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  • Ticker
  • Total Fund Assets ($)
    Total assets managed by the fund, inclusive of all share classes.
  • NAV ($)
    Net asset value (NAV) represents a fund's per share market value.
  • 1 Day NAV Change ($)
    Change in net asset value (NAV) from the previous trading day.
  • Downloads
  • Inception Date
    Inception date of the fund's oldest share class.

Overview

How It Works

Invest primarily in high-yielding, lower-rated (BB or below) corporate securities commonly referred to as "non-investment grade" or high-yield securities. Take steps to properly manage downside risk by maintaining a broadly diversified portfolio. Rely on extensive credit research capabilities to manage risk and minimize defaults. Select investments on the basis of their relative value.

This Fund may be suitable for long-term investors with above average tolerance for risk seeking high current income and the potential for capital appreciation or additional portfolio diversification. High-yield securities entail special risks, including attractive share price fluctuations.

Explore other Northern Funds

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Meet the Team

Our investment team seeks to compensate investors for risk and deliver better outcomes in all market environments.

Northern Trust’s 58 fixed income investment professionals average 21 years industry experience and are located across North America, Europe, and Asia.

Adam Shane, CFA®

Portfolio ManagerRead Bio

Tim Blair

Portfolio ManagerRead Bio

Fund Documents

Literature

Contact Us

Interested in learning more about our products and solutions? 

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.

Credit (Or Default) Risk: The risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. Changes in the credit rating of a debt security held by the Fund could have a similar effect.

High-Yield Risk is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to the increased risk of an issuer’s inability to make principal and interest payments. 

Municipal Bond Risk: Debt securities issued by state or local governments may be subject to special political, legal, economic and market factors that can have a significant effect on the portfolio's yield or value

Sector Risk is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease.

Tax Free / ATM Risk: A portion of the Fund’s otherwise tax-exempt income may be taxable to those shareholders subject to the federal alternative minimum tax.

Bloomberg Municipal Bond 60% High Yield/40% Investment Grade Index is an unmanaged index of investment and non-investment grade bonds with a 60% weighting in the Bloomberg Municipal High Yield Index and a 40% weighting to the Bloomberg Municipal Bond Index. It is not possible to invest directly in an index.

Bloomberg Municipal Bond 65-35 Investment Grade/High Yield Index is an unmanaged index of investment and non-investment-grade bonds, with a 65% weighting in the Bloomberg U.S. Municipal Index and a 35% weighting to the Bloomberg Municipal High Yield Index. It is not possible to invest directly in an index.

View investment terms definitions

 

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds carefully before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.

 

Investing involves risk. Principal loss is possible.

Not FDIC insured | May lose value | No bank guarantee

 

The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

 

©2024 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

 

©2024 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.