collective funds trust short-term investment fund

ANNUAL REPORT

July 31, 2020

Collective Funds TrustShort-Term Investment Fund

NORTHERN TRUST INVESTMENTS

Northern Trust Investments, Inc. 50 South La Salle Street Chicago, Illinois 60603 (312) 630-6000

November 2020 Dear Plan Administrator: Enclosed for your files is a complete copy of the annual report for the Northern Trust Investments Collective Funds Trust for the Collective Short Term Investment Fund and Collective Government Short Term Investment Fund for the fiscal year ended July 31, 2020. In accordance with regulations under section 103 of the Employee Retirement Income Security Act of 1974, as amended, a financial institution that holds the assets of a plan in a collective trust is required to provide the plan with a copy of the annual statement of the collective trust’s assets and liabilities. We are also required to provide you with a statement showing the value of the plan’s interest in the above-referenced collective funds; please refer to your periodic account statements for this information. Pursuant to Department of Labor (DOL) regulation section 2520.103-5(d), Northern Trust Investments, Inc. certifies that the information contained in the enclosed annual report and its statements of the plan’s (or master trust’s) interest in the above-referenced collective funds are an accurate and complete reflection of our records. We further certify that a filing pursuant to DOL regulation section 2520.103-9(c) will be made for each of the above-referenced collective funds, on or before the filing due date, in accordance with the Form 5500 instructions. Please note that you will need to list the names of the relevant collective funds on Part I of Schedule D of the 5500 for the plan (or the 5500 for the master trust investment account, if applicable) that owns an interest in the funds. In addition, you will need to identify Northern Trust Investments, Inc., as sponsor of each fund, as well as the fund’s Employer Identification Number, or "EIN" (see attachment). Schedule D also requires that you include the proper entity code ("C", for common or collective trust) and the dollar value of the plan or master trust interest in the fund as of the end of the year. Information regarding “indirect compensation” associated with Northern Trust Investments Collective Funds, which may be needed in order to complete Schedule C of Form 5500, can be found at http://www.northerntrust.com/erisa. If you have any questions about this report, or would prefer to receive a printed copy, please contact your Northern Trust Investment Relationship Manager or call 877/651-9156. Sincerely,

John Abunassar Global Head Client Solutions Group Northern Trust Investments, Inc. Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors Inc., 50 South Capital Advisors, LLC and investment personnel of The Northern Trust Company of Hong Kong Limited, Belvedere Advisors, LLC and The Northern Trust Company.

https://www.northerntrust.com/

Collective Trust Fund Name Employer ID # Plan # NT Collective Short Term Investment Fund (STIF) 45-6138589 084 NT Collective Government Short Term Investment Fund (GSTIF) 45-6138589 068

NORTHERN TRUST INVESTMENTS

COLLECTIVE FUNDS TRUST

Annual Report

NORTHERN TRUST INVESTMENTS COLLECTIVE FUNDS TRUST

Table of Contents

• Investment Objective

• Independent Auditors' Report

• Financial Statements, Financial Highlights, and Statements of Investments for the following Northern Trust Investments - Northern Trust ("NT") Collective Funds:

NT Collective Short Term Investment Fund 1

NT Collective Government Short Term Investment Fund 8

• Notes to the Financial Statements 13

• Selected Risk Factors and Disclosures 16

• Additional Information 18


INVESTMENT OBJECTIVE (Unaudited)

NT Collective Short Term Investment Fund (STIF) The NT Collective Short Term Investment Fund is composed of high-grade money market instruments with short-term maturities. The Fund’s objective is to provide an investment vehicle for cash reserves while offering a competitive rate of return. Liquidity is emphasized to provide for redemption of units on any business day. Principal preservation is also a prime objective. High-quality securities are used in this Fund. Within quality, maturity, and sector diversification guidelines, investments are made in those securities with the most attractive yields. Admissions and withdrawals are made daily. Interest is accrued daily and distributed monthly. NT Collective Government Short Term Investment Fund (GSTIF) The NT Collective Government Short Term Investment Fund seeks to maximize current income on cash reserves to the extent consistent with principal preservation and maintenance of liquidity from a portfolio of obligations of the U.S. Government, its agencies or instrumentalities, and related money market instruments. Principal preservation and liquidity management are the prime objectives. Subject to liquidity and diversification guidelines, investments are made in those securities with the most attractive yields. Admissions and withdrawals are made daily. Interest is accrued daily and distributed monthly.

Independent Auditors’ Report

Northern Trust Investments, Inc. as Trustee of

Northern Trust Investments Collective Funds Trust:

We have audited the accompanying financial statements of NT Collective Short Term Investment Fund and NT

Collective Government Short Term Investment Fund (Funds within Northern Trust Investments Collective

Funds Trust, herein referred to as the “Funds”), which comprise the statements of assets and liabilities,

including the statements of investments as of July 31, 2020, and the related statements of operations and

changes in net assets, and the financial highlights for the year then ended, and the related notes to the financial

statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements and financial

highlights in accordance with U.S. generally accepted accounting principles; this includes the design,

implementation, and maintenance of internal control relevant to the preparation and fair presentation of

financial statements and financial highlights that are free from material misstatement, whether due to fraud or

error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements and financial highlights based on our

audits. We conducted our audits in accordance with auditing standards generally accepted in the United States

of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about

whether the financial statements and financial highlights are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of

the risks of material misstatement of the financial statements, whether due to fraud or error. In making those

risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation

of the financial statements in order to design audit procedures that are appropriate in the circumstances, but

not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we

express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and

the reasonableness of significant accounting estimates made by management, as well as evaluating the overall

presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial

position of the Funds as of July 31, 2020, and the results of their operations, changes in their net assets, and

the financial highlights for the year then ended in accordance with U.S. generally accepted accounting

principles.

Chicago, Illinois

October 19, 2020

KPMG LLPAon CenterSuite 5500200 E. Randolph StreetChicago, IL 60601-6436

KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

NT COLLECTIVE SHORT TERM INVESTMENT FUND

See Accompanying Notes to the Financial Statements.

1

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2020 (000s Omitted)

ASSETS

Investments, at Amortized Cost, Which Approximates Fair Value $ 28,935,506 Repurchase Agreements, at Cost, Which Approximates Fair Value 5,525,502 Cash 250,276 Accrued Income Receivable 21,868 Total Assets $ 34,733,152

LIABILITIES Income Distributions Due to Unitholders $ 11,459 Accrued Expenses 281 Total Liabilities $ 11,740

NET ASSETS $ 34,721,412 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS

For the Year Ended July 31, 2020 (000s Omitted)

INVESTMENT INCOME Interest Income $ 425,847

EXPENSES Custody & Fund Administration Fee 2,835 Audit Fee 18 Other Expenses 1 Total Expenses $ 2,854 Net Investment Income $ 422,993

NET REALIZED GAINS (LOSSES): Net Realized Gains on Securities Transactions $ 2 Net Increase in Net Assets from Investment Activities $ 422,995

DISTRIBUTIONS TO UNITHOLDERS FROM NET INVESTMENT INCOME $ (422,992) CAPITAL TRANSACTIONS

Admissions $ 379,615,951 Withdrawals (373,320,183)

Net Increase in Net Assets from Capital Transactions $ 6,295,768 Net Increase in Net Assets $ 6,295,771

NET ASSETS Beginning of Year 28,425,641 End of Year $ 34,721,412

NT COLLECTIVE SHORT TERM INVESTMENT FUND FINANCIAL HIGHLIGHTS

For the Year Ended July 31, 2020


2

Unit Value,

Beginning of Year $ 1.000 Net Investment Income 0.015 Distributions to Unitholders (0.015) Net Realized Gains (Losses)

(1) — Net Increase — Unit Value,

End of Year $ 1.000

Total Return(2) 1.47%

Supplemental Data and Ratios: Net Assets (000s Omitted) $ 34,721,412 Ratio to Average Net Assets of: Expenses 0.01% Net Investment Income 1.42% Fund Unit Activity: Units Outstanding,

Beginning of Year 28,424,317,108 Admissions 379,615,951,461 Withdrawals (373,320,182,714)

Units Outstanding, End of Year 34,720,085,855

(1) Amount is less than $0.001 per share. (2) Assumes investment at net asset value at the beginning of the year and a complete redemption of the investment at net asset value at the end of the year.

NT COLLECTIVE SHORT TERM INVESTMENT FUND STATEMENT OF INVESTMENTS

July 31, 2020


3

PAR VALUE

(000s)

AMORTIZED COST (000s)

ABS COMMERCIAL PAPER – 11.2% ABS Other – 11.2%

CAFCO LLC, 0.22%, 10/19/20(1) $ 47,275 $ 47,252

Cedar Springs Capital Co. LLC, 0.32%, 8/26/20(1) 238,875 238,822

Chariot Funding LLC, 0.41%, 11/4/20(1) 255,835 255,561 0.35%, 11/12/20(1) 21,000 20,979 0.35%, 11/13/20(1) 96,650 96,552

Charta Corp. LLC, 0.22%, 10/15/20(1) 47,275 47,253

Collateralized Commercial Paper V Company, LLC, 1.85%, 8/3/20(1) 104,000 103,990 0.25%, 8/17/20(1) 11,000 10,999 0.30%, 1/20/21(1) 264,480 264,101 0.30%, 1/26/21(1) 23,850 23,815

Concord Minutemen Capital Co. LLC, Class A, 0.30%, 9/16/20(1) 190,500 190,427 0.32%, 9/18/20(1) 75,000 74,968 0.29%, 10/5/20(1) 190,000 189,901

CRC Funding LLC, 0.20%, 11/4/20(1) 96,725 96,674

Crown Point Capital Co. LLC, 0.27%, 10/23/20(1) 190,810 190,691 0.33%, 1/13/21 285,960 285,960

Jupiter Securitization Co. LLC, 0.35%, 11/10/20(1) 120,690 120,571 0.25%, 2/1/21(1) 100,000 99,872

LMA Americas LLC, 0.36%, 12/7/20(1) 75,000 74,904 0.36%, 12/15/20(1) 69,100 69,006

Matchpoint Finance PLC, 0.28%, 8/12/20(1) 88,965 88,957 0.22%, 10/30/20(1) 50,000 49,973

MetLife Short Term Funding LLC, 0.25%, 9/1/20(1) 12,500 12,497

Nieuw Amsterdam Receivables Corp., 0.23%, 9/15/20(1) 80,300 80,277 0.24%, 10/7/20(1) 75,000 74,967 0.23%, 10/9/20(1) 70,000 69,968 0.25%, 10/29/20(1) 142,985 142,897

Old Line Funding LLC, 0.57%, 8/3/20(1) 38,225 38,224 0.23%, 8/17/20(1) 44,480 44,475 0.34%, 8/25/20(1) 33,915 33,907 0.32%, 11/13/20(1) 96,705 96,616

Ridgefield Funding Co. LLC, 0.50%, 8/3/20(1) 238,000 237,993 0.30%, 8/13/20(1) 95,585 95,575 0.30%, 8/18/20(1) 52,190 52,183 0.30%, 8/21/20(1) 86,220 86,206 0.23%, 11/4/20(1) 100,000 99,939

PAR VALUE

(000s)


ABS COMMERCIAL PAPER - 11.2% - continued ABS Other – 11.2% - continued

Thunder Bay Funding LLC, 0.23%, 8/17/20(1) $ 41,095 $ 41,091 0.34%, 8/25/20(1) 24,225 24,219

3,872,262 TOTAL ABS COMMERCIAL PAPER 3,872,262 CERTIFICATES OF DEPOSIT – 20.8% Banking – 20.7%

Bank of America N.A., New York Branch, 0.58%, 8/3/20(2) 82,000 82,000

Bank of Montreal, Chicago Branch, 0.20%, 10/30/20 285,745 285,745 0.72%, 3/10/21 166,100 166,100

Bank of Montreal, London Branch, 0.24%, 1/29/21 48,000 48,000

Bank of Nova Scotia, Houston Branch, 0.56%, 8/13/20(2) 82,000 82,000 0.48%, 8/17/20(2) 127,000 127,000 1.79%, 8/17/20 204,000 204,000 0.43%, 9/21/20(3) 75,300 75,317

BNP Paribas S.A., New York Branch, 0.29%, 9/14/20 283,500 283,500

Canadian Imperial Bank of Commerce, 2.00%, 9/14/20 209,000 209,000

Commonwealth Bank of Australia, New York Branch, 0.16%, 8/10/20 113,845 113,845 0.22%, 10/9/20 112,310 112,310 0.23%, 12/2/20 87,070 87,070 0.25%, 12/15/20 242,500 242,500

Cooperatieve Rabobank U.A., 0.69%, 10/26/20 239,245 239,245

Cooperatieve Rabobank U.A., London Branch, 1.65%, 8/18/20 41,000 41,000 0.87%, 9/10/20 172,000 172,000 0.87%, 10/26/20 143,550 143,550 1.89%, 10/30/20 35,000 35,000 0.53%, 11/4/20 95,675 95,675 0.28%, 2/1/21 260,940 260,940

Credit Agricole CIB, New York, 0.33%, 12/22/20 289,500 289,500

Credit Industrial et Commercial, London Branch, 1.85%, 8/20/20 143,000 143,000

Credit Suisse A.G., New York Branch, 2.00%, 11/2/20 44,000 44,000

DZ Bank A.G. Deutsche Zentral-Genossenschaftsbank, New York, 0.22%, 10/14/20 88,175 88,175

DZ Bank A.G., London, 0.94%, 9/9/20 145,000 145,000

ING Bank N.V., Amsterdam Branch, 0.52%, 11/9/20 237,100 237,100

NT COLLECTIVE SHORT TERM INVESTMENT FUND STATEMENT OF INVESTMENTS (Continued)

July 31, 2020


4

PAR VALUE

(000s)


CERTIFICATES OF DEPOSIT - 20.8% - continued Banking – 20.7% - continued

MUFG Bank Ltd., London Branch, 0.25%, 11/2/20 $ 191,355 $ 191,355

Natixis S.A., New York Branch, 1.93%, 8/10/20 156,000 156,000

Nordea Bank AB, New York Branch, 0.92%, 9/4/20 167,000 167,000

Oversea-Chinese Banking Corp. Ltd., 0.33%, 8/4/20 95,150 95,150 0.24%, 8/11/20 185,000 185,000 0.22%, 8/14/20 94,000 94,000 0.30%, 12/7/20 127,000 127,000 0.29%, 12/16/20 221,000 221,000 0.23%, 12/28/20 192,000 192,000 0.25%, 1/27/21 189,500 189,500

Royal Bank of Canada, New York Branch, 0.74%, 10/19/20 286,000 286,000

Skandinaviska Enskilda Banken AB, 0.64%, 8/6/20(2) 37,000 37,000 0.23%, 12/23/20 190,500 190,500

Sumitomo Mitsui Banking Corp., New York Branch, 0.31%, 8/20/20(2) 151,175 151,175 0.30%, 10/7/20 185,555 185,555

Svenska Handelsbanken AB, New York Branch, 1.92%, 12/23/20 46,000 46,000

Toronto Dominion Bank, London Branch, 1.70%, 8/7/20 121,000 121,000 0.42%, 8/28/20(2) 94,000 94,000

Toronto Dominion Bank, New York Branch, 0.41%, 8/5/20(3) 19,000 19,000 0.46%, 10/19/20(2) 225,000 225,000

Wells Fargo Bank N.A., 1.86%, 10/13/20 79,205 79,459

Westpac Banking Corp, New York Branch, 0.41%, 8/19/20(2) 81,000 81,000

7,186,266 Foreign Agencies – 0.1%

Korea Development Bank, London Branch, 1.72%, 8/6/20 41,000 41,000

TOTAL CERTIFICATES OF DEPOSIT 7,227,266 COMMERCIAL PAPER – 16.6% Banking – 11.6%

DBS Bank Ltd., 0.94%, 9/1/20(1) 83,000 82,932 0.88%, 9/2/20(1) 129,000 128,898 0.23%, 10/6/20(1) 133,000 132,942 0.27%, 11/18/20(1) 93,975 93,898 0.25%, 12/1/20(1) 187,345 187,180 0.28%, 12/16/20(1) 184,000 183,804

DNB Bank ASA, 0.24%, 1/26/21(1) 239,500 239,216

PAR VALUE

(000s)


COMMERCIAL PAPER - 16.6% - continued Banking – 11.6% - continued

ING U.S. Funding LLC, 0.33%, 10/9/20(3) $ 81,000 $ 81,000

National Bank of Canada, 0.23%, 10/8/20(1) 126,000 125,945

Oversea-Chinese Banking Corp. Ltd., 0.58%, 8/7/20(3) 158,000 158,000 0.88%, 9/10/20(1) 193,000 192,809 0.25%, 10/9/20(1) 81,000 80,961

Royal Bank of Canada, 0.70%, 3/9/21(1) 217,000 216,072

Svenska Handelsbanken AB, 0.43%, 9/15/20(2) 189,190 189,190

Toronto Dominion Bank, 0.16%, 8/3/20(1) 299,900 299,897 0.30%, 11/4/20(1) 258,000 257,796

Toronto Dominion Bank, New York Branch, 0.43%, 10/1/20(2) 87,500 87,500

Toronto Dominion Bank, Toronto Branch, 0.40%, 8/16/21(1) 238,000 236,995

United Overseas Bank Ltd., 0.23%, 8/19/20(1) 186,490 186,469 0.22%, 8/26/20(1) 135,500 135,479 0.22%, 10/6/20(1) 281,500 281,386 0.26%, 10/21/20(1) 231,000 230,865

Westpac Banking Corp, New York Branch, 0.39%, 10/2/20(2) 142,580 142,580 0.40%, 10/2/20(2) 93,455 93,455

4,045,269 Brokerage – 1.9%

JPMorgan Securities LLC, 0.65%, 10/22/20(1) 284,640 284,219 0.42%, 10/23/20(3) 31,000 31,000 0.50%, 11/2/20(1) 183,500 183,263 0.35%, 11/3/20(1) 130,000 129,881 0.29%, 12/1/20(1) 29,000 28,971

657,334 Consumer Products – 0.5%

LVMH Moet Hennessy Vuitton, 0.31%, 1/7/21(1) 48,225 48,159 0.31%, 1/8/21(1) 115,750 115,590

163,749 Foreign Agencies – 0.8%

Nederlandse Waterschapsbank N.V., 0.20%, 10/21/20(1) 95,750 95,707 0.20%, 10/22/20(1) 50,000 49,977 0.40%, 10/29/20(1) 123,000 122,879

268,563


July 31, 2020


5

PAR VALUE

(000s)


COMMERCIAL PAPER - 16.6% - continued Foreign Local Government – 1.8%

NRW.BANK, 0.22%, 8/18/20(1) $ 186,050 $ 186,031 0.31%, 8/31/20(1) 180,000 179,953 0.26%, 11/17/20(1) 250,000 249,805

615,789 TOTAL COMMERCIAL PAPER 5,750,704 CORPORATE NOTES/BONDS – 0.2% Banking – 0.2%

National Bank of Canada, 0.54%, 8/20/20(3) 975 975

Royal Bank of Canada, 2.15%, 10/26/20 2,283 2,293

Wells Fargo Bank N.A., 0.51%, 8/6/20(2) 69,000 69,000

72,268 TOTAL CORPORATE NOTES/BONDS 72,268 EURODOLLAR TIME DEPOSITS – 26.0% Banking – 26.0%

ABN AMRO Bank N.V., Amsterdam Branch, 0.10%, 8/3/20 718,950 718,950

Australia and New Zealand Banking Group, 0.12%, 8/5/20 290,000 290,000 0.12%, 8/6/20 288,185 288,185

Barclays Bank PLC, London Branch, 0.12%, 8/3/20 924,595 924,595

Canadian Imperial Bank of Commerce, 0.09%, 8/3/20 479,300 479,300

Credit Agricole CIB, New York, 0.09%, 8/3/20 956,640 956,640

Credit Industrial et Commercial, Paris Branch, 0.11%, 8/3/20 1,044,130 1,044,130

DBS Bank Ltd., Singapore Branch, 0.14%, 8/3/20 193,000 193,000 0.14%, 8/5/20 100,000 100,000 0.14%, 8/6/20 198,510 198,510

HSBC Bank PLC, London Branch, 0.13%, 8/3/20 649,295 649,295

Mizuho Bank Ltd., New York Branch, 0.09%, 8/3/20 164,000 164,000

National Australia Bank Ltd., London Branch, 0.10%, 8/3/20 758,640 758,640

Societe Generale, Paris Branch, 0.10%, 8/3/20 956,640 956,640

Zuercher Kantonalbank, Zurich Branch, 0.12%, 8/3/20 1,318,735 1,318,735

9,040,620 TOTAL EURODOLLAR TIME

DEPOSITS 9,040,620

PAR VALUE

(000s)


U.S. GOVERNMENT AGENCIES – 6.4% Federal Farm Credit Bank – 1.1%

FFCB Notes, 0.24%, 8/3/20(3)(4) $ 120,000 $ 120,000 0.24%, 8/3/20(2)(4) 200,000 200,034 0.29%, 8/3/20(2)(4) 67,000 67,000

387,034 Federal Home Loan Bank – 4.8%

FHLB Notes, 0.12%, 8/3/20(2)(4) 100,000 100,000 0.13%, 8/3/20(2)(4) 182,000 182,000 0.20%, 8/3/20(2)(4) 95,000 95,000 0.42%, 8/3/20(2)(4) 275,000 275,000 0.06%, 10/26/20(3)(4) 725,000 725,000 0.07%, 10/28/20(3)(4) 290,000 290,000

1,667,000 Federal Home Loan Mortgage Corporation – 0.5%

FHLMC Notes, 0.30%, 8/3/20(2)(4) 175,000 175,000

TOTAL U.S. GOVERNMENT AGENCIES 2,229,034 U.S. GOVERNMENT OBLIGATIONS – 2.2% U.S. Treasury Bills – 0.4%

0.16%, 11/27/20(1) 135,500 135,430 U.S. Treasury Floating Rate Notes – 1.8%

0.22%, 8/3/20(2) 145,000 145,002 0.24%, 8/3/20(2) 86,000 85,955 0.33%, 8/3/20(2) 377,000 376,965

607,922 TOTAL U.S. GOVERNMENT

OBLIGATIONS 743,352 INVESTMENTS, AT AMORTIZED COST 28,935,506

PAR VALUE

(000s) COST (000s)

REPURCHASE AGREEMENTS – 15.9% (5) Bank of America Securities LLC, dated

7/31/20, repurchase price $600,202 0.39%, 9/29/20 $ 600,000 $ 600,000

Barclays Bank PLC, dated 7/31/20, repurchase price $925,008 0.10%, 8/3/20 925,000 925,000

Barclays Bank PLC, dated 7/31/20, repurchase price $71,015 0.24%, 9/4/20 71,000 71,000

Barclays Capital, Inc., dated 7/31/20, repurchase price $125,047 0.44%, 11/3/20 125,000 125,000

BNP Paribas S.A., dated 7/31/20, repurchase price $100,002 0.21%, 8/3/20 100,000 100,000


July 31, 2020


6

PAR VALUE

(000s) COST (000s)

REPURCHASE AGREEMENTS - 15.9% (5) - continued BNP Paribas S.A., dated 7/31/20,

repurchase price $250,073 0.34%, 11/3/20 $ 250,000 $ 250,000

Citigroup Global Markets, Inc., dated 7/31/20, repurchase price $491,506 0.10%, 8/3/20 491,502 491,502


JPMorgan Securities LLC, dated 7/31/20, repurchase price $300,049 0.19%, 8/7/20 300,000 300,000




Merrill Lynch, dated 7/31/20, repurchase price $75,019 0.29%, 9/4/20 75,000 75,000

Mitsubishi UFJ Trust & Banking Corp., dated 7/31/20, repurchase price $250,062 0.29%, 9/14/20 250,000 250,000

RBC Capital Markets LLC, dated 9/3/19, repurchase price $90,181 0.42%, 8/3/20 90,000 90,000

Scotia Capital USA, Inc., dated 7/31/20, repurchase price $350,006 0.20%, 8/3/20 350,000 350,000

Societe Generale S.A., dated 7/31/20, repurchase price $240,004 0.18%, 8/3/20 240,000 240,000



TOTAL REPURCHASE AGREEMENTS, AT COST 5,525,502 TOTAL INVESTMENTS – 99.3% 34,461,008 Other Assets less Liabilities – 0.7% 260,404 NET ASSETS – 100.0% $ 34,721,412 (1) Discount rate at the time of purchase. (2) Variable rate security. Rate as of July 31, 2020 is disclosed. Maturity date

represents the next interest reset date. The security’s legal final maturity date is longer than the reset date. Securities with longer maturity dates have a greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.

(3) Variable rate security. Rate as of July 31, 2020 is disclosed. (4) The obligations of certain U.S. government-sponsored entities are neither

issued nor guaranteed by the United States Treasury.

(5) The nature and terms of the collateral received for the repurchase agreements

are as follows:

INSTRUMENT

FAIR VALUE (000s)

COUPON RATES

MATURITY DATES

Commercial Paper $ 326,972 0.00% 8/5/20—4/23/21 Corporate Bonds 3,918,493 0.00%—11.50% 8/10/20—1/22/14(1) FHLMC 1 0.00% 3/15/31 FNMA 26,421 0.00% 5/15/29—11/15/30 GNMA 506,247 3.50%—6.00% 4/20/49—7/20/49 U.S. Treasury Bills 86,674 0.00% 8/4/20—4/22/21 U.S. Treasury Bonds 890,628 0.25%—4.63% 2/15/40—2/15/50 U.S. Treasury Notes 77,944 0.25%—2.75% 11/15/20—2/15/28

Total $5,833,380 (1)Corporate Bonds maturing in 2114. EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE STATEMENT OF INVESTMENTS: ABS – Asset-Backed Securities CIB – Corporate and Investment Bank FFCB – Federal Farm Credit Bank FHLB – Federal Home Loan Bank FHLMC – Federal Home Loan Mortgage Corporation FNMA – Federal National Mortgage Association GNMA – Government National Mortgage Association PLC – Public Limited Company SUMMARY OF INVESTMENTS PURCHASED AND SOLD:

TYPE OF INVESTMENT

COST OF PURCHASES

(000s)

PROCEEDS FROM SALES

& MATURITIES (000s)

REALIZED GAINS (LOSSES)

(000s) Asset-Backed

Securities, Commercial Paper and Corporate Bonds $ 65,897,493 $ 61,000,878 $—

Certificates of Deposit and Eurodollar Time Deposits 1,848,360,088 1,849,162,263 —

U.S. Government Agencies and Obligations 9,075,634 7,504,875 2

Repurchase Agreements 357,177,463 356,906,245 —

Total $2,280,510,678 $2,274,574,261 $ 2


July 31, 2020


7

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below: Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments, which are carried at amortized cost, or at cost for repurchase agreements, which approximates fair value, by the above fair value hierarchy as of July 31, 2020:

INVESTMENTS LEVEL 1

(000s) LEVEL 2

(000s) LEVEL 3

(000s) TOTAL (000s)

Investments held by NT Collective Short Term Investment Fund(1) $— $34,461,008 $— $34,461,008

(1)Classifications as defined in the Schedule of Investments.

NT COLLECTIVE GOVERNMENT SHORT TERM INVESTMENT FUND


8

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2020 (000s Omitted)

ASSETS Investments, at Amortized Cost, Which Approximates Fair Value $ 13,343,423 Repurchase Agreements, at Cost, Which Approximates Fair Value 10,283,868 Cash 166,535 Accrued Income Receivable 9,216 Total Assets $ 23,803,042

LIABILITIES Payable for Investments Purchased $ 54,982 Income Distributions Due to Unitholders 6,045 Accrued Expenses 202 Total Liabilities $ 61,229

NET ASSETS $ 23,741,813 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS

For the Year Ended July 31, 2020 (000s Omitted)

INVESTMENT INCOME Interest Income $ 265,893

EXPENSES Custody & Fund Administration Fee 1,930 Audit Fee 18 Other Expenses 2 Total Expenses $ 1,950 Net Investment Income $ 263,943

NET REALIZED GAINS (LOSSES): Net Realized Gains on Securities Transactions $ 1,288 Net Increase in Net Assets from Investment Activities $ 265,231

DISTRIBUTIONS TO UNITHOLDERS FROM NET INVESTMENT INCOME $ (263,944) CAPITAL TRANSACTIONS

Admissions $ 196,707,812 Withdrawals (192,245,042)

Net Increase in Net Assets from Capital Transactions $ 4,462,770 Net Increase in Net Assets $ 4,464,057

NET ASSETS Beginning of Year 19,277,756 End of Year $ 23,741,813

NT COLLECTIVE GOVERNMENT SHORT TERM INVESTMENT FUND FINANCIAL HIGHLIGHTS

For the Year Ended July 31, 2020


9

Unit Value,

Beginning of Year $ 1.000 Net Investment Income 0.014 Distributions to Unitholders (0.014) Net Realized Gains (Losses)

(1) — Net Increase — Unit Value,

End of Year $ 1.000

Total Return(2) 1.36%

Supplemental Data and Ratios: Net Assets (000s Omitted) $ 23,741,813 Ratio to Average Net Assets of: Expenses 0.01% Net Investment Income 1.30% Fund Unit Activity: Units Outstanding,

Beginning of Year 19,276,493,091 Admissions 196,707,811,511 Withdrawals (192,245,042,029)

Units Outstanding, End of Year 23,739,262,573

(1) Amount is less than $0.001 per share. (2) Assumes investment at net asset value at the beginning of the year and a complete redemption of the investment at net asset value at the end of the year.

NT COLLECTIVE GOVERNMENT SHORT TERM INVESTMENT FUND STATEMENT OF INVESTMENTS

July 31, 2020


10

PAR VALUE

(000s)


U.S. GOVERNMENT AGENCIES – 34.3% (1) Federal Farm Credit Bank – 4.7%

FFCB Discount Notes, 0.04%, 8/3/20(2) $ 57,000 $ 57,000 3.44%, 8/10/20(2) 31,000 30,985 3.24%, 9/1/20(2) 18,000 17,971 3.16%, 9/15/20(2) 50,000 49,883 1.97%, 9/23/20(2) 45,000 44,894 0.32%, 10/19/20(2) 50,000 49,965 0.32%, 10/23/20(2) 30,000 29,978 1.92%, 10/26/20(2) 20,000 19,923 1.95%, 11/3/20(2) 18,000 17,925 1.39%, 11/4/20(2) 40,000 39,887 1.94%, 11/10/20(2) 11,000 10,950 1.93%, 11/17/20(2) 42,000 41,797

FFCB Notes, 0.17%, 8/3/20(3) 25,000 25,000 0.18%, 8/3/20(3) 23,000 23,000 0.20%, 8/3/20(3) 175,000 174,993 0.24%, 8/3/20(3) 35,000 35,000 0.25%, 8/3/20(3) 35,000 35,000 0.28%, 8/3/20(3) 18,000 18,000 0.29%, 8/3/20(3) 44,000 44,000 0.30%, 8/3/20(3) 28,000 28,000 0.32%, 8/3/20(3) 40,000 40,000 0.42%, 8/3/20(3) 75,000 75,000 0.45%, 8/3/20(3) 55,000 55,000 0.50%, 8/3/20(3) 20,000 20,000 0.25%, 8/4/20(3) 70,000 70,000 0.25%, 8/31/20(3) 60,000 60,000

1,114,151 Federal Home Loan Bank – 18.4%

FHLB Bonds, 0.12%, 8/28/20 195,000 194,998 0.62%, 9/10/20 350,000 350,006 0.14%, 9/16/20 100,000 99,999 0.15%, 9/22/20 200,000 199,998 1.63%, 10/23/20 42,750 42,756 0.19%, 12/10/20 100,000 99,995 0.20%, 12/11/20 50,000 49,999 0.15%, 1/20/21 22,000 21,999 0.16%, 2/16/21 135,000 134,997 0.14%, 5/24/21 45,000 44,998

PAR VALUE

(000s)


U.S. GOVERNMENT AGENCIES - 34.3% (1) - continued Federal Home Loan Bank – 18.4% - continued

FHLB Discount Notes, 1.32%, 8/26/20(2) $ 42,000 $ 41,961 0.15%, 8/28/20(2) 100,000 99,989 0.49%, 9/9/20(2) 95,000 94,949 0.16%, 9/15/20(2) 219,000 218,955 0.20%, 9/22/20(2) 90,000 89,974 0.15%, 10/1/20(2) 50,000 49,987 0.16%, 11/20/20(2) 85,000 84,958 0.57%, 12/7/20(2) 180,000 179,629 0.35%, 12/29/20(2) 125,000 124,818 0.19%, 1/11/21(2) 110,000 109,905 0.45%, 3/8/21(2) 59,000 58,839 0.21%, 4/22/21(2) 50,000 49,923

FHLB Notes, 0.12%, 8/3/20(3) 75,000 75,000 0.13%, 8/3/20(3) 44,000 44,000 0.16%, 8/3/20(3) 60,000 60,000 0.17%, 8/3/20(3) 45,000 45,000 0.18%, 8/3/20(3) 250,000 250,000 0.24%, 8/3/20(3) 100,000 100,000 0.25%, 8/3/20(3) 95,000 95,000 0.26%, 8/3/20(3) 80,000 80,000 0.33%, 8/3/20(3) 175,000 175,000 0.37%, 8/3/20(3) 100,000 100,000 0.42%, 8/3/20(3) 400,000 400,000 0.11%, 10/8/20(3) 100,000 100,000 0.10%, 10/9/20(3) 100,000 100,000 0.07%, 10/28/20(4) 300,000 300,000

4,367,632 Federal Home Loan Mortgage Corporation – 7.4%

FHLMC Bonds, 2.38%, 2/16/21 73,484 73,910

FHLMC Discount Notes, 1.45%, 8/7/20(2) 125,000 124,969 0.14%, 8/27/20(2) 190,000 189,981 0.13%, 9/17/20(2) 370,000 369,937 0.14%, 10/19/20(2) 170,000 169,946 0.14%, 10/20/20(2) 150,000 149,952 0.15%, 11/12/20(2) 405,000 404,826

FHLMC Notes, 0.15%, 8/3/20(3) 90,000 90,000 0.24%, 8/3/20(3) 110,000 110,000 0.30%, 8/3/20(3) 70,000 70,000

1,753,521 Federal National Mortgage Association – 2.4%

FNMA Bonds, 1.38%, 2/26/21 66,757 66,840

NT COLLECTIVE GOVERNMENT SHORT TERM INVESTMENT FUND STATEMENT OF INVESTMENTS (Continued)

July 31, 2020


11

PAR VALUE

(000s)


U.S. GOVERNMENT AGENCIES - 34.3% (1) - continued Federal National Mortgage Association – 2.4% - continued

FNMA Notes, 0.29%, 8/3/20(3) $ 85,000 $ 85,000 0.33%, 8/3/20(3) 50,000 50,027 0.41%, 8/3/20(3) 95,000 95,000 0.42%, 8/3/20(3) 90,000 90,000 0.45%, 8/3/20(3) 90,000 90,000 0.49%, 8/3/20(3) 105,000 105,000

581,867 U.S. Treasury Bills – 1.4%

U.S. Treasury Bills, 0.14%, 1/28/21(2) 335,000 334,756

TOTAL U.S. GOVERNMENT AGENCIES 8,151,927 U.S. GOVERNMENT OBLIGATIONS – 21.9% U.S. Treasury Bills – 15.7%

0.18%, 8/6/20(2) 175,000 174,996 2.01%, 8/13/20(2) 120,000 119,958 0.15%, 9/10/20(2) 225,000 224,962 0.16%, 9/15/20(2) 280,000 279,942 0.18%, 9/22/20(2) 120,000 119,967 0.16%, 9/24/20(2) 265,000 264,935 0.14%, 10/13/20(2) 290,000 289,911 0.22%, 10/15/20(2) 50,000 49,977 0.15%, 10/20/20(2) 225,000 224,923 0.16%, 10/22/20(2) 155,000 154,943 0.15%, 10/29/20(2) 50,000 49,981 0.16%, 11/3/20(2) 105,000 104,953 0.15%, 11/5/20(2) 135,000 134,944 0.17%, 11/10/20(2) 100,000 99,950 0.15%, 11/17/20(2) 135,000 134,936 0.18%, 11/24/20(2) 50,000 49,970 0.16%, 12/1/20(2) 25,000 24,986 0.17%, 12/3/20(2) 160,000 159,905 0.15%, 12/8/20(2) 160,000 159,911 0.18%, 12/10/20(2) 105,000 104,929 0.18%, 12/17/20(2) 100,000 99,929 0.17%, 12/24/20(2) 50,000 49,964 0.16%, 1/7/21(2) 150,000 149,892 0.13%, 1/21/21(2) 110,000 109,931 0.18%, 2/25/21(2) 110,000 109,886 0.23%, 3/25/21(2) 285,000 284,574

3,733,155 U.S. Treasury Bonds – 0.3%

2.63%, 8/15/20 60,000 60,019 U.S. Treasury Floating Rate Notes – 1.6%

0.22%, 8/3/20(3) 70,000 69,965 0.33%, 8/3/20(3) 315,000 314,949

384,914 U.S. Treasury Notes – 4.3%

1.38%, 8/31/20 70,000 69,975

PAR VALUE

(000s)


U.S. GOVERNMENT OBLIGATIONS - 21.9% - continued U.S. Treasury Notes – 4.3% - continued

2.75%, 9/30/20 $ 70,000 $ 70,096 1.63%, 10/15/20 40,000 40,000 2.88%, 10/31/20 250,000 250,752 1.63%, 11/30/20 75,000 74,986 2.75%, 11/30/20 300,000 301,071 1.88%, 12/15/20 35,000 35,032 2.50%, 1/31/21 115,000 115,638 2.00%, 5/31/21 55,000 55,858

1,013,408 TOTAL U.S. GOVERNMENT

OBLIGATIONS 5,191,496 INVESTMENTS, AT AMORTIZED COST 13,343,423

PAR VALUE

(000s) COST (000s)

REPURCHASE AGREEMENTS – 43.3% (5) Bank of America N.A., dated 7/31/20,


BNP Paribas S.A., dated 7/30/20, repurchase price $1,350,026 0.10%, 8/6/20 1,350,000 1,350,000

BNY Mellon Capital Markets LLC, dated 7/31/20, repurchase price $550,005 0.10%, 8/3/20 550,000 550,000


Deutsche Bank A.G., dated 7/31/20, repurchase price $875,006 0.08%, 8/3/20 875,000 875,000

JPMorgan Securities LLC, dated 7/31/20, repurchase price $1,400,012 0.10%, 8/3/20 1,400,000 1,400,000


NatWest Markets PLC, dated 7/28/20, repurchase price $1,000,018 0.09%, 8/4/20 1,000,000 1,000,000

Nomura Securities International, Inc., dated 7/31/20, repurchase price $2,275,017 0.09%, 8/3/20 2,275,000 2,275,000

Pershing LLC, dated 7/31/20, repurchase price $1,000,008 0.10%, 8/3/20 1,000,000 1,000,000

NT COLLECTIVE GOVERNMENT SHORT TERM INVESTMENT FUND STATEMENT OF INVESTMENTS (Continued)

July 31, 2020


12

PAR VALUE

(000s) COST (000s)

REPURCHASE AGREEMENTS - 43.3% (5) - continued Royal Bank of Canada, dated 7/28/20,


TOTAL REPURCHASE AGREEMENTS, AT COST 10,283,868 TOTAL INVESTMENTS – 99.5% 23,627,291 Other Assets less Liabilities – 0.5% 114,522 NET ASSETS – 100.0% $ 23,741,813 (1) The obligations of certain U.S. government-sponsored entities are neither

issued nor guaranteed by the United States Treasury. (2) Discount rate at the time of purchase. (3) Variable rate security. Rate as of July 31, 2020 is disclosed. Maturity date

represents the next interest reset date. The security’s legal final maturity date is longer than the reset date. Securities with longer maturity dates have a greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.

(4) Variable rate security. Rate as of July 31, 2020 is disclosed. (5) The nature and terms of the collateral received for the repurchase agreements

are as follows:

INSTRUMENT

FAIR VALUE (000s)

COUPON RATES

MATURITY DATES

FHLB $ 342,944 0.00%—6.13% 8/5/20—4/28/45 FHLMC 1,712,916 0.00%—9.00% 8/6/20—8/1/50 FNMA 832,274 0.00%—9.00% 8/28/20—6/1/51 GNMA 1,319,012 1.50%—10.00% 2/15/21—11/20/64 TVA 10,257 0.00%—5.98% 3/15/21—9/15/65 U.S. Treasury Bills 662,215 0.00% 8/6/20—7/15/21 U.S. Treasury Bonds 1,341,907 0.00%—8.75% 8/15/20—5/15/50 U.S. Treasury Notes 4,300,382 0.13%—3.13% 8/15/20—7/15/30

Total $10,521,907 EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE STATEMENT OF INVESTMENTS: FFCB – Federal Farm Credit Bank FHLB – Federal Home Loan Bank FHLMC – Federal Home Loan Mortgage Corporation FNMA – Federal National Mortgage Association GNMA – Government National Mortgage Association PLC – Public Limited Company TVA – Tennessee Valley Authority SUMMARY OF INVESTMENTS PURCHASED AND SOLD:

TYPE OF INVESTMENT

COST OF PURCHASES

(000s)

PROCEEDS FROM SALES

& MATURITIES (000s)


(000s) U.S. Government

Agencies and Obligations $29,270,920 $25,739,515 $1,288

TYPE OF INVESTMENT

COST OF PURCHASES

(000s)

PROCEEDS FROM SALES

& MATURITIES (000s)


(000s) Repurchase

Agreements $1,476,671,029 $1,475,773,387 $ —

Total $1,505,941,949 $1,501,512,902 $1,288 Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below: Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments, which are carried at amortized cost, or at cost for repurchase agreements, which approximates fair value, by the above fair value hierarchy as of July 31, 2020:

INVESTMENTS LEVEL 1

(000s) LEVEL 2

(000s) LEVEL 3

(000s) TOTAL (000s)

Investments held by NT Collective Government Short Term Investment Fund(1) $— $23,627,291 $— $23,627,291

(1)Classification as defined in the Statement of Investments.


NOTES TO THE FINANCIAL STATEMENTS

13

The Northern Trust Investments Collective Funds Trust (the “Trust”) is comprised of collective funds (each, referred to as a “Fund”, and collectively the “Funds”), each with its own investment objective. Northern Trust Investments, Inc. (“NTI” or “Trustee”), a wholly-owned subsidiary of The Northern Trust Company (“TNTC”) serves as trustee; in this capacity, NTI has investment responsibility for the Funds. TNTC, a wholly-owned subsidiary of The Northern Trust Corporation, serves as custodian for the Funds. NTI has established the Trust for the commingling of assets of participating trusts. The Funds to which this report applies to are the NT Collective Short Term Investment Fund and NT Collective Government Short Term Investment Fund. Note A – Summary of Significant Accounting Policies

The Funds, which are investment companies, follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services-Investment Companies.

The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The presentation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results may differ from those estimates. Investment Valuation

Investments are valued at amortized cost, which the Trustee has determined approximates fair value. Under this method, investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to maturity. Repurchase agreements are valued at cost plus accrued interest, which approximates fair value. In the event the Trustee determines amortized cost does not approximate fair value for an investment, the investments may be valued based on evaluated prices provided from independent pricing services or brokers. Any investments for which market quotations are believed to be incorrect are valued at fair value as determined in good faith by the Trustee. Investment Transactions and Investment Income

Investment transactions are accounted for on a trade-date basis (date the security trade order to buy or sell is executed). The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income and expenses are recorded on the accrual basis and include amortization of premiums and accretion of discounts. Interest rates reflected in the Statements of Investments represent either the stated coupon rate, annualized yield on date of purchase for discounted notes, or, for floating rate securities, the current reset rate. Net investment income per share disclosed in the Financial Highlights is calculated using the sum of each day’s net investment income divided by each respective day’s shares outstanding. Cash and Cash Equivalents

Cash and cash equivalents include cash held in an interest-bearing deposit account at the Northern Trust Company. Repurchase Agreements

The Funds may enter into a repurchase agreement under which they purchase securities for cash from a seller and agree to resell those securities to the same seller within a specified time at a specified price. During the term of a repurchase agreement, the fair value of the underlying collateral, including accrued interest, is required to equal or exceed the fair value of the repurchase agreement. The underlying collateral for tri-party repurchase agreements is held in accounts for TNTC, as agent for the Funds, at the Bank of New York and/or JPMorgan Chase, which, in turn, hold securities through the book-entry system at the Federal Reserve Bank of New York. The Funds are subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price.

In the ordinary course of business, the Funds enter into transactions subject to enforceable netting arrangements (“Netting Arrangements”) under a repurchase agreement. Generally, Netting Arrangements allow the Funds to offset any exposure to a specific counterparty with any collateral received from or delivered to that counterparty. In addition, a repurchase agreement provides the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. As of July 31, 2020, the Funds have not invested in any portfolio securities, other than the repurchase agreements as described above, with gross exposures on the Statement of Assets and Liabilities, that could be netted subject to netting arrangements.


NOTES TO THE FINANCIAL STATEMENTS (Continued)

14

The following table presents the repurchase agreements, which are subject to Netting Arrangements, as well as the collateral delivered related to those repurchase agreements:

Gross Amounts not Offset in the

Statement of Assets and Liabilities

Amounts in thousands Counterparty

Gross Amounts of Assets

Presented in Statement of

Assets and Liabilities Financial

Instruments Cash Collateral

Received Net Amount* Short Term Investment Fund Bank of America Securities LLC $600,000 $(600,000) $— $—

Barclays Bank PLC 996,000 (996,000) — —

Barclays Capital, Inc. 125,000 (125,000) — —

BNP Paribas S.A. 350,000 (350,000) — —

Citigroup Global Markets, Inc. 691,502 (691,502) — —

JPMorgan Securities LLC 1,713,000 (1,713,000) — —

Merrill Lynch 75,000 (75,000) — —

Mitsubishi UFJ Trust & Banking Corp. 250,000 (250,000) — —

RBC Capital Markets LLC 90,000 (90,000) — —

Scotia Capital USA, Inc. 350,000 (350,000) — —

Societe Generale S.A. 285,000 (285,000) — —

Total $5,525,502 $(5,525,502) $— $— Government Short Term Investment Fund Bank of America N.A. $900,000 $(900,000) $— $—

BNP Paribas S.A. 1,350,000 (1,350,000) — —

BNY Mellon Capital Markets LLC 550,000 (550,000) — —

Citigroup Global Markets, Inc. 398,868 (398,868) — —

Deutsche Bank A.G. 875,000 (875,000) — —

JPMorgan Securities LLC 1,585,000 (1,585,000) — —

NatWest Markets PLC 1,000,000 (1,000,000) — —

Nomura Securities International, Inc. 2,275,000 (2,275,000) — —

Pershing LLC 1,000,000 (1,000,000) — —

Royal Bank of Canada 350,000 (350,000) — —

Total $10,283,868 $(10,283,868) $— $—

*Collateral received is reflected up to the fair value of the repurchase agreement. Refer to the Statement of Investments. Note B – Admissions, Withdrawals, and Distributions

The Funds are valued on a daily basis based on the ending number of units outstanding and the total net assets of the Funds on that date. Admissions and withdrawals are recorded at the unit value determined on the valuation date. Net investment income is calculated daily and distributed to participants monthly. Net realized gains from security transactions are not distributed to participants and are reinvested in the Funds. Note C – Income Taxes

The Funds met the requirements of the Internal Revenue Code (“IRC”) Section 401(a) and are exempt from taxation under IRC Section 501(a) as provided for by Revenue Ruling 81-100 (as modified by Revenue Ruling 2011-1 and Revenue Ruling 2014-24). Accordingly, no provision for federal, state, or local income tax is required.


NOTES TO THE FINANCIAL STATEMENTS (Continued)

15

Management has evaluated the uncertain tax positions of the Funds and has determined that a liability is not required to be recorded in the financial statements as of July 31, 2020. Although the Funds are exempt from taxation, the Funds file annual information returns. The annual information return of the Funds remain subject to examination by relevant authorities for three years after they are filed.

Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as interest expense on the Statement of Operations and Changes in Net Assets. Note D – Related-Party Transactions

The Trustee has established a custody and fund administration fee (the "Custody & Fund Administration Fee") for the fund custody and administration services provided to the Funds which is collected by the Trustee. The Custody & Fund Administration Fee for each Fund is charged at a single annual rate of 0.0095% based on the Fund's average daily net assets. Such fee is reported as "Custody & Fund Administration Fee" in the respective Fund's Statement of Operations and Changes in Net Assets.

The Trustee has implemented an expense limitation of 0.010% for the Funds. The expense limitation applies to both the third-party audit fee and the Custody & Fund Administration Fee. The Trustee reserves the right to revise the expense limitation. The Trustee has agreed to reimburse the Funds the amount with which the fees exceed the expense cap. The expense cap was not reached during the fiscal year ended July 31, 2020. The third-party audit fee is reported as “Audit Fee” in the Statement of Operations and Changes in Net Assets.

The Funds did not engage in cross-trading activities during the fiscal year ended July 31, 2020. Note E – Indemnifications and Warranties

In the ordinary course of its business, the Funds may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Funds. The maximum exposure to the Funds under these provisions is unknown, as this would involve future claims that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote. Note F – Subsequent Events

Management has evaluated subsequent events for the Funds through the date the financial statements were available to be issued, October 19, 2020, and has concluded there are no events that require adjustments to the financial statements or disclosure in the footnotes other than the item noted below.

In the first quarter of 2020, the emergence and rapid worldwide spread of the coronavirus (“COVID-19”) has contributed to a high degree of volatility and uncertainty in worldwide financial markets affecting security prices, interest rates, and liquidity. The effects of COVID-19 may impact worldwide financial markets, and, therefore, the Trust, throughout much of 2020. An estimate of the impact cannot be made at this time.

******

For questions about or to obtain financial statements of the Funds, please contact your NTI administrative officer.


SELECTED RISK FACTORS AND DISCLOSURES (Unaudited)

16

There are risks involved in investing, and there can be no assurance that any portfolio investment objectives will be achieved. Risk controls and models do not promise any level of performance or guarantee against loss of principal. Any discussion of risk management is intended to describe efforts to monitor and manage risk but does not imply low risk.

The risks described below may be applicable to the Short-Term Investment Funds described herein.

ACTIVE MANAGEMENT RISK: The investment is actively managed and subject to the risk that the advisor’s usage of investment techniques and risk analyses to make investment decisions fails to perform as expected, which may cause the portfolio to lose value or underperform investments with similar objectives and strategies or the market in general.

BANK LOANS RISK: Investments in bank loans, also known as senior loans or floating-rate loans, are rated below-investment grade and may be subject to a greater risk of default than are investment-grade loans, reducing the potential for income and potentially leading to impairment of the collateral provided by the borrower.

CREDIT AND COUNTERPARTY RISK: The issuer or guarantor of a fixed-income security, counterparty to an OTC derivatives contract, or other borrower may not be able to make timely principal, interest, or settlement payments on an obligation.

FIXED-INCOME SECURITIES RISK: The value of fixed-income or debt securities may be susceptible to general movements in the bond market and are subject to interest-rate and credit risk.

INCOME (ALSO CALLED VARIABLE DIVIDEND) RISK: The investment's income payments may decline depending on fluctuations in interest rates and the dividend payments of its underlying securities.

INDUSTRY AND SECTOR INVESTING RISK: Concentrating assets in a particular industry, sector of the economy, or markets may increase volatility because the investment will be more susceptible to the impact of market, economic, regulatory, and other factors affecting that industry or sector compared with a more broadly diversified asset allocation.

INFLATION/DEFLATION RISK: A change of asset value may occur because of inflation or deflation, causing the portfolio to underperform.

ISSUER RISK: A stake in any individual security is subject to the risk that the issuer of that security performs poorly, resulting in a decline in the security’s value.

LOSS OF MONEY RISK: Because the investment’s market value may fluctuate up and down, an investor may lose money, including part of the principal, when he or she buys or sells the investment.

MARKET/MARKET VOLATILITY RISK: The market value of the portfolio’s securities may fall rapidly or unpredictably because of changing economic, political, or market conditions, which may reduce the value of the portfolio.

MATURITY/DURATION RISK: Securities with longer maturities or durations typically have higher yields but may be subject to increased interest-rate risk and price volatility compared with securities with shorter maturities, which have lower yields but greater price stability.

NOT FDIC INSURED RISK: The investment is not a deposit or obligation of, or guaranteed or endorsed by, any bank and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other U.S. governmental agency.

REGULATION/GOVERNMENT INTERVENTION RISK: The business of the issuer of an underlying security may be adversely impacted by new regulation or government intervention, impacting the price of the security.

REINVESTMENT RISK: Payments from debt securities may have to be reinvested in securities with lower interest rates than the original securities.

REPURCHASE AGREEMENTS RISK: Repurchase agreements may be subject to the risk that the seller of a security defaults and the collateral securing the repurchase agreement has declined and does not equal the value of the repurchase price.

U.S. GOVERNMENT OBLIGATIONS RISK: Investments in U.S. government obligations are subject to varying levels of government support.


SELECTED RISK FACTORS AND DISCLOSURES (Unaudited)

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WAR, CONTAGIOUS DISEASE & NATURAL DISASTER RISK: Terrorism, war, military confrontations and related geopolitical events (and their aftermath) have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters, such as, for example, earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, as well as wide spread disease and virus epidemics, can be highly disruptive to economies and markets, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments.


ADDITIONAL INFORMATION (Unaudited)

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Pursuant to section 103(a)(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and Department of Labor regulation 2520.103-5(c), a bank or similar institution which holds assets of a plan in a common or collective trust must transmit and certify certain information that is needed by the plan administrator to comply with the annual reporting requirements of ERISA. This information includes a copy of the annual statement of assets and liabilities of the Trust for the fiscal year of such trust that ends with or within the plan year for which the plan’s annual report is made. In compliance with such regulation, NTI hereby provides the enclosed annual report of the Trust.

Pursuant to Department of Labor regulation section 2520.103-5(d), NTI further certifies that the information contained in this annual report of the Trust is an accurate and complete reflection of our records.

Northern Trust Investments, Inc.

50 South LaSalle StreetChicago, Illinois 60603877-651-9156

collective funds trust short-term investment fund

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