Performance
One Year		7.11% as of 3/31/10
Five Years		3.37% as of 3/31/10
Ten Years		4.21% as of 3/31/10
Fund Expenses
Gross Expenses		0.74%
Net Expenses		0.74%

CA Tax-Free Income Fund

Ticker: CFNTX
CUSIP: 130346109

At a glance:
The California Tax-Free Income Fund is comprised of intermediate and long-term California Municipal Bonds issued by the State of California and a number of municipalities within the state.

Generally, all the bonds in this Fund are considered investment grade by at least one independent rating agency; however, not all bonds in the Fund are rated. The manager of the Fund will purchase a non-rated bond only if it is considered to be of a similar credit quality as an investment grade bond. The Fund manager avoids bonds subject to AMT (alternative minimum tax) to maximize the value to shareholders.

This Fund offers a convenient check writing feature that allows investors to write checks against their balances.

Investment goal:
The California Tax-Free Income Fund seeks to produce high tax-free income for California residents, as is consistent with prudent investment management.

Is it right for you?
The California Tax-Free Income Fund is intended primarily for residents of California but may be held by residents of other states. If you are looking for tax-free income and are comfortable with the moderate volatility of a long-term
bond Fund, this may be the right investment for you. Generally, this Fund
fluctuates more than our other tax-free funds, but, in turn, will pay a higher rate
of dividend income.