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Fixed Income Taxable

Tax-Advantaged Ultra-Short Fixed Income

 
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TickerNAV AS OF 05/26/23
NTAUX$9.99 $0.00 Same Icon
 
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  • Snapshot
  • Performance
  • Portfolio
  • Management
  • Fund Documents
Snapshot

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.
Fund Objective
Total Return
Fund Strategy
  • Seek to provide investors in higher tax brackets more after-tax yield than a money market fund with potential for capital appreciation.
  • Strive to maximize after-tax return by pursuing best net after-tax yield and total return opportunities in both taxable and tax-exempt securities.
  • Strive to maintain a 6-18 month average maturity, under normal circumstances, with a maximum security duration of three years. Also manage Fund in an effort to have an average portfolio quality of A or better, with all securities to be investment grade.
Investor Profile
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.
Risk/Reward Potential
”Risk/Reward

Fund Literature

 

Related Documents


 
        Important risk information can be found on the Portfolio tab.

         
        CUSIP665162459
        YTD Total Return1.46% (as of 05/26/23)
        Distribution Rate*2.57% (as of 05/26/23)
        30-Day SEC Yield w/ Waivers*1.92% (as of 03/31/19)
        30-Day SEC Yield w/o Waivers*1.91% (as of 03/31/19)
        Inception Date06/18/09
        Total Net Assets$4,007,315,150 (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-MonthYTD1-Year 3-Year5-Year10-YearSince
        Incept.
        Tax-Advantaged Ultra-Short Fixed Income0.35%0.83%0.83%2.06%1.20%0.90%N/A1.06%
        75% ICE BofAML 6-12 Month Muni & 25%
        ICE BofAML 1-3 Yr U.S. Muni*        		0.25%0.70%0.70%2.00%1.10%0.84%N/A0.88%
        Morningstar Cat. Avg.
        Ultrashort Bond        		0.31%1.02%1.02%2.39%1.75%1.18%N/AN/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, extraordinary expenses 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 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.

        *Effective October 2017, ICE data services acquired BofA indices.

        Annual Expense Ratios

         
         Gross Expense RatioNet Expense Ratio‡
        Tax-Advantaged Ultra-Short Fixed Income0.27%0.25%
        ‡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
        Tax-Advantaged Ultra-Short Fixed Income1.40%0.83%0.83%0.35%0.52%
        75% ICE BofAML 6-12 Month Muni & 25%
        ICE BofAML 1-3 Yr U.S. Muni*        		1.59%0.80%0.41%0.43%0.42%
        Morningstar Category Avg. Ultrashort Bond1.61%1.44%1.41%0.17%0.34%
        Performance quoted represents past performance and does not guarantee future results.

        *Effective October 2017, ICE data services acquired BofA indices.
        Important risk information can be found on the Portfolio tab.

         
        .
        Portfolio Composition
           
        Maturity DistributionFund
        Overnight6.9%
        2 - 15 Days20.0%
        16 - 30 Days4.1%
        31 - 60 Days3.9%
        61 - 97 Days11.0%
        98 - 180 Days7.0%
        181 - 270 Days5.7%
        271 Days to 366 Days7.6%
        367 Days - 2 Years17.9%
        2 - 3 Years15.7%
        3 - 4 Years0.2%
        As of 03/31/19
        Quality DistributionFund
        Treasury8.8%
        Agency1.0%
        AAA(Long Term)15.4%
        AA+(Long Term)11.5%
        AA(Long Term)9.7%
        AA-(Long Term)5.5%
        A+(Long Term)8.9%
        A(Long Term)5.3%
        A-(Long Term)7.4%
        BBB+(Long Term)3.6%
        BBB(Long Term)2.5%
        BBB-(Long Term)0.1%
        A1+(Short Term)13.2%
        A1(Short Term)1.8%
        A2(Short Term)1.7%
        Not Rated3.6%
        Sector WeightingsFund
        Fixed Rate Note/Bond58.0%
        Variable Rate Note/Bond29.6%
        Commercial Paper6.3%
        Other3.2%
        Discount Note/Treasury Bill2.9%
        DateHoldings File
        As of 03/31/19Insert Icon
        As of 02/28/19Insert Icon
        As of 01/31/19Insert Icon
        As of 12/31/18Insert Icon
        As of 11/30/18Insert Icon
        As of 10/31/18Insert Icon

        Fund Characteristics

        Number of Holdings376
        Portfolio Turnover54.39% (as of 03/31/18)
        Effective Duration†325 Days
        Average Maturity302 DAYS
        Yield to Maturity2.07%
        Income**$0.013823
        Dividend ScheduleMonthly
        Dividend Income Last Quarter$0.0466
        Capital Gain Income Last QuarterN/A
        Benchmark75% ICE BofAML 6-12 Month Muni & 25% ICE BofAML 1-3 Yr U.S. Muni*
        Morningstar CategoryUltrashort 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 BofAML 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.
        ICE BofA ML 1-3 Year U.S. 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 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 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.
        *Effective October 2017, ICE data services acquired BofA indices.
        †Effective Duration: Effective Duration measures percent change in price for 100 basis point parallel shift.
        **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.
        .
        Patrick D. Quinn

        Patrick D. Quinn

        Portfolio Manager

        Northern Tax-Advantaged Ultra-Short Fixed Income Fund (NTAUX)

        With Northern Trust Since 1985
        Began Career in 1985

        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.

            .
            Jason R. Gookin

            Jason R. Gookin

            Portfolio Manager

            Northern Tax-Advantaged Ultra-Short Fixed Income Fund (NTAUX)

            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.

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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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