Fund Evaluator:
Northern Limited Term U.S. Government (NSIUX)
Follow This Fund
Best Performing in Short Government Over the Last Year
| 3.2% | Vanguard Short-Term Federal Adm (VSGDX) |
| 3.1% | Vanguard Short-Term Federal Inv (VSGBX) |
| 2.9% | Vanguard Short-Term Treasury Adm (VFIRX) |
| 2.9% | Vanguard Short-Term Treasury Idx Admiral (VSBSX) |
| 2.8% | Vanguard Short-Term Treasury Inv (VFISX) |
Fund Details
Northern Limited Term U.S. Government Overview
Northern Limited Term U.S. Government (NSIUX) is an actively managed Taxable Bond Short Government fund. Northern Funds launched the fund in 1999.
The investment seeks to maximize total return (capital appreciation and income) with minimal reasonable risk. The fund will invest, under normal circumstances, at least 80% of its net assets in securities issued or guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises and repurchase agreements relating to such securities. Its dollar-weighted average maturity, under normal circumstances, will range between two and five years.
About Northern Limited Term U.S. Government (NSIUX)
There are 2 members of the management team with an average tenure of 7.92 years: David Alongi (2023), Michael Chico (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg Government 1-5 Yr TR USD index with a weighting of 100%. Northern Limited Term U.S. Government has 87 securities in its portfolio. The top 10 holdings constitute 30.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Northern Limited Term U.S. Government is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Northern Limited Term U.S. Government has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.1% (99.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Northern Limited Term U.S. Government has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $24 million in total assets, which is below the $434 million average for the Short Government category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
NSIUX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Northern Limited Term U.S. Government expense ratio is average compared to funds in the Short Government category. Northern Limited Term U.S. Government has an expense ratio of 0.44%, which is 31% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Northern Limited Term U.S. Government has a portfolio turnover rate of 74%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 217% for the Short Government category.
Recently, in the month of June 2026, Northern Limited Term U.S. Government returned -0.0%, which earned it a grade of F, as the Short Government category had an average return of 0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Northern Limited Term U.S. Government has a trailing yield of 3.43%, which is below the 3.80% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Northern Limited Term U.S. Government Grades
Year to date, the fund has returned 0.2%, 0.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.3% over the past year (grade of F), 4.0% over the past three years (grade of D) and 1.1% per year over the past five years (grade of D) and 1.2% per year over the past 10 years (grade of D).
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NSIUX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NSIUX Return (NAV) | -0.0% | 0.1% | 2.3% | 4.0% | 1.1% | 1.2% |
| NSIUX Grade | F | F | F | D | D | D |
| +/- Category | -0.1% | -0.3% | -0.7% | -0.3% | -0.5% | -0.3% |
| Short Government Avg | 0.1% | 0.4% | 3.0% | 4.3% | 1.6% | 1.5% |
| NSIUX Tax Cost Ratio | na | na | 1.4% | 1.3% | 1.0% | 0.8% |
NSIUX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NSIUX Return (NAV) | 0.2% | 5.6% | 3.0% | 4.0% | -5.7% | -1.7% | 3.8% | 4.2% | 0.5% | 0.4% | 0.4% |
| NSIUX Grade | F | B | F | C | F | F | B | A | F | D | D |
| +/- Category | -0.5% | 0.2% | -0.9% | -0.0% | -0.8% | -0.6% | 0.6% | 1.0% | -0.7% | -0.1% | -0.2% |
| Short Government Avg | 0.7% | 5.4% | 3.8% | 4.0% | -4.9% | -1.1% | 3.2% | 3.2% | 1.1% | 0.5% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 2.3% |
| Total Risk Index: | 0.19 - Low |
| Category Risk Index: | 1.19 - High |
| Category Risk Grade: | F (86% Rank) |
| Beta: | 0.37 |
| R-Squared: | 82% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $24 Mil |
| Fund Total Assets: | $ 25 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 75% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.9 years | |||
| Average Tenure: 7.9 years | |||
| Managers (Year): Chico Michael (2013), Alongi David (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 87 |
| % in Top 10 Holdings: | 30.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | Northern Funds |
| Phone Number: | 800-595-9111 |
| Website: | www.northernfunds.com |
| Status: | Open |
| Inception Date: | October 1, 1999 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.44% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.64% |
| Share Class: | Northern Limited Term U.S. Government |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
