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Fixed Income Municipal

Short-Intermediate Tax-Exempt

 
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TickerNAV AS OF 05/26/23
NSITX$9.75 $-0.01 Arrow Down Icon
 
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  • Management
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Snapshot
You may find this Fund attractive if you are in investor who is seeking higher current income, but potentially less price volatility than the Intermediate Tax-Exempt Fund, with income exempt from regular federal income tax. It is well suited for income-oriented investors in higher tax brackets who are willing to accept some risk of principal in exchange for higher yield potential. Income from the Fund may be subject to federal alternative minimum tax (AMT), state and local taxes. We focus on producing conservative tax-free income while managing portfolio risk. The Fund's average maturity ranges from one year to less than six years. We believe investing in a broad range of municipal securities with short to intermediate-term maturities can provide greater stability of principal than is generally available from longer-term, higher-yielding bonds.
Fund Objective
Current Tax-Exempt Income
Fund Strategy
  • Maintain a dollar-weighted average maturity range, under normal circumstances, between one and six years.
  • Invest in high-quality securities, primarily investment-grade debt.
  • Select investments on the basis of their relative value with a focus on total return.
Investor Profile
If you are an investor seeking higher current income, but potentially less price volatility than the Intermediate Tax-Exempt Fund, with income exempt from regular federal income tax, you may find this Fund attractive. It is well suited for income-oriented investors in higher tax brackets who are willing to accept some risk of principal in exchange for higher yield potential. Income from the Fund may be subject to federal alternative minimum tax (AMT), state and local taxes.
Risk/Reward Potential
”Risk/Reward
      Important risk information can be found on the Portfolio tab.

       
      CUSIP665162525
      YTD Total Return0.00% (as of 05/26/23)
      Distribution Rate*2.18% (as of 05/26/23)
      30-Day SEC Yield w/ Waivers*1.76% (as of 03/31/19)
      30-Day SEC Yield w/o Waivers*1.73% (as of 03/31/19)
      Inception Date08/22/07
      Total Net Assets$963,640,168 (as of 03/31/19)
      Tax-Equivalent Distribution Rate*3.69% (as of 05/26/23)
      Tax-Equivalent 30-Day SEC Yield*2.97% (as of 03/31/19)
      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. The 30-day SEC yield w/o waivers represents the annualization of the Fund's net investment income, excluding capital gain income, but excludes contractual expense reimbursements, resulting in a lower yield. 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 Returns

      Total Returns for Quarter Ending 03/31/19
       Annualized
          Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
      Incept.
      Short-Intermediate Tax-Exempt0.55%1.53%1.53%3.29%1.08%1.19%1.52%1.99%
      Bloomberg Barclays 1-5 Year Blend
      Muni Bond Index      		0.50%1.49%1.49%3.32%1.45%1.57%2.14%2.28%
      Morningstar Cat. Avg.
      Muni National Short      		0.43%1.15%1.15%2.46%1.11%1.14%1.72%N/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.

      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 0.45%. 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, 2019 without the approval of the Board of Trustees. In the absence of contractual expense reimbursements, 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‡
      Short-Intermediate Tax-Exempt0.51%0.46%
      ‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2019. The Fund also includes voluntary expense reimbursements that may change or end at any time.

      Calendar Year Returns

       
             2018      2017      2016      2015      2014
      Short-Intermediate Tax-Exempt1.46%1.23%-0.31%1.15%1.38%
      Bloomberg Barclays 1-5 Year Blend Muni Bond Index1.75%1.90%0.00%1.46%1.78%
      Morningstar Category Avg. Muni National Short1.18%1.69%-0.15%0.70%1.44%
      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
      0 - 1 Year29.9%
      2 - 5 Years27.3%
      6 - 10 Years40.8%
      11 - 20 Years2.0%
      As of 03/31/19
      Quality DistributionFundBenchmark
      AAA23.7%20.8%
      AA47.9%50.6%
      A5.4%22.1%
      BBB0.2%6.5%
      SP-1/MIG13.9%0.0%
      SP1+/MIG115.0%0.0%
      Not Rated2.8%0.0%
      Committed Cash1.1%0.0%
      Sector WeightingsFundBenchmark
      Revenue51.4%50.9%
      General Obligation44.5%30.7%
      Insured2.2%0.1%
      Committed Cash1.1%0.0%
      Government-Backed0.8%18.4%
      DateHoldings File
      As of 03/31/19Insert Icon
      As of 12/31/18Insert Icon

      Fund Characteristics

      Number of Holdings262
      Portfolio Turnover36.55% (as of 03/31/18)
      Modified Duration†2.59 YRS
      Average Maturity3.73 YRS
      Weighted Average Coupon4.33%
      Income**$0.014995
      Dividend ScheduleMonthly
      Dividend Income Last Quarter$0.0488
      Capital Gain Income Last QuarterN/A
      BenchmarkBloomberg Barclays 1-5 Year Blend Municipal Bond Index
      Morningstar CategoryMunicipal National Short
      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.
      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 Barclays 1-5 Year Blend Municipal Bond Index is an unmanaged index of investment grade (Baa3 or better) tax-exempt bonds with maturities of at least one year and less than six years. It is not possible to invest directly in an index.
      Quality Distribution: Credit quality ratings are based on the conservative average of Moody's, Standard & Poor’s and Fitch ratings. If ratings from all three rating agencies disagree, the model assigns the middle rating to the security. If two of the three agree, the model assigns the rating from those two to the security. 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 D (in default). Committed Cash includes any traded cash (forward settling trades), the sweep vehicle and commercial paper. 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.
      †Modified Duration: Duration is a measure of a bond fund's sensitivity to changes in interest rates. The Fund's duration is calculated using the modified duration formula.
      **Per share paid out March 25 with a record date of March 22. The amount shown represents dividends paid for net investment income and excludes distributions from capital gain income.
      .
      Scott Colby, CFA<sup>&reg;</sup>

      Scott Colby, CFA®

      Portfolio Manager

      Northern Short-Intermediate Tax-Exempt Fund (NSITX)

      With Northern Trust Since 2005
      Began Career in 2002

      Scott Colby, Officer of Northern Trust, is a portfolio manager in the tax-exempt fixed income group of Northern Trust Global Investments and manages the Northern Short-Intermediate Tax-Exempt Fund.

      Mr. Colby joined Northern Trust in June 2005. He joined the Tax-Exempt fixed group in April 2006 and moved into his current role as a portfolio manager in January 2013.

      Mr. Colby received a B.A. degree in finance from Tulane University. He is an active CFA® charterholder and a member of the CFA Institute and the CFA Society of Chicago.

          .
          Reid Frankenberg, CFA<sup>&reg;</sup>

          Reid Frankenberg, CFA®

          Portfolio Manager

          Northern Short-Intermediate Tax-Exempt Fund (NSITX)

          With Northern Trust Since 2007
          Began Career in 2007

          Reid Frankenberg, CFA, Officer of Northern Trust, is a Fixed Income Portfolio Manager. Mr. Frankenberg currently co-manages the Northern Short–Intermediate Tax-Exempt Fund.

          Mr. Frankenberg joined the Northern Trust in 2007.

          Mr. Frankenberg received a B.A. in business from Miami University in Oxford, OH. He is an active CFA® charterholder and a member of the CFA Institute and the CFA Society Chicago.

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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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