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*On May 14, 2020, the Board of Trustees of the Northern Institutional Funds approved the closing and subsequent liquidation and termination of the Prime Obligations Portfolio. The portfolio is expected to be liquidated on or about July 10, 2020.

**Municipal Service Shares was liquidated on November 15, 2019. However, if in the future another shareholder subscribes, this class will reactivate.

***Prime Obligations Service Shares was refunded on May 4, 2018 and liquidated on June 3, 2019. However, if in the future another shareholder subscribes, this class will be reactivated.

U.S. Government Portfolio, U.S. Government Select Portfolio and Treasury Portfolio (collectively, the "Government Portfolios"); Prime Obligations Portfolio and Municipal Portfolio (collectively, the "Non-Government Portfolios"); and collectively, the Government Portfolios and Non-Government Portfolios, each a "Portfolio", and, collectively, the "Portfolios".

The Williams Capital Shares are offered exclusively to clients of Siebert Williams Shank & Co., LLC ("SWS"), is not affiliated with Northern Funds Distributors, LLC or Northern Trust.

Not FDIC insured | May lose value | No bank guarantee

An investment in Northern Institutional Funds is not insured by the FDIC, and is not a deposit or obligation of, or guaranteed by The Northern Trust Company or any affiliate. An investment in Northern Institutional Funds involves risks, including possible loss of principal.

Variable NAV funds (NIF Prime Obligations Portfolio and the NIF Municipal Portfolio): 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.

Amortized Cost NAV funds (NIF Treasury Portfolio, NIF U.S. Government Portfolio, NIF U.S. Government Select Portfolio): 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.

Shares of the Northern Institutional Funds are offered only by a current Prospectus and are intended solely for persons to whom shares of US registered funds may be sold. This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Northern Institutional Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful.

©2020 Northern Institutional Funds | Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.