NOTEX — Tax-Exempt Fund
Data updated: 2026-08-28
NOTEX — Tax-Exempt Fund. Long Municipal - National Bond · $780.10M AUM · 0.45% expense ratio · 6.9% 1-yr return. Holdings, fees, performance and SEC filings.
NOTEX Fund Overview
NOTEX — Tax-Exempt Fund is a US mutual fund managed by Northern Funds, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Northern Funds
- Category: Long Municipal - National Bond
- Assets under management: $780.10M
- 1-year return: 6.9%
- Ticker: NOTEX
- SEC CIK: 0000916620
- SEC series ID: S000001260
- Share class ID: C000003406
NOTEX Holdings
Top 10 holdings of Tax-Exempt Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Triborough Bridge & 5.00% | 0.85% |
| California Community Var | 0.82% |
| Kentucky Public Energ Var | 0.81% |
| School District Of 5.00% | 0.75% |
| County Of Miami-Dad 3.00% | 0.72% |
| City Of Salt Lake C 5.00% | 0.69% |
| Commonwealth Of Mas 5.25% | 0.68% |
| Pennsylvania State 5.00% | 0.66% |
| Main Street Natural G Var | 0.65% |
| Tennergy Corp/tn Var | 0.65% |
NOTEX Portfolio Allocation
Asset-class allocation of Tax-Exempt Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 100.1% |
| Cash & Equivalents | 0.3% |
NOTEX Performance
Total returns for NOTEX (as of 2026-09-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 2.3% |
| 1 year | 6.9% |
| 3 years (annualised) | 3.7% |
| 5 years (annualised) | 0.5% |
NOTEX Risk Information
Risk metrics for NOTEX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.6%
NOTEX Costs and Fees
NOTEX costs about $45 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.45%
- Gross expense ratio: 0.50%
- Portfolio turnover: 46%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
NOTEX Cashflows
Over the 12 months to 2026-06, Tax-Exempt Fund had net inflows of $13.29M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $2.32M |
| 2026-05 | $18.60M |
| 2026-04 | $3.79M |
| 2026-03 | $5.09M |
| 2026-02 | −$1.93M |
| 2026-01 | −$5.31M |
NOTEX Debt Constituents
Largest debt holdings of Tax-Exempt Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Triborough Bridge & 5.00% | 0.85% |
| California Community Var | 0.82% |
| Kentucky Public Energ Var | 0.81% |
| School District Of 5.00% | 0.75% |
| County Of Miami-Dad 3.00% | 0.72% |
| City Of Salt Lake C 5.00% | 0.69% |
| Commonwealth Of Mas 5.25% | 0.68% |
| Pennsylvania State 5.00% | 0.66% |
| Main Street Natural G Var | 0.65% |
| Tennergy Corp/tn Var | 0.65% |
NOTEX Prospectus and SEC Filings
Official Tax-Exempt Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-07-29
- Prospectus (485BPOS) — filed 2024-07-26
- Prospectus supplement (497) — filed 2026-08-05
- Portfolio holdings (N-PORT) — filed 2026-08-28
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-06-10
- Annual census (N-CEN) — filed 2025-06-12
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.