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|The Short Bond Fund seeks to maximize total return consistent with reasonable risk by investing primarily in a broad range of bonds and other fixed income securities. This Fund maintains a dollar-weighted average maturity between one and three years. Dividends, if any, are declared and paid monthly. Capital gains, if any, are distributed at least annually.
|If you are an income-oriented investor who is looking to diversify your investments by gaining broad exposure to the U.S. bond market, through shorter-term maturities, then this Fund may be right for you. It offers a diversified portfolio of bond securities invested primarily in U.S. investment-grade debt.|
|YTD Total Return||0.94% (as of 04/17/15)|
|Distribution Rate*||1.12% (as of 04/17/15)|
|30-Day SEC Yield w/ Waivers*||1.37%
|30-Day SEC Yield w/o Waivers*||1.21%
|Total Net Assets||$696,996,348
|Tax-Equivalent Distribution Rate*||N/A|
|Tax-Equivalent 30-Day SEC Yield*||N/A|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|Barclays 1-3 Yr US |
|Morningstar Cat. Avg.|
|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" exceed 0.40%. The contractual limitation may not be terminated before July 31, 2015 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.
|Gross Expense Ratio||Net Expense Ratio‡|
|‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.|
|Barclays 1-3 Yr US Gov/Credit Index||0.77%||0.64%||1.26%||1.59%||2.80%|
|Morningstar Category Avg. Short-Term Bond||1.07%||0.45%||3.67%||1.66%||4.11%|
|Performance quoted represents past performance and does not guarantee future results.|
|US Tsy (incl GNMA MBS)||36.1%||62.9%|
|US Agcy (incl FN/FH MBS)||1.0%||8.7%|
|Foreign Local Govt||0.0%||0.6%|
|Number of Holdings||347|
|Average Duration†||1.9 YRS|
|Average Maturity||2.8 YRS|
|Weighted Average Coupon||2.14%|
|Yield to Maturity||1.32%|
|Dividend Income Last Quarter||$0.0566|
|Capital Gain Income Last Quarter||N/A|
|Benchmark||Barclays 1-3 Year U.S. Government/Credit Index|
|Morningstar Category||Short-Term Bond|
|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.|
|Barclays 1-3 Year U.S. Government/Credit Index is an unmanaged index of securities issued by the U.S. government and corporate bonds with maturities of one to three years. It is not possible to invest directly in an index.|
|Quality Distribution: Credit quality ratings are based on the conservative average of Moody's, Standard & Poor’s and Fitch ratings. If ratings from all three rating agencies disagree, the model assigns the middle rating to the security. If two of the three agree, the model assigns the rating from those two to the security. 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). 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.|
|Characteristics: Benchmark and Fund analytics have been calculated using a third party vended model. All material has been obtained from sources believed to be reliable, but the accuracy, completeness and interpretation cannot be guaranteed. Information contained herein is current as of the date appearing in this material only and is subject to change without notice. Certain benchmark calculations may not match the published benchmark characteristics.|
With Northern Trust Since 2005
Began Career in 2002
Bradley Camden, Vice President of Northern Trust, is a member of the active long duration strategy team and responsible for research and implementation of several quantitative fixed income strategies. He currently co-manages the Northern Core Bond Fund, Northern Fixed Income Fund and Northern Short Bond Fund.
Prior to joining Northern Trust in 2005, Mr. Camden was a member of Northern Trust’s Global Opportunities Leadership Development (GOLD) program where he completed rotations in Tax Advantage Equity Indexing, Equity Research and Fixed Income.
Mr. Camden holds a B.A. in economics from DePauw University. He is an active CFA® charterholder and a member of the CFA Institute and the CFA Society Chicago.
With Northern Trust Since 1999
Began Career in 1999
Michael T. Doyle, Vice President of Northern Trust, is a member of the long duration fixed income management group. Mr. Doyle currently co-manages the Northern Short Bond Fund.
Mr. Doyle joined Northern Trust's income collections team in 1999, transferred to the short duration fixed income group in 2000 as an investment associate, and transferred to the long duration fixed income group in 2012 as a senior fixed income portfolio manager.
Mr. Doyle received a B.S. from Ferris State University and a M.S. in finance from the Illinois Institute of Technology Stuart School of Business.
Not FDIC insured | May lose value | No bank guarantee
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