UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03605

Northern Institutional Funds

(Exact name of registrant as specified in charter)

50 South LaSalle Street

Chicago, IL 60603

(Address of principal executive offices) (Zip code)

Lloyd A. Wennlund, President

Northern Institutional Funds

50 South LaSalle Street

Chicago, IL 60603

(Name and address of agent for service)

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

Date of fiscal year end: November 30

Date of reporting period: February 28, 2009

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 FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 24.4%
Aerospace/Defense - 0.3%
United Technologies Corp.,
6.13%, 2/1/19	$	730	$	775
Agriculture - 1.1%
Altria Group, Inc.,
10.20%, 2/6/39		1,410		1,439
Philip Morris International, Inc.,
4.88%, 5/16/13		930		940
5.65%, 5/16/18		450		437
				2,816
Banks - 7.0%
Bank of America Corp.,
8.00%, 12/24/49†		330		123
Bank of America N.A.,
1.70%, 12/23/10		2,456		2,464
HSBC USA, Inc.,
3.13%, 12/16/11†		2,600		2,668
JPMorgan Chase & Co.,
2.63%, 12/1/10†		3,072		3,130
1.65%, 2/23/11		959		959
6.40%, 5/15/38†		715		684
JPMorgan Chase Bank N.A.,
6.00%, 10/1/17		690		653
Morgan Stanley,
2.00%, 9/22/11†		2,602		2,599
6.63%, 4/1/18		690		637
Wells Fargo & Co.,
3.00%, 12/9/11†		2,013		2,067
5.63%, 12/11/17		1,380		1,310
				17,294
Beverages - 0.5%
PepsiCo, Inc./NC,
3.75%, 3/1/14		1,265		1,270
Biotechnology - 0.3%
Amgen, Inc.,
6.40%, 2/1/39		715		691
Commercial Services - 0.1%
Erac USA Finance Co.,
7.00%, 10/15/37(1) (2)		725		408
Cosmetics/Personal Care - 0.3%
Procter & Gamble Co.,
3.50%, 2/15/15†		680		672
Diversified Financial Services - 4.5%
Bear Stearns (The) Cos., Inc.,
5.70%, 11/15/14		910		863
Caterpillar Financial Services Corp.,
6.13%, 2/17/14†		1,265		1,233
Citigroup Capital XXI,
8.30%, 12/21/57		905		433
Countrywide Home Loans, Inc.,
4.00%, 3/22/11†		1,125		1,048
General Electric Capital Corp.,
5.63%, 9/15/17		780		680
6.88%, 1/10/39		1,415		1,145
Goldman Sachs Group (The), Inc.,
7.50%, 2/15/19		2,775		2,749
John Deere Capital Corp.,
2.88%, 6/19/12		1,828		1,858
Merrill Lynch & Co., Inc.,
6.15%, 4/25/13		395		365
Power Receivable Finance LLC,
6.29%, 1/1/12(1) (2)		716		701
				11,075
Electric - 1.4%
Florida Power Corp.,
6.40%, 6/15/38		1,305		1,372
Nevada Power Co.,
6.50%, 8/1/18		1,315		1,240
Pacificorp,
6.00%, 1/15/39		775		766
				3,378
Food - 0.2%
General Mills, Inc.,
5.65%, 2/15/19		415		415
Insurance - 0.4%
Berkshire Hathaway Finance Corp.,
5.00%, 8/15/13†		915		945
Media - 2.4%
News America, Inc.,
6.90%, 3/1/19(1) (2)		2,410		2,282
Time Warner Cable, Inc.,
5.85%, 5/1/17		1,405		1,271
6.75%, 7/1/18		1,190		1,128

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 24.4% continued
Media - 2.4% continued
Viacom, Inc.,
5.75%, 4/30/11	$	1,380	$	1,338
				6,019
Metal Fabrication/Hardware - 0.2%
Commercial Metals Co.,
7.35%, 8/15/18		655		517
Oil & Gas - 2.2%
Chevron Corp.,
3.45%, 3/3/12		1,910		1,915
ConocoPhillips,
6.50%, 2/1/39		720		698
Premcor Refining Group (The), Inc.,
6.75%, 5/1/14		2,370		2,301
XTO Energy, Inc.,
4.63%, 6/15/13		580		555
				5,469
Oil & Gas Services - 0.2%
Cameron International Corp.,
7.00%, 7/15/38†		695		530
Real Estate Investment Trusts - 0.0%
iStar Financial, Inc.,
5.88%, 3/15/16		430		133
Telecommunications - 3.3%
AT&T, Inc.,
5.80%, 2/15/19		680		660
6.55%, 2/15/39		1,430		1,327
Cisco Systems, Inc.,
5.90%, 2/15/39		1,415		1,318
Verizon Communications, Inc.,
8.75%, 11/1/18		1,500		1,715
Verizon Wireless,
8.50%, 11/15/18(1) (2)		1,565		1,762
Verizon Wireless Capital LLC,
5.55%, 2/1/14(1) (2)		1,360		1,352
				8,134
Total Corporate Bonds (Cost $62,534)				60,541
FOREIGN ISSUER BONDS - 2.2%
Beverages - 0.2%
Diageo Capital PLC,
5.20%, 1/30/13		555		565
Insurance - 0.5%
Allied World Assurance Holdings Ltd. of Bermuda,
7.50%, 8/1/16		845		597
Catlin Insurance Co. Ltd.,
7.25%, 1/19/17(1) (2)		1,270		334
XL Capital Ltd.,
6.50%, 4/15/17		1,735		382
				1,313
Iron/Steel - 0.6%
ArcelorMittal,
5.38%, 6/1/13		1,760		1,445
Media - 0.3%
Thomson Reuters Corp.,
5.95%, 7/15/13†		755		746
Oil & Gas - 0.6%
Nexen, Inc.,
6.40%, 5/15/37		865		610
Shell International Finance BV,
6.38%, 12/15/38		680		707
				1,317
Total Foreign Issuer Bonds (Cost $8,188)				5,386
U.S. GOVERNMENT AGENCIES - 54.6% (3)
Fannie Mae - 36.1%
Federal National Mortgage Association,
2.00%, 3/2/11(4)		3,098		3,098
1.75%, 3/23/11		2,492		2,495
3.38%, 3/10/14(4)		3,465		3,452
Pool #255452,
5.50%, 10/1/19		1,657		1,723
Pool #257314,
5.00%, 8/1/23		1,023		1,053
Pool #545437,
7.00%, 2/1/32		10		11
Pool #585617,
7.00%, 5/1/31		—		—
Pool #695066,
5.50%, 4/1/33		5,358		5,510
Pool #725424,
5.50%, 4/1/34		6,773		6,966
Pool #725787,
5.00%, 9/1/19		4,376		4,518

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 54.6% (3) continued
Fannie Mae - 36.1% continued
Pool #735893,
5.00%, 10/1/35	$	2,743	$	2,797
Pool #829125,
5.50%, 10/1/35		3,051		3,132
Pool #831810,
6.00%, 9/1/36		4,105		4,248
Pool #869217,
5.45%, 2/1/36		2,441		2,520
Pool #871232,
6.00%, 4/1/36		2,198		2,274
Pool #890001,
5.00%, 2/1/38		5,943		6,060
Pool #890009,
5.50%, 9/1/36		4,040		4,155
Pool #893082,
5.82%, 9/1/36		1,773		1,833
Pool #934476,
4.50%, 3/1/23		3,505		3,573
Pool #946869,
6.00%, 9/1/37		1,070		1,106
Pool #955782,
6.50%, 10/1/37		2,158		2,260
Pool #968158,
6.50%, 1/1/38		738		773
Pool #968160,
6.50%, 1/1/38		2,134		2,234
Pool #983605,
4.50%, 5/1/23		1,760		1,794
Pool #988031,
6.00%, 8/1/38		3,175		3,283
Pool #991529,
6.00%, 11/1/38		3,966		4,101
Pool #992238,
6.00%, 11/1/38		4,117		4,256
Pool TBA,
5.50%, 3/31/39(4)		7,350		7,529
6.50%, 4/30/39(4)		2,600		2,709
				89,463
Federal Home Loan Bank - 2.7%
3.63%, 7/1/11		3,370		3,517
3.63%, 5/29/13		3,000		3,128
				6,645
Freddie Mac - 6.9%
Federal Home Loan Mortgage Corp.,
1.50%, 1/7/11		4,000		3,997
2.13%, 3/23/12		3,444		3,441
4.75%, 1/19/16		1,376		1,496
Pool #1B3575,
6.06%, 9/1/37		1,703		1,770
Pool #1G2296,
6.18%, 11/1/37		2,427		2,535
Pool #1J0365,
5.93%, 4/1/37		1,752		1,820
Pool #1J2840,
5.97%, 9/1/37		1,896		1,973
				17,032
Freddie Mac Gold - 8.4%
Pool #A61560,
5.50%, 10/1/36		3,941		4,044
Pool #A62213,
6.00%, 6/1/37		2,860		2,964
Pool #A65182,
6.50%, 9/1/37		993		1,040
Pool #C00910,
7.50%, 1/1/30		530		566
Pool #C02790,
6.50%, 4/1/37		1,897		1,987
Pool #C02838,
5.50%, 5/1/37		2,894		2,967
Pool #G01954,
5.00%, 11/1/35		2,745		2,793
Pool #G02869,
5.00%, 11/1/35		4,236		4,311
				20,672
Government National Mortgage Association - 0.5%
Pool #486873,
6.50%, 1/15/29		—		—
Pool #627123,
5.50%, 3/15/34		1,210		1,247
				1,247
Total U.S. Government Agencies (Cost $132,205)				135,059
U.S. GOVERNMENT OBLIGATIONS - 18.1%
U.S. Treasury Bonds - 2.3%
4.50%, 5/15/38†		5,163		5,861

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 18.1% continued
U.S. Treasury Notes - 15.8%
0.88%, 2/28/11	$	3	$	3
1.38%, 2/15/12		10		10
1.88%, 2/28/14		1,854		1,841
4.00%, 2/15/15†		1,216		1,333
2.63%, 2/29/16		10,400		10,347
2.75%, 2/15/19†		26,198		25,543
				39,077
Total U.S. Government Obligations (Cost $45,138)				44,938
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 11.8%
Northern Institutional Funds - Liquid Assets Portfolio (5) (6)		29,117,706		29,118
Total Investment Companies (Cost $29,118)				29,118
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 11.6%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	27,985		27,985
U.S. Treasury Bill,(7)
0.48%, 8/20/09		650		649
Total Short-Term Investments (Cost $28,634)				28,634
Total Investments - 122.7% (Cost $305,817)				303,676
Liabilities less Other Assets - (22.7)%				(56,221	)
NET ASSETS - 100.0%			$	247,455

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

(2) Restricted security that has been deemed illiquid. At February 28, 2009, the value of these restricted illiquid securities amounted to approximately $6,839,000 or 2.8% of net assets. Prices have been provided by independent pricing services, and the inputs used in determining those prices have been characterized as Level 2 inputs for purposes of SFAS 157 (e.g. quoted prices in active markets for similar securities, commonly quoted benchmark interest rates and yield curves, and/or securities indices). Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
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		719
News America, Inc.
6.90%, 3/1/19	02/10/09		2,409
Power Receivable Finance LLC,
6.29%, 1/1/12	9/30/03		716
Verizon Wireless,
8.50%, 11/15/18	11/18/08		1,548
Verizon Wireless Capital LLC,
5.55%, 2/1/14	1/30/09		1,351

(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.

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

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At February 28, 2009, the Bond Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED LOSS (000S)
Five Year U.S. Treasury Note	73	$	8,511	Long	6/09	$	(35	)

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	305,817
Gross tax appreciation of investments	$	3,881
Gross tax depreciation of investments		(6,022	)
Net tax depreciation of investments	$	(2,141	)

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. 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)

FIXED INCOME PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (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 Bond Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	29,118	$	(35	)
Level 2		268,610		—
Level 3		5,948		—
Total	$	303,676	$	(35	)

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

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

	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Balance as of 11/30/08	$	—	$	—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net Purchases (Sales)		5,948		—
Transfers in and/or out of Level 3		—		—
Balance as of 2/28/09	$	5,948	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 26.0%
Aerospace/Defense - 0.4%
United Technologies Corp.,
6.13%, 2/1/19	$	435	$	462
Agriculture - 0.9%
Altria Group, Inc.,
10.20%, 2/6/39		695		709
Philip Morris International, Inc.,
4.88%, 5/16/13		355		359
5.65%, 5/16/18		145		141
				1,209
Banks - 8.3%
Bank of America Corp.,
8.00%, 12/24/49		205		76
Bank of America N.A.,
1.70%, 12/23/10		1,650		1,656
HSBC USA, Inc.,
3.13%, 12/16/11†		1,800		1,847
JPMorgan Chase & Co.,
2.63%, 12/1/10†		2,054		2,093
1.65%, 2/23/11		492		492
6.40%, 5/15/38†		425		407
JPMorgan Chase Bank N.A.,
6.00%, 10/1/17		410		388
Morgan Stanley,
2.00%, 9/22/11		1,754		1,752
6.63%, 4/1/18		310		286
Wells Fargo & Co.,
3.00%, 12/9/11†		1,306		1,341
5.63%, 12/11/17		670		636
				10,974
Beverages - 0.5%
PepsiCo, Inc./NC,
3.75%, 3/1/14		670		673
Biotechnology - 0.3%
Amgen, Inc.,
6.40%, 2/1/39		360		348
Commercial Services - 0.2%
Erac USA Finance Co.,
7.00%, 10/15/37(1)(2)		455		256
Cosmetics/Personal Care - 0.2%
Procter & Gamble Co.,
3.50%, 2/15/15†		295		292
Diversified Financial Services - 4.7%
Bear Stearns (The) Cos., Inc.,
5.70%, 11/15/14		345		327
Caterpillar Financial Services Corp.,
6.13%, 2/17/14		600		585
Citigroup Capital XXI,
8.30%, 12/21/57		360		172
Countrywide Home Loans, Inc.,
4.00%, 3/22/11†		600		559
General Electric Capital Corp.,
5.63%, 9/15/17		310		270
6.88%, 1/10/39		665		538
Goldman Sachs Group (The), Inc.,
7.50%, 2/15/19		1,445		1,431
John Deere Capital Corp.,
2.88%, 6/19/12		1,236		1,256
Merrill Lynch & Co., Inc.,
6.15%, 4/25/13		310		287
Nelnet, Inc.,
5.13%, 6/1/10		930		564
Power Receivable Finance LLC,
6.29%, 1/1/12(1)(2)		156		153
				6,142
Electric - 1.3%
Florida Power Corp.,
6.40%, 6/15/38		710		746
Nevada Power Co.,
6.50%, 8/1/18		595		561
Pacificorp,
6.00%, 1/15/39		360		356
				1,663
Food - 0.2%
General Mills, Inc.,
5.65%, 2/15/19		245		245
Insurance - 0.3%
Berkshire Hathaway Finance Corp.,
5.00%, 8/15/13(1)(2)		355		366
Media - 2.5%
News America, Inc.,
6.90%, 3/1/19(1)(2)		1,430		1,354
Time Warner Cable, Inc.,
5.85%, 5/1/17		610		552
6.75%, 7/1/18†		685		649

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 26.0% continued
Media - 2.5% continued
Viacom, Inc.,
5.75%, 4/30/11	$	705	$	684
				3,239
Metal Fabrication/Hardware - 0.2%
Commercial Metals Co.,
7.35%, 8/15/18		365		288
Oil & Gas - 2.5%
Chevron Corp.,
3.45%, 3/3/12		1,015		1,018
ConocoPhillips,
6.50%, 2/1/39		410		397
Premcor Refining Group (The), Inc.,
6.75%, 5/1/14		1,300		1,262
Shell International Finance BV,
6.38%, 12/15/38		270		281
XTO Energy, Inc.,
4.63%, 6/15/13†		340		325
				3,283
Oil & Gas Services - 0.3%
Cameron International Corp.,
7.00%, 7/15/38†		505		385
Real Estate Investment Trusts - 0.0%
iStar Financial, Inc.,
5.88%, 3/15/16†		210		65
Telecommunications - 3.2%
AT&T, Inc.,
5.80%, 2/15/19		400		389
6.55%, 2/15/39		830		770
Cisco Systems, Inc.,
5.90%, 2/15/39		695		647
Verizon Communications, Inc.,
8.75%, 11/1/18		745		852
Verizon Wireless,
8.50%, 11/15/18(1) (2)		820		923
Verizon Wireless Capital LLC,
5.55%, 2/1/14(1) (2)		665		661
				4,242
Total Corporate Bonds (Cost $35,478)				34,132
FOREIGN ISSUER BONDS - 1.9%
Beverages - 0.1%
Diageo Capital PLC,
5.20%, 1/30/13		145		148
Insurance - 0.9%
Allied World Assurance Holdings Ltd. of Bermuda,
7.50%, 8/1/16		825		583
Catlin Insurance Co. Ltd.,
7.25%, 1/19/17(1) (2)		995		261
XL Capital Ltd.,
6.50%, 12/31/49		1,345		296
				1,140
Iron/Steel - 0.4%
ArcelorMittal,
5.38%, 6/1/13(1) (2)		715		587
Media - 0.3%
Thomson Reuters Corp.,
5.95%, 7/15/13†		365		361
Oil & Gas - 0.2%
Nexen, Inc.,
6.40%, 5/15/37		455		321
Total Foreign Issuer Bonds (Cost $4,722)				2,557
U.S. GOVERNMENT AGENCIES - 53.3% (3)
Fannie Mae - 30.4%
Federal National Mortgage Association,
2.00%, 3/2/11(4)		861		861
1.75%, 3/23/11		662		663
3.38%, 3/10/14(4)		2,186		2,178
Pool #255452,
5.50%, 10/1/19		973		1,012
Pool #535714,
7.50%, 1/1/31		47		50
Pool #555599,
7.00%, 4/1/33		104		111
Pool #656035,
7.50%, 9/1/32		42		45
Pool #695066,
5.50%, 4/1/33		1,681		1,729
Pool #712130,
7.00%, 6/1/33		57		60
Pool #725424,
5.50%, 4/1/34		1,785		1,836

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 53.3% (3) continued
Fannie Mae - 30.4% continued
Pool #725787,
5.00%, 9/1/19	$	1,571	$	1,621
Pool #735893,
5.00%, 10/1/35		603		615
Pool #794338,
6.00%, 9/1/34		967		1,003
Pool #797773,
5.00%, 3/1/20		146		151
Pool #829125,
5.50%, 10/1/35		1,441		1,480
Pool #831810,
6.00%, 9/1/36		3,371		3,489
Pool #845182,
5.50%, 11/1/35		1,454		1,493
Pool #869217,
5.45%, 2/1/36		1,238		1,278
Pool #869801,
5.50%, 4/1/21		382		397
Pool #871232,
6.00%, 4/1/36		2,159		2,234
Pool #890001,
5.00%, 2/1/38		2,924		2,981
Pool #890009,
5.50%, 9/1/36		2,169		2,230
Pool #893082,
5.82%, 9/1/36		800		827
Pool #934476,
4.50%, 3/1/23		1,656		1,688
Pool #946869,
6.00%, 9/1/37		727		752
Pool #968158,
6.50%, 1/1/38		1,193		1,249
Pool #983605,
4.50%, 5/1/23		1,191		1,213
Pool #991529,
6.00%, 11/1/38		1,990		2,057
Pool TBA,
5.50%, 3/31/39(4)		3,750		3,841
6.50%, 4/30/39(4)		750		781
				39,925
Federal Home Loan Bank - 2.4%
3.63%, 7/1/11		610		637
3.63%, 5/29/13		2,400		2,502
				3,139
Freddie Mac - 7.5%
Federal Home Loan Mortgage Corp.,
1.50%, 1/7/11		666		666
2.13%, 3/23/12		825		824
2.50%, 1/7/14		250		248
4.75%, 1/19/16		1,054		1,146
Pool #1B3575,
6.06%, 9/1/37		1,466		1,524
Pool #1G2296,
6.18%, 11/1/37		1,971		2,059
Pool #1J0365,
5.93%, 4/1/37		1,383		1,437
Pool #1J2840,
5.97%, 9/1/37		1,896		1,973
				9,877
Freddie Mac Gold - 12.6%
Pool #A61560,
5.50%, 10/1/36		3,305		3,392
Pool #A62213,
6.00%, 6/1/37		1,907		1,976
Pool #A65182,
6.50%, 9/1/37		2,267		2,374
Pool #C02790,
6.50%, 4/1/37		1,491		1,562
Pool #C02838,
5.50%, 5/1/37		2,289		2,347
Pool #G01954,
5.00%, 11/1/35		1,568		1,596
Pool #G02869,
5.00%, 11/1/35		3,177		3,233
				16,480
Government National Mortgage Association - 0.4%
Pool #604183,
5.50%, 4/15/33		51		53
Pool #627123,
5.50%, 3/15/34		446		459
Pool #633627,
5.50%, 9/15/34		62		64
				576
Total U.S. Government Agencies (Cost $68,209)				69,997

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 18.2%
U.S. Treasury Bonds - 2.4%
4.50%, 5/15/38†	$	2,793	$	3,171
U.S. Treasury Notes - 15.8%
1.88%, 2/28/14		1,258		1,249
4.00%, 2/15/15†		830		910
2.63%, 2/29/16		4,800		4,776
2.75%, 2/15/19†		14,248		13,891
				20,826
Total U.S. Government Obligations (Cost $24,074)				23,997
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 11.2%
Northern Institutional Funds - Liquid Assets Portfolio (5) (6)		14,724,294		14,724
Total Investment Companies (Cost $14,724)				14,724
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 10.3%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	13,024		13,024
U.S. Treasury Bill,(7)
0.48%, 8/20/09		475		474
Total Short-Term Investments (Cost $13,498)				13,498
Total Investments - 120.9% (Cost $160,705)				158,905
Liabilities less Other Assets - (20.9)%				(27,478	)
NET ASSETS - 100.0%			$	131,427

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

(2) Restricted security that has been deemed illiquid. At February 28, 2009, the value of these restricted illiquid securities amounted to approximately $4,562,000 or 3.5% of net assets. Prices have been provided by independent pricing services, and the inputs used in determining those prices have been characterized as Level 2 inputs for purposes of SFAS 157 (e.g. quoted prices in active markets for similar securities, commonly quoted benchmark interest rates and yield curves, and/or securities indices). Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
ArcelorMittal,
5.38%, 6/1/13	6/11/08	$	707
Berkshire Hathaway Finance Corp.,
5.00%, 8/15/13	7/30/08		354
Catlin Insurance Co. Ltd.,
7.25%, 1/19/17	1/11/07-6/27/07		987
Erac USA Finance Co.,
7.00%, 10/15/37	10/10/07		451
News America Inc.
6.90%, 03/01/19	2/10/09		1,429
Power Receivable Finance LLC,
6.29%, 1/1/12	9/30/03		156
Verizon Wireless,
8.50%, 11/15/18	11/18/08		811
Verizon Wireless Capital LLC,
5.55%, 02/01/14	1/30/09		661

(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.

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

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At February 28, 2009, the Core Bond Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED LOSS (000S)
Five Year U.S. Treasury Note	38	$	4,430	Long	6/09	$	(18	)

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	160,705
Gross tax appreciation of investments	$	2,394
Gross tax depreciation of investments		(4,194	)
Net tax depreciation of investments	$	(1,800	)

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. 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

FIXED INCOME PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

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 Core Bond Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	14,724	$	(18	)
Level 2		141,340		—
Level 3		2,841		—
Total	$	158,905	$	—

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

	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Balance as of 11/30/08	$	—	$	—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net Purchases (Sales)		2,841		—
Transfers in and/or out of Level 3		—		—
Balance as of 2/28/09	$	2,841	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

U.S. TREASURY INDEX PORTFOLIO FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 97.5%
U.S. Treasury Bonds - 22.5%
12.50%, 8/15/14	$	1,000	$	1,053
7.25%, 5/15/16		1,500		1,905
8.88%, 8/15/17†		1,500		2,112
9.00%, 11/15/18		3,200		4,674
8.13%, 8/15/19†		1,000		1,391
8.75%, 8/15/20†		1,000		1,463
8.13%, 5/15/21		2,000		2,839
8.00%, 11/15/21†		2,600		3,680
7.63%, 11/15/22		1,500		2,089
6.25%, 8/15/23†		2,150		2,693
6.88%, 8/15/25†		2,000		2,732
6.50%, 11/15/26		1,500		1,983
6.13%, 11/15/27		2,500		3,198
5.25%, 11/15/28		2,500		2,922
5.25%, 2/15/29		1,100		1,286
6.25%, 5/15/30†		2,500		3,306
4.75%, 2/15/37†		1,250		1,446
5.00%, 5/15/37		1,800		2,165
4.38%, 2/15/38†		1,000		1,103
4.50%, 5/15/38†		1,500		1,703
				45,743
U.S. Treasury Notes - 75.0%
1.75%, 3/31/10†		1,000		1,010
2.13%, 4/30/10†		3,500		3,555
3.88%, 5/15/10†		2,100		2,179
2.88%, 6/30/10†		4,500		4,622
3.88%, 7/15/10		3,000		3,129
2.75%, 7/31/10†		6,000		6,162
5.75%, 8/15/10		1,100		1,180
2.38%, 8/31/10†		2,000		2,045
2.00%, 9/30/10†		2,000		2,035
4.25%, 10/15/10†		3,000		3,169
4.38%, 12/15/10		3,500		3,719
0.88%, 12/31/10†		4,500		4,492
0.88%, 1/31/11†		2,000		1,996
5.00%, 2/15/11		1,900		2,052
0.88%, 2/28/11		1,000		997
4.75%, 3/31/11†		500		538
4.88%, 5/31/11†		3,200		3,467
4.88%, 7/31/11†		3,000		3,266
4.63%, 8/31/11†		4,000		4,338
4.63%, 10/31/11†		1,200		1,305
4.50%, 11/30/11		3,000		3,259
1.13%, 12/15/11†		2,500		2,487
4.75%, 1/31/12†		1,250		1,372
4.63%, 2/29/12		4,000		4,375
4.50%, 3/31/12		1,000		1,091
4.50%, 4/30/12		3,000		3,278
4.88%, 6/30/12†		1,000		1,107
4.13%, 8/31/12		1,000		1,086
4.25%, 9/30/12		1,200		1,310
3.88%, 10/31/12†		500		540
4.00%, 11/15/12†		950		1,032
3.63%, 12/31/12†		3,000		3,220
2.88%, 1/31/13†		300		314
2.75%, 2/28/13†		4,000		4,161
2.50%, 3/31/13†		3,000		3,094
3.63%, 5/15/13†		2,500		2,689
3.38%, 7/31/13†		4,000		4,267
4.25%, 8/15/13†		1,500		1,659
3.13%, 9/30/13†		2,000		2,107
2.75%, 10/31/13		1,800		1,868
4.25%, 11/15/13†		2,000		2,219
2.00%, 11/30/13†		2,000		2,005
1.75%, 1/31/14†		2,000		1,978
1.88%, 2/28/14		4,000		3,973
4.75%, 5/15/14†		1,500		1,707
4.25%, 8/15/14†		3,000		3,343
4.25%, 11/15/14†		2,000		2,230
4.00%, 2/15/15†		3,150		3,451
4.13%, 5/15/15†		3,000		3,296
4.25%, 8/15/15		2,000		2,213
4.50%, 11/15/15†		2,250		2,534
4.50%, 2/15/16†		3,000		3,361
4.88%, 8/15/16†		1,500		1,712
4.63%, 2/15/17†		1,900		2,136
4.75%, 8/15/17†		3,500		3,968
4.25%, 11/15/17†		3,500		3,845
3.50%, 2/15/18†		2,000		2,081
3.88%, 5/15/18†		3,000		3,214
4.00%, 8/15/18†		1,000		1,079
3.75%, 11/15/18†		1,000		1,060
2.75%, 2/15/19		1,500		1,463
				152,440
Total U.S. Government Obligations (Cost $188,026)				198,183

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

U.S. TREASURY INDEX PORTFOLIO continued FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 42.8%
Northern Institutional Funds - Liquid Assets Portfolio (1)(2)		87,038,233	$	87,038
Total Investment Companies (Cost $87,038)				87,038
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 1.5%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	3,058		3,058
Total Short-Term Investments (Cost $3,058)				3,058
Total Investments - 141.8% (Cost $278,122)				288,279
Liabilities less Other Assets - (41.8)%				(85,023	)
NET ASSETS - 100.0%			$	203,256

(1) Investment in affiliated portfolio.

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

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	278,122
Gross tax appreciation of investments	$	10,618
Gross tax depreciation of investments		(461	)
Net tax appreciation of investments	$	10,157

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. 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 U.S. Treasury Index Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	87,038	$	—
Level 2		201,241		—
Level 3		—		—
Total	$	288,279	$	—

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

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 30.2%
Aerospace/Defense - 0.5%
United Technologies Corp.,
6.13%, 2/1/19	$	130	$	138
Agriculture - 0.7%
Altria Group, Inc.,
9.25%, 8/6/19		150		153
Philip Morris International, Inc.,
4.88%, 5/16/13		65		66
				219
Banks - 0.8%
Bank of America Corp.,
8.00%, 12/24/49		35		13
Bank of America N.A.,
1.70%, 12/23/10†		243		244
				257
Beverages - 1.2%
Anheuser-Busch Cos., Inc.,
5.50%, 1/15/18†		55		49
PepsiCo., Inc.,
4.65%, 2/15/13†		155		164
3.75%, 3/1/14		155		155
				368
Chemicals - 0.5%
Praxair, Inc.,
5.25%, 11/15/14		135		143
Computers - 0.4%
Hewlett-Packard Co.,
4.50%, 3/1/13†		130		131
Cosmetics/Personal Care - 0.3%
Procter & Gamble Co.,
3.50%, 2/15/15		85		84
Diversified Financial Services - 11.2%
Bear Stearns (The) Cos., Inc.,
5.70%, 11/15/14		70		66
Caterpillar Financial Services Corp.,
6.13%, 2/17/14		150		146
Countrywide Home Loans, Inc.,
4.00%, 3/22/11		125		116
General Electric Capital Corp.,
5.63%, 9/15/17†		275		240
Goldman Sachs Group (The), Inc.,
7.50%, 2/15/19		345		342
HSBC Finance Corp.,
5.25%, 1/15/14		270		252
HSBC USA, Inc.,
3.13%, 12/16/11†		260		267
John Deere Capital Corp.,
2.88%, 6/19/12		178		181
JPMorgan Chase & Co.,
2.63%, 12/1/10†		290		295
1.65%, 2/23/11		117		117
5.75%, 1/2/13		255		252
JPMorgan Chase Bank N.A.,
6.00%, 10/1/17		135		128
Merrill Lynch & Co., Inc.,
6.15%, 4/25/13		175		162
Morgan Stanley,
2.00%, 9/22/11†		252		252
6.63%, 4/1/18		120		111
Power Receivable Finance LLC,
6.29%, 1/1/12(1)(2)		41		40
Wells Fargo & Co.,
3.00%, 12/9/11†		185		190
5.63%, 12/11/17		285		271
				3,428
Electric - 1.5%
Duke Energy Carolinas LLC,
5.10%, 4/15/18†		100		100
Florida Power & Light Co.,
5.55%, 11/1/17		95		99
Florida Power Corp.,
5.65%, 6/15/18		110		113
Nevada Power Co.,
6.50%, 8/1/18		150		141
				453
Food - 0.1%
General Mills, Inc.,
5.65%, 2/15/19		40		40
Healthcare - Services - 0.4%
UnitedHealth Group, Inc.,
4.88%, 3/15/15†		150		137
Insurance - 0.8%
Berkshire Hathaway Finance Corp.,
5.00%, 8/15/13		100		103

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 30.2% continued
Insurance - 0.8% continued
Protective Life Secured Trust,
4.85%, 8/16/10	$	165	$	157
				260
Media - 2.4%
News America, Inc.,
6.90%, 3/1/19(1)(2)		290		275
Time Warner Cable, Inc.,
5.85%, 5/1/17		165		149
6.75%, 7/1/18		150		142
Viacom, Inc.,
5.75%, 4/30/11		170		165
				731
Metal Fabrication/Hardware - 0.2%
Commercial Metals Co.,
7.35%, 8/15/18		75		59
Miscellaneous Manufacturing - 0.5%
General Electric Co.,
5.25%, 12/6/17		150		138
Oil & Gas - 2.6%
Chevron Corp.,
3.45%, 3/3/12		235		236
ConocoPhillips,
4.40%, 5/15/13†		50		50
5.75%, 2/1/19		150		147
Premcor Refining Group (The), Inc.,
6.75%, 5/1/14		330		320
XTO Energy, Inc.,
4.63%, 6/15/13†		60		57
				810
Pharmaceuticals - 0.8%
Abbott Laboratories,
5.60%, 11/30/17†		140		147
Schering-Plough Corp.,
6.00%, 9/15/17		95		95
				242
Pipelines - 1.1%
Consolidated Natural Gas Co.,
5.00%, 3/1/14		275		266
Kinder Morgan Energy Partners LP,
6.00%, 2/1/17		90		85
				351
Real Estate Investment Trusts - 0.1%
iStar Financial, Inc.,
5.88%, 3/15/16†		50		16
Retail - 0.6%
Lowe’s Cos., Inc.,
5.60%, 9/15/12†		110		114
Wal-Mart Stores, Inc.,
4.25%, 4/15/13†		60		63
				177
Telecommunications - 3.5%
AT&T, Inc.,
5.60%, 5/15/18†		95		91
5.80%, 2/15/19		155		150
Cisco Systems, Inc.,
4.95%, 2/15/19		160		155
Verizon Communications, Inc.,
8.75%, 11/1/18		215		246
Verizon Wireless,
8.50%, 11/15/18(1)(2)		200		225
Verizon Wireless Capital LLC,
5.55%, 2/1/14(1)(2)		200		199
				1,066
Total Corporate Bonds
(Cost $9,393)				9,248
FOREIGN ISSUER BONDS - 3.2%
Beverages - 0.2%
Diageo Capital PLC,
5.20%, 1/30/13		50		51
Food - 0.4%
Delhaize Group,
5.88%, 2/1/14		140		140
Insurance - 0.5%
Allied World Assurance Holdings Ltd. of Bermuda,
7.50%, 8/1/16		100		70
Catlin Insurance Co. Ltd.,
7.25%, 1/19/17(1) (2)		155		41
XL Capital Ltd.,
6.50%, 12/31/49		215		47
				158

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 3.2% continued
Iron/Steel - 0.5%
ArcelorMittal,
5.38%, 6/1/13	$	180	$	148
Media - 0.2%
Thomson Reuters Corp.,
5.95%, 7/15/13†		80		79
Oil & Gas - 0.7%
Devon Financing Corp. ULC,
6.88%, 9/30/11		90		95
Petro-Canada,
6.05%, 5/15/18		75		62
Suncor Energy, Inc.,
6.10%, 6/1/18		55		45
				202
Telecommunications - 0.7%
Telefonos de Mexico S.A. de CV,
4.75%, 1/27/10†		210		212
Total Foreign Issuer Bonds (Cost $1,350)				990
U.S. GOVERNMENT AGENCIES - 27.0% (3)
Fannie Mae - 20.0%
2.88%, 10/12/10		700		717
2.00%, 3/2/11(4)		164		164
1.75%, 3/23/11		389		389
3.25%, 4/9/13		550		569
3.88%, 7/12/13		350		370
3.38%, 3/10/14		392		391
Pool #256883,
6.00%, 9/1/37		508		525
Pool #585617,
7.00%, 5/1/31		—		—
Pool #735402,
5.00%, 4/1/35		616		629
Pool #889650,
6.50%, 2/1/38		960		1,005
Pool #981480,
4.50%, 5/1/38		353		355
Pool TBA,
5.50%, 3/31/39(4)		1,000		1,024
				6,138
Federal Home Loan Bank - 2.5%
3.63%, 7/1/11		370		386
3.63%, 5/29/13		350		365
				751
Freddie Mac - 4.5%
Federal Home Loan Mortgage Corp.,
1.50%, 1/7/11		150		150
2.13%, 3/23/12		508		507
4.75%, 1/19/16		672		731
				1,388
Total U.S. Government Agencies (Cost $8,159)				8,277
U.S. GOVERNMENT OBLIGATIONS - 36.0%
U.S. Treasury Notes - 36.0%
0.88%, 2/28/11(4)		1,744		1,739
1.38%, 2/15/12†		1,322		1,321
1.88%, 2/28/14(4)		708		703
2.63%, 2/29/16		2,694		2,680
2.75%, 2/15/19†		4,730		4,612
				11,055
Total U.S. Government Obligations (Cost $11,126)				11,055
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 20.4%
Northern Institutional Funds - Liquid Assets Portfolio (5)(6)		6,248,593		6,248
Total Investment Companies (Cost $6,249)				6,248

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 25.1%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	7,611	$	7,611
U.S. Treasury Bill,
0.48%, 8/20/09(7)		75		75
Total Short-Term Investments (Cost $7,686)				7,686
Total Investments - 141.9% (Cost $43,963)				43,504
Liabilities less Other Assets - (41.9)%				(12,851	)
NET ASSETS - 100.0%			$	30,653

(1) Restricted security that has been deemed illiquid. At February 28, 2009, the value of these restricted illiquid securities amounted to approximately $780,000 or 2.6% of net assets. Prices have been provided by independent pricing services, and the inputs used in determining those prices have been characterized as Level 2 inputs for purposes of SFAS 157 (e.g. quoted prices in active markets for similar securities, commonly quoted benchmark interest rates and yield curves, and/or securities indices). Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Catlin Insurance Co. Ltd.,
7.25%, 1/19/17	1/11/07-6/27/07	$	153
News America, Inc.,
6.90%, 3/1/19	2/10/09		290
Power Receivable Finance LLC,
6.29%, 1/1/12	9/30/03-8/24/07		41
Verizon Wireless,
8.50%, 11/15/18	11/18/09-2/20/09		208
Verizon Wireless Capital LLC,
5.55%, 2/1/14	1/30/09-2/20/09		199

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

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At February 28, 2009, the Intermediate Bond Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED LOSS (000S)
Two Year U.S. Treasury Note	5	$	1,083	Long	6/09	$	(2	)

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	43,963
Gross tax appreciation of investments	$	248
Gross tax depreciation of investments		(707	)
Net tax depreciation of investments	$	(459	)

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. 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 Intermediate Bond Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	6,248	$	(2	)
Level 2		36,867		—
Level 3		389		—
Total	$	43,504	$	(2	)

FIXED INCOME PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

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

	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Balance as of 11/30/08	$	—	$	—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net Purchases (Sales)		389		—
Transfers in and/or out of Level 3		—		—
Balance as of 2/28/09	$	389	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 22.6%
Banks - 6.7%
Bank of America N.A.,
1.70%, 12/23/10†	$	1,124	$	1,128
Citigroup, Inc.,
2.13%, 4/30/12		813		808
HSBC USA, Inc.,
3.13%, 12/16/11†		1,200		1,231
JPMorgan Chase & Co.,
2.63%, 12/1/10†		1,356		1,382
1.65%, 2/23/11		473		473
4.85%, 6/16/11†		1,325		1,328
Morgan Stanley,
2.00%, 9/22/11†		1,193		1,192
Wells Fargo & Co.,
4.38%, 1/31/13		685		648
				8,190
Beverages - 0.5%
PepsiCo, Inc.,
3.75%, 3/1/14		620		623
Diversified Financial Services - 6.3%
Allstate Life Global Funding Trusts,
4.50%, 5/29/09†		2,395		2,397
Caterpillar Financial Services Corp.,
6.13%, 2/17/14†		630		614
Countrywide Home Loans, Inc.,
4.00%, 3/22/11†		690		643
General Electric Capital Corp.,
6.00%, 6/15/12		1,450		1,442
International Lease Finance Corp.,
5.75%, 6/15/11		970		673
John Deere Capital Corp.,
4.88%, 3/16/09†		1,125		1,126
2.88%, 6/19/12		853		867
				7,762
Electric - 0.6%
PSEG Power LLC,
6.95%, 6/1/12		670		682
Media - 1.2%
AOL Time Warner, Inc.,
6.75%, 4/15/11		855		868
Time Warner Cable, Inc.,
5.40%, 7/2/12		625		601
				1,469
Oil & Gas - 0.8%
Chevron Corp.,
3.45%, 3/3/12		930		932
Pipelines - 0.4%
Duke Capital LLC,
4.37%, 3/1/09		500		500
Retail - 2.5%
CVS Caremark Corp.,
4.00%, 9/15/09†		1,300		1,298
Target Corp.,
5.38%, 6/15/09†		1,800		1,814
				3,112
Software - 0.6%
Oracle Corp.,
5.00%, 1/15/11†		720		754
Telecommunications - 3.0%
SBC Communications, Inc.,
6.25%, 3/15/11†		1,440		1,502
Verizon Communications, Inc.,
5.35%, 2/15/11†		740		759
Verizon New Jersey, Inc.,
5.88%, 1/17/12		400		401
Verizon Wireless Capital LLC,
5.55%, 2/1/14(1)(2)		1,000		994
				3,656
Total Corporate Bonds (Cost $28,013)				27,680
FOREIGN ISSUER BONDS - 2.6%
Food - 0.8%
Delhaize Group,
5.88%, 2/1/14		895		896
Oil & Gas - 1.1%
Conoco Funding Co.,
6.35%, 10/15/11		1,260		1,357
Telecommunications - 0.7%
Telefonos de Mexico S.A. de CV,
4.75%, 1/27/10†		885		894
Total Foreign Issuer Bonds (Cost $3,106)				3,147

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 51.0% (3)
Fannie Mae - 30.3%
2.00%, 3/2/11(4)	$	2,240	$	2,240
1.75%, 3/23/11		2,420		2,423
3.63%, 8/15/11		2,684		2,818
2.00%, 1/9/12		3,222		3,236
3.38%, 3/10/14(4)		1,488		1,483
Pool #256883,
6.00%, 9/1/37		1,146		1,185
Pool #555649,
7.50%, 10/1/32		134		144
Pool #869217,
5.45%, 2/1/36		2,157		2,227
Pool #888415,
5.00%, 12/1/36		1,811		1,847
Pool #889650,
6.50%, 2/1/38		2,974		3,114
Pool #893082,
5.82%, 9/1/36		1,229		1,270
Pool #897243,
6.00%, 11/1/36		2,905		3,006
Pool #946869,
6.00%, 9/1/37		1,750		1,809
Pool #995049,
5.50%, 2/1/38		2,876		2,952
Pool TBA,
5.50%, 3/31/39(4)		7,167		7,342
				37,096
Federal Farm Credit Bank - 2.4%
2.63%, 4/21/11		2,848		2,906
Federal Home Loan Bank - 4.0%
1.63%, 1/21/11		2,450		2,454
3.38%, 6/24/11		2,385		2,467
				4,921
Freddie Mac - 10.7%
2.13%, 3/23/12		2,759		2,757
Pool #1B3617,
5.94%, 10/1/37		1,682		1,751
Pool TBA,
6.50%, 3/31/39(4)		4,241		4,434
6.50%, 4/30/39(4)		3,955		4,123
				13,065
Freddie Mac Gold - 3.6%
Pool #G03142,
6.50%, 7/1/37		4,241		4,420
Total U.S. Government Agencies (Cost $61,964)				62,408
U.S. GOVERNMENT OBLIGATIONS - 18.6%
U.S. Treasury Notes - 18.6%
0.88%, 2/28/11		2,409		2,402
1.38%, 2/15/12†		15,269		15,254
1.88%, 2/28/14		5,179		5,143
				22,799
Total U.S. Government Obligations (Cost $22,798)				22,799
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 21.4%
Northern Institutional Funds - Liquid Assets Portfolio (5)(6)		26,177,599		26,178
Total Investment Companies (Cost $26,178)				26,178
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 30.0%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	36,443		36,443
U.S. Treasury Bill,
0.48%, 8/20/09(7)		300		299
Total Short-Term Investments (Cost $36,742)				36,742
Total Investments - 146.2% (Cost $178,801)				178,954
Liabilities less Other Assets - (46.2)%				(56,590	)
NET ASSETS - 100.0%			$	122,364

(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.

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

(2) Restricted security that has been deemed illiquid. At February 28, 2009, the value of these restricted illiquid securities amounted to approximately $994,000 or 0.8% of net assets. Prices have been provided by independent pricing services, and the inputs used in determining those prices have been characterized as Level 2 inputs for purposes of SFAS 157 (e.g. quoted prices in active markets for similar securities, commonly quoted benchmark interest rates and yield curves, and/or securities indices). Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Verizon Wireless Capital LLC,
5.55%, 2/1/14	1/30/09	$	994

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

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At February 28, 2009, the Short Bond Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED LOSS (000S)
Two Year U.S. Treasury Note	17	$	3,682	Long	6/09	$	(6	)

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	178,801
Gross tax appreciation of investments	$	666
Gross tax depreciation of investments		(513	)
Net tax appreciation of investments	$	153

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. 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 Short Bond Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	26,178	$	(6	)
Level 2		148,870		—
Level 3		3,906		—
Total	$	178,954	$	(6	)

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

	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Balance as of 11/30/08	$	—	$	—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net Purchases (Sales)		3,906		—
Transfers in and/or out of Level 3		—		—
Balance as of 2/28/09	$	3,906	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

U.S. GOVERNMENT SECURITIES PORTFOLIO FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 4.3%
Banks - 4.3%
Citigroup, Inc.,
2.13%, 4/30/12	$	800	$	795
HSBC USA, Inc.,
3.13%, 12/16/11†		750		770
JPMorgan Chase & Co.,
1.65%, 2/23/11		221		221
Morgan Stanley,
2.00%, 9/22/11		734		733
				2,519
Total Corporate Bonds (Cost $2,502)				2,519
U.S. GOVERNMENT AGENCIES - 44.3% (1)
Fannie Mae - 23.5%
2.00%, 3/2/11(2)		995		995
1.75%, 3/23/11		731		732
2.00%, 1/9/12		1,953		1,962
2.75%, 2/5/14		100		100
3.38%, 3/10/14(2)		1,320		1,315
Pool #555649,
7.50%, 10/1/32		97		104
Pool #735402,
5.00%, 4/1/35		864		882
Pool #869217,
5.45%, 2/1/36		1,300		1,342
Pool #893082,
5.82%, 9/1/36		463		478
Pool #968158,
6.50%, 1/1/38		436		457
Pool #995049,
5.50%, 2/1/38		1,477		1,517
Pool TBA,
5.50%, 12/31/37(2)		3,750		3,841
				13,725
Federal Farm Credit Bank - 3.2%
2.63%, 4/21/11		448		457
3.88%, 8/25/11		1,335		1,407
				1,864
Federal Home Loan Bank - 1.5%
3.63%, 10/18/13		875		905
Freddie Mac - 16.1%
2.00%, 2/25/11		500		500
2.00%, 1/27/12		750		745
2.13%, 3/23/12		583		582
2.50%, 1/7/14		950		943
Pool #1J0365,
5.93%, 4/1/37		922		958
Pool #1J2840,
5.97%, 9/1/37		1,319		1,372
Pool #410092,
6.79%, 11/1/24		8		8
Pool TBA,
6.50%, 4/13/30(2)		2,249		2,345
5.50%, 3/15/38(2)		1,200		1,229
Series 2944, Class WD,
5.50%, 11/15/28		715		735
				9,417
Total U.S. Government Agencies (Cost $25,670)				25,911
U.S. GOVERNMENT OBLIGATIONS - 49.2%
U.S. Treasury Notes - 49.2%
0.88%, 2/28/11		2,576		2,569
1.38%, 2/15/12†		9,195		9,185
1.88%, 2/28/14		12,512		12,426
2.75%, 2/15/19†		4,725		4,607
				28,787
Total U.S. Government Obligations (Cost $28,872)				28,787
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 19.2%
Northern Institutional Funds - Liquid Assets Portfolio (3) (4)		11,250,842		11,251
Total Investment Companies (Cost $11,251)				11,251

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

U.S. GOVERNMENT SECURITIES PORTFOLIO continued FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 41.9%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	24,379	$	24,379
U.S. Treasury Bill,
0.48%, 8/20/09(5)		155		155
Total Short-Term Investments (Cost $24,534)				24,534
Total Investments - 158.9% (Cost $92,829)				93,002
Liabilities less Other Assets - (58.9)%				(34,483	)
NET ASSETS - 100.0%			$	58,519

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

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At February 28, 2009, the U.S. Government Securities Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED LOSS (000S)
Two Year U.S. Treasury Note	8	$	1,733	Long	6/09	$	(3	)

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	92,829
Gross tax appreciation of investments	$	290
Gross tax depreciation of investments		(117	)
Net tax appreciation of investments	$	173

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. 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 U.S. Government Securities Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	11,251	$	(3	)
Level 2		79,704		—
Level 3		2,047		—
Total	$	93,002	$	—

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

	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Balance as of 11/30/08	$	—	$	—
Realized gain (loss)		—		—
Change in unrealized appreciation/depreciation		—		—
Net Purchases (Sales)		2,047		—
Transfers in and/or out of Level 3		—		—
Balance as of 2/28/09	$	2,047	$	—

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

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

	SCHEDULE OF INVESTMENTS
INTERNATIONAL GROWTH PORTFOLIO	FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 94.3%
Australia - 2.8%
QBE Insurance Group Ltd.	76,977	$	932
Telstra Corp. Ltd.	891,344		2,029
			2,961
Belgium - 2.2%
Anheuser-Busch InBev N.V.	83,233		2,302
Canada - 1.1%
Bombardier, Inc., Class B	504,400		1,176
China - 1.0%
Bank of China Ltd., Class H	3,961,000		1,089
Finland - 1.1%
UPM-Kymmene OYJ	164,972		1,169
France - 8.1%
Accor S.A.†	26,105		938
Air Liquide S.A.†	26,754		1,970
BNP Paribas†	41,862		1,376
Peugeot S.A.†	53,573		925
Societe Generale	28,659		903
Total S.A.†	36,483		1,729
UBISOFT Entertainment*†	54,002		816
			8,657
Germany - 11.7%
Allianz SE (Registered)†	22,514		1,528
Bayer A.G.	45,320		2,186
Commerzbank A.G.†	109,200		385
Deutsche Telekom A.G. (Registered)	111,358		1,350
E.ON A.G.	59,180		1,524
GEA Group A.G.	51,198		553
Linde A.G.	24,115		1,559
SAP A.G.	66,612		2,153
Siemens A.G. (Registered)	24,804		1,266
			12,504
Hong Kong - 1.1%
Huabao International Holdings Ltd.	1,680,000		1,214
Italy - 2.4%
ENI S.p.A.	88,140		1,763
Lottomatica S.p.A.†	51,493		829
			2,592
Japan - 20.8%
Chiyoda Corp.	178,000		699
East Japan Railway Co.	18,400		1,089
Kawasaki Heavy Industries Ltd.†	560,000		963
Kinden Corp.	101,000		709
Kirin Holdings Co. Ltd.	191,000		1,830
Kubota Corp.†	156,000		739
Mitsubishi Estate Co. Ltd.	145,000		1,444
Mitsubishi UFJ Financial Group, Inc.	502,700		2,281
Mitsui & Co. Ltd.	218,000		1,995
NGK Insulators Ltd.†	92,000		1,205
Shin-Etsu Chemical Co. Ltd.	47,500		2,113
Shiseido Co. Ltd.†	103,000		1,500
Sony Corp.	95,100		1,584
Sumitomo Metal Mining Co. Ltd.	112,000		1,109
Toyota Motor Corp.	93,000		2,962
			22,222
Netherlands - 4.5%
Qiagen N.V.*†	51,426		849
Royal Dutch Shell PLC, Class B (London Exchange)	187,627		3,961
			4,810
Singapore - 1.8%
CapitaLand Ltd.†	683,000		862
DBS Group Holdings Ltd.	213,000		1,068
			1,930
Spain - 2.8%
Telefonica S.A.	158,959		2,965
Sweden - 2.0%
Telefonaktiebolaget LM Ericsson, Class B	255,433		2,107
Switzerland - 10.4%
ABB Ltd. (Registered)*†	112,618		1,363
Julius Baer Holding A.G. (Registered)†	28,325		657
Nestle S.A. (Registered)	104,886		3,433
Roche Holding A.G. (Genusschein)†	25,009		2,839
Syngenta A.G. (Registered)	13,177		2,808
			11,100
United Kingdom - 20.5%
Autonomy Corp. PLC*	109,566		1,903
BAE Systems PLC	400,400		2,121
BP PLC	282,040		1,804
Compass Group PLC	456,842		2,020
GlaxoSmithKline PLC	185,506		2,832
HSBC Holdings PLC†	108,251		757
ITV PLC	1,728,944		611
QinetiQ PLC	284,453		563

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH PORTFOLIO continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 94.3% continued
United Kingdom - 20.5% continued
Rolls-Royce Group PLC*		399,083	$	1,641
Royal Bank of Scotland Group PLC		1,928,942		633
Standard Chartered PLC		102,230		968
Vodafone Group PLC		1,936,983		3,444
Weir Group (The) PLC		176,362		872
WPP PLC		324,603		1,693
				21,862
Total Common Stocks (Cost $164,405) (1)				100,660
INVESTMENT COMPANIES - 18.7%
Northern Institutional Funds - Liquid Assets Portfolio (2) (3)		19,907,387		19,907
Total Investment Companies (Cost $19,907)				19,907
RIGHTS - 0.1%
Singapore - 0.1%
CapitaLand Ltd.*†		341,500		135
Total Rights (Cost $ —  ) (1)				135
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 0.2%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	173	$	173
Total Short-Term Investments (Cost $173)				173
Total Investments - 113.3% (Cost $184,485)				120,875
Liabilities less Other Assets - (13.3)%				(14,148	)
NET ASSETS - 100.0%			$	106,727

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

(2) Investment in affiliated portfolio.

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

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	184,485
Gross tax appreciation of investments	$	1,717
Gross tax depreciation of investments		(65,327	)
Net tax depreciation of investments	$	(63,610	)

At February 28, 2009, the industry sectors for the International Growth Portfolio were:

INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Consumer Discretionary	11.5	%
Consumer Staples	9.0
Energy	9.1
Financials	15.2
Health Care	8.6
Industrials	16.8
Information Technology	6.9
Materials	11.8
Telecommunication Services	9.6
Utilities	1.5
Total	100.0	%

At February 28, 2009, the International Growth Portfolio’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF LONG-TERM INVESTMENTS
Euro	30.7	%
British Pound	25.6
Japanese Yen	22.0
Swiss Franc	11.0
All other currencies less than 5%	10.7
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. 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)

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (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 International Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	21,083	$	—
Level 2		99,792		—
Level 3		—		—
Total	$	120,875	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1%
Australia - 5.9%
AGL Energy Ltd.	3,526	$	30
Alumina Ltd.†	8,979		7
Amcor Ltd.	7,167		20
AMP Ltd.	15,942		49
Aristocrat Leisure Ltd.	2,790		7
ASX Ltd.	1,478		25
Australia & New Zealand Banking Group Ltd.	18,118		153
AXA Asia Pacific Holdings Ltd.†	6,932		14
Bendigo and Adelaide Bank Ltd.†	2,183		9
BHP Billiton Ltd.	29,682		543
Billabong International Ltd.	1,509		7
BlueScope Steel Ltd.	6,054		8
Boral Ltd.†	4,730		8
Brambles Ltd.	12,252		36
Caltex Australia Ltd.	1,074		6
CFS Retail Property Trust	14,633		16
Coca-Cola Amatil Ltd.	4,344		25
Cochlear Ltd.	437		15
Commonwealth Bank of Australia†	13,509		255
Computershare Ltd.†	4,051		18
Crown Ltd.†	3,553		12
CSL Ltd.	5,570		130
CSR Ltd.	9,097		6
Dexus Property Group	25,589		11
Fairfax Media Ltd.†	9,705		5
Fortescue Metals Group Ltd.*†	11,066		18
Foster’s Group Ltd.	16,629		58
Goodman Fielder Ltd.	9,902		7
Goodman Group	17,144		3
GPT Group†	39,630		12
Harvey Norman Holdings Ltd.†	4,700		6
Incitec Pivot Ltd.	15,176		21
Insurance Australia Group Ltd.	17,519		38
Leighton Holdings Ltd.†	1,228		15
Lend Lease Corp. Ltd.	2,864		10
Lion Nathan Ltd.†	2,500		14
Macquarie Airports	6,369		6
Macquarie Group Ltd.†	2,460		26
Macquarie Infrastructure Group†	21,114		14
Macquarie Office Trust	2,582		—
Metcash Ltd.	4,400		12
Mirvac Group	8,860		5
National Australia Bank Ltd.	16,638		189
Newcrest Mining Ltd.	4,432		87
OneSteel Ltd.	6,767		7
Orica Ltd.	3,003		26
Origin Energy Ltd.	7,919		69
OZ Minerals Ltd.	25,655		10
Perpetual Ltd.†	295		5
Qantas Airways Ltd.	9,700		10
QBE Insurance Group Ltd.	9,055		110
Rio Tinto Ltd.	2,692		79
Santos Ltd.	5,308		52
Sims Metal Management Ltd.†	1,169		13
Sonic Healthcare Ltd.	2,321		18
Stockland	12,526		22
Suncorp-Metway Ltd.†	8,905		30
Suncorp-Metway Ltd. - New*	1,781		6
TABCORP Holdings Ltd.†	4,625		19
Tatts Group Ltd.	8,554		15
Telstra Corp. Ltd.	40,580		92
Toll Holdings Ltd.	4,388		15
Transurban Group	11,194		32
Wesfarmers Ltd.	9,209		103
Wesfarmers Ltd. - PPS	1,001		11
Westfield Group	18,742		128
Westpac Banking Corp.	25,319		271
Woodside Petroleum Ltd.	4,549		104
Woolworths Ltd.	10,660		178
WorleyParsons Ltd.†	1,330		13
			3,394
Austria - 0.3%
Erste Group Bank A.G.	1,656		16
OMV A.G.	1,570		41
Raiffeisen International Bank Holding A.G.†	430		8
Strabag SE	410		5
Telekom Austria A.G.	2,906		38
Verbund - Oesterreichische Elektrizitaetswirtschafts A.G., Class A	690		22
Vienna Insurance Group†	300		7
Voestalpine A.G.	972		15
Wienerberger A.G.	577		5
			157
Belgium - 0.9%
Anheuser-Busch InBev N.V.	6,343		175
Belgacom S.A.	1,632		54
Colruyt S.A.	158		36

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
Belgium - 0.9% continued
Delhaize Group	961	$	56
Dexia S.A.†	4,421		9
Fortis†	20,796		35
Fortis (VVPR)*	348		—
Groupe Bruxelles Lambert S.A.	726		47
KBC Groep N.V.†	1,498		16
Mobistar S.A.	217		14
Nationale A Portefeuille	300		13
Solvay S.A., Class A	574		33
UCB S.A.	875		24
Umicore	985		15
			527
Denmark - 0.9%
A.P. Moller - Maersk A/S, Class A†	5		24
A.P. Moller - Maersk A/S, Class B†	10		47
Carlsberg A/S, Class B†	773		26
Coloplast A/S, Class B	224		15
Danisco A/S†	335		12
Danske Bank A/S†	4,394		28
DSV A/S†	1,603		12
FLSmidth & Co. A/S†	423		10
Jyske Bank A/S (Registered)*	468		8
Novo-Nordisk A/S, Class B	4,105		200
Novozymes A/S, Class B	456		34
Topdanmark A/S*	140		14
TrygVesta A/S†	211		11
Vestas Wind Systems A/S*†	1,723		75
William Demant Holding A/S*†	201		6
			522
Finland - 1.1%
Elisa OYJ, Class A†	1,189		15
Fortum OYJ	4,098		71
Kesko OYJ, Class B†	452		10
Kone OYJ, Class B†	1,557		32
Metso OYJ†	1,014		10
Neste Oil OYJ†	1,020		13
Nokia OYJ	33,597		317
Nokian Renkaat OYJ†	718		9
Orion OYJ, Class B	600		9
Outokumpu OYJ	1,300		13
Pohjola Bank PLC, Class A†	700		5
Rautaruukki OYJ†	668		11
Sampo OYJ, Class A	4,072		54
Sanoma-WSOY OYJ	771		9
Stora Enso OYJ (Registered)	4,620		19
UPM-Kymmene OYJ	5,227		37
Wartsila OYJ, Class B†	756		17
			651
France - 9.9%
Accor S.A.†	1,867		67
ADP†	213		10
Air France-KLM	964		9
Air Liquide S.A.†	2,161		159
Alcatel-Lucent*†	22,103		29
Alstom S.A.†	1,977		94
Arcelormittal	8,062		158
Atos Origin S.A.†	660		16
AXA S.A.†	14,250		132
BioMerieux	107		8
BNP Paribas†	7,192		236
Bouygues S.A.	2,325		67
Bureau Veritas S.A.†	301		11
Cap Gemini S.A.	1,229		36
Carrefour S.A.	5,845		198
Casino Guichard Perrachon S.A.	346		22
Christian Dior S.A.†	442		22
Cie de Saint-Gobain†	2,630		61
Cie Generale d’Optique Essilor International S.A.	1,793		62
CNP Assurances	305		20
Compagnie Generale de Geophysique-Veritas*†	1,091		12
Compagnie Generale des Establissements Michelin, Class B	1,263		41
Credit Agricole S.A.	8,070		79
Dassault Systemes S.A.†	458		16
EDF S.A.	1,824		71
Eiffage S.A.†	286		10
Eramet†	41		6
Eurazeo	198		5
Eutelsat Communications	653		14
France Telecom S.A.	16,165		365
GDF Suez*	1,323		—
GDF Suez (VVPR)	9,679		310
Gecina S.A.	85		4
Groupe Danone	3,997		192
Hermes International†	484		41
Icade	154		11

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
France - 9.9% continued
Iliad S.A.	136	$	11
Imerys S.A.†	252		8
Ipsen S.A.	196		8
JC Decaux S.A.†	548		7
Klepierre†	667		14
Lafarge S.A.†	1,142		49
Lagardere S.C.A.	1,088		36
Legrand S.A.†	714		11
L’Oreal S.A.	2,131		138
LVMH Moet Hennessy Louis Vuitton S.A.†	2,285		132
M6-Metropole Television	708		9
Natixis	7,897		11
Neopost S.A.	256		19
PagesJaunes Groupe S.A.†	1,084		9
Pernod-Ricard S.A.	1,491		82
Peugeot S.A.†	1,196		21
PPR†	730		44
Publicis Groupe†	1,106		26
Renault S.A.†	1,738		25
Safran S.A.†	1,596		16
Sanofi-Aventis S.A.	9,291		481
Schneider Electric S.A.†	2,060		124
SCOR SE	1,190		24
SES S.A. FDR	2,564		48
Societe BIC S.A.†	278		14
Societe Des Autoroutes Paris-Rhin-Rhone†	192		10
Societe Generale	4,331		137
Societe Television Francaise 1†	937		8
Sodexo†	759		35
Suez Environnement S.A.*†	2,342		34
Technip S.A.	971		32
Thales S.A.†	705		29
Total S.A.	18,845		893
Unibail-Rodamco	766		97
Valeo S.A.†	654		8
Vallourec S.A.	480		38
Veolia Environment	3,404		74
Vinci S.A.	3,865		126
Vivendi S.A.	10,333		248
Wendel†	215		5
Zodiac S.A.†	413		13
			5,748
Germany - 7.1%
Adidas A.G.	1,779		52
Allianz SE (Registered)†	4,007		272
BASF SE	8,201		228
Bayer A.G.	6,770		327
Bayerische Motoren Werke A.G.	3,014		75
Beiersdorf A.G.	701		29
Celesio A.G.	676		14
Commerzbank A.G.†	5,829		21
Daimler A.G. (Registered)	7,981		182
Deutsche Bank A.G. (Registered)†	4,806		125
Deutsche Boerse A.G.†	1,829		84
Deutsche Lufthansa A.G. (Registered)	1,821		20
Deutsche Post A.G. (Registered)	7,889		77
Deutsche Postbank A.G.†	652		7
Deutsche Telekom A.G. (Registered)	25,121		305
E.ON A.G.	16,823		433
Fraport A.G. Frankfurt Airport Services Worldwide†	278		9
Fresenius Medical Care A.G. & Co. KGaA	1,700		70
Fresenius SE	206		9
GEA Group A.G.	1,444		16
Hamburger Hafen und Logistik A.G.†	190		4
Hannover Rueckversicherung A.G.†	469		17
HeidelbergCement A.G.†	198		5
HeidelbergCement A.G. (VVPR) (1) *	83		—
Henkel A.G. & Co KGaA	1,138		25
Hochtief A.G.	334		9
K+S A.G.†	1,395		63
Linde A.G.	1,245		80
MAN A.G.	1,011		41
Merck KGaA	540		41
Metro A.G.	980		29
Muenchener Rueckversicherungs A.G. (Registered)	1,897		233
Puma A.G. Rudolf Dassler Sport A.G.	64		10
Q-Cells SE*†	492		8
RWE A.G.	3,930		248
Salzgitter A.G.	327		20
SAP A.G.	7,733		250
Siemens A.G. (Registered)	7,672		392
Solarworld A.G.†	680		12
Suedzucker A.G.	539		9
ThyssenKrupp A.G.†	3,365		60
TUI A.G.†	1,697		10
United Internet A.G. (Registered)†	960		7
Volkswagen A.G.†	784		186

EQUITY PORTFOLIOS    3    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
Germany - 7.1% continued
Wacker Chemie A.G.	123	$	8
			4,122
Greece - 0.4%
Alpha Bank A.E.	3,569		19
Coca Cola Hellenic Bottling Co. S.A.	1,380		17
EFG Eurobank Ergasias S.A.	2,638		14
Hellenic Petroleum S.A.	1,222		9
Hellenic Telecommunications Organization S.A.	2,560		33
Marfin Investment Group S.A.*	5,160		15
National Bank of Greece S.A.	4,663		58
OPAP S.A.	2,034		52
Piraeus Bank S.A.	2,690		13
Public Power Corp. S.A.	713		11
Titan Cement Co. S.A.	469		8
			249
Hong Kong - 2.3%
ASM Pacific Technology Ltd.	2,000		6
Bank of East Asia Ltd.†	12,599		26
BOC Hong Kong Holdings Ltd.	33,500		33
Cathay Pacific Airways Ltd.	9,000		9
Cheung Kong Holdings Ltd.	13,000		105
Cheung Kong Infrastructure Holdings Ltd.	4,000		15
Chinese Estates Holdings Ltd.†	8,000		9
CLP Holdings Ltd.	19,194		142
Esprit Holdings Ltd.	10,000		54
Foxconn International Holdings Ltd.*†	17,000		5
Genting International PLC*†	22,000		6
Hang Lung Group Ltd.	7,000		19
Hang Lung Properties Ltd.	17,000		32
Hang Seng Bank Ltd.†	6,900		76
Henderson Land Development Co. Ltd.	10,045		33
Hong Kong & China Gas Co. Ltd.	36,913		56
Hong Kong Aircraft Engineerg Co. Ltd.†	400		4
Hong Kong Electric Holdings Co. Ltd.	13,000		80
Hong Kong Exchanges and Clearing Ltd.†	9,500		75
Hopewell Holdings Ltd.	5,000		14
Hutchison Telecommunications International Ltd.	16,000		4
Hutchison Whampoa Ltd.	19,500		102
Hysan Development Co. Ltd.	5,281		8
Kerry Properties Ltd.†	6,093		11
Kingboard Chemicals Holdings Ltd.	4,000		6
Li & Fung Ltd.†	18,620		41
Lifestyle International Holdings Ltd.†	6,000		5
Link REIT (The)	17,000		32
Mongolia Energy Co. Ltd.*†	28,000		7
MTR Corp.†	10,985		24
New World Development Ltd.	19,169		17
Noble Group Ltd.†	10,800		7
NWS Holdings Ltd.	4,000		5
Orient Overseas International Ltd.	2,000		5
Pacific Basin Shipping Ltd.	14,000		6
PCCW Ltd.	40,364		19
Shangri-La Asia Ltd.	9,172		10
Sino Land Co.	15,408		12
Sun Hung Kai Properties Ltd.	13,172		102
Swire Pacific Ltd., Class A	7,500		46
Television Broadcasts Ltd.†	3,000		10
Wharf Holdings Ltd.	11,250		24
Wheelock & Co. Ltd.†	8,000		13
Wing Hang Bank Ltd.	1,000		6
Yue Yuen Industrial Holdings	4,000		7
			1,328
Ireland - 0.4%
Anglo Irish Bank Corp. PLC (Dublin Exchange)	6,354		—
CRH PLC†	949		20
CRH PLC - Dublin	3,707		77
Elan Corp. PLC*†	4,122		26
Experian PLC	9,567		57
Kerry Group PLC, Class A	1,331		28
Ryanair Holdings PLC*	3,150		12
			220
Italy - 3.2%
A2A S.p.A.	10,311		15
ACEA S.p.A.	819		10
Alleanza Assicurazioni S.p.A.	3,959		20
Assicurazioni Generali S.p.A.	9,351		141
Atlantia S.p.A.	2,468		32
Autogrill S.p.A.	1,000		5
Banca Carige S.p.A.†	5,691		15
Banca Monte dei Paschi di Siena S.p.A.†	21,664		27
Banca Popolare di Milano Scrl	3,301		13
Banco Popolare Scarl	5,960		23
Bulgari S.p.A.†	1,672		7
Enel S.p.A.	38,248		191
ENI S.p.A.	22,997		460

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    4    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
Italy - 3.2% continued
Fiat S.p.A.	6,146	$	28
Finmeccanica S.p.A.	3,740		48
Fondiaria-Sai S.p.A.	472		5
IFIL - Investments S.p.A.	1,576		3
Intesa Sanpaolo S.p.A.	68,035		166
Intesa Sanpaolo S.p.A. (RNC)	7,416		12
Italcementi S.p.A.†	723		6
Italcementi S.p.A. (RNC)	829		4
Lottomatica S.p.A.	653		11
Luxottica Group S.p.A.†	1,098		14
Mediaset S.p.A.	7,283		32
Mediobanca S.p.A.	4,668		38
Mediolanum S.p.A.	2,000		7
Parmalat S.p.A.	15,536		29
Pirelli & C. S.p.A.	19,728		4
Prysmian S.p.A.	1,205		10
Saipem S.p.A.	2,225		35
Saras S.p.A.	3,017		9
Snam Rete Gas S.p.A.	7,000		35
Telecom Italia S.p.A.	92,179		113
Telecom Italia S.p.A. (RNC)	53,741		52
Tenaris S.A.	4,186		37
Terna S.p.A.	11,235		35
UniCredit S.p.A. (Milan Exchange)	100,504		128
Unione di Banche Italiane SCPA	5,415		51
Unipol Gruppo Finanziario S.p.A.	5,252		5
			1,876
Japan - 24.2%
77 Bank (The) Ltd.	3,000		14
ABC-Mart, Inc.	200		4
Acom Co. Ltd.†	380		9
Advantest Corp.	1,300		15
Aeon Co. Ltd.	5,700		34
Aeon Credit Service Co. Ltd.	900		7
Aeon Mall Co. Ltd.	500		5
Aioi Insurance Co. Ltd.	2,000		7
Aisin Seiki Co. Ltd.	1,900		29
Ajinomoto Co., Inc.	6,000		41
Alfresa Holdings Corp.	300		12
All Nippon Airways Co. Ltd.	5,000		18
Alps Electric Co. Ltd.	1,000		3
Amada Co. Ltd.	3,000		14
Aozora Bank Ltd.	4,000		4
Asahi Breweries Ltd.	3,700		46
Asahi Glass Co. Ltd.	10,000		43
Asahi Kasei Corp.	12,000		38
Asics Corp.†	1,000		6
Astellas Pharma, Inc.	4,200		139
Bank of Kyoto (The) Ltd.	3,000		26
Bank of Yokohama (The) Ltd.	12,000		51
Benesse Corp.	700		28
Bridgestone Corp.	5,900		79
Brother Industries Ltd.	2,000		13
Canon Marketing Japan, Inc.	1,000		14
Canon, Inc.	9,400		237
Casio Computer Co. Ltd.†	1,900		13
Central Japan Railway Co.	15		91
Chiba Bank (The) Ltd.	8,000		38
Chubu Electric Power Co., Inc.	5,800		143
Chugai Pharmaceutical Co. Ltd.	2,200		37
Chugoku Bank (The) Ltd.	1,000		12
Chugoku Electric Power (The) Co., Inc.	2,700		64
Chuo Mitsui Trust Holdings, Inc.	9,000		27
Citizen Holdings Co. Ltd.	2,700		9
Coca-Cola West Co. Ltd.†	600		10
Cosmo Oil Co. Ltd.	4,000		11
Credit Saison Co. Ltd.†	1,300		8
Dai Nippon Printing Co. Ltd.	5,000		42
Daicel Chemical Industries Ltd.	3,000		10
Daido Steel Co. Ltd.†	2,000		4
Daihatsu Motor Co. Ltd.	2,000		15
Daiichi Sankyo Co. Ltd.	6,100		97
Daikin Industries Ltd.	2,600		56
Dainippon Sumitomo Pharma Co. Ltd.	1,000		8
Daito Trust Construction Co. Ltd.	700		22
Daiwa House Industry Co. Ltd.	5,000		32
Daiwa Securities Group, Inc.	13,000		44
Dena Co. Ltd.†	2		6
Denki Kagaku Kogyo K.K.	3,000		5
Denso Corp.	4,700		88
Dentsu, Inc.†	2,100		30
DIC Corp.	5,000		7
Dowa Mining Co. Ltd.	2,000		6
East Japan Railway Co.	3,066		181
Eisai Co. Ltd.	2,400		73
Electric Power Development Co. Ltd.	1,300		41
Elpida Memory, Inc.*†	700		4
FamilyMart Co. Ltd.	400		13

EQUITY PORTFOLIOS    5    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
Japan - 24.2% continued
Fanuc Ltd.	1,800	$	117
Fast Retailing Co. Ltd.	400		40
Fuji Electric Holdings Co. Ltd.	6,000		5
Fuji Heavy Industries Ltd.	4,000		13
Fuji Media Holdings, Inc.	4		5
FUJIFILM Holdings Corp.	4,700		87
Fujitsu Ltd.	18,000		61
Fukuoka Financial Group, Inc.	6,000		18
Furukawa Electric (The) Co. Ltd.	6,000		15
Gunma Bank (The) Ltd.	4,000		21
Hachijuni Bank (The) Ltd.	3,872		21
Hakuhodo DY Holdings, Inc.†	80		3
Hankyu Hanshin Holdings, Inc.	12,000		55
Haseko Corp.	9,000		3
Hikari Tsushin, Inc.	300		5
Hino Motors Ltd.	2,000		4
Hirose Electric Co. Ltd.	300		26
Hiroshima Bank (The) Ltd.	3,000		11
Hisamitsu Pharmaceutical Co., Inc.	600		18
Hitachi Chemical Co. Ltd.	700		7
Hitachi Construction Machinery Co. Ltd.†	700		8
Hitachi High-Technologies Corp.	500		6
Hitachi Ltd.	32,000		79
Hitachi Metals Ltd.†	1,000		6
Hokkaido Electric Power Co., Inc.	1,700		36
Hokuhoku Financial Group, Inc.	9,000		14
Hokuriku Electric Power Co.	1,600		42
Honda Motor Co. Ltd.	14,600		350
Hoya Corp.	3,800		69
Ibiden Co. Ltd.	1,000		19
Idemitsu Kosan Co. Ltd.	200		15
IHI Corp.	10,000		8
INPEX Corp.	7		47
Isetan Mitsukoshi Holdings Ltd.*†	3,360		24
Isuzu Motors Ltd.	12,000		12
Ito En Ltd.†	600		8
Itochu Corp.	13,000		58
Itochu Techno-Solutions Corp.†	400		7
Iyo Bank (The) Ltd.	2,000		21
J Front Retailing Co. Ltd.	2,800		8
Jafco Co. Ltd.†	400		6
Japan Airlines Corp.*	6,000		11
Japan Petroleum Exploration Co.	200		7
Japan Prime Realty Investment Corp.	3		5
Japan Real Estate Investment Corp.†	4		30
Japan Retail Fund Investment Corp.	2		6
Japan Steel Works Ltd.†	3,000		27
Japan Tobacco, Inc.	41		97
JFE Holdings, Inc.	4,900		105
JGC Corp.	2,000		23
Joyo Bank (The) Ltd.†	7,000		32
JS Group Corp.	2,600		28
JSR Corp.	1,900		22
JTEKT Corp.	1,300		7
Jupiter Telecommunications Co. Ltd.	16		13
Kajima Corp.	9,000		19
Kamigumi Co. Ltd.	2,000		13
Kaneka Corp.	3,000		14
Kansai Electric Power Co., Inc.	6,700		161
Kansai Paint Co. Ltd.	2,000		10
Kao Corp.	4,000		76
Kawasaki Heavy Industries Ltd.†	11,000		19
Kawasaki Kisen Kaisha Ltd.	5,000		16
KDDI Corp.	27		141
Keihin Electric Express Railway Co. Ltd.†	4,000		28
Keio Corp.†	5,000		26
Keisei Electric Railway Co. Ltd.	2,000		9
Keyence Corp.	300		57
Kikkoman Corp.	1,000		8
Kinden Corp.	1,000		7
Kintetsu Corp.†	16,000		65
Kirin Holdings Co. Ltd.	7,000		67
Kobe Steel Ltd.	23,000		28
Komatsu Ltd.	8,600		88
Konami Corp.	600		8
Konica Minolta Holdings, Inc.†	4,000		30
Kubota Corp.†	10,000		47
Kuraray Co. Ltd.	3,000		22
Kurita Water Industries Ltd.†	900		15
Kyocera Corp.	1,400		82
Kyowa Hakko Kogyo Co. Ltd.	2,000		15
Kyushu Electric Power Co., Inc.	3,500		83
Lawson, Inc.	700		30
Leopalace21 Corp.	900		5
Mabuchi Motor Co. Ltd.†	300		12
Makita Corp.	900		18
Marubeni Corp.	15,000		46
Marui Group Co. Ltd.†	3,000		13

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    6    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
Japan - 24.2% continued
Maruichi Steel Tube Ltd.	200	$	4
Matsui Securities Co. Ltd.†	700		4
Mazda Motor Corp.	9,000		11
Mediceo Paltac Holdings Co. Ltd.	1,100		12
Meiji Dairies Corp.	3,000		11
Minebea Co. Ltd.	2,000		7
Mitsubishi Chemical Holdings Corp.	12,000		40
Mitsubishi Corp.	12,000		150
Mitsubishi Electric Corp.	18,000		71
Mitsubishi Estate Co. Ltd.	10,000		100
Mitsubishi Gas Chemical Co., Inc.	3,000		12
Mitsubishi Heavy Industries Ltd.	30,000		83
Mitsubishi Logistics Corp.	1,000		8
Mitsubishi Materials Corp.	13,000		30
Mitsubishi Motors Corp.*†	36,000		42
Mitsubishi Rayon Co. Ltd.†	5,000		9
Mitsubishi Tanabe Pharma Corp.	2,000		24
Mitsubishi UFJ Financial Group, Inc.	97,030		440
Mitsubishi UFJ Lease & Finance Co. Ltd.	420		7
Mitsui & Co. Ltd.	15,000		137
Mitsui Chemicals, Inc.†	5,000		11
Mitsui Engineering & Shipbuilding Co. Ltd.	6,000		9
Mitsui Fudosan Co. Ltd.	7,000		70
Mitsui Mining & Smelting Co. Ltd.	4,000		6
Mitsui O.S.K. Lines Ltd.	10,000		51
Mitsui Sumitomo Insurance Group Holdings, Inc.	3,700		86
Mitsumi Electric Co. Ltd.	700		9
Mizuho Financial Group, Inc.†	85,789		162
Mizuho Trust & Banking Co. Ltd.†	10,000		9
Murata Manufacturing Co. Ltd.	2,000		76
Namco Bandai Holdings, Inc.	1,600		15
NEC Corp.	18,000		42
NEC Electronics Corp.*	300		1
NGK Insulators Ltd.†	2,000		26
NGK Spark Plug Co. Ltd.†	1,000		8
Nidec Corp.	1,000		41
Nikon Corp.	3,000		28
Nintendo Co. Ltd.	900		254
Nippon Building Fund, Inc.	5		40
Nippon Electric Glass Co. Ltd.	3,000		19
Nippon Express Co. Ltd.	8,000		23
Nippon Meat Packers, Inc.	2,000		19
Nippon Mining Holdings, Inc.	8,000		27
Nippon Oil Corp.	12,000		57
Nippon Paper Group, Inc.	900		20
Nippon Sheet Glass Co. Ltd.	4,000		8
Nippon Steel Corp.	48,000		126
Nippon Telegraph & Telephone Corp.	4,700		201
Nippon Yusen Kabushiki Kaisha	10,000		41
Nipponkoa Insurance Co. Ltd.	6,000		44
Nishi-Nippon City Bank (The) Ltd.	7,000		14
Nissan Chemical Industries Ltd.	1,000		6
Nissan Motor Co. Ltd.	21,500		66
Nissay Dowa General Insurance Co. Ltd.	1,000		4
Nisshin Seifun Group, Inc.	1,500		15
Nisshin Steel Co. Ltd.	6,000		9
Nisshinbo Industries, Inc.	1,000		7
Nissin Food Products Co. Ltd.	600		18
Nitori Co. Ltd.	300		16
Nitto Denko Corp.	1,700		31
NOK Corp.	900		6
Nomura Holdings, Inc.†	15,400		64
Nomura Real Estate Holdings, Inc.†	600		8
Nomura Real Estate Office Fund, Inc.	3		15
Nomura Research Institute Ltd.	900		14
NSK Ltd.	3,000		9
NTN Corp.†	4,000		9
NTT Data Corp.	10		25
NTT DoCoMo, Inc.	139		217
NTT Urban Development Corp.	14		10
Obayashi Corp.	6,000		25
Obic Co. Ltd.	100		13
Odakyu Electric Railway Co. Ltd.	6,000		44
OJI Paper Co. Ltd.	9,000		33
Olympus Corp.†	2,000		26
Omron Corp.	1,700		20
Ono Pharmaceutical Co. Ltd.	1,000		46
Onward Holdings Co. Ltd.†	1,000		6
Oracle Corp. Japan†	400		12
Oriental Land Co. Ltd.†	500		33
ORIX Corp.	880		18
Osaka Gas Co. Ltd.	17,000		61
OSAKA Titanium Technologies Co.†	100		2
Otsuka Corp.†	200		7
Panasonic Corp.	17,000		196
Panasonic Electric Works Ltd.	4,000		24
Promise Co. Ltd.†	500		7
Rakuten, Inc.	52		27

EQUITY PORTFOLIOS    7    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
Japan - 24.2% continued
Resona Holdings, Inc.†	4,700	$	80
Ricoh Co. Ltd.	6,000		68
Rohm Co. Ltd.	1,000		48
Sankyo Co. Ltd.	500		22
Santen Pharmaceutical Co. Ltd.†	500		14
Sanyo Electric Co. Ltd.*†	17,000		24
Sapporo Hokuyo Holdings, Inc.	2,000		5
Sapporo Holdings Ltd.	3,000		10
SBI Holdings, Inc.†	138		11
Secom Co. Ltd.	2,000		68
Sega Sammy Holdings, Inc.	1,900		16
Seiko Epson Corp.	1,000		11
Sekisui Chemical Co. Ltd.	4,000		17
Sekisui House Ltd.	4,000		26
Seven & I Holdings Co. Ltd.	7,500		165
Seven Bank Ltd.	3		8
Sharp Corp.†	10,000		78
Shikoku Electric Power Co., Inc.	1,600		49
Shimadzu Corp.†	2,000		12
Shimamura Co. Ltd.†	200		10
Shimano, Inc.†	500		16
Shimizu Corp.†	5,000		19
Shin-Etsu Chemical Co. Ltd.	3,600		160
Shinko Electric Industries Co. Ltd.†	700		6
Shinko Securities Co. Ltd.	5,000		9
Shinsei Bank Ltd.†	16,000		14
Shionogi & Co. Ltd.	3,000		49
Shiseido Co. Ltd.	3,000		44
Shizuoka Bank (The) Ltd.	5,000		44
Showa Denko K.K.	9,000		10
Showa Shell Sekiyu K.K.	1,500		12
SMC Corp. of Japan	500		45
Softbank Corp.	6,900		83
Sojitz Corp.	11,300		13
Sompo Japan Insurance, Inc.	8,000		39
Sony Corp.	8,900		148
Sony Financial Holdings, Inc.	7		18
Square Enix Co. Ltd.†	500		9
Stanley Electric Co. Ltd.	1,000		10
Sumco Corp.†	900		11
Sumitomo Chemical Co. Ltd.	16,000		48
Sumitomo Corp.	10,300		86
Sumitomo Electric Industries Ltd.	7,100		55
Sumitomo Heavy Industries Ltd.	5,000		13
Sumitomo Metal Industries Ltd.	37,000		69
Sumitomo Metal Mining Co. Ltd.	5,000		49
Sumitomo Mitsui Financial Group, Inc.	6,151		196
Sumitomo Realty & Development Co. Ltd.	3,000		29
Sumitomo Rubber Industries, Inc.	2,200		14
Sumitomo Trust & Banking (The) Co. Ltd.	12,000		39
Suruga Bank (The) Ltd.	2,000		15
Suzuken Co. Ltd.	400		11
Suzuki Motor Corp.	2,900		45
T&D Holdings, Inc.†	1,850		41
Taiheiyo Cement Corp.	7,400		10
Taisei Corp.	8,000		14
Taisho Pharmaceutical Co. Ltd.	1,000		18
Taiyo Nippon Sanso Corp.	3,000		19
Takashimaya Co. Ltd.†	2,000		10
Takeda Pharmaceutical Co. Ltd.	7,200		290
Takefuji Corp.†	1,130		4
TDK Corp.	1,100		36
Teijin Ltd.	7,000		12
Terumo Corp.	1,500		46
THK Co. Ltd.	900		10
Tobu Railway Co. Ltd.†	8,000		40
Toho Co. Ltd. of Tokyo	900		13
Toho Gas Co. Ltd.	4,000		21
Tohoku Electric Power Co., Inc.	3,900		91
Tokio Marine Holdings, Inc.	6,000		135
Tokuyama Corp.	2,000		10
Tokyo Broadcasting System, Inc.	500		6
Tokyo Electric Power Co., Inc.	10,700		301
Tokyo Electron Ltd.	1,500		50
Tokyo Gas Co. Ltd.	21,000		84
Tokyo Steel Manufacturing Co. Ltd.	900		9
Tokyo Tatemono Co. Ltd.	2,000		4
Tokyu Corp.	11,000		42
Tokyu Land Corp.	4,000		9
TonenGeneral Sekiyu K.K.	3,000		28
Toppan Printing Co. Ltd.	5,000		30
Toray Industries, Inc.†	12,000		45
Toshiba Corp.†	29,000		70
Tosoh Corp.	5,000		7
Toto Ltd.	3,000		13
Toyo Seikan Kaisha Ltd.	1,300		16
Toyo Suisan Kaisha Ltd.	1,000		24
Toyoda Gosei Co. Ltd.	300		4

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    8    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
Japan - 24.2% continued
Toyota Boshoku Corp.†	500	$	5
Toyota Industries Corp.	1,700		36
Toyota Motor Corp.	24,400		777
Toyota Tsusho Corp.	1,700		14
Trend Micro, Inc.	1,000		22
Tsumura & Co.	500		14
Ube Industries Ltd. of Japan	10,000		16
Uni-Charm Corp.	400		26
UNY Co. Ltd.	2,000		15
Ushio, Inc.	800		11
USS Co. Ltd.	300		12
West Japan Railway Co.	15		53
Yahoo! Japan Corp.†	131		38
Yakult Honsha Co. Ltd.†	1,100		17
Yamada Denki Co. Ltd.	770		28
Yamaguchi Financial Group, Inc.	2,000		17
Yamaha Corp.	1,200		9
Yamaha Motor Co. Ltd.	1,300		11
Yamato Holdings Co. Ltd.	3,000		29
Yamato Kogyo Co. Ltd.	300		6
Yamazaki Baking Co. Ltd.†	1,000		12
Yaskawa Electric Corp.†	2,000		8
Yokogawa Electric Corp.	2,000		7
			14,061
Netherlands - 4.5%
Aegon N.V.	12,853		46
Akzo Nobel N.V.	2,111		74
ASML Holding N.V.	3,604		56
Corio N.V.†	389		15
European Aeronautic Defence & Space Co. N.V.†	2,694		40
Fugro N.V. - CVA	552		14
Heineken Holding N.V.	915		21
Heineken N.V.	2,119		57
ING Groep N.V. - CVA	17,645		81
James Hardie Industries N.V.	4,100		9
Koninklijke Ahold N.V.	11,057		124
Koninklijke Boskalis Westminster N.V.	409		8
Koninklijke DSM N.V.	1,165		27
Koninklijke KPN N.V.	16,000		207
Koninklijke Philips Electronics N.V.	8,837		143
Qiagen N.V.*	1,609		27
Randstad Holdings N.V.†	781		11
Reed Elsevier N.V.	5,458		61
Royal Dutch Shell PLC, Class A (London Exchange)	31,435		690
Royal Dutch Shell PLC, Class B (London Exchange)	24,099		509
SBM Offshore N.V.	1,118		15
SNS Reaal	1,072		4
TNT N.V.	3,519		51
Unilever N.V. (CVA)	14,403		279
Wolters Kluwer N.V.	2,365		38
			2,607
New Zealand - 0.1%
Auckland International Airport Ltd.	7,776		7
Contact Energy Ltd.	1,976		6
Fletcher Building Ltd.†	3,959		10
Sky City Entertainment Group Ltd.	4,302		6
Telecom Corp. of New Zealand Ltd.	16,105		19
			48
Norway - 0.7%
Aker Solutions ASA	1,300		7
DnB NOR ASA	6,700		24
Frontline Ltd.†	420		9
Norsk Hydro ASA†	5,950		19
Orkla ASA†	7,450		45
Renewable Energy Corp. A/S*†	1,200		8
SeaDrill Ltd.†	2,450		19
StatoilHydro ASA	11,828		198
Telenor ASA	8,050		42
Yara International ASA†	1,710		36
			407
Portugal - 0.3%
Banco Comercial Portugues S.A. (Registered)*†	19,937		16
Banco Espirito Santo S.A. (Registered)	1,789		11
BRISA	2,056		12
Cimpor Cimentos de Portugal, SGPS, S.A.	1,705		7
Energias de Portugal S.A.	15,854		50
Galp Energia SGPS S.A., Class B	1,866		21
Jeronimo Martins SGPS S.A.	1,841		8
Portugal Telecom, SGPS, S.A. (Registered)	6,268		51
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.	1,312		6
			182
Singapore - 1.0%
Ascendas Real Estate Investment Trust†	10,666		9

EQUITY PORTFOLIOS    9    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
Singapore - 1.0% continued
CapitaLand Ltd.	15,500	$	20
CapitaMall Trust	8,000		7
City Developments Ltd.	5,000		15
ComfortDelgro Corp. Ltd.	15,000		13
Cosco Corp. Singapore Ltd.	6,000		3
DBS Group Holdings Ltd.	15,299		77
Fraser and Neave Ltd.	6,348		9
Golden Agri-Resources Ltd.	42,000		8
Jardine Cycle & Carriage Ltd.†	1,870		11
Keppel Corp. Ltd.	11,500		32
Neptune Orient Lines Ltd.	3,370		3
Olam International Ltd.†	10,098		8
Oversea-Chinese Banking Corp.	23,152		66
Parkway Holdings Ltd.†	7,700		5
SembCorp Industries Ltd.	7,044		9
SembCorp Marine Ltd.	8,400		7
Singapore Airlines Ltd.	5,667		37
Singapore Exchange Ltd.†	7,000		20
Singapore Press Holdings Ltd.	14,295		25
Singapore Technologies Engineering Ltd.†	9,000		13
Singapore Telecommunications Ltd.	74,325		117
United Overseas Bank Ltd.	11,392		73
UOL Group Ltd.	3,039		3
Wilmar International Ltd.†	7,000		13
			603
Spain - 4.1%
Abertis Infraestructuras S.A.	2,339		33
Acciona S.A.	250		25
Acerinox S.A.†	1,238		14
ACS Actividades de Construccion y Servicios S.A.	1,649		66
Banco Bilbao Vizcaya Argentaria S.A.	31,452		230
Banco de Sabadell SA	8,626		36
Banco de Valencia S.A.	1,918		17
Banco Popular Espanol S.A.†	7,564		36
Banco Santander S.A.	72,076		445
Bankinter S.A.†	2,152		18
Cintra Concesiones de Infraestructuras de Transporte S.A.	1,559		7
Corp. Mapfre S.A.	4,824		10
Criteria Caixacorp S.A.	7,060		20
EDP Renovaveis S.A.*	1,987		15
Enagas	1,668		27
Fomento de Construcciones y Contratas S.A.†	363		9
Gamesa Corp. Tecnologica S.A.	1,613		21
Gas Natural SDG S.A.	925		17
Gestevision Telecinco S.A.†	785		5
Grifols S.A.	1,042		16
Grupo Ferrovial S.A.	502		12
Iberdrola Renovables S.A.*	7,275		30
Iberdrola S.A.	30,945		203
Iberia (Lineas Aereas de Espana)	3,800		9
Inditex S.A.	1,918		73
Indra Sistemas S.A.	913		17
Red Electrica Corp. S.A.	915		37
Repsol YPF S.A.	6,734		104
Sacyr Vallehermoso S.A.†	626		4
Telefonica S.A.	37,433		698
Union Fenosa S.A.	3,428		78
Zardoya Otis S.A.	1,008		17
			2,349
Sweden - 2.1%
Alfa Laval AB†	3,600		25
Assa Abloy AB, Class B†	2,800		24
Atlas Copco AB, Class A†	6,200		43
Atlas Copco AB, Class B†	3,300		21
Electrolux AB, Class B†	2,023		14
Getinge AB, Class B	1,534		18
Hennes & Mauritz AB, Class B†	4,540		170
Holmen AB, Class B†	400		7
Husqvarna AB, Class B†	1,823		7
Investor AB, Class B	4,215		48
Lundin Petroleum AB*†	1,800		8
Millicom International Cellular S.A.	700		28
Modern Times Group AB, Class B	300		4
Nordea Bank AB†	18,400		92
Sandvik AB†	9,746		52
Scania AB, Class B†	2,900		20
Securitas AB, Class B†	2,490		17
Skandinaviska Enskilda Banken AB, Class A†	4,197		18
Skanska AB, Class B†	3,500		25
SKF AB, Class B†	3,744		31
Ssab Svenskt Stal AB, Class A†	1,537		11
Ssab Svenskt Stal AB, Class B	675		5
Svenska Cellulosa AB, Class B	4,700		31
Svenska Handelsbanken AB, Class A†	4,118		50
Swedbank AB, Class A†	3,300		9

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    10    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
Sweden - 2.1% continued
Swedish Match AB†	2,200	$	29
Tele2 AB, Class B†	2,400		18
Telefonaktiebolaget LM Ericsson, Class B	27,469		226
TeliaSonera AB†	21,430		86
Volvo AB, Class A	2,900		12
Volvo AB, Class B†	10,000		42
			1,191
Switzerland - 7.9%
ABB Ltd. (Registered)*†	20,194		244
Actelion Ltd. (Registered)*†	845		40
Adecco S.A. (Registered)†	1,050		32
Aryzta A.G.*	461		10
Aryzta AG - Dublin*	308		7
Baloise Holding A.G.†	417		24
BKW FMB Energie A.G.	139		10
Compagnie Financiere Richemont S.A., Class A†	4,850		64
Credit Suisse Group A.G. (Registered)†	9,698		238
EFG International A.G. (Registered)†	365		3
Geberit A.G. (Registered)	314		28
Givaudan S.A. (Registered)	52		30
Holcim Ltd. (Registered)	1,747		58
Julius Baer Holding A.G. (Registered)	2,016		47
Kuehne & Nagel International A.G. (Registered)	429		21
Lindt & Spruengli A.G.	7		11
Lindt & Spruengli A.G. (Registered)†	1		19
Logitech International S.A. (Registered)*	1,307		11
Lonza Group A.G. (Registered)†	432		42
Nestle S.A. (Registered)	33,840		1,108
Nobel Biocare Holdings A.G.†	945		15
Novartis A.G. (Registered)	21,022		766
Pargesa Holding S.A.	215		11
Roche Holding A.G. (Genusschein)†	6,213		705
Schindler Holding A.G.	500		24
SGS S.A. (Registered)†	37		33
Sonova Holding A.G. (Registered)†	370		18
STMicroelectronics N.V.	6,513		29
Straumann Holding A.G. (Registered)†	71		12
Sulzer A.G. (Registered)*	230		9
Swatch Group A.G. (Bearer)†	266		30
Swatch Group A.G. (Registered)	500		11
Swiss Life Holding (Registered)*†	317		15
Swiss Reinsurance (Registered)†	2,999		37
Swisscom A.G. (Registered)	215		65
Syngenta A.G. (Registered)	859		183
Synthes, Inc.	560		65
UBS A.G. (Registered)*†	25,980		244
Xstrata PLC (London Exchange)	5,953		59
Zurich Financial Services A.G. (Registered)	1,307		186
			4,564
United Kingdom - 17.8%
3i Group PLC	3,116		9
Admiral Group PLC	1,570		19
Amec PLC	2,290		18
Anglo American PLC	11,659		165
Antofagasta PLC	3,479		22
Associated British Foods PLC	2,704		25
AstraZeneca PLC	12,823		410
Autonomy Corp. PLC*	1,930		34
Aviva PLC	24,753		101
BAE Systems PLC	30,755		163
Balfour Beatty PLC	3,767		17
Barclays PLC	73,283		96
Berkeley Group Holdings PLC*†	673		8
BG Group PLC	29,562		422
BHP Billiton PLC	19,495		307
BP PLC	165,665		1,059
British Airways PLC	4,579		9
British American Tobacco PLC	16,761		431
British Land Co. PLC	4,685		31
British Sky Broadcasting Group PLC	10,657		71
BT Group PLC	72,585		93
Bunzl PLC	2,699		22
Burberry Group PLC	3,503		13
Cable & Wireless PLC	21,799		43
Cadbury PLC	12,404		95
Cairn Energy PLC*	1,028		29
Capita Group PLC	6,100		58
Carnival PLC	1,532		31
Carphone Warehouse Group PLC†	2,631		4
Centrica PLC	44,502		172
Cobham PLC	11,828		33
Compass Group PLC	17,249		76
Daily Mail & General Trust, Class A†	2,356		8
Diageo PLC	22,236		260
Drax Group PLC	2,875		21
Eurasian Natural Resources Corp.†	2,711		13

EQUITY PORTFOLIOS    11    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 95.1% continued
United Kingdom - 17.8% continued
FirstGroup PLC	4,770	$	18
Friends Provident PLC	19,451		20
G4S PLC	10,071		27
GlaxoSmithKline PLC	46,214		706
Hammerson PLC	2,268		8
Hays PLC	11,572		13
Home Retail Group PLC	6,978		21
HSBC Holdings PLC†	106,459		745
ICAP PLC	5,407		18
IMI PLC	2,680		10
Imperial Tobacco Group PLC	8,977		216
Intercontinental Hotels Group PLC	2,369		16
International Power PLC	13,710		47
Invensys PLC*	6,332		14
Investec PLC†	3,130		9
ITV PLC	30,930		11
Johnson Matthey PLC	2,047		29
Kazakhmys PLC	1,512		6
Kingfisher PLC	22,886		41
Ladbrokes PLC	5,001		12
Land Securities Group PLC	4,656		36
Legal & General Group PLC	56,463		32
Liberty International PLC†	2,020		10
Lloyds Banking Group PLC	87,056		72
LogicaCMG PLC†	12,216		12
London Stock Exchange Group PLC	1,256		8
Lonmin PLC†	1,440		21
Man Group PLC	16,299		40
Marks & Spencer Group PLC	15,149		56
Meggitt PLC	5,205		9
National Grid PLC	21,361		191
Next PLC	1,961		33
Old Mutual PLC	39,629		23
Pearson PLC	7,169		67
Prudential PLC	23,239		93
Reckitt Benckiser Group PLC	5,329		205
Reed Elsevier PLC	9,772		73
Rexam PLC	5,105		19
Rio Tinto PLC	8,707		223
Rolls-Royce Group PLC*	17,731		73
Royal Bank of Scotland Group PLC	162,804		53
RSA Insurance Group PLC	28,961		57
SABMiller PLC	8,484		123
Sage Group PLC	10,344		25
Sainsbury (J.) PLC	9,830		44
Schroders PLC	1,130		12
Scottish & Southern Energy PLC	8,221		135
Segro PLC	3,465		5
Serco Group PLC	3,793		21
Severn Trent PLC	1,854		29
Shire PLC	5,091		61
Smith & Nephew PLC	8,368		59
Smiths Group PLC	3,930		47
Stagecoach Group PLC	4,592		8
Standard Chartered PLC	16,766		159
Standard Life PLC	20,354		50
Tate & Lyle PLC	3,315		13
Tesco PLC	69,411		330
Thomas Cook Group PLC†	3,346		10
Thomson Reuters PLC†	1,683		35
Tomkins PLC	6,808		11
TUI Travel PLC†	3,878		12
Tullow Oil PLC	6,670		70
Unilever PLC	11,647		226
United Business Media Ltd.	2,010		12
United Utilities Group PLC	6,331		46
Vedanta Resources PLC†	1,060		8
Vodafone Group PLC	467,498		831
Whitbread PLC	1,567		17
WM Morrison Supermarkets PLC	22,000		81
Wolseley PLC†	6,251		16
WPP PLC	10,354		54
			10,331
Total Common Stocks
(Cost $109,748) (2)			55,137
PREFERRED STOCKS - 0.3%
Germany - 0.3%
Bayer Motoren Werknon VTG	393		6
Fresenius SE	716		36
Henkel A.G. & Co KGaA	1,719		40
Porsche Automobil Holding S.E.†	741		31
RWE A.G.	267		15
Volkswagen A.G.	985		45
			173

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    12    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES		VALUE (000S)
PREFERRED STOCKS - 0.3% continued
Italy - 0.0%
Unipol S.p.A.		6,166	$	4
Total Preferred Stocks (Cost $416) (2)				177
INVESTMENT COMPANIES - 16.6%
Northern Institutional Funds - Liquid Assets Portfolio (3) (4)		9,643,422		9,643
Total Investment Companies (Cost $9,643)				9,643
RIGHTS - 0.0%
Belgium - 0.0%
Anheuser-Busch InBev N.V.*		2,816		—
Fortis*		20,796		—
				—
Singapore - 0.0%
CapitaLand Ltd.*		7,750		3
United Kingdom - 0.0%
Hammerson PLC*		3,175		4
Total Rights (Cost $ —  ) (2)				7
	NUMBER OF WARRANTS		VALUE (000S)
WARRANTS - 0.0%
France - 0.0%
Cie de Saint-Gobain, Exp. 3/6/09, Strike $14.00*†		2,630	$	4
Japan - 0.0%
Dowa Mining Co. Ltd., Exp. 1/29/10, Strike 1.00 Yen (1) *		2,000		—
Total Warrants (Cost $ —  )				4
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 0.6%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	307	$	307
Total Short-Term Investments (Cost $307)				307
Total Investments - 112.6% (Cost $120,114)				65,275
Liabilities less Other Assets - (12.6)%				(7,279	)
NET ASSETS - 100.0%			$	57,996

(1) Security has been deemed worthless by the Northern Trust Global Investments Valuation Committee.

(2) In accordance with the Fund’s prospectus, adjustment factors were provided by an independent evaluation service to determine the value of certain 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 partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	120,114
Gross tax appreciation of investments	$	268
Gross tax depreciation of investments		(55,107	)
Net tax depreciation of investments	$	(54,839	)

At February 28, 2009, the International Equity Index Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED LOSS (000S)
DJ Euro Stoxx (Euro)	54	$	1,354	Long	03/09	$	(60	)
FTSE 100 Index (British Pound)	11		600	Long	03/09		(15	)
Hang Seng Index (Hong Kong Dollar)	1		82	Long	03/09		—
SPI 200 (Australian Dollar)	4		213	Long	03/09		(6	)
TOPIX Index (Japanese Yen)	6		47	Long	03/09		(4	)
Total						$	(85	)

EQUITY PORTFOLIOS    13    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

At February 28, 2009, the industry sectors for the International Equity Index Portfolio were:

INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Consumer Discretionary	10.2	%
Consumer Staples	11.0
Energy	9.3
Financials	19.9
Health Care	9.8
Industrials	11.5
Information Technology	5.3
Materials	8.1
Telecommunication Services	7.3
Utilities	7.6
Total	100.0	%

At February 28, 2009, the International Equity Index Portfolio’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF LONG-TERM INVESTMENTS
Euro	31.9	%
Japanese Yen	25.4
British Pound	21.1
Swiss Franc	8.1
Australian Dollar	6.1
All other currencies less than 5%	7.4
Total	100.0	%

At February 28, 2009, 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)
Australian Dollar	120	U.S. Dollar	80	3/18/09	$	3
British Pound	192	U.S. Dollar	280	3/18/09		5
British Pound	70	U.S. Dollar	100	3/18/09		(1	)
Euro	350	U.S. Dollar	460	3/18/09		15
Hong Kong Dollar	697	U.S. Dollar	90	3/18/09		—
Japanese Yen	64,862	U.S. Dollar	720	3/18/09		57
Japanese Yen	11,588	U.S. Dollar	130	3/18/09		12
U.S. Dollar	477	British Pound	319	3/18/09		(20	)
U.S. Dollar	583	Euro	429	3/18/09		(39	)
U.S. Dollar	120	Euro	90	3/18/09		(6	)
U.S. Dollar	190	Japanese Yen	17,369	3/18/09		(12	)
U.S. Dollar	356	Japanese Yen	32,311	3/18/09		(26	)
U.S. Dollar	710	Japanese Yen	64,261	3/18/09		(53	)
Total					$	(65	)

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. 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 International Equity Index Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	9,653	$	(85	)
Level 2		55,622		(65	)
Level 3		—		—
Total	$	65,275	$	(150	)

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    14    EQUITY PORTFOLIOS

	SCHEDULE OF INVESTMENTS
SMALL COMPANY GROWTH PORTFOLIO	FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 94.3%
Aerospace/Defense - 1.9%
Curtiss-Wright Corp.†	569	$	15
Elbit Systems Ltd.	265		12
			27
Apparel - 2.3%
Warnaco Group (The), Inc.*	902		19
Wolverine World Wide, Inc.†	844		13
			32
Biotechnology - 4.5%
Alexion Pharmaceuticals, Inc.*	501		17
Enzon Pharmaceuticals, Inc.*†	1,560		8
Myriad Genetics, Inc.*†	217		17
OSI Pharmaceuticals, Inc.*†	438		15
United Therapeutics Corp.*	69		5
			62
Coal - 1.1%
Alpha Natural Resources, Inc.*†	841		15
Commercial Services - 7.2%
Aaron Rents, Inc.†	655		16
FTI Consulting, Inc.*	286		10
Kendle International, Inc.*†	552		10
Monster Worldwide, Inc.*†	1,145		8
Navigant Consulting, Inc.*†	1,270		17
Net 1 UEPS Technologies, Inc.*†	1,178		17
Watson Wyatt Worldwide, Inc., Class A†	449		22
			100
Computers - 0.8%
CACI International, Inc., Class A*†	258		11
Cosmetics/Personal Care - 1.2%
Chattem, Inc.*†	257		16
Distribution/Wholesale - 2.1%
Beacon Roofing Supply, Inc.*	1,014		11
Owens & Minor, Inc.	529		18
			29
Diversified Financial Services - 0.7%
Lazard Ltd., Class A	400		10
Electronics - 3.3%
Cogent, Inc.*	1,390		15
Dionex Corp.*†	271		13
Plexus Corp.*	552		7
Woodward Governor Co.†	661		11
			46
Engineering & Construction - 2.0%
MYR Group, Inc. of Delaware*†	550		7
Sterling Construction Co., Inc.*†	546		8
URS Corp.*	415		13
			28
Entertainment - 1.1%
Bally Technologies, Inc.*†	822		15
Environmental Control - 2.1%
Calgon Carbon Corp.*	856		13
Waste Connections, Inc.*	675		16
			29
Food - 0.6%
Flowers Foods, Inc.	365		8
Hand/Machine Tools - 0.7%
Regal-Beloit Corp.	344		10
Healthcare - Products - 9.3%
American Medical Systems Holdings, Inc.*	951		10
Cyberonics, Inc.*†	682		9
Gen-Probe, Inc.*	265		11
Haemonetics Corp. of Massachusetts*	319		17
Home Diagnostics, Inc.*†	1,409		9
ICU Medical, Inc.*	302		10
Immucor, Inc.*	578		13
Somanetics Corp.*†	491		6
STERIS Corp.	692		16
Techne Corp.	190		9
Thoratec Corp.*†	454		10
Vnus Medical Technologies, Inc.*†	510		10
			130
Healthcare - Services - 3.1%
Alliance HealthCare Service Inc.*	1,201		10
AMERIGROUP Corp.*†	455		11
Genoptix, Inc.*	338		10
Gentiva Health Services, Inc.*†	660		12
			43
Home Builders - 0.8%
Pulte Homes, Inc.†	1,240		11
Insurance - 2.0%
Max Capital Group Ltd.†	543		9
Navigators Group, Inc.*	215		11
PartnerRe Ltd.	130		8
			28

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY GROWTH PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 94.3% continued
Internet - 6.5%
AsiaInfo Holdings, Inc.*	993	$	12
Gmarket, Inc. ADR*	821		13
j2 Global Communications, Inc.*	828		16
NetFlix, Inc.*†	292		11
Perfect World Co. Ltd. ADR*	633		7
Sapient Corp.*	1,849		7
TIBCO Software, Inc.*	2,372		11
Vocus, Inc.*†	848		14
			91
Machinery - Diversified - 1.7%
IDEX Corp.	486		9
Wabtec Corp.†	522		14
			23
Mining - 0.6%
Compass Minerals International, Inc.†	154		8
Miscellaneous Manufacturing - 1.4%
Acuity Brands, Inc.†	260		6
AZZ, Inc.*†	644		13
			19
Oil & Gas - 2.3%
Encore Acquisition Co.*	665		13
EXCO Resources, Inc.*†	1,164		11
St. Mary Land & Exploration Co.†	608		8
			32
Oil & Gas Services - 1.7%
Cal Dive International, Inc.*	1,760		9
Core Laboratories N.V.†	200		15
			24
Packaging & Containers - 1.0%
Rock-Tenn Co., Class A†	505		14
Pharmaceuticals - 4.9%
Alkermes, Inc.*†	1,028		10
Allos Therapeutics, Inc.*†	892		5
Catalyst Health Solutions, Inc.*	580		12
Cypress Bioscience, Inc.*	1,360		12
Isis Pharmaceuticals, Inc.*†	770		10
Onyx Pharmaceuticals, Inc.*†	441		13
Vivus, Inc.*	1,365		6
			68
Real Estate Investment Trusts - 2.6%
Capstead Mortgage Corp.	896		9
Digital Realty Trust, Inc.†	303		9
Hatteras Financial Corp.	380		9
Tanger Factory Outlet Centers, Inc.†	356		10
			37
Retail - 7.4%
Aeropostale, Inc.*	904		21
CEC Entertainment, Inc.*	758		18
Children’s Place Retail Stores (The), Inc.*	670		12
CKE Restaurants, Inc.	1,758		12
Guess?, Inc.†	729		12
Gymboree Corp.*	610		16
World Fuel Services Corp.†	434		12
			103
Semiconductors - 4.8%
IXYS Corp.†	1,397		12
MKS Instruments, Inc.*†	679		9
Power Integrations, Inc.†	530		10
Silicon Laboratories, Inc.*†	481		10
Skyworks Solutions, Inc.*	2,380		15
Ultratech, Inc.*	915		10
			66
Software - 7.6%
Double-Take Software, Inc.*†	1,349		9
Informatica Corp.*	1,078		14
Mantech International Corp., Class A*	286		15
Phase Forward, Inc.*†	917		13
Quality Systems, Inc.†	325		13
Seachange International, Inc.*	2,386		12
Sybase, Inc.*	700		19
Wind River Systems, Inc.*	1,510		11
			106
Telecommunications - 3.9%
Comtech Telecommunications Corp.*†	324		12
Harmonic, Inc.*	1,850		10
NII Holdings, Inc.*	690		9
NTELOS Holdings Corp.	405		8
Starent Networks Corp.*†	937		15
			54

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 94.3% continued
Transportation - 1.1%
Landstar System, Inc.†		481	$	15
Total Common Stocks (Cost $1,529)				1,310
INVESTMENT COMPANIES - 42.8%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)		594,355		594
Total Investment Companies (Cost $594)				594
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 6.2%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	86	$	86
Total Short-Term Investments (Cost $86)				86
Total Investments - 143.3% (Cost $2,209)				1,990
Liabilities less Other Assets - (43.3)%				(601	)
NET ASSETS - 100.0%			$	1,389

(1) Investment in affiliated portfolio.

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

* Non-Income Producing Security

† Security is either wholly or partially on loan. Percentages shown are based on Net Assets.

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	2,209
Gross tax appreciation of investments	$	33
Gross tax depreciation of investments		(252	)
Net tax depreciation of investments	$	(219	)

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. 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 Small Company Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	1,904	$	—
Level 2		86		—
Level 3		—		—
Total	$	1,990	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

	SCHEDULE OF INVESTMENTS
SMALL COMPANY INDEX PORTFOLIO	FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8%
Advertising - 0.1%
Harte-Hanks, Inc.†	2,400	$	14
inVentiv Health, Inc.*	2,095		21
Marchex, Inc., Class B†	1,500		6
			41
Aerospace/Defense - 1.6%
AAR Corp.*†	2,543		34
Aerovironment, Inc.*†	671		21
Argon ST, Inc.*†	868		15
Cubic Corp.	975		25
Curtiss-Wright Corp.	2,910		77
Ducommun, Inc.	700		9
Esterline Technologies Corp.*	1,915		49
GenCorp, Inc.*†	3,676		9
Heico Corp.†	1,447		35
Herley Industries, Inc.*†	800		8
Kaman Corp.	1,615		19
LMI Aerospace, Inc.*	600		5
Moog, Inc., Class A*	2,731		63
National Presto Industries, Inc.	279		17
Orbital Sciences Corp.*	3,712		53
Teledyne Technologies, Inc.*	2,316		53
TransDigm Group, Inc.*†	2,167		77
Triumph Group, Inc.	1,054		38
			607
Agriculture - 0.4%
AgFeed Industries, Inc.*†	1,300		1
Alico, Inc.†	217		6
Alliance One International, Inc.*	5,678		20
Andersons (The), Inc.†	1,151		14
Cadiz, Inc.*†	800		6
Griffin Land & Nurseries, Inc.†	200		5
Maui Land & Pineapple Co., Inc.*†	252		2
Star Scientific, Inc.*†	4,200		12
Tejon Ranch Co.*†	701		15
Universal Corp. of Virginia†	1,675		48
Vector Group Ltd.†	2,076		26
			155
Airlines - 0.7%
Airtran Holdings, Inc.*†	7,512		22
Alaska Air Group, Inc.*	2,340		51
Allegiant Travel Co.*†	900		31
Hawaiian Holdings, Inc.*	2,800		9
JetBlue Airways Corp.*†	11,153		43
Republic Airways Holdings, Inc.*	2,200		15
Skywest, Inc.	3,724		38
UAL Corp.*†	8,146		40
US Airways Group, Inc.*	7,390		21
			270
Apparel - 1.2%
American Apparel, Inc.*†	2,200		4
Carter’s, Inc.*	3,680		60
Cherokee, Inc.†	523		7
Columbia Sportswear Co.†	800		22
CROCS, Inc.*†	5,300		6
Deckers Outdoor Corp.*	854		35
G-III Apparel Group Ltd.*†	800		3
Iconix Brand Group, Inc.*	3,665		30
K-Swiss, Inc., Class A	1,614		16
Maidenform Brands, Inc.*	1,400		12
Oxford Industries, Inc.	898		4
Perry Ellis International, Inc.*	804		4
Quiksilver, Inc.*	8,000		10
Skechers U.S.A., Inc., Class A*†	2,131		14
Steven Madden Ltd.*†	1,100		18
Timberland (The) Co., Class A*	3,100		35
True Religion Apparel, Inc.*†	1,100		11
Under Armour, Inc., Class A*†	2,145		31
Unifi, Inc.*	2,900		1
Volcom, Inc.*†	1,130		9
Warnaco Group (The), Inc.*	2,960		64
Weyco Group, Inc.	504		11
Wolverine World Wide, Inc.	3,145		48
			455
Auto Manufacturers - 0.1%
Force Protection, Inc.*	4,400		23
Wabash National Corp.†	2,035		4
			27
Auto Parts & Equipment - 0.3%
American Axle & Manufacturing Holdings, Inc.†	2,900		3
Amerigon, Inc.*†	1,400		4
ArvinMeritor, Inc.	4,700		3
ATC Technology Corp.*	1,368		14
Commercial Vehicle Group, Inc.*	1,400		1
Cooper Tire & Rubber Co.†	3,841		18
Dana Holding Corp.*†	6,300		2

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Auto Parts & Equipment - 0.3% continued
Dorman Products, Inc.*†	700	$	6
Exide Technologies*†	4,800		16
Fuel Systems Solutions, Inc.*†	800		16
Hayes Lemmerz International, Inc.*	6,500		—
Lear Corp.*	4,112		2
Modine Manufacturing Co.	2,037		2
Spartan Motors, Inc.	2,100		5
Superior Industries International, Inc.†	1,434		15
Tenneco, Inc.*	2,992		4
Titan International, Inc.†	2,232		12
Visteon Corp.*	8,325		1
Wonder Auto Technology, Inc.*†	1,000		2
			126
Banks - 6.4%
1st Source Corp.	955		17
Amcore Financial, Inc.†	1,279		1
Ameris Bancorp	894		4
Ames National Corp.	400		6
Arrow Financial Corp.†	600		14
Bancfirst Corp.	462		16
Banco Latinoamericano de Exportaciones S.A., Class E	1,800		16
BancTrust Financial Group, Inc.†	1,100		7
Bank Mutual Corp.	3,159		27
Bank of the Ozarks, Inc.†	808		17
Banner Corp.†	897		3
Boston Private Financial Holdings, Inc.	3,482		12
Bryn Mawr Bank Corp.	400		6
Camden National Corp.	500		11
Capital City Bank Group, Inc.†	737		9
Capitol Bancorp Ltd.†	962		4
Cardinal Financial Corp.	1,600		9
Cascade Bancorp†	1,408		1
Cass Information Systems, Inc.†	440		11
Cathay General Bancorp†	3,213		31
Centerstate Banks of Florida, Inc.	600		7
Central Pacific Financial Corp.	1,897		8
Chemical Financial Corp.†	1,510		29
Citizens & Northern Corp.	600		9
Citizens Republic Bancorp, Inc.*†	8,104		6
City Holding Co.	1,053		28
CityBank Lynwood of Washington†	847		1
CoBiz Financial, Inc.†	1,206		6
Colonial BancGroup (The), Inc.†	12,856		6
Columbia Banking System, Inc.	1,171		9
Community Bank System, Inc.	2,086		36
Community Trust Bancorp, Inc.	945		25
Corus Bankshares, Inc.†	2,344		—
CVB Financial Corp.†	4,249		30
East-West Bancorp, Inc.†	4,100		29
Encore Bancshares, Inc.*	400		2
Enterprise Financial Services Corp.†	700		6
Farmers Capital Bank Corp.	400		5
Financial Institutions, Inc.	700		2
First Bancorp of North Carolina	972		10
First BanCorp of Puerto Rico†	4,600		19
First Bancorp, Inc. of Maine†	600		7
First Busey Corp.,†	1,683		12
First Commonwealth Financial Corp.	5,520		45
First Community Bancshares, Inc. of Virginia†	599		7
First Financial Bancorp	2,400		18
First Financial Bankshares, Inc.†	1,334		57
First Financial Corp. of Indiana†	714		23
First Merchants Corp.	1,438		14
First Midwest Bancorp, Inc. of Illinois	3,168		24
First South Bancorp, Inc. of North Carolina†	526		3
FirstMerit Corp.	5,258		77
FNB Corp. of Pennsylvania	5,581		35
Frontier Financial Corp.†	3,029		5
Glacier Bancorp, Inc.†	3,968		61
Green Bankshares, Inc.†	823		6
Guaranty Bancorp*	3,400		5
Hancock Holding Co.†	1,680		48
Hanmi Financial Corp.†	2,282		3
Harleysville National Corp.	2,727		18
Heartland Financial USA, Inc.†	810		9
Heritage Commerce Corp.	662		3
Home Bancshares, Inc.†	872		16
IBERIABANK Corp.	1,013		44
Independent Bank Corp. of Massachusetts	1,088		16
Integra Bank Corp.	1,276		1
International Bancshares Corp.†	3,264		33
Lakeland Bancorp, Inc.†	1,347		9
Lakeland Financial Corp.	808		14
MainSource Financial Group, Inc.	1,256		7
MB Financial, Inc.	2,217		29
Midwest Banc Holdings, Inc.†	1,472		2

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Banks - 6.4% continued
Nara Bancorp, Inc.	1,513	$	4
National Penn Bancshares, Inc.†	5,095		38
NBT Bancorp, Inc.	2,097		41
Old National Bancorp of Indiana	4,312		50
Old Second Bancorp, Inc.†	922		6
Oriental Financial Group, Inc.	1,608		3
Pacific Capital Bancorp†	2,949		21
Pacific Continental Corp.†	700		8
PacWest Bancorp†	1,547		21
Park National Corp.†	745		36
Peapack Gladstone Financial Corp.†	518		8
Pennsylvania Commerce Bancorp, Inc.*†	300		4
Peoples Bancorp, Inc. of Ohio	647		6
Pinnacle Financial Partners, Inc.*†	1,540		31
Premierwest Bancorp†	1,300		4
PrivateBancorp, Inc.†	1,400		17
Prosperity Bancshares, Inc.†	2,554		65
Provident Bankshares Corp.†	2,101		13
Renasant Corp.	1,362		15
Republic Bancorp, Inc. of Kentucky, Class A†	614		12
S & T Bancorp, Inc.†	1,512		34
Sandy Spring Bancorp, Inc.†	1,074		12
Santander BanCorp	271		2
SCBT Financial Corp.	772		15
Seacoast Banking Corp. of Florida†	1,005		4
Shore Bancshares, Inc.†	500		6
Sierra Bancorp†	464		3
Signature Bank of New York*	2,294		57
Simmons First National Corp., Class A	876		22
Smithtown Bancorp, Inc.†	600		7
South Financial Group (The), Inc.†	4,700		6
Southside Bancshares, Inc.	783		14
Southwest Bancorp, Inc. of Oklahoma	896		9
State Bancorp, Inc. of New York	900		5
StellarOne Corp.†	1,400		17
Sterling Bancorp of New York	1,170		10
Sterling Bancshares, Inc. of Texas†	4,746		26
Sterling Financial Corp. of Washington†	3,322		5
Suffolk Bancorp	597		16
Sun Bancorp, Inc. of New Jersey*	954		4
Susquehanna Bancshares, Inc.	5,500		48
SVB Financial Group*†	1,947		32
SY Bancorp, Inc.†	870		21
Texas Capital Bancshares, Inc.*	1,751		17
Tompkins Financial Corp.	390		16
TowneBank of Portsmouth Virginia†	1,300		17
Trico Bancshares†	942		12
Trustco Bank Corp. of New York	4,828		29
Trustmark Corp.†	3,200		57
UCBH Holdings, Inc.†	7,365		12
UMB Financial Corp.	2,021		77
Umpqua Holdings Corp.†	3,859		33
Union Bankshares Corp. of Virginia	891		11
United Bankshares, Inc.†	2,470		38
United Community Banks, Inc. of Georgia†	2,598		9
United Security Bancshares of California†	510		3
Univest Corp. of Pennsylvania	800		16
W Holding Co., Inc.†	124		1
Washington Trust Bancorp, Inc.	896		13
WesBanco, Inc.	1,701		30
West Bancorporation†	1,100		7
West Coast Bancorp of Oregon†	1,025		1
Westamerica Bancorporation†	1,908		76
Western Alliance Bancorp*†	1,300		7
Wilshire Bancorp, Inc.†	1,200		6
Wintrust Financial Corp.	1,499		19
Yadkin Valley Financial Corp.†	700		3
			2,434
Beverages - 0.3%
Boston Beer Co., Inc., Class A*	596		14
Coca-Cola Bottling Co. Consolidated	265		12
Farmer Bros. Co.	400		7
Green Mountain Coffee Roasters, Inc.*†	1,128		42
National Beverage Corp.*†	720		6
Peet’s Coffee & Tea, Inc.*	905		19
			100
Biotechnology - 4.3%
Acorda Therapeutics, Inc.*†	2,408		53
Affymax, Inc.*	700		9
Alexion Pharmaceuticals, Inc.*	5,266		180
Alnylam Pharmaceuticals, Inc.*†	2,300		42
AMAG Pharmaceuticals, Inc.*	1,112		30
American Oriental Bioengineering, Inc.*†	3,900		14
Arena Pharmaceuticals, Inc.*†	4,771		20
Ariad Pharmaceuticals, Inc.*	4,498		5
Arqule, Inc.*	2,600		8
Bio-Rad Laboratories, Inc., Class A*	1,214		68

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Biotechnology - 4.3% continued
Cambrex Corp.*	1,829	$	4
Celera Corp.*	5,148		33
Cell Genesys, Inc.*†	5,756		1
Celldex Therapeutics, Inc.*†	1,000		7
Clinical Data, Inc.*†	700		6
Cougar Biotechnology, Inc.*†	1,000		25
Cubist Pharmaceuticals, Inc.*	3,665		52
Cytokinetics, Inc.*†	2,200		4
Dendreon Corp.*†	5,923		18
Discovery Laboratories, Inc.*†	6,200		7
Emergent Biosolutions, Inc.*	900		17
Enzo Biochem, Inc.*	2,078		8
Enzon Pharmaceuticals, Inc.*†	2,852		15
Exelixis, Inc.*†	6,731		29
Facet Biotech Corp.*	1,529		10
Geron Corp.*†	5,015		23
GTX, Inc.*†	1,200		11
Halozyme Therapeutics, Inc.*†	3,900		17
Human Genome Sciences, Inc.*	8,600		16
Idera Pharmaceuticals, Inc.*†	1,300		7
Immunogen, Inc.*†	3,300		13
Immunomedics, Inc.*†	4,200		4
Incyte Corp.*†	4,837		11
InterMune, Inc.*†	2,256		34
Lexicon Pharmaceuticals, Inc.*	5,100		5
Ligand Pharmaceuticals, Inc., Class B*	6,400		17
Marshall Edwards, Inc.*†	1,300		1
Martek Biosciences Corp.†	2,142		40
Maxygen, Inc.*†	1,584		11
Medicines Co.*	3,376		42
Molecular Insight Pharmaceuticals, Inc.*†	1,200		2
Momenta Pharmaceuticals, Inc.*†	1,700		16
Myriad Genetics, Inc.*†	2,892		228
Nanosphere, Inc.*	800		3
Novavax, Inc.*†	3,581		3
NPS Pharmaceuticals, Inc.*	3,000		14
OSI Pharmaceuticals, Inc.*†	3,700		126
PDL BioPharma, Inc.	7,648		45
Protalix BioTherapeutics, Inc.*†	700		2
Regeneron Pharmaceuticals, Inc.*	3,982		57
Repligen Corp.*	2,000		8
Rexahn Pharmaceuticals, Inc.*	1,900		1
RTI Biologics, Inc.*	3,400		10
Sangamo BioSciences, Inc.*†	2,400		9
Seattle Genetics, Inc.*†	3,900		31
Sequenom, Inc.*†	3,968		58
United Therapeutics Corp.*	1,461		98
Xoma Ltd.*†	8,500		4
Zymogenetics, Inc.*†	2,413		10
			1,642
Building Materials - 0.6%
AAON, Inc.†	820		13
Apogee Enterprises, Inc.†	1,855		17
Builders FirstSource, Inc.*†	900		2
China Architectural Engineering, Inc.*†	1,200		1
Comfort Systems USA, Inc.	2,600		25
Drew Industries, Inc.*†	1,280		8
Gibraltar Industries, Inc.	1,740		11
Interline Brands, Inc.*	2,090		16
Louisiana-Pacific Corp.	6,600		11
LSI Industries, Inc.	1,238		4
NCI Building Systems, Inc.*†	1,313		7
Quanex Building Products Corp.	2,375		17
Simpson Manufacturing Co., Inc.†	2,372		37
Texas Industries, Inc.†	1,542		25
Trex Co., Inc.*†	959		9
U.S. Concrete, Inc.*	2,300		3
Universal Forest Products, Inc.†	1,049		23
			229
Chemicals - 1.4%
Aceto Corp.	1,600		10
American Vanguard Corp.†	1,200		17
Arch Chemicals, Inc.	1,616		29
Balchem Corp.	1,200		25
Ferro Corp.	2,793		4
Fuller (H.B.) Co.	3,093		35
Grace (W.R.) & Co.*†	4,614		26
ICO, Inc.*	1,800		3
Innophos Holdings, Inc.	700		7
Innospec, Inc.	1,460		6
Landec Corp.*	1,500		7
Minerals Technologies, Inc.	1,206		36
NewMarket Corp.	875		30
Olin Corp.	4,854		51
OM Group, Inc.*†	1,988		31
Penford Corp.†	700		3
PolyOne Corp.*	5,956		10

EQUITY PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Chemicals - 1.4% continued
Quaker Chemical Corp.†	730	$	4
Rockwood Holdings, Inc.*	2,666		16
Schulman (A.), Inc.	1,754		25
Sensient Technologies Corp.	3,035		61
ShengdaTech, Inc.*†	1,900		7
Solutia, Inc.*†	6,000		22
Spartech Corp.†	1,970		5
Stepan Co.†	393		11
Symyx Technologies, Inc.*	2,130		8
Westlake Chemical Corp.†	1,200		15
Zep, Inc.	1,326		10
Zoltek Cos., Inc.*†	1,750		10
			524
Coal - 0.1%
International Coal Group, Inc.*†	8,100		13
James River Coal Co.*	1,749		19
National Coal Corp.*	1,700		2
Westmoreland Coal Co.*	600		4
			38
Commercial Services - 6.0%
Aaron Rents, Inc.†	2,935		71
ABM Industries, Inc.†	2,833		35
Administaff, Inc.	1,398		27
Advance America Cash Advance Centers, Inc.	2,780		3
Advisory Board (The) Co.*	1,079		16
Albany Molecular Research, Inc.*	1,489		13
American Public Education, Inc.*	708		26
AMN Healthcare Services, Inc.*	2,211		14
Arbitron, Inc.†	1,784		23
Bankrate, Inc.*†	810		18
Bowne & Co., Inc.	1,778		3
Capella Education Co.*†	900		50
Cardtronics, Inc.*†	800		1
CBIZ, Inc.*†	2,921		20
CDI Corp.	764		6
Cenveo, Inc.*†	3,070		9
Chemed Corp.	1,445		58
China Direct, Inc.*†	500		1
Coinstar, Inc.*	1,811		47
Consolidated Graphics, Inc.*†	684		9
Corinthian Colleges, Inc.*†	5,525		109
Cornell Cos., Inc.*	700		11
Corvel Corp.*	486		9
CoStar Group, Inc.*	1,244		32
CRA International, Inc.*	709		15
Cross Country Healthcare, Inc.*†	2,013		15
Deluxe Corp.	3,300		25
Dollar Financial Corp.*†	1,600		10
Dollar Thrifty Automotive Group*†	1,327		1
DynCorp International, Inc., Class A*	1,600		20
Electro Rent Corp.	1,370		10
Emergency Medical Services Corp., Class A*†	600		18
Euronet Worldwide, Inc.*	2,990		29
ExlService Holdings, Inc.*†	891		7
First Advantage Corp., Class A*	632		7
Forrester Research, Inc.*	975		18
Gartner, Inc.*	3,852		39
Geo Group (The), Inc.*	3,221		38
Gevity HR, Inc.†	1,552		3
Global Cash Access Holdings, Inc.*	2,662		7
Grand Canyon Education, Inc.*†	708		12
Great Lakes Dredge & Dock Corp.	2,500		6
H&E Equipment Services, Inc.*	1,100		6
Hackett Group (The), Inc.*	2,600		7
Healthcare Services Group	2,791		43
Heartland Payment Systems, Inc.	1,600		9
Heidrick & Struggles International, Inc.	1,154		19
Hill International, Inc.*	1,500		5
HMS Holdings Corp.*	1,600		49
Hudson Highland Group, Inc.*	1,649		2
Huron Consulting Group, Inc.*	1,349		56
ICF International, Inc.*†	400		10
ICT Group, Inc.*	600		2
Integrated Electrical Services, Inc.*†	500		4
Interactive Data Corp.	2,332		53
Jackson Hewitt Tax Service, Inc.†	1,800		13
K12, Inc.*†	389		6
Kelly Services, Inc., Class A†	1,654		13
Kendle International, Inc.*	800		15
Kenexa Corp.*	1,415		7
Kforce, Inc.*	2,000		13
Korn/Ferry International*	3,040		28
Landauer, Inc.	615		31
Learning Tree International, Inc.*	600		4
LECG Corp.*	1,700		5
Lincoln Educational Services Corp.*	300		4
Live Nation, Inc.*†	4,855		17

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Commercial Services - 6.0% continued
MAXIMUS, Inc.	1,168	$	43
McGrath Rentcorp	1,499		23
Midas, Inc.*	896		7
Monro Muffler, Inc.	1,028		24
MPS Group, Inc.*	6,093		30
Multi-Color Corp.	650		8
National Research Corp.†	100		2
Navigant Consulting, Inc.*	3,103		40
Net 1 UEPS Technologies, Inc.*	3,200		46
Odyssey Marine Exploration, Inc.*†	3,300		11
On Assignment, Inc.*†	2,200		5
Parexel International Corp.*†	3,690		34
PharmaNet Development Group, Inc.*†	1,197		6
PHH Corp.*†	3,500		34
Pre-Paid Legal Services, Inc.*	493		16
PRG-Schultz International, Inc.*	1,000		4
Princeton Review, Inc.*†	900		4
Protection One, Inc.*†	400		1
Providence Service (The) Corp.*	794		2
Rent-A-Center, Inc.*	4,351		76
Resources Connection, Inc.*	2,904		40
Riskmetrics Group, Inc.*†	1,427		16
Rollins, Inc.	2,712		43
RSC Holdings, Inc.*†	3,000		14
Sotheby’s†	4,356		29
Spherion Corp.*	3,471		4
Standard Parking Corp.*	535		9
Steiner Leisure Ltd.*	1,000		25
Stewart Enterprises, Inc., Class A†	5,389		12
SuccessFactors, Inc.*†	1,600		8
Team, Inc.*	1,200		16
TeleTech Holdings, Inc.*	2,325		20
TNS, Inc.*	1,600		11
TrueBlue, Inc.*	2,874		20
Universal Technical Institute, Inc.*	1,400		15
Valassis Communications, Inc.*	3,000		4
Viad Corp.	1,300		18
VistaPrint Ltd.*†	2,877		70
Volt Information Sciences, Inc.*	784		6
Watson Wyatt Worldwide, Inc., Class A†	2,773		136
Wright Express Corp.*	2,460		36
			2,280
Computers - 2.5%
3D Systems Corp.*†	1,200		6
3PAR, Inc.*	1,734		12
Agilysys, Inc.	1,490		5
CACI International, Inc., Class A*	1,961		84
CIBER, Inc.*	3,385		9
Cogo Group, Inc.*†	1,500		9
Compellent Technologies, Inc.*	900		12
COMSYS IT Partners, Inc.*	900		2
Cray, Inc.*	2,100		5
Data Domain, Inc.*†	2,165		28
Digimarc Corp.*†	471		4
Echelon Corp.*†	1,927		12
Electronics for Imaging, Inc.*	3,386		30
Henry (Jack) & Associates, Inc.	4,868		78
Hutchinson Technology, Inc.*†	1,461		3
iGate Corp.	1,409		4
Imation Corp.	1,900		15
Immersion Corp.*	1,800		7
Insight Enterprises, Inc.*	3,032		8
Integral Systems, Inc. of Maryland*	1,072		10
Isilon Systems, Inc.*†	1,600		4
Magma Design Automation, Inc.*†	2,898		3
Manhattan Associates, Inc.*	1,594		24
Maxwell Technologies, Inc.*	1,200		7
Mentor Graphics Corp.*†	5,792		26
Mercury Computer Systems, Inc.*†	1,469		9
Micros Systems, Inc.*	5,293		85
MTS Systems Corp.†	1,126		27
NCI, Inc., Class A*	400		11
Ness Technologies, Inc.*	2,500		7
Netezza Corp.*	2,500		14
Netscout Systems, Inc.*	1,900		25
Palm, Inc.*†	6,928		50
Perot Systems Corp., Class A*	5,542		63
Quantum Corp.*†	13,096		5
Rackable Systems, Inc.*	1,900		7
Radiant Systems, Inc.*	1,800		5
Radisys Corp.*	1,397		8
Rimage Corp.*	600		8
Riverbed Technology, Inc.*†	3,649		38
Silicon Storage Technology, Inc.*†	4,971		7
Smart Modular Technologies WWH, Inc.*†	2,900		4
SRA International, Inc., Class A*	2,700		37
STEC, Inc.*†	2,000		11
Stratasys, Inc.*†	1,360		12

EQUITY PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Computers - 2.5% continued
Super Micro Computer, Inc.*†	1,568	$	7
SYKES Enterprises, Inc.*	2,090		33
Synaptics, Inc.*†	2,207		46
Syntel, Inc.†	830		17
Virtusa Corp.*†	600		4
			947
Cosmetics/Personal Care - 0.2%
Chattem, Inc.*†	1,132		72
Elizabeth Arden, Inc.*	1,610		9
Inter Parfums, Inc.	950		5
			86
Distribution/Wholesale - 1.0%
Beacon Roofing Supply, Inc.*	2,793		31
BMP Sunstone Corp.*†	1,500		4
Brightpoint, Inc.*	3,220		13
Chindex International, Inc.*	700		3
Core-Mark Holding Co., Inc.*†	600		10
FGX International Holdings Ltd.*	900		8
Fossil, Inc.*†	2,960		37
Houston Wire & Cable Co.†	1,100		7
MWI Veterinary Supply, Inc.*	639		16
Owens & Minor, Inc.	2,669		90
Pool Corp.†	3,055		41
Scansource, Inc.*†	1,734		27
School Specialty, Inc.*†	1,222		17
Titan Machinery, Inc.*†	500		5
United Stationers, Inc.*	1,518		33
Watsco, Inc.†	1,525		52
			394
Diversified Financial Services - 1.7%
Advanta Corp., Class B	2,464		1
Asset Acceptance Capital Corp.*†	900		3
BGC Partners, Inc., Class A	2,168		4
Broadpoint Securities Group, Inc.*	1,600		4
Calamos Asset Management, Inc., Class A	1,254		4
Cityscape Financial Corp.(1) *	2,500		—
Cohen & Steers, Inc.†	1,100		10
CompuCredit Corp.*†	1,122		2
Credit Acceptance Corp.*†	375		7
Diamond Hill Investment Group, Inc.*	125		5
Doral Financial Corp.*†	400		1
Duff & Phelps Corp., Class A*	646		9
Encore Capital Group, Inc.*	900		4
Epoch Holding Corp.	700		4
Evercore Partners, Inc., Class A	600		7
FBR Capital Markets Corp.*	1,800		4
FCStone Group, Inc.*†	1,450		2
Federal Agricultural Mortgage Corp., Class C†	621		2
Financial Federal Corp.†	1,618		31
First Marblehead Corp.*†	4,400		4
Friedman Billings Ramsey Group, Inc., Class A*†	9,400		2
GAMCO Investors, Inc., Class A†	516		15
GFI Group, Inc.	4,204		10
Greenhill & Co., Inc.†	1,127		73
Interactive Brokers Group, Inc., Class A*	2,644		37
International Assets Holding Corp.*†	300		2
KBW, Inc.*†	1,700		24
Knight Capital Group, Inc., Class A*	6,104		107
LaBranche & Co., Inc.*	3,300		19
Ladenburg Thalmann Financial Services, Inc.*†	6,500		3
MarketAxess Holdings, Inc.*	2,000		16
National Financial Partners Corp.†	2,500		6
Nelnet, Inc., Class A*	1,100		6
NewStar Financial, Inc.*†	1,542		2
Ocwen Financial Corp.*	2,259		21
optionsXpress Holdings, Inc.	2,762		27
Penson Worldwide, Inc.*†	1,100		5
Piper Jaffray Cos.*	1,189		26
Portfolio Recovery Associates, Inc.*†	1,022		23
Pzena Investment Management, Inc., Class A†	400		1
Sanders Morris Harris Group, Inc.	1,239		5
Stifel Financial Corp.*	1,620		53
SWS Group, Inc.	1,572		21
Thomas Weisel Partners Group, Inc.*	1,200		4
TradeStation Group, Inc.*	2,027		11
US Global Investors, Inc., Class A†	800		3
Virtus Investment Partners, Inc.*†	366		2
Westwood Holdings Group, Inc.†	331		12
World Acceptance Corp.*†	1,093		16
			660
Electric - 2.7%
Allete, Inc.	1,700		45
Avista Corp.	3,389		49
Black Hills Corp.†	2,441		43

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    7    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Electric - 2.7% continued
Central Vermont Public Service Corp.	735	$	15
CH Energy Group, Inc.	1,011		42
Cleco Corp.	3,831		79
El Paso Electric Co.*	2,843		40
Empire District Electric (The) Co.	2,159		30
EnerNOC, Inc.*†	600		7
Idacorp, Inc.	2,959		72
ITC Holdings Corp.	3,214		119
MGE Energy, Inc.†	1,446		43
NorthWestern Corp.	2,290		47
Ormat Technologies, Inc.†	1,146		29
Otter Tail Corp.†	2,250		39
Pike Electric Corp.*	1,100		9
PNM Resources, Inc.	5,615		43
PNM Resources, Inc. - Fractional Shares (1) *	50,000		—
Portland General Electric Co.	3,987		65
Synthesis Energy Systems, Inc.*†	1,600		1
UIL Holdings Corp.†	1,601		33
Unisource Energy Corp.	2,249		57
US Geothermal, Inc.*†	4,000		4
Westar Energy, Inc.	6,822		115
			1,026
Electrical Components & Equipment - 0.9%
Advanced Battery Technologies, Inc.*†	2,700		6
Advanced Energy Industries, Inc.*	2,149		15
American Superconductor Corp.*†	2,669		36
Beacon Power Corp.*†	5,700		2
Belden, Inc.	2,951		31
Capstone Turbine Corp.*†	9,300		5
China BAK Battery, Inc.*†	1,900		3
Coleman Cable, Inc.*	500		1
Encore Wire Corp.†	1,189		21
Ener1, Inc.*†	2,600		8
Energy Conversion Devices, Inc.*†	2,921		64
EnerSys*	1,743		19
Evergreen Solar, Inc.*†	9,160		11
Fushi Copperweld, Inc.*†	900		5
GrafTech International Ltd.*	7,762		44
Graham Corp.†	625		5
Harbin Electric, Inc.*†	500		3
Insteel Industries, Inc.†	1,100		7
Littelfuse, Inc.*	1,363		16
Medis Technologies Ltd.*†	2,036		1
Orion Energy Systems, Inc.*†	600		2
Powell Industries, Inc.*	452		14
Power-One, Inc.*†	4,752		4
PowerSecure International, Inc.*†	1,100		4
Ultralife Corp.*†	800		6
Universal Display Corp.*†	1,901		11
Valence Technology, Inc.*†	3,300		5
Vicor Corp.	1,294		6
			355
Electronics - 2.3%
American Science & Engineering, Inc.	578		35
Analogic Corp.	854		24
Axsys Technologies, Inc.*	600		20
Badger Meter, Inc.†	922		23
Bel Fuse, Inc., Class B	722		7
Benchmark Electronics, Inc.*	4,391		43
Brady Corp., Class A	3,266		56
Checkpoint Systems, Inc.*	2,594		20
China Security & Surveillance Technology, Inc.*†	1,796		6
Cogent, Inc.*	2,598		27
Coherent, Inc.*	1,500		23
CTS Corp.	2,156		7
Cymer, Inc.*	1,975		37
Daktronics, Inc.†	2,106		14
Dionex Corp.*†	1,209		57
Electro Scientific Industries, Inc.*†	1,766		9
FARO Technologies, Inc.*†	1,100		13
FEI Co.*	2,327		33
ICx Technologies, Inc.*	900		4
II-VI, Inc.*	1,555		28
L-1 Identity Solutions, Inc.*	4,612		21
LaBarge, Inc.*†	800		4
Measurement Specialties, Inc.*	900		3
Methode Electronics, Inc.	2,445		9
Microvision, Inc.*†	4,400		5
Multi-Fineline Electronix, Inc.*	600		9
Newport Corp.*	2,357		10
NVE Corp.*†	300		8
OSI Systems, Inc.*	1,008		16
OYO Geospace Corp.*†	249		3
Park Electrochemical Corp.	1,284		20
Plexus Corp.*	2,551		33
Rofin-Sinar Technologies, Inc.*†	1,918		28

EQUITY PORTFOLIOS    8    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Electronics - 2.3% continued
Rogers Corp.*	1,139	$	21
Sanmina-SCI Corp.*	33,900		9
Sonic Solutions, Inc.*†	1,375		1
Stoneridge, Inc.*	900		2
Taser International, Inc.*†	3,982		17
Technitrol, Inc.	2,611		3
TTM Technologies, Inc.*	2,705		12
Varian, Inc.*	1,912		43
Watts Water Technologies, Inc., Class A†	1,909		32
Woodward Governor Co.	3,808		66
Zygo Corp.*	1,000		4
			865
Energy - Alternate Sources - 0.2%
Akeena Solar, Inc.*†	1,400		2
Ascent Solar Technologies, Inc.*†	500		1
Aventine Renewable Energy Holdings, Inc.*	1,800		1
Clean Energy Fuels Corp.*†	1,600		9
Comverge, Inc.*†	1,400		6
Evergreen Energy, Inc.*	5,426		4
FuelCell Energy, Inc.*†	4,429		12
GreenHunter Energy, Inc.*	300		1
GreenHunter Energy, Inc. - Fractional Share*	30		—
GT Solar International, Inc.*†	1,900		8
Headwaters, Inc.*†	2,647		5
Pacific Ethanol, Inc.*†	2,800		1
Plug Power, Inc.*	5,100		5
Quantum Fuel Systems Technologies Worldwide, Inc.*	5,000		3
			58
Engineering & Construction - 0.9%
Baker (Michael) Corp.*	500		16
Dycom Industries, Inc.*	2,558		12
EMCOR Group, Inc.*	4,410		68
ENGlobal Corp.*	1,700		5
Exponent, Inc.*	850		19
Granite Construction, Inc.†	2,157		77
Insituform Technologies, Inc., Class A*	2,383		29
Layne Christensen Co.*†	1,248		20
Orion Marine Group, Inc.*	1,400		12
Perini Corp.*	3,273		50
Stanley, Inc.*†	600		19
Sterling Construction Co., Inc.*	700		10
VSE Corp.†	247		6
			343
Entertainment - 0.6%
Bally Technologies, Inc.*†	3,552		66
Bluegreen Corp.*†	800		1
Churchill Downs, Inc.	593		18
Cinemark Holdings, Inc.	1,900		15
Dover Downs Gaming & Entertainment, Inc.	917		2
Dover Motorsports, Inc.†	1,000		1
Elixir Gaming Technologies, Inc.*	4,300		—
Great Wolf Resorts, Inc.*†	1,790		3
Isle of Capri Casinos, Inc.*†	877		3
National CineMedia, Inc.	2,700		30
Pinnacle Entertainment, Inc.*†	3,872		29
Rick’s Cabaret International, Inc.*	400		1
Shuffle Master, Inc.*	3,309		10
Six Flags, Inc.*	4,636		1
Speedway Motorsports, Inc.†	862		10
Vail Resorts, Inc.*†	1,936		37
			227
Environmental Control - 1.2%
American Ecology Corp.	1,100		17
Calgon Carbon Corp.*	3,446		51
Casella Waste Systems, Inc., Class A*	1,468		3
Clean Harbors, Inc.*	1,285		62
Darling International, Inc.*	5,246		23
Energy Recovery, Inc.*†	946		6
EnergySolutions, Inc.	2,100		14
Fuel Tech, Inc.*†	1,185		11
Metalico, Inc.*†	1,600		3
Met-Pro Corp.	1,000		7
Mine Safety Appliances Co.†	1,978		36
Rentech, Inc.*	10,600		6
Tetra Tech, Inc.*	3,808		85
Waste Connections, Inc.*	5,105		122
Waste Services, Inc.*	1,533		7
			453
Food - 2.8%
American Dairy, Inc.*†	500		6
Arden Group, Inc., Class A	70		7
B&G Foods, Inc., Class A	1,300		5
Calavo Growers, Inc.†	700		8

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    9    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Food - 2.8% continued
Cal-Maine Foods, Inc.†	848	$	19
Chiquita Brands International, Inc.*	2,754		14
Diamond Foods, Inc.†	1,020		22
Flowers Foods, Inc.	5,019		112
Fresh Del Monte Produce, Inc.*	2,700		51
Great Atlantic & Pacific Tea Co.*†	2,301		9
Hain Celestial Group, Inc.*†	2,642		37
HQ Sustainable Maritime Industries, Inc.*	400		3
Imperial Sugar Co.†	800		5
Ingles Markets, Inc., Class A	773		11
J & J Snack Foods Corp.	900		28
Lancaster Colony Corp.	1,275		50
Lance, Inc.†	1,777		39
Lifeway Foods, Inc.*	300		2
M & F Worldwide Corp.*†	739		8
Nash Finch Co.	855		30
Ralcorp Holdings, Inc.*	3,641		221
Ruddick Corp.	2,688		58
Sanderson Farms, Inc.†	1,295		45
Seaboard Corp.	21		18
Smart Balance, Inc.*	4,000		23
Spartan Stores, Inc.	1,400		21
Tootsie Roll Industries, Inc.†	1,575		34
TreeHouse Foods, Inc.*†	2,036		54
United Natural Foods, Inc.*	2,694		40
Village Super Market, Class A†	400		10
Weis Markets, Inc.†	690		19
Winn-Dixie Stores, Inc.*†	3,500		34
Zhongpin, Inc.*	1,200		10
			1,053
Forest Products & Paper - 0.4%
AbitibiBowater, Inc.*†	3,356		1
Boise, Inc.*†	2,400		1
Buckeye Technologies, Inc.*	2,526		6
Clearwater Paper Corp.*	734		7
Deltic Timber Corp.	653		20
Glatfelter	2,939		18
Kapstone Paper and Packaging Corp.*	1,200		2
Mercer International, Inc.*†	1,900		1
Neenah Paper, Inc.	900		5
Potlatch Corp.†	2,570		59
Schweitzer-Mauduit International, Inc.†	1,016		15
Verso Paper Corp.	900		1
Wausau Paper Corp.	2,858		16
Xerium Technologies, Inc.*	1,200		1
			153
Gas - 1.7%
Chesapeake Utilities Corp.	400		11
Laclede Group (The), Inc.	1,427		56
New Jersey Resources Corp.	2,736		96
Nicor, Inc.	2,937		92
Northwest Natural Gas Co.	1,715		70
Piedmont Natural Gas Co., Inc.†	4,672		113
South Jersey Industries, Inc.	1,890		68
Southwest Gas Corp.	2,720		53
WGL Holdings, Inc.	3,227		98
			657
Hand/Machine Tools - 0.4%
Baldor Electric Co.†	3,010		37
Franklin Electric Co., Inc.†	1,472		32
K-Tron International, Inc.*	149		8
Regal-Beloit Corp.	2,051		59
Thermadyne Holdings Corp.*	800		2
			138
Healthcare - Products - 4.3%
Abaxis, Inc.*†	1,400		22
Abiomed, Inc.*	2,161		15
Accuray, Inc.*	2,290		11
Affymetrix, Inc.*†	4,400		9
Align Technology, Inc.*†	4,031		28
Alphatec Holdings, Inc.*	1,600		3
American Medical Systems Holdings, Inc.*	4,720		49
Angiodynamics, Inc.*	1,547		18
Atrion Corp.	100		7
BioMimetic Therapeutics, Inc.*†	900		7
Bruker Corp.*	3,188		13
Caliper Life Sciences, Inc.*†	3,100		3
Cantel Medical Corp.*†	800		10
Cardiac Science Corp.*	1,300		5
CardioNet, Inc.*	300		7
Cepheid, Inc.*†	3,704		25
Columbia Laboratories, Inc.*	3,000		4
Conceptus, Inc.*†	1,900		21
Conmed Corp.*	1,823		25
CryoLife, Inc.*	1,800		9
Cyberonics, Inc.*	1,531		21
Cynosure, Inc., Class A*	600		3

EQUITY PORTFOLIOS    10    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Healthcare - Products - 4.3% continued
DexCom, Inc.*†	2,626	$	11
ev3, Inc.*	4,503		26
Exactech, Inc.*	500		7
Genomic Health, Inc.*†	900		18
Greatbatch, Inc.*	1,429		28
Haemonetics Corp. of Massachusetts*	1,680		90
Hanger Orthopedic Group, Inc.*	1,968		26
Hansen Medical, Inc.*†	1,064		4
ICU Medical, Inc.*†	696		22
Immucor, Inc.*	4,545		102
Insulet Corp.*†	1,200		7
Integra LifeSciences Holdings Corp.*†	1,146		30
Invacare Corp.†	2,036		33
IRIS International, Inc.*	1,200		11
Kensey Nash Corp.*	479		9
Luminex Corp.*†	2,617		43
Masimo Corp.*	2,991		75
Medical Action Industries, Inc.*	900		6
Meridian Bioscience, Inc.	2,575		52
Merit Medical Systems, Inc.*	1,738		19
Micrus Endovascular Corp.*†	1,000		6
Natus Medical, Inc.*†	1,749		14
NuVasive, Inc.*†	2,300		65
NxStage Medical, Inc.*†	1,589		5
OraSure Technologies, Inc.*	2,950		8
Orthofix International N.V.*†	1,100		17
Orthovita, Inc.*†	4,200		13
Palomar Medical Technologies, Inc.*	1,200		9
PSS World Medical, Inc.*	4,035		58
Quidel Corp.*†	1,800		20
Sirona Dental Systems, Inc.*†	1,100		12
Somanetics Corp.*†	800		10
SonoSite, Inc.*	1,120		21
Spectranetics Corp.*	2,100		5
Stereotaxis, Inc.*†	1,797		6
STERIS Corp.	3,803		88
SurModics, Inc.*†	1,029		18
Symmetry Medical, Inc.*	2,320		12
Synovis Life Technologies, Inc.*	800		10
Thoratec Corp.*†	3,540		81
TomoTherapy, Inc.*†	2,700		6
Trans1, Inc.*†	800		5
Vision-Sciences, Inc.*	1,100		1
Vital Images, Inc.*	1,000		10
Vnus Medical Technologies, Inc.*	800		15
Volcano Corp.*†	3,000		45
West Pharmaceutical Services, Inc.†	2,104		65
Wright Medical Group, Inc.*†	2,429		35
Zoll Medical Corp.*	1,332		18
			1,612
Healthcare - Services - 2.1%
Air Methods Corp.*†	700		12
Alliance HealthCare Service I*	1,600		13
Almost Family, Inc.*†	400		8
Amedisys, Inc.*†	1,719		56
AMERIGROUP Corp.*†	3,478		86
Amsurg Corp.*	2,045		32
Assisted Living Concepts, Inc., Class A*†	3,500		10
Bio-Reference Labs, Inc.*†	725		17
Capital Senior Living Corp.*†	1,400		4
Centene Corp.*	2,758		47
Emeritus Corp.*†	1,300		9
Ensign Group, Inc. (The)	500		7
Five Star Quality Care, Inc.*	2,000		3
Genoptix, Inc.*	532		16
Gentiva Health Services, Inc.*	1,622		28
Healthsouth Corp.*†	5,629		44
Healthspring, Inc.*	3,200		26
Healthways, Inc.*	2,280		21
IPC The Hospitalist Co, Inc.*	400		6
Kindred Healthcare, Inc.*	1,762		25
LHC Group, Inc.*†	897		18
Life Sciences Research, Inc.*†	600		3
Magellan Health Services, Inc.*	2,638		88
Medcath Corp.*	1,000		8
Molina Healthcare, Inc.*	900		17
National Healthcare Corp.†	531		22
Nighthawk Radiology Holdings, Inc.*	1,500		4
Odyssey HealthCare, Inc.*†	2,139		22
Psychiatric Solutions, Inc.*†	3,596		61
RadNet, Inc.*†	1,400		3
RehabCare Group, Inc.*†	1,121		16
Res-Care, Inc.*	1,600		20
Skilled Healthcare Group, Inc., Class A*	1,100		9
Sun Healthcare Group, Inc.*	2,800		25
Sunrise Senior Living, Inc.*	2,840		2
Triple-S Management Corp.*†	922		11
U.S. Physical Therapy, Inc.*	800		8

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    11    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Healthcare - Services - 2.1% continued
Virtual Radiologic Corp.*†	400	$	3
			810
Holding Companies - Diversified - 0.0%
Compass Diversified Holdings	1,500		13
Resource America, Inc., Class A	627		2
			15
Home Builders - 0.3%
Amrep Corp.*	100		2
Beazer Homes USA, Inc.*	2,500		1
Brookfield Homes Corp.†	621		2
Cavco Industries, Inc.*†	400		9
Champion Enterprises, Inc.*	4,954		1
Hovnanian Enterprises, Inc., Class A*†	3,073		3
M/I Homes, Inc.†	874		6
Meritage Homes Corp.*†	2,007		20
Palm Harbor Homes, Inc.*	691		2
Ryland Group, Inc.	2,761		39
Skyline Corp.†	408		6
Standard-Pacific Corp.*	6,400		6
Winnebago Industries, Inc.	1,872		7
			104
Home Furnishings - 0.4%
American Woodmark Corp.†	738		11
Audiovox Corp., Class A*	1,137		3
DTS, Inc.*	1,100		18
Ethan Allen Interiors, Inc.†	1,600		15
Furniture Brands International, Inc.	2,700		4
Hooker Furniture Corp.	604		4
Kimball International, Inc., Class B	2,089		13
La-Z-Boy, Inc.	3,300		3
Sealy Corp.*†	2,900		2
Tempur-Pedic International, Inc.†	4,776		29
TiVo, Inc.*	6,522		46
Universal Electronics, Inc.*	891		14
			162
Household Products/Wares - 0.5%
ACCO Brands Corp.*	3,500		3
American Greetings Corp., Class A†	2,900		11
Blyth, Inc.	400		8
Central Garden and Pet Co., Class A*	4,147		31
CSS Industries, Inc.†	477		7
Ennis, Inc.	1,632		13
Helen of Troy Ltd.*	1,900		19
Prestige Brands Holdings, Inc.*	2,200		12
Russ Berrie & Co., Inc.*	1,147		1
Standard Register (The) Co.†	984		5
Tupperware Brands Corp.	4,027		57
WD-40 Co.	1,034		26
			193
Housewares - 0.0%
Libbey, Inc.†	900		1
Insurance - 4.3%
AMBAC Financial Group, Inc.†	18,219		11
American Equity Investment Life Holding Co.†	3,500		13
American Physicians Capital, Inc.	525		22
American Safety Insurance Holdings Ltd.*	700		7
Amerisafe, Inc.*	1,200		17
Amtrust Financial Services, Inc.	1,000		8
Argo Group International Holdings Ltd.*	2,006		57
Aspen Insurance Holdings Ltd.	5,550		121
Assured Guaranty Ltd.†	3,575		16
Baldwin & Lyons, Inc., Class B	518		9
Citizens, Inc. of Texas*†	2,400		16
CNA Surety Corp.*	1,077		16
Crawford & Co., Class B*†	1,539		12
Delphi Financial Group, Inc., Class A	2,657		29
Donegal Group, Inc., Class A	798		11
eHealth, Inc.*	1,600		20
EMC Insurance Group, Inc.	356		7
Employers Holdings, Inc.	3,200		31
Enstar Group Ltd.*†	353		16
FBL Financial Group, Inc., Class A†	803		2
First Acceptance Corp.*†	1,105		3
First Mercury Financial Corp.*	929		11
Flagstone Reinsurance Holdings Ltd.	1,900		14
FPIC Insurance Group, Inc.*	519		19
Greenlight Capital Re Ltd., Class A*†	1,900		27
Hallmark Financial Services*	400		3
Harleysville Group, Inc.	815		24
Horace Mann Educators Corp.	2,629		20
Independence Holding Co.†	434		2
Infinity Property & Casualty Corp.	907		32
IPC Holdings Ltd.	2,979		76
Kansas City Life Insurance Co.	300		7
Life Partners Holdings, Inc.†	500		9
Maiden Holdings Ltd.	3,200		14

EQUITY PORTFOLIOS    12    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Insurance - 4.3% continued
Max Capital Group Ltd.	3,617	$	60
Meadowbrook Insurance Group, Inc.	3,587		21
Montpelier Re Holdings Ltd.	5,981		76
National Interstate Corp.	400		7
National Western Life Insurance Co., Class A	142		14
Navigators Group, Inc.*	835		44
NYMAGIC, Inc.	300		4
Odyssey Re Holdings Corp.	1,403		65
Phoenix Companies (The), Inc.	7,330		4
Platinum Underwriters Holdings Ltd.	3,187		89
PMA Capital Corp., Class A*	2,024		10
PMI Group (The), Inc.	5,200		3
Presidential Life Corp.	1,379		9
Primus Guaranty Ltd.*†	1,500		2
ProAssurance Corp.*	2,056		98
Radian Group, Inc.†	5,100		10
RLI Corp.	1,190		58
Safety Insurance Group, Inc.	1,055		33
SeaBright Insurance Holdings, Inc.*	1,355		13
Selective Insurance Group, Inc.	3,420		41
State Auto Financial Corp.	885		15
Stewart Information Services Corp.	1,057		15
Tower Group, Inc.	2,287		47
United America Indemnity Ltd., Class A*	1,200		10
United Fire & Casualty Co.	1,452		25
Universal American Financial Corp.*	2,574		17
Validus Holdings Ltd.	4,202		101
Zenith National Insurance Corp.	2,391		53
			1,646
Internet - 3.1%
1-800-FLOWERS.COM, Inc., Class A*†	1,726		2
Art Technology Group, Inc.*	8,200		18
AsiaInfo Holdings, Inc.*	2,200		27
Avocent Corp.*	2,902		35
Bidz.com, Inc.*†	400		1
Blue Coat Systems, Inc.*	2,098		23
Blue Nile, Inc.*†	858		20
Chordiant Software, Inc.*	1,920		4
Cogent Communications Group, Inc.*†	2,900		19
comScore, Inc.*	1,203		11
Constant Contact, Inc.*†	1,319		18
CyberSource Corp.*	4,456		55
DealerTrack Holdings, Inc.*	2,566		27
Dice Holdings, Inc.*	963		2
Digital River, Inc.*	2,415		58
Drugstore.com, Inc.*†	5,300		5
Earthlink, Inc.*	7,045		44
Entrust, Inc.*†	3,900		6
eResearch Technology, Inc.*	2,800		14
Global Sources Ltd.*	1,118		5
GSI Commerce, Inc.*†	1,497		17
HSW International, Inc.*†	1,800		—
i2 Technologies, Inc.*†	1,000		7
Ibasis, Inc.*†	2,000		1
Infospace, Inc.*†	2,198		12
Internap Network Services Corp.*†	3,219		10
Internet Brands, Inc.*†	1,400		7
Internet Capital Group, Inc.*	2,500		10
Interwoven, Inc.*	2,915		47
j2 Global Communications, Inc.*	2,866		54
Keynote Systems, Inc.*	900		7
Knot (The), Inc.*†	1,800		11
Limelight Networks, Inc.*†	1,837		5
Liquidity Services, Inc.*	900		4
LoopNet, Inc.*†	1,900		11
Mercadolibre, Inc.*†	1,616		27
ModusLink Global Solutions, Inc.*†	2,956		6
Move, Inc.*†	8,156		13
NetFlix, Inc.*†	2,624		95
NIC, Inc.	2,534		13
Nutri/System, Inc.†	1,950		25
Online Resources Corp.*	1,900		6
Orbitz Worldwide, Inc.*†	2,300		6
Overstock.com, Inc.*†	964		8
PC-Tel, Inc.	1,300		7
Perficient, Inc.*†	2,100		7
Rackspace Hosting, Inc.*†	1,100		6
RealNetworks, Inc.*†	5,400		12
S1 Corp.*	3,008		17
Safeguard Scientifics, Inc.*	7,800		4
Sapient Corp.*	5,648		22
Shutterfly, Inc.*	1,300		10
SonicWALL, Inc.*	3,510		16
Sourcefire, Inc.*	1,300		9
Stamps.com, Inc.*	899		7
SupportSoft, Inc.*	3,000		5
TechTarget, Inc.*†	900		2

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    13    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Internet - 3.1% continued
TeleCommunication Systems, Inc., Class A*	2,100	$	17
Terremark Worldwide, Inc.*†	3,400		9
TheStreet.com, Inc.	1,100		2
thinkorswim Group, Inc.*†	3,400		27
TIBCO Software, Inc.*	11,279		54
United Online, Inc.	4,989		23
ValueClick, Inc.*	5,540		35
Vasco Data Security International, Inc.*	1,700		8
Vignette Corp.*†	1,600		11
Vocus, Inc.*†	1,000		17
Web.com Group, Inc.*†	1,800		5
Websense, Inc.*	2,845		32
			1,160
Investment Companies - 0.4%
Ampal-American Israel Corp., Class A*†	1,300		2
Apollo Investment Corp.†	9,133		38
Ares Capital Corp.†	6,223		22
BlackRock Kelso Capital Corp.†	806		3
Capital Southwest Corp.	191		13
Gladstone Capital Corp.†	1,323		9
Gladstone Investment Corp.	1,400		6
Harris & Harris Group, Inc., Class A*†	1,609		5
Hercules Technology Growth Capital, Inc.	2,100		9
Kohlberg Capital Corp.	1,100		2
MCG Capital Corp.	4,890		4
Medallion Financial Corp.	1,000		5
MVC Capital, Inc.	1,600		13
NGP Capital Resources Co.	1,400		8
Patriot Capital Funding, Inc.	1,300		2
PennantPark Investment Corp.	1,400		4
Prospect Capital Corp.	1,900		15
			160
Iron/Steel - 0.0%
China Precision Steel, Inc.*†	1,100		1
General Steel Holdings, Inc.*†	700		2
Olympic Steel, Inc.†	600		7
Sutor Technology Group Ltd.*	500		1
Universal Stainless & Alloy*†	400		4
			15
Leisure Time - 0.5%
Ambassadors Group, Inc.	1,188		9
Brunswick Corp.†	5,600		17
Callaway Golf Co.	4,299		29
Life Time Fitness, Inc.*†	2,273		19
Marine Products Corp.†	662		3
Nautilus, Inc.*	1,470		1
Polaris Industries, Inc.†	2,147		40
Town Sports International Holdings, Inc.*†	1,123		2
WMS Industries, Inc.*†	2,854		52
			172
Lodging - 0.2%
Ameristar Casinos, Inc.	1,672		16
Gaylord Entertainment Co.*†	2,615		17
Lodgian, Inc.*	1,020		2
Marcus Corp.	1,277		11
Monarch Casino & Resort, Inc.*†	700		5
Morgans Hotel Group Co.*†	1,700		4
Riviera Holdings Corp.*	700		2
			57
Machinery - Construction & Mining - 0.1%
Astec Industries, Inc.*†	1,150		26
Machinery - Diversified - 1.4%
Alamo Group, Inc.†	400		5
Albany International Corp., Class A†	1,949		17
Altra Holdings, Inc.*	1,700		9
Applied Industrial Technologies, Inc.	2,707		44
Briggs & Stratton Corp.†	3,239		39
Cascade Corp.†	562		9
Chart Industries, Inc.*	1,800		12
Cognex Corp.	2,526		28
Columbus McKinnon Corp. of New York*	1,200		10
DXP Enterprises, Inc.*	437		5
Flow International Corp.*	2,400		3
Gerber Scientific, Inc.*	1,500		3
Gorman-Rupp (The) Co.†	937		17
Hurco Cos., Inc.*†	400		5
Intermec, Inc.*†	4,014		40
Intevac, Inc.*†	1,400		5
iRobot Corp.*†	1,200		9
Kadant, Inc.*	885		8
Key Technology, Inc.*	300		3
Lindsay Corp.†	780		19
Middleby Corp.*†	1,154		25
NACCO Industries, Inc., Class A	338		7
Nordson Corp.†	2,194		55
Presstek, Inc.*†	1,800		3

EQUITY PORTFOLIOS    14    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Machinery - Diversified - 1.4% continued
Raser Technologies, Inc.*†	3,300	$	11
Robbins & Myers, Inc.	1,818		29
Sauer-Danfoss, Inc.†	717		4
Tecumseh Products Co., Class A*	1,062		6
Tennant Co.	1,072		11
Twin Disc, Inc.†	600		3
Wabtec Corp.†	3,143		84
			528
Media - 0.4%
AH Belo Corp., Class A†	1,320		1
Belo Corp., Class A	5,700		5
Charter Communications, Inc., Class A*	25,999		1
Citadel Broadcasting Corp.*	11,600		1
CKX, Inc.*†	3,300		11
Courier Corp.†	671		9
Cox Radio, Inc., Class A*	1,500		8
Crown Media Holdings, Inc., Class A*†	700		1
Cumulus Media, Inc., Class A*†	1,507		3
DG FastChannel, Inc.*	1,100		17
Dolan Media Co.*	1,567		10
Entercom Communications Corp., Class A†	1,700		2
Entravision Communications Corp., Class A*	3,800		1
Fisher Communications, Inc.	475		5
Global Traffic Network, Inc.*†	800		3
Gray Television, Inc.†	2,773		1
Journal Communications, Inc., Class A	2,700		3
Lee Enterprises, Inc.†	2,800		1
Lin TV Corp., Class A*	1,582		1
Martha Stewart Living Omnimedia, Inc., Class A*†	1,641		3
McClatchy Co., Class A†	3,600		2
Media General, Inc., Class A†	1,500		2
Mediacom Communications Corp., Class A*	2,485		10
Outdoor Channel Holdings, Inc.*	1,000		4
Playboy Enterprises, Inc., Class B*†	1,295		2
Primedia, Inc.†	1,606		3
RHI Entertainment, Inc.*	860		2
Scholastic Corp.	1,536		17
Sinclair Broadcast Group, Inc., Class A	3,099		3
Value Line, Inc.	100		3
World Wrestling Entertainment, Inc., Class A†	1,411		14
			149
Metal Fabrication/Hardware - 0.8%
Ampco-Pittsburgh Corp.	500		5
Castle (A.M.) & Co.†	1,100		8
CIRCOR International, Inc.	1,108		25
Dynamic Materials Corp.†	800		7
Foster (L.B.) Co., Class A*	700		15
Furmanite Corp.*	2,300		7
Haynes International, Inc.*	752		10
Kaydon Corp.	2,183		55
Ladish Co., Inc.*	1,000		7
Lawson Products, Inc.†	320		6
Mueller Industries, Inc.	2,371		43
Mueller Water Products, Inc., Class A	7,400		16
NN, Inc.	1,000		1
Northwest Pipe Co.*	600		16
Omega Flex, Inc.	200		3
RBC Bearings, Inc.*	1,400		21
Sun Hydraulics, Inc.†	734		10
Worthington Industries, Inc.†	4,202		34
			289
Mining - 1.0%
Allied Nevada Gold Corp.*	2,900		12
AMCOL International Corp.†	1,645		20
Brush Engineered Materials, Inc.*†	1,273		16
Coeur D’alene Mines Corp.*	35,144		27
Compass Minerals International, Inc.	2,109		110
General Moly, Inc.*†	4,000		3
Hecla Mining Co.*†	10,838		16
Horsehead Holding Corp.*	2,300		9
Kaiser Aluminum Corp.†	1,000		22
Royal Gold, Inc.†	1,910		77
RTI International Metals, Inc.*	1,507		16
Stillwater Mining Co.*†	2,546		8
United States Lime & Minerals, Inc.*†	100		2
Uranium Resources, Inc.*	3,100		2
USEC, Inc.*†	7,149		36
			376
Miscellaneous Manufacturing - 2.0%
Actuant Corp., Class A†	3,641		37
Acuity Brands, Inc.†	2,652		61
American Railcar Industries, Inc.†	600		5
Ameron International Corp.†	582		28
AZZ, Inc.*†	800		16
Barnes Group, Inc.	3,046		28

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    15    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Miscellaneous Manufacturing - 2.0% continued
Blount International, Inc.*	2,500	$	18
Ceradyne, Inc.*†	1,719		30
China Fire & Security Group, Inc.*†	900		6
Clarcor, Inc.	3,282		87
Colfax Corp.*	1,417		10
EnPro Industries, Inc.*†	1,278		21
ESCO Technologies, Inc.*†	1,664		54
Federal Signal Corp.	3,082		20
Flanders Corp.*†	1,000		4
Freightcar America, Inc.	800		13
GenTek, Inc.*†	600		8
Griffon Corp.*	3,406		25
Hexcel Corp.*	6,130		38
Koppers Holdings, Inc.†	1,300		17
LSB Industries, Inc.*	1,100		10
Lydall, Inc.*	1,100		3
Matthews International Corp., Class A	1,996		69
Metabolix, Inc.*†	1,200		7
Movado Group, Inc.†	996		6
Myers Industries, Inc.	1,871		7
NL Industries, Inc.	398		4
Park-Ohio Holdings Corp.*	500		2
PMFG, Inc.*†	800		4
Polypore International, Inc.*†	1,061		5
Raven Industries, Inc.†	1,008		18
Reddy Ice Holdings, Inc.	1,100		2
Smith & Wesson Holding Corp.*†	2,400		9
Smith (A.O.) Corp.	1,277		33
Standex International Corp.	819		9
Tredegar Corp.†	1,510		25
Trimas Corp.*†	800		1
			740
Office Furnishings - 0.2%
Herman Miller, Inc.	3,652		37
HNI Corp.†	2,845		28
Interface, Inc., Class A	3,418		8
Knoll, Inc.	3,090		20
			93
Oil & Gas - 2.3%
Abraxas Petroleum Corp.*†	2,700		2
Alon USA Energy, Inc.†	700		8
American Oil & Gas, Inc.*†	2,400		1
APCO Argentina, Inc.	300		5
Approach Resources, Inc.*†	599		4
Arena Resources, Inc.*†	2,466		53
Atlas America, Inc.	2,191		22
ATP Oil & Gas Corp.*†	1,820		6
Berry Petroleum Co., Class A†	2,782		18
Bill Barrett Corp.*†	2,370		46
BMB Munai, Inc.*†	2,400		1
BPZ Energy, Inc.*†	3,824		13
Brigham Exploration Co.*	2,900		4
Bronco Drilling Co., Inc.*	1,700		7
Callon Petroleum Co.*†	1,400		2
Cano Petroleum, Inc.*†	3,100		1
Carrizo Oil & Gas, Inc.*†	1,777		19
Cheniere Energy, Inc.*†	3,100		13
Clayton Williams Energy, Inc.*	352		9
Comstock Resources, Inc.*	2,953		90
Concho Resources, Inc.*	3,596		72
Contango Oil & Gas Co.*	839		31
CVR Energy, Inc.*	1,500		7
Delek US Holdings, Inc.	900		6
Delta Petroleum Corp.*†	3,963		8
Double Eagle Petroleum Co.*	500		2
Endeavour International Corp.*	7,300		5
Energy Partners Ltd.*	2,056		1
Energy XXI Bermuda Ltd.	7,700		3
EXCO Resources, Inc.*	9,594		87
FX Energy, Inc.*†	2,600		8
Gasco Energy, Inc.*†	6,000		2
GeoGlobal Resources, Inc.*†	2,400		2
GeoMet, Inc.*	1,246		1
Georesources, Inc.*	400		2
GMX Resources, Inc.*†	1,087		19
Goodrich Petroleum Corp.*†	1,486		29
Gran Tierra Energy, Inc.*†	14,064		33
Gulfport Energy Corp.*†	1,700		4
Harvest Natural Resources, Inc.*†	2,087		7
Houston American Energy Corp.	1,000		2
McMoRan Exploration Co.*†	3,806		17
Meridian Resource Corp.*	4,991		1
Northern Oil And Gas, Inc.*†	1,300		3
Oilsands Quest, Inc.*†	11,800		9
Panhandle Royalty Co., Class A	500		8
Parallel Petroleum Corp.*†	2,608		3
Parker Drilling Co.*	7,189		11

EQUITY PORTFOLIOS    16    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Oil & Gas - 2.3% continued
Penn Virginia Corp.	2,700	$	37
Petroleum Development Corp.*	959		12
Petroquest Energy, Inc.*†	2,800		9
Pioneer Drilling Co.*	3,200		12
PrimeEnergy Corp.*	52		2
Quest Resource Corp.*	1,800		—
RAM Energy Resources, Inc.*	2,300		1
Rex Energy Corp.*†	1,100		2
Rosetta Resources, Inc.*	3,298		17
Stone Energy Corp.*	1,966		8
Sulphco, Inc.*†	3,400		3
Swift Energy Co.*	1,991		14
Toreador Resources Corp.†	1,031		3
Tri-Valley Corp.*†	1,400		2
TXCO Resources, Inc.*†	2,200		3
Vaalco Energy, Inc.*	3,800		22
Venoco, Inc.*†	1,329		4
Warren Resources, Inc.*	3,761		2
Western Refining, Inc.	1,900		22
			882
Oil & Gas Services - 0.8%
Allis-Chalmers Energy, Inc.*	1,739		3
Basic Energy Services, Inc.*†	2,700		17
Bolt Technology Corp.*	500		3
Cal Dive International, Inc.*†	2,854		14
CARBO Ceramics, Inc.	1,341		47
Complete Production Services, Inc.*	3,100		9
Dawson Geophysical Co.*	500		6
Dril-Quip, Inc.*	2,023		43
Flotek Industries, Inc.*†	1,400		3
Geokinetics, Inc.*†	300		1
Gulf Island Fabrication, Inc.	796		7
Hornbeck Offshore Services, Inc.*	1,523		20
ION Geophysical Corp.*†	5,392		6
Lufkin Industries, Inc.	967		32
Matrix Service Co.*	1,700		12
Mitcham Industries, Inc.*	600		2
NATCO Group, Inc., Class A*	1,300		23
Natural Gas Services Group, Inc.*†	800		6
Newpark Resources, Inc.*	5,696		17
RPC, Inc.†	1,855		11
Superior Well Services, Inc.*	1,052		6
T-3 Energy Services, Inc.*	800		9
Trico Marine Services, Inc.*†	800		3
Union Drilling, Inc.*	880		3
Willbros Group, Inc.*	2,436		17
			320
Packaging & Containers - 0.4%
AEP Industries, Inc.*†	300		4
Bway Holding Co.*	500		3
Graphic Packaging Holding Co.*†	9,200		7
Rock-Tenn Co., Class A	2,491		69
Silgan Holdings, Inc.	1,648		81
			164
Pharmaceuticals - 3.2%
Acadia Pharmaceuticals, Inc.*†	2,100		2
Acura Pharmaceuticals, Inc.*†	500		3
Adolor Corp.*†	3,000		6
Akorn, Inc.*†	3,700		5
Alexza Pharmaceuticals, Inc.*	1,500		2
Alkermes, Inc.*†	6,143		62
Allos Therapeutics, Inc.*†	3,400		19
Amicus Therapeutics, Inc.*†	300		2
Ardea Biosciences, Inc.*†	900		11
Array Biopharma, Inc.*	3,100		10
Auxilium Pharmaceuticals, Inc.*†	2,679		74
Biodel, Inc.*†	700		3
BioForm Medical, Inc.*†	1,418		2
Cadence Pharmaceuticals, Inc.*†	1,344		9
Caraco Pharmaceutical Laboratories Ltd.*	697		3
Catalyst Health Solutions, Inc.*	2,155		45
China Sky One Medical, Inc.*†	500		6
CV Therapeutics, Inc.*	3,907		63
Cypress Bioscience, Inc.*	2,400		20
Cytori Therapeutics, Inc.*	1,300		4
Depomed, Inc.*	3,100		5
Durect Corp.*	5,266		10
Dyax Corp.*	3,700		7
Idenix Pharmaceuticals, Inc.*	1,600		6
I-Flow Corp.*	1,369		4
Inspire Pharmaceuticals, Inc.*†	2,700		9
Isis Pharmaceuticals, Inc.*†	5,861		75
Javelin Pharmaceuticals, Inc.*†	3,200		4
Jazz Pharmaceuticals, Inc.*†	500		—
KV Pharmaceutical Co., Class A*†	2,119		1
Mannatech, Inc.†	900		3
MannKind Corp.*†	3,337		7

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    17    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Pharmaceuticals - 3.2% continued
MAP Pharmaceuticals, Inc.*†	500	$	1
Mead Johnson Nutrition Co., Class A*†	110		3
Medarex, Inc.*†	8,195		32
Medicis Pharmaceutical Corp., Class A†	3,674		41
Medivation, Inc.*†	1,630		27
MiddleBrook Pharmaceuticals, Inc.*†	2,300		4
Nabi Biopharmaceuticals*†	3,312		12
Nektar Therapeutics*	6,000		27
Neogen Corp.*	900		19
Neurocrine Biosciences, Inc.*	2,502		8
Noven Pharmaceuticals, Inc.*	1,562		13
Obagi Medical Products, Inc.*	1,200		6
Omega Protein Corp.*†	1,200		3
Onyx Pharmaceuticals, Inc.*	3,609		108
Opko Health, Inc.*	3,100		4
Optimer Pharmaceuticals, Inc.*†	1,600		17
Orexigen Therapeutics, Inc.*†	1,300		5
Osiris Therapeutics, Inc.*†	1,000		18
Pain Therapeutics, Inc.*†	2,201		10
Par Pharmaceutical Cos., Inc.*	2,200		29
Pharmasset, Inc.*	1,100		11
PharMerica Corp.*	1,935		32
Pozen, Inc.*	1,642		10
Progenics Pharmaceuticals, Inc.*†	1,686		11
Questcor Pharmaceuticals, Inc.*†	3,200		16
Rigel Pharmaceuticals, Inc.*	2,330		12
Salix Pharmaceuticals Ltd.*	3,047		23
Savient Pharmaceuticals, Inc.*†	3,448		15
Schiff Nutrition International, Inc.*	600		2
Sucampo Pharmaceuticals, Inc., Class A*	600		3
Synta Pharmaceuticals Corp.*†	1,100		2
Synutra International, Inc.*†	700		5
Targacept, Inc.*†	1,200		3
Theravance, Inc.*†	3,300		46
USANA Health Sciences, Inc.*†	472		9
Valeant Pharmaceuticals International*†	4,058		71
Viropharma, Inc.*	5,116		21
Vivus, Inc.*	4,387		18
Xenoport, Inc.*†	1,727		36
			1,215
Pipelines - 0.0%
Crosstex Energy, Inc.†	2,561		6
Real Estate - 0.2%
Avatar Holdings, Inc.*†	389		7
Consolidated-Tomoka Land Co. of Florida	335		8
Forestar Real Estate Group, Inc.*†	2,300		17
FX Real Estate and Entertainment, Inc.*†	440		—
Grubb & Ellis Co.†	2,300		1
Hilltop Holdings, Inc.*	2,905		32
Meruelo Maddux Properties, Inc.*	2,500		—
Stratus Properties, Inc.*†	400		2
Thomas Properties Group, Inc.†	1,500		2
United Capital Corp.*†	100		2
			71
Real Estate Investment Trusts - 5.3%
Acadia Realty Trust	2,084		21
Agree Realty Corp.	485		6
Alexander’s, Inc.	127		18
American Campus Communities, Inc.	2,765		47
American Capital Agency Corp.†	600		10
Anthracite Capital, Inc.†	3,667		3
Anworth Mortgage Asset Corp.	6,388		38
Arbor Realty Trust, Inc.†	900		—
Ashford Hospitality Trust, Inc.	5,900		6
Associated Estates Realty Corp.	900		5
BioMed Realty Trust, Inc.†	5,169		44
Capital Trust, Inc. of New York, Class A†	1,100		2
CapLease, Inc.	2,900		6
Capstead Mortgage Corp.	4,069		41
Care Investment Trust, Inc.	900		5
Cedar Shopping Centers, Inc.	2,500		12
Chimera Investment Corp.	8,685		26
Cogdell Spencer, Inc.†	800		5
Colonial Properties Trust†	3,000		11
Corporate Office Properties Trust SBI of Maryland	2,721		68
Cousins Properties, Inc.†	2,800		20
DCT Industrial Trust, Inc.	10,957		32
DiamondRock Hospitality Co.†	6,000		19
DuPont Fabros Technology, Inc.	727		4
EastGroup Properties, Inc.†	1,574		39
Education Realty Trust, Inc.†	1,790		7
Entertainment Properties Trust	2,129		32
Equity Lifestyle Properties, Inc.	1,336		45
Equity One, Inc.†	2,026		23
Extra Space Storage, Inc.	5,550		35
FelCor Lodging Trust, Inc.†	3,974		3
First Industrial Realty Trust, Inc.†	2,834		6

EQUITY PORTFOLIOS    18    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Real Estate Investment Trusts - 5.3% continued
First Potomac Realty Trust	1,800	$	13
Franklin Street Properties Corp.†	3,822		40
Getty Realty Corp.	1,076		18
Glimcher Realty Trust	2,478		3
Gramercy Capital Corp. of New York	2,619		2
Hatteras Financial Corp.	989		24
Healthcare Realty Trust, Inc.†	3,832		55
Hersha Hospitality Trust	2,952		5
Highwoods Properties, Inc.†	4,141		78
Home Properties, Inc.†	2,067		55
Inland Real Estate Corp.†	3,700		29
Investors Real Estate Trust	3,736		34
JER Investors Trust, Inc.†	287		1
Kite Realty Group Trust†	1,500		5
LaSalle Hotel Properties†	2,514		13
Lexington Realty Trust	5,037		16
LTC Properties, Inc.	1,456		25
Maguire Properties, Inc.*†	2,500		4
Medical Properties Trust, Inc.†	5,069		18
MFA Financial, Inc.	14,354		82
Mid-America Apartment Communities, Inc.†	1,819		47
Mission West Properties†	1,300		9
Monmouth Reit, Class A	1,300		7
National Health Investors, Inc.	1,434		34
National Retail Properties, Inc.	5,079		73
Newcastle Investment Corp.†	3,433		1
NorthStar Realty Finance Corp.†	3,536		7
OMEGA Healthcare Investors, Inc.†	5,347		70
One Liberty Properties, Inc.†	500		1
Parkway Properties, Inc. of Maryland	956		11
Pennsylvania Real Estate Investment Trust†	2,186		7
Post Properties, Inc.†	2,882		28
PS Business Parks, Inc.	1,001		34
RAIT Financial Trust†	3,932		3
Ramco-Gershenson Properties Trust	1,060		5
Realty Income Corp.†	6,482		114
Redwood Trust, Inc.	3,835		52
Resource Capital Corp.	1,300		2
Saul Centers, Inc.	607		16
Senior Housing Properties Trust	7,443		94
Sovran Self Storage, Inc.†	1,383		29
Strategic Hotels & Resorts, Inc.†	4,687		4
Sun Communities, Inc.	996		9
Sunstone Hotel Investors, Inc.†	3,074		7
Tanger Factory Outlet Centers, Inc.†	2,060		57
Universal Health Realty Income Trust	764		24
Urstadt Biddle Properties, Inc., Class A	1,317		16
U-Store-It Trust†	3,210		8
Washington Real Estate Investment Trust	3,325		57
Winthrop Realty Trust	720		5
			1,990
Retail - 5.2%
99 Cents Only Stores*†	3,069		25
Aeropostale, Inc.*	4,341		101
AFC Enterprises, Inc.*	1,600		7
America’s Car-Mart, Inc.*	600		7
Asbury Automotive Group, Inc.	2,012		6
Bebe Stores, Inc.	2,500		13
Big 5 Sporting Goods Corp.	1,391		7
BJ’s Restaurants, Inc.*†	1,106		14
Blockbuster, Inc., Class A*†	11,300		11
Bob Evans Farms, Inc.	2,004		37
Borders Group, Inc.*	3,900		2
Brown Shoe Co., Inc.	2,744		10
Buckle (The), Inc.†	1,510		36
Buffalo Wild Wings, Inc.*†	1,166		36
Build-A-Bear Workshop, Inc.*	1,100		4
Cabela’s, Inc.*†	2,500		21
Cache, Inc.*†	762		1
California Pizza Kitchen, Inc.*	1,341		14
Casey’s General Stores, Inc.	3,296		66
Cash America International, Inc.	1,891		27
Casual Male Retail Group, Inc.*	2,373		1
Cato (The) Corp., Class A	1,806		26
CEC Entertainment, Inc.*	1,330		31
Charlotte Russe Holding, Inc.*	1,310		7
Charming Shoppes, Inc.*	7,223		5
Cheesecake Factory (The), Inc.*	3,918		32
Chico’s FAS, Inc.*	11,402		52
Children’s Place Retail Stores (The), Inc.*	1,507		28
Christopher & Banks Corp.†	2,260		9
Citi Trends, Inc.*	900		11
CKE Restaurants, Inc.	3,344		23
Coldwater Creek, Inc.*	3,600		6
Collective Brands, Inc.*†	4,064		42
Conn’s, Inc.*†	600		7
Cracker Barrel Old Country Store, Inc.†	1,460		33
Denny’s Corp.*†	6,100		10

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    19    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Retail - 5.2% continued
Dillard’s, Inc., Class A†	3,700	$	13
DineEquity, Inc.†	1,167		9
Domino’s Pizza, Inc.*†	2,561		17
Dress Barn, Inc.*	2,912		29
DSW, Inc., Class A*†	836		7
Einstein Noah Restaurant Group, Inc.*†	300		1
Ezcorp, Inc., Class A*	2,896		30
Finish Line (The), Inc., Class A†	2,786		12
First Cash Financial Services, Inc.*	1,300		18
Fred’s, Inc., Class A	2,588		24
Fuqi International, Inc.*†	600		2
Gaiam, Inc., Class A*	1,200		4
Genesco, Inc.*	1,254		18
Group 1 Automotive, Inc.†	1,487		16
Gymboree Corp.*	1,859		48
Haverty Furniture Cos., Inc.†	1,140		10
hhgregg, Inc.*	800		8
Hibbett Sports, Inc.*†	1,861		26
HOT Topic, Inc.*†	2,745		24
J Crew Group, Inc.*†	2,759		31
Jack in the Box, Inc.*	3,826		74
Jo-Ann Stores, Inc.*	1,623		19
Jos. A. Bank Clothiers, Inc.*†	1,183		27
Kenneth Cole Productions, Inc., Class A	571		4
Krispy Kreme Doughnuts, Inc.*†	3,600		5
Landry’s Restaurants, Inc.†	720		4
Luby’s, Inc.*	1,400		6
Lululemon Athletica, Inc.*†	1,239		7
Lumber Liquidators, Inc.*†	600		6
MarineMax, Inc.*†	1,019		1
Men’s Wearhouse, Inc.†	3,265		35
New York & Co., Inc.*	1,500		3
Nu Skin Enterprises, Inc., Class A	3,164		30
O’Charleys, Inc.	1,136		3
P.F. Chang’s China Bistro, Inc.*†	1,509		30
Pacific Sunwear of California, Inc.*	4,200		6
Pantry (The), Inc.*	1,409		22
Papa John’s International, Inc.*	1,379		31
PC Connection, Inc.*	600		2
PC Mall, Inc.*	700		2
Pep Boys - Manny, Moe & Jack	2,633		8
PetMed Express, Inc.*	1,500		21
Pier 1 Imports, Inc.*	5,700		1
Pricesmart, Inc.†	900		15
Red Robin Gourmet Burgers, Inc.*†	955		14
Regis Corp.	2,729		34
Retail Ventures, Inc.*	1,800		3
Rex Stores Corp.*†	500		3
Ruby Tuesday, Inc.*	3,304		4
Rush Enterprises, Inc., Class A*	2,150		18
Ruth’s Hospitality Group Inc.*†	1,300		1
Sally Beauty Holdings, Inc.*†	6,000		23
Shoe Carnival, Inc.*†	622		4
Sonic Automotive, Inc., Class A†	1,666		2
Sonic Corp.*†	3,821		34
Stage Stores, Inc.	2,469		18
Steak n Shake (The) Co.*†	1,820		11
Stein Mart, Inc.*†	1,545		2
Steinway Musical Instruments*	472		4
Susser Holdings Corp.*	500		5
Syms Corp.*	400		2
Systemax, Inc.	700		6
Talbots, Inc.†	1,600		4
Texas Roadhouse, Inc., Class A*†	3,100		25
Tractor Supply Co.*	2,166		68
Tuesday Morning Corp.*†	1,930		2
Tween Brands, Inc.*	1,565		2
Ulta Salon Cosmetics & Fragrance, Inc.*	1,358		8
Wendy’s/Arby’s Group, Inc., Class A	25,573		116
Wet Seal (The), Inc., Class A*	5,900		15
World Fuel Services Corp.†	1,810		52
Zale Corp.*†	1,980		2
Zumiez, Inc.*†	1,300		10
			1,969
Savings & Loans - 1.5%
Abington Bancorp, Inc.	1,540		11
Anchor BanCorp Wisconsin, Inc.	1,228		1
BankFinancial Corp.	1,300		11
Beneficial Mutual Bancorp, Inc.*	2,100		19
Berkshire Hills Bancorp, Inc.	734		15
Brookline Bancorp, Inc.	3,787		33
Brooklyn Federal Bancorp, Inc.	200		2
Clifton Savings Bancorp, Inc.	700		7
Danvers Bancorp, Inc.	1,200		15
Dime Community Bancshares	1,482		15
ESSA Bancorp, Inc.	1,000		12
First Financial Holdings, Inc.	757		4
First Financial Northwest, Inc.†	1,500		11

EQUITY PORTFOLIOS    20    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Savings & Loans - 1.5% continued
First Niagara Financial Group, Inc.	7,702	$	89
First Place Financial Corp. of Ohio	1,089		2
FirstFed Financial Corp.*†	875		—
Flagstar Bancorp, Inc.*†	3,373		3
Flushing Financial Corp.	1,390		9
Fox Chase Bancorp, Inc.*	400		3
Guaranty Financial Group, Inc.*†	5,700		2
Home Federal Bancorp, Inc. of Idaho	400		3
Investors Bancorp, Inc.*†	2,800		20
Kearny Financial Corp.	1,179		12
Meridian Interstate Bancorp, Inc.*	700		5
NASB Financial, Inc.†	199		3
NewAlliance Bancshares, Inc.	6,967		80
Northfield Bancorp, Inc.†	1,232		12
Northwest Bancorp, Inc.	1,094		17
OceanFirst Financial Corp.†	600		6
Oritani Financial Corp.*	800		9
Provident Financial Services, Inc.	3,827		36
Provident New York Bancorp	2,553		22
Rockville Financial, Inc.	617		6
Roma Financial Corp.	541		6
United Community Financial Corp. of Ohio	1,658		1
United Financial Bancorp, Inc.	1,100		14
ViewPoint Financial Group	662		9
Waterstone Financial, Inc.*†	409		1
Westfield Financial, Inc.	2,020		19
WSFS Financial Corp.	421		9
			554
Semiconductors - 2.9%
Actel Corp.*	1,609		15
Advanced Analogic Technologies, Inc.*	2,900		9
Amkor Technology, Inc.*	6,900		12
Anadigics, Inc.*	4,000		6
Applied Micro Circuits Corp.*	4,100		15
Asyst Technologies, Inc.*†	3,191		1
ATMI, Inc.*	2,047		27
AuthenTec, Inc.*	1,600		2
Axcelis Technologies, Inc.*†	6,553		2
Brooks Automation, Inc.*	4,102		18
Cabot Microelectronics Corp.*	1,481		30
Cavium Networks, Inc.*†	2,000		19
Ceva, Inc.*†	1,300		8
Cirrus Logic, Inc.*	4,108		15
Cohu, Inc.	1,505		13
Diodes, Inc.*	1,889		15
DSP Group, Inc.*	1,483		8
EMCORE Corp.*†	4,700		3
Emulex Corp.*†	5,400		28
Entegris, Inc.*†	7,248		4
Entropic Communications, Inc.*	500		—
Exar Corp.*	2,420		14
Formfactor, Inc.*	3,180		46
Hittite Microwave Corp.*	1,300		36
IXYS Corp.†	1,527		13
Kopin Corp.*†	4,400		7
Kulicke & Soffa Industries, Inc.*†	3,731		5
Lattice Semiconductor Corp.*	7,367		10
LTX-Credence Corp.*†	7,982		2
Macrovision Solutions Corp.*	5,368		84
Mattson Technology, Inc.*	3,221		2
Micrel, Inc.	3,215		21
Microsemi Corp.*	5,409		55
Microtune, Inc.*†	3,477		6
MIPS Technologies, Inc.*	2,800		6
MKS Instruments, Inc.*	3,184		40
Monolithic Power Systems, Inc.*	1,700		22
Netlogic Microsystems, Inc.*	1,122		27
Omnivision Technologies, Inc.*	3,286		22
Pericom Semiconductor Corp.*	1,441		8
Photronics, Inc.*	2,679		2
PLX Technology, Inc.*	1,800		4
PMC - Sierra, Inc.*	14,110		72
Power Integrations, Inc.†	1,773		33
Rubicon Technology, Inc.*†	800		3
Rudolph Technologies, Inc.*	1,952		5
Semitool, Inc.*	1,445		4
Semtech Corp.*	3,950		46
Sigma Designs, Inc.*†	1,724		24
Silicon Image, Inc.*	4,700		11
Sirf Technology Holdings, Inc.*	3,901		7
Skyworks Solutions, Inc.*	10,602		69
Spansion, Inc., Class A*	8,200		—
Standard Microsystems Corp.*	1,455		23
Supertex, Inc.*	737		15
Techwell, Inc.*	1,000		5
Tessera Technologies, Inc.*	3,144		34
TriQuint Semiconductor, Inc.*	9,199		21
Ultra Clean Holdings*†	1,300		2

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    21    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Semiconductors - 2.9% continued
Ultratech, Inc.*	1,467	$	16
Veeco Instruments, Inc.*	1,990		8
Volterra Semiconductor Corp.*	1,600		13
Zoran Corp.*	3,257		17
			1,110
Software - 4.8%
Accelrys, Inc.*†	1,700		6
ACI Worldwide, Inc.*	2,254		40
Actuate Corp.*	3,800		14
Acxiom Corp.	3,900		32
Advent Software, Inc.*†	1,101		30
Allscripts Healthcare Solutions, Inc.†	9,454		82
American Reprographics Co.*	2,340		9
American Software, Inc., Class A	1,500		6
ArcSight, Inc.*	400		4
Ariba, Inc.*	5,461		48
Athenahealth, Inc.*†	1,301		33
Avid Technology, Inc.*†	1,900		19
Blackbaud, Inc.†	2,850		29
Blackboard, Inc.*†	2,000		55
Bottomline Technologies, Inc.*	1,400		8
Callidus Software, Inc.*†	1,900		4
China Information Security Technology, Inc.*†	1,500		4
CommVault Systems, Inc.*	2,750		30
Computer Programs & Systems, Inc.†	598		16
Concur Technologies, Inc.*†	2,805		59
CSG Systems International, Inc.*	2,280		31
Deltek, Inc.*	800		3
DemandTec, Inc.*	1,300		10
Digi International, Inc.*	1,700		12
DivX, Inc.*	1,777		8
Double-Take Software, Inc.*	1,100		8
Ebix, Inc.*†	378		8
Eclipsys Corp.*	3,553		28
Epicor Software Corp.*	3,805		11
EPIQ Systems, Inc.*†	2,315		39
Fair Isaac Corp.	3,100		34
FalconStor Software, Inc.*	2,415		6
Guidance Software, Inc.*	600		2
infoGROUP, Inc.*†	2,078		6
Informatica Corp.*	5,749		74
Innerworkings, Inc.*†	2,000		4
Interactive Intelligence, Inc.*†	900		8
JDA Software Group, Inc.*	1,619		16
Lawson Software, Inc.*	7,595		29
Mantech International Corp., Class A*	1,357		71
MedAssets, Inc.*	1,145		17
MicroStrategy, Inc., Class A*†	573		21
Monotype Imaging Holdings, Inc.*	958		2
MSC.Software Corp.*†	2,900		13
NetSuite, Inc.*†	419		4
Omnicell, Inc.*	2,000		14
Omniture, Inc.*†	4,039		46
OpenTV Corp., Class A*	5,600		7
OPNET Technologies, Inc.*	800		7
Parametric Technology Corp.*	7,487		61
Pegasystems, Inc.†	955		14
Phase Forward, Inc.*	2,800		39
Phoenix Technologies Ltd.*	1,800		4
Progress Software Corp.*	2,650		42
PROS Holdings, Inc.*	800		4
QAD, Inc.	875		2
Quality Systems, Inc.†	1,145		44
Quest Software, Inc.*	4,289		49
Renaissance Learning, Inc.†	618		4
RightNow Technologies, Inc.*	1,800		14
Schawk, Inc.	996		8
Seachange International, Inc.*	2,000		10
Smith Micro Software, Inc.*	2,000		9
Solera Holdings, Inc.*	3,564		74
SPSS, Inc.*	1,193		30
Sybase, Inc.*	5,146		140
Synchronoss Technologies, Inc.*	1,300		12
SYNNEX Corp.*†	1,100		16
Take-Two Interactive Software, Inc.	4,902		30
Taleo Corp., Class A*	1,660		15
THQ, Inc.*†	4,255		11
Trident Microsystems, Inc.*†	3,900		5
Tyler Technologies, Inc.*†	2,457		33
Ultimate Software Group, Inc.*†	1,600		21
Unica Corp.*†	900		4
VeriFone Holdings, Inc.*†	4,345		19
Wind River Systems, Inc.*	4,348		33
			1,814
Storage/Warehousing - 0.1%
Mobile Mini, Inc.*†	2,254		22

EQUITY PORTFOLIOS    22    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Telecommunications - 4.3%
3Com Corp.*	25,596	$	57
Acme Packet, Inc.*	1,590		7
Adaptec, Inc.*	7,691		18
Adtran, Inc.	3,666		53
Advanced Radio Telecom Corp.(1) *	10,900		—
Airvana, Inc.*	1,515		8
Alaska Communications Systems Group, Inc.†	2,800		18
Anaren, Inc.*	897		10
Anixter International, Inc.*†	1,947		57
Applied Signal Technology, Inc.	800		15
Arris Group, Inc.*	7,874		48
Aruba Networks, Inc.*	3,400		9
Atheros Communications, Inc.*†	3,855		47
Atlantic Tele-Network, Inc.	600		13
Avanex Corp.*†	860		1
BigBand Networks, Inc.*	2,100		11
Black Box Corp.	1,103		22
Bookham, Inc.*	6,400		1
Cbeyond, Inc.*	1,500		22
Centennial Communications Corp.*	4,400		36
Cincinnati Bell, Inc.*	14,659		24
Comtech Telecommunications Corp.*	1,574		60
Consolidated Communications Holdings, Inc.	1,528		15
CPI International, Inc.*	600		4
EMS Technologies, Inc.*	1,000		20
Extreme Networks*	5,855		8
Fairpoint Communications, Inc.†	5,690		11
FiberTower Corp.*	7,700		1
Finisar Corp.*†	25,278		6
General Communication, Inc., Class A*	2,919		16
GeoEye, Inc.*†	1,200		27
Global Crossing Ltd.*†	1,658		12
Globalstar, Inc.*	2,620		1
Globecomm Systems, Inc.*	1,300		7
Harmonic, Inc.*	6,105		33
Harris Stratex Networks, Inc., Class A*	1,650		7
Hughes Communications, Inc.*†	435		5
Hypercom Corp.*	3,417		4
ICO Global Communications Holdings Ltd.*†	6,600		2
IDT Corp.*	1,167		1
Infinera Corp.*†	5,921		43
InterDigital, Inc.*†	2,951		87
Iowa Telecommunications Services, Inc.†	2,100		28
iPCS, Inc.*	1,100		9
IPG Photonics Corp.*†	1,206		10
Ixia*	2,759		14
Knology, Inc.*	1,800		7
Loral Space & Communications, Inc.*†	800		10
Mastec, Inc.*	2,719		26
MRV Communications, Inc.*	10,071		3
Netgear, Inc.*	2,300		25
Neutral Tandem, Inc.*	1,052		21
Nextwave Wireless, Inc.*†	3,100		—
Novatel Wireless, Inc.*	2,000		11
NTELOS Holdings Corp.	1,900		36
Oplink Communications, Inc.*	1,342		10
Opnext, Inc.*†	1,125		2
Orbcomm, Inc.*†	2,000		4
PAETEC Holding Corp.*†	7,921		12
Parkervision, Inc.*†	1,500		3
Plantronics, Inc.	3,200		28
Polycom, Inc.*†	5,682		76
Powerwave Technologies, Inc.*	8,406		3
Preformed Line Products Co.	200		6
Premiere Global Services, Inc.*	3,979		33
RCN Corp.*†	2,400		10
RF Micro Devices, Inc.*†	16,767		15
SAVVIS, Inc.*†	2,400		13
Shenandoah Telecommunications Co.	1,529		32
ShoreTel, Inc.*†	2,748		11
Sonus Networks, Inc.*	13,000		16
Starent Networks Corp.*†	1,919		30
Switch & Data Facilities Co., Inc.*†	1,361		8
Sycamore Networks, Inc.*†	12,172		31
Symmetricom, Inc.*†	2,929		10
Syniverse Holdings, Inc.*	3,341		51
Tekelec*	4,177		51
TerreStar Corp.*	3,700		2
tw telecom, Inc.*†	9,457		76
USA Mobility, Inc.*	1,462		13
UTStarcom, Inc.*†	7,100		7
Viasat, Inc.*	1,591		29
Virgin Mobile USA, Inc., Class A*†	1,911		2
Vonage Holdings Corp.*†	3,400		1
			1,632

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    23    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER	VALUE
	OF SHARES	(000S)
COMMON STOCKS - 98.8% continued
Textiles - 0.1%
G&K Services, Inc., Class A	1,288	$	23
Unifirst Corp. of Massachusetts	909		22
			45
Toys Games & Hobbies - 0.3%
Jakks Pacific, Inc.*	1,778		23
Leapfrog Enterprises, Inc.*†	2,100		3
Marvel Entertainment, Inc.*	3,177		82
RC2 Corp.*	1,106		5
			113
Transportation - 1.8%
American Commercial Lines, Inc.*	2,288		8
Arkansas Best Corp.†	1,481		26
Atlas Air Worldwide Holdings, Inc.*	815		12
Bristow Group, Inc.*†	1,586		32
CAI International, Inc.*†	500		1
Celadon Group, Inc.*	1,400		8
DHT Maritime, Inc.	2,500		13
Dynamex, Inc.*	566		6
Eagle Bulk Shipping, Inc.†	2,964		11
Forward Air Corp.	1,886		31
Genco Shipping & Trading Ltd.†	1,590		19
General Maritime Corp.†	3,078		28
Genesee & Wyoming, Inc., Class A*	1,998		42
Golar LNG Ltd.†	2,200		10
Gulfmark Offshore, Inc.*	1,440		30
Heartland Express, Inc.†	3,657		45
Horizon Lines, Inc., Class A†	1,954		7
HUB Group, Inc., Class A*	2,400		43
International Shipholding Corp.	400		7
Knight Transportation, Inc.†	3,741		48
Knightsbridge Tankers Ltd.†	1,100		14
Marten Transport Ltd.*	950		16
Nordic American Tanker Shipping†	2,410		62
Old Dominion Freight Line, Inc.*†	1,805		39
Pacer International, Inc.	2,246		7
Patriot Transportation Holding, Inc.*†	100		6
PHI, Inc.*	900		8
Saia, Inc.*	873		8
Ship Finance International Ltd.†	2,700		23
TBS International Ltd., Class A*†	700		5
Teekay Tankers Ltd., Class A†	893		10
Ultrapetrol Bahamas Ltd.*	1,600		3
Universal Truckload Services, Inc.†	400		5
Werner Enterprises, Inc.†	2,758		38
YRC Worldwide, Inc.*†	3,700		8
			679
Trucking & Leasing - 0.1%
Aircastle Ltd.†	3,000		10
AMERCO, Inc.*	600		17
Greenbrier Cos., Inc.	1,024		4
TAL International Group, Inc.	887		7
Textainer Group Holdings Ltd.	600		3
			41
Water - 0.5%
American States Water Co.	1,086		36
California Water Service Group	1,295		51
Connecticut Water Service, Inc.	600		12
Consolidated Water Co., Inc.†	900		8
Middlesex Water Co.†	800		11
Pico Holdings, Inc.*	1,066		23
SJW Corp.†	858		20
Southwest Water Co.†	1,618		8
			169
Total Common Stocks (Cost $71,824)			37,447
PREFERRED STOCKS - 0.0%
Healthcare - Products - 0.0%
MEDIQ, Inc., Series A (1) *	135		—
Total Preferred Stocks (Cost $ —  )			—
INVESTMENT COMPANIES - 33.6%
Kayne Anderson Energy Development Co.	600		5
Northern Institutional Funds - Liquid Assets Portfolio (2) (3)	12,733,680		12,734
Total Investment Companies (Cost $12,747)			12,739
OTHER - 0.0%
Escrow DLB Oil & Gas (1) *	400		—
Escrow Position PetroCorp.(1) *	420		—
Total Other (Cost $ —  )			—

EQUITY PORTFOLIOS    24    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
RIGHTS - 0.0%
CSF Holdings, Inc.*		2,000	$	—
Total Rights (Cost $ — )				—
	NUMBER OF WARRANTS		VALUE (000S)
WARRANTS - 0.0%
American Satellite Network (1) *		350	$	—
Lantronix, Inc.(1) *		152		—
Total Warrants (Cost $ — )				—
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 0.9%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	185	$	185
U.S. Treasury Bill,
0.07%, 5/14/09(4)		140		140
Total Short-Term Investments (Cost $325)				325
Total Investments - 133.3% (Cost $84,896)				50,511
Liabilities less Other Assets - (33.3)%				(12,615	)
NET ASSETS - 100.0%			$	37,896

(1) Security has been deemed worthless by the Northern Trust Global Investments Valuation Committee.

(2) Investment in affiliated portfolio.

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

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

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At February 28, 2009, the Small Company Index Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	UNREALIZED LOSS (000S)
E-Mini Russell 2000	11	427	Long	3/09	$	(56	)

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	84,896
Gross tax appreciation of investments	$	867
Gross tax depreciation of investments		(35,252	)
Net tax depreciation of investments	$	(34,385	)

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. 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 Small Company Index Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	50,186	$	(56	)
Level 2		325		—
Level 3		—		—
Total	$	50,511	$	(56	)

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    25    EQUITY PORTFOLIOS

	SCHEDULE OF INVESTMENTS
MID CAP GROWTH PORTFOLIO	FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 91.4%
Aerospace/Defense - 2.9%
Elbit Systems Ltd.	320	$	14
Goodrich Corp.	434		14
L-3 Communications Holdings, Inc.	235		16
			44
Banks - 2.1%
Credicorp Ltd.	492		18
State Street Corp.	525		13
			31
Beverages - 1.3%
Hansen Natural Corp.*†	575		19
Biotechnology - 4.2%
Alexion Pharmaceuticals, Inc.*	330		11
Genzyme Corp.*	345		21
Myriad Genetics, Inc.*†	224		18
OSI Pharmaceuticals, Inc.*†	390		13
			63
Chemicals - 1.7%
Airgas, Inc.	382		12
FMC Corp.	336		13
			25
Coal - 0.9%
Alpha Natural Resources, Inc.*†	705		13
Commercial Services - 9.6%
Aaron Rents, Inc.†	687		17
Apollo Group, Inc., Class A*	162		12
FTI Consulting, Inc.*	450		16
ITT Educational Services, Inc.*	132		15
Monster Worldwide, Inc.*†	1,095		7
Net 1 UEPS Technologies, Inc.*†	835		12
SAIC, Inc.*	953		18
Watson Wyatt Worldwide, Inc., Class A†	463		23
Western Union (The) Co.	2,179		24
			144
Computers - 2.5%
Micros Systems, Inc.*	1,293		21
NetApp, Inc.*	1,260		17
			38
Distribution/Wholesale - 1.8%
LKQ Corp.*†	2,044		28
Diversified Financial Services - 1.0%
Lazard Ltd., Class A	633		16
Electrical Components & Equipment - 1.0%
Ametek, Inc.	577		15
Electronics - 5.0%
Amphenol Corp., Class A	540		13
Cogent, Inc.*	1,998		21
Flir Systems, Inc.*	970		20
Thermo Fisher Scientific, Inc.*	551		20
			74
Energy - Alternate Sources - 1.0%
Covanta Holding Corp.*†	940		14
Engineering & Construction - 1.7%
Fluor Corp.	268		9
Shaw Group (The), Inc.*	700		16
			25
Environmental Control - 1.2%
Clean Harbors, Inc.*	364		18
Food - 0.9%
Kroger Co.	663		14
Healthcare - Products - 3.2%
Bard (C.R.), Inc.	193		16
Gen-Probe, Inc.*	450		18
Haemonetics Corp. of Massachusetts*	269		14
			48
Healthcare - Services - 1.7%
AMERIGROUP Corp.*†	480		12
Quest Diagnostics, Inc.	312		14
			26
Home Builders - 0.8%
Pulte Homes, Inc.†	1,371		13
Household Products/Wares - 1.3%
Scotts Miracle-Gro (The) Co., Class A†	676		19
Insurance - 1.4%
Axis Capital Holdings Ltd.	971		22
Internet - 2.6%
McAfee, Inc.*	706		20
Priceline.com, Inc.*†	219		18
			38

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

MID CAP GROWTH PORTFOLIO continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 91.4% continued
Leisure Time - 0.9%
WMS Industries, Inc.*†		773	$	14
Lodging - 1.2%
Choice Hotels International, Inc.†		714		18
Machinery - Diversified - 2.7%
Flowserve Corp.		404		20
Roper Industries, Inc.		479		20
				40
Media - 1.3%
Liberty Global, Inc., Class A*		1,608		20
Oil & Gas - 2.3%
Encore Acquisition Co.*		800		16
Noble Energy, Inc.		397		18
				34
Oil & Gas Services - 3.5%
Cameron International Corp.*		934		18
Core Laboratories N.V.†		205		15
National-Oilwell Varco, Inc.*		702		19
				52
Packaging & Containers - 1.4%
Rock-Tenn Co., Class A†		761		21
Pharmaceuticals - 3.1%
AmerisourceBergen Corp.		410		13
Cephalon, Inc.*†		251		16
Express Scripts, Inc.*		351		18
				47
Retail - 10.0%
Advance Auto Parts, Inc.		591		23
Aeropostale, Inc.*		700		16
Burger King Holdings, Inc.		996		21
Copart, Inc.*		582		16
Dollar Tree Stores, Inc.*		529		21
Guess?, Inc.†		1,184		19
Ross Stores, Inc.		617		18
World Fuel Services Corp.†		555		16
				150
Savings & Loans - 1.1%
People’s United Financial, Inc.		924		16
Semiconductors - 5.8%
Altera Corp.		741		11
Broadcom Corp., Class A*		1,174		19
Skyworks Solutions, Inc.*		2,375		16
Varian Semiconductor Equipment Associates, Inc.*†		971		18
Xilinx, Inc.		1,319		23
				87
Software - 3.8%
Quality Systems, Inc.†		634		24
Red Hat, Inc.*		1,285		18
Sybase, Inc.*		540		15
				57
Telecommunications - 3.3%
Juniper Networks, Inc.*		649		9
Millicom International Celluiar S.A.†		549		22
NII Holdings, Inc.*		1,397		18
				49
Transportation - 1.2%
Hunt (J.B.) Transport Services, Inc.†		875		18
Total Common Stocks (Cost $1,443)				1,370
INVESTMENT COMPANIES - 25.8%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)		386,862		387
Total Investment Companies (Cost $387)				387
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 7.7%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	115	$	115
Total Short-Term Investments (Cost $115)				115
Total Investments - 124.9% (Cost $1,945)				1,872
Liabilities less Other Assets - (24.9)%				(373	)
NET ASSETS - 100.0%			$	1,499

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

(2) Investment in affiliated portfolio.

* Non-Income Producing Security

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	1,945
Gross tax appreciation of investments	$	47
Gross tax depreciation of investments		(120	)
Net tax depreciation of investments	$	(73	)

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. 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 Mid Cap Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	1,757	$	—
Level 2		115		—
Level 3		—		—
Total	$	1,872	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

	SCHEDULE OF INVESTMENTS
FOCUSED GROWTH PORTFOLIO	FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 93.7%
Aerospace/Defense - 4.6%
Goodrich Corp.	19,700	$	653
Lockheed Martin Corp.	11,000		694
Raytheon Co.	15,400		616
			1,963
Agriculture - 2.4%
Philip Morris International, Inc.	30,600		1,024
Auto Manufacturers - 1.0%
Navistar International Corp.*†	15,600		440
Biotechnology - 6.2%
Amgen, Inc.*	11,900		582
Gilead Sciences, Inc.*	33,225		1,489
Millipore Corp.*†	6,200		341
Myriad Genetics, Inc.*†	3,200		252
			2,664
Chemicals - 3.9%
FMC Corp.	15,275		618
Mosaic (The) Co.	17,100		736
Sherwin-Williams (The) Co.†	6,900		317
			1,671
Commercial Services - 2.4%
Brink’s (The) Co.	12,300		293
McKesson Corp.	17,500		718
			1,011
Computers - 12.1%
Apple, Inc.*	10,210		912
EMC Corp. of Massachusetts*	98,700		1,036
Hewlett-Packard Co.	26,805		778
IBM Corp.	16,395		1,509
NetApp, Inc.*	55,000		739
Western Digital Corp.*	15,700		215
			5,189
Electric - 0.7%
Public Service Enterprise Group, Inc.	11,500		314
Electronics - 0.7%
Avnet, Inc.*	16,800		290
Engineering & Construction - 0.6%
Fluor Corp.	7,225		240
Food - 2.7%
Kroger Co.	16,865		349
Sysco Corp.	36,900		793
			1,142
Gas - 0.8%
Centerpoint Energy, Inc.	34,400		355
Healthcare - Products - 2.1%
Baxter International, Inc.	12,090		616
Gen-Probe, Inc.*	7,600		308
			924
Healthcare - Services - 2.8%
Community Health Systems, Inc.*†	18,000		294
UnitedHealth Group, Inc.	26,700		525
WellPoint, Inc.*	11,700		397
			1,216
Household Products/Wares - 1.9%
Clorox Co.	8,200		399
Kimberly-Clark Corp.	9,200		433
			832
Insurance - 0.7%
AON Corp.	8,200		314
Internet - 4.8%
Amazon.com, Inc.*	7,800		505
Google, Inc., Class A*	4,650		1,572
			2,077
Media - 2.1%
DIRECTV Group (The), Inc.*†	45,000		897
Mining - 2.9%
Goldcorp, Inc.	23,100		668
Kinross Gold Corp.†	35,500		560
			1,228
Oil & Gas - 10.0%
Anadarko Petroleum Corp.	16,500		577
Exxon Mobil Corp.	21,400		1,453
Noble Energy, Inc.	13,200		601
Occidental Petroleum Corp.	18,030		935
Transocean Ltd.*	6,700		401
Valero Energy Corp.	16,100		312
			4,279
Pharmaceuticals - 6.6%
Abbott Laboratories	29,615		1,402
Cephalon, Inc.*†	12,700		833

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

FOCUSED GROWTH PORTFOLIO continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 93.7% continued
Pharmaceuticals - 6.6% continued
Express Scripts, Inc.*		12,000	$	604
				2,839
Retail - 5.8%
Dollar Tree Stores, Inc.*		10,200		396
Gap (The), Inc.		30,400		328
McDonald’s Corp.		8,640		451
Wal-Mart Stores, Inc.		26,560		1,308
				2,483
Semiconductors - 4.3%
Altera Corp.		38,200		586
Broadcom Corp., Class A*†		48,900		804
Intel Corp.		37,220		474
				1,864
Software - 8.2%
CA, Inc.		53,100		900
Check Point Software Technologies*		45,900		1,009
Microsoft Corp.		60,370		975
Oracle Corp.*		39,730		617
				3,501
Telecommunications - 3.4%
China Mobile Ltd. ADR		4,700		204
Cisco Systems, Inc.*		59,195		862
Juniper Networks, Inc.*		15,200		216
NII Holdings, Inc.*		13,600		174
				1,456
Total Common Stocks (Cost $48,189)				40,213
INVESTMENT COMPANIES - 10.1%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)		4,347,567		4,348
Total Investment Companies (Cost $4,348)				4,348
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 8.6%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	3,667	$	3,667
Total Short-Term Investments (Cost $3,667)				3,667
Total Investments - 112.4% (Cost $56,204)				48,228
Liabilities less Other Assets - (12.4)%				(5,326	)
NET ASSETS - 100.0%			$	42,902

(1) Investment in affiliated portfolio.

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

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	56,204
Gross tax appreciation of investments	$	340
Gross tax depreciation of investments		(8,316	)
Net tax depreciation of investments	$	(7,976	)

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (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. 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 Focused Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	44,561	$	—
Level 2		3,667		—
Level 3		—		—
Total	$	48,228	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

	SCHEDULE OF INVESTMENTS
DIVERSIFIED GROWTH PORTFOLIO	FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.9%
Aerospace/Defense - 4.0%
L-3 Communications Holdings, Inc.	5,781	$	391
Lockheed Martin Corp.	5,692		359
Northrop Grumman Corp.	9,355		350
Raytheon Co.	10,491		419
			1,519
Apparel - 0.5%
NIKE, Inc., Class B	4,638		193
Banks - 7.7%
Citigroup, Inc.†	36,947		56
Cullen/Frost Bankers, Inc.	4,245		183
Goldman Sachs Group (The), Inc.	7,766		707
JPMorgan Chase & Co.	32,620		745
Morgan Stanley	23,193		453
State Street Corp.	16,673		421
Wells Fargo & Co.	31,768		385
			2,950
Beverages - 1.1%
Dr Pepper Snapple Group, Inc.*	12,340		174
Pepsi Bottling Group, Inc.	14,236		263
			437
Biotechnology - 2.5%
Amgen, Inc.*	13,460		658
Genentech, Inc.*	3,235		277
			935
Chemicals - 0.6%
Air Products & Chemicals, Inc.	5,273		244
Computers - 5.8%
Dell, Inc.*	13,030		111
Hewlett-Packard Co.	23,146		672
IBM Corp.	15,699		1,445
			2,228
Cosmetics/Personal Care - 3.4%
Colgate-Palmolive Co.	3,171		191
Procter & Gamble Co.	22,955		1,106
			1,297
Diversified Financial Services - 0.8%
Lazard Ltd., Class A	12,476		303
Electric - 3.0%
Entergy Corp.	4,535		306
FPL Group, Inc.	8,054		365
NRG Energy, Inc.*†	24,576		464
			1,135
Environmental Control - 1.0%
Waste Management, Inc.	14,774		399
Food - 3.8%
General Mills, Inc.	14,374		754
Kroger Co.	33,769		698
			1,452
Healthcare - Products - 4.5%
Covidien Ltd.	19,932		631
Johnson & Johnson	21,701		1,085
			1,716
Healthcare - Services - 1.6%
CIGNA Corp.	15,389		243
Quest Diagnostics, Inc.	7,046		323
Tenet Healthcare Corp.*†	49,041		54
			620
Home Builders - 1.0%
Pulte Homes, Inc.†	40,202		369
Insurance - 3.9%
ACE Ltd.	16,623		607
Conseco, Inc.*†	163,163		197
Metlife, Inc.	19,513		360
Unum Group	33,160		338
			1,502
Internet - 0.5%
eBay, Inc.*	15,975		174
Iron/Steel - 0.4%
Nucor Corp.	4,795		161
IT Services - 1.2%
Accenture Ltd., Class A	10,453		305
Micros Systems, Inc.*†	9,314		150
			455
Machinery - Construction & Mining - 0.4%
Joy Global, Inc.	9,291		162
Machinery - Diversified - 0.7%
Cummins, Inc.	13,539		282
Media - 1.8%
Disney (The Walt) Co.	18,471		310

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED GROWTH PORTFOLIO continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.9% continued
Media - 1.8% continued
Time Warner, Inc.		48,503	$	370
				680
Mining - 1.6%
Cia Vale do Rio Doce ADR		26,727		345
Southern Copper Corp.†		19,400		266
				611
Miscellaneous Manufacturing - 2.1%
Dover Corp.		8,862		221
General Electric Co.		39,122		333
Parker Hannifin Corp.		6,925		231
				785
Oil & Gas - 13.7%
Chevron Corp.		20,029		1,216
ENSCO International, Inc.		12,983		319
Exxon Mobil Corp.		24,196		1,643
Noble Corp.†		18,379		452
Occidental Petroleum Corp.		12,255		636
Petroleo Brasileiro S.A. ADR		13,430		372
Talisman Energy, Inc.†		31,576		295
Valero Energy Corp.		16,903		328
				5,261
Pharmaceuticals - 5.9%
Cephalon, Inc.*†		4,449		292
Forest Laboratories, Inc.*		18,873		404
Lilly (Eli) & Co.		16,889		496
Pfizer, Inc.		43,197		532
Teva Pharmaceutical Industries Ltd. ADR		12,016		536
				2,260
Retail - 10.9%
Aeropostale, Inc.*		19,124		444
Best Buy Co., Inc.†		12,240		353
GameStop Corp., Class A*		7,399		199
Gap (The), Inc.		42,009		453
McDonald’s Corp.		14,531		759
TJX Cos., Inc.		22,617		504
Wal-Mart Stores, Inc.		29,854		1,470
				4,182
Semiconductors - 3.1%
Intel Corp.		58,479		745
National Semiconductor Corp.		22,882		249
Texas Instruments, Inc.		13,987		201
				1,195
Software - 5.8%
BMC Software, Inc.*		16,275		482
CA, Inc.		29,262		496
Microsoft Corp.		57,401		927
Oracle Corp.*		21,120		328
				2,233
Telecommunications - 5.6%
AT&T, Inc.		21,914		521
Cisco Systems, Inc.*		29,193		425
Nokia OYJ ADR		28,637		268
Qwest Communications International, Inc.†		97,284		330
Verizon Communications, Inc.		21,362		609
				2,153
Total Common Stocks (Cost $55,257)				37,893
INVESTMENT COMPANIES - 8.6%
Northern Institutional Funds - Liquid Assets Portfolio (1) (2)		3,298,389		3,298
Total Investment Companies (Cost $3,298)				3,298
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 0.7%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	263	$	263
Total Short-Term Investments (Cost $263)				263

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF CONTRACTS	VALUE (000S)
OPTIONS - 0.0%
Lehman Brothers Holdings, Inc./ January 16, 2010/20.00 *	75	$	—
Lehman Brothers Holdings, Inc./ January 16, 2010/22.50 *	118		—
Total Options (Premium Paid $92)			—
Total Investments - 108.2% (Cost $58,910)			41,454
Liabilities less Other Assets - (8.2)%			(3,156	)
NET ASSETS - 100.0%		$	38,298

(1) Investment in affiliated portfolio.

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

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows:(Amounts in thousands)

Federal tax cost of investments	$	58,910
Gross tax appreciation of investments	$	126
Gross tax depreciation of investments		(17,580	)
Net tax depreciation of investments	$	(17,456	)

At February 28, 2009, the Diversified Growth Portfolio had open written call options as follows:

TYPE	NUMBER OF CONTRACTS		VALUE (000S)
Aeropostale, Inc./ March 21, 2009/25.00	(24	)	$	(2	)
Best Buy Co., Inc./ March 21, 2009/32.50	(14	)		(1	)
Exxon Mobil Corp./ April 18, 2009/80.00	(6	)		—
Quest Diagnostic, Inc./ March 21,2009/55.00	(9	)		—
Total Written Option Contracts (Cost $4)			$	(3	)

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. 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 Diversified Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	41,191	$	(3	)
Level 2		263		—
Level 3		—		—
Total	$	41,454	$	(3	)

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

	SCHEDULE OF INVESTMENTS
EQUITY INDEX PORTFOLIO	FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.5%
Advertising - 0.1%
Interpublic Group of Cos. (The), Inc.*†	26,012	$	99
Omnicom Group, Inc.	16,498		397
			496
Aerospace/Defense - 2.2%
Boeing Co.	37,663		1,184
General Dynamics Corp.	20,098		881
Goodrich Corp.	6,326		210
L-3 Communications Holdings, Inc.	6,300		426
Lockheed Martin Corp.	16,984		1,072
Northrop Grumman Corp.	16,806		628
Raytheon Co.	21,204		847
Rockwell Collins, Inc.†	8,282		258
United Technologies Corp.	48,928		1,998
			7,504
Agriculture - 2.0%
Altria Group, Inc.	105,956		1,636
Archer-Daniels-Midland Co.	33,006		880
Lorillard, Inc.	8,825		516
Philip Morris International, Inc.	104,056		3,483
Reynolds American, Inc.	8,826		296
			6,811
Airlines - 0.1%
Southwest Airlines Co.	37,430		220
Apparel - 0.4%
Coach, Inc.*	17,200		241
Jones Apparel Group, Inc.†	5,340		14
NIKE, Inc., Class B	20,168		838
Polo Ralph Lauren Corp.†	3,000		103
VF Corp.	4,436		230
			1,426
Auto Manufacturers - 0.2%
Ford Motor Co.*†	115,522		231
General Motors Corp.†	30,533		69
PACCAR, Inc.†	18,644		467
			767
Auto Parts & Equipment - 0.1%
Goodyear Tire & Rubber (The) Co.*	11,512		51
Johnson Controls, Inc.†	30,534		348
			399
Banks - 5.3%
Bank of America Corp.	328,790		1,299
Bank of New York Mellon (The) Corp.	58,961		1,307
BB&T Corp.†	28,200		455
Capital One Financial Corp.	19,319		233
Citigroup, Inc.†	280,282		420
Comerica, Inc.	7,859		118
Fifth Third Bancorp†	30,956		65
First Horizon National Corp.†	7,316		67
First Horizon National Corp. - Fractional Shares*	144,445		—
Goldman Sachs Group (The), Inc.†	22,753		2,072
Huntington Bancshares, Inc.†	20,709		30
JPMorgan Chase & Co.	191,982		4,387
KeyCorp†	25,007		175
M&T Bank Corp.†	3,900		143
Marshall & Ilsley Corp.†	13,254		61
Morgan Stanley	54,630		1,067
Northern Trust Corp.(1)	11,500		639
PNC Financial Services Group, Inc.	22,441		614
Regions Financial Corp.†	37,450		128
State Street Corp.†	22,721		574
SunTrust Banks, Inc.	18,056		217
U.S. Bancorp	90,202		1,291
Wells Fargo & Co.	216,987		2,626
Zions Bancorporation†	5,790		54
			18,042
Beverages - 2.7%
Brown-Forman Corp., Class B	4,937		212
Coca-Cola (The) Co.	102,313		4,180
Coca-Cola Enterprises, Inc.	14,813		170
Constellation Brands, Inc., Class A*†	11,000		144
Dr Pepper Snapple Group, Inc.*	13,200		185
Molson Coors Brewing Co., Class B†	7,492		264
Pepsi Bottling Group, Inc.	6,971		129
PepsiCo, Inc.	79,829		3,843
			9,127
Biotechnology - 2.3%
Amgen, Inc.*	54,527		2,668
Biogen Idec, Inc.*	15,183		699
Celgene Corp.*	23,500		1,051
Genzyme Corp.*	13,857		844
Gilead Sciences, Inc.*	47,296		2,119
Life Technologies Corp.*	8,731		255

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.5% continued
Biotechnology - 2.3% continued
Millipore Corp.*†	2,878	$	158
			7,794
Building Materials - 0.0%
Masco Corp.†	18,788		97
Chemicals - 1.9%
Air Products & Chemicals, Inc.	10,864		502
CF Industries Holdings, Inc.	2,900		187
Dow Chemical (The) Co.	47,971		344
du Pont (E.I.) de Nemours & Co.	46,451		871
Eastman Chemical Co.	4,090		84
Ecolab, Inc.	9,008		286
International Flavors & Fragrances, Inc.	4,384		115
Monsanto Co.	28,152		2,147
PPG Industries, Inc.	8,334		259
Praxair, Inc.	15,832		899
Rohm & Haas Co.	6,484		338
Sherwin-Williams (The) Co.†	5,095		234
Sigma-Aldrich Corp.	6,886		246
			6,512
Coal - 0.2%
Consol Energy, Inc.	9,400		256
Massey Energy Co.	4,300		50
Peabody Energy Corp.	14,000		331
			637
Commercial Services - 1.3%
Apollo Group, Inc., Class A*	5,501		399
Automatic Data Processing, Inc.	25,959		887
Convergys Corp.*	6,346		41
Donnelley (R.R.) & Sons Co.†	11,461		89
Equifax, Inc.	6,655		143
H&R Block, Inc.	16,738		320
Iron Mountain, Inc.*†	9,400		175
Mastercard, Inc., Class A†	3,800		601
McKesson Corp.	14,248		584
Monster Worldwide, Inc.*†	7,187		47
Moody’s Corp.	9,962		179
Paychex, Inc.	16,516		364
Robert Half International, Inc.†	8,147		125
Total System Services, Inc.	8,986		113
Western Union (The) Co.	38,161		426
			4,493
Computers - 5.1%
Affiliated Computer Services, Inc., Class A*	5,000		233
Apple, Inc.*	45,712		4,082
Cognizant Technology Solutions Corp., Class A*	15,600		287
Computer Sciences Corp.*	8,110		282
Dell, Inc.*	88,843		758
EMC Corp. of Massachusetts*	104,945		1,102
Hewlett-Packard Co.	125,939		3,656
IBM Corp.	69,084		6,358
Lexmark International, Inc., Class A*†	4,507		77
NetApp, Inc.*	17,075		229
SanDisk Corp.*	12,100		108
Sun Microsystems, Inc.*†	37,981		178
Teradata Corp.*†	10,192		158
			17,508
Cosmetics/Personal Care - 2.8%
Avon Products, Inc.	21,990		387
Colgate-Palmolive Co.	26,124		1,572
Estee Lauder Cos. (The), Inc., Class A†	5,900		134
Procter & Gamble Co.	153,508		7,394
			9,487
Distribution/Wholesale - 0.2%
Fastenal Co.†	6,700		202
Genuine Parts Co.	8,243		232
Grainger (W.W.), Inc.†	3,529		233
			667
Diversified Financial Services - 1.2%
American Express Co.	59,664		720
Ameriprise Financial, Inc.	11,992		191
Charles Schwab (The) Corp.	48,132		612
CIT Group, Inc.†	16,300		40
CME Group, Inc.	3,476		634
Discover Financial Services†	24,665		141
E*TRADE Financial Corp.*†	26,500		21
Federated Investors, Inc., Class B†	4,412		83
Franklin Resources, Inc.	8,021		367
IntercontinentalExchange, Inc.*	3,800		216
Invesco Ltd.	20,100		230
Janus Capital Group, Inc.†	8,607		38
Legg Mason, Inc.	7,501		96
Nasdaq Stock Market (The), Inc.*†	7,100		148
NYSE Euronext	13,600		230
Price (T. Rowe) Group, Inc.†	13,372		304

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.5% continued
Diversified Financial Services - 1.2% continued
SLM Corp.*	25,184	$	116
			4,187
Electric - 3.9%
AES Corp.*	34,638		218
Allegheny Energy, Inc.	8,685		205
Ameren Corp.†	11,323		269
American Electric Power Co., Inc.	20,717		581
CMS Energy Corp.†	12,683		140
Consolidated Edison, Inc.†	13,921		504
Constellation Energy Group, Inc.	9,221		182
Dominion Resources, Inc.	29,724		897
DTE Energy Co.	8,379		224
Duke Energy Corp.	65,182		878
Dynegy, Inc., Class A*†	22,305		29
Edison International	16,834		458
Entergy Corp.	9,956		671
Exelon Corp.	33,890		1,600
FirstEnergy Corp.	15,695		668
FPL Group, Inc.	21,012		953
Integrys Energy Group, Inc.†	3,900		94
Pepco Holdings, Inc.	10,900		164
PG&E Corp.	18,396		703
Pinnacle West Capital Corp.	5,091		134
PPL Corp.†	19,250		537
Progress Energy, Inc.	14,600		517
Public Service Enterprise Group, Inc.	26,178		715
SCANA Corp.†	6,200		187
Southern Co.†	39,799		1,206
TECO Energy, Inc.	11,616		112
Wisconsin Energy Corp.†	6,000		239
Xcel Energy, Inc.	23,185		411
			13,496
Electrical Components & Equipment - 0.3%
Emerson Electric Co.	39,494		1,056
Molex, Inc.†	8,335		95
			1,151
Electronics - 0.6%
Agilent Technologies, Inc.*	18,526		257
Amphenol Corp., Class A	9,200		234
Flir Systems, Inc.*†	7,300		149
Jabil Circuit, Inc.†	12,300		51
PerkinElmer, Inc.†	6,100		79
Thermo Fisher Scientific, Inc.*	21,911		794
Tyco Electronics Ltd.	24,670		234
Waters Corp.*	5,178		182
			1,980
Engineering & Construction - 0.2%
Fluor Corp.	9,382		312
Jacobs Engineering Group, Inc.*	6,500		219
			531
Entertainment - 0.0%
International Game Technology	16,697		147
Environmental Control - 0.4%
Republic Services, Inc.	16,900		336
Stericycle, Inc.*†	4,400		211
Waste Management, Inc.	25,242		682
			1,229
Food - 2.3%
Campbell Soup Co.	11,162		299
ConAgra Foods, Inc.	23,387		353
Dean Foods Co.*†	7,900		161
General Mills, Inc.	17,241		905
Heinz (H.J.) Co.	16,269		531
Hershey (The) Co.†	8,422		284
JM Smucker (The) Co.	6,501		241
Kellogg Co.	13,068		509
Kraft Foods, Inc., Class A	75,514		1,720
Kroger Co.†	34,258		708
McCormick & Co., Inc.	7,200		226
Safeway, Inc.	22,542		417
Sara Lee Corp.†	36,031		278
SUPERVALU, Inc.	10,941		171
Sysco Corp.	30,980		666
Tyson Foods, Inc., Class A†	14,200		120
Whole Foods Market, Inc.†	8,100		98
			7,687
Forest Products & Paper - 0.2%
International Paper Co.†	21,747		124
MeadWestvaco Corp.†	8,929		83
Plum Creek Timber Co., Inc.†	8,589		225
Weyerhaeuser Co.	10,869		263
			695
Gas - 0.3%
Centerpoint Energy, Inc.	18,057		186
NICOR, Inc.	2,252		71

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.5% continued
Gas - 0.3% continued
NiSource, Inc.	15,435	$	135
Sempra Energy	12,872		535
			927
Hand/Machine Tools - 0.1%
Black & Decker Corp.	3,150		75
Snap-On, Inc.	3,023		71
Stanley Works (The)	4,068		109
			255
Healthcare - Products - 4.5%
Bard (C.R.), Inc.	5,080		408
Baxter International, Inc.	31,835		1,621
Becton, Dickinson & Co.	12,597		780
Boston Scientific Corp.*	74,928		526
Covidien Ltd.	25,870		819
Dentsply International, Inc.†	7,700		178
Hospira, Inc.*	8,788		204
Intuitive Surgical, Inc.*	2,000		182
Johnson & Johnson	142,638		7,132
Medtronic, Inc.	57,495		1,701
Patterson Cos., Inc.*†	4,700		85
St. Jude Medical, Inc.*	17,446		579
Stryker Corp.	12,336		415
Varian Medical Systems, Inc.*	6,500		198
Zimmer Holdings, Inc.*†	11,885		416
			15,244
Healthcare - Services - 1.2%
Aetna, Inc.	24,044		574
CIGNA Corp.	14,521		229
Coventry Health Care, Inc.*	7,875		91
DaVita, Inc.*	5,400		253
Humana, Inc.*	8,690		206
Laboratory Corp. of America Holdings*	5,700		313
Quest Diagnostics, Inc.	8,136		373
Tenet Healthcare Corp.*†	21,628		24
UnitedHealth Group, Inc.	62,052		1,219
WellPoint, Inc.*	26,038		883
			4,165
Holding Companies - Diversified - 0.0%
Leucadia National Corp.*†	9,400		137
Home Builders - 0.1%
Centex Corp.	7,334		46
D.R. Horton, Inc.†	14,200		120
KB Home†	4,428		39
Lennar Corp., Class A†	7,900		53
Pulte Homes, Inc.†	10,932		100
			358
Home Furnishings - 0.0%
Harman International Industries, Inc.†	3,600		38
Whirlpool Corp.†	3,830		85
			123
Household Products/Wares - 0.5%
Avery Dennison Corp.†	5,438		110
Clorox Co.	7,115		346
Fortune Brands, Inc.	7,905		188
Kimberly-Clark Corp.	21,260		1,001
			1,645
Housewares - 0.0%
Newell Rubbermaid, Inc.	14,061		79
Insurance - 1.9%
Aflac, Inc.	23,979		402
Allstate (The) Corp.	27,575		464
American International Group, Inc.†	138,549		58
AON Corp.	13,934		533
Assurant, Inc.	4,900		100
Chubb Corp.	18,686		730
Cincinnati Financial Corp.	8,430		173
Genworth Financial, Inc., Class A	23,700		29
Hartford Financial Services Group, Inc.†	15,298		93
Lincoln National Corp.	13,998		120
Loews Corp.	18,664		370
Marsh & McLennan Cos., Inc.	26,310		472
MBIA, Inc.*†	11,864		33
Metlife, Inc.	41,244		761
Principal Financial Group, Inc.	13,311		106
Progressive (The) Corp.*†	34,928		404
Prudential Financial, Inc.	21,799		358
Torchmark Corp.†	4,594		95
Travelers Cos. (The), Inc.	30,071		1,087
Unum Group	17,863		182
XL Capital Ltd., Class A†	15,734		52
			6,622
Internet - 2.4%
Akamai Technologies, Inc.*	9,300		168
Amazon.com, Inc.*	16,515		1,070

EQUITY PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.5% continued
Internet - 2.4% continued
eBay, Inc.*	55,128	$	599
Expedia, Inc.*	11,258		90
Google, Inc., Class A*	12,362		4,178
McAfee, Inc.*	8,000		224
Symantec Corp.*	43,971		608
VeriSign, Inc.*†	10,500		203
Yahoo!, Inc.*	70,830		937
			8,077
Investment Companies - 0.0%
American Capital Ltd.†	11,000		15
Iron/Steel - 0.2%
AK Steel Holding Corp.	5,800		36
Allegheny Technologies, Inc.†	5,178		102
Nucor Corp.	16,144		543
United States Steel Corp.	6,175		121
			802
Leisure Time - 0.2%
Carnival Corp.	22,468		439
Harley-Davidson, Inc.†	12,728		129
			568
Lodging - 0.1%
Marriott International, Inc., Class A†	15,000		213
Starwood Hotels & Resorts Worldwide, Inc.†	10,011		116
Wyndham Worldwide Corp.	10,347		38
Wynn Resorts Ltd.*†	3,054		64
			431
Machinery - Construction & Mining - 0.2%
Caterpillar, Inc.†	30,972		762
Machinery - Diversified - 0.3%
Cummins, Inc.	10,884		226
Deere & Co.	21,990		605
Flowserve Corp.†	3,000		152
Manitowoc Co. (The), Inc.†	7,400		30
Rockwell Automation, Inc.†	7,569		152
			1,165
Media - 2.2%
CBS Corp., Class B†	36,673		157
Comcast Corp., Class A†	148,103		1,934
DIRECTV Group (The), Inc.*†	28,700		572
Disney (The Walt) Co.	95,186		1,596
Gannett Co., Inc.†	11,846		39
McGraw-Hill Cos. (The), Inc.	16,528		326
Meredith Corp.†	2,236		29
New York Times (The) Co., Class A†	6,089		25
News Corp., Class A	118,700		660
Scripps Networks Interactive, Inc., Class A†	4,600		92
Time Warner, Inc.	184,426		1,407
Viacom, Inc., Class B*	32,573		501
Washington Post (The), Co., Class B†	333		120
			7,458
Metal Fabrication/Hardware - 0.1%
Precision Castparts Corp.	7,200		399
Mining - 0.6%
Alcoa, Inc.	41,973		261
Freeport-McMoRan Copper & Gold, Inc.	21,226		646
Newmont Mining Corp.	24,933		1,038
Titanium Metals Corp.†	4,900		29
Vulcan Materials Co.†	5,647		234
			2,208
Miscellaneous Manufacturing - 3.2%
3M Co.	35,620		1,619
Cooper Industries Ltd., Class A†	9,330		197
Danaher Corp.	13,104		665
Dover Corp.	10,140		253
Eastman Kodak Co.	16,337		52
Eaton Corp.	8,860		320
General Electric Co.	540,123		4,596
Honeywell International, Inc.	37,339		1,002
Illinois Tool Works, Inc.	20,474		569
Ingersoll-Rand Co. Ltd., Class A	17,115		243
ITT Corp.	9,748		364
Leggett & Platt, Inc.†	8,316		95
Pall Corp.	6,091		145
Parker Hannifin Corp.	8,420		281
Textron, Inc.†	12,858		73
Tyco International Ltd.	24,870		499
			10,973
Office/Business Equipment - 0.1%
Pitney Bowes, Inc.	10,735		207
Xerox Corp.	46,358		240
			447
Oil & Gas - 11.6%
Anadarko Petroleum Corp.	23,636		826

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.5% continued
Oil & Gas - 11.6% continued
Apache Corp.	17,474	$	1,033
Cabot Oil & Gas Corp.	5,000		102
Chesapeake Energy Corp.	27,762		434
Chevron Corp.	104,553		6,347
ConocoPhillips	76,634		2,862
Devon Energy Corp.	22,750		994
Diamond Offshore Drilling, Inc.	3,600		226
ENSCO International, Inc.	7,800		192
EOG Resources, Inc.	12,838		642
EQT CORP	6,900		212
Exxon Mobil Corp.(5)	261,610		17,763
Hess Corp	14,413		788
Marathon Oil Corp.	36,456		848
Murphy Oil Corp.	9,800		410
Nabors Industries Ltd.*†	15,106		147
Noble Corp.	13,874		341
Noble Energy, Inc.	8,900		405
Occidental Petroleum Corp.	41,668		2,161
Pioneer Natural Resources Co.†	6,200		91
Questar Corp.	8,900		257
Range Resources Corp.†	8,262		294
Rowan Cos., Inc.†	6,403		78
Southwestern Energy Co.*	17,600		506
Sunoco, Inc.	6,068		203
Tesoro Corp.†	7,400		109
Valero Energy Corp.	27,200		527
XTO Energy, Inc.	29,666		939
			39,737
Oil & Gas Services - 1.4%
Baker Hughes, Inc.	15,903		466
BJ Services Co.†	15,790		153
Cameron International Corp.*	11,700		225
Halliburton Co.	44,980		734
National-Oilwell Varco, Inc.*	21,400		572
Schlumberger Ltd.	61,486		2,340
Smith International, Inc.†	11,186		240
			4,730
Packaging & Containers - 0.2%
Ball Corp.	5,028		202
Bemis Co., Inc.†	5,152		96
Owens-Illinois, Inc.*	8,800		136
Pactiv Corp.*	7,382		117
Sealed Air Corp.	8,788		98
			649
Pharmaceuticals - 6.6%
Abbott Laboratories	79,786		3,777
Allergan, Inc.	15,846		614
AmerisourceBergen Corp.	8,282		263
Bristol-Myers Squibb Co.	101,995		1,878
Cardinal Health, Inc.	18,420		598
Cephalon, Inc.*†	3,500		229
Express Scripts, Inc.*†	12,757		642
Forest Laboratories, Inc.*†	15,669		336
King Pharmaceuticals, Inc.*†	13,838		102
Lilly (Eli) & Co.	50,973		1,498
Medco Health Solutions, Inc.*	25,626		1,040
Merck & Co., Inc.	108,740		2,631
Mylan, Inc.*†	15,700		195
Pfizer, Inc.	346,821		4,269
Schering-Plough Corp.	83,552		1,453
Watson Pharmaceuticals, Inc.*†	5,352		151
Wyeth	68,414		2,793
			22,469
Pipelines - 0.3%
El Paso Corp.	36,178		244
Spectra Energy Corp.	31,291		407
Williams Cos. (The), Inc.	30,418		344
			995
Real Estate - 0.0%
CB Richard Ellis Group, Inc., Class A*	8,900		26
Real Estate Investment Trusts - 0.7%
Apartment Investment & Management Co., Class A†	6,424		34
AvalonBay Communities, Inc.	4,229		179
Boston Properties, Inc.†	6,400		237
Developers Diversified Realty Corp.†	7,000		21
Equity Residential†	13,997		246
HCP, Inc.†	12,659		231
Health Care REIT, Inc.†	5,400		166
Host Hotels & Resorts, Inc.†	26,900		100
Kimco Realty Corp.†	11,800		105
ProLogis†	13,534		78
Public Storage†	6,382		354
Simon Property Group, Inc.	11,586		384

EQUITY PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 96.5% continued
Real Estate Investment Trusts - 0.7% continued
Vornado Realty Trust†	7,300	$	239
			2,374
Retail - 6.6%
Abercrombie & Fitch Co., Class A†	4,500		99
AutoNation, Inc.*†	5,511		55
Autozone, Inc.*†	1,919		273
Bed Bath & Beyond, Inc.*†	13,937		297
Best Buy Co., Inc.†	17,822		514
Big Lots, Inc.*†	4,757		74
Costco Wholesale Corp.	22,191		940
CVS Caremark Corp.	73,850		1,901
Darden Restaurants, Inc.†	7,154		194
Family Dollar Stores, Inc.†	7,062		194
GameStop Corp., Class A*	8,300		223
Gap (The), Inc.	23,135		250
Home Depot	87,464		1,827
Kohl’s Corp.*	15,946		560
Limited Brands, Inc.†	16,113		124
Lowe’s Cos., Inc.	75,314		1,193
Macy’s, Inc.†	22,666		178
McDonald’s Corp.	57,275		2,993
Nordstrom, Inc.†	9,080		122
Office Depot, Inc.*†	15,659		16
Penney (J.C.) Co., Inc.	12,000		184
RadioShack Corp.	6,858		50
Sears Holdings Corp.*†	2,956		109
Staples, Inc.	37,597		600
Starbucks Corp.*	39,226		359
Target Corp.	38,430		1,088
Tiffany & Co.†	7,101		135
TJX Cos., Inc.	21,830		486
Walgreen Co.	51,030		1,218
Wal-Mart Stores, Inc.	114,935		5,659
Yum! Brands, Inc.	23,760		624
			22,539
Savings & Loans - 0.2%
Hudson City Bancorp, Inc.	27,400		284
People’s United Financial, Inc.†	17,800		310
			594
Semiconductors - 2.4%
Advanced Micro Devices, Inc.*†	35,744		78
Altera Corp.	16,107		247
Analog Devices, Inc.†	15,637		291
Applied Materials, Inc.	69,897		644
Broadcom Corp., Class A*†	23,074		380
Intel Corp.	286,029		3,644
Kla-Tencor Corp.	8,811		152
Linear Technology Corp.†	11,962		261
LSI Corp.*	34,341		100
MEMC Electronic Materials, Inc.*†	11,700		176
Microchip Technology, Inc.†	10,000		188
Micron Technology, Inc.*†	39,180		126
National Semiconductor Corp.†	11,604		126
Novellus Systems, Inc.*	5,921		75
Nvidia Corp.*†	27,595		228
QLogic Corp.*	7,878		73
Teradyne, Inc.*	11,458		47
Texas Instruments, Inc.	66,795		958
Xilinx, Inc.†	15,036		266
			8,060
Software - 3.7%
Adobe Systems, Inc.*	27,314		456
Autodesk, Inc.*†	12,076		153
BMC Software, Inc.*	9,599		284
CA, Inc.	20,109		341
Citrix Systems, Inc.*	9,469		195
Compuware Corp.*	15,472		91
Dun & Bradstreet Corp.	2,800		207
Electronic Arts, Inc.*	16,650		272
Fidelity National Information Services, Inc.	9,200		161
Fiserv, Inc.*†	8,174		267
IMS Health, Inc.	9,397		118
Intuit, Inc.*†	16,298		371
Microsoft Corp.	393,392		6,353
Novell, Inc.*	22,041		70
Oracle Corp.*	201,409		3,130
Salesforce.com, Inc.*†	5,400		151
			12,620
Telecommunications - 6.6%
American Tower Corp., Class A*	20,400		594
AT&T, Inc.	303,014		7,203
CenturyTel, Inc.†	5,278		139
Ciena Corp.*†	5,115		27
Cisco Systems, Inc.*	301,136		4,387
Corning, Inc.	81,126		856
Embarq Corp.	7,275		254

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    7    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5% continued
Telecommunications - 6.6% continued
Frontier Communications Corp.†		16,434	$	118
Harris Corp.		6,100		227
JDS Uniphase Corp.*		13,293		37
Juniper Networks, Inc.*		27,000		384
Motorola, Inc.		116,206		409
QUALCOMM, Inc.		85,182		2,848
Qwest Communications International, Inc.†		78,403		266
Sprint Nextel Corp.*		146,910		483
Tellabs, Inc.*†		23,962		91
Verizon Communications, Inc.		146,046		4,167
Windstream Corp.†		24,084		180
				22,670
Textiles - 0.0%
Cintas Corp.†		7,523		153
Toys Games & Hobbies - 0.1%
Hasbro, Inc.		6,571		150
Mattel, Inc.		18,617		221
				371
Transportation - 1.9%
Burlington Northern Santa Fe Corp.		14,438		849
C.H. Robinson Worldwide, Inc.		8,700		360
CSX Corp.		20,876		515
Expeditors International of Washington, Inc.		10,900		300
FedEx Corp.		16,238		702
Norfolk Southern Corp.		19,007		603
Ryder System, Inc.		3,249		74
Union Pacific Corp.		25,920		972
United Parcel Service, Inc., Class B		51,207		2,109
				6,484
Total Common Stocks (Cost $550,616)				330,421
INVESTMENT COMPANIES - 7.9%
Northern Institutional Funds - Liquid Assets Portfolio (2) (3)		27,009,425		27,009
Total Investment Companies (Cost $27,009)				27,009
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT - TERM INVESTMENTS - 3.0%
Calyon, Grand Cayman, Eurodollar Time Deposit,
0.35%, 3/2/09	$	8,343	$	8,343
U.S. Treasury Bill,
0.10%, 5/14/09(4)		1,880		1,880
Total Short-Term Investments (Cost $10,222)				10,223
Total Investments - 107.4% (Cost $587,847)				367,653
Liabilities less Other Assets - (7.4)%				(25,212	)
NET ASSETS - 100.0%			$	342,441

(1) Investment in affiliate.

(2) Investment in affiliated portfolio.

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

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

(5) The Value of this investment is approximately 5.2% of Net Assets due to appreciation.

* Non-Income Producing Security

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	587,847
Gross tax appreciation of investments	$	6,148
Gross tax depreciation of investments		(226,342	)
Net tax depreciation of investments	$	(220,194	)

At February 28, 2009, 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	325	$	11,931	Long	03/09	$	(730	)

EQUITY PORTFOLIOS    8    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (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. 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 Equity Index Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	357,430	$	(730	)
Level 2		10,223		—
Level 3		—		—
Total	$	367,653	$	(730	)

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    9    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

GLOBAL TACTICAL ASSET ALLOCATION PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
FUND ALLOCATION - INVESTMENT COMPANIES - 102.3%
iPath Dow Jones-AIG Commodity Index Total Return ETN	12,248	$	390
iShares Barclays U.S. Treasury Inflation Protected Securities Fund ETF	6,054		587
SPDR Gold Trust ETF	2,115		196
Northern Funds - Bond Index Fund (1) (2)	330,645		3,320
Northern Funds - Emerging Markets Equity Fund (1) (2)	96,066		537
Northern Funds - Global Real Estate Index Fund (1) (2)	75,688		293
Northern Funds - High Yield Fixed Income Fund (1) (2)	232,470		1,367
Northern Funds - Mid Cap Index Fund (1) (2)	99,125		586
Northern Institutional Funds - Diversified Assets Portfolio (1) (2)	3,843,149		3,843
Northern Institutional Funds - Equity Index Portfolio (1) (2)	643,763		4,687
Northern Institutional Funds - International Equity Index Portfolio (1) (2)	269,080		1,367
Northern Institutional Funds - Short Bond Portfolio (1) (2)	138,493		2,538
Northern Institutional Funds - Small Company Index Portfolio (1) (2)	28,350		244
Total Investment Companies (Cost $21,263)			19,955
Total Investments - 102.3% (Cost $21,263)			19,955
Liabilities less Other Assets - (2.3)%			(455	)
NET ASSETS - 100.0%		$	19,500

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

(2) Investment in affiliated portfolio.

ETF - Exchange Traded Fund

ETN - Exchange Traded Note

NF - Northern Funds

NIF - Northern Institutional Funds

Percentages shown are based on Net Assets.

At February 28, 2009, the asset class weightings for the Global Tactical Asset Allocation Portfolio were:

ASSET CLASS	WEIGHT		INVESTMENT VEHICLE
U.S. Equity - Large	23.4	%	NIF Equity Index Portfolio
U.S. Equity - Mid	2.9		NF Mid Cap Index Fund
U.S. Equity - Small	1.2		NIF Small Company Index Portfolio
Non U.S. Equity - Developed	6.9		NIF International Equity Index Portfolio
Non U.S. Equity - Emerging Markets	2.7		NF Emerging Markets Equity Fund
Global Real Estate	1.5		NF Global REIT Index Fund
U.S. Bonds - High Yield	6.9		NF High Yield Fixed Income Fund
U.S. Bonds - Inflation Protected	2.9		iShares Barclays U.S. Treasury Inflation Protected Securities Fund ETF
U.S. Bonds - Intermediate	16.6		NF Bond Index Fund
U.S. Bonds - Short	12.7		NIF Short Bond Portfolio
Commodities	2.0		iPath Dow Jones-AIG Commodity Index Total Return ETN
	1.0		SPDR Gold Trust Fund ETF
Cash	19.3		NIF Diversified Assets Portfolio
Total	100.0	%

Federal Tax Information:

At February 28, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	21,263
Gross tax appreciation of investments	$	157
Gross tax depreciation of investments		(1,465	)
Net tax depreciation of investments	$	(1,308	)

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. 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)

GLOBAL TACTICAL ASSET ALLOCATION PORTFOLIO  1  NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

FEBRUARY 28, 2009 (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 February 28, 2009:

VALUATION LEVEL	INVESTMENTS IN SECURITIES (000S)		OTHER FINANCIAL INSTRUMENTS* (000S)
Level 1	$	19,955	$	—
Level 2		—		—
Level 3		—		—
Total	$	19,955	$	—

* 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

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 15.4%
Foreign Depository Institutions - 15.4%
Australia & New Zealand Bank, London Branch,
0.80%, 5/5/09	$	70,000	$	70,000
Australia & New Zealand Bank, New York,
0.60%, 4/2/09		50,000		50,000
Barclays Bank, London Branch,
1.50%, 5/6/09		75,000		75,000
1.71%, 7/9/09		50,000		50,000
Barclays Bank, New York Branch,
1.35%, 5/12/09		75,000		75,000
BNP Paribas S.A., London Branch,
1.00%, 5/5/09		100,000		100,000
Commonwealth Bank of Australia, New York,
0.45%, 3/16/09		100,000		100,000
0.85%, 5/26/09		30,000		30,000
Commonwealth of Australia,
0.80%, 5/5/09		40,000		40,000
HSBC PLC, London,
0.85%, 4/30/09		100,000		100,000
0.90%, 5/18/09		75,000		75,000
1.20%, 7/9/09		60,000		60,000
Lloyds Bank, London Branch,
1.68%, 7/9/09		50,000		50,000
1.40%, 7/15/09		50,000		50,000
Lloyds Bank, New York Branch,
1.28%, 4/14/09		20,000		20,007
National Australia Bank, London Branch,
0.60%, 4/16/09		60,000		60,000
0.75%, 5/5/09		100,000		100,002
Nordea Bank Finland, New York,
0.71%, 4/8/09		35,000		35,000
Rabobank Nederland, New York Branch,
0.50%, 4/20/09		60,000		60,000
0.77%, 5/12/09		50,000		50,000
Royal Bank of Scotland, London Branch,
1.86%, 7/9/09		50,000		50,002
Royal Bank of Scotland, New York Branch,
1.55%, 7/14/09		40,000		40,000
Societe Generale, London Branch,
0.50%, 3/2/09		65,000		65,000
Societe Generale, New York Branch,
0.95%, 5/26/09		75,000		75,000
Toronto Dominion Bank, New York Branch,
0.50%, 4/21/09		25,000		25,000
Total Certificates of Deposit (Cost $1,505,011)				1,505,011
COMMERCIAL PAPER - 18.5%
Foreign Bank - Foreign Government - 2.4%
Danske Corp., Sovereign Guaranteed,
0.45%, 3/18/09		85,000		84,982
0.72%, 5/13/09		65,000		64,905
1.05%, 7/20/09		40,000		39,836
1.17%, 7/28/09		30,000		29,855
1.50%, 8/17/09		15,000		14,894
				234,472
Multi-Seller Conduits - 13.6%
Chariot Funding LLC,
0.45%, 3/10/09		100,000		99,989
0.45%, 3/11/09		26,020		26,017
0.45%, 3/23/09		75,130		75,109

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 18.5% continued
Multi-Seller Conduits - 13.6% continued
Chariot Funding LLC, continued
0.45%, 3/25/09	$	26,020	$	26,012
0.45%, 3/27/09		21,000		20,993
Jupiter Securitization Corp.,
0.45%, 3/2/09		50,000		49,999
0.47%, 3/3/09		40,000		39,999
Kitty Hawk Funding Corp.,
0.45%, 3/17/09		80,795		80,779
0.45%, 3/25/09		37,465		37,454
Liberty Street Funding Co.,
0.50%, 3/3/09		40,000		39,999
0.50%, 3/13/09		50,000		49,992
0.50%, 3/25/09		75,000		74,975
Park Avenue Receivables, (1)
0.45%, 3/13/09		25,000		24,996
0.45%, 3/16/09		40,000		39,993
0.45%, 3/19/09		51,021		51,010
Ranger Funding Company LLC,
0.45%, 3/16/09		50,000		49,991
0.45%, 3/25/09		46,941		46,927
Sheffield Receivables Corp.,
0.53%, 3/3/09		100,000		99,997
0.52%, 3/13/09		50,000		49,991
Thames Asset Global Securitization Number One, Inc.,
0.70%, 3/16/09		40,000		39,988
0.70%, 3/18/09		96,000		95,968
Yorktown Capital LLC,
0.47%, 3/2/09		47,818		47,817
0.45%, 3/17/09		160,103		160,071
				1,328,066
Non-Depository Personal Credit - 2.5%
General Electric Capital Corp.,
0.30%, 3/2/09		150,000		149,999
0.49%, 3/17/09		15,000		14,997
2.93%, 4/17/09		35,000		34,866
2.90%, 5/5/09		45,000		44,764
				244,626
Total Commercial Paper (Cost $1,807,164)				1,807,164
CORPORATE NOTES/BONDS - 2.6%
Domestic Bank - 0.8%
Bank of America N.A., FDIC Guaranteed,
1.05%, 1/22/10		75,000		75,000
Non-Depository Personal Credit - 1.4%
General Electric Capital Corp., FRN,
1.96%, 3/16/09		55,640		55,639
0.51%, 3/24/09		83,000		83,000
				138,639
Structured Investment Vehicles - 0.4%
Whistlejacket Capital LLC, FRN, (1) (2) †
5.15%, 4/21/08		31,535		16,398
2.78%, 5/15/08		19,713		10,251
3.81%, 7/23/08		19,712		10,250
				36,899
Total Corporate Notes/Bonds (Cost $282,840)				250,538
EURODOLLAR TIME DEPOSITS - 10.1%
Domestic Depository Institutions - 0.4%
Bank of America, Toronto, Canada,
0.31%, 03/2/09		40,000		40,000

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
EURODOLLAR TIME DEPOSITS - 10.1% continued
Foreign Depository Institutions - 9.7%
Australia & New Zealand Bank, London,
0.32%, 3/2/09	$	150,000	$	150,000
BNP Paribas, Paris,
0.32%, 3/2/09		250,000		250,000
CALYON, Grand Cayman,
0.32%, 3/2/09		150,000		150,000
Danske Bank, Copenhagen, Denmark,
0.50%, 3/2/09		50,000		50,000
0.45%, 3/3/09		100,000		100,000
Skandinaviska Enskilda Banken, Stockholm,
0.40%, 3/2/09		100,000		100,000
Societe Generale, Grand Cayman,
0.35%, 3/2/09		150,000		150,000
				950,000
Total Eurodollar Time Deposits (Cost $990,000)				990,000
PROMISSORY NOTE - 1.5%
Security, Commodity, Brokers/Dealers - 1.5%
Goldman Sachs Group, FDIC Insured,
1.06%, 3/30/09		150,000		150,000
Total Promissory Note (Cost $150,000)				150,000
U.S. GOVERNMENT AGENCIES - 24.6% (3)
Fannie Mae - 4.5%
FNMA Discount Notes,
1.15%, 5/1/09		175,000		174,659
1.75%, 5/20/09		50,000		49,806
1.20%, 5/22/09		10,000		9,973
0.50%, 6/17/09		55,000		54,917
2.84%, 7/2/09		30,000		29,709
0.61%, 9/8/09		40,000		39,871
FNMA FRN,
1.24%, 4/13/09		40,000		39,965
1.18%, 5/5/09		40,000		39,971
				438,871
Federal Home Loan Bank - 15.0%
FHLB Bonds,
2.39%, 3/18/09		40,000		40,003
2.13%, 3/27/09		12,000		12,000
2.20%, 4/1/09		24,000		23,998
2.30%, 4/3/09		38,000		38,001
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		39,979
2.38%, 5/27/09		40,000		39,984
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		25,017
1.05%, 2/23/10		25,000		24,975
FHLB Discount Notes,
2.41%, 3/9/09		20,000		19,989
2.47%, 3/13/09		20,000		19,984
1.27%, 5/13/09		30,000		29,923
1.20%, 5/18/09		60,000		59,844
1.58%, 5/18/09		215,000		214,265

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 24.6% (3) continued
Federal Home Loan Bank - 15.0% continued
FHLB Discount Notes, continued
1.12%, 12/4/09	$	128,000	$	126,893
0.85%, 12/11/09		75,000		74,495
1.00%, 2/23/10		48,000		47,521
FHLB FRN,
0.58%, 3/1/09		50,000		50,000
0.70%, 3/1/09		100,000		100,000
0.77%, 3/1/09		40,000		40,000
0.84%, 3/1/09		40,000		40,000
1.13%, 4/28/09		75,000		74,985
0.85%, 5/23/09		75,000		75,000
				1,474,856
Freddie Mac - 5.1%
FHLMC Discount Notes,
1.00%, 3/25/09		65,450		65,406
1.30%, 4/2/09		75,000		74,913
1.25%, 5/5/09		150,000		149,662
1.15%, 5/11/09		75,000		74,830
1.30%, 5/26/09		30,000		29,907
1.70%, 5/27/09		25,000		24,897
2.94%, 8/17/09		30,000		29,586
FHLMC Notes,
4.75%, 3/5/09		26,600		26,606
2.45%, 4/9/09		24,000		24,000
				499,807
Total U.S. Government Agencies (Cost $2,413,534)				2,413,534
U.S. GOVERNMENT OBLIGATIONS - 8.1%
U.S. Treasury Bills - 6.7%
1.58%, 4/23/09		150,000		149,651
0.82%, 5/7/09		70,000		69,893
0.85%, 5/14/09		140,000		139,757
0.94%, 5/15/09		240,000		239,528
0.41%, 10/22/09		15,000		14,959
0.70%, 12/17/09		45,000		44,746
				658,534
U.S. Treasury Notes - 1.4%
4.50%, 4/30/09		40,000		40,159
3.63%, 7/15/09		25,000		25,131
4.63%, 7/31/09		48,000		48,487
4.63%, 11/15/09		20,000		20,586
				134,363
Total U.S. Government Obligations (Cost $792,897)				792,897
Investments, at Amortized Cost (Cost $7,941,446)				7,909,144
REPURCHASE AGREEMENTS - 19.9%
(Collateralized at a minimum of 102%)
Joint Repurchase Agreements - 2.7% (4)
Morgan Stanley & Co., Inc., dated 2/27/09, repurchase price $58,993
0.22%, 3/2/09		58,992		58,992
Societe Generale, New York Branch, dated 2/27/09, repurchase price $117,986
0.25%, 3/2/09		117,983		117,983
UBS Securities LLC, dated 2/27/09, repurchase price $88,489
0.24%, 3/2/09		88,487		88,487
				265,462

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 19.9% continued
(Collateralized at a minimum of 102%)
Repurchase Agreements - 17.2% (5)
Bank of America N.A., dated 2/27/09, repurchase price $400,009
0.28%, 3/2/09	$	400,000	$	400,000
Citigroup Global Markets, Inc., dated 2/27/09, repurchase price $35,454
0.29%, 3/2/09		35,453		35,453
Deutsche Bank Securities, Inc., dated 2/27/09, repurchase price $200,005
0.27%, 3/2/09		200,000		200,000
Deutsche Bank Securities, Inc., dated 2/27/09, repurchase price $150,004
0.29%, 3/2/09		150,000		150,000
Goldman Sachs & Co., dated 2/27/09, repurchase price $75,002
0.27%, 3/2/09		75,000		75,000
JPMorgan Securities, dated 2/27/09, repurchase price $100,002
0.28%, 3/2/09		100,000		100,000
Societe Generale, New York Branch, dated 2/27/09, repurchase price $725,018
0.29%, 3/2/09		725,000		725,000
				1,685,453
Total Repurchase Agreements (Cost $1,950,915)				1,950,915
CAPITAL SUPPORT AGREEMENT - 0.3%
Northern Trust Corp., (6)		—		32,302
Total Capital Support Agreement (Cost $—  )				32,302
Total Investments - 101.0% (Cost $9,892,361) (7)				9,892,361
Liabilities less Other Assets - (1.0)%				(96,282	)
NET ASSETS - 100.0%			$	9,796,079

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

(2) Restricted security that has been deemed illiquid. At February 28, 2009, the value of these restricted illiquid securities amounted to approximately $36,899,000 or 0.4% of net assets. Additional information on each restricted, illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Whistlejacket Capital LLC, FRN,
5.15%, 4/21/08	4/11/07	$	31,529
2.78%, 5/15/08	5/10/07		19,709
3.81%, 7/23/08	7/17/07		19,708

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

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

NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	$	203,734	1.75% - 6.25%	8/15/23 - 2/15/37
U.S. Treasury Notes	$	62,064	0.63% - 4.50%	7/15/12 - 7/15/18

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

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

NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
FHLMC	$	45,691	4.63% - 6.29%	12/1/32 - 6/1/37
FNMA	$	1,690,329	3.96% - 7.00%	11/1/15 - 12/1/38

(6) Investment in affiliate.

(7) The cost for federal income tax purposes was $9,892,361.

† Defaulted security. The security has been valued at fair value according to procedures approved, in good faith, by the Trust’s Board of Trustees. Northern Trust Corporation has entered into a Capital Support Agreement (“CSA”) with Northern Institutional Funds on behalf of the Diversified Assets Portfolio (the “Portfolio”) and has committed to provide capital to the Portfolio, in the event that the Portfolio realizes a loss on the Whistlejacket Capital LLC Security.

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. 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 Diversified Assets Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

Valuation Level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		9,823,160		—
Level 3		36,899		32,302
Total	$	9,860,059	$	32,302

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

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

	Investments in Securities (000S)			Other Financial Instruments* (000S)
Balance as of 11/30/08	$	39,382		$	29,819
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		(2,483	)		2,483
Net purchases (sales)		—			—
Transfers in and/or out of Level 3		—			—
Balance as of 2/28/09	$	36,899		$	32,302

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

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

DIVERSIFIED ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (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 total 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

FDIC    Federal Deposit Insurance Corporation

FHLB    Federal Home Loan Bank

FHLMC    Freddie Mac

FNMA    Fannie Mae

FRN    Floating Rate Notes

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 49.3% (1)
Fannie Mae - 11.3%
FNMA Discount Notes,
1.00%, 3/2/09	$	45,000	$	44,999
1.86%, 3/2/09		30,500		30,498
0.13%, 3/3/09		40,000		40,000
1.05%, 3/9/09		70,000		69,984
0.06%, 3/11/09		49,000		48,999
0.95%, 3/30/09		40,000		39,969
1.35%, 3/30/09		120,000		119,870
1.00%, 4/1/09		40,000		39,966
0.33%, 4/15/09		11,111		11,106
1.01%, 4/20/09		35,000		34,951
0.20%, 4/27/09		40,000		39,987
0.32%, 4/29/09		20,000		19,990
0.33%, 4/29/09		27,424		27,409
0.33%, 5/1/09		52,679		52,649
0.46%, 5/1/09		92,886		92,814
0.45%, 5/18/09		15,000		14,985
1.75%, 5/20/09		40,000		39,844
0.45%, 5/28/09		50,000		49,945
0.49%, 6/1/09		253,318		253,004
0.53%, 8/3/09		34,000		33,922
0.50%, 9/1/09		35,000		34,911
0.66%, 9/1/09		37,160		37,035
1.00%, 12/10/09		70,000		69,448
FNMA FRN,
1.18%, 5/5/09		35,000		34,975
FNMA Notes,
4.88%, 4/15/09		15,000		15,083
5.00%, 4/20/09		10,000		10,050
4.00%, 4/29/09		6,930		6,971
6.38%, 6/15/09		65,485		66,615
4.00%, 9/10/09		10,000		10,187
6.63%, 9/15/09		12,843		13,255
				1,403,421
Federal Farm Credit Bank - 3.9%
FFCB Discount Notes,
0.30%, 6/16/09		25,000		24,978
2.63%, 7/8/09		25,000		24,764
0.45%, 8/17/09		100,000		99,789
FFCB FRN,
0.72%, 3/1/09		35,000		35,000
0.28%, 3/2/09		50,000		50,000
0.29%, 3/16/09		25,000		25,000
0.71%, 3/20/09		100,000		100,000
0.46%, 3/22/09		50,000		50,000
0.46%, 3/25/09		30,000		30,000
0.35%, 3/27/09		50,000		50,000
				489,531
Federal Home Loan Bank - 24.5%
FHLB Bonds,
5.25%, 3/13/09		7,235		7,242
2.31%, 3/24/09		50,000		50,000
2.25%, 4/3/09		15,200		15,199
2.26%, 4/7/09		10,000		10,000
3.24%, 4/7/09		25,000		25,056
2.30%, 4/14/09		30,000		30,000
2.47%, 4/21/09		30,000		30,090
2.33%, 4/24/09		20,000		20,062

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 49.3% (1) continued
Federal Home Loan Bank - 24.5% continued
FHLB Bonds, continued
4.75%, 4/24/09	$	40,000	$	40,213
2.52%, 5/28/09		20,000		20,105
5.13%, 6/4/09		6,500		6,581
2.70%, 6/30/09		20,000		20,153
2.56%, 8/4/09		20,000		20,169
5.00%, 9/18/09		11,620		11,907
4.50%, 10/9/09		94,885		97,060
2.46%, 10/20/09		52,500		53,087
3.22%, 10/30/09		15,000		15,250
0.85%, 12/29/09		100,000		99,943
FHLB Discount Notes,
0.12%, 3/2/09		291,700		291,699
0.24%, 3/4/09		40,000		39,999
0.15%, 3/11/09		75,000		74,997
2.13%, 3/12/09		25,000		24,984
0.28%, 3/13/09		100,000		99,991
1.20%, 3/16/09		50,000		49,975
1.20%, 3/17/09		25,000		24,987
0.30%, 3/18/09		40,000		39,994
0.28%, 3/20/09		163,373		163,349
0.29%, 3/20/09		40,000		39,994
0.07%, 3/25/09		50,000		49,998
0.27%, 3/25/09		40,000		39,993
0.30%, 4/1/09		100,000		99,974
0.34%, 4/3/09		75,000		74,977
0.30%, 4/13/09		40,000		39,986
0.35%, 4/13/09		30,000		29,987
0.38%, 4/13/09		23,000		22,989
0.34%, 4/17/09		40,000		39,982
0.40%, 4/22/09		58,500		58,466
0.40%, 4/24/09		35,000		34,979
0.40%, 5/15/09		60,000		59,950
0.43%, 5/18/09		100,000		99,907
0.40%, 5/20/09		60,000		59,947
1.45%, 5/20/09		50,000		49,839
0.41%, 5/22/09		45,000		44,958
1.50%, 5/26/09		80,000		79,713
0.40%, 5/27/09		37,500		37,464
1.60%, 5/28/09		100,000		99,609
0.57%, 7/20/09		100,000		99,777
0.59%, 8/28/09		125,000		124,631
0.78%, 11/23/09		60,000		59,653
FHLB FRN,
0.42%, 3/19/09		80,000		79,876
0.42%, 3/31/09		35,000		34,977
1.16%, 4/14/09		30,000		29,991
0.99%, 4/30/09		25,000		25,000
1.04%, 5/5/09		100,000		100,000
1.06%, 5/5/09		35,000		35,000
FHLB Note,
5.38%, 7/17/09		6,840		6,969
				3,040,678
Freddie Mac - 8.1%
FHLMC Discount Notes,
2.12%, 3/2/09		30,000		29,998
0.28%, 3/16/09		25,031		25,028
0.29%, 3/18/09		100,000		99,986
0.75%, 3/19/09		20,000		19,992
1.25%, 3/20/09		25,000		24,984

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 49.3% (1) continued
Freddie Mac - 8.1% continued
FHLMC Discount Notes, continued
1.12%, 3/25/09	$	25,754	$	25,735
0.28%, 3/27/09		30,000		29,994
1.10%, 4/8/09		40,000		39,954
0.98%, 4/13/09		25,000		24,971
0.16%, 4/17/09		20,000		19,996
1.15%, 5/11/09		15,000		14,966
0.38%, 5/18/09		44,205		44,169
1.16%, 5/26/09		9,608		9,581
1.20%, 6/8/09		70,000		69,767
0.30%, 6/25/09		11,785		11,774
0.40%, 6/30/09		21,800		21,771
0.40%, 7/6/09		13,310		13,291
FHLMC FRN,
1.06%, 4/14/09		120,000		119,990
FHLMC Notes,
4.75%, 3/5/09		4,815		4,817
5.75%, 3/15/09		29,700		29,765
3.76%, 3/18/09		7,500		7,513
2.27%, 4/14/09		185,000		185,441
3.38%, 4/15/09		34,435		34,557
5.25%, 5/21/09		21,500		21,736
4.25%, 7/15/09		67,089		68,041
4.13%, 11/30/09		10,000		10,265
				1,008,082
Tennessee Valley Authority - 1.5%
Tennessee Valley Authority Discount Notes,
0.18%, 3/12/09		100,000		99,994
0.20%, 3/19/09		80,000		79,992
				179,986
Total U.S. Government Agencies (Cost $6,121,698)				6,121,698
U.S. GOVERNMENT OBLIGATIONS - 3.3%
U.S. Treasury Bills - 1.8%
0.26%, 3/5/09		40,000		39,999
0.25%, 3/19/09		100,000		99,988
0.92%, 5/15/09		25,000		24,952
0.23%, 6/11/09		40,000		39,974
0.44%, 12/17/09		13,500		13,452
				218,365
U.S. Treasury Notes - 1.5%
4.50%, 3/31/09		137,500		137,980
2.63%, 3/15/09		50,000		50,020
				188,000
Total U.S. Government Obligations (Cost $406,365)				406,365
Investments, at Amortized Cost (Cost $6,528,063)				6,528,063
REPURCHASE AGREEMENTS - 49.6%
(Collateralized at a minimum of 102%)
Joint Repurchase Agreements - 0.4% (2)
Morgan Stanley & Co., Inc., dated 2/27/09, repurchase price $12,193
0.22%, 3/2/09		12,193		12,193
Societe Generale, New York Branch, dated 2/27/09, repurchase price $24,386
0.25%, 3/2/09		24,386		24,386
UBS Securities LLC, dated 2/27/09, repurchase price $18,290
0.24%, 3/2/09		18,289		18,289
				54,868

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 49.6% continued
(Collateralized at a minimum of 102%)
Repurchase Agreements - 49.2% (3)
Bank of America Securities LLC, dated 2/27/09, repurchase price $720,017
0.28%, 3/2/09	$	720,000	$	720,000
Barclays Capital, Inc., dated 2/27/09, repurchase price $550,013
0.28%, 3/2/09		550,000		550,000
BNP Paribas Securities Corp., dated 2/27/09, repurchase price $770,018
0.28%, 3/2/09		770,000		770,000
Citigroup Global Markets, Inc., dated 2/27/09, repurchase price $520,013
0.29%, 3/2/09		520,000		520,000
Deutsche Bank Securities, Inc., dated 2/27/09, repurchase price $1,205,029
0.29%, 3/2/09		1,205,000		1,205,000
Goldman Sachs & Co., dated 2/27/09, repurchase price $385,009
0.27%, 3/2/09		385,000		385,000
JPMorgan Securities, dated 2/27/09, repurchase price $1,260,029
0.28%, 3/2/09		1,260,000		1,260,000
UBS Securities LLC, dated 2/27/09, repurchase price $700,013
0.23%, 3/2/09		700,000		700,000
				6,110,000
Total Repurchase Agreements (Cost $6,164,868)				6,164,868
Total Investments - 102.2% (Cost $12,692,931) (4)				12,692,931
Liabilities less Other Assets - (2.2)%				(277,695	)
NET ASSETS - 100.0%			$	12,415,236

(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	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	$	42,109	1.75% - 6.25%	8/15/23 - 2/15/37
U.S. Treasury Notes	$	12,828	0.63% - 4.50%	7/15/12 - 7/15/18

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

NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
FHLMC	$	600,236	4.00% - 7.50%	9/1/17 -2/1/39
FNMA	$	4,821,005	3.95% - 8.50%	2/1/17 - 1/1/49
GNMA	$	151,062	4.50% - 6.00%	8/15/18 - 12/15/38
U.S. Treasury Bill	$	714,002	0.00%	11/19/09

(4) The cost for federal income tax purposes was $12,692,931.

Percentages shown are based on Net Assets.

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS157”), 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. 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 Government Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

Valuation Level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		12,692,931		—
Level 3		—		—
Total	$	12,692,931	$	—

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

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

GOVERNMENT PORTFOLIO continued

FEBRUARY 28, 2009 (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 total 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    Freddie Mac

FNMA    Fannie Mae

FRN    Floating Rate Notes

GNMA    Government National Mortgage Association

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 96.0% (1)
Federal Farm Credit Bank - 6.1%
FFCB Discount Notes,
0.12%, 3/2/09	$	62,500	$	62,500
0.15%, 3/3/09		200,000		199,998
0.30%, 6/16/09		50,000		49,955
FFCB FRN,
0.72%, 3/1/09		100,000		100,000
0.28%, 3/2/09		75,000		75,000
0.29%, 3/16/09		60,000		60,000
0.71%, 3/20/09		229,000		229,000
0.46%, 3/22/09		100,000		100,000
0.34%, 3/23/09		25,000		25,000
0.46%, 3/25/09		40,000		40,000
0.35%, 3/27/09		85,000		85,000
				1,026,453
Federal Home Loan Bank - 88.7%
FHLB Bonds,
2.25%, 3/13/09		45,000		45,013
2.31%, 3/24/09		70,000		70,000
2.90%, 3/24/09		40,000		40,042
2.15%, 3/27/09		35,500		35,519
2.35%, 3/27/09		40,000		40,030
2.25%, 3/30/09		25,000		25,019
2.25%, 4/3/09		22,800		22,799
2.26%, 4/7/09		20,000		20,000
3.24%, 4/7/09		60,000		60,134
3.00%, 4/15/09		110,000		110,245
2.34%, 4/17/09		160,000		160,028
2.47%, 4/21/09		100,000		100,299
4.75%, 4/24/09		225,000		226,275
2.65%, 5/6/09		30,000		30,122
2.50%, 5/8/09		70,000		70,281
2.52%, 5/28/09		80,000		80,421
5.13%, 6/4/09		30,000		30,364
2.63%, 6/10/09		40,000		40,238
5.25%, 6/12/09		122,350		123,839
2.70%, 6/16/09		75,000		75,000
2.72%, 6/17/09		100,000		100,000
3.00%, 6/24/09		16,200		16,334
2.56%, 8/4/09		30,000		30,245
5.13%, 8/5/09		30,000		30,281
5.25%, 8/5/09		45,000		45,905
2.00%, 8/18/09		85,000		85,584
3.75%, 8/18/09		58,500		59,365
5.25%, 9/11/09		30,000		30,728
2.25%, 10/2/09		41,720		42,092
3.26%, 10/2/09		15,000		15,242
5.00%, 10/2/09		120,000		122,871
4.00%, 10/29/09		40,000		40,878
3.50%, 11/3/09		35,000		35,649
4.25%, 11/20/09		60,000		61,533
1.15%, 12/11/09		60,000		60,064
5.00%, 12/11/09		95,000		98,005
3.38%, 12/18/09		20,000		20,445
0.85%, 12/29/09		100,000		99,943
3.50%, 1/6/10		40,000		40,895

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 96.0% (1) continued
Federal Home Loan Bank - 88.7% continued
FHLB Discount Notes,
0.12%, 3/2/09	$	4,084,477	$	4,084,463
0.22%, 3/2/09		75,000		75,000
0.25%, 3/3/09		10,000		10,000
2.12%, 3/3/09		100,000		99,988
0.05%, 3/6/09		392,000		391,997
0.28%, 3/6/09		100,000		99,996
0.30%, 3/9/09		23,300		23,298
2.00%, 3/9/09		30,000		29,987
0.14%, 3/10/09		250,000		249,991
0.15%, 3/11/09		100,000		99,996
0.30%, 3/11/09		125,000		124,990
1.00%, 3/11/09		70,000		69,981
0.04%, 3/12/09		100,000		99,999
0.16%, 3/12/09		355,000		354,983
0.27%, 3/12/09		75,000		74,994
2.13%, 3/12/09		45,000		44,971
0.28%, 3/13/09		35,000		34,997
0.29%, 3/13/09		300,000		299,971
0.30%, 3/13/09		56,289		56,283
1.17%, 3/13/09		70,000		69,973
1.95%, 3/13/09		20,000		19,987
2.01%, 3/13/09		20,000		19,987
0.05%, 3/16/09		250,000		249,995
0.16%, 3/16/09		150,000		149,990
0.23%, 3/16/09		49,335		49,330
0.25%, 3/16/09		62,205		62,199
0.27%, 3/16/09		125,000		124,986
0.28%, 3/16/09		50,000		49,994
0.29%, 3/16/09		22,300		22,297
1.20%, 3/16/09		25,000		24,987
0.05%, 3/17/09		100,000		99,998
1.20%, 3/17/09		25,000		24,987
0.19%, 3/18/09		100,000		99,991
0.23%, 3/18/09		30,000		29,997
0.25%, 3/18/09		30,000		29,996
0.30%, 3/18/09		150,000		149,979
0.28%, 3/20/09		135,000		134,980
0.30%, 3/20/09		100,000		99,984
0.20%, 3/23/09		300,000		299,963
0.29%, 3/23/09		49,650		49,641
0.32%, 3/23/09		66,100		66,087
0.27%, 3/25/09		115,000		114,980
0.28%, 3/25/09		100,000		99,981
0.28%, 3/26/09		75,000		74,985
0.23%, 3/27/09		150,000		149,975
0.33%, 3/27/09		18,360		18,356
0.10%, 3/30/09		60,200		60,195
0.27%, 3/30/09		75,000		74,984
0.28%, 3/31/09		75,000		74,982
0.30%, 4/1/09		225,000		224,942
0.26%, 4/2/09		30,000		29,993
0.28%, 4/3/09		100,000		99,974
0.34%, 4/3/09		130,000		129,960
0.32%, 4/9/09		75,000		74,974
1.02%, 4/14/09		25,000		24,969
0.21%, 4/15/09		70,000		69,982
0.12%, 4/16/09		67,715		67,705

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 96.0% (1) continued
Federal Home Loan Bank - 88.7% continued
FHLB Discount Notes, continued
0.37%, 4/17/09	$	40,000	$	39,981
0.22%, 4/20/09		47,000		46,986
0.36%, 4/22/09		130,000		129,933
0.37%, 4/22/09		125,000		124,933
0.36%, 4/24/09		75,000		74,960
0.38%, 5/4/09		37,956		37,930
0.37%, 5/12/09		41,200		41,170
1.15%, 5/13/09		80,000		79,813
1.17%, 5/18/09		30,000		29,924
1.60%, 5/18/09		75,000		74,740
1.45%, 5/20/09		180,000		179,490
1.50%, 5/26/09		200,000		199,283
1.60%, 5/28/09		200,000		199,218
0.48%, 6/26/09		30,000		29,953
0.53%, 7/10/09		40,000		39,923
0.54%, 7/15/09		40,000		39,918
0.52%, 7/22/09		64,000		63,868
0.57%, 7/24/09		125,000		124,713
0.59%, 8/28/09		125,000		124,631
0.71%, 9/22/09		35,000		34,859
0.71%, 9/23/09		60,000		59,758
0.78%, 11/23/09		65,000		64,624
0.93%, 12/11/09		100,000		99,264
0.93%, 12/14/09		40,000		39,702
FHLB FRN,
2.04%, 3/4/09		75,000		75,011
2.19%, 3/10/09		85,000		85,178
0.42%, 3/19/09		100,000		99,845
0.39%, 3/23/09		75,000		74,929
1.47%, 3/27/09		150,000		150,126
0.42%, 3/31/09		100,000		99,934
1.16%, 4/14/09		50,000		49,986
0.99%, 4/30/09		45,000		45,000
1.04%, 5/5/09		120,000		120,000
1.06%, 5/5/09		75,000		75,000
				14,942,460
Tennessee Valley Authority - 1.2%
Tennessee Valley Authority Discount Notes,
0.18%, 3/12/09		100,000		99,994
0.20%, 3/19/09		100,000		99,990
				199,984
Total U.S. Government Agencies (Cost $16,168,897)				16,168,897
U.S. GOVERNMENT OBLIGATIONS - 3.9%
U.S. Treasury Bills - 3.6%
0.26%, 3/5/09		85,000		84,997
0.25%, 3/19/09		190,000		189,977
0.01%, 4/23/09		200,000		199,997
0.92%, 5/15/09		25,000		24,952
0.23%, 6/11/09		100,000		99,935
				599,858
U.S. Treasury Note - 0.3%
2.63%, 3/15/09		50,000		50,046
Total U.S. Government Obligations (Cost $649,904)				649,904
Investments, at Amortized Cost (Cost $16,818,801)				16,818,801
Total Investments - 99.9% (Cost $16,818,801) (2)				16,818,801
Other Assets less Liabilities - 0.1%				19,276
NET ASSETS - 100.0%			$	16,838,077

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

(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 $16,818,801.

Percentages shown are based on Net Assets.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS157”), 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. 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 Government Select Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

Valuation level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		16,818,801		—
Level 3		—		—
Total	$	16,818,801	$	—

* 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 SELECT PORTFOLIO continued

FEBRUARY 28, 2009 (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 total 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 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TREASURY PORTFOLIO

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 44.8%
U.S. Treasury Bills - 44.8%
0.20%, 3/5/09	$	20,000	$	20,000
0.26%, 3/5/09		25,000		24,999
0.10%, 3/12/09		35,000		34,999
0.15%, 3/19/09		45,000		44,997
0.27%, 3/26/09		25,000		24,995
0.11%, 4/9/09		40,000		39,995
0.28%, 4/29/09		10,000		9,995
0.14%, 5/7/09		25,000		24,994
0.52%, 5/15/09		10,000		9,989
0.56%, 5/28/09		5,000		4,993
0.18%, 6/18/09		25,000		24,986
0.23%, 6/25/09		25,000		24,982
0.70%, 7/2/09		5,000		4,988
0.31%, 7/9/09		25,000		24,972
0.29%, 7/16/09		40,000		39,956
0.30%, 7/23/09		20,000		19,976
0.30%, 7/30/09		10,000		9,987
0.33%, 7/30/09		15,000		14,979
0.38%, 8/6/09		20,000		19,967
0.47%, 8/13/09		20,000		19,957
0.47%, 8/20/09		25,000		24,944
0.50%, 8/27/09		25,000		24,937
0.33%, 9/15/09		20,000		19,964
0.40%, 10/22/09		20,000		19,948
0.42%, 11/19/09		10,000		9,969
0.69%, 12/17/09		15,000		14,916
0.42%, 1/14/10		25,000		24,907
0.56%, 2/11/10		20,000		19,892
Total U.S. Government Obligations (Cost $604,183)				604,183
Investments, at Amortized Cost (Cost $604,183)				604,183
REPURCHASE AGREEMENTS - 55.4%
(Collateralized at a minimum of 102%)
Joint Repurchase Agreements - 3.6% (1)
Morgan Stanley & Co., Inc., dated 2/27/09, repurchase price $10,840 0.22%, 3/2/09		10,840		10,840
Societe Generale, New York Branch, dated 2/27/09, repurchase price $21,681 0.25%, 3/2/09		21,681		21,681
UBS Securities LLC, dated 2/27/09, repurchase price $16,261 0.24%, 3/2/09		16,260		16,260
				48,781
(Collateralized at a minimum of 102%)
Repurchase Agreements - 51.8% (2)
Bank of America Securities LLC, dated 2/27/09, repurchase price $63,943 0.25%, 3/2/09		63,942		63,942
Barclays Capital, Inc., dated 2/27/09, repurchase price $100,002 0.25%, 3/2/09		100,000		100,000
BNP Paribas Securities Corp., dated 2/27/09, repurchase price $100,002 0.25%, 3/2/09		100,000		100,000
Citigroup Global Markets, Inc., dated 2/27/09, repurchase price $125,003 0.25%, 3/2/09		125,000		125,000

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TREASURY PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 55.4% continued
(Collateralized at a minimum of 102%)
Repurchase Agreements - 51.8% (2) continued
Greenwich Capital Markets, Inc., dated 2/27/09, repurchase price $95,002 0.26%, 3/2/09	$	95,000	$	95,000
HSBC Securities (USA), Inc., dated 2/27/09, repurchase price $65,001 0.25%, 3/2/09		65,000		65,000
Societe Generale, New York Branch, dated 2/27/09, repurchase price $150,003 0.25%, 3/2/09		150,000		150,000
				698,942
Total Repurchase Agreements (Cost $747,723)				747,723
Total Investments - 100.2% (Cost $1,351,906) (3)				1,351,906
Liabilities less Other Assets - (0.2)%				(2,276	)
NET ASSETS - 100.0%			$	1,349,630

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

NAME	FAIR MARKET VALUE (000S)		COUPON RATES		MATURITY DATES
U.S. Treasury Bonds	$	37,438	1.75% - 6.25	%	8/15/23 - 2/15/37
U.S. Treasury Notes	$	11,405	0.63% - 4.50	%	7/15/12 - 7/15/18

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

NAME	FAIR MARKET VALUE (000S)		COUPON RATES		MATURITY DATES
U.S. Treasury Bonds	$	266,187	0.00% - 7.50	%	8/15/10 - 2/15/39
U.S. Treasury Notes	$	447,721	0.88% - 1.75	%	3/31/10 - 1/15/15

(3) The cost for federal income tax purposes was $1,351,906.

Percentages shown are based on Net Assets.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS157”), 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. 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 Treasury Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

Valuation level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		1,351,906		—
Level 3		—		—
Total	$	1,351,906	$	—

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

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

OTHER INFORMATION

TREASURY PORTFOLIO continued

FEBRUARY 28, 2009 (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 total 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.

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5%
Alabama - 1.3%
Chatom IDB Revenue VRDB, Series A (National Rural Utility Cooperative Finance Co. Gtd.), 4.25%, 8/1/09	$	1,000	$	1,000
Hoover Multifamily Housing Revenue Refunding VRDB, Series 2004, Royal Oaks Apartment Project (FHLMC Insured), 0.62%, 3/9/09		5,200		5,200
West Jefferson IDB PCR Refunding Bonds, Series 1998, Alabama Power Co. Project, 0.67%, 3/9/09		10,000		10,000
				16,200
Alaska - 1.0%
Valdez Marine Terminal Revenue Refunding VRDB, Series 2001, Exxon Mobil Project, 0.30%, 3/2/09		11,855		11,855
Arizona - 3.3%
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-1, The Terraces Project (Lloyds TSB Bank LOC), 0.58%, 3/9/09		6,500		6,500
Arizona Health Facilities Authority Revenue Refunding Bonds, Series 2007, The Terraces Project (Lloyds TSB Bank LOC), 0.57%, 3/9/09		11,200		11,200
Arizona School District TANS Financing Program COPS, Series 2008, 3.00%, 7/30/09		5,000		5,028
Arizona State Board of Regents University System Revenue Refunding VRDB, Series 2008-B (Lloyds TSB Bank LOC), 0.54%, 3/9/09		2,500		2,500
Pima County IDA Revenue VRDB, Series 2002A, Senior Living Facilities La Posada (Bank of America N.A. LOC), 0.57%, 3/9/09		4,235		4,235
Salt River Project Agricultural Improvement and Power District Revenue Bonds, Citigroup Eagle Series 2006-14, (1) 0.69%, 3/9/09		2,300		2,300
Sun Devil Energy Center LLC Revenue Refunding Bonds, Series 2008, Arizona State University Project (Assured Guaranty Insured), 0.66%, 3/9/09		8,000		8,000
				39,763
California - 3.6%
California Educational Facilities Authority Revenue VRDB, Series 2008-B, Pomona College, 0.40%, 3/9/09		200		200
California State Department of Water Resources and Power Supply Revenue VRDB, Series 2002C-7 (FSA Corp. Insured), 1.25%, 3/9/09		900		900
California State Economic Recovery G.O. VRDB, Series 2004C-5, 0.85%, 3/2/09		1,430		1,430
Series 2004C-16 (FSA Corp. Insured), 2.00%, 3/9/09		15,500		15,500
California State G.O., Soc Gen Municipal Securities Trust Receipts Soc Gen 6 Class A (Societe Generale LOC), (1) 0.67%, 3/9/09		6,600		6,600
Metropolitan Water District of Southern California Waterworks Revenue Bonds, Series 1999B, 0.35%, 3/9/09		5,500		5,500
Metropolitan Water District of Southern California Waterworks Revenue VRDB, Series 2001C-1, 0.30%, 3/2/09		1,500		1,500

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5% continued
California - 3.6% continued
Santa Clara Valley Transportation Authority Sales Tax Revenue Refunding VRDB, Series 2008-A, 0.75%, 3/9/09	$	11,765	$	11,765
				43,395
Colorado - 3.8%
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Concordia University Irvine Project (U.S. Bank N.A. LOC), 0.75%, 3/2/09		1,810		1,810
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Museum of Contemporary Art (KeyBank N.A. LOC), 1.22%, 3/9/09		5,100		5,100
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Series 2003, Vail Mountain School Project (KeyBank N.A. LOC), 1.22%, 3/9/09		10,100		10,100
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Series 2005, Kent Denver School Project (Bank of New York LOC), 0.72%, 3/9/09		5,500		5,500
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Series 2008, Foundations Academy Project (U.S. Bank N.A. LOC), 0.57%, 3/9/09		4,655		4,655
Colorado Health Facilities Authority Revenue Refunding VRDB, Covenant Retirement (Bank of America N.A. LOC), 0.57%, 3/9/09		5,295		5,295
Colorado Health Facilities Authority Revenue VRDB, Series 2004B, Adventist Health System Sunbelt (SunTrust Bank LOC), 0.57%, 3/9/09		4,320		4,320
Denver City and County Multifamily Housing Revenue Bonds, Series 1985, Ogden Residences Project (CALYON LOC), 1.00%, 3/2/09		1,700		1,700
Traer Creek Metropolitan District Revenue VRDB, Series 2004 (BNP Paribas LOC), 0.80%, 3/9/09		200		200
Triview Metropolitan District G.O. VRDB, Series 2006-A (Compass Bank LOC), 0.67%, 3/9/09		6,745		6,745
				45,425
Connecticut - 0.2%
Connecticut State Health and Educational Facilities Authority Revenue VRDB, Series 2008-E, Kent School (Bank of America N.A. LOC), 0.65%, 3/9/09		2,800		2,800
District of Columbia - 0.7%
District of Columbia Revenue VRDB, Series 2001, Henry J. Kaiser Foundation, 0.67%, 3/9/09		1,200		1,200
District of Columbia Water and Sewer Revenue Bonds, Citicorp Eagle Trust 8121A (FSA Corp. Insured), (1) 1.07%, 3/9/09		7,000		7,000
				8,200
Florida - 6.8%
Bay Medical Center Hospital Revenue Bonds, Series 2007-B, Bay Medical Center Project (Regions Bank LOC), 2.00%, 3/9/09		9,700		9,700
Capital Trust Agency Housing Revenue VRDB, Series 2008-A, Atlantic Housing Foundation (FNMA LOC), 0.77%, 3/9/09		14,470		14,470
Citizens Property Insurance Corp. Revenue Notes, Series 2008 A-2, Senior Secured, 4.50%, 6/1/09		10,000		10,024

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5% continued
Florida - 6.8% continued
Gainesville Utility System Revenue VRDB, Series 2008-B, 0.47%, 3/9/09	$	7,335	$	7,335
Highlands County Health Facilities Authority Revenue VRDB, Series 1996A, Adventist/Sunbelt (SunTrust Bank LOC), 0.57%, 3/9/09		5,505		5,505
Highlands County Health Facilities Authority Revenue VRDB, Series 1997A, Adventist Health System (SunTrust Bank LOC), 0.57%, 3/9/09		1,365		1,365
Highlands County Health Facilities Authority Revenue VRDB, Series 2, Adventist (SunTrust Bank LOC), 0.57%, 3/9/09		10,500		10,500
Jacksonville Health Facilities Authority Hospital Revenue VRDB, Series 2008-B, Baptist Medical (Branch Banking & Trust Co. LOC), 0.66%, 3/9/09		10,000		10,000
Orange County School Board COPS VRDB, Series 2008-B (Assured Guaranty Insured), 1.85%, 3/9/09		10,700		10,700
Palm Beach County Health Facilities Authority Revenue VRDB, Series 2001, Bethesda Healthcare System Project (SunTrust Bank LOC), 0.60%, 3/2/09		1,500		1,500
Tampa Revenue Refunding VRDB, Series 2007, Volunteers of America (Regions Bank LOC), 1.17%, 3/9/09		1,000		1,000
				82,099
Georgia - 7.9%
Appling County Development Authority PCR Bonds, Series 1997, Georgia Power Co. Plant Hatch Project (Georgia Power Gtd.), 0.56%, 3/2/09		16,600		16,600
Burke County Development Authority PCR Bonds, Series 1992, First Series, Georgia Power Plant Vogtle Project (Georgia Power Gtd.), 0.56%, 3/2/09		6,300		6,300
Fulco Hospital Authority Revenue VRDB, Series 1999, Revenue Anticipation Certificates, Piedmont Hospital Project (SunTrust Bank LOC), 0.57%, 3/9/09		8,400		8,400
Fulton County Development Authority Revenue Bonds, Series 1999, Alfred and Adele Davis (Branch Banking & Trust Co. LOC), 0.68%, 3/9/09		11,845		11,845
Fulton County Development Authority Revenue VRDB, Series 2004, Holy Innocents Episcopal School Project (SunTrust Bank LOC), 0.62%, 3/9/09		1,350		1,350
Fulton County Residential Care Facilities Revenue VRDB, Series C, Lenbrook Project, First Mortgage (Bank of Scotland PLC LOC), 0.62%, 3/9/09		800		800
Macon-Bibb County Hospital Authority Revenue VRDB, Series 2003, Revenue Anticipation Certificates, Medical Center of Central Georgia (SunTrust Bank LOC), 0.62%, 3/9/09		3,420		3,420
Macon Lease Revenue Refunding Bonds, Series 2004, Bibb County School District Project, 0.70%, 3/9/09		1,850		1,850
Private Colleges and Universities Authority Revenue VRDB, Series 2008A, Emory University, 1.75%, 7/7/09		3,000		3,000
Richmond County Development Authority Revenue Bonds, Series 2008-A, MCG Health, Inc. Project (UBS AG LOC), 0.52%, 3/9/09		7,500		7,500
Richmond County Hospital Authority Revenue Bonds, Series 2003, Revenue Anticipation Certificates, University Health Services, Inc. Project (SunTrust Bank LOC), 0.62%, 3/9/09		6,050		6,050

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5% continued
Georgia - 7.9% continued
Smyrna Multifamily Housing Authority Revenue Bonds, Series 1997, F & M Villages Project (FNMA Gtd.), 0.67%, 3/9/09	$	7,220	$	7,220
State of Georgia G.O. VRDB, Series 2006 H-1, 0.90%, 3/9/09		20,446		20,446
				94,781
Illinois - 10.9%
Arlington Heights Multifamily Housing Revenue Refunding VRDB, Series 1997, Dunton Tower Apartments Project (Marshall & Ilsley Bank LOC), 1.41%, 3/9/09		3,890		3,890
Chicago Wastewater Transmission Revenue Refunding VRDB, Subseries 2008 C-1 (Harris N.A. LOC), 0.65%, 3/2/09		800		800
City of Chicago G.O. Refunding VRDB, Series 2007-E, 0.53%, 3/2/09		14,000		14,000
City of Springfield Community Improvement Revenue VRDB, Series 2007A, Abraham Lincoln (Harris N.A. LOC), 0.62%, 3/9/09		5,000		5,000
Illinois Educational Facilities Authority Revenue Bonds, Series A, Illinois Institute of Technology Student Housing (Harris N.A. LOC), 0.71%, 3/9/09		7,900		7,900
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, Put Option, Series 2005, Mercy Alliance Project (Marshall & Ilsley Bank LOC), 2.30%, 3/9/09		5,255		5,255
Illinois Finance Authority Revenue VRDB, Series 2006 B, Loyola University Health System (Harris N.A. LOC), 0.58%, 3/9/09		50,600		50,600
Illinois Finance Authority Revenue VRDB, Series 2006B, Montgomery Place (Fifth Third Bank LOC), 2.70%, 3/9/09		1,045		1,045
Illinois Finance Authority Revenue VRDB, Series 2008, Marwen Foundation Project (Bank of New York LOC), 0.65%, 3/9/09		5,080		5,080
Illinois Finance Authority Revenue VRDB, Series A, Central DuPage Health, 0.60%, 3/2/09		7,315		7,315
Illinois International Port District Revenue Refunding VRDB, Series 2003 (Bank of America N.A. LOC), 2.35%, 3/9/09		3,000		3,000
Illinois State Tollway Highway Authority Revenue VRDB, Series A-1, Senior Priority, 3.50%, 3/9/09		2,300		2,300
Kane County Revenue Bonds, Series 1993, Glenwood School for Boys (Harris N.A. LOC), 1.13%, 3/9/09		6,000		6,000
Morton Grove Cultural Facilities Revenue VRDB, Series 2006, Holocaust Museum (Bank of America N.A. LOC), 0.70%, 3/9/09		9,500		9,500
Peoria IDR Bonds, Series 1997, Peoria Production Shop Project (JPMorgan Chase Bank LOC), 1.13%, 3/9/09		555		555
Will County Revenue VRDB, Series 2004, Joliet Catholic Academy Project (Harris N.A. LOC), 0.62%, 3/9/09		6,250		6,250
				131,490

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5% continued
Indiana - 1.8%
Indiana Bond Bank Revenue Notes, Series 2008-A, Midyear Funding Program Notes, 3.00%, 5/28/09	$	5,000	$	5,014
Indiana Bond Bank Revenue Notes, Series 2009-A, Advance Funding Program Notes, 2.00%, 1/5/10		5,000		5,038
Indiana Finance Authority Health System Revenue Refunding VRDB, Series 2008-I, Sisters of St. Francis (Wells Fargo Bank N.A. LOC), 0.54%, 3/9/09		3,600		3,600
Indiana Finance Authority Health System Revenue VRDB, Series 2008-G, Sisters of St. Francis Health (Bank of New York LOC), 0.40%, 3/9/09		5,250		5,250
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Series 2005A, Howard Regional Health System Project (Comerica Bank LOC), 1.40%, 3/2/09		900		900
Indiana Health Facility Financing Authority Revenue VRDB, Series 2000, Senior Living Greencroft Obligation Project (Bank of America N.A. LOC), 0.65%, 3/9/09		1,146		1,146
Indiana Health Facility Financing Authority Revenue VRDB, Series 2004A, Margaret Mary Community Hospital Project (Fifth Third Bank LOC), 2.00%, 3/2/09		700		700
				21,648
Iowa - 1.1%
Iowa Finance Authority Revenue VRDB, Series 2000, YMCA and Rehab Center Project (Bank of America N.A. LOC), 0.70%, 3/9/09		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), 0.62%, 3/9/09		3,100		3,100
Iowa Higher Education Loan Authority Revenue Bonds, Series 2002, Luther College Project (U.S. Bank N.A. LOC), 0.57%, 3/9/09		2,895		2,895
Iowa State School Cash Anticipation Program, Warrant Certificates, Series 2008-A (FSA Corp. Insured), 3.50%, 6/25/09		5,000		5,027
				13,122
Kansas - 0.4%
Kansas Development Finance Authority Revenue VRDB, Series 1998BB, Shalom Village Obligation Group (Citibank N.A. LOC), 0.58%, 3/9/09		4,635		4,635
Kentucky - 1.0%
Fort Mitchell League of Cities Revenue VRDB, Series 2002A, Trust Lease Program (U.S. Bank N.A. LOC), 0.60%, 3/9/09		2,050		2,050
Kentucky Asset Liability Commission General Fund TRANS, Series 2008-A, 3.00%, 6/25/09		5,000		5,019
Kentucky Economic Development Finance Authority Revenue Refunding VRDB, Series 2008, Retirement Housing Foundation (KBC Bank N.V. LOC), 0.57%, 3/9/09		4,015		4,015
Morehead League of Cities Revenue VRDB, Series 2004A, Trust Lease Program (U.S. Bank N.A. LOC), 0.60%, 3/9/09		440		440
				11,524
Louisiana - 1.8%
Jefferson Parish Hospital Revenue Refunding VRDB, Series 2004, East Jefferson General Hospital (JPMorgan Chase Bank LOC), 1.13%, 3/9/09		1,700		1,700

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5% continued
Louisiana - 1.8% continued
Lake Charles Harbor & Terminal District Revenue Bonds, Cogeneration Project (Rabobank Group GIC), 2.25%, 3/15/09	$	20,000	$	20,000
				21,700
Maryland - 4.4%
Maryland State Community Development Administration Department of Housing and Community Development Revenue VRDB, Series 2008-F, Multifamily (FHLMC Insured), 0.62%, 3/9/09		3,100		3,100
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds, Series A, Pooled Loan Program (JPMorgan Chase Bank LOC), 0.47%, 3/9/09		10,000		10,000
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds, Series 2003-B, Sheppard Pratt (SunTrust Bank LOC), 0.62%, 3/9/09		5,000		5,000
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series A, Adventist Healthcare (Manufacturers & Traders Trust Co. LOC), 0.65%, 3/9/09		11,680		11,680
Series 2005A, Adventist Healthcare (Bank of America N.A. LOC), 0.57%, 3/9/09		11,400		11,400
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008-H, University of Maryland Medical System (Manufacturers & Traders Trust Co. LOC), 0.67%, 3/9/09		12,000		12,000
				53,180
Massachusetts - 3.5%
Massachusetts State Development Finance Agency Revenue VRDB, Series 2003, Lesley University (Bank of America N.A. LOC), 0.69%, 3/9/09		2,900		2,900
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Northfield Mount Hermon (JPMorgan Chase Bank LOC), 0.69%, 3/9/09		23,355		23,355
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Seashore Port-Deaconess, Inc. (Banco Santander Central Hispano LOC), 0.49%, 3/9/09		800		800
Massachusetts State G.O. RANS, Series 2008-B, 4.00%, 4/30/09		10,000		10,029
Massachusetts State G.O. VRDB, Series B, 0.50%, 3/2/09		3,100		3,100
Massachusetts State Water Resources Authority Revenue Refunding VRDB, Series 2008-F, 0.35%, 3/9/09		1,500		1,500
				41,684
Michigan - 1.6%
Jackson County Economic Development Corp. Limited Obligation Revenue Refunding VRDB, Series 2001A, Vista Grande Villa (Bank of America N.A. LOC), 0.45%, 3/2/09		4,400		4,400
Kentwood Economic Development Corp. Revenue VRDB, Series 2002B, Limited Obligation, Holland Home (Bank of America N.A. LOC), 0.57%, 3/9/09		1,275		1,275
Michigan Municipal Bond Authority Revenue BANS, Series 2009, Clean Water, 3.00%, 7/15/09		4,200		4,233
State of Michigan G.O. Notes, Series 2008-A, 3.00%, 9/30/09		10,000		10,054
				19,962

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5% continued
Minnesota - 0.8%
Minnesota Agricultural and Economic Development Board Revenue VRDB, Series 2008 C-4, Health Care Facilities - Essentia (Assured Guaranty Insured), 0.60%, 3/2/09	$	3,100	$	3,100
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 2007-6Q, Concordia University St. Paul (U.S. Bank N.A. LOC), 0.70%, 3/2/09		1,175		1,175
Rochester Health Care Facilities Revenue VRDB, Series E, Mayo Clinic, 1.68%, 5/7/09		5,000		5,000
				9,275
Mississippi - 3.3%
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007-D, Chevron USA, Inc. Project, 0.57%, 3/2/09		11,200		11,200
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007, Petal Gas Storage LLC Project (SunTrust Bank LOC), 0.62%, 3/9/09		6,800		6,800
Mississippi Business Finance Corp. Revenue VRDB, Series 2007, Gulfport Promenade Project (Regions Bank LOC), 1.17%, 3/9/09		7,000		7,000
Mississippi Business Finance Corp. Revenue VRDB, Series 2008, Promenade D Iberville Project (Wachovia Bank N.A. LOC), 0.58%, 3/9/09		15,000		15,000
				40,000
Missouri - 1.5%
Chesterfield IDA Educational Facilities Revenue VRDB, Series 2003, Gateway Academy, Inc. Project (U.S. Bank N.A. LOC), 0.65%, 3/2/09		370		370
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Coach House South Apartments (FHLMC LOC), 0.66%, 3/9/09		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, 0.65%, 3/2/09		2,415		2,415
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2002, Missouri Baptist College (U.S. Bank N.A. LOC), 0.55%, 3/2/09		2,100		2,100
St. Louis County IDA Revenue Bonds, Series 2008-A, International Lutheran Laymens Project (Fifth Third Bank LOC), 2.55%, 3/2/09		7,055		7,055
				18,740
Nevada - 0.2%
Carson City Hospital Revenue VRDB, Series 2003-B, Carson Tahoe Hospital Project (U.S. Bank N.A. LOC), 0.57%, 3/9/09		2,800		2,800
New Hampshire - 1.2%
New Hampshire Health & Education Facilities Authority Revenue VRDB, Series 2008, Riverwoods Exeter (Bank of America N.A. LOC), 0.57%, 3/9/09		14,665		14,665
New Jersey - 1.2%
New Jersey TRANS, Series 2008-A, 3.00%, 6/25/09		15,000		15,066
New Mexico - 0.8%
New Mexico Finance Authority Revenue Refunding Bonds, Subseries 2008 B-2, Sub Lien (UBS AG LOC), 0.57%, 3/9/09		9,200		9,200

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5% continued
North Carolina - 2.1%
Charlotte G.O. VRDB, 0.65%, 3/9/09	$	5,700	$	5,700
North Carolina Medical Care Commission Healthcare Facilities Revenue Refunding VRDB, Series 2007, Lutheran Retirement Project (SunTrust Bank LOC), 0.65%, 3/9/09		9,300		9,300
North Carolina Medical Care Commission Healthcare Facilities Revenue VRDB, Series 2009-B, Wakemed (Wachovia Bank N.A. LOC), 0.58%, 3/9/09		9,400		9,400
University of North Carolina Revenue Bonds, Citigroup Eagle 720053014 Class 2005A, (1) 0.69%, 3/9/09		800		800
				25,200
Ohio - 0.5%
Franklin County Hospital Revenue Refunding VRDB, Series 1996-B, U.S. Health Corp. of Columbus (Citibank N.A. LOC), 0.53%, 3/9/09		95		95
Middletown Development Revenue Bonds, Series 2003, Bishop Fenwick High School Project (JPMorgan Chase Bank LOC), 0.58%, 3/9/09		2,445		2,445
Ohio State Air Quality Development Authority Revenue Refunding VRDB, Series 2006A, Pollution Control, Firstenergy (KeyBank N.A. LOC), 0.70%, 3/9/09		300		300
Ohio State Higher Educational Facility Commission Revenue VRDB, Series 2008 B-2, Cleveland Clinic, 0.40%, 3/2/09		1,900		1,900
Ohio State Higher Educational Facilities Revenue VRDB, Series 2007, Ohio Dominican University Project (JPMorgan Chase Bank LOC), 0.60%, 3/9/09		700		700
				5,440
Oklahoma - 0.4%
Oklahoma Water Resource Board State Loan Program Revenue VRDB, 1.65%, 3/2/09		4,785		4,785
Oregon - 0.4%
State of Oregon G.O., TRANS, Series 2008-A, 3.00%, 6/30/09		5,000		5,021
Pennsylvania - 1.1%
Berks County Municipal Authority Revenue VRDB, Series 2008-A, Phoebe-Devitt Home Project (Banco Santander Central Hispano LOC), 0.57%, 3/9/09		6,000		6,000
Southcentral General Authority Revenue VRDB, Series 2008-B, Wellspan Health Obligation Group (Royal Bank of Scotland PLC LOC), 0.62%, 3/9/09		6,000		6,000
Series 2008-D, Wellspan Health Obligation Group (SunTrust Bank LOC), 0.59%, 3/9/09		1,600		1,600
				13,600
South Carolina - 1.0%
Piedmont Municipal Power Agency Revenue VRDB, Series 2008-C (Assured Guaranty Insured), 2.75%, 3/9/09		12,500		12,500
Tennessee - 2.2%
Chattanooga Health Educational and Housing Facility Board Revenue VRDB, Series 2004A, Tennessee Health Program-Cumberland Medical (AmSouth Bank Birmingham LOC), 1.10%, 3/9/09		8,100		8,100
Clarksville Public Building Authority Revenue Bonds, Series 2003, Pooled Financing Tennessee Municipal Bond Fund (Bank of America N.A. LOC), 0.60%, 3/2/09		1,500		1,500
Metropolitan Government Nashville and Davidson County Heath and Educational Facilities Board Revenue Refunding VRDB, Series 2002, Timberlake Project, Multifamily (FNMA Insured), 0.65%, 3/9/09		7,450		7,450

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5% continued
Tennessee - 2.2% continued
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2002, University of Nashville Project (SunTrust Bank LOC), 0.82%, 3/9/09	$	1,300	$	1,300
Tennergy Corp. Gas Revenue Bonds, STARS Trust Receipts 1260B (BNP Paribas LOC), (1) 0.67%, 3/9/09		5,390		5,390
Williamson County IDB Revenue Bonds, Series 2003, Currey Ingram Academy Project (SunTrust Bank LOC), 0.73%, 3/9/09		2,160		2,160
				25,900
Texas - 14.3%
Granbury Independent School District G.O., Series 1999 SG-129 (PSF of Texas Gtd.), (1) 0.67%, 3/9/09		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
Gulf Coast Waste Disposal Authority PCR Refunding Bonds, Exxon Project, 0.30%, 3/2/09		6,500		6,500
Harris County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds, Series 2008-A, Texas Medical Center (JPMorgan Chase Bank LOC), 0.60%, 3/2/09		6,300		6,300
Harris County Cultural Education Facilities Finance Corp. Revenue VRDB, Subseries C-1, Methodist Hospital, 0.50%, 3/2/09		24,000		24,000
HFDC of Central Texas, Inc. Retirement Facilities Revenue Bonds, Series 2006B (BNP Paribas LOC), 0.65%, 3/9/09		3,200		3,200
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%, 8/1/09		15,850		15,850
Oakbend Medical Center Revenue VRDB, Series 2008 (Regions Bank LOC), 0.75%, 3/2/09		14,000		14,000
Princeton Independent School District G.O., Soc Gen Series 2003 SGB-41 (PSF of Texas Gtd.), (1) 0.73%, 3/9/09		4,750		4,750
Tarrant County Health Facilities Development Corp. Revenue VRDB, Series 1996-A, Adventist Health System Sunbelt (SunTrust Bank LOC), 0.57%, 3/9/09		3,990		3,990
Texas TRANS, Series 2008, 3.00%, 8/28/09		40,000		40,276
Texas Water Development Board Revenue Refunding VRDB, Series 2007-A, Sub Lien, 0.45%, 3/2/09		26,376		26,376
Waco Educational Finance Corp. Revenue Refunding VRDB, Series 2008-A, Baylor University, 0.53%, 3/9/09		7,900		7,900
				172,957
Utah - 1.7%
Murray City Hospital Revenue VRDB, Series 05-D, IHC Health Services, Inc., 0.40%, 3/2/09		5,000		5,000

MONEY MARKET PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5% continued
Utah - 1.7% continued
Salt Lake Valley Fire Service Area TRANS, Series 2009, 1.50%, 12/31/09	$	3,000	$	3,014
Utah Water Finance Agency Revenue VRDB, Series 2008-B, (1) 0.72%, 3/9/09		3,900		3,900
Series 2008 B-3, 0.72%, 3/9/09		8,500		8,500
				20,414
Virginia - 2.9%
Alexandria IDA Revenue Refunding VRDB, Series 2005, Goodwin House (Wachovia Bank N.A. LOC), 0.45%, 3/2/09		15,200		15,200
Charlottesville IDA Educational Facilities Revenue Bonds, Series 2006-A, University of Virginia Foundation Projects (Wachovia Bank N.A. LOC), 0.58%, 3/9/09		20,120		20,120
				35,320
Washington - 4.2%
Energy Northwest Electric Revenue Refunding VRDB, Subseries 2008 F-1, Project 3, 1.60%, 3/9/09		17,000		17,000
Washington State Health Care Facilities Authority Revenue Bonds, Series 05-C-1, Overlake Hospital Medical Center (KeyBank N.A. LOC), 0.75%, 3/9/09		10,000		10,000
Washington State Housing Finance Commission Nonprofit Housing Revenue Refunding VRDB, Series 2003, Emerald Heights Project (Bank of America N.A. LOC), 0.45%, 3/2/09		20,010		20,010
Washington State Housing Finance Commission Nonprofit Housing Revenue VRDB, Series 2000, Living Care Centers Project (Wells Fargo Bank N.A. LOC), 0.59%, 3/9/09		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), 0.70%, 3/9/09		1,865		1,865
				50,920
West Virginia - 0.3%
West Virginia State Hospital Finance Authority Revenue Refunding VRDB, Series 2009-A, West Virginia United Health (Branch Banking & Trust Co. LOC), 0.55%, 3/9/09		3,700		3,700
Wisconsin - 1.9%
Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds, Series 2008 B-3, Marquette University (JPMorgan Chase Bank LOC), 0.67%, 3/9/09		4,100		4,100
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2005, Lutheran Home, Put Option (Marshall & Ilsley Bank LOC), 2.25%, 3/9/09		4,680		4,680
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2008-B, Medical College (U.S. Bank N.A. LOC), (1) 0.42%, 3/9/09		9,600		9,600
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2009, Lawrence University (JPMorgan Chase Bank LOC), 0.66%, 3/9/09		4,510		4,510
				22,890

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 97.5% continued
Wyoming - 0.4%
Lincoln County PCR Bonds,
Series 1994, Pacificorp Project (Wells Fargo Bank N.A. LOC),
0.65%, 3/9/09	$	3,200	$	3,200
Platte County PCR Bonds, Series 1984A,
Tri-State Generation & Transmission (National Rural Utility Cooperative Finance Co. Gtd.),
1.20%, 3/2/09		1,000		1,000
				4,200
Total Municipal Investments (Cost $1,176,056)				1,176,056
U.S. GOVERNMENT AGENCY - 2.5% (2)
Federal Home Loan Bank - 2.5%
FHLB Discount Note,
0.12%, 3/2/09		30,000		30,000
Total U.S. Government Agency (Cost $30,000)				30,000
Total Investments - 100.0% (Cost $1,206,056) (3)				1,206,056
Other Assets less Liabilities - 0.0%				349
NET ASSETS - 100.0%			$	1,206,405

(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 cost for federal income tax purposes was $1,206,056.

Percentages shown are based on Net Assets.

At February 28, 2009, the industry sectors for the Tax-Exempt Portfolio were:

INDUSTRY SECTOR	% OF NET ASSETS
Air, Transportation, Water Services and Solid Waste Management	6.1	%
Educational Services	12.9
Electric Services, Gas and Combined Utilities	9.8
Executive, Legislative and General Government	19.6
General Medical, Surgical and Nursing and Personal Care	10.9
Health Services and Residential Care	22.6
Urban and Community Development, Housing Programs and Social Services	9.3
All other sectors less than 5%	8.8
Total	100.0	%

MONEY MARKET PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (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. 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 Tax-Exempt Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

Valuation Level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		1,206,056		—
Level 3		—		—
Total	$	1,206,056	$	—

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

MONEY MARKET PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

TAX-EXEMPT PORTFOLIO continued

FEBRUARY 28, 2009 (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 total 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

BANS    Bond Anticipation Notes

COPS    Certificates of Participation

FHLB    Federal Home Loan Bank

FHLMC    Freddie Mac

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

PCR    Pollution Control Revenue

PSF    Permanent School Fund

RANS    Revenue Anticipation Notes

SGB    Societe Generale Bank

Soc Gen    Societe Generale

STARS    Short Term Adjustable Rate Securities

TANS    Tax Anticipation Notes

TRANS    Tax and Revenue Anticipation Notes

TSB    Trustee Savings Bank

VRDB    Variable Rate Demand Bonds

MONEY MARKET PORTFOLIOS 13 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0%
Alabama - 0.7%		—		—
Birmingham Medical Clinic Board Revenue Bonds,
University of Alabama Health Services (SunTrust Bank LOC),
0.62%, 3/9/09	$	4,000	$	4,000
Chatom IDB Revenue VRDB,
Series A (National Rural Utility Cooperative Finance Co. Gtd.),
4.25%, 8/1/09		4,000		4,000
Columbia IDB PCR Refunding Bonds,
Series 1995-C, Alabama Power Co. Project (Alabama Power Gtd.),
0.50%, 3/2/09		10,000		10,000
Health Care Authority for Baptist Revenue VRDB, Series 2006-C
(AmSouth Bank Birmingham LOC),
0.62%, 3/9/09		11,400		11,400
West Jefferson IDB PCR Refunding Bonds,
Series 1998, Alabama Power Co. Project,
0.67%, 3/9/09		10,000		10,000
				39,400
Alaska - 0.3%
Valdez Marine Terminal Revenue Refunding Bonds,
Series 1993A, Exxon Pipeline Co. Project,
0.35%, 3/2/09		16,000		16,000
Arizona - 1.0%
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-1,
The Terraces Project (Lloyds TSB Bank LOC),
0.58%, 3/9/09		3,255		3,255
Arizona Health Facilities Authority Revenue Refunding Bonds, Series 2007,
The Terraces Project (Lloyds TSB Bank LOC),
0.57%, 3/9/09		1,900		1,900
Arizona Health Facilities Authority Revenue VRDB, Series 2002,
Royal Oaks Project (Bank of America N.A. LOC),
0.57%, 3/9/09		17,500		17,500
Arizona Health Facilities Authority Revenue VRDB,
Series 2008-B, Banner Health (Bank of Nova Scotia LOC),
0.65%, 3/9/09		1,720		1,720
Arizona School District TANS Financing Program COPS,
Series 2008,
3.00%, 7/30/09		9,000		9,050
Pima County IDA Revenue VRDB, Series 2002A,
Senior Living Facilities La Posada (Bank of America N.A. LOC),
0.57%, 3/9/09		16,745		16,745
Salt River Project Agricultural Improvement and Power District Electric
System Revenue Bonds, Citigroup ROCS RR-II-R-12029, (1)
1.00%, 3/9/09		6,890		6,890
Yuma IDA Hospital Revenue VRDB,
Series 2008, Yuma Regional Medical Center (JPMorgan Chase Bank LOC), (1)
0.70%, 3/9/09		300		300
				57,360
California - 1.8%
Antelope Valley-East Kern Water Agency COPS VRDB,
Series 2008 A-2 (Wells Fargo Bank N.A. LOC),
0.37%, 3/9/09		8,150		8,150
California Educational Facilities Authority Revenue VRDB,
Series 2005B, Pomona College,
0.40%, 3/9/09		3,850		3,850
California Health Facilities Financing Authority Revenue Bonds,
Series B1, Stanford Hospital (FSA Corp. Insured),
1.50%, 3/9/09		15,000		15,000

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
California - 1.8% continued
California State Department of Water Resources and Power Supply Revenue VRDB,
Series 2002C-1 (Dexia Credit Local LOC),
0.98%, 3/9/09	$	2,200	$	2,200
Subseries G3 (FSA Corp. Insured),
1.25%, 3/9/09		900		900
California State Economic Recovery G.O. VRDB,
Series 2004C-5,
0.85%, 3/2/09		10,000		10,000
Series 2004C-16 (FSA Corp. Insured),
2.00%, 3/9/09		8,410		8,410
California State G.O. VRDB, Series A, Subseries A-3
(Bank of America N.A. LOC),
0.48%, 3/9/09		3,030		3,030
East Bay Municipal Utility District Water System Revenue Refunding VRDB,
Subseries A-3,
1.25%, 3/9/09		5,800		5,800
Los Angeles Community Redevelopment Agency Multifamily Housing Revenue Refunding VRDB,
Series 2002, Grand Promenade Project (FHLMC Gtd.),
0.41%, 3/9/09		16,000		16,000
Metropolitan Water District of Southern California Waterworks Revenue Bonds,
Series 1999B,
0.35%, 3/9/09		5,500		5,500
Metropolitan Water District of Southern California Waterworks Revenue VRDB,
Series 2001C-1,
0.30%, 3/2/09		7,800		7,800
Series 2003B-3,
0.45%, 3/2/09		10,000		10,000
Orange County Housing Authority Development Revenue Refunding VRDB,
Series 1998 I, Oasis Martinique (FNMA Gtd.),
0.42%, 3/9/09		900		900
				97,540
Colorado - 2.7%
Base Village Metropolitan District Number 2 G.O. VRDB,
Limited Tax, Junior Series 2008-B (U.S. Bank N.A. LOC),
0.67%, 3/9/09		6,510		6,510
Castle Pines North Metropolitan District G.O. Refunding VRDB, Series 2006-C,
Limited Tax (U.S. Bank N.A. LOC),
0.70%, 3/9/09		2,905		2,905
Colorado Educational and Cultural Facilities Authority Revenue Bonds,
Concordia University Irvine Project (U.S. Bank N.A. LOC),
0.75%, 3/2/09		3,825		3,825
Colorado Educational and Cultural Facilities Authority Revenue Bonds,
Immanuel Lutheran School Project (Bank of America N.A. LOC),
0.75%, 3/2/09		6,240		6,240
Colorado Educational and Cultural Facilities Authority Revenue Bonds,
Series 2005, Bear Creek School Project (U.S. Bank N.A. LOC),
0.57%, 3/9/09		6,880		6,880
Colorado Educational and Cultural Facilities Authority Revenue Bonds,
Series 2006, Pueblo Serra Worship Holdings (Wells Fargo Bank N.A. LOC),
0.75%, 3/9/09		7,805		7,805
Colorado Health Facilities Authority Revenue Refunding VRDB,
Series 2008, The Evangelical (U.S. Bank N.A. LOC),
0.62%, 3/9/09		3,000		3,000
Colorado Health Facilities Authority Revenue VRDB, Series 2002,
Sisters of Charity Leavenworth Health,
0.61%, 3/9/09		2,500		2,500

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Colorado - 2.7% continued
Colorado Health Facilities Authority Revenue VRDB, Series 2002,
Total Long Term Care Project (U.S. Bank N.A. LOC),
0.61%, 3/9/09	$	2,780	$	2,780
Colorado Health Facilities Authority Revenue VRDB, Series 2004B,
Adventist Health System Sunbelt (SunTrust Bank LOC),
0.57%, 3/9/09		10,585		10,585
Colorado Health Facilities Authority Revenue VRDB, Series 2006-A,
Golden West Manor (U.S. Bank N.A. LOC),
0.70%, 3/9/09		2,580		2,580
Colorado Health Facilities Authority Revenue VRDB, Series 2008,
Frasier Meadows Community Project (JPMorgan Chase Bank LOC),
0.57%, 3/9/09		3,200		3,200
Colorado Springs School District Number 11 Facilities Corp. Refunding COPS,
Series 2004 (FSA Corp. Insured),
1.75%, 3/9/09		3,375		3,375
Colorado Springs Utilities System Revenue VRDB,
Series 2007-A,
1.42%, 3/9/09		34,215		34,215
Denver City and County Multifamily Housing Revenue Bonds,
Series 1985, Ogden Residences Project (CALYON LOC),
1.00%, 3/2/09		1,700		1,700
Denver Urban Renewal Authority Tax Increment Revenue VRDB,
Series 2008 A-2, Tax Allocation, Stapleton (U.S. Bank N.A. LOC),
0.60%, 3/9/09		800		800
Larkridge G.O. VRDB, Series 2004,
Metropolitan District Number 1 (U.S. Bank N.A. LOC),
0.65%, 3/9/09		10,000		10,000
Steamboat Springs Redevelopment Authority Tax Increment Revenue Bonds,
Series 2007, Base Area Redevelopment Project (Wells Fargo Bank N.A. LOC),
0.60%, 3/9/09		5,900		5,900
Telluride Excise Tax Revenue VRDB, Series 2007,
VY Floor Open Space Project (KeyBank N.A. LOC),
1.55%, 3/9/09		8,660		8,660
Traer Creek Metropolitan District Revenue VRDB, Series 2002, Avon
(BNP Paribas LOC),
0.80%, 3/9/09		13,855		13,855
Traer Creek Metropolitan District Revenue VRDB,
Series 2004 (BNP Paribas LOC),
0.80%, 3/9/09		10,200		10,200
				147,515
District of Columbia - 1.9%
District of Columbia G.O.,
Citi ROCS RR-II-R-11180WF (Wells Fargo & Co. Gtd.), (1)
0.72%, 3/9/09		16,300		16,300
District of Columbia G.O. Refunding VRDB,
Series 2008-C (Dexia Credit Local LOC),
1.25%, 3/9/09		12,000		12,000
Series D (Dexia Credit Local LOC),
1.20%, 3/9/09		20,000		20,000
District of Columbia Revenue VRDB, Series 2001,
Henry J. Kaiser Foundation,
0.67%, 3/9/09		4,700		4,700
District of Columbia Revenue VRDB, Series 2003,
American Psychological Association Project (Bank of America N.A. LOC),
0.67%, 3/9/09		2,350		2,350
District of Columbia Revenue VRDB, Series 2007,
Preparatory Academy (Manufacturers & Traders Trust Co. LOC),
0.72%, 3/9/09		9,580		9,580

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
District of Columbia - 1.9% continued
District of Columbia Revenue VRDB, Series 2008,
American Legacy Foundations,
1.17%, 3/9/09	$	6,000	$	6,000
Washington, District of Columbia Metro Area Transportation Authority Revenue
Municipal CP Notes, Series 2006-A (Wachovia Bank N.A. LOC),
0.40%, 3/6/09		33,900		33,900
				104,830
Florida - 9.6%
Broward County Educational Facilities Authority Revenue Bonds,
City College Project (Citibank N.A. LOC),
0.57%, 3/9/09		10,795		10,795
Charlotte County Utility Revenue Refunding VRDB, Series 2003A
(FSA Corp. Insured),
2.50%, 3/9/09		5,400		5,400
Citizens Property Insurance Corp. Revenue Notes,
Series 2008 A-2, Senior Secured,
4.50%, 6/1/09		43,500		43,608
Florida Keys Aqueduct Authority Water Revenue Refunding VRDB,
Series 2008 (Toronto-Dominion Bank LOC),
0.54%, 3/9/09		10,500		10,500
Florida Multifamily Housing Finance Agency Revenue Bonds, Series 1985,
Huntington (FHLMC Gtd.),
0.68%, 3/9/09		4,000		4,000
Florida Multifamily Housing Finance Agency Revenue Bonds, Series 1985,
River Oaks (FHLMC Insured),
0.62%, 3/9/09		4,200		4,200
Florida Multifamily Housing Finance Corp. Revenue Refunding Bonds, Series 1998,
South Pointe Project (FNMA Insured),
0.67%, 3/9/09		3,900		3,900
Florida Multifamily Housing Finance Corp. Revenue Refunding VRDB, Series 2004,
Maitland Apartments (FHLMC Gtd.),
0.64%, 3/9/09		19,575		19,575
Florida Multifamily Housing Finance Corp. Revenue Refunding VRDB, Series C,
Monterey Lake (FHLMC LOC),
0.67%, 3/9/09		7,325		7,325
Florida Multifamily Housing Finance Corp. Revenue Refunding VRDB, Series K,
Reflections (FHLMC Gtd.),
0.65%, 3/9/09		13,500		13,500
Florida Multifamily Housing Finance Corp. Revenue VRDB, Series 2008 L,
Hudson Ridge Apartments (FHLB LOC),
0.69%, 3/9/09		11,250		11,250
Florida State Board of Education G.O.,
Eagle 720050054 - Class A, (1)
0.69%, 3/9/09		10,000		10,000
Gainesville Utility System Revenue VRDB,
Series 2008-B,
0.47%, 3/9/09		7,330		7,330
Halifax Hospital Medical Center Revenue Refunding VRDB,
Series 2008 (Wachovia Bank N.A. LOC),
0.58%, 3/9/09		50,500		50,500
Hernando County IDR VRDB,
Series 2008, Goodwill Industries-Suncoast, Inc. (SunTrust Bank LOC),
0.62%, 3/9/09		5,000		5,000
Highlands County Health Facilities Authority Revenue Refunding VRDB, Series 2006-A,
Adventist Health (FSA Corp. Insured),
3.00%, 3/9/09		32,236		32,236
Highlands County Health Facilities Authority Revenue VRDB,
Series 1996A, Adventist/Sunbelt (SunTrust Bank LOC),
0.57%, 3/9/09		19,460		19,460

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Florida - 9.6% continued
Highlands County Health Facilities Authority Revenue VRDB,
Series 1997A, Adventist Health System (SunTrust Bank LOC),
0.57%, 3/9/09	$	14,135	$	14,135
Series 2003B, Adventist Health System (SunTrust Bank LOC),
0.65%, 3/9/09		17,450		17,450
Series 2007 A-2, Adventist Health System,
0.67%, 3/9/09		10,000		10,000
Highlands County Health Facilities Authority Revenue VRDB,
Series A, Adventist (SunTrust Bank LOC),
0.62%, 3/9/09		10,000		10,000
Series B, Adventist (SunTrust Bank LOC),
0.62%, 3/9/09		10,000		10,000
Jacksonville Transportation Revenue VRDB,
Series 2008-B,
1.60%, 3/9/09		13,500		13,500
Lakeland Energy System Revenue Refunding VRDB,
Series 2008-A (BNP Paribas LOC),
0.40%, 3/9/09		15,000		15,000
Lee County Multifamily HFA Revenue Refunding Bonds,
Series 1995-A, Forestwood Apartments Project (FNMA Gtd.),
0.61%, 3/9/09		11,085		11,085
Leesburg Hospital Revenue Refunding VRDB,
Series 2008-A, Leesburg Regional (Regions Bank LOC),
1.17%, 3/9/09		4,655		4,655
Marion County Hospital District Revenue Bonds, Series 2000,
Munroe Regional Health System (AmSouth Bank Birmingham LOC),
0.62%, 3/9/09		6,800		6,800
Orange County Health Facilities Authority Revenue VRDB,
Series 2008-D, Orlando Regional (SunTrust Bank LOC),
0.60%, 3/2/09		2,800		2,800
Orange County Multifamily HFA Revenue Refunding VRDB,
Series 1997, Post Fountains Project (FNMA Gtd.),
0.62%, 3/9/09		2,550		2,550
Orange County School Board COPS VRDB,
Series 2008-B (Assured Guaranty Insured),
1.85%, 3/9/09		6,300		6,300
Orlando and Orange County Expressway Authority Revenue Refunding VRDB,
Subseries 2008-B2 (SunTrust Bank LOC),
0.57%, 3/9/09		20,000		20,000
Orlando Utilities Commission Water and Electric Revenue VRDB,
Series 2002-B,
0.62%, 3/9/09		21,000		21,000
Palm Beach County School Board COPS, Series 2002B
(FSA Corp. Insured),
3.10%, 3/9/09		7,975		7,975
Pinellas County Health Facility Authority Revenue Refunding VRDB,
Series 2004, Bayfront Projects (SunTrust Bank LOC),
0.60%, 3/2/09		9,200		9,200
St. Petersburg Health Facilities Authority Revenue VRDB,
Series 2005-A-1, Children’s Hospital (Wachovia Bank N.A. LOC),
0.68%, 3/9/09		4,500		4,500
Sunshine Government Finance Authority CP,
Series L, Miami-Dade,
3.00%, 3/3/09		80,200		80,200
Volusia County Multifamily HFA Revenue Refunding Bonds,
Series 2002, Anatole Apartments (FNMA Insured),
0.62%, 3/9/09		1,150		1,150
				526,879

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Georgia - 2.0%
Clayton County Housing Authority Revenue Bonds, Series 1985, Rivers Edge Development (FHLMC Gtd.), 0.64%, 3/9/09	$	1,500	$	1,500
Cobb County Kennestone Hospital Authority Revenue VRDB, Series A, Certificates (SunTrust Bank LOC), 0.82%, 3/9/09		20,000		20,000
Cobb County Multifamily Housing Authority Revenue Bonds, Post Mill Project (FNMA Gtd.), 0.67%, 3/9/09		2,000		2,000
Cobb County Multifamily Housing Authority Revenue Refunding VRDB, Series 1999, Six Flags Association (FHLMC LOC), 0.67%, 3/9/09		5,290		5,290
Cobb County Multifamily Housing Authority Revenue VRDB, Series 1996, Post Bridge Project (FNMA Insured), 0.67%, 3/9/09		3,300		3,300
Fayette County Hospital Authority Revenue VRDB, Series 2007, RANS, Fayette Community Hospital Project (SunTrust Bank LOC), 0.62%, 3/9/09		8,000		8,000
Floyd County Development Authority Revenue VRDB, Series 2000, Darlington School Project (SunTrust Bank LOC), 0.72%, 3/9/09		2,600		2,600
Fulco Hospital Authority Revenue VRDB, Series 1999, Revenue Anticipation Certificates, Piedmont Hospital Project (SunTrust Bank LOC), 0.57%, 3/9/09		5,300		5,300
Fulton County Development Authority Revenue VRDB, Series 2004, Holy Innocents Episcopal School Project (SunTrust Bank LOC), 0.62%, 3/9/09		1,500		1,500
Gainesville and Hall County Development Authority Economic Development Corp. Revenue VRDB, Series 2007 (Dexia Credit Local LOC), 1.42%, 3/9/09		6,365		6,365
Gwinnett County Multifamily Housing Revenue VRDB, Series 1996, Post Corners Project (FNMA Gtd.), 0.60%, 3/9/09		7,400		7,400
Monroe Country Development Authority PCR VRDB, Scherer Project, 0.61%, 3/2/09		3,900		3,900
Private Colleges and Universities Authority Revenue VRDB, Series 2008A, Emory University, 1.75%, 7/7/09		6,000		6,000
Series C4, Emory University, 0.40%, 3/9/09		12,400		12,400
Richmond County Development Authority Revenue Bonds, Series 2008-A, MCG Health, Inc. Project (UBS AG LOC), 0.52%, 3/9/09		6,800		6,800
Richmond County Hospital Authority Revenue Bonds, Series 2003, Revenue Anticipation Certificates, University Health Services, Inc. Project (SunTrust Bank LOC), 0.62%, 3/9/09		3,750		3,750
Roswell Multifamily Housing Authority Revenue Refunding VRDB, Series 1994, Wood Crossing Project (FHLMC LOC), 0.61%, 3/9/09		3,300		3,300
Roswell Multifamily Housing Authority Revenue Refunding VRDB, Series 1996, Azalea Park Apartments (FNMA Insured), 0.67%, 3/9/09		5,400		5,400
Roswell Multifamily Housing Authority Revenue Refunding VRDB, Series 2002, Chambrel at Roswell Project (FNMA Gtd.), 0.65%, 3/9/09		2,100		2,100

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Georgia - 2.0% continued
Smyrna Multifamily Housing Authority Revenue Bonds, Series 1997, F & M Villages Project (FNMA Gtd.), 0.67%, 3/9/09	$	1,450	$	1,450
State of Georgia G.O. VRDB, Series 2006 H-1, 0.90%, 3/9/09		1,283		1,283
				109,638
Hawaii - 0.1%
Hawaii State Multifamily Housing Finance and Development Corp. Revenue VRDB, Series 2008, Lokahi Ka’u, 0.65%, 3/9/09		5,200		5,200
Idaho - 0.1%
Idaho Housing and Finance Association Nonprofit Facilities Revenue VRDB, Series 2008, College of Idaho Project (U.S. Bank N.A. LOC), 0.57%, 3/9/09		5,000		5,000
Illinois - 9.3%
Bridgeview G.O. Refunding VRDB, Series 2008 A-2 (Harris N.A. LOC), 0.82%, 3/9/09		17,500		17,500
Chicago Multifamily Housing Revenue VRDB, Series 2008-B, Hollywood House Apartments (Harris N.A. LOC), 0.78%, 3/9/09		3,350		3,350
Chicago Wastewater Transmission Revenue Refunding VRDB, Subseries 2008 C-1 (Harris N.A. LOC), 0.65%, 3/2/09		7,400		7,400
City of Aurora Revenue VRDB, Series 2003, Community Counseling Center of Fox Valley Project (Harris N.A. LOC), 0.62%, 3/9/09		3,210		3,210
City of Chicago G.O. Refunding VRDB, Series 2005D, Project Refunding (FSA Corp. Insured), 1.70%, 3/9/09		34,490		34,490
City of Chicago G.O. Refunding VRDB, Series 2007-E, 0.53%, 3/2/09		4,300		4,300
Crestwood Revenue VRDB, Series 2007, Trinity Christian College (Fifth Third Bank LOC), 2.00%, 3/9/09		14,600		14,600
Illinois Development Finance Authority Revenue Bonds, Series 1998, Glenwood School for Boys (Harris N.A. LOC), 0.65%, 3/9/09		1,400		1,400
Illinois Development Finance Authority Revenue VRDB, BAPS, Inc. Project (Comerica Bank LOC), 1.41%, 3/9/09		8,255		8,255
Illinois Development Finance Authority Revenue VRDB, Series 2002, Roosevelt University Project (JPMorgan Chase Bank LOC), 0.71%, 3/9/09		10,000		10,000
Illinois Development Finance Authority Revenue VRDB, Series 2003, Mount Carmel High School Project (JPMorgan Chase Bank LOC), 0.71%, 3/9/09		11,900		11,900
Illinois Educational Facilities Authority Revenue Bonds, Series 1985, Cultural Pool (JPMorgan Chase Bank LOC), 0.65%, 3/9/09		10,790		10,790
Illinois Educational Facilities Authority Revenue Bonds, Series 2003B, Augustana College (Harris N.A. LOC), 0.60%, 3/9/09		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

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Illinois - 9.3% continued
Illinois Educational Facilities Authority Revenue VRDB, Series 1999A, National Louis University (JPMorgan Chase Bank LOC), 0.65%, 3/9/09	$	10,150	$	10,150
Illinois Finance Authority PCR Refunding VRDB, Series 2008-F, Commonwealth Edison Co. (Bank of Nova Scotia LOC), 0.63%, 3/9/09		18,200		18,200
Illinois Finance Authority Revenue Bonds, Citigroup Eagle 20060115-Class A, Northwestern University, (1) 0.69%, 3/9/09		8,170		8,170
Illinois Finance Authority Revenue Bonds, Nazareth Academy Project (Harris N.A. LOC), 0.71%, 3/9/09		5,900		5,900
Illinois Finance Authority Revenue Bonds, Northwestern, Citi ROCS RR-II-R-12043, (1) 1.00%, 3/9/09		10,395		10,395
Illinois Finance Authority Revenue Bonds, Put Option, Series 2005, Mercy Alliance Project (Marshall & Ilsley Bank LOC), 2.30%, 3/9/09		11,585		11,585
Illinois Finance Authority Revenue Bonds, Series 2005, Joan W. & Irving B. Dance Project (Bank of America N.A. LOC), 0.71%, 3/9/09		10,100		10,100
Illinois Finance Authority Revenue Bonds, Series 2007, Erikson Project (Bank of America N.A. LOC), 0.65%, 3/9/09		6,000		6,000
Illinois Finance Authority Revenue Bonds, Series 2008, Chicago Horticultural Project (JPMorgan Chase Bank LOC), 0.71%, 3/9/09		9,000		9,000
Illinois Finance Authority Revenue Refunding VRDB, Series 2009 A-1, University of Chicago Medical (Wells Fargo Bank N.A. LOC), 0.58%, 3/9/09		3,200		3,200
Series 2009 A-2, University of Chicago Medical (Wells Fargo Bank N.A. LOC), 0.53%, 3/9/09		4,175		4,175
Series 2009 B-2, University of Chicago Medical (Bank of Montreal LOC), 0.57%, 3/2/09		4,700		4,700
Illinois Finance Authority Revenue VRDB, Easter Seals Metropolitan Chicago (Harris N.A. LOC), 0.62%, 3/9/09		7,700		7,700
Illinois Finance Authority Revenue VRDB, Series 2005C, Friendship Village Schaumburg (Bank of America N.A. LOC), 0.57%, 3/9/09		14,500		14,500
Illinois Finance Authority Revenue VRDB, Series 2007, North American Spine Society (Harris N.A. LOC), 0.62%, 3/9/09		12,500		12,500
Illinois Finance Authority Revenue VRDB, Series 2007-B, Sedgebrook, Inc. (Lloyds TSB Bank LOC), 0.57%, 3/9/09		19,420		19,420
Illinois Finance Authority Revenue VRDB, Series 2007 B-1, Northwestern Memorial Hospital, 0.55%, 3/9/09		12,500		12,500
Series 2009 A-2, Northwestern Memorial Hospital, 0.60%, 3/2/09		11,100		11,100
Series 2009 B-2, Northwestern Memorial Hospital, 0.63%, 3/9/09		12,950		12,950
Illinois Finance Authority Revenue VRDB, Series 2008, Rockford Memorial Hospital (JPMorgan Chase Bank LOC), 0.55%, 3/9/09		20,200		20,200

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Illinois - 9.3% continued
Illinois Finance Authority Revenue VRDB, Series 2008-A, Community Action Partnership (Harris N.A. LOC), 0.71%, 3/9/09	$	3,000	$	3,000
Illinois Finance Authority Revenue VRDB, Series A, Franciscan Communities (Bank of America N.A. LOC), 0.65%, 3/9/09		8,045		8,045
Illinois Finance Authority Revenue VRDB, Series B, Landing at Plymouth (Lloyds TSB Bank LOC), 0.58%, 3/9/09		2,300		2,300
Illinois Finance Authority Revenue VRDB, Series D, The Clare At Water Tower Project (Bank of America N.A. LOC), 0.57%, 3/9/09		31,250		31,250
Illinois Health Facilities Authority Revenue Refunding Bonds, Series 1996 B, Franciscan Eldercare Village (Bank of America N.A. LOC), 0.60%, 3/9/09		2,300		2,300
Illinois Municipal Electric Agency Power Supply Revenue Bonds, Citigroup ROCS RR-II-R-11185WF (Wells Fargo & Co. Gtd.), (1) 0.72%, 3/9/09		16,105		16,105
Illinois State Tollway Highway Authority Revenue Refunding VRDB, Series 2008A-2, Senior Priority, 2.75%, 3/9/09		33,300		33,300
Illinois State Tollway Highway Authority Revenue VRDB, Series A-1, Senior Priority, 3.50%, 3/9/09		2,200		2,200
Kane County Revenue Bonds, Series 1993, Glenwood School for Boys (Harris N.A. LOC), 1.13%, 3/9/09		2,000		2,000
Lake County Multifamily Housing Revenue VRDB, Series 2008, Whispering Oak Apartments Project (FHLMC Gtd.), 0.65%, 3/9/09		3,250		3,250
Lisle Multifamily Housing Revenue Refunding VRDB, Series 1996, Four Lakes Phase V (Bank of America N.A. LOC), 0.65%, 3/9/09		20,000		20,000
Lombard Multifamily Housing Revenue Refunding Bonds, Series 2000, Clover Creek Apartments Project (FNMA LOC), 0.64%, 3/9/09		11,915		11,915
Morton Grove Cultural Facilities Revenue VRDB, Series 2006, Holocaust Museum (Bank of America N.A. LOC), 0.70%, 3/9/09		4,750		4,750
Normal G.O. VRDB, Series 2003, McLean County Project, 0.66%, 3/9/09		1,000		1,000
Oak Forest Revenue Bonds, Series 1989, Homewood Pool – South Suburban Mayors and Managers Association Program (Fifth Third Bank LOC), 2.00%, 3/9/09		13,050		13,050
				505,895
Indiana - 2.3%
Daviess County Economic Development Revenue Refunding and Improvement VRDB, Daviess Community (KeyBank N.A. LOC), 0.70%, 3/9/09		9,800		9,800
Elkhart County Multifamily Housing Revenue VRDB, Series 2008 II-A, Ashton Pine Apartments (FHLB Indianapolis LOC), 0.60%, 3/9/09		8,000		8,000
Indiana Bond Bank Revenue Notes, Series 2008-A, Midyear Funding Program Notes, 3.00%, 5/28/09		10,000		10,028

MONEY MARKET PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Indiana - 2.3% continued
Indiana Bond Bank Revenue Notes, Series 2009-A, Advance Funding Program Notes, 2.00%, 1/5/10	$	20,000	$	20,151
Indiana Finance Authority Hospital Revenue Refunding VRDB, Series 2008-A, Clarian Health (Branch Banking & Trust Co. LOC), 0.62%, 3/9/09		14,600		14,600
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Series 2005, Harrison County Hospital Project (JPMorgan Chase Bank LOC), 0.65%, 3/2/09		7,900		7,900
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Series 2005A, Howard Regional Health System Project (Comerica Bank LOC), 1.40%, 3/2/09		8,600		8,600
Indiana Health Facility Financing Authority Revenue VRDB, Series 2001, Franciscan Eldercare Village Project (Bank of America N.A. LOC), 0.57%, 3/9/09		290		290
Indiana Health Facility Financing Authority Revenue VRDB, Series 2002B Fayette Memorial Hospital Association (U.S. Bank N.A. LOC), 0.65%, 3/2/09		6,615		6,615
Indiana Health Facility Financing Authority Revenue VRDB, Series 2004A, Margaret Mary Community Hospital Project (Fifth Third Bank LOC), 2.00%, 3/2/09		1,000		1,000
Indiana State Development Finance Authority Revenue VRDB, Series 2003, YMCA of Southwest Indiana Project (Wells Fargo Bank N.A. LOC), 0.58%, 3/9/09		2,800		2,800
Indiana State Finance Authority Revenue Refunding VRDB, Series 2008 D-2, Trinity Health, 0.55%, 3/9/09		5,000		5,000
Indiana State Finance Authority Revenue VRDB, Series 2008 E-3, Ascension Health Senior Center, 0.42%, 3/9/09		10,000		10,000
Indianapolis Economic Development Revenue VRDB, Series 2008, Brookhaven County Line Project (FNMA Gtd.), 0.65%, 3/9/09		18,000		18,000
Vincennes Economic Development Revenue VRDB, Knox County Association (Wells Fargo Bank N.A. LOC), 0.58%, 3/9/09		2,100		2,100
				124,884
Iowa - 1.1%
Grinnell Hospital Revenue Refunding VRDB, Series 2001, Grinnell Regional Medical Center Project (U.S. Bank N.A. LOC), 0.55%, 3/2/09		3,200		3,200
Iowa Finance Authority Economic Development Revenue VRDB, Series 2002, Iowa West Foundation Project (U.S. Bank N.A. LOC), 0.67%, 3/9/09		6,100		6,100
Iowa Finance Authority Private College Revenue VRDB, Series 2001, Morningside College Project (U.S. Bank N.A. LOC), 0.55%, 3/2/09		4,500		4,500
Iowa Finance Authority Retirement Community Revenue VRDB, Series 2007-C, Edgewater A Wesley (Banco Santander Central Hispano LOC), 0.59%, 3/9/09		20,000		20,000
Iowa Higher Education Loan Authority Revenue Bonds, Series 2002, Luther College Project (U.S. Bank N.A. LOC), 0.57%, 3/9/09		11,570		11,570
Iowa Higher Education Loan Authority Revenue Refunding VRDB, Series 2006, Private College Facilities, Loras (Bank of America N.A. LOC), 0.45%, 3/2/09		5,400		5,400
Iowa State School Cash Anticipation Program, Warrant Certificates, Series 2008-A (FSA Corp. Insured), 3.50%, 6/25/09		10,000		10,055
				60,825

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Kansas - 1.6%
Kansas Development Finance Authority Multifamily Revenue Refunding VRDB, Chesapeake Apartments Project (FHLMC LOC), 0.66%, 3/9/09	$	14,800	$	14,800
Kansas Development Finance Authority Revenue VRDB, Series 1998BB, Shalom Village Obligation Group (Citibank N.A. LOC), 0.58%, 3/9/09		3,360		3,360
Kansas Development Finance Authority Revenue VRDB, Series 2004C, Adventist Health System/Sunbelt (SunTrust Bank LOC), 0.60%, 3/9/09		13,300		13,300
Series 2004C, Adventist Health System/Sunbelt (SunTrust Bank LOC), 0.70%, 3/9/09		11,800		11,800
Kansas State Department of Transportation Highway Revenue Bonds, Series 2000B1, 0.42%, 3/2/09		15,385		15,385
Series 2000B2, 0.42%, 3/2/09		18,430		18,430
Olathe Multifamily Housing Revenue Refunding VRDB, Jefferson Place Apartments Project (FHLMC GIC), 0.63%, 3/9/09		7,780		7,780
				84,855
Kentucky - 2.8%
Boone County PCR Refunding Bonds, Series 2008-A, Duke Energy, Inc. Project (Wells Fargo Bank N.A. LOC), 0.53%, 3/9/09		6,500		6,500
City of Danville Municipal Pooled Lease Program (Fifth Third Bank LOC), 3.00%, 3/3/09		32,020		32,020
(Fifth Third Bank LOC), 1.85%, 3/5/09		51,590		51,590
Fort Mitchell League of Cities Revenue VRDB, Series 2002A, Trust Lease Program (U.S. Bank N.A. LOC), 0.60%, 3/9/09		7,800		7,800
Jefferson County Multifamily Housing Revenue Refunding VRDB, Series 2002, Camden Meadows Project (FNMA Insured), 0.63%, 3/9/09		8,200		8,200
Kentucky Asset Liability Commission General Fund TRANS, Series 2008-A, 3.00%, 6/25/09		10,000		10,038
Kentucky Rural Water Finance Corp. Public Project Revenue Construction Notes, Series 2009 B-1, 2.00%, 3/1/10		14,500		14,616
Morehead League of Cities Revenue VRDB, Series 2004A, Trust Lease Program (U.S. Bank N.A. LOC), 0.60%, 3/9/09		9,685		9,685
Warren County Hospital Revenue Refunding VRDB, Series 2008, Bowling Green-Warren (Assured Guaranty Insured), 0.67%, 3/9/09		8,555		8,555
Williamstown League of Cities Funding Trust Lease Revenue VRDB, Series 2009-B (U.S. Bank N.A. LOC), 0.60%, 3/9/09		5,000		5,000
				154,004
Louisiana - 2.3%
East Baton Rouge Parish PCR Refunding VRDB, Series 1993, Exxon Project (Exxon Mobil Corp. Gtd.), 0.30%, 3/2/09		9,050		9,050
Lafayette EDA Gulf Opportunity Zone Revenue VRDB, Series 2008, Stirling Lafayette LLC Project (Regions Bank LOC), 1.17%, 3/9/09		22,050		22,050

MONEY MARKET PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Louisiana - 2.3% continued
Lake Charles Harbor & Terminal District Revenue Bonds, Cogeneration Project (Rabobank Group GIC), 2.25%, 3/15/09	$	40,000	$	40,000
Louisiana Local Government Environmental Revenue VRDB, Series 2004C, University Monroe (Regions Bank LOC), 1.17%, 3/9/09		9,900		9,900
Louisiana Public Facilities Authority Hospital Revenue Bonds, Series 1985A, Hospital Equipment Financing and Refunding (JPMorgan Chase Bank LOC), 0.62%, 3/9/09		1,950		1,950
Louisiana Public Facilities Authority Multifamily Housing Revenue Refunding VRDB, Linlake Ventures Project (FHLMC LOC), 0.65%, 3/9/09		8,000		8,000
Louisiana Public Facilities Authority Revenue Refunding VRDB, Series 1988, Multifamily (FNMA LOC), 0.63%, 3/9/09		8,900		8,900
Louisiana Public Facilities Authority Revenue Refunding VRDB, Series 2008 D-2, Christus Health (Bank of Nova Scotia LOC), 0.64%, 3/9/09		6,250		6,250
Louisiana Public Facilities Authority Revenue VRDB, Series 2007, International Matex Tank Terminals (SunTrust Bank LOC), 0.62%, 3/9/09		10,000		10,000
Louisiana State Municipal Natural Gas Purchasing and District Authority Revenue Bonds, Series 1411Q, JPMorgan Putters (JPMorgan Chase and Co. LOC), (1) 0.67%, 3/9/09		11,760		11,760
				127,860
Maryland - 2.5%
Gaithersburg Economic Development Revenue VRDB, Series B, Asbury Maryland Obligation (KBC Bank N.V. LOC), 0.67%, 3/9/09		10,980		10,980
Maryland State Community Development Administration Department of Housing Revenue VRDB, Series 2008-G, Kirkwood Multifamily Housing (FHLMC LOC), 0.60%, 3/9/09		8,000		8,000
Maryland State Economic Development Corp. Revenue VRDB, Series 2008-A, Howard Hughes Medical Institute, 0.42%, 3/9/09		9,500		9,500
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds, Series A, Pooled Loan Program (JPMorgan Chase Bank LOC), 0.47%, 3/9/09		29,100		29,100
Maryland State Health and Higher Educational Facilities Authority Revenue Refunding VRDB, Series 2005B, Adventist Healthcare (Manufacturers & Traders Trust Co. LOC), 0.65%, 3/9/09		13,700		13,700
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series A, Adventist Healthcare (Manufacturers & Traders Trust Co. LOC), 0.65%, 3/9/09		9,640		9,640
Series 2005A, Adventist Healthcare (Bank of America N.A. LOC), 0.57%, 3/9/09		11,400		11,400
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008, Frederick Memorial Hospital (Branch Banking & Trust Co. LOC), 0.65%, 3/9/09		3,000		3,000
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008, Suburban Hospital (SunTrust Bank LOC), 0.62%, 3/9/09		5,500		5,500
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008-A, University of Maryland System (Citizens Bank of Pennsylvania LOC), 0.57%, 3/9/09		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), 0.62%, 3/9/09		11,500		11,500

MONEY MARKET PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Maryland - 2.5% continued
Montgomery County Economic Development Revenue VRDB, Series 2004, Riderwood Village, Inc. Project (Manufacturers & Traders Trust Co. LOC), 0.65%, 3/9/09	$	870	$	870
Prince Georges County Revenue Refunding VRDB, Series A, Collington Episcopal (Bank of America N.A. LOC), 0.57%, 3/9/09		10,000		10,000
Town of Chestertown Revenue Refunding VRDB, Series 2008-A, Economic Development Project, Washington College (RBS Citizens N.A. LOC), 0.65%, 3/9/09		7,000		7,000
				136,690
Massachusetts - 2.9%
Massachusetts State Development Finance Agency Revenue VRDB, Series 2003, Phillips Academy, 0.62%, 3/9/09		7,800		7,800
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Groton School, 0.69%, 3/9/09		10,000		10,000
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Seashore Port-Deaconess, Inc. (Banco Santander Central Hispano LOC), 0.49%, 3/9/09		7,755		7,755
Massachusetts State Development Finance Agency Revenue VRDB, Series 2008 U-5A, Boston University (RBS Citizens N.A. LOC), 0.38%, 3/2/09		20,500		20,500
Massachusetts State G.O. RANS, Series 2008-B, 4.00%, 4/30/09		38,000		38,111
Massachusetts State G.O. VRDB, Series 2006 A, Consolidated Loans, 1.20%, 3/2/09		1,000		1,000
Massachusetts State G.O. VRDB, Series B, 0.50%, 3/2/09		22,950		22,950
Massachusetts State Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2007-B, Suffolk University (JPMorgan Chase Bank LOC), 0.69%, 3/9/09		18,690		18,690
Massachusetts State Health and Educational Facilities Authority Revenue VRDB, Series 2007-A, Suffolk University (RBS Citizens N.A. LOC), 0.80%, 3/9/09		17,230		17,230
Massachusetts State Health and Educational Facilities Authority Revenue VRDB, Series 2008-C, Health System (Bank of America N.A. LOC), 0.47%, 3/9/09		8,020		8,020
Massachusetts State Water Resources Authority Revenue Refunding VRDB, Series 2008-A, 1.37%, 3/9/09		1,200		1,200
Series 2008-F, 0.35%, 3/9/09		1,515		1,515
University of Massachusetts Building Authority Revenue Refunding VRDB, Series 2008-4, Senior Community Gtd., 0.59%, 3/9/09		5,600		5,600
				160,371
Michigan - 3.5%
Ann Arbor Economic Development Corp. Limited Obligation Revenue Bonds, Series 2000A, Glacier Hills, Inc. Project (JPMorgan Chase Bank LOC), 0.57%, 3/9/09		185		185
Eastern Michigan University Revenue Refunding VRDB, Series 2008 (Dexia Credit Local LOC), 4.00%, 3/9/09		12,300		12,300
Grand Rapids Economic Development Corp. Revenue Refunding Bonds, Series 1991A, Amway Hotel (Bank of America N.A. LOC), 0.63%, 3/9/09		3,075		3,075

MONEY MARKET PORTFOLIOS 13 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Michigan - 3.5% continued
Jackson County Hospital Finance Authority Revenue Refunding Bonds, Foote Hospital (Assured Guaranty Insured), 0.80%, 3/9/09	$	6,300	$	6,300
Kent Hospital Finance Authority Revenue Refunding VRDB, Series 2008-B-1, Spectrum Health (RBS Citizens N.A. LOC), 0.62%, 3/9/09		14,700		14,700
Kentwood Economic Development Corp. Revenue Refunding VRDB, Series 2006B, Limited Obligation, Holland (Bank of America N.A. LOC), 0.57%, 3/9/09		12,275		12,275
Kentwood Economic Development Corp. Revenue VRDB, Series 2002B, Limited Obligation, Holland Home (Bank of America N.A. LOC), 0.57%, 3/9/09		4,160		4,160
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Series 2007A, Limited Obligation, Calvin (JPMorgan Chase Bank LOC), 2.06%, 3/9/09		13,300		13,300
Series 2007B, Limited Obligation, Calvin (JPMorgan Chase Bank LOC), 2.06%, 3/9/09		20,000		20,000
Michigan Municipal Bond Authority Revenue BANS, Series 2009, Clean Water, 3.00%, 7/15/09		16,800		16,933
Michigan Public Educational Facilities Authority Revenue Notes, Series 2008 A-2 (RBS Citizens N.A. LOC), 3.00%, 7/20/09		6,630		6,658
Michigan State Hospital Finance Authority Revenue VRDB, Marquette General Hospital (Assured Guaranty Insured), 0.71%, 3/9/09		20,000		20,000
Michigan State Hospital Finance Authority Revenue VRDB, Series 2002, Hospice of Michigan (Fifth Third Bank LOC), 2.00%, 3/9/09		3,600		3,600
Michigan State Hospital Finance Authority Revenue VRDB, Series 2004B, Holland Community Hospital (JPMorgan Chase Bank LOC), 0.62%, 3/9/09		7,500		7,500
Michigan State Hospital Finance Authority Revenue VRDB, Series 2008 B-4, Ascension Health Senior Center, 0.42%, 3/9/09		17,300		17,300
State of Michigan G.O. Notes, Series 2008-A, 3.00%, 9/30/09		30,000		30,163
Woodhaven Brownstown School District G.O. VRDB, Series 2004B, School Building & Site, 2.08%, 3/9/09		3,660		3,660
				192,109
Minnesota - 2.6%
Bloomington Port Authority Special Tax Revenue Refunding VRDB, Series 1999-B, Mall of America (FSA Corp. Insured), 0.80%, 3/9/09		11,900		11,900
Maple Grove Economic Development Revenue Bonds, Series 2004, Heritage Christian Academy (U.S. Bank N.A. LOC), 0.57%, 3/9/09		3,570		3,570
Minneapolis and St. Paul Housing and Redevelopment Authority Health Care System Revenue VRDB, Series C2, Allina Health (Wells Fargo Bank N.A. LOC), 0.42%, 3/9/09		9,950		9,950
Minneapolis Health Care System Revenue VRDB, Series 2008-E, Fairview Health Services (Wells Fargo Bank N.A. LOC), 0.37%, 3/9/09		6,500		6,500
Minneapolis Revenue Bonds, Series 2003A, Guthrie Theater Project (Wells Fargo Bank N.A. LOC), 0.53%, 3/9/09		900		900

MONEY MARKET PORTFOLIOS 14 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Minnesota - 2.6% continued
Minneapolis Student Housing Revenue VRDB, Series 2003, Riverton Community Housing Project (Bank of America N.A. LOC), 0.72%, 3/9/09	$	6,995	$	6,995
Minnesota Agricultural and Economic Development Board Revenue VRDB, Series 2008 C-4, Health Care Facilities - Essentia (Assured Guaranty Insured), 0.60%, 3/2/09		3,600		3,600
Minnesota Agricultural and Economic Development Board Revenue VRDB, YMCA of Metro Minneapolis Project (U.S. Bank N.A. LOC), 0.63%, 3/9/09		3,000		3,000
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 2004-A, College Street Scholastica - Six (Marshall & Ilsley Bank LOC), 2.65%, 3/2/09		7,690		7,690
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 20045Z, University St. Thomas (U.S. Bank N.A. LOC), 0.55%, 3/9/09		9,600		9,600
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 2007-6Q, Concordia University St. Paul (U.S. Bank N.A. LOC), 0.70%, 3/2/09		5,345		5,345
Oak Park Heights Multifamily Housing Revenue Refunding VRDB, Series 2005, Boutwells Landing (FHLMC Gtd.), 0.62%, 3/9/09		7,325		7,325
Robbinsdale Multifamily Housing Revenue Refunding VRDB, Series 2004-C, Copperfield Hill (Bank of America N.A. LOC), 0.72%, 3/9/09		3,500		3,500
Rochester Health Care Facilities Revenue VRDB, Series C, Mayo Foundation, 0.25%, 3/9/09		6,500		6,500
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), 0.53%, 3/9/09		10,005		10,005
St. Paul Port Authority District Revenue VRDB, Series 2001-1-M (Dexia Credit Local LOC), 2.40%, 3/2/09		1,200		1,200
University of Minnesota Revenue VRDB, Series 2001C, 0.35%, 3/9/09		35,000		35,000
				142,580
Mississippi - 1.6%
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007, SG Resources Mississippi LLC Project (SunTrust Bank LOC), 0.62%, 3/9/09		10,000		10,000
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007-D, Chevron USA, Inc. Project, 0.57%, 3/2/09		14,700		14,700
Series 2007-E, Chevron USA, Inc. Project, 0.50%, 3/2/09		19,500		19,500
Mississippi Business Finance Corp. Revenue VRDB, Series 2007-A, CPX Gulfport OPAG LLC (Wachovia Bank N.A. LOC), 0.67%, 3/9/09		12,935		12,935
Mississippi Business Finance Corp. Revenue VRDB, Series 2007-A, PSL North America LLC (JPMorgan Chase Bank LOC), 0.57%, 3/9/09		8,300		8,300
Mississippi Business Finance Corp. Revenue VRDB, Series 2008, Promenade D Iberville Project (Wachovia Bank N.A. LOC), 0.58%, 3/9/09		10,000		10,000

MONEY MARKET PORTFOLIOS 15 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Mississippi - 1.6% continued
Mississippi Hospital Equipment and Facilities Authority Revenue VRDB, Mississippi Health, 0.50%, 3/9/09	$	4,968	$	4,968
Mississippi Hospital Equipment and Facilities Authority Revenue VRDB, Series 2006, Mississippi Baptist Health System (AmSouth Bank Birmingham LOC), 1.17%, 3/9/09		8,500		8,500
				88,903
Missouri - 3.7%
Chesterfield IDA Educational Facilities Revenue VRDB, Series 2003, Gateway Academy, Inc. Project (U.S. Bank N.A. LOC), 0.65%, 3/2/09		4,840		4,840
Independence IDA Multifamily Housing Revenue Refunding VRDB, Series 2005, The Mansions Project (FHLMC LOC), 0.64%, 3/9/09		4,140		4,140
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Series 1995, Willow Creek IV Apartments (FNMA Insured), 0.65%, 3/9/09		8,495		8,495
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Series 2000, Coach House North Apartments (FHLMC LOC), 0.66%, 3/9/09		8,000		8,000
Kansas City IDA Multifamily Housing Revenue VRDB, Series 2002, Cloverset Apartments Project (FNMA LOC), 0.62%, 3/9/09		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 VRDB, Series 1999B, St. Louis University, 0.65%, 3/2/09		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), 2.01%, 3/9/09		4,495		4,495
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2000, Lutheran Senior Services Project (U.S. Bank N.A. LOC), 0.60%, 3/9/09		9,210		9,210
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2002, De Smet Jesuit High School (U.S. Bank N.A. LOC), 0.55%, 3/2/09		3,300		3,300
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2003, Southwest Baptist University Project (Bank of America N.A. LOC), 0.65%, 3/2/09		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), 0.55%, 3/2/09		3,295		3,295
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2004B, Washington University, 0.45%, 3/2/09		12,740		12,740
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2007, Lutheran Church Extension (Fifth Third Bank LOC), 2.55%, 3/2/09		31,630		31,630
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2008, Lutheran Senior Services Project (U.S. Bank N.A. LOC), 0.57%, 3/9/09		9,000		9,000
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2008-A, BJC Health Systems, 0.30%, 3/9/09		19,000		19,000

MONEY MARKET PORTFOLIOS 16 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Missouri - 3.7% continued
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2008-D, Sisters Mercy Health, 0.55%, 3/9/09	$	20,000	$	20,000
Series 2008-F, Sisters Mercy Health, 0.60%, 3/9/09		16,600		16,600
South Point Hunter Ridge Trust Revenue VRDB Certificate Series Trust Various States, Series 2005A (Wachovia Bank N.A. LOC), (1) 0.96%, 3/9/09		10,575		10,575
Series 2005B (Wachovia Bank N.A. LOC), (1) 0.96%, 3/9/09		8,365		8,365
St. Charles County IDA Revenue Refunding VRDB, Country Club Apartments Project (FNMA LOC), 0.69%, 3/9/09		4,000		4,000
St. Louis County IDA Revenue VRDB, Series B, Friendship Village South (Bank of America N.A. LOC), 0.62%, 3/9/09		5,615		5,615
				199,710
Nevada - 0.9%
Carson City Hospital Revenue VRDB, Series 2003-B, Carson Tahoe Hospital Project (U.S. Bank N.A. LOC), 0.57%, 3/9/09		9,700		9,700
Carson City Hospital Revenue VRDB, Series 2003-B, Carson Tahoe Regional Medical Center (U.S. Bank N.A. LOC), 0.57%, 3/9/09		5,225		5,225
Las Vegas Economic Development Revenue VRDB, Series A, Keep Memory Alive Project (Bank of New York LOC), 0.67%, 3/9/09		24,500		24,500
Las Vegas Valley Water District G.O., Series B, Water Improvement, 0.60%, 3/2/09		7,100		7,100
				46,525
New Hampshire - 0.5%
New Hampshire Business Finance Authority Revenue VRDB, Series 2008, Alice Peck Day Health System (Toronto-Dominion Bank LOC), 0.55%, 3/2/09		6,000		6,000
New Hampshire Health and Educational Facilities Authority Revenue VRDB, Riverwoods at Exeter (Bank of America N.A. LOC), 0.67%, 3/9/09		12,360		12,360
New Hampshire Health and Educational Facilities Authority Revenue VRDB, Series 2006, Tilton School (Bank of Nova Scotia LOC), 0.67%, 3/9/09		8,410		8,410
				26,770
New Jersey - 1.2%
New Jersey EDA Revenue Bonds, Passaic Hebrew Institution (Bank of Nova Scotia LOC), 0.46%, 3/9/09		1,000		1,000
New Jersey EDA Revenue Refunding VRDB, Series 2006-A, Cedar Crest Village, Inc. (Bank of New York LOC), 0.44%, 3/9/09		1,300		1,300
New Jersey State Turnpike Authority Revenue VRDB, Series 2009-D (Bank of Nova Scotia LOC), 0.40%, 3/9/09		4,200		4,200
New Jersey TRANS, Series 2008-A, 3.00%, 6/25/09		60,000		60,264
				66,764

MONEY MARKET PORTFOLIOS 17 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
New Mexico - 0.9%
New Mexico Finance Authority Revenue Refunding Bonds, Subseries 2008 A-2, Sub Lien (UBS AG LOC), 0.50%, 3/9/09	$	8,000	$	8,000
New Mexico Hospital Equipment Loan Council Revenue VRDB, Series 2008-C, Presbyterian Healthcare, 0.45%, 3/9/09		21,000		21,000
New Mexico Mortgage Finance Authority Housing Revenue VRDB, Series A, Villas San Ignacio (FNMA LOC), 0.62%, 3/9/09		8,000		8,000
Portales Student Housing Revenue VRDB, Series 2006-A, CHF Portales LLC (Banco Santander Central Hispano LOC), 0.60%, 3/9/09		13,520		13,520
				50,520
New York - 3.5%
Chemung County IDA Revenue VRDB, Series 2007-A, Elmira College Project (JPMorgan Chase Bank LOC), 0.69%, 3/9/09		7,100		7,100
City of New York G.O., Subseries J-10, Fiscal 2008, 0.40%, 3/9/09		4,720		4,720
Metropolitan Transportation Authority Revenue Bonds, Citigroup Eagle 20080030 Class A (Berkshire Hathaway, Inc., Gtd.), (1) 1.04%, 3/9/09		28,000		28,000
Metropolitan Transportation Authority Revenue VRDB, Series G1 (Bank of Nova Scotia LOC), 0.45%, 3/9/09		14,325		14,325
Metropolitan Transportation Authority Revenue Tax Exempt Municipal CP, 2007-C (ABN AMRO Bank NV LOC), 0.75%, 5/5/09		30,000		30,000
New York City Housing Development Corp. Multifamily Rent Housing Revenue VRDB, Series A, Gold Street (FNMA Insured), 0.48%, 3/9/09		14,700		14,700
New York City Industrial Development Agency Civic Facilities Revenue VRDB, Series 2006, Cong Machne Chaim, Inc. (Banco Santander Central Hispano LOC), 0.67%, 3/9/09		8,400		8,400
New York City Municipal Water Finance Authority Water and Sewer Revenue VRDB, Subseries 2008 B-1, 0.40%, 3/9/09		50,000		50,000
New York State Dormitory Authority State Supported Debt Revenue Bonds, Series 1999-A, New York Library (Toronto-Dominion Bank LOC), 0.35%, 3/9/09		7,625		7,625
New York State Dormitory Authority Non State Supported Debt Revenue VRDB, Series 2008-B, Cornell University, 0.40%, 3/2/09		9,700		9,700
New York State Urban Development Corp. Revenue VRDB, Series A3A, State Facilities, 0.75%, 3/9/09		18,900		18,900
				193,470
North Carolina - 3.7%
Charlotte G.O. VRDB, 0.65%, 3/9/09		8,300		8,300
City of Greensboro Street Improvement G.O. VRDB, 0.65%, 3/9/09		10,000		10,000
Durham County Industrial Facilities and Pollution Control Financing Authority Revenue VRDB, Series 2007, Research Triangle (SunTrust Bank LOC), 0.50%, 3/9/09		7,440		7,440

MONEY MARKET PORTFOLIOS 18 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
North Carolina - 3.7% continued
North Carolina Capital Facilities Finance Agency Revenue VRDB, Elon University (Bank of America N.A. LOC), 0.65%, 3/9/09	$	8,400	$	8,400
North Carolina Capital Facilities Finance Agency Revenue VRDB, Series 2007, High Point University Project (Branch Banking & Trust Co. LOC), 0.68%, 3/9/09		10,500		10,500
Series 2008, High Point University Project (Branch Banking & Trust Co. LOC), 0.68%, 3/9/09		10,000		10,000
North Carolina Medical Care Commission Healthcare Facilities Revenue Refunding Bonds, Series 2005-C, Duke University Health System, 0.62%, 3/9/09		11,550		11,550
North Carolina Medical Care Commission Healthcare Facilities Revenue Refunding VRDB, Series 2007, Lutheran Retirement Project (SunTrust Bank LOC), 0.65%, 3/9/09		2,500		2,500
North Carolina Medical Care Commission Healthcare Facilities Revenue Refunding VRDB, Series 2008-A, Wake Forest University (Branch Banking & Trust Co. LOC), 0.58%, 3/9/09		10,000		10,000
North Carolina Medical Care Commission Healthcare Facilities Revenue VRDB, Series 2004-A, Novant Health Group, 0.53%, 3/9/09		32,950		32,950
North Carolina Medical Care Commission Hospital Revenue VRDB, Randolph Hospital (Bank of America N.A. LOC), 0.60%, 3/2/09		14,000		14,000
North Carolina Medical Care Commission Retirement Facilities Revenue VRDB, Series 2001, Aldersgate Project (Branch Banking & Trust Co. LOC), 0.64%, 3/9/09		13,765		13,765
North Carolina Medical Care Commission Retirement Facilities Revenue VRDB, Series 2007-C, First Mortgage, Southminster (Banco Santander Central Hispano LOC), 0.58%, 3/9/09		5,900		5,900
Union County G.O. VRDB, Series 2007-C, 0.66%, 3/9/09		14,385		14,385
University of North Carolina Revenue Bonds, Citigroup Eagle 720053014 Class 2005A, (1) 0.69%, 3/9/09		18,400		18,400
Wake County G.O. BANS, Series 2008, 3.50%, 10/15/09		15,000		15,166
Wake County G.O. VRDB, Series 2003C, Public Improvement Bonds, 0.60%, 3/9/09		9,400		9,400
				202,656
Ohio - 1.7%
Cleveland-Cuyahoga County Port Authority Revenue VRDB, Series 2007, Carnegie/89th Garage Project (JPMorgan Chase Bank LOC), 0.53%, 3/9/09		15,200		15,200
Clinton County Hospital Revenue Refunding VRDB, Series 2002 A-1, Memorial Hospital Project (Fifth Third Bank LOC), 4.00%, 3/9/09		7,745		7,745
Cuyahoga County Healthcare Facilities Revenue Bonds, McGregor AMASA Stone (KeyBank N.A. LOC), 0.70%, 3/9/09		100		100
Franklin County Healthcare Facilities Revenue Refunding Bonds, Series 2005, Chelsea First Community (KBC Bank N.V. LOC), 0.64%, 3/9/09		12,500		12,500
Franklin County Hospital Revenue Refunding VRDB, Series 1996-B, U.S. Health Corp. of Columbus (Citibank N.A. LOC), 0.53%, 3/9/09		380		380

MONEY MARKET PORTFOLIOS 19 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Ohio - 1.7% continued
Hamilton County Hospital Facilities Revenue VRDB, Series 2007-N, Children’s Hospital Medical Center (JPMorgan Chase Bank LOC), 0.60%, 3/9/09	$	5,000	$	5,000
Licking County Health Care Facilities Revenue Refunding VRDB, Series 2003, Kendal (Bank of Scotland PLC LOC), 0.62%, 3/9/09		18,625		18,625
Ohio State Air Quality Development Authority Revenue Refunding VRDB, Series 2006A, Pollution Control, Firstenergy (KeyBank N.A. LOC), 0.70%, 3/9/09		13,800		13,800
Ohio State Higher Educational Facility Commission Revenue VRDB, Series 2008 B-2, Cleveland Clinic, 0.40%, 3/2/09		3,000		3,000
Ohio State Higher Educational Facility Commission Revenue VRDB, Series 2008-C, University Hospital Health System (Wells Fargo Bank N.A. LOC), 0.50%, 3/9/09		12,300		12,300
Ohio State University Revenue VRDB, Series 2008-B, General Receipts, 0.45%, 3/9/09		1,000		1,000
Richland County Health Care Facilities Revenue Refunding Bonds, Series 2004-A, Wesleyan Senior Living (JPMorgan Chase Bank LOC), 0.60%, 3/9/09		1,105		1,105
				90,755
Oklahoma - 0.5%
Oklahoma State Industrial Authority and Educational Facilities Revenue VRDB, Oklahoma Christian University Project (Bank of America N.A. LOC), 0.70%, 3/9/09		23,100		23,100
Oklahoma Water Resource Board State Loan Program Revenue VRDB, 1.65%, 3/2/09		4,820		4,820
				27,920
Oregon - 1.1%
Clackamas County Hospital Facility Authority Revenue Refunding VRDB, Willamette Series A-1 (Bank of New York LOC), 0.57%, 3/9/09		5,200		5,200
Clackamas County Hospital Facility Authority Revenue VRDB, Series 2008-A, Legacy Health System (U.S. Bank N.A. LOC), 0.55%, 3/9/09		13,700		13,700
Oregon State Facilities Authority Revenue VRDB, Series 2005A, Quatama Crossing Housing (FNMA LOC), 0.64%, 3/9/09		10,145		10,145
Salem Hospital Facility Authority Revenue VRDB, Series 2008-B, Salem Hospital Project (U.S. Bank N.A. LOC), 0.50%, 3/9/09		6,000		6,000
State of Oregon G.O. TRANS, Series 2008-A, 3.00%, 6/30/09		25,000		25,106
				60,151
Pennsylvania - 2.2%
Allegheny County Hospital Development Authority Revenue VRDB, Series 2003, UPMC Senior Living Corp. (FNMA LOC), 0.62%, 3/9/09		8,950		8,950
Allentown Redevelopment Authority Revenue Refunding Bonds, Series 1990, Arcadia Association Project (Societe Generale LOC), 0.72%, 3/9/09		6,000		6,000
Delaware River Joint Toll Bridge Commission Revenue VRDB, Series B-1 (Dexia Credit Local LOC), 1.60%, 3/9/09		8,000		8,000

MONEY MARKET PORTFOLIOS 20 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Pennsylvania - 2.2% continued
Lancaster County Hospital Authority Revenue VRDB, Series 2000, Quarryville Presbyterian (Manufacturers & Traders Trust Co. LOC), 0.65%, 3/9/09	$	14,545	$	14,545
Lancaster IDA Revenue VRDB, Series 2007, Mennonite Home Project (Manufacturers & Traders Trust Co. LOC), 0.72%, 3/9/09		26,615		26,615
Pennsylvania Higher Educational Facilities Authority College and University Revenue VRDB, Series 2007, Pennsylvania College of Optometry (Wachovia Bank N.A. LOC), 0.61%, 3/9/09		8,095		8,095
Pennsylvania Turnpike Commission Revenue VRDB, Series 2002B, 2.00%, 3/9/09		19,350		19,350
Philadelphia Water and Wastewater Revenue Refunding VRDB, Series 2003 (FSA Corp. Insured), 3.12%, 3/9/09		18,150		18,150
Pittsburgh Urban Redevelopment Authority Water and Sewer System Revenue Refunding VRDB, Subseries 2008 C-1 (FSA Corp. Insured), 2.15%, 3/9/09		8,910		8,910
Southcentral General Authority Revenue VRDB, Series 2008-B, Wellspan Health Obligation Group (Royal Bank of Scotland PLC LOC), 0.62%, 3/9/09		100		100
				118,715
Rhode Island - 0.2%
Rhode Island State Industrial Facilities Corp. Marine Terminal Revenue Refunding VRDB, Series 2001, Exxon Mobil Project (Exxon Mobil Corp. Gtd.), 0.35%, 3/2/09		9,500		9,500
South Carolina - 1.0%
Charleston Educational Excellence Finance Corp. Revenue Bonds, Citigroup ROCS RR-II-R-497M, (1) 0.68%, 3/9/09		9,115		9,115
Greenville Hospital System Board Facilities Revenue Refunding VRDB, Series 2008-D (Wachovia Bank N.A. LOC), 0.58%, 3/9/09		7,900		7,900
Oconee County PCR Refunding VRDB, Series 1993, Duke Energy Corp. (SunTrust Bank LOC), 0.62%, 3/9/09		4,950		4,950
Piedmont Municipal Power Agency Revenue VRDB, Series 2008-C (Assured Guaranty Insured), 2.75%, 3/9/09		10,000		10,000
South Carolina Jobs EDA Revenue Bonds, Series 2003, Medical University Facilities Corp. Project (Wachovia Bank N.A. LOC), 0.61%, 3/9/09		4,800		4,800
South Carolina Jobs EDA Revenue Bonds, Series 2003-A, Presbyterian Home Project (Wachovia Bank N.A. LOC), 0.68%, 3/9/09		4,270		4,270
South Carolina Transportation Infrastructure Bank Revenue Refunding VRDB, Series B2 (Branch Banking & Trust Co. LOC), 0.64%, 3/9/09		15,125		15,125
				56,160
South Dakota - 0.1%
South Dakota Health and Educational Facilities Authority Revenue VRDB, Series 2004-B, Sioux Valley Hospital and Health (U.S. Bank N.A. LOC), 0.72%, 3/9/09		4,705		4,705

MONEY MARKET PORTFOLIOS 21 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Tennessee - 2.3%
Blount County Public Building Authority Revenue VRDB, Series 2008 C-3-A, Local Government Public Improvement, 0.68%, 3/9/09	$	8,000	$	8,000
Series 2008 E-1-A, Local Government Public Improvement (SunTrust Bank LOC), 0.60%, 3/2/09		7,000		7,000
Series C1-A, Local Government Public Improvement, 0.62%, 3/9/09		13,000		13,000
Hendersonville IDB Multifamily Housing Revenue Refunding VRDB, Windsor Park (FNMA Insured), 0.67%, 3/9/09		3,095		3,095
Knox County Health, Educational and Housing Facilities Board Revenue Refunding VRDB, Series 2001-A-2, Cookeville Regional Project (AmSouth Bank Birmingham LOC), 1.47%, 3/9/09		6,310		6,310
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board Revenue Refunding Bonds, Richland Place, Inc. Project (SunTrust Bank LOC), 0.62%, 3/9/09		6,000		6,000
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 1989, Multifamily Housing, Belle (Societe Generale LOC), 0.72%, 3/9/09		9,680		9,680
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2002, University of Nashville Project (SunTrust Bank LOC), 0.82%, 3/9/09		400		400
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2004, Ridgelake Apartments Project (FHLMC Gtd.), 0.65%, 3/9/09		17,029		17,029
Montgomery County Public Building Authority Revenue Bonds, Series 2002, Tennessee County Loan Pool (Bank of America N.A. LOC), 0.60%, 3/2/09		8,710		8,710
Montgomery County Public Building Authority Revenue Bonds, Tennessee County Loan Pool (Bank of America N.A. LOC), 0.60%, 3/2/09		1,000		1,000
Municipal Energy Acquisition Corp. Revenue Bonds, Series 1579-2006, Putters (JPMorgan Chase and Co. LOC), (1) 0.67%, 3/9/09		15,480		15,480
Shelby County Health, Educational and Housing Facilities Board Revenue VRDB, Series 2003, St. Benedict Auburndale School Project (AmSouth Bank Birmingham LOC), 1.17%, 3/9/09		3,100		3,100
Shelby County Health, Educational and Housing Facilities Board Revenue VRDB, Series 2007, Tipton Rosemark Academy (Regions Bank LOC), 1.17%, 3/9/09		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), 0.67%, 3/9/09		6,000		6,000
Tennergy Corp. Gas Revenue Bonds, Series 1258Q, Putters (JPMorgan Chase and Co. LOC), (1) 0.66%, 3/9/09		11,105		11,105
				123,954
Texas - 8.0%
Atascosa County Industrial Development Corp. PCR Refunding VRDB, Series 2008, San Miguel Electric Cooperative, 0.70%, 3/9/09		9,600		9,600
Austin Hotel Occupancy Tax Revenue Refunding VRDB, Subseries 2008-A, Sub Lien (Dexia Credit Local LOC), 2.75%, 3/9/09		6,260		6,260
Bexar County and Clear Creek Revenue Bonds, Series 2007-28, Clipper Tax-Exempt Certificate Trust, (1) 0.72%, 3/9/09		6,255		6,255

MONEY MARKET PORTFOLIOS 22 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Texas - 8.0% continued
Bexar County Housing Finance Corp. Multifamily Housing Revenue VRDB, Series 2005-A, Summit Hills Apartments Project (FHLMC Insured), 0.72%, 3/9/09	$	3,500	$	3,500
Brazos County Health Facilities Development Corp. Revenue Refunding VRDB, Series 2009, Burleson St. Joseph (Wells Fargo Bank N.A. LOC), 0.58%, 3/9/09		8,125		8,125
Crawford Education Facilities Corp. Revenue Bonds, Series 2008, Hyde Park Baptist School Project (JPMorgan Chase Bank LOC), 0.57%, 3/9/09		1,225		1,225
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
Gulf Coast Waste Disposal Authority PCR Refunding Bonds, Exxon Project, 0.30%, 3/2/09		1,700		1,700
Gulf Coast Waste Disposal Authority PCR Refunding Bonds, Series 1995, Exxon Project (Exxon Mobil Corp. Gtd.), 0.30%, 3/2/09		9,200		9,200
Gulf Coast Waste Disposal Authority PCR Refunding VRDB, Amoco Oil, 0.35%, 3/2/09		15,800		15,800
Harris County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds, Series 2008-A, Texas Medical Center (JPMorgan Chase Bank LOC), 0.60%, 3/2/09		6,300		6,300
Harris County Cultural Education Facilities Finance Corp. Revenue Refunding VRDB, Series 2008 D-3, Hermann Health (Compass Bank LOC), 0.48%, 3/9/09		3,625		3,625
Harris County Cultural Education Facilities Finance Corp. Revenue Refunding VRDB, Subseries 2008 B-2, Texas Medical Center (Compass Bank LOC), 0.53%, 3/9/09		4,850		4,850
Harris County Industrial Development Corp. PCR Bonds, Series 1984, Exxon Project (Exxon Mobil Corp. Gtd.), 0.30%, 3/2/09		3,500		3,500
HFDC of Central Texas, Inc. Retirement Facilities Revenue VRDB, Series 2006 C, Village Gleannloch Farms (Citibank N.A. LOC), 0.65%, 3/9/09		6,450		6,450
Houston Independent School District G.O. 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, Fort Bend, Harris and Waller Counties, CSH Building (PSF of Texas Gtd.), 0.55%, 3/9/09		3,600		3,600
Lovejoy Texas Independent School District G.O., Series DB-514, Deutsche Bank Spears/Lifers Trust Various States (PSF of Texas Gtd.), (1) 0.62%, 3/9/09		3,275		3,275
Midway Independent School District G.O. VRDB, Series 2008-A, School Building (PSF of Texas Gtd.), 3.13%, 8/1/09		12,500		12,623
Oakbend Medical Center Revenue VRDB, Series 2008 (Regions Bank LOC), 0.75%, 3/2/09		16,000		16,000
Tarrant County Cultural Education Facilities Finance Corp. Revenue VRDB, Series 2008-C, Texas Health Resources, 0.35%, 3/2/09		28,790		28,790

MONEY MARKET PORTFOLIOS 23 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Texas - 8.0% continued
Tarrant County Health Facilities Development Corp. Revenue VRDB, Series A, Adventist Health System - Sunbelt (SunTrust Bank LOC), 0.57%, 3/9/09	$	5,555	$	5,555
Tarrant County Housing Finance Corp. Revenue VRDB, Series 2003, Gateway Arlington Apartments Project (FNMA Gtd.), 0.65%, 3/9/09		1,565		1,565
Texas State Transportation Commission Revenue VRDB, Series B, First Tier, 0.59%, 3/9/09		6,950		6,950
Texas TRANS, Series 2008, 3.00%, 8/28/09		130,000		130,880
Texas Water Development Board Revenue Refunding VRDB, Series 2007-A, Sub Lien, 0.45%, 3/2/09		57,748		57,748
Travis County Housing Finance Corp. Student Housing Revenue Bonds, College Houses Project (Wachovia Bank N.A. LOC), 0.57%, 3/9/09		10,850		10,850
University of Texas Revenue VRDB, Series 2008-B, Financing System, 0.38%, 3/9/09		20,900		20,900
				434,726
Utah - 0.4%
Duchesne County Hospital Development Revenue VRDB, Series 2007A, Uintah Basin Medical Center (JPMorgan Chase Bank LOC), 0.67%, 3/9/09		9,000		9,000
Utah State Board of Regents Revenue Refunding VRDB, University of Utah Hospital (Wells Fargo Bank N.A. LOC), 0.35%, 3/9/09		3,100		3,100
Utah Water Finance Agency Revenue VRDB, Series 2008 B-3, 0.72%, 3/9/09		7,100		7,100
				19,200
Vermont - 0.2%
Vermont Educational & Health Buildings Financing Agency Revenue Refunding VRDB, Series 2008-A, Fletcher Allen (Toronto-Dominion Bank LOC), 0.55%, 3/9/09		9,120		9,120
Virginia - 1.4%
Charlottesville IDA Educational Facilities Revenue Bonds, Series 2006-A, University of Virginia Foundation Projects (Wachovia Bank N.A. LOC), 0.58%, 3/9/09		30,000		30,000
Fairfax County Water Authority Revenue Bonds, Citigroup Eagle 200691 Class A (U.S. Treasuries Escrowed), (1) 0.69%, 3/9/09		3,000		3,000
Hampton Redevelopment and Multifamily Housing Authority Revenue Refunding VRDB, Hampton Center Apartments Project (FHLMC Insured), 0.62%, 3/9/09		4,000		4,000
Madison County IDA Educational Facilities Revenue VRDB, Woodberry Forest School (SunTrust Bank LOC), 0.60%, 3/2/09		5,000		5,000
University of Virginia Revenue Bonds, Citigroup Eagle 20060017, Class A, (1) 0.65%, 3/9/09		12,000		12,000
Virginia College Building Authority Revenue VRDB, Series 2004, University of Richmond Project, 0.62%, 3/9/09		4,200		4,200
Virginia Small Business Financing Authority Revenue VRDB, Series 2008, Museum Fine Arts Foundation (Wachovia Bank N.A. LOC), 0.58%, 3/9/09		20,000		20,000
				78,200

MONEY MARKET PORTFOLIOS 24 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Washington - 3.5%
Energy Northwest Electric Revenue Refunding VRDB, Subseries 2008 F-2, Project 3, 1.60%, 3/9/09	$	61,915	$	61,915
Everett Washington Public Facilities District Revenue VRDB, Series 2007, 2.40%, 3/2/09		7,050		7,050
Washington State G.O., Series 1993B Smith Barney, Soc Gen Trust SGB-13, (1) 0.68%, 3/9/09		1,350		1,350
Washington State Healthcare Facilities Authority Revenue Bonds, Series B, Kadlec Medical Center (Assured Guaranty Insured), 2.50%, 3/9/09		14,000		14,000
Washington State Healthcare Facilities Authority Revenue VRDB, Seattle Cancer Care (KeyBank N.A. LOC), 0.75%, 3/9/09		8,725		8,725
Washington State Healthcare Facilities Authority Revenue VRDB, Series 2003, Association of Community and Migrant Health Centers (U.S. Bank N.A. LOC), 0.67%, 3/9/09		1,105		1,105
Washington State Healthcare Facilities Authority Revenue VRDB, Series 2008-B, Southwest Washington Medical Center (Bank of America N.A. LOC), 0.65%, 3/9/09		6,975		6,975
Washington State Healthcare Facilities Authority Revenue VRDB, Series A, Fred Hutchinson Center (Bank of America N.A. LOC), 0.55%, 3/9/09		22,625		22,625
Washington State Higher Education Facilities Authority Revenue Refunding VRDB, Series A, Gonzaga University Project (Bank of America N.A. LOC), 0.55%, 3/9/09		32,550		32,550
Washington State Higher Education Facilities Authority Revenue VRDB, Series 2003A, Cornish College of Arts Project (Bank of America N.A. LOC), 0.70%, 3/9/09		1,900		1,900
Washington State Higher Education Facilities Authority Revenue VRDB, Series B, Puget Sound Project (Bank of America N.A. LOC), 0.72%, 3/9/09		6,000		6,000
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Series 2003, Emerald Heights Project (Bank of America N.A. LOC), 0.45%, 3/2/09		590		590
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Series 2005, Antioch University Project (U.S. Bank N.A. LOC), 0.65%, 3/9/09		4,055		4,055
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Bertschi School Project (Bank of America N.A. LOC), 0.50%, 3/9/09		5,400		5,400
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Series 2007B, Eastside Catholic School (KeyBank N.A. LOC), 1.17%, 3/9/09		4,000		4,000
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Series 2008, The Overlake School Project (Wells Fargo Bank N.A. LOC), 0.58%, 3/9/09		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, 0.80%, 3/9/09		2,875		2,875
Series B 1998, 0.80%, 3/9/09		3,685		3,685
				189,800

MONEY MARKET PORTFOLIOS 25 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
West Virginia - 0.5%
West Virginia State Hospital Finance Authority Revenue Refunding VRDB, Series 2008-B, Cabell Hospital (Branch Banking & Trust Co. LOC), 0.65%, 3/9/09	$	10,000	$	10,000
West Virginia State Hospital Finance Authority Revenue VRDB, Series 2008-A, Charleston Area Medical Center (Branch Banking & Trust Co. LOC), 0.60%, 3/9/09		18,250		18,250
				28,250
Wisconsin - 2.2%
City of Milwaukee Tax Exempt CP (State Street Bank & Trust LOC), 0.75%, 3/12/09		8,000		8,000
Milwaukee Redevelopment Authority Revenue VRDB, Series 2007, Riverwest Student Housing Project (Marshall & Ilsley Bank LOC), 0.92%, 3/9/09		2,035		2,035
Oak Creek PCR Refunding VRDB, Wisconsin Electric (Wells Fargo Bank N.A. LOC), 0.57%, 3/9/09		13,000		13,000
Pleasant Prairie PCR Refunding VRDB, Wisconsin Electric (Wells Fargo Bank N.A. LOC), 0.63%, 3/9/09		9,100		9,100
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Oakwood Village (Marshall & Ilsley Bank LOC), 2.17%, 3/9/09		13,200		13,200
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series B, Beaver Dam Community Hospital (U.S. Bank N.A. LOC), 0.65%, 3/9/09		3,215		3,215
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2001B, Newcastle Place Project (Bank of America N.A. LOC), 0.65%, 3/9/09		10,800		10,800
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2003, Mequon Jewish Project (JPMorgan Chase Bank LOC), 0.70%, 3/9/09		3,250		3,250
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2003C, Mercy Health Systems (Marshall & Ilsley Bank LOC), 2.67%, 3/9/09		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), 0.57%, 3/9/09		3,140		3,140
Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds, Series 2007, Mercy Alliance, Inc. (Marshall & Ilsley Bank LOC), 2.67%, 3/9/09		9,200		9,200
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Goodwill Industries Southeastern (JPMorgan Chase Bank LOC), 0.67%, 3/9/09		1,790		1,790
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2002B, Capital Access Pool, Vernon Memorial Hospital (U.S. Bank N.A. LOC), 0.55%, 3/2/09		1,630		1,630
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2005, Hospice Care Holdings, Inc. Project (Marshall & Ilsley Bank LOC), 1.41%, 3/9/09		1,280		1,280
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2008-A, Meriter Retirement Services (KBC Bank N.V. LOC), 0.67%, 3/9/09		3,150		3,150
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2008-B, Gundersen Lutheran (Wells Fargo Bank N.A. LOC), 0.53%, 3/9/09		7,500		7,500
Wisconsin School Districts Temporary Borrowing Program COPS TRANS, Series 2008, Cash Flow Management Program, 3.00%, 9/17/09		25,000		25,161
				121,351

MONEY MARKET PORTFOLIOS 26 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 93.0% continued
Wyoming - 0.6%
Lincoln County PCR Bonds, Series 1984-A, Exxon Project (Exxon Mobil Corp. Gtd.), 0.30%, 3/2/09	$	4,910	$	4,910
Series 1984-C, Exxon Project (Exxon Mobil Corp. Gtd.), 0.30%, 3/2/09		12,525		12,525
Uinta County PCR Refunding Bonds, Series 1997, Chevron USA, Inc. Project (Chevron Corp. Gtd.), 0.65%, 3/2/09		3,335		3,335
Uinta County PCR Refunding VRDB, Amoco Project, 0.35%, 3/2/09		13,800		13,800
				34,570
Multiple States Pooled Security - 0.0%
BB&T Municipal Trust, Floaters Series 5002 (Rabobank Group LOC), (1) 1.02%, 3/9/09		—		—
Total Municipal Investments (Cost $5,081,830)				5,081,830
EURODOLLAR TIME DEPOSIT - 2.1%
Foreign Depository Institution - 2.1%
Royal Bank of Canada, Toronto, Canada, 0.19%, 3/2/09		115,000		115,000
Total Eurodollar Time Deposit (Cost $115,000)				115,000
U.S. GOVERNMENT AGENCY - 5.2% (2)
Federal Home Loan Bank - 5.2%
FHLB Discount Note, 0.12%, 3/2/09		285,000		284,999
Total U.S. Government Agency (Cost $284,999)				284,999
Total Investments - 100.3% (Cost $5,481,829) (3)				5,481,829
Liabilities less Other Assets - (0.3)%				(17,288	)
NET ASSETS - 100.0%			$	5,464,541

(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 cost for federal income tax purposes was $5,481,829.

Percentages shown are based on Net Assets.

At February 28, 2009, the industry sectors for the Municipal Portfolio were:

INDUSTRY SECTOR	% OF NET ASSETS
Administration of Environment & Housing	7.9	%
Air, Transportation, Water Services and Solid Waste Management	6.9
Educational Services	14.7
Executive, Legislative and General Government	20.9
General Medical, Surgical and Nursing and Personal Care	10.6
Health Services and Residential Care	14.9
Urban and Community Development, Housing Programs and Social Services	8.1
All other sectors less than 5%	16.0
Total	100.0	%

MONEY MARKET PORTFOLIOS 27 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

FEBRUARY 28, 2009 (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. 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 Municipal Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

Valuation level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		5,481,829		—
Level 3		—		—
Total	$	5,481,829	$	—

* 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

FEBRUARY 28, 2009 (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 total 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

BANS    Bond Anticipation Notes

COPS    Certificates of Participation

CP    Commercial Paper

EDA    Economic Development Authority

FHLB    Federal Home Loan Bank

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

IDR    Industrial Development Revenue

LOC    Letter of Credit

PCR    Pollution Control Revenue

PSF    Permanent School Fund

RANS    Revenue Anticipation Notes

ROCS    Reset Option Certificates

SGB    Societe General Bank

Soc Gen    Societe Generale

TANS    Tax Anticipation Notes

TRANS    Tax and Revenue Anticipation Notes

TSB    Trustee Savings Bank

VRDB    Variable Rate Demand Bonds

MONEY MARKET PORTFOLIOS 29 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 18.0%
Foreign Depository Institutions - 18.0%
Australia & New Zealand Bank, London Branch,
0.85%, 5/5/09	$	20,000	$	20,000
Australia & New Zealand Bank, New York,
0.60%, 4/2/09		15,000		15,000
Barclays Bank, London Branch,
1.50%, 5/6/09		10,000		10,000
1.71%, 7/9/09		5,000		5,000
Barclays Bank, New York Branch,
1.35%, 5/12/09		30,000		30,000
BNP Paribas S.A., London Branch,
1.00%, 5/5/09		15,000		15,000
Commonwealth Bank of Australia, New York,
0.45%, 3/16/09		15,000		15,000
0.85%, 5/26/09		10,000		10,000
Commonwealth of Australia,
0.80%, 4/9/09		20,000		20,000
HSBC PLC, London,
0.85%, 4/30/09		15,000		15,000
0.90%, 5/18/09		25,000		25,000
1.20%, 7/9/09		5,000		5,000
Lloyds Bank, London Branch,
1.40%, 7/15/09		15,000		15,000
Lloyds Bank, New York Branch,
1.28%, 4/14/09		10,000		10,003
National Australia Bank, London Branch,
1.00%, 4/7/09		10,000		10,002
0.65%, 4/14/09		20,000		20,000
Nordea Bank Finland, New York,
0.71%, 4/8/09		15,000		15,000
0.77%, 4/30/09		15,000		15,000
Rabobank Nederland, New York Branch,
0.50%, 4/20/09		20,000		20,000
0.77%, 5/12/09		35,000		35,000
Royal Bank of Scotland, London Branch,
1.86%, 7/9/09		10,000		10,000
Royal Bank of Scotland, New York Branch,
1.55%, 7/14/09		10,000		10,000
Societe Generale, London Branch,
0.50%, 3/2/09		5,000		5,000
1.03%, 5/11/09		10,000		10,000
Societe Generale, New York Branch,
0.95%, 5/26/09		30,000		30,000
Total Certificates of Deposit (Cost $390,005)				390,005
COMMERCIAL PAPER - 14.8%
Foreign Bank - Foreign Government - 2.3%
Danske Corp., Sovereign Guaranteed,
0.45%, 3/18/09		15,000		14,997
0.72%, 5/13/09		25,000		24,963
1.05%, 7/20/09		5,000		4,979
1.17%, 7/28/09		5,000		4,976
				49,915
Multi-Seller Conduits - 12.0%
Chariot Funding LLC,
0.45%, 3/23/09		40,000		39,989
0.45%, 3/27/09		10,000		9,997
Jupiter Securitization Corp.,
0.45%, 3/2/09		10,000		10,000
Kitty Hawk Funding Corp.,
0.45%, 3/17/09		10,000		9,998

PRIME OBLIGATIONS PORTFOLIO 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 14.8% continued
Multi-Seller Conduits - 12.0% continued
Liberty Street Funding Co.,
0.50%, 3/25/09	$	25,000	$	24,992
Park Avenue Receivables, (1)
0.45%, 3/13/09		10,000		9,999
0.45%, 3/16/09		20,000		19,996
Ranger Funding Company LLC,
0.45%, 3/16/09		15,000		14,997
0.45%, 3/25/09		40,000		39,988
Sheffield Receivables Corp.,
0.55%, 3/3/09		10,000		10,000
Thames Asset Global Securitization Number One, Inc.,
0.70%, 3/16/09		10,000		9,997
0.70%, 3/18/09		5,000		4,998
Yorktown Capital LLC,
0.47%, 3/2/09		40,000		39,999
0.45%, 3/17/09		15,000		14,997
				259,947
Non-Depository Personal Credit - 0.5%
General Electric Capital Corp., FRN,
2.93%, 4/17/09		5,000		4,981
2.90%, 5/5/09		5,000		4,974
				9,955
Total Commercial Paper (Cost $319,817)				319,817
CORPORATE NOTES/BONDS - 2.7%
Domestic Bank - 0.4%
Bank of America N.A., FDIC Guaranteed,
1.05%, 1/22/10		10,000		10,000
Non-Depository Personal Credit - 1.7%
General Electric Capital Corp., FRN,
1.96%, 3/16/09		25,000		25,000
2.10%, 3/16/09		3,000		3,000
0.51%, 3/24/09		9,000		9,000
				37,000
Structured Investment Vehicles - 0.6%
Whistlejacket Capital LLC, FRN, (1) (2) †
5.15%, 4/21/08		11,825		6,150
2.50%, 5/20/08		3,943		2,050
3.81%, 7/23/08		7,885		4,100
				12,300
Total Corporate Notes/Bonds (Cost $70,067)				59,300
EURODOLLAR TIME DEPOSITS - 2.8%
Domestic Depository Institutions - 2.3%
Bank of America, Toronto, Canada,
0.31%, 3/2/09		50,000		50,000
Foreign Depository Institutions - 0.5%
Danske Bank, Copenhagen, Denmark,
0.50%, 3/2/09		10,000		10,000
Total Eurodollar Time Deposits (Cost $60,000)				60,000
U.S. GOVERNMENT AGENCIES - 21.3% (3)
Fannie Mae - 3.8%
FNMA Discount Notes,
1.15%, 5/1/09		10,000		9,980
1.75%, 5/20/09		5,000		4,981
0.50%, 6/17/09		15,000		14,978
0.61%, 9/8/09		10,000		9,968
1.00%, 12/1/09		10,000		9,924
1.00%, 12/10/09		2,000		1,984
0.85%, 12/21/09		5,000		4,965

PRIME OBLIGATIONS PORTFOLIO 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 21.3% (3) continued
Fannie Mae - 3.8% continued
FNMA FRN,
1.24%, 4/13/09	$	10,000	$	9,991
1.18%, 5/5/09		10,000		9,993
FNMA Note,
6.38%, 6/15/09		5,000		5,047
				81,811
Federal Home Loan Bank - 13.7%
FHLB Bonds,
2.39%, 3/18/09		6,000		6,001
2.13%, 3/27/09		3,000		3,000
2.20%, 4/1/09		7,000		6,999
2.30%, 4/3/09		11,000		11,000
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		9,995
2.38%, 5/27/09		10,000		9,996
2.64%, 6/3/09		10,000		10,000
2.63%, 6/10/09		15,000		14,994
2.91%, 6/18/09		10,000		10,000
3.00%, 6/19/09		10,000		10,007
1.05%, 2/23/10		5,000		4,995
FHLB Discount Notes,
2.41%, 3/9/09		5,000		4,997
2.47%, 3/13/09		5,000		4,996
1.20%, 5/18/09		10,000		9,974
1.48%, 5/18/09		20,000		19,936
0.45%, 7/13/09		5,000		4,992
1.12%, 12/4/09		15,000		14,870
0.92%, 2/1/10		5,000		4,957
1.00%, 2/5/10		5,000		4,953
1.00%, 2/23/10		7,000		6,930
FHLB FRN,
0.58%, 3/1/09		20,000		20,000
0.70%, 3/1/09		25,000		25,000
0.77%, 3/1/09		15,000		15,000
0.84%, 3/1/09		10,000		10,000
0.85%, 5/23/09		30,000		30,000
				298,592
Freddie Mac - 3.8%
FHLMC Discount Notes,
1.30%, 4/2/09		10,000		9,988
1.28%, 5/4/09		10,000		9,977
1.25%, 5/5/09		25,000		24,944
1.70%, 5/27/09		5,000		4,980
0.50%, 6/15/09		15,000		14,978
1.00%, 2/1/10		10,000		9,906
FHLMC Note,
2.45%, 4/9/09		7,000		7,000
				81,773
Total U.S. Government Agencies (Cost $462,176)				462,176
U.S. GOVERNMENT OBLIGATIONS - 8.8%
U.S. Treasury Bills - 6.9%
1.59%, 4/23/09		110,000		109,742
0.83%, 5/7/09		5,000		4,992
0.84%, 5/14/09		10,000		9,983
0.95%, 5/15/09		20,000		19,960
0.70%, 12/17/09		5,000		4,972
				149,649

PRIME OBLIGATIONS PORTFOLIO 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 8.8% continued
U.S. Treasury Notes - 1.9%
4.50%, 4/30/09	$	10,000	$	10,040
3.63%, 7/15/09		5,000		5,026
4.63%, 7/31/09		22,000		22,224
4.63%, 11/15/09		3,000		3,088
				40,378
Total U.S. Government Obligations (Cost $190,027)				190,027
Investments, at Amortized Cost (Cost $1,492,092)				1,481,325
REPURCHASE AGREEMENTS - 31.1%
(Collateralized at a minimum of 102%)
Repurchase Agreements - 31.1% (4)
Bank of America N.A., dated 2/27/09, repurchase price $160,004
0.28%, 3/2/09		160,000		160,000
Citigroup Global Markets, Inc., dated 2/27/09, repurchase price $25,514
0.29%, 3/2/09		25,513		25,513
Credit Suisse First Boston Corp., dated 2/27/09, repurchase price $140,003
0.28%, 3/2/09		140,000		140,000
Deutsche Bank Securities, Inc., dated 2/27/09, repurchase price $150,003
0.27%, 3/2/09		150,000		150,000
JPMorgan Securities, dated 2/27/09, repurchase price $200,005
0.28%, 3/2/09		200,000		200,000
				675,513
Total Repurchase Agreements (Cost $675,513)				675,513
CAPITAL SUPPORT AGREEMENT - 0.5%
Northern Trust Corp., (5)		—		10,767
Total Capital Support Agreement (Cost $—  )				10,767
Total Investments - 100.0% (Cost $2,167,605) (6)				2,167,605
Other Assets less Liabilities - 0.0%				929
NET ASSETS - 100.0%			$	2,168,534

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

(2) Restricted security that has been deemed illiquid. At February 28, 2009, the value of these restricted illiquid securities amounted to approximately $12,300,000 or 0.6% of net assets. Additional information on each restricted, illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Whistlejacket Capital LLC, FRN,
5.15%, 4/21/08	4/11/07	$	11,823
2.50%, 5/20/08	5/10/07		3,942
3.81%, 7/23/08	7/17/07		7,883

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

PRIME OBLIGATIONS PORTFOLIO 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

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

NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
FHLMC	$	268,716	4.55% - 7.00%	12/1/34 - 6/1/38
FNMA	$	427,070	4.00% - 9.00%	8/1/12 - 2/1/39

(5) Investment in affiliate.

(6) The cost for federal income tax purposes was $2,167,605.

† Defaulted security. The security has been valued at fair value according to procedures approved, in good faith, by the Trust’s Board of Trustees. Northern Trust Corporation has entered into a Capital Support Agreement (“CSA”) with Northern Institutional Funds on behalf of the Prime Obligations Portfolio (the “Portfolio”) and has committed to provide capital to the Portfolio, in the event that the Portfolio realizes a loss on the Whistlejacket Capital LLC Security.

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. 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 Prime Obligations Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

Valuation Level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		2,144,538		—
Level 3		12,300		10,767
Total	$	2,156,838	$	10,767

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

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

	Investments in Securities (000S)			Other Financial Instruments* (000S)
Balance as of 11/30/08	$	13,127		$	9,939
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		(827	)		828
Net purchases (sales)		—			—
Transfers in and/or out of Level 3		—			—
Balance as of 2/28/09	$	12,300		$	10,767

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

PRIME OBLIGATIONS PORTFOLIO 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

ABBREVIATIONS AND OTHER INFORMATION

PRIME OBLIGATIONS PORTFOLIO continued

FEBRUARY 28, 2009 (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 total 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

FDIC    Federal Deposit Insurance Corporation

FHLB    Federal Home Loan Bank

FHLMC    Freddie Mac

FNMA    Fannie Mae

FRN    Floating Rate Notes

PRIME OBLIGATIONS PORTFOLIO 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 11.5%
Foreign Depository Institutions - 11.5%
Barclays Bank, New York Branch,
1.35%, 5/12/09	$	10,000	$	10,000
Commonwealth Bank of Australia, New York,
0.85%, 5/26/09		10,000		10,000
Commonwealth of Australia,
0.80%, 4/9/09		5,000		5,000
HSBC PLC, London,
0.85%, 4/30/09		5,000		5,000
0.90%, 5/18/09		15,000		15,000
National Australia Bank, London Branch,
1.00%, 4/7/09		5,000		5,001
Rabobank Nederland, New York Branch,
0.50%, 4/20/09		5,000		5,000
0.77%, 5/12/09		10,000		10,000
Royal Bank of Scotland, London Branch,
1.86%, 7/9/09		5,000		5,000
Royal Bank of Scotland, New York Branch,
1.55%, 7/14/09		5,000		5,000
Societe Generale, London Branch,
0.50%, 3/2/09		15,000		15,000
Total Certificates of Deposit (Cost $90,001)				90,001
COMMERCIAL PAPER - 10.8%
Foreign Bank - Foreign Government - 0.6%
Danske Corp., Sovereign Guaranteed,
1.50%, 8/17/09		5,000		4,965
Multi-Seller Conduits - 10.2%
Chariot Funding LLC,
0.45%, 3/10/09		15,000		14,998
0.45%, 3/23/09		10,000		9,997
Kitty Hawk Funding Corp,
0.45%, 3/17/09		5,000		4,999
Park Avenue Receivables, (1)
0.45%, 3/13/09		10,000		9,999
Ranger Funding Company LLC,
0.45%, 3/25/09		15,000		14,995
Thames Asset Global Securitization Number One, Inc.,
0.70%, 3/16/09		10,000		9,997
Yorktown Capital LLC,
0.47%, 3/2/09		15,000		15,000
				79,985
Total Commercial Paper (Cost $84,950)				84,950
CORPORATE NOTES/BONDS - 4.9%
Non-Depository Personal Credit - 3.6%
General Electric Capital Corp., FRN,
1.96%, 3/16/09		10,000		10,000
0.51%, 3/24/09		18,000		18,000
				28,000
Structured Investment Vehicles - 1.3%
Whistlejacket Capital LLC, FRN, (1) (2) †
5.15%, 4/21/08		7,884		4,100
3.81%, 7/23/08		11,827		6,150
				10,250
Total Corporate Notes/Bonds (Cost $47,223)				38,250
EURODOLLAR TIME DEPOSITS - 5.1%
Foreign Depository Institutions - 5.1%
CALYON, Grand Cayman,
0.33%, 3/2/09		20,000		20,000

LIQUID ASSETS PORTFOLIO 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
EURODOLLAR TIME DEPOSITS - 5.1% continued
Foreign Depository Institutions - 5.1% continued
Danske Bank, Copenhagen, Denmark,
0.50%, 3/2/09	$	15,000	$	15,000
Societe Generale, Grand Cayman,
0.22%, 3/2/09		4,883		4,883
Total Eurodollar Time Deposits (Cost $39,883)				39,883
U.S. GOVERNMENT AGENCIES - 41.5% (3)
Fannie Mae - 2.5%
FNMA Discount Notes,
1.15%, 5/1/09		5,000		4,990
1.75%, 5/20/09		5,000		4,981
FNMA FRN,
1.24%, 4/13/09		5,000		4,996
1.18%, 5/5/09		5,000		4,996
				19,963
Federal Home Loan Bank - 32.9%
FHLB Bonds,
2.39%, 3/18/09		10,000		10,001
2.13%, 3/27/09		3,000		3,000
2.20%, 4/1/09		7,000		6,999
2.30%, 4/3/09		12,000		12,000
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		9,996
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		19,992
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		10,007
1.05%, 2/23/10		3,000		2,997
FHLB Discount Notes,
1.60%, 5/18/09		10,000		9,965
2.99%, 7/13/09		10,000		9,889
1.12%, 12/4/09		7,000		6,940
1.00%, 2/23/10		5,000		4,950
FHLB FRN,
0.58%, 3/1/09		25,000		25,000
0.70%, 3/1/09		15,000		15,000
0.85%, 5/23/09		10,000		10,000
				257,736
Freddie Mac - 6.1%
FHLMC Discount Notes,
1.00%, 3/25/09		15,000		14,990
1.30%, 4/2/09		10,000		9,989
1.28%, 5/4/09		6,077		6,063
1.25%, 5/5/09		10,000		9,977
FHLMC Note,
2.45%, 4/9/09		7,000		7,000
				48,019
Total U.S. Government Agencies (Cost $325,718)				325,718
U.S. GOVERNMENT OBLIGATIONS - 2.8%
U.S. Treasury Bills - 1.3%
0.41%, 10/22/09		5,000		4,986
0.70%, 12/17/09		5,000		4,972
				9,958

LIQUID ASSETS PORTFOLIO 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 2.8% continued
U.S. Treasury Notes - 1.5%
4.50%, 4/30/09	$	10,000	$	10,040
4.63%, 11/15/09		2,000		2,058
				12,098
Total U.S. Government Obligations (Cost $22,056)				22,056
Investments, at Amortized Cost (Cost $609,831)				600,858
REPURCHASE AGREEMENTS - 22.3%
(Collateralized at a minimum of 102%)
Joint Repurchase Agreements - 6.4% (4)
Morgan Stanley & Co., Inc., dated 2/27/09, repurchase price $11,084
0.22%, 3/2/09		11,084		11,084
Societe Generale, New York Branch, dated 2/27/09, repurchase price $22,168
0.25%, 3/2/09		22,168		22,168
UBS Securities LLC, dated 2/27/09, repurchase price $16,626
0.24%, 3/2/09		16,626		16,626
				49,878
(Collateralized at a minimum of 102%)
Repurchase Agreements - 15.9% (5)
Bank of America N.A., dated 2/27/09, repurchase price $30,001
0.28%, 3/2/09		30,000		30,000
Citigroup Global Markets, Inc., dated 2/27/09, repurchase price $95,002
0.29%, 3/2/09		95,000		95,000
				125,000
Total Repurchase Agreements (Cost $174,878)				174,878
CAPITAL SUPPORT AGREEMENT - 1.0%
Northern Trust Corp., (6)		—		8,000
Total Capital Support Agreement (Cost $—  )				8,000
Total Investments - 99.9% (Cost $784,709) (7)				783,736
Other Assets less Liabilities - 0.1%				968
NET ASSETS - 100.0%			$	784,704

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

(2) Restricted security that has been deemed illiquid. At February 28, 2009, the value of these restricted illiquid securities amounted to approximately $10,250,000 or 1.3% of net assets. Additional information on each restricted, illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Whistlejacket Capital LLC, FRN,
5.15%, 4/21/08	4/11/07	$	7,882
3.81%, 7/23/08	7/17/07		11,825

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

LIQUID ASSETS PORTFOLIO 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

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

NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	$	38,280	1.75% - 6.25%	8/15/23 - 2/15/37
U.S. Treasury Notes	$	11,661	0.63% - 4.50%	7/15/12 - 7/15/18

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

NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
FHLMC	$	63,545	3.92% - 6.00%	4/1/34 - 8/1/38
FNMA	$	65,205	4.77% - 6.00%	12/1/22 - 11/1/37

(6) Investment in affiliate.

(7) The cost for federal income tax purposes was $784,709.

† Defaulted security. The security has been valued at fair value according to procedures approved, in good faith, by the Trust’s Board of Trustees. Northern Trust Corporation has entered into a Capital Support Agreement (“CSA”) with Northern Institutional Funds on behalf of the Liquid Assets Portfolio (the “Portfolio”) and has committed to provide capital to the Portfolio, in the event that the Portfolio realizes a loss on the Whistlejacket Capital LLC Security.

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. 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 Liquid Assets Portfolio’s investments and other financial instruments which are carried at fair value, as of February 28, 2009:

Valuation Level	Investments in Securities (000S)		Other Financial Instruments* (000S)
Level 1	$	—	$	—
Level 2		765,486		—
Level 3		10,250		8,000
Total	$	775,736	$	8,000

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

LIQUID ASSETS PORTFOLIO 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (UNAUDITED)

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

	Investments in Securities (000S)			Other Financial Instruments* (000S)
Balance as of 11/30/08	$	10,939		$	7,367
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		(689	)		633
Net purchases (sales)		—			—
Transfers in and/or out of Level 3		—			—
Balance as of 2/28/09	$	10,250		$	8,000

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

LIQUID ASSETS PORTFOLIO 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

ABBREVIATIONS AND OTHER INFORMATION

LIQUID ASSETS PORTFOLIO continued

FEBRUARY 28, 2009 (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 total 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    Freddie Mac

FNMA    Fannie Mae

FRN    Floating Rate Notes

LIQUID ASSETS PORTFOLIO 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant)	Northern Institutional Funds
By:	/s/ Lloyd A. Wennlund
	Lloyd A. Wennlund, President
	(Principal Executive Officer)
Date:	April 29, 2009

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

By:	/s/ Lloyd A. Wennlund
	Lloyd A. Wennlund, President
	(Principal Executive Officer)
Date:	April 29, 2009
By:	/s/ Randal Rein
	Randal Rein, Treasurer
	(Principal Financial and Accounting Officer)
Date:	April 29, 2009