Signon to Passport
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Kurt Stoeber With Northern Trust since 2000 |
Fact Sheet 
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For those investors who are looking for liquidity and convenience with the advantage of money market rates, consider this fund. Money market funds invest in short-term instruments with maturities of 13 months or less, in an effort to maintain a stable net asset value of $1.00 per share. The Fund's policy is to target zero holdings of alternative minimum tax (AMT) securities. However, income from the Fund may be subject to federal AMT, state and local taxes. Securities issued by California state and local entities can provide investors with the benefit of high current income consistent with the preservation of capital that is largely exempt from federal and California state income tax.
Fund Objective: The Fund seeks to provide, to the extent consistent with the preservation of capital and prescribed portfolio standards, a high level of income exempt from regular federal income tax and California state personal income tax.
Fund Objective: The Fund seeks to provide, to the extent consistent with the preservation of capital and prescribed portfolio standards, a high level of income exempt from regular federal income tax and California state personal income tax.
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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 7-day current yield more closely reflects the current earnings of the Fund than the total returns. The Fund also includes voluntary fee waivers that may change or end at any time. The 7-Day current yield would have been -0.45% as of July 31, 2010.
Disclosure
| Yield Comparisons Average Monthly Rates | ||
| California Municipal Money Market Fund | iMoney Net MFR Average™/CA State Specific Retail | |
| 2010 | ||
| July | 0.04% | 0.03% |
| June | 0.04% | 0.02% |
| May | 0.01% | 0.02% |
| April | 0.01% | 0.02% |
| March | 0.15% | 0.02% |
| February | 0.01% | 0.01% |
| January | 0.01% | 0.01% |
| 2009 | ||
| December | 0.01% | 0.02% |
| November | 0.01% | 0.02% |
| October | 0.01% | 0.02% |
| September | 0.01% | 0.03% |
| August | 0.01% | 0.05% |
| Gross Expense Ratio | Net Expense Ratio* | |
| California Municipal Money Market (NOCXX) | 0.49% | 0.45% |
| *Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011. The Fund also includes voluntary fee waivers that may change or end at any time. | ||
| 2009 | 2008 | 2007 | 2006 | 2005 | |
| California Municipal Money Market | 0.03% | 1.62% | 3.08% | 2.94% | 1.90% |
| iMoney Net MFR Average/CA State Specific Retail | 0.09% | 1.54% | 2.93% | 2.73% | 1.75% |
| Performance quoted represents past performance and does not guarantee future results. | |||||
as of
July 31, 2010
| Number of Holdings | 104 |
| Average Maturity | 11 DAYS |
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