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Summary

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.

Not FDIC insured | May lose value | No bank guarantee

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.

©2019 Northern Institutional Funds | Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.