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Ticker |
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NORXX |
Snapshot |
This Fund is an attractive choice for those investors who are looking for liquidity and convenience with the advantage of money market rates. A broad range of short-term government, bank and commercial obligations can offer you the potential for attractive current income with minimal risk. |
Fund Objective |
The Fund seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing exclusively in high quality money market instruments. This fund intends to qualify and operate as a "retail money market fund" and will be subject to liquidity fees, redemption gates and will maintain a stable net asset value of $1.00. |
Fund Strategy |
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Investor Profile |
If you are looking for liquidity and convenience with the advantage of money market rates, consider this Fund. Money market funds invest in short-term instruments with maturities of 13 months or less, in an effort to maintain a stable net asset value of $1.00 per share. On December 15, 2016, Northern Trust Corporation made a capital contribution to the Money Market Fund in the amount of $135,923.69. Northern Trust Corporation is the parent company of Northern Trust Investments, Inc., the investment adviser to the Fund. The Fund was required to disclose additional information about this event on Form N-CR and to file this form with the Securities and Exchange Commission. Any Form N-CR filing submitted by the Fund is available on the EDGAR Database on the Securities and Exchange Commission's website at http://www.sec.gov. |
Risk/Reward Potential |
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CUSIP | 665162855 |
Amoritized Cost NAV (as of 01/26/21) | $1.00 |
7-Day Current Yield (as of 01/26/21) | N/A |
7-Day Current Yield (as of 03/31/19) | 2.32% |
Inception Date | 04/11/94 |
7-Day Effective Yield (as of 01/26/21) | N/A |
Total Net Assets (as of 01/26/21) | |
Total Net Assets |
Annualized | ||||||||
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Month | | YTD | | 3-Year | 5-Year | | Since Incept. |
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Money Market | 0.20% | 0.58% | 0.58% | 2.05% | 1.19% | 0.72% | 0.37% | 2.39% |
iMoney Net MFR AverageTM/First Tier Retail | 0.18% | 0.52% | 0.52% | 1.79% | 0.96% | 0.60% | 0.35% | N/A |
Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. | |
Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than certain excepted expenses, i.e., acquired fund fees and expenses; the compensation paid to each Independent Trustee of the Trust; expenses of third party consultants engaged by the Board of Trustees; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; expenses in connection with the negotiation and renewal of the revolving credit facility; and extraordinary expense and interest) to the extent the "Total Annual Fund Operating Expenses" exceed 0.35%. The "Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted expenses that are not reimbursed. This contractual limitation may not be terminated before April 1, 2020 without the approval of the Board of Trustees. In the absence of contractual and voluntary expense reimbursements, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions. The 7-day current yield more closely reflects the current earnings of the Fund than the total returns. The Fund also includes voluntary expense reimbursements that may change or end at any time. Without the voluntary expense reimbursements, the 7-Day current yield would have been 2.32% as of March 31, 2019. In the event the 7-day current yield with waivers and the 7-day current yield without waivers are equal, it would indicate there were no voluntary waivers necessary for the preceding 7-day period. | |
NAV Information: Market Value NAV is calculated using current market quotations, or an appropriate substitute, to value a portfolio. This NAV is not currently being used for transacting purchase and sale activity. All purchase and sale activity is being transacted at the Amortized Cost NAV of $1.00. |
Gross Expense Ratio | Net Expense Ratio‡ | |
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Money Market | 0.38% | 0.35% |
‡Includes contractual expense reimbursements that, if not extended, will end on November 13, 2019. The Fund also includes voluntary expense reimbursements that may change or end at any time. |
2018 | 2017 | 2016 | 2015 | 2014 | |
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Money Market | 1.80% | 0.92% | 0.31% | 0.01% | 0.01% |
iMoney Net MFR AverageTM/First Tier Retail | 1.59% | 0.64% | 0.15% | 0.01% | 0.01% |
Performance quoted represents past performance and does not guarantee future results. |
Weighted Average Maturity | Weighted Average Life |
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48 DAYS | 70 DAYS |
Weighted Average Maturity: The weighted average maturity (WAM) of a money market portfolio is the asset-weighted days until maturity of each security in the portfolio. The days until maturity for WAM are calculated using the lower of the stated maturity date or next interest rate reset date. | |
Weighted Average Life: The weighted average life (WAL) of a money market portfolio is the asset-weighted days until maturity of each security in the portfolio. The days to maturity for WAL are calculated using the lower of the stated maturity date or demand feature date. |
Date | Holdings File |
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As of 03/31/19 | Insert Icon |
As of 02/28/19 | Insert Icon |
As of 01/31/19 | Insert Icon |
As of 12/31/18 | Insert Icon |
As of 11/30/18 | Insert Icon |
As of 10/31/18 | Insert Icon |
Number of Holdings | 138 |
Dividend Schedule | Monthly |
Income** | $0.001970 |
**Reinvestment date of March 29. The amount shown represents dividends paid from fund net investment income and excluded distributions from capital gain income. |
Security Distribution | |
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CD's- Certificate of Deposit | 37.6% |
Commercial Paper | 23.9% |
Time Deposit | 10.8% |
Variable Rate Note/Bond | 10.7% |
Discount Note/Treasury Bill | 9.9% |
Repurchase Agreements | 6.3% |
Fixed Rate Note/Bond | 0.8% |
Maturity Distribution | |
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Overnight | 18.1% |
2 - 15 Days | 26.2% |
16 - 30 Days | 11.0% |
31 - 60 Days | 19.1% |
61 - 97 Days | 13.9% |
98 - 180 Days | 11.1% |
271 - 366 Days | 0.6% |
Quality Distribution | |
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Tier 1 | 100.0% |
Sector Distribution | |
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Banking Industry | 55.1% |
Finance & Insurance | 14.2% |
Municipals | 11.2% |
Treasuries | 9.9% |
Broker/Dealer | 7.2% |
Financial Conduit | 1.8% |
Asset-Backed | 0.6% |
Northern Fund Managed
Northern Money Market Fund (NORXX)
Institutional Portfolios Managed
Northern Institutional Prime Obligations Portfolio (NPAXX)
Northern Institutional Treasury Portfolio (NITXX)
With Northern Trust Since 2000
Began Career in 2000
Jennifer Greca, Vice President of Northern Trust, is a member of the short duration fixed income group. Ms. Greca currently co-manages the Northern Money Market Fund, Northern Institutional Treasury Portfolio and Northern Institutional Prime Obligations Portfolio.
Ms. Greca joined Northern Trust's Investment team in 2007, as a Client Service Associate, where she was responsible for the daily tactical servicing of client investment relationships for the Wealth Management and Public Funds segments. Ms. Greca also held positions within The Wealth Management Group, Private Equity, and Benefit Payment Services.
Ms. Greca received a BBA in international business and human resource management from the University of Toledo and a MBA with a concentration in finance from Loyola University. She also holds the CERTIFIED FINANCIAL PLANNER™ certification.
Northern Funds Managed
Northern Money Market Fund (NORXX)
Northern U.S. Government Money Market Fund (NOGXX)
Northern U.S. Government Select Money Market Fund (NOSXX)
Institutional Portfolios Managed
Northern Institutional Government Assets Portfolio (BDAXX)
Northern Institutional Prime Obligations Portfolio (NPAXX)
Northern Institutional U.S. Government Portfolio (BNGXX)
Northern Institutional U.S. Government Select Portfolio (BGSXX)
With Northern Trust Since 2000
Began Career in 2000
Peter Yi, Senior Vice President at Northern Trust, is Director of Money Markets within the short duration fixed income group. In this capacity, Peter manages the team responsible for Northern Trust’s registered money market mutual funds, Short Term Investment Funds (STIFs) and separately managed institutional client mandates. His daily responsibilities are to develop and oversee strategies for the money market business. Mr. Yi is also a Senior Portfolio Manager and currently co-manages the Northern Institutional U.S. Government Portfolio, Northern Institutional U.S. Government Select Portfolio, Northern Institutional Government Assets Portfolio, Northern Institutional Prime Obligations Portfolio, Northern Money Market Fund, Northern U.S. Government Money Market Fund and the Northern U.S. Government Select Money Market.
Mr. Yi is a member of the Northern Trust Fixed Income Product Council, Northern Trust Interest Rate Strategy Committee, Northern Trust OTC Counterparty and Collateral Risk Committee and the Securities Lending Collateral Committee. He also serves on the Money Market Advisory Board for the Investment Company Institute and is a frequent speaker at industry conferences.
Mr. Yi received a Bachelor's degree from the University of Michigan and an MBA from the University of Chicago Booth School of Business. He is an active CFA® charterholder and a member of the CFA Institute and Investment Analysts Society of Chicago.
Commentary | Fact Sheet | Holdings | Summary Prospectus | Prospectus | Statement of Additional Information | Annual Report | Semi Annual Report |
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N/A | Download PDF | Download Excel | Download PDF | Download PDF | Download PDF | Download PDF | Download PDF |
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Not FDIC insured | May lose value | No bank guarantee
Performance quoted represents past performance and does not guarantee future results. Investment return will fluctuate. Shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. The current yield more closely reflects the current earnings of the Fund than the total return. Performance would have been lower in the absence of fee waivers in effect.
You could lose money by investing in the Money Market Funds. Although each of the Money Market Funds seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
The Money Market Fund and the Municipal Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors.
An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.
Please carefully read the summary prospectus or prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds before investing. Call 800-595-9111 to obtain a summary prospectus or prospectus. The summary prospectus and prospectus contain this and other information about the Funds.
©2019 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.