# EDGAR Filing Document

**Accession Number:** 0000710124
**File Stem:** 0001050269-25-000014
**Filing Date:** 2025-10
**Character Count:** 9515
**Document Hash:** 67d3e82220b6788479625e428e76e4ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001050269-25-000014.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001050269-25-000014

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

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251028

**SUBJECT COMPANY**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 40-17F2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03605
- **FILM NUMBER:** 251424180

**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

**ORGANIZATION NAME:**
- **EIN:** 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:         Dec 31, 2026
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	                                  May 31, 2025

-----------------------------------------------------------------------------
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 ACCOUNTANT'S REPORT

To the Board of Trustees of Northern Institutional Funds

We have examined management of Northern Institutional Funds' assertion,
included in the accompanying Management's Assertion Regarding Northern
Institutional Funds' Compliance with Rule 17f-2 Under the Investment Company
Act of 1940, that 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 under the Investment Company Act of
1940 (the "specified requirements") as of May 31, 2025. 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 whether
management's assertion is fairly stated, in all material respects. 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.

We are required to be independent and to meet our other ethical
responsibilities in accordance with relevant ethical requirements relating to
the engagement.

Included among our procedures were the following tests performed as of May 31,
2025, and with respect to agreement of security purchases and sales, for the
period from November 30, 2024 (the date of our last examination) through May
31, 2025, which is a date we selected without prior notice to management:

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

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

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

4. Confirmation of 20 out of 47 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.

5. Agreement of 5 security purchases and 5 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 May 31, 2025, with respect to securities reflected in the investment
accounts 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

October 28, 2025

Appendix A:

Northern Institutional Funds:

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

Management's Assertion 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 May 31,
2025, and from November 30, 2024 (the date of your last examination) through
May 31, 2025.

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 May 31, 2025, with respect to securities reflected in the
investment accounts of the Company.

Northern Institutional Funds

By:
/s/ Kevin O'Rourke
Kevin O'Rourke
President, Northern Institutional Funds

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

October 28, 2025

Appendix A:

Northern Institutional Funds:

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

```