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Fund Information
California Tax-Exempt Money Market Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The California Tax Exempt Money Market Fund seeks to preserve principal and maintain a high degree of liquidity while providing current income that is exempt from federal, and to the extent possible, California state personal income tax. Also, the California Tax Exempt Money Market Fund seeks to maintain a $1.00 per share net asset value.

Investment Philosophy and Principal Strategy

We purchase liquid, high quality, short-term California municipal money market securities. We will invest at least 80% of our assets in municipal money market securities that pay interest that is expected to be exempt from federal and California state personal income tax and which is not a preference item for purposes of the federal alternative minimum tax.

Investor Profile

This fund is designed for highly-taxed California investors who are looking for a relatively safe way to pursue current income, investors who seek a conservative, liquid investment to balance out more conservative investments, who like the idea of a constant share price, who value the added safety of government securities, and who are investing on behalf of a California business, municipality, school district, or other organization.

Trading Symbol

CNEXX

Inception Date

June 21, 1999

Composition as of 7/31/2010
Fixed Income 96.7%
Cash Equivalents 3.3%


Sector Diversification as of 7/31/2010
Municipal Bonds 96.7%
Unknown 3.3%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
CASH 3.3%
LOS ANGELES DEPT WT M1B/D 3.3%
CALIFORNIA ST 05/01/2034 2.8%
CALIFORNIA ST GO(MB/M) 2.7%
EAST BAY MUN 06/01/2033 2.7%
UNIVERSITY TEX RB 2.5%
CA ECON VAR-C11 (MB/W) 2.2%
CALI STATEWIDE CMNTYS RB 2.2%
METRO WATER SO CAL (MB/D) 2.0%
GLENDALE, CA COP (MB/TH) 1.9%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$1.00

Total Net Assets
$671,483,081

Average Weighted Maturity
20 days

Yields
7-Day
Net
Yield		 7-Day
Effective
Yield		 1-Month
Net
Yield		 3-Month
Net
Yield
0.02% 0.02% 0.02% 0.02%
 

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
0.01% 0.02% 0.03% 0.68% 1.42% 1.37%
 
Disclosure

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insruance Corporation or any other government agency. For performance data current to the most recent month end, please click here or call 1-888-889-0799.

Although 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 Money Market Funds.

* If the fund is less than 1 year old, cumulative return since inception is shown; if the fund is less than 10 years old, annualized return since inception is shown.

Certain shareholders may be subject to the Alternative Minimum Tax (AMT). Federal income tax rules apply to any capital gains distributions. Fund expenses have been waived during the period on which the ranking is based. Without waivers performance may be lower.

In addition to the normal risks associated with investing, narrowly focused investments typically exhibit higher volatility.

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TOTAL ANNUAL FUND OPERATING EXPENSES

Net Expense Ratio
0.78%

Gross Expense Ratio
1.12%

For more information on fund expenses, click here.


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FUND MANAGEMENT

City National Asset Management, Inc. ("CNAM") provides investment management services to the Equity, Fixed Income and Money Market Funds. CNAM is a wholly owned subsidiary of City National Bank ("CNB"), a federally chartered commercial bank that has provided investment management services to institutions and individuals for over 40 years.


Disclosure

To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund's prospectus which may be obtained by clicking here or by calling 1-888-889-0799. Please read the prospectus carefully before investing.

Mutual Funds involve risk, including possible loss of principal. CNI Charter Funds are distributed by SEI Investments Distribution Co., Oaks, PA 19456, which is not affiliated with CNAM or CCMA and is not a bank.

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