NORTHERN INSTITUTIONAL FUNDS
U.S. Government Portfolio
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Summary
Prospectus
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April 1, 2014
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Ticker:
Service Shares—BGCXX, Premier Shares—BGDXX
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Before you invest, you may want to review the Portfolio’s complete Prospectus, which contains more
information about the Portfolio and its risks. You can find the Portfolio’s complete Prospectus and other information about the Portfolio online at www.northerninstitutionalfunds.com/resources/prospecti.html. You can also get this information
at no cost by calling 800-637-1380 or by sending an e-mail request to northern-funds@ntrs.com. If you purchase shares of the Portfolio through a financial intermediary (such as a bank or a broker-dealer), the complete Prospectus and other
information are also available from your financial intermediary. The Portfolio’s complete Prospectus and Statement of Additional Information, both dated April 1, 2014, as supplemented, are incorporated by reference into this summary prospectus
and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
INVESTMENT OBJECTIVE
The Portfolio is a money market fund that seeks to maintain a stable net asset value (“NAV”) of $1.00 per share. 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.
FEES AND EXPENSES OF THE PORTFOLIO
This table describes the fees and expenses that you may pay if you buy and hold Service and Premier Shares of the Portfolio.
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Shareholder Fees
(fees paid directly from your investment)
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None
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Annual Portfolio Operating Expenses
(expenses that you pay each year as
a percentage of the value of your investment)
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Service
Shares
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Premier
Shares
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Management Fees
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0.25%
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0.25%
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Other Expenses
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0.38%
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0.64%
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Administration Fees
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0.10%
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0.10%
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Service Agent Fees
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0.25%
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0.50%
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Other Operating Expenses
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0.03%
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0.04%
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Total Annual Portfolio Operating Expenses
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0.63%
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0.89%
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Expense
Reimbursement
(1)
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(0.02)%
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(0.02)%
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Total Annual Portfolio Operating Expenses After Expense Reimbursement
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0.61%
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0.87%
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(1)
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Northern Trust Investments, Inc. has contractually agreed to reimburse certain expenses of the Portfolio (including the administration fee, but excluding the
investment advisory fee and transfer agency fee, servicing fees, extraordinary expenses such as taxes, interest, and indemnification expenses, acquired fund fees and expenses, a portion of the compensation paid to each Trustee who is not an officer,
director or employee of Northern Trust Corporation or its subsidiaries, expenses related to third-party consultants engaged by the Board of Trustees of Northern Institutional Funds and membership dues paid to the Investment Company Institute and
Mutual Fund Directors Forum) to the extent the Portfolio’s “Other Expenses” exceed 0.10%. This contractual limitation may not be terminated before April 1, 2015 without the approval of the Board of Trustees. Northern Trust
Investments, Inc. serves as the investment adviser and administrator to the Portfolio. The Northern Trust Company, an affiliate of Northern Trust Investments, Inc., serves as transfer agent, custodian and sub-administrator to the Portfolio.
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EXAMPLE
The following Example is intended to help you compare the cost of investing in the Service and Premier Shares of the Portfolio with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each
year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Service Shares
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$62
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$200
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$349
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$784
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Premier Shares
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$89
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$282
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$491
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$1,094
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PRINCIPAL INVESTMENT STRATEGIES
The Portfolio seeks to achieve its objective by investing, under normal circumstances, substantially all (and at least 80%) of its net assets in securities issued or guaranteed as to principal and
interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises, and repurchase agreements backed by such securities.
The Portfolio makes significant investments in securities issued by U.S. government-sponsored entities. Such securities are neither issued nor guaranteed by the U.S. Treasury. Under unusual circumstances,
as when appropriate U.S. government securities and repurchase agreements backed by such securities are unavailable, the Portfolio also may invest in cash equivalents, including money market funds.
The Securities and Exchange Commission imposes strict requirements on the investment quality, maturity, and diversification of the Portfolio’s
investments. Accordingly, the Portfolio’s investments must have a remaining maturity of no more than 397 days and must be high quality. The Portfolio’s investment adviser may consider, among other things, credit, interest rate and
prepayment risks as well as general market conditions when deciding whether to buy or sell investments for the Portfolio.
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NIF SUM PSGV (4/14)
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SUMMARY PROSPECTUS
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1
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U.S. GOVERNMENT PORTFOLIO
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During extraordinary market conditions and interest rate environments, all or any portion of the
Portfolio’s assets may be uninvested and will therefore not generate income. The Portfolio may not achieve its investment objective during this time.
PRINCIPAL RISKS
STABLE NAV RISK
is the risk that the Portfolio will not be able to maintain an NAV per share of $1.00 at all times. A significant enough market disruption or drop in market prices of securities held by the Portfolio,
especially at a time when the Portfolio needs to sell securities to meet shareholder redemption requests, could cause the value of the Portfolio’s shares to decrease to a price less than $1.00 per share.
INTEREST RATE RISK
is the risk that
during periods of rising interest rates, the Portfolio’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Portfolio’s yield (and the market value
of its securities) will tend to be higher.
GUARANTOR (OR CREDIT ENHANCEMENT)
RISK
is the risk that changes in credit quality of a U.S. or foreign bank, insurance company or other financial institution or such entity’s failure to fulfill its obligations could
cause the Portfolio’s investments to decline in value. Adverse developments in the banking or bond insurance industries also may negatively affect the Portfolio.
PREPAYMENT (OR CALL) RISK
is the risk that prepayment of the underlying mortgage or other
collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of those securities.
DEBT EXTENSION RISK
is the risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio (such as an
asset-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Portfolio will suffer from the inability to invest in higher yielding
securities.
INCOME RISK
is
the risk that falling interest rates will cause the Portfolio’s income to decline. Income risk is generally higher for short-term debt securities.
MANAGEMENT RISK
is the risk that a strategy used by the Portfolio’s investment adviser
may fail to produce the intended results.
U.S. GOVERNMENT SECURITIES RISK
is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities
purchased by the Portfolio are not backed by the full faith and credit of the United States. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.
An investment in the Portfolio is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other
government agency, or The Northern
Trust Company, its affiliates, subsidiaries or any other bank.
Although the Portfolio seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by
investing in the Portfolio.
PORTFOLIO PERFORMANCE
The bar chart and table that follow provide an indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio’s Service Shares from year to year. There
are no Premier Shares currently outstanding for the Portfolio.
The Portfolio’s past performance is not necessarily an indication of how
the Portfolio will perform in the future.
Updated performance information for the Portfolio is available and may be obtained on the
Portfolio’s web site at www.northerninstitutionalfunds.com or by calling
800-637-1380.
CALENDAR YEAR TOTAL RETURN (SERVICE SHARES)*
* For the periods shown in the bar chart above, the highest quarterly return was 1.18% in the fourth quarter of 2006, and the
lowest quarterly return was 0.00% in the fourth quarter of 2013.
AVERAGE ANNUAL TOTAL RETURNS
(For the periods ended December 31, 2013)
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Inception
Date
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1-Year
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5-Year
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10-Year
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Since
Inception
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Service Shares
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4/1/99
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0.01%
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0.02%
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1.42%
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1.96%
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The 7-day yield for Service Shares of the Portfolio as of December 31, 2013: 0.01%. For the current 7-day yield call
800-637-1380 or visit www.northerninstitutionalfunds.com.
MANAGEMENT
INVESTMENT ADVISER.
Northern Trust Investments, Inc., a subsidiary of Northern Trust
Corporation, serves as the investment adviser of the Portfolio.
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U.S. GOVERNMENT PORTFOLIO
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2
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SUMMARY PROSPECTUS
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PURCHASE AND SALE OF PORTFOLIO SHARES
You may purchase Portfolio shares through your institutional account at Northern Trust (or an affiliate) or an authorized intermediary or you may open an account directly with Northern Institutional Funds
(the “Trust”) generally with a minimum initial investment of $5 million in one or more of the Trust’s portfolios. Premier Shares are not currently offered. This minimum does not apply, however, to Portfolio shares purchased through a
Northern Trust cash sweep account. There is no minimum for subsequent investments.
On any business day, you may sell (redeem) or exchange
Portfolio shares through your institutional account by contacting your Northern Trust account representative or authorized intermediary. If you purchase Portfolio shares directly from the Trust, you may sell (redeem) or exchange your shares in one
of the following ways:
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By Mail – Send a written request to: Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.
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By Telephone – Call the Northern Institutional Funds Center at 800-637-1380 for instructions.
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By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated
bank account (the minimum redemption amount by this method is $10,000).
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TAX INFORMATION
The Portfolio’s distributions are generally taxable to you as ordinary income,
capital gains, or a combination of the two, unless you are investing through a tax-exempt or tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Distributions may be taxable upon withdrawal from tax-deferred
accounts.
PAYMENTS TO BROKERS-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares
and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial
intermediary’s web site for more information.
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SUMMARY PROSPECTUS
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3
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U.S. GOVERNMENT PORTFOLIO
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U.S. GOVERNMENT PORTFOLIO
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4
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SUMMARY PROSPECTUS
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NORTHERN INSTITUTIONAL FUNDS
U.S. Government Portfolio
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Summary
Prospectus
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April 1, 2014
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Ticker:
Shares—BNGXX
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Before you invest, you may want to review the Portfolio’s complete Prospectus, which contains more
information about the Portfolio and its risks. You can find the Portfolio’s complete Prospectus and other information about the Portfolio online at www.northerninstitutionalfunds.com/resources/prospecti.html. You can also get this information
at no cost by calling 800-637-1380 or by sending an e-mail request to northern-funds@ntrs.com. If you purchase shares of the Portfolio through a financial intermediary (such as a bank or a broker-dealer), the complete Prospectus and other
information are also available from your financial intermediary. The Portfolio’s complete Prospectus and Statement of Additional Information, both dated April 1, 2014, as supplemented, are incorporated by reference into this summary prospectus
and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
INVESTMENT OBJECTIVE
The Portfolio is a money market fund that seeks to maintain a stable net asset value (“NAV”) of $1.00 per share. 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.
FEES AND EXPENSES OF THE PORTFOLIO
This table describes the fees and expenses that you may pay if you buy and hold Shares of the Portfolio.
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Shareholder Fees
(fees paid directly from your investment)
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None
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Annual Portfolio Operating Expenses
(expenses that you pay each year as
a percentage of the value of your investment)
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Shares
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Management Fees
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0.25%
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Other Expenses
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0.12%
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Administration Fees
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0.10%
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Service Agent Fees
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None
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Other Operating Expenses
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0.02%
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Total Annual Portfolio Operating Expenses
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0.37%
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Expense
Reimbursement
(1)
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(0.02)%
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Total Annual Portfolio Operating Expenses After Expense Reimbursement
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0.35%
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(1)
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Northern Trust Investments, Inc. has contractually agreed to reimburse certain
expenses of the Portfolio (including the administration fee; but excluding the investment advisory fee and transfer agency fee, servicing fees, extraordinary expenses such as taxes, interest, and indemnification expenses; acquired fund fees and
expenses; a portion of the compensation paid to each Trustee who is not an officer; director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of Northern
Institutional Funds; and membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum) to the extent the Portfolio’s “Other Expenses” exceed 0.10%. This contractual limitation may not be terminated before
April 1, 2015 without the approval of the Board of Trustees. Northern Trust Investments, Inc. serves as the investment adviser and administrator to the Portfolio. The Northern Trust Company, an affiliate of Northern Trust Investments, Inc.,
serves as transfer agent, custodian and sub-administrator to the Portfolio.
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EXAMPLE
The following Example is intended to help you compare the cost of investing in the Shares
of the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Shares
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$36
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$117
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$206
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$466
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PRINCIPAL INVESTMENT STRATEGIES
The Portfolio seeks to achieve its objective by investing, under normal circumstances, substantially all (and at least 80%) of its net assets in securities issued or guaranteed as to principal and
interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises, and repurchase agreements backed by such securities.
The Portfolio makes significant investments in securities issued by U.S. government-sponsored entities. Such securities are neither issued nor guaranteed by the U.S. Treasury. Under unusual circumstances,
as when appropriate U.S. government securities and repurchase agreements backed by such securities are unavailable, the Portfolio also may invest in cash equivalents, including money market funds.
The Securities and Exchange Commission imposes strict requirements on the investment quality, maturity, and diversification of the Portfolio’s
investments. Accordingly, the Portfolio’s investments must have a remaining maturity of no more than 397 days and must be high quality. The Portfolio’s investment adviser may consider, among other things, credit, interest rate and
prepayment risks as well as general market conditions when deciding whether to buy or sell investments for the Portfolio.
During extraordinary
market conditions and interest rate environments, all or any portion of the Portfolio’s assets may be uninvested and will therefore not generate income. The Portfolio may not achieve its investment objective during this time.
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NIF SUM MGP (4/14)
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SUMMARY PROSPECTUS
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1
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U.S. GOVERNMENT PORTFOLIO
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PRINCIPAL RISKS
STABLE NAV RISK
is the risk that the Portfolio will not be able to maintain an NAV per
share of $1.00 at all times. A significant enough market disruption or drop in market prices of securities held by the Portfolio, especially at a time when the Portfolio needs to sell securities to meet shareholder redemption requests, could cause
the value of the Portfolio’s shares to decrease to a price less than $1.00 per share.
INTEREST RATE RISK
is the risk that
during periods of rising interest rates, the Portfolio’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Portfolio’s yield (and the market value
of its securities) will tend to be higher.
GUARANTOR (OR CREDIT ENHANCEMENT)
RISK
is the risk that changes in credit quality of a U.S. or foreign bank, insurance company or other financial institution or such entity’s failure to fulfill its obligations could
cause the Portfolio’s investments to decline in value. Adverse developments in the banking or bond insurance industries also may negatively affect the Portfolio.
PREPAYMENT (OR CALL) RISK
is the risk that prepayment of the underlying mortgage or other
collateral of some fixed-income securities may result in a decreased rate of return and a decline in value of those securities.
DEBT EXTENSION RISK
is the risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio (such as an
asset-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Portfolio will suffer from the inability to invest in higher yielding
securities.
INCOME RISK
is
the risk that falling interest rates will cause the Portfolio’s income to decline. Income risk is generally higher for short-term debt securities.
MANAGEMENT RISK
is the risk that a strategy used by the Portfolio’s investment adviser
may fail to produce the intended results.
U.S. GOVERNMENT SECURITIES RISK
is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities
purchased by the Portfolio are not backed by the full faith and credit of the United States. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.
An investment in the Portfolio is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other
government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the
Portfolio.
PORTFOLIO PERFORMANCE
The bar chart and table that follow provide an indication of the risks of investing in the Portfolio by showing changes in the performance of the
Portfolio’s Shares from year to year.
The Portfolio’s past performance is not necessarily an indication of how the Portfolio will
perform in the future.
Updated performance information for the Portfolio is available and may be obtained on the Portfolio’s web site at
www.northerninstitutionalfunds.com or by calling
800-637-1380.
CALENDAR YEAR TOTAL RETURN (SHARES)*
* For the periods shown in the bar chart above, the highest quarterly return was 1.25% in the fourth quarter of 2006, and the
lowest quarterly return was 0.00% in the fourth quarter of 2013.
AVERAGE ANNUAL TOTAL RETURNS
(For the periods ended December 31, 2013)
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Inception
Date
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1-Year
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5-Year
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10-Year
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Since
Inception
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Shares
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10/29/85
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0.01%
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0.03%
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1.55%
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3.86%
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The 7-day yield for Shares of the Portfolio as of December 31, 2013: 0.01%. For the current 7-day yield call 800-637-1380
or visit www.northerninstitutionalfunds.com.
MANAGEMENT
INVESTMENT ADVISER.
Northern Trust Investments, Inc., a subsidiary of Northern Trust
Corporation, serves as the investment adviser of the Portfolio.
PURCHASE AND
SALE OF PORTFOLIO SHARES
You may purchase Portfolio shares through your institutional account at Northern Trust (or an affiliate) or an
authorized intermediary or you may open an account directly with Northern Institutional Funds (the “Trust”) generally with a minimum initial investment of $5 million in one or more of the Trust’s portfolios. This minimum does not
apply, however, to Portfolio shares purchased through a Northern Trust cash sweep account. There is no minimum for subsequent investments.
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U.S. GOVERNMENT PORTFOLIO
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2
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SUMMARY PROSPECTUS
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On any business day, you may sell (redeem) or exchange Portfolio shares through your institutional account
by contacting your Northern Trust account representative or authorized intermediary. If you purchase Portfolio shares directly from the Trust, you may sell (redeem) or exchange your shares in one of the following ways:
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n
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By Mail – Send a written request to: Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.
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n
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By Telephone – Call the Northern Institutional Funds Center at 800-637-1380 for instructions.
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n
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By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated
bank account (the minimum redemption amount by this method is $10,000).
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TAX INFORMATION
The Portfolio’s distributions are generally taxable to you as ordinary income,
capital gains, or a combination of the two, unless you are investing through a tax-exempt or tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Distributions may be taxable upon withdrawal from tax-deferred
accounts.
PAYMENTS TO BROKERS-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares
and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial
intermediary’s web site for more information.
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SUMMARY PROSPECTUS
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3
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U.S. GOVERNMENT PORTFOLIO
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U.S. GOVERNMENT PORTFOLIO
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4
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SUMMARY PROSPECTUS
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Crimson Wine (QB) (USOTC:CWGL)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Crimson Wine (QB) (USOTC:CWGL)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
