Northern Institutional Funds

N-Q 1 dnq.htm NORTHERN INSTITUTIONAL FUNDS Northern Institutional Funds

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: February 29, 2008

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 - 1.1%
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A4, 5.63%, 7/10/46	$	1,370	$	1,325
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.89%, 6/12/47		2,010		1,892

Total Asset-Backed Securities (Cost $3,327)				3,217

CORPORATE BONDS - 15.3%
Advertising - 0.2%
R.H. Donnelley Corp., ⁽¹⁾ 8.88%, 10/15/17 †		1,025		600

Banks - 0.3%
Bank of America Corp., 8.00%, 12/29/49 †		830		860

Commercial Services - 0.9%
ARAMARK Services Inc., 6.74%, 2/1/15		1,195		1,046
Erac USA Finance Co., ⁽¹⁾⁽²⁾ 7.00%, 10/15/37		1,755		1,464

				2,510

Diversified Financial Services - 5.5%
American General Finance Corp., 6.90%, 12/15/17		380		382
ANZ Capital Trust, ⁽¹⁾⁽²⁾ 4.48%, 1/29/49		1,325		1,313
Bear Stearns Cos (The) Inc., 7.25%, 2/1/18		595		577
Citigroup Capital XXI, 8.30%, 12/21/77		2,320		2,355
Countrywide Home Loans, Inc., 4.00%, 3/22/11		1,125		989
Ford Motor Credit Co., LLC, 5.80%, 1/12/09 † 7.25%, 10/25/11		1,475 435		1,426 372
General Electric Capital Corp., 5.88%, 1/14/38		2,385		2,280
GMAC LLC, 6.88%, 9/15/11 †		1,145		934
Goldman Sachs Group (The), Inc., 6.75%, 10/1/37		1,530		1,428
International Lease Finance Corp., 5.65%, 6/1/14 †		225		227
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17		840		844
Merrill Lynch & Co, Inc., 5.45%, 2/5/13		760		766
Power Receivable Finance LLC, ⁽¹⁾ ⁽²⁾ 6.29%, 1/1/12		927		989
USB Realty Corp., ⁽¹⁾⁽²⁾ 6.09%, 12/22/49		1,300		1,001

				15,883

Electric - 0.5%
AES (The) Corp., 9.50%, 6/1/09		1,425		1,475

Entertainment - 0.4%
Mashantucket Western Pequot Tribe, ⁽¹⁾⁽²⁾ 8.50%, 11/15/15 †		1,250		1,112

Food - 0.2%
Kroger Co. (The), 6.15%, 1/15/20		480		496

Healthcare - Services - 0.8%
HCA Inc./DE, 9.13%, 11/15/14 †		1,405		1,433
UnitedHealth Group, Inc., 6.88%, 2/15/38		955		946

				2,379

Holding Companies - Diversified - 0.7%
Capmark Financial Group, Inc., ⁽¹⁾ ⁽²⁾ 6.30%, 5/10/17 †		1,400		916
Kansas City Southern Railway, 9.50%, 10/1/08		1,130		1,156

				2,072

Insurance - 0.4%
Liberty Mutual Group, Inc., ⁽¹⁾ ⁽²⁾ 7.50%, 8/15/36		1,145		1,111

Media - 0.9%
News America, Inc., ⁽¹⁾⁽²⁾ 6.65%, 11/15/37		1,440		1,450

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000 S)		VALUE (000S)
CORPORATE BONDS - 15.3% – CONTINUED
Media - 0.9% – (continued)
Time Warner Cable, Inc., 5.85%, 5/1/17	$	1,000	$	988

				2,438

Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc., 8.39%, 4/1/15		590		567

Oil & Gas - 1.3%
Premcor Refining Group (The), Inc., 6.75%, 5/1/14		2,370		2,482
Valero Energy Corp., 6.63%, 6/15/37		1,260		1,241

				3,723

Oil & Gas Services - 0.3%
Dresser-Rand Group, Inc., 7.38%, 11/1/14 †		1,030		1,007

Real Estate Investment Trusts - 0.3%
iStar Financial, Inc., 5.88%, 3/15/16		1,010		807

Savings & Loans - 0.5%
Washington Mutual Preferred Funding LLC, 9.75%, 10/29/49		745		641
Washington Mutual, Inc., ⁽¹⁾⁽²⁾ 7.25%, 11/1/17		840		769

				1,410

Telecommunications - 1.8%
AT&T, Inc., 5.50%, 2/1/18		3,045		3,045
Embarq Corp., 8.00%, 6/1/36		1,445		1,400
Verizon Communications, Inc., 6.40%, 2/15/38		750		750

				5,195

Total Corporate Bonds (Cost $45,927)				43,645

FOREIGN ISSUER BONDS - 1.9%
Beverages - 0.2%
Diageo Capital PLC, 5.20%, 1/30/13		555		576
Insurance - 1.1%
Allied World Assurance Holdings Ltd. of Bermuda, 7.50%, 8/1/16 †		845		881
Catlin Insurance Co. Ltd., ⁽¹⁾⁽²⁾ 7.25%, 1/19/17 †		1,270		1,134
XL Capital Ltd., 6.50%, 12/31/49		1,735		1,298

				3,313

Mining - 0.4%
Vale Overseas Ltd., 6.25%, 1/11/16 †		1,020		1,032

Oil & Gas - 0.2%
OPTI Canada, Inc., ⁽¹⁾ 8.25%, 12/15/14 †		590		582

Total Foreign Issuer Bonds (Cost $6,001)				5,503

U.S. GOVERNMENT AGENCIES - 48.4% ⁽³⁾
Fannie Mae - 37.0% 3.25%, 4/9/13 5.38%, 6/12/17		5,791 2,100		5,752 2,285
Pool #255452, 5.50%, 10/1/19		1,963		2,013
Pool #535982, 7.50%, 5/1/31		107		116
Pool #545437, 7.00%, 2/1/32		12		13
Pool #545757, 7.00%, 6/1/32		1,991		2,124
Pool #703439, 5.00%, 6/1/18		59		60
Pool #725424, 5.50%, 4/1/34		7,612		7,686
Pool #725787, 5.00%, 9/1/19		5,200		5,275
Pool #829125, 5.50%, 10/1/35		3,282		3,305
Pool #831810, 6.00%, 9/1/36		4,696		4,801
Pool #869217, 5.45%, 2/1/36		3,215		3,291

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO (continued)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 48.4% ⁽³⁾– CONTINUED
Fannie Mae - 37.0% – (continued)
Pool #893082, 5.83%, 9/1/36	$	2,193	$	2,257
Pool #944500, 5.50%, 7/1/37		5,113		5,144
Pool #954782, 6.00%, 11/1/37		11,116		11,363
Pool #955782, 6.50%, 10/1/37		2,376		2,464
Pool #968158, 6.50%, 1/1/38		1,845		1,913
Pool #968160, 6.50%, 1/1/38		2,453		2,543
Pool #968930, 6.50%, 1/1/38		5,276		5,471
Pool TBA, ⁽⁴⁾ 4.50%, 4/1/18 4.50%, 3/15/19 5.00%, 12/31/49 5.50%, 12/31/49 5.50%, 12/31/49 6.00%, 12/31/49		4,299 1,720 8,197 4,212 5,670 13,459		4,292 1,721 8,071 4,304 5,702 13,749

				105,715

Federal Home Loan Bank - 0.9% 3.75%, 1/8/10		2,625		2,692

Freddie Mac - 5.5% 4.63%, 10/25/12 4.75%, 1/19/16		1,585 1,376		1,677 1,442
Pool #1B3575, 6.05%, 9/1/37		1,993		2,033
Pool #1G2296, 6.18%, 11/1/37		2,521		2,579
Pool #1J0365, 5.93%, 4/1/37		1,867		1,917
Pool #1J2840, 5.99%, 9/1/37		2,000		2,054
Pool TBA, ⁽⁴⁾ 6.50%, 4/13/30		4,029		4,175

				15,877

Freddie Mac Gold - 4.2%
Pool #A65182, 6.50%, 9/1/37		1,118		1,162
Pool #C00910, 7.50%, 1/1/30		638		692
Pool #C02790, 6.50%, 4/1/37		2,176		2,261
Pool #C02838, 5.50%, 5/1/37		3,225		3,245
Pool #G02869, 5.00%, 11/1/35		4,651		4,589

				11,949

Government National Mortgage Association - 0.8%
Pool #595091, 6.00%, 10/15/32		642		666
Pool #597572, 5.50%, 9/15/35		40		41
Pool #627123, 5.50%, 3/15/34		1,368		1,401
Pool #781688, 6.00%, 12/15/33		60		62
				2,170

Total U.S. Government Agencies (Cost $136,925)				138,403

U.S. GOVERNMENT OBLIGATIONS - 33.9%
U.S. Treasury Bonds - 2.5%
5.00%, 5/15/37 †		6,457		7,078

U.S. Treasury Notes - 31.4% 2.00%, 2/28/10 † 2.75%, 2/28/13 † 4.00%, 2/15/15 † 4.50%, 11/15/15 † 3.50%, 2/15/18		30,644 29,370 14,430 4,945 8,704		30,860 29,712 15,295 5,377 8,682

				89,926

Total U.S. Government Obligations (Cost $95,954)				97,004

FIXED INCOME PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
INVESTMENT COMPANY - 17.6%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁵⁾⁽⁶⁾	50,401,222	$	50,401

Total Investment Company (Cost $50,401)			50,401


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 28.5%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	39,554		39,554
FHLB Discount Note, 1.98%, 3/3/08		40,486		40,482
United States Treasury Bill, 3.09%, 6/5/08		1,400		1,389

Total Short-Term Investments (Cost $81,425)				81,425

Total Investments - 146.7% (Cost $419,960)				419,598

Liabilities less Other Assets - (46.7)%				(133,519	)

NET ASSETS - 100.0%			$	286,079

(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 February 29, 2008, the value of these restricted illiquid securities amounted to approximately $11,259,000 or 3.9% 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	5/3/07-6/21/07		1,372
Catlin Insurance Co. Ltd.,
7.25%, 1/19/17	1/11/07-6/27/07		1,257
Erac USA Finance Co.,
7.00%, 10/15/37	10/10/07		1,740
Liberty Mutual Group, Inc.,
7.50%, 8/15/36	9/26/07		1,155
Mashantucket Western Pequot
Tribe,
8.50%, 11/15/15	11/9/07		1,252
News America, Inc.,
6.65%, 11/15/37	11/8/07-12/7/07		1,417
Power Receivable Finance LLC,
6.29%, 1/1/12	9/30/03		927
USB Realty Corp.,
6.09%, 12/22/49	1/19/07		1,311
Washington Mutual, Inc.,
7.25%, 11/1/17	1/11/08		778

(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 February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	419,960

Gross tax appreciation of investments	$	2,972
Gross tax depreciation of investments		(3,334	)

Net tax depreciation of investments	$	(362	)

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO (continued)

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management has evaluated the impact the adoption of SFAS 157 will have on the Portfolio’s financial statements and disclosures, and has determined the adoption of SFAS 157 for the year beginning December 1, 2007 will not have a material impact on the financial statements, but additional disclosures will be required. Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, and/or securities indices)

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Bond Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	50,401	$	—
Level 2		369,197		—
Level 3		—		—

Total	$	419,598	$	—

*	Other financial instruments include futures and forwards, if applicable.

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 - 1.0%
Commercial Mortgage Services - 1.0%
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A4, 5.63%, 7/10/46	$	1,015	$	982
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.89%, 6/12/47		1,410		1,327

				2,309
Total Asset-Backed Securities (Cost $2,388)				2,309
CORPORATE BONDS - 14.5%
Banks - 0.3%
Bank of America Corp., 8.00%, 12/29/49		640		663

Chemicals - 0.5%
Praxair, Inc., 5.25%, 11/15/14		1,055		1,093

Commercial Services - 0.5%
Erac USA Finance Co., ⁽¹⁾⁽²⁾ 7.00%, 10/15/37		1,380		1,152

Computers - 0.5%
Hewlett-Packard Co., ⁽³⁾ 4.50%, 3/1/13		1,065		1,088

Diversified Financial Services - 4.9%
American General Finance Corp., 5.38%, 10/1/12		1,380		1,384
ANZ Capital Trust, ⁽¹⁾⁽²⁾ 4.48%, 1/29/49		915		907
Bear Stearns Cos (The) Inc., 7.25%, 2/1/18		450		437
Citigroup Capital XXI, 8.30%, 12/21/57		1,755		1,782
Countrywide Home Loans, Inc., 4.00%, 3/22/11		600		527
General Electric Capital Corp., 5.88%, 1/14/38		1,765		1,687
Goldman Sachs Group (The), Inc., 6.75%, 10/1/37		1,115		1,041
International Lease Finance Corp., 5.65%, 6/1/14		190		191
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17		655		658
Merrill Lynch & Co, Inc., 5.45%, 2/5/13		575		579
Nelnet, Inc., 5.13%, 6/1/10		930		950
Power Receivable Finance LLC, ⁽¹⁾ ⁽²⁾ 6.29%, 1/1/12		202		216
USB Realty Corp., ⁽¹⁾⁽²⁾ 6.09%, 12/22/49		1,000		770

				11,129

Electric - 0.9%
Exelon Generation Co. LLC, 6.20%, 10/1/17		865		883
Florida Power & Light Co., 5.55%, 11/1/17 †		880		930
Public Service Electric & Gas, 4.00%, 11/1/08		250		250

				2,063

Food - 0.2%
Kroger Co. (The), 6.15%, 1/15/20		355		367

Healthcare - Services - 0.4%
UnitedHealth Group, Inc., 4.88%, 3/15/15		855		818

Holding Companies - Diversified - 0.3%
Capmark Financial Group, Inc., ⁽¹⁾ ⁽²⁾ 6.30%, 5/10/17		1,095		716

Insurance - 0.4%
Liberty Mutual Group, Inc., ⁽¹⁾ ⁽²⁾ 7.50%, 8/15/36		910		883

Media - 0.8%
News America, Inc., ⁽¹⁾⁽²⁾ 6.65%, 11/15/37		1,065		1,073
Time Warner Cable, Inc., 5.85%, 5/1/17		750		741

				1,814

Miscellaneous Manufacturing - 0.5%
Honeywell International, Inc., 5.30%, 3/1/18		1,135		1,165

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 14.5% - CONTINUED
Oil & Gas - 1.1%
Premcor Refining Group (The), Inc., 6.75%, 5/1/14	$	1,500	$	1,571
Valero Energy Corp., 6.63%, 6/15/37		950		936

				2,507

Real Estate Investment Trusts - 0.4%
iStar Financial, Inc., 5.88%, 3/15/16 †		1,025		819

Retail - 0.4%
Lowe’s Cos., Inc., 5.60%, 9/15/12 †		915		972

Savings & Loans - 0.2%
Washington Mutual, Inc., 7.25%, 11/1/17		620		568

Telecommunications - 2.2%
AT&T, Inc., 5.50%, 2/1/18		2,390		2,390
Embarq Corp., 8.00%, 6/1/36 †		1,125		1,090
Verizon Communications, Inc., 6.40%, 2/15/38		615		615
Verizon New Jersey, Inc., 5.88%, 1/17/12		510		531
Verizon of New England, Inc., 6.50%, 9/15/11		260		276

				4,902

Total Corporate Bonds (Cost $33,545)				32,719

FOREIGN ISSUER BONDS - 2.1%
Beverages - 0.2%
Diageo Capital PLC, 5.20%, 1/30/13		435		451

Insurance - 1.2%
Allied World Assurance Holdings Ltd. of Bermuda, 7.50%, 8/1/16		825		860
Catlin Insurance Co. Ltd., ⁽¹⁾⁽²⁾ 7.25%, 1/19/17 †		995		888
XL Capital Ltd., 6.50%, 3/1/49 †		1,345		1,007

				2,755

Mining - 0.4%
Vale Overseas Ltd., 6.25%, 1/11/16 †		800		809

Telecommunications - 0.3%
Telefonos de Mexico S.A. de CV, 4.75%, 1/27/10		685		698

Total Foreign Issuer Bonds (Cost $5,096)				4,713

U.S. GOVERNMENT AGENCIES - 47.0% ⁽⁴⁾
Fannie Mae - 35.1%
3.25%, 4/9/13		4,547		4,516
5.38%, 6/12/17		1,650		1,795
Pool #255452, 5.50%, 10/1/19		1,153		1,183
Pool #255934, 6.00%, 11/1/35		384		393
Pool #535714, 7.50%, 1/1/31		55		59
Pool #545757, 7.00%, 6/1/32		386		411
Pool #555599, 7.00%, 4/1/33		113		121
Pool #651897, 7.00%, 8/1/32		238		254
Pool #656035, 7.50%, 9/1/32		43		47
Pool #703439, 5.00%, 6/1/18		922		936
Pool #712130, 7.00%, 6/1/33		63		66
Pool #725424, 5.50%, 4/1/34		4,306		4,348
Pool #725787, 5.00%, 9/1/19		1,866		1,893
Pool #733868, 6.00%, 12/1/32		547		562

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO (continued)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 47.0% ⁽⁴⁾– CONTINUED
Fannie Mae - 35.1% – (continued)
Pool #735931, 5.00%, 10/1/20	$	310	$	314
Pool #794338, 6.00%, 9/1/34		971		995
Pool #796371, 5.00%, 10/1/19		228		231
Pool #797773, 5.00%, 3/1/20		168		170
Pool #814782, 7.00%, 4/1/35		39		41
Pool #829125, 5.50%, 10/1/35		2,580		2,598
Pool #831810, 6.00%, 9/1/36		3,856		3,943
Pool #839291, 5.00%, 9/1/20		122		124
Pool #845182, 5.50%, 11/1/35		2,650		2,668
Pool #869217, 5.45%, 2/1/36		3,211		3,287
Pool #869801, 5.50%, 4/1/21		439		449
Pool #893082, 5.83%, 9/1/36		1,710		1,760
Pool #944500, 5.50%, 7/1/37		2,848		2,865
Pool #954782 6.00%, 11/1/37		6,349		6,490
Pool #968158, 6.50%, 1/1/38		1,367		1,417
Pool #968160, 6.50%, 1/1/38		1,817		1,884
Pool #968930, 6.50%, 1/1/38		3,864		4,007
Pool TBA, ⁽³⁾ 5.50%, 3/1/18		4,344		4,439
4.50%, 3/15/19		1,431		1,432
6.00%, 3/1/30		11,842		12,097
5.00%, 3/15/34		11,502		11,326

				79,121

Federal Home Loan Bank - 0.6%
3.75%, 1/8/10		1,273		1,305

Freddie Mac - 6.2%
4.63%, 10/25/12		443		469
4.75%, 1/19/16		1,054		1,105
Pool #1B3575, 6.05%, 9/1/37		1,716		1,751
Pool #1G2296, 6.18%, 11/1/37		2,047		2,095
Pool #1J0365, 5.93%, 4/1/37		1,474		1,513
Pool #1J2840, 5.99%, 9/1/37		2,000		2,054
Pool TBA, ⁽³⁾ 6.50%, 4/13/30		4,813		4,987

				13,974

Freddie Mac Gold - 4.7%
Pool #A65182, 6.50%, 9/1/37		2,553		2,652
Pool #C02790, 6.50%, 4/1/37		1,710		1,777
Pool #C02838, 5.50%, 5/1/37		2,551		2,567
Pool #G01186, 7.50%, 2/1/31		10		11
Pool #G02869, 5.00%, 11/1/35		3,488		3,442

				10,449

Government National Mortgage Association - 0.4%
Pool #595091, 6.00%, 10/15/32		318		330
Pool #604183, 5.50%, 4/15/33		58		59
Pool #627123, 5.50%, 3/15/34		504		516
Pool #633627, 5.50%, 9/15/34		69		70

				975

Total U.S. Government Agencies (Cost $104,752)				105,824

FIXED INCOME PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 35.2%
U.S. Treasury Bonds - 2.9%
5.00%, 5/15/37 †	$	6,027	$	6,607

U.S. Treasury Notes - 32.3%
2.00%, 2/28/10 †		26,924		27,113
2.75%, 2/28/13 †		25,360		25,655
4.00%, 2/15/15 †		11,141		11,809
4.50%, 11/15/15 †		3,665		3,985
3.50%, 2/15/18		4,179		4,169

				72,731

Total U.S. Government Obligations (Cost $78,446)				79,338


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANY - 17.9%
Northern Institutional Funds - Liquid Assets Portfolio ^(5) (6)		40,487,469		40,487

Total Investment Company (Cost $40,487)				40,487


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 31.2%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	33,581		33,581
FHLB Discount Note, 1.98%, 3/3/08		35,683		35,679
United States Treasury Bill, 3.09%, 6/5/08		1,000		992

Total Short-Term Investments (Cost $70,252)				70,252

Total Investments - 148.9% (Cost $334,966)				335,642

Liabilities less Other Assets - (48.9)%				(110,272	)

NET ASSETS - 100.0%			$	225,370

(1)

Restricted security that has been deemed illiquid. At February 29, 2008, the value of these restricted illiquid securities amounted to approximately $6,605,000 or 2.9% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISTION AND ENFORCEABLE DATE	ACQUISTION COST (000S)
ANZ Capital Trust, 4.48%, 1/29/49	09/21/06	$	888
Capmark Financial Group, Inc., 6.30%, 5/10/17	05/03/07-06/21/07		1,073
Catlin Insurance Co. Ltd., 7.25%, 1/19/17	01/11/07-06/27/07		987
Erac USA Finance Co., 7.00%, 10/15/37	10/10/07		1,368
Liberty Mutual Group, Inc., 7.50%, 8/15/36	09/26/07		918
News America, Inc., 6.65%, 11/15/37	11/08/07-12/07/07		1,049
Power Receivable Finance LLC, 6.29%, 1/1/12	09/30/03		202
USB Realty Corp., 6.09%, 12/22/49	01/19/07		1,008

(2)

(3)

When-Issued Security

(4)

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

(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 February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	334,966

Gross tax appreciation of investments	$	2,546
Gross tax depreciation of investments		(1,870	)

Net tax appreciation of investments	$	676

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO (continued)

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Core Bond Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	40,487	$	—
Level 2		295,155		—
Level 3		—		—

Total	$	335,642	$	—

*	Other financial instruments include futures and forwards, if applicable.

FIXED INCOME PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

U. S. TREASURY INDEX PORTFOLIO


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 98.3%
U.S. Treasury Bonds - 23.7%
12.50%, 8/15/14	$	1,000	$	1,153
7.25%, 5/15/16 †		1,500		1,913
8.88%, 8/15/17 †		1,500		2,131
9.00%, 11/15/18		3,200		4,675
8.13%, 8/15/19 †		1,000		1,392
8.75%, 8/15/20 †		1,000		1,468
8.13%, 5/15/21 †		2,000		2,828
8.00%, 11/15/21 †		2,600		3,660
7.63%, 11/15/22		1,000		1,378
6.25%, 8/15/23 †		2,150		2,643
6.88%, 8/15/25 †		2,000		2,631
6.50%, 11/15/26 †		1,000		1,275
6.13%, 11/15/27		1,500		1,845
5.25%, 2/15/29 †		1,100		1,228
6.25%, 5/15/30 †		2,500		3,157
4.75%, 2/15/37 †		1,250		1,317
5.00%, 5/15/37 †		3,000		3,289
4.38%, 2/15/38		500		496

				38,479

U.S. Treasury Notes - 74.6%
3.13%, 4/15/09		4,000		4,070
3.88%, 5/15/09		1,000		1,027
4.88%, 5/31/09 †		1,000		1,041
4.88%, 6/30/09 †		4,000		4,174
3.63%, 7/15/09		2,000		2,056
3.50%, 8/15/09 †		4,000		4,111
4.00%, 9/30/09 †		1,750		1,815
3.38%, 10/15/09 †		1,700		1,749
3.50%, 12/15/09		3,000		3,100
3.25%, 12/31/09		5,000		5,144
2.13%, 1/31/10		5,000		5,045
3.50%, 2/15/10 †		1,100		1,139
4.75%, 2/15/10 †		1,500		1,590
6.50%, 2/15/10 †		900		983
2.00%, 2/28/10		1,500		1,511
3.88%, 5/15/10 †		2,100		2,200
3.88%, 7/15/10		3,000		3,153
5.75%, 8/15/10 †		1,100		1,206
4.25%, 10/15/10 †		3,000		3,191
4.38%, 12/15/10 †		3,500		3,743
5.00%, 2/15/11		1,900		2,072
4.88%, 5/31/11 †		1,700		1,854
4.88%, 7/31/11 †		3,000		3,282
4.63%, 10/31/11 †		1,200		1,306
4.50%, 11/30/11		3,000		3,254
4.63%, 2/29/12 †		4,000		4,366
4.50%, 3/31/12 †		1,000		1,087
4.50%, 4/30/12 †		3,000		3,262
4.88%, 6/30/12 †		1,000		1,103
4.13%, 8/31/12 †		1,000		1,073
4.25%, 9/30/12 †		3,000		3,236
3.88%, 10/31/12 †		500		531
4.00%, 11/15/12 †		1,250		1,336
3.63%, 12/31/12 †		3,000		3,154
2.75%, 2/28/13		2,000		2,023
3.63%, 5/15/13 †		3,500		3,680
4.25%, 8/15/13		1,500		1,623
4.25%, 11/15/13 †		2,000		2,165
4.25%, 8/15/14 †		3,000		3,239
4.25%, 11/15/14 †		3,000		3,234
4.00%, 2/15/15 †		1,650		1,749
4.13%, 5/15/15 †		3,000		3,195
4.50%, 11/15/15 †		1,250		1,359
4.50%, 2/15/16 †		3,000		3,257
4.63%, 2/15/17 †		1,900		2,067
4.75%, 8/15/17 †		6,000		6,578
4.25%, 11/15/17 †		3,500		3,700

				120,833

Total U.S. Government Obligations (Cost $152,202)				159,312


	NUMBER OF SHARES	VALUE (000S)
INVESTMENT COMPANY - 27.0%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾	43,717,851	43,718

Total Investment Company (Cost $43,718)		43,718

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 2.4%
FHLB Discount Note, 1.98%, 3/3/08	$	3,883	$	3,883

Total Short-Term Investment (Cost $3,883)				3,883

Total Investments - 127.7% (Cost $199,803)				206,913

Liabilities less Other Assets - (27.7)%				(44,830	)

NET ASSETS - 100.0%			$	162,083

(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 February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	199,803

Gross tax appreciation of investments	$	7,204
Gross tax depreciation of investment		(94	)

Net tax appreciation of investments	$	7,110

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management has evaluated the impact the adoption of SFAS 157 will have on the Portfolio’s financial statements and disclosures, and has determined the adoption of SFAS 157 for the year beginning December 1, 2007 will not have a material impact on the financial statements, but additional disclosures will be required. Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three levels listed below:

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the U.S. Treasury Index Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	43,718	$	—
Level 2		163,195		—
Level 3		—		—

Total	$	206,913	$	—

*	Other financial instruments include futures and forwards, if applicable.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITY - 1.1%
Automobile - 1.1%
Capital One Prime Auto Receivables Trust, Series 2007-1, Class A3, 5.47%, 6/15/11	$	335	$	344

Total Asset-Backed Security (Cost $335)				344
CORPORATE BONDS - 26.1%
Advertising - 0.2%
R.H. Donnelley Corp., ⁽¹⁾ 8.88%, 10/15/17		125		73

Banks - 0.3%
Bank of America Corp., 8.00%, 12/29/49 †		95		98

Beverages - 0.9%
Anheuser-Busch Cos., Inc., 5.50%, 1/15/18		75		78
PepsiCo., Inc., 4.65%, 2/15/13		185		194

				272

Chemicals - 0.5%
Praxair, Inc., 5.25%, 11/15/14		165		171

Commercial Services - 0.4%
ARAMARK Services Inc., 6.74%, 2/1/15		140		122

Computers - 0.5%
Hewlett-Packard Co., ⁽²⁾ 4.50%, 3/1/13		150		153

Diversified Financial Services - 8.5%
American General Finance Corp., 5.38%, 10/1/12 †		235		236
ANZ Capital Trust, ^(1) (3)4.48%, 1/29/49		150		149
Bear Stearns Cos (The), Inc., 7.25%, 2/1/18		70		68
Countrywide Home Loans, Inc., 4.00%, 3/22/11		125		110
Ford Motor Credit Co. LLC, 7.25%, 10/25/11		50		43
Ford Motor Credit Co. LLC, 5.80%, 1/12/09 †		165		159
GMAC LLC, 6.88%, 9/15/11		140		114
Goldman Sachs Group (The), Inc., 5.63%, 1/15/17		200		196
HSBC Finance Corp., 5.25%, 1/15/14 †		270		273
International Lease Finance Corp., 5.65%, 6/1/14		60		60
JP Morgan Chase & Co., 5.75%, 1/2/13		300		317
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17		95		95
Merrill Lynch & Co, Inc., 5.45%, 2/5/13		365		368
Morgan Stanley, 5.63%, 1/9/12 †		300		310
Power Receivable Finance LLC, ⁽¹⁾⁽³⁾ 6.29%, 1/1/12		54		57
USB Realty Corp., ⁽¹⁾⁽³⁾ 6.09%, 12/22/49		200		154

				2,709

Electric - 1.8%
AES (The) Corp., 9.50%, 6/1/09		200		207
Exelon Generation Co. LLC, 6.20%, 10/1/17		135		138
Florida Power & Light Co., 5.55%, 11/1/17 †		135		143
Public Service Electric & Gas Co., 4.00%, 11/1/08		95		95

				583

Entertainment - 0.4%
Mashantucket Western Pequot Tribe, ⁽¹⁾ ⁽³⁾
8.50%, 11/15/15		140		125

Food - 0.2%
Kroger Co. (The), 6.15%, 1/15/20 †		55		57

Healthcare - Services - 1.1%
HCA Inc./DE, 9.13%, 11/15/14		180		183

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 26.1% – CONTINUED
Healthcare - Services - 1.1% – (continued)
UnitedHealth Group, Inc., 4.88%, 3/15/15	$	185	$	177

				360

Holding Companies - Diversified - 0.8%
Capmark Financial Group, Inc., ⁽¹⁾ ⁽³⁾ 6.30%, 5/10/17		170		111
Kansas City Southern Railway, 9.50%, 10/1/08		140		143

				254

Insurance - 0.5%
Protective Life Secured Trusts, 4.85%, 8/16/10		165		169

Media - 1.6%
Comcast Corp., 4.95%, 6/15/16		165		155
Time Warner Cable, Inc., 5.85%, 5/1/17		125		124
Time Warner, Inc., 5.88%, 11/15/16		215		209

				488

Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc., 8.39%, 4/1/15		80		77

Miscellaneous Manufacturing - 1.1%
General Electric Co., 5.25%, 12/6/17		195		196
Honeywell International, Inc., 5.30%, 3/1/18		160		164

				360

Oil & Gas - 1.5%
Devon Financing Corp. ULC, 6.88%, 9/30/11		125		138
Premcor Refining Group (The), Inc., 6.75%, 5/1/14		330		345

				483

Oil & Gas Services - 0.4%
Dresser-Rand Group, Inc., 7.38%, 11/1/14		130		127

Pharmaceuticals - 0.9%
Abbott Laboratories, 5.60%, 11/30/17		170		179
Schering-Plough Corp., 6.00%, 9/15/17		95		100

				279

Pipelines - 1.2%
Consolidated Natural Gas Co., 5.00%, 3/1/14		275		272
Kinder Morgan Energy Partners LP, 6.00%, 2/1/17 †		125		127

				399

Real Estate Investment Trusts - 0.3%
iStar Financial, Inc., 5.88%, 3/15/16		105		84

Retail - 0.5%
Lowe's Cos., Inc., 5.60%, 9/15/12 †		140		149

Savings & Loans - 0.5%
Washington Mutual Preferred Funding LLC, 9.75%, 10/29/49		80		69
Washington Mutual, Inc., ⁽¹⁾⁽³⁾ 7.25%, 11/1/17		95		87

				156

Telecommunications - 1.8%
AT&T, Inc., 5.50%, 2/1/18		340		340
Verizon New Jersey, Inc., 5.88%, 1/17/12		150		156
Verizon of New England, Inc., 6.50%, 9/15/11		65		69

				565

Total Corporate Bonds (Cost $8,437)				8,313

FOREIGN ISSUER BONDS - 3.1%
Beverages - 0.2%
Diageo Capital PLC, 5.20%, 1/30/13		70		73

Insurance - 1.3%
Allied World Assurance Holdings Ltd. of Bermuda, 7.50%, 8/1/16		100		104

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO (continued)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 3.1% – CONTINUED
Insurance - 1.3% – (continued)
Catlin Insurance Co. Ltd., ⁽¹⁾⁽³⁾ 7.25%, 1/19/17	$	155	$	139
XL Capital Ltd., 6.50%, 3/1/49 †		215		161

				404

Mining - 0.7%
Vale Overseas Ltd., 6.25%, 1/11/16 †		210		212

Oil & Gas - 0.2%
OPTI Canada, Inc., ⁽¹⁾ 8.25%, 12/15/14 †		75		74

Telecommunications - 0.7%
Telefonos de Mexico S.A. de CV, 4.75%, 1/27/10		210		214

Total Foreign Issuer Bonds (Cost $1,034)				977
U.S. GOVERNMENT AGENCIES - 20.1% ⁽⁴⁾
Fannie Mae - 7.5%
3.88%, 12/10/09		2,000		2,054
5.38%, 6/12/17		300		326

				2,380

Federal Home Loan Bank - 4.9%
5.00%, 10/16/09		1,555		1,577

Freddie Mac - 7.7%
5.25%, 2/24/11		975		996
4.63%, 10/25/12		700		741
4.75%, 1/19/16		672		704

				2,441

Total U.S. Government Agencies (Cost $6,278)				6,398
U.S. GOVERNMENT OBLIGATIONS - 47.5%
U.S. Treasury Notes - 47.5%
2.00%, 2/28/10		7,300		7,351
4.50%, 5/15/10 †		580		616
2.75%, 2/28/13 †		1,850		1,872
4.50%, 11/15/15 †		4,322		4,700
3.50%, 2/15/18		595		593

				15,132

Total U.S. Government Obligations (Cost $14,930)				15,132


	NUMBER OF SHARES	VALUE (000S)
INVESTMENT COMPANY - 17.4%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁵⁾⁽⁶⁾	5,537,335	5,537

Total Investment Company (Cost $5,537)		5,537


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 35.3%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	4,665		4,665
FHLB Discount Note, 1.98%, 3/3/08		6,421		6,420
United States Treasury Bill, 3.09%, 6/5/08		150		149

Total Short-Term Investments (Cost $11,234)				11,234

Total Investments - 150.6% (Cost $47,785)				47,935

Liabilities less Other Assets - (50.6)%				(16,119	)

NET ASSETS - 100.0%			$	31,816

FIXED INCOME PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)

(1)

(2)

When-Issued Security.

(3)

Restricted security that has been deemed illiquid. At February 29, 2008, the value of these restricted illiquid securities amounted to approximately $822,000 or 2.6% 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	$	146
Capmark Financial Group, Inc., 6.30%, 5/10/17	5/3/07-6/21/07		167
Catlin Insurance Co. Ltd., 7.25%, 1/19/17	1/11/07-6/27/07		153
Mashantucket Western Pequot Tribe, 8.50%, 11/15/15	11/9/07		140
Power Receivable Finance LLC, 6.29%, 1/1/12	9/30/03-8/24/07		53
USB Realty Corp., 6.09%, 12/22/49	1/19/07		202
Washington Mutual, Inc., 7.25%, 11/1/17	1/11/08		69

(4)

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

(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 February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	47,785

Gross tax appreciation of investments	$	472
Gross tax depreciation of investment		(322	)

Net tax appreciation of investments	$	150

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Intermediate Bond Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	5,537	$	—
Level 2		42,398		—
Level 3		—		—

Total	$	47,935	$	—

*	Other financial instruments include futures and forwards, if applicable.

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 - 9.3%
Automobile - 9.3%
AmeriCredit Automobile Receivables Trust, Series 2006-RM, Class A2, 5.42%, 8/8/11	$	2,950	$	2,923
Capital Auto Receivables Asset Trust, Series 2008-1, Class A3A, 3.86%, 8/15/12		2,375		2,389
Capital One Prime Auto Receivables Trust, Series 2007-1, Class A3, 5.47%, 6/15/11		1,945		2,000
Ford Credit Auto Owner Trust, Series 2008-A, Class A3A, 3.96%, 4/15/12		2,400		2,422
Nissan Auto Receivables Owner Trust, Series 2008-A, A4, 4.28%, 6/16/14		2,400		2,405

				12,139

Total Asset-Backed Securities (Cost $12,069)				12,139
CORPORATE BONDS - 22.2%
Auto Manufacturers - 1.8%
DaimlerChrysler N.A. Holding Corp., 7.20%, 9/1/09		2,230		2,340

Banks - 1.7%
National City Corp., 5.75%, 2/1/09 †		2,200		2,220

Diversified Financial Services - 9.4%
Allstate Life Global Funding Trusts, 4.50%, 5/29/09 †		2,395		2,429
ANZ Capital Trust, ⁽¹⁾⁽²⁾ 4.48%, 1/29/49		900		892
Associates Corp. of N.A., 6.25%, 11/1/08		950		966
Capital One Bank, 4.25%, 12/1/08 †		930		922
International Lease Finance Corp., 4.63%, 6/2/08 †		1,775		1,776
John Deere Capital Corp., 4.88%, 3/16/09		1,125		1,140
JPMorgan Chase & Co., 4.89%, 9/1/15		3,080		2,924
National Rural Utilities Cooperative Finance Corp., 5.75%, 11/1/08		1,150		1,168

				12,217

Electric - 1.5%
AES (The) Corp., 9.50%, 6/1/09		1,030		1,066
Public Service Electric & Gas, 4.00%, 11/1/08		880		882

				1,948

Holding Companies - Diversified - 0.8%
Kansas City Southern Railway, 9.50%, 10/1/08		1,050		1,074

Insurance - 0.2%
Prudential Financial, Inc., 3.75%, 5/1/08		275		275

Media - 0.7%
Time Warner, Inc., 6.75%, 4/15/11		855		895

Oil & Gas - 0.3%
USX Corp., 6.85%, 3/1/08		400		400

Pipelines - 0.4%
Spectra Energy Capital LLC, 4.37%, 3/1/09 †		500		502

Retail - 2.4%
CVS Caremark Corp., 4.00%, 9/15/09		1,300		1,307
Target Corp., 5.38%, 6/15/09		1,800		1,845

				3,152

Savings & Loans - 1.3%
Washington Mutual, Inc., 4.00%, 1/15/09 †		1,770		1,716

Telecommunications - 1.7%
GTE Corp., 7.51%, 4/1/09 †		1,000		1,039
Sprint Capital Corp., 6.13%, 11/15/08		700		682

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 22.2% – CONTINUED
Telecommunications - 1.7% – (continued)
Verizon New Jersey, Inc., 5.88%, 1/17/12	$	400	$	417

				2,138

Total Corporate Bonds (Cost $28,866)				28,877

FOREIGN ISSUER BOND - 0.7%
Telecommunications - 0.7%
Telefonos de Mexico S.A. de CV, 4.75%, 1/27/10		885		902

Total Foreign Issuer Bond (Cost $885)				902
U.S. GOVERNMENT AGENCIES - 14.2% ⁽³⁾
Fannie Mae - 5.9%
2.50%, 4/9/10		3,895		3,903
Pool #555649, 7.50%, 10/1/32		150		162
Pool #869217, 5.45%, 2/1/36		2,045		2,094
Pool #893082, 5.83%, 9/1/36		1,519		1,564

				7,723

Federal Home Loan Bank - 2.5%
5.38%, 7/17/09		3,100		3,229

Freddie Mac - 5.7%
6.63%, 9/15/09		2,374		2,529
4.00%, 12/15/09		2,510		2,584
Pool #1B3617, 5.99%, 10/1/37		2,252		2,314

				7,427
Small Business Administration - 0.1%
Series 2005-P10B, Class 1, 5.38%, 7/17/09		132		132

Total U.S. Government Agencies (Cost $18,349)				18,511

U.S. Treasury Notes - 45.3%
2.00%, 2/28/10 †	$	28,270	$	28,469
4.50%, 5/15/10 †		20,835		22,127
2.75%, 2/28/13 †		8,180		8,275

				58,871

Total U.S. Government Obligations (Cost $58,371)				58,871


	NUMBERS OF SHARES	VALUE (000S)
INVESTMENT COMPANY - 39.5%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁴⁾⁽⁵⁾	51,386,298	51,386

Total Investment Company (Cost $51,386)		51,386


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 14.7%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	17,322		17,322
FHLB Discount Note, 1.98%, 3/3/08		1,221		1,221
United States Treasury Bill, 3.09%, 6/5/08		650		645

Total Short-Term Investments (Cost $19,188)				19,188

Total Investments - 145.8% (Cost $189,114)				189,742
Liabilities less Other Assets - (45.8)%				(59,636	)

NET ASSETS - 100.0%			$	130,106

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

FIXED INCOME PORTFOLIOS


SCHEDULE OF INVESTMENTS		FEBRUARY 29, 2008 (UNAUDITED)

SHORT BOND PORTFOLIO

(1)

(2)

Restricted security that has been deemed illiquid. At February 29, 2008, the value of this restricted illiquid security amounted to approximately $892,000 or 0.7% of net assets. Additional information on the 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	$	874

(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 February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	189,114

Gross tax appreciation of investments	$	1,002
Gross tax depreciation of investments		(242	)

Net tax appreciation of investments	$	760

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management has evaluated the impact the adoption of SFAS 157 will have on the Portfolio’s financial statements and disclosures, and has determined the adoption of SFAS 157 for the year beginning December 1, 2007 will not have a material impact on the financial statements, but additional disclosures will be required. Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three levels listed below:

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Short Bond Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	51,386	$	—
Level 2		138,356		—
Level 3		—		—

Total	$	189,742	$	—

*	Other financial instruments include futures and forwards, if applicable.

FIXED INCOME PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

U. S. GOVERNMENT SECURITIES PORTFOLIO


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 34.5% ⁽¹⁾
Fannie Mae - 7.6%
5.13%, 7/13/09	$	870	$	903
Pool #555649, 7.50%, 10/1/32		108		117
Pool #869217, 5.45%, 2/1/36		1,513		1,549
Pool #893082, 5.83%, 9/1/36		572		589
Pool #968158, 6.50%, 1/1/38		500		518
Pool #968930, 6.50%, 1/1/38		1,289		1,337

				5,013

Federal Home Loan Bank - 11.1%
5.00%, 12/11/09		1,500		1,569
5.20%, 9/10/10		2,000		2,025
4.63%, 10/10/12		3,500		3,702

				7,296

Freddie Mac - 13.6%
3.13%, 2/12/10		1,400		1,403
5.60%, 9/26/13		425		431
Pool #1B3617 5.99%, 10/1/37		1,779		1,828
Pool #1J0365, 5.93%, 4/1/37		983		1,009
Pool #1J2840 5.99%, 9/1/37		1,391		1,429
Pool #410092, 7.13%, 11/1/24		10		10
Pool #847822, 6.23%, 10/1/37		1,389		1,435
Series 2944, Class WD, 5.50%, 11/15/28		1,415		1,461

				9,006

Small Business Administration - 2.2%
Participation Certificates, Series 2005-20L, Class 1, 5.39%, 12/1/25		716		742
Participation Certificates, Series 2006-20B, Class 1, 5.35%, 2/1/26		619		641
Series 2005-P10B, Class 1, 4.94%, 8/10/15		73		73

				1,456

Total U.S. Government Agencies (Cost $22,308)				22,771

U.S. GOVERNMENT OBLIGATIONS - 62.4%
U.S. Treasury Notes - 62.4%
2.00%, 2/28/10 †		30,641		30,857
4.50%, 5/15/10 †		1,033		1,097
2.75%, 2/28/13		9,142		9,248

				41,202

Total U.S. Government Obligations (Cost $40,910)				41,202


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANY - 45.7%
Northern Institutional Funds - Liquid Assets Portfolio ⁽²⁾⁽³⁾		30,120,895		30,121

Total Investment Company (Cost $30,121)				30,121


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 9.0%
FHLB Discount Note, 1.98%, 3/3/08	$	5,585		5,585
United States Treasury Bill, 3.38%, 6/5/08		325		322

Total Short-Term Investments (Cost $5,907)				5,907

Total Investments - 151.6% (Cost $99,246)				100,001
Liabilities less Other Assets - (51.6)%				(34,028	)

NET ASSETS - 100.0%			$	65,973

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)

(1)

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

(2)

Investment in affiliated Portfolio

(3)

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 February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	99,246

Gross tax appreciation of investments	$	756
Gross tax depreciation of investment		(1	)

Net tax appreciation of investments	$	755

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the U.S Government Securities Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	30,121	$	—
Level 2		69,880		—
Level 3		—		—

Total	$	100,001	$	—

*	Other financial instruments include futures and forwards, if applicable.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.3%
Australia - 2.9%
Cochlear Ltd. †	29,929	$	1,489
Suncorp-Metway Ltd. †	117,288		1,502
Telstra Corp. Ltd.	827,874		3,716

			6,707

Canada - 1.7%
Bombardier, Inc., Class B *	670,800		3,841

China - 1.5%
Bank of China Ltd., Class H †	8,209,000		3,435

Finland - 3.5%
Nokia OYJ	164,052		5,905
Outokumpu Technology	36,704		2,018

			7,923

France - 11.2%
Accor S.A.	51,294		3,643
Alstom	12,395		2,600
AXA S.A.	74,885		2,527
Cap Gemini S.A.	73,192		4,022
L’Oreal S.A. †	36,858		4,370
LVMH Moet Hennessy Louis Vuitton S.A.	19,036		1,960
Societe Generale †	22,357		2,397
Thales S.A.	65,970		4,051

			25,570

Germany - 15.2%
Deutsche Bank A.G. (Registered)	41,289		4,592
Deutsche Telekom A.G. (Registered)	243,677		4,632
E.ON A.G.	21,139		3,975
Linde A.G. †	36,016		4,778
MAN A.G.	15,163		1,965
Merck KGaA	27,973		3,475
Metro A.G.	22,423		1,876
SAP A.G.	89,960		4,286
Siemens A.G. (Registered)	40,692		5,197

			34,776

Greece - 0.9%
National Bank of Greece S.A.	35,529		1,934
Italy - 4.5%
ENI S.p.A.	95,098		3,290
Lottomatica S.p.A. †	54,458		1,966
UniCredito Italiano S.p.A. (Milan Exchange)	532,629		3,910
Unione di Banche Italiane SCPA	47,852		1,124

			10,290

Japan - 10.1%
Daikin Industries Ltd.	43,400		1,941
East Japan Railway Co.	504		4,042
Kirin Brewery Co. Ltd.	246,000		4,143
Shin-Etsu Chemical Co. Ltd.	41,500		2,242
Sony Corp.	94,400		4,410
Toyota Motor Corp.	113,900		6,196

			22,974

Netherlands - 7.2%
Qiagen N.V. * †	200,082		4,439
Royal Dutch Shell PLC, Class B
(London Exchange)	195,250		6,874
Unilever N.V. (CVA)	165,972		5,139

			16,452

Singapore - 2.3%
CapitaLand Ltd. †	815,000		3,593
Cosco Corp. Singapore Ltd. †	553,000		1,562

			5,155

Spain - 4.7%
Banco Santander Central Hispano S.A.	282,540		5,053
Telefonica S.A.	198,329		5,745

			10,798

Sweden - 0.7%
Autoliv, Inc. SDR †	31,586		1,594

Switzerland - 12.3%
ABB Ltd. (Registered)	104,866		2,613
Julius Baer Holding A.G. (Registered)	37,053		2,739
Nestle S.A. (Registered)	11,132		5,314
Roche Holding A.G. (Genusschein)	31,559		6,190
Swiss Life Holding (Registered) *	14,505		3,635
Syngenta A.G. (Registered)	14,175		4,060
Xstrata PLC	45,863		3,599

			28,150

United Kingdom - 17.6%
Autonomy Corp. PLC *	124,998		2,324
Barclays PLC	472,699		4,444
BHP Billiton PLC	111,118		3,583
BP PLC	305,503		3,307
British Energy Group PLC	159,332		1,786
Centrica PLC	509,513		3,252
ITV PLC	1,371,011		1,812
Kingfisher PLC	683,954		1,762
Lloyds TSB Group PLC	439,132		3,906

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.3% – CONTINUED
United Kingdom - 17.6% – (continued)
Lonmin PLC		29,454	$	1,918
Prudential PLC		317,805		3,802
Smith & Nephew PLC		160,053		2,073
Vodafone Group PLC		1,417,090		4,550
WPP Group PLC		130,309		1,531

				40,050

Total Common Stocks (Cost $204,634) ⁽¹⁾				219,649

INVESTMENT COMPANY - 3.9%
Northern Institutional Funds -
Liquid Assets Portfolio ⁽²⁾⁽³⁾		9,040,847		9,041

Total Investment Company (Cost $9,041)				9,041

RIGHTS - 0.1%
Societe Generale *		22,357		197

Total Rights (Cost $-) ⁽¹⁾				197


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 0.2%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	498		498

Total Short-Term Investment (Cost $498)				498

Total Investments - 100.5% (Cost $214,173)				229,385

Liabilities less Other Assets - (0.5)%				(1,224	)

NET ASSETS - 100.0%			$	228,161

(1)

In accordance with the Portfolio’s prospectus, adjustment factors were provided by an independent evaluation service to determine the value of these securities.

(2)

Investment in affiliated Portfolio

(3)

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 February 29, 2008, the industry sectors for the International Growth Portfolio were:


INDUSTRY SECTOR	% OF LONG TERM INVESTMENTS
Consumer Discretionary	11.4	%
Consumer Staples	9.4
Energy	6.1
Financials	22.1
Health Care	8.0
Industrials	13.7
Information Technology	7.5
Materials	9.2
Telecommunication Services	8.5
Utilities	4.1

Total	100.0	%

At February 29, 2008, the International Growth Portfolio’s investments were denominated in the following currencies:


CONCENTRATION BY CURRENCY	PERCENTAGE
Euro	46.0	%
British Pound	23.0
Japanese Yen	10.4
Swiss Franc	11.2
All other currencies less than 5%	9.4

Total	100.0	%

Federal Tax Information:

At February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	214,173

Gross tax appreciation of investments	$	24,096
Gross tax depreciation of investments		(8,884	)

Net tax appreciation of investments	$	15,212

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH PORTFOLIO (continued)

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management has evaluated the impact the adoption of SFAS 157 will have on the Portfolio’s financial statements and disclosures, and has determined the adoption of SFAS 157 for the year beginning December 1, 2007 will not have a material impact on the financial statements, but additional disclosures will be required. Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three levels listed below:

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the International Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	12,883	$	—
Level 2		216,502		—
Level 3		—		—

Total	$	229,385	$	—

*	Other financial instruments include futures and forwards, if applicable.

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.4%
Australia - 6.3%
ABC Learning Centres Ltd. †	3,345	$	6
AGL Energy Ltd. †	3,448		36
Alumina Ltd. †	8,979		53
Amcor Ltd.	7,167		47
AMP Ltd.	14,570		108
Ansell Ltd.	1,440		17
Aristocrat Leisure Ltd. †	2,790		27
Asciano Group †	3,825		17
ASX Ltd. †	1,171		45
Australia & New Zealand Banking Group Ltd.	14,735		297
AXA Asia Pacific Holdings Ltd.	6,932		37
Babcock & Brown Ltd. †	1,809		28
Bendigo Bank Ltd. †	2,122		20
BHP Billiton Ltd.	27,005		988
Billabong International Ltd. †	1,509		17
BlueScope Steel Ltd. †	5,916		59
Boart Longyear Group * †	11,537		22
Boral Ltd. †	4,730		26
Brambles Ltd.	10,992		105
Caltex Australia Ltd. †	1,074		15
CFS Retail Property Trust †	14,176		28
Challenger Financial Services Group Ltd. †	2,961		6
Coca-Cola Amatil Ltd.	4,254		38
Cochlear Ltd.	437		22
Commonwealth Bank of Australia †	10,594		409
Commonwealth Property Office Fund †	11,582		14
Computershare Ltd.	4,051		32
Crown Ltd. *	3,553		38
CSL Ltd. †	4,279		144
CSR Ltd.	8,400		26
Dexus Property Group *	24,451		38
Downer EDI Ltd.	1,933		11
Fairfax Media Ltd. †	9,705		35
Fortescue Metals Group Ltd. * †	9,512		67
Foster’s Group Ltd.	13,509		66
Futuris Corp. Ltd.	5,143		9
Goodman Fielder Ltd. †	9,902		17
Goodman Group †	11,663		46
GPT Group †	14,076		41
Harvey Norman Holdings Ltd. †	4,700		20
Iluka Resources Ltd. †	2,202		7
Incitec Pivot Ltd.	395		53
ING Industrial Fund †	7,649		15
Insurance Australia Group Ltd. †	13,951		48
Leighton Holdings Ltd. †	953		40
Lend Lease Corp. Ltd.	2,864		36
Lion Nathan Ltd. †	2,500		22
Macquarie Airports	6,369		20
Macquarie Communications Infrastructure Group †	1,704		7
Macquarie Group Ltd. †	2,110		103
Macquarie Infrastructure Group †	21,114		57
Macquarie Office Trust †	16,842		17
Mirvac Group	8,249		29
National Australia Bank Ltd. †	12,723		336
Newcrest Mining Ltd. †	3,519		123
OneSteel Ltd.	5,081		33
Orica Ltd.	2,134		57
Origin Energy Ltd. †	6,913		56
Oxiana Ltd. †	12,266		44
Pacific Brands Ltd.	4,000		8
Paladin Resources Ltd. * †	3,716		21
PaperlinX Ltd. †	3,700		7
Perpetual Ltd. †	295		15
Qantas Airways Ltd.	7,735		30
QBE Insurance Group Ltd.	6,734		139
Rio Tinto Ltd. †	2,235		279
Santos Ltd. †	4,759		56
Sims Group Ltd. †	717		21
Sonic Healthcare Ltd. †	2,265		30
State George Bank Ltd. †	1,825		40
Stockland †	9,942		64
Suncorp-Metway Ltd. †	7,330		94
Symbion Health Ltd.	3,461		13
TABCORP Holdings Ltd. †	3,598		51
Tattersall’s Ltd. †	8,554		31
Telstra Corp. Ltd.	22,218		100
Telstra Corp. Ltd.	11,825		36
Toll Holdings Ltd. †	4,325		40
Transurban Group †	7,425		44
Wesfarmers Ltd. PPS	1,001		35
Wesfarmers Ltd. †	4,300		148
Westfield Group	13,659		219

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.4% – CONTINUED
Australia - 6.3% – (continued)
Westpac Banking Corp.	14,695	$	314
Woodside Petroleum Ltd.	3,734		195
Woolworths Ltd.	9,455		251
WorleyParsons Ltd.	1,018		35
Zinifex Ltd.	3,872		39

			6,535

Austria - 0.6%
Andritz A.G.	360		20
BWIN Interactive Entertainment A.G. *	240		7
Erste Bank der Oesterreichischen Sparkassen A.G. †	1,476		85
Flughafen Wien A.G.	99		11
Immoeast A.G. *	3,310		30
IMMOFINANZ A.G.	3,559		39
Mayr-Melnhof Karton A.G.	50		5
Meinl European Land Ltd. A.G. * †	2,380		30
Oesterreichische Elektrizitaetswirtschafts A.G. (Verbund), Class A	530		39
OMV A.G.	1,280		92
Raiffeisen International Bank Holding A.G.	430		55
RHI A.G. *	174		7
Telekom Austria A.G.	2,366		54
Voestalpine A.G.	792		50
Wiener Staedtische Versicherung A.G.	300		25
Wienerberger A.G.	577		28

			577

Belgium - 1.2%
AGFA-Gevaert N.V.	1,025		10
Barco N.V.	100		7
Bekaert N.V.	41		5
Belgacom S.A.	1,158		56
Cofinimmo †	50		10
Colruyt S.A.	132		32
Compagnie Maritime Belge S.A.	152		11
D’ieteren S.A.	9		3
Delhaize Group	686		52
Dexia †	4,024		95
Fortis	16,918		373
Fortis (Strip VPPR)*	6,564		—
Groupe Bruxelles Lambert S.A. †	649		78
InBev N.V.	1,415		128
KBC Ancora	115		12
KBC Groep N.V.	1,303		163
Mobistar S.A.	217		19
Nationale A Portefeuille - CNP	141		10
Omega Pharma S.A.	150		7
Solvay S.A., Class A	505		63
UCB S.A.	875		41
Umicore *	985		51

			1,226

Denmark - 1.0%
A.P. Moller - Maersk A/S, Class A	2		21
A.P. Moller - Maersk A/S, Class B	9		93
Bang & Olufsen A/S, Class B †	84		6
Carlsberg A/S, Class B †	250		31
Coloplast A/S, Class B †	224		19
D/S Torm A/S	296		9
Danisco A/S †	335		24
Danske Bank A/S	3,521		135
DSV A/S †	1,603		31
East Asiatic Co. Ltd. A/S	159		13
FLSmidth & Co. A/S	423		40
GN Store Nord A/S *	678		3
H. Lundbeck A/S	177		4
Jyske Bank A/S (Registered) *	468		32
NKT Holding A/S †	133		10
Novo-Nordisk A/S, Class B	3,889		266
Novozymes A/S, Class B †	367		32
Rockwool International A/S, Class B †	61		11
Sydbank A/S	501		18
Topdanmark A/S * †	140		21
TrygVesta A/S †	211		16
Vestas Wind Systems A/S *	1,423		145
William Demant Holding A/S * †	201		14

			994

Finland - 1.9%
Amer Sports OYJ, Class A †	600		12
Cargotec Corp., Class B	303		15
Elisa OYJ †	1,189		36
Fortum OYJ	3,290		137
Kesko OYJ, Class B	452		21
Kone OYJ, Class B	1,214		43
Konecranes OYJ	400		15
Metso OYJ †	1,014		53
Neste Oil OYJ †	1,020		36

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 - 96.4% – CONTINUED
Finland - 1.9% – (continued)
Nokia OYJ	31,880	$	1,147
Nokian Renkaat OYJ	718		30
OKO Bank PLC, Class A	700		12
Orion OYJ, Class B	600		13
Outokumpu OYJ †	900		34
Rautaruukki OYJ	668		29
Sampo OYJ, Class A	3,844		105
Sanoma-WSOY OYJ †	771		19
Stora Enso OYJ (Registered)	4,620		58
TietoEnator OYJ †	253		5
UPM-Kymmene OYJ	3,996		69
Uponor OYJ †	190		5
Wartsila OYJ, Class B †	446		30
YIT OYJ †	1,190		30

			1,954

France - 10.0%
Accor S.A.	1,615		115
ADP †	237		29
Air France-KLM	964		26
Air Liquide †	1,888		268
Alcatel-Lucent	18,460		109
Alstom	806		169
ArcelorMittal	7,595		575
Atos Origin S.A. *	660		36
AXA S.A.	12,850		434
BNP Paribas	6,618		595
Bouygues	1,767		121
Cap Gemini S.A.	940		52
Carrefour S.A.	4,745		334
Casino Guichard Perrachon S.A.	346		39
Christian Dior S.A.	230		25
Cie de Saint-Gobain	2,178		171
Cie Generale d’Optique Essilor International S.A. †	1,591		95
CNP Assurances	305		34
Compagnie Generale de Geophysique- Veritas * †	178		44
Credit Agricole S.A.	5,111		139
Dassault Systemes S.A.	458		25
Eiffage S.A. †	148		13
Electricite de France †	687		64
Eurazeo †	94		11
France Telecom S.A.	14,611		491
Gaz de France S.A.	1,541		88
Gecina S.A.	85		12
Groupe Danone	3,401		267
Hermes International †	552		65
Icade	154		22
Imerys S.A. †	252		21
JC Decaux S.A. †	548		16
Klepierre	552		32
L’Oreal S.A.	1,951		231
Lafarge S.A.	1,171		203
Lagardere S.C.A.	873		69
Legrand S.A. †	354		11
LVMH Moet Hennessy Louis Vuitton S.A.	1,945		200
M6-Metropole Television	708		17
Michelin Compagnie Generale des Establissements, Class B	1,155		114
Natixis †	1,549		23
Neopost S.A. †	256		26
Neuf Cegetel †	235		12
PagesJaunes Groupe S.A.	1,084		20
Pernod-Ricard	1,379		147
Peugeot S.A. †	1,196		91
PPR	623		85
Publicis Groupe	1,106		40
Renault S.A.	1,438		154
Safran S.A. †	1,596		32
Sanofi-Aventis	8,240		611
Schneider Electric S.A.	1,756		200
SCOR *	1,190		27
SES FDR	1,284		32
Societe BIC S.A.	278		18
Societe Des Autoroutes Paris-Rhin-Rhone	216		24
Societe Generale †	2,940		315
Societe Television Francaise 1	937		22
Sodexho Alliance S.A.	759		43
Suez S.A.	8,390		533
Suez S.A. (Strip VVPR) *	1,400		—
Technip S.A.	823		67
Thales S.A.	705		43
Thomson	1,674		13
Total S.A.	17,333		1,310
Unibail-Rodamco	510		125
Valeo S.A.	654		25

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.4% – CONTINUED
France - 10.0% – (continued)
Vallourec	327	$	68
Veolia Environment	2,787		248
Vinci S.A.	3,192		220
Vivendi	9,115		360
Wendel †	132		15
Zodiac S.A.	413		21

			10,352

Germany - 8.3%
Adidas A.G.	1,601		100
Allianz S.E. (Registered)	3,617		635
Altana A.G.	241		6
Arcandor A.G. *	651		11
BASF A.G.	3,956		501
Bayer A.G.	5,741		437
Bayerische Motoren Werke A.G.	1,135		62
Beiersdorf A.G.	701		56
Bilfinger Berger A.G.	376		30
Celesio A.G.	676		39
Commerzbank A.G.	4,888		146
Continental A.G.	1,224		119
DaimlerChrysler A.G. (Registered)	7,464		628
Deutsche Bank A.G. (Registered)	4,011		446
Deutsche Boerse A.G.	1,562		244
Deutsche Lufthansa A.G. (Registered)	1,821		42
Deutsche Post A.G. (Registered)	6,136		203
Deutsche Postbank A.G.	652		63
Deutsche Telekom A.G. (Registered)	22,874		435
Douglas Holding A.G. †	249		13
E.ON A.G.	5,002		940
Fresenius Medical Care A.G. & Co. KGaA	1,482		78
GEA Group A.G. *	1,096		36
HeidelbergCement A.G. †	97		15
HeidelbergCement A.G. (VVPR) *	83		—
Heidelberger Druckmaschinen A.G. †	661		16
Henkel KGaA †	712		29
Hochtief A.G. †	334		36
Hypo Real Estate Holding †	1,378		39
Infineon Technologies A.G. * †	5,136		41
IVG Immobilien A.G.	872		30
KtS A.G.	292		84
Linde A.G.	935		124
MAN A.G.	874		113
Merck KGaA	443		55
Metro A.G.	1,299		109
MLP A.G. †	930		13
Muenchener Rueckversicherungs A.G. (Registered)	1,617		283
Premiere A.G. * †	603		13
Puma A.G. Rudolf Dassler Sport A.G.	64		23
Q-Cells A.G. * †	326		26
Rheinmetall A.G.	286		20
RWE A.G.	3,519		425
Salzgitter A.G.	327		57
SAP A.G.	7,023		335
Siemens A.G. (Registered)	6,981		892
Solarworld A.G. †	680		30
Suedzucker A.G. †	487		11
ThyssenKrupp A.G.	2,795		160
TUI A.G. *	1,697		41
Volkswagen A.G. †	1,254		285
Wacker Chemie A.G.	63		13
Wincor Nixdorf A.G.	108		9

			8,597

Greece - 0.7%
Alpha Bank A.E.	3,129		95
Coca Cola Hellenic Bottling Co. S.A.	1,380		61
EFG Eurobank Ergasias S.A.	2,142		62
Folli-Follie S.A. (Registered)	120		4
Hellenic Exchanges S.A. Holding	200		5
Hellenic Petroleum S.A.	1,110		15
Hellenic Technodomiki Tev S.A.	648		8
Hellenic Telecommunications Organization S.A.	2,380		66
National Bank of Greece S.A.	3,117		170
OPAP S.A.	1,534		50
Piraeus Bank S.A.	2,646		78
Public Power Corp. S.A.	713		30
Titan Cement Co. S.A.	490		21
Viohalco	870		10

			675

Hong Kong - 2.2%
ASM Pacific Technology	2,000		13
Bank of East Asia Ltd.	9,715		51
Belle International Holdings Ltd.	18,000		22
BOC Hong Kong Holdings Ltd. †	29,500		71

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 - 96.4% – CONTINUED
Hong Kong - 2.2% – (continued)
C C Land Holdings Ltd.	9,000	$	9
Cathay Pacific Airways Ltd. †	9,000		18
Cheung Kong Holdings Ltd.	12,000		179
Cheung Kong Infrastructure Holdings Ltd. †	4,000		16
CLP Holdings Ltd.	11,000		86
Esprit Holdings Ltd *	8,000		100
Fosun International *	14,000		11
Foxconn International Holdings Ltd. * †	17,000		26
Giordano International Ltd.	12,000		5
Hang Lung Group Ltd.	4,000		18
Hang Lung Properties Ltd.	17,000		61
Hang Seng Bank Ltd.	6,100		115
Henderson Land Development Co. Ltd.	8,045		62
Hong Kong & China Gas Co. Ltd.	29,012		83
Hong Kong Aircraft Engineerg †	400		9
Hong Kong Electric Holdings Ltd.	11,000		62
Hong Kong Exchanges and Clearing Ltd. †	8,500		161
Hopewell Holdings Ltd.	5,000		23
Hutchison Telecommunications International Ltd.	16,000		21
Hutchison Whampoa Ltd.	16,500		155
Hysan Development Co. Ltd. †	5,281		14
Kerry Properties Ltd. †	4,093		28
Kingboard Chemicals Holdings Ltd.	4,000		18
Lee & Man Paper Manufacturing Ltd. *	4,000		11
Li & Fung Ltd.	18,620		67
Lifestyle International Holdings Ltd. *	6,000		16
Link REIT (The) †	17,000		42
Melco International Development	7,000		10
MTR Corp. †	10,861		40
New World Development Ltd. †	19,169		52
Noble Group Ltd. †	9,000		14
NWS Holdings Ltd.	4,000		12
Orient Overseas International Ltd.	2,000		12
Pacific Basin Shipping Ltd. *	11,000		18
PCCW Ltd.	40,364		23
Shangri-La Asia Ltd. †	9,172		28
Shui On Land Ltd.	20,000		19
Shun TAK Holdings Ltd.	10,000		15
Sino Land Co.	9,356		23
Sun Hung Kai Properties Ltd.	11,172		194
Swire Pacific Ltd., Class A	6,500		74
Television Broadcasts Ltd.	3,000		18
Tencent Holdings Ltd. *	7,000		43
Tingyi Cayman Islands Holding Corp. †	12,000		15
Wharf Holdings Ltd.	11,250		57
Wheelock & Co. Ltd.	4,000		12
Wing Hang Bank Ltd.	1,000		15
Yue Yuen Industrial Holdings Ltd. †	4,000		12

			2,279

Ireland - 0.7%
Allied Irish Banks PLC	6,922		142
Anglo Irish Bank Corp. PLC (Dublin Exchange)	2,588		37
Bank of Ireland - Dublin	6,303		89
Bank of Ireland - London	1,554		22
CRH PLC - Dublin	3,345		124
CRH PLC - London	949		35
DCC PLC	276		7
Elan Corp. PLC * †	3,675		85
Experian Group Ltd.	8,198		69
Greencore Group PLC	1,382		9
Iaws Group PLC †	434		9
Kerry Group PLC, Class A	1,103		35
Kingspan Group PLC (Dublin Exchange)	1,437		19
Paddy Power PLC	160		5
Ryanair Holdings PLC *	3,150		15
Smurfit Kappa Group PLC *	1,082		16

			718

Italy - 3.8%
A2A S.p.A. †	3,915		16
Alleanza Assicurazioni S.p.A.	3,366		43
Arnoldo Mondadori Editore S.p.A. †	1,000		8
Assicurazioni Generali S.p.A. †	8,327		358
Atlantia S.p.A. *	1,766		57
Autogrill S.p.A.	1,000		16
Banca Carige S.p.A.	2,619		10
Banca Monte dei Paschi di Siena S.p.A. †	8,763		40
Banca Popolare di Milano Scrl	3,301		39
Banco Popolare Scarl *	5,217		99
Bulgari S.p.A.	1,672		19
Enel S.p.A.	34,157		368
ENI S.p.A.	20,943		724
Fiat S.p.A.	5,548		116
Finmeccanica S.p.A.	2,406		74
Fondiaria-Sai S.p.A.	472		21

EQUITY PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.4% – CONTINUED
Italy - 3.8% – (continued)
IFIL - Investments S.p.A.	1,576	$	12
Intesa Sanpaolo S.p.A.	60,776		407
Intesa Sanpaolo S.p.A. (RNC)	7,416		47
Italcementi S.p.A.	723		15
Lottomatica S.p.A.	653		24
Luxottica Group S.p.A. †	1,098		30
Mediaset S.p.A.	6,106		55
Mediobanca S.p.A.	3,908		75
Mediolanum S.p.A. †	2,000		13
Parmalat S.p.A.	12,406		47
Pirelli & C. S.p.A. * †	19,728		19
Prysmian S.p.A. *	1,205		23
Saipem S.p.A.	907		37
Seat Pagine Gialle S.p.A. †	48,101		14
Snam Rete Gas S.p.A.	7,000		49
Telecom Italia S.p.A.	84,155		211
Telecom Italia S.p.A. (RNC)	47,004		91
Terna S.p.A.	9,544		41
UniCredito Italiano S.p.A. (Milan Exchange)	75,089		551
Unione di Banche Italiane SCPA	4,740		111

			3,880

Japan - 20.2%
77 Bank (The) Ltd.	3,000		18
Acom Co. Ltd.	760		22
Aderans Holdings Co. Ltd. * †	500		9
Advantest Corp. †	1,300		32
Aeon Co. Ltd.	4,400		53
Aeon Credit Service Co. Ltd.	900		13
Aeon Mall Co. Ltd.	500		12
Aiful Corp. †	1,000		18
Aioi Insurance Co. Ltd.	2,000		10
Aisin Seiki Co Ltd.	1,600		64
Ajinomoto Co., Inc.	5,000		60
Alfresa Holdings Corp.	300		21
All Nippon Airways Co. Ltd.	5,000		21
Alps Electric Co. Ltd. †	1,000		12
Amada Co. Ltd.	3,000		22
Aoyama Trading Co. Ltd.	600		13
Asahi Breweries Ltd.	3,300		62
Asahi Glass Co. Ltd.	8,000		91
Asahi Kasei Corp.	10,000		55
Asatsu-DK, Inc. †	500		16
Asics Corp.	1,000		12
Astellas Pharma, Inc.	4,000		175
Autobacs Seven Co. Ltd.	200		4
Bank of Kyoto (The) Ltd. †	2,000		23
Bank of Yokohama (The) Ltd.	10,000		65
Benesse Corp.	700		29
Bridgestone Corp.	5,100		83
Brother Industries Ltd.	1,000		11
Canon Marketing Japan, Inc. †	1,000		18
Canon, Inc.	8,500		380
Casio Computer Co. Ltd.	1,900		25
Central Glass Co. Ltd.	2,000		9
Central Japan Railway Co.	13		124
Chiba Bank (The) Ltd.	7,000		44
Chiyoda Corp. †	1,000		10
Chubu Electric Power Co., Inc.	5,400		136
Chugai Pharmaceutical Co. Ltd. †	2,200		25
Chugoku Electric Power Co. Inc. (The)	1,100		23
Chuo Mitsui Trust Holdings, Inc. *	7,000		48
Citizen Holdings Co. Ltd. †	2,700		23
Coca-Cola West Holdings Co. Ltd. †	600		13
Cosmo Oil Co. Ltd.	4,000		13
Credit Saison Co. Ltd.	1,300		36
CSK Corp.	500		12
Dai Nippon Printing Co. Ltd.	5,000		79
Daicel Chemical Industries Ltd.	3,000		17
Daido Steel Co. Ltd. †	2,000		14
Daihatsu Motor Co. Ltd.	1,000		11
Daiichi Sankyo Co Ltd.	5,600		174
Daikin Industries Ltd.	2,200		98
Dainippon Ink & Chemicals, Inc.	5,000		18
Daito Trust Construction Co. Ltd.	800		43
Daiwa House Industry Co. Ltd.	4,000		41
Daiwa Securities Group, Inc.	11,000		102
Denki Kagaku Kogyo Kabushki Kaisha	3,000		10
Denso Corp.	3,900		146
Dentsu, Inc.	15		34
Dowa Mining Co. Ltd.	2,000		14
E*Trade Securities Co. Ltd.	12		10
East Japan Railway Co.	27		217
Ebara Corp. †	2,000		6
EDION Corp. †	1,000		10

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 - 96.4% – CONTINUED
Japan - 20.2% – (continued)
Eisai Co. Ltd.	2,100	$	76
Electric Power Development Co.	1,000		36
Elpida Memory, Inc. * †	700		23
FamilyMart Co. Ltd.	400		12
Fanuc Ltd.	1,600		149
Fast Retailing Co. Ltd.	500		37
Fuji Electric Holdings Co. Ltd. †	6,000		23
Fuji Television Network, Inc.	4		6
FUJIFILM Holdings Corp.	3,800		143
Fujikura Ltd.	2,000		10
Fujitsu Ltd.	13,000		92
Fukuoka Financial Group, Inc.	6,000		31
Furukawa Electric (The) Co. Ltd.	6,000		21
Glory Ltd.	500		11
Gunma Bank (The) Ltd.	3,000		20
Gunze Ltd.	2,000		9
Hachijuni Bank (The) Ltd.	2,872		19
Hakuhodo DY Holdings, Inc.	80		5
Hankyu Hanshin Holdings, Inc.	10,000		44
Haseko Corp. *	9,000		14
Hikari Tsushin, Inc. †	300		9
Hino Motors Ltd.	2,000		14
Hirose Electric Co. Ltd.	200		21
Hiroshima Bank (The) Ltd.	3,000		15
Hitachi Cable Ltd.	1,000		4
Hitachi Chemical Co. Ltd.	700		13
Hitachi Construction Machinery Co. Ltd.	700		19
Hitachi High-Technologies Corp.	500		10
Hitachi Ltd.	28,000		202
Hokkaido Electric Power Co., Inc.	1,400		31
Hokuhoku Financial Group, Inc.	9,000		25
Hokuriku Electric Power Co.	600		13
Honda Motor Co. Ltd.	12,400		379
House Foods Corp.	200		3
Hoya Corp.	3,400		86
Ibiden Co. Ltd.	1,000		48
Idemitsu Kosan Co. Ltd.	100		8
IHI Corp. *	10,000		20
Inpex Holdings, Inc.	7		78
Isetan Co. Ltd.	2,000		24
Isuzu Motors Ltd.	6,000		27
Ito En Ltd. †	600		12
Itochu Corp.	13,000		137
Itochu Techno-Science Corp.	400		11
J Front Retailing Co. Ltd.	2,800		18
Jafco Co. Ltd.	400		14
Japan Airlines Corp. *	6,000		15
Japan Petroleum Exploration Co. †	200		14
Japan Prime Realty Investment Corp.	3		10
Japan Real Estate Investment Corp. †	3		33
Japan Retail Fund Investment Corp.	2		12
Japan Steel Works Ltd. †	3,000		49
Japan Tobacco, Inc.	35		176
JFE Holdings, Inc.	4,700		209
JGC Corp.	2,000		32
Joyo Bank (The) Ltd.	5,000		25
JS Group Corp.	2,100		36
JSR Corp.	1,200		26
Jupiter Telecommunications Co. Ltd. *	16		13
Kajima Corp.	9,000		28
Kamigumi Co. Ltd.	2,000		15
Kaneka Corp.	3,000		21
Kansai Electric Power Co., Inc.	6,400		157
Kansai Paint Co. Ltd.	2,000		14
Kao Corp.	4,000		123
Kawasaki Heavy Industries Ltd. †	11,000		26
Kawasaki Kisen Kaisha Ltd.	5,000		51
KDDI Corp.	19		115
Keihin Electric Express Railway Co. Ltd. †	4,000		27
Keio Corp.	5,000		28
Keisei Electric Railway Co. Ltd.	2,000		10
Keyence Corp.	300		70
Kikkoman Corp. †	1,000		12
Kintetsu Corp. †	13,000		43
Kirin Holdings Co. Ltd.	6,000		101
Kobe Steel Ltd.	22,000		68
Kokuyo Co. Ltd.	1,000		8
Komatsu Ltd.	7,300		185
Konami Corp.	600		20
Konica Minolta Holdings, Inc.	4,000		57
Koyo Seiko Co. Ltd.	1,300		23
Kubota Corp.	9,000		60
Kuraray Co. Ltd.	3,000		36
Kurita Water Industries Ltd.	900		28

EQUITY PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.4% – CONTINUED
Japan - 20.2% – (continued)
Kyocera Corp.	1,300	$	107
Kyowa Hakko Kogyo Co. Ltd.	2,000		19
Kyushu Electric Power Co., Inc.	3,000		75
Lawson, Inc.	400		15
Leopalace21 Corp.	900		18
Mabuchi Motor Co. Ltd.	300		15
Makita Corp.	900		32
Marubeni Corp.	14,000		106
Marui Group Co. Ltd. *	3,000		31
Matsushita Electric Industrial Co. Ltd.	16,000		336
Matsushita Electric Works Ltd.	3,000		30
Mazda Motor Corp.	3,000		12
Mediceo Paltac Holdings Co. Ltd.	1,100		19
Meiji Dairies Corp.	3,000		17
Meiji Seika Kaisha Ltd. †	3,000		14
Meitec Corp. †	100		3
Millea Holdings, Inc.	6,000		221
Minebea Co. Ltd.	2,000		13
Mitsubishi Chemical Holdings Corp.	10,000		68
Mitsubishi Corp.	10,800		329
Mitsubishi Electric Corp.	16,000		146
Mitsubishi Estate Co. Ltd.	10,000		243
Mitsubishi Gas Chemical Co., Inc.	3,000		22
Mitsubishi Heavy Industries Ltd.	25,000		117
Mitsubishi Logistics Corp. †	1,000		12
Mitsubishi Materials Corp.	9,000		42
Mitsubishi Motors Corp. * †	14,000		22
Mitsubishi Rayon Co. Ltd.	5,000		17
Mitsubishi Tanabe Pharma Corp. *	2,000		23
Mitsubishi UFJ Financial Group, Inc.	70,330		618
Mitsubishi UFJ Lease & Finance Co. Ltd.	290		10
Mitsui & Co. Ltd.	14,000		303
Mitsui Chemicals, Inc.	5,000		35
Mitsui Engineering & Shipbuilding Co. Ltd.	6,000		18
Mitsui Fudosan Co. Ltd.	7,000		142
Mitsui Mining & Smelting Co. Ltd.	4,000		15
Mitsui O.S.K. Lines Ltd.	9,000		117
Mitsui Sumitomo Insurance Co. Ltd.	9,000		95
Mitsukoshi Ltd.	4,000		16
Mitsumi Electric Co. Ltd.	700		22
Mizuho Financial Group, Inc.	74		307
Murata Manufacturing Co. Ltd.	1,700		91
Namco Bandai Holdings, Inc.	1,600		20
NEC Corp.	17,000		73
NEC Electronics Corp. *	300		6
NGK Insulators Ltd.	2,000		45
NGK Spark Plug Co. Ltd. †	1,000		16
Nichirei Corp.	2,000		10
Nidec Corp.	900		59
Nikon Corp.	3,000		84
Nintendo Co. Ltd.	800		397
Nippon Building Fund, Inc.	4		49
Nippon Electric Glass Co. Ltd.	3,000		43
Nippon Express Co. Ltd.	6,000		32
Nippon Kayaku Co. Ltd. †	1,000		6
Nippon Meat Packers, Inc.	1,000		12
Nippon Mining Holdings, Inc.	6,000		35
Nippon Oil Corp.	10,000		68
Nippon Paper Group, Inc.	9		21
Nippon Sheet Glass Co. Ltd.	4,000		19
Nippon Shokubai Co. Ltd.	1,000		7
Nippon Steel Corp.	46,000		242
Nippon Telegraph & Telephone Corp.	42		182
Nippon Yusen Kabushiki Kaisha	9,000		83
Nipponkoa Insurance Co. Ltd.	3,000		24
Nishi-Nippon City Bank (The) Ltd.	7,000		18
Nishimatsu Construction Co. Ltd. †	2,000		5
Nissan Chemical Industries Ltd.	1,000		11
Nissan Motor Co. Ltd.	18,300		166
Nisshin Seifun Group, Inc.	2,000		20
Nisshin Steel Co. Ltd.	6,000		21
Nisshinbo Industries, Inc.	1,000		10
Nissin Food Products Co. Ltd. †	900		30
Nitori Co Ltd.	300		15
Nitto Denko Corp.	1,100		53
NOK Corp.	900		19
Nomura Holdings, Inc.	13,600		213
Nomura Real Estate Holdings, Inc.	600		11
Nomura Real Estate Office Fund, Inc.	3		25
Nomura Research Institute Ltd.	900		26
NSK Ltd.	3,000		26
NTN Corp.	4,000		30
NTT Data Corp.	10		47
NTT DoCoMo, Inc.	129		189

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 - 96.4% – CONTINUED
Japan - 20.2% – (continued)
NTT Urban Development Corp. †	14	$	17
Obayashi Corp.	6,000		29
Obic Co. Ltd.	100		18
Odakyu Electric Railway Co. Ltd. †	4,000		26
OJI Paper Co. Ltd.	6,000		25
Oki Electric Industry Co. Ltd. * †	5,000		9
Okuma Corp.	1,000		10
Okumura Corp. †	2,000		9
Olympus Corp.	2,000		59
Omron Corp.	1,700		38
Onward Holdings Co. Ltd. *	1,000		10
Oracle Corp. Japan †	400		18
Oriental Land Co. Ltd.	400		23
ORIX Corp.	700		104
Osaka Gas Co. Ltd.	16,000		64
OSAKA Titanium Technologies Co. *	100		7
Otsuka Corp. †	200		16
Pioneer Corp. †	1,200		13
Promise Co. Ltd. †	850		28
QP Corp. †	1,400		14
Rakuten, Inc. †	52		25
Resona Holdings, Inc. †	47		76
Ricoh Co. Ltd.	5,000		80
Rohm Co. Ltd.	700		51
Sanken Electric Co. Ltd. †	1,000		6
Sankyo Co. Ltd.	600		32
Santen Pharmaceutical Co. Ltd.	500		13
Sanyo Electric Co. Ltd. *	13,000		27
Sapporo Hokuyo Holdings, Inc.	2		16
Sapporo Holdings Ltd. †	3,000		23
SBI Holdings, Inc.	96		23
Secom Co. Ltd.	1,700		85
Sega Sammy Holdings, Inc. †	1,900		21
Seiko Epson Corp. †	1,000		26
Seino Holdings Co. Ltd.	1,000		7
Sekisui Chemical Co. Ltd.	3,000		21
Sekisui House Ltd.	4,000		41
Seven & I Holdings Co. Ltd.	6,600		164
Sharp Corp.	8,000		146
Shikoku Electric Power Co., Inc.	700		20
Shimachu Co. Ltd.	400		10
Shimamura Co. Ltd.	200		15
Shimano, Inc.	500		21
Shimizu Corp.	5,000		24
Shin-Etsu Chemical Co. Ltd.	3,300		178
Shinko Electric Industries	700		10
Shinko Securities Co. Ltd.	5,000		17
Shinsei Bank Ltd.	7,000		28
Shionogi & Co. Ltd.	2,000		34
Shiseido Co. Ltd.	3,000		69
Shizuoka Bank (The) Ltd.	4,000		42
Showa Denko K.K.	9,000		32
Showa Shell Sekiyu K.K.	1,500		15
SMC Corp. of Japan	400		42
Softbank Corp.	5,600		109
Sojitz Corp.	7,700		29
Sompo Japan Insurance, Inc.	6,000		56
Sony Corp.	8,000		374
Sony Financial Holdings, Inc. *	7		28
Stanley Electric Co. Ltd.	1,000		21
Sumco Corp.	900		20
Sumitomo Chemical Co. Ltd.	13,000		90
Sumitomo Corp.	8,700		125
Sumitomo Electric Industries Ltd.	6,200		92
Sumitomo Heavy Industries Ltd.	5,000		40
Sumitomo Metal Industries Ltd.	33,000		140
Sumitomo Metal Mining Co. Ltd.	4,000		84
Sumitomo Mitsui Financial Group, Inc.	52		374
Sumitomo Osaka Cement Co. Ltd.	3,000		6
Sumitomo Realty & Development Co. Ltd.	3,000		51
Sumitomo Rubber Industries, Inc.	2,200		17
Sumitomo Trust & Banking (The) Co. Ltd.	11,000		74
Suruga Bank Ltd.	1,000		11
Suzuken Co. Ltd.	400		14
Suzuki Motor Corp.	2,000		54
T&D Holdings, Inc.	1,650		84
Taiheiyo Cement Corp.	7,400		17
Taisei Corp.	8,000		21
Taisho Pharmaceutical Co. Ltd.	1,000		20
Taiyo Nippon Sanso Corp.	3,000		27
Taiyo Yuden Co. Ltd.	1,000		11
Takara Holdings, Inc.	1,000		6
Takashimaya Co. Ltd. †	2,000		22
Takeda Pharmaceutical Co. Ltd.	6,900		383

EQUITY PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.4% – CONTINUED
Japan - 20.2% – (continued)
Takefuji Corp.	1,130	$	28
TDK Corp.	800		56
Teijin Ltd.	7,000		27
Terumo Corp.	1,300		71
THK Co. Ltd.	900		17
TIS, Inc. †	500		9
Tobu Railway Co. Ltd.	6,000		29
Toho Co. Ltd. of Tokyo	900		21
Tohoku Electric Power Co., Inc.	2,900		67
Tokai Rika Co. Ltd.	400		11
Tokuyama Corp.	2,000		15
Tokyo Broadcasting System, Inc.	500		11
Tokyo Electric Power Co., Inc.	10,000		257
Tokyo Electron Ltd.	1,400		86
Tokyo Gas Co. Ltd.	19,000		85
Tokyo Seimitsu Co. Ltd. †	300		5
Tokyo Steel Manufacturing Co. Ltd.	900		11
Tokyo Tatemono Co. Ltd.	2,000		13
Tokyu Corp.	7,000		40
Tokyu Land Corp.	4,000		27
TonenGeneral Sekiyu K.K. †	3,000		28
Toppan Printing Co. Ltd.	4,000		43
Toray Industries, Inc. †	12,000		74
Toshiba Corp.	23,000		173
Tosoh Corp.	5,000		18
Toto Ltd. †	3,000		25
Toyo Seikan Kaisha Ltd.	1,300		23
Toyo Suisan Kaisha Ltd.	1,000		16
Toyoda Gosei Co. Ltd.	300		11
Toyota Boshoku Corp.	500		17
Toyota Industries Corp.	1,400		53
Toyota Motor Corp.	21,800		1,186
Toyota Tsusho Corp.	1,700		43
Trend Micro, Inc.	1,000		34
Ube Industries Ltd. of Japan	6,000		18
Unicharm Corp.	400		29
UNY Co. Ltd.	2,000		16
Urban Corp.	1,300		8
Ushio, Inc. †	800		17
USS Co. Ltd.	300		18
West Japan Railway Co.	14		64
Yahoo! Japan Corp.	120		53
Yakult Honsha Co. Ltd. †	1,100		31
Yamada Denki Co. Ltd.	590		52
Yamaha Corp.	1,200		24
Yamaha Motor Co. Ltd.	1,300		26
Yamato Holdings Co. Ltd.	3,000		44
Yamato Kogyo Co. Ltd.	300		13
Yaskawa Electric Corp.	2,000		22
Yokogawa Electric Corp. †	2,000		21
Zeon Corp.	1,000		5

			20,856

Malaysia - 0.0%
Promet BHD *	4,000		—

Netherlands - 4.5%
Aegon N.V.	11,449		171
Akzo Nobel N.V.	2,137		157
ASML Holding N.V. *	3,242		78
Corio N.V.	389		36
Corporate Express †	1,042		12
European Aeronautic Defence & Space Co. †	2,694		71
Fugro N.V. CVA	398		30
Heineken Holding N.V.	496		25
Heineken N.V.	1,916		108
ING Groep N.V. CVA	15,213		507
James Hardie Industries N.V. CDI †	4,100		23
Koninklijke Ahold N.V. *	9,972		131
Koninklijke DSM N.V.	1,165		51
Koninklijke Philips Electronics N.V.	9,001		352
OCE N.V. †	699		13
Qiagen N.V. * †	899		20
Randstad Holdings N.V. †	415		16
Reed Elsevier N.V.	4,908		91
Royal Dutch Shell PLC, Class A (London Exchange)	28,740		1,029
Royal Dutch Shell PLC, Class B (London Exchange)	22,300		785
Royal KPN N.V.	15,130		286
SBM Offshore N.V.	1,118		36
TNT N.V.	3,172		125
TomTom N.V. * †	464		22
Unilever N.V. CVA	13,489		418
Vedior N.V. CVA	1,362		34
Wereldhave N.V.	71		9

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 - 96.4% – CONTINUED
Netherlands - 4.5% – (continued)
Wolters Kluwer N.V.	2,365	$	61

			4,697

New Zealand - 0.1%
Auckland International Airport Ltd. †	7,776		15
Contact Energy Ltd.	1,976		12
Fisher & Paykel Appliances Holdings Ltd.	1,920		4
Fisher & Paykel Healthcare Corp. †	3,220		7
Fletcher Building Ltd.	3,959		30
Kiwi Income Property Trust	8,549		8
Sky City Entertainment Group Ltd.	4,302		14
Sky Network Television Ltd.	1,774		7
Telecom Corp. of New Zealand Ltd. †	12,308		38
Vector Ltd.	1,259		2

			137

Norway - 1.0%
Aker Kvaerner ASA †	1,300		31
DnB NOR ASA	5,900		86
DNO ASA * †	5,600		7
Frontline Ltd. †	300		14
Norsk Hydro ASA	4,850		69
Ocean RIG ASA * †	1,350		10
Orkla ASA †	6,400		80
Petroleum Geo-Services ASA * †	1,350		33
ProSafe S.E. †	1,450		25
Renewable Energy Corp. A/S * †	1,200		29
Schibsted ASA †	150		5
SeaDrill Ltd. * †	2,000		51
StatoilHydro ASA	10,028		307
Storebrand ASA †	3,267		25
Tandberg ASA †	500		8
Telenor ASA *	6,500		133
TGS Nopec Geophysical Co ASA * †	700		10
Tomra Systems ASA †	1,500		10
Yara International ASA	1,510		84

			1,017

Portugal - 0.3%
Banco BPI S.A. (Registered) †	2,378		11
Banco Comercial Portugues S.A. (Registered) †	12,377		36
Banco Espirito Santo S.A. (Registered)	1,789		32
Brisa-Auto Estradas de Portugal S.A.	2,056		31
CIMPOR-Cimentos de Portugal, SGPS,S.A. †	1,382		12
Energias de Portugal S.A.	15,913		93
Jeronimo Martins SGPS S.A.	647		5
Portugal Telecom, SGPS, S.A. (Registered)	6,268		80
Sonae Industria SGPS S.A. *	604		4
Sonae SGPS S.A.	8,900		16
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A. *	1,613		20

			340

Singapore - 1.0%
Allgreen Properties Ltd.	6,000		5
Ascendas Real Estate Investment Trust	10,000		16
CapitaCommercial Trust	10,000		15
CapitaLand Ltd. †	12,500		55
CapitaMall Trust	8,000		18
City Developments Ltd.	3,000		25
ComfortDelgro Corp. Ltd.	15,000		17
Cosco Corp. Singapore Ltd.	6,000		17
DBS Group Holdings Ltd.	9,198		112
Fraser and Neave Ltd.	5,650		19
Haw Par Corp. Ltd.	711		3
Jardine Cycle & Carriage Ltd.	1,421		21
Keppel Corp. Ltd.	9,500		72
Keppel Land Ltd. †	3,000		13
Neptune Orient Lines Ltd.	3,370		7
Olam International Ltd. †	6,000		11
Oversea-Chinese Banking Corp.	19,152		104
Parkway Holdings Ltd. †	5,250		11
SembCorp Industries Ltd.	7,044		24
SembCorp Marine Ltd.	8,400		22
Singapore Airlines Ltd.	4,667		51
Singapore Exchange Ltd.	5,000		29
Singapore Land Ltd.	1,000		5
Singapore Post Ltd.	13,000		10
Singapore Press Holdings Ltd.	10,295		32
Singapore Technologies Engineering Ltd.	9,000		22
Singapore Telecommunications Ltd.	63,325		171
SMRT Corp. Ltd.	5,000		6
United Overseas Bank Ltd.	10,392		132
UOL Group Ltd.	3,039		8
Venture Corp. Ltd.	2,000		14
Wilmar International Ltd. *	3,000		9
Wing Tai Holdings Ltd.	3,850		6

			1,082

EQUITY PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.4% – CONTINUED
Spain - 4.0%
Abertis Infraestructuras S.A.	1,750	$	55
Acciona S.A.	196		50
Acerinox S.A.	1,238		31
ACS Actividades Cons y Serv	1,654		84
Antena 3 de Television S.A.	996		14
Banco Bilbao Vizcaya Argentaria S.A.	30,157		624
Banco de Sabadell S.A.	3,356		31
Banco Popular Espanol S.A. †	6,631		103
Banco Santander S.A.	50,302		900
Bankinter S.A. *	1,219		18
Cintra Concesiones de Infraestructuras de
Transporte S.A.	1,485		24
Criteria Caixacorp S.A.	6,009		41
Enagas	1,313		39
Fomento de Construcciones y Contratas S.A.	363		22
Gamesa Corp. Tecnologica S.A.	1,354		55
Gas Natural SDG S.A.	925		56
Gestevision Telecinco S.A. †	785		17
Grupo Ferrovial S.A. †	502		33
Iberdrola Renovables * †	7,275		45
Iberdrola S.A.	28,147		406
Iberia (Lineas Aereas de Espana)	3,800		14
Inditex S.A. †	1,702		87
Indra Sistemas S.A.	913		25
Mapfre S.A.	4,704		21
Promotora de Informaciones S.A. (Prisa)	600		8
Red Electrica de Espana	742		46
Repsol YPF S.A. †	6,265		216
Sacyr Vallehermoso S.A. †	585		18
Sogecable S.A. *	347		15
Telefonica S.A.	34,550		1,001
Union Fenosa S.A.	848		56
Zardoya Otis S.A.	917		23
Zeltia S.A. †	1,325		9

			4,187

Sweden - 2.3%
Alfa Laval AB	700		38
Assa Abloy AB, Class B †	2,800		50
Atlas Copco AB, Class A	4,600		72
Atlas Copco AB, Class B	3,300		47
Billerud AB †	500		6
Boliden AB †	2,300		26
Castellum AB	900		11
Electrolux AB, Class B	2,023		32
Elekta AB, Class B	600		11
Eniro AB †	1,300		10
Fabege AB	1,000		11
Getinge AB, Class B †	1,300		33
Hennes & Mauritz AB, Class B †	3,740		210
Hoganas AB, Class B †	200		4
Holmen AB, Class B †	400		14
Husqvarna AB, Class B †	1,823		20
Investor AB, Class B	1,800		38
Kungsleden AB †	1,100		13
Lundin Petroleum AB * †	1,800		23
Millicom International Cellular S.A. SDR *	200		22
Modern Times Group AB, Class B	300		20
Nobia AB †	1,200		10
Nordea Bank AB	17,000		256
Oriflame Cosmetics S.A. SDR	100		6
Sandvik AB	7,846		133
Scania AB, Class B	2,900		70
Securitas AB, Class B †	2,490		30
Securitas Systems AB, Class B †	3,400		9
Skandinaviska Enskilda Banken AB, Class A	3,750		93
Skanska AB, Class B	2,600		50
SKF AB, Class B	2,744		50
Ssab Svenskt Stal AB, Class A	1,537		43
Ssab Svenskt Stal AB, Class B	675		17
Svenska Cellulosa AB, Class B	3,400		56
Svenska Handelsbanken AB, Class A	3,725		104
Swedbank AB, Class A	1,500		41
Swedish Match AB	2,200		51
Tele2 AB, Class B	2,400		42
Telefonaktiebolaget LM Ericsson, Class B	118,940		256
TeliaSonera AB	17,646		141
Trelleborg AB, Class B †	600		11
Volvo AB, Class A	3,200		47
Volvo AB, Class B	8,900		132

			2,359

Switzerland - 7.3%
ABB Ltd. (Registered)	17,678		440
Actelion Ltd. (Registered) * †	845		44
Adecco S.A. (Registered)	1,050		55

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 - 96.4% – CONTINUED
Switzerland - 7.3% – (continued)
Ciba Specialty Chemicals A.G. (Registered)	563	$	22
Compagnie Financiere Richemont S.A ., Class A (Bearer)	4,079		235
Credit Suisse Group (Registered)	8,249		405
EFG International (Registered)	365		12
Geberit A.G. (Registered)	314		46
Givaudan S.A. (Registered)	52		52
Holcim Ltd. (Registered)	1,633		166
Julius Baer Holding A.G. (Registered)	727		54
Kudelski S.A. (Bearer) †	300		4
Kuehne & Nagel International A.G. (Registered)	429		42
Kuoni Reisen Holding A.G. (Registered)	27		13
Lindt & Spruengli A.G.	7		23
Logitech International S.A. (Registered) *	1,307		33
Lonza Group A.G. (Registered)	361		48
Nestle S.A. (Registered)	3,159		1,508
Nobel Biocare Holding A.G. (Bearer)	189		46
Novartis A.G. (Registered)	18,667		916
OC Oerlikon Corp. A.G. (Registered) * †	44		14
Pargesa Holding S.A. (Bearer)	109		11
PSP Swiss Property A.G. (Registered) *	240		15
Rieter Holding A.G. (Registered)	15		6
Roche Holding A.G. (Genusschein)	5,641		1,106
Schindler Holding A.G.	500		34
SGS Societe Generale de Surveillance Holdings S.A. (Registered)	37		50
Sonova Holding A.G. (Registered) *	370		35
STMicroelectronics N.V.	5,506		66
Straumann Holding A.G. (Registered) †	71		21
Sulzer A.G. (Registered)	23		26
Swatch Group A.G. (Bearer)	217		63
Swatch Group A.G. (Registered)	500		29
Swiss Life Holding (Registered) *	269		67
Swiss Reinsurance (Registered)	2,744		220
Swisscom A.G. (Registered)	180		68
Syngenta A.G. (Registered)	816		234
Synthes, Inc.	472		66
UBS A.G. (Registered)	16,620		544
Xstrata PLC	5,131		403
Zurich Financial Services A.G. (Registered)	1,143		358

			7,600

United Kingdom - 19.0%
3i Group PLC	3,116		51
Acergy S.A. †	1,550		33
Aggreko PLC	880		10
Alliance & Leicester PLC †	1,337		15
Amec PLC	2,290		35
Anglo American PLC	10,696		678
Antofagasta PLC	1,416		23
ARM Holdings PLC	9,019		16
Arriva PLC	680		9
Associated British Foods PLC	1,330		22
AstraZeneca PLC	11,613		436
Aviva PLC	20,811		251
BAE Systems PLC	27,963		266
Balfour Beatty PLC	3,424		30
Barclays PLC	53,829		506
Barratt Developments PLC	2,331		19
BBA Aviation PLC	1,413		5
Berkeley Group Holdings PLC *	673		14
BG Group PLC	26,859		633
BHP Billiton PLC	18,281		590
Biffa PLC	1,199		8
Bovis Homes Group PLC	912		11
BP PLC	152,695		1,653
British Airways PLC *	4,579		23
British American Tobacco PLC	12,128		454
British Energy Group PLC	7,058		79
British Land Co. PLC	4,033		76
British Sky Broadcasting Group PLC	9,381		105
Brixton PLC	1,881		12
BT Group PLC	65,423		292
Bunzl PLC	2,699		37
Burberry Group PLC	3,503		29
Cadbury Schweppes PLC	17,336		193
Capita Group PLC	4,104		53
Carnival PLC	1,155		46
Carphone Warehouse Group PLC †	2,631		16
Cattles PLC	2,885		13
Centrica PLC	30,265		193
Charter PLC *	1,076		18
Close Brothers Group PLC	454		6
Cobham PLC	8,998		32
Compass Group PLC	16,058		104
Cookson Group PLC	1,348		16

EQUITY PORTFOLIOS 13 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.4% – CONTINUED
United Kingdom - 19.0% – (continued)
CSR PLC *	824	$	5
Daily Mail & General Trust, Class A	2,356		22
Davis Service Group PLC	583		6
De La Rue PLC	949		17
Diageo PLC	20,905		427
DSG International PLC	14,653		18
Electrocomponents PLC	3,462		12
Emap PLC †	1,479		27
Enterprise Inns PLC	4,433		36
Eurasian Natural Resources Corp. *	2,351		48
FirstGroup PLC	3,458		40
FKI PLC	5,000		7
Friends Provident PLC	14,461		38
G4S PLC	9,162		40
Galiform PLC *	5,000		8
GKN PLC	4,829		25
GlaxoSmithKline PLC	44,642		979
Great Portland Estates PLC	1,440		14
Hammerson PLC	2,268		49
Hays PLC	11,572		25
HBOS PLC	29,096		345
Home Retail Group	6,978		36
HSBC Holdings PLC	95,346		1,442
ICAP PLC	4,115		51
IMI PLC	2,680		21
Imperial Tobacco Group PLC	5,430		252
Inchcape PLC	4,209		33
Intercontinental Hotels Group PLC	2,369		36
International Power PLC	12,321		93
Intertek Group PLC	695		12
Invensys PLC *	6,332		32
Investec PLC	3,130		23
ITV PLC	30,930		41
Johnson Matthey PLC	1,769		68
Kazakhmys PLC	756		23
Kesa Electricals PLC	4,212		18
Kingfisher PLC	18,595		48
Ladbrokes PLC	5,001		30
Land Securities Group PLC	3,527		110
Legal & General Group PLC	52,703		130
Liberty International PLC	2,020		38
Lloyds TSB Group PLC	43,945		391
LogicaCMG PLC	12,216		22
London Stock Exchange Group PLC †	1,256		34
Lonmin PLC	626		41
Man Group PLC	13,381		146
Marks & Spencer Group PLC	12,873		103
Meggitt PLC	5,205		29
Misys PLC	1,725		5
Mondi PLC	2,517		19
Morrison WM Supermarkets PLC	8,279		48
National Express Group PLC	1,160		26
National Grid PLC	20,259		294
Next PLC	1,446		37
Old Mutual PLC	39,629		98
Pearson PLC	6,696		88
Persimmon PLC †	2,261		33
Premier Farnell PLC	2,679		8
Prudential PLC	19,002		227
Punch Taverns PLC	1,823		23
Rank Group PLC	5,189		9
Reckitt Benckiser Group PLC	4,678		253
Reed Elsevier PLC	8,467		106
Rentokil Initial PLC	14,430		24
Reuters Group PLC	10,320		122
Rexam PLC	5,105		44
Rio Tinto PLC	8,053		903
Rolls-Royce Group PLC *	13,852		119
Royal Bank of Scotland Group PLC	79,425		599
SABMiller PLC	7,270		151
Sage Group (The) PLC	10,344		40
Sainsbury (J.) PLC	10,745		75
Schroders PLC	1,130		21
Scottish & Newcastle PLC	6,173		97
Scottish & Southern Energy PLC	6,964		204
Segro PLC	3,465		35
Serco Group PLC	3,793		33
Severn Trent PLC	1,854		52
Shire PLC	2,324		45
Signet Group PLC	13,592		16
Smith & Nephew PLC	6,254		81
Smiths Group PLC	2,648		52
SSL International PLC	653		6
Stagecoach Group PLC	4,592		23

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 14 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.4% – CONTINUED
United Kingdom - 19.0% – (continued)
Standard Chartered PLC	5,801	$	191
Standard Life PLC	14,899		64
Stolt-Nielsen S.A.	300		7
Tate & Lyle PLC	3,315		34
Taylor Wimpey PLC	7,715		26
Tesco PLC	62,542		494
Thomas Cook Group PLC *	3,346		20
Tomkins PLC	6,808		23
Travis Perkins PLC	1,103		24
Trinity Mirror PLC	1,005		6
TUI Travel PLC *	3,878		21
Tullet Prebon PLC	1,424		14
Tullow Oil PLC	4,928		61
Unilever PLC	10,164		321
United Business Media PLC	2,010		21
United Utilities PLC	7,242		99
Vedanta Resources PLC	530		23
Vodafone Group PLC	428,141		1,375
Whitbread PLC	1,567		39
William Hill PLC	2,807		21
Wolseley PLC	4,532		55
WPP Group PLC	8,683		102
Yell Group PLC	6,198		27

			19,686

Total Common Stocks (Cost $102,380) ⁽¹⁾			99,748

PREFERRED STOCKS - 0.4%
Germany - 0.4%
Fresenius SE	328		27
Henkel KGaA	1,445		64
Porsche A.G.	68		116
ProSieben SAT.1 Media A.G.	653		14
RWE A.G.	267		27
Volkswagen A.G.	841		117

			365

Italy - 0.0%
Istituto Finanziario Industriale S.p.A. *	503		14
Unipol S.p.A.	6,166		16

			30

Total Preferred Stocks (Cost $347) ⁽¹⁾			395

INVESTMENT COMPANY - 7.9%
Northern Institutional Funds -
Liquid Assets Portfolio ⁽²⁾⁽³⁾	8,188,246		8,188

Total Investment Company (Cost $8,188)			8,188

RIGHTS - 0.0%
France - 0.0%
Societe Generale *	2,940		25

Italy - 0.0%
Banca Carige SpA *	9		—
Sweden - 0.0%
Getinge AB * †	1,300		1

Total Rights (Cost $-) ⁽¹⁾			26

WARRANTS - 0.0%
Japan - 0.0%
Dowa Mining Exp. 1/29/10, Strike 1.00 Yen *	2,000		—

Total Warrants (Cost $-) ⁽¹⁾			—

EQUITY PORTFOLIOS 15 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 2.4%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	2,510,000	$	2,510

Total Short-Term Investment (Cost $2,510)				2,510

Total Investments - 107.1% (Cost $113,425)				110,867
Liabilities less Other Assets - (7.1)%				(7,351	)

NET ASSETS - 100.0%			$	103,516

(1)

In accordance with the Portfolio’s prospectus, adjustment factors were provided by an independent evaluation service to determine the value of these securities.

(2)

Investment in affiliated Portfolio

(3)

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 February 29, 2008, 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)
DJ Euro Stoxx- 50 (Euro)	29	$	1,639	Long	3/08	$	(38	)
FTSE 100 Index (British Pound)	7		812	Long	3/08		(7	)
Hang Seng Index (Hong Kong Dollar)	1		156	Long	3/08		4
SPI 200 (Australian Dollar)	2		259	Long	3/08		(3	)
TOPIX Index (Japanese Yen)	4		508	Long	3/08		(10	)

Total						$	(54	)

At February 29, 2008, the industry sectors for the International Equity Index Portfolio were:


INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Consumer Discretionary	10.8	%
Consumer Staples	8.5
Energy	8.0
Financials	25.4
Health Care	6.6
Industrials	12.3
Information Technology	5.5
Materials	10.9
Telecommunication Services	6.0
Utilities	6.0

Total	100.0	%

At February 29, 2008, the International Equity Index Portfolio’s investments were denominated in the following currencies:


CONCENTRATION BY CURRENCY	PERCENTAGE
Euro	35.7	%
British Pound	22.0
Japanese Yen	20.8
Swiss Franc	7.1
Australian Dollar	6.6
All other currencies less than 5%	7.8

Total	100.0	%

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 16 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS


SCHEDULE OF INVESTMENTS		FEBRUARY 29, 2008 (UNAUDITED)

INTERNATIONAL EQUITY INDEX PORTFOLIO

At February 29, 2008, 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)
U.S. Dollar	80	Australian Dollar	86	3/4/08	$	—
U.S. Dollar	200	British Pound	101	3/4/08		—
U.S. Dollar	400	Euro	263	3/4/08		—
U.S. Dollar	40	Hong Kong Dollar	311	3/4/08		—
U.S. Dollar	350	Japanese Yen	36,437	3/4/08		—
U.S. Dollar	100	Swiss Franc	104	3/4/08		—
Australian Dollar	569	U.S. Dollar	500	3/19/08		(29	)
British Pound	283	U.S. Dollar	560	3/19/08		(2	)
British Pound	151	U.S. Dollar	300	3/19/08		—
British Pound	151	U.S. Dollar	300	3/19/08		—
Euro	1,106	U.S. Dollar	1,650	3/19/08		(29	)
Euro	1,393	U.S. Dollar	2,000	3/19/08		(115	)
Japanese Yen	143,571	U.S. Dollar	1,310	3/19/08		(73	)
U.S. Dollar	167	Australian Dollar	194	3/19/08		13
U.S. Dollar	250	Australian Dollar	281	3/19/08		12
U.S. Dollar	720	British Pound	357	3/19/08		(12	)
U.S. Dollar	910	British Pound	461	3/19/08		5
U.S. Dollar	2,466	Euro	1,704	3/19/08		122
U.S. Dollar	1720	Euro	1,166	3/19/08		51
U.S. Dollar	70	Hong Kong Dollar	544	3/19/08		—
U.S. Dollar	1,171	Japanese Yen	130,680	3/19/08		88
U.S. Dollar	390	Japanese Yen	41,340	3/19/08		8

Total					$	39

Federal Tax Information:

At February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	113,425

Gross tax appreciation of investments	$	7,716
Gross tax depreciation of investments		(10,274	)

Net tax depreciation of investments	$	(2,558	)

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the International Equity Index Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	8,238	$	(54	)
Level 2		102,628		39
Level 3		1		—

Total	$	110,867	$	(15	)

*	Other financial instruments include futures and forwards, if applicable.

EQUITY PORTFOLIOS 17 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:


	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Balance as of 11/30/07	$	—	$	—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		1		—
Net Purchases (Sales)		—		—
Transfers in and/or out of Level 3		—		—

Balance as of 2/29/08	$	1	$	—

*	Other financial instruments include futures and forwards, if applicable.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 18 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY GROWTH PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 94.8%
Advertising - 0.7%
Greenfield Online, Inc. *	836	$	11

Aerospace/Defense - 4.8%
Aerovironment, Inc. * †	580		12
Curtiss-Wright Corp. †	410		17
Kaman Corp.	555		14
Orbital Sciences Corp. *	750		16
Teledyne Technologies, Inc. *	295		13
TransDigm Group, Inc. *	195		8

			80

Apparel - 1.2%
Warnaco Group (The), Inc. * †	520		20

Beverages - 0.5%
Hansen Natural Corp. * †	220		9

Biotechnology - 0.6%
RTI Biologics, Inc. *	1,201		10

Chemicals - 1.6%
CF Industries Holdings, Inc. †	100		12
Terra Industries, Inc. * †	305		14

			26

Commercial Services - 10.2%
Bankrate, Inc. * †	185		8
Chemed Corp. †	300		14
DeVry, Inc. †	270		12
FTI Consulting, Inc. *	375		24
Healthcare Services Group †	830		16
HMS Holdings Corp. * †	272		7
Icon PLC ADR *	136		9
Interactive Data Corp. †	600		18
Korn/Ferry International * †	885		15
Landauer, Inc.	174		8
Net 1 UEPS Technologies, Inc. *	547		16
SAIC, Inc. * †	581		11
Strayer Education, Inc.	75		12

			170

Computers - 4.0%
Henry (Jack) & Associates, Inc. †	580		14
IHS, Inc., Class A *	265		16
Micros Systems, Inc. *	410		13
Synaptics, Inc. * †	498		14
Synopsys, Inc. *	444		10

			67

Cosmetics/Personal Care - 1.3%
Chattem, Inc. * †	265		21

Distribution/Wholesale - 1.0%
LKQ Corp. *	740		16

Diversified Financial Services - 1.9%
GFI Group, Inc. *	210		16
World Acceptance Corp. * †	475		15

			31

Electrical Components & Equipment - 0.8%
General Cable Corp. * †	215		13

Electronics - 3.1%
Flir Systems, Inc. *	327		9
Mettler-Toledo International, Inc. *	97		10
Rofin-Sinar Technologies, Inc. *	418		16
Varian, Inc. * †	315		17

			52

Engineering & Construction - 0.8%
URS Corp. * †	325		13

Entertainment - 1.0%
Bally Technologies, Inc. * †	450		17

Environmental Control - 1.7%
Calgon Carbon Corp. * †	635		10
Waste Connections, Inc. *	610		19

			29

Food - 1.8%
Flowers Foods, Inc. †	965		22
Hain Celestial Group, Inc. * †	310		8

			30

Healthcare - Products - 3.7%
Hologic, Inc. * †	328		20
IDEXX Laboratories, Inc. * †	147		8
Immucor, Inc. *	613		18
Meridian Bioscience, Inc. †	229		8
NuVasive, Inc. * †	200		8

			62

Healthcare - Services - 2.3%
Amedisys, Inc. * †	329		14
Pediatrix Medical Group, Inc. * †	128		8
Sunrise Senior Living, Inc. * †	573		16

			38

Household Products/Wares - 3.1%
Church & Dwight, Inc. †	230		12

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 94.8% – CONTINUED
Household Products/Wares - 3.1% – (continued)
Fossil, Inc. *	575	$	18
Tupperware Brands Corp. †	590		22

			52

Insurance - 1.8%
American Equity Investment Life Holding Co. †	1,755		17
Delphi Financial Group, Inc., Class A †	445		13

			30

Internet - 4.1%
Digital River, Inc. * †	280		9
NIC, Inc.	1,353		8
Priceline.com, Inc. * †	230		26
ValueClick, Inc. * †	741		15
Vasco Data Security International, Inc. *	897		10

			68

Iron/Steel - 1.1%
Carpenter Technology Corp.	155		10
Cleveland-Cliffs, Inc. †	80		9

			19

Leisure Time - 1.1%
WMS Industries, Inc. * †	475		18

Machinery - Diversified - 2.0%
Kadant, Inc. *	530		13
Middleby Corp. * †	310		21

			34

Metal Fabrication/Hardware - 1.0%
Kaydon Corp. †	405		17

Mining - 0.7%
Century Aluminum Co. * †	175		12

Miscellaneous Manufacturing - 1.0%
Acuity Brands, Inc. †	375		17

Oil & Gas - 5.4%
Atwood Oceanics, Inc. * †	220		20
Berry Petroleum Co., Class A †	425		17
Penn Virginia Corp. †	435		19
Petroquest Energy, Inc. * †	1,100		17
Whiting Petroleum Corp. * †	270		17

			90

Oil & Gas Services - 2.6%
Cal Dive International, Inc. * †	1,415		15
Core Laboratories N.V. * †	125		15
NATCO Group, Inc., Class A * †	285		14

			44

Pharmaceuticals - 7.4%
Alnylam Pharmaceuticals, Inc. *	270		8
BioMarin Pharmaceutical, Inc. * †	550		21
Cubist Pharmaceuticals, Inc. * †	414		7
Cypress Bioscience, Inc. * †	1,715		14
Isis Pharmaceuticals, Inc. * †	761		11
KV Pharmaceutical Co., Class A * †	600		15
OSI Pharmaceuticals, Inc. *	355		13
Perrigo Co. †	258		8
Sciele Pharma, Inc. * †	760		16
United Therapeutics Corp. *	131		11

			124

Real Estate Investment Trusts - 3.5%
Acadia Realty Trust †	385		9
Alexandria Real Estate Equities, Inc. †	130		12
Digital Realty Trust, Inc. †	330		12
Nationwide Health Properties, Inc. †	470		14
Tanger Factory Outlet Centers, Inc. †	310		11

			58

Retail - 4.1%
Aeropostale, Inc. *	755		20
Burger King Holdings, Inc.	470		12
Gymboree Corp. *	300		12
Jos. A. Bank Clothiers, Inc. * †	480		11
Ulta Salon Cosmetics & Fragrance, Inc. * †	925		13

			68

Semiconductors - 2.9%
MKS Instruments, Inc. *	499		10
Power Integrations, Inc. *	502		13
Silicon Laboratories, Inc. *	427		13
Tessera Technologies, Inc. * †	139		3
Verigy Ltd. *	430		9

			48

Software - 6.6%
Ansys, Inc. * †	247		9
Blackboard, Inc. * †	434		12
Eclipsys Corp. * †	307		7
Epicor Software Corp. * †	1,115		12
Interactive Intelligence, Inc. * †	792		11

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY GROWTH PORTFOLIO


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 94.8% – CONTINUED
Software - 6.6% – (continued)
Omnicell, Inc. *		883	$	17
Phase Forward, Inc. * †		825		13
Quest Software, Inc. * †		861		12
Taleo Corp., Class A * †		498		10
Tyler Technologies, Inc. * †		529		8

				111

Telecommunications - 2.7%
Anixter International, Inc. * †		325		21
Comtech Telecommunications Corp. * †		318		14
NTELOS Holdings Corp.		440		10

				45

Transportation - 0.7%
Landstar System, Inc. †		260		12

Total Common Stocks (Cost $1,559)				1,582

INVESTMENT COMPANY - 51.4%
Northern Institutional Portfolios -
Liquid Assets Portfolio ⁽¹⁾⁽²⁾		858,508		858

Total Investment Company (Cost $858)				858


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 5.9%
Calyon, Grand Cayman,
Eurodollar Time Deposit,
3.25%, 3/3/08	$	99		99

Total Short-Term Investment (Cost $99)				99

Total Investments - 152.1% (Cost $2,516)				2,539
Liabilities less Other Assets - (52.1)%				(870	)

NET ASSETS - 100.0%			$	1,669

(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 February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	2,516

Gross tax appreciation of investments	$	118
Gross tax depreciation of investments		(95	)

Net tax appreciation of investments	$	23

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Small Company Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINACIAL INSTRUMENTS* (000S)
Level 1	$	2,440	$	—
Level 2		99		—
Level 3		—		—

Total	$	2,539	$	—

*	Other financial instruments include futures and forwards, if applicable.

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0%
Advertising - 0.2%
Gaiam, Inc., Class A * †	1,000	$	21
Greenfield Online, Inc. * †	1,200		16
inVentiv Health, Inc. * †	1,895		60
Marchex, Inc., Class B †	1,600		14
ValueVision Media, Inc., Class A * †	1,631		9

			120

Aerospace/Defense - 1.1%
AAR Corp. * †	2,243		58
Aerovironment, Inc. * †	471		10
Argon ST, Inc. * †	768		13
Curtiss-Wright Corp. †	2,588		109
Esterline Technologies Corp. *	1,783		93
GenCorp, Inc. * †	3,276		34
Heico Corp. †	1,547		68
Innovative Solutions & Support, Inc. * †	767		7
Kaman Corp. †	1,490		36
Moog, Inc., Class A *	2,285		94
MTC Technologies, Inc. * †	604		14
Orbital Sciences Corp. *	3,577		77
Teledyne Technologies, Inc. *	2,116		94
TransDigm Group, Inc. * †	604		23
Triumph Group, Inc. †	1,001		57

			787

Agriculture - 0.3%
Alico, Inc. †	192		8
Alliance One International, Inc. * †	5,578		27
Andersons (The), Inc. †	900		42
Cadiz, Inc. * †	700		10
Maui Land & Pineapple Co., Inc. * †	252		7
Tejon Ranch Co. * †	601		21
Universal Corp. of Virginia †	1,575		90
Vector Group Ltd. †	1,878		34

			239

Airlines - 0.4%
Airtran Holdings, Inc. * †	5,512		40
Alaska Air Group, Inc. * †	2,231		55
Allegiant Travel Co. * †	300		8
ExpressJet Holdings, Inc. * †	2,927		7
JetBlue Airways Corp. * †	10,700		58
Pinnacle Airlines Corp. * †	1,100		12
Republic Airways Holdings, Inc. *	2,000		39
Skywest, Inc. †	3,624		80

			299

Apparel - 1.0%
Carter’s, Inc. *	3,500		54
Cherokee, Inc. †	423		14
Deckers Outdoor Corp. * †	754		83
G-III Apparel Group Ltd. * †	800		11
Heelys, Inc. *	300		2
Iconix Brand Group, Inc. * †	3,054		64
K-Swiss, Inc., Class A †	1,514		22
Maidenform Brands, Inc. * †	1,300		16
Oxford Industries, Inc.	798		17
Perry Ellis International, Inc. * †	704		14
Quiksilver, Inc. *	7,400		67
Skechers U.S.A., Inc., Class A *	1,231		26
Steven Madden Ltd. * †	1,200		20
Timberland (The) Co., Class A * †	2,800		42
True Religion Apparel, Inc. * †	800		16
Volcom, Inc. *	830		16
Warnaco Group (The), Inc. *	2,721		102
Weyco Group, Inc. †	404		11
Wolverine World Wide, Inc.	3,262		86

			683

Auto Manufacturers - 0.0%
Force Protection, Inc. * †	4,100		17
Wabash National Corp. †	1,735		13

			30

Auto Parts & Equipment - 1.0%
Accuride Corp. * †	1,200		9
Aftermarket Technology Corp. * †	1,268		24
American Axle & Manufacturing Holdings, Inc. †	2,700		53
Amerigon, Inc. *	1,300		24
ArvinMeritor, Inc. †	4,300		49
Commercial Vehicle Group, Inc. * †	1,200		11
Cooper Tire & Rubber Co. †	3,641		66
Exide Technologies * †	4,400		45
Hayes Lemmerz International, Inc. * †	5,800		18
Lear Corp. * †	4,512		124
Miller Industries, Inc. of Tennessee * †	600		7
Modine Manufacturing Co. †	1,837		23
Noble International Ltd. †	650		7
Spartan Motors, Inc. †	1,900		15

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Auto Parts & Equipment - 1.0% – (continued)
Standard Motor Products, Inc. †	900	$	7
Superior Industries International, Inc. †	1,334		23
Tenneco, Inc. *	2,792		70
Titan International, Inc. †	1,466		50
Visteon Corp. * †	7,825		27

			652

Banks - 5.6%
1st Source Corp. †	755		13
Amcore Financial, Inc. †	1,241		24
AmericanWest Bancorp †	931		8
Ameris Bancorp †	794		11
Bancfirst Corp. †	418		18
Banco Latinoamericano de Exportaciones S.A., Class E	1,600		22
Bancorp, Inc. of Delaware * †	672		8
Bank Mutual Corp.	3,059		33
Bank of the Ozarks, Inc. †	708		17
Banner Corp. †	897		19
Boston Private Financial Holdings, Inc. †	2,282		31
Capital City Bank Group, Inc. †	737		20
Capital Corp. of the West †	556		8
Capitol Bancorp Ltd. †	862		16
Cascade Bancorp †	1,308		13
Cass Information Systems, Inc. †	440		12
Cathay General Bancorp †	3,109		68
Centennial Bank Holdings, Inc. * †	2,900		17
Center Financial Corp. †	540		5
Central Pacific Financial Corp. †	1,797		33
Chemical Financial Corp. †	1,410		31
Citizens Republic Bancorp, Inc. †	4,604		51
City Holding Co. †	1,053		39
CityBank Lynwood of Washington †	847		16
CoBiz Financial, Inc. †	1,006		12
Columbia Banking System, Inc.	971		22
Community Bancorp of Nevada * †	600		7
Community Bank System, Inc. †	1,726		38
Community Trust Bancorp, Inc.	845		23
Corus Bankshares, Inc. †	2,344		24
CVB Financial Corp. †	4,049		37
Enterprise Financial Services Corp. †	600		12
First Bancorp of North Carolina †	672		12
First BanCorp of Puerto Rico †	5,500		50
First Busey Corp., Class A †	1,483		28
First Charter Corp. †	2,062		50
First Commonwealth Financial Corp. †	4,480		47
First Community Bancorp, Inc. of California †	1,547		44
First Community Bancshares, Inc. of Virginia †	599		19
First Financial Bancorp †	1,900		22
First Financial Bankshares, Inc. †	1,234		47
First Financial Corp. of Indiana †	766		20
First Merchants Corp.	1,038		28
First Midwest Bancorp, Inc. of Illinois †	3,000		78
First Regional Bancorp of California * †	447		7
First South Bancorp, Inc. of North Carolina †	526		10
First State Bancorporation of New Mexico	1,198		14
FirstMerit Corp. †	4,800		90
FNB Corp. of Pennsylvania †	3,600		49
Fremont General Corp. * †	3,900		4
Frontier Financial Corp. †	2,529		38
Glacier Bancorp, Inc. †	3,195		55
Great Southern Bancorp, Inc. †	535		10
Green Bankshares, Inc. †	684		12
Hancock Holding Co. †	1,652		61
Hanmi Financial Corp. †	2,382		18
Harleysville National Corp. †	1,747		23
Heartland Financial USA, Inc. †	710		13
Heritage Commerce Corp. †	762		13
Home Bancshares, Inc. †	708		14
Horizon Financial Corp. †	752		10
IBERIABANK Corp. †	685		30
Imperial Capital Bancorp, Inc.	324		7
Independent Bank Corp. of Massachusetts †	788		21
Independent Bank Corp. of Michigan †	1,307		13
Integra Bank Corp. †	1,176		17
International Bancshares Corp. †	3,020		66
Irwin Financial Corp. †	1,069		8
Lakeland Bancorp, Inc. †	1,147		13
Lakeland Financial Corp. †	708		14
Macatawa Bank Corp. †	926		9
MainSource Financial Group, Inc. †	1,056		14
MB Financial, Inc. †	2,193		63
Midwest Banc Holdings, Inc. †	1,172		12
Nara Bancorp, Inc. †	1,313		14
National Penn Bancshares, Inc. †	4,595		74

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 - 97.0% – CONTINUED
Banks - 5.6% – (continued)
NBT Bancorp, Inc. †	1,897	$	36
Northfield Bancorp, Inc. * †	1,132		12
Old National Bancorp of Indiana †	4,015		62
Old Second Bancorp, Inc. †	622		16
Omega Financial Corp. †	683		19
Oriental Financial Group, Inc. †	1,208		25
Pacific Capital Bancorp †	2,815		59
Park National Corp. †	745		45
Peoples Bancorp, Inc. of Ohio †	547		12
Pinnacle Financial Partners, Inc. * †	1,300		30
Preferred Bank of California †	487		9
PrivateBancorp, Inc. †	1,100		33
Prosperity Bancshares, Inc.	2,167		57
Provident Bankshares Corp. †	2,001		26
Renasant Corp. †	1,262		27
Republic Bancorp, Inc. of Kentucky, Class A	514		8
Royal Bancshares of Pennsylvania, Inc., Class A †	263		4
Royal Bank of Canada	239		12
S & T Bancorp, Inc. †	1,463		42
Sandy Spring Bancorp, Inc. †	874		24
Santander BanCorp †	271		3
SCBT Financial Corp. †	572		17
Seacoast Banking Corp. of Florida †	805		8
Security Bank Corp. of Georgia †	872		6
Sierra Bancorp †	464		10
Signature Bank of New York *	1,800		48
Simmons First National Corp., Class A †	876		22
South Financial Group (The), Inc. †	4,400		64
Southside Bancshares, Inc. †	650		14
Southwest Bancorp, Inc. of Oklahoma †	796		13
Sterling Bancorp of New York †	1,070		15
Sterling Bancshares, Inc. of Texas †	4,546		42
Sterling Financial Corp. of Pennsylvania †	1,516		25
Sterling Financial Corp. of Washington †	3,022		45
Suffolk Bancorp	552		17
Sun Bancorp, Inc. of New Jersey * †	909		12
Superior Bancorp * †	2,292		12
Susquehanna Bancshares, Inc. †	5,069		101
SVB Financial Group * †	2,046		93
SY Bancorp, Inc. †	670		15
Taylor Capital Group, Inc. †	341		6
Texas Capital Bancshares, Inc. *	1,300		19
Tompkins Financial Corp. †	390		17
Trico Bancshares †	842		14
Trustco Bank Corp. of New York †	4,378		38
Trustmark Corp. †	3,000		59
UCBH Holdings, Inc. †	5,965		67
UMB Financial Corp. †	1,878		72
Umpqua Holdings Corp. †	3,659		52
Union Bankshares Corp. of Virginia †	691		12
United Bankshares, Inc. †	2,300		60
United Community Banks, Inc. of Georgia †	2,515		36
United Security Bancshares of California †	500		7
Univest Corp. of Pennsylvania †	800		16
Virginia Commerce Bancorp * †	995		10
W. Holding Co., Inc. †	6,200		8
Washington Trust Bancorp, Inc. †	696		16
WesBanco, Inc. †	1,501		35
West Coast Bancorp of Oregon †	925		14
Westamerica Bancorporation †	1,808		86
Western Alliance Bancorp * †	1,000		12
Wilshire Bancorp, Inc. †	1,000		7
Wintrust Financial Corp. †	1,399		47

			3,819

Beverages - 0.3%
Boston Beer Co., Inc., Class A * †	496		18
Central European Distribution Corp. * †	2,046		119
Coca-Cola Bottling Co. Consolidated	365		20
Farmer Bros. Co. †	400		9
Green Mountain Coffee Roasters, Inc. * †	1,000		30
Jones Soda Co. * †	1,500		8
National Beverage Corp. †	520		4
Peet’s Coffee & Tea, Inc. * †	805		19

			227

Biotechnology - 2.6%
Acorda Therapeutics, Inc. * †	1,500		31
Affymax, Inc. * †	200		4
Affymetrix, Inc. *	4,100		79
Alexion Pharmaceuticals, Inc. * †	2,167		131
AMAG Pharmaceuticals, Inc. * †	1,012		44
American Oriental Bioengineering, Inc. * †	3,200		32
Applera Corp. - Celera Group * †	4,748		66
Arena Pharmaceuticals, Inc. * †	4,371		30
Ariad Pharmaceuticals, Inc. * †	3,898		13

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Biotechnology - 2.6% – (continued)
Arqule, Inc. * †	2,200	$	10
Bio-Rad Laboratories, Inc., Class A *	1,100		104
BioMimetic Therapeutics, Inc. * †	600		8
Cambrex Corp. †	1,629		14
Cell Genesys, Inc. * †	4,356		10
CryoLife, Inc. *	1,300		12
Cytokinetics, Inc. * †	2,000		7
Encysive Pharmaceuticals, Inc. * †	3,167		7
Enzo Biochem, Inc. *	1,778		17
Enzon Pharmaceuticals, Inc. * †	2,752		24
Exelixis, Inc. * †	6,331		40
Genomic Health, Inc. * †	800		15
GenVec, Inc. * †	3,400		4
Geron Corp. * †	4,315		21
GTX, Inc. * †	1,000		16
Halozyme Therapeutics, Inc. * †	3,800		21
Human Genome Sciences, Inc. * †	8,100		48
Illumina, Inc. * †	3,143		228
Immunomedics, Inc. * †	3,200		8
Incyte Corp. * †	5,040		50
Integra LifeSciences Holdings Corp. * †	1,046		43
InterMune, Inc. * †	1,766		25
Keryx Biopharmaceuticals, Inc. * †	2,549		15
Kosan Biosciences, Inc. * †	2,300		5
Lifecell Corp. * †	2,016		81
Martek Biosciences Corp. * †	1,900		54
Maxygen, Inc. *	1,384		9
Medivation, Inc. * †	1,200		19
Molecular Insight Pharmaceuticals, Inc. * †	300		2
Momenta Pharmaceuticals, Inc. * †	1,400		14
Myriad Genetics, Inc. * †	2,532		94
Nanosphere, Inc. * †	400		4
Nektar Therapeutics * †	5,500		38
Novacea, Inc. * †	300		1
Omrix Biopharmaceuticals, Inc. * †	800		19
Orexigen Therapeutics, Inc. * †	500		7
Protalix BioTherapeutics, Inc. * †	100		—
Regeneron Pharmaceuticals, Inc. * †	3,746		74
RTI Biologics, Inc. *	1,700		15
Savient Pharmaceuticals, Inc. * †	3,148		71
Seattle Genetics, Inc. of Washington * †	3,400		31
SuperGen, Inc. * †	3,041		8
Telik, Inc. * †	2,912		7
Tercica, Inc. * †	1,800		11
Xoma Ltd. * †	7,700		20

			1,761

Building Materials - 0.6%
AAON, Inc. †	820		13
Apogee Enterprises, Inc. †	1,755		27
Builders FirstSource, Inc. * †	900		6
China Architectural Engineering, Inc. * †	300		2
Comfort Systems USA, Inc.	2,400		28
Drew Industries, Inc. * †	1,080		29
Gibraltar Industries, Inc.	1,440		16
Interline Brands, Inc. * †	1,590		28
LSI Industries, Inc.	1,038		14
NCI Building Systems, Inc. *	1,213		37
PGT, Inc. * †	500		2
Simpson Manufacturing Co., Inc. †	2,272		54
Texas Industries, Inc. †	1,642		95
Trex Co., Inc. * †	724		6
U.S. Concrete, Inc. * †	2,000		8
Universal Forest Products, Inc. †	1,006		28

			393

Chemicals - 2.8%
American Vanguard Corp. †	1,100		17
Arch Chemicals, Inc. †	1,416		49
Balchem Corp. †	1,000		20
CF Industries Holdings, Inc.	3,314		404
Ferro Corp.	2,593		42
Fuller (H.B.) Co. †	3,612		82
Georgia Gulf Corp. †	2,064		12
Grace (W.R.) & Co. * †	4,134		88
Hercules, Inc.	6,974		128
Innophos Holdings, Inc. †	1,200		16
Innospec, Inc.	1,360		25
Kronos Worldwide, Inc.	115		2
Landec Corp. * †	1,200		11
Metabolix, Inc. * †	800		13
Minerals Technologies, Inc.	1,106		67
NewMarket Corp. †	875		59
NL Industries, Inc. †	398		4
Olin Corp. †	4,406		85
OM Group, Inc. *	1,734		105

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 - 97.0% – CONTINUED
Chemicals - 2.8% – (continued)
PolyOne Corp. *	5,456	$	35
Rockwood Holdings, Inc. * †	2,166		66
Schulman (A.), Inc. †	1,554		32
Sensient Technologies Corp. †	2,773		75
ShengdaTech, Inc. * †	1,700		18
Spartech Corp. †	1,770		25
Stepan Co.	343		12
Symyx Technologies, Inc. * †	1,930		13
Terra Industries, Inc. *	5,500		249
Tronox, Inc., Class B †	2,400		11
UAP Holding Corp. †	3,100		119
Valhi, Inc. †	400		8
Zep, Inc. †	1,226		19
Zoltek Cos., Inc. * †	1,500		34

			1,945

Coal - 0.5%
Alpha Natural Resources, Inc. *	3,890		158
International Coal Group, Inc. * †	7,600		47
Walter Industries, Inc.	3,100		169

			374

Commercial Services - 6.4%
Aaron Rents, Inc. †	2,735		54
ABM Industries, Inc. †	2,633		52
Administaff, Inc. †	1,398		34
Advance America Cash Advance Centers, Inc. †	3,880		29
Advisory Board (The) Co. *	1,079		60
Albany Molecular Research, Inc. * †	1,389		15
American Public Education, Inc. * †	308		10
AMN Healthcare Services, Inc. * †	2,011		33
Arbitron, Inc. †	1,709		72
Arrowhead Research Corp. * †	2,000		5
Bankrate, Inc. * †	710		30
Barrett Business Services †	400		6
BearingPoint, Inc. * †	12,200		20
Bowne & Co., Inc.	1,557		21
Bright Horizons Family Solutions, Inc. *	1,588		71
Capella Education Co. * †	600		32
Cardtronics, Inc. * †	900		6
CBIZ, Inc. * †	2,721		24
CDI Corp.	764		17
Cenveo, Inc. * †	3,170		48
Chemed Corp.	1,448		69
Clayton Holdings, Inc. * †	600		3
Coinstar, Inc. * †	1,611		47
Consolidated Graphics, Inc. * †	584		31
Corinthian Colleges, Inc. * †	5,200		41
Cornell Cos., Inc. * †	600		12
Corvel Corp. * †	486		15
CoStar Group, Inc. * †	1,095		45
CPI Corp. †	300		5
CRA International, Inc. * †	609		23
Cross Country Healthcare, Inc. *	1,913		21
Deluxe Corp. †	3,100		65
DeVry, Inc. †	3,500		154
Diamond Management & Technology Consultants, Inc. †	1,600		9
Dollar Financial Corp. * †	1,000		22
Dollar Thrifty Automotive Group * †	1,227		18
DynCorp International, Inc., Class A * †	1,500		25
Electro Rent Corp.	970		13
Emergency Medical Services Corp. * †	500		12
Euronet Worldwide, Inc. *	2,690		58
ExlService Holdings, Inc. * †	1,291		28
Exponent, Inc. * †	850		25
First Advantage Corp., Class A * †	432		9
Forrester Research, Inc. *	875		23
FTI Consulting, Inc. * †	2,803		178
Gartner, Inc. * †	4,183		79
Geo Group (The), Inc. * †	3,040		81
Gevity HR, Inc. †	1,352		9
Global Cash Access Holdings, Inc. * †	2,562		13
Great Lakes Dredge & Dock Corp. †	700		4
H&E Equipment Services, Inc. * †	1,000		16
Healthcare Services Group †	2,491		49
Healthspring, Inc. * †	2,900		51
Heartland Payment Systems, Inc. †	1,000		22
Heidrick & Struggles International, Inc. †	1,054		36
HMS Holdings Corp. * †	1,200		33
Hudson Highland Group, Inc. * †	1,449		11
Huron Consulting Group, Inc. *	1,144		61
ICT Group, Inc. * †	500		4
Integrated Electrical Services, Inc. * †	800		14
Interactive Data Corp.	2,200		64
INVESTools, Inc. * †	3,100		36
Jackson Hewitt Tax Service, Inc.	1,800		38

EQUITY PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Commercial Services - 6.4% – (continued)
K12, Inc. *	147	$	4
Kelly Services, Inc., Class A †	1,354		26
Kendle International, Inc. * †	700		31
Kenexa Corp. * †	1,515		31
Kforce, Inc. *	1,900		16
Korn/Ferry International * †	2,840		48
Landauer, Inc. †	515		25
LECG Corp. * †	1,400		13
Lincoln Educational Services Corp. *	300		4
Live Nation, Inc. * †	4,400		52
MAXIMUS, Inc. †	1,068		39
McGrath Rentcorp †	1,472		31
Midas, Inc. * †	896		14
Monro Muffler, Inc.	1,028		17
Morningstar, Inc. * †	700		46
MPS Group, Inc. *	6,093		69
Multi-Color Corp. †	450		10
Navigant Consulting, Inc. * †	2,803		46
Net 1 UEPS Technologies, Inc. * †	2,500		73
Odyssey Marine Exploration, Inc. * †	2,300		11
On Assignment, Inc. * †	1,900		12
Parexel International Corp. *	1,695		93
PeopleSupport, Inc. * †	1,400		16
PharmaNet Development Group, Inc. *	1,097		32
PHH Corp. *	3,200		65
Pre-Paid Legal Services, Inc. * †	493		23
Premier Exhibitions, Inc. * †	1,700		8
Protection One, Inc. * †	400		3
Providence Service (The) Corp. * †	694		20
QC Holdings, Inc. †	500		4
Rent-A-Center, Inc. *	4,200		72
Resources Connection, Inc.	2,704		43
Riskmetrics Group, Inc. *	127		3
Rollins, Inc. †	2,412		43
RSC Holdings, Inc. * †	1,200		13
SAIC, Inc. * †	9,897		189
Senomyx, Inc. * †	1,722		12
Sotheby’s †	3,956		133
Source Interlink Cos., Inc. * †	1,723		3
Spherion Corp. *	3,271		21
Standard Parking Corp. * †	600		12
Steiner Leisure Ltd. * †	900		30
Stewart Enterprises, Inc., Class A †	5,589		33
Strayer Education, Inc.	858		134
SuccessFactors, Inc. * †	600		5
Team, Inc. *	900		27
TeleTech Holdings, Inc. * †	2,525		57
TNS, Inc. *	1,400		25
TrueBlue, Inc. * †	2,574		32
Universal Technical Institute, Inc. * †	1,400		17
Valassis Communications, Inc. * †	2,900		33
Viad Corp.	1,200		42
VistaPrint Ltd. * †	2,600		82
Volt Information Sciences, Inc. *	784		13
Watson Wyatt Worldwide, Inc., Class A †	2,529		134
Wright Express Corp. * †	2,360		68

			4,369

Computers - 2.2%
3D Systems Corp. *	1,000		14
3PAR, Inc. *	434		4
Agilysys, Inc. †	1,490		19
Ansoft Corp. * †	1,008		25
CACI International, Inc., Class A *	1,900		83
CIBER, Inc. *	3,085		14
Compellent Technologies, Inc. * †	400		3
COMSYS IT Partners, Inc. * †	1,000		9
Comtech Group, Inc. * †	1,200		13
Cray, Inc. * †	1,800		8
Data Domain, Inc. * †	536		11
Echelon Corp. * †	1,827		21
Electronics for Imaging, Inc. *	3,386		51
Henry (Jack) & Associates, Inc. †	4,707		111
Hutchinson Technology, Inc. * †	1,561		26
iGate Corp. * †	1,209		10
IHS, Inc., Class A * †	1,983		122
Imation Corp. †	2,100		47
Immersion Corp. * †	1,800		15
Integral Systems, Inc. of Maryland †	524		13
InterVoice, Inc. * †	2,253		16
Isilon Systems, Inc. * †	400		2
Limelight Networks, Inc. * †	937		4
LivePerson, Inc. * †	2,200		8
Magma Design Automation, Inc. *	2,398		24
Manhattan Associates, Inc. *	1,494		33

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 - 97.0% – CONTINUED
Computers - 2.2% – (continued)
Mentor Graphics Corp. * †	5,392	$	49
Mercury Computer Systems, Inc. * †	1,269		8
Micros Systems, Inc. *	4,766		153
MTS Systems Corp.	1,026		32
Ness Technologies, Inc. *	2,000		19
Netezza Corp. * †	600		6
Palm, Inc. †	6,228		40
Perot Systems Corp., Class A * †	5,242		72
Quantum Corp. * †	11,496		29
Rackable Systems, Inc. * †	1,800		17
Radiant Systems, Inc. * †	1,500		21
Radisys Corp. * †	1,297		12
Rimage Corp. *	600		14
SI International, Inc. * †	800		20
Sigma Designs, Inc. * †	1,724		51
Silicon Graphics, Inc. * †	400		6
Silicon Storage Technology, Inc. * †	5,171		15
Smart Modular Technologies WWH, Inc. * †	2,900		19
SRA International, Inc., Class A *	2,500		60
STEC, Inc. *	1,900		14
Stratasys, Inc. * †	1,160		22
Super Micro Computer, Inc. *	568		5
SYKES Enterprises, Inc. *	1,890		32
Synaptics, Inc. * †	1,506		40
Syntel, Inc. †	730		20
Virtusa Corp. *	300		3

			1,485

Cosmetics/Personal Care - 0.2%
Chattem, Inc. * †	1,032		80
Elizabeth Arden, Inc. * †	1,410		26
Inter Parfums, Inc. †	500		8
Revlon, Inc., Class A * †	11,200		12

			126

Distribution/Wholesale - 0.8%
Beacon Roofing Supply, Inc. * †	2,650		23
BlueLinx Holdings, Inc. †	573		3
BMP Sunstone Corp. * †	1,800		16
Brightpoint, Inc. *	3,120		32
Building Material Holding Corp. †	1,708		10
Core-Mark Holding Co., Inc. * †	500		13
Houston Wire & Cable Co. †	900		13
LKQ Corp. * †	6,708		142
MWI Veterinary Supply, Inc. * †	439		15
NuCo2, Inc. *	900		25
Owens & Minor, Inc. †	2,369		102
Scansource, Inc. *	1,534		52
United Stationers, Inc. * †	1,518		75
Watsco, Inc. †	1,340		51

			572

Diversified Financial Services - 1.7%
Advanta Corp., Class B †	2,264		17
Asset Acceptance Capital Corp. †	800		8
Asta Funding, Inc. †	710		11
Calamos Asset Management, Inc., Class A †	1,254		23
Centerline Holding Co.	3,015		15
Cityscape Financial Corp. *	2,500		—
Cohen & Steers, Inc. †	1,000		25
CompuCredit Corp. * †	1,222		13
Cowen Group, Inc. * †	900		7
Credit Acceptance Corp. * †	275		4
Duff & Phelps Corp. * †	546		8
Encore Capital Group, Inc. * †	900		7
Epoch Holding Corp. †	500		6
eSpeed, Inc., Class A * †	1,068		12
Evercore Partners, Inc., Class A †	500		10
FBR Capital Markets Corp. * †	1,800		13
FCStone Group, Inc. * †	550		26
Federal Agricultural Mortgage Corp., Class C †	621		15
Financial Federal Corp. †	1,559		34
Friedman Billings Ramsey Group, Inc., Class A †	8,500		21
GAMCO Investors, Inc., Class A	316		18
GFI Group, Inc. * †	901		69
Greenhill & Co., Inc. †	1,100		71
Interactive Brokers Group, Inc., Class A * †	2,400		74
KBW, Inc. * †	1,800		39
Knight Capital Group, Inc., Class A * †	5,721		92
LaBranche & Co., Inc. * †	3,100		14
Ladenburg Thalmann Financial Services, Inc. * †	5,700		10
MarketAxess Holdings, Inc. * †	1,800		17
National Financial Partners Corp. †	2,200		52
Nelnet, Inc., Class A †	1,000		11
NewStar Financial, Inc. * †	942		6
Ocwen Financial Corp. * †	2,059		12
optionsXpress Holdings, Inc.	2,600		60

EQUITY PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Diversified Financial Services - 1.7% – (continued)
Penson Worldwide, Inc. *	800	$	8
Piper Jaffray Cos. * †	989		38
Portfolio Recovery Associates, Inc. †	922		34
Pzena Investment Management, Inc. †	300		3
Sanders Morris Harris Group, Inc. †	1,039		9
Stifel Financial Corp. * †	900		39
SWS Group, Inc. †	1,272		14
Thomas Weisel Partners Group, Inc. * †	1,200		11
TradeStation Group, Inc. * †	1,727		17
US Global Investors, Inc., Class A †	700		12
W.P. Stewart & Co., Ltd. †	1,300		3
Waddell & Reed Financial, Inc., Class A	5,000		157
World Acceptance Corp. * †	993		30

			1,195

Electric - 1.8%
Allete, Inc. †	1,600		58
Aquila, Inc. *	22,589		74
Avista Corp. †	3,189		58
Black Hills Corp. †	2,241		80
Central Vermont Public Service Corp. †	600		14
CH Energy Group, Inc. †	911		33
Cleco Corp. †	3,619		83
El Paso Electric Co. *	2,743		56
Empire District Electric (The) Co. †	1,959		40
EnerNOC, Inc. * †	200		3
Idacorp, Inc. †	2,658		79
ITC Holdings Corp. †	2,876		153
MGE Energy, Inc. †	1,246		39
NorthWestern Corp.	2,200		57
Ormat Technologies, Inc. †	846		37
Otter Tail Corp. †	1,737		56
Pike Electric Corp. *	1,000		13
PNM Resources, Inc. †	4,627		55
PNM Resources, Inc. - Fractional Shares *	50,000		—
Portland General Electric Co.	1,900		44
UIL Holdings Corp.	1,401		41
Unisource Energy Corp. †	2,177		52
Westar Energy, Inc.	5,930		135

			1,260

Electrical Components & Equipment - 0.9%
Advanced Energy Industries, Inc. * †	2,149		28
American Superconductor Corp. * †	2,369		54
Belden, Inc. †	2,681		105
Coleman Cable, Inc. * †	500		6
Encore Wire Corp. †	1,389		23
Energy Conversion Devices, Inc. * †	2,327		62
EnerSys *	1,300		30
GrafTech International Ltd. *	6,234		100
Greatbatch, Inc. * †	1,329		28
Insteel Industries, Inc. †	1,100		12
Littelfuse, Inc. *	1,263		39
Medis Technologies Ltd. * †	1,436		16
Powell Industries, Inc. *	452		17
Power-One, Inc. * †	4,052		11
Superior Essex, Inc. *	1,200		34
Universal Display Corp. * †	1,601		27
Vicor Corp. †	1,094		13

			605

Electronics - 2.8%
American Science & Engineering, Inc. †	566		31
Analogic Corp. †	818		48
Applied Energetics, Inc. * †	1,920		4
Badger Meter, Inc. †	800		31
Bel Fuse, Inc., Class B †	722		20
Benchmark Electronics, Inc. *	4,291		72
Brady Corp., Class A †	2,946		90
Checkpoint Systems, Inc. *	2,394		58
Cogent, Inc. * †	2,598		26
CTS Corp.	2,056		20
Cubic Corp. †	875		22
Cymer, Inc. * †	1,875		53
Daktronics, Inc. †	1,906		33
Dionex Corp. *	1,109		82
Eagle Test Systems, Inc. * †	700		7
Electro Scientific Industries, Inc. * †	1,666		27
Excel Technology, Inc. *	693		18
FARO Technologies, Inc. * †	1,000		33
FEI Co. * †	2,176		44
Flir Systems, Inc. * †	7,800		222
ICx Technologies, Inc. * †	200		2
II-VI, Inc. * †	1,428		47
Itron, Inc. * †	1,720		164
Kemet Corp. * †	5,133		25
L-1 Identity Solutions, Inc. * †	3,512		42

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 - 97.0% – CONTINUED
Electronics - 2.8% – (continued)
LoJack Corp. * †	1,100	$	14
Measurement Specialties, Inc. *	800		14
Methode Electronics, Inc.	2,145		23
Multi-Fineline Electronix, Inc. * †	500		11
Newport Corp. * †	1,957		21
OSI Systems, Inc. * †	808		17
OYO Geospace Corp. *	200		10
Park Electrochemical Corp. †	1,155		27
Plexus Corp. *	2,792		69
Rofin-Sinar Technologies, Inc. *	1,818		72
Rogers Corp. *	1,084		34
Sonic Solutions, Inc. * †	1,275		11
Stoneridge, Inc. * †	800		9
Taser International, Inc. * †	3,682		41
Technitrol, Inc.	2,411		53
TTM Technologies, Inc. * †	2,505		28
Varian, Inc. *	1,812		98
Watts Water Technologies, Inc., Class A †	1,879		52
Woodward Governor Co. †	3,532		101
X-Rite, Inc. * †	1,638		13
Zygo Corp. * †	900		11

			1,950

Energy - Alternate Sources - 0.3%
Aventine Renewable Energy Holdings, Inc. * †	1,800		12
Clean Energy Fuels Corp. * †	600		9
Comverge, Inc. * †	300		4
Evergreen Energy, Inc. * †	4,826		10
Evergreen Solar, Inc. * †	5,937		57
FuelCell Energy, Inc. * †	3,929		28
Headwaters, Inc. * †	2,347		29
MGP Ingredients, Inc. †	600		4
Nova Biosource Fuels, Inc. * †	1,800		4
Pacific Ethanol, Inc. * †	2,200		11
US BioEnergy Corp. * †	786		6
VeraSun Energy Corp. * †	2,375		21
Verenium Corp. * †	2,394		7

			202

Engineering & Construction - 0.6%
Aecom Technology Corp. * †	2,500		65
Baker (Michael) Corp. *	400		11
Dycom Industries, Inc. *	2,458		28
EMCOR Group, Inc. *	3,772		91
ENGlobal Corp. * †	1,000		9
Granite Construction, Inc.	2,138		65
Insituform Technologies, Inc., Class A * †	1,618		23
Layne Christensen Co. *	1,048		42
Perini Corp. * †	1,558		58
Stanley, Inc. * †	500		14

			406

Entertainment - 0.8%
Bally Technologies, Inc. * †	3,161		120
Bluegreen Corp. * †	1,200		10
Carmike Cinemas, Inc. †	800		6
Churchill Downs, Inc.	493		23
Cinemark Holdings, Inc. †	1,600		23
Dover Downs Gaming & Entertainment, Inc. †	917		8
Great Wolf Resorts, Inc. * †	1,790		12
Isle of Capri Casinos, Inc. * †	877		8
Lakes Entertainment, Inc. * †	1,000		6
Macrovision Corp. * †	3,152		48
Magna Entertainment Corp., Class A * †	1,991		2
National CineMedia, Inc. †	2,500		54
Pinnacle Entertainment, Inc. * †	3,572		56
Shuffle Master, Inc. * †	2,109		17
Six Flags, Inc. * †	3,736		7
Speedway Motorsports, Inc. †	762		22
Steinway Musical Instruments * †	472		12
Vail Resorts, Inc. * †	1,910		86

			520

Environmental Control - 0.9%
American Ecology Corp.	900		22
Calgon Carbon Corp. * †	2,439		40
Casella Waste Systems, Inc., Class A *	1,368		14
Clean Harbors, Inc. * †	1,000		62
Darling International, Inc. * †	4,846		67
EnergySolutions, Inc. †	1,800		39
Fuel Tech, Inc. * †	1,000		20
Metal Management, Inc. †	1,500		91
Mine Safety Appliances Co. †	1,678		67
Rentech, Inc. * †	9,400		12
Tetra Tech, Inc. *	3,508		66
Waste Connections, Inc. * †	4,104		125
Waste Industries USA, Inc. †	300		11

EQUITY PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Environmental Control - 0.9% – (continued)
Waste Services, Inc. * †	1,133	$	9

			645

Food - 1.6%
American Dairy, Inc. * †	400		4
Arden Group, Inc., Class A	43		6
Cal-Maine Foods, Inc. †	700		24
Chiquita Brands International, Inc. * †	2,554		52
Flowers Foods, Inc. †	4,600		104
Fresh Del Monte Produce, Inc. * †	1,800		60
Great Atlantic & Pacific Tea Co. * †	1,701		46
Hain Celestial Group, Inc. * †	2,361		64
Imperial Sugar Co. †	700		13
Ingles Markets, Inc., Class A	673		16
J & J Snack Foods Corp.	800		20
Lance, Inc.	1,777		30
M & F Worldwide Corp. * †	739		27
Nash Finch Co. †	755		27
Performance Food Group Co. *	2,093		68
Pilgrims Pride Corp. †	2,400		56
Ralcorp Holdings, Inc. * †	1,568		87
Ruddick Corp. †	2,488		80
Sanderson Farms, Inc. †	971		34
Seaboard Corp.	18		29
Spartan Stores, Inc. †	1,300		27
Tootsie Roll Industries, Inc. †	2,112		51
TreeHouse Foods, Inc. *	1,900		42
United Natural Foods, Inc. * †	2,546		43
Village Super Market, Class A †	200		9
Weis Markets, Inc. †	659		21
Winn-Dixie Stores, Inc. * †	2,000		33

			1,073

Forest Products & Paper - 0.5%
AbitibiBowater, Inc. †	3,256		34
Boise, Inc. * †	2,400		20
Buckeye Technologies, Inc. * †	2,226		24
Deltic Timber Corp. †	553		26
Glatfelter †	2,639		35
Mercer International, Inc. * †	1,800		13
Neenah Paper, Inc. †	900		24
Potlatch Corp.	2,379		98
Rock-Tenn Co., Class A	1,991		53
Schweitzer-Mauduit International, Inc.	916		21
Wausau Paper Corp. †	2,558		20
Xerium Technologies, Inc. †	1,000		5

			373

Gas - 0.9%
EnergySouth, Inc. †	439		22
Laclede Group (The), Inc. †	1,271		43
New Jersey Resources Corp. †	1,706		79
Nicor, Inc. †	2,700		92
Northwest Natural Gas Co. †	1,622		68
Piedmont Natural Gas Co., Inc. †	4,500		111
South Jersey Industries, Inc. †	1,762		60
Southwest Gas Corp.	2,520		65
WGL Holdings, Inc.	2,900		90

			630

Hand/Machine Tools - 0.3%
Baldor Electric Co. †	2,718		78
Franklin Electric Co., Inc. †	1,172		39
Hardinge, Inc. †	600		7
Raser Technologies, Inc. * †	1,800		16
Regal-Beloit Corp. †	1,951		72

			212

Healthcare - Products - 3.7%
Abaxis, Inc. * †	1,200		35
Abiomed, Inc. * †	1,700		24
Accuray, Inc. * †	1,090		11
Align Technology, Inc. * †	3,531		44
American Medical Systems Holdings, Inc. * †	4,320		63
Angiodynamics, Inc. * †	1,247		21
Arthrocare Corp. * †	1,577		63
Aspect Medical Systems, Inc. * †	855		11
Bruker BioSciences Corp. *	3,788		52
Cantel Medical Corp. * †	600		7
Cepheid, Inc. * †	3,242		90
Conceptus, Inc. * †	1,800		31
Conmed Corp. *	1,623		44
Cutera, Inc. * †	700		9
Cyberonics, Inc. * †	1,331		17
Cynosure, Inc., Class A * †	500		12
Datascope Corp.	690		24
ev3, Inc. * †	2,803		25
Haemonetics Corp. of Massachusetts * †	1,580		92
Hansen Medical, Inc., * †	564		11

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 - 97.0% – CONTINUED
Healthcare - Products - 3.7% – (continued)
Hologic, Inc. * †	7,249	$	437
ICU Medical, Inc. * †	759		20
Immucor, Inc. * †	4,064		121
Insulet Corp. *	400		7
Invacare Corp. †	1,736		43
Inverness Medical Innovations, Inc. * †	4,461		130
Kensey Nash Corp. *	679		18
LCA-Vision, Inc. †	1,100		15
Luminex Corp. * †	2,095		36
MAKO Surgical Corp. *	169		2
Masimo Corp. * †	795		25
Medical Action Industries, Inc. * †	800		15
Mentor Corp. †	2,071		61
Meridian Bioscience, Inc.	2,375		81
Merit Medical Systems, Inc. * †	1,538		24
Micrus Endovascular Corp. * †	800		11
Minrad International, Inc. * †	2,500		6
Natus Medical, Inc. * †	1,300		25
Northstar Neuroscience, Inc. * †	1,000		2
NuVasive, Inc. * †	2,000		77
NxStage Medical, Inc. * †	1,200		7
OraSure Technologies, Inc. *	2,650		19
Orthofix International N.V. * †	1,000		40
Palomar Medical Technologies, Inc. * †	1,100		15
PSS World Medical, Inc. *	4,014		70
Quidel Corp. * †	1,700		28
Sirona Dental Systems, Inc. * †	1,000		26
Sonic Innovations, Inc. * †	1,400		6
SonoSite, Inc. * †	1,020		30
Spectranetics Corp. * †	1,800		16
Stereotaxis, Inc. * †	1,397		8
STERIS Corp.	3,900		96
SurModics, Inc. * †	929		41
Symmetry Medical, Inc. * †	2,120		38
Thoratec Corp. * †	3,172		46
TomoTherapy, Inc. * †	700		9
Trans1, Inc. * †	300		4
Vital Images, Inc. * †	1,000		16
Vital Signs, Inc.	582		30
Volcano Corp. * †	1,700		21
West Pharmaceutical Services, Inc. †	2,004		83
Wright Medical Group, Inc. * †	2,098		55
Zoll Medical Corp. * †	1,232		31

			2,577

Healthcare - Services - 1.7%
Air Methods Corp. * †	600		25
Alliance Imaging, Inc. * †	1,400		14
Amedisys, Inc. * †	1,508		65
American Dental Partners, Inc. * †	700		7
AMERIGROUP Corp. *	3,100		112
Amsurg Corp. *	1,845		44
Apria Healthcare Group, Inc. *	2,600		56
Assisted Living Concepts, Inc., Class A * †	3,500		21
athenahealth, Inc. * †	401		13
Bio-Reference Labs, Inc. * †	604		17
Capital Senior Living Corp. * †	1,300		10
Centene Corp. *	2,558		46
Emeritus Corp. * †	700		15
Ensign Group, Inc. (The) †	200		2
Genoptix, Inc. * †	332		9
Gentiva Health Services, Inc. *	1,594		34
Healthsouth Corp. * †	4,700		76
Healthways, Inc. * †	2,080		71
Hythiam, Inc. * †	2,100		6
Kindred Healthcare, Inc. *	1,662		35
LHC Group, Inc. * †	797		14
Magellan Health Services, Inc. *	2,300		100
Matria Healthcare, Inc. * †	1,284		32
Medcath Corp. * †	600		13
Molina Healthcare, Inc. * †	800		25
National Healthcare Corp. †	386		18
Nighthawk Radiology Holdings, Inc. * †	1,200		14
Odyssey HealthCare, Inc. * †	1,939		17
Psychiatric Solutions, Inc. * †	3,200		91
RehabCare Group, Inc. * †	1,021		20
Res-Care, Inc. * †	1,400		30
Skilled Healthcare Group, Inc., Class A * †	1,300		16
Sun Healthcare Group, Inc. *	2,600		38
Sunrise Senior Living, Inc. * †	2,640		72
Virtual Radiologic Corp. * †	200		3

			1,181

Holding Companies - Diversified - 0.3%
Alternative Asset Management Acquisition Corp. *	2,400		22

EQUITY PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Holding Companies - Diversified - 0.3% – (continued)
Compass Diversified Trust †	1,200	$	16
Energy Infrastructure Acquisition Corp. *	1,300		13
Heckmann Corp. *	3,077		23
Hicks Acquisition Co I, Inc. *	3,140		29
Information Services Group, Inc. * †	1,400		7
Marathon Acquisition Corp. * †	2,200		17
NRDC Acquisition Corp. *	2,383		22
NTR Acquisition Co. * †	1,397		13
Resource America, Inc., Class A †	727		9
Triplecrown Acquisition Corp. *	2,719		25

			196

Home Builders - 0.3%
Amrep Corp. †	100		4
Beazer Homes USA, Inc. †	2,400		17
Brookfield Homes Corp. †	621		9
Champion Enterprises, Inc. * †	4,554		40
Fleetwood Enterprises, Inc. * †	3,703		16
Hovnanian Enterprises, Inc., Class A * †	2,300		21
M/I Homes, Inc. †	774		13
Meritage Homes Corp. * †	1,600		24
Monaco Coach Corp. †	1,693		17
Palm Harbor Homes, Inc. * †	591		3
Skyline Corp. †	408		11
Standard-Pacific Corp. †	4,000		16
WCI Communities, Inc. * †	1,966		8
Winnebago Industries, Inc. †	1,772		36

			235

Home Furnishings - 0.5%
American Woodmark Corp. †	638		12
Audiovox Corp., Class A * †	937		8
DTS, Inc. * †	1,000		24
Ethan Allen Interiors, Inc. †	1,600		44
Furniture Brands International, Inc. †	2,900		38
Hooker Furniture Corp. †	604		12
Kimball International, Inc., Class B	1,489		15
La-Z-Boy, Inc. †	3,000		25
Sealy Corp. †	2,700		25
Tempur-Pedic International, Inc. †	4,460		78
TiVo, Inc. * †	5,833		51
Universal Electronics, Inc. * †	891		20

			352

Household Products/Wares - 0.7%
ACCO Brands Corp. * †	3,200		44
American Greetings Corp., Class A †	3,100		58
Blyth, Inc.	1,400		28
Central Garden and Pet Co., Class A * †	4,047		18
CSS Industries, Inc.	442		16
Ennis, Inc. †	1,532		25
Fossil, Inc. * †	2,600		84
Helen of Troy Ltd. * †	1,800		29
Prestige Brands Holdings, Inc. * †	2,000		15
Russ Berrie & Co., Inc. * †	947		12
Spectrum Brands, Inc. * †	2,200		8
Standard Register (The) Co. †	984		8
Tupperware Brands Corp.	3,645		133
WD-40 Co. †	1,034		32

			510

Housewares - 0.0%
Libbey, Inc. †	800		12
Lifetime Brands, Inc. †	536		6
National Presto Industries, Inc. * †	250		13

			31

Insurance - 3.6%
Alfa Corp.	1,920		42
American Equity Investment Life Holding Co. †	3,300		32
American Physicians Capital, Inc. †	506		22
Amerisafe, Inc. * †	1,100		14
Amtrust Financial Services, Inc.	1,600		27
Argo Group International Holdings Ltd. *	1,706		64
Aspen Insurance Holdings Ltd.	5,200		151
Assured Guaranty Ltd. †	4,732		121
Baldwin & Lyons, Inc., Class B †	418		10
Castlepoint Holdings Ltd. †	400		5
Citizens, Inc. of Texas * †	2,100		12
CNA Surety Corp. * †	977		14
Commerce Group, Inc. †	2,897		105
Crawford & Co., Class B * †	1,500		6
Darwin Professional Underwriters, Inc. * †	400		8
Delphi Financial Group, Inc., Class A	2,557		77
Donegal Group, Inc., Class A †	798		13
eHealth, Inc. * †	800		20
EMC Insurance Group, Inc. †	356		8
Employers Holdings, Inc. †	2,900		50
Enstar Group Ltd. * †	400		39

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 - 97.0% – CONTINUED
Insurance - 3.6% – (continued)
FBL Financial Group, Inc., Class A †	803	$	24
First Acceptance Corp. * †	905		3
First Mercury Financial Corp. *	629		10
Flagstone Reinsurance Holdings Ltd. †	700		9
FPIC Insurance Group, Inc. * †	500		22
Greenlight Capital Re Ltd., Class A * †	600		11
Hallmark Financial Services * †	300		4
Harleysville Group, Inc. †	797		27
Hilb, Rogal & Hobbs Co.	2,191		67
Horace Mann Educators Corp. †	2,629		46
Independence Holding Co. †	334		4
Infinity Property & Casualty Corp.	1,007		40
IPC Holdings Ltd. †	3,600		98
Kansas City Life Insurance Co. †	300		12
LandAmerica Financial Group, Inc. †	937		35
Max Capital Group Ltd. †	3,317		92
Meadowbrook Insurance Group, Inc. *	1,800		14
Midland (The) Co.	607		39
Montpelier Re Holdings Ltd. †	6,185		98
National Interstate Corp. †	300		8
National Western Life Insurance Co., Class A †	103		18
Navigators Group, Inc. *	788		43
NYMAGIC, Inc. †	300		7
Odyssey Re Holdings Corp. †	1,735		63
Phoenix Companies (The), Inc.	6,860		78
Platinum Underwriters Holdings Ltd.	3,180		110
PMA Capital Corp., Class A * †	1,924		16
Presidential Life Corp.	1,279		21
Primus Guaranty Ltd. * †	2,600		11
ProAssurance Corp. * †	2,022		108
RAM Holdings Ltd. *	1,100		2
RLI Corp.	1,138		59
Safety Insurance Group, Inc. †	955		35
Scottish Re Group Ltd. * †	3,700		2
SeaBright Insurance Holdings, Inc. *	1,155		17
Security Capital Assurance Ltd. †	1,400		2
Selective Insurance Group, Inc. †	3,320		79
State Auto Financial Corp. †	857		23
Stewart Information Services Corp. †	1,057		32
Tower Group, Inc. †	1,200		34
Triad Guaranty, Inc. * †	613		4
United America Indemnity Ltd., Class A * †	1,400		26
United Fire & Casualty Co. †	1,252		43
Universal American Financial Corp. *	2,974		51
Validus Holdings Ltd. †	902		22
Zenith National Insurance Corp. †	2,191		75

			2,484

Internet - 3.4%
1-800-FLOWERS.COM, Inc., Class A * †	1,326		11
Ariba, Inc. * †	5,068		45
Art Technology Group, Inc. *	7,500		25
AsiaInfo Holdings, Inc. *	1,800		20
Avocent Corp. *	2,702		45
Blue Coat Systems, Inc. * †	1,898		45
Blue Nile, Inc. * †	858		38
Chordiant Software, Inc. *	1,920		11
CMGI, Inc. * †	2,956		34
CNET Networks, Inc. * †	9,046		66
Cogent Communications Group, Inc. * †	3,000		59
comScore, Inc. * †	403		8
Constant Contact, Inc. * †	419		8
CyberSource Corp. * †	3,856		56
DealerTrack Holdings, Inc. * †	2,166		44
Dice Holdings, Inc. * †	963		7
Digital River, Inc. * †	2,472		81
Earthlink, Inc. * †	6,674		48
Equinix, Inc. * †	2,124		147
eResearch Technology, Inc. * †	2,300		28
FTD Group, Inc.	1,120		16
Global Sources Ltd. * †	1,090		13
GSI Commerce, Inc. * †	1,197		17
Harris Interactive, Inc. * †	3,077		8
HSW International, Inc. * †	700		3
i2 Technologies, Inc. * †	900		12
Ibasis, Inc. †	1,800		7
Imergent, Inc. †	700		8
Infospace, Inc.	1,898		19
Internap Network Services Corp. * †	2,819		20
Internet Brands, Inc. * †	300		2
Internet Capital Group, Inc. * †	2,300		20
Interwoven, Inc. * †	2,615		35
iPass, Inc. * †	2,700		8
j2 Global Communications, Inc. * †	2,966		64
Keynote Systems, Inc. * †	800		9

EQUITY PORTFOLIOS 13 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Internet - 3.4% – (continued)
Knot (The), Inc. * †	1,600	$	19
Lionbridge Technologies * †	3,505		12
Liquidity Services, Inc. * †	600		6
LoopNet, Inc. * †	1,600		19
Mercadolibre, Inc. * †	916		33
Move, Inc. * †	6,056		15
NetFlix, Inc. * †	2,800		88
NIC, Inc. †	2,234		13
On2 Technologies, Inc. * †	9,200		10
Online Resources Corp. * †	1,700		17
Openwave Systems, Inc.	4,765		10
Orbitz Worldwide, Inc. * †	2,000		13
Overstock.com, Inc. * †	964		10
Perficient, Inc. * †	1,700		14
Priceline.com, Inc. * †	2,202		251
RealNetworks, Inc. * †	5,800		34
RightNow Technologies, Inc. *	1,000		11
S1 Corp. * †	3,008		21
Safeguard Scientifics, Inc. * †	6,600		10
Sapient Corp. * †	4,948		37
Secure Computing Corp. * †	2,802		23
Shutterfly, Inc. * †	900		14
Sohu.com, Inc. * †	1,627		73
SonicWALL, Inc. *	3,910		33
Sourcefire, Inc. * †	400		2
Stamps.com, Inc. * †	899		8
TechTarget, Inc. * †	400		5
Terremark Worldwide, Inc. * †	3,000		15
TheStreet.com, Inc. †	1,200		11
TIBCO Software, Inc. *	11,300		80
Travelzoo, Inc. * †	402		4
TriZetto Group, Inc. *	2,501		49
United Online, Inc. †	3,950		39
ValueClick, Inc. * †	5,944		115
Vasco Data Security International, Inc. * †	1,600		18
Vignette Corp. * †	1,600		20
Vocus, Inc. * †	700		17
Websense, Inc. *	2,686		52

			2,308

Investment Companies - 0.6%
Ampal-American Israel Corp., Class A * †	1,100		7
Apollo Investment Corp. †	7,100		110
Ares Captial Corp. †	4,223		54
BlackRock Kelso Capital Corp. †	606		8
Capital Southwest Corp. †	151		17
Gladstone Capital Corp. †	1,023		17
Hercules Technology Growth Capital, Inc. †	1,900		23
Kayne Anderson Energy Development Co. †	600		14
Kohlberg Capital Corp. †	800		9
MCG Capital Corp. †	3,790		45
MVC Capital, Inc. †	1,400		21
NGP Capital Resources Co. †	1,000		16
Patriot Capital Funding, Inc. †	1,100		12
PennantPark Investment Corp. †	1,200		11
Prospect Capital Corp. †	1,300		20
TICC Capital Corp. †	1,200		13

			397

Iron/Steel - 0.2%
Esmark, Inc. * †	800		9
Olympic Steel, Inc.	500		21
Schnitzer Steel Industries, Inc., Class A †	1,306		86
Universal Stainless & Alloy *	400		12

			128

Leisure Time - 0.5%
Ambassadors Group, Inc. †	888		16
Ambassadors International, Inc. †	500		6
Arctic Cat, Inc. †	640		5
Callaway Golf Co.	3,999		61
Life Time Fitness, Inc. * †	2,000		58
Marine Products Corp. †	662		5
Multimedia Games, Inc. * †	1,346		9
Nautilus, Inc. †	1,770		7
Polaris Industries, Inc. †	2,122		81
Town Sports International Holdings, Inc. * †	923		8
WMS Industries, Inc. *	2,427		92

			348

Lodging - 0.3%
Ameristar Casinos, Inc. †	1,472		28
Gaylord Entertainment Co. *	2,479		75
Lodgian, Inc. *	1,020		9
Marcus Corp. †	1,177		19
Monarch Casino & Resort, Inc. * †	700		12
Morgans Hotel Group Co. * †	1,400		21
MTR Gaming Group, Inc. * †	1,089		6

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 - 97.0% – CONTINUED
Lodging - 0.3% – (continued)
Riviera Holdings Corp. * †	600	$	14
Trump Entertainment Resorts, Inc. * †	1,800		7

			191

Machinery - Construction & Mining - 0.4%
Astec Industries, Inc. *	1,150		44
Bucyrus International, Inc., Class A †	2,178		217

			261

Machinery - Diversified - 1.5%
Albany International Corp., Class A †	1,749		60
Altra Holdings, Inc. * †	600		8
Applied Industrial Technologies, Inc. †	2,607		72
Briggs & Stratton Corp. †	3,000		54
Cascade Corp. †	662		30
Chart Industries, Inc. * †	800		27
Cognex Corp.	2,626		51
Columbus McKinnon Corp. of New York * †	1,100		32
Flow International Corp. * †	2,200		16
Gehl Co. * †	578		9
Gerber Scientific, Inc. * †	1,300		11
Gorman-Rupp (The) Co. †	837		23
Hurco Cos., Inc. * †	300		13
Intermec, Inc. * †	3,614		80
Intevac, Inc. *	1,200		15
iRobot Corp. * †	900		17
Kadant, Inc. *	785		20
Lindsay Corp. †	727		57
Middleby Corp. * †	766		52
NACCO Industries, Inc., Class A	338		27
Nordson Corp. †	1,994		103
Robbins & Myers, Inc. †	1,618		55
Sauer-Danfoss, Inc. †	617		13
Tecumseh Products Co., Class A *	862		18
Tennant Co. †	972		35
TurboChef Technologies, Inc. * †	1,100		9
Twin Disc, Inc. †	500		10
Wabtec Corp.	2,890		100

			1,017

Media - 1.0%
Acacia Research - Acacia Technologies * †	1,700		11
AH Belo Corp. * †	1,020		12
Belo Corp., Class A †	5,100		60
Charter Communications, Inc., Class A * †	24,599		24
Citadel Broadcasting Corp. †	10,500		11
CKX, Inc. * †	2,200		20
Courier Corp. †	571		16
Cox Radio, Inc., Class A *	1,900		21
Crown Media Holdings, Inc., Class A * †	1,000		6
Cumulus Media, Inc., Class A * †	1,507		8
DG FastChannel, Inc. *	900		18
Dolan Media Co. * †	666		15
Emmis Communications Corp., Class A * †	1,816		5
Entercom Communications Corp., Class A †	1,900		21
Entravision Communications Corp., Class A * †	4,000		23
Fisher Communications, Inc. * †	375		12
GateHouse Media, Inc. †	1,283		8
Gemstar-TV Guide International, Inc. * †	15,000		71
Gray Television, Inc.	2,373		14
Journal Communications, Inc., Class A †	2,500		17
Lee Enterprises, Inc. †	2,800		29
Lin TV Corp., Class A * †	1,582		16
Lodgenet Entertainment Corp. * †	1,374		13
Martha Stewart Living Omnimedia, Inc., Class A * †	1,441		10
Media General, Inc., Class A †	1,300		20
Mediacom Communications Corp., Class A * †	2,985		13
Nexstar Broadcasting Group, Inc., Class A * †	600		4
Playboy Enterprises, Inc., Class B * †	1,195		10
Primedia, Inc. †	2,506		19
Radio One, Inc., Class D * †	4,008		5
Salem Communications Corp., Class A †	507		2
Scholastic Corp. * †	1,836		64
Sinclair Broadcast Group, Inc., Class A †	2,899		27
Spanish Broadcasting System, Inc., Class A * †	1,995		3
Sun-Times Media Group, Inc., Class A * †	3,230		3
Value Line, Inc.	100		4
Westwood One, Inc. †	3,900		7
World Wrestling Entertainment, Inc., Class A †	1,311		23

			665

Metal Fabrication/Hardware - 1.1%
Ampco-Pittsburgh Corp. †	400		15
Castle (A.M.) & Co. †	800		18
CIRCOR International, Inc. †	908		41
Dynamic Materials Corp. †	700		40
Foster (L.B.) Co., Class A *	600		25

EQUITY PORTFOLIOS 15 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Metal Fabrication/Hardware - 1.1% – (continued)
Haynes International, Inc. * †	700	$	40
Kaydon Corp. †	1,696		73
Ladish Co., Inc. *	900		32
Lawson Products, Inc.	220		6
Mueller Industries, Inc.	2,237		64
Mueller Water Products, Inc., Class A †	6,800		55
Northwest Pipe Co. * †	500		21
Quanex Corp.	2,175		112
RBC Bearings, Inc. *	1,200		40
Sun Hydraulics, Inc. †	700		15
Valmont Industries, Inc. †	1,130		90
Worthington Industries, Inc. †	4,069		72

			759

Mining - 1.3%
AMCOL International Corp. †	1,491		43
Apex Silver Mines Ltd. * †	3,500		46
Brush Engineered Materials, Inc. * †	1,173		33
Century Aluminum Co. * †	1,718		114
Coeur D’alene Mines Corp. * †	27,544		133
Compass Minerals International, Inc. †	1,909		109
General Moly, Inc. * †	2,900		31
Hecla Mining Co. * †	7,138		82
Horsehead Holding Corp. * †	300		5
Kaiser Aluminum Corp. †	900		66
Royal Gold, Inc. †	1,552		49
RTI International Metals, Inc. *	1,329		73
Stillwater Mining Co. * †	2,546		52
U.S. Gold Corp. * †	3,200		11
Uranium Resources, Inc. * †	3,100		29
USEC, Inc. * †	6,449		41

			917

Miscellaneous Manufacturing - 2.0%
Actuant Corp., Class A †	3,278		88
Acuity Brands, Inc.	2,452		109
American Railcar Industries, Inc. †	500		12
Ameron International Corp.	535		59
Aptargroup, Inc.	4,100		154
AZZ, Inc. * †	700		25
Barnes Group, Inc. †	2,746		62
Blount International, Inc. * †	2,200		26
Ceradyne, Inc. * †	1,651		51
Clarcor, Inc. †	3,084		110
EnPro Industries, Inc. *	1,278		38
ESCO Technologies, Inc. * †	1,564		52
Federal Signal Corp. †	2,782		34
Freightcar America, Inc.	700		28
GenTek, Inc. * †	500		14
Griffon Corp. * †	1,768		16
Hexcel Corp. * †	5,575		113
Koppers Holdings, Inc.	1,000		42
Lancaster Colony Corp. †	1,351		50
LSB Industries, Inc. * †	900		21
Matthews International Corp., Class A †	1,838		82
Myers Industries, Inc.	1,671		20
Park-Ohio Holdings Corp. * †	500		10
Polypore International, Inc. * †	861		15
Raven Industries, Inc. †	908		27
Reddy Ice Holdings, Inc. †	1,300		31
Smith & Wesson Holding Corp. * †	1,700		9
Smith (A.O.) Corp.	1,177		43
Standex International Corp.	719		14
Sturm Ruger & Co., Inc. * †	1,300		10
Tredegar Corp.	1,710		27
Trimas Corp. * †	800		6

			1,398

Office Furnishings - 0.3%
CompX International, Inc. †	100		1
Herman Miller, Inc.	3,408		102
Interface, Inc., Class A †	3,318		55
Knoll, Inc. †	2,890		41

			199

Office/Business Equipment - 0.1%
IKON Office Solutions, Inc. †	4,900		35

Oil & Gas - 4.2%
Alon USA Energy, Inc. †	800		13
APCO Argentina, Inc. †	500		10
Approach Resources, Inc. * †	499		7
Arena Resources, Inc. *	1,800		73
Atlas America, Inc. †	1,394		84
ATP Oil & Gas Corp. * †	1,469		52
Atwood Oceanics, Inc. *	1,594		148
Berry Petroleum Co., Class A †	2,324		96
Bill Barrett Corp. * †	1,870		87
Bois d’Arc Energy, Inc. * †	1,000		22

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 - 97.0% – CONTINUED
Oil & Gas - 4.2% – (continued)
BPZ Energy, Inc. *	3,100	$	49
Brigham Exploration Co. * †	2,600		20
Bronco Drilling Co., Inc. * †	1,500		24
Callon Petroleum Co. * †	1,200		22
Carrizo Oil & Gas, Inc. * †	1,577		91
Clayton Williams Energy, Inc. *	352		13
Comstock Resources, Inc. *	2,619		95
Concho Resources, Inc. *	1,400		33
Contango Oil & Gas Co. * †	800		52
Crosstex Energy, Inc. †	2,261		81
CVR Energy, Inc. * †	1,200		34
Delek US Holdings, Inc. †	700		11
Delta Petroleum Corp. * †	3,921		94
Edge Petroleum Corp. * †	1,538		7
Encore Acquisition Co. *	3,222		119
Energy Partners Ltd. * †	1,656		18
EXCO Resources, Inc. * †	3,700		64
FX Energy, Inc. * †	2,200		10
GeoGlobal Resources, Inc. * †	1,700		6
GeoMet, Inc. * †	1,046		6
GMX Resources, Inc. * †	700		20
Goodrich Petroleum Corp. * †	1,100		27
Grey Wolf, Inc. * †	11,125		69
Gulfport Energy Corp. * †	1,300		19
Harvest Natural Resources, Inc. * †	1,987		24
Mariner Energy, Inc. *	5,208		144
McMoRan Exploration Co. * †	2,507		42
Meridian Resource Corp. * †	5,291		8
Oilsands Quest, Inc. * †	8,400		34
Parallel Petroleum Corp. *	2,508		46
Parker Drilling Co. * †	6,689		44
Penn Virginia Corp. †	2,400		102
Petrohawk Energy Corp. * †	11,380		206
Petroleum Development Corp. *	859		60
Petroquest Energy, Inc. * †	2,500		39
Pioneer Drilling Co. * †	2,900		39
Rex Energy Corp. * †	500		8
Rosetta Resources, Inc. * †	2,998		61
Stone Energy Corp. * †	1,639		83
Sulphco, Inc. * †	2,700		11
Swift Energy Co. * †	1,811		86
Toreador Resources Corp. * †	831		8
TXCO Resources, Inc. * †	2,000		28
Vaalco Energy, Inc. *	3,400		15
Venoco, Inc. * †	829		11
Warren Resources, Inc. * †	3,461		46
Whiting Petroleum Corp. *	2,439		149

			2,870

Oil & Gas Services - 2.1%
Allis-Chalmers Energy, Inc. * †	1,439		18
Basic Energy Services, Inc. * †	2,400		51
Cal Dive International, Inc. * †	2,654		28
CARBO Ceramics, Inc. †	1,211		45
Complete Production Services, Inc. * †	2,600		51
Dawson Geophysical Co. * †	400		26
Dril-Quip, Inc. * †	1,562		73
Exterran Holdings, Inc. * †	3,537		246
Flotek Industries, Inc. * †	1,100		25
Geokinetics, Inc. * †	400		7
Gulf Island Fabrication, Inc.	596		17
Hercules Offshore, Inc. * †	4,949		125
Hornbeck Offshore Services, Inc. * †	1,383		62
ION Geophysical Corp. * †	4,992		66
Lufkin Industries, Inc. †	848		48
Matrix Service Co. * †	1,600		33
NATCO Group, Inc., Class A *	1,100		52
Newpark Resources, Inc. *	5,196		23
Oil States International, Inc. * †	2,922		123
RPC, Inc. †	1,955		26
Superior Offshore International, Inc. * †	500		2
Superior Well Services, Inc. * †	952		25
T-3 Energy Services, Inc. * †	400		20
Trico Marine Services, Inc. * †	700		28
Union Drilling, Inc. * †	780		16
W-H Energy Services, Inc. * †	1,772		111
Willbros Group, Inc. * †	2,145		74

			1,421

Packaging & Containers - 0.3%
AEP Industries, Inc. * †	300		9
Chesapeake Corp. †	1,102		4
Graphic Packaging Corp. * †	3,800		12
Greif, Inc., Class A †	1,966		129
Silgan Holdings, Inc.	1,548		72

			226

EQUITY PORTFOLIOS 17 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Pharmaceuticals - 3.5%
Acadia Pharmaceuticals, Inc. * †	1,800	$	18
Akorn, Inc. * †	3,200		20
Alexza Pharmaceuticals, Inc. * †	1,100		7
Alkermes, Inc. * †	5,943		77
Allos Therapeutics, Inc. * †	2,400		13
Alnylam Pharmaceuticals, Inc. * †	2,100		60
Alpharma, Inc., Class A * †	2,557		64
Altus Pharmaceuticals, Inc. *	1,100		6
Amicus Therapeutics, Inc. * †	300		3
Animal Health International, Inc. * †	672		7
Array Biopharma, Inc. * †	2,700		15
Auxilium Pharmaceuticals, Inc. *	1,900		61
Bentley Pharmaceuticals, Inc. * †	1,079		16
Biodel, Inc. * †	300		4
BioForm Medical, Inc. *	518		3
BioMarin Pharmaceutical, Inc. * †	5,706		217
Bionovo, Inc. * †	2,700		3
Cadence Pharmaceuticals, Inc. * †	844		4
Caraco Pharmaceutical Laboratories Ltd. * †	597		10
Cubist Pharmaceuticals, Inc. * †	3,267		59
CV Therapeutics, Inc. * †	3,607		21
Cypress Bioscience, Inc. * †	2,200		18
CytRx Corp. * †	5,000		9
Dendreon Corp. * †	5,023		27
Discovery Laboratories, Inc. * †	5,600		12
Durect Corp. * †	4,366		22
Emergent Biosolutions, Inc. *	300		2
HealthExtras, Inc. *	1,855		51
I-Flow Corp. * †	1,169		16
Idenix Pharmaceuticals, Inc. * †	1,300		7
Indevus Pharmaceuticals, Inc. * †	3,500		17
Isis Pharmaceuticals, Inc. * †	5,186		75
Javelin Pharmaceuticals, Inc. * †	2,300		7
Jazz Pharmaceuticals, Inc. * †	400		5
KV Pharmaceutical Co., Class A * †	2,119		53
Ligand Pharmaceuticals, Inc., Class B †	4,900		17
Mannatech, Inc. †	800		6
MannKind Corp. * †	3,137		22
MAP Pharmaceuticals, Inc. *	300		4
Medarex, Inc. * †	7,503		70
Medicines Co. * †	3,076		59
Medicis Pharmaceutical Corp., Class A †	3,300		68
Nabi Biopharmaceuticals * †	3,512		14
Nastech Pharmaceutical Co., Inc. * †	1,300		3
Neurocrine Biosciences, Inc. * †	2,202		11
Neurogen Corp. * †	1,900		3
Noven Pharmaceuticals, Inc. * †	1,462		20
Obagi Medical Products, Inc. * †	300		5
Onyx Pharmaceuticals, Inc. * †	3,204		88
OSI Pharmaceuticals, Inc. * †	3,400		122
Osiris Therapeutics, Inc. * †	800		8
Pain Therapeutics, Inc. * †	2,101		18
Par Pharmaceutical Cos., Inc. * †	2,000		35
Penwest Pharmaceuticals Co. * †	1,237		4
Perrigo Co. †	4,531		151
PetMed Express, Inc. * †	1,200		14
PharMerica Corp. * †	1,535		23
Pharmion Corp. *	1,500		107
Poniard Pharmaceuticals, Inc. * †	1,300		5
Pozen, Inc. * †	1,442		18
Progenics Pharmaceuticals, Inc. * †	1,486		23
Rigel Pharmaceuticals, Inc. * †	2,130		42
Salix Pharmaceuticals Ltd. * †	2,887		19
Santarus, Inc. * †	3,000		5
Sciele Pharma, Inc. * †	2,107		44
Sirtris Pharmaceuticals, Inc. * †	300		4
Somaxon Pharmaceuticals, Inc. *	500		2
Sucampo Pharmaceuticals, Inc. *	200		2
Synta Pharmaceuticals Corp. * †	300		3
Synutra International, Inc. * †	300		8
Trubion Pharmaceuticals, Inc. * †	500		4
United Therapeutics Corp. * †	1,281		108
USANA Health Sciences, Inc. * †	472		15
Valeant Pharmaceuticals International * †	5,600		77
Vanda Pharmaceuticals, Inc. * †	1,500		7
Viropharma, Inc. * †	4,200		38
Vivus, Inc. * †	3,400		20
Xenoport, Inc. * †	1,300		66
Zymogenetics, Inc. * †	2,313		23

			2,414

Pipelines - 0.0%
Markwest Energy Partners LP	669		23

Real Estate - 0.2%
Avatar Holdings, Inc. * †	289		12

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 - 97.0% – CONTINUED
Real Estate - 0.2% – (continued)
Consolidated-Tomoka Land Co. of Florida †	304	$	16
FX Real Estate and Entertainment, Inc. * †	400		2
Grubb & Ellis Co. †	2,300		15
HFF, Inc., Class A *	900		7
Hilltop Holdings, Inc. * †	2,805		29
Meruelo Maddux Properties, Inc. *	2,500		11
Stratus Properties, Inc. * †	300		9
Tarragon Corp. * †	687		1
Thomas Properties Group, Inc. †	1,400		13

			115

Real Estate Investment Trusts - 6.0%
Acadia Realty Trust †	1,907		44
Agree Realty Corp. †	385		11
Alesco Financial, Inc. †	3,500		10
Alexander’s, Inc. * †	96		29
Alexandria Real Estate Equities, Inc. †	1,919		176
American Campus Communities, Inc. †	1,673		44
American Financial Realty Trust	7,800		60
Anthracite Capital, Inc. †	3,960		25
Anworth Mortgage Asset Corp. †	4,316		41
Arbor Realty Trust, Inc. †	800		13
Ashford Hospitality Trust, Inc. †	6,400		43
Associated Estates Realty Corp. †	800		8
BioMed Realty Trust, Inc.	3,925		86
BRT Realty Trust †	400		5
Capital Lease Funding, Inc. †	2,500		21
Capital Trust, Inc. of New York, Class A †	800		22
CBRE Realty Finance, Inc. †	1,700		8
Cedar Shopping Centers, Inc. †	2,700		31
Chimera Investment Corp. †	1,985		33
Corporate Office Properties Trust	2,301		71
Cousins Properties, Inc. †	2,400		58
Crystal River Capital, Inc. †	1,500		16
DCT Industrial Trust, Inc. †	10,100		91
Deerfield Capital Corp. †	3,000		19
DiamondRock Hospitality Co. †	5,700		71
Digital Realty Trust, Inc. †	3,359		121
DuPont Fabros Technology, Inc.	2,127		36
EastGroup Properties, Inc. †	1,440		61
Education Realty Trust, Inc. †	1,590		20
Entertainment Properties Trust †	1,660		78
Equity Lifestyle Properties, Inc. †	1,159		53
Equity One, Inc. †	2,178		47
Extra Space Storage, Inc. †	3,871		58
FelCor Lodging Trust, Inc.	3,774		48
First Industrial Realty Trust, Inc. †	2,692		82
First Potomac Realty Trust †	1,400		22
Franklin Street Properties Corp. †	3,522		44
Getty Realty Corp.	976		26
Glimcher Realty Trust †	2,278		26
GMH Communities Trust	1,800		16
Gramercy Capital Corp. of New York †	1,500		31
Healthcare Realty Trust, Inc. †	3,000		71
Hersha Hospitality Trust †	2,400		22
Highwoods Properties, Inc. †	3,430		101
Home Properties, Inc. †	1,955		90
IMPAC Mortgage Holdings, Inc. †	4,315		5
Inland Real Estate Corp. †	3,500		49
Investors Real Estate Trust †	3,236		30
JER Investors Trust, Inc. †	1,499		15
Kite Realty Group Trust	1,200		15
LaSalle Hotel Properties	2,414		70
Lexington Realty Trust †	3,937		57
LTC Properties, Inc.	1,329		32
Luminent Mortgage Capital, Inc. †	2,172		1
Maguire Properties, Inc. †	2,200		50
Medical Properties Trust, Inc. †	2,992		36
MFA Mortgage Investments, Inc. †	8,954		86
Mid-America Apartment Communities, Inc. †	1,595		77
Mission West Properties †	1,100		10
National Health Investors, Inc. †	1,334		40
National Retail Properties, Inc. †	4,227		87
Nationwide Health Properties, Inc. †	5,631		171
Newcastle Investment Corp. †	2,533		27
NorthStar Realty Finance Corp. †	3,736		33
OMEGA Healthcare Investors, Inc. †	4,063		69
Parkway Properties, Inc. of Maryland †	956		34
Pennsylvania Real Estate Investment Trust †	1,986		49
Post Properties, Inc.	2,622		110
PS Business Parks, Inc.	901		44
Quadra Realty Trust, Inc. †	1,000		11
RAIT Financial Trust †	3,832		29
Ramco-Gershenson Properties	1,060		24
Realty Income Corp. †	6,047		139

EQUITY PORTFOLIOS 19 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Real Estate Investment Trusts - 6.0% – (continued)
Redwood Trust, Inc. †	1,435	$	48
Resource Capital Corp. †	1,300		11
Saul Centers, Inc. †	607		28
Senior Housing Properties Trust	5,610		119
Sovran Self Storage, Inc. †	1,340		52
Strategic Hotels & Resorts, Inc.	4,487		64
Sun Communities, Inc. †	896		18
Sunstone Hotel Investors, Inc.	3,764		59
Tanger Factory Outlet Centers, Inc. †	1,822		65
U-Store-It Trust †	2,810		28
Universal Health Realty Income Trust †	664		22
Urstadt Biddle Properties, Inc., Class A	1,217		18
Washington Real Estate Investment Trust †	2,737		87
Winthrop Realty Trust †	2,800		14

			4,122

Retail - 4.9%
99 Cents Only Stores * †	2,800		26
AC Moore Arts & Crafts, Inc. * †	1,103		9
Aeropostale, Inc. * †	3,967		107
AFC Enterprises * †	1,600		12
Asbury Automotive Group, Inc. †	1,512		21
Bebe Stores, Inc.	1,500		18
Benihana, Inc., Class A * †	700		7
Big 5 Sporting Goods Corp. †	1,291		12
BJ’s Restaurants, Inc. * †	906		12
Blockbuster, Inc., Class A * †	11,600		35
Bob Evans Farms, Inc. †	2,004		58
Bon-Ton Stores (The), Inc. †	600		3
Books-A-Million, Inc.	800		7
Borders Group, Inc. †	3,500		32
Brown Shoe Co., Inc.	2,644		39
Buckle (The), Inc.	807		37
Buffalo Wild Wings, Inc. * †	942		22
Build-A-Bear Workshop, Inc. * †	900		10
Cabela’s, Inc. * †	2,300		31
Cache, Inc. * †	662		7
California Pizza Kitchen, Inc. * †	1,741		24
Carrols Restaurant Group, Inc. *	600		5
Casey’s General Stores, Inc.	2,987		75
Cash America International, Inc.	1,791		58
Casual Male Retail Group, Inc. * †	2,073		8
Cato (The) Corp., Class A †	1,806		28
CBRL Group, Inc. †	1,485		54
CEC Entertainment, Inc. * †	1,530		41
Charlotte Russe Holding, Inc. * †	1,510		29
Charming Shoppes, Inc. * †	7,023		39
Children’s Place Retail Stores (The), Inc. * †	1,407		30
Chipotle Mexican Grill, Inc., Class B * †	1,893		163
Christopher & Banks Corp. †	2,160		23
Citi Trends, Inc. * †	800		12
CKE Restaurants, Inc. †	3,444		38
Collective Brands, Inc. * †	3,867		61
Columbia Sportswear Co. †	800		33
Conn’s, Inc. * †	700		9
CSK Auto Corp. * †	2,612		24
Denny’s Corp. * †	5,400		17
Domino’s Pizza, Inc. †	2,661		35
Dress Barn, Inc. * †	2,812		37
DSW, Inc., Class A * †	936		17
Eddie Bauer Holdings, Inc. * †	1,800		11
Ezcorp, Inc., Class A *	2,200		26
FGX International Holdings Ltd. *	700		8
Finish Line (The), Inc., Class A †	2,586		7
First Cash Financial Services, Inc. * †	1,400		13
Fred’s, Inc. †	2,288		20
Gander Mountain Co. * †	200		1
Genesco, Inc. * †	1,388		42
Group 1 Automotive, Inc. †	1,387		34
Gymboree Corp. * †	1,716		68
Haverty Furniture Cos., Inc. †	1,140		11
hhgregg, Inc. *	500		6
Hibbett Sports, Inc. * †	1,910		30
HOT Topic, Inc. * †	2,545		12
IHOP Corp. †	1,067		49
Insight Enterprises, Inc. *	2,832		50
J Crew Group, Inc. * †	2,300		92
Jack in the Box, Inc. *	3,526		93
Jamba, Inc. * †	3,000		7
Jo-Ann Stores, Inc. * †	1,423		23
Jos. A. Bank Clothiers, Inc. * †	1,083		25
Kenneth Cole Productions, Inc., Class A †	571		8
Krispy Kreme Doughnuts, Inc. * †	3,600		10
Landry’s Restaurants, Inc. †	820		15
Lithia Motors, Inc., Class A †	909		9

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 - 97.0% – CONTINUED
Retail - 4.9% – (continued)
Longs Drug Stores Corp.	1,963	$	94
Lululemon Athletica, Inc. * †	739		20
MarineMax, Inc. * †	919		11
McCormick & Schmick’s Seafood Restaurants, Inc. * †	800		9
Men’s Wearhouse, Inc. †	3,200		74
Morton’s Restaurant Group, Inc. * †	600		5
Movado Group, Inc. †	1,096		21
New York & Co., Inc. * †	1,200		7
NexCen Brands, Inc. * †	2,500		10
Nu Skin Enterprises, Inc., Class A	2,964		49
O’Charleys, Inc. †	1,236		14
P.F. Chang’s China Bistro, Inc. * †	1,509		43
Pacific Sunwear of California, Inc. * †	4,200		47
Pantry (The), Inc. * †	1,409		34
Papa John’s International, Inc. * †	1,248		33
PC Connection, Inc. * †	500		5
Pep Boys - Manny, Moe & Jack †	2,433		28
Pier 1 Imports, Inc. *	5,300		28
Pricesmart, Inc. †	700		17
Red Robin Gourmet Burgers, Inc. * †	955		32
Regis Corp.	2,629		66
Retail Ventures, Inc. * †	1,600		11
Ruby Tuesday, Inc. †	3,304		23
Rush Enterprises, Inc., Class A *	1,950		29
Ruth’s Chris Steak House * †	1,100		8
Sally Beauty Holdings, Inc. * †	5,700		44
School Specialty, Inc. * †	1,222		37
Select Comfort Corp. * †	2,839		12
Shoe Carnival, Inc. * †	522		7
Sonic Automotive, Inc., Class A †	1,866		33
Sonic Corp. * †	3,650		78
Stage Stores, Inc. †	2,577		33
Steak n Shake (The) Co. * †	1,620		14
Stein Mart, Inc. †	1,545		9
Systemax, Inc. †	600		6
Talbots, Inc. †	1,500		12
Texas Roadhouse, Inc., Class A * †	3,200		30
Triarc Cos., Inc., Class B †	3,665		31
Tuesday Morning Corp. †	1,630		9
Tween Brands, Inc. * †	1,465		43
Ulta Salon Cosmetics & Fragrance, Inc. * †	558		8
Under Armour, Inc., Class A * †	1,487		55
West Marine, Inc. * †	871		7
Wet Seal (The), Inc., Class A * †	4,700		13
World Fuel Services Corp. †	1,710		53
Zale Corp. * †	2,670		52
Zumiez, Inc. * †	1,100		19

			3,358

Savings & Loans - 1.0%
Abington Bancorp, Inc. †	640		7
Anchor BanCorp Wisconsin, Inc. †	1,128		21
BankAtlantic Bancorp, Inc., Class A †	2,384		11
BankFinancial Corp.	1,300		19
BankUnited Financial Corp., Class A †	2,030		10
Beneficial Mutual Bancorp, Inc. * †	2,100		19
Berkshire Hills Bancorp, Inc.	634		14
Brookline Bancorp, Inc. †	3,787		36
Clifton Savings Bancorp, Inc. †	700		7
Dime Community Bancshares	1,344		21
Downey Financial Corp. †	1,300		34
First Financial Holdings, Inc.	657		15
First Niagara Financial Group, Inc. †	6,115		70
First Place Financial Corp. of Ohio †	989		12
FirstFed Financial Corp. * †	775		24
Flagstar Bancorp, Inc. †	2,573		19
Flushing Financial Corp.	1,190		19
Franklin Bank Corp. of Houston * †	1,400		5
Investors Bancorp, Inc. * †	3,000		44
K-Fed Bancorp †	300		3
Kearny Financial Corp. †	1,179		13
NASB Financial, Inc. †	199		4
NewAlliance Bancshares, Inc. †	6,800		77
Northwest Bancorp, Inc. †	994		26
Oritani Financial Corp. * †	700		8
PFF Bancorp, Inc. †	1,277		11
Provident Financial Services, Inc. †	3,727		45
Provident New York Bancorp †	2,253		30
Rockville Financial, Inc. †	517		6
Roma Financial Corp. †	541		7
TierOne Corp. †	1,046		15
United Community Financial Corp. of Ohio †	1,612		9
ViewPoint Financial Group †	662		10
Wauwatosa Holdings, Inc. * †	509		6
Westfield Financial, Inc.	620		6

EQUITY PORTFOLIOS 21 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Savings & Loans - 1.0% – (continued)
WSFS Financial Corp. †	321	$	15

			698

Semiconductors - 2.7%
Actel Corp. *	1,509		18
Advanced Analogic Technologies, Inc. *	2,200		14
AMIS Holdings, Inc. * †	3,900		27
Amkor Technology, Inc. * †	6,200		73
Anadigics, Inc. * †	3,500		25
Applied Micro Circuits Corp. * †	4,300		32
Asyst Technologies, Inc. *	2,591		9
ATMI, Inc. * †	2,047		56
AuthenTec, Inc. * †	400		4
Axcelis Technologies, Inc. * †	5,953		34
Brooks Automation, Inc. * †	4,202		42
Cabot Microelectronics Corp. *	1,381		46
Cavium Networks, Inc. * †	400		6
Cirrus Logic, Inc. * †	5,108		26
Cohu, Inc. †	1,305		21
Conexant Systems, Inc. * †	25,600		14
Credence Systems Corp. * †	5,321		8
Diodes, Inc. * †	1,789		40
DSP Group, Inc. * †	1,883		22
Emulex Corp. *	5,100		76
Entegris, Inc. *	6,948		49
Entropic Communications, Inc. *	500		3
Exar Corp. *	2,520		20
Formfactor, Inc. * †	2,800		50
Hittite Microwave Corp. * †	1,000		33
IPG Photonics Corp. * †	606		10
IXYS Corp. * †	1,427		10
Kulicke & Soffa Industries, Inc. * †	3,331		17
Lattice Semiconductor Corp. * †	6,567		17
LTX Corp. * †	3,582		12
Mattson Technology, Inc. * †	3,021		18
Micrel, Inc. †	3,415		25
Microsemi Corp. * †	4,536		99
Microtune, Inc. *	3,077		16
MIPS Technologies, Inc. * †	2,500		9
MKS Instruments, Inc. * †	3,050		61
Monolithic Power Systems, Inc. * †	1,400		23
Netlogic Microsystems, Inc. * †	981		23
Omnivision Technologies, Inc. * †	3,286		52
ON Semiconductor Corp. * †	14,532		87
Pericom Semiconductor Corp. * †	1,541		21
Photronics, Inc. * †	2,479		25
PLX Technology, Inc. * †	1,600		10
PMC - Sierra, Inc. * †	12,800		61
Rubicon Technology, Inc. * †	400		12
Rudolph Technologies, Inc. * †	1,652		14
Semitool, Inc. * †	1,245		10
Semtech Corp. *	3,750		48
Silicon Image, Inc. * †	5,100		23
Sirf Technology Holdings, Inc. * †	3,601		23
Skyworks Solutions, Inc. * †	9,565		79
Spansion, Inc., Class A * †	5,500		15
Standard Microsystems Corp. *	1,355		39
Supertex, Inc. * †	737		15
Syntax-Brillian Corp. * †	3,300		2
Techwell, Inc. * †	800		8
Tessera Technologies, Inc. * †	2,800		66
TriQuint Semiconductor, Inc. * †	8,399		40
Ultra Clean Holdings *	1,000		10
Ultratech, Inc. * †	1,367		13
Veeco Instruments, Inc. * †	1,890		29
Volterra Semiconductor Corp. * †	1,200		10
Zoran Corp. *	2,957		41

			1,841

Software - 3.6%
ACI Worldwide, Inc. * †	2,254		40
Actuate Corp. *	3,500		17
Advent Software, Inc. * †	1,101		49
Allscripts Healthcare Solutions, Inc. * †	3,254		35
American Reprographics Co. * †	1,740		28
Ansys, Inc. *	4,610		172
Avid Technology, Inc. * †	2,500		61
Blackbaud, Inc. †	2,595		68
Blackboard, Inc. * †	1,700		49
BladeLogic, Inc. *	294		6
Borland Software Corp. * †	4,122		8
Bottomline Technologies, Inc. * †	1,300		17
CommVault Systems, Inc. * †	2,150		30
Computer Programs & Systems, Inc. †	498		11
Concur Technologies, Inc. * †	2,571		75
CSG Systems International, Inc. * †	2,280		26

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 - 97.0% – CONTINUED
Software - 3.6% – (continued)
Deltek, Inc. * †	500	$	6
Digi International, Inc. * †	1,500		16
DivX, Inc. *	1,377		14
Double-Take Software, Inc. * †	500		5
Eclipsys Corp. *	2,773		59
Epicor Software Corp. * †	3,505		39
EPIQ Systems, Inc. * †	1,815		25
FalconStor Software, Inc. * †	1,815		15
Glu Mobile, Inc. * †	400		2
Guidance Software, Inc. * †	200		2
Informatica Corp. * †	5,182		90
infoUSA, Inc.	1,878		14
Innerworkings, Inc. * †	1,400		19
Interactive Intelligence, Inc. * †	800		11
JDA Software Group, Inc. * †	1,619		28
Lawson Software, Inc. * †	7,395		58
Mantech International Corp., Class A *	1,157		51
MicroStrategy, Inc., Class A *	557		37
Midway Games, Inc. * †	1,221		2
Monotype Imaging Holdings, Inc. * †	558		8
MSC.Software Corp. *	2,600		33
Nuance Communications, Inc. * †	8,894		146
Omnicell, Inc. * †	2,000		38
Omniture, Inc. * †	2,639		61
OpenTV Corp., Class A * †	5,000		7
Packeteer, Inc. * †	2,022		9
Parametric Technology Corp. * †	6,866		105
PDF Solutions, Inc. * †	1,329		8
Pegasystems, Inc. †	755		7
Phase Forward, Inc. *	2,500		40
Progress Software Corp. * †	2,450		70
PROS Holdings, Inc. * †	400		5
QAD, Inc. †	875		8
Quality Systems, Inc. †	980		32
Quest Software, Inc. *	4,038		57
Renaissance Learning, Inc. †	518		7
Schawk, Inc. †	896		14
Seachange International, Inc. * †	1,600		9
Smith Micro Software, Inc. * †	1,700		9
Solera Holdings, Inc. * †	1,500		36
SourceForge, Inc. * †	3,700		6
SPSS, Inc. * †	1,093		42
Sybase, Inc. *	5,400		144
Synchronoss Technologies, Inc. * †	1,100		18
SYNNEX Corp. * †	1,000		21
Take-Two Interactive Software, Inc. * †	4,300		114
Taleo Corp., Class A * †	1,000		19
THQ, Inc. * †	3,955		74
Trident Microsystems, Inc. * †	3,500		17
Tyler Technologies, Inc. * †	2,257		31
Ultimate Software Group, Inc. * †	1,500		41
Unica Corp. * †	600		4
Wind River Systems, Inc. *	4,448		32

			2,457

Storage/Warehousing - 0.1%
Mobile Mini, Inc. *	2,154		40

Telecommunications - 3.4%
3Com Corp. *	23,323		77
Acme Packet, Inc. * †	1,290		10
Adaptec, Inc. * †	6,791		18
Adtran, Inc. †	3,494		64
Advanced Radio Telecom Corp. *	10,900		—
Airvana, Inc. *	415		2
Alaska Communications Systems Group, Inc. †	2,500		28
Anaren, Inc. * †	897		11
Anixter International, Inc. * †	1,791		117
Arris Group, Inc. * †	8,136		47
Aruba Networks, Inc. * †	600		3
Atheros Communications, Inc. *	3,300		80
Atlantic Tele-Network, Inc. †	500		15
Avanex Corp. * †	10,100		8
BigBand Networks, Inc. *	600		4
Black Box Corp. †	1,003		31
Cbeyond, Inc. * †	1,300		21
Centennial Communications Corp. * †	1,500		8
Cincinnati Bell, Inc. * †	14,959		58
Comtech Telecommunications Corp. * †	1,347		58
Consolidated Communications Holdings, Inc. †	1,328		19
CPI International, Inc. * †	400		4
Ditech Networks, Inc. * †	1,601		4
EMS Technologies, Inc. *	900		26
Extreme Networks * †	6,855		21
Fairpoint Communications, Inc. †	2,090		21
FiberTower Corp. * †	5,900		9

EQUITY PORTFOLIOS 23 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.0% – CONTINUED
Telecommunications - 3.4% – (continued)
Finisar Corp. * †	16,143	$	26
Foundry Networks, Inc. * †	8,600		102
General Communication, Inc., Class A * †	3,119		18
GeoEye, Inc. * †	1,000		30
Global Crossing Ltd. * †	2,158		42
Globalstar, Inc. * †	1,120		9
Harmonic, Inc. *	5,605		50
Harris Stratex Networks, Inc., Class A * †	1,450		15
Hughes Communications, Inc. *	400		19
Hungarian Telephone & Cable * †	200		3
Hypercom Corp. * †	3,017		11
ICO Global Communications Holdings Ltd. * †	6,000		15
IDT Corp., Class B †	2,600		15
Infinera Corp. *	1,021		12
InterDigital, Inc. * †	2,766		48
Iowa Telecommunications Services, Inc. †	1,800		29
iPCS, Inc. †	1,000		19
Ixia *	2,559		19
Knology, Inc. * †	1,500		18
Loral Space & Communications, Inc. *	600		15
Mastec, Inc. * †	2,519		22
MRV Communications, Inc. * †	9,171		15
Netgear, Inc. *	2,100		46
Network Equipment Technologies, Inc. * †	1,400		8
Neutral Tandem, Inc. * †	400		8
Nextwave Wireless, Inc. * †	1,800		10
Novatel Wireless, Inc. * †	1,900		20
NTELOS Holdings Corp. †	1,600		34
Oplink Communications, Inc. * †	1,342		17
Opnext, Inc. * †	925		4
Optium Corp. * †	700		5
Orbcomm, Inc. *	1,400		8
PAETEC Holding Corp. * †	4,421		34
Plantronics, Inc.	2,900		55
Polycom, Inc. *	5,400		118
Powerwave Technologies, Inc. * †	7,906		23
Preformed Line Products Co. †	100		5
Premiere Global Services, Inc. * †	3,679		52
RCN Corp. * †	1,800		20
RF Micro Devices, Inc. * †	15,887		50
Rural Cellular Corp., Class A * †	700		31
SAVVIS, Inc. * †	1,600		31
Shenandoah Telecom Co. †	1,329		20
ShoreTel, Inc. * †	548		3
Sonus Networks, Inc. * †	16,000		53
Starent Networks Corp. * †	819		13
SureWest Communications †	808		10
Switch & Data Facilities Co., Inc. * †	761		8
Sycamore Networks, Inc. * †	11,172		39
Symmetricom, Inc. * †	2,529		9
Syniverse Holdings, Inc. *	1,670		28
Tekelec * †	3,577		43
Time Warner Telecom, Inc., Class A * †	8,593		137
USA Mobility, Inc. * †	1,362		14
UTStarcom, Inc. * †	6,200		17
Veraz Networks, Inc. * †	400		1
Viasat, Inc. * †	1,491		31
Virgin Mobile USA, Inc., Class A *	1,611		8
Vonage Holdings Corp. * †	3,400		6

			2,335

Textiles - 0.1%
G&K Services, Inc., Class A	1,288		49
Unifirst Corp. of Massachusetts	874		34

			83

Toys, Games & Hobbies - 0.2%
Jakks Pacific, Inc. * †	1,678		47
Leapfrog Enterprises, Inc. * †	2,000		11
Marvel Entertainment, Inc. * †	2,900		73
RC2 Corp. * †	1,106		21

			152

Transportation - 1.8%
ABX Air, Inc. * †	3,400		10
American Commercial Lines, Inc. * †	2,988		51
Arkansas Best Corp. †	1,422		38
Arlington Tankers Ltd. †	700		14
Atlas Air Worldwide Holdings, Inc. * †	815		41
Bristow Group, Inc. * †	1,242		66
Celadon Group, Inc. * †	1,400		13
Double Hull Tankers, Inc. †	1,200		14
Dynamex, Inc. * †	639		15
Eagle Bulk Shipping, Inc. †	2,800		75
Forward Air Corp. †	1,786		52
Genco Shipping & Trading Ltd. †	1,172		68
General Maritime Corp. †	1,700		40

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 - 97.0% – CONTINUED
Transportation - 1.8% – (continued)
Genesee & Wyoming, Inc., Class A *		1,854	$	58
Golar LNG Ltd. †		2,100		40
Gulfmark Offshore, Inc. * †		1,340		68
Heartland Express, Inc. †		3,445		48
Horizon Lines, Inc., Class A †		1,954		39
HUB Group, Inc., Class A *		2,300		69
Knight Transportation, Inc. †		3,466		51
Knightsbridge Tankers Ltd. †		1,000		26
Marten Transport Ltd. * †		850		12
Nordic American Tanker Shipping †		1,800		51
Old Dominion Freight Line, Inc. * †		1,758		48
Pacer International, Inc.		2,046		31
Patriot Transportation Holding, Inc. *		100		8
PHI, Inc. *		800		24
Saia, Inc. *		773		11
Ship Finance International Ltd. †		1,900		49
TBS International Ltd., Class A * †		300		10
Ultrapetrol Bahamas Ltd. * †		900		13
Universal Truckload Services, Inc. * †		300		6
Werner Enterprises, Inc. †		2,758		49

				1,208

Trucking & Leasing - 0.1%
AMERCO, Inc. * †		600		31
Greenbrier Cos., Inc. †		1,024		27
TAL International Group, Inc. †		887		19
Textainer Group Holdings Ltd.		400		6

				83

Water - 0.2%
American States Water Co. †		1,043		34
California Water Service Group		1,095		41
Consolidated Water Co., Inc. †		800		17
Pico Holdings, Inc. * †		866		30
SJW Corp. †		858		26
Southwest Water Co. †		1,318		14

				162

Total Common Stocks (Cost $70,853)				66,749

INVESTMENT COMPANY - 51.8%
Northern Institutional Funds -
Liquid Assets Portfolio ⁽¹⁾⁽²⁾		35,635,796		35,636

Total Investment Company (Cost $35,636)				35,636

OTHER - 0.0%
Escrow DLB Oil & Gas *		400		—
Escrow Position PetroCorp. *		420		—
Total Other (Cost $-)				—
RIGHTS - 0.0%
CSF Holdings, Inc. *		2,000		—
Security Bank Corp. *		872		—
Total Rights (Cost $-)				—
WARRANTS - 0.0%
American Satellite Network, Exp. 12/31/40 *		350		—
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 $-)				—

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 2.2%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	1,398		1,398
United States Treasury Bill,⁽³⁾ 2.97%, 6/26/08		160		158

Total Short-Term Investments (Cost $1,556)				1,556

Total Investments - 151.0% (Cost $108,045)				103,941
Liabilities less Other Asstes - (51.0)%				(35,106	)

NET ASSETS - 100.0%			$	68,835

EQUITY PORTFOLIOS 25 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)

(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 February 29, 2008, the Small Company Index Portfolio had open futures contracts as follows:


TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED LOSS (000S)
E-Mini Russell 2000	30	$	2,060	Long	3/08	$	(58	)

Federal Tax Information:

At February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	108,045

Gross tax appreciation of investments	$	6,762
Gross tax depreciation of investments		(10,866	)

Net tax depreciation of investments	$	(4,104	)

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Small Company Index Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	102,385	$	(58	)
Level 2		1,556		—
Level 3		—		—

Total	$	103,941	$	(58	)

*	Other financial instruments include futures and forwards, if applicable.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 26 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

MID CAP GROWTH PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 92.7%
Aerospace/Defense - 1.6%
Goodrich Corp.	560	$	33
Rockwell Collins, Inc.	718		42

			75

Agriculture - 1.6%
Bunge Ltd. †	665		74

Auto Parts & Equipment - 1.3%
Johnson Controls, Inc.	1,795		59

Banks - 1.0%
Marshall & Ilsley Corp. †	1,895		44

Beverages - 1.8%
Hansen Natural Corp. * †	1,960		81

Biotechnology - 2.7%
Charles River Laboratories International, Inc. *	955		56
Invitrogen Corp. *	790		67

			123

Chemicals - 3.5%
Agrium, Inc. †	890		65
Air Products & Chemicals, Inc.	580		53
FMC Corp. †	790		45

			163

Coal - 1.1%
Massey Energy Co. †	1,355		52

Commercial Services - 3.8%
Iron Mountain, Inc. *	2,185		66
ITT Educational Services, Inc. * †	880		48
Pharmaceutical Product Development, Inc.	1,400		63

			177

Computers - 3.3%
DST Systems, Inc. * †	990		70
Micros Systems, Inc. * †	2,570		82

			152

Distribution/Wholesale - 0.6%
LKQ Corp. * †	1,315		28

Diversified Financial Services - 1.7%
Ameriprise Financial, Inc.	775		39
GFI Group, Inc. * †	485		37

			76

Electrical Components & Equipment - 1.4%
Ametek, Inc.	1,560		66

Electronics - 5.4%
Amphenol Corp., Class A	1,945		72
Dolby Laboratories, Inc., Class A * †	955		42
Mettler-Toledo International, Inc. *	790		77
Thermo Fisher Scientific Inc. *	1,000		56

			247

Engineering & Construction - 2.6%
Chicago Bridge & Iron Co. N.V. New York Shares †	1,533		72
Jacobs Engineering Group, Inc. *	600		48

			120

Environmental Control - 2.8%
Republic Services, Inc.	2,095		64
Stericycle, Inc. * †	1,175		63

			127

Food - 0.8%
Hain Celestial Group, Inc. * †	1,355		37

Gas - 1.7%
Energen Corp.	1,270		76

Healthcare - Products - 4.5%
Bard (C.R.), Inc.	690		66
Hologic, Inc. * †	1,145		69
Varian Medical Systems, Inc. *	1,380		72

			207

Healthcare - Services - 1.5%
Pediatrix Medical Group, Inc. * †	1,055		70

Household Products/Wares - 1.8%
Church & Dwight Co., Inc. †	1,565		84

Internet - 1.6%
VeriSign, Inc. * †	2,150		75

Iron/Steel - 0.8%
Carpenter Technology Corp.	585		37

Leisure Time - 1.0%
WMS Industries, Inc. * †	1,195		45

Lodging - 1.0%
Choice Hotels International, Inc. †	1,465		48

Machinery - Construction & Mining - 1.2%
Joy Global, Inc.	855		57

Machinery - Diversified - 3.1%
AGCO Corp. * †	1,171		76
Flowserve Corp.	625		68

			144

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 92.7% – CONTINUED
Media - 3.1%
Discovery Holding Co., Class A *	3,810	$	86
Liberty Global, Inc., Class A *	1,570		59

			145

Miscellaneous Manufacturing - 4.0%
Aptargroup, Inc. †	1,425		54
Roper Industries, Inc.	1,690		95
SPX Corp.	355		36

			185

Oil & Gas - 6.3%
Denbury Resources, Inc. *	2,555		81
Diamond Offshore Drilling, Inc. †	485		59
Murphy Oil Corp.	700		56
Noble Energy, Inc.	1,213		94

			290

Oil & Gas Services - 6.0%
Core Laboratories N.V. * †	765		93
National-Oilwell Varco, Inc. *	815		51
Oceaneering International, Inc. *	985		59
Smith International, Inc.	1,145		72

			275

Pharmaceuticals - 1.9%
Allergan, Inc.	615		36
Express Scripts, Inc. *	889		53

			89

Retail - 6.3%
Advance Auto Parts, Inc.	1,935		65
Burger King Holdings, Inc. †	2,720		70
Coach, Inc. *	1,845		56
Dick’s Sporting Goods, Inc. * †	1,285		35
Ross Stores, Inc. †	2,230		62

			288

Savings & Loans - 1.2%
New York Community Bancorp, Inc. †	3,245		53

Semiconductors - 2.6%
Intersil Corp., Class A	2,670		62
MEMC Electronic Materials, Inc. *	785		60

			122

Software - 3.0%
Activision, Inc. *	3,430		93
Ansys, Inc. *	1,145		43

			136

Telecommunications - 2.1%
Juniper Networks, Inc. *	2,100		56
Millicom International Cellular S.A. *	350		39

			95

Transportation - 1.0%
CSX Corp. †	945		46

Total Common Stocks (Cost $4,178)			4,268
INVESTMENT COMPANY - 33.1%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾	1,525,560		1,525

Total Investment Company (Cost $1,525)			1,525


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 5.4%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	248		248

Total Short-Term Investment (Cost $248)				248

Total Investments - 131.2% (Cost $5,951)				6,041

Liabilities less Other Assets - (31.2)%				(1,437	)

NET ASSETS - 100.0%			$	4,604

(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 February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	5,951

Gross tax appreciation of investments	$	232
Gross tax depreciation of investments		(142	)

Net tax appreciation of investments	$	90

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS


SCHEDULE OF INVESTMENTS		FEBRUARY 29, 2008 (UNAUDITED)
MID CAP GROWTH PORTFOLIO (continued)

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Mid Cap Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	5,793	$	—
Level 2		248		—
Level 3		—		—

Total	$	6,041	$	—

*	Other financial instruments include futures and forwards, if applicable.

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

FOCUSED GROWTH PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.8%
Aerospace/Defense - 1.9%
Lockheed Martin Corp.	16,100	$	1,661

Agriculture - 1.3%
Bunge Ltd. †	9,800		1,086

Apparel - 2.4%
NIKE, Inc., Class B	33,800		2,035

Beverages - 3.4%
Cia de Bebides das Americas ADR	16,200		1,320
PepsiCo, Inc.	22,800		1,586

			2,906

Biotechnology - 2.0%
Genzyme Corp. *	23,800		1,688

Chemicals - 4.4%
Monsanto Co.	18,700		2,163
Mosaic (The) Co. *	14,000		1,558

			3,721

Computers - 6.2%
EMC Corp. of Massachusetts *	46,900		729
Hewlett-Packard Co.	33,000		1,576
IBM Corp.	26,100		2,972

			5,277

Cosmetics/Personal Care - 1.6%
Colgate-Palmolive Co.	17,900		1,362

Diversified Financial Services - 1.5%
Goldman Sachs Group (The), Inc.	4,600		780
Lehman Brothers Holdings, Inc. †	9,500		485

			1,265

Electric - 2.3%
Entergy Corp.	8,200		843
PPL Corp.	25,300		1,148

			1,991

Engineering & Construction - 6.1%
ABB Ltd. ADR	45,100		1,129
Fluor Corp.	7,700		1,072
Jacobs Engineering Group, Inc. *	16,100		1,293
KBR, Inc. * †	26,200		873
McDermott International, Inc. *	16,600		867

			5,234

Entertainment - 2.0%
International Game Technology	37,700		1,702

Healthcare - Products - 5.0%
Baxter International, Inc.	42,800		2,526
Becton, Dickinson & Co.	19,000		1,718

			4,244

Healthcare - Services - 0.8%
Aetna, Inc.	13,300		660

Insurance - 2.0%
Aflac, Inc.	26,900		1,679

Internet - 0.6%
eBay, Inc. *	18,900		498

Machinery - Construction & Mining - 1.0%
Joy Global, Inc.	13,500		896

Machinery - Diversified - 1.5%
Deere & Co.	15,600		1,329

Miscellaneous Manufacturing - 2.0%
Honeywell International, Inc.	29,300		1,686

Oil & Gas - 4.1%
Devon Energy Corp.	16,900		1,736
Occidental Petroleum Corp.	22,900		1,772

			3,508

Oil & Gas Services - 7.5%
Cameron International Corp. *	20,000		850
ENSCO International, Inc.	15,400		921
National-Oilwell Varco, Inc. *	25,000		1,558
Schlumberger Ltd.	16,600		1,435
Transocean, Inc. *	11,703		1,644

			6,408

Pharmaceuticals - 5.3%
Forest Laboratories, Inc. *	49,100		1,953
Merck & Co., Inc.	16,500		731
Teva Pharmaceutical Industries Ltd. ADR †	38,100		1,869

			4,553

Retail - 9.6%
Abercrombie & Fitch Co., Class A †	11,400		884
Gap (The), Inc.	39,500		797
McDonald’s Corp.	30,300		1,640
TJX Cos., Inc.	54,100		1,731
Wal-Mart Stores, Inc.	62,800		3,114

			8,166

Semiconductors - 6.9%
Intel Corp.	148,600		2,965
MEMC Electronic Materials, Inc. *	21,000		1,602

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 95.8% – CONTINUED
Semiconductors - 6.9% – (continued)
Texas Instruments, Inc.		43,700	$	1,309

				5,876

Software - 6.6%
Adobe Systems, Inc. *		17,500		589
Microsoft Corp.		120,100		3,269
Oracle Corp. *		96,400		1,812

				5,670

Telecommunications - 4.5%
Cisco Systems, Inc. *		75,000		1,828
Nokia OYJ ADR †		31,800		1,145
QUALCOMM, Inc.		20,200		856

				3,829

Transportation - 3.3%
C.H. Robinson Worldwide, Inc.		10,800		548
CSX Corp. †		30,900		1,499
United Parcel Service, Inc., Class B		11,600		815

				2,862

Total Common Stocks (Cost $79,124)				81,792
INVESTMENT COMPANY - 8.1%
Northern Institutional Funds - Liquid Assets Portfolio ^(1) (2)		6,887,195		6,887

Total Investment Company (Cost $6,887)				6,887


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 4.4%
Calyon, Grand Cayman,
Eurodollar Time Deposit, 3.25%, 3/3/08	$	3,725		3,725

Total Short-Term Investment (Cost $3,725)				3,725

Total Investments - 108.3% (Cost $89,736)				92,404
Liabilities less Other Assets - (8.3)%				(7,095	)

NET ASSETS - 100.0%			$	85,309

(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 February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	89,736

Gross tax appreciation of investments	$	5,991
Gross tax depreciation of investments		(3,323	)

Net tax appreciation of investments	$	2,668

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Focused Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	88,679	$	—
Level 2		3,725		—
Level 3		—		—

Total	$	92,404	$	—

*	Other financial instruments include futures and forwards, if applicable.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED GROWTH PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.2%
Aerospace/Defense - 5.0%
Lockheed Martin Corp.	5,615	$	579
Northrop Grumman Corp.	14,770		1,161
Raytheon Co.	10,550		684
Rockwell Collins, Inc.	10,115		596

			3,020

Banks - 1.4%
Bank of America Corp.	11,575		460
Wachovia Corp.	13,380		410

			870

Beverages - 0.7%
Pepsi Bottling Group, Inc.	12,275		417

Biotechnology - 4.9%
Amgen, Inc. *	23,555		1,072
Biogen Idec, Inc. *	22,630		1,321
Invitrogen Corp. *	7,240		612

			3,005

Chemicals - 2.1%
Celanese Corp., Class A	21,045		819
Lubrizol Corp.	8,265		482

			1,301

Commercial Services - 0.8%
McKesson Corp.	8,050		473

Computers - 5.4%
Cadence Design Systems, Inc. *	24,165		257
Electronic Data Systems Corp.	23,365		405
IBM Corp.	23,340		2,657

			3,319

Cosmetics/Personal Care - 4.3%
Colgate-Palmolive Co.	10,270		782
Procter & Gamble Co.	28,230		1,868

			2,650

Diversified Financial Services - 5.4%
Fannie Mae	56,775		1,570
Goldman Sachs Group (The), Inc.	5,055		857
JPMorgan Chase & Co.	21,530		875

			3,302

Electric - 3.2%
Duke Energy Corp.	40,140		704
Mirant Corp. * †	18,465		683
NRG Energy, Inc. * †	13,810		570

			1,957

Electronics - 1.1%
Applera Corp. - Applied Biosystems Group	19,145		645

Food - 2.5%
General Mills, Inc.	17,130		959
Unilever N.V., New York Shares †	18,515		576

			1,535

Gas - 1.0%
Energen Corp.	10,160		610

Healthcare - Products - 2.6%
Baxter International, Inc.	15,720		928
Covidien Ltd.	15,956		683

			1,611

Healthcare - Services - 0.9%
WellPoint, Inc. *	7,505		526

Home Furnishings - 1.2%
Matsushita Electric Industrial Co. Ltd. ADR	34,980		734

Household Products/Wares - 1.0%
Clorox Co.	10,470		609

Insurance - 5.2%
Allstate (The) Corp.	10,005		478
American International Group, Inc.	11,450		537
Chubb Corp.	9,415		479
Hartford Financial Services Group, Inc.	7,335		513
Prudential Financial, Inc.	7,695		561
Travelers Cos. (The), Inc.	13,390		621

			3,189

Internet - 1.2%
eBay, Inc. *	27,875		735

Iron/Steel - 1.1%
United States Steel Corp.	6,400		694

Machinery - Diversified - 2.4%
Deere & Co.	17,055		1,453

Media - 2.4%
Disney (The Walt) Co.	45,140		1,463

Mining - 1.0%
Barrick Gold Corp.	12,250		636

Miscellaneous Manufacturing - 1.9%
ITT Corp.	9,705		546
Parker Hannifin Corp.	9,500		614

			1,160

Oil & Gas - 13.7%
Chevron Corp.	27,620		2,394

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 95.2% – CONTINUED
Oil & Gas - 13.7% – (continued)
ENSCO International, Inc.		18,650	$	1,116
Exxon Mobil Corp.		45,445		3,954
Occidental Petroleum Corp.		11,445		885

				8,349

Pharmaceuticals - 3.6%
Lilly (Eli) & Co.		23,425		1,172
Teva Pharmaceutical Industries Ltd. ADR †		20,980		1,029

				2,201

Retail - 4.5%
Gap (The), Inc.		31,180		629
McDonald’s Corp.		15,265		826
Tiffany & Co. †		14,715		554
TJX Cos., Inc.		22,160		709

				2,718

Semiconductors - 1.8%
ASML Holding N.V., New York Shares * †		17,842		430
Texas Instruments, Inc.		23,180		694

				1,124

Software - 4.6%
BMC Software, Inc. *		15,400		497
Microsoft Corp.		84,330		2,296

				2,793

Telecommunications - 8.3%
Cisco Systems, Inc. *		95,335		2,323
Embarq Corp.		9,565		401
Nokia OYJ ADR †		16,930		609
Qwest Communications International, Inc. †		118,830		642
Verizon Communications, Inc.		30,525		1,109

				5,084

Total Common Stocks (Cost $59,110)				58,183

INVESTMENT COMPANIES - 11.9%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾		6,205,715		6,206
Standard & Poor’s Depository Receipts Trust, Series 1 †		7,920		1,060

Total Investment Companies (Cost $7,223)				7,266


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 2.9%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	1,756	$	1,756

Total Short-Term Investment (Cost $1,756)				1,756

Total Investments - 110.0% (Cost $68,089)				67,205
Liabilities less Other Assets - (10.0)%				(6,107	)

NET ASSETS - 100.0%			$	61,098

(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 February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	68,089

Gross tax appreciation of investments	$	3,787
Gross tax depreciation of investments		(4,671	)

Net tax appreciation of investments	$	(884	)

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS


SCHEDULE OF INVESTMENTS		FEBRUARY 29, 2008 (UNAUDITED)

DIVERSIFIED GROWTH PORTFOLIO

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Diversified Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	65,449	$	—
Level 2		1,756		—
Level 3		—		—

Total	$	67,205	$	—

*	Other financial instruments include futures and forwards, if applicable.

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.0%
Advertising - 0.2%
Interpublic Group of Cos. (The), Inc. * †	26,012	$	224
Omnicom Group, Inc.	18,798		840

			1,064

Aerospace/Defense - 2.4%
Boeing (The) Co.	44,463		3,681
General Dynamics Corp.	22,398		1,833
Goodrich Corp.	7,026		416
L-3 Communications Holdings, Inc.	7,000		744
Lockheed Martin Corp.	19,884		2,052
Northrop Grumman Corp.	19,406		1,526
Raytheon Co. †	24,104		1,563
Rockwell Collins, Inc.	9,182		541
United Technologies Corp.	56,728		4,000

			16,356

Agriculture - 1.7%
Altria Group, Inc.	120,856		8,839
Archer-Daniels-Midland Co.	36,906		1,665
Reynolds American, Inc. †	9,626		613
UST, Inc. †	9,034		491

			11,608

Airlines - 0.1%
Southwest Airlines Co. †	42,230		518

Apparel - 0.3%
Liz Claiborne, Inc. †	5,688		101
NIKE, Inc., Class B	22,068		1,329
Polo Ralph Lauren Corp. †	3,400		211
VF Corp.	5,036		383

			2,024

Auto Manufacturers - 0.4%
Ford Motor Co. * †	117,110		765
General Motors Corp. †	32,633		760
PACCAR, Inc.	21,744		943

			2,468

Auto Parts & Equipment - 0.2%
Goodyear Tire & Rubber (The) Co. * †	11,512		312
Johnson Controls, Inc.	33,934		1,115

			1,427

Banks - 5.4%
Bank of America Corp.	254,705		10,122
Bank of New York Mellon (The) Corp.	65,361		2,867
BB&T Corp. †	31,600		984
Capital One Financial Corp.	22,419		1,032
Comerica, Inc.	8,759		317
Commerce Bancorp, Inc. of New Jersey	11,300		427
Fifth Third Bancorp †	30,556		700
First Horizon National Corp. †	6,972		113
Huntington Bancshares, Inc. of Ohio †	20,709		253
KeyCorp †	21,407		472
M&T Bank Corp. †	4,300		353
Marshall & Ilsley Corp. †	14,654		340
National City Corp. †	37,120		589
Northern Trust Corp. ⁽¹⁾	13,500		913
PNC Financial Services Group, Inc.	20,068		1,233
Regions Financial Corp. †	38,850		824
State Street Corp.	22,221		1,745
SunTrust Banks, Inc.	20,056		1,166
U.S. Bancorp	99,102		3,173
Wachovia Corp.	113,404		3,472
Wells Fargo & Co.	194,246		5,678
Zions Bancorporation †	6,190		296

			37,069

Beverages - 2.4%
Anheuser-Busch Cos., Inc.	44,358		2,089
Brown-Forman Corp., Class B †	4,650		296
Coca-Cola (The) Co.	114,113		6,671
Coca-Cola Enterprises, Inc. †	15,913		389
Constellation Brands, Inc., Class A *	11,000		211
Molson Coors Brewing Co., Class B †	5,892		318
Pepsi Bottling Group, Inc.	7,871		268
PepsiCo, Inc.	92,429		6,429

			16,671

Biotechnology - 0.9%
Amgen, Inc. *	62,427		2,842
Biogen Idec, Inc. *	16,883		985
Celgene Corp. * †	22,100		1,246
Genzyme Corp. *	15,357		1,089
Millipore Corp. * †	2,878		201

			6,363

Building Materials - 0.1%
Masco Corp. †	20,288		379
Trane, Inc.	9,852		444

			823

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.0% – CONTINUED
Chemicals - 2.0%
Air Products & Chemicals, Inc.	13,764	$	1,257
Ashland, Inc. †	3,387		150
Dow Chemical (The) Co.	54,371		2,049
du Pont (E.I.) de Nemours & Co.	51,551		2,393
Eastman Chemical Co.	4,790		315
Ecolab, Inc.	10,008		468
Hercules, Inc. †	7,037		129
International Flavors & Fragrances, Inc.	4,384		189
Monsanto Co.	31,352		3,627
PPG Industries, Inc.	8,934		554
Praxair, Inc.	17,732		1,424
Rohm & Haas Co.	6,884		369
Sherwin-Williams (The) Co. †	6,195		321
Sigma-Aldrich Corp.	7,386		406

			13,651

Coal - 0.2%
Consol Energy, Inc. †	10,300		783
Peabody Energy Corp. †	14,500		821

			1,604

Commercial Services - 0.9%
Apollo Group, Inc., Class A * †	7,901		485
Automatic Data Processing, Inc.	29,259		1,169
Convergys Corp. *	8,346		120
Donnelley (R.R.) & Sons Co.	12,561		400
Equifax, Inc. †	7,855		269
H&R Block, Inc.	18,238		340
McKesson Corp.	16,248		955
Monster Worldwide, Inc. * †	7,187		191
Moody’s Corp. †	12,462		473
Paychex, Inc.	19,616		617
Robert Half International, Inc. †	9,447		255
Western Union (The) Co.	42,661		887

			6,161

Computers - 4.5%
Affiliated Computer Services, Inc., Class A * †	5,500		279
Apple, Inc. *	50,212		6,277
Cognizant Technology Solutions Corp., Class A *	19,800		598
Computer Sciences Corp. *	9,410		409
Dell, Inc. *	128,643		2,554
Electronic Data Systems Corp.	28,861		500
EMC Corp. of Massachusetts * †	121,545		1,889
Hewlett-Packard Co.	147,939		7,067
IBM Corp.	79,084		9,004
Lexmark International, Inc., Class A * †	5,307		175
Network Appliance, Inc. * †	19,775		428
SanDisk Corp. *	14,100		332
Sun Microsystems, Inc. *	48,581		797
Teradata Corp. *	10,192		257
Unisys Corp. * †	21,113		87

			30,653

Cosmetics/Personal Care - 2.2%
Avon Products, Inc.	23,890		909
Colgate-Palmolive Co.	29,724		2,262
Estee Lauder Cos. (The), Inc., Class A †	6,600		281
Procter & Gamble Co.	178,260		11,797

			15,249

Distribution/Wholesale - 0.1%
Genuine Parts Co.	9,643		398
Grainger (W.W.), Inc.	4,029		297

			695

Diversified Financial Services - 5.9%
American Express Co.	67,164		2,841
Ameriprise Financial, Inc.	12,892		653
Bear Stearns Cos. (The), Inc. †	6,649		531
Charles Schwab (The) Corp.	53,732		1,054
CIT Group, Inc.	10,900		242
Citigroup, Inc.	286,482		6,793
CME Group, Inc. †	3,100		1,591
Countrywide Financial Corp. †	33,184		209
Discover Financial Services †	27,065		408
ETRADE Financial Corp. †	26,500		113
Fannie Mae	56,095		1,551
Federated Investors, Inc., Class B †	5,312		216
Franklin Resources, Inc.	9,221		870
Freddie Mac †	38,350		966
Goldman Sachs Group (The), Inc.	22,853		3,877
Intercontinental Exchange, Inc. *	4,300		560
Janus Capital Group, Inc. †	8,807		213
JPMorgan Chase & Co.	192,744		7,835
Legg Mason, Inc. †	7,501		495
Lehman Brothers Holdings, Inc.	30,360		1,548
Merrill Lynch & Co., Inc.	49,103		2,434
Morgan Stanley	60,930		2,566
NYSE Euronext	15,300		1,005

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO (continued)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.0% – CONTINUED
Diversified Financial Services - 5.9% – (continued)
Price (T. Rowe) Group, Inc. †	15,172	$	767
SLM Corp. * †	29,684		582

			39,920

Electric - 3.2%
AES Corp. *	36,638		659
Allegheny Energy, Inc.	9,385		476
Ameren Corp.	11,723		501
American Electric Power Co., Inc.	22,117		905
Centerpoint Energy, Inc. †	18,057		265
CMS Energy Corp. †	12,683		183
Consolidated Edison, Inc. †	15,321		626
Constellation Energy Group, Inc.	10,421		921
Dominion Resources, Inc. of Virginia	36,624		1,463
DTE Energy Co.	9,479		377
Duke Energy Corp. †	76,282		1,338
Dynegy, Inc., Class A * †	22,305		165
Edison International	18,034		891
Entergy Corp.	11,156		1,146
Exelon Corp. †	38,090		2,851
FirstEnergy Corp.	16,895		1,142
FPL Group, Inc.	25,012		1,508
Integrys Energy Group, Inc. †	4,500		207
Pepco Holdings, Inc. †	10,900		275
PG&E Corp. †	19,396		730
Pinnacle West Capital Corp.	5,991		213
PPL Corp.	21,150		960
Progress Energy, Inc. †	14,400		603
Public Service Enterprise Group, Inc.	30,678		1,353
Southern (The) Co. †	43,599		1,505
TECO Energy, Inc. †	11,616		174
Xcel Energy, Inc.	23,185		460

			21,897

Electrical Components & Equipment - 0.4%
Emerson Electric Co.	45,194		2,303
Molex, Inc. †	8,035		181

			2,484

Electronics - 0.6%
Agilent Technologies, Inc. *	21,426		656
Applera Corp. - Applied Biosystems Group †	10,246		345
Jabil Circuit, Inc. †	10,900		141
PerkinElmer, Inc. †	7,200		179
Thermo Fisher Scientific Inc. *	25,311		1,416
Tyco Electronics Ltd.	27,470		904
Waters Corp. * †	5,678		338

			3,979

Engineering & Construction - 0.2%
Fluor Corp.	5,091		709
Jacobs Engineering Group, Inc. *	6,900		554

			1,263

Entertainment - 0.1%
International Game Technology	18,497		835

Environmental Control - 0.2%
Allied Waste Industries, Inc. * †	15,454		160
Waste Management, Inc.	29,842		979

			1,139

Food - 1.8%
Campbell Soup Co.	12,262		396
ConAgra Foods, Inc.	27,087		599
Dean Foods Co.	7,900		170
General Mills, Inc.	22,841		1,279
Heinz (H.J.) Co.	17,669		779
Hershey (The) Co. †	9,222		342
Kellogg Co.	14,268		724
Kraft Foods, Inc., Class A	89,014		2,774
Kroger Co.	39,058		947
McCormick & Co., Inc.	7,200		248
Safeway, Inc.	25,442		731
Sara Lee Corp.	40,131		507
SUPERVALU, Inc.	11,841		311
Sysco Corp.	33,680		945
Tyson Foods, Inc., Class A	14,200		205
Whole Foods Market, Inc. †	8,100		285
Wrigley (Wm.) Jr. Co. †	11,846		709

			11,951

Forest Products & Paper - 0.3%
International Paper Co. †	24,947		791
MeadWestvaco Corp.	10,329		265
Plum Creek Timber Co., Inc. †	9,989		406
Weyerhaeuser Co.	11,969		733

			2,195

Gas - 0.2%
NICOR, Inc. †	2,852		97
NiSource, Inc.	15,435		265

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.0% – CONTINUED
Gas - 0.2% – (continued)
Sempra Energy	14,472	$	769

			1,131

Hand/Machine Tools - 0.1%
Black & Decker Corp. †	3,650		251
Snap-On, Inc. †	3,523		176
Stanley Works (The) †	4,768		231

			658

Healthcare - Products - 3.4%
Bard (C.R.), Inc.	5,880		557
Baxter International, Inc.	36,435		2,151
Becton, Dickinson & Co.	13,997		1,266
Boston Scientific Corp. *	72,128		908
Covidien Ltd.	28,870		1,235
Johnson & Johnson	164,238		10,176
Medtronic, Inc.	64,895		3,203
Patterson Cos., Inc. * †	7,700		271
St. Jude Medical, Inc. *	20,146		866
Stryker Corp.	13,036		849
Varian Medical Systems, Inc. *	7,100		373
Zimmer Holdings, Inc. *	13,485		1,015

			22,870

Healthcare - Services - 1.3%
Aetna, Inc.	28,244		1,401
Coventry Health Care, Inc. *	8,875		460
Humana, Inc. *	9,490		649
Laboratory Corp. of America Holdings *	6,600		510
Quest Diagnostics, Inc.	8,536		407
Tenet Healthcare Corp. * †	28,528		137
UnitedHealth Group, Inc.	74,152		3,447
WellPoint, Inc. *	31,138		2,182

			9,193

Holding Companies - Diversified - 0.1%
Leucadia National Corp. †	9,400		425
Home Builders - 0.1%
Centex Corp.	7,334		163
D.R. Horton, Inc. †	16,500		231
KB Home †	4,428		106
Lennar Corp., Class A †	7,900		147
Pulte Homes, Inc.	12,832		174

			821

Home Furnishings - 0.1%
Harman International Industries, Inc. †	3,600		148
Whirlpool Corp. †	4,430		374

			522

Household Products/Wares - 0.4%
Avery Dennison Corp. †	5,438		279
Clorox Co.	8,515		496
Fortune Brands, Inc.	8,605		559
Kimberly-Clark Corp.	24,260		1,581

			2,915

Housewares - 0.1%
Newell Rubbermaid, Inc. †	15,761		358
Insurance - 4.1%
ACE Ltd.	18,017		1,013
Aflac, Inc.	27,979		1,746
Allstate (The) Corp.	32,775		1,564
AMBAC Financial Group, Inc. †	6,003		67
American International Group, Inc.	145,549		6,821
AON Corp.	16,134		671
Assurant, Inc.	5,500		344
Chubb Corp.	21,986		1,119
CIGNA Corp.	15,621		696
Cincinnati Financial Corp.	9,730		362
Genworth Financial, Inc., Class A	23,700		549
Hartford Financial Services Group, Inc.	17,998		1,258
Lincoln National Corp.	14,898		762
Loews Corp.	25,338		1,060
Marsh & McLennan Cos., Inc.	29,910		762
MBIA, Inc. †	11,864		154
Metlife, Inc.	42,544		2,479
MGIC Investment Corp. †	5,827		86
Principal Financial Group, Inc.	14,611		807
Progressive (The) Corp.	40,028		734
Prudential Financial, Inc.	25,999		1,897
SAFECO Corp.	5,476		253
Torchmark Corp.	5,294		319
Travelers Cos. (The), Inc.	36,971		1,716
Unum Group †	19,463		446
XL Capital Ltd., Class A	10,234		369

			28,054

Internet - 2.0%
Akamai Technologies, Inc. * †	9,300		327
Amazon.com, Inc. *	17,615		1,136

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO (continued)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.0% – CONTINUED
Internet - 2.0% – (continued)
eBay, Inc. *	65,228	$	1,719
Expedia, Inc. * †	11,258		258
Google, Inc., Class A *	13,262		6,249
IAC/InterActiveCorp * †	10,800		215
Symantec Corp. *	49,771		838
VeriSign, Inc. * †	13,100		456
Yahoo!, Inc. *	76,730		2,131

			13,329

Investment Companies - 0.1%
American Capital Strategies Ltd. †	11,000		399
Iron/Steel - 0.3%
Allegheny Technologies, Inc. †	5,878		455
Nucor Corp.	16,544		1,068
United States Steel Corp. †	6,775		735

			2,258

Leisure Time - 0.2%
Brunswick Corp. †	5,435		89
Carnival Corp.	25,068		986
Harley-Davidson, Inc. †	13,828		514

			1,589

Lodging - 0.2%
Marriott International, Inc., Class A	17,700		604
Starwood Hotels & Resorts Worldwide, Inc.	11,511		545
Wyndham Worldwide Corp.	10,347		229

			1,378

Machinery - Construction & Mining - 0.4%
Caterpillar, Inc.	36,572		2,645
Terex Corp. *	5,900		398

			3,043

Machinery - Diversified - 0.5%
Cummins, Inc.	11,784		594
Deere & Co.	25,490		2,172
Manitowoc Co. (The), Inc. †	7,400		301
Rockwell Automation, Inc.	8,869		485

			3,552

Media - 2.8%
CBS Corp., Class B	39,373		898
Clear Channel Communications, Inc., Class A	28,578		915
Comcast Corp., Class A *	178,703		3,492
DIRECTV Group (The), Inc. *	42,000		1,052
Disney (Walt) Co.	109,586		3,552
Gannett Co., Inc. †	13,346		402
McGraw-Hill Cos. (The), Inc.	18,928		775
Meredith Corp. †	2,036		88
New York Times Co., Class A †	8,889		166
News Corp., Class A	132,400		2,437
Scripps (E.W.) Co., Class A †	4,600		192
Time Warner, Inc.	207,426		3,238
Viacom, Inc., Class B *	37,673		1,498
Washington Post (The), Co., Class B †	333		241

			18,946

Metal Fabrication/Hardware - 0.1%
Precision Castparts Corp.	7,900		872

Mining - 0.9%
Alcoa, Inc.	48,673		1,808
Freeport-McMoRan Copper & Gold, Inc.	21,926		2,211
Newmont Mining Corp.	25,933		1,327
Titanium Metals Corp. †	4,900		101
Vulcan Materials Co. †	6,447		452

			5,899

Miscellaneous Manufacturing - 4.9%
3M Co.	40,920		3,208
Cooper Industries Ltd., Class A †	10,330		433
Danaher Corp.	16,304		1,209
Dover Corp.	11,640		483
Eastman Kodak Co. †	16,337		278
Eaton Corp.	8,260		666
General Electric Co.	580,023		19,222
Honeywell International, Inc.	42,839		2,465
Illinois Tool Works, Inc.	22,974		1,127
Ingersoll-Rand Co. Ltd., Class A	15,650		655
ITT Corp.	10,248		576
Leggett & Platt, Inc.	9,616		161
Pall Corp.	6,791		267
Parker Hannifin Corp.	9,620		622
Textron, Inc.	13,758		745
Tyco International Ltd.	28,470		1,141

			33,258

Office/Business Equipment - 0.2%
Pitney Bowes, Inc.	12,535		449
Xerox Corp.	51,658		759

			1,208

EQUITY PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.0% – CONTINUED
Oil & Gas - 10.3%
Anadarko Petroleum Corp. †	28,436	$	1,812
Apache Corp.	18,974		2,176
Chesapeake Energy Corp. †	26,400		1,194
Chevron Corp.	121,153		10,499
ConocoPhillips	91,834		7,596
Devon Energy Corp.	25,550		2,624
ENSCO International, Inc. †	8,300		497
EOG Resources, Inc. †	13,538		1,611
Exxon Mobil Corp.	313,610		27,287
Hess Corp.	17,313		1,613
Marathon Oil Corp.	40,756		2,167
Murphy Oil Corp.	10,300		828
Nabors Industries Ltd. *	16,306		514
Noble Corp.	15,774		775
Noble Energy, Inc.	9,500		735
Occidental Petroleum Corp.	47,568		3,680
Range Resources Corp.	7,162		438
Rowan Cos., Inc. †	6,403		258
Sunoco, Inc.	7,068		432
Tesoro Corp. †	8,500		316
Valero Energy Corp.	31,600		1,826
XTO Energy, Inc.	26,666		1,646

			70,524

Oil & Gas Services - 2.3%
Baker Hughes, Inc.	18,203		1,225
BJ Services Co. †	16,590		430
Cameron International Corp. * †	12,500		531
Halliburton Co.	50,680		1,941
National-Oilwell Varco, Inc. *	20,500		1,277
Schlumberger Ltd.	68,686		5,938
Smith International, Inc. †	11,000		693
Transocean, Inc. *	18,200		2,557
Weatherford International Ltd. *	20,000		1,379

			15,971

Packaging & Containers - 0.1%
Ball Corp. †	5,728		252
Bemis Co. †	6,252		155
Pactiv Corp. *	7,382		187
Sealed Air Corp.	8,788		213

			807

Pharmaceuticals - 5.7%
Abbott Laboratories	88,686		4,749
Allergan, Inc.	16,946		1,004
AmerisourceBergen Corp. †	10,182		425
Barr Pharmaceuticals, Inc. *	6,200		292
Bristol-Myers Squibb Co.	113,595		2,568
Cardinal Health, Inc.	20,720		1,225
Express Scripts, Inc. *	15,057		890
Forest Laboratories, Inc. *	17,269		687
Gilead Sciences, Inc. *	53,396		2,527
Hospira, Inc. * †	8,788		374
King Pharmaceuticals, Inc. *	13,838		147
Lilly (Eli) & Co.	56,573		2,830
Medco Health Solutions, Inc. *	30,726		1,361
Merck & Co., Inc.	124,940		5,535
Mylan Laboratories, Inc. †	22,100		262
Pfizer, Inc.	391,921		8,732
Schering-Plough Corp.	92,952		2,017
Watson Pharmaceuticals, Inc. * †	6,152		171
Wyeth	76,814		3,350

			39,146

Pipelines - 0.5%
El Paso Corp.	38,378		626
Questar Corp. †	9,700		536
Spectra Energy Corp.	34,991		809
Williams Cos. (The), Inc.	34,718		1,250

			3,221

Real Estate - 0.0%
CB Richard Ellis Group, Inc., Class A * †	10,600		213

Real Estate Investment Trusts - 1.0%
Apartment Investment & Management Co., Class A	5,533		191
AvalonBay Communities, Inc. †	4,500		416
Boston Properties, Inc. †	6,600		569
Developers Diversified Realty Corp. †	7,000		270
Equity Residential	15,197		580
General Growth Properties, Inc.	13,600		480
Host Hotels & Resorts, Inc.	29,500		478
Kimco Realty Corp. †	12,900		436
ProLogis	14,834		799
Public Storage †	6,982		568
Simon Property Group, Inc. †	13,786		1,155
Vornado Realty Trust	7,700		643

			6,585

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 6 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO (continued)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.0% – CONTINUED
Retail - 5.3%
Abercrombie & Fitch Co., Class A	5,000	$	388
AutoNation, Inc. * †	9,111		133
Autozone, Inc. * †	2,619		301
Bed Bath & Beyond, Inc. *	15,237		432
Best Buy Co., Inc. †	19,722		848
Big Lots, Inc. * †	5,857		99
Circuit City Stores, Inc. †	8,919		39
Coach, Inc. *	21,200		643
Costco Wholesale Corp.	24,891		1,541
CVS Caremark Corp.	84,750		3,422
Darden Restaurants, Inc.	7,954		245
Dillard’s, Inc., Class A †	3,934		58
Family Dollar Stores, Inc. †	8,262		158
GameStop Corp., Class A *	9,100		386
Gap (The), Inc. †	27,135		547
Home Depot (The), Inc.	97,264		2,582
Jones Apparel Group, Inc. †	5,340		75
Kohl’s Corp. *	17,646		784
Limited Brands, Inc. †	18,113		276
Lowe’s Cos., Inc.	84,214		2,019
Macy’s, Inc.	23,766		587
McDonald’s Corp.	67,875		3,673
Nordstrom, Inc. †	10,780		399
Office Depot, Inc. * †	15,659		178
OfficeMax, Inc. †	4,524		96
Penney (J.C.) Co., Inc.	12,800		592
RadioShack Corp. †	8,458		148
Sears Holdings Corp. * †	4,356		417
Staples, Inc.	40,597		903
Starbucks Corp. *	41,926		753
Target Corp.	47,630		2,506
Tiffany & Co.	7,701		290
TJX Cos., Inc.	25,130		804
Wal-Mart Stores, Inc.	135,635		6,726
Walgreen Co.	56,930		2,079
Wendy’s International, Inc.	5,205		126
Yum! Brands, Inc.	28,760		991

			36,244

Savings & Loans - 0.2%
Hudson City Bancorp, Inc. †	27,500		436
Sovereign Bancorp, Inc. †	20,480		226
Washington Mutual, Inc. †	49,843		738

			1,400

Semiconductors - 2.4%
Advanced Micro Devices, Inc. * †	34,644		250
Altera Corp.	19,307		330
Analog Devices, Inc.	17,637		475
Applied Materials, Inc.	79,097		1,516
Broadcom Corp., Class A * †	26,974		510
Intel Corp.	335,529		6,694
Kla-Tencor Corp.	10,711		450
Linear Technology Corp. †	12,762		354
LSI Corp. * †	39,541		199
MEMC Electronic Materials, Inc. *	12,700		969
Microchip Technology, Inc. †	12,500		385
Micron Technology, Inc. * †	42,880		322
National Semiconductor Corp.	13,604		224
Novellus Systems, Inc. * †	6,821		151
Nvidia Corp. *	31,995		684
QLogic Corp. * †	7,878		125
Teradyne, Inc. * †	11,458		137
Texas Instruments, Inc.	80,495		2,412
Xilinx, Inc.	16,836		376

			16,563

Software - 3.3%
Adobe Systems, Inc. *	33,914		1,141
Autodesk, Inc. * †	12,576		391
BMC Software, Inc. *	11,499		371
CA, Inc.	22,009		503
Citrix Systems, Inc. * †	10,969		361
Compuware Corp. * †	18,172		145
Electronic Arts, Inc. *	18,050		854
Fidelity National Information Services, Inc.	9,300		386
Fiserv, Inc. *	10,174		535
IMS Health, Inc.	10,997		247
Intuit, Inc. *	18,698		497
Microsoft Corp.	461,792		12,570
Novell, Inc. *	22,041		164
Oracle Corp. *	226,309		4,255
Total System Services, Inc.	8,986		200

			22,620

Telecommunications - 5.7%
American Tower Corp., Class A *	23,300		896

EQUITY PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.0% – CONTINUED
Telecommunications - 5.7% – (continued)
AT&T, Inc.	348,114	$	12,125
CenturyTel, Inc. †	6,078		220
Ciena Corp. * †	5,015		130
Cisco Systems, Inc. *	348,136		8,484
Citizens Communications Co. †	18,834		202
Corning, Inc.	90,426		2,101
Embarq Corp.	9,175		385
JDS Uniphase Corp. * †	12,793		168
Juniper Networks, Inc. *	29,900		802
Motorola, Inc.	131,406		1,310
QUALCOMM, Inc.	93,982		3,982
Qwest Communications International, Inc. †	90,403		488
Sprint Nextel Corp.	163,210		1,160
Tellabs, Inc. * †	23,962		158
Verizon Communications, Inc.	165,846		6,023
Windstream Corp.	27,084		318

			38,952

Textiles - 0.0%
Cintas Corp. †	7,523		217

Toys, Games & Hobbies - 0.1%
Hasbro, Inc.	8,771		226
Mattel, Inc.	21,817		422

			648

Transportation - 1.9%
Burlington Northern Santa Fe Corp.	17,638		1,548
C.H. Robinson Worldwide, Inc. †	9,800		498
CSX Corp.	24,176		1,173
Expeditors International Washington, Inc.	11,800		464
FedEx Corp.	17,738		1,563
Norfolk Southern Corp.	21,707		1,148
Ryder System, Inc. †	3,649		210
Union Pacific Corp.	15,060		1,879
United Parcel Service, Inc., Class B	60,307		4,236

			12,719

Total Common Stocks (Cost $599,458)			668,575

INVESTMENT COMPANY - 9.4%
Northern Institutional Funds - Liquid Assets Portfolio ^(2) (3)	63,988,939	$	63,989

Total Investment Company (Cost $63,989)			63,989
WARRANTS - 0.0%
Raytheon Co., Exp. 6/16/11, Strike $37.50 *	987		28

Total Warrants (Cost $-)			28


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 1.8%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	10,810		10,810
United States Treasury Bill, ⁽⁴⁾ 2.96%, 6/26/08		1,510		1,495

Total Short-Term Investments (Cost $12,305)				12,305

Total Investments - 109.2% (Cost $675,752)				744,897

Liabilities less Other Assets - (9.2)%				(62,955	)

NET ASSETS - 100.0%			$	681,942

(1)

Investment in affiliate

(2)

Investment in affiliated Portfolio

(3)

Investment relates 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.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 8 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS


SCHEDULE OF INVESTMENTS		FEBRUARY 29, 2008 (UNAUDITED)

EQUITY INDEX PORTFOLIO

At February 29, 2008, the Equity Index Portfolio had open futures contracts as follows:

TYPE

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT
(000S)

CONTRACT
POSITION

CONTRACT
EXP.

UNREALIZED
LOSS
(000S)

S&P 500

200

13,313

Long

3/08

(239

)

Federal Tax Information:

At February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	675,752
Gross tax appreciation of investments	$	109,946
Gross tax depreciation of investments		(40,801	)

Net tax appreciation of investments	$	69,145

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Equity Index Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	732,592	$	(239	)
Level 2		12,305		—
Level 3		—		—

Total	$	744,897	$	(239	)

*	Other financial instruments include futures and forwards, if applicable.

EQUITY PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

BALANCED PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 64.9%
Aerospace/Defense - 3.6%
Lockheed Martin Corp.	4,140	$	427
Northrop Grumman Corp.	11,160		878
Raytheon Co. †	7,895		512
Rockwell Collins, Inc.	6,930		408

			2,225

Banks - 0.9%
Bank of America Corp.	7,650		304
Wachovia Corp.	8,615		264

			568

Beverages - 0.5%
Pepsi Bottling Group, Inc.	8,035		273

Biotechnology - 3.3%
Amgen, Inc. *	15,690		714
Biogen Idec, Inc. * †	16,240		948
Invitrogen Corp. * †	4,635		392

			2,054

Chemicals - 1.4%
Celanese Corp., Class A	13,785		536
Lubrizol Corp.	5,190		303

			839

Commercial Services - 0.5%
McKesson Corp.	5,555		326

Computers - 3.6%
Cadence Design Systems, Inc. *	18,190		193
Electronic Data Systems Corp.	17,585		305
IBM Corp.	15,230		1,734

			2,232

Cosmetics/Personal Care - 2.9%
Colgate-Palmolive Co.	7,830		596
Procter & Gamble Co.	18,000		1,191

			1,787

Diversified Financial Services - 3.5%
Fannie Mae	36,090		998
Goldman Sachs Group (The), Inc.	3,310		561
JPMorgan Chase & Co.	13,850		563

			2,122

Electric - 2.1%
Duke Energy Corp.	26,350		462
Mirant Corp. * †	11,930		442
NRG Energy, Inc. * †	8,975		370

			1,274

Electronics - 0.7%
Applera Corp. - Applied Biosystems Group	12,500		421

Food - 1.8%
General Mills, Inc.	12,900		722
Unilever N.V., New York Shares †	12,315		383

			1,105

Gas - 0.6%
Energen Corp.	6,425		386

Healthcare - Products - 2.0%
Baxter International, Inc.	11,855		700
Covidien Ltd.	11,990		513

			1,213

Healthcare - Services - 0.6%
WellPoint, Inc. *	4,820		338

Home Furnishings - 0.9%
Matsushita Electric Industrial Co. Ltd. ADR	26,390		553

Household Products/Wares - 0.8%
Clorox Co.	7,965		463

Insurance - 3.8%
Allstate (The) Corp.	7,535		360
American International Group, Inc.	7,200		338
Chubb Corp.	7,040		358
Hartford Financial Services Group, Inc.	5,550		388
Prudential Financial, Inc.	5,880		429
Travelers Cos. (The), Inc.	10,200		473

			2,346

Internet - 0.9%
eBay, Inc. *	20,330		536

Iron/Steel - 0.7%
United States Steel Corp. †	4,005		434

Machinery - Diversified - 1.7%
Deere & Co.	12,530		1,068

Media - 1.7%
Disney (Walt) Co.	32,485		1,053

Mining - 0.7%
Barrick Gold Corp.	8,055		418

Miscellaneous Manufacturing - 1.3%
ITT Corp.	7,370		415
Parker Hannifin Corp.	6,165		398

			813

Oil & Gas - 9.0%
Chevron Corp.	17,655		1,530

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 64.9% – CONTINUED
Oil & Gas - 9.0% – (continued)
ENSCO International, Inc.	12,600	$	754
Exxon Mobil Corp.	29,925		2,604
Occidental Petroleum Corp.	8,605		665

			5,553

Pharmaceuticals - 2.5%
Lilly (Eli) & Co.	17,585		879
Teva Pharmaceutical Industries Ltd. ADR †	13,690		672

			1,551

Retail - 3.2%
Gap (The), Inc.	20,280		409
McDonald’s Corp.	12,465		674
Tiffany & Co. †	9,900		373
TJX Cos., Inc.	16,675		534

			1,990

Semiconductors - 1.2%
ASML Holding NV * †	12,153		293
Texas Instruments, Inc.	15,130		453

			746

Software - 3.0%
BMC Software, Inc. *	11,660		376
Microsoft Corp.	54,500		1,484

			1,860

Telecommunications - 5.5%
Cisco Systems, Inc. *	62,170		1,515
Embarq Corp.	7,200		302
Nokia OYJ ADR †	10,985		396
Qwest Communications International, Inc. †	78,435		424
Verizon Communications, Inc.	20,990		762

			3,399

Total Common Stocks (Cost $39,915)			39,946


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITY - 0.4%
Capital One Prime Auto Receivables Trust, Series 2007-1, Class A3, 5.47%, 6/15/11	$	215	221

Total Asset-Backed Security (Cost $215)			221

CORPORATE BONDS - 9.6%
Advertising - 0.1%
R.H. Donnelley Corp., ⁽¹⁾ 8.88%, 10/15/17		80	47

Banks - 0.1%
Bank of America Corp., 8.00%, 12/29/49		55	57

Beverages - 0.3%
Anheuser-Busch Cos., Inc., 5.50%, 1/15/18		50	52
PepsiCo., Inc., 4.65%, 2/15/13		115	120

			172

Chemicals - 0.2%
Praxair, Inc., 5.25%, 11/15/14		105	109

Commercial Services - 0.1%
ARAMARK Services Inc., 6.74%, 2/1/15		85	74

Computers - 0.1%
Hewlett-Packard Co., ⁽²⁾ 4.50%, 3/1/13		90	92

Diversified Financial Services - 3.2%
American General Finance Corp., 5.38%, 10/1/12 †		205	206
ANZ Capital Trust, ^(1) (3)4.48%, 1/29/49		210	208
Bear Stearns Cos (The) Inc., 7.25%, 2/1/18		40	39
Countrywide Home Loans, Inc., 4.00%, 3/22/11		75	66
Ford Motor Credit Co. LLC, 7.25%, 10/25/11		30	26
Ford Motor Credit Co., 5.80%, 1/12/09		100	97
GMAC LLC, 6.88%, 9/15/11		85	69
Goldman Sachs Group, Inc., 5.63%, 1/15/17		125	122
HSBC Finance Corp., 5.25%, 1/15/14 †		95	96
International Lease Finance Corp., 5.65%, 6/1/14		40	40

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

BALANCED PORTFOLIO (continued)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 9.6% – CONTINUED
Diversified Financial Services - 3.2% – (continued)
JP Morgan Chase & Co., 5.75%, 1/2/13	$	210	$	222
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17		55		55
Merrill Lynch & Co, Inc., 5.45%, 2/5/13		220		221
Morgan Stanley, 5.63%, 1/9/12		200		207
Nelnet, Inc., 5.13%, 6/1/10		220		225
USB Realty Corp., ⁽¹⁾⁽³⁾ 6.09%, 12/22/49		100		77

				1,976

Electric - 0.9%
AES (The) Corp., 9.50%, 6/1/09		240		248
Exelon Generation Co. LLC, 6.20%, 10/1/17		85		87
Florida Power & Light Co., 5.55%, 11/1/17		85		90
Public Service Electric & Gas, 4.00%, 11/1/08		125		125

				550

Entertainment - 0.1%
Mashantucket Western Pequot Tribe, ⁽¹⁾⁽³⁾ 8.50%, 11/15/15		90		80

Food - 0.1%
Kroger Co. (The), 6.15%, 1/15/20 †		35		36

Healthcare - Services - 0.4%
HCA Inc./DE, 9.13%, 11/15/14		150		153
UnitedHealth Group, Inc., 4.88%, 3/15/15		125		120

				273

Holding Companies - Diversified - 0.5%
Capmark Financial Group, Inc., ⁽¹⁾ ⁽³⁾ 6.30%, 5/10/17		110		72
Kansas City Southern Railway, 9.50%, 10/1/08		245		250

				322

Insurance - 0.1%
Protective Life Secured Trust, 4.85%, 8/16/10		90		92

Media - 0.3%
Comcast Corp., 4.95%, 6/15/16		79		74
Time Warner Cable, Inc., 5.85%, 5/1/17		75		74
Time Warner, Inc., 5.88%, 11/15/16		55		54

				202

Mining - 0.1%
Freeport-McMoRan Copper & Gold, Inc., 8.39%, 4/1/15		50		48

Miscellaneous Manufacturing - 0.3%
General Electric Co., 5.25%, 12/6/17		110		110
Honeywell International, Inc., 5.30%, 3/1/18		100		103

				213

Oil & Gas - 0.7%
Devon Financing Corp. ULC, 6.88%, 9/30/11		50		55
Premcor Refining Group (The), Inc., 6.75%, 5/1/14		340		356

				411

Oil & Gas Services - 0.3%
Dresser-Rand Group, Inc., 7.38%, 11/1/14		170		166

Pharmaceuticals - 0.3%
Abbott Laboratories, 5.60%, 11/30/17		110		116
Schering-Plough Corp., 6.00%, 9/15/17		55		58

				174

Pipelines - 0.4%
Consolidated Natural Gas Co., 5.00%, 3/1/14		145		144
Kinder Morgan Energy Partners LP, 6.00%, 2/1/17 †		80		81

				225

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 9.6% – CONTINUED
Real Estate Investment Trusts - 0.1%
iStar Financial, Inc., 5.88%, 3/15/16	$	75	$	60

Retail - 0.2%
Lowe’s Cos., Inc., 5.60%, 9/15/12 †		90		96

Savings & Loans - 0.2%
Washington Mutual, Inc., 7.25%, 11/1/17		56		51
Washington Mutual Preferred Funding LLC, ⁽¹⁾⁽³⁾ 9.75%, 10/29/49		50		43

				94

Telecommunications - 0.5%
AT&T, Inc., 5.50%, 1/15/18		210		210
Verizon of New England, Inc., 6.50%, 9/15/11		115		122

				332

Total Corporate Bonds (Cost $5,964)				5,901

FOREIGN ISSUER BONDS - 1.2%
Beverages - 0.1%
Diageo Capital PLC, 5.20%, 1/30/13		40		42

Insurance - 0.6%
Allied World Assurance Holdings Ltd. of Bermuda, 7.50%, 8/1/16		135		141
Catlin Insurance Co. Ltd., ^(1) (3)7.25%, 12/31/49 †		100		89
XL Capital Ltd., 6.50%, 12/31/49		160		120

				350

Mining - 0.2%
Vale Overseas Ltd., 6.25%, 1/11/16 †		125		126

Oil & Gas - 0.1%
OPTI Canada, Inc., 8.25%, 12/15/14 †		50		49

Telecommunications - 0.2%
Telefonos de Mexico S.A. de CV, ⁽¹⁾ 4.75%, 1/27/10		140		143

Total Foreign Issuer Bonds (Cost $748)				710

U.S. GOVERNMENT AGENCIES - 5.9% ⁽⁴⁾
Fannie Mae - 2.3%
3.88%, 12/10/09		1,085		1,114
5.38%, 6/12/17		275		299

				1,413

Freddie Mac - 3.6%
5.25%, 10/6/11		1,000		1,013
4.63%, 10/25/12		700		741
4.75%, 1/19/16		463		485

				2,239

Total U.S. Government Agencies (Cost $3,564)				3,652

U.S. GOVERNMENT OBLIGATIONS - 13.7%
U.S. Treasury Notes - 13.7%
2.00%, 2/28/10 †		2,421		2,438
4.50%, 5/15/10 †		1,598		1,697
2.75%, 2/28/13		2,835		2,868
4.50%, 11/15/15 †		1,110		1,207
3.50%, 2/15/18		240		240

				8,450

Total U.S. Government Obligations (Cost $8,360)				8,450


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANY - 21.7%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁵⁾⁽⁶⁾		13,351,821		13,352

Total Investment Company (Cost $13,352)				13,352

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 EQUITY PORTFOLIOS


EQUITY PORTFOLIOS
SCHEDULE OF INVESTMENTS		FEBRUARY 29, 2008 (UNAUDITED)
BALANCED PORTFOLIO


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 4.2%
Calyon, Grand Cayman, Eurodollar Time Deposit, 3.25%, 3/3/08	$	2,615	$	2,615
Total Short-Term Investment (Cost $2,615)				2,615

Total Investments - 121.6% (Cost $74,733)				74,847

Liabilities less Other Assets - (21.6)%				(13,287	)

NET ASSETS - 100.0%			$	61,560

(1)

(2)

When-Issued Security

(3)

Restricted security that has been deemed illiquid. At February 29, 2008, the value of these restricted illiquid securities amounted to approximately $569,000 or 0.9% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
ANZ Capital Trust, 4.48%, 1/29/49	9/21/06	$	204
Capmark Financial Group, Inc., 6.30%, 5/10/17	5/3/07-6/21/07		108
Catlin Insurance Co. Ltd., 7.25%, 12/31/49	1/11/07-6/27/07		98
Mashantucket Western Pequot Tribe, 8.50%, 11/15/15	11/9/07		90
USB Realty Corp., 6.09%, 12/22/49	1/19/07		101
Washington Mutual Preferred Funding LLC, 9.75%, 10/29/49	1/11/08		43

(4)

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

(5)

Investment in affiliated Portfolio

(6)

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.

Effective April 1, 2008, the Balanced Portfolio was renamed to Global Tactical Asset Allocation Portfolio.

Federal Tax Information:

At February 29, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	74,733

Gross tax appreciation of investments	$	3,370
Gross tax depreciation of investments		(3,256	)

Net tax appreciation of investments	$	114

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Balanced Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	53,298	$	—
Level 2		21,549		—
Level 3		—		—

Total	$	74,847	$	—

*	Other financial instruments include futures and forwards, if applicable.

EQUITY PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED NOTES - 1.8%
Auto Receivables - 0.0%
Ford Credit Auto Owner Trust, Series 2007-A, Class A1, ⁽¹⁾ 5.35%, 7/15/08	$	4,488	$	4,488

International Receivables - 1.8%
Arkle Master Issuer PLC, FRN, Series 2007-1A, Class 1A, ⁽¹⁾ 3.10%, 3/17/08		40,000		40,000
Granite Master Issuer PLC, FRN, Series 2007-2, Class 4A1, 3.10%, 3/17/08		30,000		30,000
Holmes Master Issuer PLC, FRN, Series 2007-1, Class 1A1, 3.10%, 3/15/08		38,000		38,000
Interstar Millennium Trust, FRN, Series 2006-2GA, Class A1, ⁽¹⁾ 3.12%, 3/27/08		46,016		46,016
Paragon Mortgages PLC, FRN, Series 12A, Class A1, ⁽¹⁾ 3.11%, 3/17/08		39,807		39,807
Westpac Securitization Trust, FRN, Series 2007-1G, Class A1, ⁽¹⁾ 3.04%, 5/21/08		24,447		24,447

				218,270

Total Asset-Backed Notes (Cost $222,758)				222,758

CERTIFICATES OF DEPOSIT - 18.2%
Domestic Depository Institutions - 3.5%
Bank of America, New York, 5.41%, 3/10/08		100,000		100,000
2.86%, 7/30/08		65,000		65,000
Citibank, New York, 3.05%, 5/8/08		100,000		100,000
HSBC Bank USA, 4.93%, 7/9/08		75,000		75,000
State Street Bank, Boston, 4.52%, 4/4/08		75,000		75,000

				415,000

Foreign Depository Institutions - 14.7%
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
Australia and New Zealand Bank, New York, 4.90%, 4/3/08		50,000		50,000
Banco Bilbao Vizcaya, 3.09%, 3/5/08		60,000		60,000
Bank of Montreal, Chicago, FRCD, 3.14%, 3/1/08		70,000		70,000
Bank of Scotland PLC, Halifax Branch, 5.00%, 10/14/08		10,000		10,000
Bank of Scotland PLC, London Branch, 2.94%, 8/4/08		50,000		50,000
Bank of Scotland PLC, New York Branch, 5.35%, 6/4/08		40,000		40,000
4.60%, 7/29/08		75,000		75,000
Barclays Bank, New York Branch, 5.16%, 4/3/08		70,000		70,000
5.30%, 5/22/08		30,000		30,000
4.43%, 7/7/08		65,000		65,000
4.77%, 7/25/08		90,000		90,000
BNP Paribas S.A., London Branch, 2.93%, 8/5/08		50,000		50,000
CALYON, New York, FRCD, 3.12%, 3/1/08		50,000		49,999

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 18.2% - CONTINUED
Foreign Depository Institutions - 14.7% - (continued)
Credit Agricole SA, London Branch,
4.91%, 10/9/08	$	50,000	$	50,000
4.97%, 10/14/08		10,000		10,000
Credit Suisse First Boston, New York Branch,
5.25%, 4/11/08		30,000		30,000
Deutsche Bank, London Branch, FRCD,
3.16%, 3/1/08		30,000		30,000
Deutsche Bank, New York Branch,
2.85%, 8/4/08		75,000		75,000
KBC Bank N.V., London,
3.12%, 3/12/08		30,000		30,000
Lloyds Bank, New York,
4.90%, 7/9/08		40,000		40,000
National Australia Bank, London Branch,
5.40%, 6/12/08		43,000		43,000
2.85%, 8/8/08		45,000		45,000
National Bank of Canada, New York, FRCD,
3.11%, 3/3/08		100,000		99,998
Nordea Bank Finland, New York,
5.26%, 4/11/08		30,000		30,000
5.29%, 5/22/08		10,000		10,000
5.30%, 5/22/08		50,000		50,000
Royal Bank of Canada, New York Branch,
4.90%, 4/3/08		75,000		75,000
2.85%, 8/5/08		30,000		30,000
Royal Bank of Scotland, New York Branch,
2.90%, 8/4/08		50,000		50,000
Societe Generale, London Branch,
4.40%, 7/8/08		75,000		75,000
3.77%, 7/22/08		65,000		65,000
Toronto Dominion Bank, New York Branch,
5.11%, 3/26/08		35,000		35,000
UBS AG, Stamford Branch,
5.25%, 4/10/08		40,000		40,000
4.90%, 6/11/08		50,000		50,063

				1,758,060

Total Certificates of Deposit (Cost $2,173,060)				2,173,060

COMMERCIAL PAPER - 12.0%
Auto Receivables - 0.9%
FCAR1 Owner Trust,
3.39%, 3/6/08		75,000		74,965
New Center Asset Trust - Plus Program,
3.20%, 3/3/08		35,000		34,994

				109,959

Bank Holding Companies - 0.6%
Bank of America Co.,
5.29%, 3/4/08		75,000		74,967

Chemicals and Allied Products - 0.4%
Pfizer, Inc.,
4.53%, 4/28/08		41,801		41,496

Credit Arbitrage - 1.7%
Perry Global Funding LLC, ⁽¹⁾
3.60%, 3/25/08		52,244		52,234
Scaldis Capital LLC,
3.25%, 3/7/08		50,000		49,973

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 12.0% - CONTINUED
Credit Arbitrage - 1.7% - (continued)
Surrey Funding Corp.,
3.35%, 3/5/08	$	50,000	$	49,981
3.25%, 3/10/08		49,000		48,960

				201,148

Multi-Seller Conduits - 5.7%
Cedar Springs Capital Co.,
4.25%, 3/3/08		120,000		119,972
Crown Point Capital Co., FRCP, ⁽¹⁾
5.10%, 3/6/08		90,000		90,000
Galleon Capital Corp.,
3.38%, 3/5/08		100,000		99,962
Lexington Parker Capital, FRCP,
4.60%, 4/7/08		175,000		174,995
Thames Asset Global Securitization Number One, Inc., ⁽¹⁾
3.25%, 3/5/08		50,000		49,982
Versailles,
3.40%, 3/14/08		50,000		49,939
Victory Receivables Corp.,
3.25%, 3/6/08		50,000		49,977
3.25%, 3/7/08 ⁽¹⁾		46,184		46,159

				680,986

Non-Depository Personal Credit - 2.7%
General Electric Capital Corp.,
5.15%, 3/11/08		80,000		79,886
4.76%, 7/1/08		60,000		59,032
4.61%, 7/15/08		100,000		98,258
2.84%, 7/29/08		90,000		88,935

				326,111

Total Commercial Paper (Cost $1,434,667)				1,434,667

CORPORATE NOTES/BONDS - 21.8%
Bank Holding Companies - 0.6%
Citigroup Funding, Inc., FRN,
3.07%, 5/13/08		40,000		40,000
HSBC USA, Inc., FRN,
3.13%, 3/17/08		30,000		30,000

				70,000

Chemicals and Allied Products - 0.3%
BASF Finance Europe N.V., FRN, ⁽¹⁾
3.88%, 4/21/08		40,000		40,000

Domestic Depository Institutions - 0.6%
National City Bank, FRN,
3.16%, 3/1/08		35,000		35,000
3.30%, 4/25/08		40,000		40,000

				75,000

Foreign Depository Institutions - 6.4%
Allied Irish Banks PLC, FRN, ⁽¹⁾
3.10%, 3/19/08		50,000		50,000
Australia and New Zealand Banking Group, FRN, ⁽¹⁾
5.11%, 3/5/08		80,000		80,000
3.23%, 3/7/08		20,000		20,000
3.16%, 3/25/08		25,000		25,000
Bank of Nova Scotia, FRN,
3.07%, 3/31/08		50,000		49,993

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 21.8% - CONTINUED
Foreign Depository Institutions - 6.4% - (continued)
Commonwealth Bank Australia, FRN,⁽¹⁾
4.01%, 4/21/08	$	45,000	$	45,000
Credit Agricole, London Branch, FRN, ⁽¹⁾
4.85%, 3/25/08		60,000		60,000
Danske Bank, FRN, ⁽¹⁾
3.08%, 3/20/08		40,000		39,999
Nordea Bank Finland, New York, FRN, ⁽¹⁾
3.19%, 3/11/08		83,290		83,290
Royal Bank of Canada, FRN,
3.23%, 3/10/08		28,000		28,000
Royal Bank of Scotland PLC, FRN, ⁽¹⁾
3.12%, 3/25/08		75,000		75,000
4.45%, 4/11/08		61,600		61,603
UBS AG, Stamford, FRN,
3.09%, 3/17/08		50,000		50,000
Westpac Banking Corp., FRN,
5.20%, 3/11/08		20,000		20,000
Westpac Banking Corp., New York, FRN, ⁽¹⁾
3.17%, 3/6/08		78,000		78,000

				765,885

Insurance Carriers - 2.0%
Allstate Life Global Funding II, FRN, ⁽¹⁾
3.22%, 3/17/08		30,000		30,000
Genworth Global Funding, FRN, ⁽¹⁾
3.17%, 3/11/08		43,000		43,000
ING Verzekeringen NV, FRN, ⁽¹⁾
3.13%, 3/4/08		63,000		63,000
MET Life Global Funding I, FRN, ⁽¹⁾
3.22%, 3/17/08		55,000		55,000
3.12%, 3/25/08		50,000		50,000

				241,000

Non-Depository Personal Credit - 1.5%
American Express Bank FSB, FRN,
3.22%, 3/7/08		21,210		21,211
General Electric Capital Corp., FRN,
3.16%, 3/25/08		83,000		83,000
HSBC Finance Corp., FRN,
3.19%, 3/6/08		35,000		35,000
3.19%, 3/24/08		40,000		40,000

				179,211

Security and Commodity Brokers - 3.7%
Bear Stearns Co., Inc., FRN,
3.24%, 3/5/08		25,000		25,000
Goldman Sachs, FRN,
3.23%, 3/1/08		30,000		30,000
Goldman Sachs Group LP, FRN, ⁽¹⁾
3.33%, 4/25/08		50,000		50,000
Merrill Lynch & Co., FRN,
3.22%, 3/4/08		55,000		55,000
3.26%, 3/18/08		65,000		65,000
3.28%, 3/25/08		30,000		30,000
3.06%, 5/22/08		35,000		35,000
Morgan Stanley, FRN,
3.24%, 3/17/08		30,000		30,000
3.21%, 3/27/08		120,000		120,001

				440,001

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 21.8% - CONTINUED
Structured Investment Vehicles - 6.7%
Asscher Finance Corp., FRN, ⁽¹⁾
4.83%, 3/25/08	$	45,000	$	45,000
Beta Finance, Inc., FRN, ⁽¹⁾
3.23%, 4/28/08		25,000		25,002
CC USA, Inc., FRN, ⁽¹⁾
3.04%, 5/20/08		40,000		39,997
Cullinan Finance Corp., ⁽¹⁾
3.09%, 3/28/08, FRN		70,000		69,999
5.36%, 4/15/08		55,000		55,000
3.30%, 4/25/08, FRN		55,000		54,997
5.35%, 5/15/08		55,000		55,000
3.06%, 5/27/08, FRN		60,000		59,989
Dorada Finance, Inc., ⁽¹⁾
3.13%, 3/25/08, FRN		30,000		30,000
5.32%, 5/27/08		50,000		49,999
Links Finance LLC, MTN, FRN, ⁽¹⁾
4.35%, 4/14/08		40,000		39,999
3.91%, 4/18/08		45,000		44,999
Sigma Finance, Inc., MTN, ⁽¹⁾
4.96%, 3/25/08, FRN		40,000		39,999
3.11%, 3/17/08, FRN		46,000		46,001
5.35%, 5/19/08		45,000		45,000
5.37%, 6/3/08		25,000		25,000
Whistlejacket Capital LLC, FRN, ^{(1) †}
3.81%, 4/23/08		25,000		20,000
White Pine Finance LLC, FRN, ^{(1) †}
3.08%, 3/17/08		25,000		20,000
5.15%, 4/21/08		40,000		32,000

				797,981

Total Corporate Notes/Bonds (Cost $2,627,074)				2,609,078

EURODOLLAR TIME DEPOSITS - 9.4%
Foreign Depository Institutions - 9.4%
ABN AMRO Bank, Amsterdam, Netherlands,
3.20%, 3/3/08		216,000		216,000
CALYON, Grand Cayman,
3.17%, 3/3/08		159,000		159,000
Dexia Credit Local, Grand Cayman,
3.44%, 3/3/08		214,000		214,000
HSBC Bank PLC, London,
3.38%, 3/3/08		130,000		130,000
Rabobank Nederland, London,
3.14%, 3/18/08		60,000		60,000
Royal Bank of Canada, Toronto, Canada,
3.25%, 3/3/08		348,166		348,166

				1,127,166

Total Eurodollar Time Deposits (Cost $1,127,166)				1,127,166

U.S. GOVERNMENT AGENCIES - 1.0% ⁽²⁾
Federal Home Loan Bank - 1.0%
FHLB Bonds,
2.74%, 2/12/09		70,000		70,000
2.85%, 2/13/09		50,000		50,000

Total U.S. Government Agencies (Cost $120,000)				120,000

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S GOVERNMENT OBLIGATIONS - 8.1%
U.S. Treasury Bills - 0.6%
2.35%, 4/17/08	$	22,000	$	21,933
2.02%, 5/29/08		50,000		49,750

				71,683

U.S. Treasury Notes - 7.5%
4.88%, 4/30/08		17,000		17,072
3.75%, 5/15/08		33,000		33,128
5.63%, 5/15/08		112,000		112,823
5.13%, 6/30/08		14,000		14,143
5.00%, 7/31/08		56,000		56,680
4.13%, 8/15/08		231,000		233,130
4.63%, 9/30/08		271,000		273,586
4.88%, 10/31/08		150,000		152,916

				893,478

Total U.S. Government Obligations (Cost $965,161)				965,161

Investments (Amortized Cost $8,669,886)				8,651,890

REPURCHASE AGREEMENTS - 28.1%
(Collateralized at a minimum of 102%) ⁽³⁾
Joint Repurchase Agreements - 1.4%
Morgan Stanley & Co., Inc., dated 2/29/08,
repurchase price $74,999
1.80%, 3/3/08		74,987		74,987
Societe Generale, New York Branch, dated 2/29/08,
repurchase price $37,499
1.80%, 3/3/08		37,494		37,494
UBS Securities LLC, dated 2/29/08, repurchase price $56,249
1.80%, 3/3/08		56,241		56,241

				168,722

(Collateralized at a minimum of 102%) ⁽⁴⁾
Repurchase Agreements - 26.7%
Bank of America N.A., dated 2/29/08,
repurchase price $380,100
3.17%, 3/3/08		380,000		380,000
Bank of America Securities LLC, dated 2/29/08,
repurchase price $1,000,267
3.20%, 3/3/08		1,000,000		1,000,000
BNP Paribas Securities Corp., dated 2/29/08,
repurchase price $520,137
3.16%, 3/3/08		520,000		520,000
Deutsche Bank Securities, Inc., dated 2/29/08,
repurchase price $1,250,331
3.18%, 3/3/08		1,250,000		1,250,000
Goldman Sachs & Co., dated 2/29/08,
repurchase price $50,013
3.14%, 3/3/08		50,000		50,000

				3,200,000

Total Repurchase Agreements (Cost $3,368,722)				3,368,722

Total Investments - 100.4% (Cost $12,038,608) ⁽⁵⁾				12,020,612

Liabilities less Other Assets - (0.4)%				(46,570	)

NET ASSETS - 100.0%			$	11,974,042

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)

(1)

(2)

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

(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% - 5.50%	9/1/29 - 7/15/36
FNMA	0.00% - 7.00%	1/1/19 - 9/1/47

(5)

The cost for federal income tax purposes was $12,038,608.

Percentages shown are based on Net Assets.

†

Defaulted securities are valued by an independent pricing service and reflect a fair market value of such securities rather than amortized cost. Effective February 21, 2008, Northern Trust Corporation (the “Corporation”) entered into a Capital Support Agreement with the Northern Institutional Diversified Assets Portfolio. Under the agreement, the Corporation has committed to provide capital to the Portfolio, subject to a specified maximum amount, in the event that the Portfolio realizes a loss on the security, in an amount sufficient for the Portfolio to maintain its net asset value per share at no less than the minimum permissible net asset value, which is $0.9950. The Corporation will not receive any consideration from the Portfolio if it is required under the Agreement to make a capital contribution to the Portfolio. The Agreement will expire no later than July 31, 2008.

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Diversified Assets Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


Valuation level	Investments in Securities (000s)		Other Financial Instruments* (000s)
Level 1	$	—	$	—
Level 2		11,948,612		—
Level 3		72,000		—
Total	$	12,020,612	$	—

*	Other financial instruments include futures and forwards, if applicable.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:


	Investments in Securities (000s)			Other Financial Instruments* (000s)
Balance as of 11/30/07	$	—		$	—
Realized gain(loss)		—			—
Change in unrealized appreciation/depreciation		(18,000	)		—
Net purchases(sales)		—			—
Transfers in and/or out of Level 3		90,000			—
Balance as of 2/29/08	$	72,000		$	—

*	Other financial instruments include futures and forwards, if applicable.

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

DIVERSIFIED ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (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

FHLB Federal Home Loan Bank

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

MTN Medium Term Notes

MONEY MARKET PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 54.9% ⁽¹⁾
Fannie Mae - 23.9%
FNMA Discount Notes,
3.05%, 3/3/08	$	54,412	$	54,403
4.06%, 3/12/08		60,000		59,926
4.62%, 3/12/08		60,000		59,915
4.00%, 3/20/08		25,000		24,947
4.05%, 3/26/08		30,000		29,916
2.95%, 4/1/08		105,600		105,349
3.02%, 4/1/08		40,000		39,896
4.29%, 4/1/08		145,900		145,361
4.01%, 4/2/08		25,000		24,911
4.15%, 4/2/08		50,000		49,815
3.00%, 4/16/08		20,000		19,923
3.62%, 4/16/08		25,000		24,885
2.90%, 5/1/08		23,863		23,746
2.93%, 5/1/08		130,996		130,346
2.95%, 5/1/08		150,000		149,250
2.76%, 6/2/08		93,700		93,046
3.45%, 6/12/08		135,000		133,667
2.77%, 6/27/08		125,000		123,865
5.01%, 6/27/08		20,000		19,672
FNMA Notes,
2.25%, 3/8/08		40,000		39,992
4.88%, 4/10/08		25,000		25,057
6.00%, 5/15/08		70,000		70,380

				1,448,268

Federal Farm Credit Bank - 4.6%
FFCB Bond,
3.38%, 6/12/08		5,240		5,225
FFCB FRN,
3.10%, 3/1/08		50,000		49,998
3.01%, 3/2/08		50,000		49,996
3.02%, 3/12/08		25,000		24,999
2.95%, 3/16/08		25,000		25,000
2.98%, 3/22/08		25,000		24,998
3.01%, 3/25/08		25,000		25,000
2.99%, 3/27/08		50,000		49,997
2.94%, 5/28/08		20,000		19,996

				275,209

Federal Home Loan Bank - 20.5%
FHLB Bonds,
4.45%, 4/14/08		5,000		5,000
4.40%, 4/21/08		50,000		50,000
4.30%, 4/23/08		35,000		35,000
4.40%, 4/23/08		50,000		50,050
4.35%, 4/28/08		20,000		20,000
4.40%, 4/29/08		85,000		85,097
4.42%, 5/8/08		10,000		10,001
4.35%, 5/19/08		15,000		15,000
2.75%, 6/6/08		15,000		15,000
4.75%, 6/11/08		20,000		20,014
2.75%, 6/25/08		50,000		50,000
2.82%, 6/30/08		15,000		15,000
5.25%, 7/10/08		25,000		24,998
2.58%, 7/15/08		15,000		15,000
2.75%, 7/30/08		15,000		15,000

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 54.9% ⁽¹⁾- CONTINUED
Federal Home Loan Bank - 20.5% - continued
FHLB Discount Notes,
2.00%, 3/3/08	$	55,572	$	55,566
2.70%, 3/4/08		30,000		29,993
4.18%, 3/5/08		60,000		59,972
4.65%, 3/7/08		40,000		39,969
4.63%, 3/10/08		75,000		74,913
2.73%, 3/12/08		50,000		49,958
2.83%, 3/17/08		20,000		19,975
4.27%, 3/24/08		30,000		29,918
2.85%, 3/26/08		30,000		29,940
2.97%, 3/26/08		20,000		19,959
3.62%, 4/16/08		35,000		34,838
2.90%, 4/23/08		20,000		19,915
2.68%, 5/7/08		50,000		49,751
FHLB FRN,
4.57%, 4/2/08		15,000		15,000
3.56%, 4/24/08		25,000		24,995
3.07%, 4/30/08		25,000		25,000
2.91%, 5/5/08		100,000		100,000
2.93%, 5/5/08		35,000		35,000
2.98%, 5/11/08		75,000		74,999
2.91%, 5/28/08		30,000		29,997

				1,244,818

Freddie Mac - 5.9%
FHLMC Discount Notes,
4.07%, 3/12/08		40,000		39,950
4.48%, 3/17/08		19,428		19,389
3.90%, 4/7/08		50,000		49,800
3.62%, 4/14/08		10,000		9,956
4.24%, 4/28/08		65,000		64,556
FHLMC FRN,
2.97%, 3/26/08		15,000		15,000
FHLMC Notes,
2.75%, 3/15/08		10,000		9,994
5.75%, 4/15/08		44,112		44,238
5.13%, 4/18/08		25,000		25,077
4.25%, 5/23/08		6,000		5,998
3.88%, 6/15/08		40,000		40,009
4.63%, 12/19/08		33,124		33,708

				357,675

Total U.S. Government Agencies (Cost $3,325,970)				3,325,970

U.S Government Obligations - 9.6%
U.S Treasury Bills,
2.31%, 3/6/08		60,000		59,981
1.76%, 3/13/08		80,000		79,961
2.34%, 3/13/08		50,000		49,961
2.36%, 3/13/08		75,000		74,941
2.36%, 3/17/08		145,000		144,848
2.31%, 3/20/08		25,000		24,969
2.29%, 4/15/08		30,000		29,914
2.00%, 7/3/08		60,000		59,587
2.07%, 7/31/08		60,000		59,475

Total U.S. Government Obligations (Cost $583,637)				583,637

Inter American Development Bank - 0.9%
Discount Note,
2.87%, 4/22/08		56,645		56,410

Total Inter American Development Bank (Cost $56,410)				56,410

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 39.3%
(Collateralized at a minimum of 102%) ⁽²⁾
Joint Repurchase Agreements - 6.9%
Morgan Stanley & Co., Inc., dated 2/29/08, repurchase price $184,821
1.80%, 3/3/08	$	184,793	$	184,793
Societe Generale, New York Branch, dated 2/29/08, repurchase price $92,410
1.80%, 3/3/08		92,397		92,397
UBS Securities LLC, dated 2/29/08, repurchase price $138,616
1.80%, 3/3/08		138,595		138,595

				415,785

(Collateralized at a minimum of 102%) ⁽³⁾
Repurchase Agreements - 32.4%
Bank of America N.A., dated 2/29/08, repurchase price $325,086
3.17%, 3/3/08		325,000		325,000
Bank of America Securities LLC, dated 2/29/08, repurchase price $175,047
3.20%, 3/3/08		175,000		175,000
Citigroup Global Markets, Inc., dated 2/29/08, repurchase price $150,039
3.15%, 3/3/08		150,000		150,000
Credit Suisse First Boston Corp., dated 2/29/08, repurchase price $700,175
3.00%, 3/3/08		700,000		700,000
Credit Suisse First Boston Corp., dated 2/29/08, repurchase price $160,042
3.16%, 3/3/08		160,000		160,000
Deutsche Bank Securities, Inc., dated 2/29/08, repurchase price $340,090
3.18%, 3/3/08		340,000		340,000
Lehman Brothers, Inc., dated 2/29/08, repurchase price $114,587
3.14%, 3/3/08		114,557		114,557

				1,964,557

Total Repurchase Agreements (Cost $2,380,342)				2,380,342

Total Investments - 104.7% (Cost $6,346,359) ⁽⁴⁾				6,346,359

Liabilities less Other Assets - (4.7)%				(282,339	)

NET ASSETS - 100.0%			$	6,064,020

(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:


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
FHLB	4.88% -5.00%	3/5/08 -9/9/11
FHLMC	3.25% -5.50%	4/15/09 -3/1/38
FNMA	3.38% -10.00%	12/15/08 -7/1/47
Tennesee Valley Authority	4.88%	1/15/48

(4)

The cost for federal income tax purposes was $6,346,359.

Percentages shown are based on Net Assets.

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Government Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


Valuation level	Investments in Securities (000s)		Other Financial Instruments* (000s)
Level 1	$	—	$	—
Level 2		6,346,359		—
Level 3		—		—

Total	$	6,346,359	$	—

*	Other financial instruments include futures and forwards, if applicable.

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

GOVERNMENT PORTFOLIO (continued)

FEBRUARY 29, 2008 (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

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

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 91.6% ⁽¹⁾
Federal Farm Credit Bank - 11.9%
FFCB Discount Notes,
2.58%, 3/3/08	$	250,000	$	249,964
2.65%, 3/3/08		335,000		334,951
2.78%, 3/3/08		100,000		99,984
2.40%, 3/4/08		70,000		69,986
4.05%, 10/21/08		25,000		24,342
FFCB FRN,
3.10%, 3/1/08		70,000		69,997
3.01%, 3/2/08		75,000		74,994
3.05%, 3/6/08		17,000		16,999
3.02%, 3/12/08		55,000		54,997
2.95%, 3/16/08		60,000		60,000
2.98%, 3/22/08		160,000		159,989
3.01%, 3/23/08		25,000		24,996
3.00%, 3/24/08		40,000		40,000
3.01%, 3/25/08		45,000		44,999
2.99%, 3/27/08		85,000		84,996
2.94%, 5/28/08		40,000		39,993

				1,451,187

Federal Home Loan Bank - 79.7%
FHLB Bonds,
4.88%, 3/5/08		109,000		109,023
5.10%, 3/6/08		40,000		39,999
4.00%, 3/10/08		71,710		71,702
2.75%, 3/14/08		81,755		81,722
4.38%, 3/14/08		11,500		11,497
4.75%, 3/14/08		11,000		11,001
3.40%, 3/18/08		12,250		12,254
4.40%, 3/26/08		20,000		20,000
4.40%, 4/7/08		5,300		5,300
4.45%, 4/14/08		7,000		7,000
4.40%, 4/21/08		75,000		75,000
4.50%, 4/21/08		35,000		35,000
4.30%, 4/23/08		82,605		82,604
4.35%, 4/28/08		50,000		50,000
4.38%, 4/28/08		195,000		195,273
4.40%, 4/29/08		160,000		160,362
4.40%, 5/5/08		100,000		100,127
4.42%, 5/8/08		50,000		50,002
4.30%, 5/12/08		29,700		29,789
4.25%, 5/16/08		28,375		28,462
4.35%, 5/19/08		15,000		15,000
2.75%, 6/6/08		40,000		40,000
4.75%, 6/11/08		47,680		47,764
4.10%, 6/13/08		5,110		5,106
4.25%, 6/17/08		70,000		70,076
3.05%, 6/25/08		60,000		60,000
2.82%, 6/30/08		25,000		25,000
2.90%, 7/1/08		40,000		40,000
2.70%, 7/7/08		47,000		47,013
2.85%, 7/7/08		30,000		30,000
5.25%, 7/10/08		50,000		49,996
2.58%, 7/15/08		91,635		91,635
2.63%, 7/15/08		19,970		19,904
2.70%, 7/25/08		11,000		11,000
2.75%, 7/30/08		25,000		25,000
2.88%, 8/1/08		40,000		40,000
2.58%, 8/4/08		30,000		30,000
2.55%, 8/15/08		35,000		35,000
2.62%, 9/4/08		30,000		30,000

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 91.6% ⁽¹⁾ - CONTINUED
Federal Home Loan Bank - 79.7% - continued
FHLB Discount Notes,
1.95%, 3/3/08	$	200,000	$	199,978
2.00%, 3/3/08		3,839,887		3,839,461
2.74%, 3/3/08		40,000		39,994
2.70%, 3/4/08		485,840		485,731
4.55%, 3/5/08		16,000		15,992
4.64%, 3/5/08		20,000		19,990
2.70%, 3/7/08		70,400		70,368
2.80%, 3/7/08		22,738		22,727
2.55%, 3/12/08		57,420		57,375
2.78%, 3/12/08		170,000		169,856
2.80%, 3/12/08		80,200		80,131
2.83%, 3/14/08		85,000		84,913
2.85%, 3/14/08		3,650		3,646
4.25%, 3/14/08		66,006		65,905
2.83%, 3/17/08		57,020		56,948
2.86%, 3/19/08		30,000		29,957
2.88%, 3/24/08		15,700		15,671
2.90%, 3/24/08		30,000		29,945
3.05%, 3/24/08		100,000		99,805
2.82%, 3/26/08		100,000		99,804
2.85%, 3/26/08		49,511		49,413
2.88%, 3/26/08		38,800		38,722
2.97%, 3/26/08		40,000		39,918
4.11%, 3/26/08		35,000		34,900
3.93%, 3/28/08		15,000		14,956
4.02%, 3/31/08		100,000		99,665
3.90%, 4/2/08		120,000		119,584
3.62%, 4/4/08		81,155		80,878
4.02%, 4/4/08		28,921		28,811
2.70%, 4/9/08		75,000		74,781
4.02%, 4/9/08		80,000		79,651
3.91%, 4/11/08		90,000		89,599
3.61%, 4/16/08		83,300		82,916
3.62%, 4/16/08		160,000		159,260
4.24%, 4/16/08		30,000		29,838
2.75%, 4/18/08		38,410		38,269
2.80%, 4/18/08		60,000		59,776
3.66%, 4/18/08		100,000		99,512
4.24%, 4/18/08		20,000		19,887
2.86%, 4/23/08		50,000		49,790
2.90%, 4/23/08		40,000		39,829
4.23%, 4/25/08		100,000		99,354
2.68%, 4/30/08		20,930		20,837
2.55%, 8/6/08		35,000		34,608
FHLB FRN,
4.98%, 3/11/08		100,000		99,973
4.84%, 3/17/08		64,100		64,085
4.57%, 4/2/08		45,000		44,999
3.56%, 4/24/08		50,000		49,990
3.07%, 4/30/08		45,000		45,000
2.91%, 5/5/08		120,000		120,000
2.93%, 5/5/08		75,000		75,000
2.98%, 5/11/08		155,000		154,999
2.93%, 5/21/08		10,000		10,005
2.91%, 5/28/08		65,000		64,993

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 91.6% ⁽¹⁾ - CONTINUED
Federal Home Loan Bank - 79.7% - continued
FHLB Notes,
5.13%, 6/13/08	$	16,220	$	16,299
5.13%, 6/18/08		25,575		25,681
2.85%, 7/1/08		95,000		95,000
5.13%, 8/8/08		10,000		10,110

				9,737,696

Total U.S. Government Agencies (Cost $11,188,883)				11,188,883

U.S. Government Obligations - 10.1%
U.S. Treasury Bills,
2.33%, 3/6/08		100,000		99,968
1.76%, 3/13/08		150,000		149,927
2.34%, 3/13/08		305,000		304,762
2.36%, 3/13/08		275,000		274,784
2.35%, 3/17/08		250,000		249,739
2.31%, 3/20/08		30,000		29,963
2.19%, 5/22/08		30,000		29,850
2.00%, 7/3/08		75,000		74,483
2.10%, 8/21/08		20,000		19,798

Total U.S. Government Obligations (Cost $1,233,274)				1,233,274

Investments, at Amortized Cost (Cost $12,422,157)				12,422,157

Total Investments - 101.7% (Cost $12,422,157) ⁽²⁾				12,422,157

Liabilities less Other Assets - (1.7)%				(212,972	)

NET ASSETS - 100.0%			$	12,209,185

(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 $12,422,157.

Percentages shown are based on Net Assets.

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Government Select Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


Valuation level	Investments in Securities (000s)		Other Financial Instruments* (000s)
Level 1	$	—	$	—
Level 2		12,422,157		—
Level 3		—		—
Total	$	12,422,157	$	—

*	Other financial instruments include futures and forwards, if applicable.

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

GOVERNMENT SELECT PORTFOLIO (continued)

FEBRUARY 29, 2008 (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 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.4%
Alabama - 2.8%
Columbia IDB PCR Refunding Bonds,
Series 1995-C, Alabama Power Company Project,
4.00%, 3/3/08	$	7,300	$	7,300
Montgomery IDB Pollution Control and Solid Waste Disposal Revenue Refunding VRDB,
Series 2005, General Electric Co. Project (General Electric Co. Gtd.),
3.12%, 3/3/08		13,100		13,100
West Jefferson IDB PCR Revenue Refunding Bonds,
Series 1998, Alabama Power Company Project,
3.20%, 3/3/08		6,800		6,800

				27,200

Alaska - 2.1%
Valdez Marine Terminal Revenue Refunding Bonds,
Series 1993A, Exxon Pipeline Co. Project,
3.75%, 3/3/08		4,500		4,500
Valdez Marine Terminal Revenue Refunding VRDB,
Series 2001, Exxon Pipeline Co. Project (BP PLC Gtd.),
3.50%, 3/3/08		2,500		2,500
Valdez Marine Terminal Revenue Refunding VRDB, Series 2003C,
BP Pipelines, Inc. Project (BP PLC Gtd.),
3.50%, 3/3/08		13,000		13,000

				20,000

Arizona - 1.0%
Arizona Health Facilities Authority Revenue Bonds,
Series 2003B-2, The Terraces Project (Lloyds TSB Bank LOC),
2.99%, 3/10/08		165		165
Salt River Project Agricultural Improvement and Power District
Revenue Bonds, Citigroup Eagle Series 2006-14, ⁽¹⁾
3.20%, 3/10/08		2,300		2,300
Salt River Project Agricultural Improvement and Power District
Revenue Bonds, Floater Series 2006-81TP, ⁽¹⁾
3.22%, 3/10/08		7,440		7,440

				9,905

California - 2.2%
Los Angeles Department of Water and Power
Waterworks Revenue VRDB, Subseries 2001B-1,
3.00%, 3/10/08		5,600		5,600
Metropolitan Water District of Southern California Waterworks Revenue VRDB,
Series 2005B-2,
3.60%, 3/3/08		700		700
Riverside County Teeter Obligation Revenue Bonds, CP Notes,
Series 2007-B (Bank of Nova Scotia LOC),
3.27%, 3/7/08		5,000		5,000
State of California RANS,
4.00%, 6/30/08		10,000		10,020

				21,320

Colorado - 2.2%
Colorado Educational and Cultural Facilities Authority Revenue Bonds,
Concordia University Irvine Project (U.S. Bank N.A. LOC),
3.56%, 3/3/08		2,275		2,275
Colorado Educational and Cultural Facilities Authority Revenue VRDB,
Museum of Contemporary Art (KeyBank N.A. LOC),
3.20%, 3/10/08		5,000		5,000
Colorado Educational and Cultural Facilities Authority Revenue VRDB,
Series 2005, Kent Denver School Project (Bank of New York LOC),
3.17%, 3/10/08		4,060		4,060
Colorado Health Facilities Authority Revenue Refunding VRDB,
Covenant Retirement (Bank of America N.A. LOC),
2.98%, 3/10/08		5,500		5,500

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.4% - CONTINUED
Colorado - 2.2% - (continued)
Colorado Health Facilities Authority Revenue VRDB,
Series 2004B, Adventist Health System Sunbelt (SunTrust Bank LOC),
2.98%, 3/10/08	$	4,595	$	4,595
Traer Creek Metropolitan District Revenue VRDB,
Series 2004 (BNP Paribas LOC),
3.05%, 3/10/08		200		200

				21,630

Connecticut - 0.2%
Connecticut State Health and Educational Facility Authority Revenue VRDB,
Series V-2, Yale University,
3.05%, 3/3/08		700		700
Connecticut State Health and Educational Facility Authority Revenue VRDB,
Series Y-3, Yale University,
3.05%, 3/3/08		800		800

				1,500

District of Columbia - 1.7%
District of Columbia Revenue VRDB, Series 2001,
Henry J. Kaiser Foundation,
3.25%, 3/10/08		1,200		1,200
District of Columbia Revenue VRDB, Series 2007,
Latin American Youth Center (Manufacturers & Traders Trust Co. LOC),
3.21%, 3/10/08		4,070		4,070
District of Columbia Water and Sewer Revenue Bonds,
Citicorp Eagle Trust 8121A (FSA Corp. Insured), ⁽¹⁾
3.23%, 3/10/08		7,000		7,000
District of Columbia Water and Sewer Revenue Bonds,
Series 1998, Citibank Eagle Trust 985201 (FSA Corp. Insured), ⁽¹⁾
3.23%, 3/10/08		4,200		4,200

				16,470

Florida - 3.6%
Bay Medical Center Hospital Revenue Bonds,
Series 2007-B, Bay Medical Center Project (Regions Bank LOC),
3.08%, 3/10/08		10,000		10,000
Gainesville Utility System Revenue VRDB,
Series 2008-B,
2.20%, 3/10/08		7,335		7,335
Highlands County Health Facilities Authority Revenue VRDB,
Series 1997A, Adventist Health System Sunbelt (SunTrust Bank LOC),
2.98%, 3/10/08		12,900		12,900
Jacksonville Health Facilities Authority Hospital Revenue VRDB, Series 2001,
Baptist Medical Center Project (Wachovia Bank N.A. LOC),
3.50%, 3/3/08		100		100
Lee County IDA Healthcare Facilities Revenue Refunding VRDB,
Series 2004, Improvement Hope Hospice Project (SunTrust Bank LOC),
3.70%, 3/3/08		1,600		1,600
Lee County IDA Healthcare Facilities Revenue VRDB,
Series 1999B, Shell Point Village Project (Bank of America N.A. LOC),
3.10%, 3/10/08		1,850		1,850
Tampa Revenue Refunding VRDB, Series 2007,
Volunteers of America (Regions Bank LOC),
3.16%, 3/10/08		1,000		1,000

				34,785

Georgia - 2.6%
Fulton County Development Authority Revenue Bonds,
Series 1999, Alfred and Adele Davis (Branch Banking & Trust Co. LOC),
3.18%, 3/10/08		12,125		12,125
Fulton County Residential Care Facilities Revenue VRDB,
Series C, Lenbrook Project, First Mortgage (Royal Bank of Scotland PLC LOC),
3.00%, 3/10/08		800		800

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.4% - CONTINUED
Georgia - 2.6% - (continued)
Georgia State G.O. Bonds,
Eagle Trust Series 97C1001, ⁽¹⁾
3.20%, 3/10/08	$	340	$	340
Macon-Bibb County Hospital Authority Revenue VRDB, Series 2003,
Revenue Anticipation Certificates
Medical Center of Central Georgia (SunTrust Bank LOC),
3.25%, 3/10/08		2,600		2,600
Macon Lease Revenue Refunding Bonds, Series 2004,
Bibb County School District Project,
3.17%, 3/10/08		2,185		2,185
Smyrna Multifamily Housing Authority Revenue Bonds,
Series 1997, F& M Villages Project (FNMA Gtd.),
3.25%, 3/10/08		7,220		7,220

				25,270

Idaho - 1.0%
Idaho State G.O. TANS, Series 2007,
4.50%, 6/30/08		10,000		10,025

Illinois - 11.5%
Arlington Heights Multifamily Housing Revenue Refunding VRDB, Series 1997,
Dunton Tower Apartments Project (Marshall & Ilsley Bank LOC),
3.11%, 3/10/08		3,980		3,980
Chicago Water Revenue Refunding VRDB,
Series 2004, Second Lien,
9.00%, 3/10/08		20,900		20,900
City of Chicago G.O. Refunding VRDB,
Series 2007E (MBIA Insured),
4.50%, 3/10/08		15,200		15,200
City of Springfield Community Improvement Revenue VRDB,
Series 2007A, Abraham Lincoln (Harris N.A. LOC),
3.14%, 3/10/08		5,000		5,000
DuPage County Revenue VRDB,
Benedictine University Building Project (National City Bank LOC),
3.12%, 3/10/08		300		300
Illinois Finance Authority Revenue Bonds,
Series 2006A, Chicago Christian (Fifth Third Bank LOC),
3.03%, 3/10/08		455		455
Illinois Finance Authority Revenue VRDB,
Series 2007B1, Northwestern Memorial Hospital,
3.25%, 3/3/08		7,900		7,900
Illinois Finance Authority Revenue VRDB,
Series 2007B2, Northwestern Memorial Hospital,
3.50%, 3/3/08		1,100		1,100
Illinois Health Facilities Authority Revenue Bonds,
Series 2003C, Advocate Healthcare Network,
2.35%, 2/26/09		10,000		10,000
Illinois International Port District Revenue Refunding VRDB, Series 2003
(Bank of America N.A. LOC),
3.25%, 3/10/08		3,000		3,000
Illinois State G.O.,
Citigroup ROCS RR-II-R-11165, ⁽¹⁾
3.19%, 3/10/08		11,140		11,140
Illinois State Sales TRB,
Citigroup ROCS RR-II-R-4542,⁽¹⁾
3.19%, 3/10/08		3,910		3,910
Kane County Revenue Bonds, Series 1993,
Glenwood School for Boys (Harris N.A. LOC),
3.23%, 3/10/08		7,200		7,200

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.4% - CONTINUED
Illinois - 11.5% - (continued)
Morton Grove Cultural Facilities Revenue VRDB,
Series 2006, Holocaust Museum (Bank of America N.A. LOC),
3.08%, 3/10/08	$	9,500	$	9,500
Peoria IDR Bonds, Series 1997,
Peoria Production Shop Project (JPMorgan Chase Bank LOC),
3.90%, 3/10/08		645		645
Rockford Revenue Bonds, Series 2002,
Wesley Willows Obligation (Marshall & Ilsley Bank LOC),
3.53%, 3/3/08		1,640		1,640
University of Illinois Revenue Bonds,
Citigroup ROCS RR-II-R-10124 (MBIA Insured), ⁽¹⁾
3.49%, 3/10/08		3,000		3,000
Will County Revenue VRDB, Series 2004,
Joliet Catholic Academy Project (Harris N.A. LOC),
3.14%, 3/10/08		6,250		6,250

				111,120

Indiana - 2.2%
Indiana Bond Bank Revenue Notes,
Series 2008-A, Advance Funding Program Notes,
3.00%, 1/30/09		10,000		10,081
Indiana Health and Educational Facilities Financing Authority Revenue Bonds,
Citigroup ROCS RR-II-R-10246, Ascension Health, ⁽¹⁾
3.19%, 3/10/08		7,900		7,900
Indiana Health and Educational Facilities Financing Authority Revenue Bonds,
Series 2005A, Howard Regional Health System Project (Comerica Bank LOC),
3.78%, 3/3/08		900		900
Indiana Health Facility Financing Authority Revenue VRDB, Series 2000,
Senior Living Greencroft Project (Bank of America N.A. LOC),
2.99%, 3/10/08		1,161		1,161
Indiana Health Facility Financing Authority Revenue VRDB, Series 2004A,
Margaret Mary Community Hospital Project (Fifth Third Bank LOC),
3.75%, 3/3/08		800		800

				20,842

Iowa - 1.4%
Iowa Finance Authority Revenue VRDB, Series 2000,
YMCA and Rehab Center Project (Bank of America N.A. LOC),
3.05%, 3/10/08		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),
3.20%, 3/10/08		3,100		3,100
Iowa Higher Education Loan Authority Revenue Bonds, Series 2002,
Luther College Project (U.S. Bank N.A. LOC),
2.98%, 3/10/08		3,000		3,000
Iowa Higher Education Loan Authority Revenue VRDB, Private College,
Series 2003, Des Moines University Project (Allied Irish Bank LOC),
3.78%, 3/3/08		200		200
State of Iowa TRANS,
4.00%, 6/30/08		5,000		5,012

				13,412

Kansas - 1.6%
Kansas Development Finance Authority Multifamily Revenue Refunding VRDB,
Chesapeake Apartments Project (FHLMC LOC),
3.20%, 3/10/08		11,000		11,000
Kansas Development Finance Authority Revenue VRDB,
Series 1998BB, Shalom Village Obligation Group (Citibank N.A. LOC),
2.99%, 3/10/08		4,760		4,760

				15,760

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.4% - CONTINUED
Kentucky - 2.4%
Fort Mitchell League of Cities Revenue VRDB, Series 2002A,
Trust Lease Program (U.S. Bank N.A. LOC),
3.20%, 3/10/08	$	2,250	$	2,250
Kentucky Asset Liability Commission General Fund Revenue Notes,
Series 2007-A TRANS,
4.50%, 6/26/08		20,000		20,049
Morehead League of Cities Revenue VRDB, Series 2004A,
Trust Lease Program (U.S. Bank N.A. LOC),
3.20%, 3/10/08		469		469

				22,768

Louisiana - 0.2%
Jefferson Parish Hospital Revenue Refunding VRDB, Series 2004,
East Jefferson General Hospital (JPMorgan Chase Bank LOC),
3.45%, 3/10/08		1,800		1,800

Maryland - 2.8%
Maryland Health and Higher Educational Facilities Authority Revenue Bonds,
Series 2003-B, Sheppard Pratt (SunTrust Bank LOC),
3.25%, 3/10/08		5,000		5,000
Maryland Health and Higher Educational Facilities Authority Revenue VRDB,
Series 2005A, Adventist Healthcare (Bank of America N.A. LOC),
3.15%, 3/10/08		11,400		11,400
Montgomery County Economic Development Revenue VRDB, Series 2004,
Riderwood Village, Inc. Project (Manufacturers & Traders Trust Co. LOC),
3.01%, 3/10/08		10,335		10,335

				26,735

Massachusetts - 3.8%
Massachusetts State Development Finance Agency Revenue VRDB,
Series 2007, Northfield Mount Hermon (JPMorgan Chase Bank LOC),
3.17%, 3/10/08		23,355		23,355
Massachusetts State Development Finance Agency Revenue VRDB,
Series 2007, Seashore Port-Deaconess, Inc. (Banco Santander Central Hispano LOC),
3.00%, 3/10/08		800		800
Massachusetts State Health and Educational Facilities Authority Revenue VRDB,
Series 1999R, Harvard University,
3.00%, 3/3/08		2,900		2,900
Massachusetts Water Resources Authority, CP Notes,
Series 2008 (State Street Bank & Trust LOC),
1.95%, 4/4/08		10,000		10,000

				37,055

Michigan - 1.7%
Detroit G.O. Limited TANS
(Bank of Nova Scotia LOC),
4.50%, 3/1/08		13,460		13,460
Michigan Municipal Bond Authority Revenue Notes,
Series 2007 B-2 (Bank of Nova Scotia LOC),
4.50%, 8/20/08		3,000		3,011

				16,471

Minnesota - 4.2%
Burnsville Housing Revenue VRDB,
Series 1999A, Provence LLC Project (Bank of America N.A. LOC),
3.21%, 3/10/08		15,650		15,650
Center City, Minnesota Healthcare Facilities Revenue VRDB, Series 2002,
Hazelden Foundation Project (Allied Irish Bank LOC),
3.19%, 3/10/08		2,300		2,300
Minneapolis Minnesota Health Care Systems Revenue Refunding VRDB,
Series 2005C, Fairview Health Services (MBIA Insured),
3.70%, 3/10/08		6,500		6,500

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.4% - CONTINUED
Minnesota - 4.2% - (continued)
Minnesota Housing Finance Agency Revenue Bonds,
Residential Housing Finance, Series 2007A,
3.65%, 3/4/08	$	3,000	$	3,000
St. Cloud Health Care Revenue VRDB,
Series 2008-A, Centracare Health System (Assured Guaranty Insured),
3.35%, 3/10/08		7,775		7,775
St. Cloud Health Care Revenue VRDB,
Series 2008-B, Centracare Health System (Assured Guaranty Insured),
3.35%, 3/10/08		5,305		5,305

				40,530

Mississippi - 3.3%
Mississippi Business Finance Corp. Golf Opportunity Zone Revenue VRDB,
Series 2007-C, Chevron USA, Inc. Project,
3.25%, 3/10/08		8,500		8,500
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB,
Series 2007-D, Chevron USA, Inc. Project,
2.85%, 3/10/08		8,750		8,750
Mississippi Business Finance Corp. Revenue VRDB,
Series 600, Concourse Project (Regions Bank LOC),
3.16%, 3/10/08		3,000		3,000
Mississippi Business Finance Corp. Revenue VRDB, Series 2000,
St. Andrew’s Episcopal School Project (Allied Irish Bank LOC),
3.16%, 3/10/08		2,000		2,000
Mississippi Business Finance Corp. Revenue VRDB,
Series 2007, Gulfport Promenade Project (Regions Bank LOC),
3.16%, 3/10/08		7,000		7,000
Mississippi Medical Center Educational Building Corp. Revenue VRDB,
Adult Hospital Project (AMBAC Insured),
4.00%, 3/3/08		3,000		3,000

				32,250

Missouri - 3.4%
Chesterfield IDA Educational Facilities Revenue VRDB,
Series 2003, Gateway Academy, Inc. Project (U.S. Bank N.A. LOC),
3.78%, 3/3/08		390		390
Kansas City IDA Multifamily Housing Revenue Refunding VRDB,
Coach House South Apartments (FHLMC LOC),
3.20%, 3/10/08		1,700		1,700
Kansas City IDA Revenue VRDB, Series B,
Downtown Redevelopment District (AMBAC Insured),
5.50%, 3/10/08		9,100		9,100
Kirkwood Tax Increment Revenue Refunding VRDB, Series 2004,
Kirkwood Commons Project (U.S. Bank N.A. LOC),
3.78%, 3/3/08		700		700
Missouri State Health and Educational Facilities Authority Revenue VRDB,
Series 1999B, St. Louis University,
3.78%, 3/3/08		2,415		2,415
Missouri State Health and Educational Facilities Authority Revenue VRDB,
Series 2002, Missouri Baptist College (U.S. Bank N.A. LOC),
3.78%, 3/3/08		2,100		2,100
Missouri State Health and Educational Facilities Authority Revenue VRDB,
Series 2007, Lutheran Church Extension (National City Bank LOC),
3.58%, 3/3/08		16,325		16,325
St. Charles County IDA Revenue Refunding VRDB, Series 1993,
Remington Apartments Project (FNMA Gtd.),
3.18%, 3/10/08		100		100

				32,830

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.4% - CONTINUED
Nevada - 0.3%
Carson City Hospital Revenue VRDB, Series 2003-B,
Tahoe Hospital Project (U.S. Bank N.A. LOC),
2.98%, 3/10/08	$	2,900	$	2,900

New Jersey - 1.8%
New Jersey EDA School Revenue VRDB,
Sub Series R-1, FACS Construction (Lloyds TSB Bank LOC),
3.20%, 3/3/08		7,400		7,400
New Jersey State TRANS, Series 2008A,
4.50%, 6/24/08		10,000		10,028

				17,428

New Mexico - 2.1%
Bernalillo County Gross TRB 1996B, Series 2004B,
Macon Variable Certificates (MBIA Insured), ⁽¹⁾
3.51%, 3/10/08		5,160		5,160
State of New Mexico TRANS, Series 2007,
4.00%, 6/30/08		5,000		5,016
State of New Mexico TRANS, Series 2007,
4.50%, 6/30/08		10,000		10,025

				20,201

New York - 2.9%
Jay Street Development Corp. Revenue Bonds,
Series 2003A-4, New York City Jay Street Project (Depfa Bank PLC LOC),
3.10%, 3/3/08		6,100		6,100
New Rochelle Municipal Housing Authority Multifamily Mortgage Revenue VRDB,
Series 2005-A, Sound Shore Medical Center Apartments (FNMA Insured),
2.96%, 3/10/08		2,335		2,335
Triborough Bridge and Tunnel Authority Revenue VRDB,
Series 2005-A,
3.10%, 3/10/08		20,000		20,000

				28,435

North Carolina - 4.8%
Charlotte G.O. VRDB,
3.00%, 3/10/08		6,000		6,000
Mecklenburg County COPS VRDB,
Series 2008-A,
3.18%, 3/10/08		28,000		28,000
New Hanover County G.O. School Bonds, Series 1995,
3.25%, 3/10/08		2,250		2,250
North Carolina Medical Care Commission Healthcare Facilities Revenue Refunding VRDB,
Series 2007, Lutheran Retirement Project (SunTrust Bank LOC),
3.16%, 3/10/08		9,700		9,700
University of North Carolina Revenue Bonds,
Citigroup Eagle 720053014 Class 2005A, ⁽¹⁾
3.20%, 3/10/08		800		800

				46,750

Ohio - 1.6%
Columbus Ohio Sewer Revenue Bonds,
Series 2008-B,
3.30%, 3/10/08		3,530		3,530
Middletown Development Revenue Bonds, Series 2003,
Bishop Fenwick High School Project (JPMorgan Chase Bank LOC),
3.23%, 3/10/08		2,450		2,450
Ohio State G.O.,
Citigroup ROCS RR-II-R-9144, ⁽¹⁾
3.19%, 3/10/08		4,140		4,140
Ohio State Higher Educational Facilities Revenue VRDB,
Series 2007, Ohio Dominican University Project (JPMorgan Chase Bank LOC),
3.19%, 3/10/08		700		700

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.4% - CONTINUED
Ohio - 1.6% - (continued)
Warren County Health Care Facilities Revenue VRDB,
Series 1998-B, Otterbein Homes, Improvement (Fifth Third Bank LOC),
3.10%, 3/10/08	$	4,700	$	4,700

				15,520

Oklahoma - 0.8%
Edmond EDA Student Housing Revenue VRDB,
Series 2001A, Edmond Project (Allied Irish Bank LOC),
3.16%, 3/10/08		4,200		4,200
Tulsa Industrial Authority Revenue Bonds,
Series 2000B, University of Tulsa (MBIA Insured),
7.00%, 3/10/08		3,655		3,655

				7,855

Pennsylvania - 1.5%
Philadelphia School District G.O. Unlimited TRANS, Series 2007-A
(Bank of America N.A. LOC),
4.50%, 6/27/08		15,000		15,036

Puerto Rico - 0.5%
Commonwealth of Puerto Rico TRANS,
Series 2007 (Bank of Nova Scotia LOC),
4.25%, 7/30/08		5,000		5,017

Tennessee - 2.1%
Chattanooga Health Educational and Housing Facility Board Revenue VRDB, Series 2004A,
Tennessee Health Program-Cumberland Medical (AmSouth Bank Birmingham LOC),
3.19%, 3/10/08		8,300		8,300
Clarksville Public Building Authority Revenue Bonds, Series 2003,
Pooled Financing Tennessee Municipal Bond Fund (Bank of America N.A. LOC),
3.65%, 3/3/08		730		730
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding
VRDB, Series 2002, University of Nashville Project (SunTrust Bank LOC),
3.25%, 3/10/08		1,300		1,300
Tennergy Corp. Gas Revenue Bonds,
STARS Trust Receipts 1260B (BNP Paribas LOC), ⁽¹⁾
3.41%, 3/10/08		6,140		6,140
Tennessee Local Development Authority Revenue BANS,
Series 2007A, Student Loan Program,
5.00%, 6/30/08		2,000		2,009
Williamson County IDB Revenue Bonds, Series 2003,
Currey Ingram Academy Project (SunTrust Bank LOC),
3.23%, 3/10/08		2,160		2,160

				20,639

Texas - 9.5%
Granbury Independent School District G.O.,
Series 1999 SG-129 (PSF of Texas Gtd.), ⁽¹⁾
3.20%, 3/10/08		4,815		4,815
Harris County Health Facilities Development Corp. Hospital Revenue VRDB,
Series 2007-B, Baylor College Medicine (JPMorgan Chase Bank LOC),
2.97%, 3/10/08		1,100		1,100
HFDC of Central Texas, Inc. Retirement Facilities Revenue Bonds,
Series 2006B (BNP Paribas LOC),
2.99%, 3/10/08		8,600		8,600
Irving Independent School District G.O., VRDB,
Series 2004-B (PSF of Texas Gtd.),
3.76%, 8/1/08		17,400		17,400
Little Elm School District G.O., Series 2006-60,
ABN AMRO Munitops Certificate Trust (PSF of Texas Gtd.), ⁽¹⁾
3.23%, 3/10/08		9,040		9,040

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.4% - CONTINUED
Texas - 9.5% - (continued)
Lower Neches Valley Industrial Development Corp. Exempt Facilities
Revenue Refunding VRDB, Series 2001A, ExxonMobil Project,
3.75%, 3/3/08	$	3,200	$	3,200
Princeton Independent School District G.O.,
Soc Gen Series 2003 SGB-41 (PSF of Texas Gtd.), ⁽¹⁾
3.21%, 3/10/08		4,750		4,750
San Antonio City Electric and Gas, Wachovia MERLOTS,
Series 2001A68 (Collateralized by U.S. Treasury Securities), ⁽¹⁾
3.35%, 3/10/08		3,620		3,620
State of Texas Transportation Mobility G.O.,
Bear Stearns Trust Certificate Series 2007-302 Class A, ⁽¹⁾
3.23%, 3/10/08		4,830		4,830
Tarrant County Health Facilities Development Corp. Revenue VRDB,
Series 1996-A, Adventist Health System Sunbelt (SunTrust Bank LOC),
2.98%, 3/10/08		5,045		5,045
Texas A&M University Revenue Bonds,
Series 2003A ROCS RR-II-R-4005, ⁽¹⁾
3.19%, 3/10/08		4,735		4,735
Texas City Industrial Development Corp., Wachovia MERLOTS,
Series 2000-A34, Arco Pipeline Project, ⁽¹⁾
3.35%, 3/10/08		3,835		3,835
Texas State Transportation Commission Revenue VRDB,
Series B, First Tier,
2.98%, 3/10/08		1,200		1,200
Texas Water Development Board Revenue Refunding VRDB,
Series 2007-A, Sub Lien,
4.00%, 3/3/08		8,500		8,500
University of Texas Revenue Refunding VRDB,
Series 2007-B, Financing System,
3.35%, 3/10/08		11,250		11,250

				91,920

Utah - 3.8%
Utah Transit Authority Sales Tax Revenue VRDB,
Sub series B (Fortis Bank LOC),
4.00%, 3/3/08		11,500		11,500
Utah Water Finance Agency Revenue VRDB,
Series 2002A2 (AMBAC Insured),
5.00%, 3/10/08		5,680		5,680
Utah Water Finance Agency Revenue VRDB,
Series 2005A13 (AMBAC Insured),
5.00%, 3/10/08		5,000		5,000
Utah Water Finance Agency Revenue VRDB, Series 2005A14
(AMBAC Insured),
6.38%, 3/10/08		4,100		4,100
Utah Water Finance Agency Revenue VRDB, Series A15
(AMBAC Insured),
5.00%, 3/10/08		10,000		10,000

				36,280

Virginia - 0.6%
Alexandria IDA Revenue Refunding VRDB,
Series 2005, Goodwin House (Wachovia Bank N.A. LOC),
3.40%, 3/3/08		5,500		5,500

MONEY MARKET PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.4% - CONTINUED
Washington - 1.4%
Tacoma Water System Revenue Bonds,
ABN AMRO Munitops Certificate Trust Series 2002-36 (MBIA Insured), ⁽¹⁾
3.51%, 3/10/08	$	8,680	$	8,680
Washington State Finance Commission Nonprofit Housing Revenue
Refunding VRDB, Series 1997, Panorama City Project (KeyBank N.A. LOC),
3.75%, 3/3/08		960		960
Washington State Finance Commission Nonprofit Housing Revenue VRDB,
Series 2000, Living Care Centers Project (Wells Fargo Bank N.A. LOC),
2.47%, 3/10/08		2,045		2,045
Washington State Housing Finance Commission Nonprofit Housing Revenue VRDB, Series 2003,
Gonzaga Preparatory School Project (Bank of America N.A. LOC),
3.05%, 3/10/08		1,865		1,865

				13,550

Wisconsin - 3.4%
State of Wisconsin, Series 2007, Operating Notes,
4.50%, 6/16/08		10,000		10,021
Wisconsin Health and Educational Facilities Authority Revenue Bonds,
Series 2001B, Newcastle Place Project (Bank of America N.A. LOC),
2.99%, 3/10/08		6,200		6,200
Wisconsin Health and Educational Facilities Authority Revenue Bonds,
Series 2002, Meriter Hospital, Inc. Project (Marshall & Ilsley Bank LOC),
3.78%, 3/3/08		250		250
Wisconsin Health and Educational Facilities Authority Revenue Bonds,
St. Joseph Community Hospital Project (Marshall & Ilsley Bank LOC),
3.01%, 3/10/08		490		490
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB,
Series 2003, Oakwood Village Project (Marshall & Ilsley Bank LOC),
3.01%, 3/10/08		585		585
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB,
Series 2005, Lutheran Home, Put Option (Marshall & Ilsley Bank LOC),
3.01%, 3/10/08		4,800		4,800
Wisconsin Health and Educational Facilities Authority Revenue VRDB,
Bay Medical Center, Inc. (Marshall & Ilsley Bank LOC),
3.78%, 3/3/08		10,000		10,000
Wisconsin Health and Educational Facilities Authority Revenue VRDB,
Series 2002A, Capital Access Pool, Vernon Memorial Hospital (U.S. Bank N.A. LOC),
3.78%, 3/3/08		905		905

				33,251

Wyoming - 0.9%
Platte County PCR Bonds, Series 1984A,
Tri-State Generation and Transmission (National Rural Utilities Cooperative Finance Corp. LOC),
4.00%, 3/3/08		8,500		8,500

Multiple States Pooled Security - 1.5%
BB&T Municipal Trust Revenue Bonds,
Floaters Series 1004 (Branch Banking & Trust Co. LOC), ⁽¹⁾
3.34%, 3/10/08		14,900		14,900

Total Municipal Investments (Cost $943,360)				943,360

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
INVESTMENT COMPANIES - 2.2%
AIM Tax-Free Cash Reserve Portfolio	19,247,630	$	19,248
Dreyfus Tax-Exempt Cash Management Fund	417,259		417
Lehman Brothers Institutional Liquidity Funds - Tax-Exempt Portfolio	1,541,172		1,541

Total Investment Companies (Cost $21,206)			21,206

Total Investments - 99.6% (Cost $964,566) ⁽²⁾			964,566

Other Assets less Liabilities - 0.4%			3,970

NET ASSETS - 100.0%		$	968,536

(1)

(2)

The cost for federal income tax purposes was $964,566.

Percentages shown are based on Net Assets.

At February 29, 2008, the industry sectors for the Tax-Exempt Portfolio were:


INDUSTRY SECTOR	% OF NET ASSETS
Air, Water Services and Solid Waste Management	11.7	%
Educational Services	8.3	%
Executive, Legislative and General Government	30.3	%
General Medical, Surgical and Nursing and Personal Care	7.3	%
Health Services and Residential Care	12.6	%
Urban and Community Development, Housing Programs and Social Services	9.6	%
All other sectors less than 5%	20.2	%

Total	100.0	%

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Tax Exempt Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


Valuation level	Investments in Securities (000s)		Other Financial Instruments* (000s)
Level 1	$	21,206	$	—
Level 2		943,360		—
Level 3		—		—
Total	$	964,566	$	—

*	Other financial instruments include futures and forwards, if applicable.

MONEY MARKET PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

TAX-EXEMPT PORTFOLIO (continued)

FEBRUARY 29, 2008 (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

COPS Certificates of Participation

CP Commercial Paper

EDA Economic Development Authority

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

PSF Permanent School Fund

RANS Revenue Anticipation Notes

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

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

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5%
Alabama - 2.1%
Alabama Multifamily Housing Finance Authority Revenue Refunding Bonds, Series 1995, Westshore Apartments Project (Wachovia Bank N.A. LOC),
3.16%, 3/10/08	$	2,405	$	2,405
Birmingham Medical Clinic Board Revenue Bonds, University of Alabama Health Services (SunTrust Bank LOC),
3.25%, 3/10/08		4,000		4,000
Birmingham Public Park and Recreation Board Lease Revenue VRDB, Series 2001, Barber Museum Project (Regions Bank LOC),
3.18%, 3/10/08		16,000		16,000
Columbia IDB PCR Refunding Bonds, Series 1995-D, Alabama Power Co. Project (Alabama Power Gtd.),
4.00%, 3/3/08		9,700		9,700
Health Care Authority for Baptist Revenue VRDB, Series 2006-C (AmSouth Bank Birmingham LOC),
3.00%, 3/10/08		11,600		11,600
Homewood Educational Building Authority Revenue VRDB, Series 2007B, Educational Facilities Samford University (MBIA Insured),
4.50%, 3/10/08		9,850		9,850
Mobile Spring Hill Medical Clinic Board Revenue VRDB, Series 2007, Spring Hill Area Leasing Project (Regions Bank LOC),
3.17%, 3/10/08		3,615		3,615
Montgomery IDB Pollution Control and Solid Waste Disposal Revenue Refunding VRDB, Series 2005, General Electric Co. Project (General Electric Co. Gtd.),
3.12%, 3/3/08		3,000		3,000
University of Alabama Revenue VRDB, Series 2000B, Hospital (AMBAC Insured),
3.55%, 3/10/08		20,400		20,400

				80,570

Alaska - 0.6%
Valdez Marine Terminal Revenue Refunding Bonds, Series 1993A, Exxon Pipeline Co. Project,
3.75%, 3/3/08		4,400		4,400
Valdez Marine Terminal Revenue Refunding Bonds, Series B, Exxon Pipelines Co. Project,
3.75%, 3/3/08		6,800		6,800
Valdez Marine Terminal Revenue Refunding Bonds, Series 1993C, Exxon Pipeline Co. Project,
3.75%, 3/3/08		4,400		4,400
Valdez Marine Terminal Revenue Refunding VRDB, Series 2001, Exxon Pipeline Co. Project (BP PLC Gtd.),
3.50%, 3/3/08		2,500		2,500
Valdez Marine Terminal Revenue Refunding VRDB, Series 2003B, BP Pipelines, Inc. Project,
3.50%, 3/3/08		4,800		4,800

				22,900

Arizona - 2.7%
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-1, The Terraces Project (Lloyds TSB Bank LOC),
2.99%, 3/10/08		10,000		10,000
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-2, The Terraces Project (Lloyds TSB Bank LOC),
2.99%, 3/10/08		2,250		2,250
Arizona Health Facilities Authority Revenue Refunding Bonds, Series 2007 The Terraces Project (Lloyds TSB Bank LOC),
3.00%, 3/10/08		15,000		15,000
Arizona Health Facilities Authority Revenue VRDB, Series A, Banner Health (MBIA Insured),
3.45%, 3/10/08		2,280		2,280
Arizona Health Facilities Authority Revenue VRDB, Series 2002, Royal Oaks Project (Bank of America N.A. LOC),
2.98%, 3/10/08		18,140		18,140

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Arizona - 2.7% - (continued)
Phoenix G.O. Floaters, Series 2012, BB&T Municipal Trust Various States, ⁽¹⁾
3.22%, 3/10/08	$	10,345	$	10,345
Pima County IDA Revenue VRDB, Series 2002A, Senior Living Facilities La Posada (Bank of America N.A. LOC),
2.98%, 3/10/08		17,760		17,760
Salt River Project Agricultural Improvement and Power District Electric System Revenue Bonds, Citigroup ROCS RR-II-R-640, ⁽¹⁾
3.19%, 3/10/08		7,440		7,440
Salt River Project Agricultural Improvement and Power District Electric System Revenue Bonds, Citigroup ROCS RR-II-R-12029, ⁽¹⁾
3.20%, 3/10/08		6,890		6,890
Tempe IDA Senior Living Revenue VRDB, Series 2002C, Friendship Village Project (Fortis Bank LOC),
3.00%, 3/10/08		7,900		7,900
Tuscon IDA Revenue VRDB, Series 2002A, Family Housing Resources Projects (FNMA LOC),
3.13%, 3/10/08		4,850		4,850
Yavapai County IDA Hospital Facilities Revenue Refunding VRDB, Series 2008A, Yavapai Regional Medical Center (UBS AG LOC),
2.90%, 3/10/08		2,300		2,300

				105,155

California - 1.6%
ABN AMRO Munitops Certificate Trust, Series 2006-21, ⁽¹⁾
3.16%, 3/10/08		13,995		13,995
California State Department of Water Resources Power Supply Revenue VRDB, Series 2002B-2 (BNP Paribas LOC),
3.65%, 3/3/08		20,700		20,700
California State Department of Water Resources and Power Supply Revenue VRDB, Series 2002C-7 (FSA Corp. Insured),
2.80%, 3/10/08		1,370		1,370
State of California RANS,
4.00%, 6/30/08		25,000		25,051

				61,116

Colorado - 3.7%
Castle Pines North Metropolitan District G.O. Refunding VRDB, Series 2006-C, Limited Tax (U.S. Bank N.A. LOC),
3.05%, 3/10/08		2,915		2,915
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Concordia University Irvine Project (U.S. Bank N.A. LOC),
3.56%, 3/3/08		6,395		6,395
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Immanuel Lutheran School Project (Bank of America N.A. LOC),
3.56%, 3/3/08		8,645		8,645
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Series 2005, Bear Creek School Project (U.S. Bank N.A. LOC),
2.98%, 3/10/08		7,050		7,050
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Series 2006, Pueblo Serra Worship Holdings (Wells Fargo Bank N.A. LOC),
3.15%, 3/10/08		7,240		7,240
Colorado Health Facilities Authority Revenue Refunding VRDB, Series 2004B, Bethesda Collinwood (Bank of America N.A. LOC),
3.00%, 3/10/08		3,970		3,970
Colorado Health Facilities Authority Revenue VRDB, Series 2002, Total Long term Care Project (U.S. Bank N.A. LOC),
3.02%, 3/10/08		3,255		3,255
Colorado Health Facilities Authority Revenue VRDB, Series 2004B, Adventist Health System Sunbelt (SunTrust Bank LOC),
2.98%, 3/10/08		11,260		11,260

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Colorado - 3.7% - (continued)
Colorado Health Facilities Authority Revenue VRDB, Series 2006-A, Golden West Manor (U.S. Bank N.A. LOC),
3.05%, 3/10/08	$	2,480	$	2,480
Colorado State Education Loan Program TRANS,
3.25%, 8/5/08		25,000		25,037
East Cherry Creek Valley Water and Sanitation District Revenue VRDB, Series 2004, Arapahoe County (MBIA Insured),
3.16%, 3/10/08		4,445		4,445
El Paso County Multifamily Housing Revenue Refunding Bonds, Series 1995, Briarglen Apartments Project (FHLMC Insured),
2.99%, 3/10/08		1,800		1,800
Fiddlers Business Improvement District Greenwood Village G.O. VRDB, Series 2007-2, Capital Improvement Sub Lien (KeyBank N.A. LOC),
3.05%, 3/10/08		7,000		7,000
Larkridge G.O. VRDB, Series 2004, Metropolitan District Number 1 (U.S. Bank N.A. LOC),
3.21%, 3/10/08		10,000		10,000
Steamboat Springs Redevelopment Authority Tax Increment Revenue Bonds, Series 2007, Base Area Redevelopment Project (Wells Fargo Bank N.A. LOC),
3.02%, 3/10/08		6,100		6,100
Telluride Excise Tax Revenue VRDB, Series 2007, VY Floor Open Space Project (KeyBank N.A. LOC),
3.05%, 3/10/08		4,260		4,260
Traer Creek Metropolitan District Revenue VRDB, Series 2002, Avon (BNP Paribas LOC),
3.05%, 3/10/08		14,310		14,310
Traer Creek Metropolitan District Revenue VRDB, Series 2004 (BNP Paribas LOC),
3.05%, 3/10/08		10,700		10,700
Westminster EDA Tax Increment Revenue Refunding VRDB, Series 2006, Mandalay Gardens Urban (Depfa Bank PLC LOC),
3.00%, 3/10/08		8,380		8,380

				145,242

Connecticut - 0.2%
Connecticut State Health and Educational Facility Authority Revenue Bonds, Series V-1, Yale University,
3.05%, 3/3/08		500		500
Connecticut State Health and Educational Facility Authority Revenue VRDB, Series 2003X-3, Yale University,
3.00%, 3/3/08		7,300		7,300

				7,800

District of Columbia - 0.7%
District of Columbia Revenue VRDB, Series 1999, The Washington Home, Inc. (Wachovia Bank N.A. LOC),
3.00%, 3/10/08		8,995		8,995
District of Columbia Revenue VRDB, Series 2001, Henry J. Kaiser Foundation,
3.25%, 3/10/08		4,700		4,700
District of Columbia Revenue VRDB, Series 2003, American Psychological Association Project (Bank of America N.A. LOC),
3.02%, 3/10/08		2,355		2,355
District of Columbia Revenue VRDB, Series 2007, Preparatory Academy (Manufacturers & Traders Bank Co. LOC),
3.21%, 3/10/08		9,580		9,580

				25,630

Florida - 8.9%
Brevard County Health Facilities Authority Revenue VRDB, Series 2004, Wuesthoff Health Systems, Inc. Project (SunTrust Bank LOC),
3.25%, 3/10/08		12,900		12,900

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Florida - 8.9% - (continued)
Broward County Educational Facilities Authority Revenue Bonds, City College Project (Citibank N.A. LOC),
2.98%, 3/10/08	$	10,115	$	10,115
Charlotte County Utility Revenue Refunding VRDB, Series 2003A (FSA Corp. Insured),
3.16%, 3/10/08		5,700		5,700
Florida Gas Utility Revenue VRDB, Series 2006, Gas Supply Project Number 2-A-2,
3.00%, 3/10/08		4,700		4,700
Florida Housing Finance Corp. Multifamily Revenue Bonds, Series 53G-2007, Goldman Floater (Goldman Sachs Group, Inc. Gtd.), ⁽¹⁾
3.22%, 3/10/08		20,000		20,000
Florida Housing Finance Corp. Multifamily Revenue Refunding Bonds, Series 1998, South Pointe Project (FNMA Insured),
2.99%, 3/10/08		3,900		3,900
Florida Housing Finance Corp. Multifamily Revenue Refunding VRDB, Series 2004, Lakeside North (FHLMC Insured),
2.99%, 3/10/08		2,500		2,500
Florida Housing Finance Corp. Multifamily Revenue Refunding VRDB, Series C, Monterey Lake (FHLMC LOC),
2.99%, 3/10/08		7,325		7,325
Florida Housing Finance Corp. Multifamily Revenue Refunding VRDB, Series K, Reflections (FHLMC Gtd.),
3.04%, 3/10/08		13,500		13,500
Florida Multifamily Housing Finance Agency Revenue Bonds, Series 1985, Huntington (FHLMC Gtd.),
2.99%, 3/10/08		4,000		4,000
Florida Multifamily Housing Finance Agency Revenue Bonds, Series 1985, River Oaks (FHLMC Insured),
3.02%, 3/10/08		3,900		3,900
Florida State Board of Education G.O., Citigroup ROCS RR-II-R-10122, ⁽¹⁾
3.19%, 3/10/08		4,175		4,175
Florida State Board of Education G.O., Eagle 720050054 - Class A, ⁽¹⁾
3.20%, 3/10/08		10,000		10,000
Florida State Board of Education Revenue Bonds, Series 2004, Citigroup ROCS RR-II-6037, ⁽¹⁾
3.19%, 3/10/08		6,240		6,240
Gainesville Utility System Revenue VRDB, Series 2007-A,
2.90%, 3/10/08		900		900
Highlands County Health Facilities Authority Revenue Refunding VRDB, Series 2006-A, Adventist Health (FSA Corp. Insured),
2.98%, 3/10/08		15,135		15,135
Highlands County Health Facilities Authority Revenue VRDB, Series 1996A, Adventist Health System Sunbelt (SunTrust Bank LOC),
2.98%, 3/10/08		53,520		53,520
Highlands County Health Facilities Authority Revenue VRDB, Series 1997A, Adventist Health System Sunbelt (SunTrust Bank LOC),
2.98%, 3/10/08		2,600		2,600
Highlands County Health Facilities Authority Revenue VRDB, Series 2003B, Adventist Health System Sunbelt (SunTrust Bank LOC),
3.00%, 3/10/08		17,450		17,450
Highlands County Health Facilities Authority Revenue VRDB, Series 2007 A-2, Adventist Health System,
3.00%, 3/10/08		10,000		10,000
Jacksonville Health Facilities Authority Hospital Revenue VRDB, Series 2001, Baptist Medical Center Project (Wachovia Bank N.A. LOC),
3.50%, 3/3/08		600		600

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Florida - 8.9% - (continued)
Jacksonville PCR Refunding Bonds, Series 1995, Florida Power and Light Co. Project,
3.20%, 3/3/08	$	6,400	$	6,400
Lee County HFA Multifamily Revenue Bonds, Series 1995-A, Forestwood Apartments Project (FNMA Gtd.),
3.61%, 3/10/08		8,285		8,285
Lee County IDA Healthcare Facilities Revenue Refunding VRDB, Series 2004, Improvement Hope Hospice Project (SunTrust Bank LOC),
3.70%, 3/3/08		11,000		11,000
Lee County IDA Healthcare Facilities Revenue VRDB, Series 1999B, Shell Point Village Project (Bank of America N.A. LOC),
3.10%, 3/10/08		9,535		9,535
Leesburg Hospital Revenue VRDB, The Villages Regional Hospital (Royal Bank of Scotland PLC LOC),
3.16%, 3/10/08		10,000		10,000
Marion County Hospital District Revenue Bonds, Series 2000, Munroe Regional Health System (AmSouth Bank Birmingham LOC),
3.01%, 3/10/08		7,000		7,000
Martin County Health Facilities Authority Hospital Revenue Refunding VRDB, Series 2007A, Martin Memorial Medical Center (Wachovia Bank N.A. LOC),
2.98%, 3/10/08		6,000		6,000
Orange County Finance Authority Multifamily Housing Revenue Refunding Bonds, Series 1997, Post Lake Apartments Project (FNMA Insured),
3.02%, 3/10/08		14,685		14,685
Orange County Housing Finance Authority Multifamily Revenue Refunding VRDB, Series 1997, Post Fountains Project (FNMA Gtd.),
2.90%, 3/10/08		2,550		2,550
Palm Beach County Health Facilities Authority Revenue VRDB, Series 2001, Bethesda Healthcare System Project (SunTrust Bank LOC),
3.70%, 3/3/08		2,500		2,500
Palm Beach County School Board COPS, Series 2002B (FSA Corp. Insured),
3.01%, 3/10/08		7,975		7,975
Sarasota-Manatee Airport Authority Revenue Refunding VRDB, Series 2006 (SunTrust Bank LOC),
3.70%, 3/3/08		15,840		15,840
Seminole County IDA Revenue VRDB, Series 2007, Harvest Time International Project (Fifth Third Bank LOC),
3.22%, 3/10/08		9,600		9,600
St. Lucie Florida Community Redevelopment, Series 2006-83, ABN AMRO Munitops Certificate Trust (MBIA Insured), ^{(1) (2)}
3.96%, 3/10/08		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⁾
3.51%, 3/10/08		9,845		9,845

				348,425

Georgia - 1.2%
Burke County Development Authority PCR Bonds, Georgia Power Co. Plant Vogtle First Series,
3.76%, 7/1/08		7,025		7,025
Clayton County Housing Authority Revenue Bonds, Series 1985, Rivers Edge Development (FHLMC Gtd.),
3.18%, 3/10/08		1,500		1,500
Cobb County Housing Authority Multifamily Revenue VRDB, Series 1996, Post Bridge Project (FNMA Insured),
3.25%, 3/10/08		3,300		3,300

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Georgia - 1.2% - (continued)
Cobb County Housing Authority Revenue Bonds, Post Mill Project (FNMA Gtd.),
3.25%, 3/10/08	$	2,000	$	2,000
Cobb County Multifamily Housing Authority Revenue Refunding VRDB, Series 1999, Six Flags Association (FHLMC LOC),
3.21%, 3/10/08		1,100		1,100
Fayette County Hospital Authority Revenue VRDB, Series 2007, RANS, Fayette Community Hospital Project (SunTrust Bank LOC),
3.25%, 3/10/08		8,000		8,000
Floyd County Development Authority Revenue VRDB, Series 2000, Darlington School Project (SunTrust Bank LOC),
3.16%, 3/10/08		2,800		2,800
Fulton County Development Authority Revenue Bonds, Series 2004, Holy Innocents Episcopal School Project (SunTrust Bank LOC),
3.25%, 3/10/08		100		100
Gainesville and Hall County Development Authority Revenue VRDB, Series 2007, GHCDA Economic Development Corp. Project (Dexia Bank Belgium LOC),
3.16%, 3/10/08		6,465		6,465
Gwinnett County Multifamily Housing Revenue VRDB, Series 1996, Post Corners Project (FNMA Gtd.),
3.00%, 3/10/08		4,300		4,300
Roswell Housing Authority Multifamily Revenue Refunding VRDB, Series 1994, Wood Crossing Project (FHLMC LOC),
3.38%, 3/10/08		3,300		3,300
Roswell Housing Authority Multifamily Revenue Refunding VRDB, Series 1996, Azalea Park Apartments (FNMA Insured),
2.99%, 3/10/08		5,400		5,400
Roswell Housing Authority Multifamily Revenue Refunding VRDB, Series 2002, Chambrel at Roswell Project (FNMA Gtd.),
3.04%, 3/10/08		100		100
Smyrna Multifamily Housing Authority Revenue Bonds, Series 1997, F & M Villages Project (FNMA Gtd.),
3.25%, 3/10/08		1,350		1,350

				46,740

Idaho - 0.3%
Idaho State G.O. TANS, Series 2007,
4.50%, 6/30/08		10,000		10,024

Illinois - 11.3%
City of Chicago G.O. Refunding VRDB, Series 2007E (MBIA Insured),
4.50%, 3/10/08		3,700		3,700
Chicago, Illinois G.O. Tender Notes, Series 2007-E (Harris N.A. LOC),
3.20%, 10/2/08		12,500		12,500
Chicago Water G.O., Series 2007, BB&T Municipal Trust, ⁽¹⁾
3.22%, 3/10/08		11,350		11,350
Chicago Water Revenue Refunding VRDB, Series 2004, Second Lien,
9.00%, 3/10/08		13,900		13,900
City of Aurora Revenue VRDB, Series 2003, Community Counseling Center of Fox Valley Project (Harris N.A. LOC),
3.05%, 3/10/08		3,210		3,210
City of Greenville Revenue Refunding VRDB, Series 2006, Greenville College Project (National City Bank LOC),
3.45%, 11/1/08		3,875		3,875
Illinois Development Finance Authority Revenue Bonds, Sacred Heart Schools Project (Fifth Third Bank LOC),
3.01%, 3/10/08		11,600		11,600

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Illinois - 11.3% - (continued)
Illinois Development Finance Authority Revenue Bonds, Series 1984, Enterprise Office Project (Collateralized by U.S. Treasuries),
3.75%, 3/3/08	$	6,000	$	6,000
Illinois Development Finance Authority Revenue VRDB, BAPS, Inc. Project (Comerica Bank LOC),
3.01%, 3/10/08		9,335		9,335
Illinois Development Finance Authority Revenue VRDB, Series 1994, Aurora Central Catholic High School Project (Allied Irish Bank LOC),
3.26%, 3/10/08		1,000		1,000
Illinois Development Finance Authority Revenue VRDB, Series 1998, Wheaton Academy Project (Bank of America N.A. LOC),
3.03%, 3/10/08		9,000		9,000
Illinois Development Finance Authority Revenue VRDB, Series 2001, Oak Park Residence Corp. Project (Bank of America N.A. LOC),
3.00%, 3/10/08		1,650		1,650
Illinois Development Finance Authority Revenue VRDB, Series 2002, Roosevelt University Project (JPMorgan Chase Bank LOC),
3.04%, 3/10/08		10,000		10,000
Illinois Development Finance Authority Revenue VRDB, Series 2003, Mount Carmel High School Project (JPMorgan Chase Bank LOC),
3.04%, 3/10/08		12,000		12,000
Illinois Educational Facilities Authority Revenue Bonds, Series 1985, Cultural Pool (JPMorgan Chase Bank LOC),
2.93%, 3/10/08		10,790		10,790
Illinois Educational Facilities Authority Revenue VRDB, Series 1999A, National Louis University (JPMorgan Chase Bank LOC),
3.00%, 3/10/08		10,450		10,450
Illinois Educational Facilities Authority Revenue Bonds, Series 2003B, Augustana College (Harris N.A. LOC),
3.18%, 3/10/08		6,890		6,890
Illinois Finance Authority Revenue Bonds, Citigroup Eagle 20060115-Class A, Northwestern University, ⁽¹⁾
3.20%, 3/10/08		8,170		8,170
Illinois Finance Authority Revenue Bonds, Kohl Childrens Museum (Fifth Third Bank LOC),
3.01%, 3/10/08		2,075		2,075
Illinois Finance Authority Revenue Bonds, Nazareth Academy Project (Harris N.A. LOC),
3.01%, 3/10/08		10,500		10,500
Illinois Finance Authority Revenue Bonds, Northwestern, Citi ROCS RR-II-R-12043, ⁽¹⁾
3.20%, 3/10/08		10,395		10,395
Illinois Finance Authority Revenue Bonds, Series 2005, Joan W. & Irving B. Dance Project (Bank of America N.A. LOC),
3.02%, 3/10/08		13,100		13,100
Illinois Finance Authority Revenue Bonds, Series 2007, Erikson Project (Bank of America N.A. LOC),
3.00%, 3/10/08		6,000		6,000
Illinois Finance Authority Revenue Refunding VRDB, Series 2007, Presbyterian Homes Project (FSA Corp. Insured),
3.01%, 3/10/08		8,000		8,000
Illinois Finance Authority Revenue VRDB, Series 2005C, Friendship Village Schaumburg (Bank of America N.A. LOC),
2.98%, 3/10/08		21,650		21,650
Illinois Finance Authority Revenue VRDB, Series 2006B, Montgomery Place (Fifth Third Bank LOC),
2.99%, 3/10/08		3,310		3,310
Illinois Finance Authority Revenue VRDB, Series 2007, North American Spine Society (Harris N.A. LOC),
3.65%, 3/10/08		12,500		12,500

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Illinois - 11.3% - (continued)
Illinois Finance Authority Revenue VRDB, Series 2007-B, Monarch Landing, Inc. (Fifth Third Bank LOC),
2.98%, 3/10/08	$	18,750	$	18,750
Illinois Finance Authority Revenue VRDB, Series 2007B1, Northwestern Memorial Hospital,
3.25%, 3/3/08		4,900		4,900
Illinois Finance Authority Revenue VRDB, Series 2007B2, Northwestern Memorial Hospital,
3.50%, 3/3/08		400		400
Illinois Finance Authority Revenue VRDB, Series 2007-F, OSF Healthcare System (FSA Corp. Insured),
3.05%, 3/10/08		10,600		10,600
Illinois Finance Authority Revenue VRDB, Easter Seals Metropolitan Chicago (Harris N.A. LOC),
3.14%, 3/10/08		7,700		7,700
Illinois Finance Authority Revenue VRDB, Series A, Franciscan Communities (Bank of America N.A. LOC),
2.99%, 3/10/08		8,045		8,045
Illinois Finance Authority Revenue VRDB, Series B, Landing at Plymouth (Lloyds TSB Bank LOC),
2.99%, 3/10/08		2,300		2,300
Illinois Finance Authority Revenue VRDB, Series D, The Clare At Water Tower Project (Bank of America N.A. LOC),
3.00%, 3/10/08		23,650		23,650
Illinois Health Facilities Authority Revenue Bonds, Advocate Healthcare Network,
Series 2003-C,
2.35%, 2/26/09		15,000		15,000
Illinois Health Facilities Authority Revenue Refunding Bonds, Series 1996, Franciscan Eldercare Village (Bank of America N.A. LOC),
3.10%, 3/10/08		2,300		2,300
Illinois Municipal Electric Agency Power Supply Revenue Bonds, CitiGroup ROCS RR-II-R-11185WF (Wells Fargo Bank N.A. Gtd.), ⁽¹⁾
4.76%, 3/10/08		9,210		9,210
Illinois State G.O. Bonds Series 2006, Citigroup ROCS-II-R-1072, ⁽¹⁾
3.19%, 3/10/08		4,965		4,965
Illinois State Tollway Highway Authority Revenue Refunding VRDB, Series 2008A-1, Senior Priority,
3.01%, 3/10/08		20,000		20,000
Illinois State Tollway Highway Authority Revenue Refunding VRDB, Series 2008A-2, Senior Priority,
3.09%, 3/10/08		30,000		30,000
Kane County Revenue Bonds, Series 1993, Glenwood School for Boys (Harris N.A. LOC),
3.23%, 3/10/08		4,500		4,500
Lisle Multifamily Housing Revenue Refunding VRDB, Series 1996, Four Lakes Phase V (Bank of America N.A. LOC),
2.90%, 3/10/08		20,000		20,000
Lombard Multifamily Housing Revenue Refunding Bonds, Series 2000, Clover Creek Apartments Project (FNMA LOC),
3.00%, 3/10/08		11,815		11,815
Morton Grove Cultural Facilities Revenue VRDB, Series 2006, Holocaust Museum (Bank of America N.A. LOC),
3.08%, 3/10/08		4,750		4,750
Regional Transportation Authority Revenue Bonds, Bank of America Variable Certificates, Macon 2004A (MBIA Insured), ⁽¹⁾
3.51%, 3/10/08		3,330		3,330

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Illinois - 11.3% - (continued)
Rockford Revenue Bonds, Series 2002, Wesley Willows Obligation (Marshall & Ilsley Bank LOC),
3.53%, 3/3/08	$	5,060	$	5,060

				440,225

Indiana - 2.9%
Indiana Bond Bank Revenue Notes, Series 2008-A, Advance Funding Program Notes,
3.00%, 1/30/09		40,000		40,323
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Series 2005, Harrison County Hospital Project (JPMorgan Chase Bank LOC),
3.75%, 3/3/08		8,000		8,000
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Series 2005A, Howard Regional Health System Project (Comerica Bank LOC),
3.78%, 3/3/08		8,800		8,800
Indiana Health Facility Financing Authority Revenue Bonds, Series 2004, Riverview Hospital Project (National City Bank LOC),
3.11%, 3/10/08		3,350		3,350
Indiana Health Facility Financing Authority Revenue VRDB, Series 2001, Franciscan Eldercare Village Project (Bank of America N.A. LOC),
2.98%, 3/10/08		295		295
Indiana Health Facility Financing Authority Revenue VRDB, Series 2002B Fayette Memorial Hospital Association (Fifth Third Bank LOC),
3.78%, 3/3/08		7,100		7,100
Indiana Health Facility Financing Authority Revenue VRDB, Series 2004A, Margaret Mary Community Hospital Project (Fifth Third Bank LOC),
3.75%, 3/3/08		1,000		1,000
Indiana Hospital Equipment Financing Revenue VRDB, Hospital Equipment Program Project (MBIA Insured),
6.25%, 3/10/08		12,615		12,615
Indiana Public School Building Corp. Revenue Bonds, Series 2003-15, ABN AMRO Munitops Certificate Trust (MBIA Insured), ⁽¹⁾
3.51%, 3/10/08		14,200		14,200
Indiana State Development Finance Authority Revenue VRDB, Series 2003 Educational Facilities, Christel House Project (Fifth Third Bank LOC),
3.20%, 3/10/08		3,560		3,560
Indiana State Development Finance Authority Revenue VRDB, Series 2003, YMCA of Southwest Indiana Project (Wells Fargo Bank N.A. LOC),
3.16%, 3/10/08		2,900		2,900
Indiana State Educational Facilities Authority Revenue VRDB, Series 2004, Bethel College Project (National City Bank LOC),
3.19%, 3/10/08		5,660		5,660
Mount Vernon Pollution Control and Solid Waste Disposal Revenue VRDB, General Electric Co. Project (General Electric Co. Gtd.),
3.12%, 3/3/08		3,300		3,300
Vincennes Economic Development Revenue VRDB, Knox County Association (Wells Fargo Bank N.A. LOC),
3.16%, 3/10/08		2,300		2,300

				113,403

Iowa - 2.0%
Grinnell Hospital Revenue Refunding VRDB, Series 2001, Grinnell Regional Medical Center Project (U.S. Bank N.A. LOC),
3.78%, 3/3/08		3,200		3,200
Iowa Finance Authority Economic Development Revenue VRDB, Series 2002, Iowa West Foundation Project (U.S. Bank N.A. LOC),
3.11%, 3/10/08		6,100		6,100
Iowa Finance Authority Private College Revenue VRDB, Series 2001, Morningside College Project (U.S. Bank N.A. LOC),
3.78%, 3/3/08		4,700		4,700

MONEY MARKET PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Iowa - 2.0% - (continued)
Iowa Finance Authority Retirement Community Revenue VRDB, Series 2007-C, Edgewater A Wesley (Banco Santander Central Hispano LOC),
3.00%, 3/10/08	$	20,000	$	20,000
Iowa Higher Education Loan Authority Revenue Bonds, Series 2002, Luther College Project (U.S. Bank N.A. LOC),
2.98%, 3/10/08		12,000		12,000
Iowa Higher Education Loan Authority Revenue VRDB, Private College, Series 2003, Des Moines University Project (Allied Irish Bank LOC),
3.78%, 3/3/08		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		19,046
State of Iowa TRANS,
4.00%, 6/30/08		10,000		10,024

				78,670

Kansas - 1.3%
Johnson County Unified School District No. 512 G.O., Series 2001-A92, Wachovia MERLOTS, ⁽¹⁾
3.35%, 3/10/08		9,475		9,475
Kansas Development Finance Authority Multifamily Revenue Refunding VRDB, Chesapeake Apartments Project (FHLMC LOC),
3.20%, 3/10/08		5,000		5,000
Kansas Development Finance Authority Revenue VRDB, Series 1998BB, Shalom Village Obligation Group (Citibank N.A. LOC),
2.99%, 3/10/08		2,040		2,040
Kansas Development Finance Authority Revenue VRDB, Series 2004C, Adventist Health System/Sunbelt (SunTrust Bank LOC),
2.97%, 3/10/08		13,800		13,800
Kansas Development Finance Authority Revenue VRDB, Series 2004C, Adventist Health System/Sunbelt (SunTrust Bank LOC),
3.16%, 3/10/08		12,500		12,500
Olathe Multifamily Housing Revenue Refunding VRDB, Jefferson Place Apartments Project (FHLMC GIC),
3.17%, 3/10/08		7,780		7,780

				50,595

Kentucky - 1.8%
Christian County Association of Leasing Trust Revenue VRDB, Series 2007-A, Lease Program (U.S. Bank N.A. LOC),
3.50%, 3/3/08		7,900		7,900
Fort Mitchell League of Cities Revenue VRDB, Series 2002A, Trust Lease Program (U.S. Bank N.A. LOC),
3.20%, 3/10/08		8,900		8,900
Jefferson County Multifamily Housing Revenue Refunding VRDB, Series 2002, Camden Meadows Project (FNMA Insured),
2.99%, 3/10/08		8,200		8,200
Kentucky Asset Liability Commission General Fund Revenue, Series 2007-A TRANS,
4.50%, 6/26/08		35,000		35,085
Morehead League of Cities Revenue VRDB, Series 2004A, Trust Lease Program (U.S. Bank N.A. LOC),
3.20%, 3/10/08		10,353		10,353

				70,438

Louisiana - 0.9%
Louisiana Local Government Environmental Revenue VRDB, Series 2004C, University Monroe (Regions Bank LOC),
3.16%, 3/10/08		9,900		9,900
Louisiana Public Facilities Authority Multifamily Housing Revenue Refunding VRDB, Linlake Ventures Project (FHLMC LOC),
3.04%, 3/10/08		8,000		8,000

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Louisiana - 0.9% - (continued)
Louisiana Public Facilities Authority Revenue Bonds, Series 1985A, Hospital Equipment Financing and Refunding (JPMorgan Chase Bank LOC),
3.10%, 3/10/08	$	150	$	150
Louisiana Public Facilities Authority Revenue Refunding VRDB, Series 1988, Multifamily (FNMA LOC),
2.99%, 3/10/08		8,800		8,800
Louisiana Public Facilities Authority Revenue VRDB, Series 2007, International Matex Tank Terminals (SunTrust Bank LOC),
3.25%, 3/10/08		10,000		10,000

				36,850

Maryland - 1.7%
Gaithersburg Economic Development Revenue VRDB, Series B, Asbury Maryland Obligation (KBC Bank N.V. LOC),
3.00%, 3/10/08		10,980		10,980
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds, Series 2601, Putters, Lifebridge Health (Assured Guarantry Insured), ⁽¹⁾
3.41%, 3/10/08		6,445		6,445
Maryland State Health and Higher Educational Facilities Authority Revenue Refunding VRDB, Series 2005B, Adventist Healthcare (Manufacturers & Traders Trust Co. LOC),
2.99%, 3/10/08		13,700		13,700
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series A, Adventist Health Care (Manufacturers & Traders Trust Co. LOC),
2.99%, 3/10/08		10,350		10,350
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2005A, Adventist Healthcare (Bank of America N.A. LOC),
3.15%, 3/10/08		11,400		11,400
Montgomery County Economic Development Revenue VRDB, Series 2004, Riderwood Village, Inc. Project (Manufacturers & Traders Trust Co. LOC),
3.01%, 3/10/08		885		885
Prince Georges County Revenue Refunding VRDB, Series A, Collington Episcopal (Bank of America N.A. LOC),
2.98%, 3/10/08		10,000		10,000
State of Maryland G.O., Merrill P-Floats EC-1012, Enhanced Return, ⁽¹⁾
3.21%, 3/10/08		3,425		3,425

				67,185

Massachusetts - 2.5%
Massachusetts State Development Finance Agency Revenue VRDB, Series B1, Harvard University,
3.00%, 3/3/08		6,000		6,000
Massachusetts State Development Finance Agency Revenue VRDB, Series 2003, Phillips Academy,
3.12%, 3/10/08		7,800		7,800
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Groton School,
3.15%, 3/10/08		10,000		10,000
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Seashore Port-Deaconess, Inc. (Banco Santander Central Hispano LOC),
3.00%, 3/10/08		7,755		7,755
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007-B, Linden Ponds, Inc. (Fortis Bank LOC),
3.00%, 3/10/08		9,300		9,300
Massachusetts State Health and Educational Facililties Authority Revenue VRDB, Series 2004 M-4A Pool 4 (Bank of America N.A. LOC),
3.12%, 3/10/08		10,000		10,000
Massachusetts State Health and Educational Facilities Authority Revenue VRDB, Series 2007-A, Suffolk University (Royal Bank of Scotland PLC LOC),
3.15%, 3/10/08		17,230		17,230
Massachusetts State Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2007-B, Suffolk University (JPMorgan Chase Bank LOC),
3.15%, 3/10/08		19,045		19,045

MONEY MARKET PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Massachusetts - 2.5% - (continued)
Massachusetts Water Resources Authority CP Notes, Series 2008 (State Street Bank and Trust LOC),
1.95%, 4/4/08	$	10,000	$	10,000

				97,130

Michigan - 6.2%
Detroit Michigan, G.O. Limited Notes, RANS (Bank of Nova Scotia LOC),
4.50%, 3/1/08		13,210		13,210
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 (Bank of America N.A. LOC),
3.11%, 3/10/08		3,575		3,575
Grand Valley State University Revenue VRDB, Series B (AMBAC Insured),
8.00%, 3/10/08		26,535		26,535
Jackson County Economic Development Corp. Limited Obligation Revenue Refunding VRDB, Series 2001A, Vista Grande Villa (Bank of America N.A. LOC),
3.50%, 3/3/08		500		500
Kentwood Economic Development Corp. Revenue Refunding VRDB, Series 2006B, Limited Obligation, Holland (Bank of America N.A. LOC),
2.98%, 3/10/08		12,375		12,375
Kentwood Economic Development Corp. Revenue VRDB, Series 2002B, Holland Home (Bank of America N.A. LOC),
2.98%, 3/10/08		4,900		4,900
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Series 2004, Hope College (JPMorgan Chase Bank LOC),
3.07%, 3/10/08		2,400		2,400
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Series 2007A, Limited Obligation, Calvin (JPMorgan Chase Bank LOC),
3.20%, 3/10/08		14,000		14,000
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Series 2007B, Limited Obligation, Calvin (JPMorgan Chase Bank LOC),
3.20%, 3/10/08		20,000		20,000
Michigan Municipal Bond Authority Revenue Notes, Series 2007 B-2 (Bank of Nova Scotia LOC),
4.50%, 8/20/08		7,000		7,026
Michigan State Hospital Finance Authority Revenue Refunding VRDB, Series 2003A, Crittenton Hospital (Comerica Bank LOC),
3.90%, 3/3/08		50		50
Michigan State Hospital Finance Authority Revenue VRDB, Series 2004B, Holland Community Hospital (JPMorgan Chase Bank LOC),
3.07%, 3/10/08		7,500		7,500
Michigan State Hospital Finance Authority Revenue VRDB, Series 2005F, Trinity Health Credit,
3.50%, 3/3/08		9,770		9,770
State of Michigan G.O. Unlimited Notes, Series 2007-A,
4.00%, 9/30/08		100,000		100,608
Wayne Charter County Revenue VRDB, Series 2001, University of Detroit Jesuit Project (Allied Irish Bank LOC),
3.07%, 3/10/08		2,700		2,700

				240,149

Minnesota - 2.1%
Bloomington Port Authority Special Tax Revenue Refunding VRDB, Series 1999-B, Mall of America (FSA Corp. Insured),
3.19%, 3/10/08		14,500		14,500

MONEY MARKET PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Minnesota - 2.1% - (continued)
Duluth EDA Healthcare Facilities Revenue VRDB, Series 1997, Miller-Dwan Medical Center Project (U.S. Bank N.A. LOC),
3.78%, 3/3/08	$	800	$	800
Maple Grove Economic Development Revenue Bonds, Series 2004, Heritage Christian Academy (U.S. Bank N.A. LOC),
2.98%, 3/10/08		3,695		3,695
Minneapolis Revenue Bonds, Series 2003A, Guthrie Theater Project (Wells Fargo Bank N.A. LOC),
2.96%, 3/3/08		1,700		1,700
Minneapolis Student Housing Revenue VRDB, Series 2003, Riverton Community Housing Project (Bank of America N.A. LOC),
3.21%, 3/10/08		7,165		7,165
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⁾
3.19%, 3/10/08		3,610		3,610
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 20045Z, University St. Thomas (U.S. Bank N.A. LOC),
3.19%, 3/10/08		10,000		10,000
Oak Park Heights Multifamily Housing Revenue Refunding VRDB, Series 2005, Boutwells Landing (FHLMC Gtd.),
3.20%, 3/10/08		7,480		7,480
Robbinsdale Multifamily Housing Revenue Refunding VRDB, Series 2004-C, Copperfield Hill (Bank of America N.A. LOC),
3.21%, 3/10/08		3,500		3,500
Rochester Health Facilities Revenue Bonds, Series 2000 II-R-28, Citigroup ROCS, ⁽¹⁾
3.19%, 3/10/08		10,470		10,470
St. Paul Housing and Redevelopment Authority Revenue VRDB, Series 2002, Public Radio Project (Allied Irish Bank LOC),
3.78%, 3/3/08		1,300		1,300
St. Paul Port Authority District Revenue VRDB, Series 2001-1-M (Dexia Credit Local LOC),
3.78%, 3/3/08		1,300		1,300

				82,530

Mississippi - 1.1%
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007, SG Resources Mississippi LLC Project (SunTrust Bank LOC),
3.25%, 3/10/08		10,000		10,000
Mississippi Business Finance Corp. Revenue VRDB, Series 600, Concourse Project (Regions Bank LOC),
3.16%, 3/10/08		5,000		5,000
Mississippi Business Finance Corp. Revenue VRDB, Series 2000, St. Andrew’s Episcopal School Project (Allied Irish Bank LOC),
3.16%, 3/10/08		1,945		1,945
Mississippi Business Finance Corp. Revenue VRDB, Series 2007-A, PSL North America LLC (JPMorgan Chase Bank LOC),
3.16%, 3/10/08		10,000		10,000
Mississippi Hospital Equipment and Facilities Authority Revenue VRDB, Series 2006, Mississippi Baptist Health System (AmSouth Bank Birmingham LOC),
3.16%, 3/10/08		8,500		8,500
Mississippi Medical Center Educational Building Corp. Revenue VRDB, Adult Hospital Project (AMBAC Insured),
4.00%, 3/3/08		1,000		1,000

MONEY MARKET PORTFOLIOS 13 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Mississippi - 1.1% - (continued)
University of Mississippi Building Corp. Revenue VRDB, Series 2000-A, Campus Improvement Project (MBIA Insured),
5.00%, 3/10/08	$	6,900	$	6,900

				43,345

Missouri - 2.3%
Chesterfield IDA Educational Facilities Revenue VRDB, Series 2003, Gateway Academy, Inc. Project (U.S. Bank N.A. LOC),
3.78%, 3/3/08		5,100		5,100
Independence IDA Multifamily Housing Revenue Refunding VRDB, Series 2005, The Mansions Project (FHLMC LOC),
3.18%, 3/10/08		2,900		2,900
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Series 1995, Willow Creek IV Apartments (FNMA Insured),
3.05%, 3/10/08		8,295		8,295
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Series 2000, Coach House North Apartments (FHLMC LOC),
3.20%, 3/10/08		4,700		4,700
Kansas City IDA Multifamily Housing Revenue VRDB, Series 2002, Cloverset Apartments Project (FNMA LOC),
3.20%, 3/10/08		2,065		2,065
Kansas City IDA Revenue VRDB, Series B, Downtown Redevelopment District (AMBAC Insured),
5.50%, 3/10/08		3,600		3,600
Missouri State Health and Educational Facilities Authority Revenue Bonds, Series 2000, Lutheran Senior Services (U.S. Bank N.A. LOC),
3.10%, 3/10/08		14,720		14,720
Missouri State Health and Educational Facilities Authority Revenue Refunding VRDB, Parkside Meadows Project (Fifth Third Bank LOC),
3.20%, 3/10/08		10,938		10,938
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 1999B, St. Louis University,
3.78%, 3/3/08		2,780		2,780
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 1999-C, Pooled Hospital Freeman Health System (KBC Bank N.V. LOC),
3.25%, 3/10/08		3,635		3,635
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2002, De Smet Jesuit High School (U.S. Bank N.A. LOC),
3.78%, 3/3/08		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),
3.78%, 3/3/08		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),
3.78%, 3/3/08		3,295		3,295
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2004A, St. Joseph - St. Pius (Allied Irish Bank LOC),
3.25%, 3/10/08		2,680		2,680
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2007, Mother Good Counsel Home (Allied Irish Bank LOC),
3.01%, 3/10/08		10,000		10,000
St. Charles County IDA Revenue Refunding VRDB, Country Club Apartments Project (FNMA LOC),
3.18%, 3/10/08		4,000		4,000
St. Louis County IDA Revenue VRDB, Series B, Friendship Village South (Bank of America N.A. LOC),
3.12%, 3/10/08		5,615		5,615

				89,288

Montana - 0.1%
City of Forsyth Rosebud County PCR Refunding VRDB, Series 1988, Pacificorp Project (BNP Paribas LOC),
4.00%, 3/3/08		2,400		2,400

MONEY MARKET PORTFOLIOS 14 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Nebraska - 0.2%
City of Omaha Convention Center G.O., ROCS RR-II-R-12170, ⁽¹⁾
3.27%, 3/10/08	$	7,995	$	7,995

Nevada - 0.6%
Carson City Hospital Revenue VRDB, Series 2003-B, Carson Tahoe Regional Medical Center (U.S. Bank N.A. LOC),
2.98%, 3/10/08		5,305		5,305
Carson City Hospital Revenue VRDB, Series 2003-B, Tahoe Hospital Project (U.S. Bank N.A. LOC),
2.98%, 3/10/08		9,900		9,900
Clark County Economic Development Revenue VRDB, Opportunity Village Foundation Project (Allied Irish Bank LOC),
3.17%, 3/10/08		7,400		7,400

				22,605

New Hampshire - 1.1%
New Hampshire Business Finance Authority Revenue VRDB, Cottage Hospital Issue (Allied Irish Bank LOC),
3.16%, 3/10/08		900		900
New Hampshire Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2004, Antioch University Issue (National City Bank LOC),
3.01%, 3/10/08		3,865		3,865
New Hampshire Health and Educational Facilities Authority Revenue VRDB, Riverwoods at Exeter (Bank of America N.A. LOC),
3.18%, 3/10/08		12,360		12,360
New Hampshire Health and Educational Facilities Authority Revenue VRDB, Series 2005A, Weeks Medical Center (Allied Irish Bank LOC),
3.20%, 3/10/08		3,470		3,470
New Hampshire Health and Educational Facilities Authority Revenue VRDB, Series 2007, Phillips Exeter Academy,
3.12%, 3/10/08		21,600		21,600

				42,195

New Jersey - 0.8%
New Jersey EDA Revenue VRDB, Sub Series R-1, FACS Construction (Lloyds TSB Bank LOC),
3.20%, 3/3/08		5,100		5,100
New Jersey State TRANS, Series 2008A,
4.50%, 6/24/08		25,000		25,069

				30,169

New Mexico - 1.0%
State of New Mexico TRANS, Series 2007,
4.00%, 6/30/08		20,000		20,063
State of New Mexico TRANS, Series 2007,
4.50%, 6/30/08		20,000		20,050

				40,113

New York - 2.0%
Chemung County Industrial Development Agency Revenue VRDB, Series 2007-A, Elmira College Project (JPMorgan Chase Bank LOC),
3.13%, 3/10/08		11,500		11,500
City of New York G.O., Subseries 1993 E-4 (Fortis Bank LOC),
3.40%, 3/3/08		3,100		3,100
Jay Street Development Corp. Revenue Bonds, Series 2005-A, New York City Jay Street Project (Depfa Bank PLC LOC),
3.10%, 3/3/08		11,000		11,000
Metropolitan Transportation Authority CP (Bank of America N.A. LOC),
3.19%, 4/8/08		1,000		1,000
New York City G.O., Series 2006, Subseries I-8,
3.70%, 3/3/08		1,700		1,700
New York City Industrial Development Agency Revenue VRDB, Series 2006, Cong Machne Chaim, Inc. (Banco Santander Central Hispano LOC),
3.18%, 3/10/08		9,000		9,000

MONEY MARKET PORTFOLIOS 15 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
New York - 2.0% - (continued)
New York City Municipal Finance Authority Water and Sewer System Revenue Bonds, Series 2007-CC-2,
3.15%, 3/3/08	$	1,400	$	1,400
Triborough Bridge and Tunnel Authority Revenue VRDB, Series 2003B,
2.92%, 3/10/08		26,985		26,985
Triborough Bridge and Tunnel Authority Revenue Refunding VRDB, Series F,
3.40%, 3/10/08		3,900		3,900
Ulster County Industrial Development Agency Revenue VRDB, Series 2007-C,
Kingston Regional Senior Living (Fortis Bank LOC),
2.95%, 3/10/08		10,000		10,000

				79,585

North Carolina - 1.8%
City of Greensboro Street Improvement, G.O. VRDB,
3.00%, 3/10/08		10,000		10,000
North Carolina Capital Facilities Finance Agency Revenue VRDB, Elon University (Bank of America N.A. LOC),
2.90%, 3/10/08		8,700		8,700
North Carolina Capital Facilities Finance Agency Revenue VRDB, Series 2007, High Point University Project (Branch Banking & Trust Co. LOC),
3.18%, 3/10/08		10,000		10,000
North Carolina Medical Care Commission Retirement Facilities Revenue VRDB, Series 2001, Aldersgate Project (Branch Banking & Trust Co. LOC),
2.93%, 3/10/08		11,190		11,190
North Carolina Medical Care Commission Retirement Facilities Revenue VRDB, Series 2007-C, First Mortgage, Southminster (Banco Santander Central Hispano LOC),
2.99%, 3/10/08		7,500		7,500
University of North Carolina Revenue Bonds, Citigroup Eagle 720053014 Class 2005A, ⁽¹⁾
3.20%, 3/10/08		18,400		18,400
Wake County G.O. VRDB, Series 2003C, Public Improvement Bonds,
3.32%, 3/10/08		4,500		4,500

				70,290

Ohio - 3.5%
Akron Bath Copley Joint Township Hospital District Revenue VRDB, Series 2004B, Summa Health System Project (JPMorgan Chase Bank LOC),
3.07%, 3/10/08		5,485		5,485
Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2125, Morgan Stanley Floaters (Morgan Stanley LOC), ⁽¹⁾
3.26%, 3/10/08		17,000		17,000
Cleveland-Cuyahoga County Port Authority Revenue VRDB, Series 2007, Carnegie/89th Garage Project (JPMorgan Chase Bank LOC),
3.40%, 3/10/08		15,200		15,200
Clinton County Hospital Revenue Refunding VRDB,
Series 2003A1, HB Magruder Memorial Hospital Project (Fifth Third Bank LOC),
3.22%, 3/10/08		4,725		4,725
Cuyahoga County Economic Development Revenue VRDB, Series 2001, Cleveland Botanical Garden Project (Allied Irish Bank LOC),
3.07%, 3/10/08		10,550		10,550
Cuyahoga County Revenue VRDB, Subseries 2004-B1, Cleveland Clinic,
3.45%, 3/3/08		14,000		14,000
Franklin County Healthcare Facilities Revenue Refunding Bonds, Series 2005, Chelsea First Community (KBC Bank N.V. LOC),
3.00%, 3/10/08		7,500		7,500
Franklin County Healthcare Facilities Revenue Refunding Bonds, Series 2006-A, Improvement, Presbyterian (National City Bank LOC),
3.08%, 3/10/08		11,200		11,200

MONEY MARKET PORTFOLIOS 16 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Ohio - 3.5% - (continued)
Hamilton County Hospital Facilites Revenue VRDB, Series 2007-N, Childrens Hospital Medical Center (JPMorgan Chase Bank LOC),
3.16%, 3/10/08	$	5,000	$	5,000
Knox County Hospital Facility Revenue VRDB, Series 2004, Community Hospital Project (National City Bank LOC),
3.12%, 3/10/08		4,950		4,950
Licking County Health Care Facilities Revenue Refunding VRDB, Series 2003, Kendal (Bank of Scotland PLC LOC),
2.98%, 3/10/08		11,250		11,250
Lorain County Hospital Revenue Refunding VRDB, Series 2005, EMH Regional Medical Center (AMBAC Insured),
8.00%, 3/10/08		12,600		12,600
Ohio Higher Educational Facilities Revenue VRDB, Series 2007, Marietta College Project (JPMorgan Chase Bank LOC),
3.19%, 3/10/08		100		100
Summit County Port Authority Revenue Bonds, Series 2005, Lawrence School Project (Fifth Third Bank LOC),
2.98%, 3/10/08		6,900		6,900
Warren County Health Care Facilities Revenue VRDB,
Series 1998-B, Otterbein Homes, Improvement (Fifth Third Bank LOC),
3.31%, 3/10/08		9,959		9,959

				136,419

Oklahoma - 1.0%
Edmond EDA Student Housing Revenue VRDB, Series 2001A (Allied Irish Bank LOC),
3.16%, 3/10/08		4,105		4,105
Garfield County Industrial Authority PCR Refunding Bonds, Series A, Oklahoma Gas & Electric Co. Project,
3.00%, 3/10/08		10,000		10,000
Oklahoma State Industrial Authority and Educational Facilities Revenue VRDB, Oklahoma Christian University Project (Bank of America N.A. LOC),
3.19%, 3/10/08		23,100		23,100

				37,205

Oregon - 0.7%
Clackamas County Hospital Facility Authority Revenue Refunding VRDB, Willamette Series A-1 (Bank of New York LOC),
2.98%, 3/10/08		5,235		5,235
Multnomah County Hospital Facilities Authority Revenue VRDB, Series 2006C, Terwilliger Plaza Project (Bank of America N.A. LOC),
2.99%, 3/10/08		13,000		13,000
State of Oregon Higher Education G.O., Series 2007-42, ABN AMRO Munitops II, ⁽¹⁾
3.19%, 3/10/08		9,735		9,735

				27,970

Pennsylvania - 2.1%
Allegheny County Hospital Development Authority Revenue VRDB, Series 2003, UPMC Senior Living Corp. (FNMA LOC),
3.16%, 3/10/08		8,950		8,950
Allentown Redevelopment Authority Revenue Refunding Bonds, Series 1990, Arcadia Association Project (Societe Generale LOC),
3.21%, 3/10/08		6,000		6,000
Geisinger Authority Health System Revneue VRDB, Series 2005-A,
3.12%, 3/3/08		6,300		6,300
Latrobe IDA Revenue VRDB, Series 2003, Greensburg Diocese (Allied Irish Bank LOC),
3.19%, 3/10/08		2,605		2,605
Montgomery County IDA PCR Refunding VRDB, Exelon (Wachovia Bank N.A. LOC),
2.96%, 3/10/08		5,250		5,250

MONEY MARKET PORTFOLIOS 17 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Pennsylvania - 2.1% - (continued)
Pennsylvania Economic Development Financing Authority Revenue VRDB, Hospital Enhancement Loan Program-A2 (National City Bank LOC),
3.12%, 3/10/08	$	3,085	$	3,085
Pennsylvania Economic Development Financing Authority Treasury Department Revenue VRDB, Series 2006, Hospital Enhancement Loan-A1 (National City Bank LOC),
3.12%, 3/10/08		5,815		5,815
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2001-I, Association of Independent Colleges (Allied Irish Bank LOC),
3.45%, 11/1/08		2,500		2,500
Pennsylvania Higher Educational Facilities Authority Revenue VRDB, Series 2004-O, Rosemont College Project (Wachovia Bank N.A. LOC),
3.42%, 11/1/08		1,900		1,900
Philadelphia School District TRANS, Series 2007-A (Bank of America N.A. LOC),
4.50%, 6/27/08		20,000		20,049
Philadelphia Water and Wastewater Revenue Refunding VRDB, Series 2003 (FSA Corp. Insured),
2.95%, 3/10/08		18,250		18,250

				80,704

Puerto Rico - 0.1%
Commonwealth of Puerto Rico TRANS, Series 2007 (Bank of Nova Scotia LOC),
4.25%, 7/30/08		5,000		5,017

South Carolina - 0.8%
Charleston Educational Excellence Finance Corp. Revenue Bonds, Citigroup ROCS 497M, ⁽¹⁾
3.19%, 3/10/08		9,115		9,115
Medical University Hospital Authority Revenue VRDB, Series 2005A-5, Austin Variable Certificates (MBIA Insured), ⁽¹⁾
3.51%, 3/10/08		6,000		6,000
Oconee County PCR Refunding VRDB, Series 1993, Duke Energy Corp. (SunTrust Bank LOC),
3.25%, 3/10/08		4,850		4,850
South Carolina Jobs EDA Revenue VRDB, Series 2007-C, Woodlands at Furman Project (Natixis S.A. LOC),
3.00%, 3/10/08		10,000		10,000
South Carolina Jobs EDA Revenue VRDB, Series 2007-D, Woodlands at Furman Project (Natixis S.A. LOC),
3.00%, 3/10/08		2,500		2,500

				32,465

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),
3.21%, 3/10/08		4,820		4,820

Tennessee - 2.7%
Blount County Public Building Authority Revenue VRDB, Series A-4-A, Local Government Public Improvement Bonds,
3.55%, 3/3/08		6,000		6,000
City of Chattanooga 21st Century G.O., ABN AMRO Munitops Certificate Trust 2002-25 (MBIA Insured), ⁽¹⁾
3.51%, 3/10/08		7,685		7,685
Hendersonville IDB Multifamily Housing Revenue Refunding VRDB, Windsor Park (FNMA Insured),
2.99%, 3/10/08		3,095		3,095
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Revenue Refunding Bonds, Richland Place, Inc. Project (SunTrust Bank LOC),
3.25%, 3/10/08		6,000		6,000
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 1989, Multifamily Housing, Belle (Societe Generale LOC),
3.21%, 3/10/08		9,680		9,680

MONEY MARKET PORTFOLIOS 18 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Tennessee - 2.7% - (continued)
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2002, University of Nashville Project (SunTrust Bank LOC),
3.25%, 3/10/08	$	500	$	500
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2004, Ridgelake Apartments Project (FHLMC Gtd.),
3.19%, 3/10/08		17,029		17,029
Montgomery County Public Building Authority Revenue Bonds, Tennessee County Loan Pool (Bank of America N.A. LOC),
3.65%, 3/3/08		1,000		1,000
Sevier County Public Building Authority, Local Government Public Improvement Revenue Bonds, Series 2000 IV-B-12 (FSA Corp. Insured),
3.55%, 3/3/08		300		300
Series 2000 IV-C-1 (FSA Corp. Insured),
3.55%, 3/3/08		1,700		1,700
Series 2000 IV-E-6 (AMBAC Insured),
6.00%, 3/3/08		1,060		1,060
Series 2001 IV-H-3 (AMBAC Insured),
6.00%, 3/3/08		3,000		3,000
Series 2002 IV-I-4 (AMBAC Insured),
6.00%, 3/3/08		2,020		2,020
Shelby County Health, Educational and Housing Facilities Board Revenue VRDB, Series 2003, St. Benedict Auburndale School Project (AmSouth Bank Birmingham LOC),
3.16%, 3/10/08		3,100		3,100
Shelby County Health, Educational and Housing Facilities Board Revenue VRDB, Series 2007, Tipton Rosemark Academy (Regions Bank LOC),
3.20%, 3/10/08		8,045		8,045
Shelby County Health, Educational and Housing Facilities Board Revenue VRDB, Series 2007-B, Trezevant Manor Project (Bank of America N.A. LOC),
3.16%, 3/10/08		6,000		6,000
Tennergy Corp. Gas Revenue Bonds, Series 1258Q, Putters (JPMorgan Chase & Co. LOC), ⁽¹⁾
3.41%, 3/10/08		12,645		12,645
Tennessee Energy Acquisition Corp. Revenue Bonds, ROCS B1158RR-II-R-598,
3.19%, 3/10/08		11,250		11,250
Tennessee Local Development Authority Revenue BANS, Series 2007A, Student Loan Program,
5.00%, 6/30/08		5,000		5,022

				105,131

Texas - 4.8%
ABN AMRO Munitops Certificate Trust G.O., Series 2007-21
(PSF of Texas Gtd.), ^{(1) (2)}
3.19%, 3/10/08		5,000		5,000
Bexar County Housing Finance Corp. Multifamily Revenue VRDB, Series 2005-A,
Summit Hills Apartments Project (FHLMC Insured),
3.21%, 3/10/08		3,500		3,500
Burleson Independent School District G.O., Series 2007-35, ABN AMRO Munitops II (PSF of Texas Gtd.), ⁽¹⁾
3.19%, 3/10/08		15,400		15,400
Capital Area Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2006, Summit Christian Academy (Wachovia Bank N.A. LOC),
2.98%, 3/10/08		7,100		7,100
Cypress-Fairbanks Independent School District G.O., Citigroup ROCS RR II-R-10091 (PSF of Texas Gtd.), ⁽¹⁾
3.19%, 3/10/08		6,845		6,845
Fort Bend School District G.O., Series 2004A-03, Wachovia MERLOTS (PSF of Texas Gtd.), ⁽¹⁾
3.35%, 3/10/08		7,040		7,040

MONEY MARKET PORTFOLIOS 19 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Texas - 4.8% - (continued)
Gulf Coast Waste Disposal Authority PCR Refunding VRDB, Amoco Oil-Rmkt 12/7/06,
3.75%, 3/3/08	$	6,400	$	6,400
Harris County G.O., Series 2003B, Citigroup ROCS RR-II-R-4541, ⁽¹⁾
3.19%, 3/10/08		7,730		7,730
Harris County Health Facilities Development Corp. Hospital Revenue VRDB, Series 2007-B, Baylor College Medicine (JPMorgan Chase Bank LOC),
2.97%, 3/10/08		3,800		3,800
HFDC of Central Texas, Inc. Retirement Facilities Revenue VRDB, Series 2006 C, Village Gleannloch Farms (Citibank N.A. LOC),
2.99%, 3/10/08		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
Katy Independent School District G.O. VRDB, Series C, Ford Bend, Harris and Waller Counties, CSH Building (PSF of Texas Gtd.),
3.16%, 3/10/08		2,600		2,600
Lovejoy Texas Independent School District G.O., Series DB-514, Deutsche Bank Spears/Lifers Trust Various States (PSF of Texas Gtd.), ⁽¹⁾
3.22%, 3/10/08		3,280		3,280
Lower Neches Valley Authority Industrial Development Corp. Exempt Facilities Revenue Refunding VRDB, Series 2001A, ExxonMobil Project,
3.75%, 3/3/08		13,200		13,200
Plano Health Facilities Development Corp. Revenue Bonds, Series 2000, YMCA of Metro Dallas Project (Bank of America N.A. LOC),
3.23%, 3/10/08		8,700		8,700
Seminole Texas Independent School District G.O., Series DB-559, Deutsche Bank Spears/Lifers Trust Various States (PSF of Texas Gtd.), ⁽¹⁾
3.22%, 3/10/08		4,245		4,245
State of Texas Transportation Mobility G.O.,
Bear Stearns Trust Certificate Series 2007-302 Class A, ⁽¹⁾
3.23%, 3/10/08		3,970		3,970
Tarrant County Health Facilities Development Corp. Revenue VRDB, Series A, Adventist Health System - Sunbelt (SunTrust Bank LOC),
2.98%, 3/10/08		7,490		7,490
Tarrant County Housing Finance Corp. Revenue Bonds, Series 2003, Gateway Arlington Apartments Project (FNMA Gtd.),
3.04%, 3/10/08		1,165		1,165
Texas State G.O., Putter Series 1361, ⁽¹⁾
3.41%, 3/10/08		8,560		8,560
Texas State Transportation Commission Revenue VRDB, Series B, First Tier,
2.98%, 3/10/08		8,300		8,300
Texas Water Development Board Revenue Refunding VRDB, Series 2007-A, Sub Lien,
4.00%, 3/3/08		5,100		5,100
University of Texas Permanent University Fund Revenue Bonds, Series 2002B, Citigroup ROCS RR-II-R-6519, ⁽¹⁾
3.19%, 3/10/08		5,100		5,100
University of Texas Permanent University Fund, Series 2008,
1.43%, 3/3/08		10,000		10,000
University of Texas Revenue Refunding VRDB, Series 2007-B, Financing System,
3.35%, 3/10/08		14,400		14,400

				186,505

Utah - 2.1%
Duchesne County Hospital Development Revenue VRDB, Series 2007A, Uintah Basin Medical Center (JPMorgan Chase Bank LOC),
3.18%, 3/10/08		9,000		9,000

MONEY MARKET PORTFOLIOS 20 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Utah - 2.1% - (continued)
Utah Water Finance Agency Revenue VRDB, Series 2002A-2 (AMBAC Insured),
5.00%, 3/10/08	$	200	$	200
Utah Water Finance Agency Revenue VRDB, Series 2004A-9 (AMBAC Insured),
6.00%, 3/10/08		3,300		3,300
Utah Water Finance Agency Revenue VRDB, Series 2004A-10 (AMBAC Insured),
5.00%, 3/10/08		2,075		2,075
Utah Water Finance Agency Revenue VRDB, Series 2005A-11 (AMBAC Insured),
6.00%, 3/10/08		24,700		24,700
Utah Water Finance Agency Revenue VRDB, Series 2005A-13 (AMBAC Insured),
5.00%, 3/10/08		5,000		5,000
Utah Water Finance Agency Revenue VRDB, Series 2005A-14 (AMBAC Insured),
6.38%, 3/10/08		4,000		4,000
Utah Water Finance Agency Revenue VRDB, Series 2007A-21 (AMBAC Insured),
6.38%, 3/10/08		9,400		9,400
Utah Water Finance Agency Revenue VRDB, Series A-12 (AMBAC Insured),
6.38%, 3/10/08		5,400		5,400
Utah Water Finance Agency Revenue VRDB, Series A-15 (AMBAC Insured),
5.00%, 3/10/08		9,700		9,700
Utah Water Finance Agency Revenue VRDB, Series A-18 (AMBAC Insured),
6.38%, 3/10/08		10,000		10,000

				82,775

Virginia - 0.7%
Alexandria IDA Revenue Refunding VRDB, Series 2005, Goodwin House (Wachovia Bank N.A. LOC),
3.40%, 3/3/08		2,200		2,200
Fairfax County Water Authority Revenue Bonds, Citigroup Eagle 200691 Class A, ⁽¹⁾
3.20%, 3/10/08		3,000		3,000
Hampton Redevelopment and Multifamily Housing Authority Revenue Refunding VRDB, Hampton Center Apartments Project (FHLMC Insured),
3.16%, 3/10/08		4,000		4,000
Madison County IDA Educational Facilities Revenue VRDB, Woodberry Forest School (SunTrust Bank LOC),
3.70%, 3/3/08		5,000		5,000
University of Virginia Revenue Bonds, Citigroup Eagle 20060017, Class A, ⁽¹⁾
3.20%, 3/10/08		12,000		12,000
Virginia College Building Authority Revenue VRDB, Series 2004, University of Richmond Project,
3.25%, 3/10/08		2,500		2,500

				28,700

Washington - 2.9%
Everett Washington Public Facilities District Revenue VRDB, Series 2007,
3.78%, 3/3/08		6,450		6,450
King County Sewer Revenue VRDB, Series 2006A, Junior Lien (MBIA Insured),
6.00%, 3/10/08		8,100		8,100
Port of Seattle Intermediate Lien Revenue Refunding Bonds, Series 2005-28, ABN AMRO Munitops Certificate Trust (MBIA Insured), ⁽¹⁾
3.96%, 3/10/08		10,000		10,000

MONEY MARKET PORTFOLIOS 21 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Washington - 2.9% - (continued)
State of Washington G.O. Floaters, Lehman Municipal Trust Receipts, Series 2008 K14W Regulation D, ⁽¹⁾
3.40%, 3/10/08	$	4,000	$	4,000
Washington State G.O., Citigroup ROCS RR-B1315-II-R-10136, ⁽¹⁾
3.19%, 3/10/08		11,425		11,425
Washington State G.O., Series 1993B, Smith Barney Soc Gen Trust SGB-13, ⁽¹⁾
3.18%, 3/10/08		1,350		1,350
Washington State Healthcare Facilities Authority Revenue Bonds, Series 510CE, Citigroup ROCS (Citibank N.A. Gtd.), ⁽¹⁾
6.22%, 3/10/08		9,145		9,145
Washington State Healthcare Facilities Authority Revenue VRDB, Seattle Cancer Care (KeyBank N.A. LOC),
3.10%, 3/10/08		8,980		8,980
Washington State Healthcare Facilities Authority Revenue VRDB, Series 2003, Association of Community and Migrant Health Centers (U.S. Bank N.A. LOC),
3.25%, 3/10/08		2,205		2,205
Washington State Higher Education Facilities Authority Revenue VRDB, Series 2003A, Cornish College of Arts Project (Bank of America N.A. LOC),
2.95%, 3/10/08		1,900		1,900
Washington State Higher Education Facilities Authority Revenue VRDB, Series B, Puget Sound Project (Bank of America N.A. LOC),
3.14%, 3/10/08		6,000		6,000
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Judson Park Project (KBC Bank N.V. LOC),
3.01%, 3/10/08		10,400		10,400
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Series 2003, Emerald Heights Project (Bank of America N.A. LOC),
3.60%, 3/3/08		3,000		3,000
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Series 2005, Antioch University Project (U.S. Bank N.A. LOC),
2.26%, 3/10/08		4,225		4,225
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Bertschi School Project (Bank of America N.A. LOC),
3.05%, 3/10/08		5,500		5,500
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Series 1994, Rockwood Retirement Program (Wells Fargo Bank N.A. LOC),
3.01%, 3/3/08		1,000		1,000
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Series 2005, Seattle Art Museum Project (Allied Irish Bank LOC),
3.15%, 3/3/08		2,600		2,600
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Series 2007B, Eastside Catholic School (KeyBank N.A. LOC),
3.06%, 3/10/08		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,
3.05%, 3/10/08		2,910		2,910
Series B 1998,
3.05%, 3/10/08		3,930		3,930

				112,120

West Virginia - 0.5%
Monongalia County Building Commission Revenue Refunding VRDB, Series 2005B, Monongalia General Hospital (JPMorgan Chase Bank LOC),
3.18%, 3/10/08		12,960		12,960
West Virginia State Hospital Finance Authority Revenue Refunding VRDB, Series 2003A1, Pallottine Health Services, Inc. Project (Fifth Third Bank LOC),
3.16%, 3/10/08		20		20

MONEY MARKET PORTFOLIOS 22 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
West Virginia - 0.5% - (continued)
West Virginia State Hospital Finance Authority Revenue VRDB, Pallottine Health Services Project (Fifth Third Bank LOC),
3.16%, 3/10/08	$	6,300	$	6,300

				19,280

Wisconsin - 5.3%
State of Wisconsin, Series 2007, Operating Notes,
4.50%, 6/16/08		22,000		22,047
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Oakwood Village (Marshall & Ilsley Bank LOC),
3.01%, 3/10/08		13,500		13,500
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series B, Beaver Dam Community Hospital (U.S. Bank N.A. LOC),
2.99%, 3/10/08		3,300		3,300
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2001B, Newcastle Place Project (Bank of America N.A. LOC),
2.99%, 3/10/08		4,600		4,600
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2002, Meriter Hospital, Inc. Project (Marshall & Ilsley Bank LOC),
3.78%, 3/3/08		1,300		1,300
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2003, Mequon Jewish Project (JPMorgan Chase Bank LOC),
3.05%, 3/10/08		3,300		3,300
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2003C, Mercy Health Systems (Marshall & Ilsley Bank LOC),
3.01%, 3/10/08		6,300		6,300
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2004, Wisconsin Institute of Torah Study, Inc. Project (Harris N.A. LOC),
2.98%, 3/10/08		3,230		3,230
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2008, Custodial Receipts-Whefa Beloit (Bank of New York LOC),
3.85%, 3/3/08		18,855		18,855
Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds, Series 2007, Mercy Alliance, Inc. (Marshall & Ilsley Bank LOC),
3.01%, 3/10/08		10,000		10,000
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2003, Oakwood Village Project (Marshall & Ilsley Bank LOC),
3.01%, 3/10/08		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,
3.78%, 3/3/08		815		815
Series 2002B,
3.78%, 3/3/08		1,875		1,875
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Goodwill Industries Southeastern (JPMorgan Chase Bank LOC),
3.11%, 3/10/08		655		655
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series B, Southwest Health Center (Fifth Third Bank LOC),
3.08%, 3/10/08		6,240		6,240
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 1997, Alverno College Project (Allied Irish Bank LOC),
3.78%, 3/3/08		1,000		1,000
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2002H, Pooled Loan Financing Program (U.S. Bank N.A. LOC),
3.13%, 3/10/08		2,500		2,500
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2003B, Wheaton Franciscan Services (U.S. Bank N.A. LOC),
2.98%, 3/10/08		19,500		19,500
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2005, Hospice Care Holdings, Inc. Project (Marshall & Ilsley Bank LOC),
3.11%, 3/10/08		2,685		2,685

MONEY MARKET PORTFOLIOS 23 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 94.5% - CONTINUED
Wisconsin - 5.3% - (continued)
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2006-C Upland Hills Health (Allied Irish Bank LOC),
3.08%, 3/10/08	$	7,250	$	7,250
Wisconsin Housing and EDA Revenue VRDB, Series D,
3.12%, 3/10/08		2,375		2,375
Wisconsin Public Power, Inc. System Revenue Bonds, Putters Series 1150 (AMBAC Insured), ⁽¹⁾
4.00%, 3/10/08		11,605		11,605
Wisconsin School Districts Cash Flow Management Program COPS, Series 2007 A1, Temporary Borrowing Program,
4.50%, 9/18/08		31,000		31,221
Wisconsin State Transportation Revenue Bonds, Series 2007-24, Clipper Tax-Exempt Certificate Trust, ⁽¹⁾
3.36%, 3/10/08		21,745		21,745

				206,318

Wyoming - 0.2%
Sublette County PCR Bonds, Series 1984, Exxon Project,
3.09%, 3/3/08		8,900		8,900

Multiple States Pooled Securities - 1.3%
BB&T Municipal Trust Revenue Bonds, Floaters Series 1002 (Branch Banking & Trust Co. LOC), ⁽¹⁾
3.34%, 3/10/08		22,400		22,400
BB&T Municipal Trust Revenue Bonds, Floaters Series 1004 (Branch Banking & Trust Co. LOC), ⁽¹⁾
3.34%, 3/10/08		16,900		16,900
BB&T Municipal Trust Revenue Bonds, Floaters Series 1006 (Branch Banking & Trust Co. LOC), ⁽¹⁾
3.34%, 3/10/08		12,700		12,700

				52,000

Total Municipal Investments (Cost $3,685,091)				3,685,091


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 5.2%
AIM Tax-Free Cash Reserve Portfolio		139,064,337		139,064
Dreyfus Tax-Exempt Cash Management Fund		715,626		716
Lehman Brothers Institutional Liquidity Funds - Tax-Exempt Portfolio		62,037,592		62,038

Total Investment Companies (Cost $201,818)				201,818

Total Investments - 99.7% (Cost $3,886,909) ⁽³⁾				3,886,909

Other Assets less Liabilities - 0.3%				13,446

NET ASSETS - 100.0%			$	3,900,355

(1)

(2)

Restricted security that has been deemed illiquid. At February 29, 2008, the value of these restricted illiquid securities amounted to approximately $23,050,000 or 0.6% of net assets.

Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
St. Lucie Florida Community Redevelopment (FL),
3.96%, 3/10/08	1/25/07	$	18,050
ABN AMRO Munitops Certificate Trust G.O. (TX),
3.19%, 3/10/08	3/8/07		5,000

MONEY MARKET PORTFOLIOS 24 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)

(3)

The cost for federal income tax purposes was $3,886,909.

*	On April 25, 2008, the security was downgraded and is no longer an Eligible Security. The Board of Trustees has approved the retention of the security upon its finding that disposal of the security would not be in the best interest of the Portfolio and its shareholders.

Percentages shown are based on Net Assets.

At February 29, 2008, the industry sectors for the Municipal Portfolio were:


INDUSTRY SECTOR	% OF NET ASSETS
Air, Water Services and Solid Waste Management	5.5	%
Educational Services	17.4	%
Executive, Legislative and General Government	22.0	%
General Medical, Surgical and Nursing and Personal Care	10.5	%
Health Services and Residential Care	17.0	%
Investment and Management Offices	5.2	%
Urban and Community Development, Housing Programs and Social Services	7.4	%
All other sectors less than 5%	15.0	%

Total	100.0	%

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Municipal Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


Valuation level	Investments in Securities (000s)		Other Financial Instruments* (000s)
Level 1	$	201,818	$	—
Level 2		3,685,091		—
Level 3		—		—

Total	$	3,886,909	$	—

*	Other financial instruments include futures and forwards, if applicable.

MONEY MARKET PORTFOLIOS 25 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

MUNICIPAL PORTFOLIO (continued)

FEBRUARY 29, 2008 (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

COPS Certificates of Participation

CP Commercial Paper

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

TANS Tax Anticipation Notes

TRANS Tax and Revenue Anticipation Notes

TSB Trustee Savings Bank

VRDB Variable Rate Demand Bonds

MONEY MARKET PORTFOLIOS 26 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED NOTES - 0.9%
Auto Receivables - 0.0%
Ford Credit Auto Owner Trust, Series 2007-A, Class A1, ⁽¹⁾
5.35%, 7/15/08	$	1,197	$	1,197

International Receivables - 0.9%
Arkle Master Issuer PLC, FRN, Series 2007-1A, Class 1A, ⁽¹⁾
3.10%, 3/17/08		10,000		10,000
Holmes Master Issuer PLC, FRN, Series 2007-1, Class 1A1,
3.10%, 3/15/08		5,000		5,000
Paragon Mortgages PLC, FRN, Series 12A, Class A1, ⁽¹⁾
3.11%, 3/17/08		8,846		8,846
Westpac Securitization Trust, FRN, Series 2007-1G, Class A1, ⁽¹⁾
3.04%, 5/21/08		5,588		5,588

				29,434

Total Asset-Backed Notes (Cost $30,631)				30,631

CERTIFICATES OF DEPOSIT - 10.0%
Domestic Depository Institutions - 1.3%
Bank of America, New York,
5.41%, 3/10/08		20,000		20,000
Citibank, New York,
3.05%, 5/8/08		15,000		15,000
HSBC Bank USA,
4.93%, 7/9/08		10,000		10,000

				45,000

Foreign Depository Institutions - 8.7%
ABN AMRO, London Branch,
5.32%, 5/27/08		5,000		5,000
Allied Irish Bank, London,
5.44%, 6/16/08		3,000		3,000
Australia and New Zealand Bank, New York,
4.90%, 4/3/08		15,000		15,000
Banco Bilbao Vizcaya,
3.09%, 3/5/08		15,000		15,000
Bank of Montreal, Chicago, FRCD,
3.14%, 3/1/08		25,000		25,000
Bank of Scotland PLC, Halifax Branch,
5.00%, 10/14/08		5,000		5,000
Bank of Scotland PLC, New York Branch,
5.35%, 6/4/08		5,000		5,000
4.60%, 7/29/08		10,000		10,000
Barclays Bank, New York Branch,
5.16%, 4/3/08		15,000		15,000
5.30%, 5/22/08		10,000		10,000
4.77%, 7/25/08		15,000		15,000
CALYON, New York, FRCD,
3.12%, 3/1/08		35,000		34,999
Credit Agricole SA, London Branch,
4.91%, 10/9/08		10,000		10,000
4.97%, 10/14/08		5,000		5,000

PRIME OBLIGATIONS PORTFOLIO 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 10.0% - CONTINUED
Foreign Depository Institutions - 8.7% - (continued)
Credit Suisse First Boston, New York Branch,
5.25%, 4/11/08	$	5,000	$	5,000
Deutsche Bank, London Branch, FRCD,
3.16%, 3/1/08		8,000		8,000
Deutsche Bank, New York Branch,
2.85%, 8/4/08		10,000		10,000
Lloyds Bank, New York,
5.00%, 3/18/08		20,000		20,000
4.90%, 7/9/08		10,000		10,000
National Australia Bank, London Branch,
5.40%, 6/12/08		5,000		5,000
2.85%, 8/8/08		10,000		10,000
National Bank of Canada, New York, FRCD,
3.11%, 3/3/08		15,000		15,000
Nordea Bank Finland, New York,
5.26%, 4/11/08		5,000		5,000
5.29%, 5/22/08		10,000		10,000
Royal Bank of Canada, New York Branch,
4.90%, 4/3/08		15,000		15,000
Toronto Dominion Bank, New York Branch,
5.11%, 3/26/08		5,000		5,000
UBS AG, Stamford Branch,
5.25%, 4/10/08		5,000		5,000

				295,999

Total Certificates of Deposit (Cost $340,999)				340,999

COMMERCIAL PAPER - 7.5%
Bank Holding Companies - 0.4%
Bank of America Co.,
5.29%, 3/4/08		15,000		14,993

Credit Arbitrage - 1.2%
Perry Global Funding LLC, ⁽¹⁾
3.60%, 3/3/08		15,000		14,997
Surrey Funding Corp.,
3.24%, 3/12/08		25,000		24,975

				39,972

Multi-Seller Conduits - 3.6%
Cedar Springs Capital Co.,
4.25%, 3/3/08		50,000		49,988
Crown Point Capital Co., FRCP, ⁽¹⁾
5.10%, 3/6/08		10,000		10,000
Galleon Capital Corp.,
3.38%, 3/5/08		10,000		9,996
Lexington Parker Capital, FRCP,
4.60%, 4/7/08		25,000		24,999
Thames Asset Global Securitization Number One, Inc., ⁽¹⁾
3.25%, 3/5/08		10,000		9,996

PRIME OBLIGATIONS PORTFOLIO 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 7.5% - CONTINUED
Multi-Seller Conduits - 3.6% - (continued)
Victory Receivables Corp.,
3.25%, 3/7/08 ⁽¹⁾	$	10,000	$	9,995
3.25%, 3/10/08		10,000		9,992

				124,966

Non-Depository Personal Credit - 2.3%
General Electric Capital Corp.,
5.15%, 3/11/08		40,000		39,943
4.76%, 7/1/08		10,000		9,839
4.61%, 7/15/08		18,000		17,686
2.84%, 7/29/08		10,000		9,882

				77,350

Total Commercial Paper (Cost $257,281)				257,281

CORPORATE NOTES/BONDS - 16.6%
Bank Holding Companies - 0.6%
Citigroup Funding, Inc., FRN,
3.07%, 5/13/08		15,000		15,000
HSBC USA Inc., FRN,
3.13%, 3/17/08		5,000		5,000

				20,000

Chemicals & Allied Products - 0.3%
BASF Finance Europe, N.V., FRN, ⁽¹⁾
3.88%, 4/21/08		10,000		10,000

Domestic Depository Institutions - 4.0%
Bank of America N.A.,
4.70%, 5/6/08		75,000		75,000
National City Bank, FRN,
3.16%, 3/1/08		30,000		30,000
4.87%, 3/25/08		15,000		15,000
3.30%, 4/25/08		15,000		15,000

				135,000

Foreign Depository Institutions - 3.6%
Allied Irish Banks PLC, FRN, ⁽¹⁾
3.10%, 3/19/08		5,000		5,000
Australia and New Zealand Banking Group, FRN, ⁽¹⁾
5.11%, 3/5/08		10,000		10,000
3.23%, 3/7/08		5,000		5,000
3.16%, 3/25/08		1,000		1,000
Bank of Nova Scotia, FRN,
3.07%, 3/31/08		15,000		14,998
Commonwealth Bank of Australia, FRN, ⁽¹⁾
4.01%, 4/21/08		5,000		5,000
Credit Agricole, London Branch, FRN, ⁽¹⁾
4.85%, 3/25/08		10,000		10,000
Danske Bank, FRN, ⁽¹⁾
3.08%, 3/20/08		5,000		5,000

PRIME OBLIGATIONS PORTFOLIO 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 16.6% - CONTINUED
Foreign Depository Institutions - 3.6% - (continued)
Nordea Bank Finland, New York, FRN, ⁽¹⁾
3.19%, 3/11/08	$	7,000	$	7,000
Royal Bank of Canada, FRN,
3.23%, 3/10/08		8,000		8,000
Royal Bank of Scotland PLC, FRN, ⁽¹⁾
3.12%, 3/25/08		5,000		5,000
4.45%, 4/11/08		30,000		30,001
UBS AG, Stamford, FRN,
3.09%, 3/17/08		10,000		10,000
Westpac Banking Corp., FRN,
5.20%, 3/11/08		1,000		1,000
Westpac Banking Corp., New York Branch, FRN, ⁽¹⁾
3.17%, 3/6/08		7,000		7,000

				123,999

Insurance Carriers - 1.1%
Genworth Global Funding, FRN, ⁽¹⁾
3.17%, 3/11/08		7,000		7,000
ING Verzekeringen NV, FRN, ⁽¹⁾
3.13%, 3/4/08		12,000		12,000
MET Life Global Funding I, FRN, ⁽¹⁾
3.22%, 3/17/08		10,000		10,000
3.12%, 3/25/08		10,000		10,000

				39,000

Non-Depository Personal Credit - 1.2%
American Express Bank, FSB, FRN,
3.09%, 3/18/08		20,000		19,999
General Electric Capital Corp., FRN,
3.16%, 3/25/08		9,000		9,000
HSBC Finance Corp., FRN,
3.19%, 3/6/08		8,000		8,000
3.19%, 3/24/08		5,000		5,000

				41,999

Security and Commodity Brokers - 1.5%
Goldman Sachs, FRN,
3.23%, 3/1/08		5,000		5,000
Goldman Sachs Group LP, FRN, ⁽¹⁾
3.33%, 4/25/08		7,000		7,000
Merrill Lynch & Co., FRN,
3.22%, 3/4/08		5,000		5,000
3.26%, 3/18/08		10,000		10,000
3.28%, 3/25/08		5,000		5,000
3.06%, 5/22/08		10,000		10,000
Morgan Stanley, FRN,
3.24%, 3/17/08		3,000		3,000
3.21%, 3/27/08		5,000		5,000

				50,000

PRIME OBLIGATIONS PORTFOLIO 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 16.6% - CONTINUED
Structured Investment Vehicles - 4.3%
Asscher Finance Corp., FRN, ⁽¹⁾
4.83%, 3/25/08	$	5,000	$	5,000
Beta Finance, Inc., FRN, ⁽¹⁾
3.23%, 4/28/08		5,000		5,000
CC USA, Inc., FRN, ⁽¹⁾
3.04%, 5/20/08		15,000		14,999
Cullinan Finance Corp., ⁽¹⁾
3.09%, 3/28/08, FRN		10,000		10,000
5.36%, 4/15/08		7,000		7,000
3.30%, 4/25/08, FRN		5,000		5,000
5.35%, 5/15/08		7,000		7,000
3.06%, 5/27/08, FRN		10,000		9,998
Dorada Finance, Inc., ⁽¹⁾
5.32%, 5/27/08		5,000		5,000
Links Finance LLC, MTN, FRN, ⁽¹⁾
3.11%, 3/5/08		10,000		10,000
3.91%, 4/18/08		10,000		10,000
Sigma Finance, Inc., MTN, ⁽¹⁾
4.96%, 3/25/08, FRN		10,000		10,000
3.11%, 3/17/08, FRN		10,000		10,000
5.35%, 5/19/08		15,000		15,000
Whistlejacket Capital LLC, FRN, ^{(1) †}
3.81%, 4/23/08		10,000		8,000
White Pine Finance LLC, FRN, ^{(1) †}
3.07%, 3/20/08		5,000		4,000
5.15%, 4/21/08		15,000		12,000

				147,997

Total Corporate Notes/Bonds (Cost $573,994)				567,995

EURODOLLAR TIME DEPOSITS - 22.1%
Domestic Depository Institutions - 7.0%
JPMorgan Chase Bank, Toronto, Canada,
3.13%, 3/3/08		29,000		29,000
Manufacturers and Traders Trust Co.,
3.09%, 3/3/08		21,000		21,000
Marshall and Ilsley Bank, Grand Cayman,
3.13%, 3/3/08		78,000		78,000
Wachovia Bank, N.A., Grand Cayman,
3.13%, 3/3/08		20,000		20,000
Wells Fargo Bank N.A., San Francisco, Grand Cayman,
3.13%, 3/3/08		90,000		90,000

				238,000

Foreign Depository Institutions - 15.1%
ABN AMRO Bank, Amsterdam, Netherlands,
3.20%, 3/3/08		85,000		85,000
CALYON, Grand Cayman,
3.15%, 3/3/08		50,000		50,000

PRIME OBLIGATIONS PORTFOLIO 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
EURODOLLAR TIME DEPOSITS - 22.1% - CONTINUED
Foreign Depository Institutions - 15.1% - (continued)
Dexia Credit Local de France, Paris,
3.15%, 3/3/08	$	110,000	$	110,000
HSBC Bank PLC, London,
3.38%, 3/3/08		19,000		19,000
Natixis, Grand Cayman,
3.20%, 3/3/08		70,000		70,000
Royal Bank of Canada, Toronto, Canada,
3.25%, 3/3/08		52,259		52,259
Skandinaviska Enskilda Banken, Grand Cayman,
3.20%, 3/3/08		90,000		90,000
Svenska Handelsbanken, Grand Cayman,
3.20%, 3/3/08		40,000		40,000

				516,259

Total Eurodollar Time Deposits (Cost $754,259)				754,259

U.S. GOVERNMENT AGENCIES - 0.6% ⁽²⁾
Federal Home Loan Bank - 0.6%
FHLB Bonds,
2.74%, 2/12/09		10,000		10,000
2.85%, 2/13/09		10,000		10,000

Total U.S. Government Agencies (Cost $20,000)				20,000

U.S GOVERNMENT OBLIGATIONS - 10.4%
U.S. Treasury Bills - 0.7%
2.35%, 4/17/08		7,000		6,979
2.02%, 5/29/08		15,000		14,925

				21,904

U.S. Treasury Notes - 9.7%
4.88%, 4/30/08		5,000		5,021
3.75%, 5/15/08		24,000		24,093
5.63%, 5/15/08		53,000		53,387
5.00%, 7/31/08		19,000		19,231
4.13%, 8/15/08		69,000		69,637
4.63%, 9/30/08		70,000		70,647
4.88%, 10/31/08		38,000		38,720
4.75%, 12/31/08		50,000		51,143

				331,879

Total U.S. Government Obligations (Cost $353,783)				353,783

Investments (Amortized Cost $2,330,947)				2,324,948

REPURCHASE AGREEMENTS - 32.2%
(Collateralized at a minimum of 102%) ⁽³⁾
Bank of America N.A., dated 2/29/08, repurchase price $285,075
3.17%, 3/3/08		285,000		285,000

PRIME OBLIGATIONS PORTFOLIO 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 32.2% - CONTINUED
(Collateralized at a minimum of 102%) ⁽³⁾
Bank of America Securities LLC, dated 2/29/08, repurchase price $95,025
3.20%, 3/3/08	$	95,000	$	95,000
Bear Stearns, Inc., dated 2/29/08, repurchase price $165,044
3.18%, 3/3/08		165,000		165,000
BNP Paribas Securities Corp., dated 2/29/08, repurchase price $300,079
3.16%, 3/3/08		300,000		300,000
Deutsche Bank Securities, Inc., dated 2/29/08, repurchase price $255,068
3.18%, 3/3/08		255,000		255,000

Total Repurchase Agreements (Cost $1,100,000)				1,100,000

Total Investments - 100.3% (Cost $3,430,947) ⁽⁴⁾				3,424,948

Liabilities less Other Assets - (0.3)%				(11,996	)

NET ASSETS - 100.0%			$	3,412,952

(1)

(2)

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

(3)

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


NAME	COUPON RATES		MATURITY DATES
FHLMC	5.00% - 7.31	%	6/1/22 - 1/1/38
FNMA	4.50% - 6.00	%	10/1/33 - 1/1/48
GNMA	7.00	%	11/15/36 - 9/15/37

(4)

The cost for federal income tax purposes was $3,430,947.

Percentages shown are based on Net Assets.

†

Defaulted securities are valued by an independent pricing service and reflect a fair market value of such securities rather than amortized cost. Effective February 21, 2008, Northern Trust Corporation (the “Corporation”) entered into a Capital Support Agreement with the Northern Institutional Prime Obligations Portfolio. Under the agreement, the Corporation has committed to provide capital to the Portfolio, subject to a specified maximum amount, in the event that the Portfolio realizes a loss on the security, in an amount sufficient for the Portfolio to maintain its net asset value per share at no less than the minimum permissible net asset value, which is $0.9950. The Corporation will not receive any consideration from the Portfolio if it is required under the Agreement to make a capital contribution to the Portfolio. The Agreement will expire no later than July 31, 2008.

PRIME OBLIGATIONS PORTFOLIO 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Prime Obligation Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


Valuation level	Investments in Securities (000s)		Other Financial Instruments* (000s)
Level 1	$	—	$	—
Level 2		3,400,948		—
Level 3		24,000		—
	$	3,424,948	$	—

*	Other financial instruments include futures and forwards, if applicable.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:


	Investments in Securities (000s)			Other Financial Instruments* (000s)
Balance as of 11/30/07	$	—		$	—
Realized gain(loss)		—			—
Change in unrealized appreciation/depreciation		(6,000	)		—
Net purchases(sales)		—			—
Transfers in and/or out of Level 3		30,000			—

Balance as of 2/29/08	$	24,000		$	—

*	Other financial instruments include futures and forwards, if applicable.

PRIME OBLIGATIONS PORTFOLIO 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

ABBREVIATIONS AND OTHER INFORMATION

PRIME OBLIGATIONS PORTFOLIO (continued)

FEBRUARY 29, 2008 (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

FHLB Federal Home Loan Bank

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

MTN Medium Term Notes

PRIME OBLIGATIONS PORTFOLIO 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED NOTES - 3.7%
Auto Receivables - 0.0%
Ford Credit Auto Owner Trust,
Series 2007-A, Class A1, ⁽¹⁾
5.35%, 7/15/08	$	1,197	$	1,197

International Receivables - 1.7%
Arkle Master Issuer PLC, FRN, Series 2007-1A, Class 1A, ⁽¹⁾
3.10%, 3/17/08		10,000		10,000
Holmes Master Issuer PLC, FRN, Series 2007-1, Class 1A1,
3.10%, 3/15/08		7,000		7,000
Interstar Millennium Trust, FRN, Series 2006-2GA, Class A1, ⁽¹⁾
3.12%, 3/27/08		10,619		10,619
Paragon Mortgages PLC, FRN, Series 12A, Class A1, ⁽¹⁾
3.11%, 3/17/08		8,846		8,846
Westpac Securization Trust, FRN, Series 2007-1G, Class A1, ⁽¹⁾
3.04%, 5/21/08		6,985		6,985

				43,450

Collateralized Loan Obligations - 2.0%
Shiprock Finance SF1, FRN,
Series 2007-2A, Class A, ⁽¹⁾
3.40%, 4/11/08		50,000		50,000

Total Asset-Backed Notes (Cost $94,647)				94,647

CERTIFICATES OF DEPOSIT - 16.0%
Domestic Depository Institutions - 2.9%
Bank of America, New York,
5.41%, 3/10/08		10,000		10,000
2.86%, 7/30/08		10,000		10,000
Citibank, New York,
3.05%, 5/8/08		20,000		20,000
HSBC Bank USA,
4.93%, 7/9/08		10,000		10,000
State Street Bank, Boston,
4.52%, 4/4/08		25,000		25,000

				75,000

Foreign Depository Institutions - 13.1%
ABN AMRO Bank, London Branch,
5.32%, 5/27/08		5,000		5,000
Australia and New Zealand Bank, New York,
4.90%, 4/3/08		10,000		10,000
Bank of Montreal, Chicago, FRCD,
3.14%, 3/1/08		20,000		20,000
Banco Bilbao Vizcaya,
3.09%, 3/5/08		15,000		15,000
Bank of Scotland PLC, London Branch,
2.94%, 8/4/08		10,000		10,000
Bank of Scotland PLC, New York Branch,
5.35%, 6/4/08		10,000		10,000
4.60%, 7/29/08		10,000		10,000
Barclays Bank, New York Branch,
5.16%, 4/3/08		10,000		10,000
5.30%, 5/22/08		10,000		10,000
4.43%, 7/7/08		20,000		20,000
4.77%, 7/25/08		10,000		10,000
BNP Paribas S.A., London Branch,
2.93%, 8/5/08		10,000		10,000
CALYON, New York, FRCD,
3.12%, 3/1/08		15,000		15,000
Credit Agricole SA, London Branch,
4.91%, 10/9/08		5,000		5,000

LIQUID ASSETS PORTFOLIO 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 16.0% - CONTINUED
Foreign Depository Institutions - 13.1% - (continued)
Deutsche Bank, London Branch, FRCD,
3.16%, 3/1/08	$	8,000	$	8,000
Deutsche Bank, New York Branch,
2.85%, 8/4/08		15,000		15,000
KBC Bank N.V., London,
3.12%, 3/12/08		15,000		15,000
Lloyds Bank, New York,
4.90%, 7/9/08		10,000		10,000
National Australia Bank, London Branch,
4.35%, 4/10/08		15,000		15,000
5.40%, 6/12/08		5,000		5,000
2.85%, 8/8/08		10,000		10,000
National Bank of Canada, New York, FRCD,
3.11%, 3/3/08		10,000		10,000
Nordea Bank Finland, New York,
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,
4.90%, 4/3/08		10,000		10,000
Royal Bank of Scotland, London Branch,
4.23%, 7/10/08		12,000		12,000
Royal Bank of Scotland, New York Branch,
2.90%, 8/4/08		10,000		10,000
Societe Generale, London Branch,
4.40%, 7/8/08		20,000		20,000
UBS AG, Stamford Branch,
5.25%, 4/10/08		5,000		5,000
4.90%, 6/11/08		10,000		10,012

				335,012

Total Certificates of Deposit (Cost $410,012)				410,012

COMMERCIAL PAPER - 9.4%
Auto Recievables - 1.7%
FCAR1 Owner Trust,
3.39%, 3/6/08		15,000		14,993
New Center Asset Trust - Plus Program,
3.20%, 3/3/08		30,000		29,995

				44,988

Bank Holding Companies - 0.4%
Bank of America Co.,
5.29%, 3/4/08		10,000		9,996

Credit Arbitrage - 0.4%
Perry Global Funding LLC, ⁽¹⁾
3.60%, 3/3/08		10,000		9,998

Multi-Seller Conduits - 4.5%
Cedar Springs Capital Co.,
4.25%, 3/3/08		30,000		29,993
Galleon Capital Corp.,
3.38%, 3/5/08		20,000		19,992
3.35%, 3/7/08		15,000		14,992
Lexington Parker Capital, FRCP,
4.60%, 4/7/08		15,000		15,000
Versailles,
3.40%, 3/14/08		10,000		9,988
Victory Receivables Corp.,
3.25%, 3/6/08		10,000		9,995
3.25%, 3/7/08 ⁽¹⁾		15,000		14,992

				114,952

LIQUID ASSETS PORTFOLIO 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 9.4% - CONTINUED
Non-Depository Personal Credit - 2.4%
General Electric Capital Corp.,
5.15%, 3/11/08	$	25,000	$	24,964
4.76%, 7/1/08		10,000		9,839
4.61%, 7/15/08		12,000		11,791
2.84%, 7/29/08		15,000		14,822

				61,416

Total Commercial Paper (Cost $241,350)				241,350

CORPORATE NOTES/BONDS - 20.2%
Bank Holding Companies - 0.6%
Citigroup Funding, Inc., FRN,
3.07%, 5/13/08		10,000		10,000
HSBC USA, Inc., FRN,
3.13%, 3/17/08		5,000		5,000

				15,000

Chemicals and Allied Products - 0.4%
BASF Finance Europe NV, FRN, ⁽¹⁾
3.88%, 4/21/08		10,000		10,000

Domestic Depository Institutions - 1.2%
National City Bank, FRN,
3.16%, 3/1/08		20,000		20,000
3.30%, 4/25/08		10,000		10,000

				30,000

Electric Services - 0.4%
National Rural Utilities Cooperative, FRN,
3.15%, 3/4/08		10,000		10,000

Foreign Depository Institutions - 4.7%
Allied Irish Banks PLC, FRN, ⁽¹⁾
3.10%, 3/19/08		5,000		5,000
Australia and New Zealand Banking Group, FRN, ⁽¹⁾
5.11%, 3/5/08		15,000		15,000
3.16%, 3/25/08		3,000		3,000
Bank of Nova Scotia, FRN,
3.07%, 3/31/08		20,000		19,997
Credit Agricole, London Branch, FRN, ⁽¹⁾
4.85%, 3/25/08		5,000		5,000
Danske Bank, FRN, ⁽¹⁾
3.08%, 3/20/08		5,000		5,000
Nordea Bank Finland, New York, FRN, ⁽¹⁾
3.19%, 3/11/08		14,000		14,000
Royal Bank of Canada, FRN,
3.23%, 3/10/08		15,000		15,000
Royal Bank of Scotland PLC, FRN, ⁽¹⁾
3.12%, 3/25/08		15,000		15,000
UBS AG, Stamford, FRN,
3.09%, 3/17/08		10,000		10,000
Westpac Banking Corp., FRN,
5.20%, 3/11/08		10,000		10,000
Westpac Banking Corp., New York, FRN, ⁽¹⁾
3.17%, 3/6/08		5,000		5,000

				121,997

Insurance Carriers - 2.3%
Allstate Life Global Funding II, FRN, ⁽¹⁾
3.21%, 3/17/08		10,000		10,000
Genworth Global Funding, FRN, ⁽¹⁾
3.17%, 3/11/08		10,000		10,000

LIQUID ASSETS PORTFOLIO 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 20.2% - CONTINUED
Insurance Carriers - 2.3% - (continued)
ING Verzekeringen NV, FRN, ⁽¹⁾
3.13%, 3/4/08	$	20,000	$	20,000
MET Life Global Funding I, FRN, ⁽¹⁾
3.22%, 3/17/08		10,000		10,000
3.12%, 3/25/08		10,000		10,000

				60,000

Non-Depository Business Credit - 1.0%
CIT Group, Inc., FRN,
3.97%, 4/18/08		25,000		25,000

Non-Depository Personal Credit - 2.1%
American Express Bank, FSB, FRN,
3.22%, 3/7/08		10,000		10,000
General Electric Capital Corp., FRN,
3.16%, 3/25/08		18,000		18,000
HSBC Finance Corp., FRN,
3.19%, 3/6/08		2,000		2,000
3.19%, 3/24/08		25,000		25,000

				55,000

Security and Commodity Brokers - 1.7%
Goldman Sachs, FRN,
3.23%, 3/1/08		5,000		5,000
Goldman Sachs Group LP, FRN,
3.33%, 4/25/08 ⁽¹⁾		7,000		7,000
Merrill Lynch & Co., FRN,
3.26%, 3/18/08		10,000		10,000
3.06%, 5/22/08		10,000		10,000
Morgan Stanley, FRN,
3.21%, 3/27/08		12,000		12,000

				44,000

Structured Investment Vehicles - 5.8%
Asscher Finance Corp., FRN, ⁽¹⁾
4.83%, 3/25/08		5,000		5,000
CC USA, Inc., FRN, ⁽¹⁾
3.04%, 5/20/08		10,000		9,999
Cullinan Finance Corp., ⁽¹⁾
3.09%, 3/28/08, FRN		10,000		10,000
5.36%, 4/15/08		8,000		8,000
3.30%, 4/25/08, FRN		10,000		9,999
5.35%, 5/15/08		10,000		10,000
3.06%, 5/27/08, FRN		10,000		9,998
Dorada Finance, Inc., ⁽¹⁾
3.13%, 3/25/08, FRN		10,000		10,000
5.32%, 5/27/08		5,000		5,000
Links Finance LLC, MTN, FRN, ⁽¹⁾
3.11%, 3/5/08		10,000		10,000
4.35%, 4/14/08		10,000		10,000
Sigma Finance, Inc., MTN, ⁽¹⁾
4.96%, 3/25/08, FRN		10,000		9,999
3.11%, 3/17/08, FRN		10,000		10,000
5.35%, 5/19/08		10,000		10,000
Whistlejacket Capital LLC, FRN, ^{(1) †}
3.81%, 4/23/08		15,000		12,000
White Pine Finance LLC, FRN, ^{(1) †}
5.15%, 4/21/08		10,000		8,000

				147,995

Total Corporate Notes/Bonds (Cost $523,991)				518,992

LIQUID ASSETS PORTFOLIO 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
EURODOLLAR TIME DEPOSITS - 16.7%
Domestic Depository Institutions - 1.4%
Bank of America, Toronto, Canada,
3.13%, 3/3/08	$	37,000	$	37,000

Foreign Depository Institutions - 15.3%
Abbey National PLC, Grand Cayman,
3.25%, 3/3/08		70,000		70,000
CALYON, Grand Cayman,
3.15%, 3/3/08		55,000		55,000
Deutsche Bank, Grand Cayman
3.19%, 3/3/08		30,308		30,308
Dexia Credit Local de France, Paris,
3.15%, 3/3/08		21,000		21,000
Dexia Credit Local, Grand Cayman,
3.44%, 3/3/08		33,000		33,000
Royal Bank of Canada, Toronto, Canada,
3.25%, 3/3/08		95,000		95,000
Royal Bank of Scotland, London,
3.25%, 3/3/08		86,000		86,000
Skandinaviska Enskilda Banken, Grand Cayman,
3.20%, 3/3/08		2,000		2,000

				392,308

Total Eurodollar Time Deposits (Cost $429,308)				429,308

U.S. GOVERNMENT AGENCIES - 1.2% ⁽²⁾
Federal Home Loan Bank - 1.2%
FHLB Bonds,
2.74%, 2/12/09		15,000		15,000
2.85%, 2/13/09		15,000		15,000

Total U.S. Government Agencies (Cost $30,000)				30,000

U.S GOVERNMENT OBLIGATIONS - 7.7%
U.S. Treasury Bills - 0.8%
2.35%, 4/17/08		5,000		4,985
2.02%, 5/29/08		15,000		14,925

				19,910

U.S. Treasury Notes - 6.9%
4.88%, 4/30/08		4,000		4,017
3.75%, 5/15/08		7,000		7,027
5.63%, 5/15/08		46,000		46,335
5.00%, 7/31/08		16,000		16,194
4.13%, 8/15/08		49,000		49,452
4.63%, 9/30/08		17,000		17,248
4.88%, 10/31/08		37,000		37,718

				177,991

Total U.S. Government Obligations (Cost $197,901)				197,901

Investments (Amortized Cost $1,927,209)				1,922,210

REPURCHASE AGREEMENTS - 25.6%
(Collateralized at a minimum of 102%) ⁽³⁾
Joint Repurchase Agreements - 2.0%
Morgan Stanley & Co., Inc., dated 2/29/08, repurchase price $22,257
1.80%, 3/3/08		22,253		22,253
Societe Generale, New York Branch, dated 2/29/08, repurchase price $11,128
1.80%, 3/3/08		11,127		11,127

LIQUID ASSETS PORTFOLIO 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 25.6% - CONTINUED
(Collateralized at a minimum of 102%) ⁽³⁾
Joint Repurchase Agreements - 2.0% - (continued)
UBS Securities LLC, dated 2/29/08, repurchase price $16,692
1.80%, 3/3/08	$	16,690	$	16,690

				50,070

(Collateralized at a minimum of 102%) ⁽⁴⁾
Repurchase Agreements - 23.6%
Bank of America N.A., dated 2/29/08, repurchase price $100,026
3.17%, 3/3/08		100,000		100,000
Citigroup Global Markets, Inc., dated 2/29/08, repurchase price $265,070
3.15%, 3/3/08		265,000		265,000
Credit Suisse First Boston Corp., dated 2/29/08, repurchase price $240,063
3.16%, 3/3/08		240,000		240,000

				605,000

Total Repurchase Agreements (Cost $655,070)				655,070

Total Investments - 100.5% (Cost $2,582,279) ⁽⁵⁾				2,577,280

Liabilities less Other Assets - (0.5)%				(12,382	)

NET ASSETS - 100.0%			$	2,564,898

(1)

(2)

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

(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	4.50% - 5.50%	11/1/18 - 11/1/37
FNMA	4.50% - 7.00%	5/1/13 - 2/1/38

(5)

The cost for federal income tax purposes was $2,582,279.

Percentages shown are based on Net Assets.

†

Defaulted securities are valued by an independent pricing service and reflect a fair market value of such securities rather than amortized cost. Effective February 21, 2008, Northern Trust Corporation (the “Corporation”) entered into a Capital Support Agreement with the Northern Institutional Liquid Assets Portfolio. Under the agreement, the Corporation has committed to provide capital to the Portfolio, subject to a specified maximum amount, in the event that the Portfolio realizes a loss on the security, in an amount sufficient for the Portfolio to maintain its net asset value per share at no less than the minimum permissible net asset value, which is $0.9950. The Corporation will not receive any consideration from the Portfolio if it is required under the Agreement to make a capital contribution to the Portfolio. The Agreement will expire no later than July 31, 2008.

LIQUID ASSETS PORTFOLIO 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 29, 2008 (UNAUDITED)

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Following is a summary of the inputs used in valuing the Liquid Assets Portfolio’s investments and other financial instruments which are carried at fair value, as of February 29, 2008:


Valuation level	Investments in Securities (000s)		Other Financial Instruments* (000s)
Level 1	$	—	$	—
Level 2		2,557,280		—
Level 3		20,000		—

Total	$	2,577,280	$	—

*	Other financial instruments include futures and forwards, if applicable.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:


	Investments in Securities (000s)			Other Financial Instruments* (000s)
Balance as of 11/30/07	$	—		$	—
Realized gain(loss)		—			—
Change in unrealized appreciation/depreciation		(5,000	)		—
Net purchases(sales)		—			—
Transfers in and/or out of Level 3		25,000			—

Balance as of 2/29/08	$	20,000		$	—

*	Other financial instruments include futures and forwards, if applicable.

LIQUID ASSETS PORTFOLIO 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

ABBREVIATIONS AND OTHER INFORMATION

LIQUID ASSETS PORTFOLIO (continued)

FEBRUARY 29, 2008 (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

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

FRCD Floating Rate Certificates of Deposit

FRCP Floating Rate Commercial Paper

FRN Floating Rate Notes

FSB Federal Savings Bank

MTN Medium Term Notes

LIQUID ASSETS PORTFOLIO 8 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:		April 29, 2008

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.



By:		/s/ Lloyd A. Wennlund
		Lloyd A. Wennlund, President
		(Principal Executive Officer)

Date:		April 29, 2008

By:		/s/ Randal Rein
		Randal Rein, Assistant Treasurer
		(Acting Principal Financial and Accounting Officer)

Date:		April 29, 2008