<PAGE>
--------------------------------
/ OMB APPROVAL /
--------------------------------
/ OMB Number: 3235-0360 /
/ Expires: June 30, 1997 /
/ Estimated average burden /
/ hours per response... 0.05 /
-------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
- -------------------------------------------------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-3605 November 30, 1998
- -------------------------------------------------------------------------------
2. State Identification Number:
------------------------------------------------------------------------
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:
The Northern Institutional Funds (formerly The Benchmark Funds)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
4. Address of principal executive office (number, street, city, state,
zip code):
4900 Sears Tower, Chicago, Illinois 60606
- -------------------------------------------------------------------------------
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance
with Rule 17f-2 under the Act and applicable state law, examines
securities and similar investments in the custody of the investment
company.
Accountant
3. Submit this Form to the Securities and Exchange Commission and
appropriate state securities administrators when filing the certificate
of accounting required by Rule 17f-2 under the Act and applicable state
law. File the original and one copy with the Securities and Exchange
Commission's principal office in Washington, D.C., one copy with the
regional office for the region in which the investment company's
principal business operations are conducted, and one copy with the
appropriate state administrator(s), if applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (9-95)
<PAGE>
The Northern Trust Company
Chicago
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of The Northern Institutional Funds (the "Funds"),
are responsible for complying with the requirements of subsection (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 controls over compliance with those
requirements. We have performed an evaluation of the Funds' compliance with the
requirements of subsection (b) and (c) of Rule 17f-2 as of November 31, 1998.
The Portfolios comprising The Northern Institutional Funds are as follows:
Equity Portfolios Fixed Income Portfolios
----------------- -----------------------
Balanced Portfolio Bond Portfolio
Diversified Growth Portfolio Intermediate Bond Portfolio
Equity Index Portfolio International Bond Portfolio
Focused Growth Portfolio Short-Intermediate Bond Portfolio
International Equity Index Portfolio U.S. Government Securities Portfolio
International Growth Portfolio U.S. Treasury Index Portfolio
Small Company Index Portfolio
Money Market Portfolios
-----------------------
Diversified Assets Portfolio
Government Portfolio
Government Select Portfolio
Tax-Exempt Portfolio
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsection (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of November 31, 1998, with respect to securities and similar
investments reflected in the investment account of the Funds.
The Northern Trust Company
By: /s/ Stuart Schuldt
------------------------------
Stuart Schuldt, Vice President
By: /s/ Brian Ovaert
------------------------------
Brian Ovaert, Senior Vice President
<PAGE>
Report of Independent Accountants
on Applying Agreed-Upon Procedures
----------------------------------
To the Board of Trustees
The Northern Institutional Funds
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, that The Northern Institutional Funds' (the "Funds") were in
compliance with the requirements of subsection (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 ("the Act") as of November 30, 1998. Management
is responsible for the Funds' compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Funds' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of November 30, 1998, and with respect to agreement of security and
similar investments purchases and sales, for the period from May 31, 1998 (the
date of our last examination) through November 30, 1998:
. Count and inspection of all securities and similar investments located in the
vault of The Northern Trust Company in Chicago, New York and London;
. Confirmation, or alternate procedures, of all domestic securities and similar
investments held by institutions in book entry form at the Depository Trust
Company, the Federal Reserve Bank of Chicago, the Bank of New York, and the
Participants' Trust Company;
. Confirmation, or alternate procedures, of all foreign securities and similar
investments held by various foreign sub-custodians;
. Confirmation, or alternate procedures, of all securities and similar
investments out for transfer with brokers;
. Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Funds and The Northern Trust
Company;
<PAGE>
Board of Trustees
The Northern Institutional Funds Page 2
. Confirmation of all repurchase agreements with brokers/banks and agreement of
underlying collateral with The Northern Trust Company's records; and
. Agreement of three investment purchases and three investment sales or
maturities since our last examination from the books and records of the Funds
to broker confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
specified requirements.
In our opinion, management's assertion that The Northern Institutional Funds
were in compliance with the requirements of subsection (b) and (c) of Rule 17f-2
of the Investment Company Act of 1940 as of November 30, 1998 with respect to
securities and similar investments reflected in the investment accounts of the
Funds are fairly stated, in all material respects.
This report is intended solely for the information and use of management of The
Northern Institutional Funds and the Securities and Exchange Commission and
should not be used for any other purpose.
/s/ ERNST & YOUNG LLP
Chicago, Illinois
January 15, 1999
<PAGE>
--------------------------------
/ OMB APPROVAL /
--------------------------------
/ OMB Number: 3235-0360 /
/ Expires: June 30, 1997 /
/ Estimated average burden /
/ hours per response... 0.05 /
-------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
- -------------------------------------------------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-3605 May 31, 1998
- -------------------------------------------------------------------------------
2. State Identification Number:
------------------------------------------------------------------------
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:
The Northern Institutional Funds (formerly The Benchmark Funds)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
4. Address of principal executive office (number, street, city, state,
zip code):
4900 Sears Tower, Chicago, Illinois 60606
- -------------------------------------------------------------------------------
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance
with Rule 17f-2 under the Act and applicable state law, examines
securities and similar investments in the custody of the investment
company.
Accountant
3. Submit this Form to the Securities and Exchange Commission and
appropriate state securities administrators when filing the certificate
of accounting required by Rule 17f-2 under the Act and applicable state
law. File the original and one copy with the Securities and Exchange
Commission's principal office in Washington, D.C., one copy with the
regional office for the region in which the investment company's
principal business operations are conducted, and one copy with the
appropriate state administrator(s), if applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (9-95)
<PAGE>
The Northern Trust Company
Chicago
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of The Northern Institutional Funds (the "Funds"),
are responsible for complying with the requirements of subsection (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 controls over compliance with those
requirements. We have performed an evaluation of the Funds' compliance with the
requirements of subsection (b) and (c) of Rule 17f-2 as of May 31, 1998. The
Portfolios comprising The Northern Institutional Funds are as follows:
Equity Portfolios Fixed Income Portfolios
----------------- -----------------------
Balanced Portfolio Bond Portfolio
Diversified Growth Portfolio Intermediate Bond Portfolio
Equity Index Portfolio International Bond Portfolio
Focused Growth Portfolio Short-Intermediate Bond Portfolio
International Equity Index Portfolio U.S. Government Securities Portfolio
International Growth Portfolio U.S. Treasury Index Portfolio
Small Company Index Portfolio
Money Market Portfolios
-----------------------
Diversified Assets Portfolio
Government Portfolio
Government Select Portfolio
Tax-Exempt Portfolio
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsection (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of May 31, 1998, with respect to securities and similar
investments reflected in the investment account of the Funds.
The Northern Trust Company
By: /s/ Stuart Schuldt
------------------------------
Stuart Schuldt, Vice President
By: /s/ Brian Ovaert
------------------------------
Brian Ovaert, Senior Vice President
<PAGE>
Report of Independent Accountants
on Applying Agreed-Upon Procedures
----------------------------------
To the Board of Trustees
The Northern Institutional Funds
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, that The Northern Institutional Funds' (the "Funds") were in
compliance with the requirements of subsection (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 ("the Act") as of May 31, 1998. Management is
responsible for the Funds' compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Funds' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of May 31, 1998, and with respect to agreement of security and
similar investments purchases and sales, for the period from March 31, 1998
(the date of our last examination) through May 31, 1998:
. Count and inspection of all securities and similar investments located in the
vault of The Northern Trust Company in Chicago, New York and London;
. Confirmation, or alternate procedures, of all domestic securities and similar
investments held by institutions in book entry form at the Depository Trust
Company, the Federal Reserve Bank of Chicago, the Bank of New York, and the
Participants' Trust Company;
. Confirmation, or alternate procedures, of all foreign securities and similar
investments held by various foreign sub-custodians;
. Confirmation, or alternate procedures, of all securities and similar
investments out for transfer with brokers;
. Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Funds and The Northern Trust
Company;
<PAGE>
Board of Trustees
The Northern Institutional Funds Page 2
. Confirmation of all repurchase agreements with brokers/banks and agreement of
underlying collateral with The Northern Trust Company's records; and
. Agreement of three investment purchases and three investment sales or
maturities since our last examination from the books and records of the Funds
to broker confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
specified requirements.
In our opinion, management's assertion that The Northern Institutional Funds
were in compliance with the requirements of subsection (b) and (c) of Rule 17f-2
of the Investment Company Act of 1940 as of March 31, 1998 with respect to
securities and similar investments reflected in the investment accounts of the
Funds are fairly stated, in all material respects.
This report is intended solely for the information and use of management of The
Northern Institutional Funds and the Securities and Exchange Commission and
should not be used for any other purpose.
/s/ ERNST & YOUNG LLP
Chicago, Illinois
January 15, 1999
<PAGE>
--------------------------------
/ OMB APPROVAL /
--------------------------------
/ OMB Number: 3235-0360 /
/ Expires: June 30, 1997 /
/ Estimated average burden /
/ hours per response... 0.05 /
-------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
- -------------------------------------------------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-3605 March 31, 1998
- -------------------------------------------------------------------------------
2. State Identification Number:
------------------------------------------------------------------------
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:
The Northern Institutional Funds (formerly The Benchmark Funds)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
4. Address of principal executive office (number, street, city, state,
zip code):
4900 Sears Tower, Chicago, Illinois 60606
- -------------------------------------------------------------------------------
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance
with Rule 17f-2 under the Act and applicable state law, examines
securities and similar investments in the custody of the investment
company.
Accountant
3. Submit this Form to the Securities and Exchange Commission and
appropriate state securities administrators when filing the certificate
of accounting required by Rule 17f-2 under the Act and applicable state
law. File the original and one copy with the Securities and Exchange
Commission's principal office in Washington, D.C., one copy with the
regional office for the region in which the investment company's
principal business operations are conducted, and one copy with the
appropriate state administrator(s), if applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (9-95)
<PAGE>
The Northern Trust Company
Chicago
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of The Northern Institutional Funds (the "Funds"),
are responsible for complying with the requirements of subsection (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 controls over compliance with those
requirements. We have performed an evaluation of the Funds' compliance with the
requirements of subsection (b) and (c) of Rule 17f-2 as of March 31, 1998. The
Portfolios comprising The Northern Institutional Funds are as follows:
Equity Portfolios Fixed Income Portfolios
----------------- -----------------------
Balanced Portfolio Bond Portfolio
Diversified Growth Portfolio Intermediate Bond Portfolio
Equity Index Portfolio International Bond Portfolio
Focused Growth Portfolio Short-Intermediate Bond Portfolio
International Equity Index Portfolio U.S. Government Securities Portfolio
International Growth Portfolio U.S. Treasury Index Portfolio
Small Company Index Portfolio
Money Market Portfolios
-----------------------
Diversified Assets Portfolio
Government Portfolio
Government Select Portfolio
Tax-Exempt Portfolio
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsection (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of March 31, 1998, with respect to securities and similar
investments reflected in the investment account of the Funds.
The Northern Trust Company
By: /s/ Stuart Schuldt
------------------------------
Stuart Schuldt, Vice President
By: /s/ Brian Ovaert
------------------------------
Brian Ovaert, Senior Vice President
<PAGE>
Report of Independent Accountants
on Applying Agreed-Upon Procedures
----------------------------------
To the Board of Trustees
The Northern Institutional Funds
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, that The Northern Institutional Funds' (the "Funds") were in
compliance with the requirements of subsection (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 ("the Act") as of March 31, 1998. Management is
responsible for the Funds' compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Funds' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of March 31, 1998, and with respect to agreement of security and
similar investments purchases and sales, for the period from November 30, 1997
(the date of our last examination) through March 31, 1998:
. Count and inspection of all securities and similar investments located in the
vault of The Northern Trust Company in Chicago, New York and London;
. Confirmation, or alternate procedures, of all domestic securities and similar
investments held by institutions in book entry form at the Depository Trust
Company, the Federal Reserve Bank of Chicago, the Bank of New York, and the
Participants' Trust Company;
. Confirmation, or alternate procedures, of all foreign securities and similar
investments held by various foreign sub-custodians;
. Confirmation, or alternate procedures, of all securities and similar
investments out for transfer with brokers;
. Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Funds and The Northern Trust
Company;
<PAGE>
Board of Trustees
The Northern Institutional Funds Page 2
. Confirmation of all repurchase agreements with brokers/banks and agreement of
underlying collateral with The Northern Trust Company's records; and
. Agreement of three investment purchases and three investment sales or
maturities since our last examination from the books and records of the Funds
to broker confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
specified requirements.
In our opinion, management's assertion that The Northern Institutional Funds
were in compliance with the requirements of subsection (b) and (c) of Rule 17f-2
of the Investment Company Act of 1940 as of March 31, 1998 with respect to
securities and similar investments reflected in the investment accounts of the
Funds are fairly stated, in all material respects.
This report is intended solely for the information and use of management of The
Northern Institutional Funds and the Securities and Exchange Commission and
should not be used for any other purpose.
/s/ ERNST & YOUNG LLP
Chicago, Illinois
January 15, 1999
