Northern Funds Intermediate Tax Exempt Fund
NOITX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- Northern Funds Chicago IL United States of America 60603
- IPO Date
- Mar 31, 1994
- CIK
- 0000916620
- Website
- northernfunds.com
- Similar Companies
- Business
- Northern Funds Intermediate Tax-Exempt Fund (NOITX) is an open-end mutual fund that seeks to provide a high level of current income exempt from regular federal income tax by investing primarily in high-quality, investment-grade municipal securities with a dollar-weighted average maturity, under normal circumstances, of between 3 and 10 years. The fund selects investments based on relative value with a focus on current income and total return, maintaining a portfolio of approximately 372 holdings as of June 30, 2025, including revenue bonds (68.8%), general obligation bonds (30.7%), and pre-refunded securities (0.5%); credit quality is predominantly investment-grade, with 64.7% rated AA, 23.8% A, and 7.7% AAA. It targets income-oriented investors in higher tax brackets willing to assume moderate interest rate and credit risk, offering a 30-day SEC yield of 3.90% with waivers (3.85% without) and a tax-equivalent yield of 6.59% based on a 40.8% tax rate as of mid-2025. Northern Funds, the issuer, operates as part of Northern Trust Asset Management, with the broader Northern Trust Corporation founded in 1889 and headquartered at 50 South LaSalle Street in Chicago, Illinois. The fund itself commenced operations on April 1, 1994, with total net assets of $1.1 billion as of June 30, 2025, and manages investments through a team of portfolio managers including Adam Shane, CFA, Tim Blair, and Brian Sipich, supported by Northern Trust's 58 fixed income professionals averaging 21 years of experience across North America, Europe, and Asia. Distributions occur monthly, and the fund is distributed by Northern Funds Distributors, LLC, an affiliate not directly part of Northern Trust. In recent developments, Northern Funds filed a Form 485APOS in April 2025 to introduce new tax-exempt bond exchange-traded funds (ETFs), including the NT Intermediate Tax-Exempt Bond ETF, expanding its fixed income offerings alongside the existing mutual fund structure and targeting broader investor access through exchange trading. The fund reported performance commentary for Q2 2025, noting underperformance relative to its Bloomberg Municipal 1-15 Year Index benchmark due to duration and selection effects amid market volatility. As of late 2025, total fund assets remain stable with a net expense ratio of 0.46% (gross 0.51%), supported by contractual fee waivers through at least July 31, 2025.