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    Northern Institutional Municipal Portfolio


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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.

    Fund Objective

    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.

    Updated Daily Unless Otherwise Noted
               Shares        Service
    Inception Date12/01/9902/11/00
    7-Day Current Yield
    7-Day Current Yield (As of 03/31/19)1.32%1.32%
    Tax-Equivalent 7-Day Yield* (As of 03/31/19)2.23%2.23%
    7-Day Effective Yield
    Total Net Assets
    (As of )
    Total Net Assets – Combined Share Classes
    (As of 03/31/19)
    Daily Yield%%
    Daily Factor
    *The tax-equivalent 7-day yield is based on an assumed tax rate of 40.8%.
    Fund Cut Off TimesPurchases: 1:00 p.m. CT
    Redemptions: 1:00 p.m. CT

    Total Returns

    Total Returns for Quarter Ending 03/31/19
        Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
    Service Shares0.12%0.33%0.33%1.32%0.82%0.50%0.27%1.10%
    iMoneyNetTM Tax-Free Instl0.12%0.33%0.33%1.30%0.80%0.49%0.28%
    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, 2020 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 1.32% for Shares and 1.32% for Service Shares as of March 31, 2019. 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.

    Annual Expense Ratios

     Gross Expense RatioNet Expense Ratio
    SharesService SharesSharesService Shares
    Municipal0.26% N/A0.20% N/A
    Includes contractual expense reimbursements that, if not extended, will end on April 1, 2020. The service shares class also includes voluntary fee waivers that may change or end at any time. Unaudited as of March 31, 2019.

    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

    Start Date: End Date: 
    Portfolio Composition
    As of 04/30/19
    Weighted Average MaturityWeighted Average Life
    14 DAYS14 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.
    DateHoldings File
    As of 03/31/19Insert Icon
    As of 02/28/19Insert Icon
    As of 01/31/19Insert Icon
    As of 12/31/18Insert Icon
    As of 11/30/18Insert Icon
    As of 10/31/18Insert Icon

    Fund Characteristics

    Number of Holdings127
    Dividend ScheduleMonthly
    Shares Income*$0.001185
    Service Shares Income*$0.001186
    *Reinvestment date of March 29. The amount shown represents dividends paid from fund net investment income and excludes distributions from capital gain income.
    Security Distribution      
    Variable Rate Note/Bond92.0%
    Commercial Paper8.0%
    As of 03/31/19
    Maturity Distribution 
    2 - 15 Days65.8%
    61 - 97 Days0.2%
    98 - 180 Days2.2%
    181 - 270 Days1.9%
    271 - 366 Days0.5%
    Quality Distribution 
    Tier 1100.0%
    Sector Distribution 
    All data is as of date indicated and subject to change.
    Tax-Free/AMT Risk: Tax-exempt funds’ income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.
    iMoneyNet Fund AverageTM - Tax-Free Institutional category includes all institutional national and state tax-free and municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds-6 months & less, put bonds-over 6 months, AMT paper and other tax-free holdings. The category average is the average of all funds in this category reported by iMoneyNet. It is not possible to invest directly in an index.
    Quality Distribution: A security is classified as Tier 1 when two or more of the three nationally recognized statistical rating agencies have assigned a rating in their top short-term ratings category (A1+ and A1 for Standard & Poor's, P1 for Moody's and F1+ and F1 for Fitch). A security is classified as Tier 2 when two or more of the ratings assigned to that security are below the top short-term ratings from the agencies (this would include ratings of A2 for Standard & Poor's, P2 for Moody's and F2 for Fitch). If a security has only two short-term ratings available, the lower rating is used to define the Tier; i.e. a split rating of A1/P2 is considered Tier 2. If only one short-term rating is available for a security, the Tier is determined by that one agency. A security is classified as Tier 3 if it does not meet the definition of Tier 1 or Tier 2, has two or more ratings below A2, P2, or F2 or if the security does not have a short-term rating.
    Distribution Calculations: (Security Distribution, Quality Distribution, Maturity Distribution and Sector Distribution) are measured on a trade date basis and exclude uninvested cash from the market value used to compute the percentage calculations.
    Maturity Distribution: The data is measured using the lower of the stated maturity date or next interest rate reset date.
    Kurt Stoeber

    Kurt Stoeber

    Portfolio Manager

    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.

    Rick Zavala

    Rick Zavala

    Portfolio Manager

    Northern Fund Managed
    Northern Municipal Money Market Fund (NOMXX)

    Institutional Portfolio Managed
    Northern Institutional Municipal Portfolio (NMUXX)

    With Northern Trust Since 1999
    Began Career in 1998

    Rick Zavala, Vice President for Northern Trust and a Portfolio Manager. Mr. Zavala is responsible for co-managing the Northern Institutional Municipal Portfolio and the Northern Municipal Money Market Fund.

    Prior to his current role, Mr. Zavala was an investment associate from 2003-2005. As an investment associate in the Short Duration Fixed Income Management Division, Mr. Zavala was a portfolio analyst and trader for the group's holdings of tax-exempt securities. In addition, to assisting portfolio managers with compliance and reporting responsibilities, he also traded foreign currencies for Northern's equity managers. He provided portfolio manager support in the investment decision making and analysis process.

    Mr. Zavala joined Northern's Corporate Accounting Team in 1999, was promoted to team leader in 2000, and promoted to Officer in 2001. He transferred to the Short Duration Fixed Income Group in 2003.

    Mr. Zavala received a B.S. degree in finance from University of Illinois.

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    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.

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