# EDGAR Filing Document

**Accession Number:** 0001050269
**File Stem:** 0001050269-23-000001
**Filing Date:** 2023-1
**Character Count:** 9262
**Document Hash:** c506b4bc775ca22fec10e1ffc3caa1a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001050269-23-000001.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0001050269-23-000001

**CONFORMED SUBMISSION TYPE**: 40-17F2

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230110

**DATE AS OF CHANGE**: 20230110

**EFFECTIVENESS DATE**: 20230110

**SUBJECT COMPANY**: 

**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:** 40-17F2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03605
- **FILM NUMBER:** 23521036

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELOITTE & TOUCHE LLP
- **CENTRAL INDEX KEY:** 0001050269
- **IRS NUMBER:** 133891517
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 40-17F2

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** 3033124079

**MAIL ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

```

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
                                             -----------------------------
FORM N-17f-2                                        OMB Approval
                                             -----------------------------
Certificate of Accounting of Securities and  OMB Number:         3235-0360
Similar Investments in the Custody           Expires:         Feb 29, 2024
of Management Investment Companies           Estimate average burden hours
                                               per response . . . . . 2.00

Pursuant to Rule 17f-2 [17 CFR 270.17f-2]    -----------------------------

-----------------------------------------------------------------------------
1. Investment Company Act File Number:        Date examination completed:

811-03605	                                  August 31, 2022

-----------------------------------------------------------------------------
2. State Identification Number: IL

AL             AK             AZ             AR             CA           CO
CT             DE             DC             FL             GA           HI
ID             IL             IN             IA             KS           KY
LA             ME             MD             MA             MI           MN
MS             MO             MT             NE             NV           NH
NJ             NM             NY             NC             ND           OH
OK             OR             PA             RI             SC           SD
TN             TX             UT             VT             VA           WA
WV             WI             WY             PUERTO RICO
Other (specify):

-----------------------------------------------------------------------------

3. Exact name of investment company as specified in registration statement:

Northern Institutional Funds
-----------------------------------------------------------------------------
4. Address of principal executive office (number,street,city,state,zip code):

50 South LaSalle, Chicago, IL 60603

-----------------------------------------------------------------------------

INDEPENDENT ACCOUNTANTS' REPORT

To the Board of Trustees of Northern Institutional Funds

We have examined management's assertion, included in the accompanying
Management's Statement Regarding Northern Institutional Funds' Compliance
with Rule 17f-2 Under the Investment Company Act of 1940, that the Northern
Institutional Funds (collectively, the "Company"), comprised of the funds
listed in Appendix A, complied with the requirements of subsections (b) and
(c) of Rule 17f-2 of the Investment Company Act of 1940 (the "specified
requirements") as of August 31, 2022, with respect to securities reflected in
the investment account of the Company. The Company's management is
responsible for its assertion. Our responsibility is to express an opinion on
management's assertion about the Company's compliance with the specified
requirements based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants. Those
standards require that we plan and perform the examination to obtain
reasonable assurance about whether management's assertion about compliance
with the specified requirements is fairly stated, in all material respects.
An examination involves performing procedures to obtain evidence about
management's assertion. The nature, timing, and extent of the procedures
selected depend on our judgment, including an assessment of the risks of
material misstatement of management's assertion, whether due to fraud or
error. We believe that the evidence we obtained is sufficient and appropriate
to provide a reasonable basis for our opinion.

Included among our procedures were the following tests performed as of August
31, 2022, and with respect to agreement of security purchases and sales, for
the period from April 30, 2022 (the date of our last examination) through
August 31, 2022, which is a date we selected without prior notice to
management:

*	Confirmation of all securities held by institutions in book entry
form on behalf of Northern Trust from the Federal Reserve Bank of
Kansas City and The Depository Trust Company.

*	Confirmation of all securities hypothecated, pledged, placed in
escrow, or out for transfer with brokers, pledgees, and/or
transfer agents.

*	Reconciliation of all such securities to the books and records of
the Company and Northern Trust.

*	Confirmation of 73 out of 81 repurchase agreements with
brokers/banks and agreement of underlying collateral with Northern
Trust records. For confirmations not received, agreed to the cash
records provided by Northern Trust.

*	Agreement of 4 security purchases and 4 security sales or
maturities since our last report from the books and records of the
Company to the subsequent settlement in cash records provided by
Northern Trust.

Our examination does not provide a legal determination on the Company's
compliance with specified requirements.

In our opinion, management's assertion that each of the Northern
Institutional Funds (listed in the attached Appendix A) complied with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of August 31, 2022, with respect to securities
reflected in the investment account of the Company is fairly stated, in all
material respects.

This report is intended solely for the information and use of management and
the Board of Trustees of Northern Institutional Funds and the U.S. Securities
and Exchange Commission and is not intended to be, and should not be, used by
anyone other than the specified parties.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

January 10, 2023

APPENDIX A
Northern Institutional Funds:

Liquid Assets Portfolio
Treasury Portfolio
U.S. Government Portfolio
U.S. Government Select Portfolio

Management's Statement Regarding Northern Institutional Funds' Compliance
with Rule 17f-2 Under the Investment Company Act of 1940

We, as members of management of Northern Institutional Funds (collectively,
the "Company"), comprised of the funds listed in the attached Appendix A,
are responsible for complying with the requirements of subsections (b) and
(c) of Rule 17f-2, "Custody of Investments by Registered Management
Investment Companies," of the Investment Company Act of 1940. We are also
responsible for establishing and maintaining effective internal
controls over compliance with those requirements. We have performed an
evaluation of the Company's compliance with the requirements of subsections
(b) and (c) of Rule 17f-2 as of August 31, 2022, and from April 30, 2022
(the date of your last examination) through August 31, 2022.

Based on this evaluation, we assert that the Company was in compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 as of August 31, 2022, with respect to
securities reflected in the investment accounts of the Company.

Northern Institutional Funds

By:
/s/ Peter Ewing
Peter Ewing
President, Northern Institutional Funds

/s/ Randal Rein
Randal Rein
Treasurer, Northern Institutional Funds

January 10, 2023

APPENDIX A
Northern Institutional Funds:

Liquid Assets Portfolio
Treasury Portfolio
U.S. Government Portfolio
U.S. Government Select Portfolio

```