			2,951			5,063			1,279			1,827			(2,280	)		1
	—			—			—			—			—			—			—
	—			—			—			—			(76	)		(359	)		(5	)
	2,752			7,353			9,320			12,623			2,466			20,660			63
	4,026			10,587			15,012			15,101			3,896			18,148			54
	(226	)		(267	)		(501	)		(995	)		—			—			—
	(15	)		(16	)		(132	)		(204	)		—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			(67	)		—
	(241	)		(283	)		(633	)		(1,199	)		—			(67	)		—
	3			328			7,617			13,033			—			—			—
	200			234			501			994			—			—			—
	(25	)		(20,515	)		(5,699	)		(8,834	)		—			—			—
	178			(19,953	)		2,419			5,193			—			—			—
	159			39			4,297			23,297			50,683			125,949			5,888
	15			16			132			204			—			63			—
	(584	)		(2,041	)		(3,091	)		(2,181	)		(3,953	)		(13,211	)		(8	)
	—			—			—			—			—			22			—
	(410	)		(1,986	)		1,338			21,320			46,730			112,823			5,880
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	(232	)		(21,939	)		3,757			26,513			46,730			112,823			5,880
	3,553			(11,635	)		18,136			40,415			50,626			130,904			5,934
	43,236			54,871			105,740			65,325			136,838			5,934			—
$	46,789		$	43,236		$	123,876		$	105,740		$	187,464		$	136,838		$	5,934
$	—		$	—		$	(4	)	$	—		$	(446	)	$	(125	)	$	(5	)

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 109

financial highlights

For a Share Outstanding Throughout Each Period

For the six months ended March 31, 2013 (Unaudited) and the year or period ended September 30,

			Net Asset Value Beginning of Period		Net Investment Income†			Dividends from Net Investment Income			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)
Government Money Market Fund
Class N (commenced operations on June 21, 1999)
	2013	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	2,615,185		0.17	%		0.01	%		1.04	%
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			2,808,068		0.14			0.01			1.11
	2011			1.00		0.000	^		(0.000	)^		1.00		0.02			2,926,120		0.14			0.02			1.11
	2010			1.00		0.000	^		(0.000	)^		1.00		0.02			2,598,035		0.19			0.02			1.12
	2009			1.00		0.002			(0.002	)		1.00		0.19			2,549,147		0.47			0.21			1.13
	2008			1.00		0.025			(0.025	)		1.00		2.49			3,006,935		0.81			2.40			1.09
Class S (commenced operations on October 6, 1999)
	2013	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	391,526		0.16	%		0.01	%		1.10	%
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			288,922		0.14			0.01			1.11
	2011			1.00		0.000	^		(0.000	)^		1.00		0.01			291,194		0.15			0.01			1.11
	2010			1.00		0.000	^		(0.000	)^		1.00		0.01			348,698		0.20			0.01			1.12
	2009			1.00		0.001			(0.001	)		1.00		0.12			298,842		0.54			0.13			1.13
	2008			1.00		0.023			(0.023	)		1.00		2.29			408,747		1.02			2.23			1.09
Servicing Class (commenced operations on April 3, 2000)^^
	2013	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	107,163		0.16	%		0.01	%		0.60	%
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			96,452		0.14			0.01			0.61
	2011			1.00		0.000	^		(0.000	)^		1.00		0.02			51,705		0.14			0.03			0.61
	2010			1.00		0.000	^		(0.000	)^		1.00		0.04			81,050		0.17			0.04			0.62
	2009			1.00		0.003			(0.003	)		1.00		0.27			123,863		0.36			0.26			0.65
	2008			1.00		0.027			(0.027	)		1.00		2.72			100,674		0.59			2.62			0.59
Prime Money Market Fund
Institutional Class (commenced operations on December 19, 2012)
	2013	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	2,704		0.20	%		0.03	%		0.34	%
Class N (commenced operations on October 18, 1999)
	2013	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	350,726		0.24	%		0.02	%		1.02	%
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			394,036		0.24			0.01			1.10
	2011			1.00		0.000	^		(0.000	)^		1.00		0.03			450,282		0.25			0.03			1.10
	2010			1.00		0.000	^		(0.000	)*^		1.00		0.06			432,235		0.28			0.04			1.10
	2009			1.00		0.003			(0.003	)		1.00		0.33			656,769		0.61			0.39			1.15
	2008			1.00		0.027			(0.027	)		1.00		2.78			1,123,900		0.80			2.65			1.08
Class S (commenced operations on October 26, 1999)
	2013	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	237,462		0.25	%		0.01	%		1.09	%
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			256,060		0.24			0.01			1.10
	2011			1.00		0.000	^		0.000	^		1.00		0.02			265,116		0.27			0.01			1.10
	2010			1.00		0.000	^		(0.000	)*^		1.00		0.04			352,575		0.30			0.02			1.10
	2009			1.00		0.002			(0.002	)		1.00		0.23			372,762		0.73			0.28			1.15
	2008			1.00		0.025			(0.025	)		1.00		2.57			633,815		1.00			2.54			1.08
Servicing Class (commenced operations on March 23, 1998)^^
	2013	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	570,788		0.23	%		0.03	%		0.59	%
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			506,728		0.23			0.02			0.60
	2011			1.00		0.001			(0.001	)		1.00		0.06			630,250		0.22			0.05			0.60
	2010			1.00		0.001			(0.001	)*		1.00		0.09			489,980		0.24			0.08			0.60
	2009			1.00		0.005			(0.005	)		1.00		0.46			543,326		0.44			0.46			0.65
	2008			1.00		0.030			(0.030	)		1.00		3.01			532,931		0.58			2.90			0.58
California Tax Exempt Money Market Fund
Class N (commenced operations on June 21, 1999)
	2013	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	707,280		0.12	%		0.01	%		1.04	%
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			666,532		0.12			0.01			1.11
	2011			1.00		0.000	^		(0.000	)^		1.00		0.02			628,163		0.17			0.02			1.12
	2010			1.00		0.000	^		(0.000	)*^		1.00		0.03			638,839		0.20			0.02			1.12
	2009			1.00		0.002			(0.002	)		1.00		0.23			704,840		0.41			0.25			1.16
	2008			1.00		0.016			(0.016	)		1.00		1.57			880,794		0.78			1.47			1.11
Class S (commenced operations on November 12, 1999)
	2013	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	68,808		0.13	%		0.01	%		1.11	%
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			99,970		0.12			0.01			1.11
	2011			1.00		0.000	^		(0.000	)^		1.00		0.01			78,221		0.17			0.01			1.12
	2010			1.00		0.000	^		(0.000	)*^		1.00		0.01			48,265		0.22			0.01			1.12
	2009			1.00		0.002			(0.002	)		1.00		0.17			74,396		0.54			0.26			1.16
	2008			1.00		0.014			(0.014	)		1.00		1.37			141,757		0.98			1.40			1.11
Servicing Class (commenced operations on April 3, 2000)^^
	2013	**	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.00	%	$	139,956		0.12	%		0.01	%		0.61	%
	2012			1.00		0.000	^		(0.000	)^		1.00		0.00			137,665		0.12			0.01			0.61
	2011			1.00		0.000	^		(0.000	)^		1.00		0.02			169,932		0.16			0.02			0.62
	2010			1.00		0.000	^		(0.000	)*^		1.00		0.04			140,238		0.19			0.04			0.63
	2009			1.00		0.003			(0.003	)		1.00		0.33			141,579		0.30			0.31			0.65
	2008			1.00		0.018			(0.018	)		1.00		1.80			157,427		0.55			1.69			0.61

** For the six months ended March 31, 2013.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Amount represents less than $0.001.

^^ Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

* Includes a realized capital gain distribution of less than $0.001.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 110

			Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Dividends from Net Investment Income			Distri-butions from Realized Capital Gains			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets (1)(2)			Ratio of Net Investment Income to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
Limited Maturity Fixed Income Fund
Institutional Class (commenced operations on October 22,1988)
	2013	**	$	11.25	$	0.03	$	0.01		$	(0.04	)	$	—		$	11.25		0.33	%	$	43,944		0.66	%		0.49	%		0.66	%		19	%
	2012			11.15		0.09		0.12			(0.11	)		—			11.25		1.88			48,141		0.68			0.85			0.68			87
	2011			11.21		0.16		(0.06	)		(0.16	)		—			11.15		0.92			31,743		0.66			1.46			0.67			50
	2010			11.06		0.20		0.16			(0.21	)		—			11.21		3.28			33,279		0.73			1.82			0.71			118
	2009			10.49		0.30		0.57			(0.30	)		—			11.06		8.44			37,255		0.75			2.66			0.76			98
	2008			10.59		0.37		(0.10	)		(0.37	)		—			10.49		2.54			92,681		0.76			3.44			0.67			79
Class N (commenced operations on October 22, 2004)
	2013	**	$	11.26	$	0.01	$	0.01		$	(0.02	)	$	—		$	11.26		0.20	%	$	5,422		0.91	%		0.24	%		1.16	%		19	%
	2012			11.15		0.08		0.11			(0.08	)		—			11.26		1.71			4,347		0.94			0.69			1.19			87
	2011			11.22		0.14		(0.08	)		(0.13	)		—			11.15		0.58			6,402		0.91			1.21			1.17			50
	2010			11.07		0.16		0.17			(0.18	)		—			11.22		3.04			9,262		0.98			1.48			1.22			118
	2009			10.51		0.27		0.57			(0.28	)		—			11.07		8.07			1,471		1.00			2.29			1.24			98
	2008			10.61		0.35		(0.10	)		(0.35	)		—			10.51		2.29			432		1.00			3.24			0.92			79
Government Bond Fund
Institutional Class (commenced operations on February 1, 2012)
	2013	**	$	10.73	$	0.06	$	(0.03	)	$	(0.08	)	$	—		$	10.68		0.27	%	$	55,511		0.54	%		1.03	%		0.52	%		7	%
	2012			10.75		0.05		0.04			(0.11	)		—			10.73		0.01			55,502		0.55			0.96			0.53			55
Class N (commenced operations on April 13, 2000)
	2013	**	$	10.75	$	0.03	$	(0.04	)	$	(0.05	)	$	—		$	10.69		(0.07	)%	$	2,576		1.04	%		0.53	%		1.02	%		7	%
	2012			10.77		0.06		0.05			(0.12	)		(0.01	)		10.75		0.01			2,970		1.03			0.56			1.03			55
	2011			10.68		0.12		0.15			(0.18	)		—			10.77		2.60			2,940		0.95			1.17			1.03			86
	2010			10.60		0.16		0.16			(0.24	)		—			10.68		3.10			3,251		0.95			1.57			1.03			93
	2009			10.42		0.32		0.18			(0.32	)		—			10.60		4.91			3,109		0.95			3.04			1.02			85
	2008			10.35		0.40		0.07			(0.40	)		—			10.42		4.59			2,761		0.95			3.80			1.02			36
Servicing Class (commenced operations on January 14, 2000)^
	2013	**	$	10.72	$	0.04	$	(0.02	)	$	(0.07	)	$	—		$	10.67		0.15	%	$	118,259		0.79	%		0.78	%		0.77	%		7	%
	2012			10.75		0.09		0.03			(0.14	)		(0.01	)		10.72		0.01			124,121		0.77			0.83			0.78			55
	2011			10.66		0.15		0.15			(0.21	)		—			10.75		2.86			175,866		0.70			1.40			0.78			86
	2010			10.58		0.19		0.16			(0.27	)		—			10.66		3.37			155,376		0.70			1.81			0.78			93
	2009			10.40		0.35		0.18			(0.35	)		—			10.58		5.18			71,966		0.70			3.29			0.77			85
	2008			10.33		0.42		0.08			(0.43	)		—			10.40		4.87			66,097		0.70			4.05			0.77			36
Corporate Bond Fund
Class N (commenced operations on April 13, 2000)
	2013	**	$	10.91	$	0.09	$	0.02		$	(0.09	)	$	(0.09	)	$	10.84		0.98	%	$	3,011		0.99	%		1.62	%		1.00	%		17	%
	2012			10.59		0.22		0.37			(0.22	)		(0.05	)		10.91		0.06			2,535		1.00			2.05			1.00			31
	2011			10.89		0.29		(0.30	)		(0.29	)		—			10.59		(0.10	)		2,481		1.00			2.69			1.00			40
	2010			10.57		0.33		0.32			(0.33	)		—			10.89		6.23			2,384		0.99			3.05			1.00			28
	2009			9.77		0.36		0.81			(0.37	)		—			10.57		12.19			995		0.99			3.59			1.00			30
	2008			10.18		0.41		(0.41	)		(0.41	)		—			9.77		(0.11	)		608		0.98			4.02			0.99			12
Servicing Class (commenced operations on January 14, 2000)^
	2013	**	$	10.90	$	0.10	$	0.02		$	(0.10	)	$	(0.09	)	$	10.83		1.10	%	$	134,581		0.74	%		1.88	%		0.75	%		17	%
	2012			10.58		0.25		0.37			(0.25	)		(0.05	)		10.90		0.06			133,787		0.75			2.30			0.75			31
	2011			10.88		0.32		(0.30	)		(0.32	)		—			10.58		0.15			111,563		0.75			2.94			0.75			40
	2010			10.56		0.35		0.32			(0.35	)		—			10.88		6.50			105,571		0.74			3.32			0.75			28
	2009			9.76		0.39		0.80	��		(0.39	)		—			10.56		12.48			88,897		0.74			3.88			0.75			30
	2008			10.18		0.43		(0.41	)		(0.44	)		—			9.76		0.04			69,709		0.73			4.25			0.74			12
California Tax Exempt Bond Fund
Class N (commenced operations on April 13, 2000)
	2013	**	$	10.86	$	0.10	$	(0.03	)	$	(0.11	)	$	(0.10	)	$	10.72		0.47	%	$	6,555		0.86	%		1.77	%		0.86	%		10	%
	2012			10.70		0.22		0.23			(0.22	)		(0.07	)		10.86		4.32			6,093		0.83			2.07			0.86			27
	2011			10.73		0.26		0.01			(0.26	)		(0.04	)		10.70		2.65			4,563		0.75			2.46			0.87			26
	2010			10.60		0.29		0.13			(0.29	)		—			10.73		4.06			3,309		0.75			2.75			0.87			28
	2009			10.09		0.30		0.51			(0.30	)		—			10.60		8.15			1,902		0.75			2.92			0.87			50
	2008			10.27		0.30		(0.18	)		(0.30	)		—			10.09		1.12			1,049		0.75			2.87			0.86			55
Servicing Class (commenced operations on January 14, 2000)^
	2013	**	$	10.83	$	0.11	$	(0.05	)	$	(0.10	)	$	(0.10	)	$	10.69		0.60	%	$	58,898		0.61	%		2.02	%		0.61	%		10	%
	2012			10.67		0.25		0.23			(0.25	)		(0.07	)		10.83		4.59			51,840		0.58			2.34			0.61			27
	2011			10.70		0.29		0.01			(0.29	)		(0.04	)		10.67		2.92			53,464		0.50			2.73			0.62			26
	2010			10.57		0.32		0.13			(0.32	)		—			10.70		4.34			40,457		0.50			3.03			0.62			28
	2009			10.06		0.33		0.51			(0.33	)		—			10.57		8.45			38,581		0.50			3.18			0.61			50
	2008			10.24		0.32		(0.18	)		(0.32	)		—			10.06		1.38			34,262		0.50			3.13			0.61			55

** For the six months ended March 31, 2013.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 111

financial highlights

For a Share Outstanding Throughout Each Period

For the six months ended March 31, 2013 (Unaudited) and the year or period ended September 30,

			Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Dividends from Net Investment Income			Distri-butions from Realized Capital Gains			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)			Ratio of Expenses to Average Net Assets (1)(2)			Ratio of Net Investment Income to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
Full Maturity Fixed Income Fund
Institutional Class (commenced operations on October 20, 1988)
	2013	**	$	11.06	$	0.10	$	(0.08	)	$	(0.11	)	$	(0.24	)	$	10.73		0.15	%	$	45,614			0.67	%		1.81	%		0.67	%		18	%
	2012			10.91		0.24		0.30			(0.25	)		(0.14	)		11.06		5.11			46,595			0.68			2.16			0.68			68
	2011			10.91		0.29		0.07			(0.30	)		(0.06	)		10.91		3.36			43,894			0.66			2.70			0.67			43
	2010			10.46		0.36		0.50			(0.36	)		(0.05	)		10.91		8.48			45,756			0.70			3.40			0.71			63
	2009			9.90		0.40		0.56			(0.40	)		—			10.46		9.95			39,495			0.75			3.97			0.75			56
	2008			10.16		0.44		(0.26	)		(0.44	)		—			9.90		1.76			42,579			0.64			4.32			0.64			34
Class N (commenced operations on May 11, 2004)
	2013	**	$	11.05	$	0.08	$	(0.07	)	$	(0.10	)	$	(0.24	)	$	10.72		0.03	%	$	294			0.92	%		1.56	%		1.17	%		18	%
	2012			10.90		0.21		0.30			(0.22	)		(0.14	)		11.05		4.85			306			0.93			1.94			1.18			68
	2011			10.90		0.26		0.07			(0.27	)		(0.06	)		10.90		3.10			497			0.91			2.46			1.17			43
	2010			10.46		0.33		0.50			(0.34	)		(0.05	)		10.90		8.12			3,818	��		0.95			3.08			1.21			63
	2009			9.89		0.39		0.56			(0.38	)		—			10.46		9.79			1,086			1.00			3.70			1.26			56
	2008			10.16		0.42		(0.27	)		(0.42	)		—			9.89		1.42			687			0.89			4.02			0.89			34
High Yield Bond Fund
Institutional Class (commenced operations on February 2, 2012)
	2013	**	$	8.64	$	0.31	$	0.25		$	(0.32	)	$	—		$	8.88		6.53	%	$	41,150			0.80	%		7.20	%		0.79	%		21	%
	2012			8.39		0.43		0.26			(0.44	)		—			8.64		8.39			40,891			0.85			7.66			0.85			41
Class N (commenced operations on January 14, 2000)
	2013	**	$	8.64	$	0.29	$	0.24		$	(0.29	)	$	—		$	8.88		6.25	%	$	52,504			1.33	%		6.68	%		1.32	%		21	%
	2012			7.98		0.62		0.66			(0.62	)		—			8.64		16.56			38,629			1.38			7.43			1.39			41
	2011			8.31		0.69		(0.33	)		(0.69	)		—			7.98		4.14			28,672			1.30			8.12			1.40			56
	2010			7.56		0.70		0.74			(0.69	)		—			8.31		19.81			24,010			1.30			8.68			1.40			87
	2009			7.40		0.60		0.18			(0.62	)		—			7.56		12.61			19,637			1.30			9.43			1.40			59
	2008			8.91		0.62		(1.47	)		(0.66	)		—			7.40		(10.10	)		17,521			1.30			7.43			1.39			20
Servicing Class (commenced operations on January 14, 2000)^
	2013	**	$	8.63	$	0.30	$	0.24		$	(0.30	)	$	—		$	8.87		6.41	%	$	79,076			1.04	%		6.94	%		1.04	%		21	%
	2012			7.98		0.65		0.65			(0.65	)		—			8.63		16.77			74,245			1.08			7.76			1.09			41
	2011			8.31		0.72		(0.33	)		(0.72	)		—			7.98		4.45			65,829			1.00			8.43			1.10			56
	2010			7.56		0.72		0.75			(0.72	)		—			8.31		20.17			33,845			1.00			8.89			1.10			87
	2009			7.40		0.62		0.18			(0.64	)		—			7.56		12.94			16,355			1.00			9.75			1.10			59
	2008			8.91		0.64		(1.47	)		(0.68	)		—			7.40		(9.83	)		13,926			1.00			7.72			1.09			20
Intermediate Fixed Income Fund
Class N (commenced operations on December 31, 1999)
	2013	***	$	26.76	$	0.22	$	0.13		$	(0.19	)	$	—		$	26.92		1.31	%	$	140,663			1.05	%		3.26	%		1.05	%		10	%
	2012			25.68		0.95		1.08			(0.95	)		—			26.76		7.99			130,359			1.13			3.59			1.12			26
	2011			25.89		0.97		(0.23	)		(0.95	)		—			25.68		2.88			107,957			1.15			3.74			1.15			58
	2010			25.11		0.95		0.79			(0.96	)		—			25.89		7.01			75,900			1.15			3.79			1.12			52
	2009			24.68		0.95		0.44			(0.96	)		—			25.11		5.77			61,600			1.12			3.99			1.22			70
	2008			26.28		1.26		(1.60	)		(1.26	)		—			24.68		(1.33	)		52,400			0.90			4.90			1.17			47
	2007			26.14		1.17		0.14			(1.17	)		—			26.28		5.11			56,000			0.90			4.61			1.14			47
Fixed Income Opportunities Fund
Class N (commenced operations on July 1, 2009)
	2013	***	$	27.20	$	0.45	$	0.35		$	(0.39	)	$	—		$	27.61		2.93	%	$	699,332			1.06	%		6.68	%		1.06	%		18	%
	2012			26.16		1.70		1.04			(1.64	)		(0.06	)		27.20		10.70			654,095			1.12			6.29			1.12			41
	2011			27.34		1.58		(1.02	)		(1.45	)		(0.29	)		26.16		2.04			497,684			1.16			5.80			1.16			60
	2010			26.56		1.79		1.07			(1.79	)		(0.29	)		27.34		11.10			257,900			1.18			6.60			1.18			62
	2009			25.00		0.76		1.38			(0.52	)		(0.06	)		26.56		8.60			166,200			1.21			5.82			1.21			22

** For the six months ended March 31, 2013.

*** For the three months ended March 31, 2013 (Unaudited) and the year or period ended December 31. Effective March 29, 2013, each of the Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio (each a “Predecessor Fund”) were merged into CNI Charter Fund’s Intermediate Fixed Income Fund and Fixed Income Opportunities Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 112

			Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Redemption Fees		Dividends from Net Investment Income			Distri-butions from Realized Capital Gains			Distri-butions from Return of Capital			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets (1)(2)			Ratio of Net Investment Income to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
Multi-Asset Fund
Institutional Class (commenced operations on March 22, 2012)
	2013	**	$	10.44	$	0.10	$	0.27		$	—	$	(0.13	)	$	—		$	—		$	10.68		3.61	%	$	7,519		0.59	%		1.93	%		0.59	%		27	%
	2012			10.45		0.12		0.03			—		(0.16	)		—			—			10.44		1.45			12,536		0.59			2.17			0.61			89
Class N (commenced operations on October 1, 2007)
	2013	**	$	10.44	$	0.09	$	0.27		$	—	$	(0.11	)	$	—		$	—		$	10.69		3.44	%	$	23,482		1.09	%		1.62	%		1.09	%		27	%
	2012			9.88		0.18		0.57			—		(0.19	)		—			—			10.44		7.61			25,001		1.09			1.72			1.10			89
	2011			10.36		0.17		(0.48	)		—		(0.17	)		—			—			9.88		(3.11	)		26,377		1.09			1.57			1.10			67
	2010			9.86		0.17		0.50			—		(0.17	)		—			—			10.36		6.89			22,019		1.09			1.69			1.10			76
	2009			9.69		0.13		0.18			—		(0.14	)		—			—			9.86		3.29			16,837		1.09			1.46			1.10			94
	2008			11.00		0.23		(1.33	)		—		(0.21	)		—			—			9.69		(10.12	)		16,708		1.53			2.22			1.54			141
Servicing Class (commenced operations on October 1, 2007)^^
	2013	**	$	10.45	$	0.10	$	0.27		$	—	$	(0.12	)	$	—		$	—		$	10.70		3.57	%	$	5,760		0.84	%		1.87	%		0.84	%		27	%
	2012			9.88		0.20		0.57			—		(0.20	)		—			—			10.45		7.89			7,230		0.84			1.99			0.84			89
	2011			10.37		0.19		(0.48	)		—		(0.20	)		—			—			9.88		(2.97	)		19,084		0.84			1.76			0.85			67
	2010			9.87		0.20		0.50			—		(0.20	)		—			—			10.37		7.15			11,258		0.84			1.96			0.85			76
	2009			9.70		0.15		0.18			—		(0.16	)		—			—			9.87		3.54			8,423		0.83			1.71			0.84			94
	2008			11.00		0.25		(1.32	)		—		(0.23	)		—			—			9.70		(9.84	)		10,741		1.29			2.37			1.30			141
Dividend & Income Fund
Class N (commenced operations on June 1, 1999)
	2013	***	$	29.07	$	0.18	$	3.67		$	—	$	(0.27	)	$	—		$	—		$	32.65		13.22	%	$	125,408		1.30	%		2.29	%		1.30	%		0	%
	2012			28.06		0.92		1.17			—		(0.92	)		—			(0.16	)		29.07		7.49			116,138		1.38			3.18			1.37			13
	2011			26.73		0.90		1.46			0.01		(0.88	)		—			(0.16	)		28.06		9.02			107,012		1.40			3.27			1.40			21
	2010			23.71		0.82		3.24			—		(0.81	)		—			(0.23	)		26.73		17.48			70,800		1.35			3.29			1.35			16
	2009			20.87		0.90		2.94			—		(0.87	)		—			(0.13	)		23.71		19.21			59,100		1.47			4.25			1.48			16
	2008			28.69		0.93		(7.73	)		—		(0.93	)		—			(0.09	)		20.87		(24.31	)		52,300		1.35			3.97			1.39			7
	2007			29.72		1.51		(0.91	)		0.01		(1.51	)		(0.06	)		(0.07	)		28.69		1.91			74,500		1.35			5.13			1.34			13
U.S. Core Equity Fund
Institutional Class (commenced operations on December 3, 2012)
	2013	**	$	10.00	$	0.06	$	0.90		$	—	$	(0.04	)	$	—		$	—		$	10.92		9.58	%	$	—		0.00	%		1.79	%		0.00	%		12	%
Class N (commenced operations on December 3, 2012)
	2013	**	$	10.00	$	0.02	$	0.90		$	—	$	(0.02	)	$	—		$	—		$	10.90		9.22	%	$	53,321		0.97	%		0.71	%		0.97	%		12	%
Servicing Class (commenced operations on December 3, 2012)
	2013	**	$	10.00	$	0.03	$	0.90		$	—	$	(0.03	)	$	—		$	—		$	10.90		9.30	%	$	55,238		0.72	%		0.85	%		0.72	%		12	%
Diversified Equity Fund
Institutional Class (commenced operations on October 20, 1988)
	2013	**	$	13.82	$	0.08	$	1.22		$	—	$	(0.08	)	$	—		$	—		$	15.04		9.44	%	$	43,075		0.83	%		1.12	%		0.93	%		23	%
	2012			11.33		0.08		2.49			—		(0.08	)		—			—			13.82		22.75			39,412		0.88			0.60			0.93			72
	2011			11.88		0.05		(0.55	)		—		(0.05	)		—			—			11.33		(4.27	)		50,029		0.89			0.37			0.90			112
	2010			11.19		0.06		0.69			—		(0.06	)		—			—	*		11.88		6.69			56,809		0.94			0.51			0.95			105
	2009			12.19		0.11		(1.00	)		—		(0.10	)		—			(0.01	)		11.19		(7.08	)		50,425		0.98			1.15			0.99			93
	2008			18.48		0.14		(3.84	)		—		(0.14	)		(2.45	)		—			12.19		(22.73	)		74,997		0.97			0.98			0.94			143
Class N (commenced operations on December 30, 2002)
	2013	**	$	13.86	$	0.06	$	1.22		$	—	$	(0.06	)	$	—		$	—		$	15.08		9.27	%	$	3,714		1.08	%		0.90	%		1.43	%		23	%
	2012			11.37		0.04		2.50			—		(0.05	)		—			—			13.86		22.35			3,824		1.13			0.34			1.43			72
	2011			11.92		0.02		(0.56	)		—		(0.01	)		—			—			11.37		(4.50	)		4,842		1.14			0.11			1.40			112
	2010			11.22		0.03		0.70			—		(0.03	)		—			—			11.92		6.50			6,610		1.19			0.26			1.45			105
	2009			12.22		0.09		(1.00	)		—		(0.09	)		—			—			11.22		(7.30	)		5,560		1.23			0.91			1.49			93
	2008			18.52		0.11		(3.85	)		—		(0.11	)		(2.45	)		—			12.22		(22.93	)		7,102		1.22			0.74			1.19			143

** For the six months ended or period ended March 31, 2013.

*** For the three months ended March 31, 2013 (Unaudited) and the year or period ended December 31. Effective March 29, 2013, the Rochdale Dividend & Income Portfolio (the “Predecessor Fund”) was merged into CNI Charter Fund’s Dividend & Income Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

* Amount represents less than $0.01 per share.

^^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 113

financial highlights

For a Share Outstanding Throughout Each Period

For the six months ended March 31, 2013 (Unaudited) and the year or period ended September 30,

			Net Asset Value Beginning of Period		Net Invest-ment Income (Loss)†			Net Realized and Unrealized Gains (Losses) on Securities†			Redemption Fees			Dividends from Net Investment Income			Distri-butions from Realized Capital Gains			Distri-butions from Return of Capital			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets (1)(2)			Ratio of Net Investment Income (Loss) to Average Net Assets(1)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
Socially Responsible Equity Fund
Institutional Class (commenced operations on January 3, 2005)
	2013	**	$	10.06	$	0.06		$	1.34		$	—		$	(0.06	)	$	—		$	—		$	11.40		13.98	%	$	93,318		0.88	%		1.19	%		0.88	%		23	%
	2012			8.38		0.13			1.68			—			(0.13	)		—			—			10.06		21.63			80,109		0.90			1.37			0.90			38
	2011			8.81		0.12			(0.43	)		—			(0.12	)		—			—			8.38		(3.67	)		62,193		0.88			1.27			0.89			22
	2010			8.20		0.09			0.61			—			(0.09	)		—			—	^		8.81		8.51			59,746		0.95			1.01			0.96			36
	2009			9.51		0.12			(1.30	)		—			(0.13	)		—			—			8.20		(12.11	)		52,406		0.97			1.74			0.98			48
	2008			12.12		0.16			(2.04	)		—			(0.15	)		(0.58	)		—			9.51		(16.24	)		53,256		0.99			1.51			0.90			41
Class N (commenced operations on August 12, 2005)
	2013	**	$	10.04	$	0.05		$	1.33		$	—		$	(0.05	)	$	—		$	—		$	11.37		13.77	%	$	30,558		1.13	%		0.93	%		1.38	%		23	%
	2012			8.37		0.11			1.67			—			(0.11	)		—			—			10.04		21.28			25,631		1.15			1.13			1.40			38
	2011			8.79		0.10			(0.42	)		—			(0.10	)		—			—			8.37		(3.80	)		3,132		1.13			1.05			1.39			22
	2010			8.19		0.07			0.60			—			(0.07	)		—			—			8.79		8.15			2,424		1.20			0.81			1.46			36
	2009			9.50		0.11			(1.31	)		—			(0.11	)		—			—			8.19		(12.34	)		1,101		1.22			1.49			1.48			48
	2008			12.11		0.14			(2.05	)		—			(0.12	)		(0.58	)		—			9.50		(16.46	)		885		1.24			1.26			1.15			41
Emerging Markets Fund
Class N (commenced operations on December 14, 2011)
	2013	***	$	32.31	$	(0.07	)	$	1.12		$	—	^	$	—		$	—		$	—		$	33.36		3.25	%	$	187,464		1.64	%		(0.81	)%		1.64	%		10	%
	2012			25.28		0.04			7.00			0.01			—			—			(0.02	)		32.31		27.87			136,838		1.97			0.15			1.94			69
	2011			25.00		(0.02	)(3)		0.30			—	^		—			—			—			25.28		1.12			5,934		2.25			(2.15	)		9.74			6

** For the six months ended or period ended March 31, 2013.

*** For the three months ended March 31, 2013 (Unaudited) and the year or period ended December 31. Effective March 29, 2013, the Rochdale Emerging Markets Portfolio (the “Predecessor Fund”) was merged into CNI Charter Fund’s Emerging Markets Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Amount represents less than $0.01 per share.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

(3) Net investment loss per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CNI CHARTER FUNDS | PAGE 114

notes to financial statements

March 31, 2013 (Unaudited)

1. ORGANIZATION:

CNI Charter Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company currently offering the following 17 series (each a “Fund” and collectively, the “Funds”): Government Money Market Fund, Prime Money Market Fund, California Tax Exempt Money Market Fund (collectively, the “Money Market Funds”); Limited Maturity Fixed Income Fund, Government Bond Fund, Corporate Bond Fund, California Tax Exempt Bond Fund, Full Maturity Fixed Income Fund, High Yield Bond Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund (collectively, the “Fixed Income Funds”); Multi-Asset Fund; Dividend & Income Fund, U.S. Core Equity Fund, Diversified Equity Fund, Socially Responsible Equity Fund (collectively, the “Equity Funds”); and Emerging Markets Fund.

As of March 31, 2013, City National Asset Management, Inc. (“CNAM”) served as the investment manager of all of the Funds except the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and Emerging Markets Fund. As of March 31, 2013, Rochdale Investment Management, LLC served as investment manager of the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund and Emerging Markets Fund.

On December 11, 2012, the Board of Trustees of the Rochdale Investment Trust, an open-end management investment company under the Investment Company Act of 1940, approved the reorganization of each Portfolio of the Rochdale Investment Trust into a corresponding Fund of the Trust. This includes the Rochdale Dividend & Income Portfolio, the Rochdale Intermediate Fixed Income Portfolio, the Rochdale Fixed Income Opportunities Portfolio and the Rochdale Emerging Markets Portfolio. The effective date of the reorganization of each Portfolio (each a “Predecessor Fund” and collectively the “Predecessor Funds”) into a corresponding Fund of the Trust was March 29, 2013. Each Predecessor Fund was the accounting survivor in the reorganization and, as such, the financial statements and financial highlights reflect the financial information of the Predecessor Funds through March 28, 2013.

Effective November 28, 2012, Institutional Class was redesignated Servicing Class for the Government Money Market Fund, Prime Money Market Fund and California Tax Exempt Money Market Fund. Also effective November 28, 2012, the Prime Money Market Fund opened a new Institutional Class.

The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified with the exception of the California Tax Exempt Bond Fund and the Emerging Markets Fund, which are non-diversified. The Funds’ prospectus provides descriptions of each Fund’s investment objectives, policies and strategies.

2. SIGNIFICANT ACCOUNTING POLICIES:

The following is a summary of significant accounting policies followed by the Funds.

Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ) are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of 60 days or less may be valued at their amortized cost, which approximates market value. Investments in underlying registered investment companies are valued at their respective daily net assets in accordance with pricing procedures approved by their respective boards. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Investments in registered open-end investment companies are priced at their daily net asset values. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

CNI CHARTER FUNDS | PAGE 115

notes to financial statements

March 31, 2013 (Unaudited)

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees. The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Trust’s Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; for international securities, market events occur after the close of the foreign markets that make closing prices not representative of fair value; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with GAAP, the objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

• Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

• Level 2 — Quoted prices in inactive markets, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

• Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the six months ended March 31, 2013, there have been no changes to the Funds’ fair valuation methodologies. For more details of the investment classification, reference the Schedules of Investments.

Security Transactions and Related Income – Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses on the sale of securities are those of the specific securities sold. Interest income is recognized on an accrual basis and dividend income is recognized on the ex-dividend date. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific method, which approximates the effective interest method over the holding period of a security, except for the Money Market Funds, which use a straight line basis which is not materially different from the scientific method.

Repurchase Agreements – Securities pledged as collateral for repurchase agreements are held by each Fund’s custodian bank, U.S. Bank, N.A., until maturity of the repurchase agreements. Provisions of the agreements and procedures adopted by the investment adviser require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the agreements require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Fund may be delayed or limited.

TBA Transactions – The Funds may engage in “to be announced” (“TBA”) security transactions. Such transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Funds record TBA securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payments for the securities purchased.

Expense Allocation – Common expenses incurred by the Funds are allocated among the Funds (i) based upon relative average daily net assets, (ii) as incurred on a specific identification basis, or (iii) equally among the Funds, depending on the nature of the expenditure.

Classes – Class-specific expenses are borne by that class. Income, non class-specific expenses, and realized and unrealized gains/losses are allocated to the respective class on the basis of relative net asset value each day.

CNI CHARTER FUNDS | PAGE 116

Dividends and Distributions to Shareholders – Dividends from net investment income are declared daily and paid to shareholders monthly for the Money Market Funds and Fixed Income Funds except for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Dividend & Income Fund. Dividends from net investment income are declared and paid quarterly for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund, Multi-Asset Fund and Equity Funds. Dividends from net investment income are declared and paid annually for the Emerging Markets Fund. Distributions from net realized capital gains are distributed to shareholders at least annually.

Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such translations. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin.

Forward Foreign Currency Contracts – A forward foreign currency contract is an agreement between two parties to buy or sell a currency at a set price on a future date. Forward contracts are marked to market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When a contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Fund could be at risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably.

Restricted Securities – Include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. A Fund may invest in restricted securities that are consistent with a Fund’s investment objective and investment strategies. A Fund will not invest in a restricted security if, immediately after and as a result of the investment in such security, more than 15% of the Fund’s net assets would be invested in illiquid securities. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

Redemption Fees – Prior to January 9, 2013, the Predecessor Funds charged a redemption fee on shares redeemed or exchanged within 45 days of purchase. These fees were deducted from the redemption proceeds otherwise payable out of a Predecessor Fund to the shareholder. Each Predecessor Fund retained the fee charged as paid-in capital and such fees became part of the Predecessor Fund’s daily net assets value (“NAV”) calculations. Effective January 9, 2013, the Board of Trustees of the Rochdale Investment Trust approved the elimination of the 2.00% redemption fee relating to redemptions or exchanges of shares of the Predecessor Funds held less than 45 days after the purchase of such shares.

Investment in Affiliated Security – The Funds may invest excess cash in the Money Market Funds. The Multi-Asset Fund also invests in other series of the Trust.

3. ADMINISTRATION, TRANSFER AGENT, DISTRIBUTION AND SHAREHOLDER SERVICES AGREEMENTS:

Pursuant to an administration agreement dated April 1, 1999, as amended (the “Agreement”), SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, acts as the Trust’s administrator. Under the terms of the Agreement, the Administrator is entitled to receive an annual fee of 0.050% of aggregate average daily net assets of the Trust not exceeding $2.0 billion, 0.040% of aggregate average daily net assets of the Trust exceeding $2.0 billion but not exceeding $4 billion, 0.030% of aggregate average daily net assets of the Trust exceeding $4 billion but not exceeding $6 billion, 0.025% of aggregate average daily net assets of the Trust exceeding $6 billion but not exceeding $8 billion, and 0.020% of aggregate average net assets of the Trust exceeding $8 billion. Each Fund is subject to a minimum annual fee of $90,000, which may be reduced at the sole discretion of the Administrator.

The Trust has adopted a Rule 12b-1 Distribution Plan (“the Plan”) with respect to Class N and Class S Shares that allows each Fund to pay distribution and servicing fees. Pursuant to the Plan, SEI Investments Distribution Co. (the “Distributor”) receives a distribution fee, computed daily and paid monthly, at the annual rate of 0.50% of the average daily net assets of the Class S Shares and 0.30% of the average daily net assets of the Class N Shares of the Money Market Funds and 0.25% of the Class N Shares of the Fixed Income Funds, Multi-Asset Fund, Equity Funds and the Emerging Markets Fund, which may be used by the Distributor to provide compensation for sales support and distribution-related activities. Prior to January 28, 2013 the Distributor received a

CNI CHARTER FUNDS | PAGE 117

notes to financial statements

March 31, 2013 (Unaudited)

distribution fee at the annual rate of 0.50% of the average daily net assets of Class N shares of the Money Market Funds.

Effective March 18, 2013, US Bancorp Fund Services, LLC (the “Transfer Agent”) serves as transfer agent for the Trust and provides services at an annual rate of $20,000 per share class for all Funds plus other transaction based fees and out-of-pocket expenses. Prior to March 18, 2013, SEI Institutional Transfer Agency, a division of SEI Investments Management Corporation, served as transfer agent for the Trust and provided services at an annual rate of $15,000 per share class for all Funds.

Prior to March 18, 2013, UMB Fund Services served as sub-transfer agent for all share classes of the Limited Maturity Fixed Income Fund, Full Maturity Fixed Income Fund, Diversified Equity Fund and Socially Responsible Equity Fund, and provided services at an annual rate of $14,000 per share class plus other transaction based fees and out of pocket expenses.

The Trust has entered into Shareholder Servicing Agreements that permit payment of compensation to City National Bank (“CNB”) and its affiliates (including CNAM) which provide certain shareholder support for their customers who own Servicing Class (for the Money Market Funds only), Class N, Class S or Servicing Class Shares. In consideration for such services, a shareholder servicing fee is charged at the annual rate of up to 0.25% of average daily net assets of the relevant class of each Fund. CNB and CNAM have both agreed to voluntarily waive portions of their shareholder servicing fees with respect to certain Funds. For the period ended March 31, 2013, CNB and CNAM received Shareholder Servicing fees from the Trust in the amounts of $742,622 and $0, respectively.

Certain officers of the Trust are also officers of CNAM or the Administrator. Such officers are paid no fees by the Trust for serving as officers of the Trust.

4. INVESTMENT ADVISORY FEES AND OTHER AGREEMENTS:

Under the terms of the current investment management agreements, each Fund’s Investment Manager receives an annual fee equal to a percentage of the average daily net assets of the Funds, as follows:

Fund	Fee
Government Money Market Fund	0.26%
Prime Money Market Fund	0.25
California Tax Exempt Money Market Fund	0.27
Limited Maturity Fixed Income Fund	0.50
Government Bond Fund	0.43
Corporate Bond Fund	0.40
California Tax Exempt Bond Fund	0.27
Full Maturity Fixed Income Fund	0.50
High Yield Bond Fund	0.60*
Intermediate Fixed Income Fund	0.40
Fixed Income Opportunities Fund	0.50
Multi-Asset Fund	0.50
Dividend & Income Fund	0.50
U.S. Core Equity Fund	0.40
Diversified Equity Fund	0.75**
Socially Responsible Equity Fund	0.75
Emerging Markets Fund	1.00

* Prior to January 28, 2013 this fee was 0.75% of average daily net assets.

** CNAM has contractually agreed to waive a portion of the annual management fee payable to it by the Diversified Equity Fund, thereby reducing the annual management fee from 0.75% of average daily net assets to 0.65% of average daily net assets. This limitation will be in effect until January 28, 2014.

Robert W. Baird & Co., Incorporated and Boyd Watterson Asset Management, LLC act as the investment sub-advisers with respect to the Full Maturity Fixed Income Fund.

Guggenheim Partners Investment Management, LLC (“Guggenheim”) acts as the investment sub-adviser with respect to the High Yield Bond Fund.

Federated Global Investment Management Corp., Seix Investment Advisors LLC and GML Capital LLP act as the investment sub-advisers with respect to the Fixed Income Opportunities Fund.

SKBA Capital Management, LLC acts as the investment sub-adviser with respect to the Diversified Equity Fund and Socially Responsible Equity Fund.

Sub-adviser fees are paid by each Fund’s Investment Manager, except for Guggenheim, which was paid directly from the High Yield Bond Fund. Effective April 1, 2013, Guggenheim is paid by the Fund’s Investment Manager.

CNI CHARTER FUNDS | PAGE 118

Each Fund’s Investment Manager has agreed to limit its fees or reimburse expenses to the extent necessary to keep operating expenses at or below certain percentages of certain of the Funds’ respective average daily net assets. With respect to the Limited Maturity Fixed Income Fund, Full Maturity Fixed Income Fund, Diversified Equity Fund and Socially Responsible Equity Fund, voluntary limits are in addition to the contractual expense limitations described in the fee table in each Fund’s prospectus. The voluntary expense limitations (expressed as percentages of average daily net assets) are as follows:

	Government Money Market Fund	Prime Money Market Fund	California Tax Exempt Money Market Fund
Institutional Class	n/a	0.38%	n/a
Class N	0.87%	0.87%	0.78%
Class S	1.07%	1.07%	0.98%
Servicing Class	0.63%	0.63%	0.55%

	Limited Maturity Fixed Income Fund	Government Bond Fund	Corporate Bond Fund	California Tax Exempt Bond Fund
Institutional Class	0.67%	0.53%	n/a	n/a
Class N	0.92%	1.03%	1.01%	0.88%
Servicing Class	n/a	0.78%	0.76%	0.63%

	Full Maturity Fixed Income Fund	High Yield Bond Fund	Intermediate Fixed Income Fund	Fixed Income Opportunities Fund
Institutional Class	0.67%	0.70%	n/a	n/a
Class N	0.92%	1.20%	1.01%	1.09%
Servicing Class	n/a	0.95%	n/a	n/a

	Multi-Asset Fund	Dividend & Income Fund	U.S. Core Equity Fund	Diversified Equity Fund
Institutional Class	0.99%	n/a	0.55%	0.85%
Class N	1.49%	1.11%	1.05%	1.10%
Servicing Class	1.24%	n/a	0.80%	n/a

	Socially Responsible Equity Fund	Emerging Markets Fund
Institutional Class	0.89%	n/a
Class N	1.14%	1.61%
Servicing Class	n/a	n/a

The contractual limitations for the Limited Maturity Fixed Income Fund, the Full Maturity Fixed Income Fund, Diversified Equity Fund and Socially Responsible Equity Fund are as follows:

	Limited Maturity Fixed Income Fund	Full Maturity Fixed Income Fund	Diversified Equity Fund	Socially Responsible Equity Fund
Institutional Class	1.00%	1.00%	1.25%	1.25%
Class N	1.25%	1.25%	1.50%	1.50%

Any fee reductions or expense reimbursements may be repaid by a Fund to each Fund’s Investment Manager, as applicable, within three years after occurrence if such repayments can be achieved within a Fund’s expense limit in effect at the time such expenses were incurred and if certain other conditions are satisfied.

As of March 31, 2013, fees which were previously waived by CNAM which may be subject to possible future reimbursement were as follows:

Fund	Potential Amount of Recovery (000)		Expiration
Government Money Market Fund	$	5,102		2013
		6,470		2014
		6,662		2015
		2,813		2016
Prime Money Market Fund		1,372		2013
		1,533		2014
		1,222		2015
		629		2016
California Tax Exempt Money Market Fund		1,560		2013
		1,498		2014
		2,066		2015
		768		2016
Government Bond Fund		79		2013
		122		2014
		25		2015
		—		2016
California Tax Exempt Bond Fund		44		2013
		56		2014
		17		2015
		1		2016
High Yield Bond Fund		34		2013
		67		2014
		17		2015
		1		2016

CNAM, CNB and the Administrator have voluntarily agreed to further waive and reduce their fees and/or reimburse certain expenses of the Money Market Funds in order to maintain a one-day net income yield (yield floor) of each Fund of not less than 0.01% of the Fund’s average daily net assets. The following table shows waivers, with respect to such yield floor, by class for the six months ended March 31, 2013:

CNI CHARTER FUNDS | PAGE 119

notes to financial statements

March 31, 2013 (Unaudited)

	Shareholder Servicing Fee Waiver (000)			Investment Advisory Fee Waiver (000)		Administration Fee Waiver (000)
Government Money Market Fund
Class N	$	6,885	(1)	$	2,421	$	139
Class S		1,212	(1)		308		17
Servicing Class		119			83		5
Prime Money Market Fund
Institutional Class		—			3		—
Class N		906	(1)		192		19
Class S		903	(1)		135		13
Servicing Class		704			299		28
California Tax Exempt Money Market Fund
Class N		1,691	(1)		583		35
Class S		286	(1)		68		4
Servicing Class		177			117		7

(1) Includes class specific distribution expenses.

5. INVESTMENT TRANSACTIONS:

The cost of security purchases and proceeds from the sale and maturities of securities, other than temporary investments in short-term securities for the six months ended March 31, 2013, were as follows for the Fixed Income Funds, Multi-Asset Fund, Equity Funds and Emerging Markets Fund:

	Purchases					Sales and Maturities
Fund	U.S. Gov’t (000)		Other (000)			U.S. Gov’t (000)		Other (000)
Limited Maturity Fixed Income Fund	$	3,187	$	5,579		$	6,256	$	5,369
Government Bond Fund		10,541		—			19,298		—
Corporate Bond Fund		—		21,759			1,083		21,431
California Tax Exempt Bond Fund		—		12,934			—		5,573
Full Maturity Fixed Income Fund		4,452		4,010			4,222		3,931
High Yield Bond Fund		—		52,049			—		31,123
Intermediate Fixed Income Fund**		8,651		19,349			127		12,505
Fixed Income Opportunities Fund**		—		122,382			—		92,468
Multi-Asset Fund		—		10,410	*		—		19,395	*
Dividend & Income Fund**		—		—			—		20,107
U.S. Core Equity Fund		—		110,529			—		11,967
Diversified Equity Fund		—		9,962			—		10,217
Socially Responsible Equity Fund		—		28,010			—		25,200
Emerging Markets Fund**		—		51,246			—		14,758

* Includes $9,122 (000) and $10,924 (000) of purchases and sales, respectively, of affiliated registered investment companies.

** For the period December 31, 2012 through March 31, 2013.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

6. FEDERAL TAX INFORMATION:

It is each Fund’s intention to qualify or continue to qualify as a regulated investment company for Federal income tax purposes and distribute all of its taxable income and net capital gains. Accordingly, no provisions for Federal income taxes are required.

Management has analyzed the Funds’ tax position taken on federal income tax returns for all open tax years and has concluded that as of March 31, 2013, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with Federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss), or paid-in capital, as appropriate, in the period that the differences arise.

CNI CHARTER FUNDS | PAGE 120

The tax character of dividends and distributions declared during the years ended September 30, 2012 and September 30, 2011 unless otherwise indicated were as follows:

Fund	Tax Exempt Income (000)		Ordinary Income (000)		Long-Term Capital Gain (000)		Return of Capital (000)		Total (000)
Government Money Market Fund
2012	$	—	$	333	$	—	$	—	$	333
2011		—		509		—		—		509
Prime Money Market Fund
2012	$	—	$	209	$	—	$	—	$	209
2011		—		533		—		—		533
California Tax Exempt Money Market Fund
2012	$	90	$	1	$	—	$	—	$	91
2011		163		1		—		—		164
Limited Maturity Fixed Income Fund
2012	$	—	$	389	$	—	$	—	$	389
2011		—		579		—		—		579
Government Bond Fund
2012	$	—	$	2,432	$	143	$	—	$	2,575
2011		—		3,356		—		—		3,356
Corporate Bond Fund
2012	$	—	$	2,795	$	538	$	—	$	3,333
2011		—		3,390		—		—		3,390
California Tax Exempt Bond Fund
2012	$	1,360	$	63	$	332	$	—	$	1,755
2011		1,360		—		187		—		1,547
Full Maturity Fixed Income Fund
2012	$	—	$	1,125	$	530	$	—	$	1,655
2011		—		1,427		110		—		1,537
High Yield Bond Fund
2012	$	—	$	9,684	$	—	$	—	$	9,684
2011		—		6,045		—		—		6,045
Intermediate Fixed Income Fund†
2012	$	—	$	4,065	$	—	$	—	$	4,065
2011		—		3,317		—		—		3,317
Fixed Income Opportunities Fund†
2012	$	—	$	35,978	$	1,348	$	—	$	37,326
2011		—		20,952		4,794		—		25,746
Multi-Asset Fund
2012	$	—	$	899	$	—	$	—	$	899
2011		—		662		—		—		662
Dividend & Income Fund†
2012	$	—	$	4,044	$	—	$	727	$	4,771
2011		—		2,681		—		502		3,183
Diversified Equity Fund
2012	$	—	$	283	$	—	$	—	$	283
2011		—		231		—		—		231
Socially Responsible Equity Fund
2012	$	—	$	1,199	$	—	$	—	$	1,199
2011		—		902		—		—		902
Emerging Markets Fund†
2012	$	—	$	—	$	—	$	67	$	67

† For the years ended December 31, 2012 and December 31, 2011.

As of September 30, 2012, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:

Fund	Undistributed Tax-Exempt Income (000)		Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)		Capital Loss Carryforwards (000)			Post-October Losses (000)			Unrealized Appreciation (000)		Other Temporary Differences (000)			Total Distributable Earnings (Accumulated Losses) (000)
Government Money Market Fund	$	—	$	27	$	—	$	(6	)	$	(1	)	$	—	$	(27	)	$	(7	)
Prime Money Market Fund		—		21		—		(12	)		(2	)		—		(21	)		(14	)
California Tax Exempt Money Market Fund		8		—		—		—			—			—		(6	)		2
Limited Maturity Fixed Income Fund		—		27		—		(2,140	)		(10	)		623		(27	)		(1,527	)
Government Bond Fund		—		193		—		(73	)		(834	)		4,718		(193	)		3,811
Corporate Bond Fund		—		255		1,038		—			—			5,095		(216	)		6,172
California Tax Exempt Bond Fund		105		150		278		—			—			2,336		(105	)		2,764
Full Maturity Fixed Income Fund		—		393		644		—			—			2,347		(81	)		3,303
High Yield Bond Fund		—		981		—		(504	)		—			3,397		(958	)		2,916
Intermediate Fixed Income Fund†		—		173		—		(2,443	)		—			5,195		1			2,926
Fixed Income Opportunities Fund†		—		400		—		—			—			13,903		(572	)		13,731
Multi-Asset Fund		—		222		—		(2,359	)		(1,296	)		1,879		(204	)		(1,758	)
Dividend & Income Fund†		—		—		—		(13,778	)		—			23,987		(341	)		9,868
Diversified Equity Fund		—		75		—		(16,563	)		—			4,035		(75	)		(12,528	)
Socially Responsible Equity Fund		—		281		—		(10,257	)		(138	)		12,592		(281	)		2,197
Emerging Markets Fund†		—		—		—		(1,901	)		—			20,441		(223	)		18,317

† As of December 31, 2012.

CNI CHARTER FUNDS | PAGE 121

notes to financial statements

March 31, 2013 (Unaudited)

For tax purposes, the losses in the Funds can be carried forward for a maximum of eight years to offset any future net realized capital gains. As of September 30, 2012 or December 31, 2012, as applicable, the breakdown of capital loss carryforwards was as follows:

	Expiring September 30,
Fund	2013 (000)		2014 (000)		2015 (000)		2016 (000)		2017 (000)		2018 (000)		2019 (000)		Total
Government Money Market Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	5	$	5
Limited Maturity Fixed Income Fund		185		132		1,415		—		81		327		—		2,140
High Yield Bond Fund		—		—		—		—		—		504		—		504
Multi-Asset Fund		—		—		—		—		686		1,328		—		2,014
Diversified Equity Fund		—		—		—		—		3,230		13,333		—		16,563
Socially Responsible Equity Fund		—		—		—		—		1,402		7,193		1,662		10,257

	Expiring December 31,
Fund	2016 (000)		2017 (000)		2018 (000)		Short Term Unlimited		Long Term Unlimited		Total
Intermediate Fixed Income Fund	$	202	$	2,241	$	—	$	—	$	—	$	2,443
Dividend & Income Fund		1,513		6,397		1,455		1,002		3,411		13,778
Emerging Markets Fund		—		—		—		1,901		—		1,901

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

Fund	Short-Term Loss (000)		Long-Term Loss (000)		Total (000)*
Government Money Market Fund	$	1	$	—	$	1
Prime Money Market Fund		12		—		12
Government Bond Fund		28		45		73
Multi-Asset Fund		345		—		345

* This table should be used in conjunction with the capital loss carryforwards table.

During the year ended September 30, 2012 unless otherwise indicated, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

Fund	Amount (000)
Limited Maturity Fixed Income Fund	$	317
High Yield Bond Fund		1,494
Intermediate Fixed Income Fund†		327
Diversified Equity Fund		2,860
Socially Responsible Equity Fund		840

† During the year ended December 31, 2012.

Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2010, through September 30, 2012, that, in accordance with Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

The aggregate gross unrealized appreciation on securities, the aggregate gross unrealized depreciation on securities and the net unrealized appreciation/ (depreciation) for tax purposes at March 31, 2013, for each of the Fixed Income Funds, Multi-Asset Fund, Equity Funds and Emerging Markets Fund were as follows:

CNI CHARTER FUNDS | PAGE 122

Fund	Federal Tax Cost (000)		Aggregate Gross Unrealized Appreciation (000)		Aggregate Gross Unrealized Depreciation (000)			Net Unrealized Appreciation (000)
Limited Maturity Fixed Income Fund	$	48,475	$	560	$	(8	)	$	552
Government Bond Fund		171,926		4,419		(146	)		4,273
Corporate Bond Fund		131,092		5,089		(37	)		5,052
California Tax Exempt Bond Fund		64,463		2,042		(138	)		1,904
Full Maturity Fixed Income Fund		44,398		1,723		(54	)		1,669
High Yield Bond Fund		163,330		8,848		(2,222	)		6,626
Intermediate Fixed Income Fund		133,444		6,353		(545	)		5,808
Fixed Income Opportunities Fund		706,013		26,282		(9,555	)		16,727
Multi-Asset Fund		34,944		1,927		(141	)		1,786
Dividend & Income Fund		91,115		36,388		(2,558	)		33,830
U.S. Core Equity Fund		99,355		9,413		(1,296	)		8,117
Diversified Equity Fund		39,569		7,997		(661	)		7,336
Socially Responsible Equity Fund		102,042		22,193		(274	)		21,919
Emerging Markets Fund		161,264		25,952		(2,760	)		23,192

At March 31, 2013, the Money Market Funds’ cost of securities for Federal income tax purposes approximates the cost disclosed in the Schedule of Investments.

7. LINE OF CREDIT

The Intermediate Fixed Income Fund and Dividend & Income Fund each have an unsecured Loan Agreement (“LOC”) with U.S. Bank, N.A. Under the terms of the LOC, borrowings for an individual Fund were limited to either the lesser of 10% of the Funds’ net assets or an explicit amount on the LOC. Interest is charged to each Fund based on its borrowings at prime rate minus 0.50%.

Borrowing activity under the LOC for the three months ended March 31, 2013, was as follows:

Fund	Maximum Amount of Line of Credit	Interest Expense	Average Rate	Average Borrowings	Maximum Outstanding
Dividend & Income Fund	$2,000,000	$718	2.75%	$303,065	$2,000,000

Borrowing activity under the LOC for the year ended December 31, 2012, was as follows:

Fund	Maximum Amount of Line of Credit	Interest Expense	Average Rate	Average Borrowings	Maximum Outstanding
Dividend & Income Fund	$2,000,000	$156	2.75%	$186,000	$336,000

There was no borrowing activity for the Intermediate Fixed Income Fund.

Average borrowing activity was calculated using the number of days for amounts outstanding in the Dividend & Income Fund.

8. CONCENTRATION OF CREDIT RISK

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

The Multi-Asset Fund may invest in exchange-traded notes (“ETNs”) as a non-principal investment strategy. ETNs are unsecured debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. In addition to trading ETNs on exchanges, investors may redeem ETNs directly with the issuer on a weekly basis, typically in a minimum amount of 50,000 units, or hold the ETNs until maturity. ETNs are riskier than ordinary unsecured debt securities and have no principal protection. The Fund will generally invest in ETNs which are linked to commodities indexes. The Fund’s investment in an ETN may be influenced by many unpredictable factors, including highly volatile commodities prices, changes in supply and demand relationships, weather, agriculture, trade, changes in interest rates, and monetary and other governmental policies, action and inaction. Investing in ETNs is not equivalent to investing directly in index components or the relevant index itself. Because ETNs are debt securities, they possess credit risk; if the issuer has financial difficulties or goes bankrupt, the investor may not receive the return it was promised.

The High Yield Bond Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Multi-Asset Fund may invest in lower-rated corporate bonds, known as high yield bonds. High yield bonds involve greater risks of default, downgrade, or price declines and are more volatile than investment grade securities. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and are subject to a greater risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security.

CNI CHARTER FUNDS | PAGE 123

notes to financial statements

March 31, 2013 (Unaudited)

The Fixed Income Opportunities Fund may invest in bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result, bank loans may have relatively less liquidity than other types of fixed income assets, and a Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments.

The Full Maturity Fixed Income Fund, Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in asset-backed and mortgage-backed securities. As a general rule, prepayments of the principal of the loans underlying mortgage-backed or other pass-through securities increase during a period of falling interest rates and decrease during a period of rising interest rates. In periods of declining interest rates, as a result of prepayments a Fund may be required to reinvest its assets in securities with lower interest rates. In periods of increasing interest rates, the securities subject to prepayment risk held by a Fund may exhibit price characteristics of longer-term debt securities.

California Tax Exempt Funds – Specific Risks

The ability of issuers to pay interest on, and repay principal of, California municipal securities may be affected by economic and political developments in the State of California.

Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions’ or financial guaranty assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases.

Emerging Markets Fund – Specific Risks

Foreign investments tend to be more volatile than domestic securities, and are subject to risks that are not typically associated with domestic securities (e.g., changes in currency rates and exchange control regulations, future political and economic developments and the possibility of seizure or nationalization of companies, or the imposition of withholding taxes on income). There may be less government supervision of foreign markets. As a result, foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices applicable to domestic issuers, and there may be less publicly available information about foreign issuers.

As long as the Emerging Markets Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. The value of a foreign currency may decline in relation to the U.S. dollar while the Fund holds securities denominated in such currency. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the U.S. or foreign governments or central banks. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.

Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, the political, legal and economic systems of which are less developed and less stable than those of more developed nations. Emerging markets may have relatively unstable governments, immature economic structures, national policies restricting investments by foreigners, social instability, and different and/or developing legal systems. In some countries, there is the risk that the government may take over the assets or operations of a company or that the government may impose withholding and other taxes or limits on the removal of the Emerging Market Fund’s assets from that country. In addition, the economies of emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations. Emerging market securities are also subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.

CNI CHARTER FUNDS | PAGE 124

9. CAPITAL SHARES ISSUED AND REDEEMED:

Capital share activity for the six months ended March 31, 2013 (Unaudited) and the year ended September 30, 2012 were as follows:

	Government Money Market Fund (000)						Prime Money Market Fund (000)(1)						California Tax Exempt Money Market Fund (000)
	2013			2012			2013			2012			2013			2012
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			31,090			—			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			—			—			—			—
Shares redeemed		—			—			(28,386	)		—			—			—
Net Institutional Class transactions		—			—			2,704			—			—			—
Class N:
Shares issued		2,287,997			4,477,708			429,374			788,534			597,908			1,072,087
Shares issued in Lieu of Dividends and Distributions		116			237			26			37			34			66
Shares redeemed		(2,481,001	)		(4,595,995	)		(472,710	)		(844,817	)		(557,194	)		(1,033,785	)
Net Class N transactions		(192,888	)		(118,050	)		(43,310	)		(56,246	)		40,748			38,368
Class S:
Shares issued		617,640			903,404			383,823			1,112,831			136,511			335,463
Shares issued in Lieu of Dividends and Distributions		—			—			—			—			—			—
Shares redeemed		(515,037	)		(905,676	)		(402,421	)		(1,121,886	)		(167,672	)		(313,714	)
Net Class S transactions		102,603			(2,272	)		(18,598	)		(9,055	)		(31,161	)		21,749
Servicing Class^:
Shares issued		459,945			779,564			1,426,368			3,258,448			494,892			1,079,873
Shares issued in Lieu of Dividends and Distributions		—			—			14			21			—			—
Shares redeemed		(449,234	)		(734,817	)		(1,362,322	)		(3,381,990	)		(492,602	)		(1,112,139	)
Net Servicing Class transactions		10,711			44,747			64,060			(123,521	)		2,290			(32,266	)

	Limited Maturity Fixed Income Fund (000)						Government Bond Fund (000)(2)						Corporate Bond Fund (000)						California Tax Exempt Bond Fund (000)
	2013			2012			2013			2012			2013			2012			2013			2012
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		58			3,674			470			4,604			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		4			18			37			128			—			—			—			—
Shares redeemed		(435	)		(2,261	)		(481	)		(9,518	)		—			—			—			—
Net Institutional Class transactions		(373	)		1,431			26			(4,786	)		—			—			—			—
Class N:
Shares issued		176			91			22			38			91			42			69			317
Shares issued in Lieu of Dividends and Distributions		1			4			1			2			3			4			7			9
Shares redeemed		(82	)		(283	)		(58	)		(36	)		(48	)		(48	)		(26	)		(191	)
Net Class N transactions		95			(188	)		(35	)		4			46			(2	)		50			135
Servicing Class^^:
Shares issued		—			—			1,570			5,526			1,752			5,654			1,397			1,643
Shares issued in Lieu of Dividends and Distributions		—			—			32			38			22			100			15			66
Shares redeemed		—			—			(2,095	)		(391	)		(1,622	)		(4,022	)		(691	)		(1,931	)
Net Servicing Class transactions		—			—			(493	)		5,173			152			1,732			721			(222	)

(1) Institutional Class commenced operations on December 19, 2012.

(2) Institutional Class commenced operations on February 1, 2012.

^ Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

^^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

CNI CHARTER FUNDS | PAGE 125

notes to financial statements

March 31, 2013 (Unaudited)

	Full Maturity Fixed Income Fund (000)						High Yield Bond Fund (000)(1)						Intertmediate Fixed Income Fund (000)†^^									Fixed Income Opportunities Fund (000)†^^
	2013			2012			2013			2012			2013			2012			2011			2013			2012			2011
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		7			270			373			5,055			—			—			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		106			125			127			140			—			—			—			—			—			—
Shares redeemed		(72	)		(207	)		(598	)		(461	)		—			—			—			—			—			—
Net Institutional Class transactions		41			188			(98	)		4,734			—			—			—			—			—			—
Class N:
Shares issued		2			9			1,558			1,231			575			1,995			10,962			2,059			7,602			2,544
Shares issued in Lieu of Dividends and Distributions		1			1			84			189			19			127			898			212			1,297			116
Shares redeemed		(3	)		(28	)		(200	)		(541	)		(239	)		(1,454	)		(2,271	)		(993	)		(3,875	)		(1,388	)
Net Class N transactions		—			(18	)		1,442			879			355			668			9,589			1,278			5,024			1,272
Servicing Class^:
Shares issued		—			—			2,843			8,522			—			—			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			35			245			—			—			—			—			—			—
Shares redeemed		—			—			(2,567	)		(8,421	)		—			—			—			—			—			—
Net Servicing Class transactions		—			—			311			346			—			—			—			—			—			—

	Multi-Asset Fund (000)(2)						Dividend & Income Fund (000)†^^									U.S. Core Equity Fund (000)(3)
	2013			2012			2013			2012			2011			2013
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		135			1,451			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		9			19			—			—			—			—
Shares redeemed		(641	)		(269	)		—			—			—			—
Net Institutional Class transactions		(497	)		1,201			—			—			—			—
Class N:
Shares issued		80			235			357			1,706			1,803			5,189
Shares issued in Lieu of Dividends and Distributions		15			29			26			152			107			8
Shares redeemed		(293	)		(540	)		(535	)		(1,677	)		(744	)		(304	)
Net Class N transactions		(198	)		(276	)		(152	)		181			1,166			4,893
Servicing Class^:
Shares issued		15			419			—			—			—			5,403
Shares issued in Lieu of Dividends and Distributions		3			19			—			—			—			—
Shares redeemed		(171	)		(1,678	)		—			—			—			(335	)
Net Servicing Class transactions		(153	)		(1,240	)		—			—			—			5,068

(1) Institutional Class commenced operations on February 2, 2012.

(2) Institutional Class commenced operations on March 22, 2012.

(3) Fund commenced operations on December 3, 2012.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

^^ On March 29, 2013, the Intermediate Fixed Income Fund, the Fixed Income Opportunities Fund and the Dividend & Income Fund were reorganized into the CNI Charter Funds. See Note 1 in Notes to Financial Statements for additional information.

† For the three months ended March 31, 2013 (Unaudited) and the years ended December 31, 2012 (Audited) and December 31, 2011 (Audited).

CNI CHARTER FUNDS | PAGE 126

	Diversified Equity Fund (000)						Socially Responsible  Equity Fund (000)						Emerging Markets  Fund (000)†^
	2013			2012			2013			2012			2013			2012			12/15/11 through 12/31/11
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			26			716			1,358			—			—			—
Shares issued in Lieu of Dividends and Distributions		14			18			47			102			—			—			—
Shares redeemed		(2	)		(1,606	)		(540	)		(917	)		—			—			—
Net Institutional Class transactions		12			(1,562	)		223			543			—			—			—
Class N:
Shares issued		11			3			408			2,382			1,501			4,464			235
Shares issued in Lieu of Dividends and Distributions		1			1			12			21			—			2			—
Shares redeemed		(42	)		(154	)		(287	)		(223	)		(117	)		(466	)		—
Net Class N transactions		(30	)		(150	)		133			2,180			1,384			4,000			235

† For the three months ended March 31, 2013 (Unaudited), and the years ended December 31, 2012 (Audited) and December 31, 2011 (Audited).

^ On March 29, 2013, the Emerging Markets Fund was reorganized into the CNI Charter Funds. See Note 1 in Notes to Financial Statements for additional information.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board issued a further update to the guidance “Balance Sheet — Disclosures about Offsetting Assets and Liabilities.” The amendments to this standard require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The amended guidance is effective for interim and annual reporting periods beginning after January 1, 2013. At this time, management is evaluating the implications of this update and its impact on the financial statements has not been determined.

11. SUBSEQUENT EVENTS

The Trust has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no adjustments were required to the financial statements as of March 31, 2013 and no issues were noted to disclose, except as follows:

Effective after the close of business on May 14, 2013, Turner Investments, L.P. (“Turner”) no longer serves as sub-adviser, and Robert E. Turner no longer serves as a portfolio manager, for the CNI Charter Funds Diversified Equity Fund. The portion of the Diversified Equity Fund previously managed by Turner is now managed by CNAM.

CNI CHARTER FUNDS | PAGE 127

disclosure of fund expenses (Unaudited)

All mutual funds have operating expenses. As a shareholder of a Fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, class-specific distribution fees and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the Fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table below illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes – NOT your Fund’s actual return – the account values shown do not apply to your specific investment.

CNI CHARTER FUNDS | PAGE 128

	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Annualized Expense Ratios			Expense Paid During Period*
Government Money Market Fund
Actual Fund Return
Class N	$	1,000.00	$	1,000.10		0.17	%	$	0.85
Class S		1,000.00		1,000.10		0.16	%		0.80
Servicing Class		1,000.00		1,000.10		0.16	%		0.80
Hypothetical 5% Return
Class N	$	1,000.00	$	1,024.08		0.17	%	$	0.86
Class S		1,000.00		1,024.13		0.16	%		0.81
Servicing Class		1,000.00		1,024.13		0.16	%		0.81

Prime Money Market Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,000.10	0.20	%	$	1.00	**
Class N		1,000.00		1,000.10	0.24	%		1.20
Class S		1,000.00		1,000.10	0.25	%		1.25
Servicing Class		1,000.00		1,000.10	0.23	%		1.15
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,023.93	0.20	%	$	1.01
Class N		1,000.00		1,023.73	0.24	%		1.21
Class S		1,000.00		1,023.68	0.25	%		1.26
Servicing Class		1,000.00		1,023.78	0.23	%		1.16

California Tax Exempt Money Market Fund
Actual Fund Return
Class N	$	1,000.00	$	1,000.10	0.12	%	$	0.60
Class S		1,000.00		1,000.10	0.13	%		0.65
Servicing Class		1,000.00		1,000.10	0.12	%		0.60
Hypothetical 5% Return
Class N	$	1,000.00	$	1,024.33	0.12	%	$	0.61
Class S		1,000.00		1,024.28	0.13	%		0.66
Servicing Class		1,000.00		1,024.33	0.12	%		0.61

Limited Maturity Fixed Income Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,003.30	0.66	%	$	3.30
Class N		1,000.00		1,002.00	0.91	%		4.54
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.64	0.66	%	$	3.33
Class N		1,000.00		1,020.39	0.91	%		4.58

	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Annualized Expense Ratios			Expense Paid During Period*
Government Bond Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,002.70		0.54	%	$	0.89
Class N		1,000.00		999.30		1.04	%		5.18
Servicing Class		1,000.00		1,001.50		0.79	%		3.94
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,022.24		0.54	%	$	2.72
Class N		1,000.00		1,019.75		1.04	%		5.24
Servicing Class		1,000.00		1,020.99		0.79	%		3.98

Corporate Bond Fund
Actual Fund Return
Class N	$	1,000.00	$	1,009.80	0.99	%	$	4.96
Servicing Class		1,000.00		1,011.00	0.74	%		3.71
Hypothetical 5% Return
Class N	$	1,000.00	$	1,020.00	0.99	%	$	4.99
Servicing Class		1,000.00		1,021.24	0.74	%		3.73

California Tax Exempt Bond Fund
Actual Fund Return
Class N	$	1,000.00	$	1,004.70	0.86	%	$	4.30
Servicing Class		1,000.00		1,006.00	0.61	%		3.05
Hypothetical 5% Return
Class N	$	1,000.00	$	1,020.64	0.86	%	$	4.33
Servicing Class		1,000.00		1,021.89	0.61	%		3.07

Full Maturity Fixed Income Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,001.50	0.67	%	$	3.34
Class N		1,000.00		1,000.30	0.92	%		4.59
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.59	0.67	%	$	3.38
Class N		1,000.00		1,020.34	0.92	%		4.63

High Yield Bond Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,065.30	0.80	%	$	1.34
Class N		1,000.00		1,062.50	1.33	%		6.84
Servicing Class		1,000.00		1,064.10	1.04	%		5.35
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,020.94	0.80	%	$	4.03
Class N		1,000.00		1,018.30	1.33	%		6.69
Servicing Class		1,000.00		1,019.75	1.04	%		5.24

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 102/365 (to reflect the period from the class’s inception on December 19, 2012 to date).

CNI CHARTER FUNDS | PAGE 129

disclosure of fund expenses (Unaudited) (Continued)

	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Annualized Expense Ratios			Expense Paid During Period*
Intermediate Fixed Income Fund
Actual Fund Return
Class N	$	1,000.00	$	1,013.10		1.05	%	$	5.27	**
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.70		1.05	%	$	5.29

Fixed Income Opportunities Fund
Actual Fund Return
Class N	$	1,000.00	$	1,029.30	1.06	%	$	5.36	**
Hypothetical 5% Return
Class N	$	1,000.00	$	1,019.65	1.06	%	$	5.34

Multi—Asset Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,036.10	0.59	%	$	0.99
Class N		1,000.00		1,034.40	1.09	%		5.53
Servicing Class		1,000.00		1,035.70	0.84	%		4.26
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,021.99	0.59	%	$	2.97
Class N		1,000.00		1,019.50	1.09	%		5.49
Servicing Class		1,000.00		1,020.74	0.84	%		4.23

Dividend & Income Fund
Actual Fund Return
Class N	$	1,000.00	$	1,132.20	1.30	%	$	6.91	**
Hypothetical 5% Return
Class N	$	1,000.00	$	1,018.45	1.30	%	$	6.54

	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Annualized Expense Ratios			Expense Paid During Period*
U.S. Core Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,095.80		—	%	$	—	***
Class N		1,000.00		1,092.20		0.97	%		5.06	***
Servicing Class		1,000.00		1,093.00		0.72	%		3.76	***
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,024.93		—	%	$	—
Class N		1,000.00		1,020.09		0.97	%		4.89
Servicing Class		1,000.00		1,021.34		0.72	%		3.63

Diversified Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,094.40	0.83	%	$	4.33
Class N		1,000.00		1,092.70	1.08	%		5.63
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,020.79	0.83	%	$	4.18
Class N		1,000.00		1,019.55	1.08	%		5.44

Socially Responsible Equity Fund
Actual Fund Return
Institutional Class	$	1,000.00	$	1,139.80	0.88	%	$	4.69
Class N		1,000.00		1,137.70	1.13	%		6.02
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,020.54	0.88	%	$	4.43
Class N		1,000.00		1,019.30	1.13	%		5.69

Emerging Markets Fund
Actual Fund Return
Class N	$	1,000.00	$	1,032.50	1.64	%	$	8.31	**
Hypothetical 5% Return
Class N	$	1,000.00	$	1,016.75	1.64	%	$	8.25

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 90/365 (to reflect the period from the reorganization on December 31, 2012 to date).

*** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 119/365 (to reflect the period from the Fund’s inception on December 3, 2012 to date).

CNI CHARTER FUNDS | PAGE 130

shareholder voting results (Unaudited)

On March 11, 2013, a Special Meeting of Shareholders of the Trust was held to approve the election of the following trustees. Shares were voted as follows:

		Number of Shares Voted	% of Shares Voted	% of Total Outstanding Shares
Irwin G. Barnet	For	3,626,618,950.510	98.879%	67.779%
	Withheld	41,129,794.760	1.121%	0.768%
Vernon C. Kozlen	For	3,627,755,106.368	98.910%	67.800%
	Withheld	39,993,638.902	1.090%	0.747%
William R. Sweet	For	3,627,755,092.150	98.910%	67.800%
	Withheld	39,993,653.120	1.090%	0.747%
James Wolford	For	3,623,779,628.774	98.802%	67.726%
	Withheld	43,969,116.496	1.198%	0.821%
Andrew S. Clare	For	3,623,487,641.808	98.794%	67.720%
	Withheld	44,261,103.462	1.206%	0.827%
Daniel A. Hanwacker	For	3,623,846,196.334	98.804%	67.727%
	Withheld	43,902,548.936	1.196%	0.820%
Jon C. Hunt	For	3,629,438,277.945	98.956%	67.832%
	Withheld	38,310,467.325	1.044%	0.715%
Jay C. Nadel	For	3,623,844,195.187	98.803%	67.727%
	Withheld	43,904,550.083	1.197%	0.820%

On March 28, 2013, a Special Meeting of Shareholders of the Rochdale Investment Trust was held, with respect to each investment portfolio (a “Rochdale Portfolio”) of the Rochdale Investment Trust, to consider and act upon a proposal to approve an Agreement and Plan of Reorganization and the transactions contemplated thereby, including (a) the transfer of substantially all of the assets and liabilities of the Rochdale Dividend & Income, Rochdale Intermediate Fixed Income, Rochdale Fixed Income Opportunities and Rochdale Emerging Markets Portfolios to corresponding investment portfolios (the “CNI Charter Funds”) of CNI Charter Funds in exchange for Class N Shares of the CNI Charter Funds; (b) the distribution of such Class N Shares of the CNI Charter Funds to the shareholders of each Rochdale Portfolio according to their respective interests; and (c) the termination of the Rochdale Investment Trust under state law and its deregistration under the Investment Company Act of 1940, as amended. Shares were voted as follows:

		Number of Shares Voted	% of Shares Voted	% of Total Outstanding Shares
Rochdale Dividend & Income Portfolio	For	2,104,614.982	98.836%	53.095%
	Against	8,141.325	0.382%	0.205%
	Abstain	16,660.512	0.782%	0.420%
Rochdale Intermediate Fixed Income Portfolio	For	3,580,675.037	99.425%	72.487%
	Against	20,206.437	0.561%	0.409%
	Abstain	508.159	0.014%	0.010%
Rochdale Fixed Income Opportunities Portfolio	For	21,110,452.249	99.911%	87.177%
	Against	14,053.851	0.066%	0.058%
	Abstain	4,930.549	0.023%	0.020%
Rochdale Emerging Markets Fund	For	3,631,870.975	99.912%	84.755%
	Against	3,212.914	0.088%	0.075%
	Abstain	0.000	0.000%	0.000%

CNI CHARTER FUNDS | PAGE 131

board approval of advisory and sub-advisory agreements

(Unaudited)

The Board of Trustees of CNI Charter Funds (the “Trust”) is comprised of eight Trustees, six of whom are independent of the Trust’s investment adviser and sub-advisers (the “Independent Trustees”). Prior to March 28, 2013, the Trust was comprised of five Trustees, all of whom were Independent Trustees. During the six months ended March 31, 2013, the Board and the Independent Trustees approved the following advisory and sub-advisory agreements:

• The Trust’s advisory agreement with City National Asset Management, Inc. (“CNAM”) with respect to the U.S. Core Equity Fund;

• The Trust’s advisory agreement with Rochdale Investment Management LLC (“Rochdale”) with respect to the Dividend & Income Fund, Intermediate Fixed Income Fund, Fixed Income Opportunity Fund and Emerging Markets Fund (collectively referred to below as the “Rochdale Funds”);

• Rochdale’s sub-advisory agreement with Seix Investment Advisers LLC (“Seix”) with respect to the Fixed Income Opportunity Fund;

• Rochdale’s sub-advisory agreement with Federated Investment Management Company (“Federated”) with respect to the Fixed Income Opportunity Fund;

• Rochdale’s sub-advisory agreement with GML Capital LLP (“GML”) with respect to the Fixed Income Opportunity Fund; and

• CNAM’s sub-advisory agreement with Boyd Watterson Asset Management, LLC (“Boyd”) with respect to the Full Maturity Fixed Income Fund.

The advisory and sub-advisory agreements listed above are collectively referred to below as the “Agreements.” CNAM and Rochdale may be referred to collectively as the “Advisers.” Seix, Federated and GML may be referred to collectively as the “Rochdale Sub-Advisers.”

GENERAL INFORMATION

The following information summarizes the Board’s considerations associated with its review of the Agreements. In connection with their deliberations, the Board considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The Agreements were considered separately for each Fund, although the Board took into account the common interests of the Funds in its review. As described below, the Board considered the nature, quality and extent of the various investment advisory and administrative services performed by each Adviser and sub-adviser. In considering these matters, the Independent Trustees discussed the approval of the Agreements with management and in private sessions with counsel at which no representatives of the Advisers or the sub-advisers were present.

The Board reviewed extensive materials regarding investment results of each Adviser and each sub-adviser (when applicable), advisory fee and expense comparisons, financial information with respect to each entity, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management and administrative services to the Funds. They also took into account information they received at past meetings of the Board and its committees with respect to these matters.

In deciding to approve the Agreements, the Board and the Independent Trustees did not identify a single factor as controlling and each Trustee did not necessarily attribute the same weight to each factor. This summary does not describe all of the matters considered. However, the Board and the Independent Trustees concluded that each of the various factors referred to below favored such approval.

CITY NATIONAL ASSET MANAGEMENT, INC.

Nature, Extent and Quality of Services

In reviewing the services to be provided by CNAM to the U.S. Core Equity Fund, the Board considered a variety of matters, including the background, education and experience of its key portfolio management and operational personnel; its overall financial strength and stability; its resources and efforts to retain, attract and motivate capable personnel to serve the Fund; and the overall general quality and depth of its organization. The Board also took into account the experience, capability and integrity of CNAM’s senior management; its investment philosophy and processes; its brokerage, trading and soft dollar practices; its disaster recovery and contingency planning; and its commitment and systems in place with regard to compliance with applicable laws and regulations. In addition, the Board reviewed the general nature of the quantitative models and research that would be used in managing the Fund’s assets, and discussed certain expected characteristics of the portfolio, as well as the Fund’s sell discipline.

CNI CHARTER FUNDS | PAGE 132

Investment Performance

The Board noted that the Fund would be managed using CNAM’s core equity strategy enhanced by Rochdale’s quantitative industry allocation process and research. The Board assessed the performance of City National Bank’s (“CNB”) Core Equity Composite compared with the performance of the S&P 500 Index for each year since 2001 as well as the one-, three-, five- and ten-year periods ended June 30, 2012. The Board observed that the Composite had outperformed or performed the same as the S&P Index each year since 2001 except for 2006 and 2011.

Advisory Fees and Fund Expenses

The Board reviewed information regarding the projected expenses for the Fund, noting that the proposed advisory fee and total expenses for each class were significantly lower than the corresponding average fees and expenses of funds in the Lipper Large Cap Core universe and the corresponding advisory fee and total expenses of certain large cap funds managed by CNAM and Rochdale. The Board also noted that CNAM would be capping the Fund’s expenses on a voluntary basis. The Board discussed the information provided, noting among other things that the advisory fee charged by CNAM to the Fund generally is slightly lower than those charged by CNB to manage separate accounts, and the costs and profits of CNAM with respect to the Fund were reasonable. The Board also noted that although there were no advisory fee breakpoints, the Fund’s proposed advisory fee was very low, and based on CNAM’s operations significant economies of scale were not likely to be realized until the Fund garnered significant assets.

The Board also considered the benefits to be received by CNAM and its affiliates as a result of CNAM’s relationship with the Fund generally, including investment advisory fees paid to CNAM, fees paid to CNB and City National Securities, Inc. for providing certain shareholder servicing and sub-distribution services to the Trust, benefits to CNB’s brokerage and wealth management business as a result of the availability of the Fund to its customers, and the intangible benefits of any favorable publicity arising in connection with the Fund’s performance.

Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the terms of the proposed agreement, including the fees proposed to be received by CNAM, were fair and reasonable in light of the nature and quality of the services to be provided by CNAM to the Fund and its shareholders, and that approval of the agreement was in the best interest of the Fund and its shareholders.

ROCHDALE INVESTMENT MANAGEMENT LLC

Nature, Extent and Quality of Services

The Board noted that each Rochdale Fund corresponded to one of the series of the Rochdale Investment Trust reorganizing into the Trust (the “Predecessor Funds”). They noted that each new series would have the same investment objective and substantially similar principal investment strategies as its corresponding Predecessor Fund. They further noted that each new series would continue to be managed by Rochdale and, with respect to the Fixed Income Opportunities Fund, the same Rochdale Sub-Advisers.

In reviewing the services to be provided by Rochdale to the Rochdale Funds, the Board considered a variety of matters, including Rochdale’s organization, personnel who would be providing services to the Rochdale Funds and their compensation structure, policies with respect to portfolio execution, performance results of the Predecessor Funds over various periods, performance results of comparable funds as reported by Lipper Inc., a comparison of Rochdale’s proposed advisory fees to the fees it charged other institutional clients, and estimated profitability of Rochdale’s proposed relationship to the Rochdale Funds.

Investment Performance

The Board assessed the performance of each Predecessor Fund for various periods ended September 30, 2012 and October 31, 2012, compared with certain applicable benchmark indexes and the average of all funds in its peer group category selected by Lipper, Inc. The Board’s observations with respect to the annualized total returns of the Predecessor Funds were as follows:

• The returns of the Rochdale Emerging Markets Portfolio were above the returns of the MSCI Emerging Markets Index, the MSCI Emerging Markets Asia Index and the Lipper Emerging Markets Funds Index since the Portfolio’s inception in December 2011.

• The returns of the Rochdale Dividend & Income Portfolio were above or close to the returns of the S&P 500 Index, the Dow Jones Select Dividend Index and Lipper Equity Income Index for the three-, five- and ten-year periods, and below the returns for shorter periods.

• The returns of the Rochdale Intermediate Fixed Income Portfolio were above the returns of the Barclays Intermediate Government/Credit Bond Index and the Lipper Intermediate Investment-Grade Debt Funds Index for the one-year and year to date periods, and below the returns for the three-, five- and ten-year periods.

CNI CHARTER FUNDS | PAGE 133

board approval of advisory and sub-advisory agreements

(Unaudited) (Continued)

• The returns of the Rochdale Fixed Income Opportunities Portfolio were above the returns of the Barclays Aggregate Bond Index for the one-, three- and year to date periods, above the returns of the CSFB Leveraged Loan Index for the three-year period and below the returns for the one-year period, and below the returns of the Barclays U.S. High Yield Index for all such periods.

Advisory Fees and Fund Expenses

The Board reviewed information regarding the projected expenses for each Rochdale Fund, noting that the proposed advisory and sub-advisory fees and total expenses for each Rochdale Fund were within or lower than the middle 60% of the corresponding average fees and expenses of funds in the applicable Lipper universe. The Board noted that Rochdale would be capping each Rochdale Fund’s expenses on a voluntary basis through June 2014. The Board also noted that although there were no advisory fee breakpoints, each Rochdale Fund’s proposed advisory fee was reasonable, and based on Rochdale’s operations, significant economies of scale were not likely to be realized until the Funds garnered significant additional assets.

The Board also considered the information prepared by Rochdale relating to the revenues it expected to receive from the Rochdale Funds, as well as the benefits to be received by Rochdale as a result of its relationship with the Rochdale Funds, including the intangible benefits of any favorable publicity arising in connection with a Rochdale Fund’s performance.

Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the terms of the proposed agreement, including the fees proposed to be received by Rochdale, were fair and reasonable in light of the nature and quality of the services proposed to be provided by Rochdale to the Rochdale Funds and their shareholders, and that approval of the agreement was in the best interest of the Rochdale Funds and their shareholders.

ROCHDALE SUB-ADVISERS

Nature, Extent and Quality of Services

In reviewing the services to be provided by each of the Rochdale Sub-Advisers to the Fixed Income Opportunity Fund, the Board considered a variety of matters, including each Rochdale Sub-Adviser’s organization, personnel who would be providing services to the Fund and its compensation structure, policies with respect to portfolio execution, performance results of the Rochdale Fixed Income Opportunity Portfolio over various periods, performance results of comparable funds as reported by Lipper Inc., a comparison of each Rochdale Sub-Adviser’s proposed advisory fees to the fees it charged other institutional clients, and estimated profitability of each Rochdale Sub-Adviser’s proposed relationship to the Fund.

Investment Performance

The Board’s observations regarding the performance of the Rochdale Fixed Income Opportunity Portfolio are described above. In addition, the Board assessed the performance of each of Seix’s, Federated’s and GML’s portions of the Rochdale Fixed Income Opportunity Portfolio compared with an applicable benchmark for various periods. The Board made the following additional observations in reviewing the annualized total returns of each Rochdale Sub-Adviser:

• The returns for Seix’s portion were above the returns of the CSFB Leveraged Loan Index for the three-year and since inception periods, and below the returns for the one-year period.

• The returns for Federated’s portion were below the returns of the Barclays High Yield 2% Capped Index for all periods, but the recent performance was not significantly below the respective benchmark.

• The returns for GML’s portion were below the returns of the Corporate Emerging Market Bond Index for all periods, but the recent performance was not significantly below the respective benchmark.

Advisory Fees

The Board noted that Rochdale pays all sub-advisory fees out of Rochdale’s advisory fee. The Board considered the information prepared by each Rochdale Sub-Adviser relating to the revenues it expected to receive from the Fund, as well as the benefits to be received by each Rochdale Sub-Adviser as a result of its relationship with the Fund, including the intangible benefits of any favorable publicity arising in connection with the Fund’s performance.

Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that terms of the proposed sub-advisory agreements, including the fees proposed to be received by the Rochdale Sub-Advisers, were fair and reasonable in light of the nature and quality of the services proposed to be provided by the Rochdale Sub-Advisers to the Fund and its shareholders, and that approval of the agreements was in the best interest of the Fund and its shareholders.

CNI CHARTER FUNDS | PAGE 134

BOYD WATTERSON ASSET MANAGEMENT, LLC

The Board considered the reappointment of Boyd as sub-adviser to the Full Maturity Fixed Income Fund as a result of the transfer of a substantial portion of the ownership interests of Boyd’s parent company, which resulted in a change in control of Boyd and the automatic termination of its existing sub-advisory agreement with respect to the Fund.

Nature, Extent and Quality of Services

In reviewing the services provided by Boyd to the Full Maturity Fixed Income Fund, the Board considered a variety of matters, including information about Boyd’s organization, personnel who provide services to the Fund, and compensation structure; its investment philosophy and investment process; performance results of the Fund and the portion of the Fund managed by Boyd over various periods; Boyd’s sub-advisory fees with respect to the Fund; and Boyd’s revenues from its relationship with the Fund. The Board also reviewed certain information regarding Boyd’s compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio trade execution. Certain information the Board considered had been provided in August 2012, when the Board last renewed the prior sub-advisory agreement, and the Board considered information from Boyd regarding any material changes to the August 2012 information.

Investment Performance

The Board assessed the performance of the Fund’s Institutional Class shares for various periods during the previous ten-years ended September 30, 2012, compared with its benchmark, the Barclays U.S. Intermediate Government/Credit Bond Index (the “Benchmark Index”); the average of all funds in its peer group category selected by Lipper, Inc. (Lipper Corporate Debt Funds A-Rated); and the average of all funds in the Morningstar Intermediate-Term Bond Category. The Board also assessed the performance of the portion of the Fund managed by Boyd for various periods from 2006 through November 30, 2012 compared with the Benchmark Index, and noted that the returns of that portion of the Fund exceeded the Benchmark Index for the year-to-date and one-, two-, three- and five-year periods ended on that date. The Board noted that the individual who had served as a portfolio manager for the Fund since 2007 would continue to serve as portfolio manager for the portion of the Fund managed by Boyd.

Advisory Fees and Fund Expenses

The Board reviewed information regarding the sub-advisory fees charged by Boyd and observed that the fees were generally low compared to the fees Boyd charged to its other institutional clients. The Board also observed that although the Fund’s advisory fees were above the average of fees paid by funds in the Lipper universe, the Fund’s total expenses were in the middle 60% of the expenses of all funds in the Lipper universe. The Board noted the asset levels of the Fund were relatively small and were not currently likely to lead to significant economies of scale. The Board noted that CNAM pays all sub-advisory fees out of CNAM’s advisory fee.

The Board also considered information prepared by Boyd relating to the revenues and profits it receives from the Fund, as well as the benefits received by Boyd as a result of its relationship with the Fund, including the sub-advisory fees paid to Boyd, the intangible benefits of its association with the Fund generally and any favorable publicity arising in connection with the Fund’s performance.

Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board and the Independent Trustees concluded that the terms of the Agreement, including the fees to be received by Boyd, were fair and reasonable in light of the nature and quality of the services proposed to be provided by Boyd to the Fund and its shareholders, and that approval of the sub-advisory agreement was in the best interest of the Fund and its shareholders.

CNI CHARTER FUNDS | PAGE 135

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CNI CHARTER FUNDS | PAGE 136

For more information on CNI Charter Funds, including charges and expenses, please call 1-888-889-0799 or go to cnicharterfunds.com for a free prospectus. Read it carefully before you invest or send money.

CNI-SA-004-0500

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

None. 

Item 11. Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report.  In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	CNI Charter Funds
By (Signature and Title)*	/s/ Garrett R. D’Alessandro
	Garrett R. D’Alessandro,
	President and Chief Executive Officer
Date: June 6, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*	/s/ Garrett R. D’Alessandro
	Garrett R. D’Alessandro,
	President and Chief Executive Officer
Date: June 6, 2013
By (Signature and Title)*	/s/ Eric Kleinschmidt
	Eric Kleinschmidt, Controller and COO
Date: June 6, 2013

*     Print the name and title of each signing officer under his or her signature.