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    Northern Institutional U.S. Government Portfolio


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    The U.S. Government Portfolio seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity. The Portfolio invests primarily in marketable securities issued or guaranteed as to principal and interest by the U.S. government, or any of its agencies or instrumentalities, and repurchase agreements backed by such securities. The principal value and investment return of the Portfolio are neither guaranteed or insured by the U.S. government. A substantial portion of the Portfolio's assets may be invested in agency securities that are not backed by the full faith and credit of the United States. 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.
    Updated Daily Unless Otherwise Noted
               Shares        Service
    Inception Date10/29/19854/1/1999
    Amortized Cost NAV$1.00$1.00
    7-Day Current Yield0.05%0.05%
    Tax-Equivalent 7-Day Yield (As of 04/30/16)N/AN/A
    7-Day Effective Yield0.05%0.05%
    Total Net Assets
    (As of 05/27/16)
    Total Net Assets – Combined Share Classes
    (As of 04/30/16)
    Daily Yield0.04%0.04%
    Daily Factor0.0000048080.000004818
    Fund Cut Off TimesPurchases: 2:00 p.m. CT
    Redemptions: 2:00 p.m. CT
    Credit RatingAAAm Standard and Poor's
    Aaa-mf Moody's
    NAIC Listed

    Total Returns

    Total Returns for Month Ending 04/30/16
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Service Shares0.00%0.01%0.01%0.02%0.01%0.01%0.95%1.69%
    iMoneyNetTM Govt
    & Agencies Instl

    Total Returns

    Total Returns for Quarter Ending 03/31/16
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Service Shares0.00%0.01%0.01%0.02%0.01%0.01%0.98%1.70%
    iMoneyNetTM Govt
    & Agencies Instl
    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, 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 0.04% for Shares and 0.04% for Service Shares as of April 30, 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
    U.S. Government0.36%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 April 30, 2016.
    Credit ratings are subject to change. AAAm rating by Standard & Poor's is obtained after Standard & Poor's evaluates a number of factors, including credit quality, market price, exposure and management. 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 04/30/16
    Weighted Average MaturityWeighted Average Life
    52 DAYS103 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 04/30/16Insert Icon
    As of 03/31/16Insert Icon
    As of 02/26/16Insert Icon
    As of 01/31/16Insert Icon
    As of 12/31/15Insert Icon
    As of 11/30/15Insert Icon

    Fund Characteristics

    Number of Holdings134
    Dividend ScheduleMonthly
    Shares Income*$0.000034
    Service Shares Income*$0.000034
    *Reinvestment date of April 29. The amount shown represents dividends paid from fund net investment income and excludes distributions from capital gain income.
    Security Distribution      
    Fixed Rate Note/Bond8.7%
    Repurchase Agreements41.7%
    Discount Note/Treasury Bill28.7%
    Variable Rate Note/Bond20.9%
    As of 04/30/16
    Maturity Distribution 
    2 - 15 Days21.1%
    16 - 30 Days12.0%
    31 - 60 Days10.6%
    61 - 97 Days3.5%
    98 - 180 Days3.7%
    181 - 270 Days9.0%
    271 - 366 Days5.0%
    Quality Distribution 
    Tier 1100.0%
    Sector Distribution 
    Government Agency46.6%
    All data is as of date indicated and subject to change.
    U.S. Government Guarantee: U.S. government guarantees apply only to the underlying securities of a Fund’s portfolio and not the Fund’s shares.
    iMoneyNet Fund AverageTM - Government/Agencies Institutional category includes the most broadly based of the government institutional 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 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 U.S. Government Money Market Fund (NOGXX)
    Northern U.S. Government Select Money Market Fund (NOSXX)

    Institutional Portfolios Managed
    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 and Northern Institutional U.S. Government Select 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.

    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 Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

    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.

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