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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

INTERMEDIATE TAX-EXEMPT FUND

NOITX | Fund

$9.81

$1.28 B

2.98%

$0.29

0.51%

Vitals

YTD Return

1.8%

1 yr return

4.8%

3 Yr Avg Return

0.2%

5 Yr Avg Return

1.1%

Net Assets

$1.28 B

Holdings in Top 10

11.7%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.51%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 79.63%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

$500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

INTERMEDIATE TAX-EXEMPT FUND

NOITX | Fund

$9.81

$1.28 B

2.98%

$0.29

0.51%

NOITX - Profile

Distributions

  • YTD Total Return 1.8%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.73%
DIVIDENDS
  • Dividend Yield 3.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    INTERMEDIATE TAX-EXEMPT FUND
  • Fund Family Name
    Northern Trust
  • Inception Date
    Apr 01, 2094
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Timothy McGregor

Fund Description

In seeking high current income exempt from regular federal income tax, the Fund will invest in municipal instruments. A municipal instrument is a fixed-income obligation issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof. Interest income received by holders of municipal instruments is often exempt from the federal income tax and from the income tax of the state in which they are issued, although municipal instruments issued for certain purposes may not be tax-exempt. The municipal instruments in which the Fund invests may include:
∎
General obligation bonds secured by the issuer’s full faith, credit and taxing power;
∎
Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;
∎
Industrial development bonds;
∎
Moral obligation bonds;
∎
Tax-exempt derivative instruments;
∎
Stand-by commitments; and
∎
Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.
The Fund primarily invests in investment grade debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). However, it may invest up to 15% of its
net assets in obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.
Except in extraordinary circumstances, at least 80% of the Fund’s net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax.
Alternative minimum tax (“AMT”) obligations (also known as “private activity bonds”), which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT, will not be deemed to be eligible debt instruments for the purposes of determining whether the Fund meets this policy. For shareholders subject to AMT, a portion of the Fund’s dividends may be subject to federal tax.
In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds, corporate-backed municipal bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks.
The Fund’s dollar-weighted average maturity, under normal circumstances, will range between three and ten years.
In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest, to a lesser extent, in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non-hedging purposes.
NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.
Read More

NOITX - Performance

Return Ranking - Trailing

Period NOITX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.8% -5.9% 33.6% 72.09%
1 Yr 4.8% -0.3% 37.8% 71.69%
3 Yr 0.2%* -10.7% 3.6% 22.17%
5 Yr 1.1%* -6.8% 1103.7% 31.47%
10 Yr 1.9%* -0.9% 248.8% 39.00%

* Annualized

Return Ranking - Calendar

Period NOITX Return Category Return Low Category Return High Rank in Category (%)
2023 2.1% -1.4% 41.0% 72.14%
2022 -10.5% -39.7% 0.3% 38.82%
2021 -1.5% -5.6% 6.9% 91.27%
2020 2.0% -2.6% 310.0% 39.05%
2019 3.7% 0.0% 26.0% 55.71%

Total Return Ranking - Trailing

Period NOITX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.8% -5.9% 33.6% 72.09%
1 Yr 4.8% -0.3% 37.8% 71.69%
3 Yr 0.2%* -10.7% 3.6% 22.17%
5 Yr 1.1%* -6.8% 1103.7% 31.47%
10 Yr 1.9%* -0.9% 248.8% 39.00%

* Annualized

Total Return Ranking - Calendar

Period NOITX Return Category Return Low Category Return High Rank in Category (%)
2023 4.8% -1.3% 41.0% 69.27%
2022 -6.1% -39.7% 1.1% 19.78%
2021 0.5% -4.8% 23761504.0% 75.44%
2020 4.6% -1.5% 17057.9% 25.30%
2019 5.5% 0.2% 3514.6% 74.29%

NAV & Total Return History

NOITX - Holdings

Concentration Analysis

NOITX Category Low Category High NOITX % Rank
Net Assets 1.28 B 3.22 M 71.9 B 25.87%
Number of Holdings 362 4 13418 35.44%
Net Assets in Top 10 140 M -317 M 3.09 B 33.18%
Weighting of Top 10 11.74% 1.8% 100.3% 75.73%

Top 10 Holdings

  1. T 4 02/15/34 1.58%
  2. FL JACUTL 5 10/01/2031 1.33%
  3. KY KYSPWR 12/01/2049 1.26%
  4. Northern Institutional Funds GOVT PTFL 1.22%
  5. OH OHSWTR 5 12/01/2041 1.16%
  6. CA CARSCD 0 08/01/2035 1.15%
  7. OH FRAFAC 5 12/01/2034 1.05%
  8. KY LOUUTL 2 10/01/2033 1.01%
  9. HI HONUTL 5 07/01/2027 1.00%
  10. CO DENAPT 5.5 11/15/2035 0.97%

Asset Allocation

Weighting Return Low Return High NOITX % Rank
Bonds 		100.16% 0.00% 150.86% 20.04%
Cash 		1.22% -50.86% 44.62% 44.64%
Stocks 		0.00% 0.00% 99.78% 82.89%
Preferred Stocks 		0.00% 0.00% 0.07% 80.88%
Other 		0.00% -3.69% 51.88% 78.88%
Convertible Bonds 		0.00% 0.00% 0.93% 80.67%

Bond Sector Breakdown

Weighting Return Low Return High NOITX % Rank
Municipal 		93.81% 44.39% 100.00% 86.22%
Cash & Equivalents 		1.22% 0.00% 44.41% 27.05%
Corporate 		0.24% 0.00% 9.41% 8.56%
Derivative 		0.00% -3.69% 51.88% 77.61%
Securitized 		0.00% 0.00% 5.93% 80.87%
Government 		0.00% 0.00% 52.02% 82.41%

Bond Geographic Breakdown

Weighting Return Low Return High NOITX % Rank
US 		100.16% 0.00% 142.23% 19.25%
Non US 		0.00% 0.00% 23.89% 82.94%

NOITX - Expenses

Operational Fees

NOITX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.51% 0.01% 8.02% 81.67%
Management Fee 0.43% 0.00% 1.20% 50.33%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% 81.25%

Sales Fees

NOITX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

NOITX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

NOITX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 79.63% 0.00% 283.00% 97.89%

NOITX - Distributions

Dividend Yield Analysis

NOITX Category Low Category High NOITX % Rank
Dividend Yield 2.98% 0.00% 14.51% 62.45%

Dividend Distribution Analysis

NOITX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

NOITX Category Low Category High NOITX % Rank
Net Income Ratio 1.73% -0.53% 5.33% 62.37%

Capital Gain Distribution Analysis

NOITX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

NOITX - Fund Manager Analysis

Managers

Timothy McGregor

Start Date

Tenure

Tenure Rank

Nov 30, 2000

21.51

21.5%

Timothy T.A. McGregor, Senior Vice President of Northern Trust Investments, Inc. Mr. McGregor has been manager for the Tax-Exempt Fund since November 1998 and has been manager for the Intermediate Tax-Exempt Fund since November 2000. Mr. McGregor joined Northern Trust Investments, Inc. in 1989 and has managed various municipal bond portfolios.

Nathan Miller

Start Date

Tenure

Tenure Rank

Oct 23, 2018

3.61

3.6%

Nate Miller is a Second Vice President at The Northern Trust Company, Chicago. He is a Portfolio Manager in the Municipal Fixed Income Group of Northern Trust Global Investments and is responsible for the management of a number of individual municipal bond portfolios.Mr. Miller joined Northern Trust in 1995 as an IMLG representative in Worldwide Operations and Technology. He relocated to Arizona in 1996 and worked as a Relationship Manager in the Corporate and Institutional Administration Group. He relocated back to Chicago in October 2003 and started as a Municipal Bond Trader for the Fixed Income Group within Northern Trust Global Investments NTGI prior to being named a Portfolio Manager in June 2005.Mr. Miller received a Bachelor of Science degree in Finance from the University of Illinois at Champaign – Urbana in 1994 and also studied in the Certified Employee Benefits Specialist program (CEBS) via the Wharton School of Business.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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