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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.
|YTD Total Return||0.17% (as of 04/25/18)|
|Distribution Rate*||1.93% (as of 04/25/18)|
|30-Day SEC Yield w/ Waivers*||2.12%
|30-Day SEC Yield w/o Waivers*||2.09%
|Total Net Assets||$2,587,153,520
|Ultra-Short Fixed Income||0.06%||0.03%||0.03%||0.96%||1.03%||0.93%||N/A||1.27%|
|ICE 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%. 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. This contractual limitation may not be terminated before July 31, 2018 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.
*Effective October 2017, ICE data services acquired BofA indices.
|Gross Expense Ratio||Net Expense Ratio‡|
|Ultra-Short Fixed Income||0.27%||0.26%|
|‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2018. The Fund also includes voluntary expense reimbursements that may change or end at any time.|
|Ultra-Short Fixed Income||1.52%||1.52%||0.51%||0.55%||0.78%|
|ICE BofA Merrill Lynch 1-Year U.S. Treasury Note Index*||0.57%||0.76%||0.15%||0.18%||0.26%|
|Morningstar Category Avg. Ultrashort Bond||1.44%||1.41%||0.17%||0.34%||0.49%|
|Performance quoted represents past performance and does not guarantee future results.
*Effective October 2017, ICE data services acquired BofA indices.
|2 - 15 Days||7.0%|
|16 - 30 Days||10.8%|
|31 - 60 Days||13.8%|
|61 - 97 Days||16.4%|
|98 - 180 Days||4.0%|
|181 - 270 Days||3.2%|
|271 Days - 1 Year||6.5%|
|1 - 2 Years||22.0%|
|2 - 3 Years||14.8%|
|Fixed Rate Note/Bond||50.8%||—|
|Discount Note/Treasury Bill||1.0%||—|
|Variable Rate Note/Bond||42.9%||—|
|Number of Holdings||413|
|Portfolio Turnover||52.98% (as of 03/31/17)|
|Average Duration†||0.8 YR|
|Average Maturity||301 DAYS|
|Yield to Maturity||2.55%|
|Dividend Income Last Quarter||$0.0452|
|Capital Gain Income Last Quarter||N/A|
|Benchmark||ICE 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.|
|ICE 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.|
|*Effective October 2017, ICE data services acquired BofA indices.|
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.
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.
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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