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U.S. Government Money Market

 
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  • Snapshot
  • Performance
  • Portfolio
  • Management
  • Fund Documents
Snapshot
For those investors who are looking for liquidity and convenience with the advantage of money market rates, consider this Fund. High-quality U.S. government and agency securities and repurchase agreements provide the potential for high current income consistent with relatively low risk. The principal value and investment return of the Fund are neither guaranteed or insured by the U.S. Government. A substantial portion of the Fund's assets may be invested in agency securities that are not backed by the full faith and credit of the United States.
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
  • Strive to offer relative safety by investing substantially all (and at least 99.5%) of its total assets in cash and securities issued or guaranteed as to principal and interest by the U.S. government or its agencies, instrumentalities and repurchase agreements that are fully collateralized by cash or such securities.
  • Investments in repurchase agreements — securities sold to investors by financial institutions which have agreed to repurchase the securities at a pre-arranged price and time; these investments provide liquidity for the portfolio and may offer a possible yield advantage relative to other short-term 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.
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.

       
      CUSIP665162848
      Amoritized Cost NAV
       (as of 06/05/23)      		$1.00
      7-Day Current Yield
       (as of 06/05/23)      		4.80%
      7-Day Current Yield
       (as of 03/31/19)      		2.16%
      Inception Date04/11/94
      7-Day Effective Yield
       (as of 06/05/23)      		4.92%
      Total Net Assets
       (as of 06/05/23)      		$19,461,145,916
      Total Net Assets
       (as of 03/31/19)      		$19,255,931,550

      Total Returns

      Total Returns for Quarter Ending 03/31/19
       Annualized
          Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
      Incept.
      U.S. Government
      Money Market      		0.18%0.52%0.52%1.79%0.89%0.54%0.28%2.29%
      iMoney Net MFR
      AverageTM/Govt
      and Agencies Retail      		0.16%0.45%0.45%1.49%0.65%0.40%0.21%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 Fund (other than certain excepted expenses, i.e., acquired fund fees and expenses; 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; and extraordinary expense and interest) to the extent the "Total Annual Fund Operating Expenses" exceed 0.35%. The "Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted expenses 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 contractual and 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 2.16% 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: Market Value NAV is calculated using current market quotations, or an appropriate substitute, to value a portfolio. This NAV 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‡
      U.S. Government Money Market0.36%0.35%
      ‡Includes contractual expense reimbursements that, if not extended, will end on November 13, 2019. The Fund also includes voluntary expense reimbursements that may change or end at any time.

      Calendar Year Returns

       
             2018      2017      2016      2015      2014
      U.S. Government Money Market1.53%0.57%0.06%0.01%0.01%
      iMoney Net MFR AverageTM/Govt
      and Agencies Retail      		1.29%0.31%0.02%0.01%0.01%
      Performance quoted represents past performance and does not guarantee future results.
      Important risk information can be found on the Portfolio tab.

       
      .
      Start Date: End Date: 
      .
      Portfolio Composition
      As of  04/30/19
      Weighted Average MaturityWeighted Average Life
      45 DAYS89 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 03/31/19Insert Icon
      As of 02/28/19Insert Icon
      As of 01/31/19Insert Icon
      As of 12/31/18Insert Icon
      As of 11/30/18Insert Icon
      As of 10/31/18Insert Icon

      Fund Characteristics

      Number of Holdings147
      Dividend ScheduleMonthly
      Income**$0.001806
      **Reinvestment date of March 29. The amount shown represents dividends paid from fund net investment income and excluded distributions from capital gain income.
         
      Security Distribution   
      Repurchase Agreements44.9%
      Variable Rate Note/Bond20.1%
      Discount Note/Treasury Bill18.3%
      Fixed Rate Note/Bond16.7%
      As of 03/31/19
      Maturity Distribution 
      Overnight34.2%
      2 - 15 Days17.2%
      16 - 30 Days11.9%
      31 - 60 Days14.6%
      61 - 97 Days6.1%
      98 - 180 Days4.6%
      181 - 270 Days4.2%
      271 - 366 Days6.8%
      367 - 397 Days0.4%
      Quality Distribution 
      Tier 1100.0%
      Sector Distribution 
      Broker/Dealer44.9%
      Government Agency37.3%
      Treasuries17.8%
      All data is as of date indicated and subject to change.
      iMoneyNet MFR AverageTM/Government and Agencies Retail category includes all the most broadly based of the government retail funds. These funds may invest in U.S. Treasuries, U.S. agencies, repos or government-backed floating rate notes. The category average is the average of all of the 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.
      .
      Daniel LaRocco

      Daniel LaRocco

      Portfolio Manager

      Northern Funds Managed
      Northern U.S. Government Money Market Fund (NOGXX)
      Northern U.S. Government Select Money Market Fund (NOSXX)

      Institutional Portfolios Managed
       Northern Institutional Treasury Portfolio (NITXX)
      Northern Institutional U.S. Government Portfolio (BNGXX)
      Northern Institutional U.S. Government Select Portfolio (BGSXX)

      With Northern Trust Since 2008
      Began Career in 2007

      Daniel LaRocco, Vice President of Northern Trust, is a member of the short duration fixed income group, which is focused on the management of the group's U.S. Government funds. Mr. LaRocco currently co-manages the Northern U.S. Government Money Market Fund, Northern Government Select Money Market Fund, Northern Institutional U.S. Government Portfolio, Northern Institutional U.S. Government Select Portfolio and manages the Northern Institutional Treasury Portfolio.

      Prior to joining Northern Trust in 2008, Mr. LaRocco served as a Financial Advisor at Ameriprise Financial in Chicago.

      Mr. LaRocco received a B.A. in political science, English and economics from Miami University and an MBA in finance and economics from the University of Chicago Booth School of Business.

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

          Peter Yi, CFA®

          Portfolio Manager

          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.

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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.

              You could lose money by investing in the Money Market Funds. Although each of the Money Market Funds seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

              The Money Market Fund and the Municipal Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors.

              An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.

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

              ©2019 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.