Tax-Advantaged Ultra-Short Fixed Income
Patrick D. Quinn

Patrick D. Quinn

With Northern Trust since 1985
Began Career in 1985


Jason R. Gookin

Jason R. Gookin

With Northern Trust since 2006
Began Career in 2005


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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
Ticker SymbolDistribution Rate
Daily as of 04/23/14
30-Day SEC Yield
Monthly as of March 31, 2014
NTAUX0.52%0.38%
Updated Daily as of April 23, 2014
SymbolNTAUX Distribution Rate*0.52%
CUSIP665162459 Tax-Equivalent Distribution Rate* N/A
Share Price$ 10.16 Updated Monthly as of March 31, 2014
Share Price Change$ 0.00Total Net Assets$2,815,727,067
YTD Total Return0.27% Updated Monthly as of March 31, 2014
Inception Date6/18/200930-Day SEC
Yield*
0.38%
  Tax-Equivalent
30-Day SEC
Yield*
N/A
Total Returns for Quarter Ended March 31, 2014
 Tax-Advantaged Ultra-Short Fixed Income75% BofA ML 6-12 mth Muni +25% BofA ML 1-3 yr US G.O. MuniMorningstar Ultrashort Bond Category Average
Month–0.05%–0.05%0.04%
3-Month0.24%0.16%0.21%
Year to Date0.24%0.16%0.21%
1 Year0.63%0.47%0.46%
3-Year Avg. Annual0.96%0.71%0.87%
Avg. Annual
Since Inception
1.23%0.88% 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.

The Advisor has agreed to reimburse certain expenses of the Fund (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses" exceed 0.25%. The contractual limitation may not be terminated before July 31, 2014 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.
Disclosure
 Gross Expense RatioNet Expense Ratio
Tax-Advantaged Ultra-Short Fixed Income
(NTAUX)
0.43%0.25%
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2014.
 2013201220112010
Tax-Advantaged Ultra-Short Fixed Income0.75%1.36%0.94%1.29%
75% BofA ML 6-12 mth Muni +25% BofA ML 1-3 yr US G.O. Muni0.55%0.61%1.13%0.81%
Morningstar Category Avg.
Ultrashort Bond
0.49%1.99%0.25%2.27%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings481
Average Duration†1.1 YRS
Average Maturity375 DAYS
Yield to Maturity0.59%
Income**$0.0044
Dividend ScheduleMonthly
Dividend Income Last Quarter$0.0151
Capital Gain Income Last QuarterN/A
Benchmark75% BofA ML 6-12 mth Muni +25% BofA ML 1-3 yr US G.O. Muni
Morningstar CategoryUltrashort Bond
Maturity Distribution    Fund
Overnight    5.3%
2 - 15 Days    17.7%
16 - 30 Days    1.4%
31 - 60 Days    4.7%
61 - 97 Days    9.8%
98 - 180 Days    2.4%
181 - 270 Days    5.7%
271 Days - 1 Year    9.2%
1 - 2 Years    25.0%
2 - 3 Years    18.8%
TOTAL 100.0%
Quality DistributionFundBenchmark
AAA(Long Term)21.0%
AA+(Long Term)9.6%
AA(Long Term)11.6%
AA-(Long Term)9.8%
A+(Long Term)7.1%
A(Long Term)15.5%
A-(Long Term)5.0%
BBB+(Long Term)5.8%
BBB(Long Term)2.9%
BBB-(Long Term)1.4%
A1+(Short Term)5.6%
A2(Short Term)0.5%
Treasury3.4%
Not rated0.8%
TOTAL100.0%
Sector WeightingsFundBenchmark
Fixed Rate Note/Bond64.1%
Variable Rate Note/Bond32.1%
Other2.9%
Commercial Paper0.9%
TOTAL100.0%
All data is as of date indicated and is 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.

BofA Merrill Lynch 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 been between six months to one year 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.

BofA Merrill Lynch 1-3 Year US General Obligation Municipal Securities Index tracks the performance of U.S. dollar denominated, investment grade, tax-exempt, general obligations 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 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). The Standard & Poor’s short-term municipal rating of SP1 reflects a strong capacity to pay principal and interest (an issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation). The Moody’s short-term municipal rating of MIG1 denotes superior credit quality (excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing). 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.
 
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Not FDIC insured | May lose value | No bank guarantee

†Northern tax-exempt fixed income funds' and Northern High Yield Fixed Income Fund's Average Duration is calculated using the modified duration formula. Other Northern fixed income funds show the option-adjusted duration. Duration is a measure of a bond fund's sensitivity to changes in interest rates.

*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 and tax-equivalent 30-day SEC yield represent 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 47.9% for Arizona, 55.7% for California and 43.4% for national municipal funds.

**Per share paid out March 24 with a record date of March 21. The amount shown represents dividends paid for net investment income and excludes distributions from capital gain income.

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.

©2014 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.