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|The Tax-Exempt Portfolio seeks to provide shareholders, to the extent consistent with the preservation of capital and prescribed Portfolio standards, a high level of income exempt from federal income tax. The Portfolio invests primarily in high-quality short-term instruments, the interest on which is exempt from regular federal income tax. The Portfolio's policy is to target zero holdings of alternative minimum tax (AMT) securities. However, income from the Portfolio may be subject to the federal AMT, state, and local taxes. Dividends, if any, are declared daily and paid monthly.
The Portfolio 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.
The Tax-Expempt Portfolio will be liquidated and terminated on or about October 14, 2016.
|Amortized Cost NAV||$1.00||$1.00|
|7-Day Current Yield||0.02%||0.02%|
|Tax-Equivalent 7-Day Yield* (As of 06/30/16)||0.11%||0.11%|
|7-Day Effective Yield||0.02%||0.02%|
|Total Net Assets|
(As of 07/22/16)
|Total Net Assets – Combined Share Classes|
(As of 06/30/16)
|*The tax-equivalent 7-day yield is based on an assumed tax rate of 43.4%.|
|Fund Cut Off Times||Purchases: 1:00 p.m. CT
Redemptions: 1:00 p.m. CT
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|iMoneyNetTM Tax-Free Instl||0.01%||0.02%||0.03%||0.04%||0.02%||0.02%||0.73%||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, 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 0.06% for Shares and 0.06% for Service Shares as of June 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.|
|Gross Expense Ratio||Net Expense Ratio‡|
|Shares||Service Shares||Shares||Service Shares|
|‡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 June 30, 2016.|
|Weighted Average Maturity||Weighted Average Life|
|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.|
|Number of Holdings||148|
|Service Shares Income*||$0.000035|
|*||Reinvestment date of June 30. The amount shown represents dividends paid from fund net investment income and excludes distributions from capital gain income.|
|Fixed Rate Note/Bond||6.1%|
|Variable Rate Note/Bond||85.3%|
|2 - 15 Days||44.1%|
|16 - 30 Days||0.4%|
|31 - 60 Days||6.0%|
|61 - 97 Days||3.5%|
|98 - 180 Days||2.5%|
|181 - 270 Days||1.2%|
Institutional Portfolios Managed
Northern Institutional Municipal Portfolio (NMUXX)
Northern Institutional Tax-Exempt Portfolio (BTEXX)
With Northern Trust Since 2000
Began Career in 1991
Kurt Stoeber, Vice President of Northern Trust, manages the Northern California Municipal Money Market Fund, Northern Municipal Money Market Fund, Northern Institutional Municipal Portfolio and Northern Institutional Tax-Exempt Portfolio.
Before joining Northern Trust in 2000, Mr. Stoeber was assistant vice president of commercial banking for Banc One Capital Markets. His other positions at Banc One included investment banking officer, capital markets associate, and short-term municipal bond trader.
Mr. Stoeber received a B.S. in finance from Illinois State University and an MBA in finance from the University of Illinois at Chicago.
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.