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    Northern Institutional Tax-Exempt Portfolio


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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.

    Fund Objective
    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.
    Updated Daily Unless Otherwise Noted
               Shares        Service
    Inception Date8/12/19835/13/1999
    Amortized Cost NAV$1.00$1.00
    Daily Market Value NAV
    (As of 03/26/15)
    7-Day Current Yield0.01%0.01%
    Tax-Equivalent 7-Day Yield* (As of 02/28/15)0.02%0.02%
    7-Day Effective Yield0.01%0.01%
    Total Net Assets
    (As of 03/27/15)
    Total Net Assets – Combined Share Classes
    (As of 02/28/15)
    Daily Yield0.01%0.01%
    Daily Factor0.0000008220.000000831
    *The tax-equivalent 7-day yield is based on an assumed tax rate of 43.4%.
    Fund Cut Off TimesPurchases: 1:00 p.m. CT
    Redemptions: 1:00 p.m. CT

    Total Returns

    Total Returns for Month Ending 02/28/15
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Service Shares0.00%0.00%0.00%0.01%0.01%0.02%0.94%1.23%
    iMoneyNetTM Tax-Free Instl0.00%0.01%0.00%0.01%0.02%0.03%1.03%N/A

    Total Returns

    Total Returns for Quarter Ending 12/31/14
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Service Shares0.00%0.00%0.01%0.01%0.01%0.02%0.96%1.24%
    iMoneyNetTM Tax-Free Instl0.00%0.01%0.01%0.01%0.02%0.03%1.05%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 to the extent the “Total Annual Portfolio Operating Expenses" exceed 0.35%. This contractual limitation may not be terminated before April 1, 2016 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 -0.28% for Shares and
    -0.28% for Service Shares as of February 28, 2015.
    Northern Trust Investments, Inc. serves as the investment adviser and administrator to the Portfolio. The Northern Trust Company, an affiliate of Northern Trust Investments, Inc., serves as transfer agent, custodian and sub-administrator to the Portfolio.
    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
    Includes contractual expense reimbursements that, if not extended, will end on April 1, 2016. The service shares class also includes voluntary fee waivers that may change or end at any time. Unaudited as of February 28, 2015.
    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 www.moodys.com and www.standardandpoors.com, respectively.

    Portfolio Composition
    As of 02/28/15
    Weighted Average MaturityWeighted Average Life
    34 DAYS35 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 02/28/15Insert Icon
    As of 01/31/15Insert Icon
    As of 12/31/14Insert Icon
    As of 11/30/14Insert Icon
    As of 10/31/14Insert Icon
    As of 09/30/14Insert Icon

    Fund Characteristics

    Number of Holdings168
    Dividend ScheduleMonthly
    Shares Income*$0.000008
    Service Shares Income*$0.000008
    *Reinvestment date of February 27. The amount shown represents dividends paid from fund net investment income and excludes distributions from capital gain income.
    Security Distribution      
    Commercial Paper19.2%
    Fixed Rate Note/Bond5.2%
    Variable Rate Note/Bond75.6%
    As of 02/28/15
    Maturity Distribution 
    2 - 15 Days52.7%
    16 - 30 Days1.2%
    31 - 60 Days4.0%
    61 - 97 Days1.7%
    98 - 180 Days8.4%
    181 - 270 Days6.1%
    271 - 366 Days1.9%
    Quality Distribution 
    Tier 1100.0%
    Sector Distribution 
    All data is as of date indicated and subject to change.
    Money Market Risk: An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
    Tax-Free/AMT Risk: Tax-exempt funds’ income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.
    iMoneyNet Fund AverageTM - Tax-Free Institutional category includes all institutional national and state tax-free and municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds-6 months & less, put bonds-over 6 months, AMT paper and other tax-free holdings. 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.
    Kurt Stoeber

    Kurt Stoeber

    Portfolio Manager

    Northern California Municipal Money Market Fund (NOCXX)
    Northern Municipal Money Market Fund (NOMXX)

    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.

    CommentaryFact SheetHoldingsSummary ProspectusProspectus    Statement of Additional InformationAnnual ReportSemi Annual Report
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    Not FDIC insured | May lose value | No bank guarantee
    An investment in the Money Market Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

    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.

    ©2015 Northern Institutional Funds | Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.