Signon to Passport
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Eric V. Boeckmann With Northern Trust since 1985 |
Fact Sheet 
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For those investors who favor current income exempt from federal income tax and who are looking for an investment intended to be exempt from California state personal income tax, than this will be a good choice for you. It is particularly well suited for income-oriented investors in higher tax brackets willing to assume some risk. Income from the Fund may be subject to federal alternative minimum tax (AMT), state and local taxes. The Fund is "non-diversified" under the Investment Company Act of 1940, and may invest more of its assets in fewer issuers than "diversified" mutual funds.
Fund Objective: Current Tax-Exempt Income
Fund Objective: Current Tax-Exempt Income
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Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.
The Advisor has agreed to reimburse certain expenses of the Fund. The contractual reimbursement arrangement is expected to continue until at least July 31, 2011. After this date, the contractual arrangements may be terminated if it is determined to be in the best interest of the Fund and its shareholders. In the absence of fee waivers, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions. The 30-day SEC yield more closely reflects the current earnings of the Fund than the total returns.
Disclosure
The Advisor has agreed to reimburse certain expenses of the Fund. The contractual reimbursement arrangement is expected to continue until at least July 31, 2011. After this date, the contractual arrangements may be terminated if it is determined to be in the best interest of the Fund and its shareholders. In the absence of fee waivers, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions. The 30-day SEC yield more closely reflects the current earnings of the Fund than the total returns.
Disclosure
| Gross Expense Ratio | Net Expense Ratio* | |
| California Intermediate Tax-Exempt (NCITX) | 0.86% | 0.75% |
| *Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011. | ||
| 2009 | 2008 | 2007 | 2006 | 2005 | |
| California Intermediate Tax-Exempt | 8.56% | -1.26% | 2.43% | 3.61% | 2.11% |
| Barclays Capital California Intermediate Municipal Bond Index | 7.17% | 3.11% | 4.78% | 4.04% | 1.91% |
| Morningstar Category Avg. Muni California Int/Sh | 10.27% | -3.59% | 2.50% | 3.71% | 1.89% |
| Performance quoted represents past performance and does not guarantee future results. | |||||
| Number of Holdings | 126 |
| Average Duration† | 5.0 YRS |
| Average Maturity | 10.1 YRS |
| Weighted Average Coupon | 4.21% |
| Income** | $0.0290 |
| Dividend Schedule | Monthly |
| Dividend Income Last Quarter | $0.0827 |
| Capital Gain Income Last Quarter | N/A |
| Benchmark | Barclays Capital California Intermediate Municipal Bond Index |
| Morningstar Category | Muni California Intermediate/Short |
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