# EDGAR Filing Document

**Accession Number:** 0000710124
**File Stem:** 0001145549-25-050316
**Filing Date:** 2025-8
**Character Count:** 314877
**Document Hash:** c5f87b62070850522ab19d248e6c9f4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-050316.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001145549-25-050316

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN INSTITUTIONAL FUNDS
- **CENTRAL INDEX KEY:** 0000710124

**ORGANIZATION NAME:**
- **EIN:** 363209613
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03605
- **FILM NUMBER:** 251176007

**BUSINESS ADDRESS:**
- **STREET 1:** NORTHERN INSTITUTIONAL FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 800-637-1380

**MAIL ADDRESS:**
- **STREET 1:** NORTHERN INSTITUTIONAL FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENCHMARK FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENCHMARK MONEY MARKET FUND DIVERSIFIED ASSETS & GOVERNMENT
- **DATE OF NAME CHANGE:** 19910422

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENCHMARK MONEY MARKET FUND
- **DATE OF NAME CHANGE:** 19851020

## Series and Classes Contracts Data

### U.S. GOVERNMENT SELECT PORTFOLIO (Series ID: S000001275)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000003421 | SHARES                        | BGSXX           |
| C000003422 | SERVICE SHARES                | BSCXX           |
| C000146024 | Siebert Williams Shank Shares | WCGXX           |

### U.S. GOVERNMENT PORTFOLIO (Series ID: S000001286)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003449 | SHARES       | BNGXX           |

### LIQUID ASSETS PORTFOLIO (Series ID: S000001289)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000003457 | LIQUID ASSETS PORTFOLIO |  |

### TREASURY PORTFOLIO (Series ID: S000023949)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000070152 | SHARES                        | NITXX           |
| C000070154 | PREMIER SHARES                | NTPXX           |
| C000232976 | Siebert Williams Shank Shares | SWSXX           |

### Treasury Instruments Portfolio (Series ID: S000058876)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000193056 | Shares         | NTYXX           |
| C000193058 | Premier Shares |  |

?xml version='1.0' encoding='ASCII'? 8ddce100e1059b9

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-03605

#### Northern Institutional Funds
(Exact name of registrant as specified in charter)

------

50 South LaSalle Street

Chicago, IL 60603

(Address of principal executive offices) (Zip code)

Name and Address of Agent for Service:

Michael D. Mabry

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, Pennsylvania 19103

with a copy to:

Kevin P. O'Rourke

Jose J. Del Real, Esq.

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 637-1380

#### Date of fiscal year end:

#### November 30

#### Date of reporting period:

#### May 31, 2025

#### Item 1. Reports to Stockholders.
(a) Copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "1940 Act") (17 CFR 270.30e-1).

![BC - Northern Funds - White](images_7299.jpg)

### LIQUID ASSETS PORTFOLIO

### SHARES/NILAP

#### SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This semi-annual shareholder report contains important information about the Liquid Assets Portfolio (the "Portfolio") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Portfolio at ntam.northerntrust.com/united-states/institutional/institutional-liquid-assets-portfolio#literature. You can also request this information by contacting us at 800-637-1380.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| LIQUID ASSETS PORTFOLIO (SHARES/NILAP) | $2 | 0.03% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2533174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 68.1% |
| U.S. Government Agencies | 31.5% |
| Other less than 5% | 0.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NIF_LAP](images_7301.jpg)

Scan the QR code or visit ntam.northerntrust.com/united-states/institutional/institutional-liquid-assets-portfolio#literature, to find additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-637-1380.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Portfolio. If you do not want your mailings combined with those of other members of your household, you may opt out at any time by contacting the Northern Institutional Funds Center by telephone at 800-637-1380 or by mail at Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Portfolio will begin sending individual copies to you within 30 days after receipt of your opt out notice.

You could lose money by investing in the Portfolio. Although the Portfolio 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 a bank account 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. The Portfolio's sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.

NIF SAR-TSR NILAP (7/25) NORTHERN INSTITUTIONAL FUNDS

![BC - Northern Funds - White](images_7299.jpg)

### U.S. GOVERNMENT PORTFOLIO

### SHARES/BNGXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This semi-annual shareholder report contains important information about the U.S. Government Portfolio (the "Portfolio") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Portfolio at ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature. You can also request this information by contacting us at 800-637-1380.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| U.S. GOVERNMENT PORTFOLIO<br>(SHARES/BNGXX) | $13 | 0.25% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$23637617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;118 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 56.9% |
| U.S. Government Agencies | 40.1% |
| Other less than 5% | 4.7% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NIF_MM](images_7300.jpg)

Scan the QR code or visit ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature, to find additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-637-1380.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Portfolio. If you do not want your mailings combined with those of other members of your household, you may opt out at any time by contacting the Northern Institutional Funds Center by telephone at 800-637-1380 or by mail at Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Portfolio will begin sending individual copies to you within 30 days after receipt of your opt out notice.

You could lose money by investing in the Portfolio. Although the Portfolio 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 a bank account 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. The Portfolio's sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.

NIF SAR-TSR BNGXX (7/25) NORTHERN INSTITUTIONAL FUNDS

![BC - Northern Funds - White](images_7299.jpg)

### U.S. GOVERNMENT SELECT PORTFOLIO

### SERVICE SHARES/BSCXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This semi-annual shareholder report contains important information about the U.S. Government Select Portfolio (the "Portfolio") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Portfolio at ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature. You can also request this information by contacting us at 800-637-1380.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| U.S. GOVERNMENT SELECT PORTFOLIO<br>(SERVICE SHARES/BSCXX) | $9 | 0.17% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$30410788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;121 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 47.5% |
| U.S. Government Agencies | 43.8% |
| Other less than 5% | 4.8% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NIF_MM](images_7300.jpg)

Scan the QR code or visit ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature, to find additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-637-1380.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Portfolio. If you do not want your mailings combined with those of other members of your household, you may opt out at any time by contacting the Northern Institutional Funds Center by telephone at 800-637-1380 or by mail at Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Portfolio will begin sending individual copies to you within 30 days after receipt of your opt out notice.

You could lose money by investing in the Portfolio. Although the Portfolio 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 a bank account 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. The Portfolio's sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.

NIF SAR-TSR BSCXX (7/25) NORTHERN INSTITUTIONAL FUNDS

![BC - Northern Funds - White](images_7299.jpg)

### U.S. GOVERNMENT SELECT PORTFOLIO

### SHARES/BGSXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This semi-annual shareholder report contains important information about the U.S. Government Select Portfolio (the "Portfolio") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Portfolio at ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature. You can also request this information by contacting us at 800-637-1380.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| U.S. GOVERNMENT SELECT PORTFOLIO<br>(SHARES/BGSXX) | $9 | 0.17% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$30410788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;121 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 47.5% |
| U.S. Government Agencies | 43.8% |
| Other less than 5% | 4.8% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NIF_MM](images_7300.jpg)

Scan the QR code or visit ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature, to find additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-637-1380.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Portfolio. If you do not want your mailings combined with those of other members of your household, you may opt out at any time by contacting the Northern Institutional Funds Center by telephone at 800-637-1380 or by mail at Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Portfolio will begin sending individual copies to you within 30 days after receipt of your opt out notice.

You could lose money by investing in the Portfolio. Although the Portfolio 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 a bank account 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. The Portfolio's sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.

NIF SAR-TSR BGSXX (7/25) NORTHERN INSTITUTIONAL FUNDS

![BC - Northern Funds - White](images_7299.jpg)

### U.S. GOVERNMENT SELECT PORTFOLIO

### SIEBERT WILLIAMS SHANK SHARES/WCGXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This semi-annual shareholder report contains important information about the U.S. Government Select Portfolio (the "Portfolio") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Portfolio at ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature. You can also request this information by contacting us at 800-637-1380.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| U.S. GOVERNMENT SELECT PORTFOLIO<br>(SIEBERT WILLIAMS SHANK SHARES/WCGXX) | $9 | 0.17% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$30410788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;121 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 47.5% |
| U.S. Government Agencies | 43.8% |
| Other less than 5% | 4.8% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NIF_MM](images_7300.jpg)

Scan the QR code or visit ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature, to find additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-637-1380.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Portfolio. If you do not want your mailings combined with those of other members of your household, you may opt out at any time by contacting the Northern Institutional Funds Center by telephone at 800-637-1380 or by mail at Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Portfolio will begin sending individual copies to you within 30 days after receipt of your opt out notice.

You could lose money by investing in the Portfolio. Although the Portfolio 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 a bank account 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. The Portfolio's sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.

NIF SAR-TSR WCGXX (7/25) NORTHERN INSTITUTIONAL FUNDS

![BC - Northern Funds - White](images_7299.jpg)

### TREASURY PORTFOLIO

### PREMIER SHARES/NTPXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This semi-annual shareholder report contains important information about the Treasury Portfolio (the "Portfolio") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Portfolio at ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature. You can also request this information by contacting us at 800-637-1380.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| TREASURY PORTFOLIO<br>(PREMIER SHARES/NTPXX) | $10 | 0.20% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$86186693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 53.2% |
| U.S. Government Obligations | 45.6% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NIF_MM](images_7300.jpg)

Scan the QR code or visit ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature, to find additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-637-1380.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Portfolio. If you do not want your mailings combined with those of other members of your household, you may opt out at any time by contacting the Northern Institutional Funds Center by telephone at 800-637-1380 or by mail at Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Portfolio will begin sending individual copies to you within 30 days after receipt of your opt out notice.

You could lose money by investing in the Portfolio. Although the Portfolio 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 a bank account 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. The Portfolio's sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.

NIF SAR-TSR NTPXX (7/25) NORTHERN INSTITUTIONAL FUNDS

![BC - Northern Funds - White](images_7299.jpg)

### TREASURY PORTFOLIO

### SHARES/NITXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This semi-annual shareholder report contains important information about the Treasury Portfolio (the "Portfolio") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Portfolio at ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature. You can also request this information by contacting us at 800-637-1380.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| TREASURY PORTFOLIO<br>(SHARES/NITXX) | $8 | 0.15% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$86186693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 53.2% |
| U.S. Government Obligations | 45.6% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NIF_MM](images_7300.jpg)

Scan the QR code or visit ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature, to find additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-637-1380.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Portfolio. If you do not want your mailings combined with those of other members of your household, you may opt out at any time by contacting the Northern Institutional Funds Center by telephone at 800-637-1380 or by mail at Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Portfolio will begin sending individual copies to you within 30 days after receipt of your opt out notice.

You could lose money by investing in the Portfolio. Although the Portfolio 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 a bank account 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. The Portfolio's sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.

NIF SAR-TSR NITXX (7/25) NORTHERN INSTITUTIONAL FUNDS

![BC - Northern Funds - White](images_7299.jpg)

### TREASURY PORTFOLIO

### SIEBERT WILLIAMS SHANK SHARES/SWSXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This semi-annual shareholder report contains important information about the Treasury Portfolio (the "Portfolio") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Portfolio at ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature. You can also request this information by contacting us at 800-637-1380.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| TREASURY PORTFOLIO<br>(SIEBERT WILLIAMS SHANK SHARES/SWSXX) | $8 | 0.15% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$86186693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 53.2% |
| U.S. Government Obligations | 45.6% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NIF_MM](images_7300.jpg)

Scan the QR code or visit ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature, to find additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-637-1380.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Portfolio. If you do not want your mailings combined with those of other members of your household, you may opt out at any time by contacting the Northern Institutional Funds Center by telephone at 800-637-1380 or by mail at Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Portfolio will begin sending individual copies to you within 30 days after receipt of your opt out notice.

You could lose money by investing in the Portfolio. Although the Portfolio 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 a bank account 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. The Portfolio's sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.

NIF SAR-TSR SWSXX (7/25) NORTHERN INSTITUTIONAL FUNDS

![BC - Northern Funds - White](images_7299.jpg)

### TREASURY INSTRUMENTS PORTFOLIO

### PREMIER SHARES/NPYXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This semi-annual shareholder report contains important information about the Treasury Instruments Portfolio (the "Portfolio") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Portfolio at ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature. You can also request this information by contacting us at 800-637-1380.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| TREASURY INSTRUMENTS PORTFOLIO<br>(PREMIER SHARES/NPYXX) | $5 | 0.09% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$4154548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| U.S. Government Obligations | 103.3% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NIF_MM](images_7300.jpg)

Scan the QR code or visit ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature, to find additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-637-1380.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Portfolio. If you do not want your mailings combined with those of other members of your household, you may opt out at any time by contacting the Northern Institutional Funds Center by telephone at 800-637-1380 or by mail at Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Portfolio will begin sending individual copies to you within 30 days after receipt of your opt out notice.

You could lose money by investing in the Portfolio. Although the Portfolio 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 a bank account 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. The Portfolio's sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.

NIF SAR-TSR NPYXX (7/25) NORTHERN INSTITUTIONAL FUNDS

![BC - Northern Funds - White](images_7299.jpg)

### TREASURY INSTRUMENTS PORTFOLIO

### SHARES/NTYXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This semi-annual shareholder report contains important information about the Treasury Instruments Portfolio (the "Portfolio") for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Portfolio at ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature. You can also request this information by contacting us at 800-637-1380.

#### What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| TREASURY INSTRUMENTS PORTFOLIO<br>(SHARES/NTYXX) | $2 | 0.04% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY PORTFOLIO STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$4154548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| U.S. Government Obligations | 103.3% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NIF_MM](images_7300.jpg)

Scan the QR code or visit ntam.northerntrust.com/united-states/institutional/strategies/cash/northern-institutional-funds#literature, to find additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-637-1380.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Portfolio. If you do not want your mailings combined with those of other members of your household, you may opt out at any time by contacting the Northern Institutional Funds Center by telephone at 800-637-1380 or by mail at Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Portfolio will begin sending individual copies to you within 30 days after receipt of your opt out notice.

You could lose money by investing in the Portfolio. Although the Portfolio 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 a bank account 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. The Portfolio's sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.

NIF SAR-TSR NTYXX (7/25) NORTHERN INSTITUTIONAL FUNDS

------

(b) Copy of notice transmitted to stockholders in reliance on Rule 30e-3 under the 1940 Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
Not applicable for the reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
Not applicable for the reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
Not applicable for the reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the Financial Statements filed under Item 7 of this report on Form N-CSR.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

------

**NORTHERN INSTITUTIONAL FUNDS**

LIQUID ASSETS PORTFOLIO

**SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION** 

May 31, 2025

![](img67df3aa51.gif)

---

| | |
|:---|:---|
| ![](img9bd2e2992.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](img592ec9353.gif)<br>|

---

------

**LIQUID ASSETS PORTFOLIO** <br>

**TABLE OF CONTENTS**<br>

---

| | |
|:---|:---|
| **2** | **[STATEMENT OF ASSETS AND LIABILITIES](#xx_27a4d0bb-8ea2-4f6b-91fb-9ac614acc8e0_FS-FundBookHeader_1)** |
| **3** | **[STATEMENT OF OPERATIONS](#xx_27a4d0bb-8ea2-4f6b-91fb-9ac614acc8e0_FS-FundBookHeader_2)** |
| **4** | **[STATEMENTS OF CHANGES IN NET ASSETS](#xx_27a4d0bb-8ea2-4f6b-91fb-9ac614acc8e0_FS-FundBookHeader_3)** |
| **5** | **[FINANCIAL HIGHLIGHTS](#xx_27a4d0bb-8ea2-4f6b-91fb-9ac614acc8e0_FS-FundBookHeader_4)** |
| **6** | **[SCHEDULE OF INVESTMENTS](#xx_27a4d0bb-8ea2-4f6b-91fb-9ac614acc8e0_SOI-TOC-SOI_1)** |
| **6** | **[LIQUID ASSETS PORTFOLIO](#xx_27a4d0bb-8ea2-4f6b-91fb-9ac614acc8e0_SOI-TOC-SOI_1)** |
| **9** | **[NOTES TO THE FINANCIAL STATEMENTS](#xx_27a4d0bb-8ea2-4f6b-91fb-9ac614acc8e0_NTF-NotestoFinancialStatements_1)** |
| **14** | **[FORM N-CSR - ITEMS 8-11](#xx_27a4d0bb-8ea2-4f6b-91fb-9ac614acc8e0_NCSR811-FormNCSRTOC_1)** |
| **15** | **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_27a4d0bb-8ea2-4f6b-91fb-9ac614acc8e0_BFA-TOC-BasisforApproval-8_1)** |

---

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **1** LIQUID ASSETS PORTFOLIO

------

**LIQUID ASSETS PORTFOLIO** <br>

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  | **May 31, 2025 (UNAUDITED)**  |

---

---

| | |
|:---|:---|
| *Amounts in thousands, except per share data* | &nbsp;&nbsp;&nbsp; Liquid<br> Assets<br> Portfolio<br>|
| ASSETS: |  |
| Investments, at amortized cost, which approximates fair value | &nbsp;&nbsp;&nbsp;&nbsp; $802303 |
| Repurchase agreements, at cost, which approximates fair value | &nbsp;&nbsp;&nbsp;&nbsp; 1725000 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp; 20065 |
| Interest income receivable | &nbsp;&nbsp;&nbsp;&nbsp; 4228 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
| Prepaid and other assets | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 2551800 |
| LIABILITIES: |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp; 9756 |
| Distributions payable to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; 8537 |
| Payable to affiliates: |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| Accrued other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 18626 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $2533174 |
| ANALYSIS OF NET ASSETS: |  |
| Capital stock | &nbsp;&nbsp;&nbsp;&nbsp; $2533400 |
| Distributable loss | &nbsp;&nbsp;&nbsp;&nbsp; (226)<br>|
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $2533174 |
| **Total Shares Outstanding (no par value, unlimited shares authorized)** | &nbsp;&nbsp;&nbsp;&nbsp; **2533399** |
| **Net Asset Value, Redemption and Offering Price Per Share** | &nbsp;&nbsp;&nbsp;&nbsp; **$1.00** |

---

*See Notes to the Financial Statements.* 

LIQUID ASSETS PORTFOLIO **2** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**LIQUID ASSETS PORTFOLIO** <br>

---

| | |
|:---|:---|
| **STATEMENT OF OPERATIONS**  | **For the Six Months Ended May 31, 2025 (UNAUDITED)**  |

---

---

| | |
|:---|:---|
| *Amounts in thousands* | &nbsp;&nbsp;&nbsp; Liquid<br> Assets<br> Portfolio<br>|
| INVESTMENT INCOME: |  |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp; $44954 |
| Income from affiliates (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 677 |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 45631 |
| EXPENSES: |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1331 |
| Less expenses contractually reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (1011)<br>|
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 320 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **45311** |
| NET REALIZED GAINS: |  |
| Net realized gains on: |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| Net Gains | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$45379** |

---

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **3** LIQUID ASSETS PORTFOLIO

------

**LIQUID ASSETS PORTFOLIO** <br>

---

| | |
|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS**  | &nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED May 31, 2025, (UNAUDITED)**<br> **OR THE FISCAL YEAR ENDED November 30, 2024** <br>|

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Liquid<br> Assets<br> Portfolio | &nbsp;&nbsp;&nbsp; Liquid<br> Assets<br> Portfolio |
| Amounts in thousands | **2025** | **2024** |
| OPERATIONS: |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $45311 | &nbsp;&nbsp;&nbsp;&nbsp; $93862 |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 45379 | &nbsp;&nbsp;&nbsp;&nbsp; 93939 |
| CAPITAL SHARE TRANSACTIONS:<sup>(1)</sup> <br>|  |  |
| Net increase in net assets resulting from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 412275 | &nbsp;&nbsp;&nbsp;&nbsp; 367762 |
| Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp; 412275 | &nbsp;&nbsp;&nbsp;&nbsp; 367762 |
| DISTRIBUTIONS PAID: |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (45311)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93862)<br>|
| Total Distributions Paid | &nbsp;&nbsp;&nbsp;&nbsp; (45311)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93862)<br>|
| **Total Increase in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **412343** | &nbsp;&nbsp;&nbsp;&nbsp; **367839** |
| NET ASSETS: |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 2120831 | &nbsp;&nbsp;&nbsp;&nbsp; 1752992 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $2533174 | &nbsp;&nbsp;&nbsp;&nbsp; $2120831 |

---

<sup>(1)</sup> *The number of shares approximates the dollar amount of transactions.*

*See Notes to the Financial Statements.* 

LIQUID ASSETS PORTFOLIO **4** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**LIQUID ASSETS PORTFOLIO** <br>

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED May 31, 2025 (UNAUDITED)**<br> **OR THE FISCAL YEARS ENDED November 30,** <br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liquid Assets Portfolio** | **Liquid Assets Portfolio** | **Liquid Assets Portfolio** | **Liquid Assets Portfolio** | **Liquid Assets Portfolio** | **Liquid Assets Portfolio** | **Liquid Assets Portfolio** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME FROM INVESTMENT <br> OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.02 | 0.05 | 0.05 | 0.01 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| 0.01 |
| Net realized gains (losses)<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.05 | 0.05 | 0.01 | &nbsp;&nbsp; — | 0.01 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (— )<sup>(1)</sup><br>| &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (—)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(2)</sup> <br>| **2.22%** <br><sup>(3)</sup><br>| **5.41%** <br><sup>(4)</sup><br>| **5.07%** <br><sup>(5),(6)</sup><br>| **1.31%** <br><sup>(7)</sup><br>| **0.04%** <br><sup>(8),(9)</sup><br>| **0.65%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $2533174 | &nbsp;&nbsp; $2120831 | &nbsp;&nbsp; $1752992 | &nbsp;&nbsp; $1397613 | &nbsp;&nbsp; $1069319 | &nbsp;&nbsp; $807843 |
| Ratio to average net assets of:<sup>(10)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of waivers, <br> reimbursements and credits<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.01<br> %<br>| 0.02<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>|
| &nbsp;&nbsp; Expenses, before waivers, <br> reimbursements and credits<br>| 0.13<br> %<br>| 0.13<br> %<br>| 0.13<br> %<br>| 0.13<br> %<br>| 0.14<br> %<br>| 0.14<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> waivers, reimbursements and <br> credits<br>| 4.39 %<sup>(3)</sup><br>| 5.26 %<sup>(4)</sup><br>| 4.99 %<sup>(5)</sup><br>| 1.39<br> %<br>| 0.04 %<sup>(8)</sup><br>| 0.70<br> %<br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before waivers, <br> reimbursements and credits<br>| 4.29 %<sup>(3)</sup><br>| 5.16 %<sup>(4)</sup><br>| 4.87 %<sup>(5)</sup><br>| 1.28<br> %<br>| &nbsp;&nbsp; (0.07 )%<sup>(8)</sup><br>| 0.59<br> %<br>|

---

<sup>(1)</sup> *Per share amounts from net investment income, net realized gains (losses) and distributions paid from net investment income were less than $0.01 per share.*

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period. The total return is not annualized for periods less than one year..* 

<sup>(3)</sup> *During the six months ended May 31, 2025, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment* *income,before waivers, reimbursements and credits ratio.* 

<sup>(4)</sup> *During the fiscal year ended November 30, 2024, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment income,* *before waivers, reimbursements and credits ratio.* 

<sup>(5)</sup> *During the fiscal year ended November 30, 2023, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment income,* *before waivers, reimbursements and credits ratio.* 

<sup>(6)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Share class of the Portfolio in the amount of approximately $277,000. Total return* *excluding the voluntary reimbursement would have been 5.05%.* 

<sup>(7)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Share class of the Portfolio in the amount of approximately $210,000. Total return* *excluding the voluntary reimbursement would have been 1.30%.* 

<sup>(8)</sup> *During the fiscal year ended November 30, 2021, the Portfolio received monies related to certain nonrecurring litigation proceeds that had no effect on the* *Portfolio's total return. If these monies were not received, the net investment income, net of waivers, reimbursements and credits ratio and net investment income* *(loss), before waivers, reimbursements and credits ratio would have been 0.03% and -0.08%, respectively.* 

<sup>(9)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Share class of the Portfolio in the amount of less than $1,000 and had no effect on the* *Portfolio's total return.* 

<sup>(10)</sup> *Annualized for periods less than one year.*

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **5** LIQUID ASSETS PORTFOLIO

------

**Schedule of Investments** <br>

**LIQUID ASSETS PORTFOLIO** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 31.5%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 31.5%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 31.5%** <sup>(1)</sup> |
| **Federal Farm Credit Bank – 8.7%** | **Federal Farm Credit Bank – 8.7%** | **Federal Farm Credit Bank – 8.7%** |
| FFCB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.09%), 4.42%, 6/2/25<sup>(2)</sup> <br>| $6000 | $6000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 4.45%, 6/2/25<sup>(2)</sup> <br>| 2000 | 2000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 4.45%, 6/2/25<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 6/2/25<sup>(2)</sup> <br>| 67000 | 67000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 6/2/25<sup>(2)</sup> <br>| 2000 | 2000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 6/2/25<sup>(2)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 6/2/25<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.48%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.48%, 6/2/25<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.16%), 4.49%, 6/2/25<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.04%), <br> 4.37%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.46%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.46%, 6/2/25<sup>(2)</sup> <br>| 17500 | 17500 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.46%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(2)</sup> <br>| 12000 | 12000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
| (Floating, U.S. SOFR + 0.17%), <br> 4.50%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
|  |  | **221500** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 31.5%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 31.5%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 31.5%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 21.7%** | **Federal Home Loan Bank – 21.7%** | **Federal Home Loan Bank – 21.7%** |
| FHLB Bonds, |  |  |
| 4.30%, 9/25/25 | $27665 | $27662 |
| 4.13%, 10/22/25 | 50000 | 49979 |
| 4.13%, 11/7/25 | 40000 | 39971 |
| 4.05%, 1/2/26 | 20000 | 19984 |
| 4.42%, 2/9/26 | 15000 | 15000 |
| 4.34%, 3/6/26 | 20000 | 20000 |
| 4.35%, 4/17/26 | 20000 | 20000 |
| FHLB Discount Notes, |  |  |
| 4.00%, 6/17/25<sup>(3)</sup> <br>| 20000 | 19963 |
| 4.20%, 7/3/25<sup>(3)</sup> <br>| 15000 | 14944 |
| 4.08%, 7/7/25<sup>(3)</sup> <br>| 15000 | 14937 |
| 4.21%, 7/9/25<sup>(3)</sup> <br>| 10000 | 9956 |
| 4.10%, 7/18/25<sup>(3)</sup> <br>| 8000 | 7956 |
| 4.10%, 7/24/25<sup>(3)</sup> <br>| 25000 | 24845 |
| 4.13%, 10/30/25<sup>(3)</sup> <br>| 30000 | 29982 |
| 4.15%, 11/3/25<sup>(3)</sup> <br>| 15000 | 14732 |
| 4.15%, 11/4/25<sup>(3)</sup> <br>| 25000 | 24551 |
| 4.13%, 11/5/25<sup>(3)</sup> <br>| 10000 | 9819 |
| 4.11%, 11/18/25<sup>(3)</sup> <br>| 10000 | 9805 |
| 4.08%, 1/2/26<sup>(3)</sup> <br>| 10000 | 9756 |
| 4.11%, 1/5/26<sup>(3)</sup> <br>| 30000 | 29258 |
| 4.11%, 1/6/26<sup>(3)</sup> <br>| 15000 | 14627 |
| FHLB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(2)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.03%), <br> 4.36%, 6/2/25<sup>(2)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.09%), <br> 4.42%, 6/2/25<sup>(2)</sup> <br>| 11065 | 11065 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(2)</sup> <br>| 20000 | 20000 |
| (Floating, U.S. SOFR + 0.18%), <br> 4.51%, 6/2/25<sup>(2)</sup> <br>| 10000 | 10000 |
|  |  | **548792** |
| **Federal Home Loan Mortgage Corporation – 0.4%** | **Federal Home Loan Mortgage Corporation – 0.4%** | **Federal Home Loan Mortgage Corporation – 0.4%** |
| FHLMC Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.44%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
|  |  | **10000** |

---

*See Notes to the Financial Statements.* 

LIQUID ASSETS PORTFOLIO **6** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**May 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 31.5%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 31.5%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 31.5%** <sup>(1)</sup>**continued** |
| **Federal National Mortgage Association – 0.7%** | **Federal National Mortgage Association – 0.7%** | **Federal National Mortgage Association – 0.7%** |
| FNMA Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(2)</sup> <br>| $12000 | $12000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(2)</sup> <br>| 5000 | 5000 |
|  |  | **17000** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $797,292)** |  | **797292** |
| **U.S. GOVERNMENT OBLIGATIONS – 0.2%**  | **U.S. GOVERNMENT OBLIGATIONS – 0.2%**  | **U.S. GOVERNMENT OBLIGATIONS – 0.2%**  |
| **U.S. Treasury Notes – 0.2%** | **U.S. Treasury Notes – 0.2%** | **U.S. Treasury Notes – 0.2%** |
| 5.00%, 9/30/25 | 5000 | **5011** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $5,011)** |  | **5011** |
| **Investments, at Amortized Cost** |  |  |
| **($802303)** |  | **802303** |
| **REPURCHASE AGREEMENTS – 68.1%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 68.1%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 68.1%** <sup>(4)</sup> |
| &nbsp;&nbsp; Bank of America N.A., dated <br> 5/30/25, repurchase price <br> $500,121, <br> 4.35%, 6/2/25<br>| 500000 | 500000 |
| &nbsp;&nbsp; Barclays Capital, Inc., dated <br> 5/8/25, repurchase price <br> $50,143, <br> 4.30%, 6/6/25<sup>(5)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce, dated 5/8/25, <br> repurchase price $50,144, <br> 4.31%, 6/6/25<sup>(5)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 5/30/25, repurchase price <br> $225,054, <br> 4.35%, 6/2/25<br>| 225000 | 225000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $250,060, <br> 4.35%, 6/2/25<br>| 250000 | 250000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $500,121, <br> 4.37%, 6/2/25<br>| 500000 | 500000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 68.1%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 68.1%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 68.1%** <sup>(4)</sup>**continued** |
| &nbsp;&nbsp; Royal Bank of Canada, dated <br> 5/8/25, repurchase price <br> $50,144, <br> 4.32%, 6/6/25<sup>(5)</sup> <br>| $50000 | $50000 |
| Societe Generale, dated 5/30/25, <br> repurchase price $100,024, <br> 4.35%, 6/2/25<br>| 100000 | 100000 |
|  |  | **1725000** |
| **Total Repurchase Agreements** |  |  |
| **(Cost $1,725,000)** |  | **1725000** |
| **Total Investments – 99.8%** |  |  |
| **(Cost $2,527,303)** |  | **2527303** |
| Other Assets less Liabilities – 0.2% |  | 5871 |
| **NET ASSETS – 100.0%** |  | **$2533174** |

---

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(2)</sup> *Variable rate security. Rate as of May 31, 2025 is disclosed. Maturity date* *represents the next interest reset date. The security's legal final maturity date* *is longer than the reset date. Securities with longer maturity dates have a* *greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.* 

<sup>(3)</sup> *Discount rate at the time of purchase.*

<sup>(4)</sup> *The nature and terms of the collateral received for the repurchase agreements* *are as follows:* 

---

| | | | |
|:---|:---|:---|:---|
| NAME | FAIR<br> VALUE<br> (000S)<br>| COUPON<br> RATES<br>| MATURITY<br> DATES<br>|
| FHLMC | $432492 | 2.00% — 7.00% | 5/1/35 — 6/1/55 |
| FNMA | 624583 | 1.76% —7.00% | 6/1/30 — 5/1/55 |
| GNMA | 140425 | 2.00% —8.00% | 7/20/31 — 4/20/75 |
| U.S. Treasury Bills  | 47976 | 0.00% | 7/10/25— 11/20/25 |
| U.S. Treasury Bonds  | 9140  | 0.00% — 4.25%  | 11/15/26 — 8/15/54 |
| U.S. Treasury Notes | 516511  | 1.38% — 4.88% | 4/30/26 — 7/15/33 |
| **Total** | **$1771127** |  |  |

---

<sup>(5)</sup> *Maturity date represents the puttable date.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| FFCB – Federal Farm Credit Bank |
| FHLB – Federal Home Loan Bank |
| FHLMC – Federal Home Loan Mortgage Corporation |
| FNMA – Federal National Mortgage Association |
| GNMA – Government National Mortgage Association |

---

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **7** LIQUID ASSETS PORTFOLIO

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LIQUID ASSETS PORTFOLIO continued**  | **May 31, 2025 (UNAUDITED)**  |

---

SOFR – Secured Overnight Financing Rate<br>

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Portfolio's investments, which are carried at amortized cost, or at cost for repurchase agreements, which approximates fair value, by the above fair value hierarchy as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**<br> **(000S)**<br>| **LEVEL 2**<br> **(000S)**<br>| **LEVEL 3**<br> **(000S)**<br>| **TOTAL**<br> **(000S)**<br>|
| &nbsp;&nbsp; Investments held by<br> Liquid Assets Portfolio<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $2527303 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2527303 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

LIQUID ASSETS PORTFOLIO **8** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**LIQUID ASSETS PORTFOLIO** <br>

---

| | |
|:---|:---|
| **Notes to the financial statements** | **May 31, 2025 (UNAUDITED)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Northern Institutional Funds (the "Trust") is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust includes 5 portfolios as of May 31, 2025, each with its own investment objective (e.g., income consistent with preservation of capital).

Northern Trust Investments, Inc. ("NTI"), an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser and administrator for the Liquid Assets Portfolio (the "Portfolio"). The Northern Trust Company ("Northern Trust"), an affiliate of NTI, serves as transfer agent, custodian and sub-administrator to the Portfolio. Northern Funds Distributors, LLC, not an affiliate of NTI, is the Trust's distributor.

The Portfolio operates as a "government money market fund" as defined under Rule 2a-7 of the 1940 Act.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services-Investment Companies*.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The net asset value ("NAV") determination of the Portfolio and cut-off time for submitting purchase, redemption and exchange requests is at 3:00 p.m. Central time.

**A) VALUATION OF SECURITIES** The investments held by the Portfolio are currently valued at amortized cost, which generally approximates fair value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to effective maturity. Where the Trust's Board of Trustees ("Board") believes the extent of any deviation from the Portfolio's amortized cost price per share may result in material dilution or other unfair results to investors or existing shareholders, the Board will consider what action should be initiated, which may include fair valuing securities in accordance with policies and procedures established by, and subject to oversight of, the Board.

The use of fair valuation involves the risk that the values used by the Portfolio to price its investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

**B) REPURCHASE AGREEMENTS** The Portfolio may enter into repurchase agreements under the terms of a master repurchase agreement by which the Portfolio purchases securities for cash from a seller and agrees to resell those securities to the same seller at a specific price within a specified time or with an indefinite life and liquidity feature, which allows the Portfolio to resell the securities quarterly. The interest rate on such repurchase agreements resets daily. During the term of a repurchase agreement, the fair value of the underlying collateral, including accrued interest, is required to equal or exceed the fair value of the repurchase agreement. The underlying collateral for tri-party repurchase agreements is held in accounts for Northern Trust, as agent of the Portfolio, at The Bank of New York Mellon, State Street Bank and Trust Company or JPMorgan Chase which, in turn, holds securities through the book-entry system at the Federal Reserve Bank of New York. The underlying collateral for other repurchase agreements is held in a customer-only account for Northern Trust, as custodian for the Portfolio, at the Federal Reserve Bank of Chicago. The Portfolio is subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of collateral by the Portfolio may be delayed or limited. The Portfolio has entered into such repurchase agreements, as reflected in the accompanying Schedule of Investments.

Pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission ("SEC"), the Portfolio and certain other money market portfolios advised by NTI and Northern Trust may enter into joint repurchase agreements with non-affiliated counterparties through a master repurchase agreement. NTI administers and manages these joint repurchase agreements in accordance with and as part of its duties under its management agreement with the Portfolio and does not collect any additional fees from the Portfolio for such services. The Portfolio did not enter into such joint repurchase agreements during the period and there were no outstanding joint repurchase agreements at May 31, 2025.

The Portfolio may enter into transactions subject to enforceable netting arrangements ("Netting Arrangements") under a repurchase agreement. Generally, the Portfolio manages its cash collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the defaulting party, realization of collateral by the Portfolio may be delayed or limited. In addition, the Netting Arrangements provide the right for the non-defaulting party to liquidate the collateral

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **9** LIQUID ASSETS PORTFOLIO

------

**LIQUID ASSETS PORTFOLIO** <br>

**Notes to the financial statements continued** <br>

and calculate the net exposure to the defaulting party or request additional collateral. As of May 31, 2025, the Portfolio has not invested in any portfolio securities other than the repurchase

agreements described below, with gross exposures on the Statement of Assets and Liabilities, that could be netted subject to Netting Arrangements.

The following table presents the repurchase agreements, which are subject to Netting Arrangements, as well as the collateral delivered related to those repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENT OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENT OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF ASSETS<br> PRESENTED IN STATEMENT OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; NET<br> AMOUNT<sup>\*</sup> <br>|
| Liquid Assets | Bank of America N.A. | &nbsp;&nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $(500000) | &nbsp;&nbsp;&nbsp; $– |
|  | Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp; – |
|  | Canadian Imperial Bank of <br> Commerce<br>| &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp; – |
|  | Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; (225000) | &nbsp;&nbsp;&nbsp; – |
|  | Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; (750000) | &nbsp;&nbsp;&nbsp; – |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp; – |
|  | Societe Generale S.A. | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp; – |
|  | Total | &nbsp;&nbsp;&nbsp; $1725000 | &nbsp;&nbsp;&nbsp; $(1725000) | &nbsp;&nbsp;&nbsp; $– |

---

*\** *Collateral received is reflected up to the fair value of the repurchase agreement. Refer to the Schedule of Investments.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C) INVESTMENT TRANSACTIONS AND INCOME** Investment transactions are recorded as of the trade date. The Portfolio determines the gain or loss realized from investment transactions by using an identified cost basis method. Interest income, if any, is recognized on an accrual basis and includes amortization of premiums and accretion of discounts.

**D) EXPENSES** The Portfolio is charged for those expenses that are directly attributable to the Portfolio. Expenses incurred that do not specifically relate to an individual Portfolio generally are allocated among all the portfolios in the Trust in proportion to each portfolio's relative net assets. Expenses are recognized on an accrual basis.

**E) DISTRIBUTIONS TO SHAREHOLDERS** Distribution of dividends from net investment income are declared daily and paid monthly. Distributions of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP due to differences in the treatment and recognition of investment income and realized gains and losses. These differences are primarily related to the capital loss carryforwards. Inherent differences in the recognition of income and capital gains for federal income tax purposes, which are permanent, may result in periodic reclassifications in the Portfolio's capital accounts. These

reclassifications may relate to net operating losses and distribution reclassifications. These reclassifications have no impact on the net assets or the NAV per share of the Portfolio.

As of November 30, 2024, there were no reclassifications recorded in the Portfolio.

**F) FEDERAL INCOME TAXES** No provision for federal income taxes has been made since the Portfolio's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute, each year, substantially all of its taxable income and tax-exempt income to its shareholders.

The following capital loss carryforwards were utilized at November 30, 2024, for U.S. Federal income tax purposes:

---

| | |
|:---|:---|
| *Amounts in thousands* |  |
| Liquid Assets | $77 |

---

Capital losses incurred that will be carried forward indefinitely are as follows:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | SHORT-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>| LONG-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>|
| Liquid Assets | $283 | $— |

---

LIQUID ASSETS PORTFOLIO **10** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**LIQUID ASSETS PORTFOLIO** <br>

**May 31, 2025 (UNAUDITED)** <br>

At November 30, 2024, the tax component of undistributed net investment income and realized gains, including amounts declared but not yet paid for federal income tax purposes, was as follows:

---

| | | |
|:---|:---|:---|
|  | UNDISTRIBUTED | UNDISTRIBUTED |
| *Amounts in thousands* | ORDINARY<br> INCOME (LOSS)\*<br>| LONG-TERM<br> CAPITAL GAINS (LOSSES)<br>|
| Liquid Assets | $8141 | $— |

---

\* *Ordinary income includes taxable market discount income and* *short-term capital gains, if any.*

The tax character of distributions paid during the fiscal year ended November 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands*  | ORDINARY<br> INCOME (LOSS)\*<br>| LONG-TERM<br> CAPITAL GAINS (LOSSES)<br>|
| Liquid Assets | $92929 | $— |

---

\* *Ordinary income includes taxable market discount income and* *short-term capital gains, if any.*

The tax character of distributions paid during the fiscal year ended November 30, 2023, was as follows:

---

| | | |
|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands* | ORDINARY<br> INCOME (LOSS)\*<br>| LONG-TERM<br> CAPITAL GAINS (LOSSES)<br>|
| Liquid Assets | $76551 | $— |

---

\* *Ordinary income includes taxable market discount income and* *short-term capital gains, if any.*

As of November 30, 2024, the Portfolio had no uncertain tax positions that would require financial statement recognition or disclosure. The Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three years after they are filed. Any interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Portfolio will be recorded as Interest expense and Other expenses, respectively, on the Statement of Operations.

**3. BANK BORROWINGS**

The Trust and Northern Funds, a registered investment company also advised by NTI, jointly entered into a $185,000,000 senior unsecured revolving credit facility on November 8, 2024, which is administered by Citibank, N.A., for liquidity and other purposes (the "Credit Facility"). The interest rate charged under the Credit Facility is equal to the sum of (i) the Federal Funds Rate plus (ii) if Adjusted Term Secured Overnight Financing Rate (SOFR) (but in no event less than 0 percent) on the date of borrowing exceeds such Federal Funds Rate, the amount by which it so exceeds, plus (iii) 1.00 percent per annum. In addition, there is an annual

commitment fee of 0.15 percent on the average undrawn portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statement of Operations, and on maturity or termination of the Credit Facility. The Credit Facility will expire on November 7, 2025, unless renewed.

The Portfolio did not have any borrowings or incur any interest expense for the six months ended May 31, 2025. There were no outstanding loan amounts at May 31, 2025.

**4. MANAGEMENT AND OTHER AGREEMENTS**

As compensation for advisory and administration services and the assumption of related expenses, NTI is entitled to a management fee, computed daily and payable monthly, at the annual rate of 0.10 percent of the Portfolio's average daily net assets.

NTI has contractually agreed to reimburse a portion of the operating expenses of the Portfolio so that after such reimbursement the total annual fund operating expenses of the Portfolio shall not exceed 0.03 percent of the Portfolio's average daily net assets, excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Trustee of the Trust that is not an "interested person" (as defined in the 1940 Act); (iv) expenses of third party consultants engaged by the Board; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest. The total annual portfolio operating expenses after expense reimbursement for the Portfolio may be higher than the contractual limitation as a result of certain excepted expenses that are not reimbursed. The amount of the reimbursement is included in Less expenses contractually reimbursed by investment adviser as a reduction to Total Expenses in the Statement of Operations. Any such reimbursement is paid monthly to the Portfolio by NTI.

The contractual expense reimbursement arrangement described above may not be terminated before April 1, 2026 without the approval of the Board. The contractual expense reimbursement arrangement will continue automatically for periods of one-year (each such one-year period, a "Renewal Year"). The arrangement may be terminated, as to any succeeding Renewal Year, by NTI or the Portfolio upon 60 days' written notice prior to the end of the current Renewal Year. The Board may terminate the contractual arrangement at any time with respect to the Portfolio if it determines that it is in the best interest of the Portfolio and its shareholders.

Service providers to the Portfolio, including the Portfolio's adviser and/or its affiliates may, from time to time, voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses, including to avoid a negative yield. Any such additional expense reimbursement or fee waiver would be

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **11** LIQUID ASSETS PORTFOLIO

------

**LIQUID ASSETS PORTFOLIO** <br>

**Notes to the financial statements continued** <br>

voluntary and could be implemented, increased or decreased, or discontinued at any time without notice. There is no guarantee that the Portfolio will be able to avoid a negative yield or maintain a specified minimum yield. Any such reimbursement is paid monthly to the Portfolio by NTI.

During the six months ended May 31, 2025, there were no voluntary waivers or reimbursements.

Amounts waived or reimbursed by NTI pursuant to voluntary or contractual agreements may not be recouped by NTI at any time in the future for prior fiscal years.

As compensation for services rendered as transfer agent, including the assumption by Northern Trust of the expenses related thereto, Northern Trust receives a fee, accrued daily and payable monthly, at an annual rate of 0.015 percent of the average daily net assets of the Portfolio.

NTI has entered into a sub-administration agreement with Northern Trust, pursuant to which Northern Trust performs certain administrative services for the Portfolio. NTI pays Northern Trust for its sub-administration services out of NTI's management fees.

For compensation as custodian, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board.

On a daily basis the Portfolio can hold a cash surplus. Maintaining cash positions may also subject the Portfolio to additional risks, such as increased counterparty risk exposure to the custodian bank holding the assets held in cash.

Northern Funds Distributors, LLC, the placement agent for the Portfolio, received no compensation from the Portfolio under the placement agency agreement. However, it received compensation from NTI for its services as placement agent pursuant to a separate letter agreement between it and NTI.

Certain officers of the Trust are also officers of Northern Trust and NTI. All officers serve without compensation from the Portfolio. The Trust provided a deferred compensation plan for its Trustees who are not officers of Northern Trust or NTI. Prior to August 22, 2013, under the deferred compensation plan, Trustees may have elected to defer all or a portion of their compensation. Effective August 22, 2013, the Trustees may no longer defer their compensation. Any amounts deferred and invested under the plan shall remain invested pursuant to the terms of the plan. Each Trustee's account shall be deemed to be invested in shares of the U.S. Government Portfolio of the Trust and/or the Global Tactical Asset Allocation Fund of Northern Funds and/or at the discretion of the Trust, another money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more short-term fixed-income instruments selected by the Trust that are "eligible securities" as defined by that rule. The

net investment income, gains and losses achieved by such deemed investment shall be credited to the Trustee's account as provided in the plan.

**5. RELATED PARTY TRANSACTIONS**

The Portfolio is permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specified conditions outlined in Rule 17a-7 Procedures adopted by the Board. The procedures have been designed to seek to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price as defined in the Rule 17a-7 Procedures. For the six months ended May 31, 2025, the Portfolio did not have any purchases and/or sales of securities from an affiliated entity.

Certain uninvested cash balances of the Portfolio may receive a return from Northern Trust based on a market return it receives less an administrative fee. These amounts, if any, are shown on the Portfolio's Statement of Operations as Income from affiliates.

**6. INVESTMENT TRANSACTIONS**

At May 31, 2025, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments and the cost basis of investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in*<br> *thousands*<br>| UNREALIZED<br> APPRECIATION<br>| UNREALIZED<br> DEPRECIATION<br>| NET<br> APPRECIATION<br> (DEPRECIATION)<br>| COST<br> BASIS OF<br> INVESTMENTS<br>|
| Liquid Assets | $— | $— | $— | $2527303 |

---

**7. CAPITAL SHARE TRANSACTIONS**

Transactions in capital shares for the six months ended May 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands\**<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Liquid Assets | $12924518 | $— | $(12512243) | $412275 |

---

\* *The number of shares sold, reinvested and redeemed* *approximates the dollar amount of transactions.* 

LIQUID ASSETS PORTFOLIO **12** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

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**LIQUID ASSETS PORTFOLIO** <br>

**May 31, 2025 (UNAUDITED)** <br>

Transactions in capital shares for the fiscal year ended November 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands\**<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Liquid Assets | $21769146 | $— | $(21401384) | $367762 |

---

\* *The number of shares sold, reinvested and redeemed* *approximates the dollar amount of transactions.* 

**8. INDEMNIFICATIONS AND WARRANTIES**

In the ordinary course of its business, the Portfolio may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Portfolio. The maximum exposure to the Portfolio under these provisions is unknown, as this would involve future claims that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

**9. OPERATING SEGMENTS**

During the reporting period, the Portfolio adopted FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280)- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Portfolio's financial position or the results of its operations. An operating segment is defined in ASU 2023-07 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. NTI acts as the CODM. The Portfolio within the Trust represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolio's portfolio managers as a team. The financial information in the form of the Portfolio's total returns, expense ratios, changes in net assets resulting from operations, and subscriptions and redemptions which are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Portfolio (as a single segment), is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. NEW ACCOUNTING PRONOUNCEMENTS**

On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. The ASU's disclosure requirements apply to all entities subject to ASC 740. As the FASB notes in ASC 740-10-50-11A, the "objective of these disclosure requirements is for an entity, particularly an entity operating in multiple jurisdictions, to disclose sufficient information to enable users of financial statements to understand the nature and magnitude of factors contributing to the difference between the effective tax rate and the statutory tax rate." Public business entities ("PBEs") must apply the ASU's guidance to annual periods beginning after December 15, 2024 (2025 for calendar-year-end PBEs). Entities other than PBEs have an additional year to adopt it. Management does not believe this update has a material impact on the Portfolio's financial statements and disclosures.

**11. SUBSEQUENT EVENTS**

Management has evaluated subsequent events for the Portfolio through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **13** LIQUID ASSETS PORTFOLIO

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**LIQUID ASSETS PORTFOLIO** <br>

---

| | |
|:---|:---|
| **Form N-CSR - Items 8 - 11**  | **May 31, 2025 (Unaudited)**  |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in and disagreements with accountants on accounting and financial disclosure for the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The information is disclosed as part of the financial statements for the Portfolio as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

See next page for Statement Regarding Basis for Approval of Investment Advisory Contract.

LIQUID ASSETS PORTFOLIO **14** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

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**LIQUID ASSETS PORTFOLIO** <br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL OF**<br> **INVESTMENT ADVISORY CONTRACT**<br>| **May 31, 2025 (Unaudited)** |

---

*<u>Liquid Assets Portfolio</u>*

At an in-person meeting held on May 19-20, 2025 (the "Annual Contract Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Northern Institutional Funds (the "Trust"), including all of the Trustees who are not "interested persons" ("Independent Trustees") as defined in the Investment Company Act of 1940 (the "1940 Act") voting separately, reviewed and approved the continuance of the investment management agreement (the "Management Agreement") between Northern Trust Investments, Inc. ("Northern") and the Trust, on behalf of the Liquid Assets Portfolio (the "Portfolio") for an additional one-year period.

In advance of, and at the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Management Agreement, Northern and Northern's affiliates. This information included written materials and verbal presentations at an in-person Board meeting held on February 12-13, 2025 (the "February Meeting"), and an executive session of the Independent Trustees held via video conference on April 15, 2025 (the "April Meeting"). At the Annual Contract Meeting, the Trustees considered these reports and presentations and discussed the information that had been provided. Throughout the process, the Trustees asked questions of and requested additional information from Northern. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law. They met in executive sessions at the Annual Contract Meeting, and each of the other Board meetings, with their independent legal counsel without employees of Northern or interested Trustee present.

In evaluating the Management Agreement, the Independent Trustees discussed with independent legal counsel Northern's reports, presentations and other information that had been provided to them at the February and April Meetings and at the Annual Contract Meeting, as well as their interactions with, and information provided by, Northern throughout the year and in past years at various meetings. The Trustees noted that the evaluation process with respect to Northern and the Management Agreement was an ongoing one throughout the year.

The Trustees reviewed and assessed, among other things, information relating to: (a) the nature, extent and quality of the services provided by Northern; (b) the Portfolio's investment performance over different time periods, including versus its benchmark and in comparison to the investment performance of a universe of comparable peer funds ("Performance Universe") selected by an independent third-party provider of mutual fund data ("Data Provider"); (c) the contractual management fee rate (before fee waivers and expense reimbursements), actual advisory fee rate (after fee waivers and expense reimbursements), and total expense ratio (after fee waivers and expense reimbursements) of the Portfolio, including in comparison to those borne by a group

and universe of comparable peer funds ("Expense Group" and "Expense Universe," respectively) selected by the Data Provider; (d) the cost of the services and profits realized by Northern and its affiliates from their relationship with the Portfolio; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to Northern and its affiliates as a result of Northern's relationship with the Portfolio; and (g) other factors deemed relevant by the Trustees.

In addition, the Board reviewed, among other things, materials relating to: (i) compliance reports; (ii) information about Northern's and its affiliates' risk management processes, stress testing, credit research, business continuity and cyber-security programs; (iii) the qualifications of Northern and its affiliates to provide services to the Portfolio, including Northern's staffing for the Portfolio, and information on the portfolio managers and other personnel as well as Northern's and its affiliates' financial resources and Northern's ability to attract and retain portfolio management talent; (iv) Northern's and its affiliates' investments in technology to benefit the Portfolio; and (vii) information about purchases and redemptions of the Portfolio's shares. The Trustees considered information provided during meetings throughout the year, including with respect to shareholder composition. The Trustees noted that shares of the Portfolio are offered on a private placement basis in accordance with Regulation D under the Securities Act of 1933 exclusively to securities lending customers of The Northern Trust Company and other affiliated entities.

The Trustees were provided with information on the construction of the Performance Universe and Expense Group by the Data Provider. In considering the Management Agreement, the Trustees also considered conditions and trends prevailing generally in the economy, the securities markets, and the industry. In evaluating the Management Agreement for the Portfolio, the Trustees gave weight to various factors including those discussed below but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors.

*Nature, Extent and Quality of Services*

The Trustees considered, as part of their review, the nature, extent and quality of the services provided by Northern to the Portfolio, including both the investment advisory services, and separately the administrative and other non-advisory services that are provided to the Portfolio by Northern and its affiliates. These services include acting as the Portfolio's administrator and sub-administrator, custodian and transfer agent and providing other services necessary for the operation of the Portfolio and the Trust. The Trustees considered that the Management Agreement encompassed both the advisory and administrative functions being rendered by Northern and its affiliates.

The Trustees considered, in evaluating whether to approve the Management Agreement, that subject to the supervision of the Board of Trustees, Northern is responsible for the management of

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **15** LIQUID ASSETS PORTFOLIO

------

**LIQUID ASSETS PORTFOLIO** <br>

&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL OF**<br> **INVESTMENT ADVISORY CONTRACT continued** <br>

the investment operations of the Portfolio and the composition of the Portfolio's assets, including the day-to-day portfolio management of the Portfolio. The Trustees discussed that, under the Management Agreement, Northern was responsible for, among other things: (i) furnishing a continuous investment program for the Portfolio; (ii) determining what investments or securities will be purchased, retained or sold by the Portfolio, what portion of the Portfolio's assets will be invested or held uninvested as cash; (iii) trading the assets of the Portfolio with broker-dealers selected by Northern, including using Northern's best judgment to obtain the best overall terms available in executing portfolio transactions; (iv) reviewing and preparing Portfolio regulatory documents; and (v) monitoring for anticipated purchases and redemptions of Portfolio shares.

The Trustees considered the strength of Northern's and its affiliates' risk management processes, including with respect to Northern's regular reporting on stress testing of the Portfolio. The Trustees also considered Northern's and its affiliates' significant commitments to address regulatory compliance requirements applicable to the Portfolio. They considered information regarding the effectiveness and resources of the compliance team, including maintaining and monitoring Northern's and the Portfolio's compliance programs. The Trustees also noted that on a regular basis they received and reviewed information from the Trust's Chief Compliance Officer regarding the Portfolio's compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act, including related to compliance with Rule 2a-7. They considered the quality of Northern's compliance oversight program with respect to the Portfolio's service providers, as well as Northern's responses to any compliance or operational matters raised during the year.

The Trustees considered ongoing expenditures made by Northern and its affiliates to continue improving the quality and scope of their services to the Portfolio, and the quality of Northern's communications with, and services to, shareholders of the Portfolio. The Trustees reviewed the administrative services provided to the Portfolio by Northern and its affiliates, including its oversight of the Portfolio's day-to-day custodial, transfer agency and fund accounting operations.

The Trustees took into account that the Portfolio is a "government money market fund" regulated under Rule 2a-7 that seeks to maintain a stable net asset value. The Trustees noted that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, had expanded over time as a result of regulatory, market and other developments and considered Northern's initiatives on behalf of the Portfolio to address those developments. In this regard, the Trustees also noted Northern's initiatives undertaken in the past few years with respect to the Portfolio and its shareholders, including to address additional regulatory and reporting requirements.

The Trustees considered the qualifications, background and responsibilities of Northern's senior management and investment personnel. They noted Northern's recruitment and retention plans for attracting high quality investment professionals, as well as its portfolio management compensation structure, and the consistency of its investment approach with respect to the Portfolio. The Trustees also considered the financial position and stability of Northern Trust, the corporate parent of Northern and its affiliates.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by Northern and its affiliates to the Portfolio and its shareholders.

*Performance*

The Trustees considered the investment performance of the Portfolio, including whether it had operated within its investment objective. The Trustees focused on information on the Portfolio's investment performance for one-, three-, and five-year periods ended January 31, 2025 and compared the investment performance of the Portfolio to its Performance Universe. The Portfolio was ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees also reviewed the Portfolio's performance relative to its performance benchmark and more recent Portfolio performance.

The Trustees noted that the performance of the Portfolio was in the first quintile for the one-, three, and five-year periods ended January 31, 2025 relative to its Performance Universe.

The Trustees considered Northern's discussion of the Portfolio's performance and noted that Northern's quarterly performance reviews had assisted them in evaluating the Portfolio's performance. The Trustees further noted prior enhancements implemented by Northern with respect to monitoring performance and various portfolio metrics relative to peers. The Trustees concluded that, based on the information received, the Portfolio's performance was generally satisfactory.

*Fee Rates, Costs of Services and Profitability* 

The Trustees evaluated the Portfolio's contractual management fee rate (before fee waivers and expense reimbursements) and actual advisory fee rate (after fee waivers and expense reimbursements); the Portfolio's total operating expense ratio (after fee waivers and expense reimbursements); and Northern's contractual commitments to limit annual fund operating expenses with respect to the Portfolio.

The Trustees reviewed information on the management fee rates paid by the Portfolio under the Management Agreement and the Portfolio's total operating expense ratios compared to the Portfolio's Expense Group and Expense Universe. The Trustees noted that the contractual management fee rates used by the Data Provider represent a combination of the advisory fee and any

LIQUID ASSETS PORTFOLIO **16** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

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**LIQUID ASSETS PORTFOLIO** <br>

**May 31, 2025 (Unaudited)** <br>

administrative fees. The Trustees further noted that the Portfolio's actual advisory fee rates represent a combination of advisory fees and administrative fees, but some of the actual advisory fee rates used by the Data Provider for funds in the Expense Group present administrative fees separately from, and not included within, the actual advisory fee rates for those funds. As a result, the Portfolio's actual advisory fee rates may appear higher than the actual advisory fee rates of funds that do not include administrative fees. The Board considered that comparative fee and expense data is based upon information taken from the most recent annual financial report available to the Data Provider for the funds that comprise the Portfolio's Expense Group, and further considered how such reports reflect historical asset levels and that expenses and waivers for the funds in the Portfolio's Expense Group may be different from those currently existing. While recognizing such inherent limitations, and the fact that expense ratios and management rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by the Data Provider to be an appropriate measure of comparative fees and expenses.

The Trustees considered that the Portfolio's contractual management fee, actual advisory fee, and total operating expense ratio was in the first quintile of its Expense Group. The Trustees noted that Northern had waived substantially all of its management fee.

The Trustees took into account Northern's discussion of the Portfolio's expenses and that Northern had agreed to reimburse expenses and/or waive fees for the Portfolio to maintain a specified level of total net operating expenses. The Trustees also considered the management fees charged by Northern to other similarly managed funds and client accounts, including Northern's explanations of differences among such funds and accounts where relevant. Following these comparisons and upon further consideration and discussion of the foregoing, the Trustees concluded that the compensation payable by the Portfolio under the Management Agreement was fair and reasonable in light of the services provided.

In addition, the Trustees considered the amount of assets in the Portfolio; the information provided by Northern relating to the costs of the services provided by it and its affiliates; and the profits realized by Northern and its affiliates through their relationship on a Portfolio basis and on an overall Trust basis, both before and after marketing and distribution expenses and certain non-distribution costs. The Trustees considered Northern's assumptions and methodology for allocating costs among the Portfolio and other series of the Trust, recognizing that cost allocation methodologies are inherently subjective and not audited, and the overall methodology has remained consistent with that used in the Portfolio's profitability report presentations from prior years.

The Trustees discussed profitability information provided by Northern, including as compared to information provided by the Data Provider with respect to other publicly traded advisers. They considered that comparisons of advisory agreement profitability across fund families are difficult and may be impacted by numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees considered Northern's expense reimbursements during the year. They considered the nature of the Portfolio and the high quality of the services provided by Northern and its affiliates, and that Northern and its affiliates appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Portfolio. Based upon its consideration of all these factors, the Trustees concluded that Northern's profitability was not excessive in view of the nature, extent and quality of services provided to the Portfolio.

*Economies of Scale*

The Trustees considered the extent to which economies of scale would be realized as the Portfolio grows and whether fee levels reflected these economies of scale for the benefit of shareholders. The Trustees noted that the management fee of the Portfolio did not have breakpoints. They took into account management's discussion of the Portfolio's management fee structure and considered Northern's view that the Portfolio was sharing in economies of scale through the level at which the Portfolio's management fees are set and through Northern's contractual expense reimbursement agreement to limit total fund operating expenses for the Portfolio, and therefore breakpoints were not necessary at this time.

Based on the foregoing, the Trustees determined that the Portfolio's current management fee structure was reasonable.

*Fall Out and Other Benefits to Northern*

The Trustees reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Portfolio. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions, for which the Board reviewed the nature, extent, and quality of services provided at its February Meeting. The Trustees considered that many of the Portfolio's shareholders had other client relationships with Northern's affiliates. In addition, the Trustees considered that the scale of the Portfolio provided opportunities to Northern to obtain securities trading advantages for its other advisory clients and that Northern and its affiliates benefit from their ability to leverage resources over a larger asset base.

*Conclusion*

After deliberation and based on the Trustees' review, including consideration of each of the factors referenced above, the Board, including the Independent Trustees, determined that the compensation payable under the Management Agreement is fair

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **17** LIQUID ASSETS PORTFOLIO

------

**LIQUID ASSETS PORTFOLIO** <br>

&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL OF**<br> **INVESTMENT ADVISORY CONTRACT continued** <br>

and reasonable in light of the services provided by Northern and such other matters as the Board considered relevant in the exercise of reasonable business judgment. After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the continuance of the Management Agreement on behalf of the Portfolio.

LIQUID ASSETS PORTFOLIO **18** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

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**LIQUID ASSETS PORTFOLIO** <br>

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NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **19** LIQUID ASSETS PORTFOLIO

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**LIQUID ASSETS PORTFOLIO** <br>

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LIQUID ASSETS PORTFOLIO **20** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

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**LIQUID ASSETS PORTFOLIO** <br>

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NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **21** LIQUID ASSETS PORTFOLIO

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Northern Funds Distributors, LLC, are not affiliated with Northern Trust.©2025 Northern Institutional Funds

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|:---|:---|
| ![](img9bd2e2992.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](imgb711cd024.gif)<br>|

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50 SOUTH LASALLE STREET \| P.O. BOX 75986 \| CHICAGO, ILLINOIS 60675-5986 \| 800-637-1380 \| northerntrust.com/liquid-assets-portfolio

NIF SAR NILAP (7/25)

------

**NORTHERN INSTITUTIONAL FUNDS**

MONEY MARKET PORTFOLIOS

**SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION** 

May 31, 2025

![](img26981c9a1.gif)

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| | |
|:---|:---|
| ![](imga88ab7a12.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](img3ac539ab3.gif)<br>|

---

------

**MONEY MARKET PORTFOLIOS** <br>

**TABLE OF CONTENTS**<br>

---

| | |
|:---|:---|
| **2** | **[STATEMENTS OF ASSETS AND LIABILITIES](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_FS-FundBookHeader_1)** |
| **3** | **[STATEMENTS OF OPERATIONS](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_FS-FundBookHeader_2)** |
| **4** | **[STATEMENTS OF CHANGES IN NET ASSETS](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_FS-FundBookHeader_3)** |
| **5** | **[FINANCIAL HIGHLIGHTS](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_FS-FundBookHeader_4)** |
| **14** | **[SCHEDULES OF INVESTMENTS](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_1)** |
| **14** | **[TREASURY INSTRUMENTS PORTFOLIO](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_1)[(Ticker Symbols:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_1)[Shares:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_1)[NTYXX](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_1)[, Premier:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_1)[NPYXX](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_1)**[)](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_1) |
| **16** | **[TREASURY PORTFOLIO](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_3)[(Ticker Symbols:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_3)[Shares:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_3)[NITXX](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_3)[, Premier:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_3)[NTPXX](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_3)[, Siebert Williams Shank Shares:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_3) [SWSXX](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_3)[)](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_3)** |
| **19** | **[U.S. GOVERNMENT PORTFOLIO](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_6)[(Ticker Symbols:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_6)[Shares:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_6)[BNGXX](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_6)[)](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_6)** |
| **23** | **[U.S. GOVERNMENT SELECT PORTFOLIO](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)[(Ticker Symbols:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)[Shares:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)[BGSXX](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)[, Service:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)[BSCXX](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)[,](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)[Siebert Williams Shank Shares](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)[:](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)[WCGXX](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)[)](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_SOI-TOC-SOI_10)** |
| **27** | **[NOTES TO THE FINANCIAL STATEMENTS](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_NTF-NotestoFinancialStatements_1)** |
| **34** | **[FORM N-CSR - ITEMS 8-11](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_NCSR811-FormNCSRTOC_1)** |
| **35** | **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_5823d5f1-95b9-4092-89a0-42e6437048bd_BFA-TOC-BasisforApproval-14_1)** |

---

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **1** MONEY MARKET PORTFOLIOS

------

**MONEY MARKET PORTFOLIOS** <br>

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| | |
|:---|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES**  | **May 31, 2025 (UNAUDITED)**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands, except per share data* | &nbsp;&nbsp;&nbsp; Treasury<br> Instruments<br> Portfolio<br>| &nbsp;&nbsp;&nbsp; Treasury<br> Portfolio<br>| &nbsp;&nbsp;&nbsp; U.S.<br> Government<br> Portfolio<br>| &nbsp;&nbsp;&nbsp; U.S.<br> Government<br> Select<br> Portfolio<br>|
| ASSETS: |  |  |  |  |
| Investments, at amortized cost, which approximates fair value | &nbsp;&nbsp;&nbsp;&nbsp; $4291378 | &nbsp;&nbsp;&nbsp;&nbsp; $39280679 | &nbsp;&nbsp;&nbsp;&nbsp; $10585063 | &nbsp;&nbsp;&nbsp;&nbsp; $14772956 |
| Repurchase agreements, at cost, which approximates fair value | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45875000 | &nbsp;&nbsp;&nbsp;&nbsp; 13450000 | &nbsp;&nbsp;&nbsp;&nbsp; 14449000 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1201329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1365198 |
| Interest income receivable | &nbsp;&nbsp;&nbsp;&nbsp; 2028 | &nbsp;&nbsp;&nbsp;&nbsp; 149115 | &nbsp;&nbsp;&nbsp;&nbsp; 61274 | &nbsp;&nbsp;&nbsp;&nbsp; 87695 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| Receivable from investment adviser (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 890 |
| Prepaid and other assets | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 4293959 | &nbsp;&nbsp;&nbsp;&nbsp; 86506700 | &nbsp;&nbsp;&nbsp;&nbsp; 24096533 | &nbsp;&nbsp;&nbsp;&nbsp; 30675892 |
| LIABILITIES: |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154358 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp; 124179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 219516 | &nbsp;&nbsp;&nbsp;&nbsp; 151222 |
| Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| Distributions payable to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; 14396 | &nbsp;&nbsp;&nbsp;&nbsp; 304219 | &nbsp;&nbsp;&nbsp;&nbsp; 79642 | &nbsp;&nbsp;&nbsp;&nbsp; 107897 |
| Payable to affiliates: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 543 | &nbsp;&nbsp;&nbsp;&nbsp; 9527 | &nbsp;&nbsp;&nbsp;&nbsp; 4448 | &nbsp;&nbsp;&nbsp;&nbsp; 4746 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 822 | &nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 2955 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 2162 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; 785 |
| Accrued Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| Accrued other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 139411 | &nbsp;&nbsp;&nbsp;&nbsp; 320007 | &nbsp;&nbsp;&nbsp;&nbsp; 458916 | &nbsp;&nbsp;&nbsp;&nbsp; 265104 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $4154548 | &nbsp;&nbsp;&nbsp;&nbsp; $86186693 | &nbsp;&nbsp;&nbsp;&nbsp; $23637617 | &nbsp;&nbsp;&nbsp;&nbsp; $30410788 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |
| Capital stock | &nbsp;&nbsp;&nbsp;&nbsp; $4154476 | &nbsp;&nbsp;&nbsp;&nbsp; $86186602 | &nbsp;&nbsp;&nbsp;&nbsp; $23637191 | &nbsp;&nbsp;&nbsp;&nbsp; $30410138 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp;&nbsp; 650 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $4154548 | &nbsp;&nbsp;&nbsp;&nbsp; $86186693 | &nbsp;&nbsp;&nbsp;&nbsp; $23637617 | &nbsp;&nbsp;&nbsp;&nbsp; $30410788 |
| **Net Assets:** |  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; $872615 | &nbsp;&nbsp;&nbsp;&nbsp; $15422993 | &nbsp;&nbsp;&nbsp;&nbsp; $23637617 | &nbsp;&nbsp;&nbsp;&nbsp; $27776455 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49338 |
| Premier Shares | &nbsp;&nbsp;&nbsp;&nbsp; 3281933 | &nbsp;&nbsp;&nbsp;&nbsp; 68993561 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Siebert Williams Shank Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1770139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2584995 |
| **Total Shares Outstanding (no par value, unlimited shares authorized):** |  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; 872596 | &nbsp;&nbsp;&nbsp;&nbsp; 15422925 | &nbsp;&nbsp;&nbsp;&nbsp; 23637158 | &nbsp;&nbsp;&nbsp;&nbsp; 27775900 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49336 |
| Premier Shares | &nbsp;&nbsp;&nbsp;&nbsp; 3281880 | &nbsp;&nbsp;&nbsp;&nbsp; 68993549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Siebert Williams Shank Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1770128 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2584922 |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; $1.00 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Premier Shares | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Siebert Williams Shank Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |

---

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **2** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**MONEY MARKET PORTFOLIOS** <br>

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| | |
|:---|:---|
| **STATEMENTS OF OPERATIONS**  | **For the Six Months Ended May 31, 2025 (UNAUDITED)**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | &nbsp;&nbsp;&nbsp; Treasury<br> Instruments<br> Portfolio<br>| &nbsp;&nbsp;&nbsp; Treasury<br> Portfolio<br>| &nbsp;&nbsp;&nbsp; U.S.<br> Government<br> Portfolio<br>| &nbsp;&nbsp;&nbsp; U.S.<br> Government<br> Select<br> Portfolio<br>|
| INVESTMENT INCOME: |  |  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp; $69220 | &nbsp;&nbsp;&nbsp;&nbsp; $1856747 | &nbsp;&nbsp;&nbsp;&nbsp; $493282 | &nbsp;&nbsp;&nbsp;&nbsp; $693019 |
| Income from affiliates (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 55932 | &nbsp;&nbsp;&nbsp;&nbsp; 2891 | &nbsp;&nbsp;&nbsp;&nbsp; 24916 |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 69231 | &nbsp;&nbsp;&nbsp;&nbsp; 1912679 | &nbsp;&nbsp;&nbsp;&nbsp; 496173 | &nbsp;&nbsp;&nbsp;&nbsp; 717935 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 2535 | &nbsp;&nbsp;&nbsp;&nbsp; 56386 | &nbsp;&nbsp;&nbsp;&nbsp; 25719 | &nbsp;&nbsp;&nbsp;&nbsp; 29147 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 2912 | &nbsp;&nbsp;&nbsp;&nbsp; 781 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp; 6507 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 | &nbsp;&nbsp;&nbsp;&nbsp; 2429 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp;&nbsp; 17376 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 3513 | &nbsp;&nbsp;&nbsp;&nbsp; 84291 | &nbsp;&nbsp;&nbsp;&nbsp; 28558 | &nbsp;&nbsp;&nbsp;&nbsp; 33110 |
| Less expenses voluntarily reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (2218)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4858)<br>|
| Less expenses contractually reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (439)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (516)<br>|
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1232 | &nbsp;&nbsp;&nbsp;&nbsp; 83029 | &nbsp;&nbsp;&nbsp;&nbsp; 28119 | &nbsp;&nbsp;&nbsp;&nbsp; 27736 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **67999** | &nbsp;&nbsp;&nbsp;&nbsp; **1829650** | &nbsp;&nbsp;&nbsp;&nbsp; **468054** | &nbsp;&nbsp;&nbsp;&nbsp; **690199** |
| NET REALIZED GAINS: |  |  |  |  |
| Net realized gains on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 553 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
| Net Gains | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 553 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$68071** | &nbsp;&nbsp;&nbsp;&nbsp; **$1829860** | &nbsp;&nbsp;&nbsp;&nbsp; **$468607** | &nbsp;&nbsp;&nbsp;&nbsp; **$690918** |

---

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **3** MONEY MARKET PORTFOLIOS

------

**MONEY MARKET PORTFOLIOS** <br>

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| | |
|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS**  | &nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED May 31, 2025, (UNAUDITED)**<br> **OR THE FISCAL YEAR ENDED November 30, 2024** <br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Treasury<br> Instruments<br> Portfolio | Treasury<br> Instruments<br> Portfolio | Treasury<br> Portfolio | Treasury<br> Portfolio | U.S.<br> Government<br> Portfolio | U.S.<br> Government<br> Portfolio | U.S.<br> Government<br> Select<br> Portfolio | U.S.<br> Government<br> Select<br> Portfolio |
| **Amounts in thousands** | **2025** | **2024**<sup>(1)</sup> <br>| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| OPERATIONS: |  |  |  |  |  |  |  |  |
| Net investment income | $67999 | $29279 | $1829650 | $4182823 | $468054 | $1032291 | $690199 | $1546280 |
| Net realized gains (losses) | 72 | 14 | 210 | (41)<br>| 553 | 235 | 719 | 184 |
| Net Increase in Net Assets Resulting from Operations | 68071 | 29293 | 1829860 | 4182782 | 468607 | 1032526 | 690918 | 1546464 |
| CAPITAL SHARE TRANSACTIONS:<sup>(2)</sup> <br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| 449539 | 423057 | (991947)<br>| 4264638 | 601117 | 4837372 | (910698)<br>| 3793642 |
| &nbsp;&nbsp; Net decrease in net assets resulting from Service Shares <br> transactions<br>|  |  |  |  |  |  | (33697)<br>| (12815)<br>|
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Premier <br> Shares transactions<br>| 1573247 | 1708633 | (1964531)<br>| 10849744 |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Siebert <br> Williams Shank Shares transactions<br>|  |  | 1040273 | (1036941)<br>|  |  | (1030673)<br>| (29468)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| 2022786 | 2131690 | (1916205)<br>| 14077441 | 601117 | 4837372 | (1975068)<br>| 3751359 |
| DISTRIBUTIONS TO SHARES SHAREHOLDERS |  |  |  |  |  |  |  |  |
| Distributable earnings | (18682)<br>| (2961)<br>| (343705)<br>| (732303)<br>| (468323)<br>| (1032291)<br>| (617050)<br>| (1377067)<br>|
| Total Distributions to Shares Shareholders | (18682)<br>| (2961)<br>| (343705)<br>| (732303)<br>| (468323)<br>| (1032291)<br>| (617050)<br>| (1377067)<br>|
| DISTRIBUTIONS TO SERVICE SHARES SHAREHOLDERS: |  |  |  |  |  |  |  |  |
| Distributable earnings |  |  |  |  |  |  | (1378)<br>| (3990)<br>|
| Total Distributions to Service Shares Shareholders |  |  |  |  |  |  | (1378)<br>| (3990)<br>|
| DISTRIBUTIONS TO PREMIER SHARES SHAREHOLDERS: |  |  |  |  |  |  |  |  |
| Distributable earnings | (49331)<br>| (26318)<br>| (1462317)<br>| (3398137)<br>|  |  |  |  |
| Total Distributions to Premier Shares Shareholders | (49331)<br>| (26318)<br>| (1462317)<br>| (3398137)<br>|  |  |  |  |
| &nbsp;&nbsp; DISTRIBUTIONS TO SIEBERT WILLIAMS SHANK SHARES <br> SHAREHOLDERS:<br>|  |  |  |  |  |  |  |  |
| Distributable earnings |  |  | (23668)<br>| (52397)<br>|  |  | (71955)<br>| (165226)<br>|
| &nbsp;&nbsp; Total Distributions to Siebert Williams Shank Shares <br> Shareholders<br>|  |  | (23668)<br>| (52397)<br>|  |  | (71955)<br>| (165226)<br>|
| **Total Increase (Decrease) in Net Assets** | **2022844** | **2131704** | **(1916035)**<br>| **14077386** | **601401** | **4837607** | **(1974533)**<br>| **3751540** |
| NET ASSETS: |  |  |  |  |  |  |  |  |
| Beginning of period | 2131704 |  | 88102728 | 74025342 | 23036216 | 18198609 | 32385321 | 28633781 |
| End of period | $4154548 | $2131704 | $86186693 | $88102728 | $23637617 | $23036216 | $30410788 | $32385321 |

---

<sup>(1)</sup> *Commenced investment operations on June 11, 2024.*

<sup>(2)</sup> *The number of shares approximates the dollar amount of transactions.*

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **4** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**MONEY MARKET PORTFOLIOS** <br>

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED May 31, 2025 (UNAUDITED)** <br> **OR THE FISCAL YEARS ENDED November 30,** <br>|

---

---

| | | |
|:---|:---|:---|
| **Treasury Instruments Portfolio** | **SHARES** | **SHARES** |
| **Selected per share data** | **2025** | **2024**<sup>(1)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |
| Net investment income | 0.02 | 0.01 |
| Net realized gains (losses)<sup>(2)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.01 |
| LESS DISTRIBUTIONS PAID: |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(3)</sup> <br>| **2.18%** <br><sup>(4)</sup><br>| **0.70%** <br><sup>(5)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $872615 | &nbsp;&nbsp; $423060 |
| Ratio to average net assets of:<sup>(6)</sup> <br>|  |  |
| Expenses, net of waivers, reimbursements and credits | 0.04<br> %<br>| 0.04<br> %<br>|
| Expenses, before waivers, reimbursements and credits | 0.18<br> %<br>| 0.19<br> %<br>|
| Net investment income, net of waivers, reimbursements and credits | 4.31<br> %<br>| 4.66 %<sup>(7)</sup><br>|
| Net investment income, before waivers, reimbursements and credits | 4.17<br> %<br>| 4.51 %<sup>(7)</sup><br>|

---

<sup>(1)</sup> *For the period from October 7, 2024 (commencement of class operations) through November 30, 2024.*

<sup>(2)</sup> *Per share amount from net realized gains (losses) was less than 0.01 per share.*

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the* *investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(4)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $604,000. Total return* *excluding the voluntary reimbursement would have been 2.11% (see Note 4).* 

<sup>(5)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $89,000. Total return* *excluding the voluntary reimbursement would have been 0.68%.* 

<sup>(6)</sup> *Annualized for periods less than one year.*

<sup>(7)</sup> *As the Portfolio commenced operations of Shares class on October 7, 2024, annualized net investment income ratios may not be reflective of amounts that an* *investor should expect on an annual basis prospectively.* 

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **5** MONEY MARKET PORTFOLIOS

------

**MONEY MARKET PORTFOLIOS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | |
|:---|:---|:---|
| **Treasury Instruments Portfolio** | **PREMIER** | **PREMIER** |
| **Selected per share data** | **2025** | **2024**<sup>(1)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |
| Net investment income | 0.02 | 0.02 |
| Net realized gains (losses)<sup>(2)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.02 |
| LESS DISTRIBUTIONS PAID: |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(3)</sup> <br>| **2.15%** <br><sup>(4)</sup><br>| **2.37%** <br><sup>(5)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $3281933 | &nbsp;&nbsp; $1708644 |
| Ratio to average net assets of:<sup>(6)</sup> <br>|  |  |
| Expenses, net of waivers, reimbursements and credits | 0.09<br> %<br>| 0.09<br> %<br>|
| Expenses, before waivers, reimbursements and credits | 0.23<br> %<br>| 0.24<br> %<br>|
| Net investment income, net of waivers, reimbursements and credits | 4.26<br> %<br>| 4.86 %<sup>(7)</sup><br>|
| Net investment income, before waivers, reimbursements and credits | 4.12<br> %<br>| 4.71 %<sup>(7)</sup><br>|

---

<sup>(1)</sup> *For the period from June 11, 2024 (commencement of class operations) through November 30, 2024.*

<sup>(2)</sup> *Per share amount from net realized gains (losses) was less than 0.01 per share.*

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the* *investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(4)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Premier class of the Portfolio in the amount of approximately $1,614,000. Total return* *excluding the voluntary reimbursement would have been 2.08% (see Note 4).* 

<sup>(5)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Premier class of the Portfolio in the amount of approximately $752,000. Total return* *excluding the voluntary reimbursement would have been 2.30%.* 

<sup>(6)</sup> *Annualized for periods less than one year.*

<sup>(7)</sup> *As the Portfolio commenced operations of Premier shares on June 11, 2024, annualized net investment income ratios may not be reflective of amounts that an* *investor should expect on an annual basis prospectively.* 

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **6** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED May 31, 2025 (UNAUDITED)** <br> **OR THE FISCAL YEARS ENDED November 30,** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Treasury Portfolio** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME FROM INVESTMENT <br> OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.02 | 0.05 | 0.05 <br><sup>(1)</sup><br>| 0.01 | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| 0.01 |
| Net realized gains (losses)<sup>(2)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.05 | 0.05 | 0.01 | &nbsp;&nbsp; — | 0.01 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (— )<sup>(2)</sup><br>| &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (—)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(3)</sup> <br>| **2.14%**<br>| **5.23%**<br>| **4.84%**<br>| **1.07%** <br><sup>(4)</sup><br>| **0.01%** <br><sup>(5)</sup><br>| **0.54%** <br><sup>(6)</sup><br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $15422993 | &nbsp;&nbsp; $16414908 | &nbsp;&nbsp; $12150279 | &nbsp;&nbsp; $8607403 | &nbsp;&nbsp; $18832670 | &nbsp;&nbsp; $25932036 |
| Ratio to average net assets of:<sup>(7)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of waivers, <br> reimbursements and credits<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.13<br> %<br>| 0.07<br> %<br>| 0.15<br> %<br>|
| &nbsp;&nbsp; Expenses, before waivers, <br> reimbursements and credits<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.16<br> %<br>| 0.16<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> waivers, reimbursements and <br> credits<br>| 4.26<br> %<br>| 5.10<br> %<br>| 4.84<br> %<br>| 0.71<br> %<br>| 0.01<br> %<br>| 0.35<br> %<br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before waivers, <br> reimbursements and credits<br>| 4.26<br> %<br>| 5.10<br> %<br>| 4.84<br> %<br>| 0.69<br> %<br>| &nbsp;&nbsp; (0.08)%<br>| 0.34<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Shares class of the Portfolio approximately $21,000. The reimbursement represents less than $0.01 per share and* *had no effect on the Portfolio's total return.* 

<sup>(2)</sup> *Per share amounts from net investment income, net realized gains (losses) and distributions paid from net investment income were less than $0.01 per share.*

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the* *investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(4)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $3,098,000. Total return* *excluding the voluntary reimbursement would have been 1.05%.* 

<sup>(5)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $14,712,000. Total return* *excluding the voluntary reimbursement would have been -0.07%.* 

<sup>(6)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $124,000 and had no effect* *on the Portfolio's total return.* 

<sup>(7)</sup> *Annualized for periods less than one year.*

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **7** MONEY MARKET PORTFOLIOS

------

**MONEY MARKET PORTFOLIOS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Treasury Portfolio** | **PREMIER** | **PREMIER** | **PREMIER** | **PREMIER** | **PREMIER** | **PREMIER** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME FROM INVESTMENT <br> OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.02 | 0.05 | 0.05 <br><sup>(1)</sup><br>| 0.01 <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(3)</sup><br>| &nbsp;&nbsp; — <br><sup>(3)</sup><br>|
| Net realized gains (losses)<sup>(3)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.05 | 0.05 | 0.01 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (— )<sup>(3)</sup><br>| &nbsp;&nbsp; (— )<sup>(3)</sup><br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (—)<br>| &nbsp;&nbsp; (—)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(4)</sup> <br>| **2.12%**<br>| **5.18%**<br>| **4.79%**<br>| **1.03%** <br><sup>(2),(5)</sup><br>| **0.01%** <br><sup>(6)</sup><br>| **0.50%** <br><sup>(7)</sup><br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $68993561 | &nbsp;&nbsp; $70957955 | &nbsp;&nbsp; $60108259 | &nbsp;&nbsp; $57924909 | &nbsp;&nbsp; $69168522 | &nbsp;&nbsp; $55021850 |
| Ratio to average net assets of:<sup>(8)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of waivers, <br> reimbursements and credits<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.17<br> %<br>| 0.07<br> %<br>| 0.20<br> %<br>|
| &nbsp;&nbsp; Expenses, before waivers, <br> reimbursements and credits<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> waivers, reimbursements and <br> credits<br>| 4.21<br> %<br>| 5.06<br> %<br>| 4.70<br> %<br>| 0.95<br> %<br>| 0.01<br> %<br>| 0.41<br> %<br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before waivers, <br> reimbursements and credits<br>| 4.21<br> %<br>| 5.06<br> %<br>| 4.70<br> %<br>| 0.92<br> %<br>| &nbsp;&nbsp; (0.13)%<br>| 0.40<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Premier class of the Portfolio approximately $15,000. The reimbursement represents less than $0.01 per share and* *had no effect on the Portfolio's total return.* 

<sup>(2)</sup> *The Northern Trust Company reimbursed the Premier class of the Portfolio approximately $87,000. The reimbursement represents less than $0.01 per share and* *had no effect on the Portfolio's total return.* 

<sup>(3)</sup> *Per share amounts from net investment income, net realized gains (losses) and distributions paid from net investment income were less than $0.01 per share.*

<sup>(4)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the* *investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(5)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Premier class of the Portfolio in the amount of approximately $20,784,000. Total return* *excluding the voluntary reimbursement would have been 1.00%.* 

<sup>(6)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Premier class of the Portfolio in the amount of approximately $79,883,000. Total return* *excluding the voluntary reimbursement would have been -0.12%.* 

<sup>(7)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Premier class of the Portfolio in the amount of approximately $2,734,000. Total return* *excluding the voluntary reimbursement would have been 0.49%.* 

<sup>(8)</sup> *Annualized for periods less than one year.*

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **8** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED May 31, 2025 (UNAUDITED)** <br> **OR THE FISCAL YEARS ENDED November 30,** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Treasury Portfolio** | **SIEBERT WILLIAMS SHANK** | **SIEBERT WILLIAMS SHANK** | **SIEBERT WILLIAMS SHANK** | **SIEBERT WILLIAMS SHANK** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022**<sup>(1)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |
| Net investment income | 0.02 | 0.05 | 0.05 <br><sup>(2)</sup><br>| 0.01 |
| Net realized gains (losses)<sup>(3)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.05 | 0.05 | 0.01 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(4)</sup> <br>| **2.14%**<br>| **5.23%**<br>| **4.84%**<br>| **1.07%** <br><sup>(5)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $1770139 | &nbsp;&nbsp; $729865 | &nbsp;&nbsp; $1766804 | &nbsp;&nbsp; $550791 |
| Ratio to average net assets of:<sup>(6)</sup> <br>|  |  |  |  |
| Expenses, net of waivers, reimbursements and credits | 0.15<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.15 %<sup>(6)</sup><br>|
| Expenses, before waivers, reimbursements and credits | 0.15<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.16 %<sup>(6)</sup><br>|
| Net investment income, net of waivers, reimbursements and credits | 4.25<br> %<br>| 5.13<br> %<br>| 4.97<br> %<br>| 1.68 %<sup>(6)</sup><br>|
| Net investment income, before waivers, reimbursements and credits | 4.25<br> %<br>| 5.13<br> %<br>| 4.97<br> %<br>| 1.67 %<sup>(6)</sup><br>|

---

<sup>(1)</sup> *For the period from December 22, 2021 (commencement of class operations) through November 30, 2022.*

<sup>(2)</sup> *The Northern Trust Company reimbursed the Siebert Williams Shank class of the Portfolio less than $1,000. The reimbursement represents less than $0.01 per* *share and had no effect on the Portfolio's total return.* 

<sup>(3)</sup> *Per share amount from net realized gains (losses) was less than 0.01 per share.*

<sup>(4)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the* *investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(5)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Siebert Williams Shank class of the Portfolio in the amount of approximately $10,000. Total* *return excluding the voluntary reimbursement would have been 1.06%.* 

<sup>(6)</sup> *Annualized for periods less than one year.*

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **9** MONEY MARKET PORTFOLIOS

------

**MONEY MARKET PORTFOLIOS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government** <br> **Portfolio**<br>| **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME FROM INVESTMENT <br> OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.02 | 0.05 | 0.05 | 0.01 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; — <br><sup>(1),(2)</sup><br>|
| Net realized gains (losses)<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.05 | 0.05 | 0.01 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (— )<sup>(1)</sup><br>| &nbsp;&nbsp; (— )<sup>(1)</sup><br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (—)<br>| &nbsp;&nbsp; (—)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(3)</sup> <br>| **2.11%** <br><sup>(4)</sup><br>| **5.16%** <br><sup>(5)</sup><br>| **4.77%** <br><sup>(6)</sup><br>| **0.98%** <br><sup>(7)</sup><br>| **0.02%** <br><sup>(8),(9)</sup><br>| **0.49%** <br><sup>(10)</sup><br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $23637617 | &nbsp;&nbsp; $23036216 | &nbsp;&nbsp; $18198609 | &nbsp;&nbsp; $19219592 | &nbsp;&nbsp; $22884098 | &nbsp;&nbsp; $17026776 |
| Ratio to average net assets of:<sup>(11)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of waivers, <br> reimbursements and credits<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %<sup>(12)</sup><br>| 0.20 %<sup>(12)</sup><br>| 0.08 %<sup>(12)</sup><br>| 0.24 %<sup>(12)</sup><br>|
| &nbsp;&nbsp; Expenses, before waivers, <br> reimbursements and credits<br>| 0.26<br> %<br>| 0.26<br> %<br>| 0.25<br> %<br>| 0.26<br> %<br>| 0.26<br> %<br>| 0.26<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> waivers, reimbursements and <br> credits<br>| 4.18 %<sup>(4)</sup><br>| 5.03 %<sup>(5)</sup><br>| 4.68 %<sup>(6),(12)</sup><br>| 0.88 %<sup>(12)</sup><br>| 0.02 %<sup>(8),(12)</sup><br>| 0.41 %<sup>(12)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before waivers, <br> reimbursements and credits<br>| 4.17 %<sup>(4)</sup><br>| 5.02 %<sup>(5)</sup><br>| 4.68 %<sup>(6)</sup><br>| 0.82<br> %<br>| &nbsp;&nbsp; (0.16 )%<sup>(8)</sup><br>| 0.39<br> %<br>|

---

<sup>(1)</sup> *Per share amounts from net investment income, net realized gains (losses) and distributions paid from net investment income were less than $0.01 per share.*

<sup>(2)</sup> *Net investment income for the fiscal year was calculated using the average shares outstanding method.*

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the* *investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(4)</sup> *During the six months ended May 31, 2025, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment* *income,before waivers, reimbursements and credits ratio.* 

<sup>(5)</sup> *During the fiscal year ended November 30, 2024, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment income,* *before waivers, reimbursements and credits ratio.* 

<sup>(6)</sup> *During the fiscal year ended November 30, 2023, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment income,* *before waivers, reimbursements and credits ratio.* 

<sup>(7)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $10,513,000. Total return* *excluding the voluntary reimbursement would have been 0.94%.* 

<sup>(8)</sup> *During the fiscal year ended November 30, 2021, the Portfolio received monies related to certain nonrecurring litigation proceeds. If these monies were not* *received, the total return would have been 0.00% and the net investment income net of waivers, reimbursements and credits ratio and net investment income* *(loss), before waivers, reimbursements and credits ratio would have been 0.01% and -0.17%, respectively.* 

<sup>(9)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $36,386,000. Total return* *excluding the voluntary reimbursement would have been -0.15%.* 

<sup>(10)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $1,982,000. Total return* *excluding the voluntary reimbursement would have been 0.48%.* 

<sup>(11)</sup> *Annualized for periods less than one year.*

<sup>(12)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **10** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED May 31, 2025 (UNAUDITED)**<br> **OR THE FISCAL YEARS ENDED November 30,** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Select** <br> **Portfolio**<br>| **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME FROM INVESTMENT <br> OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.02 | 0.05 | 0.05 <br><sup>(1)</sup><br>| 0.01 | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| 0.01 |
| Net realized gains (losses)<sup>(2)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.05 | 0.05 | 0.01 | &nbsp;&nbsp; — | 0.01 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (— )<sup>(2)</sup><br>| &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (—)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(3)</sup> <br>| **2.14%** <br><sup>(4),(5)</sup><br>| **5.22%** <br><sup>(6),(7)</sup><br>| **4.83%** <br><sup>(8),(9)</sup><br>| **1.00%** <br><sup>(10)</sup><br>| **0.03%** <br><sup>(11)</sup><br>| **0.53%** <br><sup>(12)</sup><br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $27776455 | &nbsp;&nbsp; $28686679 | &nbsp;&nbsp; $24892874 | &nbsp;&nbsp; $24182860 | &nbsp;&nbsp; $42959633 | &nbsp;&nbsp; $40300072 |
| Ratio to average net assets of:<sup>(13)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of waivers, <br> reimbursements and credits<br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.12<br> %<br>| 0.06<br> %<br>| 0.18<br> %<br>|
| &nbsp;&nbsp; Expenses, before waivers, <br> reimbursements and credits<br>| 0.20<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> waivers, reimbursements and <br> credits<br>| 4.26 %<sup>(4)</sup><br>| 5.10 %<sup>(6)</sup><br>| 4.74 %<sup>(8)</sup><br>| 0.82<br> %<br>| 0.03<br> %<br>| 0.42<br> %<br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before waivers, <br> reimbursements and credits<br>| 4.23 %<sup>(4)</sup><br>| 5.06 %<sup>(6)</sup><br>| 4.70 %<sup>(8)</sup><br>| 0.73<br> %<br>| &nbsp;&nbsp; (0.12)%<br>| 0.39<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Shares class of the Portfolio approximately $2,000. The reimbursement represents less than $0.01 per share and* *had no effect on the Portfolio's total return.* 

<sup>(2)</sup> *Per share amounts from net investment income, net realized gains (losses) and distributions paid from net investment income were less than $0.01 per share.*

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the* *investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(4)</sup> *During the six months ended May 31, 2025, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment* *income,before waivers, reimbursements and credits ratio.* 

<sup>(5)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $4,342,000. Total return* *excluding the voluntary reimbursement would have been 2.12% (see Note 4).* 

<sup>(6)</sup> *During the fiscal year ended November 30, 2024, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment income,* *before waivers, reimbursements and credits ratio.* 

<sup>(7)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $8,106,000. Total return* *excluding the voluntary reimbursement would have been 5.19%.* 

<sup>(8)</sup> *During the fiscal year ended November 30, 2023, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring* *litigation proceeds had no effect on the Portfolio's total return. If these monies were not received, the net investment income, net of waivers, reimbursements and* *credits ratio and the net investment income, before waivers, reimbursements and credits ratio would have been 4.73% and 4.69%, respectively.* 

<sup>(9)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $7,321,000. Total return* *excluding the voluntary reimbursement would have been 4.80%.* 

<sup>(10)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $27,234,000. Total return* *excluding the voluntary reimbursement would have been 0.94****%.*** 

<sup>(11)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $53,611,000. Total return* *excluding the voluntary reimbursement would have been -0.11%.* 

<sup>(12)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Shares class of the Portfolio in the amount of approximately $7,812,000. Total return* *excluding the voluntary reimbursement would have been 0.51%.* 

<sup>(13)</sup> *Annualized for periods less than one year.*

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **11** MONEY MARKET PORTFOLIOS

------

**MONEY MARKET PORTFOLIOS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Select** <br> **Portfolio**<br>| **SERVICE** | **SERVICE** | **SERVICE** | **SERVICE** | **SERVICE** | **SERVICE** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME FROM INVESTMENT <br> OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.02 | 0.05 | 0.05 <br><sup>(1)</sup><br>| 0.01 | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| 0.01 |
| Net realized gains (losses)<sup>(2)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.05 | 0.05 | 0.01 | &nbsp;&nbsp; — | 0.01 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (— )<sup>(2)</sup><br>| &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (—)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(3)</sup> <br>| **2.14%** <br><sup>(4), (5)</sup><br>| **5.22%** <br><sup>(6), (7)</sup><br>| **4.83%** <br><sup>(8), (9)</sup><br>| **1.00%** <br><sup>(10)</sup><br>| **0.03%** <br><sup>(11)</sup><br>| **0.53%** <br><sup>(12)</sup><br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $49338 | &nbsp;&nbsp; $83034 | &nbsp;&nbsp; $95848 | &nbsp;&nbsp; $127220 | &nbsp;&nbsp; $213254 | &nbsp;&nbsp; $147620 |
| Ratio to average net assets of:<sup>(13)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of waivers, <br> reimbursements and credits<br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.12<br> %<br>| 0.06<br> %<br>| 0.18<br> %<br>|
| &nbsp;&nbsp; Expenses, before waivers, <br> reimbursements and credits<br>| 0.20<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> waivers, reimbursements and <br> credits<br>| 4.27 %<sup>(4)</sup><br>| 5.08 %<sup>(6)</sup><br>| 4.64 %<sup>(8)</sup><br>| 0.82<br> %<br>| 0.03<br> %<br>| 0.51<br> %<br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before waivers, <br> reimbursements and credits<br>| 4.24 %<sup>(4)</sup><br>| 5.04 %<sup>(6)</sup><br>| 4.60 %<sup>(8)</sup><br>| 0.73<br> %<br>| &nbsp;&nbsp; (0.12)%<br>| 0.48<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Service class of the Portfolio less than $1,000. The reimbursement represents less than $0.01 per share and had no* *effect on the Portfolio's total return.* 

<sup>(2)</sup> *Per share amounts from net investment income, net realized gains (losses) and distributions paid from net investment income were less than $0.01 per share.*

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the* *investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(4)</sup> *During the six months ended May 31, 2025, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment* *income,before waivers, reimbursements and credits ratio.* 

<sup>(5)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Service class of the Portfolio in the amount of approximately $10,000. Total return* *excluding the voluntary reimbursement would have been 2.12% (see Note 4).* 

<sup>(6)</sup> *During the fiscal year ended November 30, 2024, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment income,* *before waivers, reimbursements and credits ratio.* 

<sup>(7)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Service class of the Portfolio in the amount of approximately $24,000. Total return* *excluding the voluntary reimbursement would have been 5.19%.* 

<sup>(8)</sup> *During the fiscal year ended November 30, 2023, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return. If these monies were not received, the net investment income, net of waivers, reimbursements and credits* *ratio and the net investment income, before waivers, reimbursements and credits ratio would have been 4.63% and 4.59%, respectively.* 

<sup>(9)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Service class of the Portfolio in the amount of approximately $40,000. Total return* *excluding the voluntary reimbursement would have been 4.80%.* 

<sup>(10)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Service class of the Portfolio in the amount of approximately $106,000. Total return* *excluding the voluntary reimbursement would have been 0.95****%.*** 

<sup>(11)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Service class of the Portfolio in the amount of approximately $220,000. Total return* *excluding the voluntary reimbursement would have been -0.11%.* 

<sup>(12)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Service class of the Portfolio in the amount of approximately $29,000. Total return* *excluding the voluntary reimbursement would have been 0.50%.* 

<sup>(13)</sup> *Annualized for periods less than one year.*

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **12** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED May 31, 2025 (UNAUDITED)**<br> **OR THE FISCAL YEARS ENDED November 30,** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Select** <br> **Portfolio**<br>| **SIEBERT WILLIAMS SHANK** | **SIEBERT WILLIAMS SHANK** | **SIEBERT WILLIAMS SHANK** | **SIEBERT WILLIAMS SHANK** | **SIEBERT WILLIAMS SHANK** | **SIEBERT WILLIAMS SHANK** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.02 | 0.05 | 0.05 <br><sup>(1)</sup><br>| 0.01 | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| 0.01 |
| Net realized gains (losses)<sup>(2)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.05 | 0.05 | 0.01 | &nbsp;&nbsp; — | 0.01 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (— )<sup>(2)</sup><br>| &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (—)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(3)</sup> <br>| **2.14%** <br><sup>(4),(5)</sup><br>| **5.22%** <br><sup>(6),(7)</sup><br>| **4.83%** <br><sup>(8),(9)</sup><br>| **1.00%** <br><sup>(10)</sup><br>| **0.03%** <br><sup>(11)</sup><br>| **0.53%** <br><sup>(12)</sup><br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $2584995 | &nbsp;&nbsp; $3615608 | &nbsp;&nbsp; $3645059 | &nbsp;&nbsp; $2193392 | &nbsp;&nbsp; $12201890 | &nbsp;&nbsp; $1564088 |
| Ratio to average net assets of:<sup>(13)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of waivers, <br> reimbursements and credits<br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.10<br> %<br>| 0.05<br> %<br>| 0.18<br> %<br>|
| &nbsp;&nbsp; Expenses, before waivers, <br> reimbursements and credits<br>| 0.20<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>| 0.20<br> %<br>| 0.21<br> %<br>| 0.21<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> waivers, reimbursements and <br> credits<br>| 4.26 %<sup>(4)</sup><br>| 5.10 %<sup>(6)</sup><br>| 4.91 %<sup>(8)</sup><br>| 0.42<br> %<br>| 0.03<br> %<br>| 0.25<br> %<br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before waivers, <br> reimbursements and credits<br>| 4.23 %<sup>(4)</sup><br>| 5.06 %<sup>(6)</sup><br>| 4.87 %<sup>(8)</sup><br>| 0.32<br> %<br>| &nbsp;&nbsp; (0.13)%<br>| 0.22<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Siebert Williams Shank class of the Portfolio less than $1,000. The reimbursement represents less than $0.01 per* *share and had no effect on the Portfolio's total return.* 

<sup>(2)</sup> *Per share amounts from net investment income, net realized gains (losses) and distributions paid from net investment income were less than $0.01 per share.*

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the* *investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(4)</sup> *During the six months ended May 31, 2025, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment* *income,before waivers, reimbursements and credits ratio.* 

<sup>(5)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Siebert Williams Shank class of the Portfolio in the amount of approximately $506,000.* *Total return excluding the voluntary reimbursement would have been 2.12% (see Note 4).* 

<sup>(6)</sup> *During the fiscal year ended November 30, 2024, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return, net investment income, net of waivers, reimbursements and credits ratio and the net investment income,* *before waivers, reimbursements and credits ratio.* 

<sup>(7)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Siebert Williams Shank class of the Portfolio in the amount of approximately $972,000.* *Total return excluding the voluntary reimbursement would have been 5.19%.* 

<sup>(8)</sup> *During the fiscal year ended November 30, 2023, the Portfolio received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation* *proceeds had no effect on the Portfolio's total return. If these monies were not received, the net investment income, net of waivers, reimbursements and credits* *ratio and the net investment income, before waivers, reimbursements and credits ratio would have been 4.90% and 4.86%, respectively.* 

<sup>(9)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Siebert Williams Shank class of the Portfolio in the amount of approximately $1,020,000.* *Total return excluding the voluntary reimbursement would have been 4.80%.* 

<sup>(10)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Siebert Williams Shank class of the Portfolio in the amount of approximately $6,001,000.* *Total return excluding the voluntary reimbursement would have been 0.95****%.*** 

<sup>(11)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Siebert Williams Shank class of the Portfolio in the amount of approximately $11,312,000.* *Total return excluding the voluntary reimbursement would have been -0.11%.* 

<sup>(12)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Siebert Williams Shank class of the Portfolio in the amount of approximately $324,000.* *Total return excluding the voluntary reimbursement would have been 0.51%.* 

<sup>(13)</sup> *Annualized for periods less than one year.*

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **13** MONEY MARKET PORTFOLIOS

------

**Schedule of Investments** <br>

**TREASURY INSTRUMENTS PORTFOLIO** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS – 103.3%**  | **U.S. GOVERNMENT OBLIGATIONS – 103.3%**  | **U.S. GOVERNMENT OBLIGATIONS – 103.3%**  |
| **U.S. Treasury Bills – 91.1%** | **U.S. Treasury Bills – 91.1%** | **U.S. Treasury Bills – 91.1%** |
| 3.64%, 6/3/25<sup>(1)</sup> <br>| $10000 | $9998 |
| 3.65%, 6/3/25<sup>(1)</sup> <br>| 35000 | 34992 |
| 3.99%, 6/3/25<sup>(1)</sup> <br>| 55000 | 54987 |
| 4.19%, 6/3/25<sup>(1)</sup> <br>| 125800 | 125771 |
| 4.26%, 6/3/25<sup>(1)</sup> <br>| 339100 | 339021 |
| 4.13%, 6/5/25<sup>(1)</sup> <br>| 24000 | 23989 |
| 4.29%, 6/5/25<sup>(1)</sup> <br>| 30000 | 29986 |
| 4.06%, 6/10/25<sup>(1)</sup> <br>| 25000 | 24974 |
| 4.10%, 6/10/25<sup>(1)</sup> <br>| 20000 | 19979 |
| 4.14%, 6/10/25<sup>(1)</sup> <br>| 15000 | 14984 |
| 4.09%, 6/12/25<sup>(1)</sup> <br>| 100000 | 99871 |
| 3.94%, 6/17/25<sup>(1)</sup> <br>| 25000 | 24953 |
| 4.10%, 6/20/25<sup>(1)</sup> <br>| 625001 | 623606 |
| 4.13%, 6/20/25<sup>(1)</sup> <br>| 100000 | 99777 |
| 4.15%, 6/20/25<sup>(1)</sup> <br>| 25000 | 24944 |
| 4.07%, 6/24/25<sup>(1)</sup> <br>| 45000 | 44879 |
| 4.16%, 6/26/25<sup>(1)</sup> <br>| 50000 | 49855 |
| 3.94%, 7/1/25<sup>(1)</sup> <br>| 20000 | 19930 |
| 4.05%, 7/1/25<sup>(1)</sup> <br>| 55000 | 54807 |
| 4.22%, 7/1/25<sup>(1)</sup> <br>| 20000 | 19930 |
| 4.10%, 7/3/25<sup>(1)</sup> <br>| 300000 | 298877 |
| 4.12%, 7/3/25<sup>(1)</sup> <br>| 50000 | 49813 |
| 4.13%, 7/3/25<sup>(1)</sup> <br>| 250000 | 249064 |
| 4.07%, 7/10/25<sup>(1)</sup> <br>| 50000 | 49775 |
| 4.22%, 7/10/25<sup>(1)</sup> <br>| 5000 | 4977 |
| 4.23%, 7/10/25<sup>(1)</sup> <br>| 5000 | 4977 |
| 4.15%, 7/17/25<sup>(1)</sup> <br>| 18900 | 18798 |
| 4.17%, 7/17/25<sup>(1)</sup> <br>| 10000 | 9946 |
| 3.94%, 7/22/25<sup>(1)</sup> <br>| 400000 | 397600 |
| 4.15%, 7/24/25<sup>(1)</sup> <br>| 27330 | 27162 |
| 4.18%, 7/24/25<sup>(1)</sup> <br>| 60000 | 59630 |
| 3.93%, 7/29/25<sup>(1)</sup> <br>| 125000 | 124171 |
| 4.05%, 7/29/25<sup>(1)</sup> <br>| 61735 | 61325 |
| 3.95%, 10/9/25<sup>(1)</sup> <br>| 50000 | 49282 |
| 3.99%, 10/9/25<sup>(1)</sup> <br>| 50000 | 49282 |
| 4.05%, 10/16/25<sup>(1)</sup> <br>| 75000 | 73841 |
| 4.04%, 10/23/25<sup>(1)</sup> <br>| 60000 | 59028 |
| 4.05%, 10/30/25<sup>(1)</sup> <br>| 60000 | 58974 |
| 4.06%, 10/30/25<sup>(1)</sup> <br>| 6000 | 5897 |
| 4.08%, 10/30/25<sup>(1)</sup> <br>| 30000 | 29487 |
| 4.15%, 10/30/25<sup>(1)</sup> <br>| 20000 | 19658 |
| 4.08%, 11/6/25<sup>(1)</sup> <br>| 50000 | 49103 |
| 4.11%, 11/13/25<sup>(1)</sup> <br>| 75000 | 73583 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 103.3%continued** | **U.S. GOVERNMENT OBLIGATIONS - 103.3%continued** | **U.S. GOVERNMENT OBLIGATIONS - 103.3%continued** |
| **U.S. Treasury Bills – 91.1%continued** | **U.S. Treasury Bills – 91.1%continued** | **U.S. Treasury Bills – 91.1%continued** |
| 4.13%, 11/20/25<sup>(1)</sup> <br>| $125000 | $122528 |
| 4.17%, 11/28/25<sup>(1)</sup> <br>| 50000 | 48959 |
| 4.20%, 11/28/25<sup>(1)</sup> <br>| 50000 | 48959 |
|  |  | **3785929** |
| **U.S. Treasury Floating Rate Notes – 12.2%** | **U.S. Treasury Floating Rate Notes – 12.2%** | **U.S. Treasury Floating Rate Notes – 12.2%** |
| &nbsp;&nbsp; (Floating, U.S. Treasury 3M Bill <br> MMY + 0.15%), 4.45%, <br> 6/2/25<sup>(2)</sup> <br>| 25000 | 25006 |
| &nbsp;&nbsp; (Variable, U.S. Treasury 3M Bill <br> MMY + 0.18%), 4.48%, <br> 6/2/25<sup>(2)</sup> <br>| 140000 | 140002 |
| &nbsp;&nbsp; (Floating, U.S. Treasury 3M Bill <br> MMY + 0.16%), 4.49%, <br> 6/2/25<sup>(2)</sup> <br>| 5000 | 5001 |
| &nbsp;&nbsp; (Floating, U.S. Treasury 3M Bill <br> MMY + 0.21%), 4.51%, <br> 6/2/25<sup>(2)</sup> <br>| 230000 | 230309 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.25%), 4.55%, <br> 6/2/25<sup>(2)</sup> <br>| 105000 | 105131 |
|  |  | **505449** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $4,291,378)** |  | **4291378** |
| **Investments, at Amortized Cost** |  |  |
| **($4291378)** |  | **4291378** |
| **Total Investments – 103.3%** |  |  |
| **(Cost $4,291,378)** |  | **4291378** |
| Liabilities less Other Assets – (3.3%) |  | (136830)<br>|
| **NET ASSETS – 100.0%** |  | **$4154548** |

---

<sup>(1)</sup> *Discount rate at the time of purchase.*

<sup>(2)</sup> *Variable rate security. Rate as of May 31, 2025 is disclosed. Maturity date* *represents the next interest reset date. The security's legal final maturity date* *is longer than the reset date. Securities with longer maturity dates have a* *greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 3M – 3 Month |
| MMY – Money Market Yield |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **14** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**May 31, 2025 (UNAUDITED)** <br>

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Portfolio's investments, which are carried at amortized cost, or at cost for repurchase agreements, which approximates fair value, by the above fair value hierarchy as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**<br> **(000S)**<br>| **LEVEL 2**<br> **(000S)**<br>| **LEVEL 3**<br> **(000S)**<br>| **TOTAL**<br> **(000S)**<br>|
| &nbsp;&nbsp; Investments held by<br> Treasury Instruments <br> Portfolio<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $4291378 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4291378 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **15** MONEY MARKET PORTFOLIOS

------

**Schedule of Investments** <br>

**TREASURY PORTFOLIO** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS – 45.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 45.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 45.6%**  |
| **U.S. Treasury Bills – 17.1%** | **U.S. Treasury Bills – 17.1%** | **U.S. Treasury Bills – 17.1%** |
| 4.26%, 6/3/25<sup>(1)</sup> <br>| $10900 | $10897 |
| 4.13%, 6/5/25<sup>(1)</sup> <br>| 641000 | 640695 |
| 4.29%, 6/5/25<sup>(1)</sup> <br>| 2163950 | 2162920 |
| 4.07%, 6/24/25<sup>(1)</sup> <br>| 4900 | 4887 |
| 4.19%, 7/3/25<sup>(1)</sup> <br>| 500000 | 498121 |
| 4.15%, 7/17/25<sup>(1)</sup> <br>| 423255 | 420981 |
| 4.17%, 7/17/25<sup>(1)</sup> <br>| 370000 | 368012 |
| 4.05%, 7/22/25<sup>(1)</sup> <br>| 1510000 | 1501026 |
| 4.15%, 7/24/25<sup>(1)</sup> <br>| 510790 | 507613 |
| 4.05%, 7/29/25<sup>(1)</sup> <br>| 1600060 | 1589233 |
| 3.95%, 10/9/25<sup>(1)</sup> <br>| 500000 | 492816 |
| 3.99%, 10/9/25<sup>(1)</sup> <br>| 575000 | 566738 |
| 4.05%, 10/16/25<sup>(1)</sup> <br>| 403795 | 397556 |
| 4.04%, 10/23/25<sup>(1)</sup> <br>| 900000 | 885420 |
| 4.05%, 10/30/25<sup>(1)</sup> <br>| 1335000 | 1312172 |
| 4.06%, 10/30/25<sup>(1)</sup> <br>| 135550 | 133232 |
| 4.08%, 10/30/25<sup>(1)</sup> <br>| 665000 | 653629 |
| 4.15%, 10/30/25<sup>(1)</sup> <br>| 445000 | 437391 |
| 4.11%, 11/13/25<sup>(1)</sup> <br>| 350000 | 343386 |
| 4.13%, 11/20/25<sup>(1)</sup> <br>| 325000 | 318569 |
| 4.18%, 11/20/25<sup>(1)</sup> <br>| 675000 | 661643 |
| 4.17%, 11/28/25<sup>(1)</sup> <br>| 425000 | 416154 |
| 4.20%, 11/28/25<sup>(1)</sup> <br>| 450000 | 440633 |
|  |  | **14763724** |
| **U.S. Treasury Floating Rate Notes – 15.2%** | **U.S. Treasury Floating Rate Notes – 15.2%** | **U.S. Treasury Floating Rate Notes – 15.2%** |
| &nbsp;&nbsp; (Floating, U.S. Treasury 3M Bill <br> MMY + 0.10%), 4.40%, <br> 6/2/25<sup>(2)</sup> <br>| 2100000 | 2099800 |
| &nbsp;&nbsp; (Floating, U.S. Treasury 3M Bill <br> MMY + 0.15%), 4.45%, <br> 6/2/25<sup>(2)</sup> <br>| 2782000 | 2782025 |
| &nbsp;&nbsp; (Floating, U.S. Treasury 3M Bill <br> MMY + 0.17%), 4.47%, <br> 6/2/25<sup>(2)</sup> <br>| 1500000 | 1499789 |
| &nbsp;&nbsp; (Variable, U.S. Treasury 3M Bill <br> MMY + 0.18%), 4.48%, <br> 6/2/25<sup>(2)</sup> <br>| 2280000 | 2281717 |
| &nbsp;&nbsp; (Floating, U.S. Treasury 3M Bill <br> MMY + 0.16%), 4.49%, <br> 6/2/25<sup>(2)</sup> <br>| 550000 | 550249 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 45.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 45.6%continued**  |
| **U.S. Treasury Floating Rate Notes – 15.2%continued** | **U.S. Treasury Floating Rate Notes – 15.2%continued** | **U.S. Treasury Floating Rate Notes – 15.2%continued** |
| &nbsp;&nbsp; (Floating, U.S. Treasury 3M Bill <br> MMY + 0.21%), 4.51%, <br> 6/2/25<sup>(2)</sup> <br>| $1686000 | $1687017 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.25%), 4.55%, <br> 6/2/25<sup>(2)</sup> <br>| 2187000 | 2187896 |
|  |  | **13088493** |
| **U.S. Treasury Notes – 13.3%** | **U.S. Treasury Notes – 13.3%** | **U.S. Treasury Notes – 13.3%** |
| 0.25%, 7/31/25 | 683000 | 678540 |
| 2.88%, 7/31/25 | 93021 | 92810 |
| 0.25%, 9/30/25 | 825000 | 814233 |
| 5.00%, 9/30/25 | 1470000 | 1473357 |
| 5.00%, 10/31/25 | 43000 | 43120 |
| 2.25%, 11/15/25 | 205000 | 203101 |
| 0.38%, 12/31/25 | 2840000 | 2779343 |
| 2.63%, 12/31/25 | 250000 | 247661 |
| 4.25%, 12/31/25 | 815000 | 815440 |
| 3.88%, 1/15/26 | 250000 | 249389 |
| 3.75%, 4/15/26 | 400000 | 398528 |
| 0.75%, 4/30/26 | 1050000 | 1018190 |
| 2.38%, 4/30/26 | 100000 | 98395 |
| 4.88%, 4/30/26 | 2500000 | 2516355 |
|  |  | **11428462** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $39,280,679)** |  | **39280679** |
| **Investments, at Amortized Cost** |  |  |
| **($39280679)** |  | **39280679** |
| **REPURCHASE AGREEMENTS – 53.2%** <sup>(3)</sup> | **REPURCHASE AGREEMENTS – 53.2%** <sup>(3)</sup> | **REPURCHASE AGREEMENTS – 53.2%** <sup>(3)</sup> |
| &nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria <br> S.A., dated 5/30/25, repurchase <br> price $800,193, <br> 4.34%, 6/2/25<br>| 800000 | 800000 |
| &nbsp;&nbsp; Bank of America Securities LLC, <br> dated 5/30/25, repurchase price <br> $250,060, <br> 4.34%, 6/2/25<br>| 250000 | 250000 |
| &nbsp;&nbsp; Barclays Capital, Inc., dated <br> 5/8/25, repurchase price <br> $4,011,467, <br> 4.30%, 6/6/25<sup>(4)</sup> <br>| 4000000 | 4000000 |

---

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **16** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**May 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 53.2%** <sup>(3)</sup>**continued** | **REPURCHASE AGREEMENTS - 53.2%** <sup>(3)</sup>**continued** | **REPURCHASE AGREEMENTS - 53.2%** <sup>(3)</sup>**continued** |
| &nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce, dated 5/8/25, <br> repurchase price $1,002,867, <br> 4.30%, 6/6/25<sup>(4)</sup> <br>| $1000000 | $1000000 |
| &nbsp;&nbsp; Federal Reserve Bank of New York, <br> dated 5/30/25, repurchase price <br> $2,700,638, <br> 4.25%, 6/2/25<br>| 2700000 | 2700000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $4,501,085, <br> 4.34%, 6/2/25<br>| 4500000 | 4500000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $5,401,311, <br> 4.37%, 6/2/25<br>| 5400000 | 5400000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $5,451,314, <br> 4.34%, 6/2/25<br>| 5450000 | 5450000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $9,252,230, <br> 4.34%, 6/2/25<br>| 9250000 | 9250000 |
| &nbsp;&nbsp; Goldman Sachs & Co., dated <br> 5/30/25, repurchase price <br> $1,250,301, <br> 4.34%, 6/2/25<br>| 1250000 | 1250000 |
| &nbsp;&nbsp; Goldman Sachs & Co., dated <br> 5/30/25, repurchase price <br> $1,500,363, <br> 4.35%, 6/6/25<sup>(4)</sup> <br>| 1500000 | 1500000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated <br> 5/30/25, repurchase price <br> $1,275,307, <br> 4.34%, 6/2/25<br>| 1275000 | 1275000 |
| &nbsp;&nbsp; RBC Dominion Securities, dated <br> 5/30/25, repurchase price <br> $2,000,482, <br> 4.34%, 6/2/25<br>| 2000000 | 2000000 |
| &nbsp;&nbsp; RBC Dominion Securities, dated <br> 5/8/25, repurchase price <br> $3,008,600, <br> 4.30%, 6/6/25<sup>(4)</sup> <br>| 3000000 | 3000000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 53.2%** <sup>(3)</sup>**continued** | **REPURCHASE AGREEMENTS - 53.2%** <sup>(3)</sup>**continued** | **REPURCHASE AGREEMENTS - 53.2%** <sup>(3)</sup>**continued** |
| &nbsp;&nbsp; Royal Bank of Canada, dated <br> 5/16/25, repurchase price <br> $1,502,880, <br> 4.32%, 6/6/25<sup>(4)</sup> <br>| $1500000 | $1500000 |
| Royal Bank of Canada, dated <br> 5/30/25, repurchase price <br> $2,000,482, <br> 4.34%, 6/2/25<br>| 2000000 | 2000000 |
|  |  | **45875000** |
| **Total Repurchase Agreements** |  |  |
| **(Cost $45,875,000)** |  | **45875000** |
| **Total Investments – 98.8%** |  |  |
| **(Cost $85,155,679)** |  | **85155679** |
| Other Assets less Liabilities – 1.2% |  | 1031014 |
| **NET ASSETS – 100.0%** |  | **$86186693** |

---

<sup>(1)</sup> *Discount rate at the time of purchase.*

<sup>(2)</sup> *Variable rate security. Rate as of May 31, 2025 is disclosed. Maturity date* *represents the next interest reset date. The security's legal final maturity date* *is longer than the reset date. Securities with longer maturity dates have a* *greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.* 

<sup>(3)</sup> *The nature and terms of the collateral received for the repurchase agreements* *are as follows:* 

---

| | | | |
|:---|:---|:---|:---|
| **NAME** | **FAIR**<br> **VALUE**<br> **(000S)**<br>| **COUPON**<br> **RATES**<br>| **MATURITY**<br> **DATES**<br>|
| U.S. Treasury Bills | $2326991 | 0.00% | 6/10/25 — 1/22/26 |
| U.S. Treasury Bonds | 9704405 | 0.00% — 6.88% | 8/15/25 — 5/15/55 |
| U.S. Treasury Notes | 34708483 | 0.13% — 5.00% | 6/2/25 — 5/15/35 |
| **Total** | **$46739879** |  |  |

---

<sup>(4)</sup> *Maturity date represents the puttable date.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 3M – 3 Month |
| MMY – Money Market Yield |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **17** MONEY MARKET PORTFOLIOS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **TREASURY PORTFOLIO continued**  | **May 31, 2025 (UNAUDITED)**  |

---

rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Portfolio's investments, which are carried at amortized cost, or at cost for repurchase agreements, which approximates fair value, by the above fair value hierarchy as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**<br> **(000S)**<br>| **LEVEL 2**<br> **(000S)**<br>| **LEVEL 3**<br> **(000S)**<br>| **TOTAL**<br> **(000S)**<br>|
| &nbsp;&nbsp; Investments held by<br> Treasury Portfolio<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $85155679 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $85155679 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **18** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT PORTFOLIO**  | **May 31, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 40.1%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 40.1%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 40.1%** <sup>(1)</sup> |
| **Federal Farm Credit Bank – 7.5%** | **Federal Farm Credit Bank – 7.5%** | **Federal Farm Credit Bank – 7.5%** |
| FFCB Discount Notes, |  |  |
| 4.27%, 6/16/25<sup>(2)</sup> <br>| $30000 | $29947 |
| 4.27%, 6/24/25<sup>(2)</sup> <br>| 22000 | 21941 |
| 4.28%, 7/30/25<sup>(2)</sup> <br>| 9000 | 8938 |
| 4.27%, 8/11/25<sup>(2)</sup> <br>| 6000 | 5950 |
| 4.21%, 9/3/25<sup>(2)</sup> <br>| 16000 | 15827 |
| FFCB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.09%), 4.42%, 6/2/25<sup>(3)</sup> <br>| 56000 | 55989 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 4.45%, 6/2/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 4.45%, 6/2/25<sup>(3)</sup> <br>| 60000 | 60000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 6/2/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 6/2/25<sup>(3)</sup> <br>| 23000 | 23000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 6/2/25<sup>(3)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 6/2/25<sup>(3)</sup> <br>| 15000 | 14998 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 6/2/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 6/2/25<sup>(3)</sup> <br>| 60000 | 60000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.48%, 6/2/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.48%, 6/2/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.04%), <br> 4.37%, 6/2/25<sup>(3)</sup> <br>| 50000 | 49996 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(3)</sup> <br>| 6000 | 6000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(3)</sup> <br>| 110000 | 110000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.45%, 6/2/25<sup>(3)</sup> <br>| 53000 | 53000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.45%, 6/2/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.46%, 6/2/25<sup>(3)</sup> <br>| 165000 | 165000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.46%, 6/2/25<sup>(3)</sup> <br>| 35000 | 35000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 40.1%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 40.1%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 40.1%** <sup>(1)</sup>**continued** |
| **Federal Farm Credit Bank – 7.5%continued** | **Federal Farm Credit Bank – 7.5%continued** | **Federal Farm Credit Bank – 7.5%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.46%, 6/2/25<sup>(3)</sup> <br>| $15000 | $15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 16000 | 16000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 80000 | 80010 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 60000 | 60000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 105000 | 105000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 50000 | 50008 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 80000 | 80000 |
| (Floating, U.S. SOFR + 0.17%), <br> 4.50%, 6/2/25<sup>(3)</sup> <br>| 50000 | 50000 |
|  |  | **1766604** |
| **Federal Home Loan Bank – 30.7%** | **Federal Home Loan Bank – 30.7%** | **Federal Home Loan Bank – 30.7%** |
| FHLB Bonds, |  |  |
| 4.30%, 9/25/25 | 274665 | 274639 |
| 4.13%, 10/22/25 | 475000 | 474801 |
| 4.13%, 11/7/25 | 425000 | 424688 |
| 4.05%, 1/2/26 | 230000 | 229816 |
| 4.36%, 1/16/26 | 210000 | 210000 |

---

*See Notes to the Financial Statements.*

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **19** MONEY MARKET PORTFOLIOS

------

**Schedule of Investments** <br>

**U.S. GOVERNMENT PORTFOLIO continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 40.1%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 40.1%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 40.1%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 30.7%continued** | **Federal Home Loan Bank – 30.7%continued** | **Federal Home Loan Bank – 30.7%continued** |
| 4.42%, 2/9/26 | $210000 | $210000 |
| 4.34%, 3/6/26 | 325000 | 325000 |
| 4.34%, 3/6/26 | 20000 | 20000 |
| 4.35%, 4/17/26 | 225000 | 225000 |
| 4.25%, 5/22/26 | 213365 | 213365 |
| FHLB Discount Notes, |  |  |
| 4.18%, 6/16/25<sup>(2)</sup> <br>| 110000 | 109810 |
| 4.21%, 6/16/25<sup>(2)</sup> <br>| 110000 | 109810 |
| 4.00%, 6/17/25<sup>(2)</sup> <br>| 170000 | 169681 |
| 4.02%, 6/20/25<sup>(2)</sup> <br>| 55000 | 54877 |
| 4.16%, 6/23/25<sup>(2)</sup> <br>| 200000 | 199490 |
| 4.20%, 7/3/25<sup>(2)</sup> <br>| 50000 | 49813 |
| 4.08%, 7/7/25<sup>(2)</sup> <br>| 160000 | 159326 |
| 4.21%, 7/9/25<sup>(2)</sup> <br>| 110000 | 109511 |
| 4.10%, 7/18/25<sup>(2)</sup> <br>| 68000 | 67625 |
| 4.10%, 7/24/25<sup>(2)</sup> <br>| 215000 | 213671 |
| 4.14%, 10/6/25<sup>(2)</sup> <br>| 55000 | 54202 |
| 4.16%, 10/9/25<sup>(2)</sup> <br>| 115000 | 113285 |
| 4.13%, 10/30/25<sup>(2)</sup> <br>| 320000 | 319806 |
| 4.15%, 11/3/25<sup>(2)</sup> <br>| 140000 | 137501 |
| 4.15%, 11/4/25<sup>(2)</sup> <br>| 200000 | 196408 |
| 4.13%, 11/5/25<sup>(2)</sup> <br>| 105000 | 103104 |
| 4.11%, 11/18/25<sup>(2)</sup> <br>| 85000 | 83346 |
| 4.08%, 1/2/26<sup>(2)</sup> <br>| 225000 | 219516 |
| 4.11%, 1/5/26<sup>(2)</sup> <br>| 215000 | 209681 |
| 4.11%, 1/6/26<sup>(2)</sup> <br>| 115000 | 112142 |
| FHLB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 75000 | 75000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 325000 | 325000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 80000 | 80000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 110000 | 110000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.02%), <br> 4.35%, 6/2/25<sup>(3)</sup> <br>| 55000 | 55000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 40.1%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 40.1%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 40.1%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 30.7%continued** | **Federal Home Loan Bank – 30.7%continued** | **Federal Home Loan Bank – 30.7%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.03%), <br> 4.36%, 6/2/25<sup>(3)</sup> <br>| $220000 | $220000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.09%), <br> 4.42%, 6/2/25<sup>(3)</sup> <br>| 109865 | 109865 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(3)</sup> <br>| 230000 | 230000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.44%, 6/2/25<sup>(3)</sup> <br>| 155000 | 155000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 67000 | 67000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.17%), <br> 4.50%, 6/2/25<sup>(3)</sup> <br>| 53305 | 53305 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.18%), <br> 4.51%, 6/2/25<sup>(3)</sup> <br>| 105000 | 105000 |
| (Floating, U.S. SOFR + 0.19%), <br> 4.52%, 6/2/25<sup>(3)</sup> <br>| 75000 | 75000 |
|  |  | **7255084** |
| **Federal Home Loan Mortgage Corporation – 0.7%** | **Federal Home Loan Mortgage Corporation – 0.7%** | **Federal Home Loan Mortgage Corporation – 0.7%** |
| FHLMC Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.44%, 6/2/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 85000 | 85000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 45000 | 45000 |
|  |  | **160000** |
| **Federal National Mortgage Association – 1.2%** | **Federal National Mortgage Association – 1.2%** | **Federal National Mortgage Association – 1.2%** |
| FNMA Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.45%, 6/2/25<sup>(3)</sup> <br>| 79000 | 79000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 61000 | 61000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 111000 | 111000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 50000 | 50000 |
|  |  | **301000** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $9,482,688)** |  | **9482688** |
| **U.S. GOVERNMENT OBLIGATIONS – 4.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 4.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 4.7%**  |
| **U.S. Treasury Bills – 2.5%** | **U.S. Treasury Bills – 2.5%** | **U.S. Treasury Bills – 2.5%** |
| 3.64%, 6/3/25<sup>(2)</sup> <br>| 55000 | 54987 |
| 3.65%, 6/3/25<sup>(2)</sup> <br>| 200000 | 199953 |
| 4.04%, 6/3/25<sup>(2)</sup> <br>| 125000 | 124971 |

---

*See Notes to the Financial Statements.*

MONEY MARKET PORTFOLIOS **20** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**May 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 4.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 4.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 4.7%continued**  |
| **U.S. Treasury Bills – 2.5%continued** | **U.S. Treasury Bills – 2.5%continued** | **U.S. Treasury Bills – 2.5%continued** |
| 4.16%, 6/26/25<sup>(2)</sup> <br>| $100000 | $99711 |
| 4.05%, 10/16/25<sup>(2)</sup> <br>| 106795 | 105145 |
|  |  | **584767** |
| **U.S. Treasury Notes – 2.2%** | **U.S. Treasury Notes – 2.2%** | **U.S. Treasury Notes – 2.2%** |
| 2.88%, 7/31/25 | 25000 | 24943 |
| 5.00%, 9/30/25 | 195000 | 195467 |
| 5.00%, 10/31/25 | 242000 | 242708 |
| 2.25%, 11/15/25 | 55000 | 54490 |
|  |  | **517608** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $1,102,375)** |  | **1102375** |
| **Investments, at Amortized Cost** |  |  |
| **($10585063)** |  | **10585063** |
| **REPURCHASE AGREEMENTS – 56.9%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 56.9%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 56.9%** <sup>(4)</sup> |
| &nbsp;&nbsp; Bank of America N.A., dated <br> 5/30/25, repurchase price <br> $225,054, <br> 4.35%, 6/2/25<br>| 225000 | 225000 |
| &nbsp;&nbsp; Bank of America Securities LLC, <br> dated 5/30/25, repurchase price <br> $250,060, <br> 4.35%, 6/2/25<br>| 250000 | 250000 |
| &nbsp;&nbsp; Barclays Capital, Inc., dated <br> 5/8/25, repurchase price <br> $752,150, <br> 4.30%, 6/6/25<sup>(5)</sup> <br>| 750000 | 750000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 5/30/25, repurchase price <br> $400,097, <br> 4.35%, 6/2/25<br>| 400000 | 400000 |
| &nbsp;&nbsp; Federal Reserve Bank of New York, <br> dated 5/30/25, repurchase price <br> $1,000,236, <br> 4.25%, 6/2/25<br>| 1000000 | 1000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $1,050,254, <br> 4.35%, 6/2/25<br>| 1050000 | 1050000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $1,450,350, <br> 4.34%, 6/2/25<br>| 1450000 | 1450000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 56.9%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 56.9%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 56.9%** <sup>(4)</sup>**continued** |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $2,350,567, <br> 4.34%, 6/2/25<br>| $2350000 | $2350000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $4,226,026, <br> 4.37%, 6/2/25<br>| 4225000 | 4225000 |
| &nbsp;&nbsp; Goldman Sachs & Co., dated <br> 5/30/25, repurchase price <br> $250,060, <br> 4.35%, 6/2/25<br>| 250000 | 250000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, (Floating, <br> U.S. SOFR + 0.01%), dated <br> 5/30/25, repurchase price <br> $602,231, <br> 4.34%, 6/6/25<sup>(6)</sup> <br>| 600000 | 600000 |
| Royal Bank of Canada, dated <br> 5/8/25, repurchase price <br> $902,592, <br> 4.32%, 6/6/25<sup>(5)</sup> <br>| 900000 | 900000 |
|  |  | **13450000** |
| **Total Repurchase Agreements** |  |  |
| **(Cost $13,450,000)** |  | **13450000** |
| **Total Investments – 101.7%** |  |  |
| **(Cost $24,035,063)** |  | **24035063** |
| Liabilities less Other Assets – (1.7%) |  | (397446)<br>|
| **NET ASSETS – 100.0%** |  | **$23637617** |

---

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(2)</sup> *Discount rate at the time of purchase.*

<sup>(3)</sup> *Variable rate security. Rate as of May 31, 2025 is disclosed. Maturity date* *represents the next interest reset date. The security's legal final maturity date* *is longer than the reset date. Securities with longer maturity dates have a* *greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.* 

*See Notes to the Financial Statements.*

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **21** MONEY MARKET PORTFOLIOS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT PORTFOLIO continued**  | **May 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(4)</sup> *The nature and terms of the collateral received for the repurchase agreements* *are as follows:*

---

| | | | |
|:---|:---|:---|:---|
| **NAME** | **FAIR**<br> **VALUE**<br> **(000S)**<br>| **COUPON**<br> **RATES**<br>| **MATURITY**<br> **DATES**<br>|
| FHLB | $5515 | 4.08% | 5/25/33 |
| FHLMC | 991933 | 1.50% — 7.50% | 9/1/26 — 5/1/55 |
| FNMA | 399349 | 1.50% — 7.00% | 4/1/26 — 3/1/63 |
| GNMA | 1461399 | 2.00% — 7.50% | 4/20/28 — 9/20/74 |
| U.S. Treasury Bills | 1184746 | 0.00%  | 6/24/25 — 2/19/26 |
| U.S. Treasury Bonds | 868683 | 0.13% — 6.88% | 8/15/25 — 2/15/53 |
| U.S. Treasury Notes | 8815425 | 0.13% — 5.00% | 7/31/25 — 1/15/35 |
| **Total** | **$13727050** |  |  |

---

<sup>(5)</sup> *Maturity date represents the puttable date.*

<sup>(6)</sup> *Variable or floating rate security. Rate as of May 31, 2025 is disclosed.* *Maturity date represents the puttable date.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| FFCB – Federal Farm Credit Bank |
| FHLB – Federal Home Loan Bank |
| FHLMC – Federal Home Loan Mortgage Corporation |
| FNMA – Federal National Mortgage Association |
| GNMA – Government National Mortgage Association |
| SOFR – Secured Overnight Financing Rate |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the

Portfolio's investments, which are carried at amortized cost, or at cost for repurchase agreements, which approximates fair value, by the above fair value hierarchy as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**<br> **(000S)**<br>| **LEVEL 2**<br> **(000S)**<br>| **LEVEL 3**<br> **(000S)**<br>| **TOTAL**<br> **(000S)**<br>|
| &nbsp;&nbsp; Investments held by<br> U.S. Government <br> Portfolio<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $24035063 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24035063 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.*

MONEY MARKET PORTFOLIOS **22** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT SELECT PORTFOLIO**  | **May 31, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 43.8%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 43.8%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 43.8%** <sup>(1)</sup> |
| **Federal Farm Credit Bank – 10.4%** | **Federal Farm Credit Bank – 10.4%** | **Federal Farm Credit Bank – 10.4%** |
| FFCB Discount Notes, |  |  |
| 4.25%, 6/3/25<sup>(2)</sup> <br>| $50000 | $49988 |
| 4.27%, 6/16/25<sup>(2)</sup> <br>| 45000 | 44921 |
| 4.27%, 6/24/25<sup>(2)</sup> <br>| 30000 | 29919 |
| 4.31%, 6/26/25<sup>(2)</sup> <br>| 75000 | 74779 |
| 4.28%, 7/30/25<sup>(2)</sup> <br>| 11000 | 10924 |
| 4.27%, 8/11/25<sup>(2)</sup> <br>| 7000 | 6942 |
| 4.21%, 9/3/25<sup>(2)</sup> <br>| 22000 | 21762 |
| 4.06%, 12/5/25<sup>(2)</sup> <br>| 20000 | 19584 |
| FFCB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.09%), 4.42%, 6/2/25<sup>(3)</sup> <br>| 74000 | 73992 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 4.45%, 6/2/25<sup>(3)</sup> <br>| 42000 | 42000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 4.45%, 6/2/25<sup>(3)</sup> <br>| 95000 | 95000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 6/2/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 6/2/25<sup>(3)</sup> <br>| 31000 | 31000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 6/2/25<sup>(3)</sup> <br>| 70000 | 70000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 6/2/25<sup>(3)</sup> <br>| 19000 | 18998 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 6/2/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 6/2/25<sup>(3)</sup> <br>| 70000 | 70000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.48%, 6/2/25<sup>(3)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.48%, 6/2/25<sup>(3)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.16%), 4.49%, 6/2/25<sup>(3)</sup> <br>| 70000 | 69996 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.16%), 4.49%, 6/2/25<sup>(3)</sup> <br>| 140000 | 140000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.04%), <br> 4.37%, 6/2/25<sup>(3)</sup> <br>| 62000 | 61995 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(3)</sup> <br>| 80000 | 80000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(3)</sup> <br>| 7700 | 7700 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 43.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 43.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 43.8%** <sup>(1)</sup>**continued** |
| **Federal Farm Credit Bank – 10.4%continued** | **Federal Farm Credit Bank – 10.4%continued** | **Federal Farm Credit Bank – 10.4%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(3)</sup> <br>| $147000 | $147000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.44%, 6/2/25<sup>(3)</sup> <br>| 75000 | 75000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.44%, 6/2/25<sup>(3)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.45%, 6/2/25<sup>(3)</sup> <br>| 60000 | 60000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.45%, 6/2/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.46%, 6/2/25<sup>(3)</sup> <br>| 95000 | 95000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.46%, 6/2/25<sup>(3)</sup> <br>| 95000 | 95000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.46%, 6/2/25<sup>(3)</sup> <br>| 32500 | 32500 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.46%, 6/2/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 52000 | 52000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 43000 | 43000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.47%, 6/2/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 117000 | 117006 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 75000 | 75000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 75000 | 75000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.48%, 6/2/25<sup>(3)</sup> <br>| 140000 | 140000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 125000 | 125000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 260000 | 259991 |

---

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **23** MONEY MARKET PORTFOLIOS

------

**Schedule of Investments** <br>

**U.S. GOVERNMENT SELECT PORTFOLIO continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 43.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 43.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 43.8%** <sup>(1)</sup>**continued** |
| **Federal Farm Credit Bank – 10.4%continued** | **Federal Farm Credit Bank – 10.4%continued** | **Federal Farm Credit Bank – 10.4%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| $180000 | $180025 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 70000 | 70000 |
| (Floating, U.S. SOFR + 0.17%), <br> 4.50%, 6/2/25<sup>(3)</sup> <br>| 30000 | 30000 |
|  |  | **3176022** |
| **Federal Home Loan Bank – 33.4%** | **Federal Home Loan Bank – 33.4%** | **Federal Home Loan Bank – 33.4%** |
| FHLB Bonds, |  |  |
| 4.30%, 9/25/25 | 365195 | 365160 |
| 4.13%, 10/22/25 | 400000 | 399832 |
| 4.13%, 11/7/25 | 600000 | 599560 |
| 4.05%, 1/2/26 | 300000 | 299760 |
| 4.36%, 1/16/26 | 335000 | 335000 |
| 4.42%, 2/9/26 | 305000 | 305000 |
| 4.34%, 3/6/26 | 485000 | 485000 |
| 4.34%, 3/6/26 | 35000 | 35000 |
| 4.35%, 4/17/26 | 250000 | 250000 |
| 4.25%, 5/22/26 | 312145 | 312145 |
| FHLB Discount Notes, |  |  |
| 4.00%, 6/17/25<sup>(2)</sup> <br>| 236000 | 235557 |
| 4.02%, 6/20/25<sup>(2)</sup> <br>| 270000 | 269398 |
| 4.16%, 6/23/25<sup>(2)</sup> <br>| 570000 | 568546 |
| 4.20%, 7/3/25<sup>(2)</sup> <br>| 70000 | 69738 |
| 4.08%, 7/7/25<sup>(2)</sup> <br>| 225000 | 224052 |
| 4.21%, 7/9/25<sup>(2)</sup> <br>| 160000 | 159289 |
| 4.10%, 7/18/25<sup>(2)</sup> <br>| 116000 | 115360 |
| 4.10%, 7/24/25<sup>(2)</sup> <br>| 290000 | 288207 |
| 4.14%, 10/6/25<sup>(2)</sup> <br>| 75000 | 73913 |
| 4.16%, 10/9/25<sup>(2)</sup> <br>| 155000 | 152688 |
| 4.13%, 10/30/25<sup>(2)</sup> <br>| 380000 | 379770 |
| 4.15%, 11/3/25<sup>(2)</sup> <br>| 185000 | 181698 |
| 4.13%, 11/5/25<sup>(2)</sup> <br>| 150000 | 147292 |
| 4.11%, 11/18/25<sup>(2)</sup> <br>| 120000 | 117665 |
| 4.08%, 1/2/26<sup>(2)</sup> <br>| 155000 | 151211 |
| 4.12%, 1/2/26<sup>(2)</sup> <br>| 246080 | 240065 |
| 4.11%, 1/5/26<sup>(2)</sup> <br>| 200000 | 195053 |
| 4.11%, 1/6/26<sup>(2)</sup> <br>| 150000 | 146272 |
| FHLB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 110000 | 110000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 50000 | 50000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 43.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 43.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 43.8%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 33.4%continued** | **Federal Home Loan Bank – 33.4%continued** | **Federal Home Loan Bank – 33.4%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| $210000 | $210000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 75000 | 75000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 80000 | 80000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 75000 | 75000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.34%, 6/2/25<sup>(3)</sup> <br>| 155000 | 155000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.02%), <br> 4.35%, 6/2/25<sup>(3)</sup> <br>| 80000 | 80000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.02%), <br> 4.35%, 6/2/25<sup>(3)</sup> <br>| 225000 | 225000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.02%), <br> 4.35%, 6/2/25<sup>(3)</sup> <br>| 250000 | 250000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.03%), <br> 4.36%, 6/2/25<sup>(3)</sup> <br>| 200000 | 200000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.09%), <br> 4.42%, 6/2/25<sup>(3)</sup> <br>| 146080 | 146080 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.43%, 6/2/25<sup>(3)</sup> <br>| 300000 | 300000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.44%, 6/2/25<sup>(3)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.44%, 6/2/25<sup>(3)</sup> <br>| 105000 | 105000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.44%, 6/2/25<sup>(3)</sup> <br>| 230000 | 230000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.44%, 6/2/25<sup>(3)</sup> <br>| 95000 | 95000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.49%, 6/2/25<sup>(3)</sup> <br>| 225000 | 225000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.17%), <br> 4.50%, 6/2/25<sup>(3)</sup> <br>| 76985 | 76985 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.18%), <br> 4.51%, 6/2/25<sup>(3)</sup> <br>| 155000 | 155000 |
| (Floating, U.S. SOFR + 0.19%), <br> 4.52%, 6/2/25<sup>(3)</sup> <br>| 100000 | 100000 |
|  |  | **10150296** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $13,326,318)** |  | **13326318** |

---

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **24** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**May 31, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS – 4.8%**  | **U.S. GOVERNMENT OBLIGATIONS – 4.8%**  | **U.S. GOVERNMENT OBLIGATIONS – 4.8%**  |
| **U.S. Treasury Bills – 2.3%** | **U.S. Treasury Bills – 2.3%** | **U.S. Treasury Bills – 2.3%** |
| 3.65%, 6/3/25<sup>(2)</sup> <br>| $240000 | $239943 |
| 4.16%, 6/26/25<sup>(2)</sup> <br>| 75000 | 74783 |
| 4.04%, 10/9/25<sup>(2)</sup> <br>| 230000 | 226669 |
| 4.05%, 10/16/25<sup>(2)</sup> <br>| 156715 | 154294 |
|  |  | **695689** |
| **U.S. Treasury Notes – 2.5%** | **U.S. Treasury Notes – 2.5%** | **U.S. Treasury Notes – 2.5%** |
| 2.88%, 7/31/25 | 35000 | 34921 |
| 5.00%, 9/30/25 | 285000 | 285679 |
| 5.00%, 10/31/25 | 355000 | 356044 |
| 2.25%, 11/15/25 | 75000 | 74305 |
|  |  | **750949** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $1,446,638)** |  | **1446638** |
| **Investments, at Amortized Cost** |  |  |
| **($14772956)** |  | **14772956** |
| **REPURCHASE AGREEMENTS – 47.5%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 47.5%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 47.5%** <sup>(4)</sup> |
| &nbsp;&nbsp; Bank of America N.A., dated <br> 5/30/25, repurchase price <br> $75,018, <br> 4.35%, 6/2/25<br>| 75000 | 75000 |
| &nbsp;&nbsp; Bank of America Securities LLC, <br> dated 5/30/25, repurchase price <br> $150,036, <br> 4.35%, 6/2/25<br>| 150000 | 150000 |
| &nbsp;&nbsp; Barclays Capital, Inc., dated <br> 5/8/25, repurchase price <br> $752,150, <br> 4.30%, 6/6/25<sup>(5)</sup> <br>| 750000 | 750000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 5/30/25, repurchase price <br> $27,007, <br> 4.34%, 6/2/25<br>| 27000 | 27000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 5/30/25, repurchase price <br> $547,132, <br> 4.35%, 6/2/25<br>| 547000 | 547000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $1,275,308, <br> 4.35%, 6/2/25<br>| 1275000 | 1275000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $1,350,326, <br> 4.34%, 6/2/25<br>| 1350000 | 1350000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 47.5%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 47.5%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 47.5%** <sup>(4)</sup>**continued** |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $3,550,856, <br> 4.34%, 6/2/25<br>| $3550000 | $3550000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 5/30/25, repurchase price <br> $4,226,026, <br> 4.37%, 6/2/25<br>| 4225000 | 4225000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, (Floating, <br> U.S. SOFR + 0.01%), dated <br> 5/30/25, repurchase price <br> $1,505,578, <br> 4.34%, 6/6/25<sup>(6)</sup> <br>| 1500000 | 1500000 |
| Royal Bank of Canada, dated <br> 5/8/25, repurchase price <br> $1,002,880, <br> 4.32%, 6/6/25<sup>(5)</sup> <br>| 1000000 | 1000000 |
|  |  | **14449000** |
| **Total Repurchase Agreements** |  |  |
| **(Cost $14,449,000)** |  | **14449000** |
| **Total Investments – 96.1%** |  |  |
| **(Cost $29,221,956)** |  | **29221956** |
| Other Assets less Liabilities – 3.9% |  | 1188832 |
| **NET ASSETS – 100.0%** |  | **$30410788** |

---

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(2)</sup> *Discount rate at the time of purchase.*

<sup>(3)</sup> *Variable rate security. Rate as of May 31, 2025 is disclosed. Maturity date* *represents the next interest reset date. The security's legal final maturity date* *is longer than the reset date. Securities with longer maturity dates have a* *greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.* 

<sup>(4)</sup> *The nature and terms of the collateral received for the repurchase agreements* *are as follows:* 

---

| | | | |
|:---|:---|:---|:---|
| **NAME** | **FAIR**<br> **VALUE**<br> **(000S)**<br>| **COUPON**<br> **RATES**<br>| **MATURITY**<br> **DATES**<br>|
| FHLB | $65029 | 0.75% — 5.50% | 2/24/26 — 4/30/40 |
| FHLMC | 1870289 | 0.00% — 9.00% | 3/15/28 — 5/1/55 |
| FNMA | 1299223 | 0.00% — 7.50% | 1/1/27 — 6/1/63 |
| GNMA | 1442854 | 1.50% — 8.38% | 3/20/27 — 3/20/75 |
| TVA | 556 | 0.00% — 5.88% | 9/15/31 — 4/1/36 |
| U.S. Treasury Bills | 1054698 | 0.00% | 6/3/25 — 12/26/25  |
| U.S. Treasury Bonds | 1094769 | 0.13% — 6.88% | 8/15/25 — 2/15/51 |
| U.S. Treasury Notes | 7950585 | 0.13% — 5.00% | 6/15/25 — 8/15/34 |
| **Total** | **$14778003** |  |  |

---

<sup>(5)</sup> *Maturity date represents the puttable date.*

*See Notes to the Financial Statements.* 

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **25** MONEY MARKET PORTFOLIOS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT SELECT PORTFOLIO continued**  | **May 31, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(6)</sup> *Variable or floating rate security. Rate as of May 31, 2025 is disclosed.* *Maturity date represents the puttable date.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| FFCB – Federal Farm Credit Bank |
| FHLB – Federal Home Loan Bank |
| FHLMC – Federal Home Loan Mortgage Corporation |
| FNMA – Federal National Mortgage Association |
| GNMA – Government National Mortgage Association |
| SOFR – Secured Overnight Financing Rate |
| TVA – Tennessee Valley Authority |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Portfolio's investments, which are carried at amortized cost, or at cost for repurchase agreements, which approximates fair value, by the above fair value hierarchy as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**<br> **(000S)**<br>| **LEVEL 2**<br> **(000S)**<br>| **LEVEL 3**<br> **(000S)**<br>| **TOTAL**<br> **(000S)**<br>|
| &nbsp;&nbsp; Investments held by<br> U.S. Government <br> Select Portfolio<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $29221956 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29221956 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

MONEY MARKET PORTFOLIOS **26** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**MONEY MARKET PORTFOLIOS** <br>

---

| | |
|:---|:---|
| **Notes to the financial statements** | **May 31, 2025 (UNAUDITED)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Northern Institutional Funds (the "Trust") is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust includes 5 portfolios as of May 31, 2025, each with its own investment objective (e.g., income consistent with preservation of capital).

Northern Trust Investments, Inc. ("NTI"), an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser and administrator for all of the portfolios. The Northern Trust Company ("Northern Trust"), an affiliate of NTI, serves as transfer agent, custodian and sub-administrator to the portfolios. Northern Funds Distributors, LLC, not an affiliate of NTI, is the Trust's distributor.

Presented herein are the financial statements for the following four money market portfolios: Treasury Instruments Portfolio, Treasury Portfolio, U.S. Government Portfolio and U.S. Government Select Portfolio (each a "Portfolio" and collectively, the "Portfolios"). Each of these diversified Portfolios is authorized to issue the following three classes of shares: Shares, Service Shares and Premier Shares. The Treasury Instruments Portfolio, Treasury Portfolio and U.S. Government Select Portfolio are each authorized to issue a fourth class of shares: Siebert Williams Shank Shares. Each class is distinguished by the level of administrative and liaison services provided.

Each Portfolio operates as a "government money market fund" under Rule 2a-7 of the 1940 Act.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services-Investment Companies*.

The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The net asset value ("NAV") determination of each class of each Portfolio, except the Treasury Instruments Portfolio, and cut-off time for submitting purchase, redemption and exchange requests is at 4:00 p.m. Central time. The NAV determination of each class

of the Treasury Instruments Portfolio and cut-off time for submitting purchase, redemption and exchange request is at 1:30 p.m. Central time.

**A) VALUATION OF SECURITIES** Investments held by the Portfolios are currently valued at amortized cost, which generally approximates fair value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to effective maturity. Where the Trust's Board of Trustees ("Board") believes the extent of any deviation from a Portfolio's amortized cost price per share may result in material dilution or other unfair results to investors or existing shareholders, the Board will consider what action should be initiated, which may include fair valuing securities in accordance with policies and procedures established by, and subject to oversight of, the Board.

The use of fair valuation involves the risk that the values used by the Portfolios to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

**B) REPURCHASE AGREEMENTS** To the extent consistent with their respective investment objectives and strategies, the Portfolios may enter into repurchase agreements under the terms of a master repurchase agreement by which the Portfolios purchase securities for cash from a seller and agree to resell those securities to the same seller at a specific price within a specified time or with an indefinite life and liquidity feature, which allows the Portfolios to resell the securities quarterly. The interest rate on such repurchase agreements resets daily. During the term of a repurchase agreement, the fair value of the underlying collateral, including accrued interest, is required to equal or exceed the fair value of the repurchase agreement. The underlying collateral for tri-party repurchase agreements is held in accounts for Northern Trust, as agent of the Portfolios, at The Bank of New York Mellon, State Street Bank and Trust Company or JPMorgan Chase which, in turn, holds securities through the book-entry system at the Federal Reserve Bank of New York. The underlying collateral for other repurchase agreements is held in a customer-only account for Northern Trust, as custodian for the Portfolios, at the Federal Reserve Bank of Chicago. The Portfolios are subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of collateral by the Portfolios may be delayed or limited. The Treasury Portfolio, U.S. Government Portfolio and U.S. Government Select Portfolio have entered into such repurchase agreements, as reflected in the accompanying Schedules of Investments.

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **27** MONEY MARKET PORTFOLIOS

------

**MONEY MARKET PORTFOLIOS** <br>

**Notes to the financial statements continued** <br>

Pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission ("SEC"), each Portfolio and certain other money market portfolios advised by NTI and Northern Trust may enter into joint repurchase agreements with non-affiliated counterparties through a master repurchase agreement. NTI administers and manages these joint repurchase agreements in accordance with and as part of its duties under its management agreement with the Portfolios and does not collect any additional fees from the Portfolios for such services. The Portfolios have not entered into such joint repurchase agreements during the period and there were no outstanding joint repurchase agreements at May 31, 2025.

The Portfolios may enter into transactions subject to enforceable netting arrangements ("Netting Arrangements") under a repurchase agreement. Generally, the Portfolios manage their cash

collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the defaulting party, realization of collateral by the Portfolios may be delayed or limited. In addition, the Netting Arrangements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral. As of May 31, 2025, the Portfolios have not invested in any portfolio securities other than the repurchase agreements described below, with gross exposures on the Statements of Assets and Liabilities, that could be netted subject to Netting Arrangements.

The following table presents the repurchase agreements, which are subject to Netting Arrangements, as well as the collateral delivered related to those repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF ASSETS<br> PRESENTED IN STATEMENTS OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; NET<br> AMOUNT<sup>\*</sup> <br>|
| Treasury | Banco Bilbao Vizcaya Argentaria <br> S.A.<br>| &nbsp;&nbsp;&nbsp; $800000 | &nbsp;&nbsp;&nbsp; $(800000) | &nbsp;&nbsp;&nbsp; $– |
|  | Bank of America Securities LLC | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; (250000) | &nbsp;&nbsp;&nbsp; – |
|  | Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; (4000000) | &nbsp;&nbsp;&nbsp; – |
|  | Canadian Imperial Bank of <br> Commerce<br>| &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; (1000000) | &nbsp;&nbsp;&nbsp; – |
|  | Federal Reserve Bank of New <br> York<br>| &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; (2700000) | &nbsp;&nbsp;&nbsp; – |
|  | Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp; 24600000 | &nbsp;&nbsp;&nbsp; (24600000) | &nbsp;&nbsp;&nbsp; – |
|  | Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; (2750000) | &nbsp;&nbsp;&nbsp; – |
|  | JPMorgan Securities LLC | &nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp; (1275000) | &nbsp;&nbsp;&nbsp; – |
|  | RBC Dominion Securities | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; (5000000) | &nbsp;&nbsp;&nbsp; – |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; (3500000) | &nbsp;&nbsp;&nbsp; – |
|  | Total | &nbsp;&nbsp;&nbsp; $45875000 | &nbsp;&nbsp;&nbsp; $(45875000) | &nbsp;&nbsp;&nbsp; $– |
| U.S. Government | Bank of America N.A. | &nbsp;&nbsp;&nbsp; $225000 | &nbsp;&nbsp;&nbsp; $(225000) | &nbsp;&nbsp;&nbsp; $– |
|  | Bank of America Securities LLC | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; (250000) | &nbsp;&nbsp;&nbsp; – |
|  | Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; (750000) | &nbsp;&nbsp;&nbsp; – |
|  | Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; (400000) | &nbsp;&nbsp;&nbsp; – |
|  | Federal Reserve Bank of New <br> York<br>| &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; (1000000) | &nbsp;&nbsp;&nbsp; – |
|  | Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp; 9075000 | &nbsp;&nbsp;&nbsp; (9075000) | &nbsp;&nbsp;&nbsp; – |
|  | Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; (250000) | &nbsp;&nbsp;&nbsp; – |
|  | JPMorgan Securities LLC | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; (600000) | &nbsp;&nbsp;&nbsp; – |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; (900000) | &nbsp;&nbsp;&nbsp; – |
|  | Total | &nbsp;&nbsp;&nbsp; $13450000 | &nbsp;&nbsp;&nbsp; $(13450000) | &nbsp;&nbsp;&nbsp; $– |
| U.S. Government Select | Bank of America N.A. | &nbsp;&nbsp;&nbsp; $75000 | &nbsp;&nbsp;&nbsp; $(75000) | &nbsp;&nbsp;&nbsp; $– |
|  | Bank of America Securities LLC | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp; – |

---

MONEY MARKET PORTFOLIOS **28** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**MONEY MARKET PORTFOLIOS** <br>

**May 31, 2025 (UNAUDITED)** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF ASSETS<br> PRESENTED IN STATEMENTS OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; NET<br> AMOUNT<sup>\*</sup><br>|
|  | Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp; $(750000) | &nbsp;&nbsp;&nbsp; $– |
|  | Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 574000 | &nbsp;&nbsp;&nbsp; (574000) | &nbsp;&nbsp;&nbsp; – |
|  | Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp; 10400000 | &nbsp;&nbsp;&nbsp; (10400000) | &nbsp;&nbsp;&nbsp; – |
|  | JPMorgan Securities LLC | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; (1500000) | &nbsp;&nbsp;&nbsp; – |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; (1000000) | &nbsp;&nbsp;&nbsp; – |
|  | Total | &nbsp;&nbsp;&nbsp; $14449000 | &nbsp;&nbsp;&nbsp; $(14449000) | &nbsp;&nbsp;&nbsp; $– |

---

*\** *Collateral received is reflected up to the fair value of the repurchase agreement. Refer to the Schedules of Investments.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C) INVESTMENT TRANSACTIONS AND INCOME** Investment transactions are recorded as of the trade date. The Portfolios determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income, if any, is recognized on an accrual basis and includes amortization of premiums and accretion of discounts. Certain Portfolios may receive dividend income from investment companies. Dividend income, if any, is recognized on the ex-dividend date.

The Portfolios allocate all income and realized gains or losses on a daily basis to each class of shares based upon the relative proportion of the value of shares outstanding of each class, if applicable.

**D) EXPENSES** Each Portfolio is charged for those expenses that are directly attributable to the Portfolio. Expenses arising in connection with a class of shares are charged to that class of shares. Expenses incurred that do not specifically relate to an individual Portfolio generally are allocated among all the portfolios in the Trust in proportion to each portfolio's relative net assets. Expenses are recognized on an accrual basis.

**E) DISTRIBUTIONS TO SHAREHOLDERS** Distribution of dividends from net investment income are declared daily and paid monthly. Distributions of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP due to differences in the treatment and recognition of investment income and realized gains and losses. These differences are primarily related to the capital loss carryforwards. Inherent differences in the recognition of income and capital gains for federal income tax purposes, which are permanent, may result in periodic reclassifications in the Portfolios' capital accounts. These

reclassifications may relate to net operating losses and distribution reclassifications. These reclassifications have no impact on the net assets or the NAVs per share of the Portfolios.

At November 30, 2024, the following reclassifications were recorded:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | UNDISTRIBUTED<br> NET INVESTMENT<br> INCOME (LOSS)<br>| ACCUMULATED<br> UNDISTRIBUTED<br> NET REALIZED<br> GAINS (LOSSES)<br>|
| Treasury | $14 | $(14) |
| U.S. Government | 2 | (2) |
| U.S. Government Select | 2 | (2) |

---

**F) FEDERAL INCOME TAXES** No provision for federal income taxes has been made since each Portfolio's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute, each year, substantially all of its taxable income and tax-exempt income to its shareholders.

There were no unused capital loss carryforwards in the Portfolios as of November 30, 2024.

At November 30, 2024, the tax components of undistributed net investment income and realized gains, including amounts declared but not yet paid for federal income tax purposes, were as follows:

---

| | | |
|:---|:---|:---|
|  | UNDISTRIBUTED | UNDISTRIBUTED |
| *Amounts in thousands* | ORDINARY<br> INCOME (LOSS)\*<br>| LONG-TERM<br> CAPITAL GAINS (LOSSES)<br>|
| Treasury Instruments | $7625 | $— |
| Treasury | 322682 |  |
| U.S. Government | 83927 |  |
| U.S. Government Select | 122456 |  |

---

\* *Ordinary income includes taxable market discount income and* *short-term capital gains, if any.*

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **29** MONEY MARKET PORTFOLIOS

------

**MONEY MARKET PORTFOLIOS** <br>

**Notes to the financial statements continued** <br>

The tax character of distributions paid during the fiscal year ended November 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands*  | ORDINARY<br> INCOME (LOSS)\*<br>| LONG-TERM<br> CAPITAL GAINS (LOSSES)<br>|
| Treasury Instruments | $21668 | $— |
| Treasury | 4169507 |  |
| U.S. Government | 1025504 |  |
| U.S. Government Select | 1545374 | 2 |

---

\* *Ordinary income includes taxable market discount income and* *short-term capital gains, if any.*

The tax character of distributions paid during the fiscal year ended November 30, 2023, was as follows:

---

| | | |
|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands* | ORDINARY<br> INCOME (LOSS)\*<br>| LONG-TERM<br> CAPITAL GAINS (LOSSES)<br>|
| Treasury | $3250552 | $— |
| U.S. Government | 819776 |  |
| U.S. Government Select | 1277755 |  |

---

\* *Ordinary income includes taxable market discount income and* *short-term capital gains, if any.*

As of November 30, 2024, no Portfolio had uncertain tax positions that would require financial statement recognition or disclosure. The Portfolios' federal tax returns remain subject to examination by the Internal Revenue Service for three years after they are filed. Any interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Portfolios will be recorded as Interest expense and Other expenses, respectively, on the Statements of Operations.

**3. BANK BORROWINGS**

The Trust and Northern Funds, a registered investment company also advised by NTI, jointly entered into a $185,000,000 senior unsecured revolving credit facility on November 8, 2024, which is administered by Citibank, N.A., for liquidity and other purposes (the "Credit Facility"). The interest rate charged under the Credit Facility is equal to the sum of (i) the Federal Funds Rate plus (ii) if Adjusted Term Secured Overnight Financing Rate (SOFR) (but in no event less than 0 percent) on the date of borrowing exceeds such Federal Funds Rate, the amount by which it so exceeds, plus (iii) 1.00 percent per annum. In addition, there is an annual commitment fee of 0.15 percent on the average undrawn portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations, and on maturity or termination of the Credit Facility. The Credit Facility will expire on November 7, 2025, unless renewed.

The Portfolios did not have any borrowings or incur any interest expense for the six months ended May 31, 2025. There were no outstanding loan amounts at May 31, 2025.

**4. MANAGEMENT AND OTHER AGREEMENTS**

As compensation for advisory and administration services and the assumption of related expenses, NTI is entitled to a management fee, computed daily and payable monthly, at the annual rates set forth in the table below (expressed as a percentage of each Portfolio's average daily net assets).

NTI has contractually agreed to reimburse a portion of the operating expenses of each Portfolio or Class so that after such reimbursement the total annual fund operating expenses of the Portfolio or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Trustee of the Trust that is not an "interested person" (as defined in the 1940 Act); (iv) expenses of third party consultants engaged by the Board; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest. The total annual portfolio operating expenses after expense reimbursement for each Portfolio may be higher than the contractual limitation as a result of certain excepted expenses that are not reimbursed. The amount of the reimbursement is included in Less expenses contractually reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations. The contractual expense reimbursement receivables at May 31, 2025 were approximately $7,000, $219,000, $69,000 and $99,000 for the Treasury Instruments, Treasury, U.S. Government and U.S. Government Select Portfolios, respectively, and are shown as part of Receivable from investment adviser in the Statements of Assets and Liabilities. Any such reimbursement is paid monthly to the Portfolios by NTI.

At May 31, 2025, the annual management fees and contractual expense limitations for the Portfolios were based on the following annual rates as set forth in the table below.

---

| | | |
|:---|:---|:---|
|  | CONTRACTUAL | CONTRACTUAL |
|  | ANNUAL<br> MANAGEMENT FEES<br>| EXPENSE<br> LIMITATIONS<br>|
| Treasury Instruments | 0.16<br> %<br>| 0.18<br> %<br>|
| Treasury | 0.13<br> %<br>| 0.15<br> %<br>|
| U.S. Government | 0.23<br> %<br>| 0.25<br> %<br>|
| U.S. Government Select | 0.18<br> %<br>| 0.20<br> %<br>|

---

The contractual expense reimbursement arrangements described above may not be terminated before April 1, 2026 (June 11, 2026 for Treasury Instruments Portfolio) without the approval of the Board. The contractual expense reimbursement arrangements will

MONEY MARKET PORTFOLIOS **30** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

------

**MONEY MARKET PORTFOLIOS** <br>

**May 31, 2025 (UNAUDITED)** <br>

continue automatically for periods of one-year, except that with respect to Treasury Instruments Portfolio the arrangement will continue automatically for a period through April 1, 2027 and thereafter automatically for periods of one year (each such one-year period, a "Renewal Year"). The arrangements may be terminated, as to any succeeding Renewal Year, by NTI or a Portfolio upon 60 days' written notice prior to the end of the current Renewal Year. The Board may terminate the contractual arrangements at any time with respect to a Portfolio if it determines that it is in the best interest of the Portfolio and its shareholders.

Service providers to a Portfolio, including the Portfolio's adviser and/or its affiliates may, from time to time, voluntarily waive all or a portion of any fees to which they are entitled and/or reimburse certain expenses, including to avoid a negative yield. Any such additional expense reimbursement or fee waiver would be voluntary and could be implemented, increased or decreased, or discontinued at any time without notice. There is no guarantee that a Portfolio will be able to avoid a negative yield or maintain a specified minimum yield.

During the six months ended May 31, 2025, NTI voluntarily reimbursed expenses for the Treasury Instruments and U.S. Government Select Portfolios. Portfolio level expenses reimbursed by NTI were allocated among the share classes in proportion to the relative net assets of each class. The amounts reimbursed by NTI are shown as Less expenses voluntarily reimbursed by investment adviser in the Statements of Operations. The voluntary expense reimbursement receivables at May 31, 2025 were approximately $475,000 and $791,000 for the Treasury Instruments and U.S. Government Select Portfolios, respectively, and are included as part of Receivable from investment adviser in the Statements of Assets and Liabilities. Any such reimbursement is paid monthly to the Portfolios by NTI. There were no voluntary expense reimbursement receivables at May 31, 2025 for Treasury or U.S. Government Portfolios.

Amounts waived or reimbursed by NTI pursuant to voluntary or contractual agreements may not be recouped by NTI at any time in the future for prior fiscal years.

As compensation for services rendered as transfer agent, including the assumption by Northern Trust of the expenses related thereto, Northern Trust receives a fee, accrued daily and payable monthly, at an annual rate of 0.015 percent of the average daily net assets for all share classes of each Portfolio.

NTI has entered into a sub-administration agreement with Northern Trust, pursuant to which Northern Trust performs certain administrative services for the Portfolios. NTI pays Northern Trust for its sub-administration services out of NTI's management fees.

For compensation as custodian, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board.

On a daily basis a Portfolio can hold a cash surplus. Maintaining cash positions may also subject the Portfolios to additional risks, such as increased counterparty risk exposure to the custodian bank holding the assets held in cash.

Northern Funds Distributors, LLC, the distributor for the Portfolios, received no compensation from the Portfolios under its distribution agreement. However, it received compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

Under the Service Plan for Premier Shares, the Trust has entered into a servicing agreement with Northern Trust under which Northern Trust has agreed to provide certain shareholder account, administrative and other service functions to its customers who are shareholders of the Premier Shares of the Treasury Instruments and Treasury Portfolios. In exchange for these services, Northern Trust, as servicing agent, receives a fee, accrued daily and payable monthly, at an annual rate of 0.05 percent of the average daily net assets of the Premier Shares of the Treasury Instruments and Treasury Portfolios.

Certain officers of the Trust are also officers of Northern Trust and NTI. All officers serve without compensation from the Portfolios. The Trust provided a deferred compensation plan for its Trustees who are not officers of Northern Trust or NTI. Prior to August 22, 2013, under the deferred compensation plan, Trustees may have elected to defer all or a portion of their compensation. Effective August 22, 2013, the Trustees may no longer defer their compensation. Any amounts deferred and invested under the plan shall remain invested pursuant to the terms of the plan. Each Trustee's account shall be deemed to be invested in shares of the U.S. Government Portfolio of the Trust and/or the Global Tactical Asset Allocation Fund of Northern Funds and/or at the discretion of the Trust, another money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more short-term fixed income instruments selected by the Trust that are "eligible securities" as defined by that rule. The net investment income, gains and losses achieved by such deemed investment shall be credited to the Trustee's account as provided in the plan.

**5. RELATED PARTY TRANSACTIONS**

The Portfolios are permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specified conditions outlined in Rule 17a-7 Procedures adopted by the Board. The procedures have been designed to seek to ensure that any purchase or sale of securities by a Portfolio from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **31** MONEY MARKET PORTFOLIOS

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**MONEY MARKET PORTFOLIOS** <br>

**Notes to the financial statements continued** <br>

complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price as defined in the Rule 17a-7 Procedures. For the six months ended May 31, 2025, the Portfolios did not have any purchases and/or sales of securities from an affiliated entity.

Certain uninvested cash balances of the Portfolios may receive a return from Northern Trust based on a market return it receives less an administrative fee. These amounts, if any, are shown on the Portfolios' Statements of Operations as Income from affiliates.

**6. INVESTMENT TRANSACTIONS**

At May 31, 2025, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments and the cost basis of investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in*<br> *thousands*<br>| UNREALIZED<br> APPRECIATION<br>| UNREALIZED<br> DEPRECIATION<br>| NET<br> APPRECIATION<br> (DEPRECIATION)<br>| COST<br> BASIS OF<br> INVESTMENTS<br>|
| &nbsp;&nbsp; Treasury <br> Instruments<br>| $— | $— | $— | $4291378 |
| Treasury |  | (81) | (81) | 85155760 |
| U.S. Government |  | (34) | (34) | 24035097 |
| &nbsp;&nbsp; U.S. Government <br> Select<br>|  |  |  | 29221956 |

---

**7. CAPITAL SHARE TRANSACTIONS**

Transactions in Shares for the six months ended May 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands*\*<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| &nbsp;&nbsp; Treasury <br> Instruments<br>| $1183620 | $16499 | $(750580) | $449539 |
| Treasury | 55641071 | 178506 | (56811524) | (991947) |
| U.S. Government | 130703810 | 499 | (130103192) | 601117 |
| &nbsp;&nbsp; U.S. Government <br> Select<br>| 165988893 | 27660 | (166927251) | (910698) |

---

\* *The number of shares sold, reinvested and redeemed* *approximates the dollar amount of transactions.* 

Transactions in Shares for the fiscal year ended November 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands*\*<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| &nbsp;&nbsp; Treasury <br> Instruments\*\*<br>| $424000 | $1357 | $(2300) | $423057 |
| Treasury | 129889130 | 260252 | (125884744) | 4264638 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands*\*<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| U.S. Government | $259036453 | $918 | $(254199999) | $4837372 |
| &nbsp;&nbsp; U.S. Government <br> Select<br>| 313032096 | 77745 | (309316199) | 3793642 |

---

\* *The number of shares sold, reinvested and redeemed* *approximates the dollar amount of transactions.* 

\*\* Commenced class operations on October 7, 2024.

Transactions in Service Shares for the six months ended May 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands\**<br>| PROCEEDS FROM<br> SHARES SOLD<br>| REINVESTMENT<br> OF DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| &nbsp;&nbsp; U.S. Government <br> Select<br>| $100990 | $79 | $(134766) | $(33697) |

---

\* *The number of shares sold, reinvested and redeemed* *approximates the dollar amount of transactions.* 

Transactions in Service Shares for the fiscal year ended November 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands\**<br>| PROCEEDS FROM<br> SHARES SOLD<br>| REINVESTMENT<br> OF DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| &nbsp;&nbsp; U.S. Government <br> Select<br>| $320258 | $543 | $(333616) | $(12815) |

---

\* *The number of shares sold, reinvested and redeemed* *approximates the dollar amount of transactions.* 

Transactions in Premier Shares for the six months ended May 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands\**<br>| PROCEEDS FROM<br> SHARES SOLD<br>| REINVESTMENT<br> OF DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| &nbsp;&nbsp; Treasury <br> Instruments<br>| $6386978 | $— | $(4813731) | $1573247 |
| Treasury | 394764818 |  | (396729349) | (1964531) |

---

\* *The number of shares sold, reinvested and redeemed* *approximates the dollar amount of transactions.* 

Transactions in Premier Shares for the fiscal year ended November 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands\**<br>| PROCEEDS FROM<br> SHARES SOLD<br>| REINVESTMENT<br> OF DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| &nbsp;&nbsp; Treasury <br> Instruments\*\*<br>| $3951149 | $— | $(2242516) | $1708633 |
| Treasury | 728168912 |  | (717319168) | 10849744 |

---

MONEY MARKET PORTFOLIOS **32** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

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**MONEY MARKET PORTFOLIOS** <br>

**May 31, 2025 (UNAUDITED)** <br>

\* *The number of shares sold, reinvested and redeemed* *approximates the dollar amount of transactions.* 

\*\* Commenced class operations on June 11, 2024.

Transactions in Siebert Williams Shank Shares for the six months ended May 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands\**<br>| PROCEEDS FROM<br> SHARES SOLD<br>| REINVESTMENT<br> OF DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Treasury | $6590672 | $12461 | $(5562860) | $1040273 |
| &nbsp;&nbsp; U.S. Government <br> Select<br>| 7560673 | 27451 | (8618797) | (1030673) |

---

\* *The number of shares sold, reinvested and redeemed* *approximates the dollar amount of transactions.* 

Transactions in Siebert Williams Shank Shares for the fiscal year ended November 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in* <br> *thousands\**<br>| PROCEEDS FROM<br> SHARES SOLD<br>| REINVESTMENT<br> OF DIVIDENDS<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Treasury | $15976342 | $33158 | $(17046441) | $(1036941) |
| &nbsp;&nbsp; U.S. Government <br> Select<br>| 13951817 | 50375 | (14031660) | (29468) |

---

\* *The number of shares sold, reinvested and redeemed* *approximates the dollar amount of transactions.* 

**8. INDEMNIFICATIONS AND WARRANTIES**

In the ordinary course of their business, the Portfolios may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Portfolios. The maximum exposure to the Portfolios under these provisions is unknown, as this would involve future claims that have not yet occurred. However, the Portfolios have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote.

**9. OPERATING SEGMENTS**

During the reporting period, the Portfolios adopted FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280)- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Portfolio's financial position or the results of its operations. An operating segment is defined in ASU 2023-07 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. NTI acts as the CODM. Each Portfolio within the Trust represents a single operating

segment, as the CODM monitors the operating results of each Portfolio as a whole and each Portfolio's long-term strategic asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the respective Portfolio's portfolio managers as a team. The financial information in the form of a Portfolio's total returns, expense ratios, changes in net assets resulting from operations, and subscriptions and redemptions which are used by the CODM to assess the segment's performance and to make resource allocation decisions for each Portfolio (as a single segment), is consistent with that presented within each Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

**10. NEW ACCOUNTING PRONOUNCEMENTS**

On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. The ASU's disclosure requirements apply to all entities subject to ASC 740. As the FASB notes in ASC 740-10-50-11A, the "objective of these disclosure requirements is for an entity, particularly an entity operating in multiple jurisdictions, to disclose sufficient information to enable users of financial statements to understand the nature and magnitude of factors contributing to the difference between the effective tax rate and the statutory tax rate." Public business entities ("PBEs") must apply the ASU's guidance to annual periods beginning after December 15, 2024 (2025 for calendar-year-end PBEs). Entities other than PBEs have an additional year to adopt it. Management does not believe this update has a material impact on the Portfolios' financial statements and disclosures.

**11. SUBSEQUENT EVENTS**

Management has evaluated subsequent events for the Portfolios through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **33** MONEY MARKET PORTFOLIOS

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**MONEY MARKET PORTFOLIOS** <br>

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| | |
|:---|:---|
| **Form N-CSR - Items 8 - 11**  | **May 31, 2025 (Unaudited)**  |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in and disagreements with accountants on accounting and financial disclosure for the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The information is disclosed as part of the financial statements for each Portfolio as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

See next page for Statement Regarding Basis for Approval of Investment Advisory Contract.

MONEY MARKET PORTFOLIOS **34** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

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**MONEY MARKET PORTFOLIOS** <br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL OF**<br> **INVESTMENT ADVISORY CONTRACT**<br>| **May 31, 2025 (Unaudited)** |

---

**Board Considerations relating to the Approval of NIF Management Agreements**

*<u>Treasury Portfolio, Treasury Instruments Portfolio, U.S. Government</u> <u>Portfolio and U.S. Government Select Portfolio</u>*

At an in-person meeting held on May 19-20, 2025 (the "Annual Contract Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Northern Institutional Funds (the "Trust"), including all of the Trustees who are not "interested persons" ("Independent Trustees") as defined in the Investment Company Act of 1940 (the "1940 Act") voting separately, reviewed and approved the continuance of the investment management agreements (collectively, the "Management Agreement") between Northern Trust Investments, Inc. ("Northern") and the Trust, on behalf of the Treasury Portfolio, Treasury Instruments Portfolio, U.S. Government Portfolio, and U.S. Government Select Portfolio (each, a "Portfolio" and collectively, the "Portfolios") for an additional one-year period.

In advance of, and at the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Management Agreement, Northern and Northern's affiliates. This information included written materials and verbal presentations at an in-person Board meeting held on February 12-13, 2025 (the "February Meeting"), and an executive session of the Independent Trustees held via videoconference on April 15, 2025 (the "April Meeting"). At the Annual Contract Meeting, the Trustees considered these reports and presentations and discussed the information that had been provided. Throughout the process, the Trustees asked questions of and requested additional information from Northern. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law. They met in executive sessions at the Annual Contract Meeting, and each of the other Board meetings, with their independent legal counsel without employees of Northern or interested Trustee present.

In evaluating the Management Agreement, the Independent Trustees discussed with independent legal counsel Northern's reports, presentations and other information that had been provided to them at the February and April Meetings and at the Annual Contract Meeting, as well as their interactions with, and information provided by, Northern throughout the year and in past years at various meetings. The Trustees noted that the evaluation process with respect to Northern and the Management Agreement was an ongoing one throughout the year.

The Trustees reviewed and assessed, among other things, information relating to: (a) the nature, extent and quality of the services provided by Northern; (b) the Portfolios' investment performance over different time periods, including versus applicable benchmarks and in comparison to the investment performance of a universe of comparable peer funds

("Performance Universe") selected by an independent third-party provider of mutual fund data ("Data Provider"); (c) the contractual management fee rates (before fee waivers and expense reimbursements, if any), actual advisory fee rates (after fee waivers and expense reimbursements, if any), and total expense ratios (after fee waivers and expense reimbursements, if any) of the Portfolios, including in comparison to those borne by a group and universe of comparable peer funds ("Expense Group" and "Expense Universe," respectively) selected by the Data Provider; (d) the cost of the services and profits realized by Northern and its affiliates from their relationship with the Portfolios; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to Northern and its affiliates as a result of Northern's relationship with the Portfolios; and (g) other factors deemed relevant by the Trustees.

In addition, the Board reviewed, among other things, materials relating to: (i) compliance reports; (ii) information about Northern's and its affiliates' risk management processes, stress testing, credit research, business continuity and cyber-security programs; (iii) the qualifications of Northern and its affiliates to provide services to the Portfolios, including Northern's staffing for the Portfolios and information on the portfolio managers and other personnel as well as Northern's and its affiliates' financial resources and Northern's ability to attract and retain portfolio management talent; (iv) Northern's and its affiliates' investments in technology to benefit the Portfolios; and (vii) information about purchases and redemptions of each Portfolio's shares. The Trustees considered information provided during meetings throughout the year, including with respect to shareholder composition.

The Trustees were provided with information on the construction of the Performance Universes and Expense Groups for each Portfolio by the Data Provider. In considering the Management Agreement, the Trustees also considered conditions and trends prevailing generally in the economy, the securities markets, and the industry. In evaluating the Management Agreement for each of the Portfolios, the Trustees gave weight to various factors including those discussed below but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. The Trustees considered the information provided to them about the Portfolios together and with respect to each Portfolio separately as the Board deemed appropriate.

*Nature, Extent and Quality of Services*

The Trustees considered, as part of their review, the nature, extent and quality of the services provided by Northern to the Portfolios, including both the investment advisory services, and separately the administrative and other non-advisory services that are provided to the Portfolios by Northern and its affiliates. These services include acting as the Portfolios' administrator and sub-administrator, custodian and transfer agent and providing other services necessary for the operation of the Portfolios and the

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **35** MONEY MARKET PORTFOLIOS

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**MONEY MARKET PORTFOLIOS** <br>

&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL OF**<br> **INVESTMENT ADVISORY CONTRACT continued** <br>

Trust. The Trustees considered that the Management Agreement encompassed both the advisory and administrative functions being rendered by Northern and its affiliates.

The Trustees considered, in evaluating whether to approve the Management Agreement, that subject to the supervision of the Board of Trustees, Northern is responsible for the management of the investment operations of each Portfolio and the composition of each Portfolio's assets, including the day-to-day portfolio management of each Portfolio. The Trustees discussed that, under the Management Agreement, Northern was responsible for, among other things: (i) furnishing a continuous investment program for each Portfolio; (ii) determining what investments or securities will be purchased, retained or sold by each Portfolio, what portion of each Portfolio's assets will be invested or held uninvested as cash; (iii) trading the assets of each Portfolio with broker-dealers selected by Northern, including using Northern's best judgment to obtain the best overall terms available in executing portfolio transactions; (iv) reviewing and preparing Portfolio regulatory documents; and (v) monitoring for anticipated purchases and redemptions of Portfolio shares.

The Trustees considered the strength of Northern's and its affiliates' risk management processes, including with respect to Northern's regular reporting on stress testing of the Portfolios. The Trustees also considered Northern's and its affiliates' significant commitments to address regulatory compliance requirements applicable to the Portfolios. They considered information regarding the effectiveness and resources of the compliance team, including maintaining and monitoring Northern's and the Portfolios' compliance programs. The Trustees also noted that on a regular basis they received and reviewed information from the Trust's Chief Compliance Officer regarding the Portfolios' compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act, including related to compliance with Rule 2a-7. They considered the quality of Northern's compliance oversight program with respect to the Portfolios' service providers, as well as Northern's responses to any compliance or operational matters raised during the year.

The Trustees considered ongoing expenditures made by Northern and its affiliates to continue improving the quality and scope of their services to the Portfolios, and the quality of Northern's communications with, and services to, shareholders of the Portfolios. The Trustees reviewed the administrative services provided to the Portfolios by Northern and its affiliates, including its oversight of the Portfolios' day-to-day custodial, transfer agency and fund accounting operations.

The Trustees took into account that each Portfolio is a "government money market fund" regulated under Rule 2a-7 that seeks to maintain a stable net asset value. The Trustees noted that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, had expanded over time as a result of regulatory, market and other developments and considered Northern's initiatives on behalf of

the Portfolios to address those developments. In this regard, the Trustees also noted Northern's initiatives undertaken in the past few years with respect to the Portfolios and their shareholders, including to address additional regulatory and reporting requirements.

The Trustees considered the qualifications, background and responsibilities of Northern's senior management and investment personnel. They noted Northern's recruitment and retention plans for attracting high quality investment professionals, as well as its portfolio management compensation structure, and the consistency of its investment approach with respect to the Portfolios. The Trustees also considered the financial position and stability of Northern Trust, the corporate parent of Northern and its affiliates.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by Northern and its affiliates to the Portfolios and their shareholders.

*Performance*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Trustees considered the investment performance of each Portfolio, including whether it had operated within its respective investment objective. The Trustees focused on information on the Portfolios' investment performance for one-, three-, and five-year periods ended January 31, 2025 and compared the investment performance of each Portfolio to its respective Performance Universe. The Portfolios were ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees also reviewed the Portfolios' performance relative to their performance benchmarks and more recent Portfolio performance.

The Trustees noted the following regarding each Portfolio's Shares class performance relative to its Performance Universe:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *<u>Treasury Portfolio</u>* – Performance of the Treasury Portfolio with respect to its Performance Universe was in the first quintile for the one-year period, and second quintile for the three- and five-year periods ended January 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *<u>U.S. Government Portfolio</u>* – Performance of the U.S. Government Portfolio in comparison to its Performance Universe was in the third quintile for the one-, three, and five-year periods ended January 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● <u>U.S. Government Select Portfolio</u>* – Performance of the U.S. Government Select Portfolio in comparison to its Performance Universe was in the second quintile for the one- and five-year periods, and third quintile for the three-year period ended January 31, 2025.

MONEY MARKET PORTFOLIOS **36** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

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**MONEY MARKET PORTFOLIOS** <br>

**May 31, 2025 (Unaudited)** <br>

The Board noted that the Treasury Instruments Portfolio had only recently commenced operations and therefore had less than one year of performance as of January 31, 2025.

The Trustees considered Northern's discussion of the Portfolios' performance and noted that Northern's quarterly performance reviews had assisted them in evaluating performance. The Trustees further noted prior enhancements implemented by Northern with respect to monitoring performance and various portfolio metrics relative to peers.

The Trustees concluded that, based on the information received, each Portfolio's performance was generally satisfactory.

*Fee Rates, Costs of Services and Profitability*

The Trustees evaluated each Portfolio's contractual management fee rates (before fee waivers and expense reimbursements, if any) and actual advisory fee rates (after fee waivers and expense reimbursements, if any); each Portfolio's total operating expense ratios (after fee waivers and expense reimbursements, if any); and Northern's contractual commitments to limit total annual fund operating expenses with respect to each Portfolio. They also noted that Northern had voluntarily waived fees and/or reimbursed expenses for U.S. Government Select Portfolio and Treasury Instruments Portfolio to retain and grow assets in the Portfolios.

The Trustees reviewed information on the management fee rates paid by each Portfolio under the Management Agreement and each Portfolio's total operating expense ratios compared to each Portfolio's respective Expense Group and Expense Universe. Total operating expenses (after fee waivers and expense reimbursements, if any), for comparative consistency, are shown by the Data Provider for each Portfolio's Shares class. The Trustees noted that the contractual management fee rates used by the Data Provider represent a combination of the advisory fee and any administrative fees. The Trustees further noted that the Portfolios' actual advisory fee rates represent a combination of advisory fees and administrative fees, but some of the actual advisory fee rates used by the Data Provider for funds in the Expense Group present administrative fees separately from, and not included within, the actual advisory fee rates for those funds. As a result, the Portfolios' actual advisory fee rates may appear higher than the actual advisory fee rates of funds that do not include administrative fees. The Board considered that comparative fee and expense data is based upon information taken from the most recent annual financial report available to the Data Provider for the funds that comprise each Portfolio's Expense Group, and further considered how such reports reflect historical asset levels and that expenses and waivers for the funds in each Portfolio's Expense Group may be different from those currently existing. While recognizing such inherent limitations, and the fact that expense ratios and management rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by the Data Provider to be an appropriate measure of comparative fees and expenses.

The Trustees noted the following regarding each Portfolio's Shares Class contractual management fee rates (before fee waivers and reimbursements, if any), actual advisory fee rates (after fee waivers and reimbursements, if any), and total operating expense ratios (after fee waivers and reimbursements if any) relative to each Portfolio's respective Expense Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● <u>Treasury Portfolio</u>* – The Treasury Portfolio's contractual management fee was in the first quintile; actual advisory fee was in the fourth quintile; and total expense ratio was in the second quintile of its Expense Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● <u>Treasury Instruments Portfolio</u>* – The Treasury Instruments Portfolio's contractual management fee was in the second quintile; and actual advisory fee and total expense ratio was in the first quintile of its Expense Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● <u>U.S. Government Portfolio</u>* – The U.S. Government Portfolio's contractual management fee, actual advisory fee, and total expense ratio was in the fifth quintile of its Expense Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● <u>U.S. Government Select Portfolio</u>* – The U.S. Government Select Portfolio's contractual management fee was in the third quintile; actual advisory fee was in the fifth quintile; and total expense ratio was in the fourth quintile of its Expense Group.

The Trustees took into account Northern's discussion of the Portfolios' expenses and that Northern had agreed to reimburse expenses and/or waive fees for each of the Portfolios to maintain a specified level of total net operating expenses. The Trustees noted that the total expense ratios for U.S. Government Portfolio and U.S. Government Select Portfolio were in the fifth and fourth quintiles of their Expense Groups, respectively, and discussed with Northern reasons for such relative total expenses, noting Northern's explanation that there is significant fee compression in each Portfolio's respective Expense Group. The Trustees also requested and considered additional information from Northern regarding relative total expenses for such Portfolios, noting that the U.S. Government Portfolio's total expense ratio as compared to its larger Expense Universe was in the third quintile and the U.S. Select Government Portfolio's total expense ratio as compared to its larger Expense Universe was in the second quartile. The Trustees also considered the management fees charged by Northern to other similarly managed funds and client accounts, including Northern's explanations of differences among such funds and accounts where relevant. Following these comparisons and upon further consideration and discussion of the foregoing, the Trustees concluded that the compensation payable by each Portfolio under the Management Agreement was fair and reasonable in light of the services provided.

NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **37** MONEY MARKET PORTFOLIOS

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**MONEY MARKET PORTFOLIOS** <br>

&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL OF**<br> **INVESTMENT ADVISORY CONTRACT continued** <br>

In addition, the Trustees considered the amount of assets in each Portfolio; the information provided by Northern relating to the costs of the services provided by it and its affiliates; and the profits realized by Northern and its affiliates through their relationship on a Portfolio-by-Portfolio basis and on an overall Trust basis, both before and after marketing and distribution expenses and certain non-distribution costs. The Trustees considered Northern's assumptions and methodology for allocating costs to each Portfolio, recognizing that cost allocation methodologies are inherently subjective and not audited, and the overall methodology has remained consistent with that used in the Portfolios' profitability report presentations from prior years.

The Trustees discussed profitability information provided by Northern, including as compared to information provided by the Data Provider with respect to other publicly traded advisers. They considered that comparisons of advisory agreement profitability across fund families are difficult and may be impacted by numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees considered Northern's expense reimbursements during the year. They considered the nature of the Portfolios and the high quality of the services provided by Northern and its affiliates, and that Northern and its affiliates appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Portfolios. Based upon its consideration of all these factors, the Trustees concluded that Northern's profitability was not excessive in view of the nature, extent and quality of services provided to each Portfolio.

*Economies of Scale*

The Trustees considered the extent to which economies of scale would be realized as the Portfolios grow and whether fee levels reflected these economies of scale for the benefit of shareholders. The Trustees noted that the management fee of each Portfolio did not have breakpoints. They took into account management's discussion of the Portfolios' management fee structure and considered Northern's view that the Portfolios were sharing in economies of scale through the level at which the Portfolios' management fees are set and through Northern's contractual expense reimbursement agreement to limit total fund operating expenses for each Portfolio, and therefore breakpoints were not necessary at this time.

Based on the foregoing, the Trustees determined that each Portfolio's current management fee structure was reasonable.

*Fall Out and Other Benefits to Northern*

The Trustees reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Portfolios. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions, for which the Board reviewed the nature, extent and quality of the services provided at its February Meeting, as well as shareholder servicing fees from

the Premier Shares of the Treasury Portfolio and Treasury Instruments Portfolio. The Trustees considered that many of the Portfolios' shareholders had other client relationships with Northern's affiliates. In addition, the Trustees considered that the scale of the Portfolios provided opportunities to Northern to obtain securities trading advantages for its other advisory clients and that Northern and its affiliates benefit from their ability to leverage resources over a larger asset base.

*Conclusion*

After deliberation and based on the Trustees' review, including consideration of each of the factors referenced above, the Board, including the Independent Trustees, determined that the compensation payable under the Management Agreement on behalf of each Portfolio is fair and reasonable in light of the services provided by Northern and such other matters as the Board considered relevant in the exercise of reasonable business judgment. After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the continuance of the Management Agreement on behalf of each Portfolio.&nbsp;&nbsp;&nbsp;&nbsp;

MONEY MARKET PORTFOLIOS **38** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

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NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **39** MONEY MARKET PORTFOLIOS

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**MONEY MARKET PORTFOLIOS** <br>

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MONEY MARKET PORTFOLIOS **40** NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT

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NORTHERN INSTITUTIONAL FUNDS SEMIANNUAL REPORT **41** MONEY MARKET PORTFOLIOS

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50 SOUTH LASALLE STREET

P.O. BOX 75986

CHICAGO, ILLINOIS 60675-5986

800-637-1380

NORTHERNTRUST.COM/INSTITUTIONAL

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|:---|:---|
| ![](imga818bb7a4.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](imgdf36da515.gif)<br>|

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©2025 Northern Institutional Funds

NIF SAR COMBO (7/25)

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(b) Included as part of the Financial Statements under Item 7(a) of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that would require disclosure herein.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

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#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications of the Registrant pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) There has been no change to the registrant's independent public accountant during the reporting period.

(b) [Certifications of the Registrant pursuant to Rule 30a-2(b) under the 1940 Act are filed herewith.](Exhibit_b.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Northern Institutional Funds

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| | |
|:---|:---|
| By:  | /s/ Kevin P. O'Rourke  |
|  | Kevin P. O'Rourke, President  |
|  | (Principal Executive Officer)  |

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Date: August 1, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By:  | /s/ Kevin P. O'Rourke  |
|  | Kevin P. O'Rourke, President  |
|  | (Principal Executive Officer)  |

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Date: August 1, 2025

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| | |
|:---|:---|
| By:  | /s/ Randal E. Rein  |
|  | Randal E. Rein, Treasurer  |
|  | (Principal Financial and Accounting Officer)  |

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Date: August 1, 2025

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## Ex-99.Cert

#### Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, Kevin P. O'Rourke, certify that:

1. I have reviewed this report on Form N-CSR of Northern Institutional Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  Date: August 1, 2025  | /s/ Kevin P. O'Rourke  |
|  | Kevin P. O'Rourke, President  |
|  | (Principal Executive Officer)  |

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#### EX-99.CERT

#### Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, Randal E. Rein, certify that:

1. I have reviewed this report on Form N-CSR of Northern Institutional Funds;

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2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 1, 2025  | /s/ Randal E. Rein  |
|  | Randal E. Rein, Treasurer  |
|  | (Principal Financial and Accounting Officer)  |

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## Exhibit 99.906

#### EX- 99.906CERT

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, Kevin P. O'Rourke, President/Chief Executive Officer of Northern Institutional Funds (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2025 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: August 1, 2025  | /s/ Kevin P. O'Rourke  |
|  | Kevin P. O'Rourke, President  |
|  | (Chief Executive Officer)  |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

![Image is missing](g202507281422089890.jpg) ![Image is missing](g202507281422089890.jpg)

#### EX- 99.906CERT

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, Randal E. Rein, Treasurer/Chief Financial and Accounting Officer of Northern Institutional Funds (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2025 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: August 1, 2025  | /s/ Randal E. Rein  |
|  | Randal E. Rein, Treasurer  |
|  | (Chief Financial and Accounting Officer)  |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

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