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    Northern Institutional U.S. Government Select Portfolio

     
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    BGSXXBSCXXWCGXX

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    Snapshot
    The U.S. Government Select Portfolio seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity. The Portfolio invests primarily in securities issued or guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities. In making investments, the Portfolio will seek to acquire, during normal market conditions, only those U.S. government securities with interest that is generally exempt from state income taxation. The principal value and investment return of the Portfolio are neither guaranteed or insured by the U.S. government. A substantial portion of the Portfolio's assets may be invested in agency securities that are not backed by the full faith and credit of the United States. Dividends, if any, are declared daily and paid monthly.
    Fund Objective
    The Portfolio seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing exclusively in high quality money market instruments.
    Updated Daily Unless Otherwise Noted
       SharesService
    Shares
    Williams
    Capital
    Shares
    CUSIP665278701665278800665279840
    Inception Date11/07/9005/28/9909/15/14
    Amortized Cost NAV$1.00$1.00$1.00
    7-Day Current Yield0.97%0.97%0.97%
    7-Day Current Yield (As of 11/30/17)0.95%0.95%%
    7-Day Effective Yield0.98%0.98%0.98%
    Total Net Assets
    (As of 12/14/17)
    $24,086,863,121$109,485,597$561,983,996
    Total Net Assets – Combined Share Classes*
    (As of 11/30/17)
     $24,088,516,483 
    Daily Yield1.09%1.09%1.09%
    Daily Factor0.0000297340.0000297340.000029734
    *Includes Shares, Service Shares and Williams Capital Shares.
       
    Fund Cut Off TimesPurchases: 1:00 p.m. CT
    Redemptions: 1:00 p.m. CT
    Ratings
    S&P
    Moody's
     
    AAAm
    Aaa-mf
    Listings
    NAIC
     
    NAIC Listed

    Total Returns

    Total Returns for Month Ending 11/30/17
     Annualized
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Incept.
    Shares0.08%0.22%0.63%0.66%0.29%0.18%0.34%2.73%
    Service Shares0.08%0.22%0.63%0.66%0.29%0.18%0.30%1.61%
    Williams Capital Shares0.08%0.22%0.63%0.66%0.29%N/AN/A0.27%
    iMoneyNetTM Govt
    & Agencies Instl
    0.06%0.19%0.51%0.53%0.23%0.14%0.36%N/A

    Total Returns

    Total Returns for Quarter Ending 09/30/17
     Annualized
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Incept.
    Shares0.07%0.22%0.48%0.55%0.24%0.15%0.40%2.75%
    Service Shares0.07%0.22%0.48%0.55%0.24%0.15%0.36%1.61%
    Williams Capital Shares0.07%0.22%0.48%0.55%0.24%N/AN/A0.24%
    iMoneyNetTM Govt
    & Agencies Instl
    0.06%0.18%0.38%0.42%0.18%0.12%0.43%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. 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 (other than certain excepted expenses, i.e., acquired fund fees and expenses, service fees, the compensation paid to each Independent Trustee of the Trust, expenses of third party consultants engaged by the Board of Trustees, membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum, expenses in connection with the negotiation and renewal of the revolving credit facility, extraordinary expenses and interest) to the extent the "Total Annual Portfolio Operating Expenses" exceed 0.20%. This contractual limitation may not be terminated before April 1, 2018 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 0.95% for Shares, 0.95% for Service Shares and 0.95% for Williams Capital Shares as of November 30, 2017. In the event the 7-day current yield with waivers and the 7-day current yield without waivers are equal, it would indicate there were no voluntary waivers necessary for the preceding 7-day period.

    NAV Information: Market Value NAV is calculated using current market quotations, or an appropriate substitute, to value a portfolio. This NAV 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
    Shares
    Williams
    Capital Shares
    SharesService
    Shares
    Williams
    Capital Shares
    U.S. Government Select0.21% 0.46%0.21%0.20% 0.45%0.20%
    Includes contractual expense reimbursements that, if not extended, will end on April 1, 2018. The service shares class also includes voluntary fee waivers that may change or end at any time. Unaudited as of November 30, 2017.

    Ratings are as of March 3, 2017 for Standard and Poor's and October 4, 2016 for Moody's. They are subject to change. The Standard & Poor's principal stability fund (PSF) rating, also known as the money market fund rating, is a forward-looking opinion about a fixed income fund's capacity to maintain stable principal (net asset value). When assigning a PSF rating to a fund, Standard & Poor's analysis focuses primarily on the creditworthiness of the fund's investments and counterparties, and also its investments' maturity structure and management's ability and policies to maintain the fund's stable net asset value. PSF ratings are assigned to funds that seek to maintain a stable or an accumulating net asset value. A fund rated AAAm by Standard & Poor's demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk. The Moody’s money market fund rating is not a credit rating and is considered an Other Permissible Service (OPS). Moody's mmf ratings are opinions of the investment quality of shares in mutual funds and similar investment vehicles which principally invest in short-term fixed income obligations. Moody's uses an analytic assessment of two distinct fund factors: Portfolio Credit Profile (the quality of the assets in the portfolio) and Portfolio Stability Profile (including market and liquidity risks in stress scenarios). A set of standardized objective measures are used in a composite evaluation of these two key factors, which are complemented by other considerations such as sponsor quality, the fund's management, and legal factors to inform their assessment of money market funds. Funds rated Aaa-mf have a very strong ability to meet the dual objective of providing liquidity and preserving capital. The ratings are not intended to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield. This fund is on the National Association of Insurance Commissioners (NAIC) list. 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.

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    Start Date: End Date: 
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    Portfolio Composition
    As of 11/30/17
    Weighted Average MaturityWeighted Average Life
    44 DAYS111 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 11/30/17Insert Icon
    As of 10/31/17Insert Icon
    As of 09/30/17Insert Icon
    As of 08/31/17Insert Icon
    As of 07/31/17Insert Icon
    As of 06/30/17Insert Icon

    Fund Characteristics

    Number of Holdings157
    Dividend ScheduleMonthly
    Shares Income*$0.000763
    Service Shares Income*$0.000763
    Williams Capital Shares Income*$0.000763
    *Reinvestment date of November 30. The amount shown represents dividends paid from fund net investment income and excludes distributions from capital gain income.
       
    Security Distribution   
    Fixed Rate Note/Bond8.7%
    Repurchase Agreements38.2%
    Discount Note/Treasury Bill25.9%
    Variable Rate Note/Bond27.3%
    As of 11/30/17
    Maturity Distribution 
    Overnight45.7%
    2 - 15 Days19.2%
    16 - 30 Days9.2%
    31 - 60 Days2.6%
    61 - 97 Days7.5%
    98 - 180 Days5.3%
    181 - 270 Days7.3%
    271 - 366 Days3.2%
    Quality Distribution 
    Tier 1100.0%
    Sector Distribution 
    Government Agency47.3%
    Broker/Dealer38.2%
    Treasuries14.5%
    All data is as of date indicated and subject to change.
    U.S. Government Guarantee: U.S. government guarantees apply only to the underlying securities of a Fund’s portfolio and not the Fund’s shares.
    iMoneyNet Fund AverageTM - Government/Agencies Institutional category includes the most broadly based of the government institutional funds. These funds may invest in U.S. Treasuries, U.S. agencies, repos or government-backed floating rate notes. The category average is the average of all funds in this category reported by iMoneyNet. 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.
    .
    Daniel LaRocco

    Daniel LaRocco

    Portfolio Manager

    Northern Funds Managed
    Northern U.S. Government Money Market Fund (NOGXX)
    Northern U.S. Government Select Money Market Fund (NOSXX)

    Institutional Portfolios Managed
    Northern Institutional Treasury Portfolio (NITXX)
    Northern Institutional U.S. Government Portfolio (BNGXX)
    Northern Institutional U.S. Government Select Portfolio (BGSXX)

    With Northern Trust Since 2008
    Began Career in 2007

    Daniel LaRocco, Vice President of Northern Trust, is a member of the short duration fixed income group, which is focused on the management of the group's U.S. Government funds. Mr. LaRocco currently co-manages the Northern U.S. Government Money Market Fund, Northern Government Select Money Market Fund, Northern Institutional U.S. Government Portfolio, Northern Institutional U.S. Government Select Portfolio and manages the Northern Institutional Treasury Portfolio.

    Prior to joining Northern Trust in 2008, Mr. LaRocco served as a Financial Advisor at Ameriprise Financial in Chicago.

    Mr. LaRocco received a B.A. in political science, English and economics from Miami University.

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    Peter Yi, CFA<sup>&reg;</sup>

    Peter Yi, CFA®

    Portfolio Manager

    Northern Funds Managed
    Northern Money Market Fund (NORXX)
    Northern U.S. Government Money Market Fund (NOGXX)
    Northern U.S. Government Select Money Market Fund (NOSXX)

    Institutional Portfolios Managed
    Northern Institutional Government Assets Portfolio (BDAXX)
    Northern Institutional Prime Obligations Portfolio (NPAXX)
    Northern Institutional U.S. Government Portfolio (BNGXX)
    Northern Institutional U.S. Government Select Portfolio (BGSXX)

    With Northern Trust Since 2000
    Began Career in 2000

    Peter Yi, Senior Vice President at Northern Trust, is Director of Money Markets within the short duration fixed income group. In this capacity, Peter manages the team responsible for Northern Trust’s registered money market mutual funds, Short Term Investment Funds (STIFs) and separately managed institutional client mandates. His daily responsibilities are to develop and oversee strategies for the money market business. Mr. Yi is also a Senior Portfolio Manager and currently co-manages the Northern Institutional U.S. Government Portfolio, Northern Institutional U.S. Government Select Portfolio, Northern Institutional Government Assets Portfolio, Northern Institutional Prime Obligations Portfolio, Northern Money Market Fund, Northern U.S. Government Money Market Fund and the Northern U.S. Government Select Money Market.

    Mr. Yi is a member of the Northern Trust Fixed Income Product Council, Northern Trust Interest Rate Strategy Committee, Northern Trust OTC Counterparty and Collateral Risk Committee and the Securities Lending Collateral Committee. He also serves on the Money Market Advisory Board for the Investment Company Institute and is a frequent speaker at industry conferences.

    Mr. Yi received a Bachelor's degree from the University of Michigan and an MBA from the University of Chicago Booth School of Business. He is an active CFA® charterholder and a member of the CFA Institute and Investment Analysts Society of Chicago.

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    Williams Capital Shares

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    You could lose money by investing in the Portfolio. All purchase and sale activity is being transacted at the Amortized Cost NAV of $1.00. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

    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.

    ©2017 Northern Institutional Funds | Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.