UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03605

Northern Institutional Funds

(Exact name of registrant as specified in charter)

50 South LaSalle Street

Chicago, IL 60603

(Address of principal executive offices) (Zip code)

Lloyd A. Wennlund, President

Northern Institutional Funds

50 South LaSalle Street

Chicago, IL 60603

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 557-7547

Date of fiscal year end: November 30

Date of reporting period: August 31, 2007

Item 1. Schedule of Investments.

The registrant’s schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), is as follows:

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES—10.5%
Commercial Mortgage Services—10.5%
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Class A2, 4.74%, 9/11/42	$	2,090	$	2,056
Chase Manhattan Bank-First Union National Bank, Series 1999-1, Class A2, 7.44%, 8/15/31		1,939		1,997
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-CKN2, Class A3, 6.13%, 4/15/37		2,405		2,458
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C5, Class A2, 4.18%, 11/15/37		2,955		2,883
First Union National Bank Commercial Mortgage, Series 2002-C1, Class A2, 6.14%, 2/12/34		1,050		1,076
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A2, 4.31%, 8/10/42		368		360
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-C1, Class A1, 4.28%, 1/12/37		1,668		1,629
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A2, 4.63%, 3/15/46		1,820		1,788
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A2, 4.55%, 7/15/30		2,820		2,766
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A2, 4.89%, 9/15/30		2,170		2,146
Merrill Lynch Mortgage Trust, Series 2004-BPC1, Class A2, 4.07%, 10/12/41		1,915		1,867
Morgan Stanley Dean Witter Capital I, Series 2001-TOP1, Class A4, 6.66%, 2/15/33		2,675		2,760
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4, 6.39%, 7/15/33		2,290		2,356
				26,142
Total Asset-Backed Securities
(Cost $27,001)				26,142
CORPORATE BONDS—16.0%
Aerospace/Defense—0.5%
L-3 Communications Corp., 7.63%, 6/15/12 †		1,260		1,282
Apparel—0.6%
Levi Strauss & Co., 12.25%, 12/15/12		1,445		1,543
Diversified Financial Services—4.3%
ANZ Capital Trust, (1) (2) 4.48%, 1/29/49		1,325		1,295
Caterpillar Financial Services Corp., 5.85%, 9/1/17		665		666
Countrywide Financial Corp., 5.80%, 6/7/12 †		215		202
General Electric Capital Corp., 5.88%, 2/15/12		195		200
Goldman Sachs Group, Inc., 5.63%, 1/15/17 †		825		789
International Lease Finance Corp., 5.35%, 3/1/12 †		1,105		1,092
International Lease Finance Corp., 5.65%, 6/1/14 †		225		224
Lazard Group, 6.85%, 6/15/17		685		676
Lehman Brothers Holdings Capital Trust V, 5.86%, 11/29/49		1,245		1,143
Lehman Brothers Holdings, Inc., 6.88%, 7/17/37		1,000		940
Morgan Stanley, 5.55%, 4/27/17 †		835		805
Power Receivable Finance LLC, (1) (2) 6.29%, 1/1/12 †		1,028		1,052

FIXED INCOME PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS—16.0%—CONTINUED
Diversified Financial Services—4.3%—(continued)
Residential Capital Corp., (1) (2) 9.19%, 4/17/09 †	$	935	$	561
USB Realty Corp., (1) (2) 6.09%, 12/22/49		1,300		1,236
				10,881
Electric—1.5%
AES Corp., 9.50%, 6/1/09		1,425		1,471
Midamerican Energy Holdings Co., (2)  6.50%, 9/15/37		325		328
PSEG Energy Holdings LLC, 10.00%, 10/1/09		1,820		1,931
				3,730
Healthcare-Services—0.6%
HCA, Inc., (2) 9.13%, 11/15/14		1,405		1,440
Holding Companies—Diversified—0.9%
Capmark Financial Group, Inc., (1) (2) 6.30%, 5/10/17		1,400		1,137
Kansas City Southern Railway, 9.50%, 10/1/08		1,130		1,149
				2,286
Insurance—0.5%
Allstate Corp., 6.50%, 5/15/57		95		87
Metlife, Inc., 6.40%, 12/15/36 †		1,130		1,028
				1,115
Media—1.3%
Charter Communications Operating LLC/Charter Communications Operating Capital, (2) 8.00%, 4/30/12 †		1,275		1,249
Comcast Corp., 6.95%, 8/15/37		1,095		1,122
Time Warner Cable, Inc., (1) (2) 5.85%, 5/1/17		1,000		977
				3,348
Mining—0.2%
Freeport-McMoRan Copper & Gold, Inc., 8.56%, 4/1/15		590		608
Oil & Gas—1.9%
Apache Corp., 6.00%, 1/15/37		630		603
Chesapeake Energy Corp., 7.50%, 6/15/14 †		890		901
Premcor Refining Group (The), Inc.,
9.50%, 2/1/13		750		792
6.75%, 5/1/14		2,370		2,453
				4,749
Oil & Gas Services—0.7%
Dresser-Rand Group, Inc., 7.38%, 11/1/14		1,030		1,004
Weatherford International, Inc., (1) (2)  6.80%, 6/15/37		790		809
				1,813
Pipelines—1.2%
Consolidated Natural Gas Co., 5.00%, 3/1/14		1,085		1,042
Kinder Morgan Energy Partners LP, 6.00%, 2/1/17 †		1,040		1,023
Williams Cos., Inc., 8.13%, 3/15/12 †		960		1,029
				3,094
Real Estate Investment Trusts—0.4%
iStar Financial, Inc., 5.88%, 3/15/16 †		1,010		910
Retail—0.2%
CVS Caremark Corp., 5.75%, 6/1/17		445		435
Telecommunications—1.2%
AT&T, Inc., 6.50%, 9/1/37		1,035		1,036
Embarq Corp., 8.00%, 6/1/36		595		617
Sprint Capital Corp., 6.90%, 5/1/19 †		1,245		1,265
				2,918
Total Corporate Bonds
(Cost $41,497)				40,152

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO (continued)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS—4.5%
Banks—1.4%
BBVA International Preferred S.A. Unipersonal, (2)  5.92%, 12/31/49 †	$	1,280	$	1,148
Lloyds TSB Group PLC, (2)  6.27%, 12/31/49		1,055		973
Shinsei Finance Cayman Ltd., (1) (2)  6.42%, 1/29/49 †		1,490		1,411
				3,532
Diversified Financial Services—0.6%
MUFG Capital Finance 1 Ltd., 6.35%, 7/29/49		855		816
SMFG Preferred Capital 1 Ltd., (1) (2)  6.08%, 1/29/49 †		805		751
				1,567
Insurance—1.4%
Allied World Assurance Holdings Ltd. of Bermuda, 7.50%, 8/1/16 †		845		896
Catlin Insurance Co. Ltd., (2) 7.25%, 1/19/17 †		1,270		1,181
XL Capital Ltd., 6.50%, 4/15/17 †		1,735		1,531
				3,608
Mining—0.7%
Vale Overseas Ltd., 6.25%, 1/11/16		1,680		1,689
Oil & Gas—0.4%
Nexen, Inc., 6.40%, 5/15/37		997		970
Total Foreign Issuer Bonds
(Cost $11,970)				11,366
U.S. GOVERNMENT AGENCIES—40.3% (3)
Fannie Mae—29.3%
Pool #255452, 5.50%, 10/1/19		2,124		2,115
Pool #535982, 7.50%, 5/1/31		116		121
Pool #545437, 7.00%, 2/1/32		13		13
Pool #545757, 7.00%, 6/1/32		2,198		2,280
Pool #703439, 5.00%, 6/1/18		63		62
Pool #725424, 5.50%, 4/1/34		7,992		7,828
Pool #725787, 5.00%, 9/1/19		5,649		5,526
Pool #785242, 5.50%, 6/1/19		102		102
Pool #829125, 5.50%, 10/1/35		3,371		3,295
Pool #831810, 6.00%, 9/1/36		4,874		4,870
Pool #869217, 5.46%, 2/1/36		3,344		3,338
Pool #893082, 5.84%, 9/1/36		2,293		2,308
Pool #928324, 6.50%, 5/1/37		3,022		3,068
Pool #942292, 6.50%, 8/1/37		1,929		1,958
Pool TBA, (4)
6.50%, 10/31/33		7,102		7,209
5.50%, 9/15/35		18,167		17,741
6.00%, 12/31/64		11,815		11,800
				73,634
Freddie Mac—7.6%
5.50%, 8/20/12		8,177		8,429
Pool #1J0365, 5.93%, 4/1/37		1,888		1,891
Pool TBA, (4)
6.00%, 9/15/32		7,479		7,472
6.50%, 9/1/37		1,159		1,176
				18,968
Freddie Mac Gold—2.5%
Pool #C00910, 7.50%, 1/1/30		711		744
Pool #C02790, 6.50%, 4/1/37		2,316		2,351

FIXED INCOME PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES — 40.3% (3)—CONTINUED
Freddie Mac Gold—2.5%—(continued)
Pool #C02838, 5.50%, 5/1/37	$	3,268	$	3,191
				6,286
Government National Mortgage Association—0.9%
Pool #595091, 6.00%, 10/15/32		710		715
Pool #597572, 5.50%, 9/15/35		42		41
Pool #627123, 5.50%, 3/15/34		1,451		1,428
Pool #781688, 6.00%, 12/15/33		66		67
				2,251
Total U.S. Government Agencies
(Cost $101,522)				101,139
U.S. GOVERNMENT OBLIGATIONS—22.5%
U.S. Treasury Bond—1.3%
4.75%, 2/15/37 †		3,288		3,243
U.S. Treasury Inflation Indexed Notes—10.9%
3.00%, 7/15/12 †		20,661		21,325
2.63%, 7/15/17 †		5,900		6,070
				27,395
U.S. Treasury Notes—10.3%
4.88%, 6/30/09 †		1,543		1,561
4.13%, 8/31/12 †		12,313		12,242
4.75%, 8/15/17 †		11,851		12,045
				25,848
Total U.S. Government Obligations
(Cost $56,142)				56,486
INVESTMENT COMPANY—26.5%
Northern Institutional Funds - Liquid Assets Portfolio (5) (6)		66,471,512		66,472
Total Investment Company
(Cost $66,472)				66,472
SHORT-TERM INVESTMENTS—24.1%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit, 5.28%, 9/4/07		37,683		37,683
FHLB Discount Note, 4.26%, 9/4/07		22,742		22,734
Total Short-Term Investments
(Cost $60,417)				60,417
Total Investments—144.4%
(Cost $365,021)				362,174
Liabilities less Other Assets—(44.4)%				(111,388	)
NET ASSETS—100.0%			$	250,786

(1) Restricted security that has been deemed illiquid. At August 31, 2007, the value of these restricted illiquid securities amounted to approximately $9,229,000 or 3.7% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
ANZ Capital Trust, 4.48%, 1/29/49	9/21/06	$	1,286
Capmark Financial Group, Inc., 6.30%, 5/10/17	5/30/07-6/21/07		1,372
Power Receivable Finance LLC, 6.29%, 1/1/12	9/30/03		1,028
Residential Capital Corp., 8.69%, 4/17/09	9/29/06		939
Shinsei Finance Cayman Ltd., 6.42%, 1/29/49	2/16/06		1,496
SMFG Preferred Capital 1 Ltd., 6.08%, 1/29/49	12/13/06		805
Time Warner Cable, Inc., 5.85%, 5/1/17	4/4/07		998
USB Realty Corp., 6.09%, 12/22/49	1/19/07		1,311
Weatherford International, Inc., 6.80%, 6/15/37	6/13/07		785

(2) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(4) When-Issued Security

(5) Investment in affiliated portfolio

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    4    FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO (continued)

(6) Investment relates to cash collateral received from portfolio securities loaned.

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	365,021
Gross tax appreciation of investments	$	958
Gross tax depreciation of investments		(3,805	)
Net tax depreciation of investments	$	(2,847	)

FIXED INCOME PORTFOLIOS    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FIXED INCOME PORTFOLIOS

    SCHEDULE OF INVESTMENTS

    CORE BOND PORTFOLIO

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES—11.0%
Commercial Mortgage Services—11.0%
Banc of America Commercial Mortgage, Inc., Series 2004-5, Class A2,
4.18%, 11/10/41	$	1,107	$	1,083
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Class A2,
4.74%, 9/11/42		1,890		1,859
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2,
5.33%, 1/12/45		1,160		1,150
Chase Manhattan Bank-First Union National Bank, Series 1999-1, Class A2,
7.44%, 8/15/31		1,503		1,547
Commercial Mortgage Asset Trust, Series 1999-C1, Class A3,
6.64%, 9/17/10		871		883
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-CKN2, Class A3,
6.13%, 4/15/37		1,680		1,717
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C5, Class A2,
4.18%, 11/15/37		1,720		1,678
First Union National Bank Commercial Mortgage, Series 2002-C1, Class A2,
6.14%, 2/12/34		1,000		1,024
GMAC Commercial Mortgage Securities, Inc., Series 2002-C3, Class A2,
4.93%, 7/10/39		640		622
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A2,
4.31%, 8/10/42		465		455
GS Mortgage Securities Corp. II, Series 2007-GG10, Class A2,
5.78%, 8/10/45		2,000		2,012
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-C1, Class A1,
4.28%, 1/12/37		348		340
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A2,
4.63%, 3/15/46		660		648
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A2,
4.55%, 7/15/30		1,707		1,675
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A2,
4.89%, 9/15/30		2,095		2,072
Merrill Lynch Mortgage Trust, Series 2004-BPC1, Class A2,
4.07%, 10/12/41		980		956
Morgan Stanley Dean Witter Capital I, Series 2001-TOP1, Class A4,
6.66%, 2/15/33		720		743
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4,
6.39%, 7/15/33		2,140		2,201
				22,665
Total Asset-Backed Securities
(Cost $22,964)				22,665
CORPORATE BONDS—12.0%
Diversified Financial Services—5.3%
American General Finance Corp.,
5.38%, 10/1/12 †		1,380		1,358
ANZ Capital Trust, (1) (2)
4.48%, 1/29/49		915		895
Caterpillar Financial Services Corp.,
5.85%, 9/1/17		550		551
Citigroup, Inc.,
6.00%, 8/15/17 †		1,050		1,063
Countrywide Financial Corp.,
5.80%, 6/7/12		125		117
General Electric Capital Corp.,
5.88%, 2/15/12 †		272		279
Goldman Sachs Group, Inc.,
5.63%, 1/15/17		765		731
International Lease Finance Corp.,
5.35%, 3/1/12 †		930		919
5.65%, 6/1/14		190		189
Lazard Group,
6.85%, 6/15/17 †		540		533
Lehman Brothers Holdings Capital Trust V,
5.86%, 11/29/49		980		900

FIXED INCOME PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS—12.0%—CONTINUED
Diversified Financial Services—5.3%—(continued)
Lehman Brothers Holdings, Inc.,
6.88%, 7/17/37	$	770	$	723
Morgan Stanley,
5.55%, 4/27/17		700		675
Nelnet, Inc.,
5.13%, 6/1/10		930		919
Power Receivable Finance LLC, (1) (2)
6.29%, 1/1/12 †		224		229
USB Realty Corp., (1) (2)
6.09%, 12/22/49		1,000		951
				11,032
Electric—0.3%
Midamerican Energy Holdings Co., (2)
6.50%, 9/15/37		275		277
Public Service Electric & Gas,
4.00%, 11/1/08		250		246
				523
Holding Companies—Diversified—0.4%
Capmark Financial Group, Inc., (1) (2)
6.30%, 5/10/17		1,095		890
Insurance—0.6%
Allstate Corp.,
6.50%, 5/15/57		80		74
Metlife, Inc.,
6.40%, 12/15/36		1,260		1,146
				1,220
Media—0.8%
Comcast Corp.,
6.95%, 8/15/37		910		932
Time Warner Cable, Inc., (1) (2)
5.85%, 5/1/17		750		733
				1,665
Oil & Gas—1.5%
Apache Corp.,
6.00%, 1/15/37		485		464
Premcor Refining Group (The), Inc.,
9.50%, 2/1/13		340		359
6.75%, 5/1/14		1,500		1,553
XTO Energy, Inc.,
6.25%, 8/1/17		805		822
				3,198
Oil & Gas Services—0.3%
Weatherford International, Inc., (1) (2)
6.80%, 6/15/37		620		634
Pipelines—0.7%
Consolidated Natural Gas Co.,
5.00%, 3/1/14		585		562
Kinder Morgan Energy Partners LP,
6.00%, 2/1/17		800		787
				1,349
Real Estate Investment Trusts—0.4%
iStar Financial, Inc.,
5.88%, 3/15/16 †		1,025		923
Retail—0.2%
CVS Caremark Corp.,
5.75%, 6/1/17		350		342
Telecommunications—1.5%
AT&T, Inc.,
6.50%, 9/1/37		865		866
Embarq Corp.,
8.00%, 6/1/36		490		508
Sprint Capital Corp.,
6.90%, 5/1/19 †		970		986
Verizon New Jersey, Inc.,
5.88%, 1/17/12 †		510		518
Verizon of New England, Inc.,
6.50%, 9/15/11		260		268
				3,146
Total Corporate Bonds
(Cost $ 25,603)				24,922
FOREIGN ISSUER BONDS—4.8%
Banks—1.4%
BBVA International Preferred S.A. Unipersonal, (1) (2)
5.92%, 12/31/49 †		1,000		897
Lloyds TSB Group PLC, (1) (2)
6.27%, 11/29/49		885		817
Shinsei Finance Cayman Ltd., (1) (2)
6.42%, 1/29/49 †		1,220		1,155
				2,869

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

    SCHEDULE OF INVESTMENTS

    CORE BOND PORTFOLIO (continued)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS—4.8%—CONTINUED
Diversified Financial Services—0.6%
MUFG Capital Finance 1 Ltd.,
6.35%, 7/29/49	$	620	$	592
SMFG Preferred Capital 1 Ltd., (1) (2)
6.08%, 1/29/49 †		605		564
				1,156
Insurance—1.4%
Allied World Assurance Holdings Ltd. of Bermuda,
7.50%, 8/1/16		825		875
Catlin Insurance Co. Ltd., (2)
7.25%, 12/31/49 †		995		925
XL Capital Ltd.,
6.50%, 12/31/49 †		1,345		1,187
				2,987
Mining—0.7%
Vale Overseas Ltd.,
6.25%, 1/11/16		1,380		1,387
Oil & Gas—0.4%
Nexen, Inc.,
6.40%, 5/15/37		784		763
Telecommunications—0.3%
Telefonos de Mexico S.A. de CV,
4.75%, 1/27/10		685		677
Total Foreign Issuer Bonds
(Cost $10,350)				9,839
U.S. GOVERNMENT AGENCIES—39.5% (3)
Fannie Mae—30.1%
Pool #255452,
5.50%, 10/1/19		1,248		1,242
Pool #255934,
6.00%, 11/1/35		410		410
Pool #535714,
7.50%, 1/1/31		58		61
Pool #545757,
7.00%, 6/1/32		426		442
Pool #555599,
7.00%, 4/1/33		136		141
Pool #651897,
7.00%, 8/1/32		256		266
Pool #656035,
7.50%, 9/1/32		55		57
Pool #703439,
5.00%, 6/1/18		989		970
Pool #712130,
7.00%, 6/1/33		69		71
Pool #725424,
5.50%, 4/1/34		4,521		4,428
Pool #725787,
5.00%, 9/1/19		2,028		1,983
Pool #733868,
6.00%, 12/1/32		585		588
Pool #735931,
5.00%, 10/1/20		334		326
Pool #794338,
6.00%, 9/1/34		1,018		1,019
Pool #796371,
5.00%, 10/1/19		251		246
Pool #797773,
5.00%, 3/1/20		181		177
Pool #814782,
7.00%, 4/1/35		39		40
Pool #829125,
5.50%, 10/1/35		2,650		2,590
Pool #831810,
6.00%, 9/1/36		4,003		3,999
Pool #839291,
5.00%, 9/1/20		135		132
Pool #845182,
5.50%, 11/1/35		2,771		2,709
Pool #869217,
5.46%, 2/1/36		2,902		2,897
Pool #869801,
5.50%, 4/1/21		465		462
Pool #893082,
5.84%, 9/1/36		1,789		1,800
Pool #928324,
6.50%, 5/1/37		2,248		2,282
Pool #942292,
6.50%, 8/1/37		1,435		1,457
Pool TBA, (4)
6.50%, 9/1/32		6,335		6,430

FIXED INCOME PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES—39.5% (3)—CONTINUED
Fannie Mae—30.1%—(continued)
5.50%, 9/1/33	$	15,556	$	15,191
6.00%, 12/31/34		9,899		9,887
				62,303
Freddie Mac—4.6%
5.50%, 8/20/12		3,423		3,529
Pool TBA, (4)
6.00%, 12/31/49		3,334		3,331
6.50%, 12/31/49		2,645		2,685
				9,545
Freddie Mac Gold—3.6%
Pool #A51710,
6.00%, 8/1/36		2,366		2,365
Pool #C02790,
6.50%, 4/1/37		1,820		1,848
Pool #C02838,
5.50%, 5/1/37		2,585		2,525
Pool #G01186,
7.50%, 2/1/31		12		12
Pool #G02988,
6.00%, 5/1/37		660		659
				7,409
Freddie Mac Non Gold—0.7%
Pool #1J0365,
5.93%, 4/1/37		1,491		1,492
Government National Mortgage Association—0.5%
Pool #595091,
6.00%, 10/15/32		351		354
Pool #604183,
5.50%, 4/15/33		61		60
Pool #627123,
5.50%, 3/15/34		534		526
Pool #633627,
5.50%, 9/15/34		69		68
				1,008
Total U.S. Government Agencies
(Cost $82,000)				81,757
U.S. GOVERNMENT OBLIGATIONS—24.3%
U.S. Treasury Bond—1.5%
4.75%, 2/15/37 †		3,158		3,115
U.S. Treasury Inflation Indexed Notes—10.5%
3.00%, 7/15/12 †		15,426		15,922
2.63%, 7/15/17 †		5,548		5,707
				21,629
U.S. Treasury Notes—12.3%
4.88%, 6/30/09 †		1,314		1,329
4.13%, 8/31/12 †		18,587		18,480
4.75%, 8/15/17 †		5,586		5,678
				25,487
Total U.S. Government Obligations
(Cost $49,908)				50,231
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANY—22.9%
Northern Institutional Funds - Liquid Assets Portfolio (5) (6)		47,313,183		47,313
Total Investment Company
(Cost $47,313)				47,313
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS—28.6%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit,
5.28%, 9/4/07	$	29,697		29,697
FHLB Discount Note,
4.26%, 9/4/07		29,550		29,540
Total Short-Term Investments
(Cost $59,237)				59,237
Total Investments—143.1%
(Cost $297,375)				295,964
Liabilities less Other Assets—(43.1)%				(89,093	)
NET ASSETS—100.0%			$	206,871

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    4    FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

    SCHEDULE OF INVESTMENTS

    CORE BOND PORTFOLIO (continued)

(1) Restricted security that has been deemed illiquid. At August 31, 2007, the value of these restricted illiquid securities amounted to approximately $7,765,000 or 3.8% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISTION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
ANZ Capital Trust,
4.48%, 1/29/49	9/21/06	$	888
BBVA International Preferred S.A. Unipersonal,
5.92%, 12/31/49	3/22/07		1,000
Capmark Financial Group, Inc.,
6.30%, 5/10/17	5/3/07-6/21/07		1,073
Lloyds TSB Group PLC,
6.27%, 12/31/49	11/06/06-1/26/07		881
Power Receivable Finance LLC,
6.29%, 1/1/12	9/30/03		224
Shinsei Finance Cayman Ltd.,
6.42%, 1/29/49	2/16/06		1,227
SMFG Preferred Capital 1 Ltd.,
6.08%, 1/29/49	12/14/06		605
Time Warner Cable, Inc.,
5.85%, 5/1/17	4/4/07		748
USB Realty Corp.,
6.09%, 12/22/49	1/19/07		1,008
Weatherford International, Inc.,
6.80%, 6/15/37	6/13/07		616

(2) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(4) When-Issued Security

(5) Investment in affiliated portfolio

(6) Investment relates to cash collateral received from portfolio securities loaned.

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	297,375
Gross tax appreciation of investments	$	808
Gross tax depreciation of investments		(2,219	)
Net tax depreciation of investments	$	(1,411	)

FIXED INCOME PORTFOLIOS    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS AUGUST 31, 2007 (UNAUDITED)

U.S. TREASURY INDEX PORTFOLIO

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS—98.2%
U.S. Treasury Bonds—29.1%
12.50%, 8/15/14	$	1,000	$	1,153
7.25%, 5/15/16 †		1,500		1,786
8.88%, 8/15/17		1,250		1,669
9.00%, 11/15/18 †		700		959
8.13%, 8/15/19 †		1,300		1,696
8.75%, 8/15/20 †		1,000		1,377
8.00%, 11/15/21 †		1,100		1,455
6.25%, 8/15/23 †		1,150		1,325
6.50%, 11/15/26 †		1,000		1,201
6.13%, 11/15/27		1,000		1,160
5.25%, 2/15/29 †		1,100		1,155
6.25%, 5/15/30 †		500		595
4.75%, 2/15/37 †		250		247
				15,778
U.S. Treasury Notes—69.1%
3.13%, 9/15/08		1,000		989
4.75%, 11/15/08		1,700		1,710
3.00%, 2/15/09 †		2,600		2,555
4.75%, 2/28/09 †		1,000		1,007
3.88%, 5/15/09		1,000		994
4.88%, 5/31/09 †		1,000		1,011
3.63%, 7/15/09 †		2,000		1,980
3.38%, 10/15/09		1,700		1,672
3.50%, 2/15/10 †		1,100		1,082
4.75%, 2/15/10 †		1,500		1,519
6.50%, 2/15/10 †		900		948
3.88%, 5/15/10 †		1,100		1,091
5.75%, 8/15/10		1,100		1,147
5.00%, 2/15/11 †		1,900		1,952
4.88%, 5/31/11 †		1,700		1,739
4.63%, 10/31/11		1,200		1,218
4.63%, 2/29/12 †		1,000		1,015
4.50%, 3/31/12 †		1,000		1,010
4.50%, 4/30/12		1,000		1,010
4.88%, 6/30/12 †		1,000		1,026
4.00%, 11/15/12 †		1,250		1,235
3.63%, 5/15/13 †		1,500		1,450
4.25%, 8/15/13 †		1,500		1,495
4.25%, 11/15/13 †		1,000		997
4.00%, 2/15/15 †		1,650		1,604
4.50%, 11/15/15 †		1,250		1,251
4.63%, 2/15/17 †		1,900		1,911
4.50%, 5/15/17 †		750		747
				37,365
Total U.S. Government Obligations
(Cost $52,785)				53,143

	NUMBER OF SHARES	VALUE (000S)
INVESTMENT COMPANY—28.6%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)	15,486,185	15,486
Total Investment Company
(Cost $15,486)		15,486

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT—1.2%
FHLB Discount Note,
4.26%, 9/4/07	$	634		634
Total Short-Term Investment
(Cost $634)				634
Total Investments—128.0%
(Cost $68,905)				69,263
Liabilities less Other Assets—(28.0)%				(15,164	)
NET ASSETS—100.0%			$	54,099

(1) Investment in affiliated portfolio

(2) Investment relates to cash collateral received from portfolio securities loaned.

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	68,905
Gross tax appreciation of investments	$	606
Gross tax depreciation of investment		(248	)
Net tax appreciation of investments	$	358

FIXED INCOME PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES—20.0%
Automobile—3.6%
Capital One Prime Auto Receivables Trust, Series 2007-1, Class A3,
5.47%, 6/15/11	$	335	$	335
Honda Auto Receivables Owner Trust, Series 2007-2, Class A3,
5.46%, 5/23/11		425		426
USAA Auto Owner Trust, Series 2005-4, Class A4,
4.89%, 8/15/12		380		377
				1,138
Commercial Mortgage Services—15.4%
Banc of America Commercial Mortgage, Inc., Series 2004-5, Class A2,
4.18%, 11/10/41		253		248
Chase Manhattan Bank-First Union National Bank, Series 1999-1, Class A2,
7.44%, 8/15/31		490		504
Commercial Mortgage Asset Trust, Series 1999-C1, Class A3,
6.64%, 1/17/32		460		466
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-CKN2, Class A3,
6.13%, 4/15/37		120		123
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C5, Class A2,
4.18%, 11/15/37		300		293
DLJ Commercial Mortgage Corp., Series 1998-CF2, Class A1B,
6.24%, 11/12/31		284		285
First Union National Bank Commercial Mortgage, Series 2002-C1, Class A2,
6.14%, 2/12/34		390		400
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A2,
4.31%, 8/10/42		115		112
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-C1, Class A1,
4.28%, 1/12/37		133		130
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A2,
4.63%, 3/15/46		195		192
LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class A3,
6.48%, 2/18/30		137		136
LB-UBS Commercial Mortgage Trust, Series 2001-C3, Class A2,
6.37%, 12/15/28		390		402
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A2,
4.55%, 7/15/30		298		292
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A2,
4.89%, 9/15/30		370		366
Merrill Lynch Mortgage Trust,
Series 2004-BPC1, Class A2,
4.07%, 10/12/41		265		258
Morgan Stanley Dean Witter Capital I, Series 2001-TOP1, Class A4,
6.66%, 2/15/33		340		351
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4,
6.39%, 7/15/33		325		334
				4,892
Credit Card—1.0%
Citibank Credit Card Issuance Trust, Series 2007-A5, Class A5,
5.50%, 6/22/12 †		335		338
Total Asset-Backed Securities
(Cost $6,508)				6,368
CORPORATE BONDS—23.6%
Aerospace/Defense—0.5%
L-3 Communications Corp.,
7.63%, 6/15/12 †		150		153
Apparel—0.5%
Levi Strauss & Co.,
12.25%, 12/15/12		155		165
Diversified Financial Services—9.8%
American General Finance Corp.,
5.38%, 10/1/12 †		235		231
ANZ Capital Trust, (1) (2)
4.48%, 1/29/49		150		147

FIXED INCOME PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS—23.6%—CONTINUED
Diversified Financial Services—9.8%—(continued)
Caterpillar Financial Services Corp.,
5.85%, 9/1/17	$	85	$	85
Citigroup, Inc.,
6.00%, 8/15/17		175		177
Countrywide Financial Corp.,
5.80%, 6/7/12		20		19
General Electric Capital Corp.,
5.88%, 2/15/12		414		424
Goldman Sachs Group, Inc.,
5.63%, 1/15/17		125		120
HSBC Finance Corp.,
5.25%, 1/15/14 †		270		261
International Lease Finance Corp.,
5.35%, 3/1/12 †		245		242
5.65%, 6/1/14 †		60		60
JP Morgan Chase & Co.,
5.75%, 1/2/13		300		303
Lazard Group,
6.85%, 6/15/17		85		84
Lehman Brothers Holdings Capital Trust V,
5.86%, 11/29/49 †		160		147
Morgan Stanley,
5.63%, 1/9/12 †		300		300
5.55%, 4/27/17 †		215		207
Power Receivable Finance LLC, (1) (2)
6.29%, 1/1/12 †		59		61
Residential Capital Corp., (1) (2)
9.19%, 4/17/09 †		110		66
USB Realty Corp., (1) (2)
6.09%, 12/22/49		200		190
				3,124
Electric—1.6%
AES (The) Corp.,
9.50%, 6/1/09		200		206
PSEG Energy Holdings LLC,
10.00%, 10/1/09 †		195		207
Public Service Electric & Gas,
4.00%, 11/1/08		95		94
				507
Healthcare - Services—1.1%
HCA, Inc., (2)
9.13%, 11/15/14 †		180		185
UnitedHealth Group, Inc.,
4.88%, 3/15/15		185		175
				360
Holding Companies - Diversified—0.9%
Capmark Financial Group, Inc., (1) (2)
6.30%, 5/10/17 †		170		138
Kansas City Southern Railway,
9.50%, 10/1/08		140		142
				280
Insurance—0.5%
Protective Life Secured Trust,
4.85%, 8/16/10 †		165		165
Media—2.0%
Charter Communications Operating LLC/Charter Communications Operating Capital, (2)
8.00%, 4/30/12 †		155		152
Comcast Corp.,
4.95%, 6/15/16 †		165		153
Time Warner Cable, Inc., (1) (2)
5.85%, 5/1/17		125		122
Time Warner, Inc.,
5.88%, 11/15/16		215		210
				637
Mining—0.3%
Freeport-McMoRan Copper & Gold, Inc.,
8.56%, 4/1/15		80		82
Oil & Gas—2.8%
Chesapeake Energy Corp.,
7.50%, 6/15/14 †		110		111
Devon Financing Corp. ULC,
6.88%, 9/30/11		125		132
Premcor Refining Group (The), Inc.,
9.50%, 2/1/13		75		79
6.75%, 5/1/14		330		342
XTO Energy, Inc.,
6.25%, 8/1/17		215		220
				884
Oil & Gas Services—0.4%
Dresser-Rand Group, Inc.,
7.38%, 11/1/14		130		127

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO (continued)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS—23.6%—CONTINUED
Pipelines—1.6%
Consolidated Natural Gas Co.,
5.00%, 3/1/14	$	275	$	264
Kinder Morgan Energy Partners LP,
6.00%, 2/1/17 †		125		123
Williams Cos., Inc.,
8.13%, 3/15/12 †		115		123
				510
Real Estate Investment Trusts—0.3%
iStar Financial, Inc.,
5.88%, 3/15/16 †		105		95
Retail—0.2%
CVS Caremark Corp.,
5.75%, 6/1/17		55		54
Telecommunications—1.1%
Sprint Capital Corp.,
6.90%, 5/1/19 †		125		127
Verizon New Jersey, Inc.,
5.88%, 1/17/12 †		150		153
Verizon of New England, Inc.,
6.50%, 9/15/11		65		67
				347
Total Corporate Bonds
(Cost $7,677)				7,490
FOREIGN ISSUER BONDS—5.0%
Banks—1.7%
BBVA International Preferred S.A. Unipersonal, (1) (2)
5.92%, 12/31/49		160		143
Lloyds TSB Group PLC, (1) (2)
6.27%, 11/29/49		135		125
Shinsei Finance Cayman Ltd., (1) (2)
6.42%, 1/29/49		275		260
				528
Diversified Financial Services—0.6%
MUFG Capital Finance 1 Ltd.,
6.35%, 7/29/49		100		96
SMFG Preferred Capital 1 Ltd., (1) (2)
6.08%, 1/29/49 †		100		93
				189
Insurance—1.4%
Allied World Assurance Holdings Ltd. of Bermuda,
7.50%, 8/1/16		100		106
Catlin Insurance Co. Ltd., (2)
7.25%, 12/31/49		155		144
XL Capital Ltd.,
6.50%, 12/31/49		215		190
				440
Mining—0.7%
Vale Overseas Ltd.,
6.25%, 1/11/16		210		211
Telecommunications—0.6%
Telefonos de Mexico S.A. de CV,
4.75%, 1/27/10		210		208
Total Foreign Issuer Bonds
(Cost $1,657)				1,576
U.S. GOVERNMENT AGENCIES—24.2% (3)
Federal Home Loan Bank—4.9%
5.00%, 10/16/09		1,555		1,556
Freddie Mac—19.3%
5.25%, 2/24/11		975		981
5.25%, 10/6/11		2,365		2,374
Pool TBA, (4)
6.00%, 7/1/37		1,555		1,553
6.50%, 9/1/37		1,206		1,224
				6,132
Total U.S. Government Agencies
(Cost $7,679)				7,688
U.S. GOVERNMENT OBLIGATIONS—17.4%
U.S. Treasury Inflation Indexed Notes—8.3%
3.00%, 7/15/12 †		307		317
2.63%, 7/15/17 †		2,265		2,318
				2,635

FIXED INCOME PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS—17.4%—CONTINUED
U.S. Treasury Notes—9.1%
4.13%, 8/31/12 †	$	2,176	$	2,163
4.75%, 8/15/17 †		710		722
				2,885
Total U.S. Government Obligations
(Cost $5,504)				5,520

	NUMBER OF SHARES	VALUE (000S)
INVESTMENT COMPANY—19.3%
Northern Institutional Funds - Liquid Assets Portfolio (5) (6)	6,136,850	6,137
Total Investment Company
(Cost $6,137)		6,137

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS—18.4%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit,
5.28%, 9/4/07	$	4,533		4,533
FHLB Discount Note,
4.26%, 9/4/07		1,325		1,324
Total Short-Term Investments
(Cost $5,857)				5,857
Total Investments—127.9%
(Cost $41,019)				40,636
Liabilities less Other Assets—(27.9)%				(8,872	)
NET ASSETS—100.0%			$	31,764

(1) Restricted security that has been deemed illiquid. At August 31, 2007, the value of these restricted illiquid securities amounted to approximately $1,345,000 or 4.2% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
ANZ Capital Trust,
4.48%, 1/29/49	9/21/06	$	146
BBVA International Preferred S.A.
Unipersonal,
5.92%, 12/31/49	3/22/07		160
Capmark Financial Group, Inc.,
6.30%, 5/10/17	5/3/07-6/21/07		167
Lloyds TSB Group PLC,
6.27%, 12/31/49	11/6/06-1/26/07		134
Power Receivable Finance LLC,
6.29%, 1/1/12	9/30/03-8/24/07		59
Residential Capital Corp.,
8.35%, 4/17/09	9/29/06		111
Shinsei Finance Cayman Ltd.,
6.42%, 1/29/49	2/16/06		277
SMFG Preferred Capital 1 Ltd.,
6.08%, 1/29/49	12/13/06		100
Time Warner Cable, Inc.,
5.85%, 5/1/17	4/4/07		125
USB Realty Corp.,
6.09%, 12/22/49	1/19/07		202

(2) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(4) When-Issued Security

(5) Investment in affiliated portfolio

(6) Investment relates to cash collateral received from portfolio securities loaned.

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	41,019
Gross tax appreciation of investments	$	63
Gross tax depreciation of investment		(446	)
Net tax depreciation of investments	$	(383	)

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    4    FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES—45.7%
Automobile—16.0%
AmeriCredit Automobile Receivables Trust, Series 2006-RM, Class A2,
5.42%, 8/6/11	$	2,950	$	2,950
AmeriCredit Automobile Receivables Trust, Series 2007-AX, Class A3,
5.19%, 11/6/11		2,500		2,493
Capital Auto Receivables Asset Trust, Series 2006-2, Class A3A,
4.98%, 5/15/11		2,500		2,488
Capital One Prime Auto Receivables Trust, Series 2007-1, Class A3,
5.47%, 6/15/11		1,945		1,944
Daimler Chrysler Auto Trust, Series 2006-C, Class A4,
4.98%, 11/8/11		2,795		2,776
Ford Credit Auto Owner Trust, Series 2006-B, Class A3,
5.26%, 10/15/10		1,950		1,946
Honda Auto Receivables Owner Trust, Series 2006-3, Class A3,
5.12%, 10/15/10		3,020		3,009
Honda Auto Receivables Owner Trust, Series 2007-2, Class A3,
5.46%, 5/23/11		2,460		2,466
Nissan Auto Receivables Owner Trust, Series 2007-A, Class A3,
5.10%, 11/15/10 †		1,000		997
USAA Auto Owner Trust, Series 2005-4, Class A4,
4.89%, 8/15/12		1,555		1,544
Wachovia Auto Owner Trust, Series 2005-5, Class A5,
4.93%, 11/20/12		2,500		2,471
				25,084
Commercial Mortgage Services—22.7%
Banc of America Commercial Mortgage, Inc., Series 2000-2, Class A2,
7.20%, 9/15/32		2,500		2,592
Banc of America Commercial Mortgage, Inc., Series 2004-5, Class A2,
4.18%, 11/10/41		2,611		2,554
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Class A2,
4.74%, 9/11/42		1,375		1,353
Chase Manhattan Bank-First Union National Bank, Series 1999-1, Class A2,
7.44%, 8/15/31		2,424		2,496
Commercial Mortgage Asset Trust, Series 1999-C1, Class A3,
6.64%, 1/17/32		2,177		2,207
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-CKN2, Class A3,
6.13%, 4/15/37		2,650		2,708
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C5, Class A2,
4.18%, 11/15/37		2,640		2,576
DLJ Commercial Mortgage Corp., Series 1998-CF2, Class A1B,
6.24%, 11/12/31		1,024		1,027
First Union National Bank Commercial Mortgage, Series 2002-C1, Class A2,
6.14%, 2/12/34		2,640		2,704
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A2,
4.31%, 8/10/42		2,765		2,703
GS Mortgage Securities Corp. II, Series 2007-GG10, Class A2,
5.78%, 8/10/45		2,700		2,716
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-C1, Class A1,
4.28%, 1/12/37		492		480
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A2,
4.63%, 3/15/46		2,580		2,535
LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class A3,
6.48%, 2/18/30		602		601
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A2,
4.55%, 7/15/30		1,485		1,457

FIXED INCOME PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES—45.7%—CONTINUED
Commercial Mortgage Services—22.7%—(continued)
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A2,
4.89%, 9/15/30	$	1,125	$	1,113
Merrill Lynch Mortgage Trust, Series 2004-BPC1, Class A2,
4.07%, 10/12/41		2,640		2,574
Prudential Securities Secured Financing Corp., Series 1998-C1, Class A1B,
6.51%, 7/15/08		1,032		1,031
				35,427
Credit Card—7.0%
Bank One Issuance Trust, Series 2003-A9, Class A9,
3.86%, 6/15/11		3,095		3,052
Citibank Credit Card Issuance Trust, Series 2007-A5, Class A5,
5.50%, 6/22/12 †		1,945		1,963
GE Capital Credit Card Master Note Trust, Series 2006-1, Class A,
5.08%, 9/15/12		2,900		2,904
MBNA Master Credit Card Trust, Series 1999-B, Class A,
5.90%, 8/15/11		3,000		3,038
				10,957
Total Asset-Backed Securities
(Cost $71,750)				71,468
CORPORATE BONDS—24.3%
Apparel—0.6%
Levi Strauss & Co.,
12.25%, 12/15/12		955		1,019
Auto Manufacturers—1.5%
Daimler Finance North American LLC,
7.20%, 9/1/09		2,230		2,303
Banks—1.4%
National City Corp.,
5.75%, 2/1/09 †		2,200		2,224
Diversified Financial Services—10.9%
Allstate Life Global Funding Trusts,
4.50%, 5/29/09 †		2,395		2,388
ANZ Capital Trust, (1) (2)
4.48%, 1/29/49		900		880
Associates Corp. of North America,
6.25%, 11/1/08		950		957
Capital One Bank,
4.25%, 12/1/08		930		912
Goldman Sachs Group, Inc.,
4.13%, 1/15/08 †		1,500		1,490
Household Finance Corp.,
4.63%, 1/15/08 †		1,820		1,813
International Lease Finance Corp.,
4.63%, 6/2/08		1,775		1,759
John Deere Capital Corp.,
4.88%, 3/16/09		1,125		1,125
JPMorgan Chase & Co.,
4.89%, 9/1/15		3,080		3,059
MBNA America Bank N.A.,
5.38%, 1/15/08 †		750		749
National Rural Utilities Cooperative Finance Corp.,
3.88%, 2/15/08 †		750		745
5.75%, 11/1/08		1,150		1,153
				17,030
Electric—2.7%
AES (The) Corp.,
9.50%, 6/1/09		1,030		1,063
Alabama Power Co.,
3.50%, 11/15/07		1,340		1,335
PSEG Energy Holdings LLC,
10.00%, 10/1/09		920		976
Public Service Electric & Gas,
4.00%, 11/1/08		880		866
				4,240
Holding Companies - Diversified—0.7%
Kansas City Southern Railway,
9.50%, 10/1/08		1,050		1,067
Insurance—0.2%
Prudential Financial, Inc.,
3.75%, 5/1/08 †		275		271

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO (continued)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS—24.3%—CONTINUED
Media—0.6%
AOL Time Warner, Inc.,
6.75%, 4/15/11	$	855	$	889
Oil & Gas—0.5%
Premcor Refining Group (The), Inc.,
9.50%, 2/1/13		345		365
USX Corp.,
6.85%, 3/1/08		400		402
				767
Pipelines—0.8%
Duke Capital LLC,
4.37%, 3/1/09		500		495
Williams Cos., Inc.,
8.13%, 3/15/12 †		690		740
				1,235
Retail—2.0%
CVS Caremark Corp.,
4.00%, 9/15/09 †		1,300		1,270
Target Corp.,
5.38%, 6/15/09 †		1,800		1,816
				3,086
Savings & Loans—1.1%
Washington Mutual, Inc.,
4.00%, 1/15/09 †		1,770		1,716
Telecommunications—1.3%
GTE Corp.,
7.51%, 4/1/09 †		1,000		1,029
Sprint Capital Corp.,
6.13%, 11/15/08		700		704
Verizon New Jersey, Inc.,
5.88%, 1/17/12		400		406
				2,139
Total Corporate Bonds
(Cost $38,252)				37,986
FOREIGN ISSUER BOND—0.6%
Telecommunications—0.6%
Telefonos de Mexico SAB de CV,
4.75%, 1/27/10	$	885	$	875
Total Foreign Issuer Bond
(Cost $885)				875
U.S. GOVERNMENT AGENCIES—10.7% (3)
Fannie Mae—6.0%
5.63%, 5/19/11		5,435		5,466
Pool #555649,
7.50%, 10/1/32		158		165
Pool #869217,
5.46%, 2/1/36		2,127		2,123
Pool #893082,
5.84%, 9/1/36		1,589		1,600
				9,354
Federal Home Loan Bank—1.5%
5.00%, 10/16/09		2,275		2,277
Freddie Mac—2.0%
5.25%, 2/24/11		2,440		2,454
5.25%, 10/6/11		686		689
				3,143
Small Business Administration—1.2%
Series 2005-P10B, Class 1,
4.94%, 8/10/15		1,969		1,932
Total U.S. Government Agencies
(Cost $16,762)				16,706
U.S. GOVERNMENT OBLIGATIONS—2.7%
U.S. Treasury Notes—2.7%
4.88%, 6/30/09 †		3,554		3,596
4.13%, 8/31/12		616		612
				4,208
Total U.S. Government Obligations
(Cost $4,186)				4,208

FIXED INCOME PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANY—6.1%
Northern Institutional Funds - Liquid Assets Portfolio (4) (5)		9,517,429	$	9,517
Total Investment Company
(Cost $9,517)				9,517
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT—15.3%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit, 5.28%, 9/4/07	$	23,880		23,880
Total Short-Term Investment
(Cost $23,880)				23,880
Total Investments—105.4%
(Cost $165,232)				164,640
Liabilities less Other Assets—(5.4)%				(8,459	)
NET ASSETS—100.0%			$	156,181

(1) Restricted security that has been deemed illiquid. At August 31, 2007, the value of these restricted illiquid securities amounted to approximately $880,000 or 0.6% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
ANZ Capital Trust, 4.48%, 1/29/49	9/21/06	$	874

(2) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(4) Investment in affiliated portfolio

(5) Investment relates to cash collateral received from portfolio securities loaned.

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	165,232
Gross tax appreciation of investments	$	256
Gross tax depreciation of investments		(848	)
Net tax depreciation of investments	$	(592	)

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    4    FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

U. S. GOVERNMENT SECURITIES PORTFOLIO

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES—50.2% (1)
Fannie Mae—14.7%
5.08%, 5/14/10	$	500	$	502
5.63%, 5/19/11		2,000		2,026
5.75%, 2/13/17		1,000		1,004
Pool #555649,
7.50%, 10/1/32		114		119
Pool #869217,
5.46%, 2/1/36		1,574		1,571
Pool #893082,
5.84%, 9/1/36		599		603
Pool TBA, (2)
5.50%, 10/15/33		4,150		4,053
				9,878
Federal Home Loan Bank—5.8%
5.00%, 10/16/09		3,895		3,899
Freddie Mac—17.5%
5.00%, 6/11/09		3,000		3,010
5.25%, 10/6/11		3,815		3,829
5.30%, 1/9/12		3,000		3,015
5.60%, 9/26/13		425		427
Series 2944, Class WD,
5.50%, 11/15/28		1,415		1,418
				11,699
Freddie Mac Gold—5.7%
Pool #E91020,
5.50%, 8/1/17		415		414
Pool TBA, (2)
6.00%, 12/31/49		3,400		3,397
				3,811
Freddie Mac Non Gold—1.5%
Pool #1J0365,
5.93%, 4/1/37		994		995
Pool #410092,
7.13%, 11/1/24		10		10
				1,005
Small Business Administration—5.0%
Participation Certificates, Series 2005-20L, Class 1, 5.39%, 12/1/25		750		752
Participation Certificates, Series 2006-20B, Class 1, 5.35%, 2/1/26		652		655
Participation Certificates, Series 2006-20D, Class 1, 5.64%, 4/1/26		878		891
Series 2005-P10B, Class 1, 4.94%, 8/10/15		1,083		1,063
				3,361
Total U.S. Government Agencies
(Cost $33,654)				33,653
U.S. GOVERNMENT OBLIGATIONS—21.7%
U.S. Treasury Inflation Indexed Note—16.0%
3.00%, 7/15/12 †		10,368		10,701
U.S. Treasury Note—5.7%
4.00%, 8/31/09 †		3,867		3,856
Total U.S. Government Obligations
(Cost $14,508)				14,557
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANY—22.2%
Northern Institutional Funds - Liquid Assets Portfolio (3) (4)		14,884,430		14,884
Total Investment Company
(Cost $14,884)				14,884
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT—38.7%
FHLB Discount Note,
4.26%, 9/4/07	$	25,911		25,902
Total Short-Term Investment
(Cost $25,902)				25,902
Total Investments—132.8%
(Cost $88,948)				88,996
Liabilities less Other Assets—(32.8)%				(21,964	)
NET ASSETS—100.0%			$	67,032

FIXED INCOME PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

(1) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(2) When-Issued Security

(3) Investment in affiliated portfolio

(4) Investment relates to cash collateral received from portfolio securities loaned.

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	88,948
Gross tax appreciation of investments	$	132
Gross tax depreciation of investment		(84	)
Net tax appreciation of investments	$	48

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    FIXED INCOME PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—93.8%
Australia—3.0%
Cochlear Ltd. †	58,846	$	3,227
Suncorp-Metway Ltd. †	236,169		3,885
			7,112
Canada—1.7%
Bombardier, Inc., Class B *	665,400		3,907
China—0.8%
Bank of China Ltd.	3,441,000		1,770
Finland—2.3%
Nokia OYJ	162,750		5,359
France—7.0%
Accor S.A.	23,098		1,983
Alstom	12,296		2,223
AXA S.A.	105,373		4,222
L’Oreal S.A. †	36,565		4,283
Thales S.A. *	65,447		3,714
			16,425
Germany—14.5%
Deutsche Bank A.G. (Registered)	21,390		2,641
Deutsche Telekom A.G. (Registered)	241,744		4,492
E.ON A.G.	20,972		3,519
Linde A.G.	35,731		4,194
MAN A.G.	26,374		3,783
Merck KGaA	27,751		3,559
Metro A.G.	45,503		3,943
SAP A.G.	80,733		4,348
Siemens A.G. (Registered)	26,374		3,313
			33,792
Greece—1.5%
National Bank of Greece S.A.	60,536		3,601
Ireland—0.7%
Allied Irish Banks PLC	67,068		1,712
Italy—7.2%
ENI S.p.A.	142,861		4,940
Finmeccanica S.p.A. †	64,794		1,899
Lottomatica S.p.A. †	93,957		3,377
UniCredito Italiano S.p.A. (Milan Exchange)	528,404		4,528
Unione di Banche Italiane SCPA	82,637		2,112
			16,856
Japan—13.1%
East Japan Railway Co.	500		3,988
Fanuc Ltd.	37,000		3,603
Kirin Brewery Co. Ltd.	231,000		2,880
Komatsu Ltd.	132,200		4,078
Mizuho Financial Group, Inc.	622		3,940
Shin-Etsu Chemical Co. Ltd.	54,600		3,954
Sony Corp.	48,200		2,324
Toyota Motor Corp.	98,700		5,766
			30,533
Netherlands—4.7%
Qiagen N.V. * †	198,495		3,410
Royal Dutch Shell PLC, Class B (London Exchange)	193,700		7,553
			10,963
Norway—0.8%
Petroleum Geo-Services ASA *	83,750		1,968
Singapore—1.6%
CapitaLand Ltd.	295,000		1,433
Cosco Corp. Singapore Ltd.	701,000		2,323
			3,756
Spain—3.7%
Banco Santander S.A.	169,845		3,101
Telefonica S.A.	225,850		5,606
			8,707
Sweden—0.9%
Assa Abloy AB, Class B	17,089		353
Autoliv, Inc. SDR †	31,286		1,799
			2,152
Switzerland—11.2%
ABB Ltd. (Registered)	104,034		2,557
Julius Baer Holding A.G. (Registered)	36,760		2,434
Logitech International S.A. (Registered) *	57,401		1,549
Nestle S.A. (Registered)	13,909		6,048
Roche Holding A.G. (Genusschein)	32,946		5,725
Swiss Life Holding (Registered) *	14,390		3,414
Syngenta A.G. (Registered)	10,478		1,960
Xstrata PLC	42,503		2,489
			26,176
United Kingdom—19.1%
BHP Billiton PLC	216,404		6,365
BT Group PLC	664,601		4,231
Centrica PLC	505,472		3,928
GlaxoSmithKline PLC	233,205		6,088

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS—93.8%—CONTINUED
United Kingdom—19.1%—(continued)
ITV PLC		1,545,789	$	3,419
Lloyds TSB Group PLC		435,649		4,787
Prudential PLC		296,908		4,208
Smith & Nephew PLC		282,298		3,324
Vodafone Group PLC		1,995,139		6,428
WPP Group PLC		129,275		1,840
				44,618
Total Common Stocks
(Cost $193,753)				219,407
INVESTMENT COMPANY—3.5%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)		8,106,454		8,106
Total Investment Company
(Cost $8,106)				8,106
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT—0.7%
Calyon Financial Products (Guernsey) Ltd.,Grand Cayman, Eurodollar Time Deposit, 5.28%, 9/4/07	$	1,645		1,645
Total Short-Term Investment
(Cost $1,645)				1,645
Total Investments—98.0%
(Cost $203,504)				229,158
Other Assets less Liabilities—2.0%				4,612
NET ASSETS—100.0%			$	233,770

(1) Investment in affiliated Portfolio

(2) Investment relates to cash collateral received from portfolio securities loaned.

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At August 31, 2007, the industry sectors for the International Growth Portfolio were:

INDUSTRY SECTOR	% OF LONG TERM INVESTMENTS
Consumer Discretionary	9.3	%
Consumer Staples	7.8
Energy	6.6
Financials	21.9
Health Care	11.5
Industrials	16.3
Information Technology	5.1
Materials	8.6
Telecommunication Services	9.5
Utilities	3.4
Total	100.0	%

At August 31, 2007, the International Growth Portfolio’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF LONG TERM INVESTMENTS
Euro	40.9	%
British Pound	24.9
Japanese Yen	13.9
Swiss Franc	10.8
All other currencies less than 5%	9.5
Total	100.0	%

At August 31, 2007, the International Growth Portfolio had outstanding forward foreign currency exchange contracts as follows:

CONTRACTS TO DELIVER CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	IN EXCHANGE FOR CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	SETTLEMENT DATE	UNREALIZED GAINS (000S)
British Pound	613	Swedish Krona	8,510	9/3/07	$	2
Australian Dollar	115	Canadian Dollar	132	9/4/07		—
Japanese Yen	139,428	U.S. Dollar	1,200	9/4/07		6
Total					$	8

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH PORTFOLIO (continued)

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	203,504
Gross tax appreciation of investments	$	29,050
Gross tax depreciation of investments		(3,396	)
Net tax appreciation of investments	$	25,654

EQUITY PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%
Australia—5.9%
ABC Learning Centres Ltd. †	3,301	$	19
AGL Energy Ltd. †	3,448		43
Alumina Ltd. †	8,979		51
Amcor Ltd. †	7,167		45
AMP Ltd. †	14,911		128
Ansell Ltd.	1,440		15
APN News & Media Ltd. †	2,226		10
Aristocrat Leisure Ltd. †	2,790		32
Asciano Group * †	5,550		39
ASX Ltd. †	1,359		52
Australia & New Zealand Banking Group Ltd.	14,669		348
AXA Asia Pacific Holdings Ltd. †	6,932		43
Babcock & Brown Ltd. †	1,809		35
BHP Billiton Ltd. †	27,259		857
Billabong International Ltd. †	1,509		20
BlueScope Steel Ltd. †	5,778		50
Boral Ltd. †	4,730		31
Brambles Ltd. *	12,209		138
Caltex Australia Ltd.	1,074		21
Centro Properties Group †	6,721		45
CFS Retail Property Trust †	13,825		27
Challenger Financial Services Group Ltd. †	2,961		13
Coca-Cola Amatil Ltd. †	4,183		33
Cochlear Ltd. †	437		24
Coles Group Ltd. †	9,028		105
Commonwealth Bank of Australia †	10,547		476
Commonwealth Property Office Fund †	11,582		16
Computershare Ltd. †	4,051		34
CSL Ltd. †	1,462		117
CSR Ltd. †	8,400		23
DB RREEF Trust †	23,583		39
Downer EDI Ltd. †	1,909		10
Fairfax Media Ltd. †	9,489		36
Fortescue Metals Group Ltd. *	1,313		37
Foster’s Group Ltd.	16,131		83
Futuris Corp. Ltd.	5,005		10
Goodman Fielder Ltd.	9,902		21
Goodman Group †	11,518		64
GPT Group	16,236		64
Harvey Norman Holdings Ltd. †	4,700		20
Iluka Resources Ltd. †	2,161		10
ING Industrial Fund †	7,392		16
Insurance Australia Group Ltd. †	13,951		57
Investa Property Group †	12,133		30
Leighton Holdings Ltd. †	1,106		40
Lend Lease Corp. Ltd.	2,864		45
Lion Nathan Ltd. †	2,500		19
Macquarie Airports	6,369		23
Macquarie Bank Ltd. †	2,020		121
Macquarie Communications Infrastructure Group †	4,383		21
Macquarie Infrastructure Group †	21,114		57
Macquarie Office Trust	16,218		21
Mirvac Group †	8,014		35
Multiplex Group	5,964		24
National Australia Bank Ltd. †	12,935		423
Newcrest Mining Ltd. †	2,662		53
OneSteel Ltd. †	7,811		39
Orica Ltd. †	2,473		58
Origin Energy Ltd. †	6,913		56
Pacific Brands Ltd.	4,000		11
Paladin Resources Ltd. * †	5,754		29
PaperlinX Ltd. †	3,700		10
Perpetual Ltd. †	295		18
Publishing & Broadcasting Ltd.	3,553		52
Qantas Airways Ltd.	7,735		35
QBE Insurance Group Ltd. †	6,623		189
Rio Tinto Ltd. †	2,273		174
Santos Ltd. †	4,759		52
Sonic Healthcare Ltd. †	2,265		29
Stockland	11,406		80
Suncorp-Metway Ltd. †	7,317		120
Symbion Health Ltd. †	6,769		23
TABCORP Holdings Ltd. †	4,175		52
Tattersall’s Ltd. †	8,554		29
Telstra Corp. Ltd.	22,811		82
Telstra Corp. Ltd.	11,825		28
Toll Holdings Ltd. †	4,276		48
Transurban Group †	8,249		48
Wesfarmers Ltd. †	3,014		95
Westfield Group	13,897		238
Westpac Banking Corp. †	14,718		328
Woodside Petroleum Ltd.	3,711		138
Woolworths Ltd. †	9,575		234
WorleyParsons Ltd. †	1,528		48

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Australia—5.9%—(continued)
Zinifex Ltd. †	3,872	$	53
			6,665
Austria—0.6%
Andritz A.G.	360		23
bwin Interactive Entertainment A.G. *	240		6
Erste Bank der Oesterreichischen Sparkassen A.G.	1,506		109
Flughafen Wien A.G.	99		10
Immoeast A.G. *	3,310		41
IMMOFINANZ A.G. *	3,559		44
Mayr-Melnhof Karton A.G.	50		5
Meinl European Land Ltd. A.G. * †	2,380		43
Oesterreichische Elektrizitaetswirtschafts A.G. (Verbund), Class A †	790		39
OMV A.G.	1,310		81
Raiffeisen International Bank Holding A.G. †	280		40
RHI A.G. *	174		9
Telekom Austria A.G.	2,976		77
Voestalpine A.G.	902		74
Wiener Staedtische Versicherung A.G.	300		21
Wienerberger A.G. †	557		40
			662
Belgium—1.2%
AGFA-Gevaert N.V.	1,025		21
Barco N.V. †	100		10
Bekaert N.V.	140		18
Belgacom S.A.	1,295		57
Cofinimmo	50		9
Colruyt S.A.	132		28
Compagnie Maritime Belge S.A.	152		10
D’ieteren S.A.	40		16
Delhaize Group	616		60
Dexia	4,163		115
Fortis	9,846		361
Groupe Bruxelles Lambert S.A. †	644		76
InBev N.V.	1,458		120
KBC Groep N.V.	1,444		181
Mobistar S.A.	355		29
Omega Pharma S.A.	150		13
Solvay S.A., Class A	505		75
UCB S.A. †	875		49
Umicore	197		45
			1,293
Bermuda—0.1%
Frontline Ltd. †	600		28
SeaDrill Ltd. * †	2,000		37
			65
China—0.1%
Belle International Holdings Ltd.	25,000		29
Foxconn International Holdings Ltd. * †	17,000		45
Tencent Holdings Ltd.	7,000		36
Tingyi Cayman Islands Holding Corp. †	20,000		29
			139
Denmark—0.9%
A.P. Moller-Maersk A/S	9		118
Bang & Olufsen A/S, Class B †	84		9
Carlsberg A/S, Class B	250		34
Coloplast A/S, Class B †	224		21
D/S Torm A/S	296		13
Danisco A/S †	525		38
Danske Bank A/S	3,612		148
DSV A/S †	1,603		36
East Asiatic Co. Ltd. A/S	159		11
FLSmidth & Co. A/S	423		40
GN Store Nord A/S * †	2,322		23
H. Lundbeck A/S	597		14
Jyske Bank A/S (Registered) * †	468		35
NKT Holding A/S	280		30
Novo-Nordisk A/S, Class B	1,915		213
Novozymes A/S, Class B	367		43
Sydbank A/S	501		23
Topdanmark A/S * †	140		22
TrygVesta A/S †	211		17
Vestas Wind Systems A/S *	1,473		100
William Demant Holding A/S * †	201		18
			1,006
Finland—1.8%
Amer Sports OYJ, Class A †	600		14
Cargotec Corp., Class B	303		15
Elisa OYJ †	1,189		33
Fortum OYJ	3,532		117
Kesko OYJ, Class B	706		41

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Finland—1.8%—(continued)
Kone OYJ, Class B	607	$	40
Konecranes OYJ	400		15
Metso OYJ	1,014		65
Neste Oil OYJ †	1,020		35
Nokia OYJ	32,903		1,084
Nokian Renkaat OYJ †	1,028		36
OKO Bank PLC, Class A	700		14
Orion OYJ, Class B	600		14
Outokumpu OYJ †	900		27
Rautaruukki OYJ	668		36
Sampo OYJ, Class A	3,437		98
Sanoma-WSOY OYJ	771		24
Stora Enso OYJ (Registered) †	4,620		82
TietoEnator OYJ †	880		21
UPM-Kymmene OYJ †	4,161		94
Uponor OYJ †	600		23
Wartsila OYJ, Class B	669		42
YIT OYJ †	1,190		36
			2,006
France—9.3%
Accor S.A.	1,434		123
ADP †	359		41
Air France-KLM	964		40
Air Liquide	1,929		246
Alcatel-Lucent	18,366		201
Alstom	825		149
Atos Origin S.A. *	660		37
AXA S.A.	12,484		500
BNP Paribas	6,788		716
Bouygues	1,731		136
Business Objects S.A. *	913		40
Cap Gemini S.A.	1,089		71
Carrefour S.A.	4,765		334
Casino Guichard Perrachon S.A.	346		35
Cie de Saint-Gobain	2,638		287
Cie Generale d’Optique Essilor International S.A. †	1,569		95
CNP Assurances †	436		56
Credit Agricole S.A.	5,240		198
Dassault Systemes S.A.	458		27
France Telecom S.A.	14,724		444
Gaz de France S.A.	1,565		78
Gecina S.A.	151		25
Groupe Danone	3,527		269
Hermes International †	552		60
Icade	309		19
Imerys S.A. †	252		23
Klepierre *	184		29
L’Oreal S.A.	1,992		233
Lafarge S.A.	1,191		185
Lagardere S.C.A.	965		79
LVMH Moet Hennessy Louis Vuitton S.A.	1,948		218
M6-Metropole Television †	708		21
Michelin Compagnie Generale des Establissements, Class B	1,142		144
Neopost S.A.	256		39
PagesJaunes Groupe S.A. †	1,084		22
Pernod-Ricard	718		151
Peugeot S.A. †	1,213		103
PPR	613		106
Publicis Groupe	1,106		48
Renault S.A.	1,473		199
Safran S.A. †	1,596		38
Sanofi-Aventis	8,295		677
Schneider Electric S.A.	1,725		229
SCOR SE *	1,818		45
Societe BIC S.A.	278		21
Societe Des Autoroutes Paris-Rhin-Rhone †	216		22
Societe Generale	3,007		485
Societe Television Francaise 1	937		27
Sodexho Alliance S.A. †	759		50
Suez S.A.	8,128		462
Suez S.A. (Strip VVPR) *	1,400		—
Technip S.A.	799		64
Thales S.A.	705		40
Thomson	2,559		42
Total S.A.	17,488		1,316
Unibail-Rodamco	591		142
Valeo S.A.	654		32
Vallourec	379		101
Veolia Environment	2,757		211
Vinci S.A.	3,168		226
Vivendi	9,202		376
Zodiac S.A. †	413		30
			10,463

EQUITY PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Germany—7.8%
Adidas A.G. †	1,619	$	95
Allianz S.E. (Registered)	3,599		771
Altana A.G.	757		17
Arcandor A.G. * †	651		18
BASF A.G. †	4,066		538
Bayer A.G.	5,912		466
Beiersdorf A.G.	701		47
Bilfinger Berger A.G.	376		31
Celesio A.G.	676		42
Commerzbank A.G.	4,965		204
Continental A.G.	1,044		136
DaimlerChrysler A.G. (Registered)	7,840		696
Deutsche Bank A.G. (Registered)	4,131		510
Deutsche Boerse A.G.	1,622		179
Deutsche Lufthansa A.G. (Registered)	1,821		53
Deutsche Post A.G. (Registered)	6,171		179
Deutsche Postbank A.G.	652		47
Deutsche Telekom A.G. (Registered)	22,544		419
Douglas Holding A.G.	249		15
E.ON A.G.	5,040		846
Fresenius Medical Care A.G. & Co. KGaA	1,501		74
HeidelbergCement A.G. (VVPR) *	83		—
Heidelberger Druckmaschinen A.G.	661		30
Henkel KGaA	795		37
Hochtief A.G. †	334		33
Hypo Real Estate Holding †	1,066		59
Infineon Technologies A.G. *	5,947		93
IVG Immobilien A.G. †	872		31
Linde A.G.	936		110
MAN A.G.	897		129
Merck KGaA	514		66
Metro A.G.	1,289		112
MLP A.G. †	930		15
Muenchener Rueckversicherungs A.G. (Registered)	1,735		300
Premiere A.G. *	528		11
Puma A.G. Rudolf Dassler Sport A.G.	64		26
Rheinmetall A.G.	286		24
RWE A.G.	3,538		398
Salzgitter A.G.	327		65
SAP A.G.	7,053		380
Siemens A.G. (Registered)	6,912		868
Solarworld A.G. †	680		34
Suedzucker A.G. †	487		9
ThyssenKrupp A.G.	2,864		167
TUI A.G. * †	1,697		44
Volkswagen A.G.	1,290		266
Wincor Nixdorf A.G.	250		21
			8,711
Greece—0.7%
Alpha Bank A.E.	3,078		100
Coca Cola Hellenic Bottling Co. S.A.	860		41
Cosmote Mobile Telecommunications S.A.	970		30
EFG Eurobank Ergasias S.A.	2,188		75
Folli-Follie S.A. (Registered)	120		5
Hellenic Exchanges S.A. Holding	510		14
Hellenic Petroleum S.A.	1,730		24
Hellenic Technodomiki Tev S.A.	648		9
Hellenic Telecommunications Organization S.A.	2,860		94
National Bank of Greece S.A.	3,207		191
OPAP S.A.	1,774		65
Piraeus Bank S.A.	1,885		64
Public Power Corp. S.A.	1,133		35
Titan Cement Co. S.A.	490		24
Viohalco	870		13
			784
Hong Kong—1.8%
ASM Pacific Technology †	2,000		18
Bank of East Asia Ltd. †	11,115		62
BOC Hong Kong Holdings Ltd.	29,000		70
Cathay Pacific Airways Ltd. †	14,000		37
Cheung Kong Holdings Ltd.	12,000		176
Cheung Kong Infrastructure Holdings Ltd. †	4,000		15
CLP Holdings Ltd.	10,000		69
Esprit Holdings Ltd. *	8,000		116
Giordano International Ltd. †	12,000		6
Hang Lung Properties Ltd.	16,000		59
Hang Seng Bank Ltd.	6,100		96
Henderson Land Development Co. Ltd. †	7,000		48
Hong Kong & China Gas Co. Ltd. †	29,012		67
Hong Kong Electric Holdings Ltd.	11,000		55
Hong Kong Exchanges and Clearing Ltd.	9,000		166
Hopewell Holdings Ltd.	5,000		24
Hutchison Telecommunications International Ltd. †	16,000		21

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    4    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Hong Kong—1.8%—(continued)
Hutchison Whampoa Ltd.	16,500	$	164
Hysan Development Co. Ltd. †	5,249		13
Johnson Electric Holdings Ltd.	13,200		7
Kerry Properties Ltd. †	4,074		30
Kingboard Chemicals Holdings Ltd.	6,000		35
Li & Fung Ltd.	16,620		62
Link REIT (The)	17,000		34
Melco International Development †	7,000		11
MTR Corp. †	10,861		26
New World Development Ltd. †	19,169		46
Noble Group Ltd.	9,000		10
Orient Overseas International Ltd.	2,000		22
PCCW Ltd. †	40,364		24
Shangri-La Asia Ltd.	9,172		22
Shui On Land Ltd.	20,000		21
Shun TAK Holdings Ltd. †	10,000		15
Sino Land Co.	13,356		31
Sun Hung Kai Properties Ltd.	11,172		149
Swire Pacific Ltd., Class A	6,500		72
Techtronic Industries Co. †	14,000		16
Television Broadcasts Ltd.	3,000		18
Wharf Holdings Ltd.	10,000		41
Wing Hang Bank Ltd.	1,000		13
Yue Yuen Industrial Holdings Ltd. †	7,000		21
			2,008
Ireland—0.8%
Allied Irish Banks PLC	6,965		178
Bank of Ireland - Dublin	6,268		116
Bank of Ireland - London	1,515		28
C&C Group PLC †	3,822		28
CRH PLC - Dublin	3,368		146
CRH PLC - London	949		41
DCC PLC	639		17
Depfa Bank PLC	2,667		50
Elan Corp. PLC * †	3,718		71
Experian Group Ltd.	8,129		86
Grafton Group PLC *	1,808		24
Greencore Group PLC	1,382		8
Iaws Group PLC †	1,007		20
Independent News & Media PLC	4,245		20
Kerry Group PLC, Class A	1,103		27
Kingspan Group PLC (Dublin Exchange)	1,437		37
Paddy Power PLC	493		15
Ryanair Holdings PLC *	3,150		23
			935
Italy—3.7%
Alleanza Assicurazioni S.p.A.	3,366		43
Arnoldo Mondadori Editore S.p.A. †	1,000		9
Assicurazioni Generali S.p.A. †	8,386		343
Atlantia S.p.A. *	2,049		68
Autogrill S.p.A.	1,000		21
Banca Monte dei Paschi di Siena S.p.A. †	8,763		56
Banca Popolare di Milano Scrl	3,301		48
Banco Popolare Scarl *	5,319		133
Bulgari S.p.A.	1,672		23
Capitalia S.p.A.	13,421		128
Enel S.p.A.	34,408		355
ENI S.p.A.	21,088		729
Fiat S.p.A. †	5,646		150
Finmeccanica S.p.A.	2,366		69
Fondiaria-Sai S.p.A.	771		36
Intesa Sanpaolo S.p.A.	61,253		462
Intesa Sanpaolo S.p.A. (RNC)	7,416		52
Italcementi S.p.A.	723		18
Lottomatica S.p.A.	653		23
Luxottica Group S.p.A. †	1,098		38
Mediaset S.p.A.	6,106		65
Mediobanca S.p.A.	3,901		84
Mediolanum S.p.A. †	2,000		15
Parmalat S.p.A.	12,406		45
Pirelli & C. S.p.A. *	29,835		34
Seat Pagine Gialle S.p.A.	48,101		27
Snam Rete Gas S.p.A.	7,000		41
Telecom Italia S.p.A.	85,134		242
Telecom Italia S.p.A. (RNC)	47,926		107
Terna S.p.A.	9,544		34
UniCredito Italiano S.p.A. (Milan Exchange)	63,492		544
Unione di Banche Italiane SCPA	4,829		123
			4,165
Japan—20.9%
77 Bank (The) Ltd.	3,000		20
Acom Co. Ltd. †	760		23
Aderans Holdings Co. Ltd. *	500		9
Advantest Corp.	1,300		48

EQUITY PORTFOLIOS    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Japan—20.9%—(continued)
Aeon Co. Ltd.	5,100	$	70
Aeon Credit Service Co. Ltd. †	900		11
Aeon Mall Co. Ltd.	500		15
Aiful Corp. †	1,000		20
Aisin Seiki Co Ltd.	1,500		57
Ajinomoto Co., Inc.	5,000		63
Alfresa Holdings Corp.	300		20
All Nippon Airways Co. Ltd.	5,000		20
Alps Electric Co. Ltd.	1,000		12
Amada Co. Ltd.	3,000		33
Aoyama Trading Co. Ltd.	600		16
Asahi Breweries Ltd.	3,300		49
Asahi Glass Co. Ltd.	7,000		88
Asahi Kasei Corp.	9,000		68
Asatsu-DK, Inc. †	500		17
Asics Corp.	1,000		13
Astellas Pharma, Inc.	4,300		200
Autobacs Seven Co. Ltd.	200		5
Bank of Kyoto (The) Ltd. †	2,000		24
Bank of Yokohama (The) Ltd.	9,000		64
Benesse Corp.	700		26
Bridgestone Corp.	4,800		96
Canon Marketing Japan, Inc.	1,000		20
Canon, Inc.	8,500		486
Casio Computer Co. Ltd. †	1,900		29
Central Glass Co. Ltd.	2,000		10
Central Japan Railway Co.	13		146
Chiba Bank (The) Ltd.	6,000		48
Chiyoda Corp. †	1,000		17
Chubu Electric Power Co., Inc.	5,300		142
Chugai Pharmaceutical Co. Ltd. †	2,200		40
Citizen Holdings Co. Ltd.	2,700		25
Coca-Cola West Holdings Co. Ltd. †	600		13
COMSYS Holdings Corp.	1,000		11
Credit Saison Co. Ltd.	1,300		34
CSK Corp.	500		18
Dai Nippon Printing Co. Ltd.	5,000		73
Daicel Chemical Industries Ltd.	3,000		21
Daido Steel Co. Ltd. †	2,000		17
Daiichi Sankyo Co Ltd.	5,500		150
Daikin Industries Ltd.	2,100		94
Daimaru (The), Inc. †	2,000		22
Dainippon Ink & Chemicals, Inc.	5,000		21
Dainippon Screen Manufacturing Co. Ltd.	1,000		7
Daito Trust Construction Co. Ltd.	800		38
Daiwa House Industry Co. Ltd.	4,000		53
Daiwa Securities Group, Inc.	15,000		149
Denki Kagaku Kogyo Kabushki Kaisha	6,000		31
Denso Corp.	3,900		137
Dentsu, Inc.	15		42
Dowa Mining Co. Ltd.	2,000		22
E*Trade Securities Co. Ltd. †	12		11
East Japan Railway Co.	27		215
Ebara Corp. †	2,000		9
EDION Corp.	1,000		11
Eisai Co. Ltd.	2,000		83
Electric Power Development Co.	1,200		44
Elpida Memory, Inc. * †	1,000		39
FamilyMart Co. Ltd.	800		21
Fanuc Ltd.	1,500		146
Fast Retailing Co. Ltd.	500		29
Fuji Electric Holdings Co. Ltd.	6,000		26
Fuji Television Network, Inc.	4		8
FUJIFILM Holdings Corp.	3,900		170
Fujikura Ltd.	4,000		24
Fujitsu Ltd.	15,000		103
Fukuoka Financial Group, Inc. *	6,000		34
Furukawa Electric (The) Co. Ltd.	6,000		29
Glory Ltd.	500		15
Gunma Bank (The) Ltd.	3,000		21
Gunze Ltd.	2,000		10
Hachijuni Bank (The) Ltd.	2,872		22
Hakuhodo DY Holdings, Inc.	80		6
Hankyu Department Stores †	1,000		9
Hankyu Hanshin Holdings, Inc. †	10,000		51
Haseko Corp. * †	9,000		24
Hikari Tsushin, Inc.	300		9
Hino Motors Ltd.	2,000		14
Hirose Electric Co. Ltd.	200		24
Hiroshima Bank (The) Ltd.	5,000		29
Hitachi Cable Ltd.	1,000		6
Hitachi Chemical Co. Ltd.	1,300		27
Hitachi Construction Machinery Co. Ltd. †	1,100		39
Hitachi High-Technologies Corp.	1,000		23

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    6    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0%—CONTINUED
Japan—20.9%—(continued)
Hitachi Ltd.	27,000	$	175
Hokkaido Electric Power Co., Inc.	1,400		32
Hokuhoku Financial Group, Inc.	9,000		26
Honda Motor Co. Ltd.	12,800		423
House Foods Corp.	1,000		16
Hoya Corp.	3,300		115
Ibiden Co. Ltd.	1,000		85
Idemitsu Kosan Co. Ltd.	100		11
IHI Corp. *	10,000		33
Inpex Holdings, Inc.	7		64
Isetan Co. Ltd.	2,000		26
Ito En Ltd. †	600		15
Itochu Corp.	12,000		130
Itochu Techno-Science Corp. †	400		16
Jafco Co. Ltd. †	400		16
Japan Airlines Corp. *	6,000		14
Japan Petroleum Exploration Co.	200		13
Japan Prime Realty Investment Corp.	3		12
Japan Real Estate Investment Corp.	3		33
Japan Retail Fund Investment Corp.	4		33
Japan Steel Works Ltd.	3,000		44
Japan Tobacco, Inc.	36		200
JFE Holdings, Inc.	4,800		314
JGC Corp.	2,000		35
Joyo Bank (The) Ltd.	5,000		27
JS Group Corp.	2,100		42
JSR Corp.	1,800		40
Jupiter Telecommunications Co. Ltd. *	16		12
Kajima Corp.	9,000		37
Kamigumi Co. Ltd.	2,000		17
Kaneka Corp.	3,000		24
Kansai Electric Power Co., Inc.	6,100		143
Kansai Paint Co. Ltd.	2,000		15
Kao Corp.	4,000		114
Kawasaki Heavy Industries Ltd.	11,000		43
Kawasaki Kisen Kaisha Ltd.	4,000		52
KDDI Corp.	20		155
Keihin Electric Express Railway Co. Ltd. †	4,000		25
Keio Corp.	5,000		31
Keisei Electric Railway Co. Ltd. †	2,000		11
Keyence Corp.	300		67
Kikkoman Corp.	1,000		14
Kinden Corp.	1,000		9
Kintetsu Corp.	13,000		39
Kirin Holdings Co. Ltd.	6,000		75
Kobe Steel Ltd.	21,000		77
Kokuyo Co. Ltd. †	1,000		10
Komatsu Ltd.	7,100		219
Konami Corp.	1,000		25
Konica Minolta Holdings, Inc.	4,000		63
Koyo Seiko Co. Ltd.	2,000		32
Kubota Corp.	9,000		70
Kuraray Co. Ltd.	3,000		39
Kurita Water Industries Ltd. †	900		27
Kyocera Corp.	1,300		119
Kyowa Hakko Kogyo Co. Ltd.	3,000		29
Kyushu Electric Power Co., Inc.	3,000		80
Lawson, Inc.	800		27
Leopalace21 Corp.	1,300		40
Mabuchi Motor Co. Ltd.	300		20
Makita Corp.	900		35
Marubeni Corp.	13,000		106
Marui Co. Ltd.	3,000		34
Matsushita Electric Industrial Co. Ltd.	16,000		279
Matsushita Electric Works Ltd.	3,000		37
Mediceo Paltac Holdings Co. Ltd.	1,100		17
Meiji Dairies Corp.	3,000		17
Meiji Seika Kaisha Ltd. †	3,000		14
Meitec Corp. †	500		16
Millea Holdings, Inc.	6,100		236
Minebea Co. Ltd.	4,000		24
Mitsubishi Chemical Holdings Corp.	9,500		89
Mitsubishi Corp.	10,700		301
Mitsubishi Electric Corp.	15,000		176
Mitsubishi Estate Co. Ltd.	9,000		241
Mitsubishi Gas Chemical Co., Inc.	3,000		25
Mitsubishi Heavy Industries Ltd.	25,000		153
Mitsubishi Logistics Corp. †	1,000		14
Mitsubishi Materials Corp.	9,000		50
Mitsubishi Rayon Co. Ltd.	5,000		32
Mitsubishi UFJ Financial Group, Inc.	66		633
Mitsubishi UFJ Lease & Finance Co. Ltd.	290		11
Mitsubishi UFJ Securities Co. Ltd. †	3,000		29
Mitsui & Co. Ltd.	14,000		292

EQUITY PORTFOLIOS    7    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Japan—20.9%—(continued)
Mitsui Chemicals, Inc.	5,000	$	45
Mitsui Engineering & Shipbuilding Co. Ltd. †	6,000		31
Mitsui Fudosan Co. Ltd.	7,000		183
Mitsui Mining & Smelting Co. Ltd.	4,000		16
Mitsui O.S.K. Lines Ltd.	9,000		133
Mitsui Sumitomo Insurance Co. Ltd.	10,000		113
Mitsui Trust Holdings, Inc.	7,000		58
Mitsukoshi Ltd. †	4,000		18
Mitsumi Electric Co. Ltd.	700		26
Mizuho Financial Group, Inc.	81		513
Murata Manufacturing Co. Ltd.	1,700		119
Namco Bandai Holdings, Inc. †	1,600		23
NEC Corp.	16,000		76
NEC Electronics Corp. * †	300		8
NGK Insulators Ltd.	2,000		66
NGK Spark Plug Co. Ltd. †	1,000		17
Nichirei Corp.	2,000		9
Nidec Corp.	900		63
Nikko Cordial Corp.	3,200		41
Nikon Corp.	3,000		94
Nintendo Co. Ltd.	800		371
Nippon Building Fund, Inc.	4		52
Nippon Electric Glass Co. Ltd.	3,000		44
Nippon Express Co. Ltd.	6,000		32
Nippon Kayaku Co. Ltd.	1,000		8
Nippon Meat Packers, Inc.	1,000		11
Nippon Mining Holdings, Inc.	7,000		63
Nippon Oil Corp.	10,000		84
Nippon Paper Group, Inc.	9		30
Nippon Sheet Glass Co. Ltd.	6,000		35
Nippon Shokubai Co. Ltd.	1,000		9
Nippon Steel Corp.	46,000		323
Nippon Telegraph & Telephone Corp.	41		191
Nippon Yusen Kabushiki Kaisha	9,000		89
Nishi-Nippon City Bank (The) Ltd.	7,000		22
Nishimatsu Construction Co. Ltd. †	2,000		7
Nissan Chemical Industries Ltd. †	1,000		13
Nissan Motor Co. Ltd.	18,000		173
Nisshin Seifun Group, Inc.	2,000		18
Nisshin Steel Co. Ltd.	6,000		24
Nisshinbo Industries, Inc.	1,000		12
Nissin Food Products Co. Ltd. †	900		29
Nitori Co Ltd. †	300		16
Nitto Denko Corp.	1,300		61
NOK Corp.	900		17
Nomura Holdings, Inc.	14,100		250
Nomura Real Estate Holdings, Inc.	600		17
Nomura Real Estate Office Fund, Inc. †	3		29
Nomura Research Institute Ltd.	900		30
NSK Ltd.	4,000		34
NTN Corp.	4,000		33
NTT Data Corp.	10		48
NTT DoCoMo, Inc.	130		199
NTT Urban Development Corp.	14		25
Obayashi Corp. †	6,000		31
Obic Co. Ltd.	100		20
Odakyu Electric Railway Co. Ltd. †	6,000		37
OJI Paper Co. Ltd. †	9,000		45
Oki Electric Industry Co. Ltd. * †	5,000		9
Okuma Corp.	1,000		15
Okumura Corp. †	2,000		11
Olympus Corp.	2,000		85
Omron Corp.	1,700		45
Onward Holdings Co. Ltd.	1,000		12
Oracle Corp. Japan †	400		18
Oriental Land Co. Ltd. †	400		23
ORIX Corp.	720		154
Osaka Gas Co. Ltd.	16,000		59
Otsuka Corp.	200		20
Park24 Co. Ltd. †	1,300		13
Pioneer Corp. †	1,200		15
Promise Co. Ltd.	850		23
QP Corp. †	1,400		13
Rakuten, Inc. †	52		19
Resona Holdings, Inc. †	45		95
Ricoh Co. Ltd.	6,000		133
Rohm Co. Ltd.	800		71
Ryohin Keikaku Co. Ltd.	200		13
Sanken Electric Co. Ltd. †	1,000		7
Sankyo Co. Ltd.	600		25
Santen Pharmaceutical Co. Ltd.	500		12
Sanwa Shutter Corp.	2,000		12
Sanyo Electric Co. Ltd. * †	13,000		20
Sapporo Hokuyo Holdings, Inc.	2		21

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    8    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Japan—20.9%—(continued)
Sapporo Holdings Ltd. †	3,000	$	17
SBI Holdings, Inc.	96		26
Secom Co. Ltd.	1,700		83
Sega Sammy Holdings, Inc. †	1,900		29
Seiko Epson Corp.	1,000		26
Seino Holdings Co. Ltd.	1,000		10
Sekisui Chemical Co. Ltd.	5,000		37
Sekisui House Ltd.	4,000		52
Seven & I Holdings Co. Ltd.	6,500		174
Sharp Corp.	8,000		139
Shimachu Co. Ltd.	400		11
Shimamura Co. Ltd.	300		28
Shimano, Inc. †	500		16
Shimizu Corp. †	5,000		32
Shin-Etsu Chemical Co. Ltd.	3,300		239
Shinko Electric Industries	700		16
Shinko Securities Co. Ltd.	5,000		24
Shinsei Bank Ltd.	14,000		47
Shionogi & Co. Ltd.	2,000		29
Shiseido Co. Ltd.	3,000		63
Shizuoka Bank (The) Ltd.	4,000		42
Showa Denko K.K.	9,000		33
Showa Shell Sekiyu K.K.	1,500		18
SMC Corp. of Japan	400		53
Softbank Corp. †	5,900		113
Sojitz Corp.	7,700		32
Sompo Japan Insurance, Inc.	7,000		78
Sony Corp.	8,000		386
Stanley Electric Co. Ltd.	1,600		35
Sumco Corp.	900		48
Sumitomo Bakelite Co. Ltd.	1,000		6
Sumitomo Chemical Co. Ltd.	12,000		90
Sumitomo Corp.	8,400		146
Sumitomo Electric Industries Ltd.	6,000		96
Sumitomo Heavy Industries Ltd.	4,000		45
Sumitomo Metal Industries Ltd.	32,000		162
Sumitomo Metal Mining Co. Ltd.	4,000		80
Sumitomo Mitsui Financial Group, Inc.	52		411
Sumitomo Osaka Cement Co. Ltd.	3,000		7
Sumitomo Realty & Development Co. Ltd.	3,000		98
Sumitomo Rubber Industries, Inc.	2,200		24
Sumitomo Titanium Corp. †	100		8
Sumitomo Trust & Banking (The) Co. Ltd.	10,000		83
Suruga Bank Ltd.	1,000		13
Suzuken Co. Ltd.	700		23
T&D Holdings, Inc.	1,550		90
Taiheiyo Cement Corp.	7,400		29
Taisei Corp. †	8,000		26
Taisho Pharmaceutical Co. Ltd. †	1,000		20
Taiyo Nippon Sanso Corp.	3,000		27
Taiyo Yuden Co. Ltd.	1,000		20
Takara Holdings, Inc. †	1,000		6
Takashimaya Co. Ltd. †	2,000		21
Takeda Pharmaceutical Co. Ltd.	6,900		472
Takefuji Corp.	1,130		30
Tanabe Seiyaku Co Ltd.	2,000		24
TDK Corp.	1,000		85
Teijin Ltd.	7,000		35
Terumo Corp.	1,300		61
THK Co. Ltd.	1,400		29
TIS, Inc.	500		11
Tobu Railway Co. Ltd.	6,000		27
Toda Corp.	2,000		11
Toho Co. Ltd. of Tokyo †	900		19
Tohoku Electric Power Co., Inc.	3,400		81
Tokai Rika Co. Ltd.	400		11
Tokuyama Corp.	2,000		27
Tokyo Broadcasting System, Inc.	500		15
Tokyo Electric Power Co., Inc.	9,700		255
Tokyo Electron Ltd.	1,400		100
Tokyo Gas Co. Ltd.	18,000		89
Tokyo Seimitsu Co. Ltd. †	300		9
Tokyo Steel Manufacturing Co. Ltd.	900		12
Tokyo Tatemono Co. Ltd.	2,000		26
Tokyu Corp.	8,000		50
Tokyu Land Corp.	4,000		37
TonenGeneral Sekiyu K.K. †	3,000		30
Toppan Printing Co. Ltd.	4,000		40
Toray Industries, Inc. †	10,000		76
Toshiba Corp. †	24,000		217
Tosoh Corp.	5,000		31
Toto Ltd. †	3,000		24
Toyo Seikan Kaisha Ltd.	1,300		25
Toyo Suisan Kaisha Ltd.	1,000		17

EQUITY PORTFOLIOS    9    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Japan—20.9%—(continued)
Toyobo Co. Ltd. †	5,000	$	12
Toyoda Gosei Co. Ltd.	300		10
Toyota Boshoku Corp.	500		15
Toyota Industries Corp.	1,400		59
Toyota Motor Corp.	22,000		1,285
Toyota Tsusho Corp. †	1,700		42
Trend Micro, Inc.	1,000		41
Ube Industries Ltd. of Japan	9,000		28
Unicharm Corp.	400		23
UNY Co. Ltd.	2,000		17
Ushio, Inc.	1,400		27
USS Co. Ltd.	300		20
Wacoal Holdings Corp. †	1,000		13
West Japan Railway Co.	14		68
Yahoo! Japan Corp. †	120		44
Yakult Honsha Co. Ltd. †	1,100		25
Yamada Denki Co. Ltd.	680		68
Yamaha Corp.	1,800		38
Yamaha Motor Co. Ltd.	1,500		40
Yamato Holdings Co. Ltd.	3,000		44
Yamazaki Baking Co. Ltd.	1,000		8
Yaskawa Electric Corp.	2,000		24
Yokogawa Electric Corp.	2,000		25
Zeon Corp.	1,000		10
			23,501
Luxembourg—0.4%
ArcelorMittal *	7,218		476
Oriflame Cosmetics S.A. SDR	300		16
			492
Malaysia—0.0%
Promet BHD *	4,000		—
Netherlands—5.3%
ABN AMRO Holding N.V.	14,729		685
Aegon N.V.	11,616		212
Akzo Nobel N.V.	2,162		170
ASML Holding N.V. *	3,666		109
Corio N.V.	389		30
Corporate Express †	1,042		12
European Aeronautic Defence & Space Co.	2,596		77
Fugro N.V. CVA	612		42
Hagemeyer N.V.	4,113		17
Heineken N.V.	1,948		123
ING Groep N.V. CVA	15,256		614
James Hardie Industries N.V. CDI †	4,100		27
Koninklijke Ahold N.V. *	10,040		134
Koninklijke DSM N.V.	1,165		60
Koninklijke Philips Electronics N.V.	9,089		358
OCE N.V.	699		15
Qiagen N.V. *	1,386		24
Randstad Holdings N.V. †	415		23
Reed Elsevier N.V.	5,656		102
Royal Dutch Shell PLC, Class A (London Exchange)	29,635		1,150
Royal Dutch Shell PLC, Class B (London Exchange)	22,248		867
Royal KPN N.V.	15,338		239
Royal Numico N.V. †	1,363		100
SBM Offshore N.V.	1,118		42
TNT N.V.	3,472		147
Unilever N.V. CVA	13,637		417
Vedior N.V. CVA	1,362		31
Wereldhave N.V.	175		21
Wolters Kluwer N.V.	2,333		68
			5,916
New Zealand—0.1%
Auckland International Airport Ltd.	7,776		16
Contact Energy Ltd.	3,584		23
Fisher & Paykel Appliances Holdings Ltd.	1,920		5
Fisher & Paykel Healthcare Corp. †	3,220		8
Fletcher Building Ltd.	3,959		33
Kiwi Income Property Trust	8,549		9
Sky City Entertainment Group Ltd. †	4,302		14
Sky Network Television Ltd.	1,774		7
Telecom Corp. of New Zealand Ltd. †	16,319		49
Vector Ltd.	1,259		2
			166
Norway—0.9%
Aker Kvaerner ASA	1,300		33
DnB NOR ASA	5,900		81
DNO ASA * †	5,600		10
Marine Harvest * †	24,550		29
Norsk Hydro ASA	5,600		207
Norske Skogindustrier ASA	1,284		16
Ocean RIG ASA * †	1,350		8
Orkla ASA	6,600		107

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    10    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Norway—0.9%—(continued)
Petroleum Geo-Services ASA * †	1,350	$	32
ProSafe ASA †	1,450		22
Renewable Energy Corp. A/S * †	1,350		51
Schibsted ASA †	400		18
Statoil ASA †	5,200		150
Storebrand ASA	1,800		28
Tandberg ASA	1,000		22
Telenor ASA *	6,700		123
TGS Nopec Geophysical Co ASA *	700		12
Tomra Systems ASA	1,500		10
Yara International ASA †	1,860		49
			1,008
Portugal—0.4%
Banco BPI S.A. (Registered)	2,378		21
Banco Comercial Portugues S.A. (Registered) †	17,233		80
Banco Espirito Santo S.A. (Registered)	1,789		39
Brisa-Auto Estradas de Portugal S.A.	3,097		40
CIMPOR-Cimentos de Portugal, SGPS,S.A.	2,664		25
Energias de Portugal S.A.	15,994		88
Jeronimo Martins SGPS S.A.	1,970		11
Portugal Telecom, SGPS, S.A. (Registered)	6,284		86
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A. †	1,432		23
Sonae Industria SGPS S.A. *	604		8
Sonae SGPS S.A.	8,900		24
			445
Singapore—1.1%
Allgreen Properties Ltd.	6,000		7
Ascendas Real Estate Investment Trust	10,000		15
CapitaCommercial Trust	10,000		17
CapitaLand Ltd.	12,500		61
CapitaMall Trust	8,000		18
Chartered Semiconductor Manufacturing Ltd. * †	8,500		6
City Developments Ltd.	4,000		39
ComfortDelgro Corp. Ltd.	15,000		19
Cosco Corp. Singapore Ltd.	6,000		20
DBS Group Holdings Ltd.	9,198		121
Fraser and Neave Ltd.	8,650		28
Haw Par Corp. Ltd.	711		4
Jardine Cycle & Carriage Ltd.	1,421		15
Keppel Corp. Ltd.	8,500		71
Keppel Land Ltd.	3,000		15
Neptune Orient Lines Ltd.	3,370		11
Olam International Ltd. †	6,000		12
Oversea-Chinese Banking Corp.	20,152		113
Parkway Holdings Ltd.	5,250		14
SembCorp Industries Ltd.	7,044		26
SembCorp Marine Ltd.	8,400		23
Singapore Airlines Ltd.	5,000		62
Singapore Exchange Ltd.	6,000		38
Singapore Land Ltd.	1,000		6
Singapore Post Ltd.	13,000		11
Singapore Press Holdings Ltd.	15,295		44
Singapore Technologies Engineering Ltd.	14,000		34
Singapore Telecommunications Ltd.	63,325		151
SMRT Corp. Ltd.	5,000		6
Suntec Real Estate Investment Trust	9,000		10
United Overseas Bank Ltd.	10,392		142
UOL Group Ltd.	7,039		23
Venture Corp. Ltd.	2,000		20
Wing Tai Holdings Ltd.	3,500		8
			1,210
Spain—4.0%
Abertis Infraestructuras S.A.	1,907		58
Acciona S.A.	227		57
Acerinox S.A. †	1,238		31
ACS Actividades Cons y Serv	1,684		92
Altadis S.A.	2,037		135
Antena 3 de Television S.A. *	996		19
Banco Bilbao Vizcaya Argentaria S.A.	28,843		664
Banco Popular Espanol S.A.	6,766		123
Banco Santander S.A.	50,714		926
Cintra Concesiones de Infraestructuras de Transporte S.A.	2,154		34
Ebro Puleva S.A. †	886		19
Endesa S.A.	5,052		274
Fomento de Construcciones y Contratas S.A.	363		32
Gamesa Corp. Tecnologica S.A.	1,354		54
Gas Natural SDG S.A.	925		49
Gestevision Telecinco S.A.	785		21
Grupo Ferrovial S.A. †	502		44
Iberdrola S.A.	7,447		413
Iberia (Lineas Aereas de Espana)	3,800		17
Inditex S.A.	1,735		102

EQUITY PORTFOLIOS    11    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Spain—4.0%—(continued)
Indra Sistemas S.A.	913	$	24
Mapfre S.A.	4,704		21
Promotora de Informaciones S.A. (Prisa)	600		13
Repsol YPF S.A.	6,311		228
Sacyr Vallehermoso S.A. †	882		35
Sociedad General de Aguas de Barcelona S.A., Class A	545		20
Sogecable S.A. *	347		13
Telefonica S.A.	36,207		899
Union Fenosa S.A.	848		46
Zardoya Otis S.A.	917		29
Zeltia S.A. †	1,325		13
			4,505
Sweden—2.5%
Alfa Laval AB	700		42
Assa Abloy AB, Class B	2,600		54
Atlas Copco AB, Class A	5,300		88
Atlas Copco AB, Class B	3,300		52
Axfood AB	200		7
Billerud AB	500		7
Boliden AB	2,300		48
Castellum AB	2,400		30
Electrolux AB, Class B	2,023		45
Elekta AB, Class B	600		9
Eniro AB	2,400		29
Fabege AB	1,000		11
Getinge AB, Class B	1,300		28
Hennes & Mauritz AB, Class B	3,790		214
Hoganas AB, Class B	200		6
Holmen AB, Class B †	400		15
Husqvarna AB, Class B	2,923		37
Kungsleden AB	1,100		13
Lundin Petroleum AB * †	1,800		17
Modern Times Group AB, Class B	500		29
Nobia AB	1,200		13
Nordea Bank AB	16,400		250
OMX AB	900		31
Sandvik AB	7,546		153
SAS AB *	600		11
Scania AB, Class B	2,900		67
Securitas AB, Class B	2,490		33
Securitas Direct AB, Class B * †	3,400		10
Securitas Systems AB, Class B	3,400		12
Skandinaviska Enskilda Banken AB, Class A	3,691		111
Skanska AB, Class B	3,000		61
SKF AB, Class B	3,344		68
Ssab Svenskt Stal AB *	387		12
Ssab Svenskt Stal AB *	135		4
Ssab Svenskt Stal AB, Class A †	1,550		53
Ssab Svenskt Stal AB, Class B	540		17
Svenska Cellulosa AB, Class B	4,200		73
Svenska Handelsbanken AB, Class A	4,053		113
Swedish Match AB	2,200		43
Tele2 AB, Class B	2,400		44
Telefonaktiebolaget LM Ericsson, Class B	118,540		440
TeliaSonera AB	18,280		143
Trelleborg AB, Class B	600		14
Volvo AB, Class A	3,800		66
Volvo AB, Class B	8,600		149
Wihlborgs Fastigheter AB	210		4
			2,776
Switzerland—6.9%
ABB Ltd. (Registered)	16,982		417
Adecco S.A. (Registered)	1,050		68
Ciba Specialty Chemicals A.G. (Registered)	563		31
Clariant A.G. (Registered) *	2,552		34
Compagnie Financiere Richemont S.A ., Class A (Bearer)	4,151		257
Credit Suisse Group (Registered)	8,894		581
Geberit A.G. (Registered)	314		46
Givaudan S.A. (Registered)	52		47
Holcim Ltd. (Registered)	1,596		172
Kudelski S.A. (Bearer)	300		9
Kuehne & Nagel International A.G. (Registered) †	429		40
Kuoni Reisen Holding A.G. (Registered)	27		14
Logitech International S.A. (Registered) *	1,307		35
Lonza Group A.G. (Registered)	361		35
Nestle S.A. (Registered)	3,253		1,415
Nobel Biocare Holding A.G. (Bearer)	189		52
Novartis A.G. (Registered)	18,838		994
OC Oerlikon Corp. A.G. (Registered) * †	75		24
PSP Swiss Property A.G. (Registered) *	443		24
Rieter Holding A.G. (Registered)	41		22
Roche Holding A.G. (Genusschein)	5,697		990

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    12    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
Switzerland—6.9%—(continued)
Schindler Holding A.G.	500	$	31
SGS Societe Generale de Surveillance Holdings S.A. (Registered)	37		44
Sonova Holding A.G. *	370		33
STMicroelectronics N.V.	5,429		95
Straumann Holding A.G. (Registered)	71		19
Sulzer A.G. (Registered)	23		31
Swatch Group A.G. (Bearer)	257		77
Swatch Group A.G. (Registered)	500		28
Swiss Life Holding (Registered) *	269		64
Swiss Reinsurance (Registered)	2,829		238
Swisscom A.G. (Registered)	180		63
Syngenta A.G. (Registered)	827		155
Synthes, Inc.	472		54
UBS A.G. (Registered)	16,218		845
Xstrata PLC	4,896		287
Zurich Financial Services A.G. (Registered)	1,150		329
			7,700
United Kingdom—19.8%
3i Group PLC	3,116		66
Acergy S.A.	1,550		41
Aegis Group PLC	10,000		27
Aggreko PLC	2,000		22
Amec PLC	2,675		35
Anglo American PLC	10,994		630
ARM Holdings PLC	13,295		39
Arriva PLC	1,576		24
AstraZeneca PLC	12,140		598
Aviva PLC	21,388		306
BAE Systems PLC	26,815		250
Balfour Beatty PLC	3,424		33
Barclays PLC	52,011		643
Barratt Developments PLC	2,331		44
BBA Aviation PLC	4,323		21
Bellway PLC	910		23
Berkeley Group Holdings PLC *	673		22
BG Group PLC	27,120		434
BHP Billiton PLC	18,893		556
Biffa PLC	3,091		16
Bovis Homes Group PLC	912		14
BP PLC	155,630		1,749
British Airways PLC *	4,579		39
British American Tobacco PLC	12,302		408
British Energy Group PLC	8,165		76
British Land Co. PLC	4,145		108
British Sky Broadcasting Group PLC	9,061		123
Brixton PLC	1,881		15
BT Group PLC	65,923		420
Bunzl PLC	2,699		38
Burberry Group PLC	3,503		43
Cadbury Schweppes PLC	16,677		197
Capita Group PLC	4,910		74
Carnival PLC	1,360		60
Carphone Warehouse Group PLC †	2,631		18
Cattles PLC	2,885		21
Centrica PLC	29,134		226
Charter PLC *	1,721		39
Close Brothers Group PLC	1,000		16
Cobham PLC	8,998		36
Compass Group PLC	16,077		105
Cookson Group PLC	1,348		21
CSR PLC * †	824		11
Daily Mail & General Trust, Class A	2,356		32
Davis Service Group PLC	1,666		20
De La Rue PLC	1,554		23
Diageo PLC	21,447		458
DSG International PLC	14,653		46
Electrocomponents PLC	3,462		18
Emap PLC	2,257		41
Enterprise Inns PLC	4,433		58
First Choice Holidays PLC	3,878		23
FirstGroup PLC	3,458		45
FKI PLC	5,000		11
Friends Provident PLC	14,461		52
G4S PLC	9,162		37
Galiform PLC *	5,000		13
GKN PLC	6,646		49
GlaxoSmithKline PLC	46,539		1,215
Great Portland Estates PLC	1,440		19
Hammerson PLC	2,268		61
Hays PLC	11,572		37
HBOS PLC	29,946		531
Home Retail Group	6,978		58
HSBC Holdings PLC	95,242		1,722

EQUITY PORTFOLIOS    13    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—97.0%—CONTINUED
United Kingdom—19.8%—(continued)
ICAP PLC	4,115	$	41
IMI PLC	2,680		30
Imperial Chemical Industries PLC	9,486		121
Imperial Tobacco Group PLC	5,388		243
Inchcape PLC	4,209		40
Intercontinental Hotels Group PLC	2,369		50
International Power PLC	11,869		97
Intertek Group PLC	1,537		30
Invensys PLC *	6,332		44
Invesco PLC	6,289		76
Investec PLC	3,130		34
ITV PLC	30,930		68
Johnson Matthey PLC	1,743		56
Kelda Group PLC	2,193		39
Kesa Electricals PLC	4,212		26
Kingfisher PLC	18,595		78
Ladbrokes PLC	5,001		44
Land Securities Group PLC	3,741		137
Legal & General Group PLC	51,952		152
Liberty International PLC	2,020		49
Lloyds TSB Group PLC	44,845		493
LogicaCMG PLC	12,216		40
London Stock Exchange Group PLC	1,256		35
Man Group PLC	14,226		142
Marks & Spencer Group PLC	13,510		170
Meggitt PLC	5,205		33
Michael Page International PLC	3,182		31
Misys PLC	5,008		23
Mondi PLC	3,835		38
National Express Group PLC	1,160		29
National Grid PLC	21,541		322
Next PLC	1,806		70
Old Mutual PLC	41,561		134
Pearson PLC	6,414		96
Persimmon PLC	2,261		53
Premier Farnell PLC	2,679		10
Prudential PLC	19,440		276
Punch Taverns PLC	2,109		47
Rank Group PLC	5,189		18
Reckitt Benckiser PLC	4,850		264
Reed Elsevier PLC	10,116		122
Rentokil Initial PLC	14,430		50
Resolution PLC	5,449		68
Reuters Group PLC	10,152		131
Rexam PLC	5,105		54
Rio Tinto PLC	8,050		557
Rolls-Royce Group PLC *	14,339		148
Royal Bank of Scotland Group PLC	77,129		893
SABMiller PLC	7,168		197
Sage Group (The) PLC	10,344		49
Sainsbury (J.) PLC	12,356		138
Schroders PLC	1,130		30
Scottish & Newcastle PLC	6,368		79
Scottish & Southern Energy PLC	6,855		196
Segro PLC	3,465		38
Serco Group PLC	3,793		32
Severn Trent PLC	1,854		51
Signet Group PLC	13,592		26
Smith & Nephew PLC	7,501		88
Smiths Group PLC	3,041		61
SSL International PLC	2,000		18
Stagecoach Group PLC	4,592		21
Standard Life PLC	16,751		101
Stolt-Nielsen S.A.	300		10
Tate & Lyle PLC	4,677		53
Taylor Wimpey PLC	9,114		64
Tesco PLC	64,884		556
Thomas Cook Group PLC *	5,530		32
Tomkins PLC	6,808		33
Travis Perkins PLC	1,103		40
Trinity Mirror PLC	2,462		23
Tullet Prebon PLC	2,801		24
Unilever PLC	10,420		328
United Business Media PLC	2,010		31
United Utilities PLC	6,979		97
Vodafone Group PLC	430,246		1,386
Whitbread PLC	1,567		52
William Hill PLC	2,807		35
Wolseley PLC	5,243		110
WPP Group PLC	9,363		133
Yell Group PLC	6,198		56
			22,246
Total Common Stocks
(Cost $100,340)			108,867

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    14    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES		VALUE (000S)
PREFERRED STOCKS—0.3%
Germany—0.3%
Henkel KGaA †		1,417	$	73
Porsche A.G.		70		125
ProSieben SAT.1 Media A.G. †		653		22
RWE A.G.		350		35
Volkswagen A.G.		837		105
				360
Italy—0.0%
Unipol S.p.A.		9,735		31
Japan—0.0%
Ito En Ltd. *		180		1
Total Preferred Stocks
(Cost $ 280)				392
INVESTMENT COMPANY—8.6%
Northern Institutional Funds - Liquid Assets Portfolio (1)(2)		9,609,578		9,610
Total Investment Company
(Cost $ 9,610)				9,610
RIGHTS—0.0%
Greece
Piraeus Bank S.A. *		2,644		4
EFG Eurobank Ergas RIGHT *		2,188		2
				6
Sweden
Ssab Svenskt Stal AB *		2		—
Total Rights
(Cost $-)				6
WARRANTS—0.0%
Japan
Dowa Holding Co. Ltd., Exp. 1/29/10, Strike 1.00 Yen *		4,000		—
Total Warrants
(Cost $-)				—
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT—0.6%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit, 5.28%, 9/4/07	$	616	$	616
Total Short-Term Investment
(Cost $ 616)				616
Total Investments—106.5%
(Cost ($ 110,846)				119,491
Liabilities less Other Assets—(6.5)%				(7,263	)
NET ASSETS—100.0%			$	112,228

(1) Investment in affiliated Portfolio

(2) Investment relates to cash collateral received from portfolio securities loaned.

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At August 31, 2007, the International Equity Index Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED GAIN (LOSS) (000S)
EuroStoxx-50	22	$	1,288	Long	9/07	$	(7	)
FTSE 100	7		877	Long	9/07		1
SPI 200	1		191	Long	9/07		6
TOPIX Index	2		279	Long	9/07		5
Total						$	5

EQUITY PORTFOLIOS    15    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

At August 31, 2007, the International Equity Index Portfolio’s investments were diversified as follows:

INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Consumer Discretionary	11.5	%
Consumer Staples	8.1
Energy	7.3
Financials	27.8
Health Care	6.5
Industrials	12.3
Information Technology	6.0
Materials	9.5
Telecommunication Services	5.6
Utilities	5.4
Total	100.0	%

At August 31, 2007, the International Equity Index Portfolio’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF LONG-TERM INVESTMENTS
Euro	35.5	%
British Pound	22.4
Japanese Yen	21.5
Swiss Franc	6.7
Australian Dollar	6.1
All other currencies less than 5%	7.8
Total	100.0	%

At August 31, 2007, the International Equity Index Portfolio had outstanding forward foreign currency exchange contracts as follows:

CONTRACTS TO DELIVER CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	IN EXCHANGE FOR CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	SETTLEMENT DATE	UNREALIZED GAIN (LOSS) (000S)
Euro	73	U.S. Dollar	100	9/4/07	$	—
Japanese Yen	23,183	U.S. Dollar	200	9/4/07		1
Swiss Franc	121	U.S. Dollar	100	9/4/07		—
U.S. Dollar	200	Australian Dollar	246	9/4/07		(1	)
U.S. Dollar	840	British Pound	416	9/4/07		—
U.S. Dollar	1,170	Euro	858	9/4/07		1
U.S. Dollar	260	Hong Kong Dollar	2,027	9/4/07		—
U.S. Dollar	680	Japanese Yen	78,822	9/4/07		(2	)
Australian Dollar	451	U.S. Dollar	380	9/19/07		(11	)
Australian Dollar	288	U.S. Dollar	230	9/19/07		6
British Pound	127	U.S. Dollar	260	9/19/07		(4	)
British Pound	678	U.S. Dollar	1,340	9/19/07		27
British Pound	112	U.S. Dollar	230	9/19/07		(4	)
Euro	722	U.S. Dollar	1,000	9/19/07		(15	)
Euro	1,630	U.S. Dollar	2,190	9/19/07		33
Hong Kong Dollar	780	U.S. Dollar	100	9/19/07		—
Hong Kong Dollar	1,014	U.S. Dollar	130	9/19/07		—
Japanese Yen	42,168	U.S. Dollar	370	9/19/07		(5	)
Japanese Yen	65,474	U.S. Dollar	540	9/19/07		27
Japanese Yen	65,895	U.S. Dollar	540	9/19/07		31
U.S. Dollar	300	Australian Dollar	350	9/19/07		14
U.S. Dollar	250	British Pound	124	9/19/07		—
U.S. Dollar	190	British Pound	94	9/19/07		1
U.S. Dollar	130	British Pound	63	9/19/07		3
U.S. Dollar	270	Euro	198	9/19/07		—
U.S. Dollar	1,700	Euro	1,240	9/19/07		9
U.S. Dollar	130	Hong Kong Dollar	1,017	9/19/07		—
U.S. Dollar	99	Hong Kong Dollar	772	9/19/07		—

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    16    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)

CONTRACTS TO DELIVER CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	IN EXCHANGE FOR CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	SETTLEMENT DATE	UNREALIZED GAIN (LOSS) (000S)
U.S. Dollar	400	Japanese Yen	47,233	9/19/07		(9	)
U.S. Dollar	280	Japanese Yen	33,515	9/19/07		(10	)
Total					$	92

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	110,846
Gross tax appreciation of investments	$	12,095
Gross tax depreciation of investments		(3,450	)
Net tax appreciation of investments	$	8,645

EQUITY PORTFOLIOS    17    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY GROWTH PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—99.3%
Advertising—0.9%
inVentiv Health, Inc. *	460	$	18
Aerospace/Defense—4.9%
BE Aerospace, Inc. * +	720		28
EDO Corp. +	525		23
Kaman Corp. +	655		22
Orbital Sciences Corp. * +	615		13
Teledyne Technologies, Inc. *	340		17
			103
Apparel—2.1%
Gymboree Corp. * +	580		23
Warnaco Group (The), Inc. *	580		20
			43
Biotechnology—1.2%
Myriad Genetics, Inc. *	298		13
Savient Pharmaceuticals, Inc. * +	914		12
			25
Chemicals—0.5%
CF Industries Holdings, Inc.	175		11
Commercial Services—9.2%
Arbitron, Inc. +	320		16
Bankrate, Inc. * +	467		18
Chemed Corp.	177		11
Consolidated Graphics, Inc. * +	220		15
DeVry, Inc.	820		28
Heidrick & Struggles International, Inc. * +	255		12
Interactive Data Corp. +	835		23
Korn/Ferry International *	545		12
Quanta Services, Inc. *	532		15
Strayer Education, Inc. +	170		27
Team, Inc. *	600		14
			191
Computers—4.6%
IHS, Inc., Class A * +	430		22
Magma Design Automation, Inc. * +	1,083		15
Manhattan Associates, Inc. * +	588		17
Micros Systems, Inc. * +	435		26
Riverbed Technology, Inc. *	332		15
			95
Diversified Financial Services—4.0%
Advanta Corp., Class B	847		22
GFI Group, Inc. *	300		22
Portfolio Recovery Associates, Inc.	445		23
World Acceptance Corp. * +	550		17
			84
Electrical Components & Equipment—0.6%
General Cable Corp. *	220		13
Electronics—3.4%
Dionex Corp. * +	174		12
FARO Technologies, Inc. * +	370		15
Rofin-Sinar Technologies, Inc. *	385		27
Varian, Inc. * +	281		17
			71
Engineering & Construction—1.9%
EMCOR Group, Inc. *	885		28
URS Corp. * +	235		12
			40
Entertainment—2.2%
Bally Technologies, Inc. * +	775		26
Vail Resorts, Inc. * +	360		20
			46
Food—1.1%
Flowers Foods, Inc.	1,100		23
Healthcare—Products—2.7%
Arthrocare Corp. * +	319		18
Immucor, Inc. *	592		20
Meridian Bioscience, Inc.	745		19
			57
Healthcare—Services—3.7%
Nighthawk Radiology Holdings, Inc. * +	962		21
Pediatrix Medical Group, Inc. *	253		15
Psychiatric Solutions, Inc. * +	444		16
Sunrise Senior Living, Inc. * +	653		24
			76
Home Furnishings—1.7%
Tempur-Pedic International, Inc. +	555		16
Universal Electronics, Inc. *	700		20
			36

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—99.3%—CONTINUED
Household Products/Wares—2.3%
Fossil, Inc. * +	750	$	25
Tupperware Brands Corp. +	730		23
			48
Insurance—2.8%
American Equity Investment Life Holding Co. +	2,055		21
CNA Surety Corp. *	855		15
Delphi Financial Group, Inc., Class A	540		22
			58
Internet—6.4%
Authorize.Net Holdings, Inc. *	1,225		22
eResearch Technology, Inc. * +	1,491		16
j2 Global Communications, Inc. * +	666		23
Priceline.com, Inc. * +	385		32
ValueClick, Inc. * +	630		13
Vasco Data Security International, Inc. * +	890		28
			134
Iron/Steel—1.1%
Carpenter Technology Corp.	75		9
Cleveland-Cliffs, Inc. +	170		13
			22
Leisure Time—2.0%
Ambassadors Group, Inc. +	685		27
Callaway Golf Co.	950		15
			42
Lodging—1.0%
Monarch Casino & Resort, Inc. *	690		20
Machinery—Diversified—3.0%
Kadant, Inc. * +	405		11
Middleby Corp. * +	340		25
Wabtec Corp.	720		27
			63
Metal Fabrication/Hardware—1.7%
Kaydon Corp.	360		19
RBC Bearings, Inc. *	455		16
			35
Mining—0.4%
Century Aluminum Co. *	185		9
Miscellaneous Manufacturing—0.6%
Acuity Brands, Inc.	220	$	12
Oil & Gas—1.6%
Atwood Oceanics, Inc. * +	430		33
Oil & Gas Services—3.9%
Cal Dive International, Inc. * +	1,100		15
Exterran Holdings, Inc. * +	140		11
Input/Output, Inc. * +	1,295		18
Matrix Service Co. * +	845		16
NATCO Group, Inc., Class A * +	430		22
			82
Pharmaceuticals—6.1%
Cypress Bioscience, Inc. * +	2,223		29
Isis Pharmaceuticals, Inc. *	1,361		17
KV Pharmaceutical Co., Class A * +	495		13
Medarex, Inc. *	920		16
MGI Pharma, Inc. * +	590		14
Perrigo Co. +	719		15
Pharmion Corp. *	269		11
Sciele Pharma, Inc. * +	525		12
			127
Retail—3.0%
Aeropostale, Inc. *	870		18
Burger King Holdings, Inc.	695		17
Men’s Wearhouse, Inc. +	555		28
			63
Semiconductors—3.8%
Emulex Corp. * +	675		13
Netlogic Microsystems, Inc. *	501		15
ON Semiconductor Corp. * +	1,660		20
Tessera Technologies, Inc. *	394		14
Verigy Ltd. *	697		18
			80
Software—7.6%
Actuate Corp. *	2,176		15
Blackboard, Inc. * +	423		18
Double-Take Software, Inc. *	1,162		20
FalconStor Software, Inc. *	1,263		14
Informatica Corp. * +	1,119		16
Nuance Communications, Inc. * +	1,126		21
Omnicell, Inc. *	882		21
Phase Forward, Inc. * +	1,188		21

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY GROWTH PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—99.3%—CONTINUED
Software—7.6%—(continued)
Wind River Systems, Inc. * +	1,114	$	12
			158
Telecommunications—5.6%
Anixter International, Inc. * +	370		29
Arris Group, Inc. *	1,379		21
Atheros Communications, Inc. * +	472		14
C-COR, Inc. *	1,074		12
Foundry Networks, Inc. *	1,242		23
Polycom, Inc. *	603		18
			117
Transportation—1.7%
Gulfmark Offshore, Inc. * +	385		18
Horizon Lines, Inc., Class A +	600		17
			35
Total Common Stocks
(Cost $1,882)			2,070
INVESTMENT COMPANIES—51.0%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)	1,063,464		1,063
Total Investment Companies
(Cost $1,063)			1,063

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS—0.4%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit, 5.28%, 9/4/07	$	8		8
Total Short-Term Investments
(Cost $8)				8
Total Investments—150.7%
(Cost $2,953)				3,141
Liabilities less Other Assets - (50.7)%				(1,057	)
NET ASSETS—100.0%			$	2,084

(1) Investment in affiliated Portfolio

(2) Investment relates to cash collateral received from portfolio securities loaned.

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	2,953
Gross tax appreciation of investments	$	238
Gross tax depreciation of investments		(50	)
Net tax appreciation of investments	$	188

EQUITY PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%
Advertising—0.2%
Catalina Marketing Corp. *	1,789	$	56
Gaiam, Inc., Class A * †	800		17
Greenfield Online, Inc. *	1,000		14
inVentiv Health, Inc. *	1,495		59
Marchex, Inc., Class B †	1,400		13
ValueVision Media, Inc., Class A * †	1,531		13
			172
Aerospace/Defense—1.2%
AAR Corp. *	1,843		58
Aerovironment, Inc. * †	371		7
Argon ST, Inc. * †	668		12
Curtiss-Wright Corp.	2,188		100
EDO Corp. †	861		37
Esterline Technologies Corp. * †	1,306		66
GenCorp, Inc. * †	2,776		32
Heico Corp. †	1,247		57
Innovative Solutions & Support, Inc. * †	667		12
Kaman Corp. †	1,190		39
Moog, Inc., Class A * †	1,785		76
MTC Technologies, Inc. *	504		10
Orbital Sciences Corp. * †	2,977		65
Sequa Corp., Class A *	326		54
Teledyne Technologies, Inc. *	1,716		86
TransDigm Group, Inc. *	504		20
Triumph Group, Inc. †	801		59
United Industrial Corp. of New York †	381		26
			816
Agriculture—0.3%
Alico, Inc. †	192		10
Alliance One International, Inc. *	4,678		36
Andersons (The), Inc. †	800		38
Cadiz, Inc. * †	600		12
Maui Land & Pineapple Co., Inc. * †	252		7
Tejon Ranch Co. * †	501		21
Universal Corp. of Virginia †	1,375		67
Vector Group Ltd. †	1,403		32
			223
Airlines—0.5%
Airtran Holdings, Inc. * †	4,512		47
Alaska Air Group, Inc. * †	2,131		53
Allegiant Travel Co. * †	200		6
ExpressJet Holdings, Inc. * †	2,527		11
JetBlue Airways Corp. * †	8,900		85
Midwest Air Group, Inc. * †	1,200		20
Pinnacle Airlines Corp. * †	1,000		16
Republic Airways Holdings, Inc. * †	1,800		34
Skywest, Inc. †	3,224		81
			353
Apparel—1.2%
Carter’s, Inc. *	2,900		57
Cherokee, Inc. †	323		12
Columbia Sportswear Co. †	700		42
Deckers Outdoor Corp. *	654		62
G-III Apparel Group Ltd. * †	600		10
Gymboree Corp. *	1,616		65
Heelys, Inc. * †	300		3
Iconix Brand Group, Inc. * †	2,554		53
K-Swiss, Inc., Class A †	1,314		32
Kellwood Co. †	1,192		23
Maidenform Brands, Inc. * †	1,100		19
Oxford Industries, Inc.	798		29
Perry Ellis International, Inc. * †	504		14
Quiksilver, Inc. * †	6,200		83
Skechers U.S.A., Inc., Class A * †	1,031		20
Steven Madden Ltd.	1,000		25
Timberland (The) Co., Class A * †	2,400		48
True Religion Apparel, Inc. * †	700		12
Volcom, Inc. *	730		28
Warnaco Group (The), Inc. *	2,321		81
Weyco Group, Inc. †	404		12
Wolverine World Wide, Inc.	2,662		70
			800
Auto Manufacturers—0.1%
A.S.V., Inc. * †	1,008		14
Force Protection, Inc. * †	3,400		59
Wabash National Corp. †	1,535		20
			93
Auto Parts & Equipment—1.0%
Accuride Corp. * †	1,100		14
Aftermarket Technology Corp. *	1,068		32
American Axle & Manufacturing Holdings, Inc. †	2,200		51
Amerigon, Inc. * †	1,100		17
ArvinMeritor, Inc. †	3,600		63
Commercial Vehicle Group, Inc. *	1,100		16

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Auto Parts & Equipment—1.0%—(continued)
Cooper Tire & Rubber Co.	3,041	$	74
Exide Technologies * †	3,000		20
Hayes Lemmerz International, Inc. * †	4,500		20
Keystone Automotive Industries, Inc. *	761		36
Lear Corp. * †	3,812		111
Miller Industries, Inc. of Tennessee *	500		9
Modine Manufacturing Co.	1,637		46
Noble International Ltd. †	550		11
Spartan Motors, Inc. †	1,600		24
Standard Motor Products, Inc. †	700		7
Superior Industries International, Inc. †	1,134		23
Tenneco, Inc. * †	2,292		73
Titan International, Inc. †	1,166		34
Visteon Corp. * †	6,325		34
			715
Banks—6.4%
1st Source Corp. †	655		15
Alabama National BanCorporation †	818		43
Amcore Financial, Inc. †	1,141		31
AmericanWest Bancorp †	831		16
Ameris Bancorp †	694		14
Bancfirst Corp. †	418		19
Banco Latinoamericano de Exportaciones S.A., Class E	1,300		24
Bancorp, Inc. of Delaware * †	572		12
Bank Mutual Corp. †	2,759		33
Bank of the Ozarks, Inc.	608		19
Banner Corp. †	597		19
Boston Private Financial Holdings, Inc. †	1,782		48
Capital City Bank Group, Inc. †	637		20
Capital Corp. of the West †	456		9
Capitol Bancorp Ltd. †	662		17
Cascade Bancorp †	1,108		26
Cass Information Systems, Inc. †	300		10
Cathay General Bancorp †	2,509		82
Centennial Bank Holdings, Inc. * †	2,600		17
Center Financial Corp. †	540		9
Central Pacific Financial Corp. †	1,497		48
Chemical Financial Corp. †	1,210		31
Chittenden Corp.	2,376		83
Citizens Republic Bancorp, Inc. †	3,804		67
City Holding Co.	853		32
City Bank Lynwood of Washington †	647		20
CoBiz Financial, Inc. †	806		15
Columbia Banking System, Inc.	771		24
Community Bancorp of Nevada * †	500		12
Community Bank System, Inc. †	1,426		29
Community Banks, Inc.	1,242		36
Community Trust Bancorp, Inc. †	745		24
Corus Bankshares, Inc. †	1,844		25
CVB Financial Corp. †	3,249		39
Enterprise Financial Services Corp. †	500		11
First Bancorp of North Carolina †	572		11
First BanCorp of Puerto Rico †	4,100		41
First Busey Corp. †	1,283		25
First Charter Corp. †	1,762		53
First Commonwealth Financial Corp. †	3,580		39
First Community Bancorp, Inc. of California †	1,347		73
First Community Bancshares, Inc. of Virginia	499		17
First Financial Bancorp †	1,700		23
First Financial Bankshares, Inc. †	1,034		44
First Financial Corp. of Indiana †	666		20
First Indiana Corp. †	575		18
First Merchants Corp. †	938		20
First Midwest Bancorp, Inc. of Illinois †	2,500		86
First Regional Bancorp of California * †	447		11
First Republic Bank of California	1,568		86
First South Bancorp, Inc. of North Carolina †	426		12
First State Bancorporation of New Mexico †	998		19
FirstMerit Corp.	3,900		75
FNB Corp. of Pennsylvania †	2,900		49
Fremont General Corp. †	3,300		15
Frontier Financial Corp. †	1,929		47
Glacier Bancorp, Inc. †	2,595		57
Great Southern Bancorp, Inc. †	535		14
Greater Bay Bancorp	2,604		73
Green Bankshares, Inc. †	584		21
Hancock Holding Co. †	1,352		54
Hanmi Financial Corp.	1,982		31
Harleysville National Corp. †	1,447		24
Heartland Financial USA, Inc. †	610		12
Heritage Commerce Corp.	662		14
Home Bancshares, Inc. †	608		13
Horizon Financial Corp. †	652		14

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Banks—6.4%—(continued)
IBERIABANK Corp. †	585	$	29
Imperial Capital Bancorp, Inc.	224		8
Independent Bank Corp. of Massachusetts †	688		20
Independent Bank Corp. of Michigan †	1,107		13
Integra Bank Corp. †	976		19
International Bancshares Corp. †	2,520		58
Irwin Financial Corp. †	969		10
Lakeland Bancorp, Inc. †	998		13
Lakeland Financial Corp. †	608		14
Macatawa Bank Corp. †	726		10
MainSource Financial Group, Inc. †	956		17
MB Financial, Inc. †	1,793		63
Midwest Banc Holdings, Inc. †	972		15
Nara Bancorp, Inc. †	1,113		18
National Penn Bancshares, Inc. †	2,282		40
NBT Bancorp, Inc. †	1,697		37
Old National Bancorp of Indiana †	3,215		51
Old Second Bancorp, Inc. †	622		18
Omega Financial Corp. †	683		18
Oriental Financial Group, Inc. †	1,108		12
Pacific Capital Bancorp	2,315		58
Park National Corp. †	545		50
Peoples Bancorp, Inc. of Ohio †	547		14
Pinnacle Financial Partners, Inc. * †	700		20
Preferred Bank of California	487		20
PrivateBancorp, Inc. †	900		30
Prosperity Bancshares, Inc.	1,767		60
Provident Bankshares Corp. †	1,601		49
Renasant Corp. †	862		17
Republic Bancorp, Inc. of Kentucky, Class A	414		6
Royal Bancshares of Pennsylvania, Inc., Class A †	263		6
S & T Bancorp, Inc. †	1,163		41
Sandy Spring Bancorp, Inc. †	774		24
Santander BanCorp †	171		2
SCBT Financial Corp. †	472		17
Seacoast Banking Corp. of Florida †	705		12
Security Bank Corp. of Georgia †	772		11
Sierra Bancorp †	364		10
Signature Bank of New York * †	1,400		48
Simmons First National Corp., Class A †	676		18
South Financial Group (The), Inc. †	3,700		85
Southside Bancshares, Inc. †	550		12
Southwest Bancorp, Inc. of Oklahoma †	696		15
Sterling Bancorp of New York	970		14
Sterling Bancshares, Inc. of Texas †	3,646		42
Sterling Financial Corp. of Pennsylvania †	1,216		21
Sterling Financial Corp. of Washington †	2,522		64
Suffolk Bancorp †	452		14
Sun Bancorp, Inc. of New Jersey * †	809		13
Superior Bancorp * †	1,692		16
Susquehanna Bancshares, Inc.	2,535		50
SVB Financial Group * †	1,746		87
SY Bancorp, Inc. †	670		18
Taylor Capital Group, Inc. †	341		10
Texas Capital Bancshares, Inc. * †	1,100		24
Tompkins Financial Corp. †	290		11
Trico Bancshares †	642		14
Trustco Bank Corp. of New York †	3,678		41
Trustmark Corp. †	2,400		68
UCBH Holdings, Inc. †	4,965		83
UMB Financial Corp. †	1,478		65
Umpqua Holdings Corp. †	2,959		64
Union Bankshares Corp. of Virginia	691		16
United Bankshares, Inc. †	1,900		59
United Community Banks, Inc. of Georgia †	2,015		49
United Security Bancshares of California †	400		8
Univest Corp. of Pennsylvania †	600		14
USB Holding Co., Inc. †	620		14
USB Holdings Co., Inc.—Fractional Shares *	50,000		—
Virginia Commerce Bancorp *	795		12
W. Holding Co., Inc. †	5,500		13
Washington Trust Bancorp, Inc. †	596		15
WesBanco, Inc. †	1,101		29
West Coast Bancorp of Oregon †	725		20
Westamerica Bancorporation †	1,508		73
Western Alliance Bancorp * †	800		21
Wilshire Bancorp, Inc. †	800		9
Wintrust Financial Corp. †	1,199		52
Yardville National Bancorp	472		16
			4,337
Beverages—0.3%
Boston Beer Co., Inc., Class A *	396		19
Central European Distribution Corp. * †	1,746		77
Coca-Cola Bottling Co. Consolidated †	265		16

EQUITY PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Beverages—0.3%—(continued)
Farmer Bros. Co. †	400	$	9
Green Mountain Coffee Roasters, Inc. * †	900		31
Jones Soda Co. * †	1,300		14
National Beverage Corp. †	520		5
Peet’s Coffee & Tea, Inc. *	705		18
			189
Biotechnology—2.3%
Acorda Therapeutics, Inc. * †	1,200		22
Affymax, Inc. * †	200		5
Affymetrix, Inc. *	3,400		77
Alexion Pharmaceuticals, Inc. * †	1,867		113
AMAG Pharmaceuticals, Inc. * †	812		44
American Oriental Bioengineering, Inc. * †	2,700		25
Applera Corp.—Celera Group * †	3,848		51
Arena Pharmaceuticals, Inc. * †	3,030		41
Ariad Pharmaceuticals, Inc. * †	3,298		16
Arqule, Inc. * †	1,900		16
Bio-Rad Laboratories, Inc., Class A *	900		76
BioMimetic Therapeutics, Inc. *	500		7
Cambrex Corp. †	1,429		18
Cell Genesys, Inc. * †	3,556		13
CryoLife, Inc. *	1,100		10
Cytokinetics, Inc. * †	1,600		8
Encysive Pharmaceuticals, Inc. * †	3,167		6
Enzo Biochem, Inc. * †	1,478		27
Enzon Pharmaceuticals, Inc. * †	2,152		17
Exelixis, Inc. * †	4,731		53
Genomic Health, Inc. * †	700		14
GenVec, Inc. * †	3,000		7
Geron Corp. * †	3,515		25
GTX, Inc. * †	800		13
Halozyme Therapeutics, Inc. * †	3,200		28
Human Genome Sciences, Inc. * †	6,700		62
Illumina, Inc. * †	2,643		128
Immunomedics, Inc. * †	2,700		6
Incyte Corp. * †	4,040		24
Integra LifeSciences Holdings Corp. * †	946		46
InterMune, Inc. * †	1,366		27
Keryx Biopharmaceuticals, Inc. * †	2,149		22
Kosan Biosciences, Inc. * †	2,000		10
Lifecell Corp. * †	1,716		57
Martek Biosciences Corp. * †	1,600		43
Maxygen, Inc. *	1,184		11
Medivation, Inc. * †	1,000		17
Molecular Insight Pharmaceuticals, Inc. *	200		1
Momenta Pharmaceuticals, Inc. * †	1,200		13
Myriad Genetics, Inc. * †	2,132		94
Nektar Therapeutics * †	4,500		37
Novacea, Inc. * †	300		2
Omrix Biopharmaceuticals, Inc. * †	700		24
Orexigen Therapeutics, Inc. *	400		6
Protalix BioTherapeutics, Inc. * †	844		22
Regeneration Technologies, Inc. * †	1,500		16
Regeneron Pharmaceuticals, Inc. * †	3,146		61
Savient Pharmaceuticals, Inc. * †	2,548		34
Seattle Genetics, Inc. * †	2,000		20
SuperGen, Inc. * †	2,541		10
Telik, Inc. * †	2,812		8
Tercica, Inc. * †	1,600		11
XOMA Ltd. * †	6,100		17
			1,561
Building Materials—0.9%
AAON, Inc.	720		15
Apogee Enterprises, Inc.	1,455		37
Builders FirstSource, Inc. * †	800		11
Comfort Systems USA, Inc. †	2,000		29
Drew Industries, Inc. * †	880		35
Genlyte Group, Inc. * †	1,384		100
Gibraltar Industries, Inc. †	1,240		25
Goodman Global, Inc. *	1,900		44
Interline Brands, Inc. *	1,390		34
LSI Industries, Inc. †	938		19
NCI Building Systems, Inc. *	1,013		47
PGT, Inc. * †	500		5
Simpson Manufacturing Co., Inc. †	1,772		58
Texas Industries, Inc. †	1,342		99
Trex Co., Inc. * †	624		8
U.S. Concrete, Inc. * †	1,700		14
Universal Forest Products, Inc. †	806		30
			610
Chemicals—2.2%
American Vanguard Corp. †	900		14
Arch Chemicals, Inc. †	1,216		53
Balchem Corp. †	900		18

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    4    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Chemicals—2.2%—(continued)
CF Industries Holdings, Inc.	2,714	$	172
Ferro Corp.	2,093		41
Fuller (H.B.) Co. †	3,012		81
Georgia Gulf Corp. †	1,764		26
Grace (W.R.) & Co. * †	3,534		79
Hercules, Inc. *	5,774		120
Innophos Holdings, Inc. †	1,000		15
Innospec, Inc. †	1,260		31
Kronos Worldwide, Inc.	115		2
Landec Corp. * †	1,000		14
Metabolix, Inc. *	700		16
Minerals Technologies, Inc.	906		60
NewMarket Corp.	675		32
NL Industries, Inc. †	398		4
Olin Corp. †	3,706		79
OM Group, Inc. *	1,434		71
Pioneer Cos., Inc. * †	600		21
PolyOne Corp. *	4,556		37
Rockwood Holdings, Inc. * †	1,766		57
Schulman (A.), Inc.	1,354		29
Sensient Technologies Corp. †	2,273		62
ShengdaTech, Inc. * †	1,300		6
Spartech Corp. †	1,570		34
Stepan Co.	343		10
Symyx Technologies, Inc. *	1,630		15
Terra Industries, Inc. * †	4,600		119
Tronox, Inc., Class B †	2,000		20
UAP Holding Corp.	2,600		78
Valhi, Inc. †	300		7
Zoltek Cos., Inc. * †	1,100		45
			1,468
Coal—0.1%
Alpha Natural Resources, Inc. * †	3,290		64
International Coal Group, Inc. * †	6,200		25
			89
Commercial Services—6.2%
Aaron Rents, Inc. †	2,235		57
ABM Industries, Inc.	2,133		50
Administaff, Inc. †	1,198		41
Advance America Cash Advance Centers, Inc. †	3,280		41
Advisory Board (The) Co. * †	879		51
Albany Molecular Research, Inc. *	1,289		19
AMN Healthcare Services, Inc. * †	1,711		31
Arbitron, Inc.	1,509		75
Arrowhead Research Corp. * †	1,600		8
Bankrate, Inc. * †	610		24
Barrett Business Services †	400		10
BearingPoint, Inc. *	10,100		59
Bowne & Co., Inc.	1,357		23
Bright Horizons Family Solutions, Inc. *	1,288		51
Capella Education Co. * †	500		25
CBIZ, Inc. * †	2,321		17
CDI Corp. †	664		19
Cenveo, Inc. * †	2,670		52
Chemed Corp. †	1,248		77
Clayton Holdings, Inc. * †	600		5
Coinmach Service Corp., Class A †	1,400		18
Coinstar, Inc. * †	1,411		46
Consolidated Graphics, Inc. *	484		32
Corinthian Colleges, Inc. * †	4,300		60
Cornell Cos., Inc. * †	500		12
Corvel Corp. * †	386		10
CoStar Group, Inc. * †	995		55
CPI Corp. †	200		9
CRA International, Inc. * †	609		30
Cross Country Healthcare, Inc. *	1,613		28
Deluxe Corp.	2,600		99
DeVry, Inc. †	3,000		104
Diamond Management & Technology Consultants, Inc.	1,400		14
Dollar Financial Corp. * †	800		19
Dollar Thrifty Automotive Group * †	1,127		33
DynCorp International, Inc., Class A * †	1,200		26
Electro Rent Corp. †	870		13
Emergency Medical Services Corp. * †	400		11
Euronet Worldwide, Inc. * †	2,290		62
ExlService Holdings, Inc. * †	1,091		21
Exponent, Inc. * †	750		18
First Advantage Corp., Class A *	432		8
Forrester Research, Inc. *	775		20
FTI Consulting, Inc. * †	2,119		111
Gartner, Inc. * †	3,483		77
Geo Group (The), Inc. * †	2,540		76

EQUITY PORTFOLIOS    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Commercial Services—6.2%—(continued)
Gevity HR, Inc. †	1,252	$	14
Global Cash Access Holdings, Inc. * †	2,162		24
Great Lakes Dredge & Dock Corp. * †	400		4
H&E Equipment Services, Inc. * †	900		19
Healthcare Services Group †	1,991		43
Healthspring, Inc. * †	2,400		45
Heartland Payment Systems, Inc. †	800		24
Heidrick & Struggles International, Inc. * †	854		40
HMS Holdings Corp. * †	1,000		24
Home Solutions of America, Inc. * †	1,800		5
Hudson Highland Group, Inc. * †	1,249		18
Huron Consulting Group, Inc. *	944		62
ICT Group, Inc. * †	400		6
Integrated Electrical Services, Inc. *	700		16
Interactive Data Corp.	1,800		49
Jackson Hewitt Tax Service, Inc.	1,500		43
Kelly Services, Inc., Class A †	1,154		26
Kendle International, Inc. * †	600		24
Kenexa Corp. * †	1,215		34
Kforce, Inc. *	1,600		24
Korn/Ferry International * †	2,340		52
Labor Ready, Inc. * †	2,374		50
Landauer, Inc. †	415		21
LECG Corp. * †	1,200		18
Lincoln Educational Services Corp. *	300		4
Live Nation, Inc. * †	3,300		68
MAXIMUS, Inc. †	1,050		45
McGrath Rentcorp †	1,272		41
Midas, Inc. * †	696		14
Monro Muffler, Inc. †	619		23
Morningstar, Inc. * †	600		39
MPS Group, Inc. * †	4,993		69
Multi-Color Corp. †	300		11
Navigant Consulting, Inc. * †	2,403		42
Net 1 UEPS Technologies, Inc. * †	2,000		49
Odyssey Marine Exploration, Inc. * †	1,900		12
On Assignment, Inc. *	1,700		18
Parexel International Corp. *	1,395		60
PeopleSupport, Inc. * †	1,100		14
PharmaNet Development Group, Inc. * †	897		26
PHH Corp. *	2,700		73
PRA International * †	1,000		29
Pre-Paid Legal Services, Inc. * †	393		22
Premier Exhibitions, Inc. * †	1,400		22
Protection One, Inc. * †	300		4
Providence Service (The) Corp. * †	594		18
QC Holdings, Inc. †	400		6
Rent-A-Center, Inc. *	3,500		67
Resources Connection, Inc. †	2,504		75
Rollins, Inc.	1,408		37
RSC Holdings, Inc. * †	1,000		19
SAIC, Inc. * †	5,700		104
Senomyx, Inc. * †	1,522		20
Sotheby’s †	3,256		141
Source Interlink Cos., Inc. * †	1,723		7
Spherion Corp. *	2,771		25
Standard Parking Corp. * †	300		10
Steiner Leisure Ltd. * †	800		35
Stewart Enterprises, Inc., Class A †	4,989		36
Strayer Education, Inc. †	658		105
Team, Inc. * †	800		19
TeleTech Holdings, Inc. * †	2,125		62
TNS, Inc. †	1,200		18
Universal Technical Institute, Inc. * †	1,200		22
Valassis Communications, Inc. * †	2,400		22
Viad Corp.	1,000		36
VistaPrint Ltd. * †	2,200		72
Volt Information Sciences, Inc. *	684		10
Watson Wyatt Worldwide, Inc., Class A †	2,029		96
Wright Express Corp. * †	1,960		72
			4,251
Computers—2.4%
3D Systems Corp. * †	800		16
Agilysys, Inc. †	1,490		25
Ansoft Corp. * †	808		24
CACI International, Inc., Class A * †	1,500		77
CIBER, Inc. * †	2,685		21
COMSYS IT Partners, Inc. * †	800		15
Comtech Group, Inc. * †	1,000		17
Cray, Inc. * †	1,600		11
Echelon Corp. * †	1,527		43
Electronics for Imaging, Inc. * †	2,786		73
Gateway, Inc. * †	14,242		26
Henry (Jack) & Associates, Inc. †	3,907		103

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    6    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Computers—2.4%—(continued)
Hutchinson Technology, Inc. * †	1,261	$	29
iGate Corp. * †	1,109		9
IHS, Inc., Class A * †	1,507		76
Imation Corp. †	1,700		49
Immersion Corp. * †	1,300		19
Integral Systems, Inc. of Maryland †	588		14
InterVoice, Inc. * †	1,853		15
Isilon Systems, Inc. * †	400		4
Komag, Inc. * †	1,430		46
LivePerson, Inc. * †	1,700		10
Magma Design Automation, Inc. * †	1,898		26
Manhattan Associates, Inc. * †	1,294		37
Mentor Graphics Corp. * †	4,292		60
Mercury Computer Systems, Inc. * †	1,069		12
Micros Systems, Inc. * †	2,033		123
MTS Systems Corp. †	926		39
Ness Technologies, Inc. * †	1,700		19
Palm, Inc. * †	5,128		77
Perot Systems Corp., Class A * †	4,242		66
Quantum Corp. * †	9,696		31
Rackable Systems, Inc. * †	1,400		19
Radiant Systems, Inc. * †	1,300		20
Radisys Corp. * †	1,097		12
Rimage Corp. * †	500		13
SI International, Inc. * †	700		22
Sigma Designs, Inc. * †	1,100		47
Silicon Graphics, Inc. * †	300		7
Silicon Storage Technology, Inc. * †	4,171		13
Smart Modular Technologies WWH, Inc. * †	2,400		26
SRA International, Inc., Class A *	2,000		56
STEC, Inc. * †	1,600		12
Stratasys, Inc. * †	1,060		27
Super Micro Computer, Inc. *	468		4
SYKES Enterprises, Inc. * †	1,590		26
Synaptics, Inc. * †	1,306		57
Syntel, Inc.	630		22
Tyler Technologies, Inc. * †	1,957		29
Virtusa Corp. *	200		3
			1,627
Cosmetics/Personal Care—0.1%
Chattem, Inc. * †	832		51
Elizabeth Arden, Inc. * †	1,210		30
Inter Parfums, Inc. †	400		8
Revlon, Inc., Class A * †	9,000		11
			100
Distribution/Wholesale—0.7%
Beacon Roofing Supply, Inc. * †	2,150		25
Beijing Med-Pharm Corp. * †	1,300		12
BlueLinx Holdings, Inc. †	573		5
Brightpoint, Inc. *	2,520		29
Building Material Holding Corp. †	1,408		21
Core-Mark Holding Co., Inc. * †	400		13
Houston Wire & Cable Co. †	800		15
LKQ Corp. *	2,238		69
MWI Veterinary Supply, Inc. * †	439		17
NuCo2, Inc. * †	800		21
Owens & Minor, Inc.	1,969		79
Scansource, Inc. * †	1,234		34
United Stationers, Inc. *	1,418		84
Watsco, Inc. †	1,140		55
			479
Diversified Financial Services—2.0%
Accredited Home Lenders Holding Co. * †	1,096		10
Advanta Corp., Class B †	1,764		46
Asset Acceptance Capital Corp.	800		9
Asta Funding, Inc. †	610		23
Calamos Asset Management, Inc., Class A	1,154		27
Centerline Holding Co.	2,515		40
Cityscape Financial Corp. *	2,500		—
Cohen & Steers, Inc. †	900		30
CompuCredit Corp. * †	1,022		22
Cowen Group, Inc. * †	800		10
Credit Acceptance Corp. * †	275		6
Delta Financial Corp. †	800		4
Encore Capital Group, Inc. * †	800		9
Epoch Holding Corp. * †	400		5
eSpeed, Inc., Class A * †	968		8
Evercore Partners, Inc., Class A †	400		8
FCStone Group, Inc. *	300		14
Federal Agricultural Mortgage Corp., Class C †	521		17
Financial Federal Corp. †	1,259		38
Friedman Billings Ramsey Group, Inc., Class A †	7,900		37
GAMCO Investors, Inc., Class A †	316		17
GFI Group, Inc. * †	801		59

EQUITY PORTFOLIOS    7    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Diversified Financial Services—2.0%—(continued)
Greenhill & Co., Inc. †	1,000	$	58
Interactive Brokers Group, Inc., Class A * †	2,000		54
International Securities Exchange Holdings, Inc.	1,900		126
KBW, Inc. * †	1,400		39
Knight Capital Group, Inc., Class A *	5,221		72
LaBranche & Co., Inc. * †	2,600		16
Ladenburg Thalmann Financial Services, Inc. * †	4,500		10
MarketAxess Holdings, Inc. * †	1,500		26
National Financial Partners Corp. †	1,900		93
Nelnet, Inc., Class A †	800		14
NewStar Financial, Inc. * †	642		7
Ocwen Financial Corp. * †	1,759		17
optionsXpress Holdings, Inc. †	2,200		52
Penson Worldwide, Inc. * †	700		11
Piper Jaffray Cos. *	989		51
Portfolio Recovery Associates, Inc. †	822		42
Sanders Morris Harris Group, Inc. †	839		8
Stifel Financial Corp. * †	700		38
SWS Group, Inc. †	1,072		19
Thomas Weisel Partners Group, Inc. * †	1,000		14
TradeStation Group, Inc. * †	1,327		15
U.S. Global Investors, Inc., Class A †	600		12
W.P. Stewart & Co., Ltd. †	1,000		11
Waddell & Reed Financial, Inc., Class A †	4,200		104
World Acceptance Corp. * †	893		28
			1,376
Electric—1.7%
Allete, Inc. †	1,200		51
Aquila, Inc. *	18,289		73
Avista Corp. †	2,589		51
Black Hills Corp. †	1,841		76
Central Vermont Public Service Corp. †	500		18
CH Energy Group, Inc. †	811		38
Cleco Corp. †	3,019		70
El Paso Electric Co. *	2,243		50
Empire District Electric (The) Co. †	1,459		33
EnerNOC, Inc. * †	200		7
Idacorp, Inc. †	2,158		70
ITC Holdings Corp.	2,100		93
MGE Energy, Inc. †	1,046		34
NorthWestern Corp.	1,800		48
Ormat Technologies, Inc. †	646		28
Otter Tail Corp. †	1,437		52
Pike Electric Corp. *	900		17
PNM Resources, Inc. †	3,827		89
PNM Resources, Inc.—Fractional Shares *	50,000		—
Portland General Electric Co. †	1,600		43
UIL Holdings Corp.	1,201		37
Unisource Energy Corp. †	1,677		50
Westar Energy, Inc.	4,500		109
			1,137
Electrical Components & Equipment—0.8%
Advanced Energy Industries, Inc. * †	1,749		28
American Superconductor Corp. * †	2,069		37
Belden, Inc. †	2,181		106
Coleman Cable, Inc. * †	400		6
Encore Wire Corp.	1,189		31
Energy Conversion Devices, Inc. * †	1,927		50
EnerSys *	1,000		18
GrafTech International Ltd. * †	4,934		83
Greatbatch, Inc. * †	1,129		34
Insteel Industries, Inc. †	900		17
Lamson & Sessions (The) Co. * †	700		19
Littelfuse, Inc. * †	1,063		35
Medis Technologies Ltd. * †	1,136		12
Powell Industries, Inc. * †	352		12
Power-One, Inc. * †	3,552		15
Superior Essex, Inc. * †	1,000		35
Universal Display Corp. * †	1,201		18
Vicor Corp. †	994		12
			568
Electronics—2.8%
American Science & Engineering, Inc. †	466		34
Analogic Corp.	618		43
Badger Meter, Inc. †	700		22
Bel Fuse, Inc., Class B †	522		16
Benchmark Electronics, Inc. * †	3,591		90
Brady Corp., Class A †	2,446		95
Checkpoint Systems, Inc. *	1,894		53
Cogent, Inc. * †	2,098		30
Coherent, Inc. * †	1,518		46
CTS Corp. †	1,756		23
Cubic Corp. †	775		31
Cymer, Inc. * †	1,775		70

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    8    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Electronics—2.8%—(continued)
Daktronics, Inc. †	1,606	$	44
Dionex Corp. * †	909		66
Eagle Test Systems, Inc. *	600		7
Electro Scientific Industries, Inc. * †	1,466		35
Excel Technology, Inc. *	593		16
FARO Technologies, Inc. * †	700		28
FEI Co. * †	1,776		50
Flir Systems, Inc. * †	3,300		163
II-VI, Inc. * †	1,128		35
Ionatron, Inc. * †	1,620		5
Itron, Inc. * †	1,520		129
Kemet Corp. * †	4,033		28
L-1 Identity Solutions, Inc. * †	3,012		50
LoJack Corp. * †	900		17
Measurement Specialties, Inc. *	700		17
Methode Electronics, Inc.	1,745		25
Multi-Fineline Electronix, Inc. * †	400		5
Newport Corp. * †	1,757		24
OSI Systems, Inc. * †	708		18
OYO Geospace Corp. * †	200		15
Park Electrochemical Corp. †	955		28
Plexus Corp. *	2,292		54
Rofin-Sinar Technologies, Inc. * †	759		53
Rogers Corp. * †	884		36
Sonic Solutions, Inc. * †	1,075		8
Stoneridge, Inc. * †	700		7
Taser International, Inc. * †	3,082		44
Technitrol, Inc.	2,011		55
TTM Technologies, Inc. * †	2,105		25
Varian, Inc. * †	1,512		91
Watts Water Technologies, Inc., Class A †	1,579		56
Woodward Governor Co.	1,466		86
X-Rite, Inc. †	1,438		21
Zygo Corp. * †	800		10
			1,904
Energy—Alternate Sources—0.3%
Aventine Renewable Energy Holdings, Inc. * †	1,500		22
Clean Energy Fuels Corp. * †	500		7
Comverge, Inc. * †	300		8
Evergreen Energy, Inc. * †	3,926		16
Evergreen Solar, Inc. * †	4,700		42
FuelCell Energy, Inc. * †	3,229		31
Headwaters, Inc. * †	1,947		32
MGP Ingredients, Inc. †	500		7
Nova Biosource Fuels, Inc. * †	1,400		4
Pacific Ethanol, Inc. * †	1,700		20
US BioEnergy Corp. * †	586		6
VeraSun Energy Corp. * †	1,575		20
Verenium Corp. * †	1,994		11
			226
Engineering & Construction—0.9%
Aecom Technology Corp. * †	2,000		54
Baker (Michael) Corp. * †	400		17
Dycom Industries, Inc. * †	1,958		58
EMCOR Group, Inc. *	3,172		99
ENGlobal Corp. * †	800		7
Granite Construction, Inc. †	1,738		95
Insituform Technologies, Inc., Class A * †	1,318		22
Layne Christensen Co. * †	700		34
Perini Corp. *	1,258		71
Stanley, Inc. * †	400		9
Washington Group International, Inc. *	1,435		121
			587
Entertainment—0.8%
Bally Technologies, Inc. * †	2,661		88
Bluegreen Corp. * †	1,100		9
Carmike Cinemas, Inc. †	700		11
Churchill Downs, Inc. †	493		25
Cinemark Holdings, Inc. †	1,400		25
Dover Downs Gaming & Entertainment, Inc. †	817		9
Great Wolf Resorts, Inc. * †	1,490		21
Isle of Capri Casinos, Inc. * †	777		14
Lakes Entertainment, Inc. * †	900		10
Macrovision Corp. *	2,652		63
Magna Entertainment Corp., Class A * †	1,991		4
National CineMedia, Inc. †	2,100		52
Pinnacle Entertainment, Inc. * †	2,972		83
Shuffle Master, Inc. * †	1,709		25
Six Flags, Inc. * †	3,336		13
Speedway Motorsports, Inc.	662		26
Steinway Musical Instruments †	372		12
Vail Resorts, Inc. * †	1,510		86
			576

EQUITY PORTFOLIOS    9    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Environmental Control—0.7%
American Ecology Corp. †	800	$	16
Calgon Carbon Corp. * †	1,939		26
Casella Waste Systems, Inc., Class A * †	1,168		13
Clean Harbors, Inc. * †	800		38
Darling International, Inc. *	3,946		33
Fuel Tech, Inc. * †	900		26
Metal Management, Inc.	1,200		56
Mine Safety Appliances Co. †	1,378		66
Rentech, Inc. * †	7,900		18
Tetra Tech, Inc. * †	2,808		55
Waste Connections, Inc. *	3,404		104
Waste Industries USA, Inc.	300		10
Waste Services, Inc. * †	1,033		10
			471
Food—1.5%
American Dairy, Inc. * †	300		6
Arden Group, Inc., Class A	43		6
Cal-Maine Foods, Inc. †	600		12
Chiquita Brands International, Inc. * †	2,054		32
Flowers Foods, Inc.	3,700		76
Fresh Del Monte Produce, Inc. †	1,400		37
Great Atlantic & Pacific Tea Co. * †	949		30
Hain Celestial Group, Inc. * †	1,961		57
Imperial Sugar Co. †	600		17
Ingles Markets, Inc., Class A	573		17
J & J Snack Foods Corp.	700		26
Lance, Inc. †	1,477		37
M & F Worldwide Corp. *	639		36
Nash Finch Co. †	655		25
Pathmark Stores, Inc. *	1,549		20
Performance Food Group Co. * †	1,693		48
Pilgrims Pride Corp. †	2,000		81
Ralcorp Holdings, Inc. * †	1,368		84
Ruddick Corp.	1,988		65
Sanderson Farms, Inc.	871		37
Seaboard Corp. †	18		37
Spartan Stores, Inc. †	1,100		28
Tootsie Roll Industries, Inc. †	1,712		46
TreeHouse Foods, Inc. * †	1,500		40
United Natural Foods, Inc. * †	2,146		58
Village Super Market, Class A	200		10
Weis Markets, Inc. †	559		24
Wild Oats Markets, Inc. * †	1,456		27
Winn-Dixie Stores, Inc. * †	1,700		36
			1,055
Forest Products & Paper—0.5%
Bowater, Inc. †	2,800		47
Buckeye Technologies, Inc. * †	1,826		29
Deltic Timber Corp. †	453		26
Glatfelter	2,239		33
Mercer International, Inc. * †	1,500		14
Neenah Paper, Inc. †	700		24
Potlatch Corp.	1,979		89
Rock-Tenn Co., Class A	1,791		52
Schweitzer-Mauduit International, Inc.	816		19
Wausau Paper Corp. †	2,158		24
Xerium Technologies, Inc. †	1,000		5
			362
Gas—0.8%
EnergySouth, Inc. †	339		16
Laclede Group (The), Inc. †	1,071		35
New Jersey Resources Corp. †	1,406		69
Nicor, Inc. †	2,200		91
Northwest Natural Gas Co. †	1,322		61
Piedmont Natural Gas Co., Inc. †	3,600		95
SEMCO Energy, Inc. * †	1,700		13
South Jersey Industries, Inc.	1,462		50
Southwest Gas Corp. †	2,020		59
WGL Holdings, Inc.	2,500		82
			571
Hand/Machine Tools—0.4%
Baldor Electric Co. †	2,318		97
Franklin Electric Co., Inc. †	972		40
Hardinge, Inc.	500		18
Raser Technologies, Inc. * †	1,500		21
Regal-Beloit Corp.	1,551		78
			254
Healthcare—Products—3.8%
Abaxis, Inc. * †	1,000		19
Abiomed, Inc. * †	1,400		17
Accuray, Inc. *	790		11
Align Technology, Inc. * †	2,931		67
American Medical Systems Holdings, Inc. * †	3,620		67
Angiodynamics, Inc. * †	1,047		20

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    10    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Healthcare—Products—3.8%—(continued)
Arrow International, Inc. †	1,201	$	54
Arthrocare Corp. * †	1,377		77
Aspect Medical Systems, Inc. * †	755		9
Bruker BioSciences Corp. *	3,188		23
Cantel Medical Corp. * †	600		9
Cepheid, Inc. * †	2,742		51
Conceptus, Inc. * †	1,400		25
Conmed Corp. *	1,323		38
Cutera, Inc. * †	700		16
Cyberonics, Inc. * †	1,131		17
Cynosure, Inc., Class A * †	400		13
Datascope Corp.	590		20
DJO, Inc. *	1,204		59
ev3, Inc. * †	883		14
Foxhollow Technologies, Inc. *	1,000		25
Haemonetics Corp. of Massachusetts * †	1,280		64
Hansen Medical, Inc., * †	464		11
Hologic, Inc. * †	2,629		140
ICU Medical, Inc. * †	659		25
Immucor, Inc. * †	3,464		116
Insulet Corp. *	400		7
Invacare Corp. †	1,436		33
Inverness Medical Innovations, Inc. * †	2,338		113
Kensey Nash Corp. *	579		14
Kyphon, Inc. * †	2,270		152
LCA-Vision, Inc. †	1,000		34
Luminex Corp. * †	1,795		25
Masimo Corp. *	262		6
Medical Action Industries, Inc. *	700		16
Mentor Corp. †	1,671		74
Meridian Bioscience, Inc. †	1,975		51
Merit Medical Systems, Inc. * †	1,338		16
Micrus Endovascular Corp. * †	700		17
Minrad International, Inc. * †	2,200		10
Natus Medical, Inc. * †	1,100		18
Northstar Neuroscience, Inc. * †	900		10
NuVasive, Inc. * †	1,700		54
NxStage Medical, Inc. * †	1,000		12
Oakley, Inc. †	1,262		36
OraSure Technologies, Inc. * †	2,250		21
Orthofix International N.V. * †	800		38
Palomar Medical Technologies, Inc. * †	900		28
PolyMedica Corp. †	1,092		57
PSS World Medical, Inc. *	3,314		63
Quidel Corp. * †	1,400		24
Sirona Dental Systems, Inc. * †	800		23
Sonic Innovations, Inc. * †	1,300		11
SonoSite, Inc. * †	820		24
Spectranetics Corp. * †	1,500		22
Stereotaxis, Inc. * †	1,297		17
STERIS Corp. †	3,300		93
SurModics, Inc. * †	729		35
Symmetry Medical, Inc. *	1,720		28
Thoratec Corp. * †	2,572		53
TomoTherapy, Inc. * †	600		14
Ventana Medical Systems, Inc. *	1,302		106
Visicu, Inc. *	700		5
Vital Images, Inc. * †	800		15
Vital Signs, Inc.	482		24
Volcano Corp. * †	1,200		18
West Pharmaceutical Services, Inc. †	1,604		64
Wright Medical Group, Inc. *	1,698		44
Zoll Medical Corp. *	932		22
			2,554
Healthcare—Services—1.6%
Air Methods Corp. *	500		20
Alliance Imaging, Inc. * †	1,200		10
Amedisys, Inc. * †	1,308		49
American Dental Partners, Inc. *	600		14
AMERIGROUP Corp. * †	2,600		82
Amsurg Corp. *	1,445		34
Apria Healthcare Group, Inc. * †	2,200		59
Assisted Living Concepts, Inc., Class A * †	2,900		26
Bio-Reference Labs, Inc. * †	504		15
Capital Senior Living Corp. * †	1,100		9
Centene Corp. *	2,158		44
Emeritus Corp. * †	500		14
Gentiva Health Services, Inc. *	1,394		29
Healthsouth Corp. * †	3,900		71
Healthways, Inc. * †	1,780		89
Hythiam, Inc. * †	1,500		11
Kindred Healthcare, Inc. *	1,462		29
LHC Group, Inc. * †	697		14
Magellan Health Services, Inc. *	1,900		77

EQUITY PORTFOLIOS    11    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Healthcare—Services—1.6%—(continued)
Matria Healthcare, Inc. * †	1,084	$	28
Medcath Corp. *	500		15
Molina Healthcare, Inc. * †	700		24
National Healthcare Corp. †	386		20
Nighthawk Radiology Holdings, Inc. * †	1,000		22
Odyssey HealthCare, Inc. * †	1,639		16
Psychiatric Solutions, Inc. * †	2,700		99
Radiation Therapy Services, Inc. *	600		14
RehabCare Group, Inc. *	821		13
Res-Care, Inc. * †	1,200		26
Skilled Healthcare Group, Inc., Class A *	1,100		16
Sun Healthcare Group, Inc. *	2,100		31
Sunrise Senior Living, Inc. * †	2,240		80
			1,100
Holding Companies—Diversified—0.3%
Compass Diversified Trust †	1,000		14
Energy Infrastructure Acquisition Corp. *	1,100		11
Freedom Acquisition Holding, Inc. *	2,700		28
Information Services Group, Inc. * †	1,500		11
Marathon Acquisition Corp. * †	1,800		14
NTR Acquisition Co. * †	1,197		11
Resource America, Inc., Class A †	627		10
Star Maritime Acquisition Corp. *	1,000		13
Walter Industries, Inc. †	2,600		66
			178
Home Builders—0.5%
Amrep Corp. †	100		3
Beazer Homes USA, Inc. †	1,900		20
Brookfield Homes Corp. †	521		10
Champion Enterprises, Inc. * †	3,854		44
Fleetwood Enterprises, Inc. * †	3,103		29
Hovnanian Enterprises, Inc., Class A * †	1,900		23
M/I Homes, Inc.	574		10
Meritage Homes Corp. * †	1,300		24
Monaco Coach Corp. †	1,493		20
Palm Harbor Homes, Inc. * †	491		7
Skyline Corp. †	408		12
Standard-Pacific Corp. †	3,200		32
WCI Communities, Inc. * †	1,566		15
Williams Scotsman International, Inc. * †	1,525		42
Winnebago Industries, Inc. †	1,572		42
			333
Home Furnishings—0.5%
American Woodmark Corp. †	538		16
Audiovox Corp., Class A *	837		9
DTS, Inc. * †	900		24
Ethan Allen Interiors, Inc. †	1,400		47
Furniture Brands International, Inc. †	2,400		27
Hooker Furniture Corp. †	604		11
Kimball International, Inc., Class B	1,289		17
La-Z-Boy, Inc. †	2,500		24
Sealy Corp. †	2,200		34
Tempur-Pedic International, Inc. †	4,100		118
TiVo, Inc. * †	4,733		27
Universal Electronics, Inc. * †	691		20
			374
Household Products/Wares—0.8%
ACCO Brands Corp. * †	2,700		61
American Greetings Corp., Class A	2,800		69
Blyth, Inc.	1,200		27
Central Garden and Pet Co., Class A * †	3,447		43
CSS Industries, Inc.	342		13
Ennis, Inc. †	1,232		27
Fossil, Inc. * †	2,200		74
Helen of Troy Ltd. * †	1,500		34
Playtex Products, Inc. * †	2,875		52
Prestige Brands Holdings, Inc. * †	1,700		19
Russ Berrie & Co., Inc. * †	847		13
Spectrum Brands, Inc. * †	1,800		10
Standard Register (The) Co. †	884		11
Tupperware Brands Corp. †	3,045		94
WD-40 Co. †	834		29
			576
Housewares—0.1%
Libbey, Inc. †	700		12
Lifetime Brands, Inc. †	536		11
National Presto Industries, Inc. †	250		14
			37
Insurance—3.4%
21st Century Insurance Group †	1,630		36
ACA Capital Holdings, Inc. * †	400		3
Alfa Corp. †	1,620		29
American Equity Investment Life Holding Co. †	2,800		29
American Physicians Capital, Inc. †	506		20
Amerisafe, Inc. *	900		15

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    12    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Insurance—3.4%—(continued)
Amtrust Financial Services, Inc. †	1,200	$	20
Argo Group International Holdings Ltd. *	1,406		57
Aspen Insurance Holdings Ltd.	4,400		110
Assured Guaranty Ltd. †	3,400		89
Baldwin & Lyons, Inc., Class B †	418		11
Castlepoint Holdings Ltd. †	300		3
Citizens, Inc. of Texas * †	1,700		13
CNA Surety Corp. * †	777		14
Commerce Group, Inc. †	2,700		86
Crawford & Co., Class B * †	1,300		8
Darwin Professional Underwriters, Inc. *	400		10
Delphi Financial Group, Inc., Class A †	2,057		83
Donegal Group, Inc., Class A	698		10
eHealth, Inc. *	600		12
EMC Insurance Group, Inc. †	356		9
Employers Holdings, Inc. †	2,600		49
Enstar Group Ltd. * †	300		38
FBL Financial Group, Inc., Class A	703		28
First Acceptance Corp. * †	905		8
First Mercury Financial Corp. * †	629		13
Flagstone Reinsurance Holdings Ltd. †	600		8
FPIC Insurance Group, Inc. *	500		20
Great American Financial Resources, Inc. †	450		11
Greenlight Capital Re Ltd., Class A * †	400		8
Hallmark Financial Services * †	200		2
Harleysville Group, Inc.	797		26
Hilb, Rogal & Hobbs Co.	1,791		84
Horace Mann Educators Corp. †	2,129		41
Independence Holding Co. †	334		7
Infinity Property & Casualty Corp.	907		38
IPC Holdings Ltd. †	3,200		81
James River Group, Inc. †	269		9
Kansas City Life Insurance Co. †	200		9
LandAmerica Financial Group, Inc. †	837		46
Max Capital Group Ltd.	3,000		82
Meadowbrook Insurance Group, Inc. *	1,500		13
Midland (The) Co. †	507		28
Montpelier Re Holdings Ltd. †	5,085		84
National Interstate Corp. †	300		10
National Western Life Insurance Co., Class A	103		27
Navigators Group, Inc. *	588		32
NYMAGIC, Inc.	300		9
Odyssey Re Holdings Corp. †	1,335		48
Phoenix Companies (The), Inc. †	5,560		77
Platinum Underwriters Holdings Ltd. †	3,000		104
PMA Capital Corp., Class A * †	1,524		15
Presidential Life Corp.	1,079		19
Primus Guaranty Ltd. * †	2,200		21
ProAssurance Corp. * †	1,622		85
RAM Holdings Ltd. * †	900		8
RLI Corp.	1,038		62
Safety Insurance Group, Inc.	755		26
Scottish Re Group Ltd. * †	3,300		11
SeaBright Insurance Holdings, Inc. * †	955		16
Security Capital Assurance Ltd. †	1,200		24
Selective Insurance Group, Inc. †	2,720		57
State Auto Financial Corp. †	657		20
Stewart Information Services Corp. †	857		32
Tower Group, Inc. †	1,000		25
Triad Guaranty, Inc. * †	613		10
United America Indemnity Ltd., Class A * †	1,200		26
United Fire & Casualty Co. †	1,052		40
Universal American Financial Corp. * †	1,875		39
Zenith National Insurance Corp.	1,791		77
			2,320
Internet—3.4%
1-800 Contacts, Inc. * †	300		7
1-800-FLOWERS.COM, Inc., Class A * †	1,226		13
Ariba, Inc. * †	3,868		34
Art Technology Group, Inc. *	6,200		19
AsiaInfo Holdings, Inc. *	1,500		12
Authorize.Net Holdings, Inc. * †	1,327		24
Avocent Corp. * †	2,530		75
Blue Coat Systems, Inc. *	700		58
Blue Nile, Inc. * †	658		56
Chordiant Software, Inc. * †	1,620		24
CMGI, Inc. * †	23,862		37
CNET Networks, Inc. * †	7,546		55
Cogent Communications Group, Inc. *	2,500		62
CyberSource Corp. * †	1,500		18
DealerTrack Holdings, Inc. *	1,600		61
Dice Holdings, Inc. *	115		1
Digital River, Inc. * †	2,072		96
Earthlink, Inc. * †	6,106		47

EQUITY PORTFOLIOS    13    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Internet—3.4%—(continued)
Equinix, Inc. * †	1,530	$	135
eResearch Technology, Inc. * †	2,000		22
FTD Group, Inc. †	920		16
Global Sources Ltd. * †	800		15
GSI Commerce, Inc. * †	997		23
Harris Interactive, Inc. *	2,677		12
i2 Technologies, Inc. * †	700		11
Ibasis, Inc. *	1,600		15
Imergent, Inc. †	600		11
Infospace, Inc. †	1,598		22
Internap Network Services Corp. * †	2,419		34
Internet Capital Group, Inc. * †	1,900		22
Interwoven, Inc. *	2,115		28
iPass, Inc. * †	2,500		11
j2 Global Communications, Inc. *	2,466		84
Keynote Systems, Inc. * †	700		10
Knot (The), Inc. * †	1,400		29
Lionbridge Technologies * †	2,905		12
Liquidity Services, Inc. * †	500		6
LoopNet, Inc. * †	1,300		25
Move, Inc. * †	5,056		15
NetFlix, Inc. * †	2,400		42
NIC, Inc. †	1,934		13
On2 Technologies, Inc. * †	5,300		8
Online Resources Corp. * †	1,300		17
Openwave Systems, Inc. †	3,965		18
Opsware, Inc. * †	4,344		62
Overstock.com, Inc. * †	764		17
Perficient, Inc. * †	1,400		33
Priceline.com, Inc. * †	1,902		158
RealNetworks, Inc. * †	4,900		31
RightNow Technologies, Inc. *	900		13
S1 Corp. *	2,608		20
Safeguard Scientifics, Inc. * †	5,600		12
Sapient Corp. * †	3,948		25
Secure Computing Corp. * †	2,302		21
Shutterfly, Inc. * †	700		20
Sohu.com, Inc. * †	1,427		47
SonicWALL, Inc. * †	3,110		27
Sourcefire, Inc. * †	300		3
Stamps.com, Inc. * †	799		10
TechTarget, Inc. * †	400		5
Terremark Worldwide, Inc. * †	2,200		15
TheStreet.com, Inc. †	1,000		10
TIBCO Software, Inc. *	10,400		82
Travelzoo, Inc. * †	402		8
TriZetto Group, Inc. * †	2,201		34
United Online, Inc. †	3,250		47
ValueClick, Inc. * †	4,944		99
Vasco Data Security International, Inc. * †	1,300		41
Vignette Corp. *	1,400		27
Vocus, Inc. * †	600		15
Websense, Inc. * †	2,186		45
			2,282
Investment Companies—0.6%
Ampal-American Israel Corp., Class A * †	700		4
Apollo Investment Corp. †	5,000		109
Ares Captial Corp. †	3,323		54
Capital Southwest Corp. †	151		21
Gladstone Capital Corp. †	723		15
Hercules Technology Growth Capital, Inc. †	1,100		13
Kayne Anderson Energy Development Co. †	500		13
Kohlberg Capital Corp.	700		11
MCG Capital Corp. †	3,090		45
MVC Capital, Inc. †	1,200		20
NexCen Brands, Inc. * †	2,000		14
NGP Capital Resources Co. †	900		14
Patriot Capital Funding, Inc. †	900		12
PennantPark Investment Corp. †	1,000		13
Prospect Capital Corp. †	1,000		17
Technology Investment Capital Corp. †	1,000		13
			388
Iron/Steel—0.2%
Claymont Steel Holdings, Inc. * †	400		8
Olympic Steel, Inc. †	400		10
Ryerson, Inc. †	1,344		45
Schnitzer Steel Industries, Inc., Class A †	1,106		64
Universal Stainless & Alloy *	300		10
Wheeling-Pittsburgh Corp. * †	600		11
			148
Leisure Time—0.6%
Ambassadors Group, Inc. †	788		30
Ambassadors International, Inc. †	400		10
Arctic Cat, Inc. †	640		11

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    14    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Leisure Time—0.6%—(continued)
Callaway Golf Co. †	3,655	$	59
Life Time Fitness, Inc. * †	1,600		89
Marine Products Corp. †	662		6
Multimedia Games, Inc. * †	1,146		11
Nautilus, Inc. †	1,570		15
Polaris Industries, Inc. †	1,822		87
Town Sports International Holdings, Inc. * †	823		15
WMS Industries, Inc. * †	2,027		60
			393
Lodging—0.4%
Ameristar Casinos, Inc.	1,272		37
Gaylord Entertainment Co. * †	1,979		102
Lodgian, Inc. *	920		11
Marcus Corp.	1,077		23
Monarch Casino & Resort, Inc. * †	600		17
Morgans Hotel Group Co. * †	1,000		19
MTR Gaming Group, Inc. * †	989		10
Riviera Holdings Corp. * †	500		13
Trump Entertainment Resorts, Inc. * †	1,500		10
			242
Machinery—Construction & Mining—0.2%
Astec Industries, Inc. * †	950		48
Bucyrus International, Inc., Class A †	1,878		117
			165
Machinery—Diversified—1.4%
Albany International Corp., Class A †	1,449		56
Altra Holdings, Inc. * †	500		8
Applied Industrial Technologies, Inc.	2,107		67
Briggs & Stratton Corp. †	2,500		73
Cascade Corp. †	562		41
Chart Industries, Inc. * †	600		16
Cognex Corp. †	2,126		39
Columbus McKinnon Corp. of New York *	900		25
Flow International Corp. * †	1,800		15
Gehl Co. * †	578		14
Gerber Scientific, Inc. * †	1,100		11
Gorman-Rupp (The) Co. †	550		19
Hurco Cos., Inc. *	300		15
Intermec, Inc. * †	3,014		74
Intevac, Inc. * †	1,100		18
iRobot Corp. * †	800		18
Kadant, Inc. * †	685		20
Lindsay Corp. †	527		21
Middleby Corp. * †	666		49
NACCO Industries, Inc., Class A	238		28
Nordson Corp. †	1,594		80
Robbins & Myers, Inc. †	709		38
Sauer-Danfoss, Inc. †	517		14
Tecumseh Products Co., Class A * †	762		13
Tennant Co. †	872		37
TurboChef Technologies, Inc. * †	1,000		13
Twin Disc, Inc. †	200		11
Wabtec Corp.	2,490		93
			926
Media—1.3%
Acacia Research - Acacia Technologies * †	1,400		21
Belo Corp., Class A	4,200		72
Charter Communications, Inc., Class A * †	20,299		56
Citadel Broadcasting Corp. †	9,000		37
CKX, Inc. * †	1,900		23
Courier Corp. †	471		17
Cox Radio, Inc., Class A *	1,600		22
Crown Media Holdings, Inc., Class A * †	800		5
Cumulus Media, Inc., Class A * †	1,407		15
DG FastChannel, Inc. *	700		14
Emmis Communications Corp., Class A †	1,616		10
Entercom Communications Corp., Class A †	1,600		34
Entravision Communications Corp., Class A * †	3,400		31
Fisher Communications, Inc. * †	375		18
GateHouse Media, Inc. †	1,083		14
Gemstar-TV Guide International, Inc. * †	12,500		76
Gray Television, Inc. †	2,073		19
Journal Communications, Inc., Class A †	2,300		24
Lee Enterprises, Inc.	2,300		40
Lin TV Corp., Class A * †	1,282		17
Lodgenet Entertainment Corp. * †	1,174		31
Martha Stewart Living Omnimedia, Inc., Class A * †	1,241		16
Media General, Inc., Class A †	1,100		31
Mediacom Communications Corp., Class A * †	2,685		23
Nexstar Broadcasting Group, Inc., Class A * †	500		5
Playboy Enterprises, Inc., Class B * †	1,095		12
Primedia, Inc. †	2,206		32
Radio One, Inc., Class D *	3,808		15

EQUITY PORTFOLIOS    15    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Media—1.3%—(continued)
Salem Communications Corp., Class A	507	$	5
Scholastic Corp. * †	1,736		59
Sinclair Broadcast Group, Inc., Class A †	2,399		30
Spanish Broadcasting System, Inc., Class A * †	1,995		6
Sun-Times Media Group, Inc., Class A †	3,230		9
Value Line, Inc. †	100		5
Westwood One, Inc. †	3,500		10
World Wrestling Entertainment, Inc., Class A	1,111		17
			871
Metal Fabrication/Hardware—1.1%
Ampco-Pittsburgh Corp. †	400		17
Castle (A.M.) & Co. †	500		14
CIRCOR International, Inc. †	808		34
Dynamic Materials Corp. †	600		26
Foster (L.B.) Co., Class A * †	500		19
Haynes International, Inc. * †	600		50
Kaydon Corp. †	1,396		74
Ladish Co., Inc. * †	700		37
Lawson Products, Inc. †	220		8
Mueller Industries, Inc. †	1,837		64
Mueller Water Products, Inc., Class A †	5,600		69
Northwest Pipe Co. * †	400		15
Quanex Corp. †	1,875		81
RBC Bearings, Inc. *	1,000		35
Sun Hydraulics, Inc. †	600		17
Valmont Industries, Inc. †	930		83
Worthington Industries, Inc. †	3,469		73
			716
Mining—0.9%
AMCOL International Corp. †	1,291		42
Apex Silver Mines Ltd. * †	2,900		50
Brush Engineered Materials, Inc. * †	973		47
Century Aluminum Co. * †	1,418		70
Coeur D’alene Mines Corp. * †	13,944		48
Compass Minerals International, Inc. †	1,609		55
Hecla Mining Co. * †	5,938		44
Idaho General Mines, Inc. * †	2,300		15
Kaiser Aluminum Corp. †	700		47
Royal Gold, Inc.	1,252		35
RTI International Metals, Inc. * †	1,129		79
Stillwater Mining Co. * †	2,046		19
U.S. Gold Corp. * †	2,500		15
Uranium Resources, Inc. * †	2,600		20
USEC, Inc. * †	4,343		58
			644
Miscellaneous Manufacturing—2.1%
Actuant Corp., Class A †	1,389		85
Acuity Brands, Inc.	2,152		113
American Railcar Industries, Inc. †	500		13
Ameron International Corp. †	435		42
Aptargroup, Inc. †	3,500		127
AZZ, Inc. * †	500		14
Barnes Group, Inc. †	2,346		74
Blount International, Inc. *	1,900		26
Ceradyne, Inc. * †	1,351		98
Clarcor, Inc.	2,484		96
EnPro Industries, Inc. * †	1,078		45
ESCO Technologies, Inc. * †	1,364		45
Federal Signal Corp. †	2,382		36
Freightcar America, Inc.	600		27
GenTek, Inc. *	400		12
Griffon Corp. *	1,468		23
Hexcel Corp. * †	4,675		102
Koppers Holdings, Inc. †	900		33
Lancaster Colony Corp.	1,151		47
LSB Industries, Inc. *	700		15
Matthews International Corp., Class A †	1,538		66
Myers Industries, Inc. †	1,371		29
Park-Ohio Holdings Corp. *	400		11
Raven Industries, Inc. †	808		33
Reddy Ice Holdings, Inc.	1,100		32
Smith & Wesson Holding Corp. * †	1,500		32
Smith (A.O.) Corp. †	1,077		52
Standex International Corp. †	619		16
Sturm Ruger & Co., Inc. * †	1,100		20
Tredegar Corp. †	1,510		26
Trimas Corp. *	700		9
			1,399
Office Furnishings—0.3%
CompX International, Inc.	100		2
Herman Miller, Inc.	3,200		93
Interface, Inc., Class A	2,718		49
Knoll, Inc.	2,390		45
			189

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    16    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Office/Business Equipment—0.1%
IKON Office Solutions, Inc. †	5,300	$	74
Oil & Gas—2.8%
Alon USA Energy, Inc. †	700		27
APCO Argentina, Inc. †	100		9
Arena Resources, Inc. * †	700		43
Atlas America, Inc. †	1,094		56
ATP Oil & Gas Corp. * †	1,049		45
Atwood Oceanics, Inc. *	1,394		106
Berry Petroleum Co., Class A †	2,024		69
Bill Barrett Corp. * †	1,570		55
Bois d’Arc Energy, Inc. * †	900		16
BPZ Energy, Inc. * †	2,500		15
Brigham Exploration Co. * †	2,300		12
Bronco Drilling Co., Inc. * †	1,300		19
Callon Petroleum Co. * †	1,000		12
Carrizo Oil & Gas, Inc. * †	1,117		44
Clayton Williams Energy, Inc. *	252		7
Comstock Resources, Inc. *	2,219		61
Contango Oil & Gas Co. * †	600		22
Crosstex Energy, Inc. †	1,861		61
Delek US Holdings, Inc. †	600		16
Delta Petroleum Corp. * †	3,321		49
Edge Petroleum Corp. * †	1,338		17
Encore Acquisition Co. *	2,722		76
Energy Partners Ltd. * †	1,356		19
EXCO Resources, Inc. * †	3,100		52
FX Energy, Inc. * †	1,700		11
GeoGlobal Resources, Inc. * †	1,700		5
GeoMet, Inc. * †	846		5
GMX Resources, Inc. * †	600		18
Goodrich Petroleum Corp. * †	800		24
Grey Wolf, Inc. * †	9,125		61
Gulfport Energy Corp. * †	1,000		18
Harvest Natural Resources, Inc. * †	1,787		21
Mariner Energy, Inc. * †	4,308		90
McMoRan Exploration Co. * †	1,407		19
Meridian Resource Corp. * †	4,191		10
Oilsands Quest, Inc. * †	5,400		27
Parallel Petroleum Corp. * †	1,808		32
Parker Drilling Co. * †	5,589		44
Penn Virginia Corp.	1,900		76
Petrohawk Energy Corp. * †	8,480		128
Petroleum Development Corp. * †	759		30
Petroquest Energy, Inc. * †	2,000		22
Pioneer Drilling Co. * †	2,400		29
Rosetta Resources, Inc. * †	2,498		42
Stone Energy Corp. * †	1,339		44
Sulphco, Inc. * †	2,200		15
Swift Energy Co. * †	1,511		56
Toreador Resources Corp. * †	731		8
TXCO Resources, Inc. * †	1,600		16
Vaalco Energy, Inc. * †	2,900		11
Venoco, Inc. *	729		12
Warren Resources, Inc. * †	2,661		31
Whiting Petroleum Corp. *	2,139		80
			1,893
Oil & Gas Services—1.8%
Allis-Chalmers Energy, Inc. * †	1,239		25
Basic Energy Services, Inc. * †	2,000		41
Cal Dive International, Inc. * †	1,042		15
CARBO Ceramics, Inc. †	1,011		47
Complete Production Services, Inc. *	2,100		47
Dawson Geophysical Co. * †	400		27
Dril-Quip, Inc. * †	1,362		64
Exterran Holdings, Inc. * †	3,038		235
Flotek Industries, Inc. *	900		34
Geokinetics, Inc. *	300		6
Gulf Island Fabrication, Inc.	496		18
Hercules Offshore, Inc. * †	4,149		106
Horizon Offshore, Inc. * †	1,600		26
Hornbeck Offshore Services, Inc. * †	1,183		45
Input/Output, Inc. * †	3,462		49
Lufkin Industries, Inc. †	748		43
Markwest Hydrocarbon, Inc. †	291		15
Matrix Service Co. * †	1,300		25
NATCO Group, Inc., Class A *	800		40
Newpark Resources, Inc. * †	4,396		25
Oil States International, Inc. *	2,522		106
RPC, Inc. †	1,555		21
Superior Offshore International, Inc. * †	500		5
Superior Well Services, Inc. * †	752		16
T-3 Energy Services, Inc. * †	300		9
Trico Marine Services, Inc. * †	600		20
Union Drilling, Inc. * †	680		10

EQUITY PORTFOLIOS    17    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Oil & Gas Services—1.8%—(continued)
W-H Energy Services, Inc. *	1,472	$	94
Willbros Group, Inc. *	1,300		37
			1,251
Packaging & Containers—0.3%
AEP Industries, Inc. * †	300		11
Chesapeake Corp. †	902		9
Graphic Packaging Corp. * †	3,400		16
Greif, Inc., Class A	1,666		97
Silgan Holdings, Inc. †	1,148		59
			192
Pharmaceuticals—3.4%
Acadia Pharmaceuticals, Inc. * †	1,500		22
Adams Respiratory Therapeutics, Inc. * †	1,800		69
Akorn, Inc. * †	2,600		20
Alexza Pharmaceuticals, Inc. * †	1,000		8
Alkermes, Inc. * †	5,043		85
Allos Therapeutics, Inc. * †	1,900		9
Alnylam Pharmaceuticals, Inc. * †	1,600		37
Alpharma, Inc., Class A †	2,157		49
Altus Pharmaceuticals, Inc. * †	1,000		11
Amicus Therapeutics, Inc. *	200		2
Animal Health International, Inc. * †	572		7
Array Biopharma, Inc. * †	2,300		26
Auxilium Pharmaceuticals, Inc. * †	1,500		29
Bentley Pharmaceuticals, Inc. * †	979		12
Biodel, Inc. * †	200		4
Bioenvision, Inc. * †	2,600		14
BioMarin Pharmaceuticals, Inc. * †	4,806		103
Bionovo, Inc. * †	2,000		9
Bradley Pharmaceuticals, Inc. * †	600		12
Cadence Pharmaceuticals, Inc. *	744		11
Caraco Pharmaceutical Laboratories Ltd. * †	497		7
Cubist Pharmaceuticals, Inc. * †	2,767		63
CV Therapeutics, Inc. * †	2,907		28
Cypress Bioscience, Inc. * †	1,800		24
CytRx Corp. * †	4,200		15
Dendreon Corp. * †	4,123		33
Discovery Laboratories, Inc. * †	3,900		9
Durect Corp. * †	3,366		17
Emergent Biosolutions, Inc. *	300		3
HealthExtras, Inc. * †	1,455		41
I-Flow Corp. * †	969		17
Idenix Pharmaceuticals, Inc. * †	1,300		4
Indevus Pharmaceuticals, Inc. * †	3,000		20
Isis Pharmaceuticals, Inc. * †	4,186		52
Javelin Pharmaceuticals, Inc. * †	2,000		11
KV Pharmaceutical Co., Class A * †	1,719		47
Ligand Pharmaceuticals, Inc., Class B †	4,400		28
Mannatech, Inc. †	800		7
MannKind Corp. * †	2,037		18
Medarex, Inc. * †	6,303		108
Medicines Co. * †	2,576		43
Medicis Pharmaceutical Corp., Class A †	2,800		86
MGI Pharma, Inc. * †	4,029		95
Nabi Biopharmaceuticals * †	2,912		10
Nastech Pharmaceutical Co., Inc. * †	1,300		18
Neurocrine Biosciences, Inc. * †	1,802		18
Neurogen Corp. * †	1,500		7
Noven Pharmaceuticals, Inc. * †	1,262		19
Obagi Medical Products, Inc. * †	300		5
Onyx Pharmaceuticals, Inc. *	2,704		107
OSI Pharmaceuticals, Inc. * †	2,900		99
Osiris Therapeutics, Inc. * †	600		8
Pain Therapeutics, Inc. * †	1,701		16
Par Pharmaceutical Cos., Inc. * †	1,800		40
Penwest Pharmaceuticals Co. * †	1,137		14
Perrigo Co. †	3,831		79
PetMed Express, Inc. * †	1,000		15
PharMerica Corp. * †	1,335		24
Pharmion Corp. * †	1,300		53
Poniard Pharmaceuticals, Inc. *	1,100		7
Pozen, Inc. * †	1,242		12
Progenics Pharmaceuticals, Inc. * †	1,099		25
Rigel Pharmaceuticals, Inc. * †	1,430		13
Salix Pharmaceuticals Ltd. * †	2,287		26
Santarus, Inc. * †	2,500		6
Sciele Pharma, Inc. * †	1,807		42
Sirtris Pharmaceuticals, Inc. * †	300		4
Somaxon Pharmaceuticals, Inc. * †	500		6
Synta Pharmaceuticals Corp. * †	300		2
Synutra International, Inc. * †	200		6
Trubion Pharmaceuticals, Inc. * †	400		7
United Therapeutics Corp. * †	1,064		73
USANA Health Sciences, Inc. * †	472		18

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    18    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Pharmaceuticals—3.4%—(continued)
Valeant Pharmaceuticals International * †	4,700	$	74
Vanda Pharmaceuticals, Inc. * †	1,300		19
Viropharma, Inc. * †	3,400		34
Vivus, Inc. * †	2,700		15
Xenoport, Inc. * †	1,000		42
Zymogenetics, Inc. * †	1,913		23
			2,301
Real Estate—0.2%
Avatar Holdings, Inc. * †	289		17
Consolidated-Tomoka Land Co. of Florida †	304		21
Grubb & Ellis Co. * †	700		6
HFF, Inc., Class A *	800		9
Hilltop Holdings, Inc. * †	2,305		28
Meruelo Maddux Properties, Inc. * †	2,200		13
Stratus Properties, Inc. * †	200		7
Tarragon Corp. * †	687		1
Thomas Properties Group, Inc. †	1,100		14
			116
Real Estate Investment Trusts—5.7%
Acadia Realty Trust †	1,507		38
Agree Realty Corp. †	385		12
Alesco Financial, Inc. †	3,000		16
Alexander’s, Inc. * †	96		38
Alexandria Real Estate Equities, Inc. †	1,453		136
American Campus Communities, Inc. †	1,122		32
American Financial Realty Trust	6,300		52
Anthracite Capital, Inc. †	3,060		28
Anworth Mortgage Asset Corp. †	2,270		12
Arbor Realty Trust, Inc. †	600		12
Ashford Hospitality Trust, Inc. †	5,100		56
Associated Estates Realty Corp.	700		10
BioMed Realty Trust, Inc. †	3,225		79
BRT Realty Trust †	300		6
CapLease, Inc. †	2,100		20
Capital Trust, Inc. of New York, Class A †	700		24
CBRE Realty Finance, Inc. †	1,400		8
Cedar Shopping Centers, Inc. †	2,100		28
Corporate Office Properties Trust	1,901		82
Cousins Properties, Inc. †	2,000		55
Crystal River Capital, Inc. †	1,200		19
DCT Industrial Trust, Inc. †	8,300		85
Deerfield Triarc Capital Corp. †	2,500		22
DiamondRock Hospitality Co. †	4,700		84
Digital Realty Trust, Inc.	2,673		104
EastGroup Properties, Inc. †	1,140		48
Education Realty Trust, Inc. †	1,290		18
Entertainment Properties Trust †	1,260		60
Equity Inns, Inc. †	2,756		62
Equity Lifestyle Properties, Inc. †	959		47
Equity One, Inc. †	1,778		47
Extra Space Storage, Inc. †	3,071		47
FelCor Lodging Trust, Inc.	3,174		70
First Industrial Realty Trust, Inc. †	2,292		93
First Potomac Realty Trust †	1,200		25
Franklin Street Properties Corp. †	2,922		50
Getty Realty Corp. †	876		24
Glimcher Realty Trust †	1,778		40
GMH Communities Trust	1,600		13
Gramercy Capital Corp. of New York †	900		23
Healthcare Realty Trust, Inc. †	2,400		60
Hersha Hospitality Trust †	2,000		22
Highwoods Properties, Inc. †	2,830		101
Home Properties, Inc. †	1,655		84
IMPAC Mortgage Holdings, Inc. †	3,815		7
Inland Real Estate Corp. †	2,800		43
Investors Real Estate Trust †	2,336		24
JER Investors Trust, Inc. †	1,299		16
Kite Realty Group Trust	1,000		17
LaSalle Hotel Properties	2,014		84
Lexington Realty Trust †	3,337		69
LTC Properties, Inc.	1,229		28
Luminent Mortgage Capital, Inc. †	2,172		4
Maguire Properties, Inc. †	1,900		49
Medical Properties Trust, Inc. †	2,392		32
MFA Mortgage Investments, Inc. †	3,962		31
Mid-America Apartment Communities, Inc. †	1,295		64
Mission West Properties †	900		11
National Health Investors, Inc. †	1,134		34
National Retail Properties, Inc. †	3,336		78
Nationwide Health Properties, Inc. †	4,515		125
Newcastle Investment Corp. †	2,133		36
NorthStar Realty Finance Corp. †	3,136		33
Novastar Financial, Inc. †	454		4
OMEGA Healthcare Investors, Inc. †	3,263		49

EQUITY PORTFOLIOS    19    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Real Estate Investment Trusts—5.7%—(continued)
Parkway Properties, Inc. of Maryland †	756	$	35
Pennsylvania Real Estate Investment Trust †	1,586		60
Post Properties, Inc. †	2,222		89
PS Business Parks, Inc.	801		45
Quadra Realty Trust, Inc. †	800		8
RAIT Financial Trust †	3,132		28
Ramco-Gershenson Properties	860		28
Realty Income Corp. †	5,047		136
Redwood Trust, Inc. †	1,037		39
Republic Property Trust †	1,300		19
Resource Capital Corp. †	1,000		12
Saul Centers, Inc.	507		25
Senior Housing Properties Trust †	4,082		83
Sovran Self Storage, Inc. †	1,040		47
Strategic Hotels & Resorts, Inc. †	3,687		76
Sun Communities, Inc. †	796		23
Sunstone Hotel Investors, Inc. †	3,164		85
Tanger Factory Outlet Centers, Inc. †	1,522		58
U-Store-It Trust †	2,210		30
Universal Health Realty Income Trust †	564		19
Urstadt Biddle Properties, Inc., Class A †	1,017		17
Washington Real Estate Investment Trust †	2,237		73
Winthrop Realty Trust †	2,300		15
			3,880
Retail—5.9%
99 Cents Only Stores * †	2,400		30
AC Moore Arts & Crafts, Inc. * †	1,003		19
Aeropostale, Inc. * †	3,842		80
AFC Enterprises * †	1,400		21
Applebee’s International, Inc.	3,700		92
Asbury Automotive Group, Inc.	1,212		26
Bebe Stores, Inc. †	1,200		17
Benihana, Inc., Class A * †	600		11
Big 5 Sporting Goods Corp. †	1,091		23
BJ’s Restaurants, Inc. * †	806		18
Blockbuster, Inc., Class A * †	9,600		48
Bob Evans Farms, Inc. †	1,704		57
Bon-Ton Stores (The), Inc. †	500		14
Books-A-Million, Inc.	700		9
Borders Group, Inc. †	2,900		43
Brown Shoe Co., Inc.	2,144		49
Buckle (The), Inc.	707		26
Buffalo Wild Wings, Inc. * †	742		26
Build-A-Bear Workshop, Inc. * †	800		13
Cabela’s, Inc. * †	1,900		45
Cache, Inc. * †	662		11
California Pizza Kitchen, Inc. * †	1,441		29
Carrols Restaurant Group, Inc. *	500		5
Casey’s General Stores, Inc. †	2,487		71
Cash America International, Inc. †	1,491		54
Casual Male Retail Group, Inc. * †	1,773		18
Cato (The) Corp., Class A †	1,506		33
CBRL Group, Inc. †	1,285		48
CEC Entertainment, Inc. *	1,430		44
Charlotte Russe Holding, Inc. * †	1,310		23
Charming Shoppes, Inc. * †	6,123		55
Children’s Place Retail Stores (The), Inc. * †	1,107		32
Chipotle Mexican Grill, Inc., Class B *	1,593		150
Christopher & Banks Corp. †	1,760		21
Citi Trends, Inc. * †	700		15
CKE Restaurants, Inc. †	3,144		53
Collective Brands, Inc. * †	3,267		77
Conn’s, Inc. * †	600		13
CSK Auto Corp. * †	2,112		28
DEB Shops, Inc.	278		7
Denny’s Corp. * †	4,700		18
Domino’s Pizza, Inc. †	2,161		38
Dress Barn, Inc. * †	2,412		42
DSW, Inc., Class A * †	836		25
Eddie Bauer Holdings, Inc. * †	1,500		12
Ezcorp, Inc., Class A *	1,800		22
Finish Line (The), Inc., Class A	1,986		11
First Cash Financial Services, Inc. *	1,300		28
Fred’s, Inc., Class A †	1,888		20
Gander Mountain Co. * †	200		2
Genesco, Inc. * †	1,188		55
Group 1 Automotive, Inc.	1,187		42
Guitar Center, Inc. * †	1,478		84
Haverty Furniture Cos., Inc. †	1,040		11
Hibbett Sports, Inc. * †	1,610		40
HOT Topic, Inc. *	2,145		18
IHOP Corp. †	867		54
Insight Enterprises, Inc. *	2,332		55
J Crew Group, Inc. * †	1,900		95

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    20    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Retail—5.9%—(continued)
Jack in the Box, Inc. *	1,513	$	94
Jamba, Inc. * †	2,500		17
Jo-Ann Stores, Inc. * †	1,223		28
Jos. A. Bank Clothiers, Inc. * †	883		27
Kenneth Cole Productions, Inc., Class A †	471		10
Krispy Kreme Doughnuts, Inc. * †	3,100		21
Landry’s Restaurants, Inc. †	820		23
Lithia Motors, Inc., Class A †	809		14
Longs Drug Stores Corp.	1,563		82
MarineMax, Inc. * †	819		15
McCormick & Schmick’s Seafood Restaurants, Inc. * †	700		19
Men’s Wearhouse, Inc. †	2,700		137
Morton’s Restaurant Group, Inc. * †	500		9
Movado Group, Inc.	796		23
New York & Co., Inc. * †	1,100		7
Nu Skin Enterprises, Inc., Class A	2,464		38
O’Charleys, Inc. †	1,136		18
P.F. Chang’s China Bistro, Inc. * †	1,309		44
Pacific Sunwear of California, Inc. * †	3,500		49
Pantry (The), Inc. * †	1,109		37
Papa John’s International, Inc. *	1,048		27
PC Connection, Inc. * †	400		5
Pep Boys - Manny, Moe & Jack †	2,033		33
Pier 1 Imports, Inc. * †	4,300		27
Pricesmart, Inc. †	700		17
Rare Hospitality International, Inc. * †	1,497		57
Red Robin Gourmet Burgers, Inc. * †	855		33
Regis Corp. †	2,129		70
Retail Ventures, Inc. * †	1,300		15
Ruby Tuesday, Inc. †	2,704		60
Rush Enterprises, Inc., Class A *	1,100		28
Ruth’s Chris Steak House * †	900		15
Sally Beauty Holdings, Inc. * †	4,600		39
School Specialty, Inc. * †	1,022		37
Select Comfort Corp. * †	2,439		42
Shoe Carnival, Inc. *	422		7
Sonic Automotive, Inc., Class A †	1,466		39
Sonic Corp. * †	3,310		72
Stage Stores, Inc. †	2,177		38
Steak n Shake (The) Co. * †	1,420		22
Stein Mart, Inc. †	1,345		12
Syms Corp. †	400		7
Systemax, Inc. †	500		9
Talbots, Inc. †	1,200		26
Texas Roadhouse, Inc., Class A * †	2,700		35
Triarc Cos., Inc., Class B †	3,065		47
Tuesday Morning Corp. †	1,430		15
Tween Brands, Inc. * †	1,599		47
Under Armour, Inc., Class A * †	1,287		84
West Marine, Inc. * †	771		11
Wet Seal (The), Inc., Class A *	4,100		19
World Fuel Services Corp. †	1,410		54
Zale Corp. *	2,470		55
Zumiez, Inc. * †	900		44
			3,986
Savings & Loans—1.4%
Abington Bancorp, Inc. †	640		6
Anchor BanCorp Wisconsin, Inc. †	928		24
BankAtlantic Bancorp, Inc., Class A †	2,184		18
BankFinancial Corp. †	1,200		19
BankUnited Financial Corp., Class A †	1,630		28
Berkshire Hills Bancorp, Inc. †	434		13
Brookline Bancorp, Inc. †	3,087		39
Clifton Savings Bancorp, Inc. †	700		8
Dime Community Bancshares †	1,344		18
Downey Financial Corp. †	1,000		57
First Financial Holdings, Inc. †	557		18
First Niagara Financial Group, Inc. †	5,215		74
First Place Financial Corp. of Ohio †	889		16
FirstFed Financial Corp. * †	775		39
Flagstar Bancorp, Inc. †	2,173		27
Flushing Financial Corp.	990		16
Franklin Bank Corp. of Houston * †	1,200		11
Investors Bancorp, Inc. * †	2,500		35
K-Fed Bancorp †	200		3
Kearny Financial Corp. †	1,079		14
KNBT Bancorp, Inc.	1,400		21
MAF Bancorp, Inc.	1,597		86
NASB Financial, Inc.	199		7
NewAlliance Bancshares, Inc. †	5,700		85
Northwest Bancorp, Inc. †	894		26
Oritani Financial Corp. * †	600		9
Partners Trust Financial Group, Inc.	2,223		27
PFF Bancorp, Inc. †	1,177		21

EQUITY PORTFOLIOS    21    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Savings & Loans—1.4%—(continued)
Provident Financial Services, Inc. †	3,127	$	52
Provident New York Bancorp †	2,053		28
Rockville Financial, Inc. †	417		6
Roma Financial Corp. †	441		7
TierOne Corp.	846		19
United Community Financial Corp. of Ohio †	1,312		10
ViewPoint Financial Group	562		10
Wauwatosa Holdings, Inc. * †	509		8
Westfield Financial, Inc.	620		6
WSFS Financial Corp. †	321		19
			930
Semiconductors—3.2%
Actel Corp. *	1,309		15
Advanced Analogic Technologies, Inc. * †	1,800		16
AMIS Holdings, Inc. * †	3,300		34
Amkor Technology, Inc. * †	5,200		60
Anadigics, Inc. * †	2,900		48
Applied Micro Circuits Corp. * †	14,200		41
Asyst Technologies, Inc. *	2,391		14
ATMI, Inc. *	1,647		50
Axcelis Technologies, Inc. * †	4,953		23
Brooks Automation, Inc. * †	3,802		54
Cabot Microelectronics Corp. *	1,181		49
Cavium Networks, Inc. * †	300		8
Cirrus Logic, Inc. * †	4,308		29
Cohu, Inc.	1,105		22
Conexant Systems, Inc. * †	23,700		27
Credence Systems Corp. * †	4,921		15
Diodes, Inc. * †	1,489		45
DSP Group, Inc. *	1,383		24
Emulex Corp. * †	4,300		84
Entegris, Inc. * †	5,748		54
Exar Corp. *	1,720		23
Formfactor, Inc. * †	2,400		109
Genesis Microchip, Inc. * †	1,800		14
Hittite Microwave Corp. * †	800		34
IPG Photonics Corp. *	506		9
IXYS Corp. * †	1,327		14
Kulicke & Soffa Industries, Inc. * †	2,931		25
Lattice Semiconductor Corp. * †	5,567		28
LTX Corp. * †	3,082		13
Mattson Technology, Inc. * †	2,521		27
Micrel, Inc. †	2,715		30
Microsemi Corp. * †	3,836		97
Microtune, Inc. * †	2,777		17
MIPS Technologies, Inc. * †	2,100		16
MKS Instruments, Inc. * †	2,550		56
Monolithic Power Systems, Inc. * †	1,100		23
Netlogic Microsystems, Inc. * †	881		26
Omnivision Technologies, Inc. * †	2,786		58
ON Semiconductor Corp. * †	12,032		141
Pericom Semiconductor Corp. *	1,341		15
Photronics, Inc. * †	1,979		23
PLX Technology, Inc. * †	1,400		15
PMC—Sierra, Inc. * †	10,600		81
Rudolph Technologies, Inc. * †	1,352		17
Semitool, Inc. * †	1,145		11
Semtech Corp. *	3,150		56
Silicon Image, Inc. * †	4,200		24
Sirf Technology Holdings, Inc. * †	2,700		46
Skyworks Solutions, Inc. * †	7,965		63
Spansion, Inc., Class A * †	4,500		41
Standard Microsystems Corp. * †	1,055		38
Supertex, Inc. * †	537		19
Syntax-Brillian Corp. * †	2,900		19
Techwell, Inc. * †	700		7
Tessera Technologies, Inc. *	2,400		88
TriQuint Semiconductor, Inc. * †	6,799		30
Ultra Clean Holdings *	900		13
Ultratech, Inc. * †	1,167		17
Veeco Instruments, Inc. * †	1,490		26
Volterra Semiconductor Corp. * †	1,000		11
Zoran Corp. * †	2,457		42
			2,174
Software—3.6%
ACI Worldwide, Inc. * †	1,854		48
Actuate Corp. * †	2,800		20
Advent Software, Inc. * †	901		36
Allscripts Healthcare Solutions, Inc. * †	2,754		62
American Reprographics Co. * †	1,440		35
Ansys, Inc. *	3,910		130
Aspen Technology, Inc. * †	4,360		57
Avid Technology, Inc. * †	2,100		65
Blackbaud, Inc. †	2,195		55

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    22    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Software—3.6%—(continued)
Blackboard, Inc. * †	1,400	$	58
Borland Software Corp. * †	3,622		17
Bottomline Technologies, Inc. * †	1,100		15
Commvault Systems, Inc. * †	1,750		33
Computer Programs & Systems, Inc. †	398		11
Concur Technologies, Inc. * †	1,830		49
CSG Systems International, Inc. * †	2,080		48
DemandTec, Inc. * †	133		1
Digi International, Inc. *	1,200		17
DivX, Inc. * †	1,077		15
Double-Take Software, Inc. *	400		7
Eclipsys Corp. *	2,273		52
eFunds Corp. *	2,359		86
Epicor Software Corp. * †	2,805		37
EPIQ Systems, Inc. * †	1,315		21
FalconStor Software, Inc. * †	1,515		17
Glu Mobile, Inc. *	400		3
Guidance Software, Inc. * †	100		1
Infocrossing, Inc. * †	1,100		20
Informatica Corp. * †	4,382		61
infoUSA, Inc. †	1,578		16
Innerworkings, Inc. * †	1,100		16
InPhonic, Inc. * †	1,214		4
Interactive Intelligence, Inc. * †	600		12
INVESTools, Inc. * †	2,600		31
JDA Software Group, Inc. * †	1,219		25
Lawson Software, Inc. * †	6,495		64
Mantech International Corp., Class A *	957		34
MicroStrategy, Inc., Class A *	457		32
Midway Games, Inc. * †	1,221		7
MSC.Software Corp. * †	2,100		27
Nuance Communications, Inc. * †	6,594		124
Omnicell, Inc. * †	1,600		39
Omniture, Inc. * †	1,600		40
OpenTV Corp., Class A * †	4,300		6
Packeteer, Inc. * †	1,722		13
Parametric Technology Corp. * †	5,666		100
PDF Solutions, Inc. * †	1,129		11
Pegasystems, Inc. †	655		8
Phase Forward, Inc. * †	2,000		36
Progress Software Corp. *	1,950		60
PROS Holdings, Inc. *	100		1
QAD, Inc. †	775		6
Quality Systems, Inc. †	880		32
Quest Software, Inc. *	3,338		49
Renaissance Learning, Inc. †	418		5
Schawk, Inc. †	796		17
Seachange International, Inc. * †	1,400		10
Smith Micro Software, Inc. * †	1,500		25
Solera Holdings, Inc. *	1,300		24
SourceForge, Inc. * †	3,300		8
SPSS, Inc. * †	893		36
Sybase, Inc. *	4,600		106
Synchronoss Technologies, Inc. * †	900		31
SYNNEX Corp. * †	800		16
Take-Two Interactive Software, Inc. * †	3,600		58
Taleo Corp., Class A * †	800		18
THQ, Inc. * †	3,355		97
Trident Microsystems, Inc. * †	2,900		43
Ultimate Software Group, Inc. *	1,200		37
Unica Corp. * †	500		5
Visual Sciences, Inc. * †	1,000		18
Wind River Systems, Inc. *	3,648		38
			2,462
Storage/Warehousing—0.1%
Mobile Mini, Inc. *	1,754		42
Telecommunications—4.5%
3Com Corp. * †	19,423		73
Acme Packet, Inc. * †	1,090		16
Adaptec, Inc. * †	5,691		21
Adtran, Inc. †	2,994		80
Airvana, Inc. * †	115		1
Alaska Communications Systems Group, Inc. †	2,100		29
Anaren, Inc. * †	797		11
Andrew Corp. *	7,800		110
Anixter International, Inc. * †	1,591		122
Arris Group, Inc. * †	5,399		82
Aruba Networks, Inc. * †	400		7
Atheros Communications, Inc. * †	2,700		81
Atlantic Tele-Network, Inc. †	400		13
Avanex Corp. * †	9,400		16
BigBand Networks, Inc. * †	600		6
Black Box Corp. †	803		33
C-COR, Inc. * †	2,473		28

EQUITY PORTFOLIOS    23    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Telecommunications—4.5%—(continued)
Cbeyond, Inc. * †	1,000	$	39
Centennial Communications Corp. *	1,200		11
Cincinnati Bell, Inc. * †	12,159		59
Comtech Telecommunications Corp. * †	1,147		49
Consolidated Communications Holdings, Inc. †	1,000		19
CPI International, Inc. * †	400		8
CT Communications, Inc. †	1,027		32
Ditech Networks, Inc. * †	1,601		8
Dobson Communications Corp., Class A * †	7,294		92
EMS Technologies, Inc. *	800		20
Eschelon Telecom, Inc. *	500		15
Extreme Networks * †	5,855		20
Fairpoint Communications, Inc. †	1,690		28
FiberTower Corp. * †	5,000		19
Finisar Corp. * †	13,343		50
Foundry Networks, Inc. *	7,300		135
General Communication, Inc., Class A *	2,619		33
GeoEye, Inc. * †	900		21
Global Crossing Ltd. * †	1,200		23
Globalstar, Inc. * †	920		9
Golden Telecom, Inc. †	809		56
Harmonic, Inc. * †	4,005		40
Harris Stratex Networks, Inc. * †	1,250		21
Hughes Communications, Inc. * †	300		15
Hungarian Telephone & Cable * †	200		4
Hypercom Corp. * †	2,617		13
ICO Global Communications Holdings Ltd. * †	4,800		17
IDT Corp., Class B †	2,400		22
Infinera Corp. * †	171		3
InterDigital, Inc. * †	2,266		52
Iowa Telecommunications Services, Inc. †	1,500		28
iPCS, Inc. †	800		27
Ixia *	2,159		20
Knology, Inc. * †	1,300		21
Loral Space & Communications, Inc. *	600		24
MasTec, Inc. *	2,119		31
MRV Communications, Inc. *	5,971		15
Netgear, Inc. *	1,700		48
Network Equipment Technologies, Inc. *	1,300		14
Nextwave Wireless, Inc. * †	1,400		9
North Pittsburgh Systems, Inc. †	729		17
Novatel Wireless, Inc. * †	1,500		34
NTELOS Holdings Corp.	1,400		37
Oplink Communications, Inc. * †	1,042		14
OpNext, Inc. * †	925		11
Optium Corp. * †	600		5
Orbcomm, Inc. * †	1,300		11
PAETEC Holding Corp. * †	3,421		41
Plantronics, Inc. †	2,400		68
Polycom, Inc. *	4,600		139
Powerwave Technologies, Inc. * †	6,506		45
Preformed Line Products Co. †	100		5
Premiere Global Services, Inc. * †	3,479		46
RCN Corp. * †	1,500		22
RF Micro Devices, Inc. * †	9,682		58
Rural Cellular Corp., Class A *	600		26
SAVVIS, Inc. * †	1,400		56
Shenandoah Telecom Co. †	1,029		21
ShoreTel, Inc. *	248		3
Sirenza Microdevices, Inc. * †	2,000		31
Sonus Networks, Inc. *	12,600		73
Starent Networks Corp. *	115		2
SureWest Communications †	708		21
Switch & Data Facilities Co., Inc. * †	561		10
Sycamore Networks, Inc. * †	8,772		35
Symmetricom, Inc. * †	2,229		11
Syniverse Holdings, Inc. * †	1,370		19
Tekelec * †	2,977		37
Time Warner Telecom, Inc., Class A * †	7,193		158
USA Mobility, Inc. * †	1,162		21
UTStarcom, Inc. * †	5,300		16
Veraz Networks, Inc. * †	400		2
Viasat, Inc. * †	1,191		36
Vonage Holdings Corp. * †	3,000		6
			3,036
Textiles—0.1%
G&K Services, Inc., Class A †	1,088		45
Unifirst Corp. of Massachusetts	674		28
			73
Toys, Games & Hobbies—0.2%
Jakks Pacific, Inc. * †	1,378		31
Leapfrog Enterprises, Inc. *	1,700		12
Marvel Entertainment, Inc. * †	2,700		61
RC2 Corp. *	1,006		31

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    24    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—98.1%—CONTINUED
Toys, Games & Hobbies—0.2%—(continued)
Topps (The) Co.	1,665	$	15
			150
Transportation—1.7%
ABX Air, Inc. * †	2,900		20
American Commercial Lines, Inc. * †	2,688		69
Arkansas Best Corp. †	1,122		40
Arlington Tankers Ltd. †	600		15
Atlas Air Worldwide Holdings, Inc. * †	615		31
Bristow Group, Inc. * †	1,042		45
Celadon Group, Inc. * †	1,200		19
Double Hull Tankers, Inc. †	1,000		15
Dynamex, Inc. * †	539		14
Eagle Bulk Shipping, Inc. †	2,100		55
Forward Air Corp. †	1,486		52
Genco Shipping & Trading Ltd. †	900		50
General Maritime Corp. †	1,400		36
Genesee & Wyoming, Inc., Class A *	1,754		48
Golar LNG Ltd. †	1,700		33
Gulfmark Offshore, Inc. * †	1,140		52
Heartland Express, Inc. †	2,845		44
Horizon Lines, Inc., Class A †	1,654		47
HUB Group, Inc., Class A * †	2,000		67
Knight Transportation, Inc. †	2,866		53
Knightsbridge Tankers Ltd. †	800		21
Marten Transport Ltd. * †	750		12
Nordic American Tanker Shipping †	1,400		52
Old Dominion Freight Line, Inc. * †	1,458		42
Pacer International, Inc.	1,846		40
Patriot Transportation Holding, Inc. *	100		9
PHI, Inc. *	700		21
Saia, Inc. *	673		13
Ship Finance International Ltd. †	1,600		46
TBS International Ltd., Class A * †	300		11
Ultrapetrol Bahamas Ltd. *	700		13
Universal Truckload Services, Inc. * †	300		6
Werner Enterprises, Inc. †	2,358		44
			1,135
Trucking & Leasing—0.1%
AMERCO, Inc. * †	500		31
Greenbrier Cos., Inc. †	824		24
TAL International Group, Inc. †	787		20
			75
Water—0.2%
American States Water Co. †	843		33
California Water Service Group †	895		35
Consolidated Water Co., Inc. †	700		21
Pico Holdings, Inc. * †	766		34
SJW Corp. †	758		26
Southwest Water Co. †	1,118		15
			164
Total Common Stocks
(Cost $ 58,827)			66,739
INVESTMENT COMPANY—50.3%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)	34,223,134		34,223
Total Investment Company
(Cost $ 34,223)			34,223
OTHER—0.0%
Escrow DLB Oil & Gas *	400		—
Escrow Position PetroCorp. *	420		—
Total Other
(Cost $-)			—
RIGHTS—0.0%
CSF Holdings, Inc. *	2,000		—
Total Rights
(Cost $-)			—
WARRANTS—0.0%
American Satellite Network, Exp. 12/31/40 *	350		—
Optical Cable Corp., Exp. 10/24/07, Strike $4.88 *	232		—
Optical Cable Corp., Fractional Shares, Exp. 10/24/07, Strike $4.88 *	79,600		—
Pegasus Wireless Corp., Exp. 12/08/08, Strike $4.88 *	280		—
Total Warrants
(Cost $-)			—

EQUITY PORTFOLIOS    25    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS—1.4%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit, 5.28%, 9/4/07	$	852	$	852
United States Treasury Bill, (3) 4.71%, 1/17/08		120		118
Total Short-Term Investments
(Cost $ 970)				970
Total Investments—149.8%
(Cost $ 94,020)				101,932
Liabilities less Other Assets - (49.8)%				(33,890	)
NET ASSETS—100.0%			$	68,042

(1) Investment in affiliated Portfolio

(2) Investment relates to cash collateral received from portfolio securities loaned.

(3) Security pledged as collateral to cover margin requirements for open futures contracts.

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At August 31, 2007, the Small Company Index Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED GAIN (000S)
E-Mini
Russell 2000	17	$	1,351	Long	9/07	$	24

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	94,020
Gross tax appreciation of investments	$	12,349
Gross tax depreciation of investments		(4,437	)
Net tax appreciation of investments	$	7,912

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    26    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

MID CAP GROWTH PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—96.0%
Aerospace/Defense—2.9%
Goodrich Corp.	1,300	$	82
Rockwell Collins, Inc.	1,123		77
			159
Apparel—2.4%
Coach, Inc. *	1,300		58
Phillips-Van Heusen Corp.	1,258		73
			131
Auto Parts & Equipment—1.0%
Johnson Controls, Inc.	500		57
Banks—1.2%
TCF Financial Corp. †	2,550		64
Beverages—1.3%
Hansen Natural Corp. *	1,600		72
Biotechnology—1.9%
Charles River Laboratories International, Inc. *	1,950		102
Chemicals—1.2%
FMC Corp.	700		63
Commercial Services—6.5%
Apollo Group, Inc., Class A *	1,400		82
DeVry, Inc. †	1,758		61
Dun & Bradstreet Corp.	975		95
Gartner, Inc. * †	2,300		51
Quanta Services, Inc. * †	2,300		65
			354
Computers—3.2%
Cadence Design Systems, Inc. *	2,275		49
Micros Systems, Inc. * †	2,100		127
			176
Diversified Financial Services—2.9%
Ameriprise Financial, Inc.	1,400		85
Jefferies Group, Inc. †	2,900		75
			160
Electrical Components & Equipment—1.5%
Ametek, Inc. †	2,100		84
Electronics—6.8%
Amphenol Corp., Class A	2,100		76
Dolby Laboratories, Inc., Class A * †	2,200		80
National Instruments Corp.	1,600		51
Trimble Navigation Ltd. *	2,000		71
Waters Corp. *	1,500		92
			370
Engineering & Construction—1.9%
Chicago Bridge & Iron Co. N.V., New York Shares †	1,328	$	50
Jacobs Engineering Group, Inc. *	800		53
			103
Food—1.3%
Hain Celestial Group, Inc. * †	2,450		72
Healthcare—Products—1.7%
Dentsply International, Inc.	2,300		91
Healthcare—Services—6.7%
Coventry Health Care, Inc. *	1,650		95
Laboratory Corp. of America Holdings *	1,100		85
Pediatrix Medical Group, Inc. * †	1,500		90
Psychiatric Solutions, Inc. * †	2,555		94
			364
Household Products/Wares—1.6%
Church & Dwight Co., Inc.	2,000		90
Insurance—1.2%
AMBAC Financial Group, Inc.	1,000		63
Iron/Steel—1.5%
Carpenter Technology Corp. †	700		82
Lodging—0.4%
Starwood Hotels & Resorts Worldwide, Inc.	400		24
Machinery—Diversified—1.5%
AGCO Corp. *	1,876		81
Media—2.6%
Discovery Holding Co., Class A *	3,200		80
Liberty Global, Inc., Class A * †	1,500		62
			142
Miscellaneous Manufacturing—6.6%
Aptargroup, Inc. †	1,700		62
ITT Corp.	925		63
Roper Industries, Inc. †	1,350		85
SPX Corp.	725		65
Textron, Inc.	1,454		85
			360
Oil & Gas—2.2%
ENSCO International, Inc.	1,000		54
Noble Energy, Inc.	1,148		69
			123
Oil & Gas Services—6.1%
Cameron International Corp. *	1,175		96
FMC Technologies, Inc. *	800		76

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS—96.0%—CONTINUED
Oil & Gas Services—6.1%—(continued)
Grant Prideco, Inc. *		1,700	$	94
National-Oilwell Varco, Inc. *		520		66
				332
Pharmaceuticals—3.9%
Express Scripts, Inc. *		2,324		127
Shire PLC ADR		1,100		87
				214
Real Estate—1.1%
CB Richard Ellis Group, Inc., Class A *		2,040		60
Retail—6.7%
Burger King Holdings, Inc. †		3,100		74
Family Dollar Stores, Inc. †		2,400		70
GameStop Corp., Class A *		1,400		70
PetSmart, Inc. †		1,000		35
Tiffany & Co. †		2,300		118
				367
Semiconductors—7.7%
Intersil Corp., Class A		2,450		82
Kla-Tencor Corp. †		1,000		57
Microchip Technology, Inc.		1,400		54
National Semiconductor Corp.		2,450		65
Nvidia Corp. *		1,275		65
ON Semiconductor Corp. * †		8,200		96
				419
Software—5.0%
Activision, Inc. *		3,400		66
Autodesk, Inc. *		1,200		55
NAVTEQ Corp. *		1,200		76
Total System Services, Inc. †		2,800		78
				275
Telecommunications—3.5%
Foundry Networks, Inc. *		4,200		78
Millicom International Celluiar S.A. * †		800		67
Polycom, Inc. * †		1,557		47
				192
Total Common Stocks
(Cost $4,843)				5,246
INVESTMENT COMPANY- 29.3%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)		1,603,875	$	1,604
Total Investment Company
(Cost $ 1,604)				1,604
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT—4.0%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit
5.28%, 9/4/07	$	221		221
Total Short-Term Investment
(Cost $ 221)				221
Total Investments—129.3%
(Cost $ 6,668)				7,071
Liabilities less Other Assets - (29.3)%				(1,603	)
NET ASSETS—100.0%			$	5,468

(1) Investment in affiliated Portfolio

(2) Investment relates to cash collateral received from portfolio securities loaned.

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	6,668
Gross tax appreciation of investments	$	490
Gross tax depreciation of investments		(87	)
Net tax appreciation of investments	$	403

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

FOCUSED GROWTH PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—95.1%
Advertising—1.2%
Omnicom Group, Inc.	21,500	$	1,095
Aerospace/Defense—3.7%
Boeing (The) Co.	27,000		2,611
Lockheed Martin Corp.	7,400		734
			3,345
Apparel—1.2%
NIKE, Inc., Class B	19,400		1,093
Auto and Truck Manufacturers—1.6%
PACCAR, Inc.	16,400		1,403
Auto Parts & Equipment—2.1%
Johnson Controls, Inc.	16,400		1,855
Beverages—3.3%
Anheuser-Busch Cos., Inc.	26,500		1,309
Diageo PLC ADR	19,000		1,623
			2,932
Chemicals—1.3%
Monsanto Co.	16,800		1,172
Commercial Services—3.7%
Accenture Ltd., Class A	43,000		1,772
McKesson Corp.	26,900		1,539
			3,311
Computers—10.2%
Dell, Inc. *	39,200		1,107
EMC Corp. of Massachusetts *	117,100		2,302
Hewlett-Packard Co.	52,100		2,571
IBM Corp.	27,000		3,151
			9,131
Cosmetics/Personal Care—1.6%
Colgate-Palmolive Co.	22,200		1,472
Diversified Financial Services—1.1%
Janus Capital Group, Inc.	36,100		960
Electrical Components & Equipment—1.8%
Energizer Holdings, Inc. * †	14,800		1,568
Electronics—1.5%
Waters Corp. *	21,900		1,348
Engineering & Construction—5.6%
ABB Ltd. ADR †	75,700		1,867
Fluor Corp. †	11,900		1,513
Jacobs Engineering Group, Inc. * †	24,300		1,606
			4,986
Healthcare—Products—3.0%
Baxter International, Inc.	29,200	$	1,599
Stryker Corp.	16,500		1,102
			2,701
Insurance—1.4%
Travelers Cos. (The), Inc.	23,900		1,208
Internet—4.3%
Amazon.com, Inc. *	26,300		2,102
eBay, Inc. *	51,600		1,759
			3,861
Machinery—Construction & Mining—0.7%
Joy Global, Inc.	15,200		660
Machinery—Diversified—2.2%
Deere & Co.	14,600		1,987
Mining—1.8%
Southern Copper Corp. †	14,900		1,568
Oil & Gas—3.8%
Chevron Corp.	17,300		1,518
Exxon Mobil Corp.	21,500		1,843
			3,361
Oil & Gas Services—7.7%
Cameron International Corp. *	21,600		1,766
National-Oilwell Varco, Inc. *	15,500		1,984
Schlumberger Ltd.	32,900		3,175
			6,925
Pharmaceuticals—9.6%
Medco Health Solutions, Inc. *	24,400		2,085
Merck & Co., Inc.	28,700		1,440
Schering-Plough Corp.	81,800		2,456
Shire PLC ADR	19,400		1,528
Wyeth	23,100		1,069
			8,578
Retail—5.2%
GameStop Corp., Class A * †	37,700		1,890
McDonald’s Corp.	28,000		1,379
TJX Cos., Inc. †	46,900		1,430
			4,699
Semiconductors—0.9%
MEMC Electronic Materials, Inc. *	12,900		792
Software—5.7%
Dun & Bradstreet Corp. †	6,500		634
Microsoft Corp.	94,900		2,726

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS—95.1%—CONTINUED
Software—5.7%—(continued)
Oracle Corp. *		87,500	$	1,775
				5,135
Telecommunications—8.9%
America Movil SAB de C.V. ADR, Series L		15,700		949
Cisco Systems, Inc. *		114,200		3,645
Juniper Networks, Inc. *		43,800		1,442
Nokia OYJ ADR		59,700		1,963
				7,999
Total Common Stocks
(Cost $ 74,303)				85,145
INVESTMENT COMPANY—8.0%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)		7,186,623		7,187
Total Investment Company
(Cost $7,187)				7,187
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT—5.0%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit, 5.28%, 9/4/07	$	4,498		4,498
Total Short-Term Investment
(Cost $4,498)				4,498
Total Investments—108.1%
(Cost $85,988)				96,830
Liabilities less Other Assets - (8.1)%				(7,233	)
NET ASSETS—100.0%			$	89,597

(1) Investment in affiliated Portfolio

(2) Investment relates to cash collateral received from portfolio securities loaned.

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	85,988
Gross tax appreciation of investments	$	11,657
Gross tax depreciation of investments		(815	)
Net tax appreciation of investments	$	10,842

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED GROWTH PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—94.0%
Aerospace/Defense—4.4%
Boeing (The) Co.	6,150	$	594
Lockheed Martin Corp.	4,325		429
Northrop Grumman Corp.	11,400		899
Raytheon Co.	8,150		500
			2,422
Banks—1.2%
Bank of America Corp.	13,600		689
Biotechnology—3.7%
Amgen, Inc. *	18,140		909
Biogen Idec, Inc. *	17,415		1,111
			2,020
Chemicals—1.8%
Celanese Corp., Class A	16,220		582
Lubrizol Corp.	6,350		404
			986
Commercial Services—1.0%
McKesson Corp.	10,050		575
Computers—5.4%
Cadence Design Systems, Inc. * †	18,625		404
Electronic Data Systems Corp.	18,000		412
IBM Corp.	14,500		1,692
Network Appliance, Inc. *	16,650		464
			2,972
Cosmetics/Personal Care—1.9%
Colgate-Palmolive Co.	7,925		525
Procter & Gamble Co.	7,850		513
			1,038
Diversified Financial Services—5.8%
Citigroup, Inc.	17,575		824
Countrywide Financial Corp. †	12,975		258
Goldman Sachs Group, Inc.	3,700		651
JPMorgan Chase & Co.	10,375		462
Merrill Lynch & Co., Inc.	8,575		632
Morgan Stanley	6,550		408
			3,235
Electric—2.8%
Duke Energy Corp.	30,900		567
NRG Energy, Inc. *	10,650		405
PG&E Corp.	12,650		563
			1,535
Electronics—0.8%
Tyco Electronics Ltd. *	12,281		428
Food—3.6%
Campbell Soup Co.	18,625		703
General Mills, Inc.	13,200		738
Kroger Co.	19,675		523
			1,964
Healthcare—Products—2.1%
Baxter International, Inc.	12,100		663
Covidien Ltd. *	12,281		489
			1,152
Home Furnishings—0.8%
Matsushita Electric Industrial Co. Ltd. ADR †	26,950		471
Household Products/Wares—0.9%
Clorox Co.	8,075		483
Insurance—9.0%
Allstate (The) Corp.	7,725		423
AMBAC Financial Group, Inc.	7,175		451
American International Group, Inc.	27,525		1,817
Chubb Corp.	7,250		371
Hartford Financial Services Group, Inc.	5,675		504
Prudential Financial, Inc.	5,950		534
Travelers Cos. (The), Inc.	10,325		522
XL Capital Ltd., Class A	5,025		383
			5,005
Internet—1.1%
eBay, Inc. *	17,500		597
Iron/Steel—1.6%
United States Steel Corp.	9,200		869
Machinery—Diversified—1.6%
Deere & Co.	6,325		861
Media—2.1%
Disney (The Walt) Co.	34,775		1,169
Miscellaneous Manufacturing—3.8%
Eaton Corp.	6,150		580
General Electric Co.	26,400		1,026
ITT Corp.	7,475		508
			2,114
Oil & Gas—11.1%
Chevron Corp.	21,275		1,867
ENSCO International, Inc. †	14,395		780
Exxon Mobil Corp.	35,000		3,001

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS—94.0%—CONTINUED
Oil & Gas—11.1%—(continued)
Occidental Petroleum Corp.		8,850	$	502
				6,150
Pharmaceuticals—6.9%
Lilly (Eli) & Co.		18,050		1,035
Pfizer, Inc.		39,125		972
Sanofi-Aventis ADR †		11,125		456
Schering-Plough Corp.		45,000		1,351
				3,814
Pipelines—0.9%
Spectra Energy Corp.		21,725		505
Retail—3.0%
Kohl’s Corp. *		9,250		549
McDonald’s Corp.		11,795		581
TJX Cos., Inc. †		17,100		521
				1,651
Semiconductors—3.2%
ASML Holding N.V., New York Shares * †		26,525		787
National Semiconductor Corp.		14,650		386
Texas Instruments, Inc.		17,850		611
				1,784
Software—4.0%
BMC Software, Inc. *		11,850		363
Microsoft Corp.		64,900		1,864
				2,227
Telecommunications—9.5%
Cisco Systems, Inc. *		57,175		1,825
Embarq Corp.		7,375		460
Nokia OYJ ADR †		35,765		1,176
Qwest Communications International, Inc. * †		91,460		819
Verizon Communications, Inc.		23,500		984
				5,264
Total Common Stocks
(Cost $ 48,984)				51,980
INVESTMENT COMPANIES—10.9%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)		4,906,075		4,906
Standard & Poor’s Depository Receipts Trust, Series 1 †		7,625		1,125
Total Investment Companies
(Cost $ 5,882)				6,031
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 4.0%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit, 5.28%, 9/4/07	$	2,218	$	2,218
Total Short-Term Investment
(Cost $ 2,218)				2,218
Total Investments—108.9%
(Cost $ 57,084)				60,229
Liabilities less Other Assets - (8.9)%				(4,940	)
NET ASSETS—100.0%			$	55,289

(1) Investment in affiliated Portfolio

(2) Investment relates to cash collateral received from portfolio securities loaned.

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	57,084
Gross tax appreciation of investments	$	4,846
Gross tax depreciation of investments		(1,701	)
Net tax appreciation of investments	$	3,145

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—99.2%
Advertising— 0.2%
Interpublic Group of Cos. (The), Inc. * †	25,012	$	274
Omnicom Group, Inc.	16,598		845
			1,119
Aerospace/Defense – 2.3%
Boeing (The) Co.	40,963		3,961
General Dynamics Corp.	20,298		1,595
Goodrich Corp. †	6,226		393
L-3 Communications Holdings, Inc.	6,200		611
Lockheed Martin Corp.	17,784		1,763
Northrop Grumman Corp.	17,306		1,365
Raytheon Co.	22,204		1,362
Rockwell Collins, Inc.	8,382		577
United Technologies Corp.	49,328		3,681
			15,308
Agriculture—1.4%
Altria Group, Inc.	106,956		7,424
Archer-Daniels-Midland Co.	32,706		1,102
Reynolds American, Inc. †	8,526		564
UST, Inc. †	8,034		396
			9,486
Airlines—0.1%
Southwest Airlines Co. †	39,130		591
Apparel—0.4%
Coach, Inc. *	18,600		828
Jones Apparel Group, Inc.	5,840		112
Liz Claiborne, Inc. †	5,588		191
NIKE, Inc., Class B	18,968		1,069
Polo Ralph Lauren Corp.	3,300		249
VF Corp.	4,436		354
			2,803
Auto Manufacturers—0.4%
Ford Motor Co. * †	103,410		808
General Motors Corp. †	29,633		911
PACCAR, Inc.	12,396		1,060
			2,779
Auto Parts & Equipment—0.2%
Goodyear Tire & Rubber (The) Co. * †	10,212		283
Johnson Controls, Inc. †	9,878		1,117
			1,400
Banks—6.1%
Bank of America Corp.	221,005		11,201
Bank of New York Mellon (The) Corp.	55,961		2,263
BB&T Corp.	27,200		1,081
Capital One Financial Corp.	20,708		1,339
Comerica, Inc.	7,759		433
Commerce Bancorp, Inc. of New Jersey †	9,600		353
Compass Bancshares, Inc. †	1,697		111
Fifth Third Bancorp	27,556		983
First Horizon National Corp. †	6,172		189
Huntington Bancshares, Inc. of Ohio	18,309		315
KeyCorp	19,607		653
M&T Bank Corp. †	3,800		402
Marshall & Ilsley Corp.	12,954		566
National City Corp.	28,820		776
Northern Trust Corp. (1)	11,900		731
PNC Financial Services Group, Inc. †	17,268		1,215
Regions Financial Corp. †	35,250		1,103
State Street Corp. †	19,921		1,222
SunTrust Banks, Inc.	17,856		1,406
Synovus Financial Corp. †	16,371		452
U.S. Bancorp	86,202		2,789
Wachovia Corp.	94,904		4,648
Wells Fargo & Co.	173,546		6,341
Zions Bancorporation	5,490		388
			40,960
Beverages—2.2%
Anheuser-Busch Cos., Inc.	38,858		1,920
Brown-Forman Corp., Class B †	4,150		297
Coca-Cola (The) Co.	104,813		5,637
Coca-Cola Enterprises, Inc. †	14,013		334
Constellation Brands, Inc., Class A * †	9,700		234
Molson Coors Brewing Co., Class B †	2,596		232
Pepsi Bottling Group, Inc.	6,971		241
PepsiCo, Inc.	80,829		5,499
			14,394
Biotechnology—0.9%
Amgen, Inc. *	54,227		2,717
Biogen Idec, Inc. *	14,983		956
Celgene Corp. *	19,100		1,227
Genzyme Corp. *	13,157		821
Millipore Corp. * †	2,878		201
			5,922

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—99.2%—CONTINUED
Building Materials— 0.1%
American Standard Companies, Inc.	8,852	$	326
Masco Corp.	18,888		492
			818
Chemicals—1.7%
Air Products & Chemicals, Inc.	10,864		978
Ashland, Inc.	2,987		179
Dow Chemical (The) Co.	47,271		2,015
Eastman Chemical Co.	4,190		280
Ecolab, Inc.	8,808		367
du Pont (E.I.) de Nemours & Co.	45,751		2,230
Hercules, Inc. * †	6,237		130
International Flavors & Fragrances, Inc.	3,884		195
Monsanto Co.	26,952		1,880
PPG Industries, Inc.	8,234		604
Praxair, Inc.	17,532		1,326
Rohm & Haas Co.	7,084		400
Sherwin-Williams (The) Co. †	5,495		379
Sigma-Aldrich Corp. †	6,486		291
			11,254
Coal—0.1%
Consol Energy, Inc. †	9,100		363
Peabody Energy Corp. †	13,300		565
			928
Commercial Services—0.6%
Apollo Group, Inc., Class A *	7,001		411
Convergys Corp. *	7,346		123
Donnelley (R.R.) & Sons Co.	11,061		396
Equifax, Inc.	7,655		295
H&R Block, Inc.	16,138		320
McKesson Corp.	14,748		844
Monster Worldwide, Inc. * †	6,987		239
Moody’s Corp.	11,462		525
Robert Half International, Inc. †	8,347		267
Western Union (The) Co.	38,761		730
			4,150
Computers—4.6%
Affiliated Computer Services, Inc., Class A *	4,900		245
Apple, Inc. *	43,112		5,970
Cognizant Technology Solutions Corp., Class A *	7,200		529
Computer Sciences Corp. *	8,710		487
Dell, Inc. *	112,643		3,182
Electronic Data Systems Corp.	25,461		583
EMC Corp. of Massachusetts *	104,045		2,046
Hewlett-Packard Co.	135,139		6,669
IBM Corp.	70,584		8,237
Lexmark International, Inc., Class A *	4,707		175
NCR Corp. *	8,992		448
Network Appliance, Inc. *	18,575		518
SanDisk Corp. *	11,400		639
Sun Microsystems, Inc. * †	178,926		959
Unisys Corp. *	18,613		137
			30,824
Cosmetics/Personal Care—2.0%
Avon Products, Inc.	21,990		755
Colgate-Palmolive Co.	25,624		1,700
Estee Lauder Cos. (The), Inc., Class A	5,800		241
Procter & Gamble Co.	160,360		10,473
			13,169
Distribution/Wholesale—0.1%
Genuine Parts Co.	8,543		425
Grainger (W.W.), Inc. †	3,529		323
			748
Diversified Financial Services—7.5%
American Express Co.	60,264		3,533
Ameriprise Financial, Inc.	11,792		719
Bear Stearns Cos. (The), Inc. †	6,849		744
Charles Schwab (The) Corp.	52,832		1,046
CIT Group, Inc.	9,600		361
Citigroup, Inc.	250,382		11,738
CME Group, Inc. †	2,700		1,498
Countrywide Financial Corp. †	33,184		659
Discover Financial Services *	26,365		610
E*TRADE Financial Corp. *	21,400		333
Fannie Mae	50,795		3,333
Federated Investors, Inc., Class B	4,712		165
Franklin Resources, Inc.	8,221		1,083
Freddie Mac	33,350		2,055
Goldman Sachs Group, Inc.	20,253		3,565
Janus Capital Group, Inc. †	9,207		245
JPMorgan Chase & Co.	175,544		7,815
Legg Mason, Inc. †	6,601		573
Lehman Brothers Holdings, Inc.	27,260		1,495
Merrill Lynch & Co., Inc.	43,203		3,184
Morgan Stanley	52,230		3,258

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—99.2%—CONTINUED
Diversified Financial Services—7.5%—(continued)
Price (T. Rowe) Group, Inc. †	13,372	$	686
SLM Corp.	20,584		1,035
			49,733
Electric—3.2%
AES Corp. *	33,438		606
Allegheny Energy, Inc. *	8,285		428
Ameren Corp. †	10,323		524
American Electric Power Co., Inc.	20,017		890
Centerpoint Energy, Inc.	15,957		259
CMS Energy Corp. †	11,183		182
Consolidated Edison, Inc.	13,521		621
Constellation Energy Group, Inc.	9,021		748
Dominion Resources, Inc. of Virginia †	16,812		1,432
DTE Energy Co. †	8,779		420
Duke Energy Corp.	63,082		1,157
Dynegy, Inc., Class A *	19,705		159
Edison International	16,334		861
Entergy Corp.	9,856		1,021
Exelon Corp.	33,290		2,353
FirstEnergy Corp.	15,295		940
FPL Group, Inc.	20,312		1,195
Integrys Energy Group, Inc. †	4,000		201
PG&E Corp.	17,596		783
Pinnacle West Capital Corp. †	5,291		211
PPL Corp.	19,250		929
Progress Energy, Inc. †	12,700		583
Public Service Enterprise Group, Inc.	12,639		1,074
Southern (The) Co. †	37,699		1,338
TECO Energy, Inc. †	11,516		182
TXU Corp.	23,432		1,579
Xcel Energy, Inc.	20,485		422
			21,098
Electrical Components & Equipment—0.3%
Emerson Electric Co.	39,794		1,959
Molex, Inc.	7,135		187
			2,146
Electronics—0.6%
Agilent Technologies, Inc. *	19,826		722
Applera Corp. - Applied Biosystems Group	9,046		286
Jabil Circuit, Inc. †	9,600		213
PerkinElmer, Inc.	6,400		175
Solectron Corp. *	48,359		188
Tektronix, Inc.	4,349		140
Thermo Fisher Scientific Inc. *	21,111		1,145
Tyco Electronics Ltd. *	24,870		867
Waters Corp. *	4,978		306
			4,042
Engineering & Construction—0.1%
Fluor Corp. †	4,391		558
Entertainment—0.1%
International Game Technology	16,678		637
Environmental Control—0.2%
Allied Waste Industries, Inc. * †	13,654		175
Waste Management, Inc.	25,942		977
			1,152
Food—1.8%
Campbell Soup Co. †	10,862		410
ConAgra Foods, Inc.	24,987		643
Dean Foods Co. †	7,000		188
General Mills, Inc.	17,341		969
Heinz (H.J.) Co.	16,269		734
Hershey (The) Co.	8,622		401
Kellogg Co.	12,568		690
Kraft Foods, Inc., Class A	79,514		2,549
Kroger Co.	36,458		969
McCormick & Co., Inc.	6,400		229
Safeway, Inc.	22,142		703
Sara Lee Corp.	36,831		612
SUPERVALU, Inc.	10,441		440
Sysco Corp.	30,980		1,034
Tyson Foods, Inc., Class A †	12,500		269
Whole Foods Market, Inc. †	7,000		310
Wrigley (Wm.) Jr. Co. †	10,846		632
			11,782
Forest Products & Paper—0.4%
International Paper Co.	21,847		767
MeadWestvaco Corp.	9,129		288
Plum Creek Timber Co., Inc. †	8,789		369
Temple-Inland, Inc. †	5,248		289
Weyerhaeuser Co.	10,769		734
			2,447
Gas—0.2%
NICOR, Inc. †	2,552		106
NiSource, Inc. †	13,635		257

EQUITY PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—99.2%—CONTINUED
Gas—0.2%—(continued)
Sempra Energy	13,172	$	725
			1,088
Hand/Machine Tools—0.1%
Black & Decker Corp. †	3,250		282
Snap-On, Inc.	3,123		153
Stanley Works (The) †	4,168		236
			671
Healthcare—Products—3.1%
Bard (C.R.), Inc.	5,180		432
Bausch & Lomb, Inc.	2,853		180
Baxter International, Inc.	32,635		1,787
Becton, Dickinson & Co.	12,297		946
Boston Scientific Corp. *	59,428		763
Covidien Ltd. *	24,870		991
Johnson & Johnson	149,238		9,221
Medtronic, Inc.	58,295		3,080
Patterson Cos., Inc. *	7,400		272
St. Jude Medical, Inc. *	16,946		738
Stryker Corp.	14,936		998
Varian Medical Systems, Inc. *	6,300		255
Zimmer Holdings, Inc. *	11,885		931
			20,594
Healthcare—Services—1.4%
Aetna, Inc.	25,844		1,316
Coventry Health Care, Inc. *	7,875		452
Humana, Inc. *	8,390		538
Laboratory Corp. of America Holdings *	5,900		458
Manor Care, Inc.	3,639		232
Quest Diagnostics, Inc.	7,936		434
Tenet Healthcare Corp. * †	25,228		86
UnitedHealth Group, Inc.	70,052		3,503
WellPoint, Inc. *	30,402		2,450
			9,469
Holding Companies—Diversified—0.1%
Leucadia National Corp. †	8,300		368
Home Builders—0.1%
Centex Corp. †	6,434		186
D.R. Horton, Inc. †	14,600		221
KB Home †	4,128		125
Lennar Corp., Class A	7,000		198
Pulte Homes, Inc. †	11,332		188
			918
Home Furnishings—0.1%
Harman International Industries, Inc.	3,200		363
Whirlpool Corp. †	3,930		379
			742
Household Products/Wares—0.4%
Avery Dennison Corp. †	4,838		289
Clorox Co.	7,615		455
Fortune Brands, Inc.	7,605		632
Kimberly-Clark Corp. †	21,160		1,454
			2,830
Housewares—0.1%
Newell Rubbermaid, Inc.	13,961		360
Insurance—4.6%
ACE Ltd.	16,317		942
Aflac, Inc.	24,479		1,305
Allstate (The) Corp.	30,375		1,663
AMBAC Financial Group, Inc. †	5,103		321
American International Group, Inc.	133,749		8,827
AON Corp.	14,734		638
Assurant, Inc. †	4,900		253
Chubb Corp.	20,086		1,027
CIGNA Corp.	14,421		745
Cincinnati Financial Corp. †	8,630		364
Genworth Financial, Inc., Class A	20,900		606
Hartford Financial Services Group, Inc.	16,498		1,467
Lincoln National Corp.	13,598		828
Loews Corp.	22,338		1,050
Marsh & McLennan Cos., Inc.	27,810		741
MBIA, Inc. †	6,564		394
Metlife, Inc.	36,744		2,353
MGIC Investment Corp. †	4,527		137
Principal Financial Group, Inc.	13,411		744
Progressive (The) Corp. †	36,828		749
Prudential Financial, Inc.	23,999		2,155
SAFECO Corp.	5,276		306
Torchmark Corp. †	4,694		289
Travelers Cos. (The), Inc.	33,271		1,681
Unum Group	17,163		420
XL Capital Ltd., Class A	9,334		711
			30,716

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    4    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—99.2%—CONTINUED
Internet—1.8%
Akamai Technologies, Inc. * †	8,200	$	264
Amazon.com, Inc. * †	15,615		1,248
eBay, Inc. *	56,128		1,914
Google, Inc., Class A *	11,162		5,751
IAC/InterActiveCorp *	10,900		303
Symantec Corp. *	45,171		850
VeriSign, Inc. *	12,300		396
Yahoo!, Inc. *	60,630		1,378
			12,104
Investment Companies—0.1%
American Capital Strategies Ltd. †	8,700		359
Iron/Steel—0.3%
Allegheny Technologies, Inc.	5,078		505
Nucor Corp. †	15,144		801
United States Steel Corp.	5,975		564
			1,870
Leisure Time—0.3%
Brunswick Corp. †	4,835		122
Carnival Corp. †	23,368		1,065
Harley-Davidson, Inc.	12,928		695
			1,882
Lodging—0.5%
Harrah’s Entertainment, Inc.	9,380		805
Hilton Hotels Corp.	21,338		980
Marriott International, Inc., Class A †	16,400		728
Starwood Hotels & Resorts Worldwide, Inc.	10,811		661
Wyndham Worldwide Corp.	9,147		292
			3,466
Machinery—Construction & Mining—0.4%
Caterpillar, Inc.	32,372		2,453
Terex Corp. *	5,200		415
			2,868
Machinery—Diversified—0.4%
Cummins, Inc.	5,892		698
Deere & Co.	11,495		1,564
Rockwell Automation, Inc. †	7,869		554
			2,816
Media—3.0%
CBS Corp., Class B	36,773		1,159
Clear Channel Communications, Inc.	24,878		927
Comcast Corp., Class A *	160,303		4,182
DIRECTV Group (The), Inc. *	38,600		901
Disney (The Walt) Co.	99,186		3,333
Dow Jones & Co., Inc.	3,551		210
Gannett Co., Inc. †	11,746		552
McGraw-Hill Cos. (The), Inc.	17,228		869
Meredith Corp.	2,236		125
New York Times Co., Class A †	7,889		173
News Corp., Class A	115,500		2,337
Scripps (E.W.) Co., Class A †	4,600		189
Time Warner, Inc.	187,726		3,563
Tribune Co.	4,576		126
Viacom, Inc., Class B *	34,473		1,360
			20,006
Metal Fabrication/Hardware—0.1%
Precision Castparts Corp.	7,200		938
Mining—0.7%
Alcoa, Inc.	43,573		1,592
Freeport-McMoRan Copper & Gold, Inc., Class B †	19,426		1,698
Newmont Mining Corp.	22,633		957
Vulcan Materials Co.	4,747		427
			4,674
Miscellaneous Manufacturing—5.1%
3M Co.	37,620		3,423
Cooper Industries Ltd., Class A	9,130		467
Danaher Corp.	11,904		924
Dover Corp.	10,240		506
Eastman Kodak Co. †	14,437		385
Eaton Corp.	7,260		684
General Electric Co.	515,623		20,042
Honeywell International, Inc.	38,639		2,170
Illinois Tool Works, Inc.	20,674		1,203
Ingersoll-Rand Co. Ltd., Class A	15,050		782
ITT Corp.	9,048		615
Leggett & Platt, Inc. †	9,716		198
Pall Corp.	6,491		247
Parker Hannifin Corp. †	5,747		618
Textron, Inc.	12,558		733
Tyco International Ltd.	25,470		1,125
			34,122
Office/Business Equipment—0.2%
Pitney Bowes, Inc.	11,035		493

EQUITY PORTFOLIOS    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—99.2%—CONTINUED
Office/Business Equipment—0.2%—(continued)
Xerox Corp. *	46,958	$	804
			1,297
Oil & Gas—8.8%
Anadarko Petroleum Corp.	23,236		1,138
Apache Corp.	16,574		1,283
Chesapeake Energy Corp.	20,500		661
Chevron Corp.	109,553		9,614
ConocoPhillips	84,634		6,931
Devon Energy Corp.	22,250		1,676
ENSCO International, Inc. †	7,500		407
EOG Resources, Inc.	12,238		824
Exxon Mobil Corp.	282,710		24,237
Hess Corp.	13,613		835
Marathon Oil Corp.	34,356		1,851
Murphy Oil Corp.	9,400		573
Nabors Industries Ltd. * †	14,106		417
Noble Corp.	13,374		656
Occidental Petroleum Corp.	41,368		2,345
Rowan Cos., Inc. †	5,903		222
Sunoco, Inc.	6,068		444
Transocean, Inc. *	14,412		1,515
Valero Energy Corp.	27,500		1,884
XTO Energy, Inc.	19,833		1,078
			58,591
Oil & Gas Services—1.8%
Baker Hughes, Inc.	16,103		1,350
BJ Services Co.	14,690		365
Halliburton Co.	45,780		1,584
National-Oilwell Varco, Inc. *	8,900		1,139
Schlumberger Ltd.	60,686		5,856
Smith International, Inc.	10,000		670
Weatherford International Ltd. *	16,900		987
			11,951
Packaging & Containers—0.1%
Ball Corp. †	5,428		284
Bemis Co. †	5,552		166
Pactiv Corp. *	6,482		190
Sealed Air Corp.	8,588		227
			867
Pharmaceuticals—5.6%
Abbott Laboratories	76,386		3,965
Allergan, Inc.	15,346		921
AmerisourceBergen Corp.	9,582		458
Barr Pharmaceuticals, Inc. *	5,500		280
Bristol-Myers Squibb Co.	97,595		2,845
Cardinal Health, Inc.	19,223		1,314
Express Scripts, Inc. * †	12,857		704
Forest Laboratories, Inc. *	15,869		597
Gilead Sciences, Inc. *	46,796		1,702
Hospira, Inc. * †	7,788		301
King Pharmaceuticals, Inc. * †	12,238		184
Lilly (Eli) & Co.	48,873		2,803
Medco Health Solutions, Inc. *	14,063		1,202
Merck & Co., Inc.	111,940		5,616
Mylan Laboratories, Inc. †	12,300		186
Pfizer, Inc.	354,721		8,811
Schering-Plough Corp.	73,852		2,217
Watson Pharmaceuticals, Inc. *	5,452		163
Wyeth	66,714		3,089
			37,358
Pipelines—0.4%
El Paso Corp.	35,078		557
Questar Corp.	8,600		430
Spectra Energy Corp.	31,691		737
Williams Cos. (The), Inc.	30,018		930
			2,654
Real Estate—0.0%
CB Richard Ellis Group, Inc., Class A * †	9,400		278
Real Estate Investment Trusts—1.1%
Apartment Investment & Management Co., Class A	5,200		232
Archstone-Smith Trust	12,000		706
AvalonBay Communities, Inc. †	4,000		458
Boston Properties, Inc. †	6,000		600
Developers Diversified Realty Corp. †	6,200		332
Equity Residential	14,597		587
General Growth Properties, Inc. †	12,300		611
Host Hotels & Resorts, Inc. †	26,100		582
Kimco Realty Corp. †	11,400		488
ProLogis	12,834		772
Public Storage †	6,182		468
Simon Property Group, Inc. †	11,186		1,062
Vornado Realty Trust	6,600		704
			7,602

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    6    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO (continued)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—99.2%—CONTINUED
Retail—5.4%
Abercrombie & Fitch Co., Class A †	4,400	$	346
AutoNation, Inc. *	8,011		152
Autozone, Inc. * †	2,519		306
Bed Bath & Beyond, Inc. * †	13,737		476
Best Buy Co., Inc.	22,422		985
Big Lots, Inc. * †	5,857		174
Circuit City Stores, Inc. †	7,919		86
Costco Wholesale Corp.	22,391		1,383
CVS Caremark Corp.	76,550		2,895
Darden Restaurants, Inc.	7,054		293
Dillard’s, Inc., Class A †	3,434		82
Family Dollar Stores, Inc.	8,062		236
Gap (The), Inc.	26,535		498
Home Depot (The), Inc. †	97,863		3,749
Kohl’s Corp. *	16,146		957
Limited Brands	17,113		396
Lowe’s Cos., Inc.	74,614		2,318
Macy’s, Inc.	23,066		732
McDonald’s Corp.	59,175		2,914
Nordstrom, Inc. †	12,080		581
Office Depot, Inc. *	13,859		339
OfficeMax, Inc.	4,024		143
Penney (J.C.) Co., Inc.	11,300		777
RadioShack Corp. †	7,458		177
Sears Holdings Corp. * †	4,156		597
Staples, Inc.	37,297		886
Starbucks Corp. *	40,126		1,106
Target Corp.	42,230		2,784
Tiffany & Co.	6,801		349
TJX Cos., Inc. †	22,730		693
Wal-Mart Stores, Inc.	124,335		5,425
Walgreen Co.	49,630		2,237
Wendy’s International, Inc.	4,605		151
Yum! Brands, Inc.	26,260		859
			36,082
Savings & Loans—0.4%
Hudson City Bancorp, Inc. †	24,300		345
Sovereign Bancorp, Inc. †	18,080		327
Washington Mutual, Inc. †	45,343		1,665
			2,337
Semiconductors—2.8%
Advanced Micro Devices, Inc. * †	27,544		358
Altera Corp. †	17,807		424
Analog Devices, Inc.	16,437		606
Applied Materials, Inc.	69,197		1,478
Broadcom Corp., Class A *	23,274		803
Intel Corp.	299,329		7,708
Kla-Tencor Corp.	9,611		552
Linear Technology Corp. †	11,262		383
LSI Corp. * †	38,141		263
Maxim Integrated Products, Inc.	16,017		481
MEMC Electronic Materials, Inc. *	11,200		688
Micron Technology, Inc. * †	37,880		434
National Semiconductor Corp. †	12,004		316
Novellus Systems, Inc. * †	6,921		189
Nvidia Corp. *	18,130		927
QLogic Corp. * †	8,478		113
Teradyne, Inc. * †	10,158		151
Texas Instruments, Inc.	71,095		2,434
Xilinx, Inc.	14,936		382
			18,690
Software—3.8%
Adobe Systems, Inc. *	29,414		1,257
Autodesk, Inc. *	11,576		536
Automatic Data Processing, Inc.	27,759		1,270
BMC Software, Inc. *	10,199		312
Citrix Systems, Inc. * †	9,069		330
CA, Inc.	20,609		519
Compuware Corp. * †	16,072		130
Electronic Arts, Inc. *	15,550		823
Fidelity National Information Services, Inc.	8,200		389
First Data Corp.	37,761		1,254
Fiserv, Inc. *	8,374		390
IMS Health, Inc. †	9,697		290
Intuit, Inc. *	17,198		470
Microsoft Corp.	424,592		12,199
Novell, Inc. *	19,441		145
Oracle Corp. *	199,609		4,048
Paychex, Inc.	17,016		756
			25,118
Telecommunications—6.5%
Alltel Corp.	17,741		1,211
AT&T, Inc.	307,714		12,269
Avaya, Inc. *	22,551		380

EQUITY PORTFOLIOS    7    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS—99.2%—CONTINUED
Telecommunications—6.5%—(continued)
CenturyTel, Inc.		5,878	$	282
Ciena Corp. * †		4,715		179
Cisco Systems, Inc. *		307,236		9,807
Citizens Communications Co.		18,334		266
Corning, Inc.		77,926		1,821
Embarq Corp.		7,575		473
JDS Uniphase Corp. * †		11,293		164
Juniper Networks, Inc. * †		25,600		843
Motorola, Inc.		114,806		1,946
QUALCOMM, Inc.		85,882		3,426
Qwest Communications International, Inc. * †		77,803		696
Sprint Nextel Corp.		143,510		2,715
Tellabs, Inc. * †		23,362		246
Verizon Communications, Inc.		150,846		6,317
Windstream Corp.		23,884		341
				43,382
Textiles—0.0%
Cintas Corp.		6,623		243
Toys, Games & Hobbies—0.1%
Hasbro, Inc. †		8,471		239
Mattel, Inc.		19,717		426
				665
Transportation—1.7%
Burlington Northern Santa Fe Corp.		17,838		1,448
C.H. Robinson Worldwide, Inc. †		8,600		422
CSX Corp.		21,876		897
FedEx Corp.		15,238		1,671
Norfolk Southern Corp.		19,707		1,009
Ryder System, Inc.		3,249		178
Union Pacific Corp. †		13,560		1,513
United Parcel Service, Inc., Class B		53,707		4,074
				11,212
Total Common Stocks
(Cost $ 481,354)				661,436
WARRANTS—0.0%
Raytheon Co., Exp. 6/16/11, $37.50 *		987		26
Total Warrants
(Cost $-)				26
INVESTMENT COMPANY—7.8%
Northern Institutional Funds - Liquid Assets Portfolio (2) (3)		51,827,407	$	51,828
Total Investment Company
(Cost $ 51,828)				51,828
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS—0.5%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit, 5.28%, 9/4/07	$	2,799		2,799
United States Treasury Bill, (4) 4.71%, 1/17/08		870		854
Total Short-Term Investments
(Cost $ 3,653)				3,653
Total Investments—107.5%
(Cost $ 536,835)				716,943
Liabilities less Other Assets - (7.5)%				(50,288	)
NET ASSETS—100.0%			$	666,655

(1) Investment in affiliate of Investment Adviser

(2) Investment in affiliated Portfolio

(3) Investment related to cash collateral received from portfolio securities loaned.

(4) Security pledged as collateral to cover margin requirements for open futures contracts.

* Non-Income Producing Security.

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At August 31, 2007, the Equity Index Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED GAIN (000S)
E-Mini S&P 500	65	$	4,799	Long	9/07	$	64

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    8    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO (continued)

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	536,835
Gross tax appreciation of investments	$	188,610
Gross tax depreciation of investments		(8,502	)
Net tax appreciation of investments	$	180,108

EQUITY PORTFOLIOS    9    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

BALANCED PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—65.9%
Aerospace/Defense—3.3%
Boeing (The) Co.	5,525	$	535
Lockheed Martin Corp.	3,775		374
Northrop Grumman Corp.	10,150		800
Raytheon Co.	7,175		440
			2,149
Banks—0.9%
Bank of America Corp.	12,225		620
Biotechnology—2.5%
Amgen, Inc. *	14,255		714
Biogen Idec, Inc. *	14,755		942
			1,656
Chemicals—1.1%
Celanese Corp., Class A	12,530		450
Lubrizol Corp.	4,725		300
			750
Commercial Services—0.8%
McKesson Corp.	9,025		516
Computers—3.8%
Cadence Design Systems, Inc. * †	16,525		359
Electronic Data Systems Corp.	15,975		366
IBM Corp.	12,200		1,423
Network Appliance, Inc. *	13,925		388
			2,536
Cosmetics/Personal Care—1.4%
Colgate-Palmolive Co.	7,125		472
Procter & Gamble Co.	6,975		456
			928
Diversified Financial Services—4.1%
Citigroup, Inc.	15,600		731
Countrywide Financial Corp. †	11,550		229
Goldman Sachs Group, Inc.	2,875		506
JPMorgan Chase & Co.	9,250		412
Merrill Lynch & Co., Inc.	6,275		463
Morgan Stanley	5,900		368
			2,709
Electric—1.8%
Duke Energy Corp.	23,930		439
NRG Energy, Inc. *	8,165		311
PG&E Corp.	10,125		450
			1,200
Electronics—0.6%
Tyco Electronics Ltd. *	10,900		380
Food—2.7%
Campbell Soup Co.	16,650		629
General Mills, Inc.	11,725		655
Kroger Co.	17,525		466
			1,750
Healthcare—Products—1.6%
Baxter International, Inc.	10,775		590
Covidien Ltd. *	10,900		434
			1,024
Home Furnishings—0.6%
Matsushita Electric Industrial Co. Ltd. ADR †	23,975		419
Household Products/Wares—0.7%
Clorox Co. †	7,250		434
Insurance—6.5%
Allstate (The) Corp.	6,850		375
AMBAC Financial Group, Inc. †	6,475		407
American International Group, Inc.	21,300		1,406
Chubb Corp.	6,400		327
Hartford Financial Services Group, Inc.	5,050		449
Prudential Financial, Inc.	5,350		480
Travelers Cos. Inc. (The)	9,275		469
XL Capital Ltd., Class A	4,450		339
			4,252
Internet—0.8%
eBay, Inc. *	15,600		532
Iron/Steel—1.2%
United States Steel Corp. †	8,225		777
Machinery—Diversified—1.2%
Deere & Co.	5,700		776
Media—1.5%
Disney (The Walt) Co.	29,500		991
Miscellaneous Manufacturing—2.5%
Eaton Corp.	4,375		412
General Electric Co.	20,625		802
ITT Corp.	6,700		455
			1,669
Oil & Gas—7.3%
Chevron Corp.	16,035		1,407
ENSCO International, Inc. †	11,450		621
Exxon Mobil Corp.	27,175		2,330

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS—65.9%—CONTINUED
Oil & Gas—7.3%—(continued)
Occidental Petroleum Corp.	7,825	$	443
			4,801
Pharmaceuticals—4.8%
Lilly (Eli) & Co.	15,975		916
Pfizer, Inc.	34,725		863
Sanofi-Aventis ADR †	8,850		362
Schering-Plough Corp.	34,050		1,022
			3,163
Pipelines—0.6%
Spectra Energy Corp.	17,225		400
Retail—2.3%
Kohl’s Corp. *	8,300		492
McDonald’s Corp.	11,325		558
TJX Cos., Inc.	15,150		462
			1,512
Semiconductors—2.3%
ASML Holding N.V. * †	23,500		697
National Semiconductor Corp.	13,050		344
Texas Instruments, Inc.	13,750		471
			1,512
Software—2.6%
BMC Software, Inc. *	10,600		325
Microsoft Corp.	49,475		1,421
			1,746
Telecommunications—6.4%
Cisco Systems, Inc. *	44,500		1,421
Embarq Corp.	6,550		409
Nokia OYJ ADR †	27,870		916
Qwest Communications International, Inc. * †	71,195		637
Verizon Communications, Inc.	19,075		799
			4,182
Total Common Stocks
(Cost $40,331)			43,384
	PRINCIPAL AMOUNT (000S)	VALUE (000S)
ASSET-BACKED SECURITIES—6.3%
Automobile—1.1%
USAA Auto Owner Trust, Series 2005-4, Class A4, 4.89%, 8/15/12	420		417
Honda Auto Receivables Owner Trust, Series 2007-2, Class A3, 5.46%, 5/23/11	280		281
			698
Automotive—0.3%
Capital One Prime Auto Receivables Trust, Series 2007-1, Class A3, 5.47%, 6/15/11	215		215
Commercial Mortgage Services—4.5%
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Class A2, 4.74%, 9/11/42	300		295
Commercial Mortgage Asset Trust, Series 1999-C1, Class A3, 6.64%, 9/17/10	498		505
DLJ Commercial Mortgage Corp., Series 1998-CF2, Class A1B, 6.24%, 11/12/31	226		227
GMAC Commercial Mortgage Securities, Inc., Series 2002-C3, Class A2, 4.93%, 7/10/39	200		194
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-C1, Class A1, 4.28%, 1/12/37	133		130
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A2, 4.63%, 3/15/46	150		147
LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class A3, 6.48%, 2/18/30	169		169
LB-UBS Commercial Mortgage Trust, Series 2001-C3, Class A2, 6.37%, 12/15/28	545		562
Merrill Lynch Mortgage Trust, Series 2004-BPC1, Class A2, 4.07%, 10/12/41	210		205
Morgan Stanley Dean Witter Capital I, Series 2001-TOP1, Class A4, 6.66%, 2/15/33	220		227
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4, 6.39%, 7/15/33	300		309
			2,970

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

BALANCED PORTFOLIO (continued)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET—BACKED SECURITIES—6.3%—CONTINUED
Credit Card—0.4%
Citibank Credit Card Issuance Trust, Series 2003-A8, Class A8, 3.50%, 8/16/10	$	65	$	64
Citibank Credit Card Issuance Trust, Series 2007-A5, Class A5, 5.50%, 6/22/12 †		215		217
				281
(Cost $ 3,813)				4,164
CORPORATE BONDS—9.1%
Aerospace/Defense—0.3%
L-3 Communications Corp., 7.63%, 6/15/12		200		203
Diversified Financial Services—3.8%
American General Finance Corp., 5.38%, 10/1/12 †		205		202
ANZ Capital Trust,(1),(2) 4.48%, 1/29/49		210		205
Caterpillar Financial Services Corp., 5.85%, 9/1/17		55		55
Citigroup, Inc., 6.00%, 8/15/17		125		127
Countrywide Financial Corp., 5.80%, 6/7/12		53		50
General Electric Capital Corp., 5.88%, 2/15/12		243		249
Goldman Sachs Group, Inc., 5.63%, 1/15/17		210		201
HSBC Finance Corp., 5.25%, 1/15/14 †		205		198
International Lease Finance Corp., 5.35%, 3/1/12 †		170		168
International Lease Finance Corp., 5.65%, 6/1/14		40		40
JP Morgan Chase & Co., 5.75%, 1/2/13		210		212
Lazard Group, 6.85%, 6/15/17		50		49
Lehman Brothers Holdings Capital Trust V, 5.86%, 11/29/49		101		93
Morgan Stanley, 5.63%, 1/9/12 5.55%, 4/27/17		200 135		200 130
Nelnet, Inc., 5.13%, 6/1/10		220		217
USB Realty Corp.,(1),(2) 6.09%, 12/22/49		100		95
				2,491
Electric—0.6%
AES (The) Corp., 9.50%, 6/1/09		240		248
Public Service Electric & Gas, 4.00%, 11/1/08		125		123
				371
Healthcare—Services—0.4%
HCA, Inc., 9.13%, 11/15/14		150		154
UnitedHealth Group, Inc., 4.88%, 3/15/15		125		118
				272
Holding Companies—Diversified—0.5%
Capmark Financial Group, Inc., (1) (2) 6.30%, 5/10/17 †		110		89
Kansas City Southern Railway, 9.50%, 10/1/08		245		249
				338
Insurance—0.1%
Protective Life Secured Trust, 4.85%, 8/16/10		90		90
Media—0.6%
Comcast Corp., 4.95%, 6/15/16 †		164		152
Time Warner Cable, Inc., (1) (2) 5.85%, 5/1/17		75		73
Time Warner, Inc., 5.88%, 11/15/16		145		142
				367
Mining—0.1%
Freeport-McMoRan Copper & Gold, Inc., 8.56%, 4/1/15		50		52

EQUITY PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS—9.1%—CONTINUED
Oil & Gas—1.5%
Chesapeake Energy Corp., 7.50%, 6/15/14 †	$	150	$	152
Devon Financing Corp. ULC, 6.88%, 9/30/11		140		148
Premcor Refining Group (The), Inc., 9.50%, 2/1/13		110		116
6.75%, 5/1/14		340		352
XTO Energy, Inc., 6.25%, 8/1/17		210		214
				982
Oil & Gas Services—0.3%
Dresser-Rand Group, Inc., 7.38%, 11/1/14		170		166
Pipelines—0.3%
Consolidated Natural Gas Co., 5.00%, 3/1/14		145		139
Kinder Morgan Energy Partners LP, 6.00%, 2/1/17 †		80		79
				218
Real Estate Investment Trusts—0.1%
iStar Financial, Inc., 5.88%, 3/15/16 †		75		68
Retail—0.1%
CVS Caremark Corp., 5.75%, 6/1/17		35		34
Telecommunications—0.4%
Sprint Capital Corp., 6.90%, 5/1/19 †		80		81
Verizon of New England, Inc., 6.50%, 9/15/11		170		176
				257
Total Corporate Bonds
(Cost $ 6,436)				5,909
FOREIGN ISSUER BONDS—1.6%
Banks—0.4%
BBVA International Preferred S.A. Unipersonal,(1),(2) 5.92%, 12/31/49		75		67
Lloyds TSB Group PLC,(1) (2) 6.27%, 11/29/49		85		79
Shinsei Finance Cayman Ltd.,(1),(2) 6.42%, 1/29/49	$	145	$	137
				283
Diversified Financial Services—0.2%
MUFG Capital Finance 1 Ltd., 6.35%, 7/29/49 †		84		80
SMFG Preferred Capital 1 Ltd.,(1) (2) 6.08%, 1/29/49 †		60		56
				136
Insurance—0.6%
Allied World Assurance Holdings Ltd.of Bermuda, 7.50%, 8/1/16 †		135		143
Catlin Insurance Co. Ltd. 7.25%, 12/31/49 †		100		93
XL Capital Ltd., 6.50%, 12/31/49		160		141
				377
Mining—0.2%
Vale Overseas Ltd., 6.25%, 1/11/16		125		126
Telecommunications—0.2%
Telefonos de Mexico SAB de CV, 4.75%, 1/27/10		140		139
Total Foreign Issuer Bonds
(Cost $ 1,104)				1,061
U.S. GOVERNMENT AGENCIES—5.1%(3)
Fannie Mae—0.7%
Pool #840577, 5.00%, 10/1/20		443		433
Freddie Mac—1.5%
5.25%, 10/6/11		1,000		1,004

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    4    EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

BALANCED PORTFOLIO (continued)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 5.1% (3) —CONTINUED
Freddie Mac Gold—2.9%
Pool #A51296, 6.00%, 8/1/36	$	1,921	$	1,920
Total U.S. Government Agencies
(Cost $3,350)				3,357
U.S. GOVERNMENT OBLIGATIONS—8.3%
U.S. Treasury Inflation Indexed Note—0.1%
2.63%, 7/15/17 †		63		65
U.S. Treasury Notes—8.2%
4.25%, 10/31/07 †		2,598		2,600
4.88%, 6/30/12 †		1,914		1,964
4.13%, 8/31/12		152		151
4.75%, 8/15/17 †		665		676
				5,391
Total U.S. Government Obligations
(Cost $5,407)				5,456
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANY—16.2%
Northern Institutional Funds - Liquid Assets Portfolio (4) (5)		10,675,390		10,675
Total Investment Companies
(Cost $10,675)				10,675
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT—3.7%
Calyon Financial Products (Guernsey) Ltd., Grand Cayman, Eurodollar Time Deposit, 5.28%, 9/4/07	$	2,457		2,457
Total Short-Term Investment
(Cost $2,457)				2,457
Total Investments—116.2%
(Cost $73,573)				76,463
Liabilities less Other Assets - (16.2)%				(10,649	)
NET ASSETS—100.0%			$	65,814

(1) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(2) Restricted security that has been deemed illiquid. At August 31, 2007, the value of these restricted illiquid securities amounted to approximately $801,000 or 1.2% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
ANZ Capital Trust, 4.48%, 1/29/49	9/21/06	$	204
BBVA International Preferred S.A. Unipersonal, 5.92%, 12/31/49	3/22/07		75
Capmark Financial Group, Inc., 6.30%, 5/10/17	5/3/07-6/21/07		108
Lloyds TSB Group PLC, 6.27%, 12/31/49	11/6/06-1/26/07		84
Shinsei Finance Cayman Ltd., 6.42%, 1/29/49	2/16/06-2/17/06		145
SMFG Preferred Capital 1 Ltd., 6.08%, 1/29/49	12/13/06		60
Time Warner Cable, Inc., 5.85%, 5/1/17	4/4/07		75
USB Realty Corp., 6.09%, 12/22/49	1/19/07		101

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(4) Investment in affiliated Portfolio

(5) Investment relates to cash collateral received from portfolio securities loaned.

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2007, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	73,573
Gross tax appreciation of investments	$	4,448
Gross tax depreciation of investments		(1,558	)
Net tax appreciation of investments	$	2,890

EQUITY PORTFOLIOS    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED NOTES—3.7%
Auto Receivables—0.7%
AmeriCredit Automobile Receivables Trust, Series 2007-BF, Class A1, 5.32%, 5/6/08	$	8,353	$	8,353
Capital One Auto Finance Trust, Series 2007-A, Class A1, 5.32%, 2/15/08		1,535		1,535
Ford Credit Auto Owner Trust, Series 2007-A, Class A1, (1) 5.35%, 7/15/08		55,483		55,483
Wachovia Auto Loan Owner Trust, Series 2007-1, Class A1, 5.34%, 6/20/08		23,418		23,418
				88,789
International Receivables—3.0%
Arkle Master Issuer PLC, FRN, Series 2007-1A, Class 1A, (1) 5.55%, 9/17/07		40,000		40,000
Granite Master Issuer PLC, FRN, Series 2007-2, Class 4A1, 5.55%, 9/17/07		30,000		30,000
Holmes Master Issuer PLC, FRN, Series 2006-1A, Class 1A, (1) 5.59%, 9/17/07		48,000		48,000
Holmes Master Issuer PLC, FRN, Series 2007-1, Class 1A1, 5.59%, 9/17/07		38,000		38,000
Interstar Millennium Trust, FRN, Series 2006-2GA, Class A1, (1) 5.49%, 9/27/07		52,697		52,697
Paragon Mortgages PLC, FRN, Series 12A, Class A1, (1) 5.60%, 9/17/07		41,483		41,483
Paragon Mortgages PLC, FRN, Series 14A, Class A1, (1) 5.61%, 9/17/07		50,000		50,000
Permanent Master Issuer PLC, FRN, Series 2006-1, Class 1A, 5.59%, 9/17/07		55,000		55,000
Permanent Master Issuer PLC, FRN, Series 2007-1, Class 1A, 5.59%, 9/17/07		20,000		20,000
Westpac Securitization Trust, FRN, Series 2007-1G, Class A1, (1) 5.47%, 11/21/07		30,646		30,646
				405,826
Total Asset-Backed Notes (Cost $494,615)				494,615
CERTIFICATES OF DEPOSIT—19.0%
Domestic Depository Institutions—0.6%
Suntrust Bank, FRCD, 5.56%, 9/14/07		22,000		22,000
Washington Mutual Bank, FRCD, 5.34%, 9/17/07		58,000		58,000
				80,000
Foreign Depository Institutions—18.4%
ABN AMRO Bank N.V., Chicago Branch, 5.35%, 1/16/08		40,000		40,000
ABN AMRO Bank, London Branch, 5.32%, 5/27/08		35,000		35,000
Allied Irish Bank, London Branch, 5.44%, 6/16/08		50,000		50,000
Bank of Montreal, Chicago Branch, FRCD, 5.39%, 9/1/07		70,000		70,000
Bank of Nova Scotia, FRCD, 5.51%, 9/28/07		30,000		29,998
Barclays Bank, New York Branch, 5.35%, 10/2/07		30,000		30,000
5.35%, 1/22/08		25,000		25,000
5.35%, 4/14/08		40,000		40,000
5.30%, 5/22/08		30,000		30,000

MONEY MARKET PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT—19.0%—CONTINUED
Foreign Depository Institutions—18.4%—(continued)
BNP Paribas, London Branch, 5.26%, 9/17/07	$	35,000	$	35,000
5.30%, 9/21/07		75,000		75,000
5.31%, 2/22/08		40,000		40,000
BNP Paribas, New York Branch, 5.28%, 1/11/08		25,000		25,000
CALYON, New York Branch, FRCD, 5.33%, 9/1/07		35,000		35,000
5.37%, 9/1/07		50,000		49,995
Canadian Imperial Bank of Commerce, New York Branch, 5.39%, 9/1/07, FRCD		80,000		80,000
5.30%, 11/5/07		50,000		50,000
Credit Agricole, London Branch, 5.30%, 2/7/08		50,000		50,000
Credit Suisse First Boston, New York Branch, 5.30%, 1/14/08		50,000		50,000
5.33%, 1/16/08		73,000		73,000
5.25%, 4/11/08		30,000		30,000
Credit Suisse, New York Branch, 5.36%, 4/10/08		45,000		45,000
Deutsche Bank, London Branch, 5.41%, 9/1/07, FRCD		30,000		30,000
5.36%, 10/19/07		50,000		50,000
Deutsche Bank, New York Branch, 5.25%, 10/3/07		40,000		39,997
DNB NOR Bank, London Branch, 5.33%, 9/28/07		40,000		40,000
5.38%, 11/13/07		40,000		40,000
HBOS Treasury Services, London Branch, 5.41%, 9/20/07		69,000		69,000
HBOS Treasury Services, New York Branch, 5.22%, 12/17/07		50,000		50,000
5.35%, 6/4/08		40,000		40,000
Intesa San Paolo Spa, London Branch, 5.31%, 9/28/07		15,000		15,000
Intesa San Paolo Spa, New York Branch, 5.45%, 9/10/07		50,000		50,000
Lloyds Bank, New York Branch, 5.30%, 10/9/07		75,000		75,000
5.30%, 2/22/08		40,000		40,000
Monte Dei Paschi di Siena, London Branch, 5.32%, 10/25/07		35,000		35,000
National Australia Bank, London Branch, 5.40%, 6/12/08		43,000		43,000
National Bank of Canada, New York Branch, 5.29%, 9/4/07, FRCD		100,000		99,986
5.36%, 1/22/08		40,000		40,000
Nordea Bank Finland, New York Branch, 5.26%, 4/11/08		30,000		29,999
5.30%, 5/22/08		60,000		59,999
Royal Bank of Canada, New York Branch, 5.37%, 10/25/07		75,000		75,000
Royal Bank of Scotland, New York Branch, 5.27%, 9/7/07, FRCD		46,300		46,293
5.28%, 1/11/08		35,000		35,000
5.29%, 2/11/08		73,000		73,000

MONEY MARKET PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT—19.0%—CONTINUED
Foreign Depository Institutions—18.4%—(continued)
Skandinaviska Enskilda Banken, 5.31%, 9/1/07, FRCD	$	40,000	$	40,000
5.31%, 11/7/07		34,000		34,000
Societe Generale, London Branch, 5.26%, 9/17/07		47,000		47,000
5.32%, 10/2/07		50,000		50,000
5.32%, 10/16/07		50,000		50,000
5.30%, 1/2/08		30,000		30,000
5.30%, 1/3/08		42,500		42,500
Societe Generale, New York Branch, FRCD, 5.39%, 9/1/07		50,000		50,001
UBS AG, Stamford Branch, 5.25%, 4/10/08		40,000		40,000
				2,447,768
Total Certificates of Deposit (Cost $2,527,768)				2,527,768
COMMERCIAL PAPER—18.8%
Auto Receivables—0.5%
New Center Asset Trust, 5.31%, 9/7/07		75,000		74,934
Bank Holding Companies—0.4%
Citigroup Funding, Inc., 5.18%, 2/20/08		50,000		48,763
Collateralized Loan Obligations—0.4%
Simba Funding Corp., 5.26%, 9/11/07		49,943		49,870
Credit Card Master Trust—0.5%
BA Credit Card Trust, Emereald Certificates, (1) 5.30%, 10/4/07		30,000		29,854
Capital One Multi Execution Trust, Nova Notes, (1) 5.29%, 9/13/07		40,000		39,929
				69,783
Foreign Depository Institutions—0.4%
UBS Finance (Delaware), Inc., 5.25%, 10/12/07		50,000		49,701
Multi-Seller Conduits—12.8%
Alpine Securitization, 5.32%, 9/7/07		80,000		79,929
5.25%, 10/22/07		15,000		14,889
Apreco, 5.29%, 9/7/07		28,000		27,975
Barton Capital Corp., 5.31%, 9/14/07		30,000		29,942
Bryant Park Funding LLC, 5.32%, 9/7/07		25,000		24,978
Cedar Springs Capital Co., 6.35%, 9/4/07		40,000		39,979
6.30%, 9/5/07		53,000		52,963
5.27%, 9/12/07		11,389		11,371
5.28%, 9/18/07		29,402		29,329
5.27%, 9/20/07		21,815		21,754
5.27%, 9/21/07		12,400		12,364
Charta Corp., 5.27%, 9/17/07		50,000		49,883
5.28%, 10/22/07		45,000		44,663

MONEY MARKET PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER—18.8%—CONTINUED
Multi-Seller Conduits—12.8%—(continued)
Concord Minuteman Capital Co., (1) 5.26%, 10/18/07	$	40,000	$	39,725
5.33%, 11/5/07		25,000		24,759
Corporate Receivables Corp., 5.28%, 9/20/07		15,000		14,958
Crown Point Capital Co., 5.31%, 9/5/07, FRCP		55,000		54,997
5.31%, 9/10/07, FRCP (1)		90,000		89,991
5.29%, 10/25/07 (1)		40,000		39,683
Gemini Securitization, 5.27%, 9/25/07		25,000		24,912
5.48%, 11/9/07		20,000		19,790
Gotham Funding Corp., (1) 5.28%, 10/4/07		30,000		29,855
Jupiter Securitization Corp., (1) 5.32%, 9/4/07		15,000		14,993
Legacy Capital LLC, (1) 5.31%, 9/5/07		30,094		30,076
Lexington Parker Capital, 5.28%, 9/4/07, FRCP		75,000		75,000
5.31%, 10/9/07, FRCP		265,000		264,962
5.29%, 11/14/07		50,000		49,456
Liberty Street Funding Co., 5.31%, 9/4/07		65,000		64,971
Rheingold Securitization Ltd., 5.37%, 9/7/07		90,000		89,919
Sheffield Receivables Corp., 6.15%, 9/4/07		100,000		99,949
5.35%, 9/18/07		35,000		34,912
Thames Asset Global Securitization Number One, Inc., 6.15%, 9/4/07		50,000		49,974
5.31%, 9/17/07		20,000		19,953
Thunder Bay Funding, Inc., 5.28%, 9/6/07		15,000		14,989
5.26%, 10/30/07		5,000		4,957
Versailles, 5.27%, 9/24/07		21,600		21,527
5.29%, 10/26/07		26,000		25,790
5.28%, 11/1/07		50,000		49,553
Yorktown Capital LLC, 5.26%, 10/26/07		20,000		19,839
				1,709,509
Single-Seller Conduits—1.4%
Picaros Funding LLC, 5.27%, 9/25/07		50,000		49,824
5.29%, 10/3/07		50,000		49,765
Ticonderoga Funding LLC, (1) 5.31%, 9/6/07		50,000		49,963
5.33%, 9/7/07		40,000		39,965
				189,517
Structured Investment Vehicles—2.4%
Aquifer Funding LLC, 5.32%, 2/8/08		75,000		73,228
Cancara Asset Securitization, Ltd., 6.20%, 9/5/07		50,000		49,966
5.26%, 10/29/07		40,000		39,661

MONEY MARKET PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER—18.8%—CONTINUED
Structured Investment Vehicles—2.4%—(continued)
North Sea Funding LLC, 5.25%, 9/4/07	$	32,128	$	32,114
6.20%, 9/5/07		125,000		124,914
				319,883
Total Commercial Paper (Cost $2,511,960)				2,511,960
CORPORATE NOTES/BONDS—24.5%
Bank Holding Companies—0.5%
Citigroup Funding, Inc., FRN, 5.50%, 11/13/07		40,000		40,000
HSBC U.S.A., Inc., FRN, 5.61%, 9/17/07		30,000		30,000
				70,000
Chemicals and Allied Products—0.3%
BASF Finance Europe N.V., FRN, (1) 5.35%, 10/22/07		40,000		40,000
Domestic Depository Institutions—2.5%
American Express Centurion Bank, FRN, 5.67%, 9/17/07		25,000		25,005
5.54%, 9/18/07		39,000		39,004
Marshall & Ilsley Bank, MTN, 5.16%, 12/17/07		115,000		114,950
National City Bank, FRN, 5.41%, 9/1/07		35,000		35,000
5.33%, 10/26/07		40,000		40,000
Wachovia Bank, N.A., FRN, 5.35%, 9/4/07		41,000		41,003
Washington Mutual Bank, FRN, 5.57%, 11/16/07		40,000		40,005
				334,967
Foreign Depository Institutions—6.3%
Allied Irish Banks PLC, FRN, (1) 5.52%, 9/19/07		50,000		50,000
Australia and New Zealand Banking Group, FRN, (1) 5.34%, 9/5/07		80,000		80,000
5.33%, 9/7/07		20,000		20,000
5.52%, 9/24/07		25,000		25,000
Bank of Nova Scotia, FRN, 5.45%, 9/28/07		50,000		49,984
Credit Agricole, London Branch, FRN, (1) 5.33%, 9/24/07		60,000		60,000
Danske Bank, FRN, (1) 5.51%, 9/20/07		40,000		39,997
Nordea Bank Finland, New York, FRN, (1) 5.56%, 9/11/07		83,290		83,290
Royal Bank of Canada, FRN, 5.40%, 9/10/07		28,000		28,001
Royal Bank of Scotland PLC, FRN, (1) 5.52%, 9/21/07		75,000		75,000
5.37%, 10/11/07		61,600		61,616
UBS AG, Stamford, 5.56%, 9/16/07, FRN		50,000		50,000
5.40%, 11/28/07		118,000		118,000
Westpac Banking Corp., FRN, 5.42%, 9/11/07		20,000		20,000

MONEY MARKET PORTFOLIOS    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS—24.5%—CONTINUED
Foreign Depository Institutions—6.3%—(continued)
Westpac Banking Corp., New York, FRN, (1) (2) 5.31%, 9/6/07	$	78,000	$	78,000
				838,888
Insurance Carriers—1.8%
Allstate Life Global Funding II, FRN, (1) 5.69%, 9/17/07		30,000		30,000
Genworth Global Funding, FRN, (1) 5.53%, 9/11/07		43,000		43,000
ING Verzekeringen NV, FRN, (1) 5.30%, 9/4/07		63,000		63,000
MET Life Global Funding I, FRN, (1) 5.70%, 9/17/07		55,000		55,000
5.49%, 9/24/07		50,000		50,000
				241,000
Non-Depository Personal Credit—1.7%
American Express Bank, FSB, FRN, 5.33%, 9/7/07		21,210		21,213
General Electric Capital Corp., FRN, 5.52%, 9/24/07		83,000		83,000
5.41%, 10/15/07		40,000		40,013
HSBC Finance Corp., FRN, 5.34%, 9/6/07		35,000		35,000
5.55%, 9/24/07		40,000		40,000
				219,226
Paper and Allied Products—0.3%
Kimberly-Clark, (1) 5.26%, 12/19/07		35,000		35,000
Security and Commodity Brokers—3.5%
Bear Stearns Co., Inc., FRN, 5.43%, 9/5/07		25,000		25,000
Goldman Sachs, FRN, 5.48%, 9/1/07		30,000		30,000
5.32%, 9/4/07		30,000		30,000
5.36%, 10/25/07 (1)		50,000		50,000
Merrill Lynch & Co., FRN, 5.41%, 9/4/07		55,000		55,000
5.52%, 9/18/07		65,000		65,000
5.51%, 9/24/07		30,000		30,000
5.34%, 11/23/07		35,000		35,000
Morgan Stanley, FRN, 5.69%, 9/17/07		30,000		30,000
5.60%, 9/27/07		120,000		120,001
				470,001
Structured Investment Vehicles—7.6%
Asscher Finance Corp., FRN, (1) 5.33%, 9/25/07		45,000		45,000
Beta Finance, Inc., FRN, (1) 5.35%, 10/29/07		25,000		25,004
CC USA, Inc., FRN, (1) 5.51%, 9/25/07		41,500		41,503
5.48%, 11/20/07		40,000		39,994

MONEY MARKET PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS—24.5%—CONTINUED
Structured Investment Vehicles—7.6%—(continued)
Cullinan Finance Corp., (1)
5.47%, 9/28/07, FRN	$	70,000	$	69,994
5.32%, 10/9/07, FRN		40,000		39,997
5.33%, 10/25/07, FRN		55,000		54,993
5.33%, 11/26/07, FRN		60,000		59,977
5.36%, 4/15/08		55,000		55,000
5.35%, 5/15/08, FRN		55,000		55,000
Dorada Finance, Inc., (1)
5.50%, 9/25/07, FRN		30,000		30,002
5.32%, 5/27/08		50,000		49,998
Five Finance, FRN, (1)
5.33%, 9/14/07		30,000		30,000
Links Finance LLC, MTN, FRN, (1)
5.31%, 9/7/07		20,000		20,000
5.33%, 10/15/07		40,000		39,998
5.32%, 10/18/07		45,000		44,997
Sigma Finance, Inc., MTN, (1)
5.52%, 9/1/07, FRN		55,000		54,997
5.33%, 9/17/07, FRN		40,000		39,997
5.60%, 9/17/07, FRN		46,000		46,003
5.35%, 10/5/07, FRN		14,000		14,000
5.35%, 5/19/08		45,000		45,000
5.37%, 6/3/08		25,000		25,000
Whistlejacket Capital LLC, FRN, (1)
5.32%, 10/23/07		25,000		24,996
White Pine Finance, FRN, (1)
5.57%, 9/17/07		25,000		24,997
5.32%, 10/19/07		40,000		39,995
				1,016,442
Total Corporate Notes/Bonds (Cost $3,265,524)				3,265,524
EURODOLLAR TIME DEPOSITS—12.7%
Domestic Depository Institutions—0.5%
Bank of America, Grand Cayman,
5.32%, 9/14/07		32,000		32,000
Bank of America, Toronto, Canada,
5.31%, 9/4/07		38,000		38,000
				70,000
Foreign Depository Institutions—12.2%
Abbey National PLC, London,
5.38%, 9/4/07		178,000		178,000
ABN AMRO Bank, Amsterdam, Netherlands,
5.35%, 9/4/07		140,000		140,000
BNP Paribas, London,
5.35%, 9/4/07		134,000		134,000
CALYON, Grand Cayman,
5.27%, 9/4/07		100,000		100,000
Credit Industriel et Commercial, Paris, France,
5.30%, 9/4/07		80,000		80,000
Danske Bank, Copenhagen, Denmark,
5.35%, 9/4/07		207,500		207,500
Dexia Bank Belgium, Brussels,
5.35%, 9/4/07		115,000		115,000

MONEY MARKET PORTFOLIOS    7    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
EURODOLLAR TIME DEPOSITS—12.7%—CONTINUED
Foreign Depository Institutions—12.2%—(continued)
ING Bank, Amsterdam,
5.28%, 9/4/07	$	450,000	$	450,000
5.33%, 9/25/07		40,000		40,000
5.34%, 10/2/07		35,000		35,000
5.31%, 11/1/07		50,000		50,000
KBC Bank N.V., London,
5.38%, 9/4/07		100,000		100,000
				1,629,500
Total Eurodollar Time Deposits (Cost $1,699,500)				1,699,500
MUNICIPAL INVESTMENTS—1.1%
Administration of Environmental and Housing Programs—0.3%
Florida Housing Finance Corp., Taxable Revenue Bonds, Series 2002A, Affordable Housing (AMBAC Insured), 5.47%, 9/11/07		6,500		6,500
State of Texas G.O. Taxable, Veterans’ Land Refunding Bonds, Series 2000, 5.45%, 9/11/07		20,000		20,000
State of Texas G.O. Taxable VRDB, Veterans’ Land Refunding Bonds, Series 2002, 5.45%, 9/11/07		9,750		9,750
				36,250
Amusement and Recreation Services—0.0%
Downtown Marietta, Georgia, Development Authority Taxable Revenue Bonds, Series A, Conference Center Project, 5.58%, 9/11/07		1,000		1,000
Executive, Legislative and General Government—0.5%
Colorado Housing Finance Authority Taxable Revenue Bonds, Single Family Mortgage, Class I C-1 2006, 5.75%, 9/11/07		30,600		30,600
Cook County, Illinois, G.O. Taxable Bonds, Series 2002A, 5.59%, 9/11/07		20,600		20,600
Cook County, Illinois, G.O. Taxable Bonds, Series 2004D, 5.61%, 9/11/07		15,000		15,000
				66,200
Miscellaneous Retail—0.1%
Macon-Bibb County, Georgia, IDR, Taxable Revenue Bonds, Bass Pro Outdoor World LLC (General Electric Capital Corp. LOC), (1) 5.66%, 9/11/07		12,700		12,700
Specialty Hospitals—0.0%
Arizona State University Taxable Revenue Bonds, Series 2004B, Nanotechnology Research Project (MBIA Insured), 5.60%, 9/11/07		1,600		1,600
Student Loans—0.1%
Illinois Student Assistance Commission Student Loan VRDB Taxable, Series D (Bank of America N.A. LOC), 5.60%, 9/11/07		11,000		11,000
Water Services—0.1%
Los Angeles, California, Department of Water and Power Waterworks Taxable VRDB, Series B-1, 5.51%, 9/11/07		13,400		13,400
Total Municipal Investments (Cost $142,150)				142,150
Investments, at Amortized Cost ($10,641,517)				10,641,517

MONEY MARKET PORTFOLIOS    8    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS—19.9%
(Colld. at a minimum of 102%) (3)
Joint Repurchase Agreements—2.5%
Morgan Stanley, New York Branch, dated 8/31/07, repurchase price $152,251 5.10%, 9/4/07	$	152,165	$	152,165
Societe Generale, New York Branch, dated 8/31/07, repurchase price $76,126 5.10%, 9/4/07		76,083		76,083
UBS Securities LLC, dated 8/31/07, repurchase price $114,189 5.10%, 9/4/07		114,124		114,124
				342,372
(Colld. at a minimum of 102%) (4)
Repurchase Agreements—17.4%
Bank of America N.A., dated 8/31/07, repurchase price $595,355 5.37%, 9/4/07		595,000		595,000
Bear Stearns, Inc., dated 8/31/07, repurchase price $16,573 5.38%, 9/4/07		16,563		16,563
Citigroup Global Markets, Inc., dated 8/31/07, repurchase price $630,378 5.40%, 9/4/07		630,000		630,000
Credit Suisse First Boston Corp., dated 8/31/07, repurchase price $420,250 5.35%, 9/4/07		420,000		420,000
Deutsche Bank Securities, Inc., dated 8/31/07, repurchase price $215,129 5.40%, 9/4/07		215,000		215,000
Goldman Sachs & Co., dated 8/31/07, repurchase price $50,030 5.39%, 9/4/07		50,000		50,000
UBS Securities LLC, dated 8/31/07, repurchase price $390,229 5.28%, 9/4/07		390,000		390,000
				2,316,563
Total Repurchase Agreements (Cost $2,658,935)				2,658,935
Total Investments—99.7% (Cost $13,300,452) (5)				13,300,452
Other Assets less Liabilities—0.3%				37,738
NET ASSETS—100.0%			$	13,338,190

(1) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(2) Restricted security that has been deemed illiquid. At August 31, 2007, the value of this restricted illiquid security amounted to approximately $78,000,000 or 0.6% of net assets. Additional information on this restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Westpac Banking Corp., New York, FRN, 5.31%, 9/6/07	11/21/06	$	78,000

MONEY MARKET PORTFOLIOS    9    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

(3) The nature and terms of the collateral received for the joint repurchase agreements are as follows:

NAME	COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	2.00% - 12.50%	8/15/14 - 4/15/29
U.S. Treasury Notes	1.88% - 2.00%	1/15/14 - 7/15/15
(4)    The nature and terms of the collateral received for the repurchase agreements are as follows:
NAME	COUPON RATES	MATURITY DATES
FHLMC	0.00% - 7.50%	9/1/18 - 8/1/37
FNMA	4.00% - 7.00%	3/1/18 - 9/1/37

(5) The cost for federal income tax purposes was $13,300,452.

Percentages shown based on Net Assets.

MONEY MARKET PORTFOLIOS    10    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

With respect to the Schedule of Investments, the percentage shown for each investment category reflects the value of investments in that category as a percentage of the net assets.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted notes, or, for floating rate securities, the current reset rate.

Maturity dates represent either the stated date on the security or the next interest reset/puttable date for floating and variable rate securities.

Interest rates are reset daily and interest is payable monthly with respect to all joint repurchase agreements.

EXPLANATION OF ABBREVIATIONS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS

AMBAC	American Municipal Bond Assurance Corporation
Colld.	Collateralized
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FRCD	Floating Rate Certificates of Deposit
FRCP	Floating Rate Commercial Paper
FRN	Floating Rate Notes
FSB	Federal Savings Bank
G.O.	General Obligation
IDR	Industrial Development Revenue
LOC	Letter of Credit
MBIA	Municipal Bond Insurance Association
MTN	Medium Term Notes
VRDB	Variable Rate Demand Bonds

MONEY MARKET PORTFOLIOS    11    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES—56.2% (1)
Fannie Mae—18.7%
FNMA Bonds,
3.65%, 11/30/07	$	5,940	$	5,917
3.88%, 2/1/08		23,000		22,866
FNMA Discount Notes,
5.16%, 9/4/07		50,000		49,979
5.21%, 9/4/07		35,000		34,985
5.22%, 9/4/07		70,000		69,969
4.89%, 10/26/07		20,000		19,850
5.18%, 11/1/07		159,978		158,575
5.07%, 12/7/07		55,000		54,249
5.01%, 6/27/08		20,000		19,165
FNMA FRN,
5.20%, 9/28/07		50,000		49,995
FNMA Notes,
4.38%, 9/7/07		8,625		8,624
4.25%, 9/15/07		30,000		29,983
4.90%, 11/28/07		13,968		13,955
4.63%, 1/15/08		10,000		9,976
				548,088
Federal Farm Credit Bank—12.8%
FFCB Discount Note,
4.83%, 11/2/07		25,000		24,792
FFCB FRN,
5.16%, 9/1/07		50,000		49,986
5.19%, 9/2/07		50,000		49,995
5.41%, 9/12/07		25,000		24,998
5.42%, 9/19/07		85,000		84,998
5.36%, 9/22/07		25,000		24,996
5.38%, 9/25/07		25,000		24,999
5.38%, 9/27/07		50,000		49,996
5.37%, 9/30/07		20,000		20,000
5.36%, 11/28/07		20,000		19,994
				374,754
Federal Home Loan Bank—13.6%
FHLB Bonds,
5.25%, 9/5/07		20,000		20,000
5.25%, 11/2/07		20,000		19,999
5.13%, 2/12/08		10,000		9,994
5.30%, 2/13/08		50,000		50,000
5.25%, 7/10/08		25,000		24,995
FHLB Discount Note,
4.20%, 9/4/07		107,457		107,419
FHLB FRN,
5.20%, 10/2/07		15,000		14,997
5.20%, 10/10/07		20,000		19,997
5.20%, 10/24/07		25,000		24,991
5.24%, 11/11/07		75,000		74,999
5.33%, 11/30/07		30,000		29,990
				397,381
Freddie Mac—11.1%
FHLMC Discount Notes,
5.10%, 9/20/07		60,000		59,839
4.89%, 10/16/07		50,000		49,694
5.12%, 12/10/07		55,000		54,218

MONEY MARKET PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES—56.2% (1)—CONTINUED
Freddie Mac—11.1%—(continued)
FHLMC FRN,
5.22%, 9/17/07	$	110,000	$	109,999
5.36%, 9/26/07		15,000		14,996
FHLMC Notes,
4.63%, 10/5/07		20,000		19,989
4.38%, 11/16/07		17,000		16,969
				325,704
Total U.S. Government Agencies (Cost $1,645,927)				1,645,927
REPURCHASE AGREEMENTS—43.9%
(Colld. at a minimum of 102%) (2)
Joint Repurchase Agreements—2.0%
Morgan Stanley & Co., Inc., dated 8/31/07, repurchase price $26,309 5.10%, 9/4/07		26,294		26,294
Societe Generale, New York Branch, dated 8/31/07, repurchase price $13,154 5.10%, 9/4/07		13,147		13,147
UBS Securities LLC, dated 8/31/07, repurchase price $19,732 5.10%, 9/4/07		19,720		19,720
				59,161
(Colld. at a minimum of 102%) (3)
Repurchase Agreements—41.9%
Bank of America, N.A., dated 8/31/07, repurchase price $250,149 5.37%, 9/4/07		250,000		250,000
Bear Stearns, Inc., dated 8/31/07, repurchase price $196,567 5.38%, 9/4/07		196,450		196,450
Citigroup Global Markets, Inc., dated 8/31/07, repurchase price $350,210 5.40%, 9/4/07		350,000		350,000
Credit Suisse First Boston Corp., dated 8/31/07, repurchase price $235,140 5.35%, 9/4/07		235,000		235,000
HSBC Securities (USA), Inc., dated 8/31/07, repurchase price $115,068 5.36%, 9/4/07		115,000		115,000
UBS Securities LLC, dated 8/31/07, repurchase price $80,483 5.13%, 9/4/07		80,437		80,437
				1,226,887
Total Repurchase Agreements (Cost $1,286,048)				1,286,048
Total Investments—100.1% (Cost $2,931,975) (4)				2,931,975
Liabilities less Other Assets—(0.1)%				(5,041	)
NET ASSETS—100.0%			$	2,926,934

(1) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(2) The nature and terms of the collateral received for the joint repurchase agreements are as follows:

MONEY MARKET PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

NAME	COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	2.00% - 12.50%	8/15/14 - 4/15/29
U.S. Treasury Notes	1.88% - 2.00%	1/15/14 - 7/15/15

(3) The nature and terms of the collateral received for the repurchase agreements are as follows:

NAME	COUPON RATES	MATURITY DATES
FHLMC	0.00% - 7.50%	2/1/09 - 5/15/37
FNMA	4.00% - 8.50%	1/1/08 - 9/1/37
GNMA	0.00%	7/20/34

(4) The cost for federal income tax purposes was $2,931,975.

Percentages shown based on Net Assets.

MONEY MARKET PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

GOVERNMENT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

With respect to the Schedule of Investments, the percentage shown for each investment category reflects the value of investments in that category as a percentage of the net assets.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted notes, or, for floating rate securities, the current reset rate.

Maturity dates represent either the stated date on the security or the next interest reset/puttable date for floating and variable rate securities.

Interest rates are reset daily and interest is payable monthly with respect to all joint repurchase agreements.

EXPLANATION OF ABBREVIATIONS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS

Colld.	Collateralized
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FRN	Floating Rate Notes
GNMA	Government National Mortgage Association

MONEY MARKET PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES—100.1% (1)
Federal Farm Credit Bank—16.9%
FFCB Discount Notes,
4.20%, 9/4/07	$	125,000	$	124,956
5.14%, 9/7/07		50,000		49,957
4.89%, 10/15/07		20,000		19,881
4.83%, 11/2/07		26,000		25,784
4.99%, 11/8/07		22,029		21,822
FFCB FRN,
5.16%, 9/1/07		70,000		69,980
5.19%, 9/1/07		50,000		49,999
5.19%, 9/2/07		75,000		74,992
5.21%, 9/4/07		40,000		40,000
5.20%, 9/6/07		17,000		16,997
5.41%, 9/12/07		55,000		54,996
5.24%, 9/19/07		75,000		74,998
5.42%, 9/19/07		75,000		74,998
5.36%, 9/22/07		160,000		159,977
5.37%, 9/23/07		25,000		24,994
5.36%, 9/24/07		40,000		40,000
5.38%, 9/25/07		120,000		119,995
5.38%, 9/27/07		85,000		84,994
5.37%, 9/30/07		55,000		54,999
5.36%, 11/28/07		40,000		39,988
				1,224,307
Federal Home Loan Bank—83.2%
FHLB Bonds,
5.25%, 9/5/07		55,000		55,000
5.13%, 9/7/07		22,155		22,154
4.25%, 9/26/07		7,950		7,945
5.25%, 11/2/07		110,200		110,196
5.25%, 11/5/07		45,000		44,998
5.25%, 11/16/07		55,000		54,998
5.25%, 11/21/07		50,000		50,000
4.50%, 12/14/07		6,815		6,800
5.25%, 12/18/07		25,000		25,000
5.25%, 12/26/07		25,000		25,000
3.38%, 1/18/08		5,000		4,965
5.50%, 1/28/08		5,650		5,655
5.25%, 1/29/08		40,000		40,000
3.85%, 1/30/08		5,000		4,972
4.63%, 2/1/08		13,430		13,395
5.25%, 2/1/08		25,000		25,000
5.13%, 2/12/08		72,000		71,955
5.30%, 2/13/08		60,000		60,000
3.38%, 2/15/08		9,000		8,925
3.63%, 2/15/08		4,500		4,468
3.76%, 2/15/08		5,000		4,967
5.30%, 2/25/08		40,000		40,000
5.13%, 2/28/08		26,600		26,580
5.10%, 3/6/08		40,000		39,969
4.00%, 3/10/08		23,530		23,385
2.75%, 3/14/08		40,000		39,493
4.38%, 3/14/08		11,500		11,450
5.25%, 7/10/08		50,000		49,989

MONEY MARKET PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES—100.1% (1)—CONTINUED
Federal Home Loan Bank—83.2%—(continued)
FHLB Discount Notes,
4.20%, 9/4/07	$	2,710,331	$	2,709,382
5.15%, 9/5/07		31,200		31,182
5.16%, 9/5/07		37,000		36,979
5.17%, 9/7/07		48,600		48,558
4.45%, 9/10/07		155,071		154,898
4.60%, 9/10/07		50,000		49,943
4.60%, 9/11/07		200,000		199,744
4.35%, 9/12/07		92,678		92,555
4.56%, 9/12/07		100,000		99,861
5.18%, 9/12/07		31,400		31,350
4.60%, 9/14/07		32,945		32,890
4.65%, 9/18/07		139,826		139,519
4.65%, 9/19/07		114,400		114,134
5.14%, 9/21/07		19,033		18,979
5.15%, 9/26/07		28,000		27,900
5.15%, 9/28/07		10,075		10,036
5.14%, 10/3/07		50,000		49,772
5.15%, 10/5/07		50,000		49,757
5.14%, 10/10/07		38,900		38,684
5.14%, 10/12/07		63,300		62,930
5.10%, 11/2/07		50,000		49,561
5.14%, 11/2/07		25,000		24,779
5.14%, 11/7/07		65,000		64,379
5.11%, 11/8/07		100,000		99,035
5.14%, 11/14/07		60,000		59,366
5.13%, 11/15/07		100,000		98,931
5.08%, 11/23/07		69,074		68,265
5.09%, 12/12/07		34,700		34,200
FHLB FRN,
5.20%, 9/11/07		100,000		99,957
5.21%, 9/17/07		64,100		64,072
5.20%, 10/2/07		45,000		44,991
5.20%, 10/10/07		113,000		112,983
5.20%, 10/24/07		50,000		49,982
5.24%, 11/11/07		155,000		154,998
5.33%, 11/30/07		65,000		64,979
FHLB Notes,
3.88%, 9/14/07		10,000		9,995
4.13%, 10/19/07		14,510		14,487
3.25%, 12/17/07		15,000		14,912
5.25%, 2/13/08		25,000		24,993
				6,031,177
Total U.S. Government Agencies (Cost $7,255,484)				7,255,484
Total Investments—100.1% (Cost $7,255,484) (2)				7,255,484
Liabilities less Other Assets—(0.1)%				(10,046	)
NET ASSETS—100.0%			$	7,245,438

(1) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(2) The cost for federal income tax purposes was $7,255,484.

Percentages shown based on Net Assets.

MONEY MARKET PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

GOVERNMENT SELECT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

With respect to the Schedule of Investments, the percentage shown for each investment category reflects the value of investments in that category as a percentage of the net assets.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted notes, or, for floating rate securities, the current reset rate.

Maturity dates represent either the stated date on the security or the next interest reset/puttable date for floating and variable rate securities.

EXPLANATION OF ABBREVIATIONS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS

FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FRN	Floating Rate Notes

MONEY MARKET PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—93.7%
Alabama—0.3%
Jefferson County Obligation School Warrant Revenue Bonds, Series 2005B (AMBAC Insured), 3.99%, 9/11/07	$	2,835	$	2,835
Arizona—1.8%
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-2, The Terraces Project (Lloyds TSB Bank LOC), 3.98%, 9/11/07		6,100		6,100
Salt River Project Agricultural Improvement and Power District Revenue Bonds, Citigroup Eagle Series 2006-14, (1) 4.04%, 9/11/07		2,300		2,300
Salt River Project Agricultural Improvement and Power District Revenue Bonds, Floater Series 2006-81TP, (1) 4.01%, 9/11/07		7,440		7,440
				15,840
California—0.4%
California State G.O., Kindergarten-University, Series 2004A-8 (Citibank N.A. LOC), 3.86%, 9/11/07		1,400		1,400
San Francisco City and County Redevelopment Agency Multifamily Housing Revenue VRDB, Series 1985A, Bayside Village Project (JPMorgan Chase Bank LOC), 3.89%, 9/11/07		2,300		2,300
				3,700
Colorado—2.5%
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Museum of Contemporary Art (KeyBank N.A. LOC), 4.07%, 9/11/07		5,500		5,500
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Series 2005, Kent Denver School Project (Bank of New York LOC), 4.04%, 9/11/07		5,150		5,150
Colorado Health Facilities Authority Revenue Refunding VRDB, Covenant Retirement (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		5,700		5,700
Colorado Health Facilities Authority Revenue VRDB, Series 2004B, Adventist Health System Sunbelt (SunTrust Bank LOC), 3.98%, 9/11/07		295		295
Park Creek Metropolitan District Revenue Bonds, Merrill Lynch P-Floats 157 (Danske Bank Gtd.), (1) (2) 3.68%, 2/14/08		5,000		5,000
Traer Creek Metropolitan District Revenue VRDB, Series 2004 (BNP Paribas LOC), 4.00%, 9/11/07		200		200
				21,845
District of Columbia—1.4%
District of Columbia Revenue VRDB, Series 2001, Henry J. Kaiser Foundation, 4.03%, 9/11/07		1,200		1,200
District of Columbia Water and Sewer Revenue Bonds, Citicorp Eagle Trust 8121A (FSA Corp. Insured), (1) 4.04%, 9/11/07		7,000		7,000
District of Columbia Water and Sewer Revenue Bonds, Series 1998, Citibank Eagle Trust 985201 (FSA Corp. Insured), (1) 4.04%, 9/11/07		4,200		4,200
				12,400
Florida—3.7%
Florida State Department of Transportation Revenue Bonds, Series 2005-A22, Wachovia MERLOTS, (1) (2) 3.78%, 11/1/07		12,395		12,395

MONEY MARKET PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—93.7%—CONTINUED
Florida—3.7%—(continued)
Highlands County Health Facilities Authority Revenue VRDB, Series 2000-A, Adventist Health System Sunbelt (FGIC Insured), 3.98%, 9/11/07	$	2,500	$	2,500
Jacksonville Health Facilities Authority Hospital Revenue VRDB, Series 2001, Baptist Medical Center Project (Wachovia Bank N.A. LOC), 3.98%, 9/4/07		100		100
Lee County IDA Healthcare Facilities Revenue VRDB, Series 1999B, Shell Point Village Project (Bank of America N.A. LOC), 3.98%, 9/11/07		1,900		1,900
Lee County IDA Healthcare Facilities Revenue VRDB, Series 2002A, Shell Point Village Project (Bank of America N.A. LOC), 3.98%, 9/11/07		2,360		2,360
Orange County IDA Revenue Refunding VRDB, Series 2007, Lake Highland School, Inc. (Bank of America N.A. LOC), 4.00%, 9/11/07		5,450		5,450
Palm Beach County Revenue VRDB, Series 2003, Morse Obligation Group (KeyBank N.A. LOC), 4.02%, 9/11/07		8,465		8,465
				33,170
Georgia—9.6%
Clayton County Development Authority Revenue VRDB, Series 2000A, Delta Airlines Project (General Electric Capital Corp. LOC), (1) 4.01%, 9/11/07		40,400		40,400
Fulton County Development Authority Revenue Bonds, Series 1999, Alfred and Adele Davis (Branch Banking & Trust Co. LOC), 3.98%, 9/11/07		12,300		12,300
Georgia State G.O. Bonds, Eagle Trust Series 97C1001, (1) 4.04%, 9/11/07		340		340
Macon-Bibb County Hospital Authority Revenue VRDB, Series 2003, Revenue Anticipation Certificates Medical Center of Central Georgia (SunTrust Bank LOC), 4.02%, 9/11/07		2,600		2,600
Macon Lease Revenue Refunding Bonds, Series 2004, Bibb County School District Project (Bibb County Gtd.), 3.96%, 9/11/07		2,510		2,510
Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue CP Notes VRDB, Series B (Dexia Bank Belgium LOC), 3.70%, 9/10/07		19,800		19,800
Smyrna Housing Authority Multifamily Housing Revenue Bonds, Series 1997, F& M Villages Project (FNMA Gtd.), 4.01%, 9/11/07		7,220		7,220
				85,170
Illinois—16.2%
Arlington Heights Multifamily Housing Revenue Refunding VRDB, Series 1997, Dunton Tower Apartments Project (Marshall & Ilsley Bank LOC), 3.96%, 9/11/07		3,980		3,980
Chicago Board of Education G.O., Series A, Merrill P-Floats PA-617, School Reform Board (FGIC Insured), (1) 4.09%, 9/11/07		4,995		4,995
Chicago Board of Education G.O. Variable Rate Certificates, Series 2000A, School Reform Board (FGIC Insured), (1) 4.03%, 9/11/07		4,205		4,205
Chicago G.O. Refunding Bonds, Series 1998, Citicorp Eagle Trust 981302 (FSA Corp. Insured), (1) 4.04%, 9/11/07		1,000		1,000
City of Chicago G.O. VRDB, Series 2002-B, 3.97%, 9/11/07		43,700		43,700

MONEY MARKET PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—93.7%—CONTINUED
Illinois—16.2%—(continued)
DuPage County Revenue VRDB, Benedictine University Building Project (National City Bank of Cleveland LOC), 4.03%, 9/11/07	$	3,600	$	3,600
Illinois Development Finance Authority Economic Development Revenue Bonds, Series 2003, Resurrection Center Project (Harris N.A. LOC), 3.98%, 9/11/07		4,910		4,910
Illinois Development Finance Authority Revenue Bonds, Series 2001, YMCA of Metropolitan Chicago Project (Harris N.A. LOC), 3.94%, 9/11/07		500		500
Illinois Finance Authority Revenue Bonds, Series 2006A, Chicago Christian (Fifth Third Bank LOC), 4.02%, 9/11/07		455		455
Illinois Finance Authority Revenue VRDB, Series 2006B, Loyola University Health System (Harris N.A. LOC), 3.93%, 9/11/07		34,700		34,700
Illinois Health Facilities Authority Revenue Bonds, Series 2003-B, Advocate Healthcare Network, 3.60%, 1/4/08		9,505		9,505
Illinois International Port District Revenue Refunding VRDB, Series 2003 (LaSalle Bank N.A. LOC), 4.05%, 9/11/07		3,000		3,000
Illinois State Sales TRB, Citigroup Series ROCS RR-II-R-4542, (1) 4.03%, 9/11/07		3,920		3,920
Kane County Revenue Bonds, Series 1993, Glenwood School for Boys (Harris N.A. LOC), 3.97%, 9/11/07		7,200		7,200
Morton Grove Cultural Facilities Revenue VRDB, Series 2006, Holocaust Museum (LaSalle Bank N.A. LOC), 4.01%, 9/11/07		9,500		9,500
Peoria IDR Bonds, Series 1997, Peoria Production Shop Project (JPMorgan Chase Bank LOC), 4.22%, 9/11/07		645		645
Rockford Revenue Bonds, Series 2002, Wesley Willows Obligation (Marshall & Ilsley Bank LOC), 4.01%, 9/4/07		1,640		1,640
Will County Revenue VRDB, Series 2004, Joliet Catholic Academy Project (Harris N.A. LOC), 4.05%, 9/11/07		6,250		6,250
				143,705
Indiana—1.8%
Indiana Bond Bank Revenue Notes, Series 2007A, Advanced Funding Program Notes, 4.25%, 1/31/08		5,000		5,012
Indiana Health and Educational Facilities Financing Authority Hospital Revenue Bonds, Series 2005, Harrison County Hospital Project (JPMorgan Chase Bank LOC), 3.98%, 9/4/07		800		800
Indiana Health and Educational Facilities Finance Authority Revenue Bonds, Series 2005A, Howard Regional Health System Project (Comerica Bank LOC), 4.03%, 9/4/07		1,000		1,000
Indiana Health Facility Financing Authority Revenue VRDB, Series 2000, Senior Living Greencroft Project (LaSalle Bank N.A. LOC), 4.00%, 9/11/07		1,161		1,161
Indiana Health Facility Financing Authority Revenue VRDB, Series 2004A, Margaret Mary Community Hospital Project (Fifth Third Bank LOC), 4.03%, 9/4/07		800		800

MONEY MARKET PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—93.7%—CONTINUED
Indiana—1.8%—(continued)
Indiana Public Improvement Bond Bank Revenue VRDB, Series A, ABN AMRO Munitops Certificate Trust Series 2002-7 (MBIA Insured), (1) 4.00%, 9/11/07	$	7,500	$	7,500
				16,273
Iowa—0.9%
Iowa Finance Authority Revenue VRDB, Series 2000, YMCA and Rehab Center Project (Bank of America N.A. LOC), 4.05%, 9/11/07		2,100		2,100
Iowa Finance Authority Revenue VRDB, Series 2003A, St. Luke’s Health Foundation of Sioux City Project (General Electric Capital Corp. LOC), 4.00%, 9/11/07		3,100		3,100
Iowa Higher Education Loan Authority Revenue Bonds, Series 2002, Luther College Project (U.S. Bank N.A. LOC), 3.98%, 9/11/07		3,000		3,000
Iowa Higher Education Loan Authority Revenue VRDB, Private College, Series 2003, Des Moines University Project (Allied Irish Bank LOC), 4.03%, 9/4/07		200		200
				8,400
Idaho—1.1%
Idaho State G.O. TANS, Series 2007, 4.50%, 6/30/08		10,000		10,062
Kansas—0.6%
Kansas Development Finance Authority Revenue VRDB, Series 1998BB, Shalom Village Obligation Group (Citibank N.A. LOC), 3.99%, 9/11/07		5,600		5,600
University of Kansas Hospital Authority Revenue VRDB, KU Health Systems (Harris N.A. LOC), 3.98%, 9/4/07		10		10
				5,610
Kentucky—2.6%
Fort Mitchell League of Cities Revenue VRDB, Series 2002A, Trust Lease Program (U.S. Bank N.A. LOC), 4.01%, 9/11/07		2,250		2,250
Kentucky Asset Liability Commission General Fund Revenue, Series 2007-A TRANS, 4.50%, 6/26/08		20,000		20,124
Morehead League of Cities Revenue VRDB, Series 2004A, Trust Lease Program (U.S. Bank N.A. LOC), 4.01%, 9/11/07		483		483
				22,857
Louisiana—0.2%
Jefferson Parish Hospital Revenue Refunding VRDB, Series 2004, East Jefferson General Hospital (JPMorgan Chase Bank LOC), 3.99%, 9/11/07		1,800		1,800
Massachusetts—0.7%
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Seashore Port-Deaconess, Inc. (Banco Santander Central Hispano LOC), 3.99%, 9/11/07		800		800
Massachusetts State G.O. Refunding VRDB, Series 2001C, 4.05%, 9/11/07		5,200		5,200
				6,000
Maryland—1.2%
Montgomery County Economic Development Revenue VRDB, Series 2004, Riderwood Village, Inc. Project (Manufacturers & Traders Trust Co. LOC), 4.04%, 9/11/07		10,500		10,500

MONEY MARKET PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—93.7%—CONTINUED
Michigan—4.1%
Detroit G.O. Limited TANS (Bank of Nova Scotia LOC), 4.50%, 3/1/08	$	13,460	$	13,511
Detroit School Building and Site Improvement G.O., Series 2002A, ABN AMRO Munitops Certificate Trust, Series 2003-10 (FGIC Insured), (1) 4.00%, 9/11/07		4,495		4,495
Michigan Municipal Bond Authority Revenue Notes, Series 2007 B-2 (Bank of Nova Scotia LOC), 4.50%, 8/20/08		3,000		3,023
Michigan State G.O. Notes, Series A 2006, 4.25%, 9/28/07		15,000		15,007
				36,036
Minnesota—1.4%
Center City, Minnesota Healthcare Facilities Revenue VRDB, Series 2002, Hazelden Foundation Project (Allied Irish Bank LOC), 3.98%, 9/11/07		2,400		2,400
Minneapolis Minnesota Health Care Systems Revenue Refunding VRDB, Series 2005C, Fairview Health Services (MBIA Insured), 3.93%, 9/11/07		6,600		6,600
Minnesota Housing Finance Agency Revenue Bonds, Residential Housing Finance, Series 2007A, 3.65%, 3/4/08		3,000		3,000
				12,000
Mississippi—0.9%
Mississippi Business Finance Corp. Revenue VRDB, Series 600, Concourse Project (Regions Bank LOC), 4.03%, 9/11/07		3,000		3,000
Mississippi Business Finance Corp. Revenue VRDB, Series 2000, St. Andrew's Episcopal School Project (Allied Irish Bank LOC), 3.98%, 9/11/07		2,000		2,000
Mississippi Medical Center Educational Building Corp. Revenue VRDB, Adult Hospital Project (AMBAC Insured), 3.98%, 9/4/07		2,705		2,705
				7,705
Missouri—1.1%
Chesterfield IDA Educational Facilities Revenue VRDB, Series 2003, Gateway Academy, Inc. Project (U.S. Bank N.A. LOC), 4.03%, 9/4/07		395		395
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Coach House South Apartments (FHLMC LOC), 4.01%, 9/11/07		1,700		1,700
Kirkwood Tax Increment Revenue Refunding VRDB, Series 2004, Kirkwood Commons Project (U.S. Bank N.A. LOC), 4.03%, 9/4/07		1,100		1,100
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 1999B, St. Louis University, 4.01%, 9/4/07		2,815		2,815
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2002, Missouri Baptist College (U.S. Bank N.A. LOC), 4.03%, 9/4/07		2,200		2,200
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series A, St. Francis Medical Center (Bank of America N.A. LOC), 3.98%, 9/4/07		1,005		1,005
St. Charles County IDA Revenue Refunding VRDB, Series 1993, Remington Apartments Project (FNMA Gtd.), 3.97%, 9/11/07		100		100
				9,315

MONEY MARKET PORTFOLIOS    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—93.7%—CONTINUED
New Mexico—1.7%
Bernalillo County Gross TRB 1996B, Series 2004B Macon Variable Certificates (MBIA Insured), (1) 4.03%, 9/11/07	$	5,160	$	5,160
State of New Mexico TRANS, Series 2007, 4.50%, 6/30/08		10,000		10,062
				15,222
New York—2.8%
Metropolitan Transportation Authority Revenue VRDB, Subseries E-2 2005 (Fortis Bank LOC), 4.05%, 9/11/07		6,400		6,400
Triborough Bridge and Tunnel Authority Reveneue Refunding VRDB, Series F, 3.92%, 9/11/07		18,500		18,500
				24,900
North Carolina—0.3%
New Hanover County G.O. School Bonds, Series 1995, 4.00%, 9/11/07		2,250		2,250
University of North Carolina Revenue Bonds, Citigroup Eagle 720053014 Class 2005A, (1) 4.04%, 9/11/07		800		800
				3,050
Ohio—0.4%
Middletown Development Revenue Bonds, Series 2003, Bishop Fenwick High School Project (JPMorgan Chase Bank LOC), 3.97%, 9/11/07		2,450		2,450
Ohio State Higher Educational Facilities Revenue VRDB, Series 2007, Ohio Dominican University Project (JPMorgan Chase Bank LOC), 3.98%, 9/11/07		700		700
				3,150
Oklahoma—0.9%
Edmond EDA Student Housing Revenue VRDB, Series 2001A, Edmond Project (Allied Irish Bank LOC), 3.97%, 9/11/07		4,200		4,200
Tulsa Industrial Authority Revenue Bonds, Series 2000B, University of Tulsa (MBIA Insured), 3.99%, 9/11/07		3,655		3,655
				7,855
Pennsylvania—2.9%
Allegheny County Hospital Development Authority Revenue Bonds, Series 1988 B-2, Presbyterian University Hospital (JPMorgan Chase Bank LOC), 3.96%, 9/11/07		1,135		1,135
Beaver County IDA PCR Refunding VRDB, First Energy Generation (Barclays Bank PLC LOC), 3.99%, 9/4/07		6,300		6,300
Pennsylvania Intergovernmental Cooperative Authority Special Tax Revenue Refunding Bonds, Series 2003, Philadelphia Funding Program (AMBAC Insured), 3.98%, 9/11/07		2,875		2,875
Philadelphia School District TRANS, Series 2007-A (Bank of America N.A. LOC), 4.50%, 6/27/08		15,000		15,093
				25,403
South Carolina—1.0%
Oconee County PCR Refunding VRDB, Series 1993, Duke Energy Corp. (SunTrust Bank LOC), 4.02%, 9/11/07		9,250		9,250

MONEY MARKET PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—93.7%—CONTINUED
Tennessee—1.6%
Clarksville Public Building Authority Revenue Bonds, Series 2003, Pooled Financing Tennessee Municipal Bond Fund (Bank of America N.A. LOC), 3.96%, 9/4/07	$	1,100	$	1,100
Metropolitan Government Nashville and Davidson County Electric Revenue Bonds, Citicorp Eagle Trust Series 984201, (1) 4.04%, 9/11/07		1,600		1,600
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2002, University of Nashville Project (SunTrust Bank LOC), 4.02%, 9/11/07		1,500		1,500
Tennergy Corp. Gas Revenue Bonds, STARS Trust Receipts 1260B (BNP Paribas LOC), (1) 4.10%, 9/11/07		6,140		6,140
Tennessee Local Development Authority Revenue BANS, Series 2007A, Student Loan Program, 5.00%, 6/30/08		2,000		2,022
Williamson County IDB Revenue Bonds, Series 2003, Currey Ingram Academy Project (SunTrust Bank LOC), 3.97%, 9/11/07		2,260		2,260
				14,622
Texas—17.6%
Dallas Water & Sewer Revenue Bonds, State Street Clipper Tax-Exempt Certificate Trust 2007-23, (1) 4.05%, 9/11/07		20,000		20,000
Granbury Independent School District G.O., Series 1999 SG-129 (PSF of Texas Gtd.), (1) 4.02%, 9/11/07		4,815		4,815
Harris County Health Facilities Development Corp. Revenue VRDB, Series A, Methodist Hospital System, 3.95%, 9/11/07		40,000		40,000
Harris County Revenue TANS, 4.50%, 2/29/08		15,000		15,062
HFDC of Central Texas, Inc. Retirement Facilities Revenue Bonds, Series 2006B (BNP Paribas LOC), 4.00%, 9/11/07		8,600		8,600
Irving Independent School District G.O., VRDB, Series 2004-B, 3.76%, 2/1/08		17,400		17,400
Keller Independent School District G.O., Series 2001-26, ABN AMRO Munitops Certificate Trust (PSF of Texas Gtd.), (1) 4.00%, 9/11/07		4,000		4,000
Little Elm School District G.O., Series 2006-60, ABN AMRO Munitops Certificate Trust (PSF of Texas Gtd.), (1) (2) 4.00%, 9/11/07		9,040		9,040
Princeton Independent School District G.O., Soc Gen Series 2003 SGB-41 (PSF of Texas Gtd.), (1) 4.02%, 9/11/07		4,750		4,750
San Antonio City Electric and Gas, Wachovia MERLOTS Series 2001A68 (Colld. by U.S. Treasury Securities), (1) 4.02%, 9/11/07		3,620		3,620
State of Texas G.O. Bonds, Series 2006B, Multi-Mode-Mobility, 3.52%, 9/5/07		5,000		5,000

MONEY MARKET PORTFOLIOS    7    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—93.7%—CONTINUED
Texas—17.6%—(continued)
State of Texas Transportation Mobility G.O., Bear Stearns Trust Certificate Series 2007-302 Class A, (1) 4.03%, 9/11/07	$	4,840	$	4,840
State of Texas Transportation Mobility G.O., Citigroup Eagle 720050055, (1) 4.04%, 9/11/07		5,085		5,085
Tarrant County Health Facilities Development Corp. Revenue VRDB, Series 1996-A, Adventist Health System Sunbelt (SunTrust Bank LOC), 3.98%, 9/11/07		5,200		5,200
Texas A&M University Revenue Bonds, Series 2003A RR-II-R-4005 ROCS, (1) 4.03%, 9/11/07		4,740		4,740
Texas City Industrial Development Corp., Wachovia MERLOTS Series 2000-A34, Arco Pipeline Project (Wachovia Bank N.A. LOC), (1) 4.02%, 9/11/07		3,850		3,850
				156,002
Utah—2.8%
Utah Water Finance Agency Revenue VRDB, Series 2002A2 (AMBAC Insured), 4.04%, 9/11/07		5,680		5,680
Utah Water Finance Agency Revenue VRDB Series 2005A13, (AMBAC Insured), 4.01%, 9/11/07		5,000		5,000
Utah Water Finance Agency Revenue VRDB, Series 2005A14, (AMBAC Insured), 4.04%, 9/11/07		4,100		4,100
Utah Water Finance Agency Revenue VRDB, Series A15, (AMBAC Insured), 4.01%, 9/11/07		10,000		10,000
				24,780
Washington—2.6%
King County G.O. Limited BANS, Series A 2006, 4.00%, 11/1/07		3,000		3,002
Seattle Light and Power Revenue Refunding Bonds, Citigroup ROCS II-R Series 50 (FSA Corp. Insured), (1) 4.03%, 9/11/07		6,495		6,495
Tacoma Water System Revenue Bonds, Series 2002-36, ABN AMRO Munitops Certificate Trust (MBIA Insured), (1) 4.02%, 9/11/07		8,680		8,680
Washington State G.O., Series 2004D, ABN AMRO Munitops Certificate Trust Series 2004-13 (AMBAC Insured), (1) 4.02%, 9/11/07		355		355
Washington State Housing Finance Commission Nonprofit Housing Revenue Refunding VRDB, Series 1997, Panorama City Project (KeyBank N.A. LOC), 4.00%, 9/4/07		960		960
Washington State Housing Finance Commission Nonprofit Housing Revenue VRDB, Series 2000, Living Care Centers Project (Wells Fargo Bank N.A. LOC), 3.99%, 9/11/07		2,085		2,085
Washington State Housing Finance Commission Nonprofit Housing Revenue VRDB, Series 2003, Gonzaga Preparatory School Project (Bank of America N.A. LOC), 4.05%, 9/11/07		1,865		1,865
				23,442

MONEY MARKET PORTFOLIOS    8    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—93.7%—CONTINUED
Wisconsin—4.8%
State of Wisconsin Operating Notes, Series 2007, 4.50%, 6/16/08	$	10,000	$	10,058
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2001B, Newcastle Place Project (LaSalle Bank N.A. LOC), 4.00%, 9/11/07		6,200		6,200
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2002, Meriter Hospital, Inc. Project (Marshall & Ilsley Bank LOC), 4.03%, 9/4/07		250		250
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2004C, EastCastle Place, Inc. (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		300		300
Wisconsin Health and Educational Facilities Authority Revenue Bonds, St. Joseph Community Hospital Project (Marshall & Ilsley Bank LOC), 4.04%, 9/11/07		535		535
Wisconsin Health and Educational Facilities Authority Revenue VRDB Series 2002A, Capital Access Pool, Vernon Memorial Hospital (U.S. Bank N.A. LOC), 4.03%, 9/4/07		1,705		1,705
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2003, Oakwood Village Project (Marshall & Ilsley Bank LOC), 4.04%, 9/11/07		585		585
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2005C, Froedtert and Community Health (AMBAC Insured), 3.97%, 9/11/07		1,700		1,700
Wisconsin Transportation Revenue Bonds, State Street Clipper Tax-Exempt Certificate Trust 2007-24, (1) (2) 4.05%, 9/11/07		21,745		21,745
				43,078
Multiple States Pooled Security—1.8%
BB&T Municipal Trust Revenue Bonds, Floaters Series 1004 (Branch Banking & Trust Co. LOC), (1) 4.13%, 9/11/07		16,200		16,200
Total Municipal Investments (Cost $832,177)				832,177
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES—3.5%
AIM Tax-Free Cash Reserve Portfolio		30,932,476		30,933
Dreyfus Tax-Exempt Cash Management Fund		417,259		417
Total Investment Companies (Cost $31,350)				31,350
Total Investments—97.2% (Cost $863,527) (3)				863,527
Other Assets less Liabilities—2.8%				24,723
NET ASSETS—100.0%			$	888,250

(1) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

MONEY MARKET PORTFOLIOS    9    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

(2) Restricted security that has been deemed illiquid. At August 31, 2007, the value of these restricted illiquid securities amounted to approximately $48,180,000 or 5.4% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Park Creek Metropolitan District Revenue Bonds (CO), 3.68%, 2/14/08	2/15/07	$	5,000
Florida State Department of Transportation Revenue Bonds (FL), 3.78%, 11/1/07	11/15/05		12,395
Little Elm School District G.O.(TX), 4.00%, 9/11/07	9/22/06		9,040
Wisconsin State Transportation Revenue Bonds (WI), 4.05%, 9/11/07	4/27/07		21,745

(3) The cost for federal income tax purposes was $863,527.

Percentages shown based on Net Assets.

At August 31, 2007, the industry sectors for the Tax-Exempt Portfolio were:

INDUSTRY SECTOR	% OF NET ASSETS
Air, Water Services and Solid Waste Management	12.0	%
Educational Services	9.2	%
Executive, Legislative and General Government	39.7	%
General Medical, Surgical and Nursing and Personal Care	10.5	%
Health Services and Residential Care	9.6	%
All other sectors less than 5%	19.0	%
Total	100.0	%

MONEY MARKET PORTFOLIOS    10    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted notes, or, for floating rate securities, the current reset rate.

Maturity dates represent either the stated date on the security or the next interest reset/puttable date for floating and variable rate securities.

EXPLANATION OF ABBREVIATIONS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS

AMBAC	American Municipal Bond Assurance Corporation
BANS	Bond Anticipation Notes
Colld.	Collateralized
CP	Commercial Paper
EDA	Economic Development Authority
FGIC	Financial Guaranty Insurance Corporation
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Fannie Mae
FSA	Financial Security Assurance
G.O.	General Obligation
Gtd.	Guaranteed
IDA	Industrial Development Authority
IDB	Industrial Development Board
IDR	Industrial Development Revenue
LOC	Letter of Credit
MBIA	Municipal Bond Insurance Association
MERLOTS	Municipal Exempt Receipts Liquidity Optional Tender
PCR	Pollution Control Revenue
P-Floats	Puttable Floating Rate Security
PSF	Permanent School Fund
ROCS	Reset Option Certificates
SGB	Societe Generale Bank
Soc Gen	Societe Generale
STARS	Short Term Adjustable Rate Securities
TANS	Tax Anticipation Notes
TRANS	Tax and Revenue Anticipation Notes

MONEY MARKET PORTFOLIOS    11    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

TRB	Tax Revenue Bonds
TSB	Trustee Savings Bank
VRDB	Variable Rate Demand Bonds

MONEY MARKET PORTFOLIOS    12    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%
Alabama—2.8%
Alabama Multifamily Housing Finance Authority Revenue Refunding Bonds, Series 1995, Westshore Apartments Project (Wachovia Corp. LOC), 4.03%, 9/11/07	$	2,405	$	2,405
Birmingham Medical Clinic Board Revenue Bonds, University of Alabama Health Services (SunTrust Bank LOC), 4.02%, 9/11/07		4,000		4,000
Birmingham Public Park and Recreation Board Lease Revenue VRDB, Series 2001, Barber Museum Project (Regions Bank LOC), 4.05%, 9/11/07		16,000		16,000
City of Birmingham G.O. VRDB, Series 2004A, Capital Improvement Warrants (AMBAC Insured LOC), 4.03%, 9/11/07		21,195		21,195
Homewood Educational Building Authority Revenue VRDB, Series 2007B, Educational Facilities Samford University (MBIA Insured), 4.03%, 9/11/07		10,000		10,000
Mobile Spring Hill Medical Clinic Board Revenue VRDB, Series 2007, Spring Hill Area Leasing Project (Regions Bank LOC), 4.04%, 9/11/07		3,800		3,800
Taylor-Ryan Improvement District Number 2, Series 2005, Special Assessments Variable Improvement Bonds (Wachovia Bank N.A. LOC), 4.02%, 9/11/07		17,000		17,000
University of Alabama Revenue VRDB, Series 2000B, Hospital (AMBAC Insured), 3.92%, 9/11/07		53,900		53,900
				128,300
Alaska—1.3%
Anchorage G.O. TANS, Series 2007, 4.25%, 12/28/07		30,000		30,064
Valdez Marine Terminal Revenue Refunding Bonds, Series 1993A, Exxon Pipeline Co. Project (ExxonMobil Corp. Gtd.), 3.95%, 9/4/07		14,800		14,800
Valdez Marine Terminal Revenue Refunding Bonds, Series 1993C, Exxon Pipeline Co. Project (ExxonMobil Corp. Gtd.), 3.95%, 9/4/07		8,020		8,020
Valdez Marine Terminal Revenue Refunding Bonds, Series 2003A, BP Pipelines, Inc. Project (BP PLC Gtd.), 3.94%, 9/4/07		3,000		3,000
Valdez Marine Terminal Revenue Refunding VRDB, Series 2003B, BP Pipelines, Inc. Project (BP PLC Gtd.), 3.94%, 9/4/07		1,100		1,100
				56,984
Arizona—2.1%
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-1, The Terraces Project (Lloyds TSB Bank LOC), 3.98%, 9/11/07		9,500		9,500
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-2, The Terraces Project (Lloyds TSB Bank LOC), 3.98%, 9/11/07		2,700		2,700
Arizona Health Facilities Authority Revenue VRDB, Series 2002, Royal Oaks Project (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		15,150		15,150
Arizona Health Facilities Authority Revenue VRDB, Series A, Banner Health (MBIA Insured), 3.93%, 9/11/07		4,995		4,995
Phoenix G.O. Floaters, Series 2012, BB&T Municipal Trust Various States, (1) 4.01%, 9/11/07		10,320		10,320
Phoenix IDA Revenue VRDB, Series 2001, Valley of the Sun YMCA Project (Bank of America N.A. LOC), 3.98%, 9/4/07		2,900		2,900

MONEY MARKET PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Arizona—2.1%—(continued)
Pima County IDA Revenue VRDB, Series 2002A, Senior Living Facilities La Posada (LaSalle Bank N.A. LOC), 3.98%, 9/11/07	$	1,160	$	1,160
Salt River Project Agricultural Improvement and Power District Electric System Revenue Bonds, Citigroup ROCS-RR-II-R-640, (1) 4.03%, 9/11/07		7,440		7,440
Salt River, Series B, Agricultural Project Improvement and Power District, 3.73%, 9/7/07		27,800		27,800
Scottsdale IDA Revenue VRDB, Series A, Scottsdale Healthcare (FGIC Insured), 3.92%, 9/11/07		1,000		1,000
Scottsdale IDA Revenue VRDB, Series C, Scottsdale Healthcare (FSA Corp. Insured), 3.92%, 9/11/07		5,700		5,700
Sun Devil Energy Center LLC Revenue VRDB, Series 2004, Arizona State University Project (FGIC Insured), 3.98%, 9/11/07		5,000		5,000
				93,665
Arkansas—0.1%
Boone County Hospital Revenue VRDB, North Arkansas Regional Medical Center Project (Bank of America N.A. LOC), 4.00%, 9/11/07		5,400		5,400
California—3.0%
ABN AMRO Munitops Certificate Trust, Series 2006-21, (1) 3.97%, 9/11/07		13,995		13,995
California Municipal Finance Authority Revenue Bonds, Series 2007, Vacaville Christian Schools (Allied Irish Bank LOC), 3.86%, 9/11/07		7,000		7,000
California State Department of Water Resources and Power Supply Revenue VRDB, Series 2002C-5 (Dexia Credit Local LOC), 4.05%, 9/11/07		1,240		1,240
California State Department of Water Resources and Power Supply Revenue VRDB, Series 2002C-7 (FSA Corp. Insured), 3.87%, 9/11/07		6,755		6,755
California State Department of Water Resources and Power Supply Revenue VRDB, Subseries G-3 (FSA Corp. Insured), 3.87%, 9/11/07		10,000		10,000
California State G.O., Kindergarten-University, Series 2004A-8 (Citibank N.A. LOC), 3.86%, 9/11/07		500		500
California State G.O., Kindergarten-University, Series 2004A-9 (Citibank N.A. LOC), 3.87%, 9/11/07		12,300		12,300
California Statewide Communities Development Authority Revenue VRDB, Series 2001, Gemological Institute (AMBAC Insured), 3.87%, 9/11/07		13,400		13,400
Los Angeles Unified School District G.O. Morgan Stanley Floaters, Series 2007, (1) 4.00%, 9/11/07		49,800		49,800
Metropolitan Water District of Southern California Waterworks Revenue VRDB, Series B-2 2005, 4.05%, 9/11/07		2,955		2,955
San Francisco City and County Redevelopment Agency Multifamily Housing Revenue VRDB, Series 1985A, Bayside Village Project (JPMorgan Chase Bank LOC), 3.89%, 9/11/07		1,600		1,600
San Francisco City and County Redevelopment Agency Multifamily Housing Revenue VRDB, Series 1985B, Bayside Village Project (JPMorgan Chase Bank LOC), 3.89%, 9/11/07		14,300		14,300

MONEY MARKET PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
California—3.0%—(continued)
Sunnyvale COPS VRDB, Series 2001-A, Government Center Site Acquisition (AMBAC Insured), 3.87%, 9/11/07	$	2,665	$	2,665
				136,510
Colorado—3.2%
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Concordia University Irvine Project (U.S. Bank N.A. LOC), 4.03%, 9/4/07		5,500		5,500
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Immanuel Lutheran School Project (Bank of America N.A. LOC), 4.03%, 9/4/07		8,645		8,645
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Series 2005, Bear Creek School Project (U.S. Bank N.A. LOC), 3.98%, 9/11/07		7,050		7,050
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Series 2006, Pueblo Serra Worship Holdings (Wells Fargo Bank N.A. LOC), 4.02%, 9/11/07		6,640		6,640
Colorado Health Facilities Authority Revenue Refunding VRDB, Series 2004B, Bethesda Collinwood (LaSalle Bank N.A. LOC), 4.02%, 9/11/07		3,970		3,970
Colorado Health Facilities Authority Revenue VRDB, Series 2004B, Adventist Health System Sunbelt (SunTrust Bank LOC), 3.98%, 9/11/07		17,675		17,675
Colorado Health Facilities Authority Revenue VRDB, Series 2006-A, Golden West Manor (U.S. Bank N.A. LOC), 4.00%, 9/11/07		2,480		2,480
Denver City and County Airport Revenue Bonds, Series 63 (FGIC Insured), (1) 4.01%, 9/11/07		9,500		9,500
East Cherry Creek Valley Water and Sanitation District Revenue VRDB, Series 2004, Arapahoe County (MBIA Insured), 3.85%, 9/11/07		4,445		4,445
El Paso County Multifamily Housing Revenue Refunding Bonds, Series 1995, Briarglen Apartments Project (FHLMC Insured), 3.94%, 9/11/07		1,700		1,700
Fiddlers Business Improvement District Greenwood Village G.O. VRDB, Series 2007-2, Capital Improvement Sub Lien (KeyBank N.A. LOC), 4.02%, 9/11/07		7,000		7,000
Larkridge G.O. VRDB, Series 2004, Metropolitan District Number 1 (U.S. Bank N.A. LOC), 4.02%, 9/11/07		10,000		10,000
Park Creek Metropolitan District Revenue Bonds, Merrill Lynch P-Floats 157 (Danske Bank Gtd.), (1) (2) 3.68%, 2/14/08		15,000		15,000
Steamboat Springs Redevelopment Authority Tax Increment Revenue Bonds, Series 2007, Base Area Redevelopment Project (Wells Fargo Bank N.A. LOC), 4.00%, 9/11/07		5,350		5,350
Telluride Excise Tax Revenue VRDB, Series 2007, VY Floor Open Space Project (KeyBank N.A. LOC), 4.01%, 9/11/07		4,300		4,300
Traer Creek Metropolitan District Revenue VRDB, Series 2002, Avon (BNP Paribas LOC), 4.00%, 9/11/07		14,140		14,140
Traer Creek Metropolitan District Revenue VRDB, Series 2004 (BNP Paribas LOC), 4.00%, 9/11/07		10,700		10,700
Westminster EDA Tax Increment Revenue Refunding VRDB, Series 2006, Mandalay Gardens Urban (Depfa Bank PLC LOC), 4.01%, 9/11/07		10,880		10,880
				144,975

MONEY MARKET PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
District of Columbia—0.4%
District of Columbia Revenue VRDB, Series 2001, Henry J. Kaiser Foundation, 4.03%, 9/11/07	$	4,700	$	4,700
District of Columbia Revenue VRDB, Series 2003, American Psychological Association Project (Bank of America N.A. LOC), 4.02%, 9/11/07		2,360		2,360
District of Columbia Revenue VRDB, Series 2007, Preparatory Academy (Manufacturers &Traders Bank Co. LOC), 4.00%, 9/11/07		9,580		9,580
				16,640
Florida—7.4%
Brevard County Health Facilities Authority Revenue VRDB, Series 2004, Wuesthoff Health Systems, Inc. Project (SunTrust Bank LOC), 4.02%, 9/11/07		12,200		12,200
Charlotte County Utility Revenue Refunding VRDB, Series 2003A (FSA Corp. Insured), 3.97%, 9/11/07		5,700		5,700
Florida Housing Finance Corp. Multifamily Revenue Bonds, Series 53G-2007, Goldman Floater (Goldman Sachs Group, Inc. Gtd.), (1) 4.01%, 9/11/07		20,000		20,000
Florida Housing Finance Corp. Multifamily Revenue Refunding Bonds, Series 1998, South Pointe Project (FNMA Insured), 3.94%, 9/11/07		3,900		3,900
Florida Housing Finance Corp. Multifamily Revenue Refunding VRDB, Series C, Monterey Lake (FHLMC LOC), 3.94%, 9/11/07		7,325		7,325
Florida Housing Finance Corp. Multifamily Revenue Refunding VRDB, Series K, Reflections (FHLMC Gtd.), 3.94%, 9/11/07		13,500		13,500
Florida Multifamily Housing Finance Agency Revenue Bonds, Series 1985, Huntington (FHLMC Gtd.), 4.00%, 9/11/07		4,000		4,000
Florida Multifamily Housing Finance Agency Revenue Bonds, Series 1985, River Oaks (FHLMC Insured), 4.01%, 9/11/07		1,900		1,900
Florida State Board of Education G.O., Citigroup ROCS-RR-II-R-10122, (1) 4.09%, 9/11/07		4,175		4,175
Florida State Board of Education G.O., Eagle 720050054—Class A, (1) 4.04%, 9/11/07		10,000		10,000
Florida State Board of Education Revenue Bonds, Series 2004, Citigroup ROCS-RR-II-6037, (1) 4.03%, 9/11/07		6,255		6,255
Florida State Department of Transportation Revenue Bonds, Series 2005-A22, Wachovia MERLOTS, (1) (2) 3.78%, 11/1/07		12,390		12,390
Gainesville Utility System Revenue VRDB, Series 2007-A, 3.95%, 9/11/07		31,355		31,355
Highlands County Health Facilities Authority Revenue VRDB, Series 1996A, Adventist Health System Project (FGIC Insured), 3.98%, 9/11/07		20,000		20,000
Highlands County Health Facilities Authority Revenue VRDB, Series 2000A, Adventist Health System Sunbelt (FGIC Insured), 3.98%, 9/11/07		6,650		6,650
Highlands County Health Facilities Authority Revenue VRDB, Series 2003B, Adventist Health System Sunbelt (SunTrust Bank LOC), 3.97%, 9/11/07		17,450		17,450

MONEY MARKET PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Florida—7.4%—(continued)
Highlands County Health Facilities Authority Revenue VRDB, Series 2007 A-2, Adventist Health System, 4.01%, 9/11/07	$	10,000	$	10,000
Lee County HFA Multifamily Revenue Bonds, Series 1995-A, Forestwood Apartments Project (FNMA Gtd.), 4.00%, 9/11/07		8,285		8,285
Lee County IDA Healthcare Facilities Revenue VRDB, Series 1999B, Shell Point Village Project (Bank of America N.A. LOC), 3.98%, 9/11/07		8,500		8,500
Lee County IDA Healthcare Facilities Revenue VRDB, Series 2002, Shell Point Village Project (Bank of America N.A. LOC), 3.98%, 9/11/07		14,235		14,235
Marion County Hospital District Revenue Bonds, Series 2000, Munroe Regional Health System (AmSouth Bank Birmingham LOC), 3.95%, 9/11/07		7,200		7,200
Orange County Housing Finance Authority Multifamily Revenue Refunding VRDB, Series 1997, Post Fountains Project (FNMA Gtd.), 3.95%, 9/11/07		2,550		2,550
Orange County IDA Revenue Refunding VRDB, Series 2007, Lake Highland School, Inc. (Bank of America N.A. LOC), 4.00%, 9/11/07		25,000		25,000
Palm Beach County Revenue VRDB, Series 2003, Morse Obligation Group Project (KeyBank N.A. LOC), 4.02%, 9/11/07		18,975		18,975
Palm Beach County School Board COPS, Series 2002B (FSA Corp. Insured), 3.92%, 9/11/07		7,975		7,975
Pinellas County Health Facility Authority Revenue Refunding VRDB, Series B2, Baycare Health System (FSA Corp. Insured), 3.95%, 9/11/07		3,700		3,700
St. Lucie Florida Community Redevelopment, Series 2006-83, ABN AMRO Munitops Certificate Trust (MBIA Insured), (1) (2) 4.02%, 9/11/07		18,050		18,050
State of Florida Department of Transportation Bridge Construction Revenue Bonds, Series 2002A, ABN AMRO Munitops Certificate Trust 2002-20 (MBIA Insured), (1) 4.02%, 9/11/07		9,845		9,845
University of South Florida College COPS VRDB, Series A-1, Medicine Health Facilities Lease Program (SunTrust Bank LOC), 4.08%, 9/11/07		23,650		23,650
				334,765
Georgia—3.9%
Atlanta Development Authority Educational Facilities Revenue VRDB, Series 2007A, Georgia State University Panther Place Project (AMBAC Insured), 4.01%, 9/11/07		25,000		25,000
Burke County Development Authority PCR Bonds, Georgia Power Co. Plant Vogtle First Series, 3.76%, 7/1/08		7,025		7,025
Clayton County Development Authority Revenue VRDB, Series 2000A, Delta Airlines Project (General Electric Capital Corp. LOC), (1) 4.01%, 9/11/07		2,000		2,000
Cobb County G.O. TANS, 4.00%, 12/31/07		5,000		5,007
Cobb County Housing Authority Multifamily Revenue VRDB, Series 1996, Post Bridge Project (Colld. by FNMA), 4.01%, 9/11/07		2,800		2,800
Cobb County Housing Authority Revenue Bonds, Post Mill Project (FNMA Gtd.), 4.01%, 9/11/07		2,000		2,000

MONEY MARKET PORTFOLIOS    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Georgia—3.9%—(continued)
Floyd County Development Authority Revenue VRDB, Series 2000, Darlington School Project (SunTrust Bank LOC), 4.03%, 9/11/07	$	2,900	$	2,900
Fulton County Residential Care Facilities Revenue VRDB, Series C, Lenbrook Project (Royal Bank of Scotland PLC LOC), 3.94%, 9/11/07		24,000		24,000
Gainesville and Hall County Development Authority Revenue VRDB, Series 2007, GHCDA Economic Development Corp. Project (Dexia Bank Belgium LOC), 4.03%, 9/11/07		6,465		6,465
Gwinnett County Multifamily Housing Revenue VRDB, Series 1996, Post Corners Project (FNMA Gtd.), 3.99%, 9/11/07		4,300		4,300
Rockdale County Hospital Authority Revenue Anticipation Certificates, Series 2002, Rockdale Hospital (Wachovia Bank N.A. LOC), 3.97%, 9/11/07		24,765		24,765
Roswell Housing Authority Multifamily Revenue Refunding VRDB, Series 1994, Wood Crossing Project (FHLMC LOC), 4.00%, 9/11/07		3,300		3,300
Roswell Housing Authority Multifamily Revenue Refunding VRDB, Series 1996, Azalea Park Apartments (FNMA Insured), 3.94%, 9/11/07		5,400		5,400
Roswell Housing Authority Multifamily Revenue Refunding VRDB, Series 2002, Chambrel at Roswell Project (FNMA Gtd.), 3.94%, 9/11/07		100		100
State of Georgia G.O., Merrill Lynch P-Floats-EC 1019, (1) 4.04%, 9/11/07		32,895		32,895
State of Georgia G.O. VRDB, Series H-3 2006, 3.95%, 9/11/07		25,405		25,405
				173,362
Idaho—0.2%
Idaho State G.O. TANS, Series 2007, 4.50%, 6/30/08		10,000		10,061
Illinois—13.5%
Bi-State Development Agency Metropolitan District Revenue VRDB, Series A2005, Suburban Mass Transit Metrolink (JPMorgan Chase Bank LOC), 3.98%, 9/11/07		29,900		29,900
Chicago Board of Education G.O. Series A PA 616 School Reform Board (FGIC Insured), (1) 4.09%, 9/11/07		500		500
Chicago G.O. Refunding Bonds, Series 1998, Citicorp Eagle Trust 981302 (FSA Corp. Insured), (1) 4.04%, 9/11/07		500		500
Chicago G.O. Tender Notes, Series 2006 (Bank of America N.A. LOC), 3.52%, 10/11/07		10,000		10,000
Chicago G.O. VRDB, Series 2003 B-1, 3.96%, 9/11/07		15,000		15,000
Chicago Water G.O., Series 2007, BB&T Municipal Trust, (1) 4.01%, 9/11/07		11,375		11,375
City of Aurora Revenue VRDB, Series 2003, Community Counseling Center of Fox Valley Project (Harris N.A. LOC), 4.05%, 9/11/07		3,210		3,210
City of Chicago G.O. VRDB, Series 2002-B, 3.97%, 9/11/07		51,255		51,255
Evanston, Illinois G.O., Series 2002A, Sherman Plaza, 3.96%, 9/11/07		8,910		8,910

MONEY MARKET PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Illinois—13.5%—(continued)
DuPage County Revenue VRDB, Benedictine University Building Project (National City Bank of Cleveland LOC), 4.03%, 9/11/07	$	15,785	$	15,785
Illinois Development Finance Authority Revenue Bonds, Series 1984, Enterprise Office Project (Colld. by U.S. Treasuries), 3.85%, 9/4/07		6,000		6,000
Illinois Development Finance Authority Revenue VRDB, BAPS, Inc. Project (Comerica Bank LOC), 3.97%, 9/11/07		9,875		9,875
Illinois Development Finance Authority Revenue VRDB, Series 1994, Aurora Central Catholic High School Project (Allied Irish Bank LOC), 4.22%, 9/11/07		1,000		1,000
Illinois Development Finance Authority Revenue VRDB, Series 1998, Wheaton Academy Project (LaSalle Bank N.A. LOC), 3.97%, 9/11/07		9,000		9,000
Illinois Development Finance Authority Revenue VRDB, Series 2001, Oak Park Residence Project (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		1,650		1,650
Illinois Development Finance Authority Revenue VRDB, Series 2001A, Evanston Northwestern, 3.96%, 9/11/07		73,900		73,900
Illinois Development Finance Authority Revenue VRDB, Series 2003, Mount Carmel High School Project (JPMorgan Chase Bank LOC), 4.00%, 9/11/07		12,000		12,000
Illinois Educational Facilities Authority Revenue Bonds, Northwestern University, Eagle 20060095 Class A, (1) 4.04%, 9/11/07		10,395		10,395
Illinois Educational Facilities Authority Revenue Bonds, Series 1985, Cultural Pool (JPMorgan Chase Bank LOC), 3.98%, 9/11/07		7,000		7,000
Illinois Educational Facilities Authority Revenue Bonds, Series 2003B, Augustana College Project (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		6,890		6,890
Illinois Educational Facilities Authority Revenue VRDB, Series 1999A, National Louis University (JPMorgan Chase Bank LOC), 3.98%, 9/11/07		10,450		10,450
Illinois Finance Authority Revenue Bonds, Citigroup Eagle 20060115-Class A, Northwestern University, (1) 4.04%, 9/11/07		8,170		8,170
Illinois Finance Authority Revenue Bonds, Nazareth Academy Project (Harris N.A. LOC), 3.97%, 9/11/07		10,500		10,500
Illinois Finance Authority Revenue Bonds, Series 2005, Joan W. & Irving B. Dance Project (Bank of America N.A. LOC), 3.97%, 9/11/07		12,100		12,100
Illinois Finance Authority Revenue VRDB, Series 2005C, Friendship Village Schaumburg (LaSalle Bank N.A. LOC), 4.00%, 9/11/07		21,650		21,650
Illinois Finance Authority Revenue VRDB, Series 2006B, Montgomery Place (Fifth Third Bank LOC), 4.02%, 9/11/07		5,080		5,080
Illinois Finance Authority Revenue VRDB, Series 2007G, OSF Healthcare System (Wachovia Bank N.A. LOC), 3.93%, 9/4/07		30,900		30,900
Illinois Finance Authority Revenue VRDB, Easter Seals Metropolitan Chicago (Harris N.A. LOC), 4.00%, 9/11/07		7,700		7,700

MONEY MARKET PORTFOLIOS    7    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Illinois—13.5%—(continued)
Illinois Finance Authority Revenue VRDB, Series B, Landing at Plymouth (Lloyds TSB Bank LOC), 4.00%, 9/11/07	$	18,300	$	18,300
Illinois Finance Authority Revenue VRDB, Series 2006B, Loyola University Health System (Harris N.A. LOC), 3.93%, 9/11/07		22,900		22,900
Illinois Finance Authority Revenue VRDB, Series 2007, North American Spine Society (Harris N.A. LOC), 4.00%, 9/11/07		12,500		12,500
Illinois Finance Authority Revenue VRDB, Series A, Franciscan Communities (LaSalle Bank N.A. LOC), 4.00%, 9/11/07		8,045		8,045
Illinois Finance Authority Revenue VRDB, Series D, The Clare At Water Tower Project (LaSalle Bank N.A. LOC), 4.00%, 9/11/07		15,050		15,050
Illinois Finance Authority Revenue VRDB, WBEZ Alliance Income Project (LaSalle Bank N.A. LOC), 3.97%, 9/11/07		8,500		8,500
Illinois Health Facilities Authority Revenue Bonds, Advocate Healthcare Network, Series 2003-B, 3.60%, 1/4/08		14,255		14,255
Series 2003-C, 3.67%, 2/29/08		21,000		21,000
Illinois Health Facilities Authority Revenue Refunding Bonds, Series 1996, Franciscan Eldercare Village (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		2,100		2,100
Illinois State G.O. Bonds Series 2006, Citigroup ROCS-II-R-1072, (1) 4.03%, 9/11/07		4,975		4,975
Illinois State G.O., Citigroup Eagle 720053002 Class A, (1) 4.04%, 9/11/07		8,000		8,000
Illinois State G.O. Puttable Floating Option Tax Exempt Receipts, Merrill P-Floats Series EC-1082, (1) 4.09%, 9/11/07		2,095		2,095
Illinois State G.O. VRDB, Series 2003B, 4.08%, 9/11/07		11,500		11,500
Kane County Revenue Bonds, Series 1993, Glenwood School for Boys (Harris N.A. LOC), 3.97%, 9/11/07		4,500		4,500
Kane County School District 304 Geneva G.O. Tax Exempt Receipts, Merrill P-Floats PT 4247 (FSA Corp. Insured), (1) 4.06%, 9/11/07		26,200		26,200
Lisle Multifamily Housing Revenue Refunding VRDB, Series 1996, Four Lakes Phase V (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		20,000		20,000
Lombard Multifamily Housing Revenue Refunding Bonds, Series 2000, Clover Creek Apartments Project (FNMA LOC), 4.01%, 9/11/07		11,815		11,815
Morton Grove Cultural Facilities Revenue VRDB, Series 2006, Holocaust Museum (LaSalle Bank N.A. LOC), 4.01%, 9/11/07		4,750		4,750
Regional Transportation Authority Revenue Bonds, Bank of America Variable Certificates, Macon 2004A (MBIA Insured), (1) 4.03%, 9/11/07		3,330		3,330
Rockford Revenue Bonds, Series 2002, Wesley Willows Obligation (Marshall & Ilsley Bank LOC), 4.01%, 9/4/07		5,060		5,060
				615,570

MONEY MARKET PORTFOLIOS    8    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Indiana—2.0%
Indiana Bond Bank Revenue Notes, Series 2007A, Advanced Funding Program Notes, 4.25%, 1/31/08	$	10,000	$	10,024
Indiana Health and Educational Facilities Financing Authority Hospital Revenue Bonds, Series 2005, Harrison County Hospital Project (JPMorgan Chase Bank LOC), 3.98%, 9/4/07		15,000		15,000
Indiana Health and Educational Facilities Finance Authority Revenue Bonds, Series 2005A, Howard Regional Health System Project (Comerica Bank LOC), 4.03%, 9/4/07		8,900		8,900
Indiana Health and Educational Facilities Finance Authority Revenue VRDB, Series 2005A, Parkview Health Systems (AMBAC Insured), 3.93%, 9/11/07		5,500		5,500
Indiana Health and Educational Facilities Finance Authority Revenue VRDB, Series 2005B, Parkview Health Systems (AMBAC Insured), 3.93%, 9/11/07		4,900		4,900
Indiana Health Facility Financing Authority Revenue Bonds, Series 2002A, Golden Years Homestead (Wells Fargo Bank N.A. LOC), 3.95%, 9/11/07		2,800		2,800
Indiana Health Facility Financing Authority Revenue Bonds, Series 2004, Riverview Hospital Project (National City Bank of Indiana LOC), 4.03%, 9/11/07		4,850		4,850
Indiana Health Facility Financing Authority Revenue VRDB, Series 2001, Franciscan Eldercare Village Project (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		295		295
Indiana Health Facility Financing Authority Revenue VRDB, Series 2002B Fayette Memorial Hospital Association (Fifth Third Bank LOC), 4.03%, 9/4/07		5,500		5,500
Indiana Health Facility Financing Authority Revenue VRDB, Series 2004A, Margaret Mary Community Hospital Project (Fifth Third Bank LOC), 4.03%, 9/4/07		100		100
Indiana Public School Building Corp. Revenue Bonds, Series 2003-15, ABN AMRO Munitops Certificate Trust (MBIA Insured), (1) 4.01%, 9/11/07		14,200		14,200
Indiana State Development Finance Authority Revenue VRDB, Series 2003 Educational Facilities, Christel House Project (Fifth Third Bank LOC), 3.99%, 9/11/07		3,755		3,755
Indiana State Development Finance Authority Revenue VRDB, Series 2003, YMCA of Southwest Indiana Project (Wells Fargo Bank N.A. LOC), 3.95%, 9/11/07		2,900		2,900
Indiana State Educational Facilities Authority Revenue VRDB, Series 2003, Franklin College (JPMorgan Chase Bank LOC), 4.03%, 9/4/07		6,300		6,300
Indiana State Educational Facilities Authority Revenue VRDB, Series 2004, Bethel College Project (National City Bank of Indiana LOC), 3.98%, 9/11/07		5,860		5,860
Vincennes Economic Development Revenue VRDB, Knox County Association (Wells Fargo Bank N.A. LOC), 3.95%, 9/11/07		2,300		2,300
				93,184
Iowa—1.8%
Grinnell Hospital Revenue Refunding VRDB, Series 2001, Grinnell Regional Medical Center Project (U.S. Bank N.A. LOC), 4.03%, 9/4/07		3,300		3,300
Iowa Finance Authority Economic Development Revenue VRDB, Series 2002, Iowa West Foundation Project (U.S. Bank N.A. LOC), 3.96%, 9/11/07		5,755		5,755
Iowa Finance Authority Healthcare Facilities Revenue VRDB, Series A3, Iowa Health System (FGIC Insured), 3.93%, 9/11/07		30,000		30,000

MONEY MARKET PORTFOLIOS    9    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Iowa—1.8%—(continued)
Iowa Finance Authority Private College Revenue VRDB, Series 2001, Morningside College Project (U.S. Bank N.A. LOC), 4.03%, 9/4/07	$	4,700	$	4,700
Iowa Finance Authority Retirement Community Revenue VRDB, Series 2003B, Wesley Retirement Services Project (Wells Fargo Bank N.A. LOC), 3.98%, 9/11/07		4,010		4,010
Iowa Higher Education Loan Authority Revenue Bonds, Series 2002, Luther College Project (U.S. Bank N.A. LOC), 3.98%, 9/11/07		12,000		12,000
Iowa Higher Education Loan Authority Revenue VRDB, Private College, Series 2003, Des Moines University Project (Allied Irish Bank LOC), 4.03%, 9/4/07		3,600		3,600
Iowa State School Cash Anticipation Program Revenue Notes, Series 2007-A School Corps. Warrant Certificates (FSA Corp. Insured), 4.50%, 6/27/08		19,000		19,116
				82,481
Kansas—1.2%
Johnson County Unified School District No. 512 G.O., Series 2001-A92, Wachovia MERLOTS, (1) 4.02%, 9/11/07		9,480		9,480
Kansas Development Finance Authority Multifamily Revenue Refunding VRDB, Chesapeake Apartments Project (FHLMC LOC), 4.00%, 9/11/07		5,000		5,000
Kansas Development Finance Authority Revenue VRDB, Series 1998BB, Shalom Village Obligation Group (Citibank N.A. LOC), 3.99%, 9/11/07		1,170		1,170
Kansas Development Finance Authority Revenue VRDB, Series 2004C, Adventist Health System/Sunbelt (SunTrust Bank LOC), 3.96%, 9/11/07		12,500		12,500
Kansas Development Finance Authority Revenue VRDB, Series 2004C, Adventist Health System/Sunbelt (SunTrust Bank LOC), 4.04%, 9/11/07		13,800		13,800
Olathe Multifamily Housing Revenue Refunding VRDB, Jefferson Place Apartments Project (FHLMC GIC), 3.98%, 9/11/07		7,780		7,780
University of Kansas Hospital Authority Revenue VRDB, KU Health Systems (Harris N.A. LOC), 3.98%, 9/4/07		3,560		3,560
				53,290
Kentucky—1.6%
Fort Mitchell League of Cities Revenue VRDB, Series 2002A, Trust Lease Program (U.S. Bank N.A. LOC), 4.01%, 9/11/07		9,100		9,100
Jefferson County Multifamily Housing Revenue Refunding VRDB, Series 2002, Camden Meadows Project (FNMA Insured), 4.00%, 9/11/07		8,200		8,200
Kenton County Airport Board Revenue VRDB, Series 2000B, Delta Air, Inc. Project (General Electric Capital Corp. LOC), 4.01%, 9/11/07		7,700		7,700
Kentucky Asset Liability Commission General Fund Revenue, Series 2007-A TRANS, 4.50%, 6/26/08		35,000		35,218
Mason County PCR Bonds, Series 1984B-1, East Kentucky Power Project, 4.08%, 9/11/07		705		705
Morehead League of Cities Revenue VRDB, Series 2004A, Trust Lease Program (U.S. Bank N.A. LOC), 4.01%, 9/11/07		10,646		10,646
				71,569

MONEY MARKET PORTFOLIOS    10    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Louisiana—1.2%
East Baton Rouge Parish Sales Tax Revenue VRDB, Series 2006B, Road and Street Improvement (FGIC Insured), 3.92%, 9/11/07	$	30,300	$	30,300
Louisiana Local Government Environmental Revenue VRDB, Series 2004C, University LaMonroe (Regions Bank LOC), 3.97%, 9/11/07		10,000		10,000
Louisiana Public Facilities Authority Multifamily Housing Revenue Refunding VRDB, Linlake Ventures Project (FHLMC LOC), 3.94%, 9/11/07		8,000		8,000
Louisiana Public Facilities Authority Revenue Refunding VRDB, Series 1988, Multifamily (FNMA LOC), 4.00%, 9/11/07		7,000		7,000
				55,300
Maryland—3.0%
Gaithersburg Economic Development Revenue VRDB, Series B, Asbury Maryland Obligation (KBC Bank N.V. LOC), 4.02%, 9/11/07		10,980		10,980
Maryland State Community Development Administration Multifamily Housing Revenue Notes, Series 2006Q, 3.59%, 12/14/07		10,000		10,000
Maryland State Economic Development Corp. Revenue VRDB, Catholic Relief Services (Bank of America N.A. LOC), 4.00%, 9/11/07		10,000		10,000
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds, Series A, Charleston Community (Bank of America N.A. LOC), 3.98%, 9/11/07		15,800		15,800
Maryland State Health and Higher Educational Facilities Authority Revenue Refunding VRDB, Series 2005B, Adventist Healthcare (Manufacturers & Traders Trust Co. LOC), 4.02%, 9/11/07		13,700		13,700
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series A, Adventist Health Care (Manufacturers & Traders Trust Co. LOC), 4.02%, 9/11/07		11,750		11,750
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2003B, Adventist Health Care (Manufacturers & Traders Trust Co. LOC), 3.97%, 9/11/07		2,590		2,590
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2006F, University of Maryland Medical Systems (FGIC Insured), 3.97%, 9/11/07		19,500		19,500
Montgomery County Economic Development Revenue VRDB, Series 2004, Riderwood Village, Inc. Project (Manufacturers & Traders Trust Co. LOC), 4.04%, 9/11/07		900		900
Prince Georges County Revenue Refunding VRDB, Series A, Collington Episcopal (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		10,000		10,000
State of Maryland G.O., Series 1790 B, JP Morgan Putters, (1) 4.03%, 9/11/07		29,965		29,965
				135,185
Massachusetts—2.9%
Massachusetts State Development Finance Agency Revenue VRDB, Series 2003, Phillips Academy, 3.99%, 9/11/07		29,000		29,000
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007-B, Linden Ponds, Inc. (Fortis Bank LOC), 4.04%, 9/11/07		20,000		20,000
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Groton School, 4.02%, 9/11/07		10,000		10,000

MONEY MARKET PORTFOLIOS    11    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Massachusetts—2.9%—(continued)
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Seashore Port-Deaconess, Inc. (Banco Santander Central Hispano LOC), 3.99%, 9/11/07	$	7,755	$	7,755
Massachusetts State G.O. Refunding VRDB, Series 2001C, 4.05%, 9/11/07		27,100		27,100
Massachusetts State G.O. Refunding VRDB, Series 2005A, 3.92%, 9/11/07		23,050		23,050
Massachusetts State G.O. VRDB, Series B, 4.03%, 9/4/07		13,800		13,800
				130,705
Michigan—3.0%
Ann Arbor Economic Development Corp. Limited Obligation Revenue Bonds, Series 2000A, Glacier Hills Project (JPMorgan Chase Bank LOC), 3.99%, 9/11/07		4,640		4,640
Detroit RANS (Bank of Nova Scotia LOC), 4.50%, 3/1/08		13,210		13,261
Detroit School Building and Site Improvement G.O., Series 2002A, ABN AMRO Munitops Certificate Trust, Series 2003-10 (FGIC Insured), (1) 4.00%, 9/11/07		4,000		4,000
Detroit Sewage Disposal System Senior Lien Revenue Refunding Bonds, Series 2001E (FGIC Insured), 3.74%, 7/10/08		15,000		15,000
Grand Rapids Economic Development Corp. Revenue Refunding Bonds, Series 1991A, Amway Hotel (LaSalle Bank N.A. LOC), 3.96%, 9/11/07		3,575		3,575
Kentwood Economic Development Corp. Revenue Refunding VRDB, Series 2006B, Limited Obligation, Holland (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		12,575		12,575
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Series 2004, Hope College (JPMorgan Chase Bank LOC), 4.03%, 9/11/07		2,600		2,600
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Series 2006, Albion College (JPMorgan Chase Bank LOC), 3.96%, 9/11/07		30,000		30,000
Michigan Municipal Bond Authority Revenue Notes, Series 2007 B-2 (Bank of Nova Scotia LOC), 4.50%, 8/20/08		7,000		7,053
Michigan State G.O. Notes, Series A 2006, 4.25%, 9/28/07		20,000		20,010
Michigan State Hospital Finance Authority Revenue Refunding VRDB, Series 2003A, Crittenton Hospital (Comerica Bank LOC), 4.05%, 9/4/07		11,950		11,950
Michigan State Hospital Finance Authority Revenue VRDB, Series 2004B, Holland Community Hospital (JPMorgan Chase Bank LOC), 4.03%, 9/11/07		7,500		7,500
Wayne Charter County Revenue VRDB, Series 2001, University of Detroit Jesuit Project (Allied Irish Bank LOC), 4.03%, 9/11/07		2,700		2,700
				134,864
Minnesota—1.7%
Bloomington Port Authority Special Tax Revenue Refunding VRDB, Series 1999-B, Mall of America (FSA Corp. Insured), 3.98%, 9/11/07		17,000		17,000
Duluth EDA Healthcare Facilities Revenue VRDB, Series 1997, Miller-Dwan Medical Center Project (U.S. Bank N.A. LOC), 4.03%, 9/4/07		800		800

MONEY MARKET PORTFOLIOS    12    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Minnesota—1.7%—(continued)
Maple Grove Economic Development Revenue Bonds, Series 2004, Heritage Christian Academy (U.S. Bank N.A. LOC), 3.98%, 9/11/07	$	3,695	$	3,695
Minneapolis Revenue Bonds, Series 2003A, Guthrie Theater Project (Wells Fargo Bank N.A. LOC), 3.80%, 9/4/07		1,700		1,700
Minneapolis Student Housing Revenue VRDB, Series 2003, Riverton Community Housing Project (LaSalle Bank N.A. LOC), 4.00%, 9/11/07		7,200		7,200
Minnesota Housing Finance Agency Revenue Bonds, Series 2007A, Residential Housing Finance, 3.65%, 3/4/08		5,000		5,000
Minnesota Housing Finance Agency Revenue Bonds, Series F, Residential Housing Finance, 3.68%, 5/29/08		12,010		12,010
Minnesota State G.O., Series 2003, Citigroup ROCS-RR-II-R Series 4309, (1) 4.03%, 9/11/07		3,620		3,620
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 20045Z, University St. Thomas (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		9,000		9,000
Robbinsdale Multifamily Housing Revenue Refunding VRDB, Series 2004-C, Copperfield Hill (LaSalle Bank N.A. LOC), 4.00%, 9/11/07		3,500		3,500
Rochester Health Facilities Revenue Bonds, Series 2000 II-R-28, Citigroup ROCS, (1) 4.03%, 9/11/07		10,470		10,470
St. Paul Housing and Redevelopment Authority Revenue VRDB, Series 2002, Public Radio Project (Allied Irish Bank LOC), 4.03%, 9/4/07		1,300		1,300
St. Paul Port Authority District Revenue VRDB, Series 2001-1-M (Dexia Credit Local LOC), 4.03%, 9/4/07		1,300		1,300
				76,595
Mississippi—0.9%
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007, SG Resources Mississippi LLC Project (SunTrust Bank LOC), 4.02%, 9/11/07		10,000		10,000
Mississippi Business Finance Corp. Revenue VRDB, Series 600, Concourse Project (Regions Bank LOC), 4.03%, 9/11/07		5,000		5,000
Mississippi Hospital Equipment and Facilities Authority Revenue VRDB, Series 2006, Mississippi Baptist Health System (AmSouth Bank Birmingham LOC), 3.99%, 9/11/07		8,500		8,500
Mississippi Medical Center Educational Building Corp. Revenue VRDB, Adult Hospital Project (AMBAC Insured), 3.98%, 9/4/07		8,590		8,590
University of Mississippi Building Corp. Revenue VRDB, Series 2000-A, Campus Improvement Project (MBIA Insured), 3.99%, 9/11/07		7,300		7,300
				39,390
Missouri—2.2%
Chesterfield IDA Educational Facilities Revenue VRDB, Series 2003, Gateway Academy, Inc. Project (U.S. Bank N.A. LOC), 4.03%, 9/4/07		5,200		5,200
Independence IDA Multifamily Housing Revenue Refunding VRDB, Series 2005, The Mansions Project (FHLMC LOC), 3.99%, 9/11/07		2,900		2,900

MONEY MARKET PORTFOLIOS    13    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Missouri—2.2%—(continued)
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Series 2000, Coach House North Apartments (FHLMC LOC), 3.95%, 9/11/07	$	4,500	$	4,500
Kansas City IDA Revenue VRDB, Series B, Downtown Redevelopment District (AMBAC Insured), 3.99%, 9/11/07		15,400		15,400
Missouri State Health and Educational Facilities Authority Revenue Bonds, Series 2000, Lutheran Senior Services (U.S. Bank N.A. LOC), 3.98%, 9/11/07		15,045		15,045
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series A, St. Francis Medical Center (Bank of America N.A. LOC), 3.98%, 9/4/07		30		30
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 1999, Pooled Hospital Freeman Health System (KBC Bank N.V. LOC), 4.00%, 9/11/07		3,635		3,635
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 1999B, St. Louis University, 4.01%, 9/4/07		2,780		2,780
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2002, De Smet Jesuit High School (U.S. Bank N.A. LOC), 4.03%, 9/4/07		3,400		3,400
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2003, Southwest Baptist University Project (Bank of America N.A. LOC), 4.03%, 9/4/07		1,565		1,565
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2004, Bethesda Health Group Project (U.S. Bank N.A. LOC), 4.03%, 9/4/07		3,295		3,295
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2004A, St. Joseph—St. Pius (Allied Irish Bank LOC), 4.05%, 9/11/07		2,680		2,680
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2007, Mother Good Counsel Home (Allied Irish Bank LOC), 3.97%, 9/11/07		10,000		10,000
St. Charles County IDA Revenue Refunding VRDB, Country Club Apartments Project (FNMA LOC), 3.97%, 9/11/07		25,000		25,000
St. Louis County IDA Revenue VRDB, Series B, Friendship Village South (LaSalle Bank N.A. LOC), 4.00%, 9/11/07		5,615		5,615
				101,045
Montana—0.3%
Montana Facilitiy Finance Authority Revenue VRDB, Series A, Sister of Charity, 3.96%, 9/4/07		11,680		11,680
Nebraska—0.1%
Nebraska Educational Finance Authority Revenue Bonds, Series 2003, Creighton University Project (AMBAC Insured), 3.98%, 9/4/07		3,025		3,025
Nevada—0.8%
Clark County Economic Development Revenue VRDB, Opportunity Village Foundation Project (Allied Irish Bank LOC), 3.96%, 9/11/07		9,000		9,000
Las Vegas Economic Development Revenue VRDB, Series A, Keep Memory Alive Project (Bank of New York LOC), 3.96%, 9/11/07		28,600		28,600
				37,600

MONEY MARKET PORTFOLIOS    14    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
New Hampshire—0.4%
New Hampshire Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2004, Antioch University Issue (National City Bank of Cleveland LOC), 4.04%, 9/11/07	$	4,025	$	4,025
New Hampshire Health and Educational Facilities Authority Revenue VRDB, Riverwoods at Exeter (Bank of America N.A. LOC), 3.97%, 9/11/07		12,360		12,360
New Hampshire Health and Educational Facilities Authority Revenue VRDB, Series 2005A, Weeks Medical Center (Allied Irish Bank LOC), 3.99%, 9/11/07		3,470		3,470
				19,855
New Jersey—0.5%
New Jersey EDA Revenue Refunding VRDB, Class B 2006, Cedar Crest Village, Inc. (Bank of New York LOC), 3.96%, 9/11/07		22,100		22,100
New Mexico—0.4%
State of New Mexico TRANS, Series 2007, 4.50%, 6/30/08		20,000		20,124
New York—1.7%
Metropolitan Transportation Authority Revenue VRDB, Subseries E-2 2005 (Fortis Bank LOC), 4.05%, 9/11/07		21,400		21,400
New York State Dormitory Authority Revenue VRDB, Series 2003, Teresian House Housing Corp. (Lloyds TSB Bank LOC), 3.97%, 9/11/07		15,090		15,090
Oneida County Industrial Development Agency Revenue VRDB, Series 2006, Preswick Glen Civic Facility (Lloyds TSB Bank LOC), 3.95%, 9/11/07		5,000		5,000
Suffolk County Industrial Development Agency Civic Facilities Revenue VRDB, Series 2006, St. Anthonys High School Civic (KBC Bank N.V. LOC), 3.97%, 9/11/07		17,930		17,930
Triborough Bridge and Tunnel Authority Reveneue Refunding VRDB, Series F, 3.92%, 9/11/07		20,075		20,075
				79,495
North Carolina—0.9%
City of Greensboro Street Improvement, G.O. VRDB, 4.00%, 9/11/07		10,000		10,000
North Carolina Capital Facilities Finance Agency Revenue VRDB, Elon University (Bank of America N.A. LOC), 3.98%, 9/11/07		9,000		9,000
University of North Carolina Revenue Bonds, Citigroup Eagle 720053014 Class 2005A, (1) 4.04%, 9/11/07		18,400		18,400
Wake County G.O. VRDB, Series 2003C, Public Improvement Bonds, 3.94%, 9/11/07		4,500		4,500
				41,900
Ohio—1.4%
Akron Bath Copley Joint Township Hospital District Revenue VRDB, Series 2004B, Summa Health System Project (JPMorgan Chase Bank LOC), 4.03%, 9/11/07		10,735		10,735
Clinton County Hospital Revenue Refunding VRDB, Series 2002A-1, Memorial Hospital Project (Fifth Third Bank LOC), 4.09%, 9/11/07		3,265		3,265
Clinton County Hospital Revenue Refunding VRDB, Series 2003A1, HB Magruder Memorial Hospital Project (Fifth Third Bank LOC), 4.09%, 9/11/07		5,120		5,120

MONEY MARKET PORTFOLIOS    15    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Ohio—1.4%—(continued)
Cuyahoga County Economic Development Revenue VRDB, Series 2001, Cleveland Botanical Garden Project (Allied Irish Bank LOC), 4.03%, 9/11/07	$	10,550	$	10,550
Franklin County Healthcare Facilities Revenue Refunding Bonds, Series 2005, Chelsea First Community (KBC Bank N.V. LOC), 4.01%, 9/11/07		12,600		12,600
Franklin County Hospital Revenue VRDB, Series 1998B, Doctors Ohio Health Corp. (National City Bank of Cleveland LOC), 3.92%, 9/11/07		7,145		7,145
Knox County Hospital Facility Revenue VRDB, Series 2004, Community Hospital Project (National City Bank Cleveland LOC), 4.03%, 9/11/07		4,950		4,950
Licking County Health Care Facilities Revenue Refunding VRDB, Series 2003, Kendal (Bank of Scotland PLC LOC), 3.99%, 9/11/07		10,400		10,400
				64,765
Oklahoma—0.8%
Edmond EDA Student Housing Revenue VRDB, Series 2001A (Allied Irish Bank LOC), 3.97%, 9/11/07		4,105		4,105
Garfield County Industrial Authority PCR Refunding Bonds, Series A, Oklahoma Gas & Electric Co. Project, 4.07%, 9/11/07		10,000		10,000
Oklahoma State Industrial Authority and Educational Facilities Revenue VRDB, Oklahoma Christian University Project (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		23,100		23,100
				37,205
Oregon—1.3%
Clackamas County Hospital Facility Authority Revenue Refunding VRDB, Willamette Series A-1 (Bank of New York LOC), 3.98%, 9/11/07		5,300		5,300
Multnomah County Hospital Facilities Authority Revenue VRDB, Series 2006C, Terwilliger Plaza Project (Bank of America N.A. LOC), 4.00%, 9/11/07		13,000		13,000
Oregon State Department of Transportation Authority Revenue VRDB, Series B-1, Sub Lien, 3.95%, 9/11/07		500		500
Oregon State Facilities Authority Revenue VRDB, Series 2005A, Quatama Crossing Housing (FNMA LOC), 4.01%, 9/11/07		30,445		30,445
State of Oregon Higher Education G.O., Series 2007-42, ABN AMRO Munitops II, (1) 4.01%, 9/11/07		9,735		9,735
				58,980
Pennsylvania—1.7%
Allentown Redevelopment Authority Revenue Refunding Bonds, Series 1990, Arcadia Association Project (Societe Generale LOC), 4.00%, 9/11/07		6,000		6,000
Beaver County IDA PCR Refunding VRDB, First Energy Generation (Barclays Bank PLC LOC), 3.99%, 9/4/07		900		900
Emmaus General Authority Revenue VRDB, Subseries 1989D-25, Local Government Revenue Bonds (Depfa Bank PLC LOC), 3.95%, 9/11/07		2,100		2,100
Emmaus General Authority Revenue VRDB, Subseries 1989H-20, Local Government Revenue Bonds (Depfa Bank PLC LOC), 3.95%, 9/11/07		5,300		5,300
Latrobe IDA Revenue VRDB, Series 2003, Greensburg Diocese (Allied Irish Bank LOC), 4.00%, 9/11/07		2,605		2,605

MONEY MARKET PORTFOLIOS    16    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Pennsylvania—1.7%—(continued)
Montgomery County IDA PCR Refunding VRDB, Exelon (Wachovia Bank N.A. LOC), 4.00%, 9/11/07	$	5,250	$	5,250
Pennsylvania Economic Development Financing Authority Treasury Department Revenue VRDB, Series 2006, Hospital Enhancement Loan-A1 (National City Bank of Cleveland LOC), 4.03%, 9/11/07		5,815		5,815
Pennsylvania Intergovernmental Cooperative Authority Special Tax Revenue Refunding Bonds, Series 2003, Philadelphia Funding Program (AMBAC Insured), 3.98%, 9/11/07		8,905		8,905
Philadelphia Hospital and Higher Education Facilities Authority Revenue Refunding VRDB, Series 2002, Philadelphia Protestant Home (Bank of America N.A. LOC), 4.00%, 9/11/07		9,270		9,270
Philadelphia Hospital and Higher Education Facilities Authority Revenue VRDB, Series 1999B, Jefferson Health System, 3.68%, 2/4/08		10,000		10,000
Philadelphia School District TRANS, Series 2007-A (Bank of America N.A. LOC), 4.50%, 6/27/08		20,000		20,124
				76,269
Puerto Rico—0.6%
Puerto Rico Aqueduct and Sewer Authority Revenue Bonds, Citigroup ROCS-RR-II-R-1001CE (Citigroup, Inc. Gtd.), (1) 4.03%, 9/11/07		26,000		26,000
Puerto Rico Highway and Transportation Authority Revenue Bonds, Citigroup ROCS-RR-II-R-785CE (Citigroup, Inc., Gtd.), (1) 4.00%, 9/11/07		1,565		1,565
				27,565
South Carolina—1.1%
Charleston Educational Excellence Finance Corp. Revenue Bonds, Citigroup ROCS 497M, (1) 4.03%, 9/11/07		9,115		9,115
Medical University Hospital Authority Revenue VRDB, Series 2005A-5, Austin Variable Certificates (MBIA Insured), (1) 4.03%, 9/11/07		6,000		6,000
Oconee County PCR Refunding VRDB, Series 1993, Duke Energy Corp. (SunTrust Bank LOC), 4.02%, 9/11/07		33,000		33,000
				48,115
South Dakota—0.1%
South Dakota Health and Educational Facilities Authority Revenue VRDB, Series 2004-B, Sioux Valley Hospital and Health (U.S. Bank N.A. LOC), 4.00%, 9/11/07		4,835		4,835
Tennessee—4.2%
Blount County Public Building Authority Revenue VRDB, Series 2004A-9-B, Local Government Public Improvement Bonds (AMBAC Insured), 3.99%, 9/4/07		1,430		1,430
Blount County Public Building Authority Revenue VRDB, Series 2004A-9-C, Local Government Public Improvement Bonds (AMBAC Insured), 3.99%, 9/4/07		1,275		1,275
Chattanooga Health Educational and Housing Facility Board Revenue VRDB, Series 2004A, Tennessee Health Program-Cumberland Medical (AmSouth Bank Birmingham LOC), 3.98%, 9/11/07		30,000		30,000
City of Chattanooga 21st Century G.O., ABN AMRO Munitops Certificate Trust 2002-25 (MBIA Insured), (1) 4.02%, 9/11/07		7,685		7,685
Clarksville Public Building Authority Revenue Bonds, Pooled Financing Tennessee Municipal Bond Fund (Bank of America N.A. LOC), (1) 4.00%, 9/11/07		21,780		21,780

MONEY MARKET PORTFOLIOS    17    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Tennessee—4.2%—(continued)
Hendersonville IDB Multifamily Housing Revenue Refunding VRDB, Windsor Park (Colld. by FNMA), 3.94%, 9/11/07	$	1,995	$	1,995
Metropolitan Government Nashville and Davidson County Electric Revenue Bonds, Citicorp Eagle Trust Series 984201, (1) 4.04%, 9/11/07		17,370		17,370
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Revenue Refunding Bonds, Richland Place, Inc. Project (SunTrust Bank LOC), 4.02%, 9/11/07		6,000		6,000
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 1989, Multifamily Housing, Belle (Societe Generale LOC), 4.00%, 9/11/07		9,680		9,680
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2002, University of Nashville Project (SunTrust Bank LOC), 4.02%, 9/11/07		600		600
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2004, Ridgelake Apartments Project (FHLMC Gtd.), 4.00%, 9/11/07		17,029		17,029
Montgomery County Public Building Authority Pooled Financing Revenue Bonds, Series 2004, Tennessee County Loan Pool (Bank of America N.A. LOC), 3.96%, 9/4/07		1,800		1,800
Sevier County Public Building Authority, Local Government Public Improvement Revenue Bonds, Series 2000 IV-B-4 (FSA Corp. Insured), 4.00%, 9/4/07		1,200		1,200
Series 2000 IV-B-12 (FSA Corp. Insured), 4.00%, 9/4/07		300		300
Series 2000 IV-C-1 (FSA Corp. Insured), 4.00%, 9/4/07		1,700		1,700
Series 2000 IV-E-6 (AMBAC Insured), 4.00%, 9/4/07		1,060		1,060
Series 2001 IV-H-3 (AMBAC Insured), 4.00%, 9/4/07		2,500		2,500
Series 2002 IV-I-4 (AMBAC Insured), 4.00%, 9/4/07		2,020		2,020
Shelby County Health, Educational and Housing Facilities Board Revenue VRDB, Series 2003, St. Benedict High School Project (AmSouth Bank Birmingham LOC), 3.99%, 9/11/07		9,600		9,600
Tennergy Corp. Gas Revenue Bonds, Series 1258Q, Putters (JPMorgan Chase & Co. LOC), (1) 4.10%, 9/11/07		12,645		12,645
Tennessee Energy Acquisition Corp. Revenue Bonds, ROCS-RR-II-R-598, 4.03%, 9/11/07		11,250		11,250
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021, Morgan Stanley Floaters, (1) 4.10%, 9/11/07		26,950		26,950
Tennessee Local Development Authority Revenue BANS, Series 2007A, Student Loan Program, 5.00%, 6/30/08		5,000		5,055
				190,924
Texas—9.5%
ABN AMRO Munitops Certificate Trust G.O., Series 2007-21 (PSF of Texas Gtd.), (1) (2) 3.70%, 2/15/08		5,000		5,000
Bexar County Housing Finance Corp. Multifamily Revenue VRDB, Series 2005-A, Summit Hills Apartments Project (FHLMC Insured), 4.00%, 9/11/07		3,500		3,500

MONEY MARKET PORTFOLIOS    18    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Texas—9.5%—(continued)
Burleson Independent School District G.O., Series 2007-35, ABN AMRO Munitops II (PSF of Texas Gtd.), (1) 4.02%, 9/11/07	$	15,400	$	15,400
Capital Area Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2006, Summit Christian Academy (Wachovia Bank N.A. LOC), 4.00%, 9/11/07		7,100		7,100
Cypress-Fairbanks Independent School District G.O., Citigroup ROCS RR II-R-7058 (PSF of Texas Gtd.), (1) 4.03%, 9/11/07		12,000		12,000
Cypress-Fairbanks Independent School District G.O., Citigroup ROCS RR II-R-10091 (PSF of Texas Gtd.), (1) 4.09%, 9/11/07		6,845		6,845
Fort Bend School District G.O., Series 2004A-03, Wachovia MERLOTS (PSF of Texas Gtd.), (1) 4.02%, 9/11/07		7,040		7,040
Gulf Coast Waste Disposal Authority PCR Refunding VRDB, Amoco Oil-Rmkt 12/7/06, 3.99%, 9/4/07		18,300		18,300
Harris County Health Facilities Development Corp. Revenue VRDB, Series A, Methodist Hospital System, 3.95%, 9/11/07		60,000		60,000
Harris County Revenue TANS, 4.50%, 2/29/08		25,000		25,103
Harris County Toll Road State G.O., Series 2003B, Citigroup ROCS-RR-II-4541, (1) 4.03%, 9/11/07		7,755		7,755
HFDC of Central Texas, Inc. Retirement Facilities Revenue VRDB, Series 2006 C, Village Gleannloch Farms (Citibank N.A. LOC), 4.00%, 9/11/07		10,250		10,250
Houston Independent School District G.O. Revenue VRDB, Series 2004, Schoolhouse (PSF of Texas Gtd.), 3.75%, 6/16/08		17,330		17,330
Keller Independent School District G.O., Series 2001-26, ABN AMRO Munitops Certificate Trust (PSF of Texas Gtd.), (1) 4.00%, 9/11/07		2,650		2,650
Lower Neches Valley Authority Industrial Development Corp. Revenue Refunding VRDB, Series 2001A, ExxonMobil Project (ExxonMobil Corp. Gtd.), 3.95%, 9/4/07		300		300
Municipal Security Trust Certificates Revenue Bonds, Series 5026, University of Texas (1) 4.03%, 9/11/07		6,630		6,630
North Texas Tollway Authority Revenue VRDB, Series 2005C, Dallas North Tollway System (FGIC Insured), 3.95%, 9/11/07		7,000		7,000
Plano Health Facilities Development Corp. Revenue Bonds, Series 2000, YMCA of Metro Dallas Project (Bank of America N.A. LOC), 3.97%, 9/11/07		9,425		9,425
State of Texas G.O. Bonds, Series 2006B, Multi-Mode-Mobility, 3.52%, 9/5/07		15,000		15,000
State of Texas G.O., Citigroup Eagle 2006-126 Class A, (1) 4.04%, 9/11/07		51,900		51,900
State of Texas G.O. Refunding, Vets Housing Assistance—Fund I (Texas State G.O. Gtd.), 3.92%, 9/11/07		15,395		15,395
State of Texas Transportation Mobility G.O., Bear Stearns Trust Certificate Series 2007-302 Class A, (1) 4.03%, 9/11/07		3,985		3,985

MONEY MARKET PORTFOLIOS    19    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Texas—9.5%—(continued)
Tarrant County Health Facilities Development Corp. Revenue VRDB, Series A, Adventist Health System—Sunbelt (SunTrust Bank LOC), 3.98%, 9/11/07	$	7,680	$	7,680
Tarrant County Housing Finance Corp. Revenue Bonds, Series 2003, Gateway Arlington Apartments Project (FNMA Gtd.), 3.94%, 9/11/07		1,165		1,165
Texas Municipal Gas Acquisition and Supply Corp. II Revenue Bonds, Series 2007-042-1993B, STARS Certificates BNP, (1) 4.10%, 9/11/07		33,340		33,340
Texas State G.O., Putter Series 1361, (1) 4.03%, 9/11/07		8,575		8,575
Texas State Transportation Commission Revenue VRDB, Series B, First Tier, 3.93%, 9/11/07		47,300		47,300
Texas Water Development Board Revenue Refunding VRDB, Sub Lien Series 2007-A, 3.99%, 9/4/07		12,542		12,542
Travis County Health Facilities Development Corp. Revenue VRDB, Querencia Barton Creek (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		10,000		10,000
University of Texas Permanent University Fund Revenue Bonds, Series 2002B, Citigroup ROCS RR II R 6519, (1) 4.03%, 9/11/07		5,115		5,115
				433,625
Utah—2.9%
Duchesne County Hospital Development Revenue VRDB, Series 2007A, Uintah Basin Medical Center (JPMorgan Chase Bank LOC), 3.97%, 9/11/07		9,000		9,000
St. George Housing Revenue VRDB, Series A, OK Foundation Projects (FNMA Gtd.), 4.00%, 9/11/07		15,150		15,150
Utah Transit Authority Sales Tax Revenue Bonds, Subseries 2006A (Fortis Bank LOC), 3.99%, 9/4/07		5,000		5,000
Utah Transit Authority Sales Tax Revenue VRDB, Subseries B (Fortis Bank LOC), 3.97%, 9/4/07		29,480		29,480
Utah Water Finance Agency Revenue VRDB, Series 2004A-10 (AMBAC Insured), 4.04%, 9/11/07		2,075		2,075
Utah Water Finance Agency Revenue VRDB, Series 2005A-11, (AMBAC Insured), 4.04%, 9/11/07		24,700		24,700
Utah Water Finance Agency Revenue VRDB Series 2005A-13, (AMBAC Insured), 4.01%, 9/11/07		5,000		5,000
Utah Water Finance Agency Revenue VRDB, Series 2005A-14, (AMBAC Insured), 4.04%, 9/11/07		4,000		4,000
Utah Water Finance Agency Revenue VRDB, Series 2007A-21, (AMBAC Insured), 4.00%, 9/11/07		9,400		9,400
Utah Water Finance Agency Revenue VRDB, Series A-12, (AMBAC Insured), 4.01%, 9/11/07		5,400		5,400
Utah Water Finance Agency Revenue VRDB, Series A-15, (AMBAC Insured), 4.01%, 9/11/07		9,700		9,700

MONEY MARKET PORTFOLIOS    20    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Utah—2.9%—(continued)
Utah Water Finance Agency Revenue VRDB, Series A-18, (AMBAC Insured), 4.04%, 9/11/07	$	10,000	$	10,000
Utah Water Finance Agency Revenue VRDB, Series A-19, (AMBAC Insured), 4.04%, 9/11/07		5,000		5,000
				133,905
Virginia—0.9%
Fairfax County Water Authority Revenue Bonds, Citigroup Eagle 200691 Class A, (1) 4.04%, 9/11/07		3,000		3,000
Fairfax County Water Authority Revenue Bonds, Citigroup ROCS-RR-II-R-10115, (1) 4.09%, 9/11/07		10,595		10,595
Hampton Redevelopment and Multifamily Housing Authority Revenue Refunding VRDB, Hampton Center Apartments Project (FHLMC Insured), 3.97%, 9/11/07		4,000		4,000
Loudoun County IDA Revenue VRDB, Series 2003E, Howard Hughes Medical Institute, 3.91%, 9/4/07		4,800		4,800
University of Virginia Revenue Bonds, Citigroup Eagle 20060017, Class A, (1) 4.04%, 9/11/07		12,000		12,000
Virginia College Building Authority Revenue VRDB, Series 2004, University of Richmond Project, 4.02%, 9/11/07		5,000		5,000
				39,395
Washington—2.8%
Energy Northwest Washington Enhanced Return Revenue Bonds, Merrill P-Floats EC-1007, (1) 4.08%, 9/11/07		6,370		6,370
Everett Washington Public Facilities District Revenue VRDB, Series 2007, 4.03%, 9/4/07		6,650		6,650
King County G.O. Limited BANS, Series A 2006, 4.00%, 11/1/07		3,000		3,002
Port of Seattle Intermediate Lien Revenue Refunding Bonds, Series 2005-28, ABN AMRO Munitops Certificate Trust (MBIA Insured), (1) 4.02%, 9/11/07		10,000		10,000
Snohomish County Washington Public Utility District Number One Revenue Bonds, Series 1995, Generation Systems (MBIA Insured), 3.92%, 9/11/07		8,810		8,810
Washington State G.O. Bonds, Series 2004D, ABN AMRO Munitops Certificate Trust Series 2004-13 (AMBAC Insured), (1) 4.02%, 9/11/07		13,200		13,200
Washington State G.O., Citigroup ROCS-RR-II-R-10136, (1) 4.09%, 9/11/07		11,425		11,425
Washington State G.O., Series 1993B, Smith Barney Soc Gen Trust SGB-13, (1) 4.02%, 9/11/07		1,350		1,350
Washington State Healthcare Facilities Authority Revenue Bonds, Series 510CE, Citigroup ROCS (Citibank N.A. Gtd.), (1) 4.03%, 9/11/07		9,145		9,145
Washington State Healthcare Facilities Authority Revenue VRDB, Seattle Cancer Care (KeyBank N.A. LOC), 4.10%, 9/11/07		9,220		9,220
Washington State Healthcare Facilities Authority Revenue VRDB, Series 2003, Association of Community and Migrant Health Centers (U.S. Bank N.A. LOC), 4.05%, 9/11/07		2,355		2,355

MONEY MARKET PORTFOLIOS    21    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Washington—2.8%—(continued)
Washington State Higher Education Facilities Authority Revenue VRDB, Series 2003A, Cornish College of Arts Project (Bank of America N.A. LOC), 4.03%, 9/11/07	$	1,900	$	1,900
Washington State Higher Education Facilities Authority Revenue VRDB, Series B, Puget Sound Project (Bank of America N.A. LOC), 4.01%, 9/11/07		6,000		6,000
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Judson Park Project (KBC Bank N.V. LOC), 4.02%, 9/11/07		10,400		10,400
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Series 2005, Antioch University Project (U.S. Bank N.A. LOC), 4.07%, 9/11/07		4,395		4,395
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Bertschi School Project (Bank of America N.A. LOC), 4.02%, 9/11/07		5,500		5,500
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Series 2007B, Eastside Catholic School (KeyBank N.A. LOC), 3.96%, 9/11/07		9,000		9,000
Washington State Housing Finance Community Nonprofit Revenue VRDB, YMCA Tacoma and Pierce Project (U.S. Bank N.A. LOC), Series A 1998, 4.02%, 9/11/07		3,025		3,025
Series B 1998, 4.02%, 9/11/07		4,050		4,050
				125,797
West Virginia—0.6%
Monongalia County Building Commission Revenue Refunding VRDB, Series 2005B, Monongalia General Hospital (JPMorgan Chase Bank LOC), 3.97%, 9/11/07		12,960		12,960
West Virginia State Hospital Finance Authority Revenue Refunding VRDB, Series 2003A1, Pallottine Health Services, Inc. Project (Fifth Third Bank LOC), 3.97%, 9/11/07		9,335		9,335
West Virginia State Hospital Finance Authority Revenue VRDB, Pallottine Health Services Project, 3.97%, 9/11/07		6,300		6,300
				28,595
Wisconsin—4.0%
Kenosha Unified School District Number One, TRANS, 4.00%, 9/14/07		5,000		5,001
Pleasant Prairie Kenosha County G.O. VRDB, Series 2004 (XLCA Insured), 4.05%, 9/11/07		4,800		4,800
State of Wisconsin Operating Notes, Series 2007, 4.50%, 6/16/08		22,000		22,127
State of Wisconsin Revenue Bonds, Series 2007-5, Clipper Tax-Exempt Certificate Trust, (1) 4.05%, 9/11/07		25,000		25,000
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2001B, Newcastle Place Project (LaSalle Bank N.A. LOC), 4.00%, 9/11/07		4,600		4,600
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2002, Meriter Hospital, Inc. Project (Marshall & Ilsley Bank LOC), 4.03%, 9/4/07		1,300		1,300
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2003, Mercy Health Systems (Marshall & Ilsley Bank LOC), 4.04%, 9/11/07		6,300		6,300
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Oakwood Village (Marshall & Ilsley Bank LOC), 4.04%, 9/11/07		14,000		14,000

MONEY MARKET PORTFOLIOS    22    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Wisconsin—4.0%—(continued)
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2004, Wisconsin Institute of Torah Study, Inc. Project (Harris N.A. LOC), 3.98%, 9/11/07	$	3,230	$	3,230
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2004C, EastCastle Place (LaSalle Bank N.A. LOC), 3.98%, 9/11/07		7,130		7,130
Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds, Series 2007, Mercy Alliance, Inc. (Marshall & Ilsley Bank LOC), 4.04%, 9/11/07		10,000		10,000
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2003, Oakwood Village Project (Marshall & Ilsley Bank LOC), 4.04%, 9/11/07		10,420		10,420
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Capital Access Pool, Vernon Memorial Hospital (U.S. Bank N.A. LOC), Series 2002A, 4.03%, 9/4/07		815		815
Series 2002B, 4.03%, 9/4/07		1,875		1,875
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Goodwill Industries Southeastern (JPMorgan Chase Bank LOC), 3.96%, 9/11/07		680		680
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series B, Southwest Health Center (Fifth Third Bank LOC), 3.98%, 9/11/07		6,040		6,040
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 1997, Alverno College Project (Allied Irish Bank LOC), 4.03%, 9/4/07		1,000		1,000
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2002H, Pooled Loan Financing Program (U.S. Bank N.A. LOC), 4.01%, 9/11/07		5,000		5,000
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2003B, Wheaton Franciscan Services (U.S. Bank N.A. LOC), 3.93%, 9/11/07		30,000		30,000
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2005, Hospice Care Holdings, Inc. Project (Marshall & Ilsley Bank LOC), 3.96%, 9/11/07		2,685		2,685
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2006C, Upland Hills Health (Allied Irish Bank LOC), 3.98%, 9/11/07		7,250		7,250
Wisconsin Public Power, Inc. System Revenue Bonds, Putters Series 1150 (AMBAC Insured), (1) 4.03%, 9/11/07		11,635		11,635
Wisconsin School Districts Cash Flow Management Program COPS, Series 2006-A1, 4.50%, 9/19/07		3,000		3,001
				183,889
Wyoming—0.1%
Sublette County PCR Bonds, Series 1984, Exxon Project (ExxonMobil Corp. Gtd.), 3.89%, 9/4/07		5,200		5,200
Multiple States Pooled Securities—1.7%
Lehman Brothers Pooled Municipal Trust Receipts Revenue Bonds, Series P10 Regulation D (MBIA Insured), (1) 4.15%, 9/11/07		21,545		21,545
BB&T Municipal Trust Revenue Bonds, Floaters Series 1002 (Branch Banking & Trust Co. LOC), (1) 4.13%, 9/11/07		24,800		24,800

MONEY MARKET PORTFOLIOS    23    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—98.2%—CONTINUED
Multiple States Pooled Securities—1.7%—(continued)
BB&T Municipal Trust Revenue Bonds, Floaters Series 1004 (Branch Banking & Trust Co. LOC), (1) 4.13%, 9/11/07	$	18,500	$	18,500
BB&T Municipal Trust Revenue Bonds, Floaters Series 1006 (Branch Banking & Trust Co. LOC), (1) 4.13%, 9/11/07		14,300		14,300
				79,145
Total Municipal Investments (Cost $4,463,828)				4,463,828
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES—1.6%
AIM Tax-Free Cash Reserve Portfolio		70,646,270		70,646
Dreyfus Tax-Exempt Cash Management Fund		715,626		716
Total Investment Companies (Cost $71,362)				71,362
Total Investments—99.8% (Cost $4,535,190) (3)				4,535,190
Assets less Other Liabilities—0.2%				8,935
NET ASSETS—100.0%			$	4,544,125

(1) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(2) Restricted security that has been deemed illiquid. At August 31, 2007, the value of these restricted illiquid securities amounted to approximately $39,340,000 or 0.9% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Park Creek Metropolitan District Revenue Bonds (CO), 3.68%, 2/14/08	2/15/07	$	15,000
Florida State Department of Transportation Revenue Bonds (FL), 3.78%, 11/1/07	11/15/05		12,390
St. Lucie Florida Community Redevelopment (FL), 4.02%, 9/11/07	1/25/07		18,050
ABN AMRO Munitops Certificate Trust G.O. (TX), 3.70%, 2/15/08	3/8/07		5,000

(3) The cost for federal income tax purposes was $4,535,190.

Percentages shown based on Net Assets.

At August 31, 2007, the industry sectors for the Municipal Portfolio were:

INDUSTRY SECTOR	% OF NET ASSETS
Air, Water Services and Solid Waste Management	6.6	%
Educational Services	13.5	%
Executive, Legislative and General Government	27.2	%
General Medical, Surgical and Nursing and Personal Care	13.8	%
Health Services and Residential Care	13.9	%
Urban and Community Development, Housing Programs and Social Services	6.8	%
All other sectors less than 5%	18.2	%
Total	100.0	%

MONEY MARKET PORTFOLIOS    24    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted notes, or, for floating rate securities, the current reset rate.

Maturity dates represent either the stated date on the security or the next interest reset/puttable date for floating and variable rate securities.

EXPLANATION OF ABBREVIATIONS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS

AMBAC	American Municipal Bond Assurance Corporation
BANS	Bond Anticipation Notes
Colld.	Collateralized
COPS	Certificates of Participation
EDA	Economic Development Authority
FGIC	Financial Guaranty Insurance Corporation
FHLMC	Freddie Mac
FNMA	Fannie Mae
FSA	Financial Security Assurance
GIC	Guaranteed Investment Contract
G.O.	General Obligation
Gtd.	Guaranteed
HFA	Housing Finance Authority
IDA	Industrial Development Authority
IDB	Industrial Development Board
LOC	Letter of Credit
MBIA	Municipal Bond Insurance Association
MERLOTS	Municipal Exempt Receipts Liquidity Optional Tender
PCR	Pollution Control Revenue
P-Floats	Puttable Floating Rate Security
PSF	Permanent School Fund
RANS	Revenue Anticipation Notes
ROCS	Reset Option Certificates
SGB	Societe General Bank
Soc Gen	Societe Generale
STARS	Short Term Adjustable Rate Securities

MONEY MARKET PORTFOLIOS    25    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

TANS	Tax Anticipation Notes
TRANS	Tax and Revenue Anticipation Notes
TSB	Trustee Savings Bank
VRDB	Variable Rate Demand Bonds
XLCA	XL Capital Assurance

MONEY MARKET PORTFOLIOS    26    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED NOTES—2.0%
Auto Receivables—0.5%
AmeriCredit Automobile Receivables Trust, Series 2007-BF, Class A1,
5.32%, 5/6/08	$	2,088	$	2,088
Capital One Auto Finance Trust, Series 2007-A, Class A1,
5.32%, 2/15/08		512		512
Ford Credit Auto Owner Trust, Series 2007-A, Class A1, (1)
5.35%, 7/15/08		14,796		14,796
Wachovia Auto Loan Owner Trust, Series 2007-1, Class A1,
5.34%, 6/20/08		3,345		3,345
				20,741
International Receivables—1.5%
Arkle Master Issuer PLC, FRN, Series 2007-1A, Class 1A, (1)
5.55%, 9/17/07		10,000		10,000
Holmes Master Issuer PLC, FRN, Series 2006-1A, Class 1A, (1)
5.59%, 9/17/07		7,000		7,000
Holmes Master Issuer PLC, FRN, Series 2007-1, Class 1A1,
5.59%, 9/17/07		5,000		5,000
Paragon Mortgages PLC, FRN, Series 12A, Class A1, (1)
5.60%, 9/17/07		9,218		9,218
Paragon Mortgages PLC, FRN, Series 14A, Class A1, (1)
5.61%, 9/17/07		10,000		10,000
Permanent Master Issuer PLC, FRN, Series 2006-1, Class 1A,
5.59%, 9/17/07		5,000		5,000
Permanent Master Issuer PLC, FRN, Series 2007-1, Class 1A,
5.59%, 9/17/07		5,000		5,000
Westpac Securitization Trust, FRN, Series 2007-1G, Class A1, (1)
5.47%, 11/21/07		7,005		7,005
				58,223
Total Asset-Backed Notes (Cost $78,964)				78,964
CERTIFICATES OF DEPOSIT—15.1%
Domestic Depository Institutions—0.3%
Washington Mutual Bank, FRCD,
5.34%, 9/17/07		10,000		10,000
Foreign Depository Institutions—14.8%
ABN AMRO Bank N.V., Chicago Branch,
5.35%, 1/16/08		5,000		5,000
ABN AMRO, London Branch,
5.32%, 5/27/08		5,000		5,000
Allied Irish Bank, London Branch,
5.44%, 6/16/08		3,000		3,000
Bank of Montreal, Chicago Branch, FRCD,
5.39%, 9/1/07		25,000		25,000
Bank of Nova Scotia, FRCD,
5.51%, 9/28/07		10,000		9,999
Barclays Bank, London Branch,
5.48%, 9/13/07		10,000		10,000

PRIME OBLIGATIONS PORTFOLIO    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT—15.1%—CONTINUED
Foreign Depository Institutions—14.8%—(continued)
Barclays Bank, New York Branch,
5.35%, 10/2/07	$	60,000	$	60,000
5.35%, 4/14/08		10,000		10,000
5.36%, 4/16/08		10,000		10,000
5.30%, 5/22/08		10,000		10,000
BNP Paribas, London Branch,
5.26%, 9/17/07		5,000		5,000
5.30%, 9/21/07		7,000		7,000
5.31%, 2/22/08		10,000		10,000
BNP Paribas, New York Branch,
5.28%, 1/11/08		5,000		5,000
CALYON, New York Branch, FRCD,
5.33%, 9/1/07		5,000		5,000
5.37%, 9/1/07		35,000		34,996
Canadian Imperial Bank of Commerce, New York Branch,
5.39%, 9/1/07, FRCD		15,000		15,000
5.30%, 11/5/07		15,000		15,000
Credit Agricole, London Branch,
5.30%, 2/7/08		10,000		10,000
Credit Suisse First Boston, New York Branch,
5.30%, 1/14/08		5,000		5,000
5.33%, 1/16/08		7,000		7,000
5.25%, 4/11/08		5,000		5,000
Credit Suisse, New York Branch,
5.36%, 4/10/08		5,000		5,000
Deutsche Bank, London Branch,
5.41%, 9/1/07, FRCD		8,000		8,000
5.36%, 10/19/07		5,000		5,000
Deutsche Bank, New York Branch,
5.25%, 10/3/07		10,000		9,999
DNB NOR Bank, London Branch,
5.33%, 9/28/07		30,000		30,000
5.32%, 10/26/07		25,000		25,000
5.38%, 11/13/07		20,000		20,000
HBOS Treasury Services, London Branch,
5.41%, 9/20/07		4,000		4,000
HBOS Treasury Services, New York Branch,
5.22%, 12/17/07		7,000		7,000
5.35%, 6/4/08		5,000		5,000
Intesa San Paolo Spa, London Branch,
5.31%, 9/28/07		10,000		10,000
Intesa San Paolo Spa, New York Branch,
5.45%, 9/10/07		30,000		30,000
Lloyds Bank, New York Branch,
5.30%, 10/9/07		10,000		10,000
5.30%, 2/22/08		5,000		5,000
Monte Dei Paschi di Siena, London Branch,
5.32%, 10/25/07		10,000		10,000

PRIME OBLIGATIONS PORTFOLIO    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT—15.1%—CONTINUED
Foreign Depository Institutions—14.8%—(continued)
National Australia Bank, London Branch,
5.40%, 6/12/08	$	5,000	$	5,000
National Bank of Canada, New York Branch,
5.29%, 9/4/07, FRCD		15,000		14,998
5.36%, 1/22/08		5,000		5,000
Nordea Bank Finland, New York Branch,
5.26%, 4/11/08		5,000		5,000
5.29%, 5/22/08		10,000		9,999
Royal Bank of Canada, New York Branch,
5.37%, 10/25/07		7,000		7,000
Royal Bank of Scotland, New York Branch,
5.27%, 9/7/07, FRCD		5,000		4,999
5.28%, 1/11/08		5,000		5,000
5.29%, 2/11/08		12,000		12,000
Skandinaviska Enskilda Banken,
5.31%, 9/1/07, FRCD		10,000		10,000
5.31%, 11/7/07		10,000		10,000
Societe Generale, London Branch,
5.26%, 9/17/07		5,000		5,000
5.32%, 10/2/07		5,000		5,000
5.30%, 1/3/08		6,000		6,000
Societe Generale, New York Branch, FRCD,
5.39%, 9/1/07		10,000		10,000
Toronto Dominion Bank, New York Branch,
5.30%, 9/28/07		10,000		10,000
UBS AG, Stamford Branch,
5.25%, 4/10/08		5,000		5,000
Unicredito Italiano, London Branch,
5.33%, 11/23/07		10,000		10,000
				595,990
Total Certificates of Deposit (Cost $605,990)				605,990
COMMERCIAL PAPER—23.5%
Auto Receivables—0.9%
FCAR1 Owner Trust,
5.26%, 10/15/07		20,000		19,871
New Center Asset Trust,
5.31%, 9/7/07		15,000		14,987
				34,858
Bank Holding Companies—1.5%
Citigroup Funding, Inc.,
5.27%, 10/22/07		5,000		4,963
5.28%, 11/13/07		15,000		14,839
5.21%, 2/4/08		30,000		29,323
5.18%, 2/20/08		10,000		9,753
				58,878

PRIME OBLIGATIONS PORTFOLIO    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER—23.5%—CONTINUED
Credit Card Master Trust—0.7%
BA Credit Card Trust, Emerald Certificates, (1)
5.30%, 10/4/07	$	10,000	$	9,951
Capital One Multi Execution Trust, Nova Notes, (1)
5.29%, 9/13/07		20,000		19,965
				29,916
Multi-Seller Conduits—15.7%
Alpine Securitization,
5.32%, 9/7/07		35,000		34,969
5.25%, 10/22/07		10,000		9,926
Atlantic Asset Securitization Corp.,
5.31%, 9/5/07		20,000		19,988
Barton Capital Corp.,
6.20%, 9/5/07		15,000		14,990
Cedar Springs Capital Co.,
6.35%, 9/4/07		20,000		19,989
5.75%, 9/5/07		21,515		21,501
5.27%, 9/12/07		35,000		34,944
5.26%, 10/17/07		10,000		9,933
5.27%, 10/19/07		25,000		24,824
Charta Corp.,
5.28%, 10/22/07		25,000		24,813
Concord Minuteman Capital Co., (1)
6.30%, 9/6/07		20,000		19,983
5.26%, 10/18/07		15,000		14,897
5.33%, 11/5/07		15,000		14,856
Crown Point Capital Co.,
5.31%, 9/5/07, FRCP		10,000		9,999
5.31%, 9/10/07, FRCP (1)		10,000		9,999
5.28%, 10/22/07, (1)		20,000		19,850
Galleon Capital Corp.,
5.75%, 9/13/07		15,000		14,971
Gemini Securitization,
5.27%, 9/25/07		25,000		24,912
5.48%, 11/9/07		10,000		9,895
Jupiter Securitization Corp.,
6.30%, 9/6/07		10,000		9,991
Lexington Parker Capital,
5.28%, 9/4/07, FRCP		15,000		15,000
5.33%, 9/5/07		25,000		24,985
5.31%, 10/9/07, FRCP		30,000		29,995
5.31%, 11/6/07		20,000		19,805
5.29%, 11/14/07		30,000		29,674
Liberty Street Funding Co.,
5.31%, 9/4/07		10,000		9,996
Ranger Funding Co. LLC,
5.30%, 10/9/07		20,000		19,888

PRIME OBLIGATIONS PORTFOLIO    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER—23.5%—CONTINUED
Multi-Seller Conduits—15.7%—(continued)
Sheffield Receivables Corp.,
6.15%, 9/4/07	$	20,000	$	19,990
6.25%, 9/5/07		15,000		14,990
5.35%, 9/18/07		10,000		9,975
Thames Asset Global Securitization Number One, Inc.,
6.15%, 9/4/07		10,000		9,995
5.31%, 9/17/07		10,000		9,976
Thunder Bay Funding, Inc.,
5.28%, 9/6/07		15,000		14,989
5.26%, 10/30/07		5,000		4,957
Versailles,
5.85%, 9/11/07		10,000		9,984
5.29%, 10/26/07		10,000		9,919
5.28%, 11/1/07		10,000		9,911
				629,259
Non-Depository Personal Credit—1.2%
General Electric Capital Corp.,
5.18%, 9/4/07		50,000		49,978
Single Seller Conduits—1.2%
Picaros Funding LLC,
5.27%, 9/25/07		15,000		14,947
Ticonderoga Funding LLC, (1)
5.31%, 9/6/07		30,000		29,978
5.30%, 9/7/07		2,000		1,998
				46,923
Structured Investment Vehicles—2.3%
Aquifer Funding LLC,
5.32%, 2/8/08		15,000		14,646
Cancara Asset Securitization, Ltd.,
5.26%, 10/16/07		10,000		9,934
Five Finance Corp., (1)
5.25%, 9/4/07		10,000		9,996
Grampian Funding, Ltd.,
5.18%, 10/5/07		10,000		9,951
Mane Funding Corp.,
5.25%, 9/7/07		15,000		14,987
North Sea Funding LLC,
5.25%, 9/4/07		20,000		19,991
6.20%, 9/5/07		15,000		14,990
				94,495
Total Commercial Paper (Cost $944,307)				944,307
CORPORATE NOTES/BONDS—14.7%
Bank Holding Companies—0.5%
Citigroup Funding, Inc., FRN,
5.50%, 11/13/07		15,000		15,000

PRIME OBLIGATIONS PORTFOLIO    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS—14.7%—(CONTINUED)
Bank Holding Companies—0.5%—(continued)
HSBC U.S.A., Inc., FRN,
5.61%, 9/17/07	$	5,000	$	5,000
				20,000
Chemicals & Allied Products—0.2%
BASF Finance Europe, N.V., FRN, (1)
5.35%, 10/22/07		10,000		10,000
Domestic Depository Institutions—2.2%
American Express Centurion, FRN,
5.54%, 9/18/07		5,000		5,001
Marshall & Ilsley Bank, MTN,
5.16%, 12/17/07		15,000		14,994
National City Bank, FRN,
5.41%, 9/1/07		30,000		30,000
5.33%, 10/26/07		15,000		15,000
National City Bank, Cleveland Branch, FRN,
5.35%, 9/25/07		15,000		15,002
Wachovia Bank, N.A., FRN,
5.35%, 9/4/07		7,000		7,000
				86,997
Foreign Depository Institutions—3.5%
Allied Irish Banks, PLC, FRN, (1)
5.52%, 9/19/07		5,000		5,000
Australia and New Zealand Banking Group, FRN, (1)
5.34%, 9/5/07		10,000		10,000
5.33%, 9/7/07		5,000		5,000
5.52%, 9/24/07		1,000		1,000
Bank of Nova Scotia, FRN,
5.45%, 9/28/07		15,000		14,995
Credit Agricole, London Branch, FRN, (1)
5.33%, 9/24/07		10,000		10,000
Danske Bank, FRN, (1)
5.51%, 9/20/07		5,000		5,000
Nordea Bank Finland, New York Branch, FRN, (1)
5.56%, 9/11/07		7,000		7,000
Royal Bank of Canada, FRN,
5.40%, 9/10/07		8,000		8,000
Royal Bank of Scotland, PLC, FRN, (1)
5.52%, 9/21/07		5,000		5,000
5.37%, 10/11/07		30,000		30,008
UBS AG, Stamford,
5.56%, 9/16/07, FRN		10,000		10,000
5.40%, 11/28/07		20,000		20,000
Westpac Banking Corp., FRN,
5.42%, 9/11/07		1,000		1,000
Westpac Banking Corp., New York Branch, FRN, (1) (2)
5.31%, 9/6/07		7,000		7,000
				139,003

PRIME OBLIGATIONS PORTFOLIO    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS—14.7%—(CONTINUED)
Insurance Carriers—1.0%
Genworth Global Funding, FRN, (1)
5.53%, 9/11/07	$	7,000	$	7,000
ING Verzekeringen, N.V., FRN, (1)
5.30%, 9/4/07		12,000		12,000
MET Life Global Funding I, FRN, (1)
5.70%, 9/17/07		10,000		10,000
5.49%, 9/24/07		10,000		10,000
				39,000
Non-Depository Personal Credit—1.3%
American Express Bank, FSB, FRN,
5.51%, 9/18/07		20,000		19,999
General Electric Capital Corp., FRN,
5.52%, 9/24/07		9,000		9,000
5.41%, 10/15/07		10,000		10,003
HSBC Finance Corp., FRN,
5.34%, 9/6/07		8,000		8,000
5.55%, 9/24/07		5,000		5,000
				52,002
Paper and Allied Products—0.1%
Kimberly Clark, (1)
5.26%, 12/19/07		5,000		5,000
Security and Commodity Brokers—1.2%
Goldman Sachs, FRN,
5.48%, 9/1/07		5,000		5,000
Goldman Sachs Group LP, FRN, (1)
5.36%, 10/25/07		7,000		7,000
Merrill Lynch & Co., FRN,
5.41%, 9/4/07		5,000		5,000
5.52%, 9/18/07		10,000		10,000
5.51%, 9/24/07		5,000		5,000
5.34%, 11/23/07		10,000		10,000
Morgan Stanley, FRN,
5.69%, 9/17/07		3,000		3,000
5.60%, 9/27/07		5,000		5,000
				50,000
Structured Investment Vehicles—4.7%
Asscher Finance Corp., FRN, (1)
5.33%, 9/25/07		5,000		5,000
Beta Finance, Inc., FRN, (1)
5.35%, 10/29/07		5,000		5,001
CC USA, Inc., FRN, (1)
5.51%, 9/25/07		10,000		10,001
5.48%, 11/20/07		15,000		14,998

PRIME OBLIGATIONS PORTFOLIO    7    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS—14.7%—(CONTINUED)
Structured Investment Vehicles—4.7%—(continued)
Cullinan Finance Corp., (1)
5.47%, 9/28/07, FRN	$	10,000	$	9,999
5.32%, 10/9/07, FRN		7,000		7,000
5.33%, 10/25/07, FRN		5,000		4,999
5.33%, 11/26/07, FRN		10,000		9,996
5.36%, 4/15/08		7,000		7,000
5.35%, 5/15/08, FRN		7,000		7,000
Dorada Finance, Inc., (1)
5.32%, 5/27/08		5,000		5,000
Five Finance, Inc., FRN, (1)
5.33%, 9/14/07		3,000		3,000
Links Finance LLC, MTN, FRN, (1)
5.30%, 9/5/07		10,000		9,999
5.31%, 9/7/07		5,000		5,000
5.32%, 10/18/07		10,000		9,999
Sigma Finance, Inc., MTN, (1)
5.52%, 9/1/07, FRN		10,000		10,000
5.33%, 9/17/07, FRN		10,000		9,999
5.60%, 9/17/07, FRN		10,000		10,001
5.35%, 5/19/08		15,000		15,000
Whistlejacket Capital LLC, FRN, (1)
5.32%, 10/23/07		10,000		9,998
White Pine Finance LLC, FRN, (1)
5.50%, 9/20/07		5,000		4,999
5.32%, 10/19/07		15,000		14,998
				188,987
Total Corporate Notes/Bonds (Cost $590,989)				590,989
EURODOLLAR TIME DEPOSITS—17.9%
Domestic Depository Institutions—3.6%
Bank of America, Grand Cayman,
5.32%, 9/14/07		20,000		20,000
Bank of America, Toronto, Canada,
5.31%, 9/4/07		125,000		125,000
				145,000
Foreign Depository Institutions—14.3%
ABN AMRO Bank, Amsterdam, Netherlands,
5.35%, 9/4/07		25,000		25,000
BNP Paribas, London,
5.35%, 9/4/07		150,000		150,000
Danske Bank, Copenhagen, Denmark,
5.35%, 9/4/07		35,000		35,000
Deutsche Bank, Grand Cayman,
5.22%, 9/4/07		75,000		75,000
Dexia Bank Belgium, Brussels,
5.35%, 9/4/07		125,000		125,000

PRIME OBLIGATIONS PORTFOLIO    8    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
EURODOLLAR TIME DEPOSITS—17.9%—(CONTINUED)
Foreign Depository Institutions—14.3%—(continued)
ING Bank, Amsterdam,
5.35%, 9/4/07	$	150,000	$	150,000
5.33%, 9/25/07		15,000		15,000
				575,000
Total Eurodollar Time Deposits (Cost $720,000)				720,000
MUNICIPAL INVESTMENTS—0.1%
Administration of Environmental and Housing Programs—0.1%
State of Texas G.O. Taxable, Veterans' Land Refunding Bonds, Series 2000, 5.45%, 9/11/07		5,000		5,000
Total Municipal Investments (Cost $5,000)				5,000
Investments, at Amortized Cost ($2,945,250)				2,945,250
REPURCHASE AGREEMENTS—26.8%
(Colld. at a minimum of 102%) (3)
Bank of America N.A., dated 8/31/07, repurchase price $380,227 5.37%, 9/4/07		380,000		380,000
Bear Stearns, Inc., dated 8/31/07, repurchase price $27,956 5.38%, 9/4/07		27,939		27,939
Citigroup Global Markets, Inc., dated 8/31/07, repurchase price $505,303 5.40%, 9/4/07		505,000		505,000
Deutsche Bank Securities, Inc., dated 8/31/07, repurchase price $165,099 5.40%, 9/4/07		165,000		165,000
Total Repurchase Agreements (Cost $1,077,939)				1,077,939
Total Investments—100.1% (Cost $4,023,189) (4)				4,023,189
Liabilities less Other Assets—(0.1)%				(6,153	)
NET ASSETS—100.0%			$	4,017,036

(1) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

PRIME OBLIGATIONS PORTFOLIO    9    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

(2) Restricted security that has been deemed illiquid. At August 31, 2007, the value of this restricted illiquid security amounted to approximately $7,000,000 or 0.2% of net assets. Additional information on this restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Westpac Banking Corp., New York Branch, FRN,
5.31%, 9/6/07	11/16/06	$	7,000

(3) The nature and terms of the collateral received for the repurchase agreements are as follows:

NAME	COUPON RATES		MATURITY DATES
FHLMC	4.50	% - 6.00%	5/1/22 - 5/1/37
FNMA	4.60	% - 6.50%	8/1/23 - 9/1/37
GNMA	0.00	% - 7.00%	7/20/34 - 9/15/36

(4) The cost for federal income tax purposes was $4,023,189.

Percentages shown based on Net Assets.

PRIME OBLIGATIONS PORTFOLIO    10    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

ABBREVIATIONS AND OTHER INFORMATION

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted notes, or, for floating rate securities, the current reset rate.

Maturity dates represent either the stated date on the security or the next interest reset/puttable date for floating and variable rate securities.

EXPLANATION OF ABBREVIATIONS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS

Colld. Collateralized

FHLMC Freddie Mac

FNMA Federal National Mortgage Association

FRCD Floating Rate Certificates of Deposit

FRCP Floating Rate Commercial Paper

FRN Floating Rate Notes

FSB Federal Savings Bank

GNMA Government National Mortgage Association

G.O. General Obligation

MTN Medium Term Notes

PRIME OBLIGATIONS PORTFOLIO    11    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED NOTES—8.9%
Auto Receivables—0.8%
AmeriCredit Automobile Receivables Trust,
Series 2007-BF, Class A1,
5.32%, 5/6/08	$	2,088	$	2,088
Capital One Auto Finance Trust,
Series 2007-A, Class A1,
5.32%, 2/15/08		512		512
Ford Credit Auto Owner Trust,
Series 2007-A, Class A1, (1)
5.35%, 7/15/08		14,796		14,796
Wachovia Auto Loan Owner Trust,
Series 2007-1, Class A1,
5.34%, 6/20/08		3,345		3,345
				20,741
International Receivables—2.9%
Arkle Master Issuer PLC, FRN, Series 2007-1A, Class 1A, (1)
5.55%, 9/17/07		10,000		10,000
Holmes Master Issuer PLC, FRN, Series 2006-1A, Class 1A, (1)
5.59%, 9/17/07		10,000		10,000
Holmes Master Issuer PLC, FRN, Series 2007-1, Class 1A1,
5.59%, 9/17/07		7,000		7,000
Interstar Millennium Trust, FRN, Series 2006-2GA, Class A1, (1)
5.49%, 9/27/07		12,161		12,161
Paragon Mortgages PLC, FRN, Series 12A, Class A1, (1)
5.60%, 9/17/07		9,218		9,218
Paragon Mortgages PLC, FRN, Series 14A, Class A1, (1)
5.61%, 9/17/07		10,000		10,000
Permanent Master Issuer PLC, FRN, Series 2006-1, Class 1A,
5.59%, 9/17/07		10,000		10,000
Westpac Securization Trust, FRN, Series 2007-1G, Class A1, (1)
5.47%, 11/21/07		8,756		8,756
				77,135
Collateralized Loan Obligations—5.2%
Caryle Capital Investment Ltd., FRN,
Series 2007-2A, (1)
5.42%, 11/8/07		40,000		40,000
Shiprock Finance SF1, FRN,
Series 2007-2A, Class A, (1)
5.43%, 10/25/07		50,000		50,000
Zais Levered Loan Fund, Ltd., FRN, (1)
Series 2007-7A, Class 7,
5.43%, 9/4/07		50,000		50,000
				140,000
Total Asset-Backed Notes (Cost $237,876)				237,876
CERTIFICATES OF DEPOSIT—17.4%
Domestic Depository Institutions—0.6%
Washington Mutual Bank, FRCD,
5.34%, 9/17/07		15,000		15,000
Foreign Depository Institutions—16.8%
ABN AMRO Bank NV Chicago,
5.35%, 1/16/08		5,000		5,000
ABN AMRO, London Branch,
5.32%, 10/18/07		10,000		10,000
5.32%, 5/27/08		5,000		5,000
Bank of Montreal Chicago, FRCD,
5.39%, 9/1/07		20,000		20,000

LIQUID ASSETS PORTFOLIO    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT—17.4%—CONTINUED
Foreign Depository Institutions—16.8%—(continued)
Bank of Nova Scotia, FRCD,
5.51%, 9/28/07	$	10,000	$	9,999
Barclays Bank, London Branch,
5.48%, 9/13/07		10,000		10,000
Barclays Bank, New York Branch,
5.35%, 10/2/07		10,000		10,000
5.35%, 4/14/08		10,000		10,000
5.36%, 4/16/08		10,000		10,000
5.30%, 5/22/08		10,000		10,000
BNP Paribas, London Branch,
5.26%, 9/17/07		10,000		10,000
5.32%, 10/17/07		15,000		15,000
5.31%, 2/22/08		10,000		10,000
CALYON, New York Branch, FRCD,
5.33%, 9/1/07		15,000		15,000
5.37%, 9/1/07		15,000		14,998
Canadian Imperial Bank of Commerce, New York Branch, FRCD,
5.39%, 9/1/07		25,000		25,000
Credit Agricole, London Branch,
5.30%, 2/7/08		7,000		7,000
Credit Suisse First Boston, New York Branch,
5.30%, 1/14/08		5,000		5,000
5.33%, 1/16/08		5,000		5,000
Credit Suisse, New York Branch,
5.36%, 4/10/08		10,000		10,000
Deutsche Bank, London Branch,
5.41%, 9/1/07, FRCD		8,000		8,000
5.36%, 10/19/07		5,000		5,000
Deutsche Bank, New York Branch,
5.25%, 10/3/07		10,000		9,999
HBOS Treasury Services, London Branch,
5.41%, 9/20/07		8,000		8,000
HBOS Treasury Services, New York Branch,
5.35%, 6/4/08		10,000		10,000
Intesa San Paolo Spa, London Branch,
5.31%, 9/28/07		15,000		15,000
Intesa San Paolo Spa, New York Branch,
5.45%, 9/10/07		20,000		20,000
Lloyds Bank, New York Branch,
5.30%, 10/9/07		5,000		5,000
5.30%, 2/22/08		5,000		5,000
Monte Dei Paschi di Siena, London Branch,
5.32%, 10/25/07		10,000		10,000
National Australia Bank, London Branch,
5.40%, 6/12/08		5,000		5,000
National Bank of Canada, New York Branch, FRCD,
5.29%, 9/4/07		10,000		9,999
Nordea Bank Finland, New York Branch,
5.26%, 4/11/08		10,000		10,000
5.29%, 5/22/08		10,000		10,000
Royal Bank of Canada, New York Branch,
5.37%, 10/25/07		10,000		10,000
Royal Bank of Scotland, New York Branch,
5.27%, 9/7/07, FRCD		5,000		4,999
5.28%, 1/11/08		5,000		5,000
5.29%, 2/11/08		5,000		5,000
Skandinaviska Enskilda Banken,
5.31%, 11/7/07		10,000		10,000

LIQUID ASSETS PORTFOLIO    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT—17.4%—CONTINUED
Foreign Depository Institutions—16.8%—(continued)
Skandinaviska Enskilda Banken, New York Branch, FRCD,
5.31%, 9/1/07	$	15,000	$	15,000
Societe Generale, London Branch,
5.26%, 9/17/07		8,000		8,000
5.32%, 10/2/07		5,000		5,000
5.32%, 10/16/07		10,000		10,000
5.30%, 1/3/08		5,000		5,000
Societe Generale, New York Branch, FRCD,
5.39%, 9/1/07		20,000		20,000
UBS AG, Stamford Branch,
5.25%, 4/10/08		5,000		5,000
				450,994
Total Certificates of Deposit (Cost $465,994)				465,994
COMMERCIAL PAPER—19.1%
Auto Receivables—0.4%
FCAR1 Owner Trust,
5.26%, 10/15/07		10,000		9,936
Bank Holding Companies—0.5%
Citigroup Funding, Inc.,
5.27%, 10/22/07		15,000		14,888
Collateralized Loan Obligation—0.4%
Simba Funding Corp.,
5.26%, 9/11/07		10,000		9,985
Credit Card Master Trust—1.3%
BA Credit Card Trust, Emerald Certificates, (1)
5.30%, 10/4/07		25,000		24,879
Capital One Multi Execution Trust, Nova Notes, (1)
5.29%, 9/13/07		10,000		9,982
				34,861
Foreign Depository Institution—0.4%
UBS Finance (Delaware), Inc.,
5.25%, 10/12/07		10,000		9,940
Multi-Seller Conduits—11.9%
Alpine Securitization,
5.32%, 9/7/07		30,000		29,973
5.25%, 10/22/07		5,500		5,459
Atlantic Asset Securitization Corp.,
5.31%, 9/5/07		15,000		14,991
Cedar Springs Capital Co.,
5.26%, 10/17/07		10,000		9,933
5.27%, 10/19/07		20,000		19,860
Charta Corp.,
5.27%, 9/17/07		10,000		9,977
Concord Minuteman Capital Co., (1)
5.33%, 11/5/07		15,000		14,856
Crown Point Capital Co., FRCP,
5.31%, 9/5/07		10,000		9,999
Galleon Capital Corp.,
5.75%, 9/13/07		15,000		14,971
Gemini Securitization,
5.48%, 11/9/07		15,000		14,842
Lexington Parker Capital,
5.28%, 9/4/07, FRCP		15,000		15,000
5.33%, 9/5/07		25,000		24,985
5.31%, 10/9/07, FRCP		30,000		29,996
5.31%, 11/6/07		20,000		19,805

LIQUID ASSETS PORTFOLIO    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER—19.1%—CONTINUED
Multi-Seller Conduits—11.9%—(continued)
Ranger Funding Company LLC,
5.30%, 10/9/07	$	20,000	$	19,888
Sheffield Receivables Corp.,
5.35%, 9/18/07		15,000		14,962
Thames Asset Global Securitization Number One, Inc.,
6.15%, 9/4/07		10,000		9,995
Versailles,
5.29%, 10/26/07		20,000		19,838
5.28%, 11/1/07		20,000		19,821
				319,151
Non-Depository Personal Credit—1.8%
General Electric Capital Corp.,
5.18%, 9/4/07		50,000		49,978
Single-Seller Conduits—1.1%
Picaros Funding LLC,
5.27%, 9/25/07		15,000		14,947
Ticonderoga Funding LLC, (1)
5.31%, 9/6/07		15,000		14,989
				29,936
Structured Investment Vehicles—1.3%
Aquifer Funding LLC,
5.32%, 2/8/08		15,000		14,646
Cancara Asset Securitization, Ltd.,
5.26%, 10/16/07		10,000		9,934
North Sea Funding LLC,
6.20%, 9/5/07		10,000		9,993
				34,573
Total Commercial Paper (Cost $513,248)				513,248
CORPORATE NOTES/BONDS—23.4%
Bank Holding Companies—0.6%
Citigroup Funding, Inc., FRN,
5.50%, 11/13/07		10,000		10,000
HSBC U.S.A., Inc., FRN,
5.61%, 9/17/07		5,000		5,000
				15,000
Chemicals and Allied Products—0.4%
BASF Finance Europe, NV, FRN, (1)
5.35%, 10/22/07		10,000		10,000
Domestic Depository Institutions—2.4%
American Express Centurion, FRN,
5.67%, 9/17/07		5,000		5,001
5.54%, 9/18/07		10,000		10,001
Marshall & Ilsley Bank, MTN,
5.16%, 12/17/07		10,000		9,996
National City Bank, FRN,
5.41%, 9/1/07		20,000		20,000
5.33%, 10/26/07		10,000		10,000
Wachovia Bank, N.A., FRN,
5.35%, 9/4/07		10,000		10,001
				64,999
Electric Services—0.4%
National Rural Utilities Cooperative, FRN,
5.31%, 9/4/07		10,000		10,000
Foreign Depository Institutions—4.9%
Allied Irish Banks PLC, FRN, (1)
5.52%, 9/19/07		5,000		5,000

LIQUID ASSETS PORTFOLIO    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS—23.4%—CONTINUED
Foreign Depository Institutions—4.9%—(continued)
Australia and New Zealand Banking Group, FRN, (1)
5.34%, 9/5/07	$	15,000	$	15,000
5.52%, 9/24/07		3,000		3,000
Bank of Nova Scotia, FRN,
5.45%, 9/28/07		20,000		19,994
Credit Agricole, London, FRN, (1)
5.33%, 9/24/07		5,000		5,000
Danske Bank, FRN, (1)
5.51%, 9/20/07		5,000		5,000
Nordea Bank Finland, New York, FRN, (1)
5.56%, 9/11/07		14,000		14,000
Royal Bank of Canada, FRN,
5.40%, 9/10/07		15,000		15,000
Royal Bank of Scotland, New York Branch, FRN, (1)
5.52%, 9/21/07		15,000		15,000
UBS AG, Stamford CT,
5.56%, 9/16/07, FRN		10,000		10,000
5.40%, 11/28/07		10,000		10,000
Westpac Banking Corp., FRN,
5.42%, 9/11/07		10,000		10,000
Westpac Banking Corp., New York, FRN, (1) (2)
5.31%, 9/6/07		5,000		5,000
				131,994
Insurance Carriers—2.2%
Allstate Life Global Funding II, FRN, (1)
5.69%, 9/17/07		10,000		10,000
Genworth Global Funding, FRN, (1)
5.53%, 9/11/07		10,000		10,000
ING Verzekeringen NV, FRN, (1)
5.30%, 9/4/07		20,000		20,000
MET Life Global Funding I, FRN, (1)
5.70%, 9/17/07		10,000		10,000
5.49%, 9/24/07		10,000		10,000
				60,000
Non-Depository Business Credit—0.9%
CIT Group, Inc., FRN,
5.38%, 10/18/07		25,000		25,000
Non-Depository Personal Credit—2.4%
American Express Bank, FSB, FRN,
5.33%, 9/7/07		10,000		10,001
General Electric Capital Corp., FRN,
5.52%, 9/24/07		18,000		18,000
5.41%, 10/15/07		10,000		10,003
HSBC Finance Corp., FRN,
5.34%, 9/6/07		2,000		2,000
5.55%, 9/24/07		25,000		25,000
				65,004
Paper and Allied Products—0.2%
Kimberly-Clark, (1)
5.26%, 12/19/07		5,000		5,000
Security and Commodity Brokers—1.6%
Goldman Sachs, FRN,
5.48%, 9/1/07		5,000		5,000
Goldman Sachs Group LP, FRN, (1)
5.36%, 10/25/07		7,000		7,000

LIQUID ASSETS PORTFOLIO    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS—23.4%—CONTINUED
Security and Commodity Brokers—1.6%—(continued)
Merrill Lynch & Co., FRN,
5.52%, 9/18/07	$	10,000	$	10,000
5.34%, 11/23/07		10,000		10,000
Morgan Stanley, FRN,
5.60%, 9/27/07		12,000		12,000
				44,000
Structured Investment Vehicles—7.4%
Asscher Finance Corp., FRN, (1)
5.33%, 9/25/07		5,000		5,000
CC USA, Inc., FRN, (1)
5.51%, 9/25/07		10,000		10,001
5.48%, 11/20/07		10,000		9,999
Cullinan Finance Corp., (1)
5.47%, 9/28/07, FRN		10,000		9,999
5.32%, 10/9/07, FRN		5,000		5,000
5.33%, 10/25/07, FRN		10,000		9,999
5.33%, 11/26/07, FRN		10,000		9,996
5.36%, 4/15/08		8,000		8,000
5.35%, 5/15/08, FRN		10,000		10,000
Dorada Finance, Inc., (1)
5.50%, 9/25/07, FRN		10,000		10,001
5.32%, 5/27/08		5,000		5,000
Five Finance, Inc., FRN, (1)
5.33%, 9/14/07		7,000		7,000
Links Finance LLC, MTN, FRN, (1)
5.30%, 9/5/07		10,000		9,999
5.31%, 9/7/07		8,000		8,000
5.33%, 10/15/07		10,000		10,000
Sigma Finance, Inc., MTN, (1)
5.52%, 9/1/07, FRN		15,000		14,999
5.33%, 9/15/07, FRN		10,000		9,999
5.60%, 9/17/07, FRN		10,000		10,001
5.35%, 5/19/08		10,000		10,000
Whistlejacket Capital LLC, FRN, (1)
5.32%, 10/23/07		15,000		14,997
White Pine Finance, FRN, (1)
5.32%, 10/19/07		10,000		9,999
				197,989
Total Corporate Notes/Bonds (Cost $628,986)				628,986
EURODOLLAR TIME DEPOSITS—8.9%
Domestic Depository Institutions—3.5%
Bank of America, Toronto, Canada,
5.31%, 9/4/07		50,000		50,000
Citibank, Nassau,
4.75%, 9/4/07		43,408		43,408
				93,408
Foreign Depository Institutions—5.4%
ABN AMRO Bank, Amsterdam, Netherlands,
5.35%, 9/4/07		20,000		20,000
BNP Paribas, London,
5.35%, 9/4/07		75,000		75,000
ING Bank, Amsterdam,
5.35%, 9/4/07		50,000		50,000
				145,000
Total Eurodollar Time Deposits (Cost $238,408)				238,408

LIQUID ASSETS PORTFOLIO    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS—1.5%
Administration of Environmental and Housing Programs—0.7%
State of Texas G.O. Taxable VRDB, Veterans' Land,
Series 2000A,
5.45%, 9/11/07	$	18,350	$	18,350
Educational Services—0.2%
Savannah, Georgia, College of Art and Design, Taxable Revenue Bonds,
Series 2004 (Bank of America, N.A. LOC),
5.60%, 9/11/07		5,300		5,300
Electric Services—0.2%
M-S-R Public Power Agency, California, Taxable Revenue Bonds,
Series 1998G, San Juan Project (MBIA Insured),
5.60%, 9/11/07		5,700		5,700
Executive, Legislative and General Government—0.2%
Cook County, Illinois, G.O. Taxable Bonds, Series 2004D,
5.61%, 9/11/07		5,000		5,000
Water Services—0.2%
Olivenhain, California Municipal Water District COP Taxable VRDB,
Series 2002 (Bank of America N.A. LOC),
5.55%, 9/11/07		6,840		6,840
Total Municipal Investments (Cost $41,190)				41,190
Investments, at Amortized Cost ($2,125,702)				2,125,702
REPURCHASE AGREEMENTS—20.7%
(Colld. at a minimum of 102%) (3)
Joint Repurchase Agreements—2.1%
Morgan Stanley & Co., Inc., dated 8/31/07,
repurchase price $24,328
5.10%, 9/4/07		24,314		24,314
Societe Generale, New York Branch, dated 8/31/07,
repurchase price $12,164
5.10%, 9/4/07		12,157		12,157
UBS Securities LLC, dated 8/31/07,
repurchase price $18,246
5.10%, 9/4/07		18,236		18,236
				54,707
(Colld. at a minimum of 102%) (4)
Repurchase Agreements—18.6%
Bank of America N.A., dated 8/31/07,
repurchase price $10,006
5.37%, 9/4/07		10,000		10,000
Citigroup Global Markets, Inc., dated 8/31/07,
repurchase price $290,174
5.40%, 9/4/07		290,000		290,000
Credit Suisse First Boston Corp., dated 8/31/07,
repurchase price $200,119
5.35%, 9/4/07		200,000		200,000
				500,000
Total Repurchase Agreements (Cost $554,707)				554,707
Total Investments—99.9% (Cost $2,680,409) (5)				2,680,409
Other Assets less Liabilities - 0.1%				2,456
NET ASSETS—100.0%			$	2,682,865

LIQUID ASSETS PORTFOLIO    7    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

(1) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(2) Restricted security that has been deemed illiquid. At August 31, 2007, the value of this restricted illiquid security amounted to approximately $5,000,000 or 0.2% of net assets. Additional information on this restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Westpac Banking Corp., New York, FRN,
5.31%, 9/6/07	11/16/06	$	5,000

(3) The nature and terms of the collateral received for the joint repurchase agreements are as follows:

NAME	COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	2.00% - 12.50%	8/15/14 - 4/15/29
U.S. Treasury Notes	1.88% - 2.00%	1/15/14 - 7/15/15

(4) The nature and terms of the collateral received for the repurchase agreements are as follows:

NAME	COUPON RATES	MATURITY DATES
FNMA	5.00% - 7.00%	8/1/21 - 8/1/37

(5) The cost for federal income tax purposes was $2,680,409.

LIQUID ASSETS PORTFOLIO    8    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

ABBREVIATIONS AND OTHER INFORMATION

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2007 (UNAUDITED)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted notes, or, for floating rate securities, the current reset rate.

Maturity dates represent either the stated date on the security or the next interest reset/puttable date for floating and variable rate securities.

Interest rates are reset daily and interest is payable monthly with respect to all joint repurchase agreements.

EXPLANATION OF ABBREVIATIONS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS

Colld. Collateralized

COP Certificate of Participation

FNMA Federal National Mortgage Association

FRCD Floating Rate Certificates of Deposit

FRCP Floating Rate Commercial Paper

FRN Floating Rate Notes

FSB Federal Savings Bank

G.O. General Obligation

LOC Letter of Credit

MBIA Municipal Bond Insurance Association

MTN Medium Term Notes

VRDB Variable Rate Demand Bonds

LIQUID ASSETS PORTFOLIO    9    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications for the principal executive and principal financial officers of the registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Northern Institutional Funds
By:	/s/ Lloyd A. Wennlund
	Lloyd A. Wennlund, President
	(Principal Executive Officer)
Date:	October 29, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

(Registrant) Northern Institutional Funds
By:	/s/ Lloyd A. Wennlund
	Lloyd A. Wennlund, President
	(Principal Executive Officer)
Date:	October 29, 2007
By:	/s/ Randal Rein
	Randal Rein, Assistant Treasurer
	(Principal Financial and Accounting Officer)
Date:	October 29, 2007