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 Symbol | 7-Day
Current Yield
Daily as of 05/17/13 | 7-Day Effective Yield
Daily as of 05/17/13 |
| NOMXX | 0.01% | 0.01% |
|    |
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 After Expense Reimbursement" exceed 0.35%. The contractual limitation may not be terminated before July 31, 2013 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 -0.12% as of April 30, 2013.
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
| As of | Weighted Average Maturity | Weighted Average Life |
| April 30, 2013 | 14 DAYS | 14 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
March 31, 2013
| Security Distribution |
| Variable Rate Note/Bond | 95.6%
|
| Commercial Paper | 4.4%
|
| Quality Distribution | |
| Tier 1 | 100.0%
|
|
| Maturity Distribution | | |
| Overnight | | 6.4%
|
| 2 - 15 Days | | 84.4%
|
| 16 - 30 Days | | 0.1%
|
| 31 - 60 Days | | 2.2%
|
| 61 - 97 Days | | 3.4%
|
| 98 - 180 Days | | 2.2%
|
| 181 - 270 Days | | 1.1%
|
| 271 - 366 Days | | 0.2%
|
|
Signon to Passport
