Municipal Money Market
Kurt Stoeber

Kurt Stoeber

With Northern Trust since 2000
Began Career in 1991


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This Fund is an ideal choice for those investors who are looking for liquidity and convenience with the advantage of money market rates. 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. Municipal securities, including fixed and variable rate notes, tax-exempt commercial paper, municipal bonds and municipal notes can provide the potential for high current income consistent with the preservation of capital that is largely exempt from federal 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 by investing primarily in municipal instruments.
Ticker Symbol7-Day
Current Yield
Daily as of 04/15/14
7-Day Effective Yield
Daily as of 04/15/14
NOMXX0.01%0.01%
Updated Daily as of April 15, 2014
SymbolNOMXX
CUSIP665162830
Amortized Cost NAV$ 1.00
Market Value NAV$ 1.0001
7-Day
Current Yield
0.01%
7-Day Effective Yield0.01%
Inception Date4/11/1994
Updated Monthly as of March 31, 2014
Total Net Assets$6,427,594,081
7-Day Current Yield0.01%
7-Day Effective Yield0.01%
Tax-Equivalent
7-Day Yield *
0.02%
Total Returns for Quarter Ended March 31, 2014
 Municipal Money Market FundiMoney Net MFR AverageTM/Tax Free Retail
Month0.00%0.00%
3-Month0.00%0.00%
Year to Date0.00%0.00%
1 Year0.02%0.01%
3-Year Avg. Annual0.02%0.02%
5-Year Avg. Annual0.03%0.03%
10-Year Avg. Annual1.06%1.01%
Avg. Annual
Since Inception
1.83%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, 2014 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 -0.26% as of March 31, 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.

Disclosure
Yield Comparisons Average Monthly Rates
 Municipal Money Market FundiMoney Net MFR Average™/Tax Free Retail
2014  
March0.01%0.01%
February0.01%0.01%
January0.01%0.01%
2013  
December0.01%0.01%
November0.01%0.01%
October0.01%0.01%
September0.01%0.01%
August0.01%0.01%
July0.01%0.01%
June0.01%0.01%
May0.01%0.02%
April0.01%0.01%
 Gross Expense RatioNet Expense Ratio
Municipal Money Market
(NOMXX)
0.48%0.35%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2014. The Fund also includes voluntary expense reimbursements that may change or end at any time.
 20132012201120102009
Municipal Money Market0.02%0.01%0.02%0.02%0.16%
iMoney Net MFR AverageTM/Tax Free Retail0.01%0.01%0.02%0.03%0.14%
Performance quoted represents past performance and does not guarantee future results.


As ofWeighted Average MaturityWeighted Average Life
March 31, 201425 DAYS25 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.   

as of February 28, 2014
Number of Holdings421
Income**$0.0000
Security Distribution
Variable Rate Note/Bond89.1%
Commercial Paper10.4%
Fixed Rate Note/Bond0.5%
TOTAL100.0%
Quality Distribution 
Tier 1100.0%
TOTAL100.0%
Maturity Distribution  
Overnight    6.6%
2 - 15 Days    81.7%
16 - 30 Days    2.1%
61 - 97 Days    1.6%
98 - 180 Days    2.8%
181 - 270 Days    4.4%
271 - 366 Days    0.8%
TOTAL 100.0%
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.

iMoneyNet MFR AverageTM/Tax-Free Retail category includes all retail national and state tax-free and municipal money funds. Tax-free portfolio holdings include: rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds - 6-month and less, put bonds - over 6 months, AMT paper and other tax free holdings. 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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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.

*The tax-equivalent 7-day yield is based on an assumed tax rate of 43.4%.

**Reinvestment date of February 28. The amount shown represents dividends paid from fund net investment income and excluded distributions from capital gain income.

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.