# EDGAR Filing Document

**Accession Number:** 0000710124
**File Stem:** 0001145549-23-005944
**Filing Date:** 2023-2
**Character Count:** 61978
**Document Hash:** e500e78385b5c0361a0a82c950d410fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-005944.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001145549-23-005944

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**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:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03605
- **FILM NUMBER:** 23605724

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

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000003421 | SHARES                        | BGSXX           |
| C000003422 | SERVICE SHARES                | BSCXX           |
| C000003423 | PREMIER SHARES                | BSDXX           |
| C000146024 | Siebert Williams Shank Shares | WCGXX           |

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

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000003449 | SHARES         | BNGXX           |
| C000003450 | SERVICE SHARES | BGCXX           |
| C000003451 | PREMIER SHARES | BGDXX           |

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

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

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

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000070152 | SHARES                        | NITXX           |
| C000070153 | SERVICE SHARES                |  |
| C000070154 | PREMIER SHARES                | NTPXX           |
| C000232976 | Siebert Williams Shank Shares | SWSXX           |

## Internal

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM <br>To the Shareholders and the Board of Trustees of Northern Institutional Funds<br>In planning and performing our audits of the financial statements of Northern Institutional Funds (the "Trust"), including the Liquid Assets Portfolio, Treasury Portfolio, U.S. Government Portfolio, and U.S. Government Select Portfolio, as of and for the year ended November 30, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Trust's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.<br>The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company's assets that could have a material effect on the financial statements.<br>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.<br>A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.<br>Our consideration of the Trust's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Trust's internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of November 30, 2022. <br>This report is intended solely for the information and use of management and the Board of Trustees of the Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.<br>/s/ DELOITTE & TOUCHE LLP<br>Chicago, Illinois<br>January 24, 2023**

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000710124

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000001289

**Series ID Record:2**
- **Series ID:** S000001286

**Series ID Record:3**
- **Series ID:** S000001275

**Series ID Record:4**
- **Series ID:** S000023949

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-11-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** NORTHERN INSTITUTIONAL FUNDS

- **Item B.1.b - Investment Company Act file number:** 811-03605

- **Item B.1.c - CIK:** 0000710124

- **Item B.1.d - LEI:** 549300Y178DO5JBR1S04

- **Item B.2.a - Street 1:** 50 South LaSalle Street

- **Item B.2.b - City:** Chicago

- **Item B.2.c - State:** IL

- **Item B.2.e - Zip Code:** 60603-1008

- **Item B.2.f - Telephone:** 800-637-1380

- **Item B.2.g - Public Website:** www.northerntrust.com/institutional

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** The Northern Trust Company

- **b. Street 1:** 50 South LaSalle Street

- **c. City:** Chicago

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 60603-1008

- **g. Telephone number:** 800-637-1380

- **h. Briefly describe the books and records kept at this location:** The Agreement and Declaration of Trust, By-laws and minutes books of the Registrant and all other accounts, books and other documents required to be maintained under Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder are in the physical possession of The Northern Trust Company and NTI, each located at 50 South LaSalle Street, Chicago, Illinois 60603.

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Northern Funds Distributors, LLC

- **b. Street 1:** Three Canal Plaza, Suite 100

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101-6423

- **g. Telephone number:** 866-251-6920

- **h. Briefly describe the books and records kept at this location:** Records for Northern Funds Distributors, LLC., the distributor, are located at Three Canal Plaza, Suite 100, Portland, ME 04101

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Northern Trust

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 4

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                     | Is Interested Person?   | Other Investment Company File Numbers                            |
|:---|:---|:---|
| Therese M. Bobek         | No                      | 811-08236                                                        |
| Ingrid LaMae A. de Jongh | No                      | 811-08236                                                        |
| Mark G. Doll             | No                      | 811-08236                                                        |
| Thomas A. Kloet          | No                      | 811-08236                                                        |
| David R. Martin          | No                      | 811-08236                                                        |
| Cynthia R. Plouche       | No                      | 811-08236, 811-08274, 811-23703, 811-08690, 811-02224, 811-21714 |
| Mary Jacobs Skinner      | No                      | 811-08236                                                        |
| Darek Wojnar             | No                      | 811-08236, 811-22555                                             |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Adam Shoffner

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** Three Canal Plaza

- **   Street Address 2:** Suite 100

- **d. City:** PORTLAND

- **e. State, if applicable:** ME

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 04101

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Northern Funds Distributors, LLC

- **ii. SEC file number:** 8-51242

- **iii. CRD number:** 000045943

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Deloitte & Touche LLP

- **b. PCAOB Number:** 00034

- **c. LEI, if any:** 549300FJV7IV1ZHGAV28

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Northern Institutional Liquid Assets Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Northern Institutional Liquid Assets Portfolio

- **b. Series identification number, if any:** S000001289

- **c. LEI:** 549300AT0IKDSFK3QL49

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 0

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | NORTHERN INSTITUTIONAL LIQUID ASSETS PORTFOLIO | C000003457                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [x] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Northern Trust Investments, Inc.

- **ii. SEC file number:** 801-33358

- **iii. CRD number:** 000105780

- **iv. LEI, if any:** BEL4B8X7EHJU845Y2N39

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. SEC file number:** 85-05127

- **iii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iv. State, if applicable:** IL

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 13-3668779

- **Description of other identifying number:** Federal Identification Number

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Markit North America, Inc

- **ii. LEI, if any, or provide and describe other identifying number:** 13-4153988

- **Description of other identifying number:** Federal Identification Number

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** PricingDirect, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Northern Trust Investments, Inc.

- **ii. LEI, if any, or other identifying number:** BEL4B8X7EHJU845Y2N39

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** NORTHERN TRUST SECURITIES, INC.

- **b. SEC file number:** 8-23689

- **c. CRD number:** 000007927

- **d. LEI, if any:** 3CHSO99JSPHD9HGNYJ46

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| BARCLAYS BANK PLC                     | N/A               | N/A          | G5GSEF7VJP5I7OUK5573 |  |  | $49,327,000,000.00        |
| Bank of America, National Association | N/A               | N/A          | B4TYDEB6GKMZO031MB27 | NC      | US        | $48,832,000,000.00        |
| J.P. MORGAN SECURITIES LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | DE      | US        | $47,037,000,000.00        |
| Cowen and Company                     | 8-22522           | 000007616    | 549300WR155U7DVMIW58 | DE      | US        | $32,282,000,000.00        |
| CITIGROUP GLOBAL MARKETS INC.         | 8-8177            | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $26,926,130,000.00        |
| GOLDMAN SACHS & CO. LLC               | 8-00129           | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $20,100,000,000.00        |
| CANADIAN IMPERIAL BANK OF COMMERCE    | N/A               | N/A          | 2IGI19DL77OX0HC3ZE78 |  |  | $340,000,000.00           |
| JEFFERIES LLC                         | 8-15074           | 000002347    | 58PU97L1C0WSRCWADL48 | DE      | US        | $122,000,930.40           |
| PERSHING LLC                          | 8-17574           | 000007560    | ZI8Q1A8EI8LQFJNM0D94 | DE      | US        | $80,000,000.00            |
| Nomura Securities International, Inc. | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $74,617,770.39            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $225,305,415,832.67

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.b - Money market fund's daily average net assets:** $1,412,216,661.51

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 2 Name of institution:** Barclays Bank PLC

  - **Line Institutions Record: 3 Name of institution:** Wells Fargo Bank, N.A.

  - **Line Institutions Record: 4 Name of institution:** Bank of America, N.A.

  - **Line Institutions Record: 5 Name of institution:** Credit Suisse AG, (New York Branch)

  - **Line Institutions Record: 6 Name of institution:** HSBC Bank USA, National Association 

  - **Line Institutions Record: 7 Name of institution:** PNC Bank, National Association 

  - **Line Institutions Record: 8 Name of institution:** BNP Paribas

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                              | SEC File number   |
|:---|:---|
| NORTHERN INSTITUTIONAL FUNDS (All Series) | 811-03605         |
| NORTHERN FUNDS (All Series)               | 811-08236         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 2 - Northern Institutional U.S. Government Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Northern Institutional U.S. Government Portfolio

- **b. Series identification number, if any:** S000001286

- **c. LEI:** 549300QKLSZBCCM6P514

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | SHARES                  | C000003449                                | BNGXX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [x] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Northern Trust Investments, Inc.

- **ii. SEC file number:** 801-33358

- **iii. CRD number:** 000105780

- **iv. LEI, if any:** BEL4B8X7EHJU845Y2N39

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. SEC file number:** 85-05127

- **iii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iv. State, if applicable:** IL

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 13-3668779

- **Description of other identifying number:** Federal Identification Number

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Markit North America, Inc

- **ii. LEI, if any, or provide and describe other identifying number:** 13-4153988

- **Description of other identifying number:** Federal Identification Number

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** PricingDirect, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Northern Trust Investments, Inc.

- **ii. LEI, if any, or other identifying number:** BEL4B8X7EHJU845Y2N39

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** NORTHERN TRUST SECURITIES, INC.

- **b. SEC file number:** 8-23689

- **c. CRD number:** 000007927

- **d. LEI, if any:** 3CHSO99JSPHD9HGNYJ46

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Federal Reserve Bank of New York      | N/A               | N/A          | 254900Y8NKGV541U8Q32 | NY      | US        | $2,121,180,000,000.00     |
| Bank of America, National Association | N/A               | N/A          | B4TYDEB6GKMZO031MB27 | NC      | US        | $179,051,000,000.00       |
| BARCLAYS BANK PLC                     | N/A               | N/A          | G5GSEF7VJP5I7OUK5573 |  |  | $149,546,000,000.00       |
| J.P. MORGAN SECURITIES LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | DE      | US        | $105,828,000,000.00       |
| THE BANK OF NOVA SCOTIA               | N/A               | N/A          | L3I9ZG2KFGXZ61BMYR72 |  |  | $86,000,000,000.00        |
| CITIGROUP GLOBAL MARKETS INC.         | 8-08177           | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $74,558,994,000.00        |
| BNY MELLON CAPITAL MARKETS, LLC       | 8-35255           | 000017454    | VJW2DOOHGDT6PR0ZRO63 | DE      | US        | $23,200,000,000.00        |
| Royal Bank of Canada                  | N/A               | N/A          | ES7IP3U3RHIGC71XBU11 |  |  | $9,350,000,000.00         |
| BARCLAYS CAPITAL INC.                 | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | CT      | US        | $1,610,571,851.00         |
| DAIWA CAPITAL MARKETS AMERICA INC.    | 8-12242           | 000001576    | M67H5PRC0NQKM73ZAS82 | NY      | US        | $1,361,857,444.00         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,757,032,108,291.51

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.b - Money market fund's daily average net assets:** $21,027,491,495.92

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 2 Name of institution:** Barclays Bank PLC

  - **Line Institutions Record: 3 Name of institution:** Wells Fargo Bank, N.A.

  - **Line Institutions Record: 4 Name of institution:** Bank of America, N.A.

  - **Line Institutions Record: 5 Name of institution:** Credit Suisse AG, (New York Branch)

  - **Line Institutions Record: 6 Name of institution:** HSBC Bank USA, National Association 

  - **Line Institutions Record: 7 Name of institution:** PNC Bank, National Association 

  - **Line Institutions Record: 8 Name of institution:** BNP Paribas

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                              | SEC File number   |
|:---|:---|
| NORTHERN INSTITUTIONAL FUNDS (All Series) | 811-03605         |
| NORTHERN FUNDS (All Series)               | 811-08236         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 3 - Northern Institutional U.S. Government Select Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Northern Institutional U.S. Government Select Portfolio

- **b. Series identification number, if any:** S000001275

- **c. LEI:** 549300AJO32M060C4S84

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | SERVICE SHARES                | C000003422                                | BSCXX                        |
|                           2 | SHARES                        | C000003421                                | BGSXX                        |
|                           3 | Siebert Williams Shank Shares | C000146024                                | WCGXX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [x] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Northern Trust Investments, Inc.

- **ii. SEC file number:** 801-33358

- **iii. CRD number:** 000105780

- **iv. LEI, if any:** BEL4B8X7EHJU845Y2N39

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. SEC file number:** 85-05127

- **iii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iv. State, if applicable:** IL

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 13-3668779

- **Description of other identifying number:** Federal Identification Number

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Markit North America, Inc

- **ii. LEI, if any, or provide and describe other identifying number:** 13-4153988

- **Description of other identifying number:** Federal Identification Number

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** PricingDirect, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Northern Trust Investments, Inc.

- **ii. LEI, if any, or other identifying number:** BEL4B8X7EHJU845Y2N39

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** NORTHERN TRUST SECURITIES, INC.

- **b. SEC file number:** 8-23689

- **c. CRD number:** 000007927

- **d. LEI, if any:** 3CHSO99JSPHD9HGNYJ46

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                               | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Federal Reserve Bank of New York                   | N/A               | N/A          | 254900Y8NKGV541U8Q32 | NY      | US        | $3,729,595,000,000.00     |
| CITIGROUP GLOBAL MARKETS INC.                      | 8-08177           | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $77,974,936,650.00        |
| J.P. MORGAN SECURITIES LLC                         | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | DE      | US        | $72,171,840,500.00        |
| BNY MELLON CAPITAL MARKETS, LLC                    | 8-35255           | 000017454    | VJW2DOOHGDT6PR0ZRO63 | DE      | US        | $54,030,000,000.00        |
| Bank of America, National Association              | N/A               | N/A          | B4TYDEB6GKMZO031MB27 | NC      | US        | $51,249,363,000.00        |
| CREDIT AGRICOLE SECURITIES (USA) INC.              | 8-13753           | 000000190    | 549300WO2DKF0Q3YMV43 | NY      | US        | $48,750,000,000.00        |
| Royal Bank of Canada                               | N/A               | N/A          | ES7IP3U3RHIGC71XBU11 |  |  | $19,400,000,000.00        |
| THE BANK OF NOVA SCOTIA                            | N/A               | N/A          | L3I9ZG2KFGXZ61BMYR72 |  |  | $19,200,000,000.00        |
| BARCLAYS BANK PLC                                  | N/A               | N/A          | G5GSEF7VJP5I7OUK5573 |  |  | $13,004,782,679.00        |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | 8-7221            | 000007691    | 8NAV47T0Y26Q87Y0QP81 | DE      | US        | $5,791,969,042.00         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $4,110,175,228,120.95

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.b - Money market fund's daily average net assets:** $41,473,846,761.13

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 2 Name of institution:** Barclays Bank PLC

  - **Line Institutions Record: 3 Name of institution:** Wells Fargo Bank, N.A.

  - **Line Institutions Record: 4 Name of institution:** Bank of America, N.A.

  - **Line Institutions Record: 5 Name of institution:** Credit Suisse AG, (New York Branch)

  - **Line Institutions Record: 6 Name of institution:** HSBC Bank USA, National Association 

  - **Line Institutions Record: 7 Name of institution:** PNC Bank, National Association 

  - **Line Institutions Record: 8 Name of institution:** BNP Paribas

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                              | SEC File number   |
|:---|:---|
| NORTHERN INSTITUTIONAL FUNDS (All Series) | 811-03605         |
| NORTHERN FUNDS (All Series)               | 811-08236         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 4 - Northern Institutional Treasury Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Northern Institutional Treasury Portfolio

- **b. Series identification number, if any:** S000023949

- **c. LEI:** 54930050VO21IXKJ3O67

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 1

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PREMIER SHARES                | C000070154                                | NTPXX                        |
|                           2 | SHARES                        | C000070152                                | NITXX                        |
|                           3 | Siebert Williams Shank Shares | C000232976                                | SWSXX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [x] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Northern Trust Investments, Inc.

- **ii. SEC file number:** 801-33358

- **iii. CRD number:** 000105780

- **iv. LEI, if any:** BEL4B8X7EHJU845Y2N39

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. SEC file number:** 85-05127

- **iii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iv. State, if applicable:** IL

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 13-3668779

- **Description of other identifying number:** Federal Identification Number

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Markit North America, Inc

- **ii. LEI, if any, or provide and describe other identifying number:** 13-4153988

- **Description of other identifying number:** Federal Identification Number

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** PricingDirect, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** The Northern Trust Company

- **ii. LEI, if any:** 6PTKHDJ8HDUF78PFWH30

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Northern Trust Investments, Inc.

- **ii. LEI, if any, or other identifying number:** BEL4B8X7EHJU845Y2N39

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** NORTHERN TRUST SECURITIES, INC.

- **b. SEC file number:** 8-23689

- **c. CRD number:** 000007927

- **d. LEI, if any:** 3CHSO99JSPHD9HGNYJ46

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                  | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Federal Reserve Bank of New York      | N/A               | N/A          | 254900Y8NKGV541U8Q32 | NY      | US        | $10,441,672,000,000.00    |
| RBC DOMINION SECURITIES INC.          | N/A               | N/A          | 549300QJJX6CVVUXLE15 |  |  | $300,700,000,000.00       |
| THE BANK OF NEW YORK MELLON           | 8-35255           | 000017454    | VJW2DOOHGDT6PR0ZRO63 | DE      | US        | $144,022,000,000.00       |
| CITIGROUP GLOBAL MARKETS INC.         | 8-08177           | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $143,361,883,665.97       |
| BARCLAYS BANK PLC WHOLESALE           | N/A               | N/A          | G5GSEF7VJP5I7OUK5573 |  |  | $130,046,306,029.01       |
| J.P. MORGAN SECURITIES LLC            | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | DE      | US        | $110,749,000,000.00       |
| Bank of America, National Association | N/A               | N/A          | B4TYDEB6GKMZO031MB27 | NC      | US        | $99,525,000,000.00        |
| NATWEST MARKETS SECURITIES INC.       | 8-37135           | 000011707    | ZE2ZWJ5BTIQJ8M0C6K34 | CT      | US        | $72,075,000,000.00        |
| BANK OF NOVA SCOTIA                   | N/A               | N/A          | L3I9ZG2KFGXZ61BMYR72 |  |  | $70,100,000,000.00        |
| Cowen and Company                     | 8-22522           | 000007616    | 549300WR155U7DVMIW58 | DE      | US        | $45,402,000,000.00        |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $11,599,353,266,798.60

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.b - Money market fund's daily average net assets:** $81,078,994,986.88

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 2 Name of institution:** Barclays Bank PLC

  - **Line Institutions Record: 3 Name of institution:** Wells Fargo Bank, N.A.

  - **Line Institutions Record: 4 Name of institution:** Bank of America, N.A.

  - **Line Institutions Record: 5 Name of institution:** Credit Suisse AG, (New York Branch)

  - **Line Institutions Record: 6 Name of institution:** HSBC Bank USA, National Association 

  - **Line Institutions Record: 7 Name of institution:** PNC Bank, National Association 

  - **Line Institutions Record: 8 Name of institution:** BNP Paribas

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                              | SEC File number   |
|:---|:---|
| NORTHERN INSTITUTIONAL FUNDS (All Series) | 811-03605         |
| NORTHERN FUNDS (All Series)               | 811-08236         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** NORTHERN INSTITUTIONAL FUNDS

**Date:** 2023-02-08

**Signature:** Randal E. Rein 

**Title:** Treasurer and Principal Financial Officer