Northern Institutional Funds
Municipal Portfolio
Service Shares and Premier Shares
Supplement dated January 10, 2000
to the Prospectus dated October 20, 1999, as revised
November 30, 1999
This supplement provides new and additional information beyond that contained in
the Prospectus. It should be retained and read in conjunction with the
Prospectus.
The following sentence is added under "Principal Investment Strategies and
Risks--Investment Strategies" on page 5:
The Portfolio does not currently intend to invest in AMT obligations as
described in the Prospectus. The Portfolio retains, however, the ability to
invest any or all of its assets in AMT obligations, and may do so in the future.
<PAGE>
Northern Institutional Funds
Municipal Portfolio
Shares
Supplement dated January 10, 2000
to the Prospectus dated October 20, 1999, as revised
November 30, 1999
This supplement provides new and additional information beyond that contained in
the Prospectus. It should be retained and read in conjunction with the
Prospectus.
The following sentence is added under "Principal Investment Strategies and
Risks--Investment Strategies" on page 5:
The Portfolio does not currently intend to invest in AMT obligations as
described in the Prospectus. The Portfolio retains, however, the ability to
invest any or all of its assets in AMT obligations, and may do so in the future.
<PAGE>
