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Fixed Income Taxable

Ultra-Short Fixed Income

 
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TickerNAV AS OF 11/21/14
NUSFX$10.22 $0.00 Same Icon
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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

Fund Literature

 
Important risk information can be found on the Portfolio tab.
CUSIP665162467
YTD Total Return0.75% (as of 11/21/14)
Distribution Rate*0.72% (as of 11/21/14)
30-Day SEC Yield w/ Waivers*0.56% (as of 10/31/14)
30-Day SEC Yield w/o Waivers*0.54% (as of 10/31/14)
Inception Date06/18/09
Total Net Assets$1,575,976,724 (as of 10/31/14)
Tax-Equivalent Distribution Rate*N/A
Tax-Equivalent 30-Day SEC Yield*N/A

Total Returns

Total Returns for Month Ending 10/31/14
 Annualized
 Month  3-MonthYTD1-Year 3-Year5-Year10-YearSince
Incept.
Ultra-Short Fixed Income0.07%0.09%0.70%0.79%1.28%1.27%N/A1.44%
BofA Merrill Lynch 1-Year
U.S. Treasury Note Index
0.02%0.10%0.27%0.28%0.27%0.44%N/A0.50%
Morningstar Cat. Avg.
Ultrashort Bond
-0.01%0.01%0.51%0.62%1.08%1.30%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, 55.7% for California and 43.4% for national municipal funds.

Total Returns

Total Returns for Quarter Ending 09/30/14
 Annualized
 Month  3-MonthYTD1-Year 3-Year5-Year10-YearSince
Incept.
Ultra-Short Fixed Income-0.14%-0.01%0.64%0.88%1.35%1.32%N/A1.45%
BofA Merrill Lynch 1-Year
U.S. Treasury Note Index
0.03%0.10%0.25%0.26%0.28%0.46%N/A0.50%
Morningstar Cat. Avg.
Ultrashort Bond
-0.02%0.05%0.50%0.77%1.17%1.35%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.

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 0.25%. 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.

Annual Expense Ratios

 
 Gross Expense RatioNet Expense Ratio
Ultra-Short Fixed Income0.27%0.25%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Calendar Year Returns

 
       2013      2012      2011      2010
Ultra-Short Fixed Income0.78%2.43%0.87%1.53%
BofA Merrill Lynch 1-Year U.S. Treasury Note Index0.26%0.24%0.56%0.83%
Morningstar Category Avg. Ultrashort Bond0.49%1.99%0.25%2.27%
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
Overnight2.8%
2 - 15 Days4.7%
16 - 30 Days7.5%
31 - 60 Days10.2%
61 - 97 Days11.7%
98 - 180 Days2.6%
181 - 270 Days2.8%
271 Days - 1 Year4.4%
1 - 2 Years26.3%
2 - 3 Years26.7%
3 - 4 Years0.3%
TOTAL100.0%
As of 10/31/14
Quality DistributionFundBenchmark
AAA(Long Term)9.7%
AA+(Long Term)2.3%
AA(Long Term)3.6%
AA-(Long Term)12.5%
A+(Long Term)12.1%
A(Long Term)17.8%
A-(Long Term)11.7%
BBB+(Long Term)13.6%
BBB(Long Term)6.9%
BBB-(Long Term)3.6%
A1+(Short Term)1.7%
A1(Short Term)0.7%
Treasury3.1%
Agency0.7%
TOTAL100.0%
Sector WeightingsFundBenchmark
Fixed Rate Note/Bond66.2%
Variable Rate Note/Bond31.4%
Other1.6%
Commercial Paper0.8%
TOTAL100.0%
DateHoldings File
As of 10/31/14Insert Icon
As of 09/30/14Insert Icon
As of 08/31/14Insert Icon
As of 07/31/14Insert Icon
As of 06/30/14Insert Icon
As of 05/31/14Insert Icon

Fund Characteristics

Number of Holdings341
Average Duration1.1 YRS
Average Maturity423 DAYS
Yield to Maturity0.87%
Income**$0.006145
Dividend ScheduleMonthly
Dividend Income Last Quarter$0.0191
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 October 23 with a record date of October 22. The amount shown represents dividends paid for net investment income and excludes distributions from capital gain income.
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Carol H. Sullivan

Carol H. Sullivan

Portfolio Manager

Northern Ultra-Short Fixed Income Fund (NUSFX)

With Northern Trust Since 1996
Began Career in 1980

Carol H. Sullivan, Senior Vice President of Northern Trust and Director of the Ultra Short Fixed Income Group of portfolio managers, is responsible for separately managed accounts for taxable and tax exempt mandates, as well as the two Ultra Short Fixed Income mutual funds. Ms. Sullivan also co-manages the Northern Ultra-Short Fixed Income Fund.

Prior to joining Northern Trust in 1996, Ms. Sullivan was a senior partner in an investment management company. She began her investment career in 1980, developing liquidity products for financial institutions.

Ms. Sullivan received a B.A. in English from St. Xavier University and an MBA in finance from DePaul University. She is a member of the CFA Society Chicago and the national CFA Institute.

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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, is a member of the short-duration fixed income team. Ms. Fletcher is a portfolio manager and co-manager for the Northern Ultra-Short Fixed Income Fund.

Prior to joining Northern Trust in 2010, Ms. Fletcher worked as a portfolio manager and credit analyst at SGI/Rydex Investments in Topeka, Kansas. Previously, she worked at Horizon Cash Management 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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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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