# EDGAR Filing Document

**Accession Number:** 0000710124
**File Stem:** 0001193125-23-087620
**Filing Date:** 2023-3
**Character Count:** 23705
**Document Hash:** 9eb065d6af2c75dc73658547fc6592c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-087620.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001193125-23-087620

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**EFFECTIVENESS DATE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN INSTITUTIONAL FUNDS
- **CENTRAL INDEX KEY:** 0000710124
- **IRS NUMBER:** 363209613
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-80543
- **FILM NUMBER:** 23786085

**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

### NORTHERN INSTITUTIONAL TREASURY PORTFOLIO (Series ID: S000023949)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000070153 | SERVICE SHARES |  |
| C000070154 | PREMIER SHARES | NTPXX           |

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|:---|:---|
| **NORTHERN INSTITUTIONAL FUNDS Treasury Portfolio** | ![LOGO](g420694g33d88.jpg) |

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|:---|:---|
| **Summary Prospectus** \| **April 1, 2023** | **Ticker:** Service Shares, Premier Shares—NTPXX |

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&nbsp;&nbsp;&nbsp;Before you invest, you may want to review the Portfolio's complete Prospectus, which contains more information about the Portfolio and its risks. You can find the Portfolio's complete Prospectus, reports to shareholders, and other information about the Portfolio online at northerntrust.com/nif-prospectus. You can also get this information at no cost by calling 800-637-1380 or by sending an e-mail request to northern-funds@ntrs.com. If you purchase shares of the Portfolio through a financial intermediary (such as a bank or a broker-dealer), the complete Prospectus and other information are also available from your financial intermediary. The Portfolio's complete Prospectus and Statement of Additional Information, both dated April 1, 2023, as supplemented, are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.

**INVESTMENT OBJECTIVE** 

The Portfolio seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing its net assets, under normal market conditions, exclusively in U.S. Treasury securities and related repurchase agreements and other securities that limit their investments to, or are backed by, U.S. Treasury securities.

**FEES AND EXPENSES OF THE PORTFOLIO** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell Service Shares and Premier Shares of the Portfolio. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Service Shares, which are not reflected in the tables or the examples below.

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| | | |
|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) |
| **Annual Portfolio Operating Expenses** (expenses that you pay each year<br>as a percentage of the value of your investment) | **Annual Portfolio Operating Expenses** (expenses that you pay each year<br>as a percentage of the value of your investment) | **Annual Portfolio Operating Expenses** (expenses that you pay each year<br>as a percentage of the value of your investment) |
|  | **Service<br>Shares** | **Premier<br>Shares** |
|  Management Fees | 0.13% | 0.13% |
|  Other Expenses | 0.02%<sup>(1)</sup> | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 0.02% | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Fees |  | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | 0.00% | 0.00% |
|  **Total Annual Portfolio Operating Expenses** | 0.15% | 0.20% |
|  Expense Reimbursement<sup>(2)</sup> | 0.00% | 0.00% |
|  **Total Annual Portfolio Operating Expenses After Expense Reimbursement** | 0.15% | 0.20%<sup>(3)</sup> |

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*<sup>(1)</sup>* *"Other Expenses" are based on estimated amounts for the current fiscal year.* 

*<sup>(2)</sup>* *Northern Trust Investments, Inc. ("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 (excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Independent Trustee of the Trust; (iv) expenses of third party consultants engaged by the Board of Trustees; (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) do not exceed 0.15%. The "Total Annual Portfolio Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of certain Portfolio expenses, including but not limited to service fees, that are not reimbursed. This contractual limitation may not be terminated before April 1, 2024 without the approval of the Board of Trustees.* 

*<sup>(3)</sup>* *The Total Annual Portfolio Operating Expenses After Expense Reimbursement will not correlate to the Portfolio's ratio of average net assets to expenses, net of waivers, reimbursements and credits, included in the Portfolio's Financial Highlights in the Portfolio's complete Prospectus, which reflect voluntary expense reimbursements made by NTI to the Portfolio. Such voluntary reimbursements may be discontinued at any time.* 

**EXAMPLE** 

The following Example is intended to help you compare the cost of investing in Service Shares and Premier Shares of the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **Service Shares** | $15 | $48 | $85 | $192 |
|  **Premier Shares** | $20 | $64 | $113 | $255 |

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**PRINCIPAL INVESTMENT STRATEGIES** 

The Portfolio seeks to achieve its objective by investing, under normal circumstances, its total assets exclusively in:

∎ Cash;

∎ Short-term bills, notes, including floating rate notes, and other obligations issued or guaranteed by the U.S.
Treasury ("Treasury Obligations"); and

∎ Repurchase agreements collateralized fully by cash or Treasury Obligations.

The Portfolio, under normal circumstances, will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in Treasury Obligations and repurchase agreements collateralized solely by Treasury Obligations.

The Portfolio operates as a "government money market fund" under Rule 2a-7 of the Investment Company Act of 1940, as amended. As a "government money market fund" under Rule 2a-7, the Portfolio (1) is permitted to use the amortized cost method of valuation to seek to maintain a stable net asset

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|:---|:---|:---|
| NIF SUM PSTR (4/23) | SUMMARY PROSPECTUS<sub>1</sub> | TREASURY PORTFOLIO |

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value ("NAV") of $1.00 share price, and (2) is not required to impose a liquidity fee and/or a redemption gate on Portfolio redemptions that might apply to other types of money market funds should certain triggering events specified in Rule 2a-7 occur. The Portfolio may invest in shares of other government money market funds.

The Securities and Exchange Commission ("SEC") imposes strict requirements on the investment quality, maturity, diversification and liquidity of the Portfolio's investments. Accordingly, the Portfolio invests in U.S. dollar-denominated securities with a remaining maturity of no more than 397 days (with certain exceptions permitted by applicable regulations). The Portfolio maintains a dollar-weighted average portfolio maturity of no more than 60 calendar days, and a dollar-weighted average portfolio maturity as determined without exceptions regarding certain interest rate adjustments under Rule 2a-7 of no more than 120 calendar days. The Portfolio may invest in variable and floating rate instruments. The Portfolio's investment adviser may consider, among other things, credit, interest rate and prepayment risks as well as general market conditions when deciding whether to buy or sell investments for the Portfolio.

**PRINCIPAL RISKS** 

As with any investment, you could lose all or part of your investment in the Portfolio, and the Portfolio's performance could trail that of other investments. The Portfolio is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Portfolio's NAV, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Portfolio, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.

**STABLE NAV RISK** is the risk that the Portfolio will not be able to maintain a NAV per share of $1.00 at all times. A significant enough market disruption or drop in market prices of securities held by the Portfolio, especially at a time when the Portfolio needs to sell securities to meet shareholder redemption requests, could cause the value of the Portfolio's shares to decrease to a price less than $1.00 per share. If the Portfolio fails to maintain a stable NAV (or if there is a perceived threat of such a failure) the Portfolio could be subject to increased redemption activity, which could adversely affect its NAV.

**INTEREST RATE RISK** is the risk that during periods of rising interest rates, the Portfolio's yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Portfolio's yield (and the market value of its securities) will tend to be higher. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Portfolio. During periods when inflation rates are high or rising, or during periods of low interest rates, the Portfolio may be subject to a greater risk of rising interest rates. Changing interest rates may have unpredictable effects on the markets and the Portfolio's investment, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Portfolio, and may detract from Portfolio performance. A low or negative interest rate environment could cause the Portfolio's earnings to fall below the Portfolio's expense ratio, resulting in a low or negative yield and may impair the Portfolio's ability to maintain a stable NAV per share.

**CREDIT (OR DEFAULT) RISK** is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations will adversely affect the value of the Portfolio's investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Portfolio could deteriorate rapidly, which may impair the Portfolio's liquidity or cause a deterioration in the market value of the Portfolio's securities. The Portfolio could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty.

**DEBT EXTENSION RISK** is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Portfolio later than expected. This will cause the value of the security to decrease and the Portfolio may lose opportunities to invest in higher yielding securities.

**VARIABLE OR FLOATING RATE INSTRUMENTS RISK** is the risk that securities with variable or floating rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value and negatively impact the Portfolio, particularly if changes in prevailing interest rates are more frequent or sudden than the rate changes for the variable or floating rate securities, which only occur periodically. Although variable and floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to greater liquidity risk, which could impede their value.

**INCOME RISK** is the risk that the Portfolio's ability to distribute income to shareholders depends on the yield available from the Portfolio's investments. Falling interest rates will cause the Portfolio's income to decline. Income risk is generally higher for short-term debt securities.

**REPURCHASE AGREEMENTS RISK** is the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Portfolio to lose money.

**INVESTMENT COMPANY RISK** is the risk that the Portfolio will be subject to the risks associated with investments in registered investment companies ("Underlying Funds"), such as the possibility that the value of the securities or instruments held by the Underlying Funds could decrease. Investments in Underlying Funds may involve duplication of management fees and certain other expenses, as the Portfolio indirectly bears its proportionate share of any expenses paid by the Underlying Funds in which it invests.

**MARKET RISK** is the risk that the value of the Portfolio's investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Portfolio may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism,

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| TREASURY PORTFOLIO<sub>2</sub> | SUMMARY PROSPECTUS |

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the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets.

**MANAGEMENT RISK** is the risk that a strategy used by the Portfolio's investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results.

**LARGE SHAREHOLDER RISK** is the risk that the Portfolio may experience adverse effects when certain large shareholders, including funds or accounts over which the Portfolio's investment adviser or an affiliate of the investment adviser has investment discretion, purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions, which may occur rapidly and unexpectedly, may cause the Portfolio to sell its securities at times it would not otherwise do so, which may negatively impact its liquidity and/or NAV. Such sales may also accelerate the realization of taxable income to shareholders if these sales result in gains, and may also increase transaction costs. In addition, large redemptions could lead to an increase in the Portfolio's expense ratio due to expenses being allocated over a smaller asset base. Large purchases of the Portfolio's shares may also adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

**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, the Portfolio cannot guarantee it will do so. An investment in the Portfolio is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.** 

**The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.** 

**PORTFOLIO PERFORMANCE** 

The bar chart and table that follow provide an indication of the risks of investing in the Portfolio by showing the performance of the Portfolio from year to year. As of December 31, 2022 there were no Service Shares outstanding for the Portfolio. Service Shares would have similar annual returns when compared with Premier Shares because each class is invested in the same portfolio of securities. The annual return of Premier Shares would differ from those of Service Shares only to the extent that the classes do not have the same expenses.

The Portfolio's past performance is not necessarily an indication of how the Portfolio will perform in the future.

Updated performance information for the Portfolio is available and may be obtained on the Portfolio's website at https://www.northerntrust.com/united-states/what-we-do/investment-management/northern-funds/funds-and-performance-institutional or by calling 800-637-1380.

**CALENDAR YEAR TOTAL RETURNS (PREMIER SHARES)\***![LOGO](g420694g01h05.jpg)

*\* For the periods shown in the bar chart above:* 

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|:---|:---|:---|
| &nbsp;&nbsp; highest quarterly return | 0.77% | fourth quarter of 2022 |
| &nbsp;&nbsp; lowest quarterly return | 0.0% | fourth quarter of 2020 |

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**AVERAGE ANNUAL TOTAL RETURNS** 

*(For the periods ended December 31, 2022)* 

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|:---|:---|:---|:---|:---|
|  | **Inception<br>Date** | **1 Year** | **5 Years** | **Since<br>Inception** |
|  **Premier Shares** | 08/01/2016 | 1.34% | 1.09% | 0.98% |

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*The 7-day yield for Premier Shares of the Portfolio as of December 31, 2022: 3.75%. For the current 7-day yield call 800-637-1380 or visit www.northerntrust.com/united-states/what-we-do/investment-management/northern-funds/funds-and-performance-institutional.* 

**MANAGEMENT** 

**INVESTMENT ADVISER.** NTI, an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser of the Portfolio. The Northern Trust Company, an affiliate of NTI, serves as transfer agent, custodian and sub-administrator to the Portfolio.

Under the Service Plan for Premier Shares, Northern Institutional Funds (the "Trust") has entered into a servicing agreement with The Northern Trust Company ("TNTC") under which TNTC has agreed to provide certain shareholder account, administrative and other service functions to its customers who are shareholders of the Premier Shares. In exchange for these services, TNTC, as servicing agent, receives an annual fee of 0.05% of the average daily net assets of the Premier Shares of the Portfolio.

**PURCHASE AND SALE OF PORTFOLIO SHARES** 

There is no minimum initial or subsequent investment required for purchases of Service Shares through an authorized intermediary. Premier Shares of the Portfolio are currently offered only through Northern Trust custody sweep. There is no minimum initial or subsequent investment required for

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| SUMMARY PROSPECTUS<sub>3</sub> | TREASURY PORTFOLIO |

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purchases of Premier Shares. Service Shares of the Portfolio are not currently offered for sale or available for purchase.

If you purchase, sell (redeem) or exchange Service Shares through an authorized intermediary, you may be required to pay a commission and/or other forms of compensation to the intermediary. In addition, an authorized intermediary may impose different investment minimums than those set forth above. The Portfolio is not responsible for any investment minimums imposed by authorized intermediaries or for notifying shareholders of any changes to them.

On any business day, you may sell (redeem) or exchange Service Shares of the Portfolio through your institutional account by contacting your authorized intermediary. If you purchase Service Shares of the Portfolio directly from the Trust, you may sell (redeem) or exchange your shares in one of the following ways:

∎ By Mail – Send a written request to: Northern Institutional Funds, P.O. Box 75986, Chicago, Illinois
60675-5986.

∎ By Telephone – Call the Northern Institutional Funds Center at 800-637-1380 for instructions.

∎ By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire
transfer to a previously designated bank account (the minimum redemption amount by this method is $10,000).

On any business day, you may sell (redeem) or exchange Premier Shares of the Portfolio through your custody sweep account by contacting your Northern Trust account representative.

**TAX INFORMATION** 

The Portfolio's distributions are generally taxable to you as ordinary income, unless you are investing through a tax-exempt or tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Distributions may be taxable upon withdrawal from tax-advantaged accounts.

**PAYMENTS TO BROKERS DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| TREASURY PORTFOLIO<sub>4</sub> | SUMMARY PROSPECTUS |

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