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Ticker | Ticker |
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NPAXX | NPCXX |
Snapshot |
The Prime Obligations Portfolio seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity. The Portfolio invests primarily in high-quality money market instruments, such as, government, bank and commercial obligations available in money markets. Dividends, if any, are declared daily and paid monthly. |
Fund Objective |
The Portfolio 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 portfolio is designated as a "institutional money market portfolio". As a result of its designation, the portfolio will be subject to liquidity fees, redemption gates and have a variable net asset value. |
Shares | Service Shares* |
|
---|---|---|
CUSIP | 665279204 | 665279303 |
Inception Date | 08/21/03 | 09/01/03 |
NAV | $ | $ |
7-Day Current Yield | ||
7-Day Current Yield (As of 03/31/19) | 2.53% | 2.53% |
7-Day Effective Yield | ||
Total Net Assets (As of ) | $ | $ |
Total Net Assets - Combined Share Classes (As of 03/31/19) | $2,898,853,185 | |
Daily Yield | % | % |
Daily Factor |
*Prime Obligations Service Shares was refunded on May 4, 2018. |
Fund Cut Off Times | Purchases: 2:00 p.m. CT
Redemptions: 2:00 p.m. CT |
Ratings S&P Moody's | AAAm Aaa-mf |
Annualized | ||||||||
---|---|---|---|---|---|---|---|---|
Month | | YTD | | 3-Year | 5-Year | | Since Incept.** |
|
Shares | 0.21% | 0.63% | 0.63% | 2.27% | 1.35% | 0.85% | 0.48% | 1.40% |
Service Shares* | 0.21% | 0.63% | 0.63% | N/A | N/A | N/A | N/A | 2.06% |
iMoneyNetTM First Tier Instl | 0.19% | 0.59% | 0.59% | 2.05% | 1.15% | 0.71% | 0.40% | 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 Portfolio (other than certain excepted expenses, i.e., acquired fund fees and expenses, service fees, 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, extraordinary expenses and interest) to the extent the "Total Annual Portfolio Operating Expenses" exceed 0.15%. The “Total Annual Portfolio Operating Expenses After Expense Reimbursement” may be higher than the contractual limitation as a result of certain Portfolio expenses, including but not limited to service fees, 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 these 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 Portfolio than the total returns. The Portfolio also includes voluntary reimbursements that were in effect prior to November 30, 2013. Without the voluntary expense reimbursements, the annualized 10-Year and Since Inception returns would be lower. Also, the 7-Day current yield prior to November 30, 2013 would have been lower. The Portfolio also includes voluntary expense reimbursements to prevent a negative yield that may change or end at any time. Without the voluntary expense reimbursements, the 7-day current yield would have been 2.53% for Shares and 2.53% for Service Shares 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 for V-Nav fund: Market Value NAV is calculated using current market quotations, or an appropriate substitute, to value a portfolio. This NAV is calculated to four decimal places and is currently being used for transacting purchase and sale activity. | |
*Prime Obligations Service Shares was refunded on May 4, 2018. **Service Class is not annualized. Service Class performance represents the period 05/04/18 through 03/31/19. |
Gross Expense Ratio | Net Expense Ratio‡ | |||
---|---|---|---|---|
Shares | Service Shares | Shares | Service Shares | |
Prime Obligations | 0.16% | N/A | 0.15% | N/A |
‡Includes contractual expense reimbursements that, if not extended, will end on April 1, 2020. Unaudited as of March 31, 2019. |
Ratings are subject to change. The Standard & Poor's Principal Stability Fund (PSF) rating, also known as the money market fund rating, is a forward-looking opinion about a fixed income fund's capacity to maintain stable principal (net asset value). When assigning a PSF rating to a fund, Standard & Poor's analysis focuses primarily on the creditworthiness of the fund's investments and counterparties, and also its investments' maturity structure and management's ability and policies to maintain the fund's stable net asset value. PSF ratings are assigned to funds that seek to maintain a stable or an accumulating net asset value. A fund rated AAAm demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk. The Moody’s money market fund rating is not a credit rating and is considered an Other Permissible Service (OPS). Moody's mmf ratings are opinions of the investment quality of shares in mutual funds and similar investment vehicles which principally invest in short-term fixed income obligations. Moody's uses an analytic assessment of two distinct fund factors: Portfolio Credit Profile (the quality of the assets in the portfolio) and Portfolio Stability Profile (including market and liquidity risks in stress scenarios). A set of standardized objective measures are used in a composite evaluation of these two key factors, which are complemented by other considerations such as sponsor quality, the fund's management, and legal factors to inform their assessment of money market funds. Funds rated Aaa-mf have a very strong ability to meet the dual objective of providing liquidity and preserving capital. The ratings are not intended to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield.
For more information about the ratings provided by Moody's and Standard and Poor's, please visit their websites at www.moodys.com and www.standardandpoors.com, respectively.
Weighted Average Maturity | Weighted Average Life |
---|---|
43 DAYS | 64 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 | 116 |
Dividend Schedule | Monthly |
Shares Income* | $0.002145 |
Service Shares Income* | $0.002145 |
* | Reinvestment date of March 29. The amount shown represents dividends paid from fund net investment income and excludes distributions from capital gain income. Prime Obligations Service Shares was funded on May 4, 2018. |
Security Distribution | |
---|---|
Certificate of Deposit | 36.4% |
Commercial Paper | 27.0% |
Repurchase Agreements | 11.1% |
Time Deposit | 14.7% |
Discount Note/Treasury Bill | 8.8% |
Variable Rate Note/Bond | 2.1% |
Maturity Distribution | |
---|---|
Overnight | 20.8% |
2 - 15 Days | 23.4% |
16 - 30 Days | 13.3% |
31 - 60 Days | 21.3% |
61 - 97 Days | 11.4% |
98 - 180 Days | 9.1% |
271 - 366 Days | 0.7% |
Quality Distribution | |
---|---|
Tier 1 | 100.0% |
Sector Distribution | |
---|---|
Banking Industry | 62.1% |
Finance & Insurance | 12.6% |
Broker/Dealer | 12.5% |
Treasuries | 8.8% |
Municipals | 2.1% |
Financial Conduit | 1.9% |
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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Download PDF | Download PDF | Download Excel | Download PDF | Download PDF | Download PDF | Download PDF | Download PDF |
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Commentary | Fact Sheet | Holdings | Summary Prospectus | Prospectus | Statement of Additional Information | Annual Report | Semi Annual Report |
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Download PDF | N/A | Download Excel | Download PDF | Download PDF | Download PDF | Download PDF | Download PDF |
View All | View All | View All | View All | View All | View All |
Commentary | Fact Sheet | Holdings | Summary Prospectus | Prospectus | Statement of Additional Information | Annual Report | Semi Annual Report |
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Download PDF | N/A | Download Excel | N/A | Download PDF | Download PDF | N/A | N/A |
Not FDIC insured | May lose value | No bank guarantee
You could lose money by investing in the Portfolio. Because the share price of the Portfolio will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Portfolio may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Portfolio's liquidity falls below required minimums because of market conditions or other factors. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.
Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Institutional Funds before investing. Call 800-637-1380 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.
©2019 Northern Institutional Funds | Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.