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Fund Commentary

 
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U.S. Government Select Portfolio

as of 8/31/17

Fund Commentary

Bond yields finished the month slightly lower as tensions flared over North Korea's nuclear program, fueling a modest flight to quality and biasing risk assets prices lower. Market-based probabilities of an additional increase in the Federal Reserve (Fed) funds target range this year fell during the period as inflation metrics continue to disappoint relative to expectations and forecasts. Nonetheless, we anticipate that volatility in the normally stable issuance pattern for U.S. Treasury bills – a result of the continuing congressional debate to raise or re-suspend the debt ceiling - will be another key driver of money market rates throughout the rest of the year. In acknowledgement of the significant technical pressures in the market for short duration government securities, we've selectively added duration to take advantage of steepness in the money market yield curve and remain neutral to our peer group.

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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 summary prospectus or prospectus and consider the investment objectives, risks, charges and expenses of Northern Institutional Funds before investing. Call 800-637-1380 to obtain a summary prospectus or prospectus, which contains this and other information about the Funds.

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