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Fixed Income Taxable

Ultra-Short Fixed Income

 
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TickerNAV AS OF 06/05/23
NUSFX$10.08 $0.01 Arrow Up Icon
 
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  • Snapshot
  • Performance
  • Portfolio
  • Management
  • Fund Documents
Snapshot
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 six to eighteen month dollar-weighted average maturity, under normal circumstances, with a maximum security duration of three years or less.

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 yield more than a money market fund with potential for capital appreciation.
  • Strive to maintain a 6-18 month average maturity, under normal circumstances, with a maximum security duration of three years.
  • 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.

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.
Risk/Reward Potential
”Risk/Reward
      Important risk information can be found on the Portfolio tab.

       
      CUSIP665162467
      YTD Total Return2.54% (as of 06/05/23)
      Distribution Rate*3.74% (as of 06/05/23)
      30-Day SEC Yield w/ Waivers*2.64% (as of 03/31/19)
      30-Day SEC Yield w/o Waivers*2.63% (as of 03/31/19)
      Inception Date06/18/09
      Total Net Assets$2,425,557,692 (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.
      Ultra-Short Fixed Income0.41%1.22%1.22%2.75%1.72%1.32%N/A1.42%
      ICE BofAML 1-Year
      U.S. Treasury Note Index*      		0.35%0.82%0.82%2.44%1.21%0.85%N/A0.78%
      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; 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 January 8, 2020 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‡
      Ultra-Short Fixed Income0.28%0.25%
      ‡Includes contractual expense reimbursements that, if not extended, will end on January 8, 2020. The Fund also includes voluntary expense reimbursements that may change or end at any time.

      Calendar Year Returns

       
             2018      2017      2016      2015      2014
      Ultra-Short Fixed Income1.54%1.52%1.52%0.51%0.55%
      ICE BofAML 1-Year U.S. Treasury Note Index*1.86%0.57%0.76%0.15%0.18%
      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.

       
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      Portfolio Composition
         
      Maturity DistributionFund
      Overnight1.0%
      2 - 15 Days5.1%
      16 - 30 Days10.1%
      31 - 60 Days7.1%
      61 - 97 Days6.3%
      98 - 180 Days8.7%
      181 - 270 Days7.8%
      271 Days to 366 Days11.6%
      367 Days - 2 Years31.6%
      2 - 3 Years10.5%
      3 - 4 Years0.2%
      As of 03/31/19
      Quality DistributionFund
      Treasury9.1%
      Agency1.0%
      AAA(Long Term)14.3%
      AA+(Long Term)0.4%
      AA(Long Term)3.2%
      AA-(Long Term)12.7%
      A+(Long Term)9.5%
      A(Long Term)14.8%
      A-(Long Term)6.8%
      BBB+(Long Term)10.6%
      BBB(Long Term)12.4%
      BBB-(Long Term)1.1%
      A1+(Short Term)0.5%
      A1(Short Term)0.7%
      A2(Short Term)2.9%
      Sector WeightingsFund
      Fixed Rate Note/Bond69.6%
      Variable Rate Note/Bond26.4%
      Commercial Paper3.4%
      Other0.5%
      Certificate of Deposit0.2%
      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 Holdings439
      Portfolio Turnover58.41% (as of 03/31/18)
      Effective Duration†332 Days
      Average Maturity344 DAYS
      Yield to Maturity2.84%
      Income**$0.020058
      Dividend ScheduleMonthly
      Dividend Income Last Quarter$0.0670
      Capital Gain Income Last QuarterN/A
      BenchmarkICE BofAML 1-Year U.S. Treasury Note Index*
      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 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.
      †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.
      .
      Morten Olsen

      Morten Olsen

      Portfolio Manager

      Northern Ultra-Short Fixed Income Fund (NUSFX)

      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.

      .
      Bilal Memon

      Bilal Memon

      Portfolio Manager

      Ultra Short Fixed Income Fund (NUSFX)

      With Northern Trust Since 2007
      Began Career in 2004

      Bilal Memon, Vice President of Northern Trust, and a member of the Short Duration Fixed Income Group within the Northern Trust Global Investments business unit. He is a co-manager of the Ultra Short Fixed Income Fund.

      Prior to joining Northern Trust in 2007, Mr. Memon was with Ford Motor Company for three years. He joined them as the Associate Director of Pension Asset Management, he became a Fixed Income Portfolio Manager in 2005, and finally became part of the Treasury Staff in 2006.

      Mr. Memon received his B.A. in economics from The University of Chicago and his MBA in analytical finance and marketing management from The University of Chicago Graduate School of 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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