A Prospectus Supplement filing for Northern Institutional Funds says, "The Board of Trustees (the "Board") of Northern Institutional Funds (the "Trust") has approved the reorganization of the Government Assets Portfolio, a series of the Trust (the "Acquired Portfolio"), with and into the U.S. Government Portfolio, also a series of the Trust.... It is expected that the reorganization will be completed on or about November 28, 2017. The reorganization will be effected pursuant to a Plan of Reorganization. In the reorganization, all of the assets of the Acquired Portfolio will be transferred to the Acquiring Portfolio.... The Shares of the Acquiring Portfolio then will be distributed to the shareholders of the Acquired Portfolio in complete liquidation of the Acquired Portfolio. Immediately after the reorganization, former shareholders of the Acquired Portfolio will hold Shares of the Acquiring Portfolio having an aggregate net asset value equal to the aggregate net asset value of the shares of the Acquired Portfolio that the shareholder held immediately prior to the reorganization. The Portfolios are government money market funds that currently buy and sell their shares at $1.00 per share by valuing their portfolio securities at amortized cost. Accordingly, it is expected that the Shares that you receive will be valued at $1.00 per share.... Based on current holdings, Northern Trust Investments, Inc. ("NTI"), the Portfolios' investment adviser and administrator, does not expect to sell a significant portion of the Acquired Portfolio's portfolio securities prior to the reorganization. NTI will bear any out-of-pocket costs related to the reorganization, including legal and audit expenses and the expenses of preparation, assembling and mailing the enclosed Combined Prospectus/Information Statement." The filing adds, "NTI believes that the shareholders of the Acquired Portfolio may benefit from the larger combined assets of one combined Portfolio and a better opportunity for future growth by combining the Acquired Portfolio's assets with the Acquiring Portfolio, rather than continuing to operate the Acquired Portfolio separately. The reorganization is also expected to benefit NTI and its affiliate, The Northern Trust Company, by creating efficiencies from the operation of only the Acquiring Portfolio after the reorganization.... NTI also believes that the Acquiring Portfolio's identical investment objectives and strategies make it compatible with the Acquired Portfolio. NTI considered the future prospects of the Acquired Portfolio if the reorganization is not effected, which included NTI continuing to operate two nearly identical government money market portfolios. After considering NTI's recommendation, the Board concluded that the reorganization would be in the best interests of the Acquired Portfolio and the Acquiring Portfolio and their respective shareholders, and the interests of their respective shareholders will not be diluted as a result of the reorganization."

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