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Fixed Income Taxable

Ultra-Short Fixed Income

 
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TickerNAV AS OF 08/24/16
NUSFX$10.22 $0.00 Same Icon
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  • Snapshot
  • Performance
  • Portfolio
  • Management
  • Fund Documents
Snapshot
The Ultra-Short Fixed Income Fund seeks to generate higher yields than money market funds with less volatility than short duration bond funds. It is intended for investors with an investment horizon of at least one year and strives to maintain a 6-18 month average maturity, under normal circumstances, with a maximum security maturity of three years.

This Fund is not a money market fund, which maintains a $1.00 NAV, and the Fund's share price will fluctuate with its returns. An investment in the Fund can result in the loss of principal.
Fund Objective
Total Return
Fund Strategy
  • Seek to yield more than a money market fund with potential for capital appreciation.
  • Strive to maintain a 6-18 month average maturity, under normal circumstances, with a maximum security maturity of three years.
  • Manage Fund in an effort to have an average portfolio quality of A or better, with all securities to be investment grade.
Investor Profile
If you're seeking an investment that may generate higher yields than money market funds with less volatility than short duration bond funds, this Fund may be appropriate for you. The Fund is intended for investors with an investment horizon of at least one year who are seeking to move a portion of their money market fund assets.

The Fund is not a money market fund, which maintains a $1.00 NAV, and the Fund's share price will fluctuate with its returns.
Risk/Reward Potential
”Risk/Reward
Overall Morningstar RatingTM
Morningstar Rating

Among 125 ultrashort bond funds derived from a weighted average of the fund's 3- and 5-year risk-adjusted returns as of 7/31/16.

Ultra-Short Fixed Income received 4 stars for the 3-year rating among 125 ultrashort bond funds and 4 stars for the 5-year rating among 88 funds. The 10-year Morningstar Rating is not available.

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.

©2016 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.

Fund Literature

 
Important risk information can be found on the Portfolio tab.

 

CUSIP665162467
YTD Total Return1.51% (as of 08/24/16)
Distribution Rate*1.16% (as of 08/24/16)
30-Day SEC Yield w/ Waivers*0.97% (as of 07/31/16)
30-Day SEC Yield w/o Waivers*0.95% (as of 07/31/16)
Inception Date06/18/09
Total Net Assets$1,530,333,614 (as of 07/31/16)
Tax-Equivalent Distribution Rate*N/A
Tax-Equivalent 30-Day SEC Yield*N/A

Total Returns

Total Returns for Month Ending 07/31/16
 Annualized
 Month  3-MonthYTD1-Year 3-Year5-Year10-YearSince
Incept.
Ultra-Short Fixed Income0.09%0.57%1.44%1.29%0.99%1.08%N/A1.34%
BofA Merrill Lynch 1-Year
U.S. Treasury Note Index
-0.01%0.19%0.65%0.56%0.35%0.34%N/A0.48%
Morningstar Cat. Avg.
Ultrashort Bond
0.15%0.40%0.82%0.69%0.57%0.76%N/AN/A
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
 Annualized
 Month  3-MonthYTD1-Year 3-Year5-Year10-YearSince
Incept.
Ultra-Short Fixed Income0.39%0.67%1.34%1.27%1.04%1.10%N/A1.34%
BofA Merrill Lynch 1-Year
U.S. Treasury Note Index
0.24%0.29%0.65%0.59%0.38%0.34%N/A0.48%
Morningstar Cat. Avg.
Ultrashort Bond
0.12%0.49%0.67%0.54%0.56%0.73%N/AN/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.

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 0.25%. This contractual limitation may not be terminated before July 31, 2017 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
Ultra-Short Fixed Income0.26%0.25%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2017.

Calendar Year Returns

 
       2015      2014      2013      2012      2011
Ultra-Short Fixed Income0.51%0.55%0.78%2.43%0.87%
BofA Merrill Lynch 1-Year U.S. Treasury Note Index0.15%0.18%0.26%0.24%0.56%
Morningstar Category Avg. Ultrashort Bond0.17%0.34%0.49%1.99%0.25%
Performance quoted represents past performance and does not guarantee future results.
Important risk information can be found on the Portfolio tab.

 

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Portfolio Composition
   
Maturity DistributionFund
Overnight6.2%
2 - 15 Days2.2%
16 - 30 Days9.1%
31 - 60 Days11.6%
61 - 97 Days12.5%
98 - 180 Days3.4%
181 - 270 Days5.4%
271 Days - 1 Year6.1%
1 - 2 Years24.3%
2 - 3 Years19.2%
TOTAL100.0%
As of 07/31/16
Quality DistributionFundBenchmark
AAA(Long Term)12.1%
AA+(Long Term)0.6%
AA(Long Term)0.9%
AA-(Long Term)8.9%
A+(Long Term)15.1%
A(Long Term)10.5%
A-(Long Term)16.9%
BBB+(Long Term)11.1%
BBB(Long Term)5.3%
BBB-(Long Term)3.3%
A1+(Short Term)2.1%
Treasury12.8%
Agency0.4%
TOTAL100.0%
Sector WeightingsFund   Benchmark
Other2.1%
Fixed Rate Note/Bond61.5%
Variable Rate Note/Bond36.4%
TOTAL100.0%
DateHoldings File
As of 07/31/16Insert Icon
As of 06/30/16Insert Icon
As of 05/31/16Insert Icon
As of 04/30/16Insert Icon
As of 03/31/16Insert Icon
As of 02/29/16Insert Icon

Fund Characteristics

Number of Holdings292
Average Duration1.0 YR
Average Maturity368 DAYS
Yield to Maturity1.25%
Income**$0.009887
Dividend ScheduleMonthly
Dividend Income Last Quarter$0.0285
Capital Gain Income Last QuarterN/A
BenchmarkBofA Merrill Lynch 1-Year U.S. Treasury Note Index
Morningstar CategoryUltrashort 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.
BofA Merrill Lynch 1-Year U.S. Treasury Note Index is composed of a single issue: the outstanding Treasury note that matures closest to, but not beyond, one year from each monthly rebalancing date. It is not possible to invest directly in an index.
Quality Distribution: Credit quality ratings are based on the available Moody's, Standard & Poor's, and/or Fitch ratings. When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. 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). Agency securities are obligations issued or guaranteed by U.S. government agencies and sponsored enterprises. Treasury securities are obligations issued or guaranteed by the U.S. Treasury. 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.
†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 July 25 with a record date of July 22. The amount shown represents dividends paid for net investment income and excludes distributions from capital gain income.
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Christi Fletcher

Christi Fletcher

Portfolio Manager

Northern Ultra-Short Fixed Income Fund (NUSFX)

With Northern Trust Since 2010
Began Career in 2000

Christi Fletcher, Vice President of Northern Trust and Senior Portfolio Manager in the Ultra Short Fixed Income Group. In addition to her responsibilities managing client accounts, Ms. Fletcher is the manager of the Northern Ultra Short Fixed Income Fund.

Prior to her current role, Ms. Fletcher was a Portfolio Manager in the Short Duration Fixed Income Group and was responsible for the Diversified Assets Money Market Portfolio and the Prime Obligations Portfolio. She is also is a member of the Fixed Income Corporate Credit Subcommittee. Before joining Northern Trust in 2010, Ms. Fletcher was a Portfolio Manager and Credit Analyst at SGI/Rydex Investments in Topeka, KS. She previously worked at Horizon Cash Management as a Portfolio Manager and Credit Analyst in Chicago.

Ms. Fletcher received a B.S. from Southwest Missouri State University in Springfield, MO. She is a member of the CFA Society Kansas City.

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Morten Olsen

Morten Olsen

Portfolio Manager

Northern Ultra-Short Fixed Income Fund (NUSFX)

With Northern Trust Since 2009
Began Career in 2004

Morten Olsen, Vice President and Director of the Ultra Short Fixed Income group. The Ultra Short team of portfolio managers handles separately managed accounts for taxable and tax exempt mandates, as well as the two Ultra Short Fixed Income Mutual Funds. Mr. Olsen is co-manager of the Northern Ultra Short Fixed Income Fund.

Mr. Olsen joined Northern Trust in 2009 and spent six years in London as the lead portfolio manager responsible for the institutional EUR, GBP and USD cash funds. Prior to this, he spent five years on the funding desk at Lehman Brothers and latterly Nomura; in both roles he was responsible for the investment of the banks liquidity pool.

Mr. Olsen received his B.S. in Economics and a M.S. in Economics, both from University of Copenhagen.

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Not FDIC insured | May lose value | No bank guarantee

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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.

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