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    • Yields
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    Updated Daily as of07/01/2015Updated Daily As of 07/01/15 Unless Otherwise Noted
     Updated Monthly
    as of 05/31/15
    Average Monthly Yields
    Fund Name
    Ticker   CUSIP
    NAV7-Day
    Current Yield
     with Waivers
    7-Day
    Current Yield
      w/o Waivers
    7-Day
    Effective Yield
    Daily
    Yield
    06/1505/1504/15
    Diversified Assets
    BDAXX  665278107
    1.00   0.01%   -0.14%   0.01%   0.01%   0.01%   0.01%   0.01%
    Diversified Assets
    BDCXX  665278206
    1.00   0.01%   -0.14%   0.01%   0.01%   0.01%   0.01%   0.01%
    Municipal
    NMUXX  665278248
    1.00   0.01%   -0.07%   0.01%   0.01%   0.01%   0.01%   0.01%
    Municipal
    BMSXX  665278255
    1.00   0.01%   -0.07%   0.01%   0.01%   0.01%   0.01%   0.01%
    Prime Obligations
    NPAXX  665279204
    1.00   0.03%   N/A   0.04%   0.05%   0.05%   0.04%   0.05%
    Prime Obligations
    NPCXX  665279303
    1.00   0.03%   N/A   0.04%   0.05%   0.05%   0.04%   0.05%
    Tax-Exempt
    BTEXX  665278875
    1.00   0.01%   -0.23%   0.01%   0.01%   0.01%   0.01%   0.01%
    Tax-Exempt
    BTSXX  665278867
    1.00   0.01%   -0.23%   0.01%   0.01%   0.01%   0.01%   0.01%
    Treasury
    NITXX  665279808
    1.00   0.01%   -0.12%   0.01%   0.01%   0.01%   0.01%   0.01%
    U.S. Government
    BNGXX  665278404
    1.00   0.01%   -0.23%   0.01%   0.01%   0.01%   0.01%   0.01%
    U.S. Government
    BGCXX  665278503
    1.00   0.01%   -0.23%   0.01%   0.01%   0.01%   0.01%   0.01%
    U.S. Government Select
    BGSXX  665278701
    1.00   0.01%   -0.08%   0.01%   0.01%   0.01%   0.01%   0.01%
    U.S. Government Select
    BSCXX  665278800
    1.00   0.01%   -0.08%   0.01%   0.01%   0.01%   0.01%   0.01%
    U.S. Government Select
    WCGXX  665279840**
    1.00   0.01%   -0.08%   0.01%   0.01%   0.01%   0.01%   0.01%
    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.

    **Performance information for the Williams Capital Shares of the Portfolio prior to 09/15/2014 are for Shares, another class of shares of the Portfolio that is offered in a separate prospectus. The Williams Capital Shares would have substantially similar annual returns because the Williams Capital Shares are invested in the same portfolio of securities, with the same management fee, and the annual returns would differ only to the extent that the classes have different expenses. The Williams Capital Shares are offered exclusively to clients of The Williams Capital Group, L.P. Williams Capital Group, L.P., is not affiliated with Northern Funds Distributors, LLC or Northern Trust.

    Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the Portfolio to the extent the Portfolio's "Total Annual Portfolio Operating Expenses" exceed a percentage limit. 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.
     Average Annual Returns as of 03/31/15Annual Expense Ratios
    Fund Name  
    Ticker  CUSIP  
    1-Yr    3-Yr    5-Yr    10-Yr    Since
    Inception 
     
    Inception DateGross   Net1,2  
    Diversified Assets
    BDAXX  665278107
    0.01%0.01%0.02%1.44%4.21%06/01/830.36%0.35%
    Diversified Assets
    BDCXX  665278206
    0.01%0.01%0.02%1.34%2.00%07/01/980.61%0.60%
    Municipal
    NMUXX  665278248
    0.01%0.02%0.04%1.13%1.44%12/01/990.21% 0.20%
    Municipal
    BMSXX  665278255
    0.01%0.01%0.02%0.99%1.23%02/11/000.46%0.45%
    Prime Obligations
    NPAXX  665279204
    0.03%0.05%0.07%1.55%1.52%08/21/030.17% 0.15%
    Prime Obligations
    NPCXX  665279303
    0.03%0.05%0.04%1.41%1.36%09/02/030.42%0.40%
    Tax-Exempt
    BTEXX  665278875
    0.01%0.01%0.02%1.05%2.76%08/12/830.37% 0.35%
    Tax-Exempt
    BTSXX  665278867
    0.01%0.01%0.02%0.93%1.22%05/13/990.62%0.60%
    Treasury
    NITXX  665279808
    0.01%0.01%0.03%N/A0.04%11/05/080.21% 0.15%
    U.S. Government
    BNGXX  665278404
    0.01%0.01%0.02%1.40%3.69%10/29/850.37%0.35%
    U.S. Government
    BGCXX  665278503
    0.01%0.01%0.02%1.29%1.80%04/01/990.62%0.60%
    U.S. Government Select
    BGSXX  665278701
    0.01%0.01%0.01%1.43%3.00%11/07/900.21% 0.20%
    U.S. Government Select
    BSCXX  665278800
    0.01%0.01%0.01%1.32%1.82%05/28/990.46%0.45%
    U.S. Government Select
    WCGXX  665279840**
    0.01%0.01%0.01%1.43%3.03%09/15/140.21%0.20%
    1Northern Institutional Funds include contractual expense reimbursements that, if not extended, will end on April 1, 2016. The Northern Institutional Treasury Portfolio also includes a voluntary fee waiver that may change or end at any time.
    2Unaudited as of May 31, 2015.
    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.

    **Performance information for the Williams Capital Shares of the Portfolio prior to 09/15/2014 are for Shares, another class of shares of the Portfolio that is offered in a separate prospectus. The Williams Capital Shares would have substantially similar annual returns because the Williams Capital Shares are invested in the same portfolio of securities, with the same management fee, and the annual returns would differ only to the extent that the classes have different expenses. The Williams Capital Shares are offered exclusively to clients of The Williams Capital Group, L.P. Williams Capital Group, L.P., is not affiliated with Northern Funds Distributors, LLC or Northern Trust.

    Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the Portfolio to the extent the Portfolio's "Total Annual Portfolio Operating Expenses" exceed a percentage limit. 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.
     Total Returns as of 05/31/15Annual Expense Ratios
    Fund Name  
    Ticker   CUSIP  
    Month   3-Month   YTD   Gross   Net1,2  
    Diversified Assets
    BDAXX  665278107
    0.00%0.00%0.01%0.36%0.35%
    Diversified Assets
    BDCXX  665278206
    0.00%0.00%0.01%0.61%0.60%
    Municipal
    NMUXX  665278248
    0.00%0.00%0.01%0.21% 0.20%
    Municipal
    BMSXX  665278255
    0.00%0.00%0.01%0.46%0.45%
    Prime Obligations
    NPAXX  665279204
    0.00%0.02%0.02%0.17% 0.15%
    Prime Obligations
    NPCXX  665279303
    0.00%0.01%0.02%0.42%0.40%
    Tax-Exempt
    BTEXX  665278875
    0.00%0.00%0.01%0.37% 0.35%
    Tax-Exempt
    BTSXX  665278867
    0.00%0.00%0.01%0.62%0.60%
    Treasury
    NITXX  665279808
    0.00%0.00%0.01%0.21% 0.15%
    U.S. Government
    BNGXX  665278404
    0.00%0.00%0.01%0.37%0.35%
    U.S. Government
    BGCXX  665278503
    0.00%0.00%0.01%0.62%0.60%
    U.S. Government Select
    BGSXX  665278701
    0.00%0.00%0.01%0.21% 0.20%
    U.S. Government Select
    BSCXX  665278800
    0.00%0.00%0.01%0.46%0.45%
    U.S. Government Select
    WCGXX  665279840**
    0.00%0.00%0.00%0.21%0.20%
    1Northern Institutional Funds include contractual expense reimbursements that, if not extended, will end on April 1, 2016. The Northern Institutional Treasury Portfolio also includes a voluntary fee waiver that may change or end at any time.
    2Unaudited as of May 31, 2015.
    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.

    **Performance information for the Williams Capital Shares of the Portfolio prior to 09/15/2014 are for Shares, another class of shares of the Portfolio that is offered in a separate prospectus. The Williams Capital Shares would have substantially similar annual returns because the Williams Capital Shares are invested in the same portfolio of securities, with the same management fee, and the annual returns would differ only to the extent that the classes have different expenses. The Williams Capital Shares are offered exclusively to clients of The Williams Capital Group, L.P. Williams Capital Group, L.P., is not affiliated with Northern Funds Distributors, LLC or Northern Trust.

    Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the Portfolio to the extent the Portfolio's "Total Annual Portfolio Operating Expenses" exceed a percentage limit. 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.
    **Performance information for the Williams Capital Shares of the Portfolio prior to 09/15/2014 are for Shares, another class of shares of the Portfolio that is offered in a separate prospectus. The Williams Capital Shares would have substantially similar annual returns because the Williams Capital Shares are invested in the same portfolio of securities, with the same management fee, and the annual returns would differ only to the extent that the classes have different expenses. The Williams Capital Shares are offered exclusively to clients of The Williams Capital Group, L.P. Williams Capital Group, L.P., is not affiliated with Northern Funds Distributors, LLC or Northern Trust.
    Not FDIC insured | May lose value | No bank guarantee

    An investment in Northern Institutional Funds is not insured by the FDIC, and is not a deposit or obligation of, or guaranteed by The Northern Trust Company or any affiliate. An investment in Northern Institutional Funds involves risks, including possible loss of principal.

    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.

    Shares of the Northern Institutional Funds are offered only by a current Prospectus and are intended solely for persons to whom shares of US registered funds may be sold. This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Northern Institutional Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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