Please be advised you are now leaving the Northern Financial Intermediary section and being directed to a site maintained by Northern Trust. Please click OK to continue.
Northern Trust Logo

Register | Password Help

You have disabled JavaScript.

Please enable JavaScript and refresh this page to continue logging in.

Search Financial Intermediary Site

Search go
Fixed Income Municipal

California Intermediate Tax-Exempt

TickerNAV AS OF 07/22/16
NCITX$11.13 $-0.01 Arrow Down Icon

Find A Fund

Search go

  • Snapshot
  • Performance
  • Portfolio
  • Management
  • Fund Documents
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 Strategy
  • Concentrate our investments in California state-specific, investment-grade municipal instruments which are exempt from federal income tax and California state personal income tax while maintaining an average maturity, under normal circumstances, between three and 10 years.
  • Invest in high-quality securities, primarily investment-grade debt.
  • Select investments on the basis of their relative value with a focus on total return.
Investor Profile
If you are an investor who favors current income exempt from federal income tax and who is looking for an investment intended to be exempt from California state personal income tax, this Fund may be ideal 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.
Risk/Reward Potential
Important risk information can be found on the Portfolio tab.


YTD Total Return3.39% (as of 07/22/16)
Distribution Rate*2.34% (as of 07/22/16)
30-Day SEC Yield w/ Waivers*1.63% (as of 06/30/16)
30-Day SEC Yield w/o Waivers*1.58% (as of 06/30/16)
Inception Date10/01/99
Total Net Assets$529,858,527 (as of 06/30/16)
Tax-Equivalent Distribution Rate*3.98% (as of 07/22/16)
Tax-Equivalent 30-Day SEC Yield*3.77% (as of 06/30/16)
Distribution rate and tax-equivalent distribution rate represent the annualization of the Fund's distributions for the prior month ending on the date shown, including capital gain distributions. The 30-day SEC yield and tax-equivalent 30-day SEC yield represent the annualization of the Fund's net investment income, excluding capital gain income. The tax-equivalent distribution rate and tax-equivalent 30-day SEC yield are based on an assumed tax rate of 47.9% for Arizona, 56.7% for California and 43.4% for national municipal funds.

Total Returns

Total Returns for Quarter Ending 06/30/16
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
California Intermediate
Barclays California
Intermediate Municipal Bond
Morningstar Cat. Avg.
Muni California Intermediate
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.

Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than certain excepted expenses, i.e., acquired fund fees and expenses; the compensation paid to each Independent Trustee of the Trust; expenses of third party consultants engaged by the Board of Trustees; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; expenses in connection with the negotiation and renewal of the revolving credit facility; and extraordinary expense and interest) to the extent the "Total Annual Fund Operating Expenses" exceed 0.45%. This contractual limitation may not be terminated before July 31, 2016 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.

Annual Expense Ratios

 Gross Expense RatioNet Expense Ratio
California Intermediate Tax-Exempt0.50%0.45%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2016.

Calendar Year Returns

       2015      2014      2013      2012      2011
California Intermediate Tax-Exempt3.29%8.02%-2.33%6.08%10.14%
Barclays California Intermediate Municipal Bond Index3.29%6.31%-0.09%5.14%11.22%
Morningstar Category Avg. Muni California Intermediate2.95%6.79%-1.44%5.51%8.67%
Performance quoted represents past performance and does not guarantee future results.
Important risk information can be found on the Portfolio tab.


Portfolio Composition
Maturity DistributionFund
0 - 1 Year4.1%
2 - 5 Years20.4%
6 - 10 Years27.8%
11 - 20 Years40.3%
21 - 30 Years7.4%
As of 06/30/16
Quality DistributionFundBenchmark
Not rated1.1%0.0%
Committed Cash2.7%0.0%
Sector WeightingsFundBenchmark
General Obligation41.7%44.7%
Committed Cash2.7%0.0%
DateHoldings File
As of 06/30/16Insert Icon
As of 03/31/16Insert Icon

Fund Characteristics

Number of Holdings214
Average Duration5.0 YRS
Average Maturity9.6 YRS
Weighted Average Coupon4.34%
Dividend ScheduleMonthly
Dividend Income Last Quarter$0.0665
Capital Gain Income Last QuarterN/A
BenchmarkBarclays California Intermediate Municipal Bond Index
Morningstar CategoryMuni California Intermediate
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.
†Northern tax-exempt fixed income funds' and Northern High Yield Fixed Income Fund's Average Duration is calculated using the modified duration formula. Other Northern fixed income funds show the option-adjusted duration. Duration is a measure of a bond fund's sensitivity to changes in interest rates.
**Per share paid out June 23 with a record date of June 22. The amount shown represents dividends paid for net investment income and excludes distributions from capital gain income.
Eric V. Boeckmann

Eric V. Boeckmann

Portfolio Manager

Northern Arizona Tax-Exempt Fund (NOAZX)
Northern California Intermediate Tax-Exempt Fund  (NCITX)
Northern California Tax-Exempt Fund (NCATX)

With Northern Trust Since 1985
Began Career in 1985

Eric V. Boeckmann, Senior Vice President of Northern Trust, manages the Northern Arizona Tax-Exempt Fund, Northern California Intermediate Tax-Exempt Fund and Northern California Tax-Exempt Fund.

In addition to managing mutual funds, Mr. Boeckmann is a Portfolio Manager in the Municipal Fixed Income Management Group, where he is responsible for a number of separately managed municipal bond portfolios.

Mr. Boeckmann received a B.S. in finance from the University of Illinois.

CommentaryFact SheetHoldingsSummary ProspectusProspectus    Statement of Additional InformationAnnual ReportSemi Annual Report
CommentaryDownload PDFDownload ExcelDownload PDFDownload PDFDownload PDFDownload PDFDownload PDF
View AllView All View AllView AllView AllView AllView All

Not FDIC insured | May lose value | No bank guarantee

View investment terms definitions

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.

©2016 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.