California Intermediate Tax-Exempt Fund

California Intermediate Tax-Exempt

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Eric V. Boeckmann

With Northern Trust since 1985
Began Career in 1985

View all holdings as of
March 31, 2013

View all holdings as of
December 31, 2012

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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

Ticker Symbol	30-Day SEC Yield Monthly as of April 30, 2013	30-Day Tax-Equivalent SEC Yield Monthly as of April 30, 2013
NCITX	1.95%	4.21%

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Among 47 municipal California intermediate funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 4/30/2013.

California Intermediate Tax-Exempt received 4 stars for the 3-year rating among 47 municipal California intermediate bond funds, 4 stars for the 5-year rating among 40 funds and 3 stars for the 10-year rating among 36 funds.

Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

Star ratings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is a weighted average of the 3-, 5-, and 10-year (if applicable) returns. 5 stars = top 10% of funds in an asset category; 4 stars = next 22.5% of funds; 3 stars = next 35%; 2 stars = next 22.5% and 1 star = next 10%. A fund must be in existence three years to be rated. Ratings are subject to change monthly.

©2013 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

Updated Daily as of May 21, 2013
Symbol	NCITX	Distribution Rate*	2.82%
CUSIP	665162749	Tax-Equivalent Distribution Rate*	4.79%
Share Price	$ 10.86	Updated Monthly as of April 30, 2013
Share Price Change	$ -0.01	Total Net Assets	$423,109,423
YTD Total Return	0.71%	Updated Monthly as of April 30, 2013
Inception Date	10/1/1999	30-Day SEC Yield*	1.95%
		Tax-Equivalent 30-Day SEC Yield*	4.21%

Total Returns for Month Ended April 30, 2013
	California Intermediate Tax-Exempt Fund	Barclays California Intermediate Municipal Bond Index	Morningstar Muni California Intermediate Category Average
Month	1.25%	0.89%	1.06%
3-Month	0.96%	1.04%	0.93%
Year to Date	1.38%	1.39%	1.31%
1 Year	5.21%	4.64%	4.32%
3-Year Avg. Annual	5.94%	6.41%	5.21%
5-Year Avg. Annual	5.42%	6.37%	4.97%
10-Year Avg. Annual	4.06%	5.10%	3.92%
Avg. Annual Since Inception	4.74%	5.56%	N/A

Total Returns for Quarter Ended March 31, 2013
	California Intermediate Tax-Exempt Fund	Barclays California Intermediate Municipal Bond Index	Morningstar Muni California Intermediate Category Average
Month	–0.58%	–0.16%	-0.36%
3-Month	0.13%	0.50%	0.32%
Year to Date	0.13%	0.50%	0.32%
1 Year	5.17%	5.11%	4.51%
3-Year Avg. Annual	5.97%	6.67%	5.30%
5-Year Avg. Annual	5.35%	6.24%	4.89%
10-Year Avg. Annual	4.00%	5.07%	3.88%
Avg. Annual Since Inception	4.67%	5.53%	N/A

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 (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses After Expense Reimbursement" exceed 0.45%. The contractual limitation may not be terminated before July 31, 2013 without the approval of the Board of Trustees. 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.
Disclosure

	Gross Expense Ratio	Net Expense Ratio^‡
California Intermediate Tax-Exempt (NCITX)	0.86%	0.46%
^‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2013.

	2012	2011	2010	2009	2008
California Intermediate Tax-Exempt	6.08%	10.14%	2.82%	8.56%	-1.26%
Barclays California Intermediate Municipal Bond Index	5.14%	11.22%	5.27%	7.17%	3.11%
Morningstar Category Avg. Muni California Intermediate	5.51%	8.67%	2.34%	10.27%	-3.59%
Performance quoted represents past performance and does not guarantee future results.

as of March 31, 2013

Read the most recent Fund Commentary (as of March 31, 2013)

Number of Holdings	167
Average Duration†	5.6 YRS
Average Maturity	10.6 YRS
Weighted Average Coupon	4.20%
Income**	$0.0234
Dividend Schedule	Monthly
Dividend Income Last Quarter	$0.0797
Capital Gain Income Last Quarter	N/A
Benchmark	Barclays California Intermediate Municipal Bond Index
Morningstar Category	Muni California Intermediate

Maturity Distribution		Fund
0 - 1 Year		8.3%
2 - 5 Years		5.3%
6 - 10 Years		39.9%
11 - 20 Years		36.8%
21 - 30 Years		8.7%
31+ Years		1.0%
TOTAL		100.0%

Quality Distribution	Fund	Benchmark
AAA	10.6%	2.1%
AA	60.0%	44.6%
A	25.5%	49.7%
BBB	0.5%	3.6%
SP1+/MIGI	0.7%	0.0%
SP1/MIG1	0.7%	0.0%
Committed Cash	2.0%	0.0%
TOTAL	100.0%	100.0%

Sector Weightings	Fund	Benchmark
General Obligation	43.2%	43.3%
Revenue	42.0%	54.6%
Government-Backed	9.5%	2.1%
Insured	3.3%	0.0%
Committed Cash	2.0%	0.0%
TOTAL	100.0%	100.0%

All data is as of date indicated and subject to change.

Bond Risk: Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Non-Diversified Risk: The Fund invests in a smaller number of securities than the average mutual fund. The change in value of a single holding may have a more pronounced effect on the Fund’s net asset value and performance than for other funds.

Tax-Free/AMT Risk: Tax-exempt funds’ income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

Regional Investment Risk: The geographical concentration of portfolio holdings in this Fund may involve increased risk.

Barclays California Intermediate Municipal Bond Index is an unmanaged index of investment grade (Baa3 or better) tax-exempt California bonds with maturities of five to 10 years. It is not possible to invest directly in an index.

Quality Distribution: Credit quality ratings are based on converting the available Moody's, Standard & Poor's, and/or Fitch ratings to a common numerical basis and averaging that result. If none of these three rating agencies has assigned a rating the Fund will assign a rating of not rated. The ratings, expressed in Standard & Poor's nomenclature, range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Short-term ratings, expressed in Standard & Poor's nomenclature, range from A-1 (obligor's capacity to meet its financial commitment on the obligation is strong) to A-3 (exhibits adequate protection parameters). The Standard & Poor's short-term municipal rating of SP1 reflects a strong capacity to pay principal and interest (an issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation). The Moody's short-term municipal rating of MIG1 denotes superior credit quality (excellent protection is afforded by established cash flows, highly reliable liquidity support or demonstrated broad-based access to the market for refinancing). Committed Cash includes any traded cash (forward settling trades), the sweep vehicle and commercial paper. The ratings represent the rating agencies' opinions of the quality of the securities they rate. Ratings are relative and subjective and are not absolute standards of quality.

Distribution Calculations: All distribution calculations (Maturity Distribution, Sector Weightings and Quality Distribution) are measured on a trade date basis and are adjusted for uninvested cash from the market value used to compute the percentage calculations.