Northern Tax-Exempt  NOTEX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni National Long Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
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   Avg Duration
   5.56 Yrs
   Avg Credit Quality
   AA
As of 2009-09-30
Day Change
$ 0.02
  
NAV (2009-11-20)
$ 10.50
  
YTD Return % (2009-11-20)
11.31%
  
Total Assets ($ mil)
1,064
View Data Definitions
  Performance    
Growth of $10,000 Fund: Northern Tax-Exempt
(from 1999-01-01 to 2009-10-31) Category: Muni National Long
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 1994-03-31 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 11.31 11.97 4.05 4.07 5.54 5.37
+/- Category -4.88 -2.25 2.01 1.23 0.98 ---
+/- BarCap Municipal TR USD -0.83 0.30 -0.20 -0.29 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 13.89 16.29 5.14 4.61 5.65 5.57
Month-End (as of 2009-10-31) 11.08 14.21 4.09 3.92 5.54 5.37
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 14.20 3.98 3.74 5.36 ---
On Distribution & Sale of Shares --- 10.75 4.01 3.84 5.30 ---
Morningstar Rating --- --- ---
# of compared funds covered (3 yrs : out of 247 funds), (5 yrs : out of 228 funds), (10 yrs : out of 202 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 12.99
Advance Refunded 3.18
State Appropriated Tobacco ---
Non-state Appropriated Tobacco ---
Education 3.79
Health 5.07
Housing 1.42
Industrial 2.59
Transportation 10.19
Utilities 6.84
Water/Sewer 10.24
Misc. Revenue 43.69
Bond Quality % of Bonds
AAA 40.2
AA 39.6
A 12.6
BBB 1.6
BB 0.0
B 0.0
Below B 5.0
Not Rated 1.0
 
Asset Allocation
% of Net Assets
Cash 3.7
Stocks 0.0
Bonds 96.3
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings Turnover % 167
Total Number of Bond Holdings 219 30 Day SEC Yield % 3.49
% of Assets in Top 10 Holdings 14.17 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Texas St Go Mobili 4.75% 2037-04-01 20,000 20,882 1.99
Florida St Broward C 10% 2014-07-01 15,950 19,577 1.86
Regl Transn Auth 6% 2033-07-01 15,000 18,734 1.78
District Columbia Wtr & Swr Au Sr L 5.5% 2039-10-01 15,000 16,759 1.59
HARRISONBURG VA INDL DEV AUTH REF VAR R 2036-04-01 13,445 13,445 1.28
South Carolina St Pub Svc Auth 5.5% 2038-01-01 11,500 12,936 1.23
Alvord Calif Uni Sch Dist 5.9% 2030-08-01 10,000 11,783 1.12
Salt River Proj Ariz Agric Imp Rev Bd 5% 2037-01-01 11,080 11,737 1.12
Harris Cnty Tex Cultural Ed Fa Var Rev B 2024-12-01 11,600 11,600 1.10
New York St Dorm Auth 5.75% 2036-03-15 10,000 11,563 1.10
Data through 2009-09-30
  Other Information
Fund Inception: 1994-03-31
Portfolio Manager  (Start Date)
Timothy A. McGregor  (1998-11-30)
He joined the firm in 1989. He is Co-Director of the Municipal Fixed Income Management Group and portfolio manager for the Northern Tax Exempt Fund, Northern Intermediate Tax Exempt Fund, and individual accounts. Tim specializes in tax-exempt portfolios as well as swing mandates that require taxable market exposure.
Sales Charge %
(taken from prospectus dated 2009-07-31)
Front: None
Deferred: None
Expense Ratio % 0.75
based on net assets
(taken from annual report dated 2009-03-31)
Correspondence Information
Northern Trust
50 South Lasalle
Chicago,  IL  60603
USA
Telephone:
800-595-9111
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.