Skip to content
Inception Date4/01/94
Total Net Assets (as of October 31, 2023)$1,317,198,303
YTD Total Return (as of 11/27/23)1.99%
Distribution Rate* (as of 11/27/23)3.14%
Tax-Equivalent Distribution Rate* (as of 11/27/23)5.30%
30-Day SEC Yield w/ Waivers* (as of 10/31/23)4.11%
30-Day SEC Yield w/o Waivers* (as of 10/31/23)4.07%
Tax-Equivalent 30-Day SEC Yield* (as of 10/31/23)6.94%
*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 w/waivers represents the annualization of the Fund's net investment income, excluding capital gain income and includes contractual expense reimbursements. It would be lower without those reimbursements. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. The 30-day SEC yield w/o waivers represents the annualization of the Fund's net investment income, excluding capital gain income and excludes contractual expense reimbursements, resulting in a lower yield. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. The tax-equivalent 30-day SEC yield represents 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 45.3% for Arizona, 54.1% for California and 40.8% for national municipal funds.
Total ReturnsTotal Returns for Month Ending October 31, 2023
*Effective February 1, 2022, the benchmark for the Fund changed from the Bloomberg Intermediate Municipal Bond Index to the Bloomberg Municipal 1 – 15 Year Index to better align the Fund’s benchmark with the Fund’s current portfolio objectives and composition. The Annualized Since Inception Total Return for the Bloomberg Municipal 1 – 15 Year Index is not available as the benchmark inception date is December 31, 2001, which is after the Fund’s inception date of April 1, 1994.

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. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

The "Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted expenses, including but not limited to acquired fund fees and expenses, that are not reimbursed.

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‡
Intermediate Tax-Exempt0.49%0.45%
‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2024. 
Calendar Year Returns 
      2022      2021      2020      2019      2018
Intermediate Tax-Exempt-8.29%0.64%4.67%6.53%0.81%
Bloomberg Intermediate Municipal Bond Index*-6.01%0.51%5.18%6.86%1.57%
Bloomberg Municipal 1-15 Year Index*-5.95%0.87%4.73%6.44%1.58%
Morningstar Category Avg. Muni National Intermediate-8.23%1.67%4.51%6.91%0.78%
*Effective February 1, 2022, the benchmark for the Fund changed from the Bloomberg Intermediate Municipal Bond Index to the Bloomberg Municipal 1 – 15 Year Index to better align the Fund’s benchmark with the Fund’s current portfolio objectives and composition. The Bloomberg Municipal 1-15 Year Index will be provide when the new benchmark performance is made available.

Performance quoted represents past performance and does not guarantee future results.
As of 09/30/23
As of 09/30/23
As of 09/30/23
Fund CharacteristicsAs of 09/30/23
All data is as of date indicated and subject to change.
*Effective February 1, 2022, the benchmark for the Fund changed from the Bloomberg Intermediate Municipal Bond Index to the Bloomberg Municipal 1 – 15 Year Index to better align the Fund’s benchmark with the Fund’s current portfolio objectives and composition.
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.
Tax-Free/AMT Risk: Tax-exempt funds’ income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

Bloomberg Municipal 1 - 15 Year Index is an unmanaged index of investment grade (Baa3 or better) tax-exempt bonds with maturities of one to seventeen years.

Bloomberg Intermediate Municipal Bond Index is an unmanaged index of investment grade (Baa3 or better) tax-exempt bonds with maturities of five to 10 years. It is not possible to invest directly in an index.
Quality Distribution: Credit quality ratings are based on Moody’s, Standard & Poors and Fitch ratings. If ratings from all three rating agencies disagree, the security is assigned the middle rating. If two of the three agree, the security is assigned the rating from those two. If two of these rating agencies have assigned different ratings, the security is assigned the lower rating from those two. If none of these three rating agencies have assigned a rating, the security is assigned a rating of not rated. The ratings, expressed in Standard & Poors nomenclature, range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Short-term ratings, when applicable, are expressed in Standard & Poors nomenclature, range from A-1 (obligors capacity to meet its financial commitment on the obligation is strong) to A-3 (exhibits adequate protection parameters. 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.