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    Northern Institutional U.S. Government Portfolio

     
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    Snapshot
    The U.S. Government Portfolio seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity. The Portfolio invests primarily in marketable securities issued or guaranteed as to principal and interest by the U.S. government, or any of its agencies or instrumentalities, and repurchase agreements backed by such securities. 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.
        Updated Daily Unless Otherwise Noted
                   Shares        Service
                Shares
        CUSIP665278404665278503
        Inception Date10/29/8504/01/99
        Amortized Cost NAV$1.00$
        7-Day Current Yield4.90%
        7-Day Current Yield (As of 03/31/19)2.26%2.26%
        7-Day Effective Yield5.02%
        Total Net Assets
        (As of 05/26/23)        		$18,196,704,974$
        Total Net Assets – Combined Share Classes
        (As of 03/31/19)        		$14,078,668,097
        Daily Yield4.90%%
        Daily Factor0.000536780
           
        Fund Cut Off TimesPurchases: 2:00 p.m. CT
        Redemptions: 2:00 p.m. CT
        Ratings
        S&P
        Moody's
        		 
        AAAm
        Aaa-mf

        Total Returns

        Total Returns for Quarter Ending 03/31/19
         Annualized
            Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
        Incept.
        Shares0.19%0.55%0.55%1.90%1.00%0.60%0.31%3.34%
        Service Shares0.19%0.55%0.55%1.90%1.00%0.60%0.31%1.59%
        iMoneyNetTM Govt
        & Agencies Instl        		0.18%0.52%0.52%1.78%0.91%0.56%0.30%N/A
        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 0.25%. 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 2.26% for Shares and 2.26% 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: Market Value NAV is calculated using current market quotations, or an appropriate substitute, to value a portfolio. This NAV is not currently being used for transacting purchase and sale activity. All purchase and sale activity is being transacted at the Amortized Cost NAV of $1.00.

        Annual Expense Ratios

         
         Gross Expense RatioNet Expense Ratio‡
        SharesService SharesSharesService Shares
        U.S. Government0.26%0.26%0.25%0.25%
        ‡Includes contractual expense reimbursements that, if not extended, will end on April 1, 2020. Effective July 1, 2016, Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the U.S. Government Portfolio to the extent that the Portfolio's "Total Annual Portfolio Operating Expenses" exceed 0.25%. 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 by Standard & Poor's demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk. The Moody’s money market fund rating is not a credit rating and is considered an Other Permissible Service (OPS). Moody's mmf ratings are opinions of the investment quality of shares in mutual funds and similar investment vehicles which principally invest in short-term fixed income obligations. Moody's uses an analytic assessment of two distinct fund factors: Portfolio Credit Profile (the quality of the assets in the portfolio) and Portfolio Stability Profile (including market and liquidity risks in stress scenarios). A set of standardized objective measures are used in a composite evaluation of these two key factors, which are complemented by other considerations such as sponsor quality, the fund's management, and legal factors to inform their assessment of money market funds. Funds rated Aaa-mf have a very strong ability to meet the dual objective of providing liquidity and preserving capital. The ratings are not intended to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield.

        For more information about the ratings provided by Moody's and Standard and Poor's, please visit their websites at www.moodys.com and www.standardandpoors.com, respectively.
        .
        Start Date: End Date: 
        .
        Portfolio Composition
        As of 04/30/19
        Weighted Average MaturityWeighted Average Life
        50 DAYS94 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 Holdings153
        Dividend ScheduleMonthly
        Shares Income*$0.001890
        Service Shares Income*$0.001890
        *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      
        Repurchase Agreements37.6%
        Discount Note/Treasury Bill25.9%
        Variable Rate Note/Bond20.1%
        Fixed Rate Note/Bond16.4%
        As of 03/31/19
        Maturity Distribution 
        Overnight37.7%
        2 - 15 Days18.5%
        16 - 30 Days8.3%
        31 - 60 Days13.9%
        61 - 97 Days4.3%
        98 - 180 Days7.2%
        181 - 270 Days4.0%
        271 - 366 Days5.9%
        367 - 397 Days0.4%
        Quality Distribution 
        Tier 1100.0%
        Sector Distribution 
        Government Agency46.3%
        Broker/Dealer37.6%
        Treasuries16.1%
        All data is as of date indicated and subject to change.
        U.S. Government Guarantee: U.S. government guarantees apply only to the underlying securities of a Fund’s portfolio and not the Fund’s shares.
        iMoneyNet Fund AverageTM - Government/Agencies Institutional category includes the most broadly based of the government institutional funds. These funds may invest in U.S. Treasuries, U.S. agencies, repos or government-backed floating rate notes. 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.
        .
        Daniel LaRocco

        Daniel LaRocco

        Portfolio Manager

        Northern Funds Managed
        Northern U.S. Government Money Market Fund (NOGXX)
        Northern U.S. Government Select Money Market Fund (NOSXX)

        Institutional Portfolios Managed
        Northern Institutional Treasury Portfolio (NITXX)
        Northern Institutional U.S. Government Portfolio (BNGXX)
        Northern Institutional U.S. Government Select Portfolio (BGSXX)

        With Northern Trust Since 2008
        Began Career in 2007

        Daniel LaRocco, Vice President of Northern Trust, is a member of the short duration fixed income group, which is focused on the management of the group's U.S. Government funds. Mr. LaRocco currently co-manages the Northern U.S. Government Money Market Fund, Northern Government Select Money Market Fund, Northern Institutional U.S. Government Portfolio, Northern Institutional U.S. Government Select Portfolio and manages the Northern Institutional Treasury Portfolio.

        Prior to joining Northern Trust in 2008, Mr. LaRocco served as a Financial Advisor at Ameriprise Financial in Chicago.

        Mr. LaRocco received a B.A. in political science, English and economics from Miami University and an MBA in finance and economics from the University of Chicago Booth School of Business.

            .
            Peter Yi, CFA<sup>&reg;</sup>

            Peter Yi, CFA®

            Portfolio Manager

            Northern Funds Managed
            Northern Money Market Fund (NORXX)
            Northern U.S. Government Money Market Fund (NOGXX)
            Northern U.S. Government Select Money Market Fund (NOSXX)

            Institutional Portfolios Managed
            Northern Institutional Government Assets Portfolio (BDAXX)
            Northern Institutional Prime Obligations Portfolio (NPAXX)
            Northern Institutional U.S. Government Portfolio (BNGXX)
            Northern Institutional U.S. Government Select Portfolio (BGSXX)

            With Northern Trust Since 2000
            Began Career in 2000

            Peter Yi, Senior Vice President at Northern Trust, is Director of Money Markets within the short duration fixed income group. In this capacity, Peter manages the team responsible for Northern Trust’s registered money market mutual funds, Short Term Investment Funds (STIFs) and separately managed institutional client mandates. His daily responsibilities are to develop and oversee strategies for the money market business. Mr. Yi is also a Senior Portfolio Manager and currently co-manages the Northern Institutional U.S. Government Portfolio, Northern Institutional U.S. Government Select Portfolio, Northern Institutional Government Assets Portfolio, Northern Institutional Prime Obligations Portfolio, Northern Money Market Fund, Northern U.S. Government Money Market Fund and the Northern U.S. Government Select Money Market.

            Mr. Yi is a member of the Northern Trust Fixed Income Product Council, Northern Trust Interest Rate Strategy Committee, Northern Trust OTC Counterparty and Collateral Risk Committee and the Securities Lending Collateral Committee. He also serves on the Money Market Advisory Board for the Investment Company Institute and is a frequent speaker at industry conferences.

            Mr. Yi received a Bachelor's degree from the University of Michigan and an MBA from the University of Chicago Booth School of Business. He is an active CFA® charterholder and a member of the CFA Institute and Investment Analysts Society of Chicago.

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                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.