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|The Tax-Advantaged Ultra-Short Fixed Income Fund invests in short duration instruments and is intended for investors with an investment horizon of at least one year and is designed to provide investors in higher tax brackets more after-tax yield than a money market fund with potential for capital appreciation. The Fund strives to maximize after-tax return by pursuing best net after-tax yield and total return opportunities in both taxable and tax-exempt securities.
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.
|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.|
|YTD Total Return||0.52% (as of 05/23/16)|
|Distribution Rate*||0.93% (as of 05/23/16)|
|30-Day SEC Yield w/ Waivers*||0.86%
|30-Day SEC Yield w/o Waivers*||0.85%
|Total Net Assets||$3,117,367,806
|Tax-Equivalent Distribution Rate*||N/A|
|Tax-Equivalent 30-Day SEC Yield*||N/A|
|Tax-Advantaged Ultra-Short Fixed Income||0.17%||0.30%||0.47%||0.54%||0.56%||0.76%||N/A||1.01%|
|75% BofA ML 6-12 mth Muni +25% |
BofA ML 1-3 yr US G.O. Muni
|Morningstar Cat. Avg.|
|Tax-Advantaged Ultra-Short Fixed Income||0.07%||0.30%||0.30%||0.41%||0.52%||0.76%||N/A||1.00%|
|75% BofA ML 6-12 mth Muni +25% |
BofA ML 1-3 yr US G.O. Muni
|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.
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, 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.
|Gross Expense Ratio||Net Expense Ratio‡|
|Tax-Advantaged Ultra-Short Fixed Income||0.26%||0.25%|
|‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2016.|
|Tax-Advantaged Ultra-Short Fixed Income||0.35%||0.52%||0.75%||1.36%||0.94%|
|75% BofA ML 6-12 mth Muni +25% BofA ML 1-3 yr US G.O. Muni||0.43%||0.42%||0.55%||0.61%||1.13%|
|Morningstar Category Avg. Ultrashort Bond||0.17%||0.34%||0.49%||1.99%||0.25%|
|Performance quoted represents past performance and does not guarantee future results.|
|2 - 15 Days||20.9%|
|16 - 30 Days||0.3%|
|31 - 60 Days||4.7%|
|61 - 97 Days||7.0%|
|98 - 180 Days||2.1%|
|181 - 270 Days||4.3%|
|271 Days - 1 Year||10.8%|
|1 - 2 Years||29.1%|
|2 - 3 Years||19.4%|
|3 - 4 Years||0.2%|
|Fixed Rate Note/Bond||65.7%||—|
|Variable Rate Note/Bond||32.5%||—|
|Number of Holdings||404|
|Average Duration†||1.0 YR|
|Average Maturity||373 DAYS|
|Yield to Maturity||1.07%|
|Benchmark||75% BofA ML 6-12 mth Muni +25% BofA ML 1-3 yr US G.O. Muni|
|Morningstar Category||Ultrashort 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 6-12 Month Municipal Securities Index tracks the performance of U.S. dollar-denominated, investment grade, tax-exempt debt, publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. Qualifying securities must have at least six months and less than 12 months remaining term to final maturity, a fixed coupon schedule, and an investment grade rating (based on an average of Moody's, S&P and Fitch). It is not possible to invest directly in an index.
|BofA Merrill Lynch 1-3 Year US General Obligation Municipal Securities Index tracks the performance of U.S. dollar-denominated, investment grade, tax-exempt, general obligations publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. Qualifying securities must have one to three years remaining term to maturity, a fixed coupon schedule, and an investment grade rating (based on an average of Moody's S&P and Fitch). 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). 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). 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.|
With Northern Trust Since 1983
Began Career in 1983
Patrick D. Quinn, Vice President of Northern Trust and Senior Portfolio Manager in the Ultra Short Fixed Income Group. In addition to his responsibilities managing client accounts, Patrick is the co-Manager of the Northern Tax-Advantaged Ultra-Short Fixed Income Fund.
Prior to his current role, Mr. Quinn was the portfolio manager of Northern Trust's Collective Short Term Investment Fund. He started his investment career in 1985 in Northern's Treasury department, advancing to division manager of the bank's Funding desk. He also held positions as a portfolio manager and risk manager while in Treasury.
Mr. Quinn received a B.S. in management and finance from DePaul University and an MBA in finance from the Kellstadt Graduate School of Business at DePaul University.
With Northern Trust Since 2006
Began Career in 2005
Jason Gookin, Vice President of Northern Trust and Portfolio Manager with the Ultra Short Fixed Income Group. In addition to his responsibilities managing client accounts, Jason is the principal trader for municipal securities for Ultra-Short Fixed Income. Mr. Gookin also co-manages the Northern Tax-Advantaged Ultra-Short Fixed Income Fund.
Prior to joining Northern Trust, Mr. Gookin was a financial advisor with Ameriprise Financial, where he developed financial plans for clients using various computer models and forecasting techniques.
Mr. Gookin received a B.A. in finance with honors from Michigan State University and an MBA from the University of Chicago Booth School of Business with concentrations in finance, economics and international business.
Not FDIC insured | May lose value | No bank guarantee
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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