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|The Municipal Portfolio seeks to provide, to the extent consistent with the preservation of capital, a high level of income exempt from regular federal income tax by investing primarily in municipal instruments. 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, a high level of income exempt from regular federal income tax by investing primarily in municipal instruments. This objective may be changed without shareholder approval.|
|Amortized Cost NAV||$1.00||$1.00|
(As of 09/11/14)
|7-Day Current Yield||0.01%||0.01%|
|7-Day Effective Yield||0.01%||0.01%|
|Total Net Assets||4,522,080,875||29,521,661|
|Fund Cut Off Times||Purchases: 2:00 p.m. CT
Redemptions: 2:00 p.m. CT
|Credit Rating||AAAm Standard and Poor's
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|iMoneyNetTM Tax-Free Instl||0.00%||0.00%||0.01%||0.01%||0.02%||0.03%||1.09%||N/A|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|iMoneyNetTM Tax-Free Instl||0.00%||0.00%||0.00%||0.01%||0.02%||0.04%||1.10%||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 limit the management fees charged to the Portfolio to 0.10% of the Portfolio’s average daily net assets and to reimburse certain expenses of the Portfolio (including the administration fee, but excluding the investment advisory fee and transfer agency fee, servicing fees, extraordinary expenses such as taxes, interest, and indemnification expenses, acquired fund fees and expenses, a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of Northern Institutional Funds and membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum) to the extent the Portfolio's "Other Expenses" exceed 0.20%. These contractual limitations 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 -0.12% for Shares and -0.12% for Service Shares as of August 31, 2014. 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 subadministrator 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.
|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, 2016. The service shares class also includes voluntary fee waivers that may change or end at any time. Unaudited as of August 31, 2014.|
|Weighted Average Maturity||Weighted Average Life|
|37 DAYS||37 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||389|
|Service Shares Income*||$0.0000|
|*||Reinvestment date of August 29. The amount shown represents dividends paid from fund net investment income and excludes distributions from capital gain income.|
|Variable Rate Note/Bond||87.7%|
|Fixed Rate Note/Bond||1.4%|
|2 - 15 Days||70.3%|
|16 - 30 Days||0.2%|
|31 - 60 Days||2.8%|
|61 - 97 Days||2.4%|
|98 - 180 Days||4.3%|
|181 - 270 Days||0.5%|
|271 - 366 Days||4.8%|
|367 - 397 Days||2.6%|
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.
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.
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