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|If you're a conservative investor who prefers the income and quality offered by government securities, you may find this Fund attractive. It is best suited for income-oriented investors who prefer low risk. Our approach is to select high-quality securities with maturities between two and five years, issued or guaranteed by the U.S. Government, as we manage risk exposure to achieve reasonable returns. We believe investing in a broad range of U.S. Government securities with short-term maturities can provide greater stability of principal than is generally available from longer-term, higher-yielding bonds. The principal value and investment return of the Fund are neither guaranteed or insured by the U.S. Government.
|If you're a conservative investor who prefers the income and quality offered by government securities, you may find this Fund attractive. It is best suited for income-oriented investors who prefer low risk.|
|YTD Total Return||3.90% (as of 07/10/20)|
|Distribution Rate*||0.24% (as of 07/10/20)|
|30-Day SEC Yield w/ Waivers*||2.13%
|30-Day SEC Yield w/o Waivers*||2.03%
|Total Net Assets||$60,829,995
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|Bloomberg Barclays 1-5 Year |
U.S. Government 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 0.40%. 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 October 23, 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.
|Gross Expense Ratio||Net Expense Ratio‡|
|Short-Intermediate U.S. Government||0.58%||0.42%|
|‡Includes contractual expense reimbursements that, if not extended, will end on October 23, 2019. The Fund also includes voluntary expense reimbursements that may change or end at any time.|
|Short-Intermediate U.S. Government||0.45%||0.38%||0.44%||0.86%||0.94%|
|Bloomberg Barclays 1-5 Year U.S. Government Index||1.53%||0.69%||1.02%||0.93%||1.18%|
|Morningstar Category Avg. Short Government||1.14%||0.56%||0.55%||0.17%||0.96%|
|Performance quoted represents past performance and does not guarantee future results.|
|US Tsy (incl GNMA MBS)||70.3%||96.1%|
|US Agcy (incl FN/FH MBS)||17.4%||3.9%|
|Number of Holdings||27|
|Portfolio Turnover||504.54% (as of 03/31/18)|
|Effective Duration†||2.82 YRS|
|Average Maturity||2.63 YRS|
|Weighted Average Coupon||2.68%|
|Yield to Maturity||2.48%|
|Dividend Income Last Quarter||$0.0620|
|Capital Gain Income Last Quarter||N/A|
|Benchmark||Bloomberg Barclays 1-5 Year U.S. Government Index|
|Morningstar Category||Short Government|
|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.|
|Mortgage-Backed Securities Risk: Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.|
|U.S. Government Guarantee: U.S. government guarantees apply only to the underlying securities of a Fund’s portfolio and not the Fund’s shares.
|Bloomberg Barclays 1-5 Year U.S. Government Index is an unmanaged index of debt securities including all public obligations of the U.S. Treasury and all publicly issued debt of U.S. government agencies with maturities of one to five 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 A-3 (exhibits adequate protection parameters). 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.|
|Characteristics: Benchmark and Fund analytics have been calculated using a third party vended model. All material has been obtained from sources believed to be reliable, but the accuracy, completeness and interpretation cannot be guaranteed. Information contained herein is current as of the date appearing in this material only and is subject to change without notice. Certain benchmark calculations may not match the published benchmark characteristics.|
With Northern Trust Since 2005
Began Career in 1995
Michael R. Chico, Vice President of Northern Trust, is a member of the active long duration strategy team and responsible for quantitatively managing and trading fixed income accounts for Northern Trust clients. He currently co-manages the Northern Short-Intermediate U.S. Government Fund, Northern U.S. Government Fund and Northern U.S. Treasury Index Fund.
Prior to joining Northern Trust in 2005, Mr. Chico was Vice President of MBS Trading at JP Morgan Securities, Inc, formerly Banc One Capital Markets, Inc.
Mr. Chico received a B.A. in economics from the University of Pennsylvania and MBA in finance and economics from the University of Chicago Graduate School of Business. He is a CFA charterholder in the CFA Society of Chicago.
With Northern Trust Since 1996
Began Career in 1995
Daniel J. Personette, Vice President of Northern Trust, is a member of the fixed income group, responsible for quantitatively managing and trading fixed income accounts for Northern Trust clients. He currently co-manages the Northern Core Bond Fund, Northern Fixed Income Fund, Northern Short Intermediate U.S. Government Fund and Northern U.S. Government Fund.
Prior to joining Northern Trust as an Accounting Auditor in 1996, he served in the shareholder service department at Kemper Mutual Funds.
Mr. Personette received a B.A. in finance from Ball State University and an MBA from the University of Chicago. He is an active CFA® charterholder and a member of the CFA Society Chicago.
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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