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Fund Information
California Tax-Exempt Bond Fund - Class N Shares

Fund Overview | Performance | Fund Management

FUND OVERVIEW as of August 31, 2010

Fund Objectives

The California Tax-Exempt Bond Fund seeks to provide current income exempt from federal and California state income tax (as the primary component of a total return strategy) by investing primarily in California municipal bonds.

Investment Philosophy and Principal Strategy

We purchase a portfolio, at least 80% of which consists of investment grade intermediate-term municipal bond obligations, including general obligation bonds, revenue bonds, notes, and obligations from various other sectors in the municipal bond market. The average duration of the portfolio will typically range from three to eight years.

Investor Profile

This fund is designed for investors who are tax-sensitive, who consider themselves reasonably conservative and can tolerate some principal fluctuation in pursuit of current income.

Trading Symbol

CCTEX

Inception Date

January 14, 2000

Composition as of 7/31/2010
Fixed Income 96.1%
Cash Equivalents 3.9%


Sector Diversification as of 7/31/2010
Municipal Bonds 96.1%
Unknown 3.9%


Top Holdings as of 7/31/2010 Percentage of
Portfolio Assets
(Based on Market Value)
ORANGE CNTY 07/01/2017 RB 2.7%
GOLDEN ST REVENUE BOND 2.6%
LOS ANGELES CNTY 5.25% GO 2.2%
SAN FRANCISCO PUB 5.0% RB 2.1%
SACRAMENTO CALIF 5.25% 2.1%
GILROY CA SCH DIST 5.250% 2.1%
LOS ANGELES 5.0% RB 2.1%
SAN DIEGO PUB 05/15/2014 2.1%
CALIFORNIA ST WTR 5.0% 2.1%
ARIZONA SCH 5.0% 9/1/2015 2.0%
Holdings are subject to change.


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PERFORMANCE - Class N Shares as of August 31, 2010

Net Asset Value
$10.80

Total Net Assets
$3,343,627

Average Weighted Maturity
5.7 years

Duration
4.77

Total Return
3
Months		 Year
To
Date		 1 year Annualized
3 years		 Annualized
5 years		 Annualized
Since
Inception*
2.89% 5.17% 6.57% 4.95% 3.78% 4.19%
 
Disclosure

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

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

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.

Bond and bond funds will decrease in value as interest rates rise.

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TOTAL ANNUAL FUND OPERATING EXPENSES

Net Expense Ratio
0.75%

Gross Expense Ratio
0.87%

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.

Greg Kaplan and Kathleen Meyer serve as portfolio managers for the Fund.

Gregory Kaplan is Senior Vice President and Senior Portfolio Manager of CNAM and has nearly 20 years of experience in the financial industry. Prior to joining CNAM, he served as vice president and portfolio manager for Robertson Stephens Asset Management. Mr. Kaplan is a Chartered Financial Analyst and holds an MBA in Finance from The Pamplin School of Business at Virginia Tech and a BS in Finance from Rutgers University.

Kathleen Meyer serves as Senior Vice President and Senior Portfolio Manager for City National Asset Management, the investment management division of City National Bank. In this capacity, she manages client relationships with an emphasis on fixed income management. In addition, Ms. Meyer specializes in research, analysis, selection, and trading tax-exempt fixed income securities for individual portfolios. She also serves as co-manager of the CNI Charter California Tax Exempt Bond Fund.

Ms. Meyer joined City National with over 25 years of experience in the investment industry, most recently as senior vice president and senior portfolio manager at U.S. Trust Company where she managed two proprietary California tax-exempt funds, and managed both institutional and individual accounts.

Ms. Meyer holds a bachelor’s degree from Arizona State University.


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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