Northern Institutional Funds

^†Effective December 1, 2019, the U.S. Government Select Portfolio instituted a voluntary expense reimbursement of 2 basis points. This may change at any time.

*On November 23, 2021, the U.S. Government Money Market Portfolio - Service Shares liquidated all shares resulting with Net Assets of $0.00. However, if in the future another shareholder subscribes, this Service Shares Class may reactivate.

***Effective December 22, 2021, the Northern Institutional Treasury Portfolio (“Fund”) launched a new share class known as the Siebert Williams Shank Shares Class (“SWS Class”). Prior to December 22, 2021, there were no SWS Class shares outstanding for the Fund and therefore performance information for SWS Class shares is not available. For this reason, the performance information shown is for the Fund’s Shares Class, with an inception date of November 5, 2008. The Fund’s SWS Class would have similar annual returns when compared with the Fund’s Shares Class because both classes are invested in the same portfolio of securities. The annual returns of the Shares Class would differ from those of SWS Class only to the extent that the classes do not have the same expenses. Please refer to the Fund’s current prospectus for further information.

The 7-Day SEC Yield is an annualized yield based on the most recent 7-day period. The 7-Day SEC Yield more closely reflects the current earnings of the Portfolio than the total return quotation. The 7-Day SEC Yield is calculated in accordance with SEC requirements and does not include capital gains. At times, the 7-Day SEC Yield may differ from the actual distribution rate of a Portfolio because of the exclusion of distributed capital gains. The 1-Daily Yield and 7-Day Yield include capital gains, if any. The subsidized yields reflect any voluntary and contractual reimbursement or waivers that may be in effect for all of a period shown. Unsubsidized yields reflect the performance of a Portfolio if any voluntary and contractual waivers had not been in place during the period shown.

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. Siebert Williams Shank and Co., LLC, is not affiliated with Northern Funds Distributors, LLC or Northern Trust.