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Summary

IMPORTANT FUND INFORMATION

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. Please contact the Northern Institutional Funds Center at 800-637-1380 if you have any questions.

Fund Objective

The Prime Obligations Portfolio seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity.

The Portfolio invests primarily in high-quality money market instruments, such as, government, bank and commercial obligations available in money markets. Dividends, if any, are declared daily and paid monthly.

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 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.

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