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Fund Commentary

 
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U.S. Government Portfolio

as of 7/31/17

Fund Commentary

Risk assets performed well last period, with oil and U.S. stocks rallying, while credit spreads tightened. Bond yields finished the month slightly lower as economic data released last period was modestly disappointing. As expected, the July Federal Open Market Committee (FOMC) meeting was largely a non-event, while their statement signaled they are likely to announce adjustments to their balance sheet reinvestment policy at the September meeting. Money market rates were range bound during the month, while Federal Reserve (Fed) reverse repo program participation remained in line with recent averages after surging at the end of June. 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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