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California Municipal Money Market

 
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Ticker
NOCXX
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Snapshot
For those investors who 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. The Fund's policy is to target zero holdings of alternative minimum tax (AMT) securities. However, income from the Fund may be subject to federal AMT, state and local taxes. Securities issued by California state and local entities can provide investors with the benefit of high current income consistent with the preservation of capital that is largely exempt from federal and California state income tax.
Fund Objective
The Fund seeks to provide, to the extent consistent with the preservation of capital and prescribed portfolio standards, a high level of income exempt from regular federal income tax and California state personal income tax.
Fund Strategy
  • Concentrate on income that is generally exempt from regular federal income tax and California state tax.
  • The Fund may be attractive for investors in higher tax brackets as the Fund's taxable equivalent yield may exceed the yields of taxable funds.
  • Generally refrain from purchasing alternative minimum tax (AMT) obligations; however, it may invest in them modestly under certain market conditions.
  • Seek to maintain an average maturity range of 20 to 60 days; this conservative range may help avoid excessive yield volatility and unnecessary risk.
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. Income from the Fund may be subject to federal alternative minimum tax (AMT), state and local taxes.
Risk/Reward Potential
Risk/Reward chart
Important risk information can be found on the Portfolio tab.
CUSIP665162814
Amoritized Cost NAV$1.00 (as of 10/31/14)
7-Day Current Yield0.01% (as of 10/31/14)
Tax-Equivalent 7-Day Yield*0.02% (as of 09/30/14)
Inception Date11/29/94
Daily Market Value NAV$0.9999 (as of 10/30/14)
7-Day Effective Yield0.01% (as of 10/31/14)
Total Net Assets$368,161,019 (as of 10/31/14)
Total Net Assets$427,914,817 (as of 09/30/14)
*The tax-equivalent 7-day yield is based on an assumed tax rate of 55.7%.

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.
California Municipal
Money Market
0.00%0.00%0.01%0.01%0.01%0.02%0.99%1.67%
iMoney Net MFR
AverageTM/CA State Specific Retail
0.00%0.00%0.01%0.01%0.01%0.02%0.94%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
-0.30% 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
California Municipal Money Market0.38%0.35%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Calendar Year Returns

 
       2013      2012      2011      2010      2009
California Municipal Money Market0.01%0.01%0.01%0.05%0.03%
iMoney Net MFR AverageTM/CA State Specific Retail0.01%0.01%0.02%0.02%0.09%
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
19 DAYS23 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 Holdings71
Dividend ScheduleMonthly
Income**$0.000008
**Reinvestment date of September 30. The amount shown represents dividends paid from fund net investment income and excluded distributions from capital gain income.
  
Security Distribution   
Variable Rate Note/Bond86.8%
Commercial Paper13.2%
TOTAL100.0%
As of 09/30/14
Maturity Distribution 
Overnight45.3%
2 - 15 Days46.5%
61 - 97 Days3.7%
181 - 270 Days1.7%
271 - 366 Days2.8%
TOTAL100.0%
Quality Distribution 
Tier 1100.0%
TOTAL100.0%
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Sector Distribution 
Municipals100.0%
TOTAL100.0%
All data is as of date indicated and subject to change.
Money Market Risk: An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
Tax-Free/AMT Risk: Tax-exempt funds’ income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.
Regional Investment Risk: The geographical concentration of portfolio holdings in this Fund may involve increased risk.
iMoneyNet MFR AverageTM/California State Specific Retail category consists of only retail state tax-free municipal money funds. 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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Kurt Stoeber

Kurt Stoeber

Portfolio Manager

Northern California Municipal Money Market Fund (NOCXX)
Northern Municipal Money Market Fund (NOMXX)

Institutional Portfolios Managed
Northern Institutional Municipal Portfolio (NMUXX)
Northern Institutional Tax-Exempt Portfolio (BTEXX)

With Northern Trust Since 2000
Began Career in 1991

Kurt Stoeber, Vice President of Northern Trust, manages the Northern California Municipal Money Market Fund, Northern Municipal Money Market Fund, Northern Institutional Municipal Portfolio and Northern Institutional Tax-Exempt Portfolio.

Before joining Northern Trust in 2000, Mr. Stoeber was assistant vice president of commercial banking for Banc One Capital Markets. His other positions at Banc One included investment banking officer, capital markets associate, and short-term municipal bond trader.

Mr. Stoeber received a B.S. in finance from Illinois State University and an MBA in finance from the University of Illinois at 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.