x
Your preference has been saved. Remove your saved preference.
You must supply both a username and a password to login.
You must supply a username, password and token to login.
Sign on
Passport secured login icon  
 
Wealth Management
Asset Management
Asset Servicing
Insights & Research
About Northern Trust
Search go
Click to close drop down menu.
 
Click to close drop down menu.
Financial Intermediary
Learn about asset management solutions designed for Retirement Plan Advisors, TAMPs/Outsourcing Providers, Subadvisory Program Sponsors, RIAs/Financial Advisors and Trust Institutions.
Institutional
Learn about asset management solutions including: global index management, active equity and fixed income, target retirement date funds, and manager of manager programs.
Individual
Get answers to your investment challenges with asset management capabilities including alternatives, exchange traded funds, fixed income, mutual funds and tax-advantaged equity.
Click to close drop down menu.
 
Please be advised you are now leaving the Northern Funds section and being directed to a site maintained by Northern Trust or an outside party. Please click OK to continue.
    Northern Trust Logo
     

    Northern Institutional Diversified Assets Portfolio

     
    .
     
     
     
    .
    TickerTicker
    BDAXXBDCXX
    .

    Find a Fund

     
    Search go
    • Snapshot
    • Performance
    • Portfolio
    • Management
    • Fund Documents
    Snapshot
    The Diversified Assets 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.
    Updated Daily Unless Otherwise Noted
               Shares        Service
            Shares
    CUSIP665278107665278206
    Inception Date6/1/19837/1/1998
    Amortized Cost NAV$1.00$1.00
    Daily Market Value NAV
    (As of 09/18/14)
    $1.0000$0.9998
    7-Day Current Yield0.01%0.01%
    7-Day Effective Yield0.01%0.01%
    Total Net Assets
    (As of 09/19/14)
    10,571,284,0677,011,912
    Total Net Assets Combined
    (As of 08/31/14)
    $10,716,865,731
    Daily Yield0.01%0.01%
    Daily Factor0.0000008220.000000822
       
    Fund Cut Off Times
    Purchases: 2:00 p.m. CT
    Redemptions: 2:00 p.m. CT
    Credit RatingAaa-mf Moody's
    NAIC Listed

    Total Returns

    Total Returns for Month Ending 08/31/14
     Annualized
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Incept.
    Shares0.00%0.00%0.01%0.01%0.01%0.02%1.55%4.29%
    Service Shares0.00%0.00%0.01%0.01%0.01%0.02%1.43%2.07%
    iMoneyNetTM First Tier Instl0.00%0.01%0.02%0.02%0.04%0.06%1.62%N/A

    Total Returns

    Total Returns for Quarter Ending 06/30/14
     Annualized
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Incept.
    Shares0.00%0.00%0.01%0.01%0.01%0.02%1.57%4.32%
    Service Shares0.00%0.00%0.01%0.01%0.01%0.02%1.44%2.10%
    iMoneyNetTM First Tier Instl0.00%0.01%0.01%0.02%0.04%0.06%1.64%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 limit the management fees charged to the Portfolio to 0.10% of the Portfolio’s average daily net assets and to reimburse certain expenses of the Portfolio (including the administration fee, but excluding the investment advisory fee and transfer agency fee, servicing fees, extraordinary expenses such as taxes, interest, and indemnification expenses, 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 Northern Institutional Funds and membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum) to the extent the Portfolio's "Other Expenses" exceed 0.35%. These contractual limitations may not be terminated before April 1, 2016 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 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 -0.20% for Shares and -0.20% for Service Shares as of August 31, 2014. Northern Trust Investments, Inc. serves as the investment adviser and administrator to the Portfolio. The Northern Trust Company, an affiliate of Northern Trust Investments, Inc., serves as transfer agent, custodian and subadministrator to the Portfolio.
    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
    SharesService SharesSharesService Shares
    Diversified Assets0.37%0.62%0.35%0.60%
    Includes contractual expense reimbursements that, if not extended, will end on April 1, 2016. The service shares class also includes voluntary fee waivers that may change or end at any time. Unaudited as of August 31, 2014.
    Credit ratings are subject to change at any time. Money market funds rated Aaa-mf by Moody's are judged to have a very strong ability to meet the dual objectives of providing liquidity and preserving capital. Ratings are based on an evaluation of several factors including: objective measures to assess portfolio credit quality as well as market and liquidity risks in stress scenarios, sponsor quality, the fund’s management, and legal factors. This fund is on the National Association of Insurance Commissioners list of Class 1 money market mutual funds. Inclusion on the NAIC list is the result of an accounting measure involving the fund’s underlying investments, and does not constitute an assessment of quality. The NAIC listing does not represent an endorsement or recommendation of the overall fund.

    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.

    .
    Portfolio Composition
    As of 08/31/14
    Weighted Average MaturityWeighted Average Life
    48 DAYS91 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 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
    As of 03/31/14Insert Icon

    Fund Characteristics

    Number of Holdings198
    Dividend ScheduleMonthly
    Shares Income*$0.0000
    Service Shares Income*$0.0000
    *Reinvestment date of August 29. The amount shown represents dividends paid from fund net investment income and excludes distributions from capital gain income.
       
    Security Distribution   
    Certificate of Deposit33.9%
    Commercial Paper14.2%
    Fixed Rate Note/Bond4.3%
    Repurchase Agreements3.3%
    Discount Note/Treasury Bill11.2%
    Time Deposit21.5%
    Variable Rate Note/Bond11.6%
    TOTAL100.0%
    As of 08/31/14
    Maturity Distribution
    Overnight29.5%
    2 - 15 Days18.8%
    16 - 30 Days14.3%
    31 - 60 Days8.7%
    61 - 97 Days12.2%
    98 - 180 Days12.1%
    181 - 270 Days2.3%
    271 - 366 Days2.1%
    TOTAL100.0%
    Quality Distribution 
    Tier 1100.0%
    TOTAL100.0%
    Sector Distribution
    Banking Industry60.2%
    Government Agency21.8%
    Commercial & Industrial4.3%
    Broker/Dealer3.6%
    Finance & Insurance3.6%
    U.S. Treasury3.3%
    Municipal1.6%
    Asset-Backed0.9%
    Financial Conduit0.7%
    TOTAL100.0%
    All data is as of date indicated and subject to change.
    iMoneyNet Fund AverageTM - First Tier Institutional category includes only non-government institutional 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 bank obligations, foreign bank obligations, first tier CP, floating rate notes and asset-backed commercial paper. 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.
    .
     
    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.

    .
     
    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.

    CommentaryFact SheetHoldingsSummary ProspectusProspectus    Statement of Additional InformationAnnual ReportSemi Annual Report
    CommentaryDownload PDFDownload ExcelDownload PDFDownload PDFDownload PDFDownload PDFDownload PDF
    View AllView All View AllView AllView AllView AllView All
    Not FDIC insured | May lose value | No bank guarantee
    An investment in the Money Market Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

    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.

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