Fund Evaluator:

Northern Tax-Advantaged U/S Fxd Inc Overview

Northern Tax-Advantaged U/S Fxd Inc (NTAUX) is an actively managed Municipal Bond Muni National Short fund. Northern Funds launched the fund in 2009.

The investment seeks to maximize total return (capital appreciation and income), adjusted for the federal maximum tax rate, to the extent consistent with preservation of principal. The fund will, under normal circumstances, invest primarily (and not less than 80% of its net assets) in fixed-income securities. It invests in investment grade domestic 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 the fund's investment adviser).

About Northern Tax-Advantaged U/S Fxd Inc (NTAUX)

There are 4 members of the management team with an average tenure of 2.92 years: Bilal Memon (2023), Morten Olsen (2024), Adam Shane (2022), Timothy Blair (2023). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and ICE BofA 6-12 M Muni TR USD index with a weighting of 100%. Northern Tax-Advantaged U/S Fxd Inc has 647 securities in its portfolio. The top 10 holdings constitute 11.4% 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 Tax-Advantaged U/S Fxd Inc is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Northern Tax-Advantaged U/S Fxd Inc has 7.0% 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 94.9% (88.0% domestic bond, 7.0% foreign bond and 0.0% convertible bond). Northern Tax-Advantaged U/S Fxd Inc has 5.1% of the portfolio in cash.

Assets Under Management

The fund has $2 billion in total assets, which is above the $630 million average for the Muni National Short 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.

NTAUX 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 Tax-Advantaged U/S Fxd Inc expense ratio is below average compared to funds in the Muni National Short category. Northern Tax-Advantaged U/S Fxd Inc has an expense ratio of 0.26%, which is 55% lower than its category average, making the fund expense ratio grade a A. 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 Tax-Advantaged U/S Fxd Inc has a portfolio turnover rate of 93%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.

Recently, in the month of June 2026, Northern Tax-Advantaged U/S Fxd Inc returned 0.3%, which earned it a grade of C, as the Muni National Short category had an average return of 0.3%. 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 Tax-Advantaged U/S Fxd Inc has a trailing yield of 2.96%, which is above the 2.77% 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 Tax-Advantaged U/S Fxd Inc Grades

Year to date, the fund has returned 1.4%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 3.0% over the past year (grade of D), 3.8% over the past three years (grade of B) and 2.4% per year over the past five years (grade of A) and 1.8% per year over the past 10 years (grade of B).

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