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: August 31, 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:

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 13.6%
Agriculture - 0.6%
Philip Morris International, Inc.,
4.88%, 5/16/13 †	$	930	$	921
5.65%, 5/16/18 †		950		935

				1,856

Banks - 0.4%
Bank of America Corp.,
5.65%, 5/1/18 †		430		396
8.00%, 12/29/49 †		830		740

				1,136

Commercial Services - 0.3%
Erac USA Finance Co., ⁽¹⁾⁽²⁾
7.00%, 10/15/37		1,260		961

Diversified Financial Services - 4.0%
ANZ Capital Trust, ⁽¹⁾⁽²⁾
4.48%, 1/29/49		1,325		1,289
Bear Stearns (The) Cos., Inc.,
7.25%, 2/1/18 †		595		617
Citigroup Capital XXI,
8.30%, 12/21/57		1,680		1,517
Citigroup, Inc.,
6.50%, 8/19/13 †		995		996
Countrywide Home Loans, Inc.,
4.00%, 3/22/11 †		1,125		1,008
General Electric Capital Corp.,
5.63%, 9/15/17 †		1,330		1,300
5.63%, 5/1/18 †		1,135		1,103
Goldman Sachs Group (The), Inc.,
6.15%, 4/1/18 †		615		588
International Lease Finance Corp.,
5.65%, 6/1/14		225		189
JPMorgan Chase & Co.,
6.40%, 5/15/38		800		743
7.90%, 4/29/49		370		336
Merrill Lynch & Co., Inc.,
6.15%, 4/25/13 †		395		374
6.88%, 4/25/18 †		710		654
Power Receivable Finance LLC, ⁽¹⁾⁽²⁾
6.29%, 1/1/12		824		845

				11,559

Electric - 0.9%
Florida Power Corp.,
6.40%, 6/15/38		1,305		1,328
Neveda Power Co.,
6.50%, 8/1/18 †		1,315		1,338

				2,666

Food - 0.5%
General Mills, Inc.,
5.25%, 8/15/13 †		1,315		1,324

Holding Companies - Diversified - 0.3%
Capmark Financial Group, Inc.,
6.30%, 5/10/17 †		1,370		808

Insurance - 0.3%
Berkshire Hathaway Finance Corp., ⁽¹⁾⁽²⁾
5.00%, 8/15/13 †		915		926

Media - 1.0%
News America, Inc.,
6.65%, 11/15/37 †		1,440		1,388
Time Warner Cable, Inc.,
5.85%, 5/1/17 †		1,405		1,341

				2,729

Metal Fabricate/Hardware - 0.2%
Commercial Metal Co.,
7.35%, 8/15/18		655		659

Mining - 0.3%
Alcoa, Inc.,
6.00%, 7/15/13 †		895		896

Oil & Gas - 1.6%
Premcor Refining Group (The), Inc.,
6.75%, 5/1/14		2,370		2,426
XTO Energy, Inc.,
4.63%, 6/15/13 †		2,190		2,093

				4,519

Oil & Gas Services - 0.7%
Cameron International Corp.,
6.38%, 7/15/18		1,290		1,289
7.00%, 7/15/38		695		681

				1,970

Pharmaceuticals - 0.9%
GlaxoSmithKline Capital, Inc.,
4.85%, 5/15/13 †		1,295		1,304
6.38%, 5/15/38		1,345		1,346

				2,650

Pipelines - 0.2%
Williams Cos., Inc.,
7.63%, 7/15/19 †		630		658

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 13.6% continued
Real Estate Investment Trusts - 0.1%
iStar Financial, Inc.,
5.88%, 3/15/16	$	430	$	301

Retail - 0.4%
Wal-Mart Stores, Inc.,
6.20%, 4/15/38 †		1,025		1,014

Telecommunications - 0.9%
AT&T, Inc.,
6.40%, 5/15/38 †		1,020		975
Verizon Communications, Inc.,
6.10%, 4/15/18 †		1,475		1,471

				2,446

Total Corporate Bonds
(Cost $40,713)				39,078
FOREIGN ISSUER BONDS - 3.2%
Beverages - 0.2%
Diageo Capital PLC,
5.20%, 1/30/13		555		562

Insurance - 0.9%
Allied World Assurance Holdings Ltd. of Bermuda,
7.50%, 8/1/16 †		845		801
Catlin Insurance Co. Ltd., ⁽¹⁾⁽²⁾
7.25%, 1/19/17		1,270		765
XL Capital Ltd.,
6.50%, 4/15/17		1,735		1,041

				2,607

Iron/Steel - 0.6%
ArcelorMittal, ⁽¹⁾⁽²⁾
5.38%, 6/1/13		1,760		1,726

Media - 0.2%
Thomson Reuters Corp.,
5.95%, 7/15/13 †		755		765

Mining - 0.7%
Rio Tinto Finance USA Ltd.,
5.88%, 7/15/13 †		1,935		1,968

Oil & Gas - 0.6%
Petro-Canada,
6.80%, 5/15/38		1,765		1,679

Total Foreign Issuer Bonds
(Cost $10,568)				9,307
U.S. GOVERNMENT AGENCIES - 52.8%⁽³⁾
Fannie Mae - 35.2%
2.38%, 5/20/10		4,000		3,951
3.63%, 8/15/11		5,664		5,677
3.25%, 4/9/13		5,791		5,625
3.88%, 7/12/13		3,181		3,165
Pool #255452,
5.50%, 10/1/19		1,789		1,816
Pool #545437,
7.00%, 2/1/32		11		12
Pool #545757,
7.00%, 6/1/32		1,849		1,949
Pool #703439,
5.00%, 6/1/18		54		54
Pool #725424,
5.50%, 4/1/34		7,128		7,080
Pool #725787,
5.00%, 9/1/19		4,749		4,757
Pool #829125,
5.50%, 10/1/35		3,137		3,109
Pool #831810,
6.00%, 9/1/36		4,343		4,391
Pool #869217,
5.45%, 2/1/36		2,956		3,015
Pool #871232,
6.00%, 4/1/36		3,800		3,842
Pool #889150,
5.50%, 1/1/38		9,906		9,792
Pool #890001,
5.00%, 2/1/38		5,847		5,640
Pool #890009,
5.50%, 9/1/36		4,215		4,187
Pool #893082,
5.83%, 9/1/36		1,970		2,012
Pool #944500,
5.50%, 7/1/37		4,826		4,771
Pool #955782,
6.50%, 10/1/37		2,247		2,314
Pool #968158,
6.50%, 1/1/38		1,749		1,801
Pool #968160,
6.50%, 1/1/38		2,303		2,371
Pool TBA, ⁽⁴⁾
5.00%, 9/30/08		4,798		4,612
6.50%, 9/30/08		8,590		8,834

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 52.8% ⁽⁴⁾ continued
Fannie Mae - 35.2% continued
6.00%, 9/30/08	$	6,248	$	6,308

				101,085

Federal Home Loan Bank - 5.1%
3.75%, 1/8/10		2,625		2,649
3.38%, 8/13/10		5,640		5,665
2.63%, 5/20/11		3,370		3,300
3.63%, 5/29/13		3,000		2,957

				14,571

Freddie Mac - 5.5%
3.25%, 7/16/10		4,446		4,455
4.63%, 10/25/12		1,585		1,631
4.75%, 1/19/16		1,376		1,406
Pool #1B3575,
6.05%, 9/1/37		1,788		1,810
Pool #1G2296,
6.18%, 11/1/37		2,450		2,499
Pool #1J0365,
5.93%, 4/1/37		1,824		1,859
Pool #1J2840,
5.97%, 9/1/37		1,999		2,041

				15,701

Freddie Mac Gold - 6.3%
Pool #A61560,
5.50%, 10/1/36		4,150		4,105
Pool #A62213,
6.00%, 6/1/37		2,981		3,008
Pool #A65182,
6.50%, 9/1/37		1,045		1,075
Pool #C00910,
7.50%, 1/1/30		576		622
Pool #C02790,
6.50%, 4/1/37		2,005		2,062
Pool #C02838,
5.50%, 5/1/37		3,065		3,025
Pool #G02869,
5.00%, 11/1/35		4,400		4,242

				18,139

Government National Mortgage Association - 0.7%
Pool #595091,
6.00%, 10/15/32		596		608
Pool #597572,
5.50%, 9/15/35		38		38
Pool #627123,
5.50%, 3/15/34		1,276		1,279
Pool #781688,
6.00%, 12/15/33		55		56

				1,981

Total U.S. Government Agencies
(Cost $151,086)				151,477
U.S. GOVERNMENT OBLIGATIONS - 28.0%
U.S. Treasury Bonds - 2.6%
4.38%, 2/15/38 †		7,681		7,626

U.S. Treasury Notes - 25.4%
2.88%, 6/30/10 †		4,197		4,241
2.38%, 8/31/10		15,883		15,885
3.38%, 6/30/13 †		23,935		24,272
4.00%, 2/15/15 †		1,216		1,271
5.13%, 5/15/16 †		10,774		11,926
4.00%, 8/15/18 †		15,001		15,230

				72,825

Total U.S. Government Obligations
(Cost $79,463)				80,451

	NUMBER OF SHARES
INVESTMENT COMPANY - 25.6%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁵⁾⁽⁶⁾		73,368,449		73,368

Total Investment Company
(Cost $73,368)				73,368

FIXED INCOME PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 24.2%
Skandinaviska Enskidaban, Grand Cayman, Eurodollar Time Deposit,
2.03%, 9/2/08	$	45,458	$	45,458
FHLB Discount Note,
1.47%, 9/2/08		22,735		22,734
U. S. Treasury Bill,
1.86%, 11/20/08	$	1,400	$	1,394

Total Short-Term Investments
(Cost $69,587)				69,586
Total Investments - 147.4%
(Cost $424,785)				423,267
Liabilities less Other Assets - (47.4)%				(136,113	)

NET ASSETS - 100.0%			$	287,154

(1)

Restricted security that has been deemed illiquid. At August 31, 2008, the value of these restricted illiquid securities amounted to approximately $6,512,000 or 2.3% 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
ArcelorMittal, 5.38%, 6/1/13	6/11/08		1,740
Berkshire Hathaway Finance Corp., 5.00%, 8/15/13	7/30/08		912
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		1,249
Power Receivable Finance LLC, 6.29%, 1/1/12	9/30/03		823

(2)

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

(3)

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

(4)

When-Issued Security

(5)

Investment in affiliated portfolio

(6)

Investment relates to cash collateral received from portfolio securities loaned.

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	424,785

Gross tax appreciation of investments	$	2,226
Gross tax depreciation of investments		(3,744	)

Net tax depreciation of investments	$	(1,518	)

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 August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	73,368	$	—
Level 2		349,899		—
Level 3		—		—

Total	$	423,267	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 15.4%
Agriculture - 0.7%
Philip Morris International, Inc.,
4.88%, 5/16/13	$	690	$	683
5.65%, 5/16/18 †		690		679

				1,362

Banks - 0.4%
Bank of America Corp.,
5.65%, 5/1/18 †		330		305
8.00%, 12/29/49		640		570

				875

Commercial Services - 0.4%
Erac USA Finance Co., ⁽¹⁾⁽²⁾
7.00%, 10/15/37		925		706

Diversified Financial Services - 5.0%
American General Finance Corp.,
5.38%, 10/1/12		1,380		1,197
ANZ Capital Trust, ⁽¹⁾⁽²⁾
4.48%, 1/29/49		915		890
Bear Stearns (The) Cos. LLC.,
7.25%, 2/1/18 †		450		466
Citigroup Capital XXI,
8.30%, 12/21/57		1,330		1,201
Citigroup, Inc.,
6.50%, 8/19/13 †		730		731
Countrywide Home Loans, Inc.,
4.00%, 3/22/11		600		538
General Electric Capital Corp.,
5.63%, 9/15/17 †		1,100		1,075
5.63%, 5/1/18 †		825		802
Goldman Sachs Group (The), Inc.,
6.15%, 4/1/18 †		480		459
International Lease Finance Corp.,
5.65%, 6/1/14		190		159
JPMorgan Chase & Co.,
6.40%, 5/15/38		585		543
7.90%, 4/29/49 †		290		264
Merrill Lynch & Co., Inc.,
6.15%, 4/25/13 †		310		294
6.88%, 4/25/18 †		550		507
Nelnet, Inc.,
5.13%, 6/1/10		930		859
Power Receivable Finance LLC, ⁽¹⁾⁽²⁾
6.29%, 1/1/12		179		184

				10,169

Electric - 1.1%
Florida Power Corp.,
6.40%, 6/15/38		955		972
Neveda Power Co.,
6.50%, 8/1/18 †		960		976
Public Service Electric & Gas,
4.00%, 11/1/08		250		250

				2,198

Food - 0.5%
General Mills, Inc.,
5.25%, 8/15/13 †		965		971

Holding Companies - Diversified - 0.3%
Capmark Financial Group, Inc.,
6.30%, 5/10/17		1,015		599

Insurance - 0.3%
Berkshire Hathaway Finance Corp.,⁽¹⁾⁽²⁾
5.00%, 8/15/13 †		670		678

Media - 1.0%
News America, Inc.,
6.65%, 11/15/37 †		1,065		1,027
Time Warner Cable, Inc.,
5.85%, 5/1/17 †		1,040		993

				2,020

Metal Fabricate/Hardware - 0.2%
Commercial Metal Co.,
7.35%, 8/15/18		480		483

Mining - 0.3%
Alcoa, Inc.,
6.00%, 7/15/13 †		670		671

Oil & Gas - 1.5%
Premcor Refining Group (The), Inc.,
6.75%, 5/1/14		1,500		1,536
XTO Energy, Inc.,
4.63%, 6/15/13 †		1,695		1,619

				3,155

Oil & Gas Services - 0.7%
Cameron International Corp.,
6.38%, 7/15/18		945		945
7.00%, 7/15/38		505		494

				1,439

Pharmaceuticals - 1.0%
GlaxoSmithKline Capital, Inc.,
4.85%, 5/15/13 †		970		977

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 15.4% continued
Pharmaceuticals - 1.0% continued
6.38%, 5/15/38	$	1,010	$	1,011

				1,988

Pipelines - 0.2%
Williams Cos., Inc.,
7.63%, 7/15/19 †		475		496

Real Estate Investment Trusts - 0.1%
iStar Financial, Inc.,
5.88%, 3/15/16		340		238

Retail - 0.4%
Wal-Mart Stores, Inc.,
6.20%, 4/15/38 †		795		787

Telecommunications - 1.3%
AT&T, Inc.,
6.40%, 5/15/38		775		740
Verizon Communications, Inc.,
6.10%, 4/15/18 †		1,075		1,072
Verizon New England, Inc.,
6.50%, 9/15/11		260		268
Verizon New Jersey, Inc.,
5.88%, 1/17/12 †		510		519

				2,599

Total Corporate Bonds
(Cost $32,919)				31,434
FOREIGN ISSUER BONDS - 3.8%
Beverages - 0.2%
Diageo Capital PLC,
5.20%, 1/30/13		435		440

Insurance - 1.1%
Allied World Assurance Holdings Ltd. of Bermuda,
7.50%, 8/1/16		825		782
Catlin Insurance Co. Ltd., ⁽¹⁾⁽²⁾
7.25%, 12/31/49		995		599
XL Capital Ltd.,
6.50%, 3/1/49		1,345		807

				2,188

Iron/Steel - 0.6%
Arcelormittal, ⁽¹⁾⁽²⁾
5.38%, 6/1/13		1,325		1,300

Media - 0.3%
Thomson Reuters Corp.,
5.95%, 7/15/13		560		568

Mining - 0.7%
Rio Tinto Finance USA Ltd.,
5.88%, 7/15/13 †		1,415		1,427

Oil & Gas - 0.6%
Petro-Canada,
6.80%, 5/15/38		1,305		1,241

Telecommunications - 0.3%
Telefonos de Mexico SAB de CV,
4.75%, 1/27/10 †		685		689

Total Foreign Issuer Bonds
(Cost $8,876)				7,853
U. S. GOVERNMENT AGENCIES - 54.5% ⁽³⁾
Fannie Mae - 35.8%
2.38%, 5/20/10		3,700		3,655
3.63%, 8/15/11		4,142		4,151
3.25%, 4/9/13		4,547		4,417
3.88%, 7/12/13		2,311		2,300
Pool #255452,
5.50%, 10/1/19		1,051		1,067
Pool #255934,
6.00%, 11/1/35		356		361
Pool #535714,
7.50%, 1/1/31		49		53
Pool #545757,
7.00%, 6/1/32		358		377
Pool #555599,
7.00%, 4/1/33		109		114
Pool #656035,
7.50%, 9/1/32		42		46
Pool #703439,
5.00%, 6/1/18		838		839
Pool #712130,
7.00%, 6/1/33		60		63
Pool #725424,
5.50%, 4/1/34		4,032		4,005
Pool #725787,
5.00%, 9/1/19		1,704		1,707
Pool #733868,
6.00%, 12/1/32		566		576
Pool #735931,
5.00%, 10/1/20		284		283

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 54.5% ⁽³⁾ continued
Fannie Mae - 35.8% continued
Pool #794338,
6.00%, 9/1/34	$	1,004	$	1,018
Pool #796371,
5.00%, 10/1/19		218		219
Pool #797773,
5.00%, 3/1/20		156		156
Pool #829125,
5.50%, 10/1/35		2,466		2,444
Pool #831810,
6.00%, 9/1/36		3,567		3,606
Pool #839291,
5.00%, 9/1/20		111		110
Pool #845182,
5.50%, 11/1/35		2,485		2,462
Pool #869217,
5.45%, 2/1/36		2,952		3,011
Pool #869801,
5.50%, 4/1/21		407		411
Pool #871232,
6.00%, 4/1/36		3,600		3,640
Pool #889150,
5.50%, 1/1/38		5,300		5,240
Pool #890001,
5.00%, 2/1/38		4,226		4,077
Pool #890009,
5.50%, 9/1/36		2,976		2,955
Pool #893082,
5.83%, 9/1/36		1,536		1,569
Pool #944500,
5.50%, 7/1/37		2,688		2,657
Pool #968158,
6.50%, 1/1/38		1,296		1,334
Pool #968160,
6.50%, 1/1/38		1,706		1,757
Pool TBA, ⁽⁴⁾
6.50%, 9/30/08		7,043		7,243
6.00%, 9/30/08		2,164		2,185
5.00%, 9/30/08		3,401		3,269

				73,377

Federal Home Loan Bank - 5.1%
3.75%, 1/8/10		1,273		1,284
3.38%, 8/13/10		4,125		4,144
2.63%, 5/20/11		2,610		2,556
3.63%, 5/29/13		2,400		2,365

				10,349

Freddie Mac - 2.3%
3.25%, 7/16/10		3,230		3,237
4.63%, 10/25/12		443		456
4.75%, 1/19/16		1,054		1,077

				4,770

Freddie Mac Gold - 7.4%
Pool #A61560, ⁽⁴⁾
5.50%, 10/1/36		3,481		3,443
Pool #A62213, ⁽⁴⁾
6.00%, 6/1/37		1,987		2,005
Pool #A65182,
6.50%, 9/1/37		2,387		2,454
Pool #C02790,
6.50%, 4/1/37		1,576		1,621
Pool #C02838,
5.50%, 5/1/37		2,425		2,393
Pool #G02869,
5.00%, 11/1/35		3,300		3,181

				15,097

Freddie Mac Non Gold - 3.5%
Pool #1B3575,
6.05%, 9/1/37		1,553		1,572
Pool #1G2296,
6.18%, 11/1/37		1,990		2,030
Pool #1J0365,
5.93%, 4/1/37		1,444		1,472
Pool #1J2840,
5.97%, 9/1/37		1,999		2,041

				7,115

Government National Mortgage Association - 0.4%
Pool #595091,
6.00%, 10/15/32		295		301
Pool #604183,
5.50%, 4/15/33		54		54
Pool #627123,
5.50%, 3/15/34		470		471

FIXED INCOME PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 54.5% ⁽³⁾ continued
Government National Mortgage Association - 0.4% continued
Pool #633627,
5.50%, 9/15/34	$	68	$	68

				894

Total U.S. Government Agencies
(Cost $111,289)				111,602
U.S. GOVERNMENT OBLIGATIONS - 24.7%
U.S. Treasury Bonds - 2.8%
4.38%, 2/15/38 †		5,706		5,666

U.S. Treasury Notes - 21.9%
2.88%, 6/30/10 †		2,966		2,997
2.38%, 8/31/10 †		5,564		5,565
3.38%, 6/30/13 †		20,488		20,776
4.00%, 2/15/15 †		2,380		2,487
5.13%, 5/15/16 †		1,101		1,219
4.00%, 8/15/18 †		11,758		11,937

				44,981

Total U.S. Government Obligations
(Cost $49,728)				50,647

	NUMBER OF SHARES
INVESTMENT COMPANY - 27.4%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁵⁾⁽⁶⁾		56,130,495		56,130

Total Investment Company
(Cost $56,130)				56,130

	PRINCIPAL AMOUNT (000S)
SHORT-TERM INVESTMENTS - 15.4%
Deutsche Bank AG, Grand Cayman, Eurodollar Time Deposit,
1.94%, 9/2/08	$	30,634		30,634
United States Treasury Bill,
1.87%, 11/20/08		1,000		996

Total Short-Term Investments
(Cost $31,630)				31,630

Total Investments - 141.2%
(Cost $290,572)				289,296
Liabilities less Other Assets - (41.2)%				(84,363	)

NET ASSETS - 100.0%			$	204,933

(1)

Restricted security that has been deemed illiquid. At August 31, 2008, the value of these restricted illiquid securities amounted to approximately $4,357,000 or 2.1% 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	$	888
Arcelormittal, 5.38%, 6/1/13	06/11/08		1,310
Berkshier Hathaway Finance Corp., 5.00%, 8/15/13	7/30/08		668
Catlin Insurance Co. Ltd., 7.25%, 12/31/49	1/11/07-06/27/07		987
Erac USA Financial Co., 7.00%, 10/15/37	10/10/07		917
Power Receivable Finance LLC, 6.29%, 1/1/12	9/30/03		179

(2)

(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.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS


CORE BOND PORTFOLIO continued		AUGUST 31, 2008 (UNAUDITED)

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	290,572

Gross tax appreciation of investments	$	1,845
Gross tax depreciation of investments		(3,121	)

Net tax depreciation of investments	$	(1,276	)

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 August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	56,130	$	—
Level 2		233,166		—
Level 3		—		—

Total	$	289,296	$	—

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

FIXED INCOME PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

U.S. TREASURY INDEX PORTFOLIO


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 98.6%
U.S. Treasury Bonds - 22.2%
12.50%, 8/15/14	$	1,000	$	1,094
7.25%, 5/15/16		1,500		1,862
8.88%, 8/15/17 †		1,500		2,066
9.00%, 11/15/18		3,200		4,531
8.13%, 8/15/19 †		1,000		1,354
8.75%, 8/15/20 †		1,000		1,426
8.13%, 5/15/21 †		2,000		2,758
8.00%, 11/15/21		2,600		3,572
7.63%, 11/15/22		1,000		1,349
6.25%, 8/15/23 †		2,150		2,592
6.88%, 8/15/25 †		2,000		2,588
6.50%, 11/15/26		1,000		1,257
6.13%, 11/15/27 †		3,500		4,252
5.25%, 2/15/29		1,100		1,212
6.25%, 5/15/30 †		2,500		3,118
4.75%, 2/15/37 †		1,250		1,314
5.00%, 5/15/37 †		3,000		3,278
4.38%, 2/15/38 †		1,000		993
4.50%, 5/15/38		2,000		2,023

				42,639

U.S. Treasury Notes - 76.4%
4.00%, 9/30/09		1,750		1,783
3.38%, 10/15/09		1,700		1,723
3.50%, 12/15/09 †		3,000		3,053
3.25%, 12/31/09 †		5,000		5,069
2.13%, 1/31/10		5,000		4,996
3.50%, 2/15/10 †		1,100		1,122
4.75%, 2/15/10		1,500		1,555
6.50%, 2/15/10 †		900		956
2.00%, 2/28/10 †		5,000		4,985
1.75%, 3/31/10 †		1,000		993
2.13%, 4/30/10 †		3,500		3,497
3.88%, 5/15/10 †		2,100		2,160
2.88%, 6/30/10		4,500		4,547
3.88%, 7/15/10 †		3,000		3,091
2.75%, 7/31/10		6,000		6,049
5.75%, 8/15/10		1,100		1,172
4.25%, 10/15/10 †		3,000		3,123
4.38%, 12/15/10		3,500		3,653
5.00%, 2/15/11 †		1,900		2,015
4.88%, 5/31/11		1,700		1,804
4.88%, 7/31/11 †		3,000		3,194
4.63%, 8/31/11		4,000		4,231
4.63%, 10/31/11 †		1,200		1,271
4.50%, 11/30/11 †		3,000		3,168
4.63%, 2/29/12 †		4,000		4,246
4.50%, 3/31/12		1,000		1,058
4.50%, 4/30/12 †		3,000		3,177
4.88%, 6/30/12 †		1,000		1,073
4.13%, 8/31/12 †		1,000		1,046
4.25%, 9/30/12 †		3,000		3,156
3.88%, 10/31/12 †		500		519
4.00%, 11/15/12 †		950		993
3.63%, 12/31/12 †		3,000		3,081
2.88%, 1/31/13 †		300		299
2.75%, 2/28/13 †		4,000		3,959
2.50%, 3/31/13		3,000		2,936
3.63%, 5/15/13 †		2,500		2,564
3.38%, 7/31/13		6,500		6,589
4.25%, 8/15/13 †		1,500		1,581
4.25%, 11/15/13 †		2,000		2,110
4.25%, 8/15/14 †		3,000		3,170
4.25%, 11/15/14 †		3,000		3,175
4.00%, 2/15/15 †		3,150		3,291
4.13%, 5/15/15 †		3,000		3,154
4.25%, 8/15/15		1,000		1,056
4.50%, 11/15/15 †		1,250		1,338
4.50%, 2/15/16 †		3,000		3,203
4.63%, 2/15/17 †		1,900		2,031
4.75%, 8/15/17 †		3,500		3,770
4.25%, 11/15/17 †		3,500		3,638
3.50%, 2/15/18 †		4,000		3,919
3.88%, 5/15/18 †		7,500		7,544

				146,886

Total U.S. Government Obligations
(Cost $185,410)				189,525

	NUMBER OF SHARES
INVESTMENT COMPANY - 39.7%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾		76,331,427		76,331

Total Investment Company
(Cost $76,331)				76,331

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 2.2%
FHLB Discount Note,
1.47%, 9/2/08	$	4,213	$	4,213

Total Short-Term Investment
(Cost $4,213)				4,213

Total Investments - 140.5%
(Cost $265,954)				270,069
Liabilities less Other Assets - (40.5)%				(77,827	)

NET ASSETS - 100.0%			$	192,242

(1)

Investment in affiliated portfolio

(2)

Investment relates to cash collateral received from portfolio securities loaned.

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	265,954

Gross tax appreciation of investments	$	4,530
Gross tax depreciation of investments		(415	)

Net tax appreciation of investments	$	4,115

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 August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	76,331	$	—
Level 2		193,738		—
Level 3		—		—

Total	$	270,069	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 25.9%
Agriculture - 0.3%
Philip Morris International, Inc.,
4.88%, 5/16/13	$	100	$	99
Banks - 0.8%
Bank of America Corp.,
5.65%, 5/1/18 †		180		166
8.00%, 12/29/49		95		85

				251

Beverages - 0.8%
Anheuser-Busch Cos., Inc.,
5.50%, 1/15/18 †		75		70
PepsiCo., Inc.,
4.65%, 2/15/13 †		185		190

				260

Chemicals - 0.5%
Praxair, Inc.,
5.25%, 11/15/14		165		164

Computers - 1.0%
Dell, Inc., ⁽¹⁾⁽²⁾
5.65%, 4/15/18 †		185		180
Hewlett-Packard Co.,
4.50%, 3/1/13		150		150

				330

Diversified Financial Services - 8.3%
American General Finance Corp.,
5.38%, 10/1/12		235		204
ANZ Capital Trust, ⁽¹⁾⁽²⁾
4.48%, 1/29/49		150		146
Bear Stearns (The) Cos., Inc.,
7.25%, 2/1/18		70		72
Citigroup, Inc.,
6.50%, 8/19/13		550		550
Countrywide Home Loans, Inc.,
4.00%, 3/22/11		125		112
General Electric Capital Corp.,
5.63%, 9/15/17		150		147
5.63%, 5/1/18 †		125		121
Goldman Sachs Group (The), Inc.,
6.15%, 4/1/18		70		67
HSBC Finance Corp.,
5.25%, 1/15/14 †		270		263
International Lease Finance Corp.,
5.65%, 6/1/14		60		50
JPMorgan Chase & Co.,
5.75%, 1/2/13		300		300
7.90%, 4/29/49		40		36
Merrill Lynch & Co., Inc.,
6.15%, 4/25/13 †		175		166
6.88%, 4/25/18		80		74
Morgan Stanley,
5.63%, 1/9/12		300		295
Power Receivable Finance LLC, ⁽¹⁾⁽²⁾
6.29%, 1/1/12		48		49

				2,652

Electric - 2.1%
Duke Energy Carolinas LLC,
5.10%, 4/15/18 †		135		132
Florida Power & Light Co.,
5.55%, 11/1/17 †		135		138
Florida Power Corp.,
5.65%, 6/15/18		145		148
Neveda Power Co.,
6.50%, 8/1/18		150		153
Public Service Electric & Gas,
4.00%, 11/1/08		95		95

				666

Food - 0.5%
General Mills, Inc.,
5.25%, 8/15/13 †		150		151

Healthcare - Services - 0.5%
UnitedHealth Group, Inc.,
4.88%, 3/15/15 †		185		171

Holding Companies - Diversified - 0.3%
Capmark Financial Group, Inc.,
6.30%, 5/10/17		150		88

Insurance - 0.8%
Berkshire Hathaway Finance Corp., ⁽¹⁾ ⁽²⁾
5.00%, 8/15/13		100		101
Protective Life Secured Trust,
4.85%, 8/16/10		165		166

				267

Media - 0.5%
Time Warner Cable, Inc.,
5.85%, 5/1/17 †		165		158

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 25.9% continued
Metal Fabricate/Hardware - 0.2%
Commercial Metals Co.,
7.35%, 8/15/18	$	75	$	75

Mining - 0.3%
Alcoa, Inc.,
6.00%, 7/15/13 †		95		95

Miscellaneous Manufacturing - 0.6%
General Electric Co.,
5.25%, 12/6/17		195		188

Oil & Gas - 2.5%
ConocoPhillips,
4.40%, 5/15/13		70		69
Devon Financing Corp. ULC,
6.88%, 9/30/11		125		133
Premcor Refining Group (The), Inc.,
6.75%, 5/1/14		330		338
XTO Energy, Inc.,
4.63%, 6/15/13		250		239

				779

Oil & Gas Services - 0.5%
Cameron International Corp.,
6.38%, 7/15/18		140		140

Pharmaceuticals - 1.3%
Abbott Laboratories,
5.60%, 11/30/17		170		173
GlaxoSmithKline Capital, Inc.,
4.85%, 5/15/13		140		141
Schering-Plough Corp.,
6.00%, 9/15/17 †		95		94

				408

Pipelines - 1.5%
Consolidated Natural Gas Co.,
5.00%, 3/1/14		275		267
Kinder Morgan Energy Partners LP,
6.00%, 2/1/17 †		125		124
Williams Cos., Inc.,
7.63%, 7/15/19 †		65		68

				459

Real Estate Investment Trusts - 0.1%
iStar Financial, Inc.,
5.88%, 3/15/16		50		35

Retail - 0.7%
Lowe’s Cos., Inc.,
5.60%, 9/15/12		140		145
Wal-Mart Stores, Inc.,
4.25%, 4/15/13 †		90		90

				235

Telecommunications - 1.8%
AT&T, Inc.,
5.50%, 2/1/18 †		60		58
5.60%, 5/15/18 †		130		127
Verizon Communications, Inc.,
6.10%, 4/15/18 †		160		160
Verizon New England, Inc.,
6.50%, 9/15/11		65		67
Verizon New Jersey, Inc.,
5.88%, 1/17/12		150		153

				565

Total Corporate Bonds
(Cost $8,431)				8,236
FOREIGN ISSUER BONDS - 3.8%
Beverages - 0.2%
Diageo Capital PLC,
5.20%, 1/30/13		70		71

Insurance - 1.0%
Allied World Assurance Holdings Ltd. of Bermuda,
7.50%, 8/1/16		100		95
Catlin Insurance Co. Ltd., ⁽¹⁾⁽²⁾
7.25%, 1/19/17		155		93
XL Capital Ltd.,
6.50%, 3/1/49		215		129

				317

Iron/Steel - 0.5%
ArcelorMittal, ⁽¹⁾⁽²⁾
5.38%, 6/1/13		180		177

Media - 0.2%
Thomson Reuters Corp.,
5.95%, 7/15/13		80		81

Mining - 0.7%
Rio Tinto Finance USA Ltd.,
5.88%, 7/15/13 †		210		212

Oil & Gas - 0.5%
Petro-Canada,
6.05%, 5/15/18		75		73

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 3.8% continued
Oil & Gas - 0.5% continued
Suncor Energy, Inc.,
6.10%, 6/1/18 †	$	75	$	74

				147

Telecommunications - 0.7%
Telefonos de Mexico S.A. de CV, ⁽²⁾
4.75%, 1/27/10		210		211

Total Foreign Issuer Bonds
(Cost $1,364)				1,216
U.S. GOVERNMENT AGENCIES - 31.1% ⁽³⁾
Fannie Mae - 20.8%
3.88%, 12/10/09		2,000		2,022
2.38%, 5/20/10		625		617
3.63%, 8/15/11		637		639
3.25%, 4/9/13		550		534
3.88%, 7/12/13		350		348
Pool #918884, ⁽⁴⁾
6.00%, 4/1/37		918		934
Pool TBA, ⁽⁴⁾
6.00%, 12/31/34		1,499		1,514

				6,608

Federal Home Loan Bank - 4.2%
3.38%, 8/13/10		635		638
2.63%, 5/20/11		370		362
3.63%, 5/29/13		350		345

				1,345

Freddie Mac - 6.1%
3.25%, 7/16/10		540		541
4.63%, 10/25/12		700		720
4.75%, 1/19/16		672		687

				1,948

Total U.S. Government Agencies
(Cost $9,867)				9,901
U.S. GOVERNMENT OBLIGATIONS - 39.3 %
U.S. Treasury Notes - 39.3%
2.88%, 6/30/10 †		1,124		1,136
2.38%, 8/31/10		6,382		6,383
3.38%, 6/30/13 †		361		366
5.13%, 5/15/16 †		3,760		4,162
4.00%, 8/15/18 †		461		468

				12,515

Total U.S. Government Obligations
(Cost $12,496)				12,515

	NUMBER OF SHARES
INVESTMENT COMPANY - 23.3%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁵⁾⁽⁶⁾		7,435,784		7,436

Total Investment Company
(Cost $7,436)				7,436

	PRINCIPAL AMOUNT (000S)
SHORT-TERM INVESTMENTS - 48.2%
Deutsche Bank AG, Grand Cayman, Eurodollar Time Deposit,
1.94%, 9/2/08	$	5,740		5,740
FHLB Discount Note,
1.47%, 9/2/08		9,481		9,481
U. S. Treasury Bill,
1.86%, 11/20/08		150		149
Total Short-Term Investments

(Cost $15,370)				15,370
Total Investments - 171.6%
(Cost $54,964)				54,674
Liabilities less Other Assets - (71.6)%				(22,808	)

NET ASSETS - 100.0%			$	31,866

FIXED INCOME PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)

(1)

Restricted security that has been deemed illiquid. At August 31, 2008, the value of these restricted illiquid securities amounted to approximately $746,000 or 2.3% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
ANZ Capital Trust, 4.48%, 1/29/49	9/21/06	$	146
ArcelorMittal, 5.38%, 6/1/13	6/11/08		178
Berkshire Hathaway Finance Corp., 5.00%, 8/15/13	7/30/08		100
Catlin Insurance Co. Ltd., 7.25%, 1/19/17	1/11/07-6/27/07		153
Dell, Inc., 5.65%, 4/15/18	4/14/08		185
Power Receivable Finance LLC, 6.29%, 1/1/12	9/30/03-8/24/07		47

(2)

(3)

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

(4)

When-Issued Security

(5)

Investment in affiliated portfolio.

(6)

Investment relates to cash collateral received from portfolio securities loaned.

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	54,964

Gross tax appreciation of investments	$	133
Gross tax depreciation of investments		(423	)

Net tax depreciation of investments	$	(290	)

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 August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	7,436	$	—
Level 2		47,238		—
Level 3		—		—
Total	$	54,674	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 21.1%
Auto Manufacturers - 1.8%
Daimler Finance North America LLC,
7.20%, 9/1/09 †	$	2,230	$	2,283

Banks - 1.7%
National City Corp.,
5.75%, 2/1/09 †		2,200		2,136

Diversified Financial Services - 8.8%
Allstate Life Global Funding Trusts,
4.50%, 5/29/09 †		2,395		2,398
ANZ Capital Trust, ⁽¹⁾⁽²⁾
4.48%, 1/29/49		900		876
Associates Corp. of N.A.,
6.25%, 11/1/08		950		954
Capital One Bank USA N.A.,
4.25%, 12/1/08 †		930		927
General Electric Capital Corp.,
6.00%, 6/15/12 †		1,450		1,505
International Lease Finance Corp.,
5.75%, 6/15/11 †		970		887
John Deere Capital Corp.,
4.88%, 3/16/09		1,125		1,135
JPMorgan Chase & Co.,
4.85%, 6/16/11 †		1,325		1,334
National Rural Utilities Cooperative Finance Corp.,
5.75%, 11/1/08 †		1,150		1,154

				11,170

Electric - 0.7%
Public Service Electric & Gas,
4.00%, 11/1/08		880		880

Media - 0.7%
Time Warner, Inc.,
6.75%, 4/15/11 †		855		875

Pipelines - 0.4%
Spectra Energy Capital LLC,
4.37%, 3/1/09		500		499

Retail - 2.5%
CVS Caremark Corp.,
4.00%, 9/15/09		1,300		1,291
Target Corp.,
5.38%, 6/15/09 †		1,800		1,832

				3,123

Savings & Loans - 1.2%
Washington Mutual, Inc.,
4.00%, 1/15/09 †		1,770		1,597

Software - 0.6%
Oracle Corp.,
5.00%, 1/15/11 †		720		738

Telecommunications - 2.7%
AT&T, Inc.,
6.25%, 3/15/11 †		1,440		1,495
Verizon Communications, Inc.,
5.35%, 2/15/11 †		1,440		1,483
Verizon New Jersey, Inc.,
5.88%, 1/17/12 †		400		407

				3,385

Total Corporate Bonds
(Cost $26,988)				26,686
FOREIGN ISSUER BONDS - 1.8%
Oil & Gas - 1.1%
Conoco Funding Co.,
6.35%, 10/15/11 †		1,260		1,343

Telecommunications - 0.7%
Telefonos de Mexico SAB de CV,
4.75%, 1/27/10 †		885		890

Total Foreign Issuer Bonds
(Cost $2,227)				2,233
U.S. GOVERNMENT AGENCIES - 41.6% ⁽³⁾
Fannie Mae - 18.8%
2.50%, 4/9/10		4,845		4,801
2.38%, 5/20/10		2,450		2,421
3.25%, 8/12/10		3,850		3,857
3.63%, 8/15/11		2,684		2,690
Pool #555649,
7.50%, 10/1/32		140		151
Pool #869217,
5.45%, 2/1/36		1,881		1,918
Pool #893082,
5.83%, 9/1/36		1,365		1,394
Pool TBA, ⁽⁴⁾
6.50%, 9/1/32		3,800		3,908

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 41.6%⁽³⁾ continued
Fannie Mae - 18.8% continued
6.00%, 12/31/34	$	2,600	$	2,625

				23,765

Federal Farm Credit Bank - 2.2%
2.63%, 4/21/11		2,848		2,790

Federal Home Loan Bank - 10.0%
5.38%, 7/17/09		3,100		3,163
2.75%, 6/18/10		3,400		3,379
2.63%, 5/20/11		3,750		3,672
3.38%, 6/24/11		2,385		2,368

				12,582

Freddie Mac - 9.2%
6.63%, 9/15/09		3,344		3,465
4.00%, 12/15/09		3,510		3,551
2.88%, 6/28/10		1,940		1,931
3.25%, 7/16/10		2,705		2,711

				11,658

Freddie Mac Non Gold - 1.4%
Pool #1B3617
5.94%, 10/1/37		1,775		1,813

Total U.S. Government Agencies
(Cost $52,721)				52,608
U.S. GOVERNMENT OBLIGATIONS - 29.7%
U.S. Treasury Notes - 29.7%
4.00%, 8/31/09 †		—		—
2.88%, 6/30/10		10,782		10,896
2.38%, 8/31/10		12,457		12,459
4.25%, 1/15/11		11,400		11,892
4.88%, 5/31/11 †		2,176		2,310

				37,557

Total U.S. Government Obligations
(Cost $37,421)				37,557

	NUMBER OF SHARES
INVESTMENT COMPANY - 36.4%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁵⁾⁽⁶⁾		45,942,129		45,942

Total Investment Company
(Cost $45,942)				45,942

	PRINCIPAL AMOUNT (000S)
SHORT-TERM INVESTMENTS -18.3%
Deutsche Bank AG, Grand Cayman, Eurodollar Time Deposit,
1.94%, 9/2/08	$	19,505		19,505
FHLB Discount Note,
1.47%, 9/2/08		2,921		2,921
United States Treasury Bill,
1.87%, 11/20/08		650		648

Total Short-Term Investments
(Cost $23,073)				23,074

Total Investments - 148.9%
(Cost $188,372)				188,100
Liabilities less Other Assets - (48.9)%				(61,785	)

NET ASSETS - 100.0%			$	126,315

(1)

Restricted security that has been deemed illiquid. At August 31, 2008, the value of these restricted illiquid securities amounted to approximately $876,000 or 0.7% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY

ACQUISITION
AND
ENFORCEABLE
DATE

ACQUISITION
COST
(000S)

ANZ Capital Trust,

4.48%, 1/29/49

9/21/06

874

(2)

(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.

FIXED INCOME PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS


SHORT BOND PORTFOLIO continued		AUGUST 31, 2008 (UNAUDITED)

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	188,372

Gross tax appreciation of investments	$	383
Gross tax depreciation of investments		(655	)

Net tax depreciation of investments	$	(272	)

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 August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	45,942	$	—
Level 2		142,158		—
Level 3		—		—

Total	$	188,100	$	—

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

FIXED INCOME PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

U.S. GOVERNMENT SECURITIES PORTFOLIO


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 33.7%⁽¹⁾
Fannie Mae - 10.5%
5.13%, 7/13/09	$	870	$	885
3.63%, 8/15/11		1,250		1,253
6.13%, 3/15/12		825		889
Pool #555649,
7.50%, 10/1/32		101		109
Pool #869217,
5.45%, 2/1/36		1,392		1,419
Pool #893082,
5.83%, 9/1/36		514		525
Pool #968158,
6.50%, 1/1/38		474		488
Pool TBA, ⁽²⁾
6.00%, 12/31/34		1,500		1,514

				7,082

Federal Farm Credit Bank - 2.7%
2.63%, 4/21/11		448		439
3.88%, 8/25/11		1,335		1,347

				1,786

Federal Home Loan Bank - 10.2%
5.00%, 12/11/09		1,500		1,536
2.75%, 6/18/10		2,000		1,988
5.20%, 9/10/10		2,000		2,001
3.38%, 6/24/11		665		660
4.00%, 9/6/13		700		700

				6,885

Freddie Mac - 10.3%
2.88%, 6/28/10		665		662
3.25%, 7/16/10		2,000		2,004
5.60%, 9/26/13		425		426
Pool #410092,
5.15%, 11/1/24		8		8
Pool #1J0365,
5.93%, 4/1/37		963		981
Pool #1J2840,
5.97%, 9/1/37		1,390		1,420
Series 2944, Class WD,
5.50%, 11/15/28		1,415		1,444

				6,945

Total U.S. Government Agencies
(Cost $22,641)				22,698
U.S. GOVERNMENT OBLIGATIONS - 60.4%
U.S. Treasury Notes - 60.4%
2.88%, 6/30/10 †		2,717		2,746
2.38%, 8/31/10		12,655		12,657
4.25%, 1/15/11 †		5,300		5,529
4.88%, 5/31/11 †		2,150		2,282
4.63%, 12/31/11 †		2,661		2,820
3.13%, 8/31/13		14,648		14,667

				40,701

Total U.S. Government Obligations
(Cost $40,805)				40,701

	NUMBER OF SHARES
INVESTMENT COMPANY - 16.9%
Northern Institutional Funds - Liquid Assets Portfolio ⁽³⁾⁽⁴⁾		11,386,449		11,386

Total Investment Company
(Cost $11,386)				11,386

	PRINCIPAL AMOUNT (000S)
SHORT-TERM INVESTMENTS - 48.3%
FHLB Discount Note,
1.47%, 9/2/08	$	32,224		32,223
U. S. Treasury Bill,
1.86%, 11/20/08		325		324

Total Short-Term Investments
(Cost $32,547)				32,547

Total Investments - 159.3%
(Cost $107,379)				107,332
Liabilities less Other Assets - (59.3)%				(39,965	)

NET ASSETS - 100.0%			$	67,367

(1)

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

(2)

When-Issued Security

(3)

Investment in affiliated portfolio

(4)

Investment relates to cash collateral received from portfolio securities loaned.

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

FIXED INCOME PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	107,379

Gross tax appreciation of investments	$	145
Gross tax depreciation of investments		(192	)

Net tax depreciation of investments	$	(47	)

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 August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	11,386	$	—
Level 2		95,946		—
Level 3		—		—

Total	$	107,332	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.0%
Australia - 2.5%
Cochlear Ltd. †	36,250	$	1,696
Telstra Corp. Ltd.	858,593		3,189

			4,885

Canada - 1.7%
Bombardier, Inc., Class B	423,800		3,289

China - 0.8%
Bank of China Ltd., Class H †	3,353,000		1,445

Finland - 0.9%
UPM-Kymmene OYJ	105,457		1,804

France - 12.6%
Accor S.A. †	26,541		1,755
Air Liquide	27,291		3,319
BNP Paribas	28,042		2,530
Cap Gemini S.A.	51,885		3,067
LVMH Moet Hennessy Louis Vuitton S.A.	33,301		3,540
Societe Generale	40,658		3,944
Thales S.A.	62,193		3,511
Total S.A.	38,123		2,740

			24,406

Germany - 15.4%
Allianz S.E. (Registered)	23,194		3,873
Bayer A.G.	46,281		3,666
Deutsche Bank A.G. (Registered) †	25,920		2,215
Deutsche Telekom A.G. (Registered)	241,196		3,998
E.ON A.G.	59,785		3,492
GEA Group A.G.	47,014		1,481
Linde A.G.	24,401		3,073
Merck KGaA	26,371		3,023
Metro A.G.	21,139		1,179
SAP A.G.	66,421		3,719

			29,719

Greece - 0.8%
National Bank of Greece S.A.	34,833		1,551

Italy - 4.1%
ENI S.p.A.	89,652		2,918
Lottomatica S.p.A. †	51,339		1,581
Unicredit S.p.A. (Milan Exchange)	629,824		3,409

			7,908

Japan - 16.2%
Chiyoda Corp. †	171,000		1,422
East Japan Railway Co.	475		3,781
Kawasaki Heavy Industries Ltd.	543,000		1,201
Kinden Corp.	173,000		1,650
Kirin Holdings Co. Ltd.	186,000		2,795
Kubota Corp.	239,000		1,666
Mitsubishi Estate Co. Ltd.	139,000		3,083
Shin-Etsu Chemical Co. Ltd.	49,000		2,735
Shiseido Co. Ltd.	142,000		3,327
Sony Corp.	89,000		3,409
Sumitomo Metal Mining Co. Ltd.	113,000		1,446
Toyota Motor Corp.	107,400		4,816

			31,331

Netherlands - 4.2%
Qiagen N.V. * †	81,758		1,729
Royal Dutch Shell PLC, Class B (London Exchange)	184,068		6,333

			8,062

Singapore - 1.2%
CapitaLand Ltd.	789,000		2,414

Spain - 2.4%
Telefonica S.A.	186,971		4,624

Sweden - 2.0%
Telefonaktiebolaget LM Ericsson, Class B	336,800		3,845

Switzerland - 9.8%
ABB Ltd. (Registered) *	98,860		2,422
Julius Baer Holding A.G. (Registered)	29,256		1,782
Nestle S.A. (Registered)	104,945		4,623
Roche Holding A.G. (Genusschein)	29,752		5,014
Swiss Life Holding (Registered) *	7,778		1,415
Syngenta A.G. (Registered)	13,363		3,586

			18,842

United Kingdom - 20.4%
Autonomy Corp. PLC *	83,875		1,752
BAE Systems PLC	402,360		3,511
BHP Billiton PLC	152,769		4,780
BP PLC	288,007		2,767
British Energy Group PLC	133,025		1,781
Diageo PLC	198,204		3,665
HSBC Holdings PLC	99,449		1,566
ITV PLC	1,695,579		1,381
Kingfisher PLC	816,420		1,970
Lonmin PLC	27,365		1,730
Prudential PLC	299,605		2,992
Smith & Nephew PLC	150,886		1,816
Standard Chartered PLC	54,127		1,471
Vodafone Group PLC	1,966,670		5,033

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 95.0% continued
United Kingdom - 20.4% continued
WPP Group PLC		327,846	$	3,199

				39,414

Total Common Stocks
(Cost $193,445)⁽¹⁾				183,539
INVESTMENT COMPANY - 4.5%
Northern Institutional Funds - Liquid Assets Portfolio ⁽²⁾⁽³⁾		8,610,168		8,610

Total Investment Company
(Cost $8,610)				8,610

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 0.2%
Skandinaviska Enskildaban, Sweden, Eurodollar Time Deposit, 2.03%, 9/2/08	$	315		315

Total Short-Term Investment
(Cost $315)				315
Total Investments - 99.7%
(Cost $202,370)				192,464
Other Assets less Liabilities - 0.3%				574

NET ASSETS - 100.0%			$	193,038

(1)

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

(2)

Investment relates to cash collateral received from portfolio securities loaned.

(3)

Investment in affiliated portfolio.

*	Non-Income Producing Security

†	Security is either wholly or parially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	202,370

Gross tax appreciation of investments	$	9,242
Gross tax depreciation of investments		(19,148	)

Net tax depreciation of investments	$	(9,906	)

At August 31, 2008, the industry sectors for the International Growth Equity Portfolio were:


INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Consumer Discretionary	11.8	%
Consumer Staples	8.5
Energy	8.0
Financials	18.4
Health Care	9.2
Industrials	13.1
Information Technology	6.7
Materials	12.2
Telecommunication Services	9.2
Utilities	2.9

Total	100.0	%

At August 31, 2008, the International Growth Equity Portfolio’s investments were denominated in the following currencies:


CONCENTRATION BY CURRENCY	% OF LONG-TERM INVESTMENTS
Euro	39.1	%
British Pound	24.9
Japanese Yen	17.1
Swiss Franc	10.3
All other currencies less than 5%	8.6

Total	100.0	%

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)

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH PORTFOLIO continued

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 August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	11,899	$	—
Level 2		180,565		—
Level 3		—		—

Total	$	192,464	$	—

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

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2 %
Australia - 6.3%
AGL Energy Ltd. †	3,526	$	46
Alumina Ltd. †	8,979		30
Amcor Ltd.	7,167		34
AMP Ltd.	15,942		94
Aristocrat Leisure Ltd. †	2,790		14
Asciano Group †	4,117		17
ASX Ltd.	1,478		44
Australia & New Zealand Banking Group Ltd. †	18,118		255
AXA Asia Pacific Holdings Ltd.	6,932		31
Babcock & Brown Ltd. †	1,852		4
Bendigo Bank Ltd. †	2,183		21
BHP Billiton Ltd.	31,509		1,109
Billabong International Ltd. †	1,509		16
BlueScope Steel Ltd.	6,054		48
Boart Longyear Group	11,537		19
Boral Ltd. †	4,730		26
Brambles Ltd. †	12,252		80
Caltex Australia Ltd. †	1,074		12
CFS Retail Property Trust †	14,633		27
Coca-Cola Amatil Ltd.	4,344		32
Cochlear Ltd.	437		20
Commonwealth Bank of Australia	12,472		449
Computershare Ltd.	4,051		31
Crown Ltd.	3,553		28
CSL Ltd.	5,570		194
CSR Ltd. †	8,705		20
Dexus Property Group	25,589		32
Fairfax Media Ltd. †	9,705		23
Fortescue Metals Group Ltd. * †	11,066		72
Foster’s Group Ltd.	16,629		80
Goodman Fielder Ltd.	9,902		12
Goodman Group †	11,663		31
GPT Group †	19,351		29
Harvey Norman Holdings Ltd.	4,700		15
Incitec Pivot Ltd. *	548		74
Insurance Australia Group Ltd. †	17,519		59
Leighton Holdings Ltd. †	1,228		48
Lend Lease Corp. Ltd.	2,864		24
Lion Nathan Ltd.	2,500		19
Macquarie Airports	6,369		17
Macquarie Group Ltd. †	2,460		91
Macquarie Infrastructure Group †	21,114		39
Macquarie Office Trust †	16,842		15
Metcash Ltd.	4,400		15
Mirvac Group	8,691		22
National Australia Bank Ltd.	15,041		312
Newcrest Mining Ltd.	3,941		93
OneSteel Ltd.	6,767		40
Orica Ltd.	3,003		64
Origin Energy Ltd.	7,919		110
OZ Minerals Ltd. *	24,791		37
Paladin Resources Ltd. * †	3,716		18
Perpetual Ltd. †	295		11
Qantas Airways Ltd.	7,735		22
QBE Insurance Group Ltd.	8,255		169
Rio Tinto Ltd. †	2,692		290
Santos Ltd.	5,308		91
Sims Group Ltd.	1,169		34
Sonic Healthcare Ltd.	2,265		28
State George Bank Ltd. †	5,100		131
Stockland †	12,526		56
Suncorp-Metway Ltd. †	8,423		82
TABCORP Holdings Ltd.	4,625		34
Tatts Group Ltd. †	8,554		19
Telstra Corp. Ltd.	40,580		151
Toll Holdings Ltd. †	4,388		26
Transurban Group †	11,194		52
Virgin Blue Holdings Ltd. †	4,388		2
Wesfarmers Ltd. - PPS	1,001		27
Wesfarmers Ltd. †	5,887		154
Westfield Group	16,297		239
Westpac Banking Corp. †	17,420		347
Woodside Petroleum Ltd.	4,482		240
Woolworths Ltd.	11,281		271
WorleyParsons Ltd.	1,330		42

			6,610

Austria - 0.5%
Andritz A.G. †	360		22
Atrium European Ltd. *	2,380		24
Erste Bank der Oesterreichischen Sparkassen A.G. †	1,656		100
Immoeast Immobilien Anlagen A.G. *	3,310		21
Immofinanz Immobilien Anlagen A.G.	3,559		32
Oesterreichische Elektrizitaetswirtschafts A.G. (Verbund), Class A	690		52
OMV A.G.	1,570		101
Raiffeisen International Bank Holding A.G. †	430		47
Strabag SE	410		26

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2 % continued
Austria - 0.5% continued
Telekom Austria A.G. †	2,906	$	63
Vienna Insurance	300		19
Voestalpine A.G.	972		53
Wienerberger A.G. †	577		15

			575

Belgium - 1.0%
Belgacom S.A.	1,454		58
Colruyt S.A.	132		36
Delhaize Group	869		56
Dexia †	4,421		63
Fortis	20,796		289
Groupe Bruxelles Lambert S.A.	726		76
InBev N.V.	1,763		122
KBC Ancora	236		17
KBC Groep N.V.	1,498		143
Mobistar S.A.	217		16
Nationale A Portefeuille	300		22
Solvay S.A., Class A	505		62
UCB S.A.	875		34
Umicore *	985		43

			1,037

Denmark - 1.0%
A.P. Moller - Maersk A/S, Class A	5		56
A.P. Moller - Maersk A/S, Class B	10		112
Carlsberg A/S, Class B	773		69
Coloplast A/S, Class B	224		16
Danisco A/S	335		22
Danske Bank A/S	3,969		112
DSV A/S	1,603		31
FLSmidth & Co. A/S	423		34
Jyske Bank A/S (Registered) *	468		26
Novo-Nordisk A/S, Class B	4,272		237
Novozymes A/S, Class B †	367		37
Rockwool International A/S †	61		6
Sydbank A/S	501		16
Topdanmark A/S *	140		21
TrygVesta A/S †	211		14
Vestas Wind Systems A/S *	1,723		234
William Demant Holding A/S * †	201		10

			1,053

Finland - 1.6%
Cargotec Corp., Class B	303		9
Elisa OYJ	1,189		25
Fortum OYJ	4,098		168
Kesko OYJ, Class B	452		14
Kone OYJ, Class B	1,557		48
Metso OYJ	1,014		40
Neste Oil OYJ	1,020		24
Nokia OYJ	35,427		891
Nokian Renkaat OYJ	718		26
Orion OYJ, Class B	600		11
Outokumpu OYJ	1,300		31
Pohjola Bank PLC	700		11
Rautaruukki OYJ	668		23
Sampo OYJ, Class A	4,072		102
Sanoma-WSOY OYJ †	771		15
Stora Enso OYJ (Registered) †	4,620		46
UPM-Kymmene OYJ	5,227		90
Wartsila OYJ, Class B	756		44
YIT OYJ	1,190		19

			1,637

France - 10.7%
Accor S.A. †	1,867		123
ADP †	213		19
Air France-KLM	964		23
Air Liquide	2,312		281
Alcatel-Lucent *	22,103		134
Alstom	1,977		201
ArcelorMittal	8,062		635
Atos Origin S.A. †	660		36
AXA S.A.	14,351		460
BNP Paribas	7,532		680
Bouygues	2,325		140
Bureau Veritas	301		17
Cap Gemini S.A.	1,229		73
Carrefour S.A. †	5,904		311
Casino Guichard Perrachon S.A. †	346		34
Christian Dior S.A.	442		47
Cie de Saint-Gobain	2,630		161
Cie Generale d’Optique Essilor International S.A. †	1,793		95
CNP Assurances	305		37
Compagnie Generale de Geophysique-Veritas * †	1,091		45
Credit Agricole S.A.	8,070		172
Dassault Systemes S.A. †	458		28
Eiffage S.A. †	286		19
Electricite de France †	1,824		156
Eramet †	41		22
Eurazeo	198		20

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2 % continued
France - 10.7% continued
Eutelsat Communications *	653	$	18
France Telecom S.A. †	16,951		500
GDF Suez	10,602		611
GDF Suez (VVPR) *	1,323		—
Gecina S.A.	85		11
Groupe Danone	4,028		280
Hermes International †	622		88
ICADE	154		14
Imerys S.A. †	252		16
JC Decaux S.A. †	548		12
Klepierre †	572		23
L’Oreal S.A. †	2,279		226
Lafarge S.A. †	1,374		166
Lagardere S.C.A.	1,088		61
Legrand S.A.	714		18
LVMH Moet Hennessy Louis Vuitton S.A.	2,285		243
M6-Metropole Television †	708		16
Michelin Compagnie Generale des Establissements, Class B	1,263		82
Natixis †	3,438		29
Neopost S.A.	256		27
PagesJaunes Groupe S.A. †	1,084		16
Pernod-Ricard †	1,491		139
Peugeot S.A.	1,196		57
PPR †	730		85
Publicis Groupe	1,106		37
Renault S.A.	1,738		145
Safran S.A. †	1,596		28
Sanofi-Aventis	9,751		692
Schneider Electric S.A.	2,060		207
SCOR SE *	1,190		27
SES S.A.	2,564		62
Societe BIC S.A. †	278		17
Societe Generale	4,331		420
Societe Television Francaise 1 †	937		16
Sodexho Alliance	759		51
Suez Environnement S.A. *	2,342		67
Technip S.A.	971		80
Thales S.A.	705		40
Total S.A.	20,289		1,458
Unibail-Rodamco	766		160
Valeo S.A. †	654		23
Vallourec	480		134
Veolia Environment	3,404		183
Vinci S.A.	3,865		220
Vivendi	10,821		418
Wendel †	215		24
Zodiac S.A. †	413		21

			11,237

Germany - 8.7%
Adidas A.G.	1,779		104
Allianz SE (Registered)	4,253		710
Arcandor A.G. *	651		5
BASF SE	8,774		506
Bayer A.G.	7,087		561
Bayerische Motoren Werke A.G.	3,014		123
Beiersdorf A.G.	701		41
Bilfinger Berger A.G.	376		27
Celesio A.G.	676		26
Commerzbank A.G.	5,829		172
Continental A.G. †	1,438		156
Daimler Chrysler A.G. (Registered)	8,048		470
Deutsche Bank A.G. (Registered) †	4,677		400
Deutsche Boerse A.G.	1,829		174
Deutsche Lufthansa A.G. (Registered)	1,821		39
Deutsche Post A.G. (Registered)	7,623		178
Deutsche Postbank A.G. †	652		43
Deutsche Telekom A.G. (Registered)	26,310		436
E.ON A.G.	17,858		1,043
Fraport A.G. Frankfurt Airport Services Worldwide †	278		18
Fresenius Medical Care A.G. & Co. KGaA	1,700		91
Fresenius A.G.	206		17
GEA Group A.G.	1,444		46
Hamburger Hafen †	190		12
Hannover Rueckversicherung A.G.	469		20
HeidelbergCement A.G. †	198		22
HeidelbergCement A.G. (VVPR) * ⁽¹⁾	83		—
Henkel KGaA	1,138		40
Hochtief A.G.	334		28
Hypo Real Estate Holding	1,955		48
Infineon Technologies A.G. *	6,766		58
IVG Immobilien A.G.	872		16
K&S A.G.	1,395		169
Linde A.G.	1,245		157
MAN A.G.	1,011		99
Merck KGaA	540		62
Metro A.G.	980		55
Muenchener Rueckversicherungs A.G. (Registered)	1,925		300

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2 % continued
Germany - 8.7% continued
Puma A.G. Rudolf Dassler Sport A.G. †	64	$	20
Q-Cells A.G. * †	492		49
Rheinmetall A.G.	286		18
RWE A.G.	4,128		445
Salzgitter A.G.	327		50
SAP A.G.	8,095		453
Siemens A.G. (Registered)	8,161		888
Solarworld A.G.	680		36
ThyssenKrupp A.G.	3,365		168
TUI A.G. †	1,697		34
United Internet A.G. (Registered)	960		14
Volkswagen A.G. †	1,353		404
Wacker Chemie A.G.	123		23

			9,074

Greece - 0.6%
Alpha Bank A.E.	3,569		91
Coca-Cola Hellenic Bottling Co. S.A.	1,380		34
EFG Eurobank Ergasias S.A.	2,638		53
Hellenic Petroleum S.A.	1,222		15
Hellenic Telecommunications Organization S.A.	2,560		55
Marfin Investment Group S.A. *	5,160		33
National Bank of Greece S.A.	4,663		208
OPAP S.A.	2,034		71
Piraeus Bank S.A.	2,690		72
Public Power Corp. S.A.	713		18
Titan Cement Co. S.A.	469		17

			667

Hong Kong - 2.1%
ASM Pacific Technology	2,000		14
Bank of East Asia Ltd.	12,599		50
BOC Hong Kong Holdings Ltd.	33,500		75
C C Land Holdings Ltd. †	9,000		4
Cathay Pacific Airways Ltd.	9,000		17
Cheung Kong Holdings Ltd.	13,000		185
Cheung Kong Infrastructure Holdings Ltd.	4,000		17
Chinese Estates Holdings Ltd. *	8,000		11
CITIC International Financial Holdings Ltd. * †	16,000		13
CLP Holdings Ltd.	19,194		156
Esprit Holdings Ltd. †	10,000		83
Foxconn International Holdings Ltd. * †	17,000		13
Hang Lung Group Ltd.	7,000		30
Hang Lung Properties Ltd.	17,000		54
Hang Seng Bank Ltd. †	6,900		136
Henderson Land Development Co. Ltd.	10,045		61
Hong Kong & China Gas Co. Ltd.	36,913		83
Hong Kong Aircraft Engineerg †	400		4
Hong Kong Electric Holdings Ltd.	13,000		82
Hong Kong Exchanges and Clearing Ltd.	9,500		123
Hopewell Holdings Ltd.	5,000		19
Hutchison Telecommunications International Ltd. *	16,000		20
Hutchison Whampoa Ltd.	19,500		181
Hysan Development Co. Ltd. †	5,281		14
Kerry Properties Ltd. †	6,093		29
Kingboard Chemicals Holdings Ltd.	4,000		18
Lee & Man Paper	4,000		4
Li & Fung Ltd.	18,620		57
Lifestyle International Holdings Ltd. *	6,000		8
Link REIT (The)	17,000		40
Mongolia Energy Co. Ltd. *	28,000		26
MTR Corp.	10,985		35
New World Development Ltd.	19,169		29
Noble Group Ltd. †	10,800		15
NWS Holdings Ltd.	4,000		9
Orient Overseas International Ltd.	2,000		7
Pacific Basin Ship	14,000		19
PCCW Ltd.	40,364		25
Shangri-La Asia Ltd.	9,172		18
Shun TAK Holdings Ltd.	10,000		6
Sino Land Co.	15,408		27
Sun Hung Kai Properties Ltd.	13,172		180
Swire Pacific Ltd., Class A	7,500		75
Television Broadcasts Ltd.	3,000		17
Wharf Holdings Ltd.	11,250		41
Wheelock & Co. Ltd.	8,000		19
Wing Hang Bank Ltd.	1,000		11
Wing Lung Bank †	700		13
Yue Yuen Industrial Holdings Ltd.	4,000		11

			2,184

Ireland - 0.5%
Allied Irish Banks PLC	7,595		97
Anglo Irish Bank Corp. PLC (Dublin Exchange) †	6,354		55
Bank of Ireland - Dublin †	6,996		56
Bank of Ireland - London †	1,554		12
CRH PLC - Dublin	3,759		99
CRH PLC - London	949		25
Elan Corp. PLC *	4,122		57
Experian Group Ltd.	9,567		72
Kerry Group PLC, Class A	1,103		30

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2 % continued
Ireland - 0.5% continued
Ryanair Holdings PLC *	3,150	$	12

			515

Italy - 3.6%
AEM S.p.A. †	10,311		32
Alleanza Assicurazioni S.p.A.	3,366		32
Assicurazioni Generali S.p.A. †	9,792		326
Atlantia S.p.A.	2,188		58
Autogrill S.p.A.	1,000		12
Banca Carige S.p.A. †	5,691		19
Banca Monte dei Paschi di Siena S.p.A. †	21,664		57
Banca Popolare di Milano Scrl	3,301		33
Banco Popolare Scarl	5,960		114
Bulgari S.p.A. †	1,672		17
Enel S.p.A.	40,091		369
ENI S.p.A.	24,081		784
Fiat S.p.A. †	6,146		95
Finmeccanica S.p.A.	2,750		74
Fondiaria-Sai S.p.A.	472		13
IFIL - Investments S.p.A.	1,576		10
Intesa Sanpaolo S.p.A.	71,306		383
Intesa Sanpaolo S.p.A. (RNC)	7,416		36
Italcementi S.p.A. †	723		10
Italcementi S.p.A.- (RNC)	829		10
Lottomatica S.p.A.	653		20
Luxottica Group S.p.A. †	1,098		28
Mediaset S.p.A.	6,106		44
Mediobanca S.p.A.	4,668		66
Mediolanum S.p.A. †	2,000		9
Parmalat S.p.A.	12,406		34
Pirelli & C. S.p.A. †	19,728		13
Prysmian S.p.A.	1,205		30
Saipem S.p.A.	2,225		88
Snam Rete Gas S.p.A.	7,000		44
Telecom Italia S.p.A. †	90,023		146
Telecom Italia S.p.A. (RNC)	53,741		69
Terna S.p.A.	9,544		38
UniCredito Italiano S.p.A. (Milan Exchange)	104,937		568
Unione di Banche Italiane SCPA	5,259		118
Unipol Gruppo Finanziario S.p.A.	5,252		13

			3,812

Japan - 21.1%
77 Bank (The) Ltd.	3,000		17
Acom Co. Ltd.	760		21
Advantest Corp. †	1,300		27
Aeon Co. Ltd.	5,600		64
Aeon Credit Service Co. Ltd.	900		10
Aeon Mall Co. Ltd.	500		14
Aiful Corp. †	1,000		8
Aioi Insurance Co. Ltd.	2,000		10
Aisin Seiki Co. Ltd.	1,900		50
Ajinomoto Co., Inc.	7,000		64
Alfresa Holdings Corp.	300		20
All Nippon Airways Co. Ltd.	5,000		19
Alps Electric Co. Ltd. †	1,000		9
Amada Co. Ltd.	3,000		18
Aozora Bank Ltd.	4,000		8
Asahi Breweries Ltd.	3,300		61
Asahi Glass Co. Ltd.	10,000		107
Asahi Kasei Corp.	12,000		56
Asics Corp.	1,000		9
Astellas Pharma, Inc.	4,700		212
Bank of Kyoto (The) Ltd. †	3,000		31
Bank of Yokohama (The) Ltd.	12,000		64
Benesse Corp.	700		31
Bridgestone Corp.	5,700		96
Brother Industries Ltd.	2,000		22
Canon Marketing Japan, Inc.	1,000		16
Canon, Inc.	10,000		448
Casio Computer Co. Ltd.	1,900		21
Central Japan Railway Co.	15		156
Chiba Bank (The) Ltd.	7,000		38
Chubu Electric Power Co., Inc.	6,400		153
Chugai Pharmaceutical Co. Ltd.	1,800		30
Chugoku Bank (The) Ltd.	1,000		13
Chugoku Electric Power Co. Inc. (The)	2,700		61
Chuo Mitsui Trust Holdings, Inc. *	9,000		49
Citizen Holdings Co. Ltd. †	2,700		19
Coca-Cola West Holdings Co. Ltd.	600		14
Cosmo Oil Co. Ltd.	4,000		12
Credit Saison Co. Ltd.	1,300		26
CSK Holding Corp. †	500		8
Dai Nippon Printing Co. Ltd.	6,000		85
Daicel Chemical Industries Ltd.	3,000		15
Daido Steel Co. Ltd.	2,000		11
Daihatsu Motor Co. Ltd.	2,000		25
Daiichi Sankyo Co. Ltd.	6,600		199
Daikin Industries Ltd.	2,400		81
Daito Trust Construction Co. Ltd.	600		25

EQUITY PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2 % continued
Japan - 21.1% continued
Daiwa House Industry Co. Ltd.	5,000	$	49
Daiwa Securities Group, Inc.	13,000		100
Dena Co. Ltd. †	2		10
Denki Kagaku Kogyo Kabushki Kaisha	3,000		8
Denso Corp.	4,400		114
Dentsu, Inc. †	21		42
DIC Corp.	5,000		11
Dowa Mining Co. Ltd.	2,000		11
East Japan Railway Co.	32		255
Eisai Co. Ltd.	2,400		96
Electric Power Development Co.	1,300		48
Elpida Memory, Inc. *	700		15
FamilyMart Co. Ltd.	400		16
Fanuc Ltd.	1,800		134
Fast Retailing Co. Ltd. †	500		50
Fuji Electric Holdings Co. Ltd.	6,000		14
Fuji Heavy Industries Ltd.	4,000		23
Fuji Television Network, Inc.	4		6
FUJIFILM Holdings Corp.	4,700		129
Fujitsu Ltd.	17,000		117
Fukuoka Financial Group, Inc.	6,000		21
Furukawa Electric (The) Co. Ltd.	6,000		31
Gunma Bank (The) Ltd.	3,000		17
Hachijuni Bank (The) Ltd.	2,872		17
Hakuhodo DY Holdings, Inc.	80		4
Hankyu Hanshin Holdings, Inc.	10,000		44
Haseko Corp.	9,000		9
Hikari Tsushin, Inc. †	300		8
Hino Motors Ltd.	2,000		10
Hirose Electric Co. Ltd.	300		29
Hiroshima Bank (The) Ltd.	3,000		11
Hisamitsu Pharmaceutical Co., Inc.	400		18
Hitachi Chemical Co. Ltd.	700		13
Hitachi Construction Machinery Co. Ltd. †	700		16
Hitachi High-Technologies Corp.	500		9
Hitachi Ltd.	32,000		236
Hitachi Metals Ltd.	1,000		15
Hokkaido Electric Power Co., Inc.	1,400		31
Hokuhoku Financial Group, Inc.	9,000		21
Hokuriku Electric Power Co.	1,300		32
Honda Motor Co. Ltd.	15,400		502
Hoya Corp.	3,800		77
Ibiden Co. Ltd.	1,000		30
Idemitsu Kosan Co. Ltd.	200		18
IHI Corp. *	10,000		17
Inpex Holdings, Inc.	8		87
Isetan Mitsukoshi Holdings Ltd. *	3,360		37
Isuzu Motors Ltd.	12,000		45
Ito En Ltd. †	600		9
Itochu Corp.	14,000		113
Itochu Techno-Science Corp.	400		11
Iyo Bank (The) Ltd.	2,000		21
J Front Retailing Co. Ltd.	2,800		15
Jafco Co. Ltd. †	400		14
Japan Airlines Corp. *	6,000		13
Japan Petroleum Exploration Co.	200		13
Japan Prime Realty Investment Corp.	3		7
Japan Real Estate Investment Corp.	3		28
Japan Retail Fund Investment Corp.	2		8
Japan Steel Works Ltd.	4,000		69
Japan Tobacco, Inc.	41		195
JFE Holdings, Inc.	5,000		210
JGC Corp.	2,000		38
Joyo Bank (The) Ltd.	5,000		23
JS Group Corp.	2,100		29
JSR Corp.	1,900		33
JTEKT Corp.	1,300		17
Jupiter Telecommunications Co. Ltd.	16		12
Kajima Corp.	9,000		28
Kamigumi Co. Ltd.	2,000		15
Kaneka Corp.	3,000		19
Kansai Electric Power Co., Inc.	7,300		179
Kansai Paint Co. Ltd.	2,000		13
Kao Corp.	5,000		142
Kawasaki Heavy Industries Ltd.	11,000		24
Kawasaki Kisen Kaisha Ltd.	5,000		36
KDDI Corp.	28		163
Keihin Electric Express Railway Co. Ltd. †	4,000		26
Keio Corp.	5,000		28
Keisei Electric Railway Co. Ltd.	2,000		11
Keyence Corp.	400		81
Kikkoman Corp.	1,000		12
Kintetsu Corp. †	13,000		40
Kirin Holdings Co. Ltd.	7,000		105
Kobe Steel Ltd.	27,000		65
Komatsu Ltd.	8,500		178
Konami Corp.	600		18
Konica Minolta Holdings, Inc.	4,000		55

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 6 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Japan - 21.1% continued
Kubota Corp.	11,000	$	77
Kuraray Co. Ltd.	3,000		31
Kurita Water Industries Ltd.	900		29
Kyocera Corp.	1,500		126
Kyowa Hakko Kogyo Co. Ltd.	2,000		22
Kyushu Electric Power Co., Inc.	3,000		66
Lawson, Inc.	400		18
Leopalace21 Corp.	900		9
Mabuchi Motor Co. Ltd. †	300		14
Makita Corp.	900		23
Marubeni Corp.	15,000		93
Marui Group Co. Ltd. *	3,000		22
Maruichi Steel Tube Ltd.	200		6
Matsushita Electric Industrial Co. Ltd.	18,000		370
Matsushita Electric Works Ltd.	3,000		28
Mazda Motor Corp.	9,000		48
Mediceo Paltac Holdings Co. Ltd.	1,100		17
Meiji Dairies Corp.	3,000		17
Minebea Co. Ltd.	2,000		9
Mitsubishi Chemical Holdings Corp.	12,000		68
Mitsubishi Corp.	12,700		352
Mitsubishi Electric Corp.	18,000		154
Mitsubishi Estate Co. Ltd.	11,000		244
Mitsubishi Gas Chemical Co., Inc.	3,000		17
Mitsubishi Heavy Industries Ltd.	29,000		139
Mitsubishi Logistics Corp.	1,000		11
Mitsubishi Materials Corp.	9,000		32
Mitsubishi Motors Corp. * †	36,000		54
Mitsubishi Rayon Co. Ltd. †	5,000		14
Mitsubishi Tanabe Pharma Corp. *	2,000		28
Mitsubishi UFJ Financial Group, Inc.	97,330		742
Mitsubishi UFJ Lease & Finance Co. Ltd.	420		15
Mitsui & Co. Ltd.	17,000		292
Mitsui Chemicals, Inc.	5,000		25
Mitsui Engineering & Shipbuilding Co. Ltd. †	6,000		12
Mitsui Fudosan Co. Ltd.	8,000		168
Mitsui Mining & Smelting Co. Ltd.	4,000		11
Mitsui O.S.K. Lines Ltd.	11,000		131
Mitsui Sumitomo Insurance Group Holdings, Inc.	3,700		122
Mitsumi Electric Co. Ltd.	700		19
Mizuho Financial Group, Inc.	91		384
Mizuho Trust & Banking Co. Ltd.	10,000		14
Murata Manufacturing Co. Ltd.	2,000		88
Namco Bandai Holdings, Inc.	1,600		20
NEC Corp.	17,000		79
NEC Electronics Corp. * †	300		8
NGK Insulators Ltd.	2,000		24
NGK Spark Plug Co. Ltd.	1,000		11
Nidec Corp.	900		61
Nikon Corp. †	3,000		98
Nintendo Co. Ltd.	900		426
Nippon Building Fund, Inc.	5		54
Nippon Electric Glass Co. Ltd.	3,000		40
Nippon Express Co. Ltd.	8,000		37
Nippon Meat Packers, Inc.	2,000		32
Nippon Mining Holdings, Inc.	8,000		45
Nippon Oil Corp.	12,000		75
Nippon Paper Group, Inc.	9		26
Nippon Sheet Glass Co. Ltd. †	4,000		20
Nippon Steel Corp.	47,000		222
Nippon Telegraph & Telephone Corp.	49		241
Nippon Yusen Kabushiki Kaisha	10,000		80
Nipponkoa Insurance Co. Ltd.	6,000		40
Nishi-Nippon City Bank (The) Ltd.	7,000		18
Nissan Chemical Industries Ltd.	1,000		11
Nissan Motor Co. Ltd.	21,500		164
Nisshin Seifun Group, Inc.	2,000		28
Nisshin Steel Co. Ltd.	6,000		16
Nisshinbo Industries, Inc. †	1,000		11
Nissin Food Products Co. Ltd.	600		20
Nitori Co. Ltd.	300		17
Nitto Denko Corp.	1,400		42
NOK Corp.	900		13
Nomura Holdings, Inc.	16,600		221
Nomura Real Estate Holdings, Inc. †	600		12
Nomura Real Estate Office Fund, Inc.	3		22
Nomura Research Institute Ltd.	900		21
NSK Ltd.	3,000		21
NTN Corp.	4,000		22
NTT Data Corp.	10		41
NTT DoCoMo, Inc.	151		238
NTT Urban Development Corp.	14		19
Obayashi Corp.	6,000		28
Obic Co. Ltd.	100		18
Odakyu Electric Railway Co. Ltd. †	6,000		41
OJI Paper Co. Ltd.	9,000		47
Okuma Corp. †	1,000		7
Olympus Corp.	2,000		65

EQUITY PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Japan - 21.1% continued
Omron Corp.	1,700	$	30
Ono Pharmaceutical Co. Ltd.	1,000		52
Onward Holdings Co. Ltd. *	1,000		11
Oracle Corp. Japan †	400		17
Oriental Land Co. Ltd. †	400		26
ORIX Corp.	880		108
Osaka Gas Co. Ltd.	19,000		69
OSAKA Titanium Technologies Co. *	100		4
Otsuka Corp.	200		14
Pioneer Corp.	1,200		9
Promise Co. Ltd. †	500		11
Rakuten, Inc. †	52		29
Resona Holdings, Inc.	47		55
Ricoh Co. Ltd.	7,000		115
Rohm Co. Ltd.	1,000		57
Sankyo Co. Ltd.	600		28
Santen Pharmaceutical Co. Ltd.	500		14
Sanyo Electric Co. Ltd. * †	17,000		34
Sapporo Hokuyo Holdings, Inc.	2		11
Sapporo Holdings Ltd.	3,000		22
SBI Holdings, Inc.	139		25
Secom Co. Ltd.	1,900		88
Sega Sammy Holdings, Inc.	1,900		18
Seiko Epson Corp. †	1,000		29
Sekisui Chemical Co. Ltd.	3,000		19
Sekisui House Ltd.	5,000		48
Seven & I Holdings Co. Ltd.	8,200		239
Sharp Corp.	10,000		127
Shikoku Electric Power Co., Inc.	1,400		37
Shimadzu Corp.	2,000		19
Shimamura Co. Ltd.	200		11
Shimano, Inc. †	500		20
Shimizu Corp.	5,000		21
Shin-Etsu Chemical Co. Ltd.	3,800		212
Shinko Electric Industries	700		10
Shinko Securities Co. Ltd.	5,000		15
Shinsei Bank Ltd.	16,000		54
Shionogi & Co. Ltd.	3,000		68
Shiseido Co. Ltd.	3,000		70
Shizuoka Bank (The) Ltd.	6,000		60
Showa Denko K.K.	9,000		24
Showa Shell Sekiyu K.K.	1,500		17
SMC Corp. of Japan	600		61
Softbank Corp.	6,300		104
Sojitz Corp.	11,300		32
Sompo Japan Insurance, Inc.	7,000		63
Sony Corp.	9,400		360
Sony Financial Holdings, Inc.	7		26
Square Enix Co. Ltd. †	300		10
Stanley Electric Co. Ltd.	1,000		20
Sumco Corp.	900		18
Sumitomo Chemical Co. Ltd.	16,000		98
Sumitomo Corp.	10,200		127
Sumitomo Electric Industries Ltd.	7,100		81
Sumitomo Heavy Industries Ltd.	5,000		24
Sumitomo Metal Industries Ltd.	37,000		164
Sumitomo Metal Mining Co. Ltd.	6,000		77
Sumitomo Mitsui Financial Group, Inc.	64		390
Sumitomo Realty & Development Co. Ltd.	4,000		80
Sumitomo Rubber Industries, Inc.	2,200		17
Sumitomo Trust & Banking (The) Co. Ltd.	13,000		78
Suruga Bank Ltd.	2,000		21
Suzuken Co. Ltd.	400		14
Suzuki Motor Corp.	3,900		82
T&D Holdings, Inc.	1,800		94
Taiheiyo Cement Corp.	7,400		12
Taisei Corp.	8,000		18
Taisho Pharmaceutical Co. Ltd.	1,000		21
Taiyo Nippon Sanso Corp.	3,000		27
Takashimaya Co. Ltd.	2,000		17
Takeda Pharmaceutical Co. Ltd.	7,900		412
Takefuji Corp.	1,130		15
TDK Corp.	1,100		64
Teijin Ltd.	7,000		23
Terumo Corp.	1,700		95
THK Co. Ltd.	900		15
Tobu Railway Co. Ltd. †	6,000		27
Toho Co. Ltd. of Tokyo	900		19
Toho Gas Co. Ltd.	3,000		17
Tohoku Electric Power Co., Inc.	3,900		93
Tokai Rika Co. Ltd.	400		6
Tokio Marine Holdings, Inc.	6,400		217
Tokuyama Corp.	2,000		14
Tokyo Broadcasting System, Inc.	500		8
Tokyo Electric Power Co., Inc.	11,400		326
Tokyo Electron Ltd.	1,700		97
Tokyo Gas Co. Ltd.	23,000		96
Tokyo Steel Manufacturing Co. Ltd.	900		9

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 8 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Japan - 21.1% continued
Tokyo Tatemono Co. Ltd.	2,000	$	10
Tokyu Corp.	11,000		56
Tokyu Land Corp.	4,000		17
TonenGeneral Sekiyu K.K.	3,000		24
Toppan Printing Co. Ltd.	5,000		45
Toray Industries, Inc. †	12,000		53
Toshiba Corp.	29,000		162
Tosoh Corp.	5,000		18
Toto Ltd. †	3,000		22
Toyo Seikan Kaisha Ltd. †	1,300		24
Toyo Suisan Kaisha Ltd.	1,000		25
Toyoda Gosei Co. Ltd.	300		7
Toyota Boshoku Corp.	500		8
Toyota Industries Corp.	1,700		49
Toyota Motor Corp.	25,600		1,148
Toyota Tsusho Corp.	1,700		29
Trend Micro, Inc.	1,000		34
Ube Industries Ltd. of Japan	10,000		36
Unicharm Corp.	400		30
UNY Co. Ltd. †	2,000		22
Ushio, Inc.	800		12
USS Co. Ltd.	300		21
West Japan Railway Co.	17		82
Yahoo! Japan Corp. †	120		46
Yakult Honsha Co. Ltd. †	1,100		31
Yamada Denki Co. Ltd.	760		55
Yamaguchi Financial Group, Inc.	2,000		23
Yamaha Corp.	1,200		21
Yamaha Motor Co. Ltd.	1,300		20
Yamato Holdings Co. Ltd.	3,000		35
Yamato Kogyo Co. Ltd.	300		11
Yamazaki Baking Co. Ltd. †	1,000		12
Yaskawa Electric Corp.	2,000		14
Yokogawa Electric Corp.	2,000		14

			22,137

Netherlands - 4.7%
Aegon N.V.	12,853		152
Akzo Nobel N.V.	2,521		154
ASML Holding N.V.	3,604		85
Boskalis Westminster N.V. CVA	409		24
Corio N.V.	389		29
European Aeronautic Defence & Space Co. †	2,694		60
Fugro N.V. CVA	552		43
Heineken Holding N.V.	915		41
Heineken N.V.	2,119		99
ING Groep N.V. CVA	17,645		553
James Hardie Industries N.V. CDI †	4,100		16
Koninklijke Ahold N.V.	11,057		138
Koninklijke DSM N.V.	1,165		67
Koninklijke Philips Electronics N.V.	9,521		309
Randstad Holdings N.V.	781		24
Reed Elsevier N.V.	5,458		91
Royal Dutch Shell PLC, Class A (London Exchange)	33,393		1,166
Royal Dutch Shell PLC, Class B (London Exchange)	25,487		877
Royal KPN N.V.	17,067		290
SBM Offshore N.V.	1,118		27
SNS Reaal	1,072		18
TNT N.V.	3,519		131
TomTom N.V. * †	464		11
Unilever N.V. CVA	15,072		416
Wolters Kluwer N.V.	2,365		57

			4,878

New Zealand - 0.1%
Auckland International Airport Ltd.	7,776		12
Contact Energy Ltd.	1,976		12
Fletcher Building Ltd.	3,959		20
Sky City Entertainment Group Ltd.	4,302		11
Telecom Corp. of New Zealand Ltd. †	16,105		36

			91

Norway - 1.0%
Aker KvaernerASA	1,300		30
DnB NOR ASA	6,700		78
Frontline Ltd.	420		25
Norsk Hydro ASA	5,950		63
Orkla ASA	7,450		95
Petroleum Geo-Services ASA *	1,350		29
Renewable Energy Corp. A/S *	1,200		37
SeaDrill Ltd.	2,450		67
StatoilHydro ASA	11,928		366
Storebrand ASA	3,267		26
Telenor ASA	8,050		126
Yara International ASA	1,710		106

			1,048

Portugal - 0.3%
Banco BPI S.A. (Registered)	2,821		10
Banco Comercial Portugues S.A. (Registered)	19,937		34
Banco Espirito Santo S.A. (Registered)	1,789		23

EQUITY PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2 % continued
Portugal - 0.3% continued
Brisa - Auto Estradas de Portugal S.A.	2,056	$	19
CIMPOR-Cimentos de Portugal, SGPS, S.A. †	1,705		11
Energias de Portugal S.A.	15,854		81
Jeronimo Martins SGPS, S.A.	1,841		16
Portugal Telecom, SGPS, S.A. (Registered)	6,268		65
Sonae SGPS *	8,900		9
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS, S.A. †	1,312		10

			278

Singapore - 1.1%
Ascendas Real Estate Investment Trust	10,000		16
CapitaCommercial Trust †	10,000		12
CapitaLand Ltd.	15,500		47
CapitaMall Trust †	8,000		15
City Developments Ltd. †	5,000		36
ComfortDelgro Corp. Ltd. †	15,000		16
Cosco Corp. Singapore Ltd.	6,000		10
DBS Group Holdings Ltd.	11,198		142
Fraser and Neave Ltd.	6,348		20
Genting International PLC * †	22,000		8
Golden Agri *	42,000		19
Jardine Cycle & Carriage Ltd.	1,870		23
Keppel Corp. Ltd.	11,500		80
Keppel Land Ltd. †	3,000		8
Neptune Orient Lines Ltd.	3,370		5
Olam International Ltd. †	10,098		15
Oversea-Chinese Banking Corp.	23,152		131
Parkway Holdings Ltd. †	7,700		12
SembCorp Industries Ltd.	7,044		21
SembCorp Marine Ltd.	8,400		22
Singapore Airlines Ltd.	5,667		61
Singapore Exchange Ltd. †	7,000		31
Singapore Press Holdings Ltd. †	14,295		42
Singapore Technologies Engineering Ltd.	9,000		18
Singapore Telecommunications Ltd.	74,325		184
United Overseas Bank Ltd.	11,392		152
UOL Group Ltd.	3,039		6
Venture Corp. Ltd.	2,000		14
Wilmar International Ltd.	7,000		19

			1,185

Spain - 3.9%
Abertis Infraestructuras S.A.	2,339		48
Acciona S.A. †	250		50
Acerinox S.A. †	1,238		24
ACS Actividades Cons y Serv	1,647		73
Banco Bilbao Vizcaya Argentaria S.A.	32,948		556
Banco de Sabadell S.A. †	7,620		60
Banco Popular Espanol S.A. †	6,697		71
Banco Santander S.A.	58,696		998
Bankinter S.A. †	2,152		23
Cintra Concesiones de Infraestructuras de Transporte S.A.	1,485		17
Criteria Caixacorp S.A.	7,060		36
Enagas	1,313		33
Fomento de Construcciones y Contratas S.A.	363		18
Gamesa Corp. Tecnologica S.A.	1,613		76
Gas Natural SDG S.A.	925		43
Gestevision Telecinco S.A. †	785		10
Grifols S.A.	1,042		31
Grupo Ferrovial S.A.	502		25
Iberdrola Renovables S.A. *	7,275		47
Iberdrola S.A.	32,367		390
Iberia (Lineas Aereas de Espana)	3,800		11
Inditex S.A.	1,894		88
Indra Sistemas S.A. †	913		23
Mapfre S.A. †	4,704		23
Promotora de Informaciones S.A. (Prisa)	600		5
Red Electrica de Espana	915		54
Repsol YPF S.A.	6,797		211
Sacyr Vallehermoso S.A. †	585		11
Telefonica S.A.	40,319		997
Union Fenosa S.A.	3,428		87
Zardoya Otis S.A.	1,008		20

			4,159

Sweden - 2.2%
Alfa Laval AB	3,600		49
Assa Abloy AB, Class B †	2,800		40
Atlas Copco AB, Class A	6,200		87
Atlas Copco AB, Class B	3,300		42
Boliden AB	2,300		14
Electrolux AB, Class B †	2,023		26
Getinge AB, Class B	1,381		31
Hennes & Mauritz AB, Class B	4,840		240
Holmen AB, Class B †	400		13
Husqvarna AB, Class B †	1,823		15
Investor AB	4,215		89
Lundin Petroleum AB *	1,800		20
Millicom International Cellular S.A.	700		55

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 10 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2 % continued
Sweden - 2.2% continued
Modern Times Group AB, Class B	300	$	16
Nordea Bank AB	19,800		264
Sandvik AB	9,746		121
Scania AB, Class B	2,900		42
Securitas AB, Class B	2,490		34
Skandinaviska Enskilda Banken AB, Class A	4,197		75
Skanska AB, Class B	3,500		44
SKF AB, Class B	3,744		57
Ssab Svenskt Stal AB, Class A	1,537		37
Ssab Svenskt Stal AB, Class B	675		15
Svenska Cellulosa AB, Class B	4,700		53
Svenska Handelsbanken AB, Class A	4,118		99
Swedbank AB †	3,300		58
Swedish Match AB	2,200		43
Tele2 AB, Class B	2,400		37
Telefonaktiebolaget LM Ericsson, Class B	28,228		322
TeliaSonera AB	21,430		150
Volvo AB, Class B	10,000		113

			2,301

Switzerland - 7.9%
ABB Ltd. (Registered) *	20,338		498
Actelion Ltd. *	845		48
Adecco S.A. (Registered)	1,050		49
Aryzta A.G. *	769		39
Baloise Holding A.G.	417		36
Compagnie Financiere Richemont S.A ., Class A (Bearer)	4,850		283
Credit Suisse Group (Registered)	9,698		451
EFG International (Registered) †	365		11
Geberit A.G. (Registered) †	314		46
Givaudan S.A. (Registered)	52		43
Holcim Ltd. (Registered)	1,970		141
Julius Baer Holding A.G. (Registered)	2,016		123
Kuehne & Nagel International A.G. (Registered) †	429		34
Lindt & Spruengli A.G.	7		18
Logitech International S.A. (Registered) *	1,307		35
Lonza Group A.G. (Registered)	432		61
Nestle S.A. (Registered)	36,893		1,625
Nobel Biocare Hold NPV*	945		32
Novartis A.G. (Registered)	22,012		1,228
OC Oerlikon Corp. A.G. (Registered) * †	44		10
Pargesa Holding S.A.	215		22
Roche Holding A.G. (Genusschein)	6,597		1,112
Schindler Holding A.G.	500		34
SGS Societe Generale de Surveillance Holdings S.A. (Registered)	37		47
Sonova Holding A.G. (Registered)	370		27
STMicroelectronics N.V.	6,513		85
Straumann Holding A.G. (Registered)	71		19
Sulzer A.G. (Registered)	230		28
Swatch Group A.G. (Bearer)	266		62
Swatch Group A.G. (Registered)	500		23
Swiss Life Holding (Registered) *	317		58
Swiss Reinsurance (Registered)	3,272		202
Swisscom A.G. (Registered)	215		69
Syngenta A.G. (Registered)	982		264
Synthes, Inc.	560		77
UBS A.G. (Registered) *	27,236		591
Xstrata PLC (London Exchange)	5,953		332
Zurich Financial Services A.G. (Registered)	1,351		353

			8,216

United Kingdom - 19.3%
3i Group PLC	3,116		52
Acergy S.A.	1,550		27
Alliance & Leicester PLC †	2,594		15
Amec PLC	2,290		35
Anglo American PLC	12,307		655
Antofagasta PLC	3,479		39
Associated British Foods PLC	2,704		40
AstraZeneca PLC	13,557		660
Aviva PLC	25,412		237
BAE Systems PLC	33,546		293
Balfour Beatty PLC	3,767		28
Barclays PLC	75,910		489
Berkeley Group Holdings PLC *	673		10
BG Group PLC	31,119		690
BHP Billiton PLC	20,554		643
BP PLC	177,075		1,701
British Airways PLC	4,579		21
British American Tobacco PLC	14,117		478
British Energy Group PLC	10,037		134
British Land Co. PLC †	4,685		65
British Sky Broadcasting Group PLC	10,657		90
BT Group PLC	71,462		224
Bunzl PLC	2,699		35
Burberry Group PLC	3,503		29
Cadbury PLC	12,404		142

EQUITY PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2 % continued
United Kingdom - 19.3% continued
Cairn Energy PLC *	1,028	$	56
Capita Group PLC	5,541		71
Carnival PLC	1,532		52
Carphone Warehouse Group PLC †	2,631		9
Cattles PLC *	259		1
Centrica PLC	34,790		207
Cobham PLC	8,998		38
Compass Group PLC	17,249		115
Daily Mail & General Trust, Class A	2,356		16
Diageo PLC	24,008		444
Drax Group PLC	2,875		39
Enterprise Inns PLC	4,433		24
Eurasian Natural Resources	2,711		50
FirstGroup PLC	4,770		53
Friends Provident PLC	14,461		26
G4S PLC	10,071		43
GKN PLC	4,829		22
GlaxoSmithKline PLC	51,484		1,211
Hammerson PLC †	2,268		39
Hays PLC	11,572		20
HBOS PLC	47,621		274
Home Retail Group	6,978		32
HSBC Holdings PLC	111,214		1,751
ICAP PLC	5,407		47
IMI PLC	2,680		24
Imperial Tobacco Group PLC	9,520		314
Inchcape PLC	4,209		20
Intercontinental Hotels Group PLC	2,369		32
International Power PLC	13,710		99
Invensys PLC *	6,332		32
Investec PLC	3,130		23
ITV PLC	30,930		25
Johnson Matthey PLC	2,047		60
Kazakhmys PLC	1,512		35
Kingfisher PLC	18,595		45
Ladbrokes PLC	5,001		21
Land Securities Group PLC	4,234		105
Legal & General Group PLC	56,463		103
Liberty International PLC †	2,020		36
Lloyds TSB Group PLC	51,422		285
Logica PLC	12,216		30
London Stock Exchange Group PLC †	1,256		18
Lonmin PLC	1,440		91
Man Group PLC	16,299		168
Marks & Spencer Group PLC	15,149		72
Meggitt PLC	5,205		22
Mondi PLC	2,517		15
Morrison WM Supermarkets PLC	22,000		113
National Express Group PLC	1,160		22
National Grid PLC	23,280		302
Next PLC	1,961		38
Old Mutual PLC	39,629		70
Pearson PLC	7,317		90
Persimmon PLC †	2,261		15
Prudential PLC	23,239		232
Reckitt Benckiser Group PLC	5,676		287
Reed Elsevier PLC	9,840		112
Rentokil Initial PLC	14,430		19
Rexam PLC	5,105		38
Rio Tinto PLC	9,406		894
Rolls-Royce Group PLC *	17,731		128
Royal Bank of Scotland Group PLC	150,048		642
SABMiller PLC	8,563		184
Sage Group (The) PLC	10,344		39
Sainsbury (J.) PLC	9,830		62
Schroders PLC	1,130		21
Scottish & Southern Energy PLC	8,167		215
Segro PLC	3,465		28
Serco Group PLC	3,793		30
Severn Trent PLC	1,854		46
Shire Ltd.	4,644		81
Smith & Nephew PLC	8,368		101
Smiths Group PLC	3,470		72
Stagecoach Group PLC	4,592		27
Standard Chartered PLC	13,178		358
Standard Life PLC	17,734		81
Tate & Lyle PLC	3,315		27
Tesco PLC	72,473		502
Thomas Cook Group PLC	3,346		14
Thomson Reuters PLC	1,683		47
Tomkins PLC	6,808		18
TUI Travel PLC	3,878		15
Tullow Oil PLC	6,670		100
Unilever PLC	11,999		322
United Business Media Ltd.	2,010		22
United Utilities PLC †	6,331		82
Vedanta Resources PLC	1,060		35
Vodafone Group PLC	500,010		1,280

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 12 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.2% continued
United Kingdom - 19.3% continued
Whitbread PLC		1,567	$	32
William Hill PLC		2,807		14
Wolseley PLC		6,251		50
WPP Group PLC		10,354		101

				20,155

Total Common Stocks
(Cost $118,649) ⁽²⁾				102,849
PREFERRED STOCKS - 0.4%
Germany - 0.4%
Porsche Automobil Holding SE *		741		105
Bayer Motoren Werknon †		393		13
Fresenius SE		716		58
Henkel AG & Co. KGaA		1,719		67
ProSieben SAT.1 Media A.G. †		653		7
RWE A.G.		267		23
Volkswagen A.G.		985		152

				425

Italy - 0.0%
Istituto Finanziario Industriale S.p.A. *		503		11
Unipol Gruppo Finanziario S.p.A.		6,166		12

				23

Total Preferred Stocks
(Cost $449) ⁽²⁾				448
INVESTMENT COMPANY - 8.1%
Northern Institutional Funds - Liquid Assets Portfolio ⁽³⁾⁽⁴⁾		8,498,923		8,499

Total Investment Company
(Cost $8,499)				8,499

	NUMBER OF WARRANTS
WARRANTS - 0.0%
Japan - 0.0%
Dowa Mining 1/29/10, Strike 1.00 Yen * ⁽¹⁾		2,000		—

Total Warrants
(Cost $-)				—

	PRINCIPAL AMOUNT (000S)
SHORT-TERM INVESTMENT - 0.5%
Skandinaviska Enskildaban, Sweden, Eurodollar Time Deposit,
2.03%, 9/2/08	$	516		516

Total Short-Term Investment
(Cost $516)				516
Total Investments - 107.2%
(Cost $128,113)				112,312
Liabilities less Other Assets - (7.2)%				(7,589	)

NET ASSETS - 100.0%			$	104,723

(1)

The security has been deemed worthless by the Adviser’s Valuation Committee.

(2)

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

(3)

Investment in affiliated portfolio.

(4)

Investment relates to cash collateral received from portfolio securities loaned

*	Non-Income Producing Security

†	Security is either wholly or parially on loan.

Percentages shown are based on Net Assets.

At August 31, 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 (000S)
DJ Euro Stoxx-50 (Euro)	14	$	472	Long	9/08	$	14
FTSE 100 Index (British Pound)	3		169	Long	9/08		19
Hang Seng Index (Hong Kong Dollar)	1		1,063	Long	9/08		2
SPI 200 (Australian Dollar)	2		257	Long	9/08		11
TOPIX Index (Japanese Yen)	2		25	Long	9/08		—

Total						$	46

EQUITY PORTFOLIOS 13 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	128,113

Gross tax appreciation of investments	$	3,458
Gross tax depreciation of investments		(19,259	)

Net tax depreciation of investments	$	(15,801	)

At August 31, 2008, the industry sectors for the International Equity Index Portfolio were:


INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Consumer Discretionary	9.8	%
Consumer Staples	8.6
Energy	8.6
Financials	25.6
Health Care	8.0
Industrials	11.7
Information Technology	5.3
Materials	10.2
Telecommunication Services	5.7
Utilities	6.5

Total	100.0	%

At August 31, 2008, the International Equity Index Portfolio’s investments were denominated in the following currencies:


CONCENTRATION BY CURRENCY	% OF LONG-TERM INVESTMENTS
Euro	35.1	%
British Pound	21.9
Japanese Yen	21.4
Swiss Franc	7.5
Australian Dollar	6.4
All other currencies less than 5%	7.7

Total	100.0	%

At August 31, 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	50	Australian Dollar	58	9/2/08	$	—
U.S. Dollar	100	British Pound	55	9/2/08		—
U.S. Dollar	50	Japanese Yen	5,426	9/2/08		—
U.S. Dollar	100	Swiss Franc	110	9/2/08		—
Australian Dollar	264	U.S. Dollar	250	9/17/08		24
Australian Dollar	255	U.S. Dollar	220	9/17/08		1
British Pound	285	U.S. Dollar	540	9/17/08		20
Euro	213	U.S. Dollar	330	9/17/08		19
Euro	288	U.S. Dollar	430	9/17/08		8
Euro	575	U.S. Dollar	860	9/17/08		17
Hong Kong Dollar	1,012	U.S. Dollar	130	9/17/08		—
Japanese Yen	19,547	U.S. Dollar	180	9/17/08		—
U.S. Dollar	160	Australian Dollar	171	9/17/08		(14	)
U.S. Dollar	120	Australian Dollar	133	9/17/08		(6	)
U.S. Dollar	85	Australian Dollar	92	9/17/08		(7	)
U.S. Dollar	400	British Pound	203	9/17/08		(31	)
U.S. Dollar	333	British Pound	172	9/17/08		(20	)
U.S. Dollar	1,300	Euro	841	9/17/08		(68	)
U.S. Dollar	803	Euro	525	9/17/08		(33	)
U.S. Dollar	180	Hong Kong Dollar	1,405	9/17/08		—
U.S. Dollar	123	Japanese Yen	13,203	9/17/08		(2	)
U.S. Dollar	110	Japanese Yen	12,054	9/17/08		1
U.S. Dollar	130	Japanese Yen	14,026	9/17/08		(1	)

Total					$	(92	)

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 14 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX 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 International Equity Index Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31,2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	8,604	$	46
Level 2		103,708		(92	)
Level 3		—		—

Total	$	112,312	$	(46	)

*	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 5/31/08	$	1		$	—
Realized gain (loss)		—			—
Change in unrealized appreciation/depreciation		(1	)		—
Net Purchases (Sales)		—			—
Transfers in and/or out of Level 3		—			—

Balance as of 8/31/08	$	—		$	—

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

EQUITY PORTFOLIOS 15 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

SMALL COMPANY GROWTH PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.5%
Aerospace/Defense - 4.2%
Curtiss-Wright Corp.†	477	$	26
Orbital Sciences Corp. *	812		21
Teledyne Technologies, Inc. *	378		24

			71

Apparel - 2.5%
Warnaco Group (The), Inc. *†	413		21
Wolverine World Wide, Inc.	801		21

			42

Auto Parts & Equipment - 0.7%
Titan International, Inc.†	425		11

Biotechnology - 3.3%
Acorda Therapeutics, Inc. *	235		7
Alexion Pharmaceuticals, Inc. *†	160		7
Incyte Corp. *†	1,066		11
Invitrogen Corp. *	315		13
OSI Pharmaceuticals, Inc. *†	214		11
United Therapeutics Corp. *	55		6

			55

Chemicals - 0.5%
Terra Industries, Inc.	171		9

Coal - 1.2%
Alpha Natural Resources, Inc. *	104		11
Massey Energy Co.	139		9

			20

Commercial Services - 7.6%
Consolidated Graphics, Inc. *†	308		12
Dollar Financial Corp. *	673		12
FTI Consulting, Inc. *†	234		17
Interactive Data Corp.†	551		16
Kendle International, Inc. *†	316		16
Net 1 UEPS Technologies, Inc. *†	622		17
On Assignment, Inc. *†	1,061		10
SAIC, Inc. *†	886		18
Strayer Education, Inc.	41		9

			127

Computers - 1.0%
Brocade Communications Systems, Inc. *†	957		7
Mentor Graphics Corp. *	738		9

			16

Cosmetics/Personal Care - 1.1%
Chattem, Inc. *†	256		18

Distribution/Wholesale - 1.4%
Fossil, Inc. *†	538		16
LKQ Corp. *†	389		7

			23

Diversified Financial Services - 1.8%
Stifel Financial Corp. *†	393		16
World Acceptance Corp. *†	369		15

			31

Electrical Components & Equipment - 1.1%
GrafTech International Ltd. *	425		8
Powell Industries, Inc. *	220		10

			18

Electronics - 4.5%
Cogent, Inc. *†	831		9
Dionex Corp. *†	221		14
FARO Technologies, Inc. *†	372		9
Flir Systems, Inc. *†	308		11
Varian, Inc. *	263		13
Woodward Governor Co.†	404		19

			75

Engineering & Construction - 0.2%
Chicago Bridge & Iron Co. N.V., (New York Shares)	126		4

Environmental Control - 1.8%
Calgon Carbon Corp. *†	422		9
Waste Connections, Inc. *	579		21

			30

Food - 0.9%
Flowers Foods, Inc.	573		15

Hand/Machine Tools - 0.6%
Baldor Electric Co.	275		10

Healthcare - Products - 7.2%
American Medical Systems Holdings, Inc. *†	560		10
Angiodynamics, Inc. *†	745		12
Cynosure, Inc., Class A *†	487		12
Haemonetics Corp. of Massachusetts *	262		16
ICU Medical, Inc. *	350		11
Meridian Bioscience, Inc.†	381		11
Merit Medical Systems, Inc. *	530		11
Somanetics Corp. *†	410		10
STERIS Corp.	328		12
Zoll Medical Corp. *†	474		16

			121

Healthcare - Services - 2.3%
Alliance Imaging, Inc. *†	924		11
Amedisys, Inc. *†	210		11

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.5% continued
Healthcare - Services - 2.3% continued
Healthways, Inc. *†	324	$	6
Icon PLC ADR *	244		10

			38

Household Products/Wares - 1.8%
Church & Dwight Co., Inc.	220		14
Tupperware Brands Corp.	445		16

			30

Insurance - 0.5%
American Equity Investment Life Holding Co.†	978		9

Internet - 6.2%
AsiaInfo Holdings, Inc. *†	1,136		15
Digital River, Inc. *†	245		11
eResearch Technology, Inc. *	1,045		14
Gmarket, Inc. *†	520		13
Mercadolibre, Inc. *†	220		7
NetFlix, Inc. *†	222		7
Perfect World Co Ltd. *†	604		15
Sapient Corp. *†	1,221		11
TIBCO Software, Inc. *†	1,419		11

			104

Leisure Time - 0.7%
WMS Industries, Inc. *†	340		11

Machinery - Diversified - 3.2%
Chart Industries, Inc. *	265		12
IDEX Corp.	432		16
Robbins & Myers, Inc.†	337		15
Wabtec Corp.†	180		11

			54

Metal Fabrication/Hardware - 0.6%
Valmont Industries, Inc.†	94		10

Miscellaneous Manufacturing - 2.0%
Aptargroup, Inc.†	211		9
AZZ, Inc. *†	265		11
Polypore International, Inc. *†	464		13

			33

Oil & Gas - 6.0%
Atwood Oceanics, Inc. *	296		12
Berry Petroleum Co., Class A†	413		17
EXCO Resources, Inc. *†	425		11
McMoRan Exploration Co. *†	350		10
Penn Virginia Corp.†	361		24
Petroquest Energy, Inc. *†	653		12
Whiting Petroleum Corp. *	159		15

			101

Oil & Gas Services - 2.7%
Cal Dive International, Inc. *†	1,287		15
Core Laboratories N.V.†	94		12
NATCO Group, Inc., Class A *†	181		9
Trico Marine Services, Inc. *†	442		10

			46

Pharmaceuticals - 5.8%
Allos Therapeutics, Inc. *†	1,003		9
Cypress Bioscience, Inc. *†	1,309		9
HealthExtras, Inc. *†	284		9
Idenix Pharmaceuticals, Inc. *	1,020		8
Isis Pharmaceuticals, Inc. *†	747		13
Perrigo Co.	296		11
Rigel Pharmaceuticals, Inc. *†	495		12
Savient Pharmaceuticals, Inc. *†	294		7
Synta Pharmaceuticals Corp. *†	903		8
Vivus, Inc. *	1,425		12

			98

Real Estate Investment Trusts - 2.0%
Capstead Mortgage Corp.†	593		7
Digital Realty Trust, Inc.†	190		9
Hatteras Financial Corp.	379		9
Tanger Factory Outlet Centers, Inc.†	232		9

			34

Retail - 5.4%
Aeropostale, Inc. *†	505		17
Burger King Holdings, Inc.†	540		13
Children’s Place Retail Stores (The), Inc. *	305		13
Copart, Inc. *	336		15
Guess?, Inc.	447		17
Gymboree Corp. *	400		16

			91

Semiconductors - 6.7%
Macrovision Solutions Corp. *†	830		13
MKS Instruments, Inc. *†	572		13
Monolithic Power Systems, Inc. *†	625		15
Netlogic Microsystems, Inc. *†	336		12
Power Integrations, Inc. *†	539		16
Silicon Laboratories, Inc. *†	295		10
Skyworks Solutions, Inc. *†	1,161		11
Tessera Technologies, Inc. *†	340		8

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY GROWTH PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.5% continued
Semiconductors - 6.7% continued
Verigy Ltd. *†	770	$	14

			112

Software - 5.3%
Informatica Corp. *†	1,086		18
Lawson Software, Inc. *†	1,914		16
Phase Forward, Inc. *†	425		8
Seachange International, Inc. *†	1,911		17
Synchronoss Technologies, Inc. *†	918		12
Taleo Corp., Class A *†	341		8
Ultimate Software Group, Inc. *†	362		10

			89

Telecommunications - 1.5%
Comtech Telecommunications Corp. *	244		11
Harmonic, Inc. *†	1,613		14

			25

Transportation - 1.2%
Kansas City Southern *	108		6
Landstar System, Inc.	306		15

			21

Total Common Stocks
(Cost $1,530)			1,602
INVESTMENT COMPANY - 30.8%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾	517,232		517

Total Investment Company
(Cost $517)			517


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 49.7%
Deutsche Bank AG , Grand Cayman, Eurodollar Time Deposit, 1.94%, 9/2/08	$	253	$	253
FHLB Discount Note, 1.47%, 9/2/08		581		581

Total Short-Term Investments
(Cost $834)				834
Total Investments - 176.0%
(Cost $2,881)				2,953
Liabilities less Other Assets - (76.0)%				(1,275	)

NET ASSETS - 100.0%			$	1,678

(1)

Investment in affiliated Portfolio

(2)

Investment relates to cash collateral received from portfolio securities loaned.

*	Non-Income Producing Security

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	2,881

Gross tax appreciation of investments	$	92
Gross tax depreciation of investments		(20	)

Net tax appreciation of investments	$	72

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)

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 Small Company Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	2,119	$	—
Level 2		834		—
Level 3		—		—

Total	$	2,953	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3%
Advertising - 0.2%
Greenfield Online, Inc. * †	1,700	$	29
Harte-Hanks, Inc. †	2,400		30
inVentiv Health, Inc. * †	2,095		46
Marchex, Inc., Class B †	1,500		17

			122

Aerospace/Defense - 1.4%
AAR Corp. * †	2,443		39
Aerovironment, Inc. * †	671		22
Argon ST, Inc. * †	868		22
Cubic Corp. †	975		27
Curtiss-Wright Corp. †	2,788		150
Ducommun, Inc.	700		19
Esterline Technologies Corp. *	1,883		106
GenCorp, Inc. * †	3,676		29
Heico Corp. †	1,447		52
Herley Industries, Inc. * †	900		17
Kaman Corp. †	1,590		48
LMI Aerospace, Inc. * †	600		14
Moog, Inc., Class A * †	2,685		127
Orbital Sciences Corp. *	3,677		97
Teledyne Technologies, Inc. * †	2,316		144
TransDigm Group, Inc. * †	2,104		79
Triumph Group, Inc. †	1,001		55

			1,047

Agriculture - 0.4%
AgFeed Industries, Inc. * †	1,300		15
Alico, Inc. †	192		8
Alliance One International, Inc. * †	5,678		23
Andersons (The), Inc. †	1,100		49
Cadiz, Inc. * †	800		16
Griffin Land & Nurseries, Inc.	200		7
Maui Land & Pineapple Co., Inc. * †	252		7
Star Scientific, Inc. *	4,200		14
Tejon Ranch Co. * †	701		24
Universal Corp. of Virginia †	1,775		92
Vector Group Ltd. †	1,978		36

			291

Airlines - 0.6%
Airtran Holdings, Inc. * †	7,512		18
Alaska Air Group, Inc. * †	2,231		47
Allegiant Travel Co. * †	900		28
Hawaiian Holdings, Inc. * †	2,500		22
JetBlue Airways Corp. * †	11,000		67
Republic Airways Holdings, Inc. *	2,300		20
Skywest, Inc.	3,724		64
UAL Corp. †	8,000		89
US Airways Group, Inc. * †	7,300		62

			417

Apparel - 1.3%
American Apparel, Inc. * †	2,200		20
Carter’s, Inc. *	3,600		66
Cherokee, Inc. †	523		12
Columbia Sportswear Co. †	800		32
CROCS, Inc. * †	5,300		22
Deckers Outdoor Corp. *	854		97
G-III Apparel Group Ltd. * †	800		15
Iconix Brand Group, Inc. * †	3,654		47
K-Swiss, Inc., Class A †	1,714		29
Maidenform Brands, Inc. * †	1,400		21
Oxford Industries, Inc. †	898		20
Perry Ellis International, Inc. * †	804		14
Quiksilver, Inc. * †	8,000		62
Skechers U.S.A., Inc., Class A *	2,131		41
Steven Madden Ltd. *	1,100		28
Timberland (The) Co., Class A * †	3,100		52
True Religion Apparel, Inc. * †	1,100		30
Under Armour, Inc., Class A * †	2,087		70
Unifi, Inc. * †	2,900		12
Volcom, Inc. * †	1,130		20
Warnaco Group (The), Inc. * †	2,921		151
Weyco Group, Inc.	504		16
Wolverine World Wide, Inc. †	3,162		83

			960

Auto Manufacturers - 0.0%
Force Protection, Inc. * †	4,400		17
Wabash National Corp. †	2,035		18

			35

Auto Parts & Equipment - 0.8%
Accuride Corp. * †	2,200		3
American Axle & Manufacturing Holdings, Inc. †	2,900		14
Amerigon, Inc. * †	1,400		10
ArvinMeritor, Inc. †	4,700		71
ATC Technology Corp. * †	1,368		33
Commercial Vehicle Group, Inc. * †	1,400		14
Cooper Tire & Rubber Co. †	3,741		36
Dana Holding Corp. * †	6,300		40
Dorman Products, Inc. * †	700		9
Exide Technologies * †	4,800		59

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Auto Parts & Equipment - 0.8% continued
Fuel Systems Solutions, Inc. * †	800	$	41
Hayes Lemmerz International, Inc. * †	6,500		16
Lear Corp. * †	4,112		52
Modine Manufacturing Co.	2,037		32
Spartan Motors, Inc. †	2,100		10
Superior Industries International, Inc. †	1,534		27
Tenneco, Inc. * †	2,992		44
Titan International, Inc. †	2,233		60
Visteon Corp. * †	8,325		27
Wonder Auto Technology, Inc. * †	1,000		8

			606

Banks - 5.7%
1st Source Corp.	955		21
Amcore Financial, Inc. †	1,280		11
Ameris Bancorp †	894		11
Ames National Corp. †	400		9
Arrow Financial Corp. †	600		15
Bancfirst Corp. †	418		20
Banco Latinoamericano de Exportaciones S.A., Class E †	1,800		33
BancTrust Financial Group, Inc. †	1,100		9
Bank Mutual Corp. †	3,059		37
Bank of the Ozarks, Inc. †	808		18
Banner Corp. †	897		10
Boston Private Financial Holdings, Inc. †	3,482		31
Bryn Mawr Bank Corp. †	400		9
Camden National Corp. †	500		16
Capital City Bank Group, Inc. †	737		18
Capitol Bancorp Ltd. †	962		15
Cardinal Financial Corp. †	1,600		14
Cascade Bancorp †	1,408		11
Cass Information Systems, Inc. †	440		16
Cathay General Bancorp †	3,109		60
Centerstate Banks of Florida, Inc.	600		9
Central Pacific Financial Corp. †	1,797		21
Chemical Financial Corp. †	1,510		44
Citizens & Northern Corp.	600		11
Citizens Republic Bancorp, Inc. †	6,104		22
City Holding Co. †	1,053		44
CityBank Lynwood of Washington †	847		10
CoBiz Financial, Inc. †	1,206		13
Colonial BancGroup (The), Inc. †	12,900		82
Columbia Banking System, Inc. †	1,171		16
Community Bank System, Inc. †	1,926		44
Community Trust Bancorp, Inc. †	945		32
Corus Bankshares, Inc. †	2,344		9
CVB Financial Corp. †	4,249		46
East-West Bancorp, Inc. †	4,100		51
Encore Bancshares, Inc. *	400		7
Enterprise Financial Services Corp. †	700		13
Farmers Capital Bank Corp. †	400		12
Financial Institutions, Inc.	700		12
First Bancorp of North Carolina †	972		15
First BanCorp of Puerto Rico †	4,600		44
First Bancorp, Inc. of Maine †	600		11
First Busey Corp. †	1,683		24
First Commonwealth Financial Corp. †	4,680		54
First Community Bancshares, Inc. of Virginia †	599		19
First Financial Bancorp †	2,400		31
First Financial Bankshares, Inc. †	1,334		65
First Financial Corp. of Indiana †	666		28
First Merchants Corp. †	1,138		22
First Midwest Bancorp, Inc. of Illinois †	3,100		69
First South Bancorp, Inc. of North Carolina †	526		9
FirstMerit Corp. †	5,100		103
FNB Corp. of Pennsylvania †	5,481		64
Frontier Financial Corp. †	3,029		34
Glacier Bancorp, Inc. †	3,395		72
Green Bankshares, Inc. †	784		12
Guaranty Bancorp * †	3,400		19
Hancock Holding Co. †	1,652		81
Hanmi Financial Corp. †	2,282		12
Harleysville National Corp. †	2,047		30
Heartland Financial USA, Inc. †	810		17
Heritage Commerce Corp. †	662		8
Home Bancshares, Inc. †	873		21
IBERIABANK Corp. †	885		48
Independent Bank Corp. of Massachusetts †	1,088		30
Integra Bank Corp. †	1,276		8
International Bancshares Corp. †	3,220		83
Lakeland Bancorp, Inc. †	1,347		16
Lakeland Financial Corp.	808		16
MainSource Financial Group, Inc. †	1,156		21
MB Financial, Inc. †	2,193		61
Midwest Banc Holdings, Inc. †	1,472		8
Nara Bancorp, Inc. †	1,513		17
National Penn Bancshares, Inc. †	5,095		73
NBT Bancorp, Inc. †	2,097		53

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Banks - 5.7% continued
Old National Bancorp of Indiana †	4,215	$	74
Old Second Bancorp, Inc. †	922		16
Oriental Financial Group, Inc.	1,608		28
Pacific Capital Bancorp †	2,915		43
Pacific Continental Corp. †	700		9
PacWest Bancorp †	1,547		35
Park National Corp. †	745		46
Peapack Gladstone Financial Corp. †	500		15
Pennsylvania Commerce Bancorp, Inc. *	300		8
Peoples Bancorp, Inc. of Ohio †	647		13
Pinnacle Financial Partners, Inc. * †	1,400		35
Premierwest Bancorp †	1,300		10
PrivateBancorp, Inc. †	1,400		43
Prosperity Bancshares, Inc. †	2,467		79
Provident Bankshares Corp. †	2,101		16
Renasant Corp. †	1,362		26
Republic Bancorp, Inc. of Kentucky, Class A	614		18
S & T Bancorp, Inc. †	1,463		49
Sandy Spring Bancorp, Inc. †	1,074		19
Santander BanCorp †	271		3
SCBT Financial Corp. †	672		23
Seacoast Banking Corp. of Florida †	905		8
Shore Bancshares, Inc. †	500		11
Sierra Bancorp †	464		7
Signature Bank of New York * †	1,900		56
Simmons First National Corp., Class A †	876		25
Smithtown Bancorp, Inc. †	600		11
South Financial Group (The), Inc. †	4,700		32
Southside Bancshares, Inc. †	783		17
Southwest Bancorp, Inc. of Oklahoma	896		15
State Bancorp, Inc. of New York †	900		13
StellarOne Corp. †	1,500		25
Sterling Bancorp of New York †	1,170		18
Sterling Bancshares, Inc. of Texas	4,646		46
Sterling Financial Corp. of Washington †	3,322		34
Suffolk Bancorp †	552		20
Sun Bancorp, Inc. of New Jersey * †	954		11
Susquehanna Bancshares, Inc. †	5,469		87
SVB Financial Group * †	1,846		104
SY Bancorp, Inc. †	870		25
Texas Capital Bancshares, Inc. * †	1,500		23
Tompkins Financial Corp. †	390		18
TowneBank/Portsmouth VA	1,300		25
Trico Bancshares †	942		16
Trustco Bank Corp. of New York †	4,778		47
Trustmark Corp. †	3,200		61
UCBH Holdings, Inc. †	7,065		41
UMB Financial Corp.	1,978		103
Umpqua Holdings Corp. †	3,859		54
Union Bankshares Corp. of Virginia †	891		20
United Bankshares, Inc. †	2,400		62
United Community Banks, Inc. of Georgia †	2,515		30
United Security Bancshares of California †	500		7
Univest Corp. of Pennsylvania †	800		23
W. Holding Co., Inc. †	6,200		4
Washington Trust Bancorp, Inc.	696		17
WesBanco, Inc. †	1,701		42
West Bancorporation †	1,100		13
West Coast Bancorp of Oregon †	1,025		11
Westamerica Bancorporation †	1,908		98
Western Alliance Bancorp * †	1,200		16
Wilshire Bancorp, Inc. †	1,200		16
Wintrust Financial Corp. †	1,499		35
Yadkin Valley Financial Corp. †	700		11

			4,146

Beverages - 0.2%
Boston Beer Co., Inc., Class A * †	596		27
Coca-Cola Bottling Co. Consolidated †	265		11
Farmer Bros. Co. †	400		10
Green Mountain Coffee Roasters, Inc. * †	1,100		40
National Beverage Corp. * †	720		6
Peet’s Coffee & Tea, Inc. * †	905		24

			118

Biotechnology - 3.1%
Acorda Therapeutics, Inc. * †	2,364		67
Affymax, Inc. * †	700		13
Alexion Pharmaceuticals, Inc. * †	4,916		222
Alnylam Pharmaceuticals, Inc. * †	2,300		68
AMAG Pharmaceuticals, Inc. * †	1,112		43
American Oriental Bioengineering, Inc. * †	3,900		32
Arena Pharmaceuticals, Inc. * †	4,771		29
Ariad Pharmaceuticals, Inc. * †	4,498		14
Arqule, Inc. * †	2,600		9
Avant Immunotherapeutics, Inc. * †	1,000		14
Bio-Rad Laboratories, Inc., Class A *	1,200		129
BioMimetic Therapeutics, Inc. * †	900		10
Cambrex Corp. * †	1,829		12
Celera Corp. * †	5,148		72

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Biotechnology - 3.1% continued
Cell Genesys, Inc. * †	5,756	$	6
Clinical Data, Inc. * †	700		12
Cougar Biotechnology, Inc. * †	1,000		34
Cytokinetics, Inc. * †	2,200		11
Cytori Therapeutics, Inc. *	1,300		8
Dendreon Corp. * †	5,923		35
Discovery Laboratories, Inc. * †	6,200		12
Enzo Biochem, Inc. * †	2,078		27
Enzon Pharmaceuticals, Inc. * †	2,852		26
Exelixis, Inc. * †	6,731		38
Geron Corp. * †	4,915		23
GTx, Inc. * †	1,200		21
Halozyme Therapeutics, Inc. * †	3,900		30
Human Genome Sciences, Inc. * †	8,600		64
Idera Pharmaceuticals, Inc. *	1,300		19
Immunogen, Inc. * †	3,200		17
Immunomedics, Inc. * †	4,200		9
Incyte Corp. * †	4,240		43
InterMune, Inc. * †	1,966		37
Lexicon Pharmaceuticals, Inc. *	5,100		9
Ligand Pharmaceuticals, Inc., Class B * †	5,400		18
Marshall Edwards, Inc. * †	1,300		4
Martek Biosciences Corp. †	2,100		70
Maxygen, Inc. *	1,584		8
Molecular Insight Pharmaceuticals, Inc. * †	1,200		10
Momenta Pharmaceuticals, Inc. * †	1,600		23
Myriad Genetics, Inc. * †	2,832		193
Nanosphere, Inc. * †	800		8
Novavax, Inc. * †	3,300		9
NPS Pharmaceuticals, Inc. * †	3,000		24
Omrix Biopharmaceuticals, Inc. * †	900		21
Orexigen Therapeutics, Inc. *	1,300		15
OSI Pharmaceuticals, Inc. * †	3,700		187
PDL BioPharma, Inc.	7,600		92
Protalix BioTherapeutics, Inc. * †	700		2
Regeneron Pharmaceuticals, Inc. * †	3,946		86
Repligen Corp. * †	2,000		11
Rexahn Pharmaceuticals, Inc. * †	1,900		2
RTI Biologics, Inc. * †	3,400		32
Sangamo BioSciences, Inc. * †	2,400		24
Seattle Genetics, Inc. * †	3,900		43
Sequenom, Inc. * †	3,630		83
Tercica, Inc. * †	1,100		10
Xoma Ltd. * †	8,500		18
Zymogenetics, Inc. * †	2,413		21

			2,229

Building Materials - 0.8%
AAON, Inc. †	820		18
Apogee Enterprises, Inc. †	1,855		37
Builders FirstSource, Inc. * †	900		5
China Architectural Engineering, Inc. * †	1,200		10
Comfort Systems USA, Inc. †	2,600		40
Drew Industries, Inc. * †	1,280		20
Gibraltar Industries, Inc. †	1,740		37
Interline Brands, Inc. * †	2,090		34
Louisiana-Pacific Corp. †	6,600		64
LSI Industries, Inc. †	1,238		11
NCI Building Systems, Inc. *	1,313		50
Quanex Building Products Corp. †	2,375		39
Simpson Manufacturing Co., Inc. †	2,372		66
Texas Industries, Inc. †	1,542		81
Trex Co., Inc. * †	924		17
U.S. Concrete, Inc. * †	2,600		11
Universal Forest Products, Inc. †	1,006		33

			573

Chemicals - 2.1%
Aceto Corp. †	1,600		14
American Vanguard Corp. †	1,200		18
Arch Chemicals, Inc.	1,616		59
Balchem Corp. †	1,200		33
Ferro Corp. †	2,793		62
Fuller (H.B.) Co. †	3,093		81
Grace (W.R.) & Co. * †	4,534		119
Hercules, Inc.	7,274		157
ICO, Inc. * †	1,800		10
Innophos Holdings, Inc.	700		26
Innospec, Inc.	1,460		23
Landec Corp. *	1,500		14
Minerals Technologies, Inc. †	1,206		79
NewMarket Corp.	875		59
Olin Corp. †	4,806		129
OM Group, Inc. * †	1,934		72
Penford Corp. †	700		12
PolyOne Corp. * †	5,956		49
Quaker Chemical Corp. †	600		18
Rockwood Holdings, Inc. *	2,666		101
Schulman (A.), Inc. †	1,754		42

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Chemicals - 2.1% continued
Sensient Technologies Corp.	3,073	$	90
ShengdaTech, Inc. * †	1,900		18
Solutia, Inc. *	5,300		89
Spartech Corp.	1,970		21
Stepan Co. †	343		20
Symyx Technologies, Inc. * †	2,130		23
Westlake Chemical Corp. †	1,200		23
Zep, Inc.	1,326		26
Zoltek Cos., Inc. * †	1,700		29

			1,516

Coal - 0.2%
International Coal Group, Inc. * †	8,100		83
James River Coal Co. *	1,600		68
National Coal Corp. * †	1,700		14
Westmoreland Coal Co. * †	600		12

			177

Commercial Services - 5.5%
Aaron Rents, Inc. †	2,935		84
ABM Industries, Inc. †	2,833		74
Administaff, Inc. †	1,398		38
Advance America Cash Advance Centers, Inc. †	2,780		14
Advisory Board (The) Co. * †	1,079		33
Albany Molecular Research, Inc. *	1,489		26
American Public Education, Inc. * †	708		32
AMN Healthcare Services, Inc. *	2,111		40
Arbitron, Inc. †	1,709		82
Bankrate, Inc. * †	810		26
BearingPoint, Inc. * †	14,400		16
Bowne & Co., Inc.	1,757		21
Capella Education Co. * †	900		45
Cardtronics, Inc. * †	800		6
CBIZ, Inc. * †	2,921		25
CDI Corp. †	864		22
Cenveo, Inc. *	3,070		32
Chemed Corp. †	1,448		63
China Direct, Inc. *	500		4
Coinstar, Inc. * †	1,811		60
Consolidated Graphics, Inc. * †	584		23
Corinthian Colleges, Inc. * †	5,400		72
Cornell Cos., Inc. * †	700		19
Corvel Corp. *	486		14
CoStar Group, Inc. * †	1,195		63
CRA International, Inc. * †	709		28
Cross Country Healthcare, Inc. * †	2,013		32
Deluxe Corp. †	3,300		54
Dollar Financial Corp. * †	1,500		27
Dollar Thrifty Automotive Group * †	1,327		6
DynCorp International, Inc., Class A *	1,600		25
Electro Rent Corp. †	1,370		19
Emergency Medical Services Corp., Class A * †	600		20
Euronet Worldwide, Inc. *	2,990		56
ExlService Holdings, Inc. * †	891		10
First Advantage Corp., Class A *	632		11
Forrester Research, Inc. * †	975		34
Gartner, Inc. * †	3,783		100
Geo Group (The), Inc. * †	3,240		72
Gevity HR, Inc. †	1,552		13
Global Cash Access Holdings, Inc. * †	2,662		16
Great Lakes Dredge & Dock Corp. †	2,500		19
H&E Equipment Services, Inc. * †	1,000		14
Hackett Group (The), Inc. * †	2,600		17
Healthcare Services Group †	2,791		54
Heartland Payment Systems, Inc. †	1,600		36
Heidrick & Struggles International, Inc. †	1,154		35
Hill International, Inc. *	1,500		29
HMS Holdings Corp. * †	1,600		40
Hudson Highland Group, Inc. * †	1,649		15
Huron Consulting Group, Inc. * †	1,324		85
ICF International, Inc. *	400		7
ICT Group, Inc. *	500		4
Integrated Electrical Services, Inc. * †	500		11
Interactive Data Corp.	2,300		69
Jackson Hewitt Tax Service, Inc.	1,800		31
K12, Inc. * †	364		9
Kelly Services, Inc., Class A	1,654		32
Kendle International, Inc. * †	800		40
Kenexa Corp. * †	1,415		33
Kforce, Inc. *	2,000		21
Korn/Ferry International * †	2,940		52
Landauer, Inc.	615		40
Learning Tree International, Inc. * †	600		9
LECG Corp. * †	1,700		14
Lincoln Educational Services Corp. *	300		5
Live Nation, Inc. * †	4,800		77
MAXIMUS, Inc. †	1,168		43
McGrath Rentcorp †	1,472		42
Midas, Inc. * †	896		13
Monro Muffler, Inc.	1,028		21

EQUITY PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Commercial Services - 5.5% continued
MPS Group, Inc. * †	5,993	$	69
Multi-Color Corp. †	650		15
National Research Corp.	100		3
Navigant Consulting, Inc. * †	3,103		54
Net 1 UEPS Technologies, Inc. * †	2,900		78
Odyssey Marine Exploration, Inc. * †	3,100		15
On Assignment, Inc. * †	2,200		21
Parexel International Corp. *	3,590		114
PeopleSupport, Inc. * †	1,400		17
PharmaNet Development Group, Inc. * †	1,197		31
PHH Corp. * †	3,500		53
Pre-Paid Legal Services, Inc. * †	493		22
PRG-Schultz International, Inc. *	1,000		12
Princeton Review, Inc. * †	900		7
Protection One, Inc. * †	400		3
Providence Service (The) Corp. * †	794		10
Rent-A-Center, Inc. *	4,200		95
Resources Connection, Inc. *	2,904		70
Riskmetrics Group, Inc. * †	1,327		29
Rollins, Inc. †	2,712		48
RSC Holdings, Inc. * †	3,000		30
Sotheby’s †	4,356		117
Spherion Corp. *	3,471		18
Standard Parking Corp. *	500		11
Steiner Leisure Ltd. * †	1,100		39
Stewart Enterprises, Inc., Class A †	5,389		50
SuccessFactors, Inc. * †	1,500		17
Team, Inc. * †	1,200		46
TeleTech Holdings, Inc. *	2,525		39
TNS, Inc. * †	1,600		37
TrueBlue, Inc. *	2,774		46
Universal Technical Institute, Inc. * †	1,400		24
Valassis Communications, Inc. * †	3,000		28
Viad Corp.	1,300		41
VistaPrint Ltd. * †	2,800		93
Volt Information Sciences, Inc. * †	784		11
Watson Wyatt Worldwide, Inc., Class A †	2,729		160
Wright Express Corp. *	2,460		73

			4,020

Computers - 2.3%
3D Systems Corp. * †	1,200		15
3PAR, Inc. *	1,734		19
Agilysys, Inc. †	1,490		19
CACI International, Inc., Class A *	1,900		96
CIBER, Inc. *	3,385		26
Cogo Group, Inc. * †	1,700		9
Compellent Technologies, Inc. * †	900		12
COMSYS IT Partners, Inc. * †	900		11
Cray, Inc. * †	2,100		12
Data Domain, Inc. * †	2,136		49
Echelon Corp. * †	1,827		24
Electronics for Imaging, Inc. * †	3,386		56
Henry (Jack) & Associates, Inc. †	4,807		96
Hutchinson Technology, Inc. * †	1,461		21
iGate Corp. *	1,409		16
Imation Corp. †	1,900		40
Immersion Corp. * †	2,000		13
Integral Systems, Inc. of Maryland * †	524		24
InterVoice, Inc. * †	2,553		21
Isilon Systems, Inc. * †	1,600		8
Magma Design Automation, Inc. * †	2,898		15
Manhattan Associates, Inc. * †	1,594		39
Maxwell Technologies, Inc. * †	1,200		15
Mentor Graphics Corp. * †	5,792		71
Mercury Computer Systems, Inc. * †	1,469		14
Micros Systems, Inc. * †	5,166		159
MTS Systems Corp. †	1,126		47
NCI, Inc., Class A * †	400		11
Ness Technologies, Inc. *	2,500		31
Netezza Corp. * †	2,500		34
Netscout Systems, Inc. *	1,900		28
Palm, Inc. †	6,828		58
Perot Systems Corp., Class A *	5,542		99
Quantum Corp. * †	13,096		23
Rackable Systems, Inc. *	1,900		20
Radiant Systems, Inc. * †	1,800		16
Radisys Corp. *	1,397		15
Rimage Corp. * †	600		10
Riverbed Technology, Inc. * †	3,600		61
SI International, Inc. * †	900		28
Silicon Storage Technology, Inc. * †	5,471		18
Smart Modular Technologies WWH, Inc. * †	2,900		9
SRA International, Inc., Class A * †	2,700		63
STEC, Inc. * †	2,000		20
Stratasys, Inc. * †	1,360		23
Super Micro Computer, Inc. * †	1,468		15
SYKES Enterprises, Inc. * †	2,090		42
Synaptics, Inc. * †	1,406		74

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 6 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3 % continued
Computers - 2.3% continued
Syntel, Inc. †	830	$	27
Virtusa Corp. *	600		4

			1,676

Cosmetics/Personal Care - 0.2%
Chattem, Inc. * †	1,132		79
Elizabeth Arden, Inc. * †	1,610		33
Inter Parfums, Inc. †	950		14

			126

Distribution/Wholesale - 1.0%
Beacon Roofing Supply, Inc. * †	2,850		46
BMP Sunstone Corp. * †	1,500		8
Brightpoint, Inc. * †	3,220		28
Chindex International, Inc. * †	700		8
Core-Mark Holding Co., Inc. * †	600		18
FGX International Holdings Ltd. * †	900		12
Fossil, Inc. * †	2,900		87
Houston Wire & Cable Co. †	1,100		19
MWI Veterinary Supply, Inc. * †	639		25
Owens & Minor, Inc.	2,669		123
Pool Corp. †	3,000		73
Scansource, Inc. * †	1,734		52
School Specialty, Inc. * †	1,222		37
Titan Machinery, Inc. * †	500		13
United Stationers, Inc. *	1,518		75
Watsco, Inc. †	1,440		74

			698

Diversified Financial Services - 1.7%
Advanta Corp., Class B †	2,464		19
Asset Acceptance Capital Corp. * †	900		10
BGC Partners, Inc., Class A †	2,168		14
Broadpoint Securities Group, Inc. *	1,600		5
Calamos Asset Management, Inc., Class A †	1,254		27
Cityscape Financial Corp. *	2,500		—
Cohen & Steers, Inc. †	1,100		32
CompuCredit Corp. * †	1,122		6
Credit Acceptance Corp. * †	375		6
Diamond Hill Investment Group, Inc. *	100		9
Doral Financial Corp. *	400		5
Duff & Phelps Corp. *	646		13
Encore Capital Group, Inc. * †	900		11
Epoch Holding Corp. †	700		8
Evercore Partners, Inc., Class A †	600		8
FBR Capital Markets Corp. * †	1,800		9
FCStone Group, Inc. * †	1,450		30
Federal Agricultural Mortgage Corp., Class C †	621		18
Financial Federal Corp. †	1,559		39
First Marblehead Corp. (The) †	4,400		18
Friedman Billings Ramsey Group, Inc., Class A * †	9,400		17
GAMCO Investors, Inc., Class A †	516		25
GFI Group, Inc. †	4,204		49
Greenhill & Co., Inc. †	1,100		73
Interactive Brokers Group, Inc., Class A * †	2,600		71
International Assets Holding Corp. *	300		9
KBW, Inc. * †	1,700		50
Knight Capital Group, Inc., Class A *	6,021		104
LaBranche & Co., Inc. *	3,200		21
Ladenburg Thalmann Financial Services, Inc. *	6,500		14
MarketAxess Holdings, Inc. * †	2,000		20
National Financial Partners Corp. †	2,500		50
Nelnet, Inc., Class A	1,100		17
NewStar Financial, Inc. * †	1,542		14
Ocwen Financial Corp. * †	2,259		16
optionsXpress Holdings, Inc. †	2,700		62
Penson Worldwide, Inc. * †	1,100		19
Piper Jaffray Cos. * †	1,189		45
Portfolio Recovery Associates, Inc. * †	1,022		44
Pzena Investment Management, Inc. †	400		4
Sanders Morris Harris Group, Inc. †	1,239		13
Stifel Financial Corp. * †	1,450		59
SWS Group, Inc.	1,572		32
Thomas Weisel Partners Group, Inc. * †	1,200		7
TradeStation Group, Inc. *	2,027		20
US Global Investors, Inc., Class A	800		11
Westwood Holdings Group, Inc. †	300		14
World Acceptance Corp. * †	1,093		43

			1,210

Electric - 2.0%
Allete, Inc. †	1,700		72
Avista Corp. †	3,389		76
Black Hills Corp.	2,441		83
Central Vermont Public Service Corp. †	600		15
CH Energy Group, Inc. †	1,011		40
Cleco Corp. †	3,819		96
El Paso Electric Co. *	2,843		60
Empire District Electric (The) Co. †	2,159		46
EnerNOC, Inc. * †	600		9
Idacorp, Inc. †	2,858		85
ITC Holdings Corp. †	3,176		178

EQUITY PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Electric - 2.0% continued
MGE Energy, Inc. †	1,446	$	49
NorthWestern Corp.	2,500		66
Ormat Technologies, Inc. †	1,146		57
Otter Tail Corp. †	1,937		77
Pike Electric Corp. *	1,100		21
PNM Resources, Inc. †	4,927		58
PNM Resources, Inc. - Fractional Shares ⁽¹⁾	50,000		—
Portland General Electric Co. †	4,000		102
Synthesis Energy Systems, Inc. * †	1,600		11
UIL Holdings Corp. †	1,601		52
Unisource Energy Corp.	2,177		70
US Geothermal, Inc. * †	4,000		9
Westar Energy, Inc.	6,730		152

			1,484

Electrical Components & Equipment - 1.5%
Advanced Battery Technologies, Inc. * †	2,700		10
Advanced Energy Industries, Inc. * †	2,149		35
American Superconductor Corp. * †	2,669		66
Beacon Power Corp. * †	5,700		8
Belden, Inc. †	2,781		102
Capstone Turbine Corp. * †	9,300		25
China BAK Battery, Inc. * †	1,900		8
Coleman Cable, Inc. *	500		6
Encore Wire Corp. †	1,189		23
Ener1, Inc. * †	2,300		17
Energy Conversion Devices, Inc. * †	2,870		216
EnerSys *	1,700		48
Evergreen Solar, Inc. * †	9,157		86
Fushi Copperweld, Inc. * †	900		10
GrafTech International Ltd. *	7,630		155
Graham Corp. †	300		28
Greatbatch, Inc. * †	1,429		35
Harbin Electric, Inc. * †	400		6
Insteel Industries, Inc. †	1,100		19
Littelfuse, Inc. * †	1,363		48
Medis Technologies Ltd. * †	2,036		6
Orion Energy Systems, Inc. * †	600		4
Powell Industries, Inc. *	452		20
Power-One, Inc. * †	4,752		11
PowerSecure International, Inc. * †	1,100		9
Ultralife Corp. * †	800		9
Universal Display Corp. * †	1,801		25
Valence Technology, Inc. * †	3,300		12
Vicor Corp. †	1,294		13

			1,060

Electronics - 2.7%
American Science & Engineering, Inc. †	566		38
Analogic Corp.	818		55
Axsys Technologies, Inc. * †	600		41
Badger Meter, Inc. †	900		41
Bel Fuse, Inc., Class B †	722		20
Benchmark Electronics, Inc. * †	4,291		71
Brady Corp., Class A	3,146		116
Checkpoint Systems, Inc. * †	2,494		53
China Security & Surveillance Technology, Inc. * †	1,700		30
Cogent, Inc. * †	2,598		29
Coherent, Inc. *	1,500		54
CTS Corp. †	2,156		29
Cymer, Inc. *	1,975		59
Daktronics, Inc. †	2,106		37
Dionex Corp. * †	1,209		79
Eagle Test Systems, Inc. *	900		13
Electro Scientific Industries, Inc. * †	1,766		25
Excel Technology, Inc. *	200		6
FARO Technologies, Inc. * †	1,100		26
FEI Co. * †	2,276		62
ICx Technologies, Inc. * †	900		7
II-VI, Inc. * †	1,528		67
Kemet Corp. * †	5,333		9
L-1 Identity Solutions, Inc. * †	4,212		69
LaBarge, Inc. * †	800		12
Measurement Specialties, Inc. *	900		16
Methode Electronics, Inc.	2,445		27
Microvision, Inc. * †	4,400		12
Multi-Fineline Electronix, Inc. * †	500		9
Newport Corp. * †	2,357		22
NVE Corp. * †	300		9
OSI Systems, Inc. * †	1,008		23
OYO Geospace Corp. * †	200		10
Park Electrochemical Corp. †	1,255		35
Photon Dynamics, Inc. * †	1,100		17
Plexus Corp. * †	2,492		70
Rofin-Sinar Technologies, Inc. * †	1,918		78
Rogers Corp. * †	1,084		43
Sanmina-SCI Corp. *	33,900		80
Sonic Solutions, Inc. * †	1,375		6

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 8 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Electronics - 2.7% continued
Stoneridge, Inc. * †	900	$	11
Taser International, Inc. * †	3,982		26
Technitrol, Inc.	2,611		41
TTM Technologies, Inc. * †	2,705		32
Varian, Inc. *	1,912		95
Watts Water Technologies, Inc., Class A †	1,879		53
Woodward Governor Co. †	3,732		173
Zygo Corp. *	1,000		11

			1,947

Energy - Alternate Sources - 0.3%
Akeena Solar, Inc. * †	1,400		6
Ascent Solar Technologies, Inc. * †	500		4
Aventine Renewable Energy Holdings, Inc. * †	1,800		11
Clean Energy Fuels Corp. * †	1,400		24
Comverge, Inc. * †	1,400		9
Evergreen Energy, Inc. * †	5,426		10
FuelCell Energy, Inc. * †	4,429		31
GreenHunter Energy, Inc. * †	300		5
Headwaters, Inc. * †	2,647		41
Pacific Ethanol, Inc. *	2,800		6
Plug Power, Inc. * †	5,100		14
Quantum Fuel Systems Technologies Worldwide, Inc. * †	4,400		8
VeraSun Energy Corp. * †	6,511		37

			206

Engineering & Construction - 0.7%
Baker (Michael) Corp. * †	500		17
Dycom Industries, Inc. *	2,558		41
EMCOR Group, Inc. *	4,372		149
ENGlobal Corp. * †	1,700		29
Exponent, Inc. *	950		29
Granite Construction, Inc. †	2,138		78
Insituform Technologies, Inc., Class A * †	1,718		32
Layne Christensen Co. *	1,248		69
Orion Marine Group, Inc. *	1,400		18
Perini Corp. *	1,758		47
Stanley, Inc. *	600		21
Sterling Construction Co., Inc. * †	700		13
VSE Corp. †	200		7

			550

Entertainment - 0.7%
Bally Technologies, Inc. *	3,461		119
Bluegreen Corp. * †	800		9
Churchill Downs, Inc. †	593		26
Cinemark Holdings, Inc. †	1,900		28
Dover Downs Gaming & Entertainment, Inc. †	917		7
Dover Motorsports, Inc. †	1,000		5
Elixir Gaming Technologies, Inc. *	4,300		2
Great Wolf Resorts, Inc. * †	1,790		9
Isle of Capri Casinos, Inc. * †	877		6
Macrovision Solutions Corp. * †	5,283		82
National CineMedia, Inc. †	2,700		30
Pinnacle Entertainment, Inc. * †	3,872		43
Rick’s Cabaret International, Inc. * †	400		6
Shuffle Master, Inc. * †	3,509		18
Six Flags, Inc. * †	4,636		5
Speedway Motorsports, Inc. †	862		19
Steinway Musical Instruments *	472		14
Vail Resorts, Inc. * †	2,010		88

			516

Environmental Control - 1.0%
American Ecology Corp.	1,100		36
Calgon Carbon Corp. * †	2,639		56
Casella Waste Systems, Inc., Class A * †	1,468		19
Clean Harbors, Inc. * †	1,197		97
Darling International, Inc. *	5,146		71
EnergySolutions, Inc.	2,100		39
Fuel Tech, Inc. * †	1,100		20
Met-Pro Corp. †	1,000		14
Metalico, Inc. * †	1,600		21
Mine Safety Appliances Co. †	1,978		72
Rentech, Inc. * †	10,600		25
Tetra Tech, Inc. *	3,808		109
Waste Connections, Inc. *	4,204		153
Waste Services, Inc. * †	1,533		13

			745

Food - 1.9%
American Dairy, Inc. * †	500		5
Arden Group, Inc., Class A †	43		7
B&G Foods, Inc. †	1,300		10
Cal-Maine Foods, Inc. †	800		32
Calavo Growers, Inc. †	700		8
Chiquita Brands International, Inc. * †	2,754		40
Diamond Foods, Inc. †	1,000		25
Flowers Foods, Inc. †	4,900		130
Fresh Del Monte Produce, Inc. * †	2,700		63
Great Atlantic & Pacific Tea Co. * †	2,301		38
Hain Celestial Group, Inc. * †	2,561		67

EQUITY PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3 % continued
Food - 1.9% continued
HQ Sustainable Maritime Industries, Inc. * †	400	$	3
Imperial Sugar Co.	800		11
Ingles Markets, Inc., Class A †	773		19
J & J Snack Foods Corp. †	900		30
Lancaster Colony Corp. †	1,251		43
Lance, Inc. †	1,777		36
Lifeway Foods, Inc. * †	300		3
M & F Worldwide Corp. * †	739		33
Nash Finch Co. †	855		35
Pilgrims Pride Corp. †	2,859		37
Ralcorp Holdings, Inc. *	3,568		219
Ruddick Corp. †	2,688		86
Sanderson Farms, Inc. †	1,271		44
Seaboard Corp. †	18		23
Smart Balance, Inc. * †	4,000		26
Spartan Stores, Inc.	1,400		32
Tootsie Roll Industries, Inc. †	1,575		45
TreeHouse Foods, Inc. * †	2,000		55
United Natural Foods, Inc. * †	2,746		53
Village Super Market, Class A †	200		9
Weis Markets, Inc. †	659		25
Winn-Dixie Stores, Inc. * †	3,500		49
Zhongpin, Inc. *	1,200		15

			1,356

Forest Products & Paper - 0.5%
AbitibiBowater, Inc. * †	3,356		22
Boise, Inc. * †	2,400		7
Buckeye Technologies, Inc. *	2,526		23
Deltic Timber Corp. †	653		40
Glatfelter	2,839		42
Kapstone Paper and Packaging Corp. *	1,200		9
Mercer International, Inc. * †	1,900		12
Neenah Paper, Inc. †	900		17
Potlatch Corp.	2,479		116
Schweitzer-Mauduit International, Inc. †	1,016		19
Verso Paper Corp. †	900		4
Wausau Paper Corp.	2,858		25
Xerium Technologies, Inc.	1,200		9

			345

Gas - 1.1%
Chesapeake Utilities Corp. †	400		12
EnergySouth, Inc. †	439		27
Laclede Group (The), Inc. †	1,371		62
New Jersey Resources Corp. †	2,659		96
Nicor, Inc. †	2,900		133
Northwest Natural Gas Co. †	1,622		79
Piedmont Natural Gas Co., Inc. †	4,700		136
South Jersey Industries, Inc. †	1,862		66
Southwest Gas Corp. †	2,820		86
WGL Holdings, Inc. †	3,200		103

			800

Hand/Machine Tools - 0.4%
Baldor Electric Co. †	2,918		104
Franklin Electric Co., Inc. †	1,472		64
K-Tron International, Inc. *	100		15
Regal-Beloit Corp. †	2,051		96
Thermadyne Holdings Corp. *	800		18

			297

Healthcare - Products - 3.9%
Abaxis, Inc. * †	1,400		28
Abiomed, Inc. * †	1,900		34
Accuray, Inc. * †	2,290		19
Affymetrix, Inc. * †	4,400		38
Align Technology, Inc. * †	3,931		51
Alphatec Holdings, Inc. * †	1,600		8
American Medical Systems Holdings, Inc. * †	4,620		82
Angiodynamics, Inc. *	1,547		25
Arthrocare Corp. * †	1,677		43
Atrion Corp. †	100		11
Bruker Corp. * †	3,188		49
Caliper Life Sciences, Inc. * †	3,100		9
Cantel Medical Corp. *	800		8
Cardiac Science Corp. *	1,200		12
CardioNet, Inc. * †	300		9
Cepheid, Inc. * †	3,642		68
Columbia Laboratories, Inc. * †	3,000		11
Conceptus, Inc. * †	1,900		32
Conmed Corp. * †	1,823		58
CryoLife, Inc. *	1,800		28
Cyberonics, Inc. * †	1,531		33
Cynosure, Inc., Class A * †	600		15
Datascope Corp.	890		44
DexCom, Inc. * †	1,700		12
ev3, Inc. * †	4,503		55
Exactech, Inc. *	500		13
Genomic Health, Inc. * †	900		20
Haemonetics Corp. of Massachusetts *	1,680		105
Hanger Orthopedic Group, Inc. * †	1,500		25

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 10 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Healthcare - Products - 3.9% continued
Hansen Medical, Inc., * †	1,064	$	13
ICU Medical, Inc. * †	659		20
Immucor, Inc. *	4,464		144
Insulet Corp. * †	1,200		17
Integra LifeSciences Holdings Corp. * †	1,146		56
Invacare Corp. †	2,036		52
IRIS International, Inc. * †	1,200		22
Kensey Nash Corp. * †	479		17
Luminex Corp. * †	2,617		67
Masimo Corp. * †	2,895		116
Medical Action Industries, Inc. *	900		12
Mentor Corp. †	2,171		54
Meridian Bioscience, Inc. †	2,575		73
Merit Medical Systems, Inc. *	1,738		34
Micrus Endovascular Corp. * †	1,000		13
Natus Medical, Inc. * †	1,700		42
NuVasive, Inc. * †	2,300		110
NxStage Medical, Inc. * †	1,200		5
OraSure Technologies, Inc. * †	2,950		15
Orthofix International N.V. * †	1,100		27
Orthovita, Inc. * †	4,200		13
Palomar Medical Technologies, Inc. * †	1,200		17
PSS World Medical, Inc. *	3,914		71
Quidel Corp. * †	1,800		35
Sirona Dental Systems, Inc. * †	1,100		30
Somanetics Corp. * †	800		20
SonoSite, Inc. * †	1,120		38
Spectranetics Corp. * †	2,100		17
Stereotaxis, Inc. * †	1,797		12
STERIS Corp.	3,700		136
SurModics, Inc. * †	1,029		40
Symmetry Medical, Inc. * †	2,220		38
Synovis Life Technologies, Inc. * †	800		18
Thoratec Corp. *	3,472		92
TomoTherapy, Inc. * †	2,700		17
Trans1, Inc. * †	800		7
Vision-Sciences, Inc. *	1,100		4
Vital Images, Inc. * †	1,100		17
Vital Signs, Inc. †	482		36
Vnus Medical Technologies, Inc. * †	800		18
Volcano Corp. * †	3,000		55
West Pharmaceutical Services, Inc. †	2,104		103
Wright Medical Group, Inc. * †	2,398		74
Zoll Medical Corp. * †	1,332		46

			2,808

Healthcare - Services - 2.0%
Air Methods Corp. * †	700		20
Alliance Imaging, Inc. * †	1,600		19
Almost Family, Inc. * †	400		18
Amedisys, Inc. * †	1,708		91
AMERIGROUP Corp. *	3,400		88
Amsurg Corp. *	2,045		55
Apria Healthcare Group, Inc. *	2,800		55
Assisted Living Concepts, Inc., Class A *	3,500		25
Bio-Reference Labs, Inc. * †	704		20
Capital Senior Living Corp. *	1,400		11
Centene Corp. *	2,758		62
Emeritus Corp. * †	1,200		27
Ensign Group, Inc. (The) †	500		8
Five Star Quality Care, Inc. * †	2,000		8
Genoptix, Inc. * †	532		19
Gentiva Health Services, Inc. *	1,594		44
Healthsouth Corp. * †	5,599		101
Healthspring, Inc. * †	3,200		64
Healthways, Inc. * †	2,180		42
IPC The Hospitalist Co, Inc. * †	400		10
Kindred Healthcare, Inc. *	1,762		54
LHC Group, Inc. *	997		29
Life Sciences Research, Inc. *	600		21
Magellan Health Services, Inc. *	2,600		113
Medcath Corp. *	1,000		21
Molina Healthcare, Inc. * †	900		28
National Healthcare Corp. †	486		24
Nighthawk Radiology Holdings, Inc. *	1,500		13
Odyssey HealthCare, Inc. * †	2,139		21
Psychiatric Solutions, Inc. * †	3,500		132
RadNet, Inc. * †	1,400		9
RehabCare Group, Inc. *	1,121		21
Res-Care, Inc. * †	1,600		31
Skilled Healthcare Group, Inc., Class A * †	1,100		18
Sun Healthcare Group, Inc. *	2,800		48
Sunrise Senior Living, Inc. * †	2,840		58
Triple-S Management Corp., Class B * †	922		16
U.S. Physical Therapy, Inc. *	800		16
Virtual Radiologic Corp. * †	400		5

			1,465

EQUITY PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3 % continued
Holding Companies - Diversified - 0.0%
Compass Diversified Trust	1,500	$	19
Resource America, Inc., Class A †	627		8

			27

Home Builders - 0.4%
Amrep Corp. * †	100		5
Beazer Homes USA, Inc. * †	2,500		17
Brookfield Homes Corp. †	621		8
Cavco Industries, Inc. * †	400		14
Champion Enterprises, Inc. *	4,954		24
Fleetwood Enterprises, Inc. * †	5,003		11
Hovnanian Enterprises, Inc., Class A * †	2,900		21
M/I Homes, Inc. †	874		16
Meritage Homes Corp. * †	1,900		45
Palm Harbor Homes, Inc. * †	691		6
Ryland Group, Inc.	2,700		63
Skyline Corp. †	408		9
Standard Pacific Corp. * †	7,900		25
Winnebago Industries, Inc. †	1,872		21

			285

Home Furnishings - 0.5%
American Woodmark Corp. †	738		18
Audiovox Corp., Class A * †	1,137		11
DTS, Inc. * †	1,100		35
Ethan Allen Interiors, Inc. †	1,600		44
Furniture Brands International, Inc. †	2,700		24
Hooker Furniture Corp. †	604		10
Kimball International, Inc., Class B	2,089		22
La-Z-Boy, Inc. †	3,300		25
Sealy Corp. †	2,900		19
Tempur-Pedic International, Inc. †	4,760		54
TiVo, Inc. * †	6,433		55
Universal Electronics, Inc. * †	891		23

			340

Household Products/Wares - 0.6%
ACCO Brands Corp. * †	3,500		30
American Greetings Corp., Class A †	3,100		50
Blyth, Inc.	1,600		25
Central Garden and Pet Co., Class A *	4,247		22
CSS Industries, Inc. †	442		12
Ennis, Inc.	1,632		27
Helen of Troy Ltd. * †	1,900		46
Prestige Brands Holdings, Inc. *	2,200		21
Russ Berrie & Co., Inc. * †	1,147		9
Spectrum Brands, Inc. * †	2,600		4
Standard Register (The) Co. †	984		11
Tupperware Brands Corp.	3,945		141
WD-40 Co.	1,034		36

			434

Housewares - 0.0%
Libbey, Inc. †	900		9
National Presto Industries, Inc. †	250		19

			28

Insurance - 3.7%
AMBAC Financial Group, Inc. †	18,300		131
AmCOMP, Inc. * †	800		10
American Equity Investment Life Holding Co. †	3,500		32
American Physicians Capital, Inc. †	506		21
American Safety Insurance Holdings Ltd. * †	700		10
Amerisafe, Inc. *	1,200		22
Amtrust Financial Services, Inc.	1,000		14
Argo Group International Holdings Ltd. * †	2,006		75
Aspen Insurance Holdings Ltd.	5,500		149
Assured Guaranty Ltd. †	3,575		58
Baldwin & Lyons, Inc., Class B †	518		11
Castlepoint Holdings Ltd. †	2,100		24
Citizens, Inc. of Texas * †	2,400		17
CNA Surety Corp. * †	1,077		17
Crawford & Co., Class B * †	1,500		21
Darwin Professional Underwriters, Inc. *	500		16
Delphi Financial Group, Inc., Class A	2,657		71
Donegal Group, Inc., Class A	698		13
eHealth, Inc. * †	1,600		24
EMC Insurance Group, Inc.	356		9
Employers Holdings, Inc.	3,200		56
Enstar Group Ltd. *	300		35
FBL Financial Group, Inc., Class A	803		18
First Acceptance Corp. * †	1,105		4
First Mercury Financial Corp. * †	929		14
Flagstone Reinsurance Holdings Ltd. †	1,900		23
FPIC Insurance Group, Inc. * †	500		26
Greenlight Capital Re Ltd., Class A * †	1,900		39
Hallmark Financial Services, Inc. * †	400		4
Harleysville Group, Inc. †	797		29
Hilb, Rogal & Hobbs Co.	2,291		104
Horace Mann Educators Corp. †	2,629		39
Independence Holding Co. †	434		6
Infinity Property & Casualty Corp.	1,007		47
IPC Holdings Ltd.	3,197		101

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 12 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Insurance - 3.7% continued
Kansas City Life Insurance Co.	300	$	14
LandAmerica Financial Group, Inc. †	1,037		18
Life Partners Holdings, Inc. †	400		12
Maiden Holdings Ltd. †	3,200		21
Max Capital Group Ltd. †	3,617		94
Meadowbrook Insurance Group, Inc.	3,588		24
Montpelier Re Holdings Ltd. †	5,934		96
National Interstate Corp. †	400		8
National Western Life Insurance Co., Class A †	103		25
Navigators Group, Inc. * †	788		41
NYMAGIC, Inc. †	300		7
Odyssey Re Holdings Corp. †	1,535		58
Phoenix Companies (The), Inc. †	7,260		86
Platinum Underwriters Holdings Ltd.	3,105		112
PMA Capital Corp., Class A *	2,024		19
PMI Group (The), Inc. †	5,200		19
Presidential Life Corp.	1,379		25
Primus Guaranty Ltd. * †	1,500		7
ProAssurance Corp. *	2,022		109
Quanta Capital Holdings Ltd. †	4,500		12
Radian Group, Inc. †	5,100		20
RLI Corp.	1,138		64
Safety Insurance Group, Inc.	1,055		45
SeaBright Insurance Holdings, Inc. *	1,355		16
Selective Insurance Group, Inc. †	3,420		83
State Auto Financial Corp.	857		26
Stewart Information Services Corp. †	1,057		20
Tower Group, Inc. †	1,300		27
United America Indemnity Ltd., Class A * †	1,300		20
United Fire & Casualty Co. †	1,452		43
Universal American Corp. * †	2,474		33
Validus Holdings Ltd. †	4,102		98
Zenith National Insurance Corp. †	2,391		91

			2,683

Internet - 2.7%
1-800-FLOWERS.COM, Inc., Class A * †	1,726		11
Art Technology Group, Inc. *	8,200		34
AsiaInfo Holdings, Inc. *	2,200		29
Avocent Corp. *	2,902		68
Bidz.com, Inc. * †	400		3
Blue Coat Systems, Inc. * †	2,098		39
Blue Nile, Inc. * †	858		36
China Information Security Technology, Inc. * †	1,500		8
Chordiant Software, Inc. *	1,920		11
CMGI, Inc. * †	3,156		37
Cogent Communications Group, Inc. * †	3,000		28
comScore, Inc. * †	1,203		25
Constant Contact, Inc. * †	1,319		23
CyberSource Corp. * †	4,456		77
DealerTrack Holdings, Inc. * †	2,666		49
Dice Holdings, Inc. * †	963		9
Digital River, Inc. * †	2,302		101
drugstore.com, Inc. * †	5,300		13
Earthlink, Inc. * †	6,974		65
Entrust, Inc. * †	3,900		9
eResearch Technology, Inc. * †	2,700		36
Global Sources Ltd. * †	1,090		12
GSI Commerce, Inc. * †	1,497		24
HSW International, Inc. * †	1,800		5
i2 Technologies, Inc. * †	1,000		14
Ibasis, Inc. †	2,000		7
Infospace, Inc.	2,198		26
Internap Network Services Corp. * †	3,219		10
Internet Brands, Inc. * †	1,400		10
Internet Capital Group, Inc. * †	2,500		21
Interwoven, Inc. * †	2,915		43
j2 Global Communications, Inc. * †	2,866		71
Keynote Systems, Inc. * †	900		13
Knot (The), Inc. * †	1,800		16
Limelight Networks, Inc. * †	1,837		7
Liquidity Services, Inc. * †	900		10
LoopNet, Inc. * †	1,900		20
Mercadolibre, Inc. * †	1,616		50
Move, Inc. * †	8,156		22
NetFlix, Inc. * †	2,576		79
NIC, Inc.	2,534		18
NutriSystem, Inc. †	1,900		38
Online Resources Corp. * †	1,900		17
Orbitz Worldwide, Inc. * †	2,300		14
Overstock.com, Inc. * †	964		20
PC-Tel, Inc.	1,300		13
Perficient, Inc. * †	2,100		17
RealNetworks, Inc. * †	5,800		38
S1 Corp. *	3,208		24
Safeguard Scientifics, Inc. * †	7,800		11
Sapient Corp. *	5,648		52
Secure Computing Corp. * †	3,402		15
Shutterfly, Inc. * †	1,300		12

EQUITY PORTFOLIOS 13 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Internet - 2.7% continued
SonicWALL, Inc. * †	3,710	$	24
Sourcefire, Inc. * †	1,300		10
Stamps.com, Inc. * †	899		12
SupportSoft, Inc. *	3,000		10
TechTarget, Inc. * †	900		6
TeleCommunication Systems, Inc., Class A * †	2,200		18
Terremark Worldwide, Inc. * †	3,400		25
TheStreet.com, Inc. †	1,100		8
thinkorswim Group, Inc. * †	3,300		33
TIBCO Software, Inc. * †	11,900		97
United Online, Inc. †	4,889		52
ValueClick, Inc. * †	5,529		71
Vasco Data Security International, Inc. * †	1,700		24
Vignette Corp. *	1,600		22
Vocus, Inc. * †	1,000		36
Websense, Inc. * †	2,886		65
Website Pros, Inc. *	1,800		11

			1,984

Investment Companies - 0.6%
Ampal-American Israel Corp., Class A * †	1,300		6
Apollo Investment Corp. †	9,100		161
Ares Capital Corp. †	6,223		75
BlackRock Kelso Capital Corp. †	806		9
Capital Southwest Corp. †	151		20
Gladstone Capital Corp. †	1,323		21
Gladstone Investment Corp.	1,400		10
Harris & Harris Group, Inc., Class A * †	1,500		11
Hercules Technology Growth Capital, Inc. †	2,100		22
Kohlberg Capital Corp. †	1,100		12
MCG Capital Corp. †	4,890		17
Medallion Financial Corp. †	1,000		10
MVC Capital, Inc. †	1,600		24
NGP Capital Resources Co. †	1,400		23
Patriot Capital Funding, Inc. †	1,300		10
PennantPark Investment Corp. †	1,400		11
Prospect Capital Corp. †	1,700		24

			466

Iron/Steel - 0.1%
China Precision Steel, Inc. * †	1,100		6
General Steel Holdings, Inc. * †	700		10
Olympic Steel, Inc. †	600		29
Sutor Technology Group Ltd. * †	500		3
Universal Stainless & Alloy *	400		14

			62

Leisure Time - 0.6%
Ambassadors Group, Inc. †	1,188		20
Brunswick Corp. †	5,600		77
Callaway Golf Co.	4,199		57
Life Time Fitness, Inc. * †	2,200		78
Marine Products Corp. †	662		5
Nautilus, Inc. * †	1,470		8
Polaris Industries, Inc. †	2,122		96
Town Sports International Holdings, Inc. * †	1,123		12
WMS Industries, Inc. *	2,827		95

			448

Lodging - 0.3%
Ameristar Casinos, Inc. †	1,672		28
Gaylord Entertainment Co. * †	2,579		89
Lodgian, Inc. *	1,020		9
Marcus Corp. †	1,277		22
Monarch Casino & Resort, Inc. * †	700		9
Morgans Hotel Group Co. * †	1,700		29
Riviera Holdings Corp. * †	700		8

			194

Machinery - Construction & Mining - 0.0%
Astec Industries, Inc. * †	1,150		40

Machinery - Diversified - 1.9%
Alamo Group, Inc.	400		8
Albany International Corp., Class A †	1,849		57
Altra Holdings, Inc. *	1,700		31
Applied Industrial Technologies, Inc. †	2,707		79
Briggs & Stratton Corp. †	3,100		46
Cascade Corp. †	562		29
Chart Industries, Inc. * †	1,800		83
Cognex Corp. †	2,726		55
Columbus McKinnon Corp. of New York *	1,200		33
DXP Enterprises, Inc. * †	200		12
Flow International Corp. * †	2,400		16
Gehl Co. * †	678		10
Gerber Scientific, Inc. * †	1,500		13
Gorman-Rupp (The) Co. †	937		38
Hurco Cos., Inc. * †	400		13
Intermec, Inc. * †	3,914		79
Intevac, Inc. * †	1,400		14
iRobot Corp. * †	1,200		17
Kadant, Inc. *	885		21
Key Technology, Inc. *	400		11
Lindsay Corp. †	727		60
Middleby Corp. * †	1,066		57

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 14 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Machinery - Diversified - 1.9% continued
NACCO Industries, Inc., Class A †	438	$	51
Nordson Corp. †	2,194		118
Presstek, Inc. * †	1,800		10
Raser Technologies, Inc. * †	2,900		25
Robbins & Myers, Inc. †	1,818		82
Sauer-Danfoss, Inc. †	717		23
Tecumseh Products Co., Class A * †	1,062		28
Tennant Co. †	1,072		33
TurboChef Technologies, Inc. * †	1,500		9
Twin Disc, Inc. †	500		9
Wabtec Corp.	3,090		183

			1,353

Media - 0.7%
AH Belo Corp., Class A †	1,320		6
Belo Corp., Class A †	5,700		42
Charter Communications, Inc., Class A * †	25,999		27
Citadel Broadcasting Corp. * †	11,600		11
CKX, Inc. *	3,300		26
Courier Corp. †	671		14
Cox Radio, Inc., Class A * †	1,600		18
Crown Media Holdings, Inc., Class A * †	700		4
Cumulus Media, Inc., Class A * †	1,507		7
DG FastChannel, Inc. * †	1,000		24
Dolan Media Co. * †	1,366		21
Entercom Communications Corp., Class A †	1,700		10
Entravision Communications Corp., Class A * †	3,800		12
Fisher Communications, Inc. †	475		17
GateHouse Media, Inc. †	1,983		1
Global Traffic Network, Inc. * †	800		8
Gray Television, Inc. †	2,773		7
Idearc, Inc. †	9,900		16
Journal Communications, Inc., Class A †	2,700		14
Lee Enterprises, Inc. †	2,800		11
LIN TV Corp., Class A * †	1,582		10
Martha Stewart Living Omnimedia, Inc., Class A * †	1,641		13
McClatchy Co., Class A †	3,600		13
Media General, Inc., Class A †	1,500		18
Mediacom Communications Corp., Class A * †	2,485		21
Outdoor Channel Holdings, Inc. * †	1,000		8
Playboy Enterprises, Inc., Class B * †	1,295		6
Primedia, Inc. †	1,606		5
R.H. Donnelley Corp. * †	4,400		16
Scholastic Corp. †	1,536		40
Sinclair Broadcast Group, Inc., Class A †	3,399		24
Value Line, Inc. †	100		4
Westwood One, Inc. * †	3,900		3
World Wrestling Entertainment, Inc., Class A †	1,311		21

			498

Metal Fabrication/Hardware - 1.0%
Ampco-Pittsburgh Corp.	500		22
Castle (A.M.) & Co. †	1,100		22
CIRCOR International, Inc.	1,108		67
Dynamic Materials Corp. †	800		25
Foster (L.B.) Co., Class A * †	700		27
Furmanite Corp. * †	2,300		27
Haynes International, Inc. * †	700		41
Kaydon Corp. †	1,796		100
Ladish Co., Inc. * †	900		24
Lawson Products, Inc. †	320		10
Mueller Industries, Inc.	2,337		65
Mueller Water Products, Inc., Class A †	7,300		79
NN, Inc. †	1,000		16
Northwest Pipe Co. * †	600		35
Omega Flex, Inc.	200		4
RBC Bearings, Inc. *	1,400		56
Sun Hydraulics Corp. †	700		23
Worthington Industries, Inc. †	4,069		72

			715

Mining -0.9%
Allied Nevada Gold Corp. * †	2,900		17
AMCOL International Corp. †	1,591		58
Apex Silver Mines Ltd. * †	3,800		11
Brush Engineered Materials, Inc. * †	1,273		37
Coeur d’Alene Mines Corp. * †	35,144		63
Compass Minerals International, Inc. †	2,109		146
General Moly, Inc. * †	4,000		27
Hecla Mining Co. * †	8,138		57
Horsehead Holding Corp. * †	2,300		19
Kaiser Aluminum Corp.	1,000		54
Royal Gold, Inc. †	1,852		64
RTI International Metals, Inc. *	1,429		49
Stillwater Mining Co. * †	2,546		19
United States Lime & Minerals, Inc. *	100		4
Uranium Resources, Inc. * †	3,100		7
USEC, Inc. * †	7,049		41

			673

EQUITY PORTFOLIOS 15 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000$)
COMMON STOCKS - 98.3% continued
Miscellaneous Manufacturing - 2.1%
Actuant Corp., Class A †	3,578	$	113
Acuity Brands, Inc. †	2,652		115
American Railcar Industries, Inc. †	600		10
Ameron International Corp.	535		63
AZZ, Inc. * †	800		35
Barnes Group, Inc. †	3,046		73
Blount International, Inc. * †	2,400		30
Ceradyne, Inc. *	1,651		74
China Fire & Security Group, Inc. * †	900		10
Clarcor, Inc. †	3,184		127
Colfax Corp. * †	1,417		35
EnPro Industries, Inc. * †	1,278		54
ESCO Technologies, Inc. * †	1,664		79
Federal Signal Corp. †	3,082		49
Flanders Corp. *	1,000		7
FreightCar America, Inc. †	800		30
GenTek, Inc. * †	600		17
Griffon Corp. * †	1,668		20
Hexcel Corp. * †	6,075		126
Koppers Holdings, Inc. †	1,300		60
LSB Industries, Inc. * †	1,100		27
Lydall, Inc. * †	1,100		13
Matthews International Corp., Class A †	1,938		97
Metabolix, Inc. * †	1,200		14
Movado Group, Inc.	996		23
Myers Industries, Inc. †	1,771		23
NL Industries, Inc. †	398		4
Park-Ohio Holdings Corp. *	500		10
PMFG, Inc. * †	800		21
Polypore International, Inc. * †	1,061		29
Raven Industries, Inc. †	1,008		46
Reddy Ice Holdings, Inc. †	1,100		9
Smith & Wesson Holding Corp. * †	2,400		14
Smith (A.O.) Corp. †	1,277		53
Standex International Corp. †	819		21
Tredegar Corp.	1,510		30
Trimas Corp. * †	800		6

			1,567

Office Furnishings - 0.4%
Herman Miller, Inc. †	3,608		101
HNI Corp. †	2,800		65
Interface, Inc., Class A	3,418		45
Knoll, Inc.	3,090		51

			262

Office/Business Equipment - 0.1%
IKON Office Solutions, Inc. †	5,100		88

Oil & Gas - 4.2%
Abraxas Petroleum Corp. * †	2,700		10
Alon USA Energy, Inc. †	700		9
American Oil & Gas, Inc. * †	2,400		7
APCO Argentina, Inc.	300		9
Approach Resources, Inc. * †	599		8
Arena Resources, Inc. * †	2,420		108
Atlas America, Inc.	2,191		82
ATP Oil & Gas Corp. * †	1,769		45
Berry Petroleum Co., Class A †	2,724		113
Bill Barrett Corp. * †	2,370		93
BMB Munai, Inc. * †	2,400		12
BPZ Resources, Inc. * †	3,824		75
Brigham Exploration Co. * †	2,900		39
Bronco Drilling Co., Inc. *	1,700		27
Callon Petroleum Co. * †	1,400		28
Cano Petroleum, Inc. * †	3,100		10
Carrizo Oil & Gas, Inc. * †	1,777		88
Cheniere Energy, Inc. * †	3,100		12
Clayton Williams Energy, Inc. * †	352		28
Comstock Resources, Inc. * †	2,919		190
Concho Resources, Inc. of Texas *	3,530		115
Contango Oil & Gas Co. * †	800		57
CVR Energy, Inc. * †	1,500		21
Delek US Holdings, Inc. †	900		7
Delta Petroleum Corp. * †	3,921		70
Double Eagle Petroleum Co. *	500		8
Endeavour International Corp. *	7,300		13
Energy Partners Ltd. *	2,056		24
Energy XXI Bermuda Ltd.	7,700		36
EXCO Resources, Inc. *	9,500		252
FX Energy, Inc. * †	2,600		22
Gasco Energy, Inc. * †	6,000		16
GeoGlobal Resources, Inc. * †	2,400		10
GeoMet, Inc. * †	1,246		9
Georesources, Inc. *	400		7
GMX Resources, Inc. * †	1,065		72
Goodrich Petroleum Corp. * †	1,486		76
Gran Tierra Energy, Inc. * †	6,100		30
Grey Wolf, Inc. * †	11,425		99
Gulfport Energy Corp. * †	1,700		23
Harvest Natural Resources, Inc. * †	2,287		25
Houston American Energy Corp. †	1,000		9

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 16 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000$)
COMMON STOCKS - 98.3% continued
Oil & Gas - 4.2% continued
McMoRan Exploration Co. * †	3,479	$	95
Meridian Resource Corp. * †	4,991		13
Northern Oil And Gas, Inc. * †	1,300		10
Oilsands Quest, Inc. * †	11,200		46
Panhandle Oil and Gas, Inc., Class A	500		18
Parallel Petroleum Corp. * †	2,608		34
Parker Drilling Co. * †	7,189		67
Penn Virginia Corp. †	2,700		179
Petroleum Development Corp. *	959		58
Petroquest Energy, Inc. * †	2,800		52
Pioneer Drilling Co. *	3,200		54
Quest Resource Corp. * †	1,800		9
RAM Energy Resources, Inc. *	2,300		10
Rex Energy Corp. * †	1,100		22
Rosetta Resources, Inc. *	3,298		77
Stone Energy Corp. * †	2,037		97
Sulphco, Inc. * †	3,400		10
Swift Energy Co. * †	1,911		89
Toreador Resources Corp. * †	1,031		9
Tri-Valley Corp. * †	1,400		10
TXCO Resources, Inc. * †	2,200		27
Vaalco Energy, Inc. * †	3,800		30
Venoco, Inc. * †	1,329		22
Warren Resources, Inc. *	3,761		42
Western Refining, Inc. †	1,900		17

			3,091

Oil & Gas Services - 1.7%
Allis-Chalmers Energy, Inc. * †	1,739		25
Basic Energy Services, Inc. * †	2,600		76
Bolt Technology Corp. * †	500		10
Cal Dive International, Inc. * †	2,854		33
CARBO Ceramics, Inc. †	1,311		79
Complete Production Services, Inc. * †	3,100		92
Dawson Geophysical Co. * †	500		31
Dril-Quip, Inc. * †	1,962		108
Flotek Industries, Inc. * †	1,400		23
Geokinetics, Inc. * †	300		6
Gulf Island Fabrication, Inc.	796		34
Hornbeck Offshore Services, Inc. * †	1,483		65
ION Geophysical Corp. * †	5,392		87
Lufkin Industries, Inc. †	948		88
Matrix Service Co. * †	1,700		45
Mitcham Industries, Inc. * †	600		9
NATCO Group, Inc., Class A * †	1,300		66
Natural Gas Services Group, Inc. * †	800		21
Newpark Resources, Inc. *	5,696		49
RPC, Inc. †	1,855		34
Smith International, Inc.	995		69
Superior Well Services, Inc. * †	1,052		35
T-3 Energy Services, Inc. * †	800		45
Trico Marine Services, Inc. * †	800		19
Union Drilling, Inc. * †	880		12
Willbros Group, Inc. * †	2,445		101

			1,262

Packaging & Containers - 0.3%
AEP Industries, Inc. * †	400		8
Bway Holding Co. * †	500		6
Graphic Packaging Holding Co. * †	9,200		26
Rock-Tenn Co., Class A	2,491		92
Silgan Holdings, Inc.	1,648		86

			218

Pharmaceuticals - 3.3%
Acadia Pharmaceuticals, Inc. * †	2,100		5
Acura Pharmaceuticals, Inc. * †	500		4
Adolor Corp. *	3,000		10
Akorn, Inc. * †	3,700		18
Alexza Pharmaceuticals, Inc. * †	1,500		8
Alkermes, Inc. * †	6,143		82
Allos Therapeutics, Inc. * †	3,400		32
Alpharma, Inc., Class A * †	2,857		102
Amicus Therapeutics, Inc. * †	300		4
Ardea Biosciences, Inc. * †	700		9
Array Biopharma, Inc. * †	3,100		25
Auxilium Pharmaceuticals, Inc. * †	2,600		102
Biodel, Inc. * †	700		13
BioForm Medical, Inc. * †	1,418		6
Cadence Pharmaceuticals, Inc. * †	1,344		13
Caraco Pharmaceutical Laboratories Ltd. * †	697		11
China Sky One Medical, Inc. * †	500		7
Cubist Pharmaceuticals, Inc. * †	3,567		79
CV Therapeutics, Inc. * †	3,907		45
Cypress Bioscience, Inc. * †	2,400		16
Depomed, Inc. * †	3,100		14
Durect Corp. * †	5,266		28
Dyax Corp. *	3,700		18
Emergent Biosolutions, Inc. * †	900		13
HealthExtras, Inc. * †	2,155		70
I-Flow Corp. * †	1,369		13

EQUITY PORTFOLIOS 17 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000$)
COMMON STOCKS - 98.3% continued
Pharmaceuticals - 3.3% continued
Idenix Pharmaceuticals, Inc. * †	1,600	$	13
Indevus Pharmaceuticals, Inc. * †	5,000		11
Inspire Pharmaceuticals, Inc. * †	2,700		12
Isis Pharmaceuticals, Inc. * †	5,786		102
Javelin Pharmaceuticals, Inc. *	3,200		9
Jazz Pharmaceuticals, Inc. * †	500		4
KV Pharmaceutical Co., Class A * †	2,119		48
Mannatech, Inc. †	900		4
MannKind Corp. * †	3,337		11
MAP Pharmaceuticals, Inc. *	500		5
Medarex, Inc. * †	8,103		60
Medicines Co. * †	3,376		82
Medicis Pharmaceutical Corp., Class A †	3,600		75
Medivation, Inc. * †	1,600		40
MiddleBrook Pharmaceuticals, Inc. * †	2,300		5
Nabi Biopharmaceuticals *	3,312		19
Nektar Therapeutics * †	5,900		23
Neogen Corp. * †	900		23
Neurocrine Biosciences, Inc. * †	2,502		13
Noven Pharmaceuticals, Inc. * †	1,562		19
Obagi Medical Products, Inc. * †	1,200		12
Omega Protein Corp. *	1,200		16
Onyx Pharmaceuticals, Inc. * †	3,504		143
Opko Health, Inc. * †	3,100		6
Optimer Pharmaceuticals, Inc. *	1,600		13
Osiris Therapeutics, Inc. * †	1,000		15
Pain Therapeutics, Inc. * †	2,201		21
Par Pharmaceutical Cos., Inc. * †	2,200		31
Pharmasset, Inc. *	1,100		23
PharMerica Corp. * †	1,935		46
Pozen, Inc. * †	1,642		19
Progenics Pharmaceuticals, Inc. * †	1,686		23
Questcor Pharmaceuticals, Inc. *	3,500		19
Rigel Pharmaceuticals, Inc. * †	2,330		55
Salix Pharmaceuticals Ltd. * †	2,987		20
Savient Pharmaceuticals, Inc. * †	3,448		78
Schiff Nutrition International, Inc. *	600		4
Sciele Pharma, Inc. †	2,207		43
Sucampo Pharmaceuticals, Inc. * †	600		6
Synta Pharmaceuticals Corp. * †	1,100		10
Synutra International, Inc. * †	700		34
Targacept, Inc. * †	1,200		11
Theravance, Inc. * †	3,300		45
United Therapeutics Corp. * †	1,381		147
USANA Health Sciences, Inc. * †	472		18
Valeant Pharmaceuticals International * †	4,400		81
Viropharma, Inc. * †	4,500		66
Vivus, Inc. * †	3,900		33
XenoPort, Inc. * †	1,600		78

			2,441

Pipelines - 0.1%
Crosstex Energy, Inc. †	2,561		83

Real Estate - 0.2%
Avatar Holdings, Inc. * †	389		12
Consolidated-Tomoka Land Co. of Florida †	304		13
Forestar Real Estate Group, Inc. * †	2,300		46
FX Real Estate and Entertainment, Inc. * †	440		1
Grubb & Ellis Co. †	2,300		8
Hilltop Holdings, Inc. * †	2,905		30
Meruelo Maddux Properties, Inc. * †	2,500		3
Stratus Properties, Inc. * †	400		12
Thomas Properties Group, Inc. †	1,500		14
United Capital Corp. *	100		3

			142

Real Estate Investment Trusts - 5.3%
Acadia Realty Trust	2,107		50
Agree Realty Corp. †	485		13
Alexander’s, Inc. * †	96		37
American Campus Communities, Inc. †	2,507		76
American Capital Agency Corp. †	600		11
Anthracite Capital, Inc. †	3,460		19
Anworth Mortgage Asset Corp.	5,316		35
Arbor Realty Trust, Inc. †	900		8
Ashford Hospitality Trust, Inc. †	7,600		34
Associated Estates Realty Corp. †	900		13
BioMed Realty Trust, Inc.	4,557		122
Capital Trust, Inc. of New York, Class A †	1,100		13
CapLease, Inc. †	2,900		24
Capstead Mortgage Corp. †	3,400		40
Care Investment Trust, Inc.	900		10
Cedar Shopping Centers, Inc. †	2,500		33
Chimera Investment Corp. †	2,185		14
Cogdell Spencer, Inc. †	700		14
Colonial Properties Trust	3,000		57
Corporate Office Properties Trust SBI of Maryland	2,501		98
Cousins Properties, Inc. †	3,000		75
DCT Industrial Trust, Inc. †	11,000		82

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 18 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3 % continued
Real Estate Investment Trusts - 5.3% continued
DiamondRock Hospitality Co. †	6,000	$	55
DuPont Fabros Technology, Inc.	727		13
EastGroup Properties, Inc.	1,540		68
Education Realty Trust, Inc.	1,790		20
Entertainment Properties Trust †	1,979		107
Equity Lifestyle Properties, Inc.	1,259		63
Equity One, Inc. †	2,078		44
Extra Space Storage, Inc. †	5,071		80
FelCor Lodging Trust, Inc. †	3,974		32
First Industrial Realty Trust, Inc. †	2,792		66
First Potomac Realty Trust †	1,600		27
Franklin Street Properties Corp. †	3,822		49
Getty Realty Corp.	1,076		22
Glimcher Realty Trust	2,478		25
Gramercy Capital Corp. of New York †	2,619		18
Hatteras Financial Corp.	700		17
Healthcare Realty Trust, Inc. †	3,200		92
Hersha Hospitality Trust	2,700		20
Highwoods Properties, Inc. †	3,630		132
Home Properties, Inc. †	1,955		103
Inland Real Estate Corp. †	3,700		56
Investors Real Estate Trust †	3,636		38
JER Investors Trust, Inc. †	1,499		9
Kite Realty Group Trust	1,300		16
LaSalle Hotel Properties †	2,614		68
Lexington Realty Trust †	3,237		48
LTC Properties, Inc.	1,429		38
Maguire Properties, Inc. †	2,500		28
Medical Properties Trust, Inc. †	4,205		46
MFA Mortgage Investments, Inc. †	12,154		83
Mid-America Apartment Communities, Inc.	1,695		85
Mission West Properties †	1,300		13
Monmouth Real Estate Investment Corp., Class A	1,300		9
National Health Investors, Inc.	1,434		47
National Retail Properties, Inc. †	4,627		105
Newcastle Investment Corp. †	3,433		24
NorthStar Realty Finance Corp. †	3,536		25
OMEGA Healthcare Investors, Inc.	4,833		86
One Liberty Properties, Inc. †	500		9
Parkway Properties, Inc. of Maryland †	956		34
Pennsylvania Real Estate Investment Trust †	2,186		43
Post Properties, Inc. †	2,822		89
PS Business Parks, Inc. †	1,001		54
RAIT Financial Trust †	3,932		23
Ramco-Gershenson Properties Trust	1,060		24
Realty Income Corp. †	6,447		166
Redwood Trust, Inc. †	2,135		40
Resource Capital Corp. †	1,300		8
Saul Centers, Inc. †	607		28
Senior Housing Properties Trust	7,310		158
Sovran Self Storage, Inc.	1,340		52
Strategic Hotels & Resorts, Inc. †	4,687		43
Sun Communities, Inc.	996		19
Sunstone Hotel Investors, Inc. †	3,264		46
Tanger Factory Outlet Centers, Inc. †	2,022		81
U-Store-It Trust	3,210		40
Universal Health Realty Income Trust †	764		28
Urstadt Biddle Properties, Inc., Class A	1,317		22
Washington Real Estate Investment Trust †	3,133		111
Winthrop Realty Trust †	3,600		14

			3,887

Retail - 4.9%
99 Cents Only Stores * †	3,000		26
Aeropostale, Inc. * †	4,267		149
AFC Enterprises *	1,600		15
America's Car-Mart, Inc. * †	700		13
Asbury Automotive Group, Inc. †	2,012		24
Bebe Stores, Inc. †	2,500		24
Big 5 Sporting Goods Corp. †	1,391		13
BJ's Restaurants, Inc. * †	1,106		13
Blockbuster, Inc., Class A * †	11,300		27
Bob Evans Farms, Inc. †	2,004		56
Borders Group, Inc. †	3,900		27
Brown Shoe Co., Inc. †	2,744		42
Buckle (The), Inc.	1,007		52
Buffalo Wild Wings, Inc. * †	1,142		41
Build-A-Bear Workshop, Inc. * †	1,100		8
Cabela's, Inc. * †	2,500		31
Cache, Inc. * †	762		9
California Pizza Kitchen, Inc. * †	1,341		19
Casey's General Stores, Inc.	3,187		92
Cash America International, Inc. †	1,891		78
Casual Male Retail Group, Inc. * †	2,373		9
Cato (The) Corp., Class A	1,806		32
CBRL Group, Inc. †	1,385		36
CEC Entertainment, Inc. *	1,330		46
Charlotte Russe Holding, Inc. * †	1,310		16
Charming Shoppes, Inc. * †	7,223		39

EQUITY PORTFOLIOS 19 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3 % continued
Retail - 4.9% continued
Cheesecake Factory (The), Inc. * †	4,300	$	66
Chico's FAS, Inc. *	11,300		65
Children's Place Retail Stores (The), Inc. * †	1,507		63
Christopher & Banks Corp. †	2,260		22
Circuit City Stores, Inc. †	10,800		19
Citi Trends, Inc. * †	900		19
CKE Restaurants, Inc. †	3,344		43
Coldwater Creek, Inc. * †	3,600		26
Collective Brands, Inc. * †	4,067		59
Conn's, Inc. * †	600		12
Denny's Corp. * †	6,100		17
Dillard's, Inc., Class A †	3,700		47
DineEquity, Inc. †	1,167		23
Domino's Pizza, Inc. * †	2,461		33
Dress Barn, Inc. * †	2,812		46
DSW, Inc., Class A * †	836		12
Einstein Noah Restaurant Group, Inc. *	300		4
Ezcorp, Inc., Class A * †	2,500		39
Finish Line (The), Inc., Class A †	2,657		32
First Cash Financial Services, Inc. *	1,300		24
Fred's, Inc., Class A †	2,588		36
Fuqi International, Inc. *	600		6
Gaiam, Inc., Class A * †	1,200		15
Genesco, Inc. * †	1,165		43
Group 1 Automotive, Inc. †	1,487		31
Gymboree Corp. * †	1,816		71
Haverty Furniture Cos., Inc. †	1,140		13
hhgregg, Inc. * †	800		8
Hibbett Sports, Inc. * †	1,810		43
HOT Topic, Inc. *	2,845		18
Insight Enterprises, Inc. *	2,932		49
J Crew Group, Inc. * †	2,700		71
Jack in the Box, Inc. *	3,726		88
Jo-Ann Stores, Inc. * †	1,623		41
Jos. A. Bank Clothiers, Inc. * †	1,183		31
Kenneth Cole Productions, Inc., Class A †	571		9
Krispy Kreme Doughnuts, Inc. * †	3,600		15
Landry's Restaurants, Inc. †	720		14
Longs Drug Stores Corp. †	1,963		141
Luby's, Inc. * †	1,400		10
Lululemon Athletica, Inc. * †	1,139		22
Lumber Liquidators, Inc. * †	600		8
MarineMax, Inc. * †	1,019		8
Men's Wearhouse, Inc. (The) †	3,300		72
New York & Co., Inc. *	1,500		18
Nu Skin Enterprises, Inc., Class A †	3,164		53
O'Charleys, Inc. †	1,136		11
P.F. Chang's China Bistro, Inc. * †	1,509		39
Pacific Sunwear of California, Inc. * †	4,500		29
Pantry (The), Inc. *	1,409		26
Papa John's International, Inc. * †	1,348		38
PC Connection, Inc. *	600		5
PC Mall, Inc. *	700		7
Pep Boys—Manny, Moe & Jack †	2,633		23
PetMed Express, Inc. * †	1,500		21
Pier 1 Imports, Inc. * †	5,700		25
Pricesmart, Inc. †	900		19
Red Robin Gourmet Burgers, Inc. * †	1,055		28
Regis Corp. †	2,729		75
Retail Ventures, Inc. *	1,800		8
Rex Stores Corp. * †	600		8
Ruby Tuesday, Inc. * †	3,304		23
Rush Enterprises, Inc., Class A *	2,150		28
Ruth's Hospitality Group, Inc. * †	1,300		6
Sally Beauty Holdings, Inc. * †	6,000		51
Shoe Carnival, Inc. * †	622		10
Sonic Automotive, Inc., Class A †	1,666		18
Sonic Corp. * †	3,850		56
Stage Stores, Inc. †	2,469		39
Steak n Shake (The) Co. * †	1,820		14
Stein Mart, Inc. †	1,545		6
Susser Holdings Corp. * †	500		9
Syms Corp. * †	400		7
Systemax, Inc. †	700		11
Talbots, Inc. †	1,600		22
Texas Roadhouse, Inc., Class A * †	3,300		30
Tractor Supply Co. * †	2,100		90
Triarc Cos., Inc., Class B †	3,965		23
Tuesday Morning Corp. * †	1,930		8
Tween Brands, Inc. * †	1,565		17
Ulta Salon Cosmetics & Fragrance, Inc. * †	1,358		15
Wet Seal (The), Inc., Class A * †	5,900		28
World Fuel Services Corp.	1,810		52
Zale Corp. * †	2,280		62
Zumiez, Inc. * †	1,200		17

			3,546

Savings & Loans - 1.1%
Abington Bancorp, Inc. †	1,540		15

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 20 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Savings & Loans - 1.1% continued
Anchor BanCorp Wisconsin, Inc. †	1,228	$	9
BankFinancial Corp. †	1,300		19
Beneficial Mutual Bancorp, Inc. * †	2,100		24
Berkshire Hills Bancorp, Inc. †	634		17
Brookline Bancorp, Inc. †	3,687		38
Brooklyn Federal Bancorp, Inc.	200		3
Clifton Savings Bancorp, Inc. †	700		8
Danvers Bancorp, Inc. †	1,200		14
Dime Community Bancshares †	1,444		24
Downey Financial Corp. †	1,200		3
ESSA Bancorp, Inc. †	1,100		15
First Financial Holdings, Inc.	757		17
First Financial Northwest, Inc. †	1,500		15
First Niagara Financial Group, Inc. †	7,015		105
First Place Financial Corp. of Ohio †	1,089		11
FirstFed Financial Corp. * †	875		14
Flagstar Bancorp, Inc. †	3,373		15
Flushing Financial Corp. †	1,390		24
Fox Chase Bancorp, Inc. *	400		5
Guaranty Financial Group, Inc. * †	2,400		12
Home Federal Bancorp, Inc. of Idaho †	400		4
Investors Bancorp, Inc. * †	2,800		41
Kearny Financial Corp.	1,179		16
MASSBANK Corp.	200		8
Meridian Interstate Bancorp, Inc. *	700		7
NASB Financial, Inc. †	199		5
NewAlliance Bancshares, Inc.	6,900		95
Northfield Bancorp, Inc. * †	1,232		15
Northwest Bancorp, Inc. †	1,094		30
OceanFirst Financial Corp. †	600		11
Oritani Financial Corp. * †	800		14
Provident Financial Services, Inc. †	3,827		58
Provident New York Bancorp †	2,553		35
Rockville Financial, Inc. †	517		7
Roma Financial Corp. †	541		8
United Community Financial Corp. of Ohio †	1,612		6
United Financial Bancorp, Inc.	1,100		14
ViewPoint Financial Group †	662		11
Waterstone Financial, Inc. * †	409		4
Westfield Financial, Inc.	2,020		21
WSFS Financial Corp.	421		23

			840

Semiconductors - 2.9%
Actel Corp. *	1,609		22
Advanced Analogic Technologies, Inc. * †	2,900		13
Amkor Technology, Inc. * †	6,900		52
Anadigics, Inc. * †	4,000		14
Applied Micro Circuits Corp. * †	4,100		33
Asyst Technologies, Inc. * †	3,191		13
ATMI, Inc. * †	2,047		50
AuthenTec, Inc. * †	1,600		13
Axcelis Technologies, Inc. * †	6,553		31
Bookham, Inc. *	6,400		11
Brooks Automation, Inc. * †	4,102		39
Cabot Microelectronics Corp. * †	1,481		57
Cavium Networks, Inc. * †	1,900		32
Ceva, Inc. * †	1,300		12
Cirrus Logic, Inc. * †	4,108		26
Cohu, Inc.	1,505		25
Diodes, Inc. * †	1,889		45
DSP Group, Inc. * †	1,583		12
EMCORE Corp. * †	4,700		29
Emulex Corp. *	5,400		72
Entegris, Inc. *	7,248		45
Entropic Communications, Inc. * †	500		1
Exar Corp. *	2,420		19
Formfactor, Inc. * †	3,100		60
Hittite Microwave Corp. * †	1,300		46
IXYS Corp. * †	1,527		19
Kopin Corp. * †	4,400		13
Kulicke & Soffa Industries, Inc. * †	3,431		18
Lattice Semiconductor Corp. *	7,367		17
LTX Corp. * †	7,982		14
Mattson Technology, Inc. * †	3,221		16
Micrel, Inc. †	3,215		30
Microsemi Corp. *	5,036		139
Microtune, Inc. * †	3,477		13
MIPS Technologies, Inc. *	2,800		11
MKS Instruments, Inc. *	3,150		71
Monolithic Power Systems, Inc. * †	1,700		41
Netlogic Microsystems, Inc. * †	1,081		38
Omnivision Technologies, Inc. * †	3,286		38
Pericom Semiconductor Corp. * †	1,441		20
Photronics, Inc. * †	2,679		9
PLX Technology, Inc. * †	1,800		10
PMC - Sierra, Inc. * †	14,000		126
Power Integrations, Inc. * †	1,900		56
Rubicon Technology, Inc. * †	800		10

EQUITY PORTFOLIOS 21 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Semiconductors - 2.9% continued
Rudolph Technologies, Inc. * †	1,952	$	16
Semitool, Inc. * †	1,445		14
Semtech Corp. * †	3,950		58
Sigma Designs, Inc. * †	1,724		30
Silicon Image, Inc. * †	4,700		33
SiRF Technology Holdings, Inc. * †	3,901		7
Skyworks Solutions, Inc. * †	10,365		101
Spansion, Inc., Class A * †	8,200		18
Standard Microsystems Corp. *	1,455		43
Supertex, Inc. * †	737		22
Techwell, Inc. * †	1,000		11
Tessera Technologies, Inc. * †	3,100		72
Transmeta Corp. * †	800		12
TriQuint Semiconductor, Inc. *	9,199		58
Ultra Clean Holdings *	1,300		9
Ultratech, Inc. * †	1,467		22
Veeco Instruments, Inc. * †	1,990		33
Volterra Semiconductor Corp. * †	1,600		25
Zoran Corp. * †	3,257		29

			2,094

Software - 4.2%
Accelrys, Inc. * †	1,700		9
ACI Worldwide, Inc. * †	2,254		41
Actuate Corp. * †	4,000		17
Acxiom Corp.	3,900		56
Advent Software, Inc. * †	1,101		51
Allscripts Healthcare Solutions, Inc. * †	3,654		52
American Reprographics Co. *	2,340		41
American Software, Inc., Class A †	1,500		9
Ansys, Inc. *	—		—
ArcSight, Inc. *	400		4
Ariba, Inc. * †	5,468		81
athenahealth, Inc. * †	1,301		42
Avid Technology, Inc. * †	1,900		44
Blackbaud, Inc. †	2,795		56
Blackboard, Inc. * †	2,000		80
Bottomline Technologies, Inc. * †	1,400		16
Callidus Software, Inc., * †	1,900		9
Commvault Systems, Inc. * †	2,750		46
Computer Programs & Systems, Inc.	598		16
Concur Technologies, Inc. * †	2,771		122
CSG Systems International, Inc. *	2,280		43
Deltek, Inc. * †	800		6
DemandTec, Inc. * †	1,300		13
Digi International, Inc. *	1,700		20
DivX, Inc. * †	1,777		16
Double-Take Software, Inc. * †	1,100		14
Ebix, Inc. * †	100		11
Eclipsys Corp. * †	3,473		78
Epicor Software Corp. * †	3,805		32
EPIQ Systems, Inc. * †	2,315		26
Fair Isaac Corp. †	3,100		72
FalconStor Software, Inc. * †	2,415		18
Guidance Software, Inc. * †	600		4
infoGROUP, Inc. †	2,078		14
Informatica Corp. *	5,682		96
Innerworkings, Inc. * †	2,000		24
Interactive Intelligence, Inc. * †	900		9
JDA Software Group, Inc. *	1,619		30
Lawson Software, Inc. * †	8,095		65
Mantech International Corp., Class A *	1,357		80
MedAssets, Inc. *	956		17
MicroStrategy, Inc., Class A * †	557		36
Midway Games, Inc. * †	721		2
Monotype Imaging Holdings, Inc. *	958		12
MSC.Software Corp. *	2,800		36
NetSuite, Inc. * †	419		7
Omnicell, Inc. *	2,100		32
Omniture, Inc. * †	4,039		72
OpenTV Corp., Class A * †	5,600		11
OPNET Technologies, Inc. * †	800		11
Parametric Technology Corp. *	7,366		148
Pegasystems, Inc. †	955		14
Phase Forward, Inc. * †	2,700		52
Phoenix Technologies Ltd. *	1,800		20
Progress Software Corp. *	2,650		77
PROS Holdings, Inc. * †	800		8
QAD, Inc. †	875		6
Quality Systems, Inc. †	1,080		46
Quest Software, Inc. *	4,638		69
Renaissance Learning, Inc. †	618		8
RightNow Technologies, Inc. *	1,800		27
Schawk, Inc. †	996		16
Seachange International, Inc. * †	2,000		17
Smith Micro Software, Inc. * †	2,000		15
Solera Holdings, Inc. * †	3,300		102
SPSS, Inc. * †	1,193		38
Sybase, Inc. *	5,067		174

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 22 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Software - 4.2% continued
Synchronoss Technologies, Inc. * †	1,400	$	18
SYNNEX Corp. *	1,100		25
Take-Two Interactive Software, Inc.	4,900		123
Taleo Corp., Class A * †	1,660		40
THQ, Inc. * †	4,255		65
Trident Microsystems, Inc. * †	3,900		12
Tyler Technologies, Inc. *	2,457		40
Ultimate Software Group, Inc. * †	1,600		45
Unica Corp. * †	900		8
VeriFone Holdings, Inc. * †	4,300		87
Wind River Systems, Inc. *	4,548		50

			3,049

Storage/Warehousing - 0.1%
Mobile Mini, Inc. * †	2,254		48

Telecommunications - 4.2%
3Com Corp. *	25,723		55
Acme Packet, Inc. * †	1,790		11
Adaptec, Inc. *	7,691		29
Adtran, Inc. †	3,594		82
Advanced Radio Telecom Corp. * ⁽¹⁾	10,900		—
Airvana, Inc. *	1,515		8
Alaska Communications Systems Group, Inc. †	2,800		29
Anaren, Inc. * †	897		10
Anixter International, Inc. * †	1,891		140
Applied Signal Technology, Inc.	800		13
Arris Group, Inc. * †	7,769		74
Aruba Networks, Inc. * †	3,400		21
Atheros Communications, Inc. * †	3,800		124
Atlantic Tele-Network, Inc.	600		20
Avanex Corp. * †	860		5
BigBand Networks, Inc. *	2,100		7
Black Box Corp.	1,103		40
Cbeyond, Inc. * †	1,500		25
Centennial Communications Corp. * †	4,300		33
Cincinnati Bell, Inc. * †	15,459		60
Comtech Telecommunications Corp. * †	1,547		71
Consolidated Communications Holdings, Inc.	1,528		23
CPI International, Inc. * †	600		9
EMS Technologies, Inc. *	1,000		24
Extreme Networks * †	7,455		26
Fairpoint Communications, Inc. †	5,690		50
FiberTower Corp. * †	7,700		10
Finisar Corp. * †	19,643		29
Foundry Networks, Inc. *	9,300		171
General Communication, Inc., Class A * †	2,919		30
GeoEye, Inc. * †	1,200		30
Global Crossing Ltd. * †	1,658		30
Globalstar, Inc. * †	2,620		8
Globecomm Systems, Inc. * †	1,300		13
Harmonic, Inc. * †	6,005		53
Harris Stratex Networks, Inc., Class A * †	1,650		15
Hughes Communications, Inc. * †	400		18
Hungarian Telephone & Cable Corp. * †	300		6
Hypercom Corp. * †	3,417		16
ICO Global Communications Holdings Ltd. * †	6,600		19
IDT Corp., Class B * †	3,500		5
Infinera Corp. * †	5,921		65
InterDigital, Inc. * †	2,866		76
Iowa Telecommunications Services, Inc. †	2,100		39
iPCS, Inc. * †	1,100		22
IPG Photonics Corp. * †	1,206		25
Ixia *	2,759		24
Knology, Inc. * †	1,800		18
Loral Space & Communications, Inc. *	700		13
MasTec, Inc. *	2,719		38
MRV Communications, Inc. * †	10,071		14
Netgear, Inc. * †	2,200		37
Neutral Tandem, Inc. * †	1,000		21
Nextwave Wireless, Inc. * †	3,100		3
Novatel Wireless, Inc. * †	2,000		13
NTELOS Holdings Corp.	1,900		57
Oplink Communications, Inc. * †	1,342		18
Opnext, Inc. * †	1,125		7
Optium Corp. * †	900		8
Orbcomm, Inc. * †	2,000		12
PAETEC Holding Corp. *	7,921		26
Parkervision, Inc. * †	1,500		16
Plantronics, Inc.	3,100		80
Polycom, Inc. * †	5,600		157
Powerwave Technologies, Inc. * †	8,406		42
Preformed Line Products Co.	200		11
Premiere Global Services, Inc. * †	3,979		60
RCN Corp. * †	2,400		33
RF Micro Devices, Inc. * †	16,787		65
SAVVIS, Inc. * †	2,400		38
Shenandoah Telecommunications Co. †	1,529		26
ShoreTel, Inc. * †	2,748		16
Sonus Networks, Inc. * †	13,000		44

EQUITY PORTFOLIOS 23 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.3% continued
Telecommunications - 4.2% continued
Starent Networks Corp. * †	1,919	$	26
Switch & Data Facilities Co., Inc. * †	1,261		18
Sycamore Networks, Inc. *	12,172		43
Symmetricom, Inc. * †	2,929		14
Syniverse Holdings, Inc. * †	3,270		54
Tekelec * †	4,177		69
TerreStar Corp. * †	3,700		10
tw telecom, Inc. *	9,393		144
USA Mobility, Inc. * †	1,462		17
UTStarcom, Inc. * †	7,100		23
Viasat, Inc. *	1,591		42
Virgin Mobile USA, Inc., Class A *	1,911		5
Vonage Holdings Corp. * †	3,400		5

			3,036

Textiles - 0.1%
G&K Services, Inc., Class A	1,288		44
Unifirst Corp. of Massachusetts †	874		38

			82

Toys, Games & Hobbies - 0.3%
Jakks Pacific, Inc. * †	1,778		44
Leapfrog Enterprises, Inc. * †	2,100		18
Marvel Entertainment, Inc. * †	3,100		105
RC2 Corp. * †	1,106		28

			195

Transportation - 2.1%
American Commercial Lines, Inc. * †	2,288		28
Arkansas Best Corp. †	1,422		49
Arlington Tankers Ltd. †	800		15
Atlas Air Worldwide Holdings, Inc. * †	815		47
Bristow Group, Inc. * †	1,495		61
CAI International, Inc. * †	500		7
Celadon Group, Inc. * †	1,400		18
DHT Maritime, Inc. †	2,500		22
Dynamex, Inc. *	539		16
Eagle Bulk Shipping, Inc. †	3,000		79
Forward Air Corp. †	1,886		67
Genco Shipping & Trading Ltd. †	1,550		97
General Maritime Corp. †	1,700		42
Genesee & Wyoming, Inc., Class A *	1,954		84
Golar LNG Ltd. †	2,200		35
Gulfmark Offshore, Inc. *	1,440		72
Heartland Express, Inc. †	3,545		59
Horizon Lines, Inc., Class A †	1,954		25
HUB Group, Inc., Class A *	2,400		96
International Shipholding Corp. * †	400		8
Knight Transportation, Inc. †	3,666		66
Knightsbridge Tankers Ltd. †	1,100		32
Marten Transport Ltd. * †	950		19
Nordic American Tanker Shipping †	2,190		77
Old Dominion Freight Line, Inc. * †	1,758		59
Pacer International, Inc. †	2,246		47
Patriot Transportation Holding, Inc. *	100		8
PHI, Inc. *	900		35
Saia, Inc. *	873		17
Ship Finance International Ltd. †	2,700		75
TBS International Ltd., Class A * †	700		20
Teekay Tankers Ltd. †	893		18
Ultrapetrol Bahamas Ltd. * †	1,600		17
Universal Truckload Services, Inc. * †	400		10
Werner Enterprises, Inc. †	2,758		63
YRC Worldwide, Inc. * †	3,700		67

			1,557

Trucking & Leasing - 0.2%
Aircastle Ltd. †	3,000		40
AMERCO * †	600		25
Greenbrier Cos., Inc. †	1,024		20
TAL International Group, Inc. †	887		22
Textainer Group Holdings Ltd. †	600		11

			118

Water - 0.3%
American States Water Co. †	1,043		41
California Water Service Group †	1,295		51
Connecticut Water Service, Inc. †	600		16
Consolidated Water Co., Inc. †	900		21
Middlesex Water Co. †	800		14
Pico Holdings, Inc. *	1,066		51
SJW Corp. †	858		24
Southwest Water Co. †	1,618		19

			237

Total Common Stocks
(Cost $72,905)			71,619
PREFERRED STOCKS - 0.0%
Healthcare - Products - 0.0%
MEDIQ, Inc., Series A * ⁽¹⁾	135		—

Total Preferred Stocks
(Cost $-)			—

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 24 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 53.3%
Kayne Anderson Energy Development Co. †		600	$	14
Northern Institutional Funds - Liquid Assets Portfolio ⁽²⁾⁽³⁾		38,792,181		38,792

Total Investment Companies
(Cost $38,806)				38,806
OTHER - 0.0%
Escrow DLB Oil & Gas ⁽¹⁾		400		—
Escrow Position PetroCorp. ⁽¹⁾		420		—
Total Other
(Cost $-)				—
RIGHTS - 0.0%
CSF Holdings, Inc.		2,000		—
Standard Pacific †		7,400		—

Total Rights
(Cost $-)				—

	NUMBER OF WARRANTS
WARRANTS - 0.0%
American Satellite Network, Exp. 12/31/40 ⁽¹⁾		350		—
Lantronix , Inc. ⁽¹⁾		152		—
Pegasus Wireless Corp., Exp. 12/08/08, Strike $4.88 ⁽¹⁾		280		—

Total Warrants
(Cost $-)				—

	PRINCIPAL AMOUNT (000S)
SHORT-TERM INVESTMENTS - 1.4%
Skandinaviska Enskildaban, Sweden,
Eurodollar Time Deposit, 1.94%, 9/2/08	$	831		831
United States Treasury Bill, ⁽⁴⁾ 2.05%, 12/4/08		160		160

Total Short-Term Investments
(Cost $991)				991
Total Investments - 153.0%
(Cost $112,702)				111,416
Liabilities less Other Assets - (53.0)%				(38,584	)

NET ASSETS - 100.0%			$	72,832

(1)

The security has been deemed worthless by the Adviser’s Valuation Committee.

(2)

Investment relates to cash collateral received from portfolio securities loaned.

(3)

Investment in affiliated Portfolio.

(4)

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

*	Non-Income Producing Security.

†	Security is either wholly or parially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	112,702

Gross tax appreciation of investments	$	8,541
Gross tax depreciation of investments		(9,827	)

Net tax depreciation of investments	$	(1,286	)

At August 31, 2008, the Small Company Index Portfolio had open futures contracts as follows:


TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED GAIN (000S)
E-MiniRussell
2000	14	$	1,036	Long	9/08	$	75

EQUITY PORTFOLIOS 25 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)

At August 31, 2008, the industry sectors for the Small Company Index Portfolio were:


INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Consumer Discretionary	12.3	%
Consumer Staples	3.3
Energy	7.5
Financials	19.1
Health Care	14.2
Industrials	17.0
Information Technology	17.7
Materials	4.4
Telecommunication Services	1.2
Utilities	3.3

Total	100.0	%

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 Small Company Index Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	110,425	$	75
Level 2		991		—
Level 3		—		—

Total	$	111,416	$	75

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 26 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

MID CAP GROWTH PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.9%
Aerospace/Defense - 2.8%
Elbit Systems Ltd.	347	$	19
L-3 Communications Holdings, Inc.	460		48

			67

Apparel - 1.9%
Polo Ralph Lauren Corp.†	337		26
Warnaco Group (The), Inc. *†	377		19

			45

Banks - 1.3%
SunTrust Banks, Inc.	721		30

Beverages - 2.1%
Central European Distribution Corp. *	486		28
Coca-Cola Femsa S.A.B de C.V. ADR†	401		23

			51

Biotechnology - 3.0%
Charles River Laboratories International, Inc. *	348		23
Genzyme Corp.	630		49

			72

Chemicals - 4.1%
Airgas, Inc.	648		38
CF Industries Holdings, Inc.	203		31
FMC Corp.	377		28

			97

Coal - 2.2%
Alpha Natural Resources, Inc. *	305		30
Massey Energy Co.	323		22

			52

Commercial Services - 8.3%
Apollo Group, Inc., Class A	710		45
Iron Mountain, Inc. *†	1,622		47
SAIC, Inc. *†	2,762		55
Western Union (The) Co.	1,865		52

			199

Computers - 1.6%
Micros Systems, Inc. *†	1,259		39

Distribution/Wholesale - 3.8%
Fastenal Co.†	685		36
LKQ Corp. *†	2,882		54

			90

Diversified Financial Services - 3.1%
Invesco Ltd.†	1,448		37
Raymond James Financial, Inc.†	1,206		37

			74

Electrical Components & Equipment - 1.2%
Ametek, Inc.†	576		28

Electronics - 8.3%
Amphenol Corp., Class A	731		35
Dolby Laboratories, Inc., Class A *†	1,043		43
Flir Systems, Inc. *†	963		34
Jabil Circuit, Inc.	2,125		36
Thermo Fisher Scientific, Inc.	848		51

			199

Engineering & Construction - 1.7%
Chicago Bridge & Iron Co. N.V. New York Shares	696		22
Jacobs Engineering Group, Inc.	257		19

			41

Environmental Control - 3.4%
Allied Waste Industries, Inc.	2,787		38
Stericycle, Inc. *†	724		43

			81

Food - 1.8%
Kroger Co.	1,513		42

Healthcare - Products - 4.7%
Bard (C.R.), Inc.	430		40
St. Jude Medical, Inc.	995		45
Varian Medical Systems, Inc.	437		28

			113

Healthcare - Services - 1.5%
Quest Diagnostics, Inc.	663		36

Household Products/Wares - 1.4%
Church & Dwight Co., Inc.	538		34

Internet - 1.8%
McAfee, Inc. *	1,055		42

Leisure Time - 1.2%
WMS Industries, Inc. *†	840		28

Machinery - Construction & Mining - 1.6%
Joy Global, Inc.	540		38

Machinery - Diversified - 2.5%
Flowserve Corp.	239		31
Roper Industries, Inc.†	502		30

			61

Oil & Gas - 4.1%
Forest Oil Corp. *	490		28
Helmerich & Payne, Inc.	452		26
Petrohawk Energy Corp. *	542		19
St. Mary Land & Exploration Co.	609		25

			98

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.9% continued
Oil & Gas Services - 3.2%
Cameron International Corp.		564	$	26
National-Oilwell Varco, Inc.		437		32
Smith International, Inc.		256		18

				76

Pharmaceuticals - 2.2%
Express Scripts, Inc.		722		53

Retail - 11.0%
Advance Auto Parts, Inc.		931		40
Burger King Holdings, Inc.†		1,085		27
Copart, Inc. *†		1,009		44
Dollar Tree, Inc. *		887		34
GameStop Corp., Class A		1,116		49
Ross Stores, Inc.†		872		35
Tractor Supply Co. *†		792		34

				263

Savings & Loans - 1.6%
New York Community Bancorp, Inc.		2,282		38

Semiconductors - 3.5%
Altera Corp.†		1,262		29
Microchip Technology, Inc.†		747		24
Xilinx, Inc.		1,254		32

				85

Software - 4.3%
Activision Blizzard, Inc. *		1,287		42
Adobe Systems, Inc.		888		38
Ansys, Inc. *†		530		24

				104

Toys, Games & Hobbies - 1.1%
Hasbro, Inc.		729		27

Transportation - 2.6%
CSX Corp.†		455		29
Kansas City Southern *		639		33

				62

Total Common Stocks
(Cost $2,186)				2,365
INVESTMENT COMPANY - 30.6%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾		730,995		731

Total Investment Company
(Cost $731)				731

	PRINCIPAL AMOUNT (000S)
SHORT-TERM INVESTMENT - 7.6%
Skandinaviska Enskildaban, Sweden, Eurodollar Time Deposit,
1.94%, 9/2/08	$	181		181

Total Short-Term Investment
(Cost $181)				181
Total Investments - 137.1%
(Cost $3,098)				3,277
Liabilities less Other Assets - (37.1)%				(886	)

NET ASSETS - 100.0%			$	2,391

(1)

Investment in affiliated Portfolio

(2)

Investment relates to cash collateral received from portfolio securities loaned.

*	Non-Income Producing Security

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	3,098

Gross tax appreciation of investments	$	200
Gross tax depreciation of investments		(21	)

Net tax appreciation of investments	$	179

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

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 August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	3,096	$	—
Level 2		181		—
Level 3		—		—

Total	$	3,277	$	—

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

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

FOCUSED GROWTH PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 99.2%
Aerospace/Defense - 1.3%
Lockheed Martin Corp.	8,300	$	966

Agriculture - 3.7%
Philip Morris International, Inc.	52,700		2,830

Biotechnology - 2.3%
Gilead Sciences, Inc. *	33,830		1,782

Chemicals - 4.2%
CF Industries Holdings, Inc.	4,610		703
FMC Corp.	11,875		873
Monsanto Co.	7,905		903
Mosaic (The) Co.	6,755		721

			3,200

Commercial Services - 3.8%
Accenture Ltd., Class A	42,260		1,748
Western Union (The) Co.	42,285		1,168

			2,916

Computers - 7.4%
Apple, Inc. *	9,810		1,663
Dell, Inc. *	21,490		467
Hewlett-Packard Co.	24,305		1,140
IBM Corp.	19,695		2,398

			5,668

Diversified Financial Services - 1.5%
TD Ameritrade Holding Corp. *	57,160		1,168

Electric - 1.4%
Entergy Corp.	10,460		1,081

Electronics - 2.8%
Amphenol Corp., Class A	22,500		1,069
Thermo Fisher Scientific, Inc. *	17,145		1,038

			2,107

Engineering & Construction - 2.7%
ABB Ltd. ADR	22,835		561
Fluor Corp.	11,525		923
Jacobs Engineering Group, Inc. *	7,530		556

			2,040

Food - 3.1%
Heinz (H.J.) Co.	19,300		971
Kroger Co.	50,465		1,394

			2,365

Healthcare - Products - 8.5%
Alcon, Inc.	5,395		919
Baxter International, Inc.	27,090		1,836
Covidien Ltd.	20,490		1,108
Johnson & Johnson	21,615		1,522
St. Jude Medical, Inc. *	25,050		1,148

			6,533

Internet - 2.3%
Amazon.com, Inc. *	13,900		1,123
Google, Inc., Class A *	1,350		626

			1,749

Machinery - Construction & Mining - 3.2%
Caterpillar, Inc.	20,770		1,469
Joy Global, Inc.	14,065		999

			2,468

Machinery - Diversified - 0.8%
Flowserve Corp.	4,865		643

Media - 1.8%
DIRECTV Group (The), Inc. * †	48,300		1,363


Metal Fabricate/Hardware - 0.9%
Tenaris S.A. ADR †	13,065		714


Miscellaneous Manufacturing - 1.0%
SPX Corp.	6,240		744

Oil & Gas - 5.8%
Devon Energy Corp.	7,300		745
Hess Corp.	10,765		1,127
Noble Corp.	13,380		673
Occidental Petroleum Corp.	24,230		1,923

			4,468

Oil & Gas Services - 4.8%
Cameron International Corp. *	17,060		795
ENSCO International, Inc. †	14,810		1,003
Halliburton Co. †	21,845		960
Schlumberger Ltd.	9,350		881

			3,639

Pharmaceuticals - 2.7%
Abbott Laboratories	36,115		2,074

Retail - 8.7%
Advance Auto Parts, Inc.	16,000		689
McDonald’s Corp.	36,105		2,239
TJX Cos., Inc.	32,600		1,181
Wal-Mart Stores, Inc.	43,660		2,579

			6,688

Semiconductors - 3.7%
Altera Corp. †	41,800		947
Intel Corp.	81,820		1,871

			2,818

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.2% continued
Software - 8.9%
Adobe Systems, Inc. *		33,465	$	1,433
Microsoft Corp.		94,370		2,576
Oracle Corp. *		85,330		1,871
SAP A.G. ADR		15,900		892

				6,772

Telecommunications - 5.5%
Cisco Systems, Inc. *		55,895		1,344
Corning, Inc.		36,550		751
QUALCOMM, Inc.		39,700		2,090

				4,185

Toys, Games & Hobbies - 1.0%
Hasbro, Inc.		20,075		751

Transportation - 5.4%
C.H. Robinson Worldwide, Inc.		8,015		418
CSX Corp. †		19,100		1,235
Hunt (J.B.) Transport Services, Inc.		29,095		1,061
Union Pacific Corp.		16,690		1,400

				4,114

Total Common Stocks
(Cost $73,060)				75,846
INVESTMENT COMPANY - 7.2%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾		5,527,656		5,528

Total Investment Company
(Cost $5,528)				5,528


	PRINCIPAL AMOUNT (000S)
SHORT-TERM INVESTMENT - 0.7%
Skandinaviska Enskildaban, Sweden, Eurodollar Time Deposit 1.94%, 9/2/08	$	556		556

Total Short-Term Investment
(Cost $556)				556
Total Investments - 107.1%
(Cost $79,144)				81,930

Liabilities less Other Assets - (7.1)%				(5,435	)

NET ASSETS - 100.0%			$	76,495

(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 parially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	79,144

Gross tax appreciation of investments	$	4,421
Gross tax depreciation of investments		(1,635	)

Net tax depreciation of investments	$	(2,786	)

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 August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	81,374	$	—
Level 2		556		—
Level 3		—		—

Total	$	81,930	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED GROWTH PORFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 99.1%
Advertising - 0.4%
Focus Media Holding Ltd. ADR * †	6,535	$	214

Aerospace/Defense - 4.2%
L-3 Communications Holdings, Inc.	2,765		288
Lockheed Martin Corp.	5,430		632
Northrop Grumman Corp.	9,090		626
Raytheon Co.	9,970		598

			2,144

Apparel - 0.8%
NIKE, Inc., Class B †	6,545		397

Banks - 3.7%
Bank of America Corp.	20,165		628
Cullen/Frost Bankers, Inc. †	5,300		295
SunTrust Banks, Inc. †	13,135		550
U.S. Bancorp	14,385		459

			1,932

Beverages - 1.1%
Pepsi Bottling Group, Inc.	11,155		330
PepsiCo, Inc.	3,760		257

			587

Biotechnology - 2.6%
Amgen, Inc. *	11,785		741
Biogen Idec, Inc. *	3,560		181
Genzyme Corp. *	5,045		395

			1,317

Chemicals - 1.2%
Air Products & Chemicals, Inc.	2,675		246
Monsanto Co.	3,440		393

			639

Commercial Services - 1.4%
Accenture Ltd., Class A	6,350		262
McKesson Corp.	7,800		451

			713

Computers - 5.0%
Dell, Inc. *	10,215		222
Hewlett-Packard Co.	14,155		664
IBM Corp.	13,010		1,584
Micros Systems, Inc. *	4,135		127

			2,597

Cosmetics/Personal Care - 3.4%
Colgate-Palmolive Co.	3,565		271
Procter & Gamble Co.	21,325		1,488

			1,759

Diversified Financial Services - 5.8%
Discover Financial Services	12,125		199
Fannie Mae †	63,750		436
Goldman Sachs Group (The), Inc.	4,800		787
JPMorgan Chase & Co.	19,725		759
Lazard Ltd., Class A	4,425		188
Lehman Brothers Holdings, Inc. †	7,605		122
Morgan Stanley †	12,165		497

			2,988

Electric - 2.9%
Entergy Corp.	3,575		370
Exelon Corp.	4,190		318
FPL Group, Inc.	5,255		316
NRG Energy, Inc. *	12,780		481

			1,485

Electronics - 0.5%
Applied Biosystems, Inc.	7,395		270

Environmental Control - 0.4%
Waste Management, Inc.	6,955		245

Food - 3.1%
General Mills, Inc.	16,750		1,109
Kroger (The) Co.	17,035		470

			1,579

Healthcare - Products - 4.7%
Baxter International, Inc.	3,730		253
Covidien Ltd.	15,601		844
Johnson & Johnson	18,480		1,301

			2,398

Healthcare - Services - 0.6%
CIGNA Corp.	7,135		299

Home Furnishings - 0.3%
Matsushita Electric Industrial Co. Ltd. ADR †	8,340		171

Insurance - 3.5%
ACE Ltd.	11,880		625
Allstate (The) Corp. †	9,795		442
Assurant, Inc.	2,790		163
MetLife, Inc. †	4,820		261
Unum Group	12,260		312

			1,803

Internet - 0.9%
eBay, Inc. *	17,845		445

Iron/Steel - 0.4%
United States Steel Corp.	1,595		212

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 99.1% continued
Machinery - Construction & Mining - 1.5%
Caterpillar, Inc.	10,735	$	759

Machinery - Diversified - 0.7%
Cummins, Inc.	5,850		381

Media - 1.8%
Disney (The Walt) Co.	14,450		468
Time Warner, Inc.	27,440		449

			917

Metal Fabricate/Hardware - 0.3%
Tenaris S.A. ADR †	2,405		132

Mining - 1.4%
Cia Vale do Rio Doce ADR †	13,770		366
Southern Copper Corp. †	13,845		353

			719

Miscellaneous Manufacturing - 4.7%
Dover Corp.	11,700		578
General Electric Co.	24,595		691
ITT Corp.	9,540		608
Parker Hannifin Corp.	8,670		555

			2,432

Oil & Gas - 12.0%
Chevron Corp.	15,675		1,353
ENSCO International, Inc.	10,170		689
Exxon Mobil Corp.	24,590		1,968
Noble Corp.	13,245		666
Occidental Petroleum Corp.	9,610		763
Talisman Energy, Inc.	19,565		344
Valero Energy Corp.	12,050		419

			6,202

Pharmaceuticals - 5.0%
Cephalon, Inc. * †	3,500		268
Forest Laboratories, Inc. *	12,405		443
Lilly (Eli) & Co.	13,215		616
Pfizer, Inc.	33,745		645
Teva Pharmaceutical Industries Ltd. ADR †	12,910		611

			2,583

Retail - 9.5%
Best Buy Co., Inc.	12,890		577
GameStop Corp., Class A *	9,620		422
Gap (The), Inc.	28,385		552
McDonald’s Corp.	15,405		955
TJX Cos., Inc.	21,705		787
Wal-Mart Stores, Inc.	26,735		1,579

			4,872

Savings & Loans - 0.2%
Washington Mutual, Inc. †	27,985		113

Semiconductors - 3.4%
Intel Corp.	42,180		965
National Semiconductor Corp.	11,045		237
Texas Instruments, Inc.	21,515		527

			1,729

Software - 4.7%
BMC Software, Inc. *	15,110		492
CA, Inc.	7,475		179
Microsoft Corp.	44,825		1,223
Oracle Corp. *	24,075		528

			2,422

Telecommunications - 6.2%
AT&T, Inc.	16,015		512
Cisco Systems, Inc. *	36,390		875
Embarq Corp.	9,420		444
Nokia OYJ ADR	22,385		564
Qwest Communications International, Inc. †	70,135		265
Verizon Communications, Inc.	14,465		508

			3,168

Transportation - 0.8%
Burlington Northern Santa Fe Corp.	3,850		413

Total Common Stocks
(Cost $52,881)			51,036
INVESTMENT COMPANY- 9.4%
Northern Institutional Funds -Liquid Assets Portfolio ⁽¹⁾⁽²⁾	4,843,414		4,843

Total Investment Company
(Cost $4,843)			4,843

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS


DIVERSIFIED GROWTH PORTFOLIO continued		AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENT - 0.5%
Deutsche Bank AG , Grand Cayman, Eurodollar Time Deposit, 1.94%, 9/2/08	$	269	$	269

Total Short-Term Investment
(Cost $269)				269

Total Investments - 109.0%
(Cost $57,993)				56,148
Liabilities less Other Assets - (9.0)%				(4,644	)

NET ASSETS - 100.0%			$	51,504

(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 parially on loan.

Percentages shown are based on Net Assets.

At August 31, 2008, the Diversified Growth Portfolio had open purchase call options as follows:


OPTION CONTRACT/EXPIRATION DATE/EXERCISE PRICE	NUMBER OF CONTRACTS	UNREALIZED GAIN (LOSS) (000S)
Lehman Brothers Holdings, Inc./January 16, 2010/22.50	118	$	(27	)
Lehman Brothers Holdings, Inc./January 16, 2010/20.00	75		4

Total	193	$	(23	)

At August 31, 2008, the Diversified Growth Portfolio had open written call options as follows:


OPTION CONTRACT/EXPIRATION DATE/EXERCISE PRICE	NUMBER OF CONTRACTS		UNREALIZED GAIN (LOSS) (000S)
Cisco Systems, Inc./October 18, 2008/27.00	(21	)	$	—
IBM Corp./October 18, 2008/135.00	(4	)		1
Amgen, Inc./September 20, 2008/70.00	(8	)		— —
Exxon Mobil Corp./September 20, 2008/85.00	(6	)		— —
Covidien Ltd./October 18, 2008/60.00	(10	)		—
Dover Corp./October 18, 2008/55.00	(16	)		—
Gap (The), Inc./September 20, 2008/22.50	(27	)		—
Lockheed Martin Corp./September 20, 2008/125.00	(7	)		—
McDonald’s Corp./October 18, 2008/70.00	(20	)		—
TJX Cos., Inc./October 18, 2008/40.00	(21	)		—
Wal-Mart Stores, Inc./October 18, 2008/65.00	(13	)		—

Total	(153	)	$	1

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	57,993

Gross tax appreciation of investments	$	2,772
Gross tax depreciation of investments		(4,639	)

Net tax depreciation of investments	$	(1,867	)

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 Diversfied Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	55,879	$	(22	)
Level 2		269		—
Level 3		—		—

Total	$	56,148	$	(22	)

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

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4%
Advertising - 0.2%
Interpublic Group of Cos. (The), Inc. *†	26,012	$	245
Omnicom Group, Inc.	16,498		699

			944

Aerospace/Defense - 2.3%
Boeing Co.	38,763		2,541
General Dynamics Corp.	20,498		1,892
Goodrich Corp.	7,026		360
L-3 Communications Holdings, Inc.	6,600		686
Lockheed Martin Corp.	17,384		2,024
Northrop Grumman Corp.	17,606		1,212
Raytheon Co.	21,804		1,308
Rockwell Collins, Inc.	8,282		436
United Technologies Corp.	50,128		3,288

			13,747

Agriculture - 1.8%
Altria Group, Inc.	107,856		2,268
Archer-Daniels-Midland Co.	33,206		845
Lorillard, Inc.	9,425		681
Philip Morris International, Inc.	108,656		5,835
Reynolds American, Inc.†	8,826		468
UST, Inc.†	7,634		409

			10,506

Airlines - 0.1%
Southwest Airlines Co.†	39,430		600

Apparel - 0.4%
Coach, Inc. *†	18,400		533
Jones Apparel Group, Inc.†	5,340		106
NIKE, Inc., Class B†	19,568		1,186
Polo Ralph Lauren Corp.†	3,000		228
VF Corp.	4,436		352

			2,405

Auto Manufacturers - 0.3%
Ford Motor Co. *†	115,522		515
General Motors Corp.†	30,533		305
PACCAR, Inc.	18,844		812

			1,632

Auto Parts & Equipment - 0.2%
Goodyear Tire & Rubber (The) Co. *†	11,512		226
Johnson Controls, Inc.	30,534		944

			1,170

Banks - 4.6%
Bank of America Corp.†	234,950		7,316
Bank of New York Mellon (The) Corp.	58,961		2,041
BB&T Corp.†	28,200		846
Capital One Financial Corp.†	19,319		853
Comerica, Inc.†	8,759		246
Fifth Third Bancorp†	30,956		489
First Horizon National Corp.†	6,972		78
Huntington Bancshares, Inc. of Ohio†	20,709		152
KeyCorp†	25,007		300
M&T Bank Corp.†	4,300		307
Marshall & Ilsley Corp.†	14,654		226
National City Corp.†	37,120		187
Northern Trust Corp. ⁽¹⁾	10,000		804
PNC Financial Services Group, Inc.	17,768		1,278
Regions Financial Corp.†	37,450		347
State Street Corp.	21,921		1,483
SunTrust Banks, Inc.	18,956		794
U.S. Bancorp	89,702		2,858
Wachovia Corp.†	110,204		1,751
Wells Fargo & Co.	170,146		5,150
Zions Bancorporation†	6,490		174

			27,680

Beverages - 2.5%
Anheuser-Busch Cos., Inc.	36,758		2,494
Brown-Forman Corp., Class B†	4,650		335
Coca-Cola (The) Co.	102,913		5,359
Coca-Cola Enterprises, Inc.	14,813		253
Constellation Brands, Inc., Class A *	11,000		232
Molson Coors Brewing Co., Class B†	7,492		357
Pepsi Bottling Group, Inc.†	7,871		233
PepsiCo, Inc.	81,729		5,597

			14,860

Biotechnology - 2.2%
Amgen, Inc. *	56,127		3,528
Biogen Idec, Inc. *	15,083		768
Celgene Corp. *	22,400		1,552
Genzyme Corp. *	13,757		1,077
Gilead Sciences, Inc. *	47,496		2,502
Millipore Corp. *†	2,878		216
Monsanto Co.	28,252		3,228

			12,871

Building Materials - 0.1%
Masco Corp.	20,288		387

Chemicals - 1.6%
Air Products & Chemicals, Inc.	10,864		998
Ashland, Inc.	3,387		139

EQUITY PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Chemicals - 1.6% continued
CF Industries Holdings, Inc.	2,900	$	442
Dow Chemical (The) Co.	47,971		1,637
du Pont (E.I.) de Nemours & Co.	46,451		2,064
Eastman Chemical Co.	4,090		247
Ecolab, Inc.	9,008		412
Hercules, Inc.	7,037		152
International Flavors & Fragrances, Inc.	4,384		176
PPG Industries, Inc.	8,934		561
Praxair, Inc.	16,132		1,449
Rohm & Haas Co.	6,484		487
Sherwin-Williams (The) Co.†	5,095		298
Sigma-Aldrich Corp.	6,886		391

			9,453

Coal - 0.3%
Consol Energy, Inc.	9,400		636
Massey Energy Co.	4,300		284
Peabody Energy Corp.	14,000		881

			1,801

Commercial Services - 1.2%
Apollo Group, Inc., Class A *	7,101		452
Automatic Data Processing, Inc.	26,759		1,188
Convergys Corp. *	8,346		123
Donnelley (R.R.) & Sons Co.	11,461		320
Equifax, Inc.	6,655		235
H&R Block, Inc.	16,738		427
Mastercard, Inc., Class A†	3,900		946
McKesson Corp.	14,248		823
Monster Worldwide, Inc. *†	7,187		140
Moody's Corp.†	10,962		446
Paychex, Inc.	17,316		590
Robert Half International, Inc.	8,147		209
Total System Services, Inc.	8,986		179
Western Union (The) Co.	38,161		1,054

			7,132

Computers - 4.8%
Affiliated Computer Services, Inc., Class A *	5,000		266
Apple, Inc. *	45,412		7,699
Cognizant Technology Solutions Corp., Class A *	15,600		457
Computer Sciences Corp. *	8,110		381
Dell, Inc. *	104,143		2,263
EMC Corp. of Massachusetts *	106,545		1,628
Hewlett-Packard Co.	127,039		5,961
IBM Corp.	70,784		8,617
Lexmark International, Inc., Class A *†	5,307		191
NetApp, Inc. *	18,575		473
SanDisk Corp. *†	12,100		175
Sun Microsystems, Inc. *	42,181		380
Teradata Corp. *	10,192		250
Unisys Corp. *	21,113		86

			28,827

Cosmetics/Personal Care - 2.4%
Avon Products, Inc.	21,990		942
Colgate-Palmolive Co.	26,124		1,986
Estee Lauder Cos. (The), Inc., Class A	5,900		294
Procter & Gamble Co.	157,260		10,972

			14,194

Distribution/Wholesale - 0.1%
Genuine Parts Co.	8,843		375
Grainger (W.W.), Inc.	3,529		318

			693

Diversified Financial Services - 5.2%
American Express Co.	59,664		2,367
Ameriprise Financial, Inc.	11,992		539
Charles Schwab (The) Corp.	47,832		1,147
CIT Group, Inc.†	16,300		168
Citigroup, Inc.	280,482		5,326
CME Group, Inc.	3,476		1,166
Discover Financial Services	24,665		406
ETRADE Financial Corp. †	26,500		85
Fannie Mae†	57,295		392
Federated Investors, Inc., Class B	4,412		148
Franklin Resources, Inc.	8,021		838
Freddie Mac†	34,850		157
Goldman Sachs Group (The), Inc.	20,253		3,321
IntercontinentalExchange, Inc. *	3,800		334
Invesco Ltd.†	20,100		515
Janus Capital Group, Inc.†	8,607		232
JPMorgan Chase & Co.	177,882		6,847
Legg Mason, Inc.†	7,501		334
Lehman Brothers Holdings, Inc.†	37,560		604
Merrill Lynch & Co., Inc.	79,403		2,251
Morgan Stanley	57,030		2,329
NYSE Euronext	13,600		552
Price (T. Rowe) Group, Inc.†	13,372		794
SLM Corp. *	25,184		416

			31,268

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Electric - 3.2%
AES Corp. *	34,638	$	529
Allegheny Energy, Inc.	8,685		394
Ameren Corp.†	11,323		474
American Electric Power Co., Inc.	20,717		809
CMS Energy Corp.†	12,683		172
Consolidated Edison, Inc.†	14,721		602
Constellation Energy Group, Inc.	9,221		615
Dominion Resources, Inc. of Virginia	29,724		1,294
DTE Energy Co.†	8,379		353
Duke Energy Corp.	65,182		1,137
Dynegy, Inc., Class A *†	22,305		133
Edison International	16,834		773
Entergy Corp.	9,856		1,019
Exelon Corp.	33,790		2,567
FirstEnergy Corp.	15,695		1,140
FPL Group, Inc.†	21,012		1,262
Integrys Energy Group, Inc.†	3,900		204
Pepco Holdings, Inc.	10,900		276
PG&E Corp.	18,396		760
Pinnacle West Capital Corp.†	5,991		211
PPL Corp.	19,250		842
Progress Energy, Inc.†	13,500		590
Public Service Enterprise Group, Inc.	26,178		1,067
Southern Co.	39,499		1,482
TECO Energy, Inc.	11,616		207
Xcel Energy, Inc.	23,185		475

			19,387

Electrical Components & Equipment - 0.4%
Emerson Electric Co.	40,194		1,881
Molex, Inc.†	8,335		201

			2,082

Electronics - 0.6%
Agilent Technologies, Inc. *	18,526		644
Applied Biosystems, Inc.	9,446		345
Jabil Circuit, Inc.†	12,300		207
PerkinElmer, Inc.	6,100		173
Thermo Fisher Scientific, Inc. *	21,511		1,303
Tyco Electronics Ltd.	24,670		812
Waters Corp. *	5,178		353

			3,837

Engineering & Construction - 0.2%
Fluor Corp.	9,382		752
Jacobs Engineering Group, Inc. *	6,500		480

			1,232

Entertainment - 0.1%
International Game Technology	16,697		358

Environmental Control - 0.2%
Allied Waste Industries, Inc. *	15,454		208
Waste Management, Inc.	25,242		888

			1,096

Food - 1.9%
Campbell Soup Co.	11,162		411
ConAgra Foods, Inc.	23,387		498
Dean Foods Co. *	7,900		199
General Mills, Inc.	17,241		1,141
Heinz (H.J.) Co.	16,269		819
Hershey (The) Co.†	9,222		333
Kellogg Co.	13,068		711
Kraft Foods, Inc., Class A	78,114		2,461
Kroger Co.	34,058		941
McCormick & Co., Inc.	7,200		291
Safeway, Inc.	22,542		594
Sara Lee Corp.	38,031		513
SUPERVALU, Inc.	10,941		254
Sysco Corp.	30,980		986
Tyson Foods, Inc., Class A	14,200		206
Whole Foods Market, Inc.†	8,100		148
Wrigley (Wm.) Jr. Co.	11,046		878

			11,384

Forest Products & Paper - 0.3%
International Paper Co.	23,047		623
MeadWestvaco Corp.†	8,929		237
Plum Creek Timber Co., Inc.†	9,189		456
Weyerhaeuser Co.	10,869		603

			1,919

Gas - 0.2%
Centerpoint Energy, Inc.	18,057		287
NICOR, Inc.†	2,852		131
NiSource, Inc.†	15,435		254
Sempra Energy	12,872		746

			1,418

Hand/Machine Tools - 0.1%
Black & Decker Corp.	3,650		231
Snap-On, Inc.†	3,523		201

EQUITY PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Hand/Machine Tool - 0.1% continued
Stanley Works (The)	4,068	$	195

			627

Healthcare - Products - 3.9%
Bard (C.R.), Inc.	5,380		503
Baxter International, Inc.	32,335		2,191
Becton, Dickinson & Co.	12,597		1,101
Boston Scientific Corp. *	69,328		871
Covidien Ltd.	25,770		1,393
Hospira, Inc. *	8,788		355
Intuitive Surgical, Inc. *	2,000		590
Johnson & Johnson	145,238		10,229
Medtronic, Inc.	57,895		3,161
Patterson Cos., Inc. *†	6,300		205
St. Jude Medical, Inc. *	17,446		800
Stryker Corp.	12,336		829
Varian Medical Systems, Inc. *	6,500		410
Zimmer Holdings, Inc. *	11,885		860

			23,498

Healthcare - Services - 1.2%
Aetna, Inc.	24,944		1,076
CIGNA Corp.	14,521		608
Coventry Health Care, Inc. *	7,875		276
DaVita, Inc. *	5,400		310
Humana, Inc. *	8,690		403
Laboratory Corp. of America Holdings *†	5,700		417
Quest Diagnostics, Inc.	8,536		461
Tenet Healthcare Corp. *†	28,528		172
UnitedHealth Group, Inc.	63,252		1,926
WellPoint, Inc. *	27,138		1,433

			7,082

Holding Companies - Diversified - 0.1%
Leucadia National Corp.†	9,400		435

Home Builders - 0.1%
Centex Corp.	7,334		119
D.R. Horton, Inc.	16,500		206
KB Home†	4,428		92
Lennar Corp., Class A†	7,900		104
Pulte Homes, Inc.	12,832		186

			707

Home Furnishings - 0.1%
Harman International Industries, Inc.†	3,600		122
Whirlpool Corp.	3,830		312

			434

Household Products/Wares - 0.4%
Avery Dennison Corp.†	5,438		262
Clorox Co.†	7,115		421
Fortune Brands, Inc.	7,905		465
Kimberly-Clark Corp.	21,560		1,330

			2,478

Housewares - 0.0%
Newell Rubbermaid, Inc.†	15,761		285

Insurance - 3.3%
Aflac, Inc.	24,479		1,388
Allstate (The) Corp.	28,375		1,281
American International Group, Inc.	138,549		2,977
AON Corp.	15,434		733
Assurant, Inc.	4,900		286
Chubb Corp.	18,786		902
Cincinnati Financial Corp.	8,430		250
Genworth Financial, Inc., Class A	23,700		380
Hartford Financial Services Group, Inc.	16,198		1,022
Lincoln National Corp.	13,998		711
Loews Corp.	18,664		811
Marsh & McLennan Cos., Inc.	26,310		840
MBIA, Inc.†	11,864		192
MetLife, Inc.†	36,544		1,981
MGIC Investment Corp.†	5,827		49
Principal Financial Group, Inc.	13,311		610
Progressive (The) Corp.	34,928		645
Prudential Financial, Inc.	22,499		1,658
SAFECO Corp.	4,876		330
Torchmark Corp.†	4,594		274
Travelers Cos. (The), Inc.	31,171		1,376
Unum Group†	17,863		454
XL Capital Ltd., Class A†	15,734		316

			19,466

Internet - 1.9%
Akamai Technologies, Inc. *	9,300		213
Amazon.com, Inc. *	15,915		1,286
eBay, Inc. *	56,928		1,419
Expedia, Inc. *†	11,258		199
Google, Inc., Class A *	11,962		5,542
Symantec Corp. *	43,271		965
VeriSign, Inc. *	10,500		336
Yahoo!, Inc. *	70,830		1,373

			11,333

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 4 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Investment Companies - 0.0%
American Capital Ltd.†	11,000	$	239

Iron/Steel - 0.4%
AK Steel Holding Corp.	5,800		305
Allegheny Technologies, Inc.†	5,178		254
Nucor Corp.	16,144		848
United States Steel Corp.	6,075		808

			2,215

Leisure Time - 0.2%
Carnival Corp.	22,468		833
Harley-Davidson, Inc.†	12,728		506

			1,339

Lodging - 0.2%
Marriott International, Inc., Class A	16,200		457
Starwood Hotels & Resorts Worldwide, Inc.	10,011		363
Wyndham Worldwide Corp.	10,347		199

			1,019

Machinery - Construction & Mining - 0.4%
Caterpillar, Inc.	31,672		2,240
Terex Corp. *	5,200		262

			2,502

Machinery - Diversified - 0.5%
Cummins, Inc.†	10,884		709
Deere & Co.	22,190		1,566
Manitowoc Co. (The), Inc.†	7,400		186
Rockwell Automation, Inc.	7,569		358

			2,819

Media - 2.5%
CBS Corp., Class B	36,673		593
Comcast Corp., Class A	152,603		3,232
DIRECTV Group (The), Inc. *†	36,600		1,033
Disney (The Walt) Co.	98,186		3,176
Gannett Co., Inc.†	11,846		211
McGraw-Hill Cos. (The), Inc.	16,528		708
Meredith Corp.†	2,236		63
New York Times (The) Co., Class A†	8,889		116
News Corp., Class A	118,700		1,681
Scripps Networks Interactive, Inc., Class A†	4,600		191
Time Warner, Inc.	184,426		3,019
Viacom, Inc., Class B *	32,573		960
Washington Post (The), Co., Class B	333		199

			15,182

Metal Fabrication/Hardware - 0.1%
Precision Castparts Corp.	7,200		743

Mining - 0.8%
Alcoa, Inc.	41,973		1,348
Freeport-McMoRan Copper & Gold, Inc.	19,726		1,762
Newmont Mining Corp.	23,333		1,052
Titanium Metals Cor.†	4,900		71
Vulcan Materials Co.†	5,647		423

			4,656

Miscellaneous Manufacturing - 4.5%
3M Co.	36,320		2,601
Cooper Industries Ltd., Class A†	9,330		444
Danaher Corp.	13,104		1,069
Dover Corp.	10,140		501
Eastman Kodak Co.†	16,337		265
Eaton Corp.	8,860		648
General Electric Co.	513,623		14,433
Honeywell International, Inc.†	38,239		1,918
Illinois Tool Works, Inc.	20,474		1,016
Ingersoll-Rand Co. Ltd., Class A	17,115		632
ITT Corp.	9,748		621
Leggett & Platt, Inc.†	9,616		215
Pall Corp.	6,791		276
Parker Hannifin Corp.	9,020		578
Textron, Inc.	12,858		528
Tyco International Ltd.	24,870		1,066

			26,811

Office/Business Equipment - 0.2%
Pitney Bowes, Inc.	10,735		366
Xerox Corp.	46,358		646

			1,012

Oil & Gas - 10.5%
Anadarko Petroleum Corp.	24,136		1,490
Apache Corp.	17,174		1,964
Cabot Oil & Gas Corp.	5,000		222
Chesapeake Energy Corp.	24,762		1,198
Chevron Corp.	106,553		9,198
ConocoPhillips	79,434		6,554
Devon Energy Corp.	23,050		2,352
ENSCO International, Inc.†	7,800		529
EOG Resources, Inc.	12,738		1,330
Exxon Mobil Corp.	272,210		21,780
Hess Corp.	14,413		1,509
Marathon Oil Corp.	36,456		1,643
Murphy Oil Corp.	9,800		770
Nabors Industries Ltd. *	15,106		538
Noble Corp.	13,874		698

EQUITY PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Oil & Gas - 10.5% continued
Noble Energy, Inc.	8,900	$	638
Occidental Petroleum Corp.	42,268		3,354
Questar Corp.	8,900		462
Range Resources Corp.	8,262		384
Rowan Cos., Inc.	6,403		237
Southwestern Energy Co. *	17,600		675
Sunoco, Inc.†	6,768		300
Tesoro Corp.†	7,400		137
Transocean, Inc. *	16,400		2,086
Valero Energy Corp.	27,200		945
XTO Energy, Inc.	27,866		1,405

			62,398

Oil & Gas Services - 2.3%
Baker Hughes, Inc.	15,903		1,272
BJ Services Co.	15,790		424
Cameron International Corp. *	11,700		545
Halliburton Co.	44,980		1,977
National-Oilwell Varco, Inc. *	21,400		1,578
Schlumberger Ltd.	61,486		5,793
Smith International, Inc.	11,186		780
Weatherford International Ltd. *	35,000		1,350

			13,719

Packaging & Containers - 0.1%
Ball Corp.	5,028		231
Bemis Co.	6,252		175
Pactiv Corp. *	7,382		198
Sealed Air Corp.	8,788		213

			817

Pharmaceuticals - 5.1%
Abbott Laboratories	79,586		4,571
Allergan, Inc.	15,846		885
AmerisourceBergen Corp.	8,282		340
Barr Pharmaceuticals, Inc. *	5,600		378
Bristol-Myers Squibb Co.	101,995		2,177
Cardinal Health, Inc.	18,420		1,013
Express Scripts, Inc. *	12,957		951
Forest Laboratories, Inc. *	15,669		559
King Pharmaceuticals, Inc. *	13,838		158
Lilly (Eli) & Co.	50,973		2,378
Medco Health Solutions, Inc. *	26,126		1,224
Merck & Co., Inc.	110,540		3,943
Mylan, Inc. *†	17,600		227
Pfizer, Inc.	348,621		6,662
Schering-Plough Corp.	83,552		1,621
Watson Pharmaceuticals, Inc. *	6,152		186
Wyeth	68,714		2,974

			30,247

Pipelines - 0.4%
El Paso Corp.	36,178		606
Spectra Energy Corp.	32,591		863
Williams Cos. (The), Inc.	30,118		930

			2,399

Real Estate - 0.0%
CB Richard Ellis Group, Inc., Class A *†	8,900		116

Real Estate Investment Trusts - 1.1%
Apartment Investment & Management Co., Class A†	4,633		164
AvalonBay Communities, Inc.†	4,100		410
Boston Properties, Inc.†	6,400		656
Developers Diversified Realty Corp.†	7,000		235
Equity Residential	13,997		591
General Growth Properties, Inc.†	14,400		373
HCP, Inc.	12,659		458
Host Hotels & Resorts, Inc.	26,900		385
Kimco Realty Corp.†	12,900		479
ProLogis†	13,534		583
Public Storage	6,382		564
Simon Property Group, Inc.	11,586		1,099
Vornado Realty Trust	7,300		726

			6,723

Retail - 5.5%
Abercrombie & Fitch Co., Class A†	4,500		236
AutoNation, Inc. *†	7,611		86
Autozone, Inc. *	2,419		332
Bed Bath & Beyond, Inc. *	13,937		427
Best Buy Co., Inc.	17,822		798
Big Lots, Inc. *†	4,757		141
Costco Wholesale Corp.	22,291		1,495
CVS Caremark Corp.	73,650		2,696
Darden Restaurants, Inc.†	7,954		233
Dillard’s, Inc., Class A†	3,934		50
Family Dollar Stores, Inc.	8,262		206
GameStop Corp., Class A *	8,300		364
Gap (The), Inc.	23,135		450
Home Depot (The), Inc.	87,464		2,372
Kohl's Corp. *	15,746		774
Limited Brands, Inc.	16,113		335
Liz Claiborne, Inc.†	5,888		96

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 6 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Retail - 5.5% continued
Lowe’s Cos., Inc.	75,414	$	1,858
Macy’s, Inc.†	22,666		472
McDonald’s Corp.	58,375		3,619
Nordstrom, Inc.†	9,080		282
Office Depot, Inc. *	15,659		110
Penney (J.C.) Co., Inc.	12,000		468
RadioShack Corp.†	8,458		161
Sears Holdings Corp. *†	3,656		336
Staples, Inc.	36,197		876
Starbucks Corp. *	39,226		610
Target Corp.	40,130		2,128
Tiffany & Co.†	7,101		314
TJX Cos., Inc.	21,830		791
Wal-Mart Stores, Inc.	119,835		7,079
Walgreen Co.	51,030		1,859
Wendy’s International, Inc.	5,205		126
Yum! Brands, Inc.	24,460		873

			33,053

Savings & Loans - 0.2%
Hudson City Bancorp, Inc.	28,000		516
Sovereign Bancorp, Inc.†	28,180		272
Washington Mutual, Inc.†	80,343		326

			1,114

Semiconductors - 2.5%
Advanced Micro Devices, Inc. *†	35,744		225
Altera Corp.†	16,107		365
Analog Devices, Inc.	15,637		437
Applied Materials, Inc.	69,897		1,253
Broadcom Corp., Class A *	23,074		555
Intel Corp.	295,129		6,750
Kla-Tencor Corp.	8,811		327
Linear Technology Corp.†	11,962		390
LSI Corp. *	34,341		228
MEMC Electronic Materials, Inc. *	11,700		574
Microchip Technology, Inc.†	10,000		320
Micron Technology, Inc. *	39,180		166
National Semiconductor Corp.	11,604		249
Novellus Systems, Inc. *†	5,921		134
Nvidia Corp. *	29,895		378
QLogic Corp. *	7,878		147
Teradyne, Inc. *	11,458		107
Texas Instruments, Inc.	68,195		1,671
Xilinx, Inc.	15,036		391

			14,667

Software - 3.5%
Adobe Systems, Inc. *	27,414		1,174
Autodesk, Inc. *†	12,076		429
BMC Software, Inc. *	10,299		335
CA, Inc.	20,109		481
Citrix Systems, Inc. *	9,469		286
Compuware Corp. *	15,472		177
Electronic Arts, Inc. *†	16,450		803
Fidelity National Information Services, Inc.	9,200		201
Fiserv, Inc. *	8,774		455
IMS Health, Inc.	9,397		209
Intuit, Inc. *	17,298		520
Microsoft Corp.	412,692		11,262
Novell, Inc. *	22,041		142
Oracle Corp. *	204,409		4,483

			20,957

Telecommunications - 5.7%
American Tower Corp., Class A *	20,400		843
AT&T, Inc.	306,114		9,793
CenturyTel, Inc.	6,178		239
Ciena Corp. *†	5,115		89
Cisco Systems, Inc. *	304,336		7,319
Corning, Inc.	81,126		1,666
Embarq Corp.	7,975		376
Frontier Communications Corp.†	18,834		237
JDS Uniphase Corp. *†	13,293		135
Juniper Networks, Inc. *	27,000		694
Motorola, Inc.	116,206		1,095
QUALCOMM, Inc.	83,382		4,390
Qwest Communications International, Inc.†	78,403		296
Sprint Nextel Corp.	146,910		1,281
Tellabs, Inc. *	23,962		125
Verizon Communications, Inc.	146,846		5,157
Windstream Corp.	24,084		299

			34,034

Textiles - 0.0%
Cintas Corp.†	7,523		232

Toys, Games & Hobbies - 0.1%
Hasbro, Inc.	7,471		279
Mattel, Inc.	18,617		360

			639

Transportation - 2.1%
Burlington Northern Santa Fe Corp.	15,138		1,626
C.H. Robinson Worldwide, Inc.	9,200		479

EQUITY PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 97.4% continued
Transportation - 2.1% continued
CSX Corp.		20,876	$	1,350
Expeditors International of Washington, Inc.		11,500		415
FedEx Corp.		16,038		1,328
Norfolk Southern Corp.		19,307		1,420
Ryder System, Inc.†		3,249		210
Union Pacific Corp.		26,620		2,234
United Parcel Service, Inc., Class B		52,607		3,373

				12,435

Total Common Stocks
(Cost $563,744)				581,315
INVESTMENT COMPANY - 7.3%
Northern Institutional Funds - Liquid Assets Portfolio ⁽²⁾⁽³⁾		43,822,658		43,823

Total Investment Company
(Cost $43,823)				43,823

	PRINCIPAL AMOUNT (000S)
SHORT - TERM INVESTMENTS - 2.5%
Skandinaviska Enskildaban, Sweden, Eurodollar Time Deposit, 1.94%, 9/2/08	$	13,540		13,540
United States Treasury Bill, ⁽⁴⁾ 2.09%, 12/4/08		1,510		1,502

Total Short-Term Investments
(Cost $15,042)				15,042

Total Investments - 107.2%
(Cost $622,609)				640,180
Liabilities less Other Assets - (7.2)%				(43,111	)

NET ASSETS - 100.0%			$	597,069

(1)

Investment in affiliate

(2)

Investment in affiliated Portfolio

(3)

Investment related to cash collateral received from portfolio securities loaned.

(4)

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

*	Non-Income Producing Security.

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At August 31, 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)

E-Mini

S&P 500

248

3,206

Long

9/08

)

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	622,609

Gross tax appreciation of investments	$	83,239
Gross tax depreciation of investments		(65,668	)

Net tax appreciation of investments	$	17,571

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 Equity Index Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	625,138	$	(9	)
Level 2		15,042		—
Level 3		—		—

Total	$	640,180	$	(9	)

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 8 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

GLOBAL TACTICAL ASSET ALLOCATION PORTFOLIO


	NUMBER OF SHARES	VALUE (000S)
FUND ALLOCATION - INVESTMENT COMPANIES - 99.1%
iPath Dow Jones-AIG Commodity Index Total Return ETN	8,168	$	475
Northern Bond Index Fund ⁽¹⁾⁽²⁾	682,174		6,822
Northern Emerging Markets Equity Fund ⁽¹⁾⁽²⁾	59,644		671
Northern Global Fixed Income Fund ⁽¹⁾⁽²⁾	58,704		671
Northern Global Real Estate Index Fund ⁽¹⁾⁽²⁾	148,614		1,342
Northern High Yield Fixed Income Fund ⁽¹⁾⁽²⁾	346,034		2,460
Northern Mid Cap Index Fund ⁽¹⁾⁽²⁾	117,615		1,342
Northern Institutional Funds - Diversified Assets Portfolio ⁽¹⁾⁽²⁾	6,599,083		6,599
Northern Institutional Funds - Equity Index Portfolio ⁽¹⁾⁽²⁾	869,074		11,854
Northern Institutional Funds - International Equity Index Portfolio ⁽¹⁾⁽²⁾	497,276		5,032
Northern Institutional Funds - Short Bond Portfolio ⁽¹⁾⁽²⁾	361,935		6,598
Northern Institutional Funds - Small Company Index Portfolio ⁽¹⁾⁽²⁾	33,869		560

Total Investment Companies
(Cost $46,002)			44,426
Total Investments - 99.1%
(Cost $46,002)			44,426
Other Assets less Liabilities - 0.9%			389

NET ASSETS - 100.0%		$	44,815

(1)

Investment in affiliated portfolio.

(2)

Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.

ETN - Exchange Traded Note

Percentages shown are based on Net Assets.

At August 31, 2008, the asset class weightings for Global Tactical Asset Allocation Portfolio were:


ASSET CLASS	WEIGHT		INVESTMENT VEHICLE
U.S. Equity - Large	26.7	%	NIF Equity Index
U.S. Equity - Mid	3.0		NF Mid Cap Index
U.S. Equity - Small	1.3		NIF Small Company Index
Non U.S. Equity - Developed	11.3		NIF International Equity Index
Non U.S. Equity - Emerging Markets	1.5		NF Emerging Markets Equity
Non U.S. Equity - Sovereign	1.5		NF Global Fixed Income
Global Real Estate	3.0		NF Global REIT Index
U.S. Bonds - High Yield	5.5		NF High Yield Fixed Income
U.S. Bonds - Intermediate	15.4		NF Bond Index
U.S. Bonds - Short	14.8		NIF Short Bond
Commodities	1.1		iPath Dow Jones-AIG Commodity Index Total Return ETN
Cash	14.9		NIF Diversified Assets

Total	100.0	%

Federal Tax Information:

At August 31, 2008, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	46,002

Gross tax appreciation of investments	$	61
Gross tax depreciation of investments		(1,637	)

Net tax depreciation of investments	$	(1,576	)

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)

GLOBAL TACTICAL ASSET ALLOCATION PORTFOLIO 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2008 (UNAUDITED)

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 Global Tactical Asset Allocation Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2008:


VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	44,426	$	—
Level 2		—		—
Level 3		—		—

Total	$	44,426	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 2 GLOBAL TACTICAL ASSET ALLOCATION PORTFOLIO

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 19.5%
Domestic Depository Institutions - 2.1%
Citibank, New York,
2.75%, 10/14/08	$	40,000	$	40,000
2.75%, 10/17/08		50,000		50,000
2.77%, 11/19/08		50,000		50,000
2.76%, 11/20/08		60,000		60,000

				200,000

Foreign Depository Institutions - 17.4%
Australia & New Zealand Bank, London Branch,
2.80%, 9/24/08		50,000		50,000
2.80%, 9/26/08		30,000		30,000
2.78%, 10/9/08		80,000		80,000
Banco Bilbao Vizcaya Argentaria,
2.45%, 9/22/08		50,000		50,000
Bank of Nova Scotia, London Branch,
2.47%, 9/2/08		35,000		35,000
2.46%, 9/22/08		50,000		50,000
Bank of Scotland PLC, Halifax Branch,
5.00%, 10/14/08		10,000		10,000
Bank of Scotland PLC, New York,
2.80%, 10/15/08		50,000		50,000
2.82%, 10/31/08		40,000		40,000
Barclays Bank, New York Branch,
2.75%, 10/27/08		50,000		50,000
BNP Paribas, New York Branch,
2.80%, 11/21/08		50,000		50,000
BNP Paribas S.A., London Branch,
2.75%, 10/16/08		50,000		50,000
CALYON, New York,
2.40%, 9/29/08		40,000		40,000
Commonwealth of Australia,
2.80%, 9/24/08		40,000		40,000
Credit Agricole S.A., London Branch,
4.91%, 10/9/08		50,000		50,000
4.97%, 10/14/08		10,000		10,000
HSBC PLC, London,
2.80%, 10/7/08		60,000		60,000
2.77%, 10/16/08		40,000		40,000
2.79%, 11/12/08		40,000		40,000
KBC Bank N.V. Bank, London,
2.50%, 9/22/08		50,000		50,000
Lloyds Bank, New York,
2.42%, 9/8/08		30,000		30,000
2.72%, 11/28/08		30,000		30,000
National Australia Bank, London Branch,
2.80%, 9/22/08		30,000		30,000
2.77%, 11/12/08		40,000		40,000
Nordea Bank Finland, New York,
2.41%, 9/22/08		100,000		100,000
Rabobank Nederland, New York Branch,
2.45%, 10/3/08		50,000		50,000
2.71%, 11/20/08		30,000		30,000
2.73%, 11/28/08		50,000		50,000
Royal Bank of Canada, New York Branch,
2.71%, 9/22/08		50,000		50,000
Royal Bank of Scotland, New York Branch,
2.75%, 10/20/08		50,000		50,000
2.80%, 11/3/08		50,000		50,000
2.80%, 11/19/08		40,000		40,001

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 19.5% - CONTINUED
Foreign Depository Institutions - 17.4% - (continued)
Svenska Handelsbanken, Inc., New York Branch,
2.40%, 9/30/08	$	100,000	$	100,000
Toronto Dominion Bank, New York Branch,
2.72%, 11/19/08		25,000		25,000
Westpac Banking Corp., London Branch,
2.72%, 11/26/08		40,000		40,000
Westpac Banking Corp.,
2.73%, 11/25/08		50,000		50,000

				1,640,001

Total Certificates of Deposit (Cost $1,840,001)				1,840,001

COMMERCIAL PAPER - 9.5%
Auto Receivables - 1.9%
FCAR1 Owner Trust,
3.00%, 9/5/08		75,000		74,975
3.00%, 9/8/08		65,000		64,962
New Center Asset Trust - Plus Program,
3.50%, 9/5/08		40,000		39,984

				179,921

Credit Arbitrage - 0.5%
Cancara Asset Securitization Ltd.,
2.55%, 9/5/08		50,000		49,986

Multi-Seller Conduits - 4.7%
Amstel Funding Corp., ⁽¹⁾
2.30%, 9/2/08		20,000		19,999
Barton Capital Corp., ⁽¹⁾
2.45%, 9/2/08		54,041		54,037
Chariot Funding LLC,
2.45%, 9/4/08		7,093		7,092
2.40%, 9/5/08		50,000		49,987
Clipper Receivables Corp.,
2.35%, 9/2/08		40,000		39,997
2.60%, 9/5/08		50,000		49,986
Galleon Capital Corp.,
2.35%, 9/2/08		40,000		39,997
Liberty Street Funding Co.,
2.45%, 9/2/08		50,000		49,997
Sheffield Receivables Corp.,
2.45%, 9/2/08		30,000		29,998
Thames Asset Global Securitization Number One, Inc.,
2.55%, 9/3/08		100,000		99,986

				441,076

Non-Depository Personal Credit - 2.4%
General Electric Capital Corp.,
2.08%, 9/2/08		145,000		144,992
2.93%, 4/17/09		35,000		34,351
2.90%, 5/5/09		45,000		44,108

				223,451

Total Commercial Paper (Cost $894,434)				894,434

CORPORATE NOTES/BONDS - 14.7%
Bank Holding Companies - 0.3%
HSBC USA, Inc., FRN,
2.48%, 9/15/08		30,000		30,000

Chemicals and Allied Products - 0.4%
BASF Finance Europe N.V., FRN, ⁽¹⁾
2.80%, 9/19/08		40,000		40,000

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 14.7% - CONTINUED
Domestic Depository Institutions - 1.3%
Wells Fargo Bank, San Francisco,
2.44%, 9/5/08	$	50,000	$	50,000
2.43%, 9/10/08		75,000		75,000

				125,000

Foreign Depository Institutions - 4.5%
Allied Irish Banks PLC, FRN, ⁽¹⁾
2.47%, 9/18/08		50,000		50,000
Australia and New Zealand Banking Group, FRN, ⁽¹⁾
2.47%, 9/5/08		20,000		20,000
2.50%, 9/22/08		25,000		25,000
Commonwealth Bank Australia, FRN, ⁽¹⁾
2.87%, 10/20/08		45,000		45,000
Nordea Bank Finland, New York, FRN, ⁽¹⁾
2.48%, 9/10/08		83,290		83,290
Royal Bank of Canada, FRN,
2.52%, 9/10/08		28,000		28,000
Royal Bank of Scotland PLC, FRN, ⁽¹⁾
2.50%, 9/19/08		75,000		75,000
Westpac Banking Corp., FRN,
2.75%, 9/11/08		20,000		20,000
Westpac Banking Corp., New York, FRN, ⁽¹⁾
2.45%, 9/5/08		78,000		78,000

				424,290

Insurance Carriers - 2.2%
Genworth Global Funding, FRN,⁽¹⁾
2.46%, 9/11/08		43,000		43,000
ING Verzekeringen N.V., FRN, ⁽¹⁾
2.45%, 9/4/08		63,000		63,000
MET Life Global Funding I, FRN, ⁽¹⁾
2.57%, 9/12/08		55,000		55,000
2.47%, 9/24/08		50,000		50,000

				211,000

Non-Depository Personal Credit - 2.8%
General Electric Capital Corp., FRN,
2.82%, 9/16/08		55,640		55,629
2.51%, 9/24/08		83,000		83,000
2.83%, 10/6/08		45,000		44,994
HSBC Finance Corp., FRN,
2.48%, 9/5/08		35,000		35,000
2.53%, 9/24/08		40,000		40,000

				258,623

Security and Commodity Brokers - 2.5%
Bear Stearns Co., Inc., FRN,
2.56%, 9/5/08		25,000		25,000
Merrill Lynch & Co., FRN,
2.54%, 9/3/08		55,000		55,000
Morgan Stanley, FRN,
2.57%, 9/15/08		30,000		30,000
2.56%, 9/29/08		120,000		120,000

				230,000

Structured Investment Vehicles - 0.7%
Whistlejacket Capital LLC, FRN,⁽¹⁾ ^†
5.15%, 4/21/08		40,000		30,400
2.78%, 5/15/08		25,000		19,000
3.81%, 7/23/08		25,000		19,000

				68,400

Total Corporate Notes/Bonds (Cost $1,408,909)				1,387,313

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
EURODOLLAR TIME DEPOSITS - 10.9%
Foreign Depository Institutions - 10.9%
Banco Bilbao Vizcaya Argentaria, Grand Cayman,
2.18%, 9/3/08	$	180,000	$	180,000
BNP Paribas, London,
2.16%, 9/2/08		99,825		99,825
Credit Agricole S.A., London,
2.40%, 9/2/08		150,000		150,000
Den Norske Bank, Oslo, Norway,
2.45%, 9/2/08		200,000		200,000
KBC Bank N.V., London,
2.40%, 9/2/08		140,000		140,000
Royal Bank of Scotland, London,
2.03%, 9/2/08		254,641		254,641

Total Eurodollar Time Deposits (Cost $1,024,466)				1,024,466

U.S. GOVERNMENT AGENCIES - 11.6% ⁽²⁾
Fannie Mae - 2.8%
FNMA Discount Notes,
2.63%, 12/8/08		30,000		29,785
2.80%, 1/12/09		25,000		24,741
2.71%, 1/14/09		60,000		59,390
2.86%, 6/15/09		50,000		48,860
2.84%, 7/2/09		30,000		29,281
2.85%, 7/20/09		50,000		48,725
FNMA Note,
5.00%, 9/15/08		20,000		20,021

				260,803

Federal Home Loan Bank - 7.1%
FHLB Bonds,
2.56%, 2/13/09		24,000		24,037
2.39%, 3/18/09		40,000		40,036
2.13%, 3/27/09		12,000		11,998
2.20%, 4/1/09		24,000		23,984
2.30%, 4/3/09		38,000		38,007
2.22%, 4/7/09		24,000		24,000
2.25%, 4/17/09		24,000		24,000
2.52%, 4/21/09		25,000		25,000
2.32%, 4/24/09		35,000		35,000
2.45%, 4/28/09		30,000		30,000
2.63%, 5/5/09		30,000		30,000
2.48%, 5/7/09		40,000		39,923
2.38%, 5/27/09		40,000		39,950
2.64%, 6/3/09		50,000		50,000
2.91%, 6/18/09		40,000		40,000
3.00%, 6/18/09		25,000		25,044
FHLB Discount Notes,
2.55%, 11/19/08		30,000		29,832
2.71%, 1/5/09		60,000		59,431
2.74%, 2/24/09		50,000		49,330
2.82%, 3/2/09		30,000		29,572

				669,144

Freddie Mac - 1.7%
FHLMC Discount Notes,
3.00%, 7/20/09		50,000		48,658
2.94%, 8/17/09		30,000		29,143
FHLMC Notes,
4.75%, 3/5/09		26,600		26,859
2.45%, 4/9/09		24,000		24,000
4.25%, 7/15/09		30,000		30,308

				158,968

Total U.S. Government Agencies (Cost $1,088,915)				1,088,915

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 5.6%
U.S. Treasury Notes - 5.6%
4.63%, 9/30/08	$	105,000	$	105,257
3.13%, 10/15/08		46,000		46,103
4.88%, 10/31/08		253,000		254,285
4.75%, 12/31/08		80,000		80,868
4.50%, 4/30/09		40,000		40,638

Total U.S. Government Obligations (Cost $527,151)				527,151

Investments, at Amortized Cost (Cost $6,783,876)				6,762,280

REPURCHASE AGREEMENTS - 30.1%
(Collateralized at a minimum of 102%) ⁽³⁾
Joint Repurchase Agreements - 2.0%
Morgan Stanley & Co., Inc., dated 8/29/08, repurchase price $81,934 2.00%, 9/2/08		81,916		81,916
Societe Generale, New York Branch, dated 8/29/08, repurchase price $40,967 2.01%, 9/2/08		40,958		40,958
UBS Securities LLC, dated 8/29/08, repurchase price $61,450 2.01%, 9/2/08		61,436		61,436

				184,310

(Collateralized at a minimum of 102%) ⁽⁴⁾
Repurchase Agreements - 28.1%
Bank of America N.A., dated 8/29/08, repurchase price $50,012 2.13%, 9/2/08		50,000		50,000
Citigroup Global Markets, Inc., dated 8/29/08, repurchase price $530,126 2.14%, 9/2/08		530,000		530,000
Deutsche Bank Securities, Inc., dated 8/29/08, repurchase price $1,170,278 2.14%, 9/2/08		1,170,000		1,170,000
HSBC Securities (USA), Inc., dated 8/29/08, repurchase price $355,084 2.14%, 9/2/08		355,000		355,000
JP Morgan Securities, dated 8/29/08, repurchase price $510,121 2.13%, 9/2/08		510,000		510,000
UBS Securities LLC, dated 8/29/08, repurchase price $35,008 2.14%, 9/2/08		35,000		35,000

				2,650,000

Total Repurchase Agreements (Cost $2,834,310)				2,834,310

CAPITAL SUPPORT AGREEMENT - 0.0%
Northern Trust Corp.⁽⁵⁾		—		—

Total Capital Support Agreement (Cost $-)				—

Total Investments - 101.9% (Cost $9,618,186) ⁽⁶⁾				9,596,590

Liabilities less Other Assets - (1.9)%				(175,042	)

NET ASSETS - 100.0%			$	9,421,548

(1)

(2)

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

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)

(3)

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


NAME	COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	2.00% - 7.50%	5/15/16 - 2/15/37
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	5.55% - 6.50%	5/1/33 - 1/1/38
FNMA	4.08% - 7.00%	2/1/18 - 1/1/48

(5)

Investment in affiliate.

(6)

The cost for federal income tax purposes was $9,618,186.

Percentages shown are based on Net Assets.

† - Defaulted securities are valued at the 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 (the “Agreement”) with the Northern Institutional Fund Diversified Assets Portfolio (the “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 February 28, 2009. The Portfolio treats the Agreement as an asset of the Portfolio in calculating its NAV.

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 Diversified Assets Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2008:


Valuation level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		9,528,190		—
Level 3		68,400		—

Total	$	9,596,590	$	—

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

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 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 5/31/08	$	67,500	$	—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		900		—
Net purchases (sales)		—		—
Transfers in and/or out of Level 3		—		—

Balance as of 8/31/08	$	68,400	$	—

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

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

DIVERSIFIED ASSETS PORTFOLIO (continued)

AUGUST 31, 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

FRN Floating Rate Notes

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 76.0% ⁽¹⁾
Fannie Mae - 19.2%
FNMA Discount Notes,
2.17%, 9/2/08	$	150,000	$	149,991
2.42%, 9/17/08		40,000		39,957
2.34%, 9/22/08		50,000		49,932
2.19%, 9/23/08		45,000		44,940
1.94%, 10/1/08		15,450		15,420
2.44%, 10/1/08		13,000		12,975
2.45%, 10/1/08		65,400		65,267
2.46%, 10/1/08		109,778		109,553
2.42%, 10/8/08		60,000		59,851
2.38%, 10/20/08		40,000		39,870
2.56%, 11/3/08		133,058		132,462
2.57%, 11/3/08		11,425		11,374
2.59%, 11/3/08		100,000		99,547
2.63%, 11/3/08		14,250		14,184
2.68%, 11/3/08		85,000		84,601
2.43%, 11/19/08		10,992		10,933
2.27%, 11/26/08		25,000		24,864
2.28%, 11/26/08		50,000		49,728
2.23%, 12/1/08		50,000		49,718
2.62%, 12/1/08		14,500		14,405
2.80%, 2/2/09		45,000		44,461
2.15%, 2/27/09		25,000		24,733
FNMA Notes,
5.13%, 9/2/08		49,125		49,129
4.50%, 10/15/08		9,602		9,628

				1,207,523

Federal Farm Credit Bank - 4.4%
FFCB Discount Note,
2.63%, 7/8/09		25,000		24,434
FFCB FRN,
2.33%, 9/2/08		50,000		49,998
2.33%, 9/12/08		25,000		24,999
2.30%, 9/16/08		25,000		25,000
2.46%, 9/22/08		50,000		50,000
2.46%, 9/25/08		30,000		30,000
2.34%, 9/27/08		50,000		49,999
2.66%, 11/28/08		20,000		19,999

				274,429

Federal Home Loan Bank - 38.0%
FHLB Bonds,
2.45%, 9/11/08		60,000		60,000
2.43%, 9/17/08		85,000		84,996
2.58%, 9/17/08		43,200		43,207
2.45%, 9/19/08		25,000		25,007
2.23%, 9/24/08		20,000		20,000
2.25%, 10/3/08		40,000		40,000
4.38%, 10/3/08		15,000		15,033
4.63%, 10/24/08		25,000		25,078
4.50%, 10/28/08		34,300		34,440
4.31%, 11/14/08		25,000		25,103
4.75%, 12/12/08		6,750		6,797
2.56%, 2/13/09		50,000		50,129
5.25%, 3/13/09		7,235		7,345
2.31%, 3/24/09		50,000		50,000
2.25%, 4/3/09		15,200		15,194
2.26%, 4/7/09		10,000		10,000
2.30%, 4/14/09		30,000		30,000

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000$)		VALUE (000$)
U.S. GOVERNMENT AGENCIES - 76.0% ⁽¹⁾ - CONTINUED
Federal Home Loan Bank - 38.0% - (continued)
FHLB Discount Notes,
1.95%, 9/2/08	$	400,000	$	399,978
2.18%, 9/3/08		100,000		99,988
2.22%, 9/3/08		88,500		88,489
2.31%, 9/4/08		78,000		77,985
2.18%, 9/5/08		35,000		34,992
2.20%, 9/5/08		100,000		99,976
2.12%, 9/8/08		35,000		34,986
2.20%, 9/8/08		100,000		99,957
2.19%, 9/10/08		30,000		29,984
2.20%, 9/10/08		45,000		44,975
2.20%, 9/16/08		100,000		99,908
2.35%, 9/17/08		65,000		64,932
2.40%, 10/3/08		50,000		49,893
2.32%, 10/10/08		100,000		99,749
2.37%, 10/10/08		100,000		99,743
2.44%, 11/7/08		25,000		24,887
2.52%, 12/15/08		50,000		49,633
2.12%, 2/25/09		25,000		24,739
2.13%, 3/12/09		25,000		24,716
FHLB FRN,
2.39%, 9/28/08		35,000		34,963
2.64%, 10/24/08		25,000		24,999
2.62%, 10/31/08		25,000		25,000
2.60%, 11/5/08		100,000		100,000
2.62%, 11/5/08		35,000		35,000
2.68%, 11/11/08		75,000		75,000

				2,386,801

Freddie Mac - 14.4%
FHLMC Discount Notes,
2.22%, 9/2/08		55,000		54,997
2.13%, 9/8/08		60,000		59,975
2.24%, 9/8/08		100,000		99,956
2.30%, 9/8/08		133,045		132,985
2.32%, 9/8/08		17,500		17,492
2.28%, 9/12/08		16,672		16,660
2.35%, 9/15/08		50,000		49,954
2.39%, 9/15/08		40,000		39,963
2.35%, 10/6/08		80,000		79,817
2.41%, 10/27/08		20,000		19,925
2.42%, 11/3/08		25,000		24,894
2.29%, 11/10/08		3,600		3,584
2.29%, 11/24/08		5,129		5,102
2.53%, 12/23/08		45,000		44,643
2.12%, 3/2/09		30,000		29,678
FHLMC Notes,
3.63%, 9/15/08		72,508		72,540
5.00%, 9/16/08		45,000		45,046
5.13%, 10/15/08		12,415		12,463
4.63%, 12/19/08		78,124		78,659
3.88%, 1/12/09		20,000		20,117

				908,450

Total U.S. Government Agencies (Cost $4,777,203)				4,777,203

U.S. GOVERNMENT OBLIGATIONS - 4.6%
U.S. Treasury Bills - 3.8%
1.94%, 9/15/08		80,000		79,940
1.25%, 9/18/08		80,000		79,953
1.27%, 9/18/08		80,000		79,952

				239,845

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000$)		VALUE (000$)
U.S. GOVERNMENT OBLIGATIONS - 4.6% - CONTINUED
U.S. Treasury Note - 0.8%
2.63%, 3/15/09	$	50,000	$	50,279

Total U.S. Government Obligations (Cost $290,124)				290,124

Investments, at Amortized Cost (Cost $5,067,327)				5,067,327

REPURCHASE AGREEMENTS - 20.4%
(Collateralized at a minimum of 102%) ⁽²⁾
Joint Repurchase Agreements - 0.2%
Morgan Stanley & Co., Inc., dated 8/29/08, repurchase price $4,115 2.00%, 9/2/08		4,114		4,114
Societe Generale, New York Branch, dated 8/29/08, repurchase price $2,058 2.01%, 9/2/08		2,057		2,057
UBS Securities LLC, dated 8/29/08, repurchase price $3,086 2.01%, 9/2/08		3,086		3,086

				9,257

(Collateralized at a minimum of 102%) ⁽³⁾
Repurchase Agreements - 20.2%
Bank of America N.A., dated 8/29/08, repurchase price $800,189 2.13%, 9/2/08		800,000		800,000
BNP Paribas Securities Corp., dated 8/29/08, repurchase price $230,055 2.14%, 9/2/08		230,000		230,000
Citigroup Global Markets, Inc., dated 8/29/08, repurchase price $170,040 2.14%, 9/2/08		170,000		170,000
Lehman Brothers, Inc., dated 8/29/08, repurchase price $71,240 2.14%, 9/2/08		71,223		71,223

				1,271,223

Total Repurchase Agreements (Cost $1,280,480)				1,280,480

Total Investments - 101.0% (Cost $6,347,807) ⁽⁴⁾				6,347,807

Liabilities less Other Assets - (1.0)%				(64,485	)

NET ASSETS - 100.0%			$	6,283,322

(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% - 7.50	%	5/15/16 - 2/15/37
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:


	COUPON		MATURITY
NAME	RATES		DATES
FHLMC	5.50% - 5.81	%	4/1/37 - 7/1/38
FNMA	4.49% - 6.50	%	7/1/33 - 5/1/38

(4)

The cost for federal income tax purposes was $6,347,807.

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)

AUGUST 31, 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 August 31, 2008:


Valuation level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		6,347,807		—
Level 3		—		—

Total	$	6,347,807	$	—

*	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)

AUGUST 31, 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

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 95.8% ⁽¹⁾
Federal Farm Credit Bank - 4.8%
FFCB Discount Note,
4.05%, 10/21/08	$	25,000	$	24,859
FFCB FRN,
2.33%, 9/2/08		75,000		74,997
2.33%, 9/6/08		17,000		17,000
2.33%, 9/12/08		55,000		54,999
2.30%, 9/16/08		60,000		60,000
2.46%, 9/22/08		100,000		100,000
2.34%, 9/23/08		25,000		24,997
2.46%, 9/25/08		40,000		40,000
2.34%, 9/27/08		85,000		84,998
2.66%, 11/28/08		40,000		39,998

				521,848

Federal Home Loan Bank - 91.0%
FHLB Bonds,
5.87%, 9/2/08		20,000		20,002
2.58%, 9/3/08		45,000		45,001
2.60%, 9/4/08		21,250		21,251
2.62%, 9/4/08		30,000		30,000
2.45%, 9/11/08		55,000		55,000
4.25%, 9/12/08		17,125		17,135
5.00%, 9/12/08		18,050		18,067
2.43%, 9/17/08		140,000		139,994
2.58%, 9/17/08		25,000		25,005
2.45%, 9/19/08		105,000		105,026
5.10%, 9/19/08		14,840		14,863
2.23%, 9/24/08		30,000		30,000
2.35%, 9/24/08		40,000		40,002
1.77%, 9/26/08		25,000		24,993
4.50%, 9/26/08		12,785		12,803
2.25%, 10/3/08		60,000		60,000
2.26%, 10/10/08		10,000		9,997
4.63%, 10/16/08		60,000		60,178
4.50%, 10/24/08		50,000		50,153
4.63%, 10/24/08		70,000		70,252
3.63%, 11/14/08		112,650		112,871
4.31%, 11/14/08		35,000		35,144
4.88%, 11/19/08		20,000		20,115
5.25%, 12/24/08		40,090		40,430
2.70%, 12/30/08		30,000		29,995
2.63%, 2/27/09		65,000		65,082
2.31%, 3/24/09		70,000		70,000
2.25%, 4/3/09		22,800		22,792
2.26%, 4/7/09		20,000		20,000
3.00%, 4/15/09		40,000		40,041
2.34%, 4/17/09		150,000		150,000
5.25%, 6/12/09		22,350		22,754
2.70%, 6/16/09		75,000		75,000
2.72%, 6/17/09		100,000		100,000
5.13%, 8/5/09		30,000		30,605
FHLB Discount Notes,
1.75%, 9/2/08		131,638		131,632
1.95%, 9/2/08		3,886,200		3,885,989
2.09%, 9/3/08		100,000		99,988
2.22%, 9/3/08		170,800		170,779
2.23%, 9/3/08		100,000		99,988
2.31%, 9/3/08		60,000		59,992

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 95.8% ⁽¹⁾- CONTINUED
Federal Home Loan Bank - 91.0% - (continued)
FHLB Discount Notes - continued
2.32%, 9/3/08	$	40,000	$	39,995
2.24%, 9/4/08		75,000		74,986
2.18%, 9/5/08		47,200		47,189
2.20%, 9/5/08		130,000		129,968
2.21%, 9/5/08		150,000		149,963
2.12%, 9/8/08		100,000		99,959
2.15%, 9/8/08		21,100		21,091
2.20%, 9/8/08		80,000		79,966
2.16%, 9/10/08		44,000		43,976
2.19%, 9/10/08		103,500		103,444
2.34%, 9/10/08		107,000		106,937
2.23%, 9/12/08		46,000		45,969
2.20%, 9/16/08		100,000		99,908
2.35%, 9/17/08		80,000		79,916
2.10%, 9/19/08		23,112		23,088
2.39%, 9/19/08		80,000		79,904
2.32%, 9/24/08		20,000		19,970
2.33%, 10/1/08		209,000		208,594
2.34%, 10/3/08		75,000		74,844
2.40%, 10/3/08		150,000		149,680
2.31%, 10/10/08		80,000		79,800
2.32%, 10/10/08		80,000		79,799
2.37%, 10/10/08		75,000		74,807
2.38%, 10/15/08		70,000		69,796
2.55%, 10/17/08		70,000		69,772
2.47%, 10/24/08		81,200		80,905
2.45%, 10/29/08		72,000		71,716
2.09%, 11/3/08		40,000		39,854
2.44%, 11/7/08		105,000		104,523
2.45%, 11/17/08		80,000		79,581
2.31%, 11/21/08		50,000		49,740
2.48%, 11/21/08		75,000		74,583
2.30%, 11/26/08		30,000		29,835
2.52%, 12/15/08		75,000		74,449
2.12%, 2/25/09		25,000		24,739
2.00%, 3/9/09		30,000		29,685
2.13%, 3/12/09		45,000		44,489
1.95%, 3/13/09		20,000		19,791
2.01%, 3/13/09		20,000		19,784
FHLB FRN,
2.53%, 9/11/08		100,000		99,991
2.66%, 9/17/08		94,100		94,103
2.38%, 9/23/08		75,000		74,886
2.39%, 9/28/08		100,000		99,895
2.64%, 10/24/08		50,000		49,998
2.62%, 10/31/08		45,000		45,000
2.60%, 11/5/08		120,000		120,000
2.62%, 11/5/08		75,000		75,000
2.68%, 11/11/08		155,000		154,999
FHLB Notes,
5.80%, 9/2/08		55,500		55,505
2.55%, 9/12/08		20,000		20,000
4.25%, 9/26/08		26,860		26,904

				9,846,195

Total U.S. Government Agencies (Cost $10,368,043)				10,368,043

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 4.2%
U.S. Treasury Bills - 4.2%
1.94%, 9/15/08	$	150,000	$	149,887
1.25%, 9/18/08		150,000		149,912
1.27%, 9/18/08		150,000		149,910

Total U.S. Government Obligations (Cost $449,709)				449,709

Investments, at Amortized Cost (Cost $10,817,752)				10,817,752

Total Investments - 100.0% - (Cost $10,817,752) ⁽²⁾				10,817,752

Other Assets less Liabilities - 0.0%				3,050

NET ASSETS - 100.0%			$	10,820,802

(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 $10,817,752.

Percentages shown are based on Net Assets.

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 Government Select Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2008:


Valuation level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		10,817,752		—
Level 3		—		—

Total	$	10,817,752	$	—

*	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)

AUGUST 31, 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

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.6%
Alabama - 0.5%
Hoover Multifamily Housing Revenue Refunding VRDB, Series 2004, Royal Oaks Apartment Project (FHLMC Insured), 1.92%, 9/9/08	$	5,200	$	5,200

Arizona - 2.0%
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-2, The Terraces Project (Lloyds TSB Bank LOC), 1.81%, 9/9/08		95		95
Arizona Health Facilities Authority Revenue VRDB, Series 2008-B, Banner Health (Bank of Nova Scotia LOC), 1.60%, 9/9/08		900		900
Arizona School District TANS Financing Program COPS, Series 2008, 3.00%, 7/30/09		5,000		5,061
Arizona Sports & Tourism Authority Revenue Refunding VRDB, Series 2008, Multipurpose Stadium (Allied Irish Bank LOC), 1.85%, 9/9/08		800		800
Pima County IDA Revenue VRDB, Series 2002A, Senior Living Facilities La Posada (Bank of America N.A. LOC), 1.80%, 9/9/08		2,735		2,735
Salt River Project Agricultural Improvement and Power District Revenue Bonds, Citigroup Eagle Series 2006-14, ⁽¹⁾ 1.80%, 9/9/08		2,300		2,300
Sun Devil Energy Center LLC Revenue Refunding Bonds, Series 2008, Arizona State University Project (Assured Guaranty Insured), 2.00%, 9/9/08		8,000		8,000

				19,891

California - 2.4%
California Pollution Control Financing Authority Revenue Refunding Bonds, Series 1996C, Pacific Gas & Electric Co. (JPMorgan Chase Bank LOC), 2.50%, 9/2/08		3,400		3,400
California State Department of Water Resources and Power Supply Revenue VRDB, Series 2002C-7 (FSA Corp. Insured), 1.90%, 9/9/08		900		900
State of California G.O., Series 2004B-1, Kindergarten-University Public Education Facilities (State Street Bank & Trust LOC), 2.50%, 9/2/08		19,350		19,350

				23,650

Colorado - 3.3%
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Concordia University Irvine Project (U.S. Bank N.A. LOC), 2.63%, 9/2/08		2,075		2,075
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Museum of Contemporary Art (KeyBank N.A. LOC), 2.11%, 9/9/08		5,100		5,100
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Series 2003, Vail Mountain School Project (KeyBank N.A. LOC), 2.11%, 9/9/08		10,100		10,100
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Series 2005, Kent Denver School Project (Bank of New York LOC), 1.88%, 9/9/08		5,200		5,200
Colorado Health Facilities Authority Revenue Refunding VRDB, Covenant Retirement (Bank of America N.A. LOC), 1.80%, 9/9/08		5,500		5,500
Colorado Health Facilities Authority Revenue VRDB, Series 2004B, Adventist Health System Sunbelt (SunTrust Bank LOC), 1.80%, 9/9/08		4,595		4,595

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.6% - CONTINUED
Colorado - 3.3% - (continued)
Traer Creek Metropolitan District Revenue VRDB, Series 2004 (BNP Paribas LOC), 1.85%, 9/9/08	$	200	$	200

				32,770

District of Columbia - 1.2%
District of Columbia Revenue VRDB, Series 2001, Henry J. Kaiser Foundation, 1.84%, 9/9/08		1,200		1,200
District of Columbia Revenue VRDB, Series 2007, Latin American Youth Center (Manufacturers & Traders Trust Co. LOC), 1.89%, 9/9/08		3,985		3,985
District of Columbia Water and Sewer Revenue Bonds, Citicorp Eagle Trust 8121A (FSA Corp. Insured), ⁽¹⁾ 1.97%, 9/9/08		7,000		7,000

				12,185

Florida - 8.0%
Bay Medical Center Hospital Revenue Bonds, Series 2007-B, Bay Medical Center Project (Regions Bank LOC), 1.88%, 9/9/08		9,700		9,700
Capital Trust Agency Housing Revenue VRDB, Series 2008-A, Atlantic Housing Foundation (FNMA LOC), 1.98%, 9/9/08		14,470		14,470
Citizens Property Insurance Corp. Revenue Notes, Series 2008 A-2, 4.50%, 6/1/09		10,000		10,072
Escambia County PCR Refunding VRDB, Gulf Power, 2.42%, 9/2/08		9,300		9,300
Gainesville Utility System Revenue VRDB, Series 2008-B, 1.80%, 9/9/08		7,335		7,335
Highlands County Health Facilities Authority Revenue VRDB, Series 1997A, Adventist Health System Sunbelt (SunTrust Bank LOC), 1.80%, 9/9/08		1,400		1,400
Jacksonville Health Facilities Authority Hospital Revenue VRDB, Series 2001, Baptist Medical Center Project (Wachovia Bank N.A. LOC), 2.45%, 9/2/08		100		100
JEA Florida Electric System Revenue VRDB, Series 2008 Three-D-2, 1.78%, 9/9/08		3,300		3,300
Lee County IDA Healthcare Facilities Revenue VRDB, Series 1999B, Shell Point Village Project (Bank of America N.A. LOC), 1.80%, 9/9/08		1,850		1,850
Orange County School Board COPS VRDB, Series 2008-B (Assured Guaranty Insured), 1.83%, 9/9/08		10,700		10,700
Sunshine Government Financing Authority CP, Series L, Miami-Dade (Dexia Bank Belgium LOC), 1.70%, 12/4/08		10,000		10,000
Tampa Revenue Refunding VRDB, Series 2007, Volunteers of America (Regions Bank LOC), 1.89%, 9/9/08		1,000		1,000

				79,227

Georgia - 4.1%
Bartow County Development Authority PCR VRDB, Bowen Project, 2.42%, 9/2/08		2,400		2,400

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.6% - CONTINUED
Georgia - 4.1% - (continued)
Fulton County Development Authority Revenue Bonds, Series 1999, Alfred and Adele Davis (Branch Banking & Trust Co. LOC), 1.86%, 9/9/08	$	12,125	$	12,125
Fulton County Residential Care Facilities Revenue VRDB, Series C, Lenbrook Project, First Mortgage (Royal Bank of Scotland PLC LOC), 1.85%, 9/9/08		800		800
Macon-Bibb County Hospital Authority Revenue VRDB, Series 2003, Revenue Anticipation Certificates, Medical Center of Central Georgia (SunTrust Bank LOC), 1.85%, 9/9/08		2,600		2,600
Macon Lease Revenue Refunding Bonds, Series 2004, Bibb County School District Project, 1.85%, 9/9/08		2,185		2,185
Monroe County Development Authority PCR VRDB, Georgia Power, 2.42%, 9/2/08		2,465		2,465
Private Colleges and Universities Authority Revenue VRDB, Series 2008A, Emory University, 1.75%, 7/7/09		3,000		3,000
Richmond County Authority Revenue VRDB, Series 2008-A, MCG Health, Inc. Project (UBS AG LOC), 1.90%, 9/9/08		7,500		7,500
Smyrna Multifamily Housing Authority Revenue Bonds, Series 1997, F& M Villages Project (FNMA Gtd.), 2.05%, 9/9/08		7,220		7,220

				40,295

Illinois - 12.9%
Arlington Heights Multifamily Housing Revenue Refunding VRDB, Series 1997, Dunton Tower Apartments Project (Marshall & Ilsley Bank LOC), 1.84%, 9/9/08		3,980		3,980
City of Springfield Community Improvement Revenue VRDB, Series 2007A, Abraham Lincoln (Harris N.A. LOC), 1.94%, 9/9/08		5,000		5,000
DuPage County Revenue VRDB, Benedictine University Building Project (National City Bank LOC), 2.36%, 9/9/08		300		300
Illinois Educational Facilities Authority Revenue Bonds, Series B-3, University of Chicago, 1.95%, 5/5/09		3,000		3,000
Illinois Finance Authority Revenue Bonds, Series 2006A, Chicago Christian (Fifth Third Bank LOC), 1.98%, 9/9/08		455		455
Illinois Finance Authority Revenue VRDB, Series 2007-B, Sedgebrook, Inc. (Lloyds TSB Bank LOC), 1.80%, 9/9/08		19,500		19,500
Illinois Finance Authority Revenue VRDB, Series 2008, Marwen Foundation Project (Bank of New York LOC), 1.90%, 9/9/08		5,080		5,080
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), 1.99%, 9/9/08		3,000		3,000
Illinois State G.O., Citigroup ROCS RR-II-R-11165, ⁽¹⁾ 1.79%, 9/9/08		4,025		4,025

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.6% - CONTINUED
Illinois - 12.9% - (continued)
Illinois State Sales TRB, Citigroup ROCS RR-II-R-4542,⁽¹⁾ 1.79%, 9/9/08	$	3,895	$	3,895
Illinois State Tollway Highway Authority Revenue Refunding VRDB, Series 2008A-2, Senior Priority, 2.20%, 9/9/08		40,000		40,000
Illinois State Tollway Highway Authority Revenue VRDB, Series A-1, Senior Priority, 1.90%, 9/9/08		2,300		2,300
Kane County Revenue Bonds, Series 1993, Glenwood School for Boys (Harris N.A. LOC), 2.35%, 9/9/08		6,000		6,000
Morton Grove Cultural Facilities Revenue VRDB, Series 2006, Holocaust Museum (Bank of America N.A. LOC), 1.98%, 9/9/08		9,500		9,500
Peoria IDR Bonds, Series 1997, Peoria Production Shop Project (JPMorgan Chase Bank LOC), 2.85%, 9/9/08		555		555
Rockford Revenue Bonds, Series 2002, Wesley Willows Obligation (Marshall & Ilsley Bank LOC), 2.40%, 9/2/08		1,575		1,575
Rockford Revenue Bonds, Series 2007, Wesley Willows Obligation (Marshall & Ilsley Bank LOC), 2.40%, 9/2/08		2,300		2,300
Will County Revenue VRDB, Series 2004, Joliet Catholic Academy Project (Harris N.A. LOC), 1.94%, 9/9/08		6,250		6,250

				126,715

Indiana - 2.6%
Indiana Bond Bank Revenue Notes, Series 2008-A, Advance Funding Program Notes, 3.00%, 1/30/09		10,000		10,036
Indiana Bond Bank Revenue Notes, Series 2008-A, Midyear Funding Program Notes, 3.00%, 5/28/09		5,000		5,043
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Citigroup ROCS RR-II-R-10246, Ascension Health, ⁽¹⁾ 1.79%, 9/9/08		7,900		7,900
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Series 2005A, Howard Regional Health System Project (Comerica Bank LOC), 2.48%, 9/2/08		900		900
Indiana Health Facility Financing Authority Revenue VRDB, Series 2000, Senior Living Greencroft Project (Bank of America N.A. LOC), 1.82%, 9/9/08		1,161		1,161
Indiana Health Facility Financing Authority Revenue VRDB, Series 2004A, Margaret Mary Community Hospital Project (Fifth Third Bank LOC), 2.48%, 9/2/08		800		800

				25,840

Iowa - 1.4%
Iowa Finance Authority Revenue VRDB, Series 2000, YMCA and Rehab Center Project (Bank of America N.A. LOC), 1.95%, 9/9/08		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), 1.85%, 9/9/08		3,100		3,100
Iowa Higher Education Loan Authority Revenue Bonds, Series 2002, Luther College Project (U.S. Bank N.A. LOC), 1.80%, 9/9/08		3,000		3,000

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.6% - CONTINUED
Iowa - 1.4% - (continued)
Iowa Higher Education Loan Authority Revenue VRDB, Private College, Series 2003, Des Moines University Project (Allied Irish Bank LOC), 2.48%, 9/2/08	$	200	$	200
Iowa State School Cash Anticipation Program Warrant, Certificates, Series 2008-A (FSA Corp. Insured), 3.50%, 6/25/09		5,000		5,070

				13,470

Kansas - 0.5%
Kansas Development Finance Authority Revenue VRDB, Series 1998BB, Shalom Village Obligation Group (Citibank N.A. LOC), 1.81%, 9/9/08		4,760		4,760

Kentucky - 0.8%
Fort Mitchell League of Cities Revenue VRDB, Series 2002A, Trust Lease Program (U.S. Bank N.A. LOC), 1.86%, 9/9/08		2,150		2,150
Kentucky Asset Liability Commission General Fund TRANS, Series 2008-A, 3.00%, 6/25/09		5,000		5,049
Morehead League of Cities Revenue VRDB, Series 2004A, Trust Lease Program (U.S. Bank N.A. LOC), 1.86%, 9/9/08		450		450

				7,649

Louisiana - 2.2%
Jefferson Parish Hospital Revenue Refunding VRDB, Series 2004, East Jefferson General Hospital (JPMorgan Chase Bank LOC), 2.85%, 9/9/08		1,700		1,700
Lake Charles Harbor & Terminal District Revenue Bonds, Cogeneration Project (Rabobank Group GIC), 2.25%, 3/15/09		20,000		20,000

				21,700

Maryland - 2.2%
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds, Series 2003-B, Sheppard Pratt (SunTrust Bank LOC), 1.85%, 9/9/08		5,000		5,000
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2005A, Adventist Healthcare (Bank of America N.A. LOC), 1.80%, 9/9/08		11,400		11,400
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008-H, University of Maryland Medical System (Manufacturers & Traders Co. LOC), 1.84%, 9/9/08		5,000		5,000

				21,400

Massachusetts - 9.7%
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Northfield Mount Hermon (JPMorgan Chase Bank LOC), 1.90%, 9/9/08		23,355		23,355
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Seashore Port-Deaconess, Inc. (Banco Santander Central Hispano LOC), 1.72%, 9/9/08		800		800
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007-B, Linden Ponds, Inc. (Fifth Third Bank LOC), 1.72%, 9/9/08		4,600		4,600
Massachusetts State G.O. CP, Series H, 1.45%, 10/3/08		40,000		40,000
Massachusetts State Health and Educational Facilities Revenue VRDB, Series 2008-A, South Shore Property (Wachovia Bank N.A. LOC), 1.83%, 9/9/08		10,000		10,000

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.6% - CONTINUED
Massachusetts - 9.7% - (continued)
Massachusetts Water Resources Authority Revenue Refunding VRDB, Series 2008-F, 1.75%, 9/9/08	$	1,500	$	1,500
Massachusetts Water Resources Authority Tax Exempt CP Notes, Series 2008 (State Street Bank & Trust LOC), 1.55%, 9/4/08		15,000		15,000

				95,255

Minnesota - 0.9%
Center City, Minnesota Healthcare Facilities Revenue VRDB, Series 2002, Hazelden Foundation Project (Allied Irish Bank LOC), 1.87%, 9/9/08		2,300		2,300
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 2007-6Q, Concordia University St. Paul (U.S. Bank N.A. LOC), 2.63%, 9/2/08		1,300		1,300
Rochester Health Care Facilities Revenue VRDB, Series E, Mayo Clinic, 1.68%, 5/7/09		5,000		5,000

				8,600

Mississippi - 1.3%
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007-D, Chevron USA, Inc. Project, 2.50%, 9/2/08		1,250		1,250
Mississippi Business Finance Corp. Revenue VRDB, Series 600, Concourse Project (Regions Bank LOC), 1.92%, 9/9/08		3,000		3,000
Mississippi Business Finance Corp. Revenue VRDB, Series 2000, St. Andrew’s Episcopal School Project (Allied Irish Bank LOC), 1.88%, 9/9/08		1,920		1,920
Mississippi Business Finance Corp. Revenue VRDB, Series 2007, Gulfport Promenade Project (Regions Bank LOC), 1.89%, 9/9/08		7,000		7,000

				13,170

Missouri - 1.2%
Chesterfield IDA Educational Facilities Revenue VRDB, Series 2003, Gateway Academy, Inc. Project (U.S. Bank N.A. LOC), 2.48%, 9/2/08		390		390
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Coach House South Apartments (FHLMC LOC), 1.95%, 9/9/08		1,800		1,800
Missouri State Health and Educational Facilities Authority Revenue Bonds, Series C-2, Ascension Health, 1.75%, 3/3/09		5,000		5,000
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 1999B, St. Louis University, 2.48%, 9/2/08		2,415		2,415
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2002, Missouri Baptist College (U.S. Bank N.A. LOC), 2.48%, 9/2/08		2,100		2,100
St. Charles County IDA Revenue Refunding VRDB, Series 1993, Remington Apartments Project (FNMA Gtd.), 1.92%, 9/9/08		100		100

				11,805

Nevada - 1.5%
Carson City Hospital Revenue VRDB, Series 2003-B, Tahoe Hospital Project (U.S. Bank N.A. LOC), 1.80%, 9/9/08		2,800		2,800

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.6% - CONTINUED
Nevada - 1.5% - (continued)
Las Vegas Economic Development Revenue VRDB, Series A, Keep Memory Alive Project (Bank of New York LOC), 1.85%, 9/9/08	$	11,800	$	11,800

				14,600

New Mexico - 0.9%
New Mexico Finance Authority Refunding Revenue Bonds, Subseries 2008 B-2 (UBS AG LOC), 1.90%, 9/9/08		9,200		9,200

North Carolina - 1.9%
Charlotte G.O. VRDB, 1.85%, 9/9/08		5,700		5,700
New Hanover County G.O. School Bonds, Series 1995, 1.95%, 9/9/08		2,250		2,250
North Carolina Medical Care Commission Healthcare Facilities Revenue Refunding VRDB, Series 2007, Lutheran Retirement Project (SunTrust Bank LOC), 1.84%, 9/9/08		9,700		9,700
University of North Carolina Revenue Bonds, Citigroup Eagle 720053014 Class 2005A, ⁽¹⁾ 1.80%, 9/9/08		800		800

				18,450

Ohio - 6.2%
Allen County Hospital Facilities Revenue VRDB, Series 2008-D, Catholic Healthcare (Wachovia Bank N.A. LOC), 1.85%, 9/9/08		5,400		5,400
Cleveland-Cuyahoga County Port Authority Revenue VRDB, Series 2005-B, Museum of Art Project, 1.87%, 9/9/08		7,500		7,500
Franklin County Hospital Revenue Refunding VRDB, Series 1996-B, U.S. Health Corp. of Columbus (Citibank N.A. LOC), 1.77%, 9/9/08		100		100
Middletown Development Revenue Bonds, Series 2003, Bishop Fenwick High School Project (JPMorgan Chase Bank LOC), 1.77%, 9/9/08		2,445		2,445
Ohio State Air Quality Development Authority PCR VRDB, Series 2008-A, Firstenergy (Barclays Bank PLC LOC), 2.42%, 9/2/08		800		800
Ohio State Air Quality Development Authority Revenue Refunding VRDB, Series 2006A, Pollution Control, Firstenergy (KeyBank N.A. LOC), 1.89%, 9/9/08		38,000		38,000
Ohio State Higher Educational Facilities Revenue Refunding VRDB, Series 2008-A, Xavier University (U.S. Bank N.A. LOC), 1.90%, 9/9/08		1,775		1,775
Ohio State Higher Educational Facilities Revenue VRDB, Series 2007, Ohio Dominican University Project (JPMorgan Chase Bank LOC), 1.87%, 9/9/08		700		700
Warren County Health Care Facilities Revenue VRDB, Series 1998-B, Otterbein Homes, Improvement (Fifth Third Bank LOC), 1.90%, 9/9/08		4,465		4,465

				61,185

Oklahoma - 2.1%
Edmond EDA Student Housing Revenue VRDB, Series 2001A, Edmond Project (Allied Irish Bank LOC), 1.84%, 9/9/08		4,200		4,200
Oklahoma Turnpike Authority Revenue Refunding VRDB, Series B, 1.77%, 9/9/08		6,670		6,670

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.6% - CONTINUED
Oklahoma - 2.1% - (continued)
Oklahoma Turnpike Authority Revenue Refunding VRDB, Series C, 1.77%, 9/9/08	$	9,405	$	9,405

				20,275

Oregon - 0.5%
State of Oregon G.O., Series 2008-A, TRANS, 3.00%, 6/30/09		5,000		5,053

Pennsylvania - 0.6%
Berks County Municipal Authority Revenue VRDB, Series 2008-A, Phoebe-Devitt Home Project (Banco Santander Central Hispano LOC), 1.80%, 9/9/08		6,000		6,000

South Carolina - 1.6%
Piedmont Municipal Power Agency Revenue VRDB, Series 2008-C (Assured Guaranty Insured), 1.90%, 9/9/08		12,500		12,500
South Carolina Educational Facilities Authority Revenue VRDB, Series 2008, Coker College (Wachovia Bank N.A. LOC), 1.90%, 9/9/08		3,410		3,410

				15,910

South Dakota - 1.0%
South Dakota Health and Educational Facilities Authority Revenue VRDB, Series 2008-C, Avera Health (Allied Irish Bank LOC), 1.87%, 9/9/08		10,000		10,000

Tennessee - 2.3%
Blount County Public Building Authority Revenue VRDB, Local Government Public Improvement, 2.42%, 9/2/08		4,900		4,900
Chattanooga Health Educational and Housing Facility Board Revenue VRDB, Series 2004A, Tennessee Health Program-Cumberland Medical (AmSouth Bank Birmingham LOC), 1.87%, 9/9/08		8,300		8,300
Clarksville Public Building Authority Revenue Bonds, Series 2003, Pooled Financing Tennessee Municipal Bond Fund (Bank of America N.A. LOC), 2.45%, 9/2/08		630		630
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2002, University of Nashville Project (SunTrust Bank LOC), 1.85%, 9/9/08		1,300		1,300
Tennergy Corp. Gas Revenue Bonds, STARS Trust Receipts 1260B (BNP Paribas LOC), ⁽¹⁾ 1.87%, 9/9/08		5,390		5,390
Williamson County IDB Revenue Bonds, Series 2003, Currey Ingram Academy Project (SunTrust Bank LOC), 2.05%, 9/9/08		2,160		2,160

				22,680

Texas - 16.9%
City of Houston G.O. CP Notes, 1.62%, 12/8/08		5,000		5,000
Granbury Independent School District G.O., Series 1999 SG-129 (PSF of Texas Gtd.), ⁽¹⁾ 1.84%, 9/9/08		4,815		4,815
Grand Prairie Independent School District G.O. VRDB, Building Bonds (PSF of Texas Gtd.), 1.90%, 8/1/09		5,000		5,000
Harris County Cultural Education Facilities Finance Corp. Revenue VRDB, Subseries C-1, Methodist Hospital, 1.60%, 11/18/08		5,000		5,000
Harris County Health Facilities Development Corp. Hospital Revenue VRDB, Series 2007-B, Baylor College Medicine (JPMorgan Chase Bank LOC), 1.80%, 9/9/08		28,300		28,300

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.6% - CONTINUED
Texas - 16.9% - (continued)
HFDC of Central Texas, Inc. Retirement Facilities Revenue Bonds, Series 2006B (BNP Paribas LOC), 1.82%, 9/9/08	$	7,100	$	7,100
Houston Independent School District G.O. VRDB, Series 2004, Schoolhouse (PSF of Texas Gtd.), 1.85%, 6/15/09		10,000		10,000
Irving Independent School District G.O., VRDB, Series 2004-B (PSF of Texas Gtd.), 1.85%, 2/1/09		15,850		15,850
Little Elm School District G.O., Series 2006-60, ABN AMRO Munitops Certificate Trust (PSF of Texas Gtd.), ⁽¹⁾ 1.91%, 9/9/08		9,040		9,040
Princeton Independent School District G.O., Soc Gen Series 2003 SGB-41 (PSF of Texas Gtd.), ⁽¹⁾ 1.83%, 9/9/08		4,750		4,750
San Antonio City Electric and Gas, Wachovia MERLOTS, Series 2001A68 (Collateralized by U.S. Treasury Securities), ⁽¹⁾ 1.92%, 9/9/08		3,615		3,615
San Antonio City Hotel Occupancy Revenue Refunding VRDB, Series 2008, Sub Lien (Wachovia Bank N.A. LOC), 1.80%, 9/9/08		13,800		13,800
Tarrant County Health Facilities Development Corp. Revenue VRDB, Series 1996-A, Adventist Health System Sunbelt (SunTrust Bank LOC), 1.80%, 9/9/08		5,045		5,045
Texas A&M University Revenue Bonds, Series 2003A ROCS RR-II-R-4005, ⁽¹⁾ 1.79%, 9/9/08		4,725		4,725
Texas City Industrial Development Corp., Wachovia MERLOTS, Series 2000-A34, Arco Pipeline Project, ⁽¹⁾ 2.07%, 9/9/08		3,825		3,825
Texas TRANS, Series 2008, 3.00%, 8/28/09		40,000		40,553

				166,418

Utah - 0.5%
Utah Water Finance Agency Revenue VRDB, Series 2008-B,⁽¹⁾ 1.90%, 9/9/08		3,900		3,900
Utah Water Finance Agency Revenue VRDB, Series 2008 B-3, 1.90%, 9/9/08		800		800

				4,700

Washington - 2.5%
Energy Northwest Electric Revenue Refunding VRDB, Subseries 2008 F-1, Project 3, 1.85%, 9/9/08		20,000		20,000
Washington State Finance Commission Nonprofit Housing Revenue Refunding VRDB, Series 1997, Panorama City Project (KeyBank N.A. LOC), 2.58%, 9/2/08		920		920
Washington State Finance Commission Nonprofit Housing Revenue VRDB, Series 2000, Living Care Centers Project (Wells Fargo Bank N.A. LOC), 1.64%, 9/9/08		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), 1.95%, 9/9/08		1,865		1,865

				24,830

MONEY MARKET PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.6% - CONTINUED
Wisconsin - 1.2%
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2002, Meriter Hospital, Inc. Project (Marshall & Ilsley Bank LOC), 2.48%, 9/2/08	$	250	$	250
Wisconsin Health and Educational Facilities Authority Revenue Bonds, St. Joseph Community Hospital Project (Marshall & Ilsley Bank LOC), 1.85%, 9/9/08		455		455
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2003, Oakwood Village Project (Marshall & Ilsley Bank LOC), 1.85%, 9/9/08		560		560
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2005, Lutheran Home, Put Option (Marshall & Ilsley Bank LOC), 1.85%, 9/9/08		4,800		4,800
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2008-A, Meriter Hospital (U.S. Bank N.A. LOC), 2.45%, 9/2/08		5,600		5,600

				11,665

Wyoming - 0.2%
Uinta County PCR Refunding VRDB, Series 1992, Chevron U.S.A., Inc. Project (Chevron Corp. Gtd.), 2.50%, 9/2/08		1,935		1,935

Multiple States Pooled Security - 1.5%
BB&T Municipal Trust Revenue Bonds, Floaters Series 1007 (Branch Banking & Trust Co. LOC), ⁽¹⁾ 1.96%, 9/9/08		14,760		14,760

Total Municipal Investments (Cost $971,243)				971,243


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 1.1%
AIM Tax-Free Cash Reserve Portfolio		8,485,451		8,485
Lehman Brothers Institutional Liquidity Funds - Tax-Exempt Portfolio		2,452,812		2,453

Total Investment Companies (Cost $10,938)				10,938

Total Investments - 99.7% (Cost $982,181) ⁽²⁾				982,181

Other Assets less Liabilities - 0.3%				3,352

NET ASSETS - 100.0%			$	985,533

(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)

The cost for federal income tax purposes was $982,181.

Percentages shown are based on Net Assets.

At August 31, 2008, the industry sectors for the Tax-Exempt Portfolio were:


INDUSTRY SECTOR	% OF NET ASSETS
Air, Water Services and Solid Waste Management	7.8	%
Educational Services	13.2	%
Electric Services and Gas & Combined Utilities	8.8	%
Executive, Legislative and General Government	24.8	%
General Medical, Surgical and Nursing and Personal Care	8.8	%
Health Services and Residential Care	11.3	%
Urban and Community Development, Housing Programs and Social Services	7.2	%
All other sectors less than 5%	18.1	%

Total	100.0	%

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO (continued)

AUGUST 31, 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 Tax Exempt Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2008:


Valuation level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	10,938	$	—
Level 2		971,243		—
Level 3		—		—

Total	$	982,181	$	—

*	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)

AUGUST 31, 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

COPS Certificates of Participation

CP Commercial Paper

EDA Economic Development Authority

FHLMC Federal Home Loan Mortgage Corp.

FNMA Fannie Mae

FSA Financial Security Assurance

GIC Guaranteed Investment Contract

G.O. General Obligation

Gtd. Guaranteed

IDA Industrial Development Authority

IDB Industrial Development Board

IDR Industrial Development Revenue

LOC Letter of Credit

MERLOTS Municipal Exempt Receipts Liquidity Optional Tender

PCR Pollution Control Revenue

PSF Permanent School Fund

ROCS Reset Option Certificates

SGB Societe Generale Bank

Soc Gen Societe Generale

STARS Short Term Adjustable Rate Securities

TANS Tax Anticipation Notes

TRANS Tax and Revenue Anticipation Notes

TRB Tax Revenue Bonds

TSB Trustee Savings Bank

VRDB Variable Rate Demand Bonds

MONEY MARKET PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2%
Alabama - 0.8%
Birmingham Medical Clinic Board Revenue Bonds, University of Alabama Health Services (SunTrust Bank LOC), 1.85%, 9/9/08	$	4,000	$	4,000
Birmingham Public Park and Recreation Board Lease Revenue VRDB, Series 2001, Barber Museum Project (Regions Bank LOC), 1.92%, 9/9/08		16,000		16,000
Health Care Authority for Baptist Revenue VRDB, Series 2006-C (AmSouth Bank Birmingham LOC), 1.85%, 9/9/08		11,600		11,600
Mobile Spring Hill Medical Clinic Board Revenue VRDB, Series 2007, Spring Hill Area Leasing Project (Regions Bank LOC), 1.92%, 9/9/08		3,615		3,615

				35,215

Arizona - 2.6%
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-1, The Terraces Project (Lloyds TSB Bank LOC), 1.81%, 9/9/08		10,000		10,000
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-2, The Terraces Project (Lloyds TSB Bank LOC), 1.81%, 9/9/08		1,270		1,270
Arizona Health Facilities Authority Revenue Refunding Bonds, Series 2007, The Terraces Project (Lloyds TSB Bank LOC), 1.83%, 9/9/08		13,000		13,000
Arizona Health Facilities Authority Revenue VRDB, Series 2002, Royal Oaks Project (Bank of America N.A. LOC), 1.80%, 9/9/08		18,140		18,140
Arizona School District TANS Financing Program COPS, Series 2008, 3.00%, 7/30/09		9,000		9,110
Arizona Sports & Tourism Authority Revenue Refunding VRDB, Series 2008, Multipurpose Stadium (Allied Irish Bank LOC), 1.85%, 9/9/08		800		800
Arizona State Board of Regents University System Revenue Refunding VRDB, Series 2008-A (Lloyds TSB Bank LOC), 1.75%, 9/9/08		6,340		6,340
Phoenix Civic Improvement Corp. CP (Dexia Bank Belgium LOC), 1.55%, 10/9/08		7,000		7,000
Phoenix G.O. Floaters, Series 2012, BB&T Municipal Trust Various States, ⁽¹⁾ 1.84%, 9/9/08		10,375		10,375
Pima County IDA Revenue VRDB, Series 2002A, Senior Living Facilities La Posada (Bank of America N.A. LOC), 1.80%, 9/9/08		16,745		16,745
Salt River Project Agricultural Improvement and Power District Electric System Revenue Bonds, Citigroup ROCS RR-II-R-12029, ⁽¹⁾ 1.80%, 9/9/08		6,890		6,890
Salt River Project Agricultural Improvement and Power District Revenue Bonds, Putters Series 2658,⁽¹⁾ 1.87%, 9/9/08		3,650		3,650
Tempe IDA Senior Living Revenue VRDB, Series 2002C, Friendship Village Project (Fortis Bank LOC), 1.83%, 9/9/08		7,900		7,900
Tuscon IDA Revenue VRDB, Series 2002A, Family Housing Resources Projects (FNMA LOC), 1.84%, 9/9/08		4,900		4,900
Yavapai County IDA Hospital Facilities Revenue Refunding VRDB, Series 2008A, Yavapai Regional Medical Center (UBS AG LOC), 1.90%, 9/9/08		2,300		2,300

				118,420

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
California - 1.1%
California State Department of Water Resources and Power Supply Revenue VRDB, Series 2002C-1 (Dexia Credit Local LOC), 1.58%, 9/9/08	$	3,700	$	3,700
California State Department of Water Resources and Power Supply Revenue VRDB, Subseries G3 (FSA Corp. Insured), 1.90%, 9/9/08		900		900
California State Economic Recovery Revenue VRDB, Series 2004C-16 (FSA Corp. Insured), 1.70%, 9/9/08		200		200
Orange County Housing Authority Apartment Development Revenue Refunding VRDB, Series 1998 I, Oasis Martinique (FNMA Gtd.), 1.60%, 9/9/08		28,160		28,160
State of California G.O. VRDB, Series 2004A9, Kindergarten-University Public Education Facilities (Citibank N.A. LOC), 1.58%, 9/9/08		19,500		19,500

				52,460

Colorado - 2.5%
Base Village Metropolitan District Number 2 G.O. VRDB, Limited Tax, Junior Series 2008-B (U.S. Bank N.A. LOC), 1.84%, 9/9/08		6,510		6,510
Castle Pines North Metropolitan District G.O. Refunding VRDB, Series 2006-C, Limited Tax (U.S. Bank N.A. LOC), 1.85%, 9/9/08		2,715		2,715
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Concordia University Irvine Project (U.S. Bank N.A. LOC), 2.63%, 9/2/08		4,395		4,395
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Immanuel Lutheran School Project (Bank of America N.A. LOC), 2.63%, 9/2/08		6,325		6,325
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Series 2005, Bear Creek School Project (U.S. Bank N.A. LOC), 1.80%, 9/9/08		7,050		7,050
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Series 2006, Pueblo Serra Worship Holdings (Wells Fargo Bank N.A. LOC), 1.86%, 9/9/08		7,890		7,890
Colorado Health Facilities Authority Revenue VRDB, Series 2002, Total Longterm Care Project (U.S. Bank N.A. LOC), 1.84%, 9/9/08		3,255		3,255
Colorado Health Facilities Authority Revenue VRDB, Series 2004B, Adventist Health System Sunbelt (SunTrust Bank LOC), 1.80%, 9/9/08		11,260		11,260
Colorado Health Facilities Authority Revenue VRDB, Series 2006-A, Golden West Manor (U.S. Bank N.A. LOC), 1.85%, 9/9/08		2,480		2,480
Colorado Springs School District Number 11 Facilities Corp. Refunding COPS, Series 2004 (FSA Corp. Insured), 2.05%, 9/9/08		3,375		3,375
Denver Urban Renewal Authority Tax Increment Revenue VRDB, Series 2008 A-2, Tax Allocation, Stapleton (U.S. Bank N.A. LOC), 1.85%, 9/9/08		800		800
Larkridge G.O. VRDB, Series 2004, Metropolitan District Number 1 (U.S. Bank N.A. LOC), 1.89%, 9/9/08		10,000		10,000
Steamboat Springs Redevelopment Authority Tax Increment Revenue Bonds, Series 2007, Base Area Redevelopment Project (Wells Fargo Bank N.A. LOC), 1.75%, 9/9/08		6,100		6,100
Telluride Excise Tax Revenue VRDB, Series 2007, VY Floor Open Space Project (KeyBank N.A. LOC), 1.95%, 9/9/08		8,760		8,760

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Colorado - 2.5% - (continued)
Traer Creek Metropolitan District Revenue VRDB, Series 2002, Avon (BNP Paribas LOC), 1.85%, 9/9/08	$	14,310	$	14,310
Traer Creek Metropolitan District Revenue VRDB, Series 2004 (BNP Paribas LOC), 1.85%, 9/9/08		10,200		10,200
Westminster EDA Tax Increment Revenue Refunding VRDB, Series 2006, Mandalay Gardens Urban (Depfa Bank PLC LOC), 1.85%, 9/9/08		9,955		9,955

				115,380

District of Columbia - 1.8%
District of Columbia G.O., Citi ROCS RR-II-R-11180WF (Wells Fargo & Co. Gtd.), ⁽¹⁾ 1.89%, 9/9/08		18,885		18,885
District of Columbia G.O. Refunding VRDB, Series 2008-A (Allied Irish Bank LOC), 1.90%, 9/9/08		4,285		4,285
District of Columbia G.O. Refunding VRDB, Series 2008-C (Dexia Credit Local LOC), 1.80%, 9/9/08		12,000		12,000
District of Columbia Revenue VRDB, Series 1999, The Washington Home, Inc. (Wachovia Bank N.A. LOC), 1.82%, 9/9/08		8,890		8,890
District of Columbia Revenue VRDB, Series 2001, Henry J. Kaiser Foundation, 1.84%, 9/9/08		4,700		4,700
District of Columbia Revenue VRDB, Series 2003, American Psychological Association Project (Bank of America N.A. LOC), 1.92%, 9/9/08		2,355		2,355
District of Columbia Revenue VRDB, Series 2007, Preparatory Academy (Manufacturers & Traders Trust Co. LOC), 1.89%, 9/9/08		9,580		9,580
District of Columbia Revenue VRDB, Series 2008, American Legacy Foundations, 1.87%, 9/9/08		6,000		6,000
District of Columbia Revenue VRDB, Series 2008, Kipp D.C. (Manufacturers & Traders Trust Co. LOC), 1.84%, 9/9/08		14,000		14,000

				80,695

Florida - 12.9%
Brevard County Health Facilities Authority Revenue VRDB, Series 2004, Wuesthoff Health Systems, Inc. Project (SunTrust Bank LOC), 1.85%, 9/9/08		12,900		12,900
Broward County Educational Facilities Authority Revenue Bonds, City College Project (Citibank N.A. LOC), 1.80%, 9/9/08		10,115		10,115
Charlotte County Utility Revenue Refunding VRDB, Series 2003A (FSA Corp. Insured), 1.99%, 9/9/08		5,700		5,700
Citizens Property Insurance Corp. Revenue Notes, Series 2008 A-2, Senior Secured, 4.50%, 6/1/09		42,000		42,307
Collier County Educational Facilities Authority Revenue VRDB, Series 2008, Ave Maria University Project (Fifth Third Bank LOC), 1.86%, 9/9/08		6,000		6,000
Escambia County PCR Refunding VRDB, Gulf Power, 2.42%, 9/2/08		8,300		8,300

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Florida - 12.9% - (continued)
Florida Gas Utility Revenue VRDB, Series 2006, Gas Supply Project Number 2-A-2, 1.90%, 9/9/08	$	4,700	$	4,700
Florida Housing Finance Corp. Multifamily Revenue Bonds, Series 53G-2007, Goldman Floater (Goldman Sachs Group, Inc. Gtd.), ⁽¹⁾ 1.88%, 9/9/08		20,000		20,000
Florida Housing Finance Corp. Multifamily Revenue Refunding Bonds, Series 1998, South Pointe Project (FNMA Insured), 2.00%, 9/9/08		3,900		3,900
Florida Housing Finance Corp. Multifamily Revenue Refunding VRDB, Series 2004, Lakeside North (FHLMC Gtd.), 1.89%, 9/9/08		2,400		2,400
Florida Housing Finance Corp. Multifamily Revenue Refunding VRDB, Series 2004, Maitland Apartments (FHLMC Gtd.), 1.93%, 9/9/08		19,675		19,675
Florida Housing Finance Corp. Multifamily Revenue Refunding VRDB, Series C, Monterey Lake (FHLMC LOC), 2.00%, 9/9/08		7,325		7,325
Florida Housing Finance Corp. Multifamily Revenue Refunding VRDB, Series K, Reflections (FHLMC Gtd.), 1.98%, 9/9/08		13,500		13,500
Florida Housing Finance Corp. Multifamily Revenue VRDB, Series 2008 L, Hudson Ridge Apartments (FHLB LOC), 1.98%, 9/9/08		11,250		11,250
Florida Keys Aqueduct Authority Water Revenue Refunding VRDB, Series 2008 (Toronto-Dominion Bank LOC), 1.79%, 9/9/08		10,500		10,500
Florida Multifamily Housing Finance Agency Revenue Bonds, Series 1985, Huntington (FHLMC Gtd.), 1.94%, 9/9/08		4,000		4,000
Florida Multifamily Housing Finance Agency Revenue Bonds, Series 1985, River Oaks (FHLMC Insured), 1.97%, 9/9/08		3,900		3,900
Florida State Board of Education G.O., Citigroup ROCS RR-II-R-10122, ⁽¹⁾ 1.73%, 9/9/08		4,175		4,175
Florida State Board of Education G.O., Eagle 720050054 - Class A, ⁽¹⁾ 1.80%, 9/9/08		10,000		10,000
Florida State Board of Education G.O., Series 2008-2, Bank of Montreal Floating Rate Certificates Securities Trust, Putters, ⁽¹⁾ 1.87%, 9/9/08		12,180		12,180
Florida State Board of Education Revenue Bonds, Series 2004, Citigroup ROCS RR-II-R-6037, ⁽¹⁾ 1.79%, 9/9/08		23,335		23,335
Gainesville Utility System Revenue VRDB, Series 2007-A, 1.83%, 9/9/08		900		900
Highlands County Health Facilities Authority Revenue Refunding VRDB, Series 2006-A, Adventist Health (FSA Corp. Insured), 2.00%, 9/9/08		15,135		15,135
Highlands County Health Facilities Authority Revenue VRDB, Series 1996A, Adventist Health System Sunbelt (SunTrust Bank LOC), 1.80%, 9/9/08		45,245		45,245
Highlands County Health Facilities Authority Revenue VRDB, Series 1997A, Adventist Health System Sunbelt (SunTrust Bank LOC), 1.80%, 9/9/08		14,505		14,505
Highlands County Health Facilities Authority Revenue VRDB, Series 2003B, Adventist Health System Sunbelt (SunTrust Bank LOC), 1.90%, 9/9/08		17,450		17,450

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Florida - 12.9% - (continued)
Highlands County Health Facilities Authority Revenue VRDB, Series 2007 A-2, Adventist Health System, 1.85%, 9/9/08	$	10,000	$	10,000
Jacksonville Health Facilities Authority Hospital Revenue VRDB, Series 2001, Baptist Medical Center Project (Wachovia Bank N.A. LOC), 2.45%, 9/2/08		500		500
Jacksonville Transportation Revenue VRDB, Series 2008-B, 1.80%, 9/9/08		13,500		13,500
JEA Florida Electric System Revenue Bonds, Series 2008 Three-D-2, 1.78%, 9/9/08		12,000		12,000
Lakeland Energy System Revenue Refunding VRDB, Series 2008-A (BNP Paribas LOC), 1.78%, 9/9/08		15,000		15,000
Lakeland Energy System Revenue Refunding VRDB, Series 2008-B (SunTrust Bank LOC), 2.42%, 9/2/08		10,000		10,000
Lee County HFA Multifamily Revenue Bonds, Series 1995-A, Forestwood Apartments Project (FNMA Gtd.), 1.96%, 9/9/08		11,085		11,085
Lee County IDA Healthcare Facilities Revenue VRDB, Series 1999B, Shell Point Village Project (Bank of America N.A. LOC), 1.80%, 9/9/08		9,535		9,535
Leesburg Hospital Revenue Refunding VRDB, Series 2008-A, Leesburg Regional (Regions Bank LOC), 1.87%, 9/9/08		4,655		4,655
Leesburg Hospital Revenue VRDB, The Villages Regional Hospital (Royal Bank of Scotland PLC LOC), 1.89%, 9/9/08		10,000		10,000
Marion County Hospital District Revenue Bonds, Series 2000, Munroe Regional Health System (AmSouth Bank Birmingham LOC), 1.85%, 9/9/08		7,000		7,000
Martin County Health Facilities Authority Hospital Revenue Refunding VRDB, Series 2007A, Martin Memorial Medical Center (Wachovia Bank N.A. LOC), 1.80%, 9/9/08		6,000		6,000
North Broward Hospital District Revenue Refunding VRDB, Series 2007, Broward Hospital (Wachovia Bank N.A. LOC), 1.85%, 9/9/08		10,000		10,000
Orange County Health Facilities Authority Revenue VRDB, Series 2008-D, Orlando Regional (SunTrust Bank LOC), 2.42%, 9/2/08		5,000		5,000
Orange County Housing Finance Authority Multifamily Revenue Refunding VRDB, Series 1997, Post Fountains Project (FNMA Gtd.), 2.00%, 9/9/08		2,550		2,550
Orange County IDA Revenue VRDB, Series 2007, Catholic Charities Center (SunTrust Bank LOC), 2.42%, 9/2/08		4,200		4,200
Orange County School Board COPS VRDB, Series 2008-B (Assured Guaranty Insured), 1.83%, 9/9/08		6,300		6,300
Orlando and Orange County Expressway Authority Revenue Refunding VRDB, Subseries 2008-B2 (SunTrust Bank LOC), 1.82%, 9/9/08		15,000		15,000
Orlando and Orange County Expressway Authority Revenue Refunding VRDB, Subseries 2008 B-4 (Wachovia Bank N.A. LOC), 1.77%, 9/9/08		23,100		23,100

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Florida - 12.9% - (continued)
Palm Beach County School Board COPS, Series 2002B (FSA Corp. Insured), 2.18%, 9/9/08	$	7,975	$	7,975
Palm Beach School Board COPS, Series 2013, BB&T Municipal Trust Floaters (Branch Banking & Trust Co., Inc. LOC), ⁽¹⁾ 1.82%, 9/9/08		10		10
Sarasota County Public Hospital District Revenue VRDB, Series B (Fifth Third Bank LOC), 1.81%, 9/9/08		14,700		14,700
Sarasota-Manatee Airport Authority Revenue Refunding VRDB, Series 2006 (SunTrust Bank LOC), 2.42%, 9/2/08		390		390
Seminole County IDA Revenue VRDB, Series 2007, Harvest Time International Project (Fifth Third Bank LOC), 2.02%, 9/9/08		9,600		9,600
St. Petersburg Health Facilities Authority Revenue VRDB, Series A1, Children’s Hospital (Wachovia Bank N.A. LOC), 1.86%, 9/9/08		22,200		22,200
Sunshine Government Finance Authority CP, Series L, Miami-Dade (Dexia Bank Belgium LOC), 1.70%, 12/4/08		30,000		30,000

				589,697

Georgia - 3.0%
Bartow County Development Authority PCR VRDB, Bowen Project, 2.42%, 9/2/08		700		700
Clayton County Housing Authority Revenue Bonds, Series 1985, Rivers Edge Development (FHLMC Gtd.), 1.93%, 9/9/08		1,500		1,500
Cobb County Housing Authority Multifamily Revenue VRDB, Series 1996, Post Bridge Project (FNMA Insured), 2.05%, 9/9/08		3,300		3,300
Cobb County Housing Authority Revenue Bonds, Post Mill Project (FNMA Gtd.), 2.05%, 9/9/08		2,000		2,000
Cobb County Kennestone Hospital Authority Revenue VRDB, Series A, Certificates (SunTrust Bank LOC), 1.86%, 9/9/08		20,000		20,000
Cobb County Multifamily Housing Authority Revenue Refunding VRDB, Series 1999, Six Flags Association (FHLMC LOC), 1.94%, 9/9/08		3,290		3,290
Fayette County Hospital Authority Revenue VRDB, Series 2007, RANS, Fayette Community Hospital Project (SunTrust Bank LOC), 1.85%, 9/9/08		8,000		8,000
Floyd County Development Authority Revenue VRDB, Series 2000, Darlington School Project (SunTrust Bank LOC), 1.90%, 9/9/08		2,800		2,800
Fulton County Development Authority Revenue Bonds, Series 2004, Holy Innocents Episcopal School Project (SunTrust Bank LOC), 1.85%, 9/9/08		1,500		1,500
Gainesville and Hall County Development Authority Revenue VRDB, Series 2007, GHCDA Economic Development Corp. Project (Dexia Bank Belgium LOC), 1.92%, 9/9/08		6,365		6,365
Gwinnett County Multifamily Housing Revenue VRDB, Series 1996, Post Corners Project (FNMA Gtd.), 1.95%, 9/9/08		4,300		4,300
Metro Atlanta Rapid Transit Sales Tax Revenue CP Notes, Series 2007-D, 1.67%, 10/2/08		22,000		22,000

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Georgia - 3.0% - (continued)
Monroe Country Development Authority PCR VRDB, Scherer Project, 2.47%, 9/2/08	$	3,900	$	3,900
Municipal Electric Authority of Georgia Revenue VRDB, Series B, Project 1 (Dexia Credit Local LOC), 1.85%, 9/9/08		28,275		28,275
Private Colleges and Universities Authority Revenue VRDB, Series 2008A, Emory University, 1.75%, 7/7/09		6,000		6,000
Richmond County Authority Revenue Anticipation Certificates, Series 2003, University Health Services, Inc. Project (SunTrust Bank LOC), 1.85%, 9/9/08		3,400		3,400
Richmond County Authority Revenue VRDB, Series 2008-A, MCG Health, Inc. Project (UBS AG LOC), 1.90%, 9/9/08		800		800
Roswell Housing Authority Multifamily Revenue Refunding VRDB, Series 1994, Wood Crossing Project (FHLMC LOC), 1.88%, 9/9/08		3,300		3,300
Roswell Housing Authority Multifamily Revenue Refunding VRDB, Series 1996, Azalea Park Apartments (FNMA Insured), 2.00%, 9/9/08		5,400		5,400
Roswell Housing Authority Multifamily Revenue Refunding VRDB, Series 2002, Chambrel at Roswell Project (FNMA Gtd.), 1.98%, 9/9/08		100		100
Smyrna Multifamily Housing Authority Revenue Bonds, Series 1997, F & M Villages Project (FNMA Gtd.), 2.05%, 9/9/08		1,350		1,350
State of Georgia G.O. VRDB, Series 2006 H-1, 1.85%, 9/9/08		10,800		10,800

				139,080

Idaho - 0.1%
Idaho Housing and Finance Association Nonprofit Facilities Revenue VRDB, Series 2008, College of Idaho Project (U.S. Bank N.A. LOC), 1.80%, 9/9/08		5,000		5,000

Illinois - 10.4%
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⁾ 1.84%, 9/9/08		11,320		11,320
City of Aurora Revenue VRDB, Series 2003, Community Counseling Center of Fox Valley Project (Harris N.A. LOC), 1.94%, 9/9/08		3,210		3,210
City of Chicago G.O. Refunding VRDB, Series 2005D, Project Refunding (FSA Corp. Insured), 2.04%, 9/9/08		34,490		34,490
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 VRDB, BAPS, Inc. Project (Comerica Bank LOC), 1.84%, 9/9/08		8,795		8,795
Illinois Development Finance Authority Revenue VRDB, Series 1994, Aurora Central Catholic High School Project (Allied Irish Bank LOC), 2.09%, 9/9/08		1,000		1,000

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Illinois - 10.4% - (continued)
Illinois Development Finance Authority Revenue VRDB, Series 1998, Wheaton Academy Project (Bank of America N.A. LOC), 1.86%, 9/9/08	$	9,000	$	9,000
Illinois Development Finance Authority Revenue VRDB, Series 2001, Oak Park Residence Corp. Project (Bank of America N.A. LOC), 1.90%, 9/9/08		1,650		1,650
Illinois Development Finance Authority Revenue VRDB, Series 2002, Roosevelt University Project (JPMorgan Chase Bank LOC), 1.87%, 9/9/08		10,000		10,000
Illinois Development Finance Authority Revenue VRDB, Series 2003, Mount Carmel High School Project (JPMorgan Chase Bank LOC), 1.87%, 9/9/08		11,900		11,900
Illinois Educational Facilities Authority Revenue Bonds, Series 1985, Cultural Pool (JPMorgan Chase Bank LOC), 1.88%, 9/9/08		10,790		10,790
Illinois Educational Facilities Authority Revenue Bonds, Series 2003B, Augustana College (Harris N.A. LOC), 1.86%, 9/9/08		6,790		6,790
Illinois Educational Facilities Authority Revenue Bonds, Series B-3, University of Chicago, 1.95%, 5/5/09		5,000		5,000
Illinois Educational Facilities Authority Revenue VRDB, Series 1999A, National Louis University (JPMorgan Chase Bank LOC), 1.90%, 9/9/08		10,150		10,150
Illinois Finance Authority PCR Refunding VRDB, Series 2008-F, Commonwealth Ed Co. (Bank of Nova Scotia LOC), 1.80%, 9/9/08		18,200		18,200
Illinois Finance Authority Revenue Bonds, Citigroup Eagle 20060115-Class A, Northwestern University, ⁽¹⁾ 1.80%, 9/9/08		8,170		8,170
Illinois Finance Authority Revenue Bonds, Kohl Children’s Museum (Fifth Third Bank LOC), 1.84%, 9/9/08		2,075		2,075
Illinois Finance Authority Revenue Bonds, Nazareth Academy Project (Harris N.A. LOC), 1.84%, 9/9/08		5,800		5,800
Illinois Finance Authority Revenue Bonds, Northwestern, Citi ROCS RR-II-R-12043, ⁽¹⁾ 1.80%, 9/9/08		10,395		10,395
Illinois Finance Authority Revenue Bonds, Series 2005, Joan W. & Irving B. Dance Project (Bank of America N.A. LOC), 1.85%, 9/9/08		8,100		8,100
Illinois Finance Authority Revenue Bonds, Series 2007, Erikson Project (Bank of America N.A. LOC), 1.90%, 9/9/08		6,000		6,000
Illinois Finance Authority Revenue Bonds, Series 2008, Chicago Horticultural Project (JPMorgan Chase Bank LOC), 1.87%, 9/9/08		9,000		9,000
Illinois Finance Authority Revenue Refunding VRDB, Series 2007, Presbyterian Homes Project (FSA Corp. Insured), 2.08%, 9/9/08		8,000		8,000
Illinois Finance Authority Revenue VRDB, Series 2005C, Friendship Village Schaumburg (Bank of America N.A. LOC), 1.80%, 9/9/08		21,650		21,650
Illinois Finance Authority Revenue VRDB, Series 2006 B, Loyola University Health System (Harris N.A. LOC), 1.81%, 9/9/08		60,000		60,000
Illinois Finance Authority Revenue VRDB, Series 2006B, Montgomery Place (Fifth Third Bank LOC), 1.82%, 9/9/08		1,590		1,590

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Illinois - 10.4% - (continued)
Illinois Finance Authority Revenue VRDB, Series 2007, North American Spine Society (Harris N.A. LOC), 1.94%, 9/9/08	$	12,500	$	12,500
Illinois Finance Authority Revenue VRDB, Series 2007-B, Monarch Landing, Inc. (Fifth Third Bank LOC), 1.90%, 9/9/08		18,750		18,750
Illinois Finance Authority Revenue VRDB, Series 2008-A, Community Action Partnership (Harris N.A. LOC), 1.87%, 9/9/08		3,000		3,000
Illinois Finance Authority Revenue VRDB, Series 2008-2, Chicagoland Laborers (Fifth Third Bank LOC), 1.84%, 9/9/08		4,250		4,250
Illinois Finance Authority Revenue VRDB, Easter Seals Metropolitan Chicago (Harris N.A. LOC), 1.94%, 9/9/08		7,700		7,700
Illinois Finance Authority Revenue VRDB, Series A, Franciscan Communities (Bank of America N.A. LOC), 1.82%, 9/9/08		8,045		8,045
Illinois Finance Authority Revenue VRDB, Series B, Landing at Plymouth (Lloyds TSB Bank LOC), 1.81%, 9/9/08		2,300		2,300
Illinois Finance Authority Revenue VRDB, Series D, The Clare At Water Tower Project (Bank of America N.A. LOC), 1.90%, 9/9/08		23,650		23,650
Illinois Health Facilities Authority Revenue Bonds, Series 2003C, Advocate Healthcare Network, 2.35%, 2/26/09		15,000		15,000
Illinois Health Facilities Authority Revenue Refunding Bonds, Series 1996 B, Franciscan Eldercare Village (Bank of America N.A. LOC), 1.80%, 9/9/08		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⁾ 1.89%, 9/9/08		18,415		18,415
Illinois State Tollway Highway Authority Revenue VRDB, Series A-1, Senior Priority, 1.90%, 9/9/08		2,200		2,200
Kane County Revenue Bonds, Series 1993, Glenwood School for Boys (Harris N.A. LOC), 2.00%, 9/9/08		2,400		2,400
Lisle Multifamily Housing Revenue Refunding VRDB, Series 1996, Four Lakes Phase V (Bank of America N.A. LOC), 1.85%, 9/9/08		20,000		20,000
Lombard Multifamily Housing Revenue Refunding Bonds, Series 2000, Clover Creek Apartments Project (FNMA LOC), 1.90%, 9/9/08		11,815		11,815
Morton Grove Cultural Facilities Revenue VRDB, Series 2006, Holocaust Museum (Bank of America N.A. LOC), 1.98%, 9/9/08		4,750		4,750
Normal G.O. VRDB, Series 2003, McLean County Project, 1.85%, 9/9/08		1,000		1,000
Rockford Revenue Bonds, Series 2002, Wesley Willows Obligation (Marshall & Ilsley Bank LOC), 2.40%, 9/2/08		6,340		6,340
University of Illinois Revenue VRDB, Series 2008, Auxiliary Facilities System, 1.78%, 9/9/08		12,500		12,500

				476,365

MONEY MARKET PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Indiana - 3.3%
Daviess County Economic Development Revenue Refunding and Improvement VRDB, Daviess Community (KeyBank N.A. LOC), 1.90%, 9/9/08	$	10,000	$	10,000
Indiana Bond Bank Revenue Notes, Series 2008-A, Advance Funding Program Notes, 3.00%, 1/30/09		40,000		40,146
Indiana Bond Bank Revenue Notes, Series 2008-A, Midyear Funding Program Notes, 3.00%, 5/28/09		10,000		10,085
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Series 2005, Harrison County Hospital Project (JPMorgan Chase Bank LOC), 2.48%, 9/2/08		8,000		8,000
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Series 2005A, Howard Regional Health System Project (Comerica Bank LOC), 2.48%, 9/2/08		8,800		8,800
Indiana Health Facility Financing Authority Revenue Bonds, Series 2004, Riverview Hospital Project (National City Bank LOC), 2.36%, 9/9/08		3,250		3,250
Indiana Health Facility Financing Authority Revenue VRDB, Series 2001, Franciscan Eldercare Village Project (Bank of America N.A. LOC), 1.80%, 9/9/08		295		295
Indiana Health Facility Financing Authority Revenue VRDB, Series 2002B Fayette Memorial Hospital Association (Fifth Third Bank LOC), 2.48%, 9/2/08		7,100		7,100
Indiana Health Facility Financing Authority Revenue VRDB, Series 2004A, Margaret Mary Community Hospital Project (Fifth Third Bank LOC), 2.48%, 9/2/08		1,000		1,000
Indiana State Development Finance Authority Revenue VRDB, Series 2003, Educational Facilities, Christel House Project (Fifth Third Bank LOC), 1.86%, 9/9/08		3,560		3,560
Indiana State Development Finance Authority Revenue VRDB, Series 2003, YMCA of Southwest Indiana Project (Wells Fargo Bank N.A. LOC), 1.84%, 9/9/08		2,800		2,800
Indiana State Educational Facilities Authority Revenue VRDB, Series 2004, Bethel College Project (National City Bank LOC), 1.91%, 9/9/08		5,660		5,660
Indiana State Finance Authority Revenue VRDB, Series 2008 E-3, Ascension Health Senior Center, 1.76%, 9/9/08		10,000		10,000
St. Joseph County Hospital Authority Health System Revenue Refunding VRDB, Series 2008-A, Memorial Health (Fifth Third Bank LOC), 1.88%, 9/9/08		38,580		38,580
Vincennes Economic Development Revenue VRDB, Knox County Association (Wells Fargo Bank N.A. LOC), 1.84%, 9/9/08		2,100		2,100

				151,376

Iowa - 1.5%
City of Hills Revenue VRDB, Series 2008, Mercy Hospital Project (Allied Irish Bank LOC), 2.48%, 9/2/08		6,200		6,200
Grinnell Hospital Revenue Refunding VRDB, Series 2001, Grinnell Regional Medical Center Project (U.S. Bank N.A. LOC), 2.48%, 9/2/08		3,200		3,200
Iowa Finance Authority Economic Development Revenue VRDB, Series 2002, Iowa West Foundation Project (U.S. Bank N.A. LOC), 1.84%, 9/9/08		6,100		6,100
Iowa Finance Authority Private College Revenue VRDB, Series 2001, Morningside College Project (U.S. Bank N.A. LOC), 2.48%, 9/2/08		4,500		4,500

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Iowa - 1.5% - (continued)
Iowa Finance Authority Retirement Community Revenue VRDB, Series 2007-C, Edgewater A Wesley (Banco Santander Central Hispano LOC), 1.82%, 9/9/08	$	20,000	$	20,000
Iowa Higher Education Loan Authority Revenue Bonds, Series 2002, Luther College Project (U.S. Bank N.A. LOC), 1.80%, 9/9/08		12,000		12,000
Iowa Higher Education Loan Authority Revenue Refunding VRDB, Series 2006, Private College, Loras (Bank of America N.A. LOC), 2.40%, 9/2/08		4,500		4,500
Iowa Higher Education Loan Authority Revenue VRDB, Private College, Series 2003, Des Moines University Project (Allied Irish Bank LOC), 2.48%, 9/2/08		3,600		3,600
Iowa State School Cash Anticipation Program Warrant, Certificates, Series 2008-A (FSA Corp. Insured), 3.50%, 6/25/09		10,000		10,140

				70,240

Kansas - 1.3%
Johnson County Unified School District No. 512 G.O., Series 2001-A92, Wachovia MERLOTS, ⁽¹⁾ 2.07%, 9/9/08		9,475		9,475
Kansas Development Finance Authority Multifamily Revenue Refunding VRDB, Chesapeake Apartments Project (FHLMC LOC), 1.95%, 9/9/08		14,800		14,800
Kansas Development Finance Authority Revenue VRDB, Series 1998BB, Shalom Village Obligation Group (Citibank N.A. LOC), 1.81%, 9/9/08		2,420		2,420
Kansas Development Finance Authority Revenue VRDB, Series 2004C, Adventist Health System/Sunbelt (SunTrust Bank LOC), 1.89%, 9/9/08		13,800		13,800
Kansas Development Finance Authority Revenue VRDB, Series 2004C, Adventist Health System/Sunbelt (SunTrust Bank LOC), 1.85%, 9/9/08		12,500		12,500
Olathe Multifamily Housing Revenue Refunding VRDB, Jefferson Place Apartments Project (FHLMC GIC), 1.92%, 9/9/08		7,780		7,780

				60,775

Kentucky - 1.0%
Fort Mitchell League of Cities Revenue VRDB, Series 2002A, Trust Lease Program (U.S. Bank N.A. LOC), 1.86%, 9/9/08		8,300		8,300
Jefferson County Multifamily Housing Revenue Refunding VRDB, Series 2002, Camden Meadows Project (FNMA Insured), 1.89%, 9/9/08		8,200		8,200
Kentucky Asset Liability Commission General Fund TRANS, Series 2008-A, 3.00%, 6/25/09		10,000		10,097
Morehead League of Cities Revenue VRDB, Series 2004A, Trust Lease Program (U.S. Bank N.A. LOC), 1.86%, 9/9/08		9,925		9,925
Warren County Hospital Revenue Refunding VRDB, Series 2008, Bowling Green-Warren (Assured Guaranty Insured), 1.85%, 9/9/08		8,555		8,555

				45,077

Louisiana - 1.7%
Lake Charles Harbor & Terminal District Revenue Bonds, Cogeneration Project (Rabobank Group GIC), 2.25%, 3/15/09		40,000		40,000

MONEY MARKET PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Louisiana - 1.7% - (continued)
Louisiana Local Government Environmental Revenue VRDB, Series 2004C, University Monroe (Regions Bank LOC), 1.89%, 9/9/08	$	9,900	$	9,900
Louisiana Public Facilities Authority Multifamily Housing Revenue Refunding VRDB, Linlake Ventures Project (FHLMC LOC), 1.98%, 9/9/08		8,000		8,000
Louisiana Public Facilities Authority Revenue Bonds, Series 1985A, Hospital Equipment Financing and Refunding (JPMorgan Chase Bank LOC), 1.85%, 9/9/08		1,950		1,950
Louisiana Public Facilities Authority Revenue Refunding VRDB, Series 1988, Multifamily (FNMA LOC), 1.89%, 9/9/08		8,800		8,800
Louisiana Public Facilities Authority Revenue VRDB, Series 2007, International Matex Tank Terminals (SunTrust Bank LOC), 1.85%, 9/9/08		10,000		10,000

				78,650

Maryland - 2.4%
Gaithersburg Economic Development Revenue VRDB, Series B, Asbury Maryland Obligation (KBC Bank N.V. LOC), 1.83%, 9/9/08		10,980		10,980
Maryland Economic Development Corp. Revenue VRDB, Series 2008-A, Howard Hughes Medical Institute, 1.75%, 9/9/08		9,500		9,500
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds, Series 2601, Putters, Lifebridge Health (Assured Guaranty Insured), ⁽¹⁾ 2.34%, 9/9/08		6,445		6,445
Maryland State Health and Higher Educational Facilities Authority Revenue Refunding VRDB, Series 2005B, Adventist Healthcare (Manufacturers & Traders Trust Co. LOC), 1.82%, 9/9/08		13,700		13,700
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series A, Adventist Health Care (Manufacturers & Traders Trust Co. LOC), 1.82%, 9/9/08		10,850		10,850
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2002, Carnegie Institution Issue, 1.90%, 9/9/08		5,375		5,375
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2005A, Adventist Healthcare (Bank of America N.A. LOC), 1.80%, 9/9/08		11,400		11,400
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008, Woodmont Academy (Allied Irish Bank LOC), 1.94%, 9/9/08		3,780		3,780
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008-A, University of Maryland System (Royal Bank of Scotland PLC LOC), 1.84%, 9/9/08		6,500		6,500
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008-B, Upper Chesapeake Hospital (Branch Banking & Trust Co. LOC), 1.77%, 9/9/08		11,600		11,600
Montgomery County Economic Development Revenue VRDB, Series 2004, Riderwood Village, Inc. Project (Manufacturers & Traders Trust Co. LOC), 1.85%, 9/9/08		885		885
Prince Georges County Revenue Refunding VRDB, Series A, Collington Episcopal (Bank of America N.A. LOC), 1.80%, 9/9/08		10,000		10,000
Town of Chestertown Revenue Refunding VRDB, Series 2008-A, Economic Development Project, Washington College (Royal Bank of Scotland PLC LOC), 1.86%, 9/9/08		7,000		7,000

				108,015

MONEY MARKET PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Massachusetts - 3.0%
Massachusetts State Development Finance Agency Revenue VRDB, Series 2003, Phillips Academy, 1.78%, 9/9/08	$	7,800	$	7,800
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Groton School, 1.86%, 9/9/08		10,000		10,000
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Seashore Port-Deaconess, Inc. (Banco Santander Central Hispano LOC), 1.72%, 9/9/08		7,755		7,755
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007-B, Linden Ponds, Inc. (Fifth Third Bank LOC), 1.72%, 9/9/08		14,400		14,400
Massachusetts State Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2007-B, Suffolk University (JPMorgan Chase Bank LOC), 1.88%, 9/9/08		18,690		18,690
Massachusetts State Health and Educational Facilities Authority Revenue VRDB, Series 1998-B, Hallmark Health System (FSA Corp. Insured), 1.90%, 9/9/08		14,110		14,110
Massachusetts State Health and Educational Facilities Authority Revenue VRDB, Series 2007-A, Suffolk University (Royal Bank of Scotland PLC LOC), 1.86%, 9/9/08		17,230		17,230
Massachusetts Water Resource Authority Revenue Bonds, Putters Series 2660,⁽¹⁾ 1.84%, 9/9/08		3,740		3,740
Massachusetts Water Resource Authority Revenue Refunding VRDB, Series 2008-A, 1.82%, 9/9/08		20,000		20,000
Massachusetts Water Resource Authority Revenue Refunding VRDB, Series 2008-F, 1.75%, 9/9/08		4,215		4,215
Massachusetts Water Resources Authority Tax Exempt CP Notes, Series 2008 (State Street Bank & Trust LOC), 1.60%, 9/4/08		1,300		1,300
The Commonwealth of Massachusetts CP Notes, Series F (JPMorgan Chase Bank LOC), 1.52%, 9/11/08		20,000		20,000

				139,240

Michigan - 5.2%
Eastern Michigan University Revenue Refunding VRDB, Series 2008 (Dexia Credit Local LOC), 1.85%, 9/9/08		12,300		12,300
Grand Rapids Economic Development Corp. Revenue Refunding Bonds, Series 1991A, Amway Hotel (Bank of America N.A. LOC), 1.90%, 9/9/08		3,075		3,075
Jackson County Hospital Finance Authority Revenue Refunding Bonds, Foote Hospital (Assured Guaranty Insured), 2.00%, 9/9/08		6,300		6,300
Kent Hospital Finance Authority Revenue Refunding VRDB, Series 2008-B-1, Spectrum Health (Royal Bank of Scotland PLC LOC), 1.79%, 9/9/08		15,000		15,000
Kentwood Economic Development Corp. Revenue Refunding VRDB, Series 2006B, Limited Obligation, Holland (Bank of America N.A. LOC), 1.80%, 9/9/08		12,375		12,375
Kentwood Economic Development Corp. Revenue VRDB, Series 2002B, Holland Home (Bank of America N.A. LOC), 1.80%, 9/9/08		4,200		4,200

MONEY MARKET PORTFOLIOS 13 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Michigan - 5.2% - (continued)
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Series 2004, Hope College (JPMorgan Chase Bank LOC), 1.88%, 9/9/08	$	2,400	$	2,400
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Series 2007A, Limited Obligation, Calvin (JPMorgan Chase Bank LOC), 1.90%, 9/9/08		13,300		13,300
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Series 2007B, Limited Obligation, Calvin (JPMorgan Chase Bank LOC), 1.90%, 9/9/08		20,000		20,000
Michigan Public Educational Facilities Authority Revenue Notes, Series 2008 A-2 (Royal Bank of Scotland PLC LOC), 3.00%, 7/20/09		6,630		6,693
Michigan State Hospital Finance Authority Revenue Refunding VRDB, Series 2003A, Crittenton Hospital (Comerica Bank LOC), 2.45%, 9/2/08		50		50
Michigan State Hospital Finance Authority Revenue VRDB, Marquette General Hospital (Assured Guaranty Insured), 2.10%, 9/9/08		20,000		20,000
Michigan State Hospital Finance Authority Revenue VRDB, Series 2004B, Holland Community Hospital (JPMorgan Chase Bank LOC), 1.88%, 9/9/08		7,500		7,500
Michigan State Hospital Finance Authority Revenue VRDB, Series 2008 B-4, Ascension Health Senior Center, 1.76%, 9/9/08		10,500		10,500
State of Michigan G.O. Unlimited Notes, Series 2007-A, 4.00%, 9/30/08		100,000		100,083
Wayne Charter County Revenue VRDB, Series 2001, University of Detroit Jesuit Project (Allied Irish Bank LOC), 1.88%, 9/9/08		2,700		2,700

				236,476

Minnesota - 1.9%
Bloomington Port Authority Special Tax Revenue Refunding VRDB, Series 1999-B, Mall of America (FSA Corp. Insured), 2.09%, 9/9/08		14,500		14,500
Maple Grove Economic Development Revenue Bonds, Series 2004, Heritage Christian Academy (U.S. Bank N.A. LOC), 1.80%, 9/9/08		3,570		3,570
Minneapolis and St. Paul Housing and Redevelopment Authority Heath Care System Revenue VRDB, Series C2, Allina Health (Wells Fargo Bank N.A. LOC), 1.79%, 9/9/08		10,000		10,000
Minneapolis Revenue Bonds, Series 2003A, Guthrie Theater Project (Wells Fargo Bank N.A. LOC), 1.71%, 9/9/08		1,200		1,200
Minneapolis Student Housing Revenue VRDB, Series 2003, Riverton Community Housing Project (Bank of America N.A. LOC), 1.89%, 9/9/08		7,165		7,165
Minnesota State G.O., Series 2003, Citigroup ROCS RR-II-R-4309, ⁽¹⁾ 1.79%, 9/9/08		3,600		3,600
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 20045Z, University St. Thomas (U.S. Bank N.A. LOC), 1.87%, 9/9/08		9,800		9,800
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 2007-6Q, Concordia University St. Paul (U.S. Bank N.A. LOC), 2.63%, 9/2/08		5,900		5,900
Oak Park Heights Multifamily Housing Revenue Refunding VRDB, Series 2005, Boutwells Landing (FHLMC Gtd.), 2.00%, 9/9/08		7,480		7,480

MONEY MARKET PORTFOLIOS 14 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Minnesota - 1.9% - (continued)
Robbinsdale Multifamily Housing Revenue Refunding VRDB, Series 2004-C, Copperfield Hill (Bank of America N.A. LOC), 1.89%, 9/9/08	$	3,500	$	3,500
Rochester Health Care Facilities Revenue VRDB, Series D, Mayo Clinic, 1.68%, 3/30/09		10,000		10,000
St. Louis Park Revenue Refunding VRDB, Series 2008-A, Park Nicollet (Wells Fargo Bank N.A. LOC), 1.74%, 9/9/08		7,000		7,000
St. Paul Housing and Redevelopment Authority Revenue VRDB, Series 2002, Public Radio Project (Allied Irish Bank LOC), 2.48%, 9/2/08		1,300		1,300
St. Paul Port Authority District Revenue VRDB, Series 2001-1-M (Dexia Credit Local LOC), 2.48%, 9/2/08		1,300		1,300

				86,315

Mississippi - 1.1%
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007, SG Resources Mississippi LLC Project (SunTrust Bank LOC), 1.85%, 9/9/08		10,000		10,000
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007-D, Chevron USA, Inc. Project, 2.50%, 9/2/08		15,000		15,000
Mississippi Business Finance Corp. Revenue VRDB, Series 600, Concourse Project (Regions Bank LOC), 1.92%, 9/9/08		5,000		5,000
Mississippi Business Finance Corp. Revenue VRDB, Series 2000, St. Andrew's Episcopal School Project (Allied Irish Bank LOC), 1.88%, 9/9/08		2,065		2,065
Mississippi Business Finance Corp. Revenue VRDB, Series 2007-A, PSL North America LLC (JPMorgan Chase Bank LOC), 1.92%, 9/9/08		10,000		10,000
Mississippi Hospital Equipment and Facilities Authority Revenue VRDB, Series 2006, Mississippi Baptist Health System (AmSouth Bank Birmingham LOC), 1.89%, 9/9/08		8,500		8,500

				50,565

Missouri - 3.4%
Chesterfield IDA Educational Facilities Revenue VRDB, Series 2003, Gateway Academy, Inc. Project (U.S. Bank N.A. LOC), 2.48%, 9/2/08		5,100		5,100
Independence IDA Multifamily Housing Revenue Refunding VRDB, Series 2005, The Mansions Project (FHLMC LOC), 1.93%, 9/9/08		3,300		3,300
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Series 1995, Willow Creek IV Apartments (FNMA Insured), 2.00%, 9/9/08		8,595		8,595
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Series 2000, Coach House North Apartments (FHLMC LOC), 1.95%, 9/9/08		8,000		8,000
Kansas City IDA Multifamily Housing Revenue VRDB, Series 2002, Cloverset Apartments Project (FNMA LOC), 2.00%, 9/9/08		2,065		2,065
Missouri State Health and Educational Facilities Authority Revenue Bonds, Series C-2, Ascension Health, 1.75%, 3/3/09		10,000		10,000
Missouri State Health and Educational Facilities Authority Revenue Bonds, Series 2000, Lutheran Senior Services (U.S. Bank N.A. LOC), 1.80%, 9/9/08		9,320		9,320

MONEY MARKET PORTFOLIOS 15 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Missouri - 3.4% - (continued)
Missouri State Health and Educational Facilities Authority Revenue Refunding VRDB, Parkside Meadows Project (Fifth Third Bank LOC), 1.86%, 9/9/08	$	10,718	$	10,718
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 1999B, St. Louis University, 2.48%, 9/2/08		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), 1.85%, 9/9/08		3,520		3,520
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2002, De Smet Jesuit High School (U.S. Bank N.A. LOC), 2.48%, 9/2/08		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), 2.48%, 9/2/08		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), 2.48%, 9/2/08		3,295		3,295
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2004A, St. Joseph - St. Pius (Allied Irish Bank LOC), 1.90%, 9/9/08		2,680		2,680
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2007, Lutheran Church Extension (National City Bank LOC), 2.65%, 9/2/08		20,000		20,000
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2007, Mother Good Counsel Home (Allied Irish Bank LOC), 1.84%, 9/9/08		5,300		5,300
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2008, Lutheran Senior Services Project (U.S. Bank N.A. LOC), 1.80%, 9/9/08		9,000		9,000
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2008-A, BJC Health Systems, 1.45%, 9/9/08		19,000		19,000
South Point Hunter Ridge Trust Revenue VRDB Certificate Series Trust Various States, Series 2005A (Wachovia Bank N.A. LOC), ⁽¹⁾ 2.19%, 9/9/08		10,575		10,575
South Point Hunter Ridge Trust Revenue VRDB Certificate Series Trust Various States, Series 2005B (Wachovia Bank N.A. LOC),⁽¹⁾ 2.19%, 9/9/08		8,365		8,365
St. Charles County IDA Revenue Refunding VRDB, Country Club Apartments Project (FNMA LOC), 1.92%, 9/9/08		4,000		4,000
St. Louis County IDA Revenue VRDB, Series B, Friendship Village South (Bank of America N.A. LOC), 1.82%, 9/9/08		5,615		5,615

				156,193

Nebraska - 0.2%
City of Omaha Convention Center G.O., ROCS RR-II-R-12170, ⁽¹⁾ 1.82%, 9/9/08		7,995		7,995

Nevada - 0.5%
Carson City Hospital Revenue VRDB, Series 2003-B, Carson Tahoe Regional Medical Center (U.S. Bank N.A. LOC), 1.80%, 9/9/08		5,305		5,305
Carson City Hospital Revenue VRDB, Series 2003-B, Tahoe Hospital Project (U.S. Bank N.A. LOC), 1.80%, 9/9/08		9,700		9,700
Clark County Economic Development Revenue VRDB, Opportunity Village Foundation Project (Allied Irish Bank LOC), 1.85%, 9/9/08		7,400		7,400

				22,405

MONEY MARKET PORTFOLIOS 16 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
New Hampshire - 0.8%
New Hampshire Business Finance Authority Revenue VRDB, Cottage Hospital Issue (Allied Irish Bank LOC), 1.84%, 9/9/08	$	885	$	885
New Hampshire Business Finance Authority Revenue VRDB,
Series 2008, Alice Peck Day Health System (Toronto-Dominion Bank LOC),
2.45%, 9/2/08		6,000		6,000
New Hampshire Health and Educational Facilities Authority Revenue Refunding VRDB,
Series 2004, Antioch University Issue (National City Bank LOC),
3.25%, 9/9/08		3,865		3,865
New Hampshire Health and Educational Facilities Authority Revenue VRDB,
Riverwoods at Exeter (Bank of America N.A. LOC),
1.84%, 9/9/08		12,360		12,360
New Hampshire Health and Educational Facilities Authority Revenue VRDB,
Series 2005A, Weeks Medical Center (Allied Irish Bank LOC),
1.88%, 9/9/08		3,470		3,470
New Hampshire Health and Educational Facilities Authority Revenue VRDB,
Series 2006, Tilton School (Bank of Nova Scotia LOC),
1.86%, 9/9/08		8,500		8,500

				35,080

New Mexico - 0.2%
New Mexico Finance Authority Revenue Refunding Bonds,
Subseries 2008 A-2, Sub Lien (UBS AG LOC),
1.90%, 9/9/08		8,000		8,000

New York - 1.5%
Chemung County Industrial Development Agency Revenue VRDB, Series 2007-A,
Elmira College Project (JPMorgan Chase Bank LOC),
1.86%, 9/9/08		5,800		5,800
City of New York G.O.,
Subseries J-10, Fiscal 2008,
1.80%, 9/9/08		5,620		5,620
Metropolitan Transportation Authority Revenue VRDB,
Subseries E-2 2005 (Fortis Bank LOC),
1.80%, 9/9/08		3,600		3,600
New York City Housing Development Corp. Revenue VRDB,
Series A, Gold Street (FNMA Insured),
1.75%, 9/9/08		9,900		9,900
New York City Industrial Development Agency Revenue VRDB, Series 2006,
Cong Machne Chaim, Inc. (Banco Santander Central Hispano LOC),
1.86%, 9/9/08		9,000		9,000
Triborough Bridge and Tunnel Authority Revenue Refunding VRDB,
Subseries 2005 B-1,
1.70%, 9/9/08		5,440		5,440
Triborough Bridge and Tunnel Authority Revenue VRDB, Series 2003B,
1.71%, 9/9/08		19,285		19,285
Ulster County Industrial Development Agency Revenue VRDB, Series 2007-C,
Kingston Regional Senior Living (Fortis Bank LOC),
1.72%, 9/9/08		10,000		10,000

				68,645

North Carolina - 2.1%
Charlotte G.O. VRDB,
1.85%, 9/9/08		8,300		8,300
City of Greensboro Street Improvement, G.O. VRDB,
1.90%, 9/9/08		10,000		10,000
North Carolina Capital Facilities Finance Agency Revenue VRDB,
Elon University (Bank of America N.A. LOC),
1.85%, 9/9/08		8,700		8,700

MONEY MARKET PORTFOLIOS 17 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
North Carolina - 2.1% - (continued)
North Carolina Capital Facilities Finance Agency Revenue VRDB, Series 2007, High Point University Project (Branch Banking & Trust Co. LOC), 1.86%, 9/9/08	$	10,500	$	10,500
North Carolina Capital Facilities Finance Agency Revenue VRDB, Series 2008, High Point University Project (Branch Banking & Trust Co. LOC), 1.86%, 9/9/08		10,000		10,000
North Carolina Medical Care Commission Healthcare Facilities Revenue Refunding VRDB, Series 2007, Lutheran Retirement Project (SunTrust Bank LOC), 1.84%, 9/9/08		2,600		2,600
North Carolina Medical Care Commission Retirement Facilities Revenue VRDB, Series 2001, Aldersgate Project (Branch Banking & Trust Co. LOC), 1.82%, 9/9/08		11,490		11,490
North Carolina Medical Care Commission Retirement Facilities Revenue VRDB, Series 2007-C, First Mortgage, Southminster (Banco Santander Central Hispano LOC), 1.81%, 9/9/08		7,500		7,500
University of North Carolina Revenue Bonds, Citigroup Eagle 720053014 Class 2005A, ⁽¹⁾ 1.80%, 9/9/08		18,400		18,400
Wake County G.O. VRDB, Series 2003C, Public Improvement Bonds, 1.82%, 9/9/08		9,300		9,300

				96,790

Ohio - 3.7%
Akron Bath Copley Joint Township Hospital District Revenue VRDB, Series 2004B, Summa Health System Project (JPMorgan Chase Bank LOC), 1.88%, 9/9/08		6,290		6,290
Allen County Hospital Facilities Revenue VRDB, Series 2008-E, Catholic Healthcare (Wachovia Bank N.A. LOC), 1.82%, 9/9/08		200		200
Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2125, Morgan Stanley Floaters (Morgan Stanley LOC), ⁽¹⁾ 2.04%, 9/9/08		15,200		15,200
Cleveland COPS Revenue Refunding VRDB, Cleveland Stadium (Wachovia Bank N.A. LOC), 1.85%, 9/9/08		20,900		20,900
Cleveland-Cuyahoga County Port Authority Revenue VRDB, Series 2007, Carnegie/89th Garage Project (JPMorgan Chase Bank LOC), 1.77%, 9/9/08		15,200		15,200
Clinton County Hospital Revenue Refunding VRDB, Series 2003A1, HB Magruder Memorial Hospital Project (Fifth Third Bank LOC), 1.93%, 9/9/08		4,725		4,725
Cuyahoga County Economic Development Revenue VRDB, Cleveland Hearing and Speech (KeyBank N.A. LOC), 1.88%, 9/9/08		2,800		2,800
Cuyahoga County Economic Development Revenue VRDB, Series 2001, Cleveland Botanical Garden Project (Allied Irish Bank LOC), 1.88%, 9/9/08		10,550		10,550
Franklin County Healthcare Facilities Revenue Refunding Bonds, Series 2005, Chelsea First Community (KBC Bank N.V. LOC), 1.93%, 9/9/08		7,500		7,500
Franklin County Healthcare Facilities Revenue Refunding Bonds, Series 2006-A, Improvement, Presbyterian (National City Bank LOC), 3.25%, 9/9/08		12,500		12,500
Franklin County Hospital Revenue Refunding VRDB, Series 1996-B, U.S. Health Corp. of Columbus (Citibank N.A. LOC), 1.77%, 9/9/08		390		390

MONEY MARKET PORTFOLIOS 18 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Ohio - 3.7% - (continued)
Hamilton County Hospital Facilities Revenue VRDB, Series 2007-N, Childrens Hospital Medical Center (JPMorgan Chase Bank LOC), 1.84%, 9/9/08	$	5,000	$	5,000
Knox County Hospital Facility Revenue VRDB, Series 2004, Community Hospital Project (National City Bank LOC), 2.36%, 9/9/08		4,940		4,940
Licking County Health Care Facilities Revenue Refunding VRDB, Series 2003, Kendal (Bank of Scotland PLC LOC), 1.86%, 9/9/08		11,250		11,250
Ohio Higher Educational Facilities Revenue VRDB, Series 2007, Marietta College Project (JPMorgan Chase Bank LOC), 1.87%, 9/9/08		100		100
Ohio State Air Quality Development Authority PCR VRDB, Series 2008-A, Firstenergy (Barclays Bank PLC LOC), 2.42%, 9/2/08		16,100		16,100
Ohio State Higher Educational Facility Commission Revenue VRDB, Series 2008-C, University Hospital Health System (Wells Fargo Bank N.A. LOC), 1.69%, 9/9/08		12,700		12,700
Summit County Port Authority Revenue Bonds, Series 2005, Lawrence School Project (Fifth Third Bank LOC), 1.80%, 9/9/08		6,800		6,800
Trumbull County Health Care Facilities Revenue Refunding VRDB, Shepherd Lutheran (Manufacturers & Traders Trust Co. LOC), 1.84%, 9/9/08		7,500		7,500
Warren County Health Care Facilities Revenue VRDB, Series 1998-B, Otterbein Homes, Improvement (Fifth Third Bank LOC), 1.90%, 9/9/08		9,464		9,464

				170,109

Oklahoma - 1.2%
Edmond EDA Student Housing Revenue VRDB, Series 2001A, Edmond Project (Allied Irish Bank LOC), 1.84%, 9/9/08		4,105		4,105
Garfield County Industrial Authority PCR Refunding Bonds, Series A, Oklahoma Gas & Electric Co. Project, 1.95%, 9/9/08		10,000		10,000
Oklahoma State Industrial Authority and Educational Facilities Revenue VRDB, Oklahoma Christian University Project (Bank of America N.A. LOC), 1.87%, 9/9/08		23,100		23,100
Oklahoma Turnpike Authority Revenue Refunding VRDB, Series F, 1.85%, 9/9/08		18,325		18,325

				55,530

Oregon - 1.4%
Clackamas County Hospital Facility Authority Revenue Refunding VRDB, Willamette Series A-1 (Bank of New York LOC), 1.80%, 9/9/08		5,235		5,235
Multnomah County Hospital Facilities Authority Revenue VRDB, Series 2006C, Terwilliger Plaza Project (Bank of America N.A. LOC), 1.82%, 9/9/08		13,000		13,000
Oregon State Facilities Authority Revenue VRDB, Series 2005A, Quatama Crossing (FNMA LOC), 1.90%, 9/9/08		10,245		10,245
State of Oregon G.O. TRANS, Series 2008-A, 3.00%, 6/30/09		25,000		25,265
State of Oregon Higher Education G.O., Series 2007-42, ABN AMRO Munitops II, ⁽¹⁾ 1.83%, 9/9/08		9,735		9,735

				63,480

MONEY MARKET PORTFOLIOS 19 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Pennsylvania - 2.3%
Allegheny County Hospital Development Authority Revenue VRDB, Series 2003, UPMC Senior Living Corp. (FNMA LOC), 1.90%, 9/9/08	$	8,950	$	8,950
Allentown Redevelopment Authority Revenue Refunding Bonds, Series 1990, Arcadia Association Project (Societe Generale LOC), 1.89%, 9/9/08		6,000		6,000
Delaware River Joint Toll Bridge Commission Revenue VRDB, Series B-1 (Dexia Credit Local LOC), 1.81%, 9/9/08		8,000		8,000
Lancaster County Hospital Authority Revenue VRDB, Series 2000, Quarryville Presbyterian (Manufacturers & Traders Trust Co. LOC), 1.83%, 9/9/08		14,545		14,545
Latrobe IDA Revenue VRDB, Series 2003, Greensburg Diocese (Allied Irish Bank LOC), 1.86%, 9/9/08		2,585		2,585
Montgomery County IDA PCR Refunding VRDB, Exelon (Wachovia Bank N.A. LOC), 1.89%, 9/9/08		8,750		8,750
Pennsylvania Economic Development Financing Authority Treasury Department Revenue VRDB, Series 2006, Hospital Enhancement Loan-A1 (National City Bank LOC), 2.46%, 9/9/08		5,670		5,670
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 Water and Wastewater Revenue Refunding VRDB, Series 2003 (FSA Corp. Insured), 2.20%, 9/9/08		18,150		18,150
Pittsburgh Urban Redevelopment Authority Water and Sewer System Revenue Refunding VRDB, Subseries 2008 C-1 (FSA Corp. Insured), 1.88%, 9/9/08		8,910		8,910
University of Pennsylvania Health Revenue Bonds, Series D, Merrill Term Tender Custodial Receipts, ^{(1) (2)} 2.95%, 11/18/08		17,780		17,786

				103,746

South Carolina - 1.7%
Charleston Educational Excellence Finance Corp. Revenue Bonds, Citigroup ROCS RR-II-R-497M, ⁽¹⁾ 1.79%, 9/9/08		9,115		9,115
Greenville Hospital System Board Facilities Revenue Refunding VRDB, Series 2008-D (Wachovia Bank N.A. LOC), 1.78%, 9/9/08		7,900		7,900
Oconee County PCR Refunding VRDB, Series 1993, Duke Energy Corp. (SunTrust Bank LOC), 1.85%, 9/9/08		4,850		4,850
Piedmont Municipal Power Agency Revenue VRDB, Series 2008-C (Assured Guaranty Insured), 1.90%, 9/9/08		10,000		10,000
South Carolina Jobs EDA Revenue VRDB, Series 2007-C, Woodlands at Furman Project (Natixis S.A. LOC), 1.82%, 9/9/08		10,000		10,000
South Carolina Jobs EDA Revenue VRDB, Series 2007-D, Woodlands at Furman Project (Natixis S.A. LOC), 1.82%, 9/9/08		2,500		2,500

MONEY MARKET PORTFOLIOS 20 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
South Carolina - 1.7% - (continued)
South Carolina Transportation Infrastructure Bank Revenue Refunding VRDB, Series B2 (Branch Banking & Trust Co. LOC), 1.77%, 9/9/08	$	15,175	$	15,175
South Carolina Transportation Infrastructure Bank Revenue Refunding VRDB, Series B3 (Wachovia Bank N.A. LOC), 1.75%, 9/9/08		20,000		20,000

				79,540

South Dakota - 0.3%
South Dakota Health and Educational Facilities Authority Revenue VRDB, Series 2004-B, Sioux Valley Hospital and Health (U.S. Bank N.A. LOC), 1.89%, 9/9/08		4,820		4,820
South Dakota Health and Educational Facilities Authority Revenue VRDB, Series 2008, Regional Health (U.S. Bank N.A. LOC), 2.45%, 9/2/08		7,000		7,000

				11,820

Tennessee - 1.9%
Blount County Public Building Authority Revenue VRDB, Series A-4-A, Local Government Public Improvement Bonds, 2.42%, 9/2/08		8,750		8,750
Blount County Public Building Authority Revenue VRDB, Series 2008 E-1-A, Local Government Public Improvement (SunTrust Bank LOC), 2.42%, 9/2/08		7,000		7,000
Hendersonville IDB Multifamily Housing Revenue Refunding VRDB, Windsor Park (FNMA Insured), 2.00%, 9/9/08		3,095		3,095
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Revenue Refunding Bonds, Richland Place, Inc. Project (SunTrust Bank LOC), 1.85%, 9/9/08		6,000		6,000
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 1989, Multifamily Housing, Belle (Societe Generale LOC), 1.89%, 9/9/08		9,680		9,680
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2002, University of Nashville Project (SunTrust Bank LOC), 1.85%, 9/9/08		400		400
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2004, Ridgelake Apartments Project (FHLMC Gtd.), 1.94%, 9/9/08		17,029		17,029
Montgomery County Public Building Authority Revenue Bonds, Tennessee County Loan Pool (Bank of America N.A. LOC), 2.45%, 9/2/08		1,000		1,000
Shelby County Health, Educational and Housing Facilities Board Revenue VRDB, Series 2003, St. Benedict Auburndale School Project (AmSouth Bank Birmingham LOC), 1.89%, 9/9/08		3,100		3,100
Shelby County Health, Educational and Housing Facilities Board Revenue VRDB, Series 2007, Tipton Rosemark Academy (Regions Bank LOC), 1.89%, 9/9/08		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), 1.84%, 9/9/08		6,000		6,000
Tennergy Corp. Gas Revenue Bonds, Series 1258Q, Putters (JPMorgan Chase & Co. LOC), ⁽¹⁾ 1.87%, 9/9/08		11,105		11,105
Tennessee Energy Acquisition Corp. Revenue Bonds, ROCS RR-II-R-598, 2.09%, 9/9/08		8,160		8,160

				89,364

MONEY MARKET PORTFOLIOS 21 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Texas - 10.3%
ABN AMRO Munitops Certificate Trust G.O., Series 2007-21 (PSF of Texas Gtd.), ⁽¹⁾ 1.83%, 9/9/08	$	5,000	$	5,000
Atascosa County Industrial Development Corp. PCR Refunding VRDB, Series 2008, San Miguel Electric Cooperative, 1.95%, 9/9/08		9,600		9,600
Austin Hotel Occupancy Tax Revenue Refunding VRDB, Subseries 2008-A, Sub Lien (Dexia Credit Local LOC), 1.80%, 9/9/08		6,260		6,260
Bexar County and Clear Creek Revenue Bonds, Series 2007-28, Clipper Tax-Exempt Certificate Trust, ⁽¹⁾ 1.89%, 9/9/08		39,565		39,565
Bexar County Housing Finance Corp. Multifamily Revenue VRDB, Series 2005-A, Summit Hills Apartments Project (FHLMC Insured), 1.94%, 9/9/08		3,500		3,500
Burleson Independent School District G.O., Series 2007-35, ABN AMRO Munitops II (PSF of Texas Gtd.), ⁽¹⁾ 1.83%, 9/9/08		15,400		15,400
Capital Area Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2006, Summit Christian Academy (Wachovia Bank N.A. LOC), 1.80%, 9/9/08		7,100		7,100
Capital Area Cultural Education Facilities Finance Corp. Revenue VRDB, Series 2005, Roman Catholic Diocese (Wachovia Bank N.A. LOC), 1.85%, 9/9/08		1,160		1,160
City of Houston G.O. CP Notes, 1.62%, 12/8/08		10,000		10,000
Cypress-Fairbanks Independent School District G.O., Citigroup ROCS RR II-R-10091 (PSF of Texas Gtd.), ⁽¹⁾ 1.73%, 9/9/08		6,845		6,845
Cypress-Fairbanks Independent School District G.O., Series 2002B, School House (PSF of Texas Gtd.), 1.80%, 8/15/09		4,600		4,600
Grand Prairie Independent School District G.O. VRDB, Building Bonds (PSF of Texas Gtd.), 1.90%, 8/1/09		15,000		15,000
Harris County Cultural Education Facilities Finance Corp. Revenue VRDB, Subseries C-1, Methodist Hospital, 1.60%, 11/18/08		30,000		30,000
Harris County Flood Control District G.O. Refunding, Series 2008-B, 1.80%, 9/9/08		14,200		14,200
Harris County G.O., Series 2003B, Citigroup ROCS RR-II-R-4541 (Collateralized by U.S. Treasury),⁽¹⁾ 1.73%, 9/9/08		7,705		7,705
Harris County Health Facilities Development Corp. Hospital Revenue VRDB, Series 2007-B, Baylor College Medicine (JPMorgan Chase Bank LOC), 1.80%, 9/9/08		66,600		66,600
HFDC of Central Texas, Inc. Retirement Facilities Revenue VRDB, Series 2006 C, Village Gleannloch Farms (Citibank N.A. LOC), 1.82%, 9/9/08		10,250		10,250
Houston Independent School District G.O. Revenue VRDB, Series 2004, Schoolhouse (PSF of Texas Gtd.), 1.85%, 6/15/09		30,000		30,000
Katy Independent School District G.O. VRDB, Series C, Ford Bend, Harris and Waller Counties, CSH Building (PSF of Texas Gtd.), 1.84%, 9/9/08		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⁾ 1.88%, 9/9/08		3,280		3,280

MONEY MARKET PORTFOLIOS 22 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Texas - 10.3% - (continued)
Midway Independent School District G.O. VRDB, Series 2008-A, School Building (PSF of Texas Gtd.), 3.13%, 8/1/09	$	12,500	$	12,626
Seminole Texas Independent School District G.O., Series DB-559, Deutsche Bank Spears/Lifers Trust Various States (PSF of Texas Gtd.), ⁽¹⁾ 1.88%, 9/9/08		3,450		3,450
Tarrant County Health Facilities Development Corp. Revenue VRDB, Series A, Adventist Health System - Sunbelt (SunTrust Bank LOC), 1.80%, 9/9/08		7,490		7,490
Tarrant County Housing Finance Corp. Revenue VRDB, Series 2003, Gateway Arlington Apartments Project (FNMA Gtd.), 1.98%, 9/9/08		1,565		1,565
Texas State Transportation Commission Revenue VRDB, Series B, First Tier, 1.82%, 9/9/08		3,350		3,350
Texas TRANS, Series 2008, 3.00%, 8/28/09		130,000		131,766
University of Texas Revenue VRDB, Series 2008-B, Financing System, 1.90%, 9/9/08		9,500		9,500
University of Texas Revenue VRDB, Series 2008-B, Financing System, 1.90%, 9/9/08		11,400		11,400

				469,812

Utah - 0.2%
Duchesne County Hospital Development Revenue VRDB, Series 2007A, Uintah Basin Medical Center (JPMorgan Chase Bank LOC), 1.86%, 9/9/08		9,000		9,000
Utah Transit Authority Revenue VRDB, Subseries B (Fortis Bank LOC), 2.45%, 9/2/08		200		200

				9,200

Vermont - 0.2%
Vermont Educational & Health Buildings Financing Agency Revenue Refunding VRDB, Series 2008-A, Fletcher Allen (Toronto-Dominion Bank LOC), 1.79%, 9/9/08		9,120		9,120

Virginia - 1.0%
Fairfax County Water Authority Revenue Bonds, Citigroup Eagle 200691 Class A, ⁽¹⁾ 1.80%, 9/9/08		3,000		3,000
Hampton Redevelopment and Multifamily Housing Authority Revenue Refunding VRDB, Hampton Center Apartments Project (FHLMC Insured), 1.91%, 9/9/08		4,000		4,000
Lynchburg IDA Revenue VRDB, Series B, Central Health (Branch Banking & Trust Co. LOC), 1.80%, 9/9/08		10,000		10,000
Madison County IDA Educational Facilities Revenue VRDB, Woodberry Forest School (SunTrust Bank LOC), 2.42%, 9/2/08		5,000		5,000
University of Virginia Revenue Bonds, Citigroup Eagle 20060017, Class A, ⁽¹⁾ 1.80%, 9/9/08		12,000		12,000
Virginia College Building Authority Revenue VRDB, Series 2004, University of Richmond Project, 1.85%, 9/9/08		2,500		2,500
Virginia Commonwealth University Health Systems Authority Revenue VRDB, Series 2008C (Branch Banking & Trust Co. LOC), 2.43%, 9/2/08		10,000		10,000

				46,500

MONEY MARKET PORTFOLIOS 23 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Washington - 2.1%
Energy Northwest Electric Revenue Refunding VRDB, Subseries 2008 F-1, Project 3, 1.85%, 9/9/08	$	10,000	$	10,000
Everett Washington Public Facilities District Revenue VRDB, Series 2007, 2.48%, 9/2/08		7,050		7,050
Washington State G.O., Citigroup ROCS RR-II-R-10136, ⁽¹⁾ 1.73%, 9/9/08		11,425		11,425
Washington State G.O., Series 1993B Smith Barney, Soc Gen Trust SGB-13, ⁽¹⁾ 1.78%, 9/9/08		1,350		1,350
Washington State Healthcare Facilities Authority Revenue Bonds, Series B, Kadlec Medical Center (Assured Guaranty Insured), 2.00%, 9/9/08		14,000		14,000
Washington State Healthcare Facilities Authority Revenue VRDB, Seattle Cancer Care (KeyBank N.A. LOC), 1.98%, 9/9/08		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), 1.90%, 9/9/08		1,145		1,145
Washington State Higher Education Facilities Authority Revenue VRDB, Series 2003A, Cornish College of Arts Project (Bank of America N.A. LOC), 1.90%, 9/9/08		1,900		1,900
Washington State Higher Education Facilities Authority Revenue VRDB, Series B, Puget Sound Project (Bank of America N.A. LOC), 1.87%, 9/9/08		6,000		6,000
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Judson Park Project (KBC Bank N.V. LOC), 1.85%, 9/9/08		10,400		10,400
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Series 2003, Emerald Heights Project (Bank of America N.A. LOC), 2.40%, 9/2/08		90		90
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Series 2005, Antioch University Project (U.S. Bank N.A. LOC), 1.62%, 9/9/08		3,725		3,725
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Bertschi School Project (Bank of America N.A. LOC), 1.95%, 9/9/08		5,400		5,400
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Series 2007B, Eastside Catholic School (KeyBank N.A. LOC), 1.84%, 9/9/08		4,000		4,000
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Series 2008, The Overlake School Project (Wells Fargo Bank N.A. LOC), 1.84%, 9/9/08		5,000		5,000
Washington State Housing Finance Community Nonprofit Revenue VRDB, YMCA Tacoma and Pierce Project (U.S. Bank N.A. LOC), Series A 1998, 1.95%, 9/9/08		2,895		2,895
Series B 1998, 1.95%, 9/9/08		3,810		3,810

				97,170

West Virginia - 0.4%
West Virginia State Hospital Finance Authority Revenue Refunding VRDB, Series 2003A1, Pallottine Health Services, Inc. Project (Fifth Third Bank LOC), 1.90%, 9/9/08		460		460
West Virginia State Hospital Finance Authority Revenue VRDB, Series 2008-A, Charleston Area Medical Center (Branch Banking & Trust Co. LOC), 1.60%, 9/9/08		18,250		18,250

				18,710

MONEY MARKET PORTFOLIOS 24 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Wisconsin - 5.3%
City of Milwaukee Tax Exempt CP (State Street Bank & Trust LOC), 1.60%, 12/8/08	$	8,000	$	8,000
Milwaukee Redevelopment Authority Lease Revenue VRDB, Series 2005, University of Wisconsin-Kenilworth Project (Depfa Bank PLC LOC), 1.84%, 9/9/08		4,780		4,780
Milwaukee Redevelopment Authority Revenue VRDB, Series 1998, Library Hill Project (U.S. Bank N.A. LOC), 1.84%, 9/9/08		275		275
Oak Creek PCR Refunding VRDB, Wisconsin Electric (Wells Fargo Bank N.A. LOC), 1.85%, 9/9/08		13,000		13,000
Pleasant Prairie PCR Refunding VRDB, Wisconsin Electric (Wells Fargo Bank N.A. LOC), 1.85%, 9/9/08		9,100		9,100
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Oakwood Village (Marshall & Ilsley Bank LOC), 1.85%, 9/9/08		13,500		13,500
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series B, Beaver Dam Community Hospital (U.S. Bank N.A. LOC), 1.82%, 9/9/08		3,215		3,215
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2001B, Newcastle Place Project (Bank of America N.A. LOC), 1.82%, 9/9/08		10,800		10,800
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2002, Meriter Hospital, Inc. Project (Marshall & Ilsley Bank LOC), 2.48%, 9/2/08		1,300		1,300
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2003, Mequon Jewish Project (JPMorgan Chase Bank LOC), 1.95%, 9/9/08		3,250		3,250
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2003C, Mercy Health Systems (Marshall & Ilsley Bank LOC), 1.85%, 9/9/08		5,900		5,900
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2004, Wisconsin Institute of Torah Study, Inc. Project (Harris N.A. LOC), 1.80%, 9/9/08		3,140		3,140
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2008, Custodial Receipts-Whefa Beloit (Bank of New York LOC), 2.55%, 9/2/08		6,705		6,705
Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds, Series 2007, Mercy Alliance, Inc. (Marshall & Ilsley Bank LOC), 1.85%, 9/9/08		9,200		9,200
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2003, Oakwood Village Project (Marshall & Ilsley Bank LOC), 1.85%, 9/9/08		9,975		9,975
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Goodwill Industries Southeastern (JPMorgan Chase Bank LOC), 1.84%, 9/9/08		1,855		1,855
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series B, Southwest Health Center (Fifth Third Bank LOC), 1.90%, 9/9/08		6,240		6,240
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 1997, Alverno College Project (Allied Irish Bank LOC), 2.48%, 9/2/08		1,000		1,000
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2002B, Capital Access Pool, Vernon Memorial Hospital (U.S. Bank N.A. LOC), 2.48%, 9/2/08		1,630		1,630

MONEY MARKET PORTFOLIOS 25 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.2% - CONTINUED
Wisconsin - 5.3% - (continued)
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2002H, Pooled Loan Financing Program (U.S. Bank N.A. LOC), 1.83%, 9/9/08	$	5,000	$	5,000
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2003B, Wheaton Franciscan Services (U.S. Bank N.A. LOC), 1.82%, 9/9/08		19,500		19,500
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2005, Hospice Care Holdings, Inc. Project (Marshall & Ilsley Bank LOC), 1.84%, 9/9/08		1,280		1,280
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2006-C, Upland Hills Health (Allied Irish Bank LOC), 1.88%, 9/9/08		7,150		7,150
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2008-A, Meriter Hospital (U.S. Bank N.A. LOC), 2.45%, 9/2/08		5,150		5,150
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2008-A, Meriter Retirement Services (KBC Bank N.V. LOC), 1.90%, 9/9/08		3,150		3,150
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2008-B, Gundersen Lutheran (Wells Fargo Bank N.A. LOC), 1.79%, 9/9/08		7,500		7,500
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Wausau Hospital (Marshall & Ilsley Bank LOC), 1.82%, 9/9/08		23,000		23,000
Wisconsin Housing and EDA Revenue VRDB, Series 2006-C, 2.00%, 9/9/08		790		790
Wisconsin Housing and EDA Revenue VRDB, Series D, 2.02%, 9/9/08		2,355		2,355
Wisconsin School Districts Cash Flow Management Program COPS, Series 2007 A1, Temporary Borrowing Program, 4.50%, 9/18/08		31,000		31,019
Wisconsin State Transportation Revenue Bonds, Series 2007-24, Clipper Tax-Exempt Certificate Trust, ⁽¹⁾ 2.04%, 9/9/08		21,745		21,745

				240,504

Wyoming - 0.2%
Uinta County PCR Refunding Bonds, Series 1997, Chevron U.S.A., Inc. Project (Chevron Corp. Gtd.), 2.50%, 9/2/08		3,235		3,235
Uinta County PCR Refunding VRDB, Series 1992, Chevron U.S.A., Inc. (Chevron Corp. Gtd.), 2.50%, 9/2/08		7,015		7,015

				10,250

Multiple States Pooled Securities - 0.7%
BB&T Municipal Trust Revenue Bonds, Floaters Series 1007 (Branch Banking & Trust Co. LOC), ⁽¹⁾ 1.96%, 9/9/08		2,655		2,655
BB&T Municipal Trust Revenue Bonds, Floaters Series 1033 (Branch Banking & Trust Co. LOC), ⁽¹⁾ 1.92%, 9/9/08		11,750		11,750
BB&T Municipal Trust Various States, Floaters Series 1019 (Branch Banking & Trust Co. LOC), ⁽¹⁾ 1.92%, 9/9/08		18,000		18,000

				32,405

Total Municipal Investments (Cost $4,541,409)				4,541,409

MONEY MARKET PORTFOLIOS 26 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
INVESTMENT COMPANIES - 0.9%
AIM Tax-Free Cash Reserve Portfolio	27,524,659	$	27,524
Lehman Brothers Institutional Liquidity Funds - Tax-Exempt Portfolio	14,317,775		14,318

Total Investment Companies (Cost $41,842)			41,842

Total Investments - 100.1% (Cost $4,583,251) ⁽³⁾			4,583,251

Liabilities less Other Assets - (0.1)%			(4,314	)

NET ASSETS - 100.0%		$	4,578,937

(1)

(2)

Restricted security that has been deemed illiquid. At August 31, 2008, the value of this restricted illiquid securities amounted to approximately $17,786,000 or 0.4% of net assets. Additional information on this restricted illiquid security is as follows:

SECURITY

ACQUISITION AND
ENFORCEABLE
DATE

ACQUISITION
COST
(000S)

University of Pennsylvania Health

Revenue Bonds (PA),

2.95%, 11/18/08

3/5/08

17,798

(3)

The cost for federal income tax purposes was $4,583,251.

At August 31, 2008, the industry sectors for the Municipal Portfolio were:


INDUSTRY SECTOR	% OF NET ASSETS
Educational Services	16.2	%
Executive, Legislative and General Government	23.9	%
General Medical, Surgical and Nursing and Personal Care	11.9	%
Health Services and Residential Care	18.5	%
Urban and Community Development, Housing Programs and Social Services	7.9	%
All other sectors less than 5%	21.6	%

Total	100.0	%

Percentages shown are based on Net Assets.

MONEY MARKET PORTFOLIOS 27 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)

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 Municipal Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2008:


Valuation level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	41,842	0
Level 2		4,541,409	0
Level 3		—	0

Total	$	4,583,251	0

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

MONEY MARKET PORTFOLIOS 28 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

MUNICIPAL PORTFOLIO (continued)

AUGUST 31, 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

COPS	Certificates of Participation

CP	Commercial Paper

EDA	Economic Development Authority

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

MERLOTS

Municipal Exempt Receipts Liquidity Optional Tender

PCR	Pollution Control Revenue

PSF	Permanent School Fund

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 29 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 23.8%
Domestic Depository Institutions - 2.0%
Citibank, New York,
2.75%, 10/14/08	$	10,000	$	10,000
2.75%, 10/17/08		10,000		10,000
2.77%, 11/19/08		10,000		10,000
2.76%, 11/20/08		25,000		25,000

				55,000

Foreign Depository Institutions - 21.8%
Australia & New Zealand Bank, London Branch,
2.80%, 9/24/08		20,000		20,000
2.78%, 10/9/08		10,000		10,000
Banco Bilbao Vizcaya Argentaria,
2.45%, 9/22/08		10,000		10,000
Bank of Nova Scotia, London Branch,
2.46%, 9/22/08		20,000		20,000
Bank of Scotland PLC, Halifax Branch,
5.00%, 10/14/08		5,000		5,000
Bank of Scotland PLC, New York,
2.80%, 10/15/08		20,000		20,000
BNP Paribas S.A., London Branch,
2.75%, 10/16/08		10,000		10,000
2.81%, 11/28/08		15,000		15,000
CALYON, New York,
2.46%, 9/2/08		20,000		20,000
2.40%, 9/29/08		15,000		15,000
Commonwealth of Australia,
2.80%, 9/24/08		10,000		10,000
Credit Agricole S.A., London Branch,
4.91%, 10/9/08		10,000		10,000
4.97%, 10/14/08		5,000		5,000
HSBC PLC, London,
2.80%, 10/7/08		25,000		25,000
2.77%, 10/16/08		20,000		20,000
2.76%, 10/23/08		5,000		5,000
2.79%, 11/12/08		10,000		10,000
KBC Bank N.V., London,
2.50%, 9/22/08		25,000		25,000
Lloyds Bank, New York,
2.42%, 9/8/08		25,000		25,000
2.72%, 11/28/08		10,000		10,000
National Australia Bank, London Branch,
2.80%, 9/22/08		20,000		20,000
2.77%, 11/12/08		15,000		15,000
Nordea Bank Finland, New York,
2.41%, 9/22/08		35,000		35,000
Rabobank Nederland, New York Branch,
2.71%, 11/20/08		20,000		20,000
2.72%, 11/28/08		20,000		20,000
2.73%, 11/28/08		20,000		20,000
Royal Bank of Canada, New York Branch,
2.71%, 9/22/08		20,000		20,000
Royal Bank of Scotland, New York Branch,
2.75%, 10/20/08		20,000		20,000
2.80%, 11/19/08		10,000		10,000
Societe Generale, London Branch,
2.90%, 10/9/08		20,000		20,000
Svenska Handelsbanken, Inc., New York Branch,
2.40%, 9/30/08		35,000		35,000
Toronto Dominion Bank, New York Branch,
2.70%, 11/17/08		25,000		25,000
2.72%, 11/19/08		20,000		20,000

PRIME OBLIGATIONS PORTFOLIO 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 23.8% - CONTINUED
Foreign Depository Institutions - 21.8% - (continued)
Westpac Banking Corp., London,
2.72%, 11/26/08	$	20,000	$	20,000
Westpac Banking Corp.,
2.73%, 11/25/08		20,000		20,000

				610,000

Total Certificates of Deposit (Cost $665,000)				665,000

COMMERCIAL PAPER - 14.7%
Auto Receivables - 2.3%
FCAR1 Owner Trust,
3.00%, 9/5/08		50,000		49,983
New Center Asset Trust - Plus Program,
3.50%, 9/5/08		15,000		14,994

				64,977

Credit Arbitrage - 1.5%
Cancara Asset Securitization Ltd.,
2.55%, 9/5/08		40,000		39,989

Multi-Seller Conduits - 10.2%
Amstel Funding Corp., ⁽¹⁾
2.30%, 9/2/08		20,000		19,999
Atlantic Asset Securitization Corp.,
2.40%, 9/5/08		25,000		24,993
Chariot Funding LLC,
2.45%, 9/4/08		30,000		29,994
Clipper Receivables Corp.,
2.35%, 9/2/08		30,000		29,998
Galleon Capital Corp.,
2.35%, 9/2/08		5,000		5,000
Kitty Hawk Funding Corp.,
2.35%, 9/4/08		25,000		24,995
Liberty Street Funding Co.,
2.45%, 9/2/08		45,000		44,997
Park Avenue Receivables, ⁽¹⁾
2.45%, 9/3/08		40,000		39,995
Sheffield Receivables Corp.,
2.45%, 9/2/08		20,000		19,999
Thames Asset Global Securitization Number One, Inc.,
2.55%, 9/3/08		25,000		24,996
Thunder Bay Funding, Inc.,
2.45%, 9/3/08		20,000		19,997

				284,963

Non-Depository Personal Credit - 0.7%
General Electric Capital Corp.,
2.08%, 9/2/08		10,000		9,999
2.93%, 4/17/09		5,000		4,907
2.90%, 5/5/09		5,000		4,901

				19,807

Total Commercial Paper (Cost $409,736)				409,736

CORPORATE NOTES/BONDS - 9.3%
Bank Holding Companies - 0.2%
HSBC USA, Inc., FRN,
2.48%, 9/15/08		5,000		5,000

Chemicals and Allied Products - 0.4%
BASF Finance Europe N.V., FRN, ⁽¹⁾
2.80%, 9/19/08		10,000		10,000

Domestic Depository Institutions - 2.3%
Wells Fargo Bank, San Francisco,
2.44%, 9/5/08		15,000		15,000
2.43%, 9/10/08		50,000		50,000

				65,000

PRIME OBLIGATIONS PORTFOLIO 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 9.3% - CONTINUED
Foreign Depository Institutions - 1.6%
Allied Irish Banks PLC, FRN, ⁽¹⁾
2.47%, 9/18/08	$	5,000	$	5,000
Australia and New Zealand Banking Group, FRN, ⁽¹⁾
2.47%, 9/5/08		5,000		5,000
2.50%, 9/22/08		1,000		1,000
Commonwealth Bank Australia, FRN, ⁽¹⁾
2.87%, 10/20/08		5,000		5,000
Nordea Bank Finland, New York, FRN, ⁽¹⁾
2.48%, 9/10/08		7,000		7,000
Royal Bank of Canada, FRN,
2.52%, 9/10/08		8,000		8,000
Royal Bank of Scotland PLC, FRN, ⁽¹⁾
2.50%, 9/19/08		5,000		5,000
Westpac Banking Corp., FRN,
2.75%, 9/11/08		1,000		1,000
Westpac Banking Corp., New York, FRN, ⁽¹⁾
2.45%, 9/5/08		7,000		7,000

				44,000

Insurance Carriers - 1.4%
Genworth Global Funding, FRN, ⁽¹⁾
2.46%, 9/11/08		7,000		7,000
ING Verzekeringen N.V., FRN, ⁽¹⁾
2.45%, 9/4/08		12,000		12,000
MET Life Global Funding I, FRN, ⁽¹⁾
2.57%, 9/12/08		10,000		10,000
2.47%, 9/24/08		10,000		10,000

				39,000

Non-Depository Personal Credit - 2.1%
General Electric Capital Corp., FRN,
2.88%, 9/15/08		3,000		3,000
2.82%, 9/16/08		25,000		24,997
2.51%, 9/24/08		9,000		9,000
2.83%, 10/6/08		10,000		9,999
HSBC Finance Corp., FRN,
2.48%, 9/5/08		8,000		8,000
2.53%, 9/24/08		5,000		5,000

				59,996

Security and Commodity Brokers - 0.5%
Merrill Lynch & Co., FRN,
2.54%, 9/3/08		5,000		5,000
Morgan Stanley, FRN,
2.57%, 9/15/08		3,000		3,000
2.56%, 9/29/08		5,000		5,000

				13,000

Structured Investment Vehicles - 0.8%
Whistlejacket Capital LLC, FRN, ^{(1) †}
5.15%, 4/21/08		15,000		11,400
2.50%, 5/20/08		5,000		3,800
3.81%, 7/23/08		10,000		7,600

				22,800

Total Corporate Notes/Bonds (Cost $265,995)				258,796

EURODOLLAR TIME DEPOSITS - 9.5%
Foreign Depository Institutions - 9.5%
Banco Bilbao Vizcaya Argentaria, Grand Cayman,
2.18%, 9/3/08		10,000		10,000
BNP Paribas, London,
2.16%, 9/2/08		30,000		30,000
Credit Agricole S.A., London,
2.40%, 9/2/08		50,000		50,000

PRIME OBLIGATIONS PORTFOLIO 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
EURODOLLAR TIME DEPOSITS - 9.5% - CONTINUED
Foreign Depository Institutions - 9.5% - (continued)
Den Norske Bank, Oslo, Norway,
2.45%, 9/2/08	$	50,000	$	50,000
KBC Bank N.V., London,
2.40%, 9/2/08		30,000		30,000
Royal Bank of Scotland, London,
2.03%, 9/2/08		95,000		95,000

Total Eurodollar Time Deposits (Cost $265,000)				265,000

U.S. GOVERNMENT AGENCIES - 11.1% ⁽²⁾
Fannie Mae - 2.2%
FNMA Discount Notes,
2.63%, 12/8/08		20,000		19,857
2.80%, 1/12/09		5,000		4,948
2.71%, 1/14/09		10,000		9,898
2.86%, 6/15/09		10,000		9,772
2.85%, 7/20/09		5,000		4,873
FNMA Notes,
5.00%, 9/15/08		6,000		6,006
6.38%, 6/15/09		5,000		5,128

				60,482

Federal Home Loan Bank - 7.8%
FHLB Bonds,
2.56%, 2/13/09		7,000		7,011
2.39%, 3/18/09		6,000		6,005
2.13%, 3/27/09		3,000		3,000
2.20%, 4/1/09		7,000		6,995
2.30%, 4/3/09		11,000		11,002
2.22%, 4/7/09		7,000		7,000
2.52%, 4/21/09		5,000		5,000
2.32%, 4/24/09		5,000		5,000
2.45%, 4/28/09		3,000		3,000
2.63%, 5/5/09		5,000		5,000
2.48%, 5/7/09		10,000		9,981
2.38%, 5/27/09		10,000		9,988
2.64%, 6/3/09		10,000		10,000
2.63%, 6/10/09		15,000		14,984
2.91%, 6/18/09		10,000		10,000
3.00%, 6/19/09		10,000		10,018
FHLB Discount Notes,
2.08%, 9/12/08		6,000		5,996
2.25%, 9/19/08		20,000		19,978
2.55%, 11/19/08		15,000		14,916
2.71%, 1/5/09		20,000		19,810
2.80%, 1/20/09		10,000		9,890
2.74%, 2/24/09		10,000		9,866
2.82%, 3/2/09		5,000		4,929
2.99%, 7/13/09		10,000		9,738

				219,107

Freddie Mac - 1.1%
FHLMC Discount Note,
3.01%, 7/20/09		15,000		14,597
FHLMC Notes,
2.45%, 4/9/09		7,000		7,000
4.25%, 7/15/09		10,000		10,102

				31,699

Total U.S. Government Agencies (Cost $311,288)				311,288

PRIME OBLIGATIONS PORTFOLIO 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 6.5%
U.S. Treasury Bill - 0.2%
1.46%, 9/11/08	$	5,000	$	4,998

U.S. Treasury Notes - 6.3%
4.63%, 9/30/08		43,000		43,105
4.88%, 10/31/08		55,000		55,273
4.75%, 12/31/08		62,000		62,576
3.25%, 1/15/09		5,000		5,032
4.50%, 4/30/09		10,000		10,159

				176,145

Total U.S. Government Obligations (Cost $181,143)				181,143

Investments, at Amortized Cost (Cost $2,098,162)				2,090,963

REPURCHASE AGREEMENTS - 25.4%
(Collateralized at a minimum of 102%) ⁽³⁾
Bank of America N.A., dated 8/29/08, repurchase price $49,980 2.13%, 9/2/08		49,968		49,968
Citigroup Global Markets, Inc., dated 8/29/08, repurchase price $210,050 2.14%, 9/2/08		210,000		210,000
Credit Suisse First Boston Corp., dated 8/29/08, repurchase price $10,002 2.14%, 9/2/08		10,000		10,000
Deutsche Bank Securities, Inc., dated 8/29/08, repurchase price $430,102 2.14%, 9/2/08		430,000		430,000
Lehman Brothers, Inc., dated 8/29/08, repurchase price $10,002 2.14%, 9/2/08		10,000		10,000

Total Repurchase Agreements (Cost $709,968)				709,968

CAPITAL SUPPORT AGREEMENT - 0.0%
Northern Trust Corp.⁽⁴⁾		—		—

Total Capital Support Agreement (Cost $-)				—

Total Investments - 100.3% (Cost $2,808,130) ⁽⁵⁾				2,800,931

Liabilities less Other Assets - (0.3)%				(9,336	)

NET ASSETS - 100.0%			$	2,791,595

(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)

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	4.50% - 7.00%	12/1/27 - 8/1/38
FNMA	4.31% - 7.50%	3/1/21 - 11/1/46

(4)

Investment in affiliate.

(5)

The cost for federal income tax purposes was $2,808,130.

Percentages shown are based on Net Assets.

PRIME OBLIGATIONS PORTFOLIO 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)

† - Defaulted securities are valued at the 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 (the “Agreement”) with the Northern Institutional Fund Prime Obligations Portfolio (the “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 $0.9975. 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 February 28, 2009. The Portfolio treats the Agreement as an asset of the Portfolio in calculating its NAV.

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 Obligations Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2008:


Valuation level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		2,778,131		—
Level 3		22,800		—

		2,800,931	$	—

*	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 5/31/08	$	22,500	$	—
Realized gain(loss)		—		—
Change in unrealized appreciation/depreciation		300		—
Net purchases(sales)		—		—
Transfers in and/or out of Level 3		—		—

Balance as of 8/31/08	$	22,800	$	—

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

PRIME OBLIGATIONS PORTFOLIO 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

ABBREVIATIONS AND OTHER INFORMATION

PRIME OBLIGATIONS PORTFOLIO (continued)

AUGUST 31, 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

FRN	Floating Rate Notes

PRIME OBLIGATIONS PORTFOLIO 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 5.8%
Domestic Depository Institutions - 0.7%
Citibank, New York,
2.75%, 10/14/08	$	10,000	$	10,000
2.75%, 10/17/08		10,000		10,000

				20,000

Foreign Depository Institutions - 5.1%
Australia & New Zealand Bank, London Branch,
2.80%, 9/24/08		10,000		10,000
2.78%, 10/9/08		15,000		15,000
Bank of Scotland PLC, New York,
2.80%, 10/15/08		20,000		20,000
BNP Paribas S.A., London Branch,
2.75%, 10/16/08		10,000		10,000
Commonwealth of Australia,
2.80%, 9/24/08		10,000		10,000
Credit Agricole S.A., London Branch,
4.91%, 10/9/08		5,000		5,000
HSBC PLC, London,
2.80%, 10/7/08		20,000		20,000
2.77%, 10/16/08		10,000		10,000
National Australia Bank, London Branch,
2.80%, 9/22/08		15,000		15,000
Royal Bank of Canada, New York Branch,
2.71%, 9/22/08		10,000		10,000
Societe Generale, London Branch,
2.90%, 10/9/08		20,000		20,000

				145,000

Total Certificates of Deposit (Cost $165,000)				165,000

COMMERCIAL PAPER - 19.3%
Auto Receivables - 2.3%
FCAR1 Owner Trust,
3.00%, 9/5/08		50,000		49,983
3.00%, 9/8/08		15,000		14,991

				64,974

Credit Arbitrage - 1.1%
Cancara Asset Securitization Ltd.,
2.55%, 9/5/08		30,000		29,992

Multi-Seller Conduits - 13.3%
Amstel Funding Corp., ⁽¹⁾
2.30%, 9/2/08		140,000		139,991
Atlantic Asset Securitization Corp.,
2.40%, 9/5/08		20,000		19,995
Chariot Funding LLC,
2.45%, 9/4/08		30,000		29,994
Clipper Receivables Corp.,
2.35%, 9/2/08		30,000		29,998
Galleon Capital Corp.,
2.35%, 9/2/08		5,000		5,000
Kitty Hawk Funding Corp.,
2.35%, 9/4/08		29,960		29,954
Liberty Street Funding Co.,
2.45%, 9/2/08		25,000		24,998
Park Avenue Receivables, ⁽¹⁾
2.45%, 9/3/08		40,000		39,995
Sheffield Receivables Corp.,
2.45%, 9/2/08		20,000		19,999
Thames Asset Global Securitization Number One, Inc.,
2.55%, 9/3/08		20,000		19,997
Thunder Bay Funding, Inc.,
2.45%, 9/3/08		16,856		16,854

				376,775

LIQUID ASSETS PORTFOLIO 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 19.3% - CONTINUED
Non-Depository Personal Credit - 2.6%
General Electric Capital Corp.,
2.08%, 9/2/08	$	75,000	$	74,996

Total Commercial Paper (Cost $546,737)				546,737

CORPORATE NOTES/BONDS - 11.8%
Bank Holding Companies - 0.2%
HSBC USA, Inc., FRN,
2.48%, 9/15/08		5,000		5,000

Chemicals and Allied Products - 0.3%
BASF Finance Europe N.V., FRN, ⁽¹⁾
2.80%, 9/19/08		10,000		10,000

Domestic Depository Institutions - 2.8%
Bank of America, N.A.,
2.74%, 10/9/08		30,000		30,000
Wells Fargo Bank, San Francisco,
2.43%, 9/10/08		50,000		50,000

				80,000

Foreign Depository Institutions - 2.4%
Allied Irish Banks PLC, FRN, ⁽¹⁾
2.47%, 9/18/08		5,000		5,000
Australia and New Zealand Banking Group, FRN, ⁽¹⁾
2.50%, 9/22/08		3,000		3,000
Nordea Bank Finland, New York, FRN, ⁽¹⁾
2.48%, 9/10/08		14,000		14,000
Royal Bank of Canada, FRN,
2.52%, 9/10/08		15,000		15,000
Royal Bank of Scotland PLC, FRN, ⁽¹⁾
2.50%, 9/19/08		15,000		15,000
Westpac Banking Corp., FRN,
2.75%, 9/11/08		10,000		10,000
Westpac Banking Corp., New York, FRN, ⁽¹⁾
2.45%, 9/5/08		5,000		5,000

				67,000

Insurance Carriers - 2.1%
Allstate Life Global Funding II, FRN, ⁽¹⁾
2.56%, 9/15/08		10,000		10,000
Genworth Global Funding, FRN, ⁽¹⁾
2.46%, 9/11/08		10,000		10,000
ING Verzekeringen N.V., FRN, ⁽¹⁾
2.45%, 9/4/08		20,000		20,000
MET Life Global Funding I, FRN, ⁽¹⁾
2.57%, 9/12/08		10,000		10,000
2.47%, 9/24/08		10,000		10,000

				60,000

Non-Depository Business Credit - 0.3%
National Rural Utility Cooperative, FRN,
2.47%, 9/4/08		10,000		10,000

Non-Depository Personal Credit - 2.6%
General Electric Capital Corp, FRN,
2.88%, 9/15/08		3,000		3,000
2.82%, 9/16/08		20,000		19,998
2.51%, 9/24/08		18,000		18,000
2.83%, 10/6/08		5,000		4,999
HSBC Finance Corp., FRN,
2.48%, 9/5/08		2,000		2,000
2.53%, 9/24/08		25,000		25,000

				72,997

Security and Commodity Brokers - 0.4%
Morgan Stanley, FRN,
2.56%, 9/29/08		12,000		12,000

LIQUID ASSETS PORTFOLIO 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 11.8% - CONTINUED
Structured Investment Vehicles - 0.7%
Whistlejacket Capital LLC, FRN, ^{(1) †}
3.81%, 7/23/08	$	15,000	$	11,400
5.15%, 4/21/08		10,000		7,600

				19,000

Total Corporate Notes/Bonds (Cost $341,995)				335,997

EURODOLLAR TIME DEPOSITS - 10.6%
Domestic Depository Institutions - 2.3%
Manufacturers & Traders Trust Co., 2.06%, 9/2/08		66,927		66,927

Foreign Depository Institutions - 8.3%
Banco Bilbao Vizcaya Argentaria, Grand Cayman, 2.18%, 9/3/08		10,000		10,000
BNP Paribas, London, 2.16%, 9/2/08		60,000		60,000
Credit Agricole S.A., London, 2.40%, 9/2/08		50,000		50,000
Den Norske Bank, Oslo, Norway, 2.45%, 9/2/08		50,000		50,000
KBC Bank N.V., London, 2.40%, 9/2/08		40,000		40,000
Royal Bank of Scotland, London, 2.03%, 9/2/08		25,000		25,000

				235,000

Total Eurodollar Time Deposits (Cost $301,927)				301,927

U.S. GOVERNMENT AGENCIES - 18.1% ⁽²⁾
Fannie Mae - 0.9%
FNMA Discount Notes,
2.71%, 1/14/09		10,000		9,898
2.86%, 6/15/09		10,000		9,772
FNMA Note, 5.00%, 9/15/08		5,000		5,005

				24,675

Federal Home Loan Bank - 16.6%
FHLB Bonds,
2.56%, 2/13/09		7,000		7,011
2.63%, 2/27/09		4,000		4,016
2.65%, 2/27/09		5,000		5,019
2.39%, 3/18/09		10,000		10,009
2.13%, 3/27/09		3,000		3,000
2.20%, 4/1/09		7,000		6,995
2.30%, 4/3/09		12,000		12,002
2.22%, 4/7/09		7,000		7,000
2.25%, 4/17/09		7,000		7,000
2.52%, 4/21/09		5,000		5,000
2.32%, 4/24/09		10,000		10,000
2.45%, 4/28/09		5,000		5,000
2.63%, 5/5/09		7,000		7,000
2.38%, 5/27/09		10,000		9,987
2.64%, 6/3/09		20,000		20,000
2.75%, 6/4/09		10,000		10,000
2.63%, 6/10/09		20,000		19,978
2.70%, 6/16/09		15,000		15,000
2.91%, 6/18/09		15,000		15,000
3.00%, 6/19/09		10,000		10,018

LIQUID ASSETS PORTFOLIO 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 18.1% ⁽²⁾- CONTINUED
Federal Home Loan Bank - 16.6% - (continued)
FHLB Discount Notes,
1.75%, 9/2/08	$	5,736	$	5,736
2.08%, 9/12/08		5,000		4,997
2.26%, 9/19/08		101,618		101,503
2.25%, 9/25/08		100,000		99,850
2.33%, 10/1/08		42,722		42,639
2.71%, 1/5/09		20,000		19,810
2.99%, 7/13/09		10,000		9,738

				473,308

Freddie Mac - 0.6%
FHLMC Bond, 4.88%, 2/17/09		4,000		4,054
FHLMC Discount Note, 3.01%, 7/20/09		5,000		4,866
FHLMC Note, 2.45%, 4/9/09		7,000		7,000

				15,920

Total U.S. Government Agencies (Cost $513,903)				513,903

U.S. GOVERNMENT OBLIGATIONS - 8.4%
U.S. Treasury Bill - 0.2%
1.46%, 9/11/08		5,000		4,998

U.S. Treasury Notes - 8.2%
4.63%, 9/30/08		95,000		95,243
3.13%, 10/15/08		37,000		37,083
4.88%, 10/31/08		28,000		28,155
4.75%, 12/31/08		57,000		57,609
3.25%, 1/15/09		5,000		5,032
4.50%, 4/30/09		10,000		10,159

				233,281

Total U.S. Government Obligations (Cost $238,279)				238,279

Investments, at Amortized Cost (Cost $2,107,841)				2,101,843

REPURCHASE AGREEMENTS - 26.3%
(Collateralized at a minimum of 102%) ⁽³⁾
Joint Repurchase Agreements - 1.0%
Morgan Stanley & Co., Inc., dated 8/29/08, repurchase price $13,351 2.00%, 9/2/08		13,347		13,347
Societe Generale, New York Branch, dated 8/29/08, repurchase price $6,675 2.01%, 9/2/08		6,674		6,674
UBS Securities LLC, dated 8/29/08, repurchase price $10,013 2.01%, 9/2/08		10,011		10,011

				30,032

(Collateralized at a minimum of 102%) ⁽⁴⁾
Repurchase Agreements - 25.3%
Bank of America N.A., dated 8/29/08, repurchase price $137,963 2.13%, 9/2/08		137,930		137,930
Deutsche Bank Securities, Inc., dated 8/29/08, repurchase price $415,099 2.14%, 9/2/08		415,000		415,000
Lehman Brothers, Inc., dated 8/29/08, repurchase price $165,039 2.14%, 9/2/08		165,000		165,000

				717,930

Total Repurchase Agreements (Cost $747,962)				747,962

LIQUID ASSETS PORTFOLIO 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 2008 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)	VALUE (000S)
CAPITAL SUPPORT AGREEMENT - 0.0%
Northern Trust Corp.⁽⁵⁾	—		—

Total Capital Support Agreement (Cost $-)			—

Total Investments - 100.3% (Cost $2,855,803) ⁽⁶⁾			2,849,805

Liabilities less Other Assets - (0.3)%			(8,642	)

NET ASSETS - 100.0%		$	2,841,163

(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% - 7.50%	5/15/16 - 2/15/37
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% - 7.00%	2/1/17 - 8/1/38
FNMA	4.31% - 10.00%	6/1/16 - 10/25/38

(5)

Investment in affiliate.

(6)

The cost for federal income tax purposes was $2,855,803.

†

- Defaulted securities are valued at the 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 (the “Agreement”) with the Northern Institutional Fund Liquid Assets Portfolio (the “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 February 28, 2009. The Portfolio treats the Agreement as an asset of the Portfolio in calculating its NAV.

LIQUID ASSETS PORTFOLIO 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 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 August 31, 2008:


Valuation level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		2,830,805		—
Level 3		19,000		—

Total	$	2,849,805	$	—

*	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 5/31/08	$	18,750	$	—
Realized gain(loss)		—		—
Change in unrealized appreciation/depreciation		250		—
Net purchases(sales)		—		—
Transfers in and/or out of Level 3		—		—

Balance as of 8/31/08	$	19,000	$	—

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

LIQUID ASSETS PORTFOLIO 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

ABBREVIATIONS AND OTHER INFORMATION

LIQUID ASSETS PORTFOLIO (continued)

AUGUST 31, 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

FRN Floating Rate Notes

LIQUID ASSETS PORTFOLIO 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

Item 2.

Controls and Procedures.

(a)

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

(b)

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

Item 3.

Exhibits.

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

SIGNATURES

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


(Registrant)		Northern Institutional Funds

By:		/s/ Lloyd A. Wennlund
		Lloyd A. Wennlund, President
		(Principal Executive Officer)

Date:		October 30, 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:		October 30, 2008

By:		/s/ Randal Rein
		Randal Rein, Treasurer
		(Principal Financial and Accounting Officer)

Date:		October 30, 2008