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    Northern Institutional Diversified Assets Portfolio


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    The Diversified Assets Portfolio seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity. The Portfolio invests primarily in high-quality money market instruments, such as, government, bank and commercial obligations available in money markets. Dividends, if any, are declared daily and paid monthly.
    Fund Objective

    The Portfolio 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.

    Northern Institutional Funds Diversified Asset Portfolio will covert to a government money market fund and its name will change to Government Assets Portfolio on or about September 30, 2016. Please see the Fund's prospectus supplement dated May 27, 2016 for a description of changes as a result of this conversion.

    Updated Daily Unless Otherwise Noted
               Shares        Service
    Inception Date06/01/8307/01/98
    Amortized Cost NAV$1.00$1.00
    7-Day Current Yield0.09%0.09%
    Tax-Equivalent 7-Day Yield (As of 08/31/16)N/AN/A
    7-Day Effective Yield0.09%0.09%
    Total Net Assets
    (As of 09/29/16)
    Total Net Assets – Combined Share Classes
    (As of 08/31/16)
    Daily Yield0.01%0.01%
    Daily Factor0.0000002790.000000279
    Fund Cut Off Times
    Purchases: 2:00 p.m. CT
    Redemptions: 2:00 p.m. CT
    Credit RatingAaa-mf Moody's
    NAIC Listed

    Total Returns

    Total Returns for Month Ending 08/31/16
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Service Shares0.02%0.05%0.15%0.16%0.06%0.04%0.84%1.85%
    iMoneyNetTM First Tier Instl0.02%0.06%0.17%0.20%0.09%0.08%1.01%N/A

    Total Returns

    Total Returns for Quarter Ending 06/30/16
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Service Shares0.02%0.06%0.12%0.12%0.05%0.04%0.92%1.87%
    iMoneyNetTM First Tier Instl0.02%0.07%0.12%0.16%0.07%0.06%1.09%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 Portfolio (other than certain excepted expenses, i.e., acquired fund fees and expenses, service fees, 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, extraordinary expenses and interest) to the extent the “Total Annual Portfolio Operating Expenses” exceed 0.35%. This contractual limitation may not be terminated before April 1, 2017 without the approval of the Board of Trustees. In the absence of these 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 Portfolio than the total returns. The Portfolio also includes voluntary expense reimbursements to prevent a negative yield that may change or end at any time. Without the voluntary expense reimbursements, the 7-day current yield would have been 0.17% for Shares and 0.17% for Service Shares as of August 31, 2016. 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 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
    SharesService SharesSharesService Shares
    Diversified Assets0.36%0.61%0.35%0.60%
    Includes contractual expense reimbursements that, if not extended, will end on April 1, 2017. The service shares class also includes voluntary fee waivers that may change or end at any time. Unaudited as of August 31, 2016.
    Credit ratings are subject to change at any time. Money market funds rated Aaa-mf by Moody's are judged to have a very strong ability to meet the dual objectives of providing liquidity and preserving capital. Ratings are based on an evaluation of several factors including: objective measures to assess portfolio credit quality as well as market and liquidity risks in stress scenarios, sponsor quality, the fund’s management, and legal factors. This fund is on the National Association of Insurance Commissioners list of Class 1 money market mutual funds. Inclusion on the NAIC list is the result of an accounting measure involving the fund’s underlying investments, and does not constitute an assessment of quality. The NAIC listing does not represent an endorsement or recommendation of the overall fund.

    For more information about the ratings provided by Moody's and Standard and Poor's, please visit their websites at and, respectively.

    Start Date: End Date: 
    Portfolio Composition
    As of 08/31/16
    Weighted Average MaturityWeighted Average Life
    58 DAYS98 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 08/31/16Insert Icon
    As of 07/31/16Insert Icon
    As of 06/30/16Insert Icon
    As of 05/31/16Insert Icon
    As of 04/30/16Insert Icon
    As of 03/31/16Insert Icon

    Fund Characteristics

    Number of Holdings126
    Dividend ScheduleMonthly
    Shares Income*$0.000152
    Service Shares Income*$0.000151
    *Reinvestment date of August 31. The amount shown represents dividends paid from fund net investment income and excludes distributions from capital gain income.
    Security Distribution   
    Certificate of Deposit9.7%
    Commercial Paper24.8%
    Fixed Rate Note/Bond11.4%
    Repurchase Agreements1.6%
    Discount Note/Treasury Bill12.0%
    Time Deposit16.2%
    Variable Rate Note/Bond24.3%
    As of 08/31/16
    Maturity Distribution
    2 - 15 Days30.3%
    16 - 30 Days11.4%
    31 - 60 Days1.7%
    61 - 97 Days5.3%
    98 - 180 Days2.6%
    181 - 270 Days2.0%
    271 - 366 Days14.2%
    Quality Distribution 
    Tier 1100.0%
    Sector Distribution
    Banking Industry32.6%
    Government Agency19.6%
    Finance & Insurance13.1%
    Commercial & Industrial1.2%
    Financial Conduit0.7%
    All data is as of date indicated and subject to change.
    iMoneyNet Fund AverageTM - First Tier Institutional Category includes institutional funds that may invest in certificates of deposit, time deposits, bankers’ acceptances and other short-term obligations issued by domestic banks, foreign subsidiaries or foreign branches of domestic banks, domestic and foreign branches of foreign banks and other banking institutions, commercial paper, floating and variable rate demand notes and bonds and asset backed securities. 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.
    Jennifer Greca, CFP<sup>&reg;</sup>

    Jennifer Greca, CFP®

    Portfolio Manager

    Northern Money Market Fund (NORXX)

    Institutional Portfolios Managed
    Northern Institutional Diversified Assets Portfolio (BDAXX)
    Northern Institutional Prime Obligations Portfolio  (NPAXX)

    With Northern Trust Since 2000
    Began Career in 2000

    Jennifer Greca, Vice President of Northern Trust, is a member of the short duration fixed income group. Ms. Greca currently co-manages the Northern Money Market Fund, Northern Institutional Diversified Assets Portfolio and Northern Institutional Prime Obligations Portfolio.

    Ms. Greca joined Northern Trust's Investment team in 2007, as a Client Service Associate, where she was responsible for the daily tactical servicing of client investment relationships for the Wealth Management and Public Funds segments. Ms. Greca also held positions within The Wealth Management Group, Private Equity, and Benefit Payment Services.

    Ms. Greca received a BBA in international business and human resource management from the University of Toledo and a MBA with a concentration in finance from Loyola University. She also holds the CERTIFIED FINANCIAL PLANNER™ certification.

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

    Peter Yi, CFA®

    Portfolio Manager

    Northern Money Market Fund (NORXX)

    Institutional Portfolios Managed
    Northern Institutional Diversified 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 Diversified 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

    You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

    Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Institutional Funds before investing. Call 800-637-1380 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.

    ©2016 Northern Institutional Funds | Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.