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|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.
|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.
|Overall Morningstar RatingTM|
Among 114 ultrashort bond funds derived from a weighted average of the fund's 3- and 5- year risk-adjusted returns as of 6/30/15. The 10-year Morningstar Rating is not available.
Ultra-Short Fixed Income received 4 stars for the 3-year rating among 114 ultrashort bond funds, 4 stars for the 5-year rating among 75 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.
©2015 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.
|YTD Total Return||0.67% (as of 08/03/15)|
|Distribution Rate*||0.87% (as of 08/03/15)|
|30-Day SEC Yield w/ Waivers*||0.75%
|30-Day SEC Yield w/o Waivers*||0.69%
|Total Net Assets||$1,871,933,345
|Tax-Equivalent Distribution Rate*||N/A|
|Tax-Equivalent 30-Day SEC Yield*||N/A|
|Ultra-Short Fixed Income||-0.13%||0.10%||0.59%||0.50%||0.98%||1.17%||N/A||1.35%|
|BofA Merrill Lynch 1-Year|
U.S. Treasury Note Index
|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‡|
|Ultra-Short Fixed Income||0.27%||0.25%|
|‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2016.|
|Ultra-Short Fixed Income||0.55%||0.78%||2.43%||0.87%||1.53%|
|BofA Merrill Lynch 1-Year U.S. Treasury Note Index||0.18%||0.26%||0.24%||0.56%||0.83%|
|Morningstar Category Avg. Ultrashort Bond||0.34%||0.49%||1.99%||0.25%||2.27%|
|Performance quoted represents past performance and does not guarantee future results.|
|2 - 15 Days||6.2%|
|16 - 30 Days||4.9%|
|31 - 60 Days||9.8%|
|61 - 97 Days||9.4%|
|98 - 180 Days||4.8%|
|181 - 270 Days||4.7%|
|271 Days - 1 Year||4.1%|
|1 - 2 Years||27.9%|
|2 - 3 Years||19.2%|
|Fixed Rate Note/Bond||62.3%||—|
|Variable Rate Note/Bond||29.5%||—|
|Number of Holdings||353|
|Average Duration†||1.0 YR|
|Average Maturity||376 DAYS|
|Yield to Maturity||1.00%|
|Dividend Income Last Quarter||$0.0208|
|Capital Gain Income Last Quarter||N/A|
|Benchmark||BofA Merrill Lynch 1-Year U.S. Treasury Note Index|
|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 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.|
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.
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 co-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.
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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