California Intermediate Tax-Free Fund

Investment Process

• Interest Rate Analysis — Control interest rate volatility by defining the appropriate ranges for duration and maturity based on client liquidity needs and risk profile.
• Credit Risk — Apply rigorous standards for tax-exempt issuers and continuously review financial statements for as long as they are held in clients' accounts. Monitor rating agency commentary and relative trading spreads in the secondary market.
• Yield Curve Assumptions — Determine how both changes in the slope of the yield curve and spreads between maturities will influence client performance.
• Sector Weightings — Determine what sectors of the municipal market will add and detract to performance and adjust weightings accordingly.
• Specific Security Analysis — Each individual security will be analyzed from the perspective of credit quality, yield, duration, structure and call protection in order to assess its potential contribution to the overall portfolio.

Investors should carefully consider the fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the 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. From time to time the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields on the Fund are net of expenses and the returns and yields on the indices exclude expenses. Current performance of the Fund may be lower or higher than the performance quoted.

There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for a long-term, especially during periods of downturns in the market.

The investment return and the 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.