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Money Market

 
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Ticker
NORXX
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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.
Fund Strategy
  • Invest primarily in the highest credit quality securities — First Tier securities.
  • Seek to maintain an average maturity range of 20 to 60 days; this conservative range helps to avoid excessive yield volatility and unnecessary risk.
  • Offer the potential for a higher yield than a fund of government securities, with limited additional risk, by investing in money market eligible corporate securities.
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.
Risk/Reward Potential
Risk/Reward chart
Important risk information can be found on the Portfolio tab.
CUSIP665162855
Amoritized Cost NAV$1.00 (as of 10/17/14)
7-Day Current Yield0.01% (as of 10/17/14)
Tax-Equivalent 7-Day YieldN/A
Inception Date04/11/94
Daily Market Value NAV$0.9989 (as of 10/15/14)
7-Day Effective Yield0.01% (as of 10/17/14)
Total Net Assets$7,728,925,962 (as of 10/17/14)
Total Net Assets$7,511,557,770 (as of 09/30/14)

Total Returns

Total Returns for Quarter Ending 09/30/14
 Annualized
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Incept.
Money Market0.00%0.00%0.01%0.01%0.01%0.02%1.44%2.74%
iMoney Net MFR
AverageTM/First Tier Retail
0.00%0.00%0.01%0.01%0.01%0.02%1.42%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.

The Advisor has agreed to reimburse certain expenses of the Fund (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses" exceed 0.35%. The contractual limitation may not be terminated before July 31, 2015 without the approval of the Board of Trustees. In the absence of 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
-0.18% as of September 30, 2014.

NAV Information: Market Value NAV is calculated using current market quotations, or an appropriate substitute, to value a portfolio and may be reported up to one business day in arrears. This NAV is calculated to four decimal places and 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.

Annual Expense Ratios

 
 Gross Expense RatioNet Expense Ratio
Money Market0.36%0.35%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Calendar Year Returns

 
       2013      2012      2011      2010      2009
Money Market0.01%0.01%0.02%0.02%0.13%
iMoney Net MFR AverageTM/First Tier Retail0.01%0.01%0.01%0.03%0.18%
Performance quoted represents past performance and does not guarantee future results.
Important risk information can be found on the Portfolio tab.
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Portfolio Composition
As of 09/30/14
Weighted Average MaturityWeighted Average Life
52 DAYS90 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.
   
DateHoldings File
As of 09/30/14Insert Icon
As of 08/31/14Insert Icon
As of 07/31/14Insert Icon
As of 06/30/14Insert Icon
As of 05/31/14Insert Icon
As of 04/30/14Insert Icon

Fund Characteristics

Number of Holdings196
Dividend ScheduleMonthly
Income**$0.000008
**Reinvestment date of August 29. The amount shown represents dividends paid from fund net investment income and excluded distributions from capital gain income.
   
Security Distribution   
Certificate of Deposit38.5%
Commercial Paper13.9%
Fixed Rate Note/Bond5.3%
Repurchase Agreements9.7%
Discount Note/Treasury Bill9.6%
Time Deposit10.7%
Variable Rate Note/Bond12.3%
TOTAL100.0%
As of 08/31/14
Maturity Distribution 
Overnight26.4%
2 - 15 Days20.7%
16 - 30 Days8.6%
31 - 60 Days14.9%
61 - 97 Days12.0%
98 - 180 Days13.3%
181 - 270 Days1.7%
271 - 366 Days1.9%
367 - 397 Days0.5%
TOTAL100.0%
Quality Distribution 
Tier 1100.0%
TOTAL100.0%
Sector Distribution 
Agency54.4%
Treasury17.8%
US Agency10.1%
Non-Agency Mortgage-Backed5.3%
Short-Term3.9%
Mortgage-Backed3.7%
Corporate3.4%
US Treasury1.2%
Asset-Backed0.2%
TOTAL100.0%
All data is as of date indicated and subject to change.
iMoneyNet MFR AverageTM/First Tier Retail category includes only non-government retail funds that also are not holding any second tier securities. Portfolio holdings of first tier funds include U.S. Treasury, U.S. other, repos, time deposits, domestic bond obligations, first tier CP, floating rate notes and asset-backed commercial paper. The category average is the average of all funds in this category reported by iMoneyNet. It is not possible to invest directly in an index.
Quality Distribution: A security is classified as Tier 1 when two or more of the three nationally recognized statistical rating agencies have assigned a rating in their top short-term ratings category (A1+ and A1 for Standard & Poor's, P1 for Moody's and F1+ and F1 for Fitch). A security is classified as Tier 2 when two or more of the ratings assigned to that security are below the top short-term ratings from the agencies (this would include ratings of A2 for Standard & Poor's, P2 for Moody's and F2 for Fitch). If a security has only two short-term ratings available, the lower rating is used to define the Tier; i.e. a split rating of A1/P2 is considered Tier 2. If only one short-term rating is available for a security, the Tier is determined by that one agency. A security is classified as Tier 3 if it does not meet the definition of Tier 1 or Tier 2, has two or more ratings below A2, P2, or F2 or if the security does not have a short-term rating.
Distribution Calculations: (Security Distribution, Quality Distribution, Maturity Distribution and Sector Distribution) are measured on a trade date basis and exclude uninvested cash from the market value used to compute the percentage calculations.
Maturity Distribution: The data is measured using the lower of the stated maturity date or next interest rate reset date.
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Jennifer Sheroian, CFP®

Jennifer Sheroian, CFP®

Portfolio Manager

Northern Money Market Fund (NORXX)

Institutional Portfolios Managed
Northern Institutional Diversified Assets Portfolio (BDAXX)
Northern Institutional Prime Obligations Portfolio  (NPAXX)

With Northern Trust Since 2000
Began Career in 2000

Jennifer Sheroian, Second Vice President of Northern Trust, is a member of the short duration fixed income group. Ms. Sheroian currently co-manages the Northern Money Market Fund, Northern Institutional Diversified Assets Portfolio and Northern Institutional Prime Obligations Portfolio.

Ms. Sheroian 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. Sheroian also held positions within The Wealth Management Group, Private Equity, and Benefit Payment Services.

Ms. Sheroian 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, Chicago. She also holds the CERTIFIED FINANCIAL PLANNER™ certification.

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Peter Yi, CFA<sup>&reg;</sup>

Peter Yi, CFA®

Portfolio Manager

Northern Money Market Fund (NORXX)

Institutional Portfolios Managed
Northern Institutional Diversified 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 Diversified 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.

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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.

An investment in the Fund is not insured or guaranteed by the FDIC or any other governmental agency. Although the Fund seeks to maintain a value of $1.00 per share, it is possible to lose money by investing in the Fund.

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.

©2014 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.