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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.
This portfolio is designated as a "institutional money market portfolio". As a result of its designation, the portfolio will be subject to liquidity fees, redemption gates and have a variable net asset value.
|7-Day Current Yield||1.31%||1.31%|
|7-Day Current Yield (As of 08/31/18)||1.37%||1.37%|
|Tax-Equivalent 7-Day Yield* (As of 08/31/18)||2.31%||2.31%|
|7-Day Effective Yield||1.32%||1.32%|
|Total Net Assets|
(As of 09/21/18)
|Total Net Assets – Combined Share Classes|
(As of 08/31/18)
|*The tax-equivalent 7-day yield is based on an assumed tax rate of 40.8%.|
|Fund Cut Off Times||Purchases: 1:00 p.m. CT
Redemptions: 1:00 p.m. CT
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|iMoneyNetTM Tax-Free Instl||0.11%||0.27%||0.73%||0.97%||0.53%||0.32%||0.29%||N/A|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|iMoneyNetTM Tax-Free Instl||0.09%||0.31%||0.55%||0.89%||0.46%||0.28%||0.28%||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 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, 2019 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 1.37% for Shares and 1.37% for Service Shares as of August 31, 2018. 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 for V-Nav fund: Market Value NAV is calculated using current market quotations, or an appropriate substitute, to value a portfolio. This NAV is calculated to four decimal places and is currently being used for transacting purchase and sale activity.|
|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, 2019. The service shares class also includes voluntary fee waivers that may change or end at any time. Unaudited as of August 31, 2018.|
Ratings 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 demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk.
For more information about the ratings provided by Standard and Poor's, please visit their website at www.standardandpoors.com.
|Weighted Average Maturity||Weighted Average Life|
|5 DAYS||5 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||115|
|Service Shares Income*||$0.001098|
|*||Reinvestment date of August 31. The amount shown represents dividends paid from fund net investment income and excludes distributions from capital gain income.|
|Variable Rate Note/Bond||98.9%|
|2 - 15 Days||63.0%|
|31 - 60 Days||1.1%|
Northern Fund Managed
Northern Municipal Money Market Fund (NOMXX)
Institutional Portfolio Managed
Northern Institutional Municipal Portfolio (NMUXX)
With Northern Trust Since 2000
Began Career in 1991
Kurt Stoeber, Vice President of Northern Trust, manages the Northern Municipal Money Market Fund and Northern Institutional Municipal 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.
Not FDIC insured | May lose value | No bank guarantee
You could lose money by investing in the Portfolio. Because the share price of the Portfolio will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Portfolio may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Portfolio's liquidity falls below required minimums because of market conditions or other factors. 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 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.
©2018 Northern Institutional Funds | Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.