California Tax Free

Objective

Maximum current income that is exempt from both federal income tax and California state income tax to the extent consistent with prudent investment risk.

Fund Facts

CUSIP:

318929536

Morningstar Category:

Muni California Long-Term

Lipper Category:

California Municipal Debt

Max. Front Load:

4.25%

Minimum Investment:

$2500

Net Expense Ratio:

0.65%

Gross Expense Ratio:

1.28%

Nav	Day ($)	Day (%)	YTD (%)
Daily PriceChange as of 7/29/2010
$10.99	0	0.00	+5.25

Total Net Assets (All Classes)

$102.90 million as of 6/30/2010

Fund Documents

Fund Name	1 mth	3 mth	YTD	1 yr	3 yr	5 yr	10 yr	Since Incept.	Inception Date
Fund Performance
	Total Returns as of 6/30/2010			Average Annualized Returns as of 6/30/2010
NAV	0.09	2.61	3.84	10.89	4.33	3.59	5.18	5.59	2/1/2000
POP	-4.13	-1.79	-0.61	6.14	2.82	2.70	4.72	5.16	2/1/2000
Lipper California Municipal Debt Funds Category Average	-0.29	1.99	3.73	12.12	2.96	2.83	4.51	--	--

Distinguishing Characteristics

Uses intensive, bottom-up credit research to identify mispriced securities while managing security-specific risk by diversifying across numerous, individual issues.
Diversifies across various sectors, positioning to reflect the relative value of the various segments of the yield curve, and controlling our exposure to the range of credit quality.
Due to relative inefficiencies in the municipal market, focuses primarily on security selection and portfolio structure with only limited duration adjustments.

Portfolio Managers

Christopher L. Drahn, CFA

Senior Fixed-Income Portfolio Manager

Began working in the financial industry in 1980
B.A. from Wartburg College; M.B.A. from the University of Minnesota; CFA Institute member; Minnesota Society of Municipal Analysts member; CFA Society of Minnesota member

Michael S. Hamilton

Senior Fixed-Income Portfolio Manager

Began working in the financial industry in 1989
B.A. from Albertson's College of Idaho and M.B.A. from Western Washington University; CFA Institute member; Portland Society of Financial Analysts member

Net and gross expense ratios are based on the fund's most recent fiscal year end. The net expense ratio reflects an agreement by the fund's advisor to cap fund expenses, not including the expenses of any other investment companies in which the fund invests ("acquired fund fees and expenses"), at a certain level as set forth in the fund's prospectus. The advisor's contractual expense cap agreement will be in effect at least through the date listed in the table below, and may not be terminated before then without the approval of the fund's board of directors. However, because the fund's net expense ratio includes acquired fund fees and expenses, the fund's net expense ratio at any point in time may differ from the ratio presented.

Fee Waivers- contractual agreements in effect by asset category:

Apply to	Agreement in effect until
Equity funds:Small Cap Growth Opportunities, Mid Cap Select	February 28, 2011
Equity funds: Quantitative funds	February 28, 2011
Equity funds: Index funds	February 28, 2011
Equity funds: Global Infrastructure, International, International Select	February 28, 2011
Equity funds: Tactical Market Opportunities	February 28, 2011
Taxable Fixed Income funds	October 31, 2010
Tax-Exempt Fixed Income funds	October 31, 2010
Asset Allocation funds	December 31, 2010

Marketing Materials

Viewpoints: Three Moves Ahead

"Your Returns: Schools, Hospitals, Roads, And Tax-Free Income"

Tax-Free Strategy

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value, and return will vary, you may have a gain or loss when you sell fund shares. For current month-end performance information, call 800.677.FUND. Performance assumes the reinvestment of dividends and capital gains.

Net Asset Value(NAV) performance does not reflect the current maximum sales charge(load). Had the sales charge been included, the fund's returns would have been lower.

Public offering price (POP) returns are based on the price at which shares are offered to the public and reflect the fund's NAV as increased by the maximum sales charge(load) for purchases.

Investment performance reflects fee waivers. Without such waivers, total returns would be reduced.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal and/or state alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distribution.

Morningstar Category: Morningstar categories represent a universe of funds with similar investment objectives, and are provided by Morningstar, Inc

Lipper Category: Lipper categories represent a universe of funds with similar investment objectives, and are provided by Lipper, Inc.

You cannot invest directly in an index or average.