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What is a Money Market Fund?

What is a Money Market Fund?
Posted on 01/09/2021
Definition of a Money Market Fund
A money market fund is a type of mutual fund that invests in highly-liquid, low-risk near-term instruments. These instruments include the following: cash, cash-equivalent securities, and high-rated fixed income securities with a short term maturity (example: U.S. Treasuries). Money market funds were designed to give investors high liquidity with a very low level of risk. Investors invest in these funds to manage cash or short-term savings. Money market funds are not FDIC insured, unlike money market accounts.
These funds behave like a mutual fund by issuing redeemable units or shares to investors. ....

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Northern Trust Asset Management Announces Changes to Money Market Mutual Fund Suite

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Northern Trust Asset Management, which oversees $339 billion in liquidity and short-duration strategies globally as of Sept. 30, 2020, announced the following changes to its suite of money market mutual funds:
The Northern Funds- Municipal Money Market Fund (NOMXX) and the Northern Institutional Funds- Municipal Portfolio (NMUXX) will both close to new investors on or about January 11, 2021. Final liquidating distribution of the funds assets will occur on or about February 12, 2021.
A proposed merger of the Northern Funds Money Market Fund (NORXX) into the Northern Funds- U.S. Government Money Market Fund (NOGXX), subject to shareholder approval.
These fund lineup changes highlight a thoughtful progression by Northern Trust Asset Management to exit the prime and municipal money market mutual fund space, a process that began back in May 2020 with the closure of the institutional prime money market mutual fund, the Northern Institutional Funds - Prime Obligat ....

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