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.
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" exceed 0.35%. The contractual limitation may not be terminated before July 31, 2014 without the approval of the Board of Trustees. In the absence of voluntary expense reimbursements, 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 expense reimbursements that may change or end at any time. Without the voluntary expense reimbursements, the 7-Day current yield would have been
NAV Information: Market Value NAV is calculated using current market quotations, or an appropriate substitute, to value a portfolio and may be reported up to one business day in arrears. This NAV is calculated to four decimal places and is not currently being used for transacting purchase and sale activity. All purchase and sale activity is being transacted at the Amortized Cost NAV of $1.00.
|Yield Comparisons Average Monthly Rates|
|California Municipal Money Market Fund||iMoney Net MFR Average™/CA State Specific Retail|
|Gross Expense Ratio||Net Expense Ratio‡|
|California Municipal Money Market|
|‡Includes contractual expense reimbursements that, if not extended, will end on
|California Municipal Money Market||0.01%||0.01%||0.05%||0.03%||1.62%|
|iMoney Net MFR Average/CA State Specific Retail||0.01%||0.02%||0.02%||0.09%||1.54%|
|Performance quoted represents past performance and does not guarantee future results.|
|As of||Weighted Average Maturity||Weighted Average Life|
|November 30, 2013||23 DAYS||24 DAYS|
Weighted Average Maturity: The weighted average maturity (WAM) of a money market portfolio is the asset-weighted days until maturity of each security in the portfolio. The days until maturity for WAM are calculated using the lower of the stated maturity date or next interest rate reset date.
Weighted Average Life: The weighted average life (WAL) of a money market portfolio is the asset-weighted days until maturity of each security in the portfolio. The days to maturity for WAL are calculated using the lower of the stated maturity date or demand feature date.
|Number of Holdings||66|