Northern Institutional Funds

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03605

Northern Institutional Funds

(Exact name of registrant as specified in charter)

50 South LaSalle Street

Chicago, IL 60603

(Address of principal executive offices) (Zip code)

Lloyd A. Wennlund, President

Northern Institutional Funds

50 South LaSalle Street

Chicago, IL 60603

(Name and address of agent for service)

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

Date of fiscal year end: November 30

Date of reporting period: August 31, 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		AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 2.2%
Commercial Mortgage Services - 2.2%
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A2,
5.32%, 9/10/47	$	1,700	$	1,702
Bear Stearns Commercial Mortgage Securities,
5.67%, 6/11/40		3,000		2,966
LB-UBS Commercial Mortgage Trust,
5.26%, 9/15/39		1,300		1,306

				5,974

Total Asset-Backed Securities (Cost $6,045)				5,974


CORPORATE BONDS - 28.2%
Aerospace/Defense - 1.1%
BAE Systems Holdings, Inc.,
6.38%, 6/1/19⁽¹⁾⁽²⁾		1,510		1,638
Boeing (The) Co.,
5.88%, 2/15/40		565		591
Northrop Grumman Corp.,
5.05%, 8/1/19		675		697

				2,926

Agriculture - 1.3%
Altria Group, Inc.,
9.95%, 11/10/38		1,200		1,582
Bunge Ltd. Finance Corp.,
8.50%, 6/15/19		395		445
Lorillard Tobacco Co.,
8.13%, 6/23/19		1,375		1,530

				3,557

Banks - 4.8%
Citibank NA,
1.38%, 8/10/11		1,332		1,334
1.88%, 6/4/12†		2,988		2,998
Citigroup, Inc.,
2.88%, 12/9/11†		2,333		2,408
Goldman Sachs Group (The), Inc.,
5.15%, 1/15/14		775		807
5.95%, 1/18/18		755		786
JPMorgan Chase Bank N.A.,
6.00%, 10/1/17		1,410		1,486
Morgan Stanley,
6.00%, 4/28/15		1,610		1,701
SunTrust Bank,
0.53%, 5/21/12		1,490		1,317

				12,837

Beverages - 0.3%
Miller Brewing Co.,
5.50%, 8/15/13⁽¹⁾⁽²⁾		810		851

Biotechnology - 0.3%
Amgen, Inc.,
6.40%, 2/1/39		715		813

Chemicals - 1.1%
Dow Chemical (The) Co.,
5.90%, 2/15/15		940		938
9.40%, 5/15/39†		715		868
Mosaic (The) Co.,
7.63%, 12/1/16⁽¹⁾		1,205		1,241

				3,047

Commercial Services - 0.2%
Erac USA Finance Co.,
7.00%, 10/15/37⁽¹⁾⁽²⁾		725		649

Computers - 0.4%
Hewlett-Packard Co.,
2.25%, 5/27/11		985		1,003

Diversified Financial Services - 3.8%
Bear Stearns (The) Cos., LLC,
5.70%, 11/15/14		910		977
Capital One Bank USA NA,
8.80%, 7/15/19		1,160		1,243
Citigroup Funding, Inc.,
2.13%, 7/12/12		1,120		1,129
Countrywide Home Loans, Inc.,
4.00%, 3/22/11		1,125		1,136
General Electric Capital Corp.,
2.13%, 12/21/12		1,800		1,810
6.00%, 8/7/19		675		680
International Lease Finance Corp.,
5.75%, 6/15/11		860		767
John Deere Capital Corp.,
5.25%, 10/1/12		1,285		1,388
Merrill Lynch & Co., Inc.,
6.15%, 4/25/13		395		411

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 28.2% continued
Diversified Financial Services - 3.8% continued
Power Receivable Finance LLC,
6.29%, 1/1/12^{(1) (2)}†	$	606	$	600

				10,141

Electric - 1.8%
Florida Power Corp.,
6.40%, 6/15/38		1,305		1,530
Nevada Power Co.,
6.50%, 8/1/18		1,315		1,435
PPL Electric Utilities Corp.,
6.25%, 5/15/39		700		789
Progress Energy, Inc.,
7.05%, 3/15/19†		960		1,108

				4,862

Forest Products & Paper - 0.3%
International Paper Co.,
7.50%, 8/15/21		900		912

Insurance - 1.5%
Liberty Mutual Group, Inc.,
5.75%, 3/15/14^{(1) (2)}†		190		170
Metropolitan Life Global Funding I,
5.13%, 6/10/14⁽¹⁾⁽²⁾		755		787
Pricoa Global Funding I,
4.20%, 1/15/10⁽¹⁾⁽²⁾		1,535		1,533
5.45%, 6/11/14⁽¹⁾⁽²⁾		1,485		1,526

				4,016

Lodging - 0.5%
Hyatt Hotels Corp.,
6.88%, 8/15/19⁽¹⁾⁽²⁾		1,190		1,214

Media - 1.4%
Comcast Corp.,
6.55%, 7/1/39†		550		596
News America, Inc.,
6.90%, 3/1/19^{(1) (2)}†		830		935
6.90%, 8/15/39⁽¹⁾⁽²⁾		615		647
Time Warner Cable, Inc.,
8.25%, 4/1/19		1,405		1,687

				3,865

Metal Fabricate/Hardware - 0.5%
Commercial Metals Co.,
7.35%, 8/15/18†		1,300		1,321

Office/Business Equipment - 0.4%
Xerox Corp.,
5.50%, 5/15/12		1,015		1,058

Oil & Gas - 2.5%
Anadarko Petroleum Corp.,
8.70%, 3/15/19†		1,310		1,543
Premcor Refining Group (The), Inc.,
6.75%, 5/1/14		2,370		2,349
Questar Market Resources, Inc.,
6.80%, 3/1/20		535		547
Rowan Cos, Inc.,
7.88%, 8/1/19		1,500		1,581
XTO Energy, Inc.,
4.63%, 6/15/13		580		600

				6,620

Oil & Gas Services - 0.3%
Smith International, Inc.,
9.75%, 3/15/19†		670		812

Pharmaceuticals - 1.8%
Eli Lilly & Co.,
3.55%, 3/6/12		1,260		1,319
Express Scripts, Inc.,
5.25%, 6/15/12		700		742
Merck & Co., Inc.,
5.85%, 6/30/39†		415		457
Pfizer, Inc.,
4.45%, 3/15/12		1,265		1,340
7.20%, 3/15/39		695		873

				4,731

Pipelines - 0.6%
Enterprise Products Operating LLC,
4.60%, 8/1/12†		865		898
Plains All American Pipeline LP,
4.25%, 9/1/12		630		643

				1,541

Real Estate Investment Trusts - 0.1%
iStar Financial, Inc.,
10.00%, 6/15/14⁽¹⁾⁽²⁾		215		154

Retail - 0.2%
CVS Caremark Corp.,
6.60%, 3/15/19		355		402

FIXED INCOME PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 28.2% continued
Software - 0.2%
Oracle Corp.,
3.75%, 7/8/14†	$	615	$	635

Telecommunications - 2.8%
Cellco Partnership/Verizon Wireless Capital LLC,
3.75%, 5/20/11⁽¹⁾		2,325		2,401
5.55%, 2/1/14⁽¹⁾⁽²⁾		665		719
8.50%, 11/15/18⁽¹⁾⁽²⁾		1,565		1,971
Verizon Communications, Inc.,
7.35%, 4/1/39		2,020		2,426

				7,517

Total Corporate Bonds (Cost $71,345)				75,484


FOREIGN ISSUER BONDS - 4.6%
Banks - 1.5%
Barclays Bank PLC,
6.75%, 5/22/19		1,345		1,474
Credit Suisse New York,
5.00%, 5/15/13		1,795		1,905
5.50%, 5/1/14†		615		661

				4,040

Insurance - 1.0%
Allied World Assurance Holdings Ltd. of Bermuda,
7.50%, 8/1/16		845		815
Catlin Insurance Co. Ltd.,
7.25%, 1/19/17^{(1) (2)}†		1,270		749
XL Capital Ltd.,
6.50%, 4/15/17		1,735		1,024

				2,588

Iron/Steel - 0.7%
ArcelorMittal,
5.38%, 6/1/13		1,760		1,774

Mining - 0.3%
Anglo American Capital PLC,
9.38%, 4/8/14⁽¹⁾⁽²⁾		760		866

Miscellaneous Manufacturing - 0.6%
Tyco Electronics Group S.A.,
6.00%, 10/1/12		1,555		1,609

Oil & Gas - 0.5%
Nexen, Inc.,
6.40%, 5/15/37		600		555
7.50%, 7/30/39		705		739

				1,294


Total Foreign Issuer Bonds (Cost $12,911)				12,171


U.S. GOVERNMENT AGENCIES - 44.9% ⁽³⁾
Fannie Mae - 32.5%
3.50%, 8/25/14		2,710		2,727
Pool #255452,
5.50%, 10/1/19		1,494		1,588
Pool #257314,
5.00%, 8/1/23		845		882
Pool #545437,
7.00%, 6/1/32		10		11
Pool #585617,
7.00%, 5/1/31⁽⁴⁾		—		—
Pool #695066,
5.50%, 4/1/33		4,479		4,692
Pool #725424,
5.50%, 4/1/34		5,741		6,013
Pool #725787,
5.00%, 9/1/19		3,882		4,095
Pool #735893,
5.00%, 10/1/35		2,480		2,556
Pool #829125,
5.50%, 10/1/35		2,856		2,986
Pool #831810,
6.00%, 9/1/36		3,552		3,751
Pool #869217,
5.45%, 2/1/36		2,235		2,351
Pool #871232,
6.00%, 4/1/36		1,877		1,982
Pool #890001,
5.00%, 2/1/38		5,268		5,427
Pool #890009,
5.50%, 9/1/36		3,529		3,697
Pool #893082,
5.82%, 9/1/36		1,541		1,621
Pool #934476,
4.50%, 3/1/23		3,074		3,167
Pool #946869,
6.00%, 9/1/37		883		931

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 44.9% ⁽³⁾ continued
Fannie Mae - 32.5% continued
Pool #955782,
6.50%, 10/1/37	$	1,927	$	2,064
Pool #968158,
6.50%, 1/1/38		608		651
Pool #968160,
6.50%, 1/1/38		1,779		1,906
Pool #991529,
6.00%, 11/1/38		3,421		3,605
Pool #AA4434,
5.00%, 3/1/39		4,382		4,504
Pool TBA, ⁽⁵⁾
5.00%, 9/15/39		6,583		6,756
5.50%, 9/15/39		10,000		10,409
6.00%, 9/15/39		5,550		5,840
6.50%, 9/15/39		2,600		2,780

				86,992

Federal Home Loan Bank - 0.5%
1.75%, 8/22/12		1,226		1,223

Freddie Mac - 3.9%
2.25%, 8/24/12		2,671		2,682
Pool #1B3575,
6.18%, 9/1/37		1,543		1,634
Pool #1G2296,
6.18%, 11/1/37		2,301		2,440
Pool #1J0365,
5.93%, 4/1/37		1,566		1,647
Pool #1J2840,
5.99%, 9/1/37		1,839		1,936

				10,339

Freddie Mac Gold - 6.6%
Pool #A61560,
5.50%, 10/1/36		3,243		3,393
Pool #A62213,
6.00%, 6/1/37		2,499		2,638
Pool #A65182,
6.50%, 9/1/37		894		953
Pool #C00910,
7.50%, 1/1/30		507		567
Pool #C02790,
6.50%, 4/1/37		1,584		1,689
Pool #C02838,
5.50%, 5/1/37		2,198		2,293
Pool #G01954,
5.00%, 11/1/35		2,434		2,509
Pool #G02869,
5.00%, 11/1/35		3,550		3,658

				17,700

Government National Mortgage Association - 1.4%
Pool #486873,
6.50%, 1/15/29⁽⁴⁾		—		—
Pool #627123,
5.50%, 3/15/34		1,106		1,162
Series 2008, Class 14AC,
4.46%, 12/16/30		1,363		1,406
Series 2008, Class 8A,
3.61%, 11/16/27		1,255		1,280

				3,848

Total U.S. Government Agencies (Cost $116,149)				120,102


U.S. GOVERNMENT OBLIGATIONS - 14.0%
U.S. Treasury Bonds - 1.5%
United States Treasury Note/Bond,
4.25%, 5/15/39†		3,908		3,951

U.S. Treasury Notes - 12.5%
United States Treasury Note/Bond,
2.38%, 8/31/14†		7,813		7,808
3.00%, 8/31/16†		13,413		13,384
3.13%, 5/15/19†		1,170		1,142
3.63%, 8/15/19†		10,895		11,099

				33,433

Total U.S. Government Obligations (Cost $36,971)				37,384


MUNICIPAL BONDS - 0.2%
Illinois - 0.2%
Metropolitan Transportation Authority Revenue Bonds,
7.34%, 11/15/39		450		547

Total Municipal Bonds (Cost $450)				547

FIXED INCOME PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 20.5%
Northern Institutional Funds - Liquid Assets Portfolio ^(6) (7)		54,932,706	$	54,933

Total Investment Companies (Cost $54,933)				54,933


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 12.6%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	33,098	$	33,098
U.S. Treasury Bill,
0.26%, 2/11/10⁽⁸⁾		650		649

Total Short-Term Investments (Cost $33,747)				33,747

Total Investments - 127.2% (Cost $332,551)				340,342

Liabilities less Other Assets - (27.2)%				(72,768	)

NET ASSETS - 100.0%			$	267,574

(1)

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

(2)

Restricted security that has been deemed illiquid. At August 31, 2009, the value of these restricted illiquid securities amounted to approximately $15,009,000 or 5.6% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Anglo American Capital PLC,
9.38%, 4/8/14	4/02/09	$	760

BAE Systems Holdings, Inc.,
6.38%, 6/01/19	6/01/09 - 8/03/09		1,558

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

Hyatt Hotels Corp.,
6.88%,08/15/2019	8/10/09		1,188

iStar Financial, Inc.,
10.00%, 6/15/14	4/26/06		419

Liberty Mutual Group, Inc.,
5.75%, 03/05/2014	6/16/09		146

Metropolitan Life Global Funding I,
5.13%, 06/10/2014	6/03/09		751

Miller Brewing Co.,
5.50%, 8/15/13	3/6/09		774

News America, Inc.,
6.90%, 3/1/19	6/17/09		860

News America, Inc.,
6.90%, 08/15/2039	8/20/09		614

Power Receivable Finance LLC,
6.29%, 1/1/12	9/30/03		606

Pricoa Global Funding l,
4.20%, 1/15/10	3/12/09 - 3/13/09		1,420

Pricoa Global Funding I,
5.45%, 06/11/2014	6/04/09		1,482

Cellco Partnership / Verizon Wireless Capital LLC,
5.55%, 2/1/14	1/30/09		661

Cellco Partnership / Verizon Wireless Capital LLC,
8.50%, 11/15/18	11/18/08		1,548

(3)

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

(4)

Principal amount is less than $500.

(5)

When-Issued Security.

(6)

Investment in affiliated portfolio.

(7)

Investment relates to cash collateral received from portfolio securities loaned.

(8)

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.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO continued

Federal Tax Information:

At August 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	332,551

Gross tax appreciation of investments	$	9,606
Gross tax depreciation of investments		(1,815	)

Net tax appreciation of investments	$	7,791

At August 31, 2009, the credit quality distribution for the Bond Portfolio as a percentage of investments including cash was:


QUALITY DISTRIBUTION*	%
AAA	69.6	%
AA	3.5
A	10.2
BAA	16.6
B	0.1

Total	100.0	%

At August 31, 2009, the Bond Portfolio had open futures contracts as follows:

TYPE

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT
(000S)

CONTRACT
POSITION

CONTRACT
EXP.

UNREALIZED
GAINS
(000S)

Ten Year U.S. Treasury Note

5,509

Long

12/09

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 - Valuations based on inputs that are unobservable and significant. The Fund utilized the following valuation techniques on Level 3 investments: The Fund valued certain securities using evaluated prices, based on broker quotes, from a primary pricing source.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Bond Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2009:


INVESTMENTS	Level 1 (000S)		Level 2 (000S)			Level 3 (000S)		Total (000S)
Asset-Backed Securities	$	—	$	5,974	⁽¹⁾	$	—	$	5,974
Corporate Bonds
Aerospace/Defense		—		1,288			1,638		2,926
Agriculture		—		3,557			—		3,557
Banks		—		12,837			—		12,837
Beverages		—		—			851		851
Biotechnology		—		813			—		813
Chemicals		—		3,047			—		3,047
Commercial Services		—		—			649		649
Computers		—		1,003			—		1,003
Diversified Financial Services		—		9,541			600		10,141
Electric		—		4,862			—		4,862
Forest Products & Paper		—		912			—		912
Insurance		—		—			4,016		4,016
Lodging		—		—			1,214		1,214
Media		—		2,283			1,582		3,865
Metal Fabrification/Hardware		—		1,321			—		1,321
Office/Business Equipment		—		1,058			—		1,058
Oil & Gas		—		6,620			—		6,620
Oil & Gas Services		—		812			—		812
Pharmaceuticals		—		4,731			—		4,731
Pipelines		—		1,541			—		1,541
Real Estate Investment Trusts		—		—			154		154
Retail		—		402			—		402
Software		—		635			—		635
Telecommunications		—		4,827			2,690		7,517
Foreign Issuer Bonds
Banks		—		4,040			—		4,040
Insurance		—		1,839			749		2,588
Iron/Steel		—		1,774			—		1,774
Mining		—		—			866		866
Miscellaneous Manufacturing		—		1,609			—		1,609
Oil & Gas		—		1,294			—		1,294
U.S. Government Agencies		—		120,102	⁽¹⁾		—		120,102
U.S. Government Obligations		—		37,384	⁽¹⁾		—		37,384
Municipal Bonds		—		547	⁽¹⁾		—		547
Investment Companies		54,933		—			—		54,933
Short-Term Investments		—		33,747			—		33,747

Total Investments	$	54,933	$	270,400		$	15,009	$	340,342

Other Financial Instruments *	$	73	$	—		$	—	$	—

(1)

Classifications as defined in the Schedule of Investments.

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

FIXED INCOME PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)

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


	BALANCE AS OF 11/30/08 (000S)		REALIZED GAIN (LOSS) (000S)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)			NET PURCHASES (SALES) (000S)			TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)		BALANCE AS OF 8/31/09 (000S)
Corporate Bonds
Aerospace/Defense	$	—	$	—		$	80		$	1,558		$	—	$	1,638
Beverages		—		—			77			774			—		851
Commercial Services		434		—			215			—			—		649
Diversified Financial Services		752		—			11			(163	)		—		600
Insurance		—		—			217			3,799			—		4,016
Lodging		—		—			26			1,188			—		1,214
Media		—		(69	)		109			1,542			—		1,582
Real Estate Investment Trusts		—		—			(265	)		419			—		154
Telecommunications		1,579		9			450			652			—		2,690
Foreign Issuer Bonds
Insurance		328		—			421			—			—		749
Mining		—		—			106			760			—		866

Total	$	3,093	$	(60	)	$	1,447		$	10,529		$	—	$	15,009

The amount of change in total unrealized gain on investments in Level 3 securities still held at August 31, 2009 was approximately $1,337,000.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 7 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS


CORE BOND PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 2.1%
Commercial Mortgage Services - 2.1%
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A2,
5.32%, 9/10/47	$	700	$	701
Bear Stearns Commercial Mortgage Securities, Series 2007 PW- 16, Class A2,
5.86%, 6/11/40		1,000		989
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A2,
5.26%, 9/15/39		525		527

				2,217

Total Asset-Backed Securities (Cost $2,241)				2,217


CORPORATE BONDS - 28.3%
Aerospace/Defense - 1.1%
BAE Systems Holdings, Inc.,
6.38%, 6/1/19⁽¹⁾⁽²⁾		600		651
Boeing (The) Co.,
5.88%, 2/15/40†		225		235
Northrop Grumman Corp.,
5.05%, 8/1/19		270		279

				1,165

Agriculture - 1.4%
Altria Group, Inc.,
9.95%, 11/10/38		385		507
Bunge Ltd. Finance Corp.,
8.50%, 6/15/19		190		214
Lorillard Tobacco Co.,
8.13%, 6/23/19		645		718

				1,439

Banks - 3.8%
Citibank N.A.,
1.38%, 8/10/11		106		106
1.88%, 6/4/12†		1,450		1,455
Goldman Sachs Group (The), Inc.,
5.15%, 1/15/14		355		370
5.95%, 1/18/18		300		312
JPMorgan Chase Bank N.A.,
6.00%, 10/1/17		555		585
Morgan Stanley,
6.00%, 4/28/15		545		576
SunTrust Bank,
0.53%, 5/21/12		680		601

				4,005

Beverages - 0.4%
Miller Brewing Co.,
5.50%, 8/15/13⁽¹⁾⁽²⁾		435		457

Biotechnology - 0.4%
Amgen, Inc.,
6.40%, 2/1/39		360		409

Chemicals - 1.2%
Dow Chemical (The) Co.,
5.90%, 2/15/15		375		374
9.40%, 5/15/39†		335		407
Mosaic (The) Co.,
7.63%, 12/1/16⁽¹⁾		480		494

				1,275

Commercial Services - 0.4%
Erac USA Finance Co.,
7.00%, 10/15/37⁽¹⁾⁽²⁾		455		407

Computers - 0.4%
Hewlett-Packard Co.,
2.25%, 5/27/11		460		468

Diversified Financial Services - 5.0%
Bear Stearns (The) Cos. LLC,
5.70%, 11/15/14		345		370
Capital One Bank USA N.A.,
8.80%, 7/15/19		380		407
Citigroup Funding, Inc.,
2.13%, 7/12/12		430		433
Countrywide Home Loans, Inc.,
4.00%, 3/22/11		600		606
General Electric Capital Corp.,
2.13%, 12/21/12		1,200		1,207
6.00%, 8/7/19		265		267
International Lease Finance Corp.,
5.75%, 6/15/11		420		375
John Deere Capital Corp.,
5.25%, 10/1/12		575		621
Merrill Lynch & Co., Inc.,
6.15%, 4/25/13		145		151
Nelnet, Inc.,
5.13%, 6/1/10		930		783

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 28.3% continued
Diversified Financial Services - 5.0% continued
Power Receivable Finance LLC,
6.29%, 1/1/12^{(1) (2)}†	$	132	$	131

				5,351

Electric - 1.4%
Florida Power Corp.,
6.40%, 6/15/38†		370		434
Nevada Power Co.,
6.50%, 8/1/18		345		377
PPL Electric Utilities Corp.,
6.25%, 5/15/39		330		372
Progress Energy, Inc.,
7.05%, 3/15/19†		275		317

				1,500

Forest Products & Paper - 0.3%
International Paper Co.,
7.50%, 8/15/21		355		360

Insurance - 1.7%
Liberty Mutual Group, Inc.,
5.75%, 3/15/14^{(1) (2)}†		90		81
Metropolitan Life Global Funding I,
5.13%, 6/10/14⁽¹⁾⁽²⁾		365		380
Pricoa Global Funding I,
4.20%, 1/15/10⁽¹⁾⁽²⁾		820		819
5.45%, 6/11/14⁽¹⁾⁽²⁾		465		478

				1,758

Lodging - 0.4%
Hyatt Hotels Corp.,
6.88%, 8/15/19⁽¹⁾⁽²⁾		475		485

Media - 1.3%
Comcast Corp.,
6.55%, 7/1/39†		265		287
News America, Inc.,
6.90%, 3/1/19⁽¹⁾⁽²⁾		245		276
6.90%, 8/15/39⁽¹⁾⁽²⁾		240		253
Time Warner Cable, Inc.,
8.25%, 4/1/19		435		522

				1,338

Metal Fabrication/Hardware - 0.3%
Commercial Metals Co.,
7.35%, 8/15/18		365		371

Miscellaneous Manufacturing - 0.6%
Tyco Electronics Group S.A.,
6.00%, 10/1/12		615		636

Office/Business Equipment - 0.4%
Xerox Corp.,
5.50%, 5/15/12		460		480

Oil & Gas - 2.1%
Anadarko Petroleum Corp.,
8.70%, 3/15/19†		355		418
Premcor Refining Group (The), Inc.,
6.75%, 5/1/14		780		773
Questar Market Resources, Inc.,
6.80%, 3/1/20		210		215
Rowan Cos, Inc.,
7.88%, 8/1/19†		525		554
XTO Energy, Inc.,
4.63%, 6/15/13†		240		248

				2,208

Oil & Gas Services - 0.2%
Smith International, Inc.,
9.75%, 3/15/19†		170		206

Pharmaceuticals - 1.6%
Eli Lilly & Co.,
3.55%, 3/6/12		520		544
Express Scripts, Inc.,
5.25%, 6/15/12		30		32
Merck & Co., Inc.,
5.85%, 6/30/39†		200		220
Pfizer, Inc.,
4.45%, 3/15/12		515		546
7.20%, 3/15/39		275		345

				1,687

Pipelines - 0.7%
Enterprise Products Operating LLC,
4.60%, 8/1/12		410		425
Plains All American Pipeline LP,
4.25%, 9/1/12		270		276

				701

Real Estate Investment Trusts - 0.1%
iStar Financial, Inc.,
10.00%, 6/15/14⁽¹⁾⁽²⁾		105		75

FIXED INCOME PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 28.3% continued
Retail - 0.4%
CVS Caremark Corp.,
6.60%, 3/15/19	$	365	$	413

Software - 0.3%
Oracle Corp.,
3.75%, 7/8/14†		280		289

Telecommunications - 2.4%
Cellco Partnership/Verizon Wireless Capital LLC,
3.75%, 5/20/11⁽¹⁾†		710		733
5.55%, 2/1/14⁽¹⁾⁽²⁾		320		346
8.50%, 11/15/18⁽¹⁾⁽²⁾		540		680
Verizon Communications, Inc.,
7.35%, 4/1/39†		660		793

				2,552

Total Corporate Bonds (Cost $28,590)				30,035


FOREIGN ISSUER BONDS - 4.6%
Banks - 1.3%
Barclays Bank PLC,
6.75%, 5/22/19		405		444
Credit Suisse New York,
5.00%, 5/15/13		620		658
5.50%, 5/1/14†		300		322

				1,424

Insurance - 2.1%
Allied World Assurance Holdings Ltd. of Bermuda,
7.50%, 8/1/16		825		796
Catlin Insurance Co. Ltd.,
7.25%, 1/19/17⁽¹⁾⁽²⁾		995		587
XL Capital Ltd.,
6.50%, 12/31/49		1,345		794

				2,177

Iron/Steel - 0.4%
ArcelorMittal,
5.38%, 6/1/13		465		469

Mining - 0.3%
Anglo American Capital PLC,
9.38%, 4/8/14^{(1) (2)}†		235		268

Oil & Gas - 0.5%
Nexen, Inc.,
6.40%, 5/15/37		270		250
7.50%, 7/30/39†		285		298

				548

Total Foreign Issuer Bonds (Cost $5,698)				4,886


MUNICIPAL BONDS - 0.3%
Municipal - 0.3%
Metropolitan Transportation Authority,
7.34%, 11/15/39		215		261

Total Municipal Bonds (Cost $215)				261


U.S. GOVERNMENT AGENCIES - 45.6% ⁽³⁾
Fannie Mae - 25.8%
3.50%, 8/25/14		1,040		1,047
Pool #255452,
5.50%, 10/1/19		878		932
Pool #535714,
7.50%, 1/1/31		41		46
Pool #555599,
7.00%, 4/1/33		103		113
Pool #656035,
7.50%, 9/1/32		38		42
Pool #695066,
5.50%, 4/1/33		1,405		1,472
Pool #712130,
7.00%, 6/1/33		54		59
Pool #725424,
5.50%, 4/1/34		1,513		1,585
Pool #725787,
5.00%, 9/1/19		1,393		1,470
Pool #735893,
5.00%, 10/1/35		546		562
Pool #797773,
5.00%, 3/1/20		131		138
Pool #829125,
5.50%, 10/1/35		1,350		1,411
Pool #831810,
6.00%, 9/1/36		2,917		3,080
Pool #845182,
5.50%, 11/1/35		1,268		1,326

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 45.6% ⁽³⁾ continued
Fannie Mae - 25.8% continued
Pool #869217,
5.47%, 2/1/36	$	1,133	$	1,192
Pool #871232,
6.00%, 4/1/36		1,844		1,947
Pool #890001,
5.00%, 2/1/38		2,592		2,670
Pool #890009,
5.50%, 9/1/36		1,894		1,984
Pool #893082,
5.81%, 9/1/36		695		732
Pool #934476,
4.50%, 3/1/23		1,453		1,497
Pool #946869,
6.00%, 9/1/37		600		633
Pool #968158,
6.50%, 1/1/38		982		1,052
Pool #AA4434,
5.00%, 3/1/39		2,261		2,324

				27,314

Federal Home Loan Bank - 0.5%
1.75%, 8/22/12		474		473

Freddie Mac - 7.1%
2.25%, 8/24/12		920		924
Pool #1B3575,
6.08%, 9/1/37		664		703
Pool #1G2296,
6.17%, 11/1/37		1,185		1,256
Pool #1J0365,
5.90%, 4/1/37		824		867
Pool #1J2840,
5.94%, 9/1/37		920		968
Pool #A61560,
5.50%, 10/1/36		2,721		2,846

				7,564

Freddie Mac Gold - 10.6%
Pool #A62213,
6.00%, 6/1/37		1,666		1,758
Pool #A65182,
6.50%, 9/1/37		2,041		2,175
Pool #C02790,
6.50%, 4/1/37		1,245		1,328
Pool #C02838,
5.50%, 5/1/37		1,739		1,814
Pool #G01954,
5.00%, 11/1/35		1,391		1,433
Pool #G02869,
5.00%, 11/1/35		2,662		2,744

				11,252

Government National Mortgage Association - 1.6%
Pool #604183,
5.50%, 4/15/33		46		49
Pool #627123,
5.50%, 3/15/34		407		428
Pool #633627,
5.50%, 9/15/34		52		55
Series 2008, Class 14AC,
4.46%, 12/16/30		681		703
Series 2008, Class 8A,
3.61%, 11/16/27		448		457

				1,692

Total U.S. Government Agencies (Cost $46,283)				48,295


U.S. GOVERNMENT OBLIGATIONS - 13.5%
U.S. Treasury Bonds - 1.5%
4.25%, 5/15/39†		1,581		1,598

U.S. Treasury Notes - 12.0%
2.38%, 8/31/14†		3,967		3,964
3.00%, 8/31/16†		4,230		4,221
3.13%, 5/15/19†		345		337
3.63%, 8/15/19†		4,100		4,177

				12,699

Total U.S. Government Obligations (Cost $14,134)				14,297


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 21.6%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁴⁾⁽⁵⁾		22,932,745	$	22,933

Total Investment Companies (Cost $22,933)				22,933

FIXED INCOME PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 2.2%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	1,825	$	1,825
U.S. Treasury Bill,
0.26%, 2/11/10⁽⁶⁾		475		475

Total Short-Term Investments (Cost $2,300)				2,300

Total Investments - 118.2% (Cost $122,394)				125,224

Liabilities less Other Assets - (18.2)%				(19,260	)

NET ASSETS - 100.0%			$	105,964

(1)

(2)

Restricted security that has been deemed illiquid. At August 31, 2009, the value of these restricted illiquid securities amounted to approximately $6,374,000 or 6.0% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Anglo American Capital PLC,
9.38%, 4/8/14	4/02/09	$	235

BAE Systems Holdings, Inc.,
6.38%, 6/1/19	6/01/09 - 8/03/09		613

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

Hyatt Hotels Corp.,
6.88%, 8/15/19	8/10/09		474

iStar Financial, Inc.,
10.00%, 6/15/14	4/26/06		205

Liberty Mutual Group, Inc.,
5.75%, 3/15/14	6/16/09		69

Metropolitan Life Global Funding I,
5.13, 6/10/14	6/03/09		363

Miller Brewing Co.,
5.50%, 8/15/13	3/06/09		416

News America, Inc.,
6.90%, 3/1/19	6/17/09		254

News America, Inc.,
6.90%, 8/15/39	8/20/09		240

Power Receivable Finance LLC,
6.29%, 1/1/12	9/30/03		132

Pricoa Global Funding I,
4.20%, 1/15/10	3/12/09 - 3/13/09		759

Pricoa Global Funding I,
5.45%, 6/11/14	6/04/09		464

Cellco Partnership / Verizon Wireless Capital LLC,
5.55%, 2/1/14	01/30/09		318

Cellco Partnership / Verizon Wireless Capital LLC,
8.50%, 11/15/18	11/18/08		534

(3)

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

(4)

Investment in affiliated portfolio.

(5)

Investment relates to cash collateral received from portfolio securities loaned.

(6)

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 August 31, 2009, the credit quality distribution for the Core Bond Portfolio as a percentage of investments including cash was:


QUALITY DISTRIBUTION*	%
AAA	68.6	%
AA	3.4
A	10.2
BAA	16.9
BA	0.8
B	0.1

Total	100.0	%

Federal Tax Information:

At August 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	122,394

Gross tax appreciation of investments	$	4,220
Gross tax depreciation of investments		(1,390	)

Net tax appreciation of investments	$	2,830

At August 31, 2009, the Core Bond Portfolio had open futures contracts as follows:

TYPE

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT
(000S)

CONTRACT
POSITION

CONTRACT
EXP.

UNREALIZED
GAINS
(000S)

Ten Year U.S. Treasury Note

3,165

Long

12/09

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS


CORE BOND PORTFOLIO continued		AUGUST 31, 2009 (UNAUDITED)

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Core Bond Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


INVESTMENTS	Level 1 (000S)		Level 2 (000S)			Level 3 (000S)		Total (000S)
Asset-Backed Securities	$	—	$	2,217	⁽¹⁾	$	—	$	2,217
Corporate Bonds
Aerospace/Defense		—		514			651		1,165
Agriculture		—		1,439			—		1,439
Banks		—		4,005			—		4,005
Beverages		—		—			457		457
Biotechnology		—		409			—		409
Chemicals		—		1,275			—		1,275
Commercial Services		—		—			407		407
Computers		—		468			—		468
Diversified Financial Services		—		5,220			131		5,351
Electric		—		1,500			—		1,500
Forest Products & Paper		—		360			—		360
Insurance		—		—			1,758		1,758
Lodging		—		—			485		485
Media		—		809			529		1,338
Metal Fabrification/Hardware		—		371			—		371
Miscellaneous Manufacturing		—		636			—		636
Office/Business Equipment		—		480			—		480
Oil & Gas		—		2,208			—		2,208
Oil & Gas Services		—		206			—		206
Pharmaceuticals		—		1,687			—		1,687
Pipelines		—		701			—		701
Real Estate Investment Trusts		—		—			75		75
Retail		—		413			—		413
Software		—		289			—		289
Telecommunications		—		1,526			1,026		2,552
Foreign Issuer Bonds
Banks		—		1,424			—		1,424
Insurance		—		1,590			587		2,177
Iron/Steel		—		469			—		469
Mining		—		—			268		268
Oil & Gas		—		548			—		548
Municipal Bonds		—		261	⁽¹⁾		—		261
U.S. Government Agencies		—		48,295	⁽¹⁾		—		48,295
U.S. Government Obligations		—		14,297	⁽¹⁾		—		14,297
Investment Companies		22,933		—			—		22,933
Short-Term Investments		—		2,300			—		2,300

Total Investments	$	22,933	$	95,917		$	6,374	$	125,224

Other Financial Instruments *	$	42	$	—		$	—	$	—

(1)

Classifications as defined in the Schedule of Investments.

*	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:


	BALANCE AS OF 11/30/08 (000S)		REALIZED GAIN (LOSS) (000S)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)			NET PURCHASES (SALES) (000S)			TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)		BALANCE AS OF 8/31/09 (000S)
Corporate Bonds
Aerospace/Defense	$	—	$	—		$	38		$	613		$	—	$	651
Beverages		—		—			42			415			—		457
Commercial Services		273		—			134			—			—		407
Diversified Financial Services		164		—			3			(36	)		—		131
Insurance		—		4			103			1,651			—		1,758
Lodging		—		—			10			475			—		485
Media		—		(37	)		36			530			—		529
Real Estate Investment Trusts		—		—			(130	)		205			—		75
Telecommunications		994		98			154			(220	)		—		1,026
Foreign Issuer Bonds
Insurance		257		—			330			—			—		587
Mining		—		15			33			220			—		268

Total	$	1,688	$	80		$	753		$	3,853		$	—	$	6,374

The amount of change in unrealized gain due to investments in level 3 securities still held at August 31, 2009 was approximately $715,000.

FIXED INCOME PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT


		SCHEDULE OF INVESTMENTS

U.S. TREASURY INDEX PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 98.7%
U.S. Treasury Bonds - 24.3%
7.25%, 5/15/16	$	1,500	$	1,893
8.88%, 8/15/17†		1,500		2,086
9.00%, 11/15/18		3,200		4,608
8.13%, 8/15/19†		400		552
8.75%, 8/15/20		1,000		1,448
8.13%, 5/15/21†		1,000		1,402
8.00%, 11/15/21†		1,100		1,538
7.63%, 11/15/22†		1,500		2,062
6.25%, 8/15/23†		1,000		1,238
6.88%, 8/15/25		1,000		1,330
6.50%, 11/15/26		1,500		1,941
6.13%, 11/15/27†		1,000		1,255
5.25%, 11/15/28†		1,000		1,145
6.25%, 5/15/30†		2,500		3,227
4.75%, 2/15/37†		1,250		1,366
5.00%, 5/15/37†		500		567
4.38%, 2/15/38†		1,000		1,031
4.50%, 5/15/38†		1,500		1,580
4.25%, 5/15/39†		500		506

				30,775


U.S. Treasury Notes - 74.4%
2.00%, 9/30/10†		2,000		2,033
4.25%, 10/15/10†		3,000		3,129
4.38%, 12/15/10†		3,500		3,672
0.88%, 12/31/10†		2,500		2,510
0.88%, 1/31/11†		2,000		2,007
5.00%, 2/15/11†		1,900		2,020
0.88%, 2/28/11		1,000		1,003
4.75%, 3/31/11†		500		531
0.88%, 4/30/11†		1,000		1,001
4.88%, 5/31/11		2,200		2,354
1.13%, 6/30/11†		1,500		1,507
4.88%, 7/31/11†		2,000		2,150
4.63%, 8/31/11†		1,000		1,072
4.63%, 10/31/11†		1,200		1,291
4.50%, 11/30/11		3,000		3,223
1.13%, 12/15/11†		2,500		2,497
4.75%, 1/31/12†		1,250		1,356
4.63%, 2/29/12†		1,000		1,083
4.50%, 3/31/12		1,000		1,082
4.50%, 4/30/12†		3,000		3,248
4.88%, 6/30/12†		1,000		1,097
1.75%, 8/15/12		1,000		1,008
4.13%, 8/31/12†		1,000		1,078
4.25%, 9/30/12†		1,200		1,299
3.88%, 10/31/12†		500		536
4.00%, 11/15/12†		950		1,023
3.63%, 12/31/12†		1,900		2,025
2.88%, 1/31/13†		300		312
2.50%, 3/31/13†		3,000		3,079
3.63%, 5/15/13†		2,500		2,662
4.25%, 8/15/13†		1,500		1,633
3.13%, 9/30/13		2,000		2,088
2.75%, 10/31/13†		1,800		1,851
4.25%, 11/15/13†		2,000		2,177
2.00%, 11/30/13†		2,000		1,994
1.75%, 1/31/14†		1,000		983
1.88%, 4/30/14†		1,000		983
4.75%, 5/15/14†		1,500		1,667
2.63%, 6/30/14†		3,000		3,039
4.25%, 11/15/14†		2,000		2,175
4.00%, 2/15/15†		2,000		2,145
4.13%, 5/15/15†		1,000		1,078
4.25%, 8/15/15		2,000		2,168
4.50%, 11/15/15†		1,250		1,372
4.50%, 2/15/16†		1,000		1,096
3.25%, 6/30/16†		2,000		2,034
4.88%, 8/15/16†		1,000		1,119
4.63%, 2/15/17†		1,900		2,089
4.25%, 11/15/17		800		856
3.50%, 2/15/18†		500		506
3.88%, 5/15/18†		3,000		3,119
4.00%, 8/15/18†		1,000		1,047
2.75%, 2/15/19†		3,000		2,840
3.63%, 8/15/19		1,000		1,019

				93,966

Total U.S. Government Obligations (Cost $119,631)				124,741


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 39.6%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾		50,058,889	$	50,059

Total Investment Companies (Cost $50,059)				50,059

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS


U.S. TREASURY INDEX PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT- TERM INVESTMENTS - 2.2%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	2,728	$	2,728

Total Short-Term Investments (Cost $2,728)				2,728


Total Investments - 140.5% (Cost $172,418)				177,528

Liabilities less Other Assets - (40.5)%				(51,194	)

NET ASSETS - 100.0%			$	126,334

(1)

Investment in affiliated portfolio.

(2)

Investment relates to cash collateral received from portfolio securities loaned.

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	172,418

Gross tax appreciation of investments	$	5,432
Gross tax depreciation of investments		(322	)

Net tax appreciation of investments	$	5,110

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the U.S. Treasury Index Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
U.S. Government Obligations	$	—	$	124,741	⁽¹⁾	$	—	$	124,741
Investment Companies		50,059		—			—		50,059

Short-Term Investments		—		2,728			—		2,728

Total Investments	$	50,059	$	127,469		$	—	$	177,528

(1)

Classifications as defined in the Schedule of Investments.

FIXED INCOME PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT


		SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 1.8%
Commercial Mortgage Services - 1.8%
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A2,
5.32%, 9/10/47	$	165	$	165
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A2,
5.86%, 6/11/40		200		198
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A2,
5.26%, 9/15/39		125		126

				489

Total Asset-Backed Securities (Cost $493)				489


CORPORATE BONDS - 44.1%
Aerospace/Defense - 2.0%
BAE Systems Holdings, Inc.,
4.95%, 6/1/14⁽¹⁾⁽²⁾		165		171
6.38%, 6/1/19⁽¹⁾⁽²⁾		155		168
Boeing (The) Co.,
4.88%, 2/15/20†		135		137
Northrop Grumman Corp.,
5.05%, 8/1/19		70		72

				548

Agriculture - 1.5%
Altria Group, Inc.,
9.25%, 8/6/19†		150		181
Bunge Ltd. Finance Corp.,
8.50%, 6/15/19		45		51
Lorillard Tobacco Co.,
8.13%, 6/23/19		160		178

				410

Banks - 6.8%
Citibank NA,
1.38%, 8/10/11†		298		299
1.88%, 6/4/12†		355		356
Citigroup, Inc.,
2.88%, 12/9/11		228		235
Goldman Sachs Group (The), Inc.,
5.15%, 1/15/14		80		83
5.95%, 1/18/18		75		78
JPMorgan Chase & Co.,
5.75%, 1/2/13		255		272
JPMorgan Chase Bank N.A.,
6.00%, 10/1/17		190		200
Morgan Stanley,
6.00%, 4/28/15		190		201
SunTrust Bank,
0.53%, 5/21/12		165		146

				1,870

Beverages - 1.2%
Anheuser-Busch Cos., Inc.,
5.50%, 1/15/18		55		56
Miller Brewing Co.,
5.50%, 8/15/13⁽¹⁾⁽²⁾		100		105
PepsiCo., Inc.,
4.65%, 2/15/13†		155		166

				327

Chemicals - 1.4%
Dow Chemical (The) Co.,
5.90%, 2/15/15		95		95
Mosaic (The) Co.,
7.63%, 12/1/16⁽²⁾		125		129
Praxair, Inc.,
3.25%, 9/15/15		170		170

				394

Computers - 0.9%
Hewlett-Packard Co.,
2.25%, 5/27/11		115		117
4.50%, 3/1/13†		130		139

				256

Diversified Financial Services - 4.9%
Bear Stearns (The) Cos., LLC,
5.70%, 11/15/14		70		75
Capital One Bank USA NA,
8.80%, 7/15/19†		140		150
Countrywide Home Loans, Inc.,
4.00%, 3/22/11		125		126
General Electric Capital Corp.,
2.13%, 12/21/12†		172		173
6.00%, 8/7/19		70		71
HSBC Finance Corp.,
5.25%, 1/15/14†		270		275
International Lease Finance Corp.,
5.75%, 6/15/11		100		89

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 44.1% continued
Diversified Financial Services - 4.9% continued
John Deere Capital Corp.,
5.25%, 10/1/12	$	155	$	168
Merrill Lynch & Co., Inc.,
6.15%, 4/25/13		175		182
Power Receivable Finance LLC,
6.29%, 1/1/12^{(1) (2)}†		35		35

				1,344

Electric - 2.3%
Duke Energy Carolinas LLC,
5.10%, 4/15/18		100		105
Florida Power & Light Co.,
5.55%, 11/1/17†		95		104
Florida Power Corp.,
5.65%, 6/15/18		110		121
Nevada Power Co.,
6.50%, 8/1/18		150		164
Progress Energy, Inc.,
7.05%, 3/15/19†		120		138

				632

Food - 0.2%
General Mills, Inc.,
5.65%, 2/15/19		40		43

Forest Products & Paper - 0.3%
International Paper Co.,
7.50%, 8/15/21		90		91

Healthcare - Services - 0.6%
UnitedHealth Group, Inc.,
4.88%, 3/15/15†		150		153

Insurance - 2.4%
Liberty Mutual Group, Inc.,
5.75%, 3/15/14^{(1) (2)}†		20		18
Metropolitan Life Global Funding I,
5.13%, 6/10/14⁽¹⁾⁽²⁾		90		94
Pricoa Global Funding I,
4.20%, 1/15/10⁽¹⁾⁽²⁾		190		190
5.45%, 6/11/14⁽¹⁾⁽²⁾		175		180
Protective Life Secured Trust,
4.85%, 8/16/10		165		167

				649

Lodging - 0.4%
Hyatt Hotels Corp.,
6.88%, 8/15/19⁽¹⁾⁽²⁾		120		122

Media - 1.7%
Comcast Corp.,
5.70%, 7/1/19†		145		153
News America, Inc.,
6.90%, 3/1/19⁽¹⁾⁽²⁾		95		107
Time Warner Cable, Inc.,
8.25%, 4/1/19		165		198

				458

Metal Fabrication/Hardware - 0.6%
Commercial Metals Co.,
7.35%, 8/15/18†		155		158

Miscellaneous Manufacturing - 0.6%
General Electric Co.,
5.25%, 12/6/17		150		153

Office/Business Equipment - 0.5%
Xerox Corp.,
5.50%, 5/15/12		130		135

Oil & Gas - 3.5%
Anadarko Petroleum Corp.,
5.95%, 9/15/16		85		88
8.70%, 3/15/19†		155		183
ConocoPhillips,
4.40%, 5/15/13†		50		53
Premcor Refining Group (The), Inc.,
6.75%, 5/1/14		330		327
Questar Market Resources, Inc.,
6.80%, 3/1/20		55		56
Rowan Cos, Inc.,
7.88%, 8/1/19†		170		179
XTO Energy, Inc.,
4.63%, 6/15/13†		60		62

				948

Oil & Gas Services - 0.4%
Smith International, Inc.,
9.75%, 3/15/19†		80		97

Pharmaceuticals - 3.9%
Abbott Laboratories,
5.60%, 11/30/17		140		153
Eli Lilly & Co.,
3.55%, 3/6/12		155		162

FIXED INCOME PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 44.1% continued
Pharmaceuticals - 3.9% continued
Express Scripts, Inc.,
5.25%, 6/15/12	$	75	$	80
Merck & Co., Inc. of New Jersey,
5.00%, 6/30/19		145		153
Pfizer, Inc.,
4.45%, 3/15/12		160		169
5.35%, 3/15/15†		210		234
Schering-Plough Corp.,
6.00%, 9/15/17		95		106

				1,057

Pipelines - 2.0%
Consolidated Natural Gas Co.,
5.00%, 3/1/14		275		289
Enterprise Products Operating LLC,
4.60%, 8/1/12†		100		104
Kinder Morgan Energy Partners LP,
6.00%, 2/1/17		90		93
Plains All American Pipeline LP,
4.25%, 9/1/12†		65		66

				552

Real Estate Investment Trusts - 0.1%
iStar Financial, Inc.,
10.00%, 6/15/14⁽¹⁾⁽²⁾		25		18

Retail - 1.1%
CVS Caremark Corp.,
6.60%, 3/15/19		105		119
Lowe’s Cos., Inc.,
5.60%, 9/15/12†		110		120
Wal-Mart Stores, Inc.,
4.25%, 4/15/13†		60		64

				303

Software - 0.2%
Oracle Corp.,
3.75%, 7/8/14†		65		67

Telecommunications - 4.6%
AT&T, Inc.,
5.60%, 5/15/18†		95		100
Cellco Partnership/Verizon Wireless Capital LLC,
3.75%, 5/20/11⁽²⁾		270		279
5.55%, 2/1/14⁽¹⁾⁽²⁾		80		87
8.50%, 11/15/18^{(1) (2)}†		200		252
Cisco Systems, Inc.,
4.95%, 2/15/19†		160		167
Verizon Communications, Inc.,
8.75%, 11/1/18		150		189
6.35%, 4/1/19†		170		189

				1,263

Total Corporate Bonds (Cost $11,436)				12,048


FOREIGN ISSUER BONDS - 7.9%
Banks - 1.7%
Barclays Bank PLC,
6.75%, 5/22/19		155		170
Credit Suisse Bank of New York,
5.00%, 5/15/13		210		223
5.50%, 5/1/14†		75		80

				473

Diversified Financial Services - 0.6%
BP Capital Markets PLC,
3.13%, 3/10/12		165		170

Food - 0.5%
Delhaize Group,
5.88%, 2/1/14		140		149

Insurance - 1.2%
Allied World Assurance Co. Holdings Ltd. of Bermuda,
7.50%, 8/1/16		100		97
Catlin Insurance Co. Ltd.,
7.25%, 1/19/17^{(1) (2)}†		155		91
XL Capital Ltd.,
6.50%, 12/31/49		215		127

				315

Iron/Steel - 0.7%
ArcelorMittal,
5.38%, 6/1/13†		180		182

Mining - 0.4%
Anglo American Capital PLC,
9.38%, 4/8/14^{(1) (2)}†		90		103

Miscellaneous Manufacturing - 0.6%
Tyco Electronics Group S.A.,
6.00%, 10/1/12		155		160

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 7.9% continued
Oil & Gas - 1.4%
Devon Financing Corp. ULC,
6.88%, 9/30/11	$	90	$	98
Nexen, Inc.,
5.65%, 5/15/17		160		160
Petro-Canada,
6.05%, 5/15/18		75		78
Suncor Energy, Inc.,
6.10%, 6/1/18		55		58

				394

Telecommunications - 0.8%
Telefonos de Mexico S.A.B. de C.V.,
4.75%, 1/27/10		210		212

Total Foreign Issuer Bonds (Cost $2,225)				2,158


U.S. GOVERNMENT AGENCIES - 18.3% ⁽³⁾
Fannie Mae - 16.0%
3.50%, 8/25/14		309		311
Pool #190367,
5.50%, 1/1/36		816		853
Pool #256883,
6.00%, 9/1/37		423		446
Pool #585617,
7.00%, 5/1/31		—		—
Pool #735402,
5.00%, 4/1/35		550		567
Pool #745418,
5.50%, 4/1/36		207		216
Pool #835806,
5.00%, 10/1/35		1,017		1,048
Pool #889650,
6.50%, 2/1/38		875		937

				4,378

Federal Home Loan Bank - 0.7%
1.75%, 8/22/12		200		199

Freddie Mac - 1.6%
2.25%, 8/24/12		423		425

Total U.S. Government Agencies (Cost $4,970)				5,002


U.S. GOVERNMENT OBLIGATIONS - 19.7%
U.S. Treasury Notes - 19.7%
1.00%, 8/31/11†		1,562		1,562
1.75%, 8/15/12†		728		734
1.50%, 7/15/12†		82		82
2.63%, 6/30/14†		354		359
2.38%, 8/31/14†		850		849
3.00%, 8/31/16†		1,330		1,327
3.13%, 5/15/19†		135		132
3.63%, 8/15/19†		317		323

				5,368

Total U.S. Government Obligations (Cost $5,340)				5,368


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 36.4%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁴⁾⁽⁵⁾		9,928,345	$	9,928

Total Investment Companies (Cost $9,928)				9,928


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 5.5%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	1,437	$	1,437
United States Treasury Bill,
0.26%, 2/11/10		75		75

Total Short-Term Investments (Cost $1,512)				1,512

Total Investments - 133.7% (Cost $35,904)				36,505

Liabilities less Other Assets - (33.7)%				(9,204	)

NET ASSETS - 100.0%			$	27,301

(1)

Restricted security that has been deemed illiquid. At August 31, 2009, the value of these restricted illiquid securities amounted to approximately $1,741,000 or 6.4% of net assets. Additional information on each restricted illiquid security is as follows:

FIXED INCOME PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Anglo American Capital PLC,
9.38%, 4/8/14	4/2/09	$	90

BAE Systems Holdings, Inc.,
4.95%, 6/1/14	6/1/09		165

BAE Systems Holdings, Inc.,
6.38%, 6/1/19	8/3/09		167

Catlin Insurance Co. Ltd.,
7.25%, 1/19/17	1/11/07 - 6/27/07		153

Hyatt Hotels Corp.,
6.88%, 8/15/19	8/14/09		120

iStar Financial, Inc.,
10.00%, 6/15/14	4/26/06		49

Liberty Mutual Group, Inc.,
5.75%, 3/15/14	6/16/09		15

Metropolitan Life Global Funding I,
5.50%, 8/15/13	6/3/09		90

Miller Brewing Co.,
5.50%, 8/15/13	3/6/09		96

News America, Inc.,
6.90%, 3/1/19	6/17/09		98

Power Receivable Finance LLC,
6.29%, 1/1/12	9/30/03 - 8/24/07		35

Pricoa Global Funding I,
5.45%, 6/11/14	6/4/09		175

Pricoa Global Funding I,
4.20%, 1/15/10	3/12/09 - 3/13/09		176

Cellco Partnership / Verizon Wireless Capital LLC,
5.55%, 2/1/14	1/30/09		79

Cellco Partnership / Verizon Wireless Capital LLC,
8.50%, 11/15/18	11/18/08 - 2/20/09		208

(2)

(3)

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

(4)

Investment in affiliated portfolio.

(5)

Investment relates to cash collateral received from portfolio securities loaned.

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	35,904

Gross tax appreciation of investments	$	816
Gross tax depreciation of investments		(215	)

Net tax appreciation of investments	$	601

At August 31, 2009, the credit quality distribution for the Intermediate Bond Portfolio as a percentage of investments including cash was:


QUALITY DISTRIBUTION*	%
AAA	50.6	%
AA	6.5
A	20.0
BAA	22.8
B	0.1

Total	100.0	%

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Intermediate Bond Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


INVESTMENTS	Level 1 (000S)		Level 2 (000S)			Level 3 (000S)		Total (000S)
Asset-Backed Securities	$	—	$	489	⁽¹⁾	$	—	$	489
Corporate Bonds
Aerospace/Defense		—		209			339		548
Agriculture		—		410			—		410
Banks		—		1,870			—		1,870
Beverages		—		222			105		327
Chemicals		—		394			—		394
Computers		—		256			—		256
Diversified Financial Services		—		1,309			35		1,344
Electric		—		632			—		632
Food		—		43			—		43
Forest Products & Paper		—		91			—		91
Healthcare - Services		—		153			—		153
Insurance		—		167			482		649
Lodging		—		—			122		122
Media		—		351			107		458
Metal Fabrification/Hardware		—		158			—		158
Miscellaneous Manufacturing		—		153			—		153
Office/Business Equipment		—		135			—		135
Oil & Gas		—		948			—		948
Oil & Gas Services		—		97			—		97

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS


INTERMEDIATE BOND PORTFOLIO continued		AUGUST 31, 2009 (UNAUDITED)


INVESTMENTS	Level 1 (000S)		Level 2 (000S)			Level 3 (000S)		Total (000S)
Pharmaceuticals		—		1,057			—		1,057
Pipelines		—		552			—		552
Real Estate Investment Trusts		—		—			18		18
Retail		—		303			—		303
Software		—		67			—		67
Telecommunications		—		924			339		1,263
Foreign Issuer Bonds
Banks		—		473			—		473
Diversified Financial Services		—		170			—		170
Food		—		149			—		149
Insurance		—		224			91		315
Iron/Steel		—		182			—		182
Mining		—		—			103		103
Miscellaneous Manufacturing		—		160			—		160
Oil & Gas		—		394			—		394
Telecommunications		—		212			—		212
U.S. Government Agencies		—		5,002	⁽¹⁾		—		5,002
U.S. Government Obligations		—		5,368	⁽¹⁾		—		5,368
Investment Companies		9,928		—			—		9,928
Short-Term Investments		—		1,512			—		1,512

Total Investments	$	9,928	$	24,836		$	1,741	$	36,505

(1)

Classifications as defined in the Schedule of Investments.

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


	BALANCE AS OF 11/30/08 (000S)		REALIZED GAIN(LOSS) (000S)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)			NET PURCHASES (SALES) (000S)			TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)		BALANCE AS OF 8/31/09 (000S)
Corporate Bonds
Aerospace/Defense	$	—	$	3		$	7		$	329		$	—	$	339
Beverages		—		—			9			96			—		105
Diversified Financial Services		43		—			1			(9	)		—		35
Insurance		—		—			27			455			—		482
Lodging		—		—			2			120			—		122
Media		—		(8	)		8			107			—		107
Real Estate Investment Trusts		—		—			(31	)		49			—		18
Telecommunications		141		1			49			148			—		339
Foreign Issuer Bonds
Insurance		40		—			51			—			—		91
Mining		—		—			13			90			—		103

Total	$	224	$	(4	)	$	136		$	1,385		$	—	$	1,741

The amount of change in unrealized gains due to investments in level 3 securities still held at August 31, 2009 was approximately $128,000.

FIXED INCOME PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS


SHORT BOND PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 2.6%
Commercial Mortgage Services - 2.6%
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A2,
5.32%, 9/10/47	$	1,240	$	1,241
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A2,
5.86%, 6/11/40		1,329		1,314
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A2,
5.26%, 9/15/39		650		653

				3,208

Total Asset-Backed Securities (Cost $3,238)				3,208


CORPORATE BONDS - 29.5%
Aerospace/Defense - 1.3%
BAE Systems Holdings, Inc.,
4.95%, 6/1/14⁽¹⁾⁽²⁾		730		755
Northrop Grumman Corp.,
3.70%, 8/1/14		900		913

				1,668

Banks - 6.3%
Citibank NA,
1.38%, 8/10/11		1,700		1,703
1.88%, 6/4/12†		1,484		1,489
Citigroup, Inc.,
2.88%, 12/9/11†		1,096		1,131
Goldman Sachs Group (The), Inc.,
5.15%, 1/15/14		770		803
JPMorgan Chase & Co.,
4.85%, 6/16/11		1,325		1,383
SunTrust Bank,
0.53%, 5/21/12		770		681
Wells Fargo & Co.,
4.38%, 1/31/13†		685		709

				7,899

Chemicals - 1.1%
Dow Chemical (The) Co.,
7.60%, 5/15/14†		845		913
5.90%, 2/15/15		455		454

				1,367

Computers - 1.0%
Dell, Inc.,
3.38%, 6/15/12†		765		788
Hewlett-Packard Co.,
2.25%, 5/27/11		505		514

				1,302

Diversified Financial Services - 4.7%
Citigroup Funding, Inc.,
2.13%, 7/12/12		700		706
Countrywide Home Loans, Inc.,
4.00%, 3/22/11		690		697
General Electric Capital Corp.,
0.59%, 4/28/11†		1,450		1,417
2.13%, 12/21/12		1,491		1,500
International Lease Finance Corp.,
5.75%, 6/15/11		970		865
John Deere Capital Corp.,
5.25%, 10/1/12		635		686

				5,871

Electric - 1.3%
Midamerican Energy Holdings Co.,
3.15%, 7/15/12⁽¹⁾		900		910
PSEG Power LLC,
6.95%, 6/1/12		670		734

				1,644

Insurance - 1.7%
Liberty Mutual Group, Inc.,
5.75%, 3/15/14^{(1) (2)}†		100		90
Metropolitan Life Global Funding I,
5.13%, 6/10/14⁽¹⁾⁽²⁾		405		422
Pricoa Global Funding I,
4.20%, 1/15/10⁽¹⁾⁽²⁾		760		759
5.45%, 6/11/14⁽¹⁾⁽²⁾		780		801

				2,072

Media - 1.3%
Time Warner Cable, Inc.,
5.40%, 7/2/12		625		667
Time Warner, Inc.,
6.75%, 4/15/11		855		909

				1,576

Office/Business Equipment - 0.4%
Xerox Corp.,
5.50%, 5/15/12		505		526

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO continued


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 29.5% continued
Oil & Gas - 0.8%
Anadarko Petroleum Corp.,
5.75%, 6/15/14†	$	900	$	958

Pharmaceuticals - 2.0%
Eli Lilly & Co.,
3.55%, 3/6/12		625		654
Express Scripts, Inc.,
5.25%, 6/15/12		350		371
Merck & Co., Inc.,
1.88%, 6/30/11†		845		854
Pfizer, Inc.,
4.45%, 3/15/12		630		667

				2,546

Pipelines - 2.1%
Energy Transfer Partners LP,
5.65%, 8/1/12†		900		950
Enterprise Products Operating LLC,
4.60%, 8/1/12†		450		467
Plains All American Pipeline LP,
4.25%, 9/1/12		310		316
Transcontinental Gas Pipe Line Corp.,
7.00%, 8/15/11		895		963

				2,696

Retail - 1.0%
CVS Caremark Corp.,
4.00%, 9/15/09		1,300		1,301

Software - 0.9%
Oracle Corp.,
5.00%, 1/15/11		720		756
3.75%, 7/8/14		305		315

				1,071

Telecommunications - 3.6%
Cellco Partnership/Verizon Wireless Capital LLC,
3.75%, 5/20/11⁽¹⁾		1,190		1,229
5.55%, 2/1/14^{(1) (2)}		490		530
SBC Communications, Inc.,
6.25%, 3/15/11		1,440		1,532
Verizon Communications, Inc.,
5.35%, 2/15/11†		740		775
Verizon New Jersey, Inc.,
5.88%, 1/17/12		400		429

				4,495

Total Corporate Bonds (Cost $35,901) ⁽¹⁾⁽²⁾				36,992


FOREIGN ISSUER BONDS - 5.0%
Banks - 0.8%
Credit Suisse New York,
5.00%, 5/15/13		925		982

Chemicals - 0.4%
Potash Corp. of Saskatchewan, Inc.,
5.25%, 5/15/14		425		453

Food - 0.8%
Delhaize Group SA,
5.88%, 2/1/14		895		953

Mining - 0.3%
Anglo American Capital PLC,
9.38%, 4/8/14^{(1) (2)}†		375		428

Oil & Gas - 2.0%
Anadarko Finance Co.,
6.75%, 5/1/11		895		950
Conoco Funding Co.,
6.35%, 10/15/11		680		745
StatoilHydro ASA,
3.88%, 4/15/14†		800		830

				2,525

Telecommunications - 0.7%
Telefonos de Mexico S.A.B. de C.V.,
4.75%, 1/27/10†		885		894

Total Foreign Issuer Bonds (Cost $5,954)				6,235


U.S. GOVERNMENT AGENCIES - 29.5% ⁽³⁾
Fannie Mae - 23.2%
3.50%, 8/25/14		1,284		1,292
Pool #256883,
6.00%, 9/1/37		954		1,007
Pool #257042,
6.50%, 1/1/38		999		1,070
Pool #555649,
7.50%, 10/1/32		129		144

FIXED INCOME PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 29.5% ⁽³⁾ continued
Fannie Mae - 23.2% continued
Pool #745418,
5.50%, 4/1/36	$	2,286	$	2,390
Pool #869217,
5.47%, 2/1/36		1,975		2,079
Pool #888415,
5.00%, 12/1/36		1,629		1,678
Pool #889650,
6.50%, 2/1/38		2,711		2,904
Pool #893082,
5.81%, 9/1/36		1,068		1,124
Pool #897243,
6.00%, 11/1/36		2,470		2,608
Pool #946869,
6.00%, 9/1/37		1,444		1,523
Pool #995049,
5.50%, 2/1/38		2,516		2,631
Pool TBA,
5.50%, 9/15/39⁽⁴⁾		3,770		3,924
6.50%, 9/15/39⁽⁴⁾		4,350		4,652

				29,026

Freddie Mac - 2.9%
2.25%, 8/24/12		2,220		2,229
Pool #1B3617,
5.95%, 10/1/37		1,336		1,407

				3,636

Freddie Mac Gold - 1.3%
Pool #G05367,
5.50%, 12/1/35		1,562		1,634

Government National Mortgage Association - 2.1%
Series 2007, Class 4A,
4.21%, 6/16/29		1,050		1,085
Series 2008, Class 14AC,
4.46%, 12/16/30		681		703
Series 2008, Class 8A,
3.61%, 11/16/27		896		914

				2,702

Total U.S. Government Agencies (Cost $36,385)				36,998


U.S. GOVERNMENT OBLIGATIONS - 32.1%
U.S. Treasury Notes - 32.1%
1.00%, 8/31/11†		13,098		13,103
1.13%, 12/15/11†		4,404		4,398
1.50%, 7/15/12†		390		391
1.75%, 8/15/12†		16,119		16,246
2.38%, 8/31/14†		6,057		6,053

				40,191

Total U.S. Government Obligations (Cost $40,058)				40,191


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 26.4%
Northern Institutional Funds - Liquid Assets Portfolio ⁽⁵⁾⁽⁶⁾		33,038,613	$	33,039

Total Investment Companies (Cost $33,039)				33,039


		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT- TERM INVESTMENTS - 20.3%
FHLB Discount Notes,
0.08%, 9/1/09	$	6,405	$	6,405
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09		18,780		18,780
U.S. Treasury Bill,
0.26%, 2/11/10⁽⁷⁾		300		300

Total Short-Term Investments (Cost $25,485)				25,485

Total Investments - 145.4% (Cost $180,060)				182,148

Liabilities less Other Assets - (45.4)%				(56,834	)

NET ASSETS - 100.0%			$	125,314

(1)

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO continued

(2)

Restricted security that has been deemed illiquid. At August 31, 2009, the value of these restricted illiquid securities amounted to approximately $3,785,000 or 3.0% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Anglo American Capital PLC,
9.38%, 4/8/14	4/2/09	$	375

BAE System Holdings, Inc.,
4.95%, 6/1/14	6/1/09		728

Liberty Mutual Group, Inc.,
5.75%, 3/15/14	6/16/09		77

Mertopolitian Life Global Funding I,
5.13%, 6/10/14	6/3/09		403

Pricoa Global Funding I,
4.20%, 1/15/10	3/12/09 - 3/13/09		703

Pricoa Global Funding I,
5.45%, 6/11/14	6/4/09		778

Cellco Partnership/Verizon Wireless Capital LLC,
5.55%, 2/1/14	1/30/09		487

(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.

Federal Tax Information:

At August 31,2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	180,060

Gross tax appreciation of investments	$	2,232
Gross tax depreciation of investments		(144	)

Net tax appreciation of investments	$	2,088

At August 31, 2009, the credit quality distribution for the Short Bond Portfolio as a percentage of investments including cash was:


QUALITY DISTRIBUTION*	%
AAA	70.4	%
AA	5.8
A	11.0
BAA	12.8

Total	100.0	%

At August 31, 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)
Five Year U.S. Treasury Note	127	$	14,637	Short	12/09	$	(8	)

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Short Bond Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


INVESTMENTS	Level 1 (000S)		Level 2 (000S)			Level 3 (000S)		Total (000S)
Asset-Backed Securities	$	—	$	3,208	⁽¹⁾	$	—	$	3,208
Corporate Bonds
Aerospace/Defense		—		913			755		1,668
Banks		—		7,899			—		7,899
Chemicals		—		1,367			—		1,367
Computers		—		1,302			—		1,302
Diversified Financial Services		—		5,871			—		5,871
Electric		—		1,644			—		1,644
Insurance		—		—			2,072		2,072
Media		—		1,576			—		1,576
Office/Business Equipment		—		526			—		526
Oil & Gas		—		958			—		958
Pharmaceuticals		—		2,546			—		2,546
Pipelines		—		2,696			—		2,696
Retail		—		1,301			—		1,301
Software		—		1,071			—		1,071
Telecommunications		—		3,965			530		4,495
Foreign Issuer Bonds
Banks		—		982			—		982
Chemicals		—		453			—		453
Food		—		953			—		953
Mining		—		—			428		428
Oil & Gas		—		2,525			—		2,525
Telecommunications		—		894			—		894
U.S. Government Agencies		—		36,998	⁽¹⁾		—		36,998
U.S. Government Obligations		—		40,191	⁽¹⁾		—		40,191

FIXED INCOME PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


INVESTMENTS	Level 1 (000S)			Level 2 (000S)		Level 3 (000S)		Total (000S)
Investment Companies	$	33,039		$	—	$	—	$	33,039
Short-Term Investments		—			25,485		—		25,485

Total Investments	$	33,039		$	145,324	$	3,785	$	182,148

Other Financial Instruments *	$	(8	)	$	—	$	—	$	—

(1)

Classifications as defined in the Schedule of Investments.

*	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.


	BALANCE AS OF 11/30/08 (000S)		REALIZED GAIN (LOSS) (000S)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)		NET PURCHASES (SALES) (000S)		TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)		BALANCE AS OF 8/31/09 (000S)
Corporate
Bonds
Aerospace/Defense	$	—	$	14	$	26	$	715	$	—	$	755
Insurance		—		—		111		1,961		—		2,072
Telecommunications		—		7		43		480		—		530
Foreign Issuer
Bonds
Mining		—		—		53		375		—		428

Total	$	—	$	21	$	233	$	3,531	$	—	$	3,785

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 FIXED INCOME PORTFOLIOS


		SCHEDULE OF INVESTMENTS

U.S. GOVERNMENT SECURITIES PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 5.8%
Banks - 3.4%
Citibank NA,
1.38%, 8/10/11†	$	830	$	831
1.88%, 6/4/12†		965		968
Citigroup, Inc.,
2.88%, 12/9/11		922		952

				2,751

Diversified Financial Services - 2.4%
Citigroup Funding, Inc.,
2.13%, 7/12/12		850		857
General Electric Capital Corp.,
2.13%, 12/21/12		1,050		1,056

				1,913

Total Corporate Bonds (Cost $4,647)				4,664


U.S. GOVERNMENT AGENCIES - 24.6% ⁽¹⁾
Fannie Mae - 17.1%
3.50%, 8/25/14		970		976
Pool #257042,
6.50%, 1/1/38		983		1,053
Pool #555649,
7.50%, 10/1/32		93		104
Pool #735402,
5.00%, 4/1/35		897		925
Pool #869217,
5.47%, 2/1/36		1,190		1,252
Pool #893082,
5.81%, 9/1/36		402		423
Pool #968158,
6.50%, 1/1/38		359		385
Pool #995049,
5.50%, 2/1/38		1,293		1,352
Pool TBA,
5.50%, 9/15/39⁽²⁾		3,900		4,060
6.00%, 9/15/39⁽²⁾		3,050		3,209

				13,739

Freddie Mac - 6.3%
2.63%, 3/19/12		1,316		1,327
2.25%, 8/24/12		697		700
Pool #1J0365,
5.90%, 4/1/37		831		874
Pool #1J2840,
5.94%, 9/1/37		1,299		1,367
Pool #410092,
3.17%, 11/1/24		6		6
Series 2944, Class WD,
5.50%, 11/15/28		715		743

				5,017

Government National Mortgage Association - 1.2%
Series 2007, Class 4A,
4.21%, 6/16/29		281		290
Series 2008, Class 14AC,
4.46%, 12/16/30		341		352
Series 2008, Class 8A,
3.61%, 11/16/27		314		320

				962

Total U.S. Government Agencies (Cost $19,381)				19,718


U.S. GOVERNMENT OBLIGATIONS - 60.1%
U.S. Treasury Notes - 60.1%
2.00%, 9/30/10		2,414		2,454
1.00%, 8/31/11		13,795		13,800
1.13%, 12/15/11†		310		310
1.75%, 8/15/12†		10,189		10,269
2.63%, 6/30/14†		5,284		5,353
2.38%, 8/31/14		16,093		16,082

				48,268

Total U.S. Government Obligations (Cost $48,008)				48,268


	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 45.7%
Northern Institutional Funds - Liquid Assets Portfolio ⁽³⁾⁽⁴⁾		36,646,919		36,647

Total Investment Companies (Cost $36,647)				36,647

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS


U.S. GOVERNMENT SECURITIES PORTFOLIO continued		AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 16.2%
FHLB Discount Note,
0.08%, 9/1/09	$	805	$	805
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09		12,032		12,032
U.S. Treasury Bill,
0.26%, 2/11/10		155		155

Total Short-Term Investments (Cost $12,992)				12,992

Total Investments - 152.4% (Cost $121,675)				122,289

Liabilities less Other Assets - (52.4)%				(42,072	)

NET ASSETS - 100.0%			$	80,217

(1)

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

(2)

When-Issued Security.

(3)

Investment in affiliated portfolio.

(4)

Investment relates to cash collateral received from portfolio securities loaned.

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets

Federal Tax Information:

At August 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	121,675

Gross tax appreciation of investments	$	616
Gross tax depreciation of investments		(2	)

Net tax appreciation of investments	$	614

At August 31, 2009, the credit quality distribution for the U.S. Government Securities Portfolio as a percentage of investments including cash was:


QUALITY DISTRIBUTION*	%
AAA	100.0	%

Total	100.0	%

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the U.S. Government Securities Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Corporate Bonds	$	—	$	4,664	⁽¹⁾	$	—	$	4,664
U.S. Government Agencies		—		19,718	⁽¹⁾		—		19,718
U.S. Government Obligations		—		48,268	⁽¹⁾		—		48,268
Investment Companies		36,647		—			—		36,647
Short-Term Investments		—		12,992			—		12,992

Total Investments	$	36,647	$	85,642		$	—	$	122,289

(1)

Classifications as defined in the Schedule of Investments.

FIXED INCOME PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT


		SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.4%
Australia - 1.9%
QBE Insurance Group Ltd.	79,927	$	1,544
Telstra Corp. Ltd.	585,134		1,612

			3,156

Belgium - 2.0%
Anheuser-Busch InBev N.V.	75,392		3,257

Brazil - 0.9%
Petroleo Brasileiro S.A. ADR†	36,549		1,449

Canada - 1.0%
Bombardier, Inc., Class B	233,083		852
Talisman Energy, Inc.	47,735		767

			1,619

China - 2.0%
Bank of China Ltd., Class H	4,112,000		1,999
China Yurun Food Group Ltd.†	716,000		1,235

			3,234

Finland - 2.1%
Nokia OYJ	93,701		1,313
UPM-Kymmene OYJ	171,294		2,061

			3,374

France - 9.2%
Air Liquide S.A.	13,769		1,474
BNP Paribas†	44,709		3,608
Peugeot S.A.*†	33,542		975
Societe Generale	55,525		4,499
Total S.A.	37,881		2,178
UBISOFT Entertainment*†	56,072		999
Veolia Environnement	33,695		1,169

			14,902

Germany - 7.7%
Allianz S.E. (Registered)	23,376		2,703
Deutsche Bank A.G. (Registered)	22,609		1,541
Deutsche Telekom A.G. (Registered)	91,372		1,218
E.ON A.G.	50,809		2,153
GEA Group A.G.	53,160		942
Linde A.G.	15,848		1,597
SAP A.G.	26,822		1,310
Siemens A.G. (Registered)	13,136		1,139

			12,603

Hong Kong - 1.5%
Huabao International Holdings Ltd.	2,300,000		2,385

Ireland - 0.7%
Covidien PLC	30,006		1,187

Italy - 2.3%
Enel S.p.A.	265,298		1,563
ENI S.p.A.	91,517		2,172

			3,735

Japan - 20.2%
Chiyoda Corp.	209,000		1,676
East Japan Railway Co.	21,700		1,416
Fast Retailing Co. Ltd.	15,600		1,862
Kansai Electric Power (The) Co., Inc.	57,000		1,311
Kawasaki Heavy Industries Ltd.†	581,000		1,534
Kinden Corp.	137,000		1,224
Kubota Corp.	195,000		1,598
Mitsubishi UFJ Financial Group, Inc.	652,890		4,142
Mitsui & Co. Ltd.	163,300		2,110
Murata Manufacturing Co. Ltd.	25,900		1,219
NGK Insulators Ltd.	52,000		1,214
Nomura Holdings, Inc.	299,100		2,623
Shin-Etsu Chemical Co. Ltd.	29,700		1,748
Shiseido Co. Ltd.	60,000		1,050
Sony Corp.†	82,500		2,207
Sumitomo Metal Mining Co. Ltd.	116,000		1,772
Toyota Motor Corp.	97,100		4,141

			32,847

Netherlands - 6.2%
ASML Holding N.V.	67,423		1,854
Qiagen N.V.*†	53,398		1,099
Royal Dutch Shell PLC, Class B (London Exchange)	130,141		3,538
Royal KPN N.V.	81,048		1,247
Unilever N.V. - CVA	85,347		2,386

			10,124

Portugal - 0.8%
Jeronimo Martins SGPS S.A.	157,408		1,229

Singapore - 2.4%
CapitaLand Ltd.	800,500		2,058
DBS Group Holdings Ltd.	221,000		1,936

			3,994

South Korea - 0.5%
Hyundai Motor Co.	10,400		882

Spain - 2.7%
Iberdrola Renovables S.A.	141,509		651

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH PORTFOLIO continued


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.4% continued
Spain - 2.7% continued
Iberdrola S.A.		158,482	$	1,472
Telefonica S.A.		91,462		2,309

				4,432

Sweden - 0.9%
Telefonaktiebolaget LM Ericsson, Class B		147,076		1,411

Switzerland - 7.7%
ABB Ltd. (Registered)*		67,654		1,305
Credit Suisse Group A.G. (Registered)		41,518		2,116
Novartis A.G. (Registered)		69,592		3,232
Roche Holding A.G. (Genusschein)		25,967		4,132
Syngenta A.G. (Registered)		7,245		1,704

				12,489

United Kingdom - 24.0%
Autonomy Corp. PLC*		61,508		1,293
BAE Systems PLC		141,399		715
Barclays PLC*		382,965		2,347
BP PLC		292,848		2,521
Compass Group PLC		417,232		2,219
GlaxoSmithKline PLC		171,665		3,360
HSBC Holdings PLC		159,233		1,740
ITV PLC		1,795,217		1,420
National Grid PLC		133,510		1,287
Pearson PLC		138,357		1,683
Prudential PLC†		266,377		2,325
QinetiQ Group PLC		295,357		666
Reckitt Benckiser Group PLC		48,108		2,228
Rolls-Royce Group PLC*		351,439		2,577
Royal Bank of Scotland Group PLC*		2,002,878		1,874
Standard Chartered PLC		116,814		2,651
Vodafone Group PLC		1,679,418		3,620
Weir Group (The) PLC		162,270		1,699
WPP PLC		346,236		2,910

				39,135

United States - 1.7%
Lazard Ltd., Class A		29,082		1,130
Vale S.A. ADR†		81,301		1,562

				2,692

Total Common Stocks (Cost $158,638) ⁽¹⁾				160,136


INVESTMENT COMPANIES - 8.0%
Northern Institutional Funds - Liquid Assets Portfolio ⁽²⁾⁽³⁾		13,085,842		13,086

Total Investment Companies (Cost $13,086)				13,086


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 1.0%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	1,559	$	1,559

Total Short-Term Investments (Cost $1,559)				1,559

Total Investments - 107.4% (Cost $173,283)				174,781

Liabilities less Other Assets - (7.4)%				(12,018	)

NET ASSETS - 100.0%			$	162,763

(1)

In accordance with the Portfolio’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 August 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	160,197

Gross tax appreciation of investments	$	18,537
Gross tax depreciation of investments		(17,039	)

Net tax appreciation of investments	$	1,498

EQUITY PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)

At August 31, 2009, the industry sectors for the International Growth Portfolio were:


INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Consumer Discretionary	11.4	%
Consumer Staples	7.1
Energy	7.9
Financials	25.5
Health Care	8.1
Industrials	12.9
Information Technology	5.9
Materials	8.9
Telecommunication Services	6.3
Utilities	6.0

Total	100.0	%

At August 31, 2009, the International Growth Portfolio’s investments were denominated in the following currencies:


CONCENTRATION BY CURRENCY	% OF LONG-TERM INVESTMENTS
Euro	31.3	%
British Pound	26.6
Japanese Yen	20.5
Swiss Franc	7.8
All other currencies less than 5%	13.8

Total	100.0	%

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the International Growth Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stock
Consumer Discretionary	$	—	$	18,297	$	—	$	18,297
Consumer Staples		—		11,385		—		11,385
Energy		2,216		10,409		—		12,625
Financials		1,130		39,708		—		40,838
Health Care		1,187		11,824		—		13,011
Industrials		852		19,816		—		20,668
Information Technology		—		9,400		—		9,400
Materials		1,562		12,740		—		14,302
Telecommunication Services		—		10,005		—		10,005
Utilities		—		9,605		—		9,605
Investment Companies		13,086		—		—		13,086
Short-Term Investments		—		1,559		—		1,559

Total Investments	$	20,033	$	154,748	$	—	$	174,781

Other Financial Instruments*	$	—	$	—	$	—	$	—

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 EQUITY PORTFOLIOS


		SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3%
Australia - 7.5%
AGL Energy Ltd.	4,799	$	57
Alumina Ltd.	26,204		36
Amcor Ltd.	14,176		69
AMP Ltd.	21,540		116
Aristocrat Leisure Ltd.	4,106		16
Arrow Energy Ltd.*	5,831		22
Asciano Group*	29,111		39
ASX Ltd.†	1,942		54
Australia & New Zealand Banking Group Ltd.	25,615		461
AXA Asia Pacific Holdings Ltd.	10,780		39
Bendigo and Adelaide Bank Ltd.†	3,431		24
BGP Holdings PLC*	104,706		—
BHP Billiton Ltd.	37,072		1,158
Billabong International Ltd.†	2,360		21
BlueScope Steel Ltd.	20,806		50
Boral Ltd.†	6,100		30
Brambles Ltd.	15,315		96
Caltex Australia Ltd.*	1,572		16
CFS Retail Property Trust	18,035		29
Coca-Cola Amatil Ltd.	6,173		52
Cochlear Ltd.	612		29
Commonwealth Bank of Australia	16,769		651
Computershare Ltd.	4,699		40
Crown Ltd.	5,514		37
CSL Ltd.	6,899		188
CSR Ltd.	13,679		24
Dexus Property Group†	48,948		31
Energy Resources of Australia Ltd.†	680		15
Fairfax Media Ltd.†	23,168		29
Fortescue Metals Group Ltd.*	14,458		54
Foster’s Group Ltd.	20,560		95
Goodman Fielder Ltd.	13,939		18
Goodman Group	61,383		32
GPT Group	104,706		54
Harvey Norman Holdings Ltd.†	6,558		22
Incitec Pivot Ltd.	17,394		44
Insurance Australia Group Ltd.	21,914		66
Leighton Holdings Ltd.†	1,610		50
Lend Lease Corp. Ltd.	4,660		37
Lion Nathan Ltd.	3,233		32
Macquarie Airports	6,369		14
Macquarie Group Ltd.†	3,491		150
Macquarie Infrastructure Group	25,623		29
Metcash Ltd.	8,070		29
Mirvac Group	25,582		32
National Australia Bank Ltd.	22,134		532
Newcrest Mining Ltd.	5,325		135
Nufarm Ltd.	1,894		17
OneSteel Ltd.	15,848		43
Orica Ltd.	3,994		76
Origin Energy Ltd.	9,407		121
OZ Minerals Ltd.*	34,248		31
Paladin Energy Ltd.*†	5,886		23
Perpetual Ltd.†	463		16
Qantas Airways Ltd.	12,324		27
QBE Insurance Group Ltd.	11,350		219
Rio Tinto Ltd.	4,974		234
Santos Ltd.	9,165		122
Sims Metal Management Ltd.	1,550		30
Sonic Healthcare Ltd.	3,809		45
SP AusNet	15,789		10
Stockland	24,089		77
Suncorp-Metway Ltd.†	13,983		92
TABCORP Holdings Ltd.	6,688		38
Tatts Group Ltd.	12,626		26
Telstra Corp. Ltd.	48,533		134
Toll Holdings Ltd.	7,021		47
Transurban Group	12,643		43
Wesfarmers Ltd.	11,569		246
Wesfarmers Ltd. - PPS	1,646		35
Westfield Group	23,941		255
Westpac Banking Corp.	31,881		656
Woodside Petroleum Ltd.	5,591		231
Woolworths Ltd.	13,619		323
WorleyParsons Ltd.†	1,772		42

			8,113

Austria - 0.3%
Erste Group Bank A.G.	2,096		89
OMV A.G.	1,699		67
Raiffeisen International Bank Holding A.G.	582		31
Telekom Austria A.G.	3,676		64
Verbund - Oesterreichische Elektrizita-etswirtschafts A.G., Class A†	855		44
Vienna Insurance Group	412		21
Voestalpine A.G.	1,272		41

			357

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
Belgium - 0.9%
Anheuser-Busch InBev N.V.	8,026	$	347
Belgacom S.A.†	1,632		61
Colruyt S.A.	158		36
Delhaize Group S.A	1,113		75
Dexia S.A.*	6,000		51
Fortis*†	24,978		107
Fortis (VVPR)*	348		—
Groupe Bruxelles Lambert S.A.	871		76
KBC Groep N.V.*	1,753		66
Mobistar S.A.	366		24
Nationale A Portefeuille	404		21
Solvay S.A., Class A	674		71
UCB S.A.†	1,118		44
Umicore	1,252		34

			1,013

Denmark - 0.9%
A.P. Moller - Maersk A/S, Class A	6		42
A.P. Moller - Maersk A/S, Class B†	12		87
Carlsberg A/S, Class B	1,173		84
Coloplast A/S, Class B	293		23
Danske Bank A/S*	5,126		138
DSV A/S*†	1,959		30
H. Lundbeck A/S	583		12
Novo-Nordisk A/S, Class B	4,983		305
Novozymes A/S, Class B†	517		44
Topdanmark A/S*	177		24
TrygVesta A/S	289		18
Vestas Wind Systems A/S*	2,320		167
William Demant Holding A/S*	284		17

			991

Finland - 1.2%
Elisa OYJ	1,797		36
Fortum OYJ	5,308		139
Kesko OYJ, Class B	726		21
Kone OYJ, Class B†	1,897		66
Metso OYJ	1,378		35
Neste Oil OYJ†	1,411		24
Nokia OYJ	41,350		579
Nokian Renkaat OYJ†	1,141		26
Orion OYJ, Class B†	1,037		18
Outokumpu OYJ	1,300		28
Pohjola Bank PLC†	1,568		18
Rautaruukki OYJ	900		21
Sampo OYJ, Class A	4,722		113
Sanoma OYJ†	771		15
Stora Enso OYJ (Registered)*†	7,270		50
UPM-Kymmene OYJ	6,424		77
Wartsila OYJ†	1,098		42

			1,308

France - 10.0%
Accor S.A.	1,630		86
Aeroports de Paris S.A.†	303		26
Air France-KLM*†	1,623		25
Air Liquide S.A.	2,763		296
Alcatel-Lucent*	25,636		97
Alstom S.A.	2,282		161
Atos Origin S.A.*†	660		31
AXA S.A.†	17,273		395
BioMerieux†	159		15
BNP Paribas†	9,238		745
Bouygues S.A.	2,573		128
Bureau Veritas S.A.†	519		26
Cap Gemini S.A.	1,620		79
Carrefour S.A.	7,062		333
Casino Guichard Perrachon S.A.	588		45
Christian Dior S.A.	677		63
Cie de Saint-Gobain†	4,409		199
Cie Generale d’Optique Essilor International S.A.	2,258		122
CNP Assurances	400		40
Compagnie Generale de Geophysique-Veritas*†	1,540		33
Compagnie Generale des Establissements Michelin, Class B	1,726		130
Credit Agricole S.A.	10,246		190
Dassault Systemes S.A.†	710		36
EDF S.A.	2,584		136
Eiffage S.A.†	423		30
Eramet†	59		19
Eurazeo	313		17
Eutelsat Communications	1,016		27
Fonciere Des Regions†	251		26
France Telecom S.A.	20,176		514
GDF Suez	13,302		562
GDF Suez (VVPR)*	1,323		—
Gecina S.A.	195		19
Groupe Danone†	6,006		327
Hermes International†	573		85

EQUITY PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
France - 10.0% continued
ICADE	208	$	19
Iliad S.A.	188		19
Imerys S.A.	301		16
Ipsen S.A.	304		15
JC Decaux S.A.*†	548		12
Klepierre†	1,084		41
Lafarge S.A.†	2,237		191
Lagardere S.C.A.	1,364		59
Legrand S.A.	923		23
L’Oreal S.A.	2,672		264
LVMH Moet Hennessy Louis Vuitton S.A.	2,733		262
M6-Metropole Television	708		16
Natixis*	9,393		43
Neopost S.A.†	321		26
PagesJaunes Groupe†	1,560		17
Pernod-Ricard S.A.†	2,175		170
Peugeot S.A.*	1,583		46
PPR	846		98
Publicis Groupe†	1,433		53
Renault S.A.*	2,071		94
Safran S.A.†	2,002		37
Sanofi-Aventis S.A.	11,628		790
Schneider Electric S.A.†	2,559		237
SCOR S.E.	1,920		51
SES S.A.	3,066		60
Societe BIC S.A.	278		17
Societe Des Autoroutes Paris-Rhin-Rhone	192		14
Societe Generale	5,117		415
Societe Television Francaise 1†	1,266		21
Sodexo†	962		55
Suez Environnement Co.	2,873		59
Technip S.A.	1,190		74
Thales S.A.	929		43
Total S.A.	23,579		1,356
Unibail-Rodamco S.E.	937		186
Vallourec S.A.†	627		96
Veolia Environnement	4,359		151
Vinci S.A.	4,722		254
Vivendi S.A.	12,759		364

			10,827

Germany - 7.4%
Adidas A.G.	2,126		100
Allianz S.E. (Registered)	5,003		579
BASF S.E.	10,155		531
Bayer A.G.	8,452		520
Bayerische Motoren Werke A.G.	3,719		170
Beiersdorf A.G.	905		46
Celesio A.G.	944		26
Commerzbank A.G.*†	7,480		69
Daimler A.G. (Registered)	9,957		450
Deutsche Bank A.G. (Registered)	6,538		445
Deutsche Boerse A.G.	2,213		169
Deutsche Lufthansa A.G. (Registered)	2,489		40
Deutsche Post A.G. (Registered)	9,718		168
Deutsche Postbank A.G.*†	948		34
Deutsche Telekom A.G. (Registered)	31,301		417
E.ON A.G.	21,015		891
Fraport A.G. Frankfurt Airport Services Worldwide†	383		19
Fresenius Medical Care A.G. & Co. KGaA	2,161		97
Fresenius S.E.	314		16
GEA Group A.G.	1,744		31
Hamburger Hafen und Logistik A.G.	313		13
Hannover Rueckversicherung A.G. (Registered)*	656		29
HeidelbergCement A.G. (VVPR) ⁽¹⁾*	83		—
Henkel A.G. & Co. KGaA	1,489		50
Hochtief A.G.	450		33
Infineon Technologies A.G.*	11,972		63
K+S A.G.	1,592		81
Linde A.G.	1,695		171
MAN S.E.	1,174		90
Merck KGaA	695		63
Metro A.G.†	1,231		67
Muenchener Rueckversicherungs A.G. (Registered)	2,287		341
Puma A.G. Rudolf Dassler Sport†	64		18
RWE A.G.	4,630		430
Salzgitter A.G.	426		41
SAP A.G.	9,436		461
Siemens A.G. (Registered)	9,069		786
Solarworld A.G.†	916		19
Suedzucker A.G.	793		15
ThyssenKrupp A.G.	3,911		133
TUI A.G.*†	1,697		15
United Internet A.G. (Registered)*	1,327		19
Volkswagen A.G.†	984		191
Wacker Chemie A.G.	166		20

			7,967

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
Greece - 0.6%
Alpha Bank A.E.*	4,309	$	72
Bank of Cyprus Public Co. Ltd.	5,720		40
Coca Cola Hellenic Bottling Co. S.A.	1,920		44
EFG Eurobank Ergasias S.A.*	3,441		48
Hellenic Petroleum S.A.	1,222		13
Hellenic Telecommunications Organization S.A.	2,560		39
Marfin Investment Group S.A.*	6,872		27
National Bank of Greece S.A.*	7,019		221
OPAP S.A.	2,424		59
Piraeus Bank S.A.*	3,707		58
Public Power Corp. S.A.*	1,153		27
Titan Cement Co. S.A.	641		19

			667

Hong Kong - 2.2%
ASM Pacific Technology Ltd.	2,000		13
Bank of East Asia Ltd.†	15,658		51
BOC Hong Kong Holdings Ltd.	41,000		82
Cathay Pacific Airways Ltd.*†	12,000		17
Cheung Kong Holdings Ltd.	15,000		178
Cheung Kong Infrastructure Holdings Ltd.	5,000		18
Chinese Estates Holdings Ltd.	8,000		15
CLP Holdings Ltd.	22,194		149
Esprit Holdings Ltd.	12,000		73
Foxconn International Holdings Ltd.*†	24,000		15
Genting Singapore PLC*†	45,000		31
Hang Lung Group Ltd.	10,000		46
Hang Lung Properties Ltd.	22,000		69
Hang Seng Bank Ltd.	8,100		115
Henderson Land Development Co. Ltd.	12,045		71
Hong Kong & China Gas Co. Ltd.	43,913		95
Hong Kong Aircraft Engineerg Co. Ltd.	800		9
Hong Kong Electric Holdings Ltd.	15,000		84
Hong Kong Exchanges and Clearing Ltd.	11,200		196
Hopewell Holdings Ltd.	6,500		20
Hutchison Whampoa Ltd.	24,500		173
Hysan Development Co. Ltd.	7,473		18
Kerry Properties Ltd.	7,093		34
Li & Fung Ltd.	24,620		81
Lifestyle International Holdings Ltd.	6,000		9
Link REIT (The)	23,584		52
Mongolia Energy Co. Ltd.*†	28,000		10
MTR Corp.†	15,485		52
New World Development Ltd.	28,169		57
Noble Group Ltd.†	14,800		22
NWS Holdings Ltd.	9,000		18
Orient Overseas International Ltd.	2,000		9
PCCW Ltd.	39,000		10
Shangri-La Asia Ltd.	15,172		22
Sino Land Co. Ltd.	17,408		30
Sun Hung Kai Properties Ltd.	15,172		205
Swire Pacific Ltd., Class A	9,000		94
Television Broadcasts Ltd.	3,000		13
Wharf Holdings Ltd.	15,250		68
Wheelock & Co. Ltd.	9,000		24
Wing Hang Bank Ltd.	1,500		13
Yue Yuen Industrial Holdings Ltd.	6,500		17

			2,378

Ireland - 0.4%
Anglo Irish Bank Corp. Ltd. PLC*	6,354		—
CRH PLC†	975		24
CRH PLC- Dublin	6,459		166
Elan Corp. PLC*†	5,028		37
Experian PLC	11,276		95
Kerry Group PLC, Class A	1,582		41
Ryanair Holdings PLC*	3,150		14

			377

Italy - 3.6%
A2A S.p.A.	13,140		26
ACEA S.p.A.	819		10
Alleanza Assicurazioni S.p.A.	4,772		39
Assicurazioni Generali S.p.A.	11,510		287
Atlantia S.p.A.	2,833		63
Autogrill S.p.A.*	1,000		11
Banca Carige S.p.A.	7,522		23
Banca Monte dei Paschi di Siena S.p.A.	26,084		55
Banca Popolare di Milano Scarl	4,258		32
Banco Popolare S.C.*	6,963		62
Enel S.p.A.	72,721		428
ENI S.p.A.	28,728		682
Exor S.p.A.	759		13
Fiat S.p.A.*	8,457		100
Finmeccanica S.p.A.	4,271		68
Fondiaria-Sai S.p.A.	753		15
Intesa Sanpaolo S.p.A.*	84,908		368
Intesa Sanpaolo S.p.A. (RSP)	10,066		33
Italcementi S.p.A.	723		11

EQUITY PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
Italy - 3.6% continued
Lottomatica S.p.A.	653	$	15
Luxottica Group S.p.A.*	1,435		35
Mediaset S.p.A.	8,453		56
Mediobanca S.p.A.	4,950		68
Mediolanum S.p.A.	2,000		13
Parmalat S.p.A.	18,312		47
Pirelli & C. S.p.A.*	19,728		10
Prysmian S.p.A.	1,205		23
Saipem S.p.A.	3,032		81
Saras S.p.A.	3,017		11
Snam Rete Gas S.p.A.	16,004		74
Telecom Italia S.p.A.	111,479		180
Telecom Italia S.p.A. (RSP)	68,355		78
Tenaris S.A.	5,312		77
Terna Rete Elettrica Nazionale S.p.A.	15,628		58
UniCredit S.p.A. (Milan Exchange)*	158,853		578
Unione di Banche Italiane SCPA	6,450		98
Unipol Gruppo Finanziario S.p.A.*	9,228		12

			3,840

Japan - 22.2%
77 Bank (The) Ltd.	3,000		18
ABC-Mart, Inc.	200		6
Acom Co. Ltd.†	380		8
Advantest Corp.	1,800		45
Aeon Co. Ltd.	7,300		77
Aeon Credit Service Co. Ltd.	900		10
Aeon Mall Co. Ltd.	800		19
Aioi Insurance Co. Ltd.	5,000		25
Aisin Seiki Co. Ltd.	2,300		57
Ajinomoto Co., Inc.	8,000		81
Alfresa Holdings Corp.	300		14
All Nippon Airways Co. Ltd.	8,000		25
Amada Co. Ltd.	3,000		21
Aozora Bank Ltd.*	8,000		12
Asahi Breweries Ltd.	4,400		76
Asahi Glass Co. Ltd.	12,000		104
Asahi Kasei Corp.	14,000		67
Asics Corp.	2,000		20
Astellas Pharma, Inc.	4,900		196
Bank of Kyoto (The) Ltd.†	4,000		39
Bank of Yokohama (The) Ltd.	14,000		79
Benesse Corp.	900		44
Bridgestone Corp.	6,700		122
Brother Industries Ltd.	2,000		20
Canon Marketing Japan, Inc.	1,000		17
Canon, Inc.	11,600		442
Casio Computer Co. Ltd.	3,200		31
Central Japan Railway Co.	17		115
Chiba Bank (The) Ltd.	8,000		50
Chubu Electric Power Co., Inc.	7,200		167
Chugai Pharmaceutical Co. Ltd.	2,700		55
Chugoku Bank (The) Ltd.	2,000		27
Chugoku Electric Power (The) Co. Inc.	3,100		68
Chuo Mitsui Trust Holdings, Inc.	12,000		51
Citizen Holdings Co. Ltd.	2,700		16
Coca-Cola West Co. Ltd.	600		12
Cosmo Oil Co. Ltd.	6,000		18
Credit Saison Co. Ltd.	1,700		23
Dai Nippon Printing Co. Ltd.	6,000		87
Daicel Chemical Industries Ltd.	3,000		19
Daido Steel Co. Ltd.	3,000		12
Daihatsu Motor Co. Ltd.	2,000		21
Daiichi Sankyo Co. Ltd.	7,900		168
Daikin Industries Ltd.	2,600		91
Dainippon Sumitomo Pharma Co. Ltd.†	2,000		23
Daito Trust Construction Co. Ltd.	1,000		47
Daiwa House Industry Co. Ltd.	6,000		67
Daiwa Securities Group, Inc.	19,000		118
Dena Co. Ltd.	2		6
Denki Kagaku Kogyo K.K.	5,000		21
Denso Corp.	5,700		165
Dentsu, Inc.†	2,100		48
DIC Corp.	5,000		8
Dowa Holdings Co. Ltd.	2,000		11
East Japan Railway Co.	3,690		241
Eisai Co. Ltd.	2,800		103
Electric Power Development Co. Ltd.	1,500		46
Elpida Memory, Inc.*†	1,200		19
FamilyMart Co. Ltd.	600		19
Fanuc Ltd.	2,100		170
Fast Retailing Co. Ltd.	500		60
Fuji Electric Holdings Co. Ltd.	6,000		11
Fuji Heavy Industries Ltd.	7,000		30
Fuji Media Holdings, Inc.	4		6
FUJIFILM Holdings Corp.	5,300		158
Fujitsu Ltd.	21,000		141
Fukuoka Financial Group, Inc.	8,000		36
Furukawa Electric Co. Ltd.	7,000		31

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
Japan - 22.2% continued
GS Yuasa Corp.†	4,000	$	35
Gunma Bank (The) Ltd.	4,000		23
Hachijuni Bank (The) Ltd.	5,872		34
Hakuhodo DY Holdings, Inc.	200		11
Hankyu Hanshin Holdings, Inc.	14,000		67
Hikari Tsushin, Inc.	300		6
Hino Motors Ltd.	2,000		8
Hirose Electric Co. Ltd.	400		49
Hiroshima Bank (The) Ltd.	5,000		21
Hisamitsu Pharmaceutical Co., Inc.	700		27
Hitachi Chemical Co. Ltd.	1,000		21
Hitachi Construction Machinery Co. Ltd.†	1,100		22
Hitachi High-Technologies Corp.	800		16
Hitachi Ltd.	40,000		140
Hitachi Metals Ltd.	2,000		20
Hokkaido Electric Power Co., Inc.	2,000		41
Hokuhoku Financial Group, Inc.†	13,000		32
Hokuriku Electric Power Co.	2,000		48
Honda Motor Co. Ltd.	18,200		571
Hoya Corp.	4,600		103
Ibiden Co. Ltd.	1,400		49
Idemitsu Kosan Co. Ltd.	300		25
IHI Corp.*	14,000		28
INPEX Corp.	10		81
Isetan Mitsukoshi Holdings Ltd.†	4,360		48
Isuzu Motors Ltd.	12,000		28
Ito En Ltd.†	600		11
Itochu Corp.	17,000		120
Itochu Techno-Solutions Corp.	400		12
Iyo Bank (The) Ltd.	3,000		29
J Front Retailing Co. Ltd.†	4,800		27
Jafco Co. Ltd.	400		13
Japan Airlines Corp.*	9,000		16
Japan Petroleum Exploration Co.†	300		16
Japan Prime Realty Investment Corp.	6		14
Japan Real Estate Investment Corp.	5		41
Japan Retail Fund Investment Corp.	4		21
Japan Steel Works (The) Ltd.	4,000		49
Japan Tobacco, Inc.	49		142
JFE Holdings, Inc.	5,700		198
JGC Corp.	2,000		37
Joyo Bank (The) Ltd.	9,000		46
JS Group Corp.	2,600		46
JSR Corp.	1,900		33
JTEKT Corp.	1,900		24
Jupiter Telecommunications Co. Ltd.	30		26
Kajima Corp.†	9,000		25
Kamigumi Co. Ltd.	3,000		25
Kaneka Corp.	3,000		22
Kansai Electric Power (The) Co., Inc.	8,700		200
Kansai Paint Co. Ltd.	2,000		16
Kao Corp.	6,000		152
Kawasaki Heavy Industries Ltd.†	18,000		48
Kawasaki Kisen Kaisha Ltd.	6,000		26
KDDI Corp.	33		187
Keihin Electric Express Railway Co. Ltd.†	5,000		41
Keio Corp.†	7,000		47
Keisei Electric Railway Co. Ltd.	3,000		21
Keyence Corp.	430		90
Kikkoman Corp.†	2,000		25
Kinden Corp.	1,000		9
Kintetsu Corp.†	20,000		87
Kirin Holdings Co. Ltd.	9,000		132
Kobe Steel Ltd.	31,000		57
Komatsu Ltd.	10,800		193
Konami Corp.	900		18
Konica Minolta Holdings, Inc.	5,500		52
Kubota Corp.	12,000		98
Kuraray Co. Ltd.	4,000		43
Kurita Water Industries Ltd.	1,200		40
Kyocera Corp.	1,800		150
Kyowa Hakko Kirin Co. Ltd.	3,000		36
Kyushu Electric Power Co., Inc.	4,200		93
Lawson, Inc.	900		39
Leopalace21 Corp.	1,500		13
Mabuchi Motor Co. Ltd.	300		15
Makita Corp.	1,500		42
Marubeni Corp.	19,000		94
Marui Group Co. Ltd.	3,000		21
Maruichi Steel Tube Ltd.†	200		4
Matsui Securities Co. Ltd.†	1,300		12
Mazda Motor Corp.	9,000		25
McDonald’s Holdings Co. Japan Ltd.	500		9
Mediceo Paltac Holdings Co. Ltd.	1,500		21
MEIJI Holdings Co. Ltd.*	651		27
Minebea Co. Ltd.	4,000		18
Mitsubishi Chemical Holdings Corp.	14,500		66
Mitsubishi Corp.	15,200		303

EQUITY PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
Japan - 22.2% continued
Mitsubishi Electric Corp.	23,000	$	170
Mitsubishi Estate Co. Ltd.	13,000		214
Mitsubishi Gas Chemical Co., Inc.	5,000		29
Mitsubishi Heavy Industries Ltd.	35,000		144
Mitsubishi Logistics Corp.	1,000		13
Mitsubishi Materials Corp.†	13,000		39
Mitsubishi Motors Corp.*†	42,000		76
Mitsubishi Rayon Co. Ltd.†	5,000		16
Mitsubishi Tanabe Pharma Corp.	2,000		26
Mitsubishi UFJ Financial Group, Inc.	102,430		650
Mitsubishi UFJ Lease & Finance Co. Ltd.	590		19
Mitsui & Co. Ltd.	19,000		246
Mitsui Chemicals, Inc.	8,000		30
Mitsui Engineering & Shipbuilding Co. Ltd.†	8,000		22
Mitsui Fudosan Co. Ltd.	9,000		169
Mitsui Mining & Smelting Co. Ltd.*	6,000		17
Mitsui O.S.K. Lines Ltd.	13,000		83
Mitsui Sumitomo Insurance Group Holdings, Inc.	4,700		132
Mitsumi Electric Co. Ltd.	900		21
Mizuho Financial Group, Inc.	138,124		337
Mizuho Securities Co. Ltd.	5,000		19
Mizuho Trust & Banking Co. Ltd.*†	14,000		18
Murata Manufacturing Co. Ltd.	2,400		113
Namco Bandai Holdings, Inc.	2,100		22
NEC Corp.*†	22,000		79
NGK Insulators Ltd.	3,000		70
NGK Spark Plug Co. Ltd.	2,000		25
NHK Spring Co. Ltd.	2,000		15
Nidec Corp.	1,300		93
Nikon Corp.	4,000		69
Nintendo Co. Ltd.	1,100		297
Nippon Building Fund, Inc.	6		53
Nippon Electric Glass Co. Ltd.	4,000		41
Nippon Express Co. Ltd.	10,000		44
Nippon Meat Packers, Inc.	2,000		24
Nippon Mining Holdings, Inc.	10,000		50
Nippon Oil Corp.	15,000		85
Nippon Paper Group, Inc.	900		26
Nippon Sheet Glass Co. Ltd.†	7,000		24
Nippon Steel Corp.	55,000		214
Nippon Telegraph & Telephone Corp.	5,800		258
Nippon Yusen Kabushiki Kaisha	13,000		56
Nipponkoa Insurance Co. Ltd.	8,000		49
Nishi-Nippon City Bank (The) Ltd.	7,000		19
Nissan Chemical Industries Ltd.	1,000		15
Nissan Motor Co. Ltd.	28,300		197
Nissay Dowa General Insurance Co. Ltd.	2,000		10
Nisshin Seifun Group, Inc.	2,000		26
Nisshin Steel Co. Ltd.	6,000		12
Nisshinbo Holdings, Inc.	1,000		12
Nissin Foods Holdings Co. Ltd.	900		30
Nitori Co. Ltd.	400		31
Nitto Denko Corp.	2,000		60
NOK Corp.	900		12
Nomura Holdings, Inc.	28,200		247
Nomura Real Estate Holdings, Inc.	1,100		19
Nomura Real Estate Office Fund, Inc.	3		21
Nomura Research Institute Ltd.	900		21
NSK Ltd.	5,000		32
NTN Corp.†	4,000		18
NTT Data Corp.	15		51
NTT DoCoMo, Inc.	170		262
NTT Urban Development Corp.	14		14
Obayashi Corp.	8,000		36
Obic Co. Ltd.	100		16
Odakyu Electric Railway Co. Ltd.†	7,000		63
OJI Paper Co. Ltd.	11,000		52
Olympus Corp.	2,000		54
Omron Corp.	2,000		34
Ono Pharmaceutical Co. Ltd.	1,000		49
Onward Holdings Co. Ltd.	1,000		7
Oracle Corp.	400		17
Oriental Land Co. Ltd.†	500		34
ORIX Corp.†	1,170		89
Osaka Gas Co. Ltd.	22,000		76
OSAKA Titanium Technologies Co.	100		3
Otsuka Corp.†	200		12
Panasonic Corp.	21,500		344
Panasonic Electric Works Co. Ltd.	4,000		48
Promise Co. Ltd.†	500		5
Rakuten, Inc.	76		46
Resona Holdings, Inc.†	5,600		76
Ricoh Co. Ltd.	8,000		115
Rinnai Corp.	400		20
Rohm Co. Ltd.	1,200		81
Sankyo Co. Ltd.	700		44
Santen Pharmaceutical Co. Ltd.	800		27

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 7 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
Japan - 22.2% continued
Sanyo Electric Co. Ltd.*†	21,000	$	56
Sapporo Hokuyo Holdings, Inc.*	2,000		7
Sapporo Holdings Ltd.†	3,000		17
SBI Holdings, Inc.†	214		48
Secom Co. Ltd.	2,500		113
Sega Sammy Holdings, Inc.	1,900		25
Seiko Epson Corp.	1,400		21
Sekisui Chemical Co. Ltd.	4,000		25
Sekisui House Ltd.	6,000		57
Seven & I Holdings Co. Ltd.	8,400		203
Seven Bank Ltd.	5		13
Sharp Corp.	11,000		126
Shikoku Electric Power Co., Inc.	1,900		59
Shimadzu Corp.†	2,000		14
Shimamura Co. Ltd.	200		18
Shimano, Inc.†	700		30
Shimizu Corp.	7,000		29
Shin-Etsu Chemical Co. Ltd.	4,500		265
Shinko Electric Industries Co. Ltd.	700		13
Shinsei Bank Ltd.*†	16,000		27
Shionogi & Co. Ltd.	3,000		73
Shiseido Co. Ltd.	4,000		70
Shizuoka Bank (The) Ltd.	7,000		73
Showa Denko K.K.	12,000		26
Showa Shell Sekiyu K.K.†	2,000		21
SMC Corp.	600		70
Softbank Corp.	8,400		187
Sojitz Corp.	11,300		24
Sompo Japan Insurance, Inc.	10,000		68
Sony Corp.†	10,900		292
Sony Financial Holdings, Inc.	9		27
SQUARE ENIX HOLDINGS CO. LTD.	700		18
Stanley Electric Co. Ltd.	1,500		30
Sumco Corp.	1,200		24
Sumitomo Chemical Co. Ltd.	18,000		86
Sumitomo Corp.	13,200		134
Sumitomo Electric Industries Ltd.	8,400		108
Sumitomo Heavy Industries Ltd.	6,000		30
Sumitomo Metal Industries Ltd.	38,000		94
Sumitomo Metal Mining Co. Ltd.	6,000		92
Sumitomo Mitsui Financial Group, Inc.	10,051		431
Sumitomo Realty & Development Co. Ltd.	4,000		84
Sumitomo Rubber Industries Ltd.†	2,200		21
Sumitomo Trust & Banking (The) Co. Ltd.	16,000		97
Suruga Bank Ltd.	2,000		20
Suzuken Co. Ltd.†	800		26
Suzuki Motor Corp.	3,900		93
T&D Holdings, Inc.	2,550		76
Taiheiyo Cement Corp.†	7,400		13
Taisei Corp.	10,000		22
Taisho Pharmaceutical Co. Ltd.	1,000		20
Taiyo Nippon Sanso Corp.	3,000		32
Takashimaya Co. Ltd.†	3,000		25
Takeda Pharmaceutical Co. Ltd.	8,200		330
TDK Corp.	1,400		81
Teijin Ltd.	11,000		36
Terumo Corp.	1,900		100
THK Co. Ltd.	1,200		22
Tobu Railway Co. Ltd.†	10,000		63
Toho Co. Ltd.	1,200		20
Toho Gas Co. Ltd.	4,000		18
Tohoku Electric Power Co., Inc.	5,100		110
Tokio Marine Holdings, Inc.	7,800		231
Tokuyama Corp.†	3,000		21
Tokyo Broadcasting System Holdings, Inc.	500		9
Tokyo Electric Power (The) Co., Inc.	13,400		349
Tokyo Electron Ltd.	1,900		103
Tokyo Gas Co. Ltd.	25,000		100
Tokyo Steel Manufacturing Co. Ltd.	900		12
Tokyo Tatemono Co. Ltd.†	3,000		18
Tokyu Corp.	13,000		64
Tokyu Land Corp.	4,000		19
TonenGeneral Sekiyu K.K.	3,000		29
Toppan Printing Co. Ltd.	6,000		59
Toray Industries, Inc.	15,000		87
Toshiba Corp.	43,000		220
Tosoh Corp.	5,000		14
Toto Ltd.†	3,000		21
Toyo Seikan Kaisha Ltd.	2,000		42
Toyo Suisan Kaisha Ltd.	1,000		25
Toyoda Gosei Co. Ltd.	700		20
Toyota Boshoku Corp.†	500		9
Toyota Industries Corp.	2,100		56
Toyota Motor Corp.	30,400		1,296
Toyota Tsusho Corp.	2,100		34
Trend Micro, Inc.	1,000		39
Tsumura & Co.	700		25
Ube Industries Ltd.	10,000		31

EQUITY PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
Japan - 22.2% continued
Unicharm Corp.	400	$	36
UNY Co. Ltd.	2,000		17
Ushio, Inc.	1,100		20
USS Co. Ltd.	300		19
West Japan Railway Co.	19		66
Yahoo! Japan Corp.	169		58
Yakult Honsha Co. Ltd.†	1,100		27
Yamada Denki Co. Ltd.	1,000		68
Yamaguchi Financial Group, Inc.	2,000		23
Yamaha Corp.	1,600		21
Yamaha Motor Co. Ltd.	2,100		25
Yamato Holdings Co. Ltd.	4,000		66
Yamato Kogyo Co. Ltd.	300		9
Yamazaki Baking Co. Ltd.	1,000		14
Yaskawa Electric Corp.	2,000		14
Yokogawa Electric Corp.	2,000		17

			23,917

Netherlands - 4.6%
Aegon N.V.*	16,880		128
Akzo Nobel N.V.	2,510		142
Arcelormittal†	9,561		345
ASML Holding N.V.	4,570		126
Corio N.V.†	598		36
European Aeronautic Defence & Space Co. N.V.†	4,462		93
Fugro N.V. - CVA	707		38
Heineken Holding N.V.	1,205		43
Heineken N.V.	2,701		114
ING Groep N.V. - CVA*	21,719		329
James Hardie Industries N.V.*	4,985		29
Koninklijke (Royal) KPN N.V.	18,979		292
Koninklijke Ahold N.V.	13,563		159
Koninklijke Boskalis Westminster N.V.†	596		19
Koninklijke DSM N.V.	1,737		63
Koninklijke Philips Electronics N.V.	10,779		244
Qiagen N.V.*†	2,106		43
Randstad Holdings N.V.*†	1,111		46
Reed Elsevier N.V.	7,980		85
Royal Dutch Shell PLC, Class A (London Exchange)	39,180		1,085
Royal Dutch Shell PLC, Class B (London Exchange)	29,769		809
SBM Offshore N.V.	1,664		35
TNT N.V.	4,104		101
Unilever N.V. - CVA	17,959		502
Wolters Kluwer N.V.	2,858		57

			4,963

New Zealand - 0.1%
Auckland International Airport Ltd.	7,776		9
Contact Energy Ltd.	3,189		14
Fletcher Building Ltd.	5,684		30
Sky City Entertainment Group Ltd.	4,302		10
Telecom Corp. of New Zealand Ltd.	19,860		37

			100

Norway - 0.6%
DnB NOR ASA*	8,100		83
Norsk Hydro ASA*†	7,550		45
Orkla ASA	8,700		70
Renewable Energy Corp. A/S*†	3,534		24
Seadrill Ltd.†	3,100		56
StatoilHydro ASA	12,228		268
Telenor ASA*	9,250		87
Yara International ASA†	2,110		57

			690

Portugal - 0.3%
Banco Comercial Portugues S.A. (Registered)	25,328		33
Banco Espirito Santo S.A. (Registered)	5,807		38
Brisa Auto-Estradas de Portugal S.A.	2,076		18
Cimpor Cimentos de Portugal SGPS S.A.	2,413		18
Energias de Portugal S.A.	19,444		84
Galp Energia SGPS S.A., Class B	1,866		27
Jeronimo Martins SGPS S.A.	2,511		20
Portugal Telecom, SGPS, S.A. (Registered)	6,268		65

			303

Singapore - 1.2%
Ascendas Real Estate Investment Trust	15,666		18
CapitaLand Ltd.	28,250		73
CapitaMall Trust	23,200		26
City Developments Ltd.	5,000		34
ComfortDelgro Corp. Ltd.	20,000		22
Cosco Corp. Singapore Ltd.	12,000		10
DBS Group Holdings Ltd.	18,299		160
Fraser and Neave Ltd.	11,348		30
Golden Agri-Resources Ltd.*	73,105		24
Jardine Cycle & Carriage Ltd.	870		14
Keppel Corp. Ltd.	14,500		77
Neptune Orient Lines Ltd.	10,897		12

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 9 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
Singapore - 1.2% continued
Olam International Ltd.†	13,098	$	22
Oversea-Chinese Banking Corp.	27,939		150
SembCorp Industries Ltd.	10,044		22
SembCorp Marine Ltd.	8,400		18
Singapore Airlines Ltd.	5,667		51
Singapore Airport Terminal Services Ltd.	4,136		7
Singapore Exchange Ltd.	10,000		58
Singapore Press Holdings Ltd.	17,295		44
Singapore Technologies Engineering Ltd.	15,000		27
Singapore Telecommunications Ltd.	91,325		199
StarHub Ltd.	7,000		11
United Overseas Bank Ltd.	13,392		155
UOL Group Ltd.	5,039		12
Wilmar International Ltd.	14,000		64

			1,340

Spain - 4.6%
Abertis Infraestructuras S.A.	3,011		66
Acciona S.A.	304		39
Acerinox S.A.	1,547		33
ACS Actividades de Construccion y Servicios S.A.†	1,601		83
Banco Bilbao Vizcaya Argentaria S.A.	39,221		700
Banco de Sabadell S.A.	9,687		73
Banco de Valencia S.A.	2,478		25
Banco Popular Espanol S.A.	8,602		93
Banco Santander S.A.	90,032		1,389
Bankinter S.A.	3,178		42
Cintra Concesiones de Infraestructuras de Transporte S.A.	2,172		19
Criteria Caixacorp S.A.	9,070		46
EDP Renovaveis S.A.*	1,987		20
Enagas	1,987		39
Fomento de Construcciones y Contratas S.A.	363		15
Gamesa Corp. Tecnologica S.A.	2,026		44
Gas Natural SDG S.A.	2,406		51
Gestevision Telecinco S.A.	1,232		14
Grifols S.A.	1,372		24
Grupo Ferrovial S.A.	650		24
Iberdrola Renovables S.A.	8,768		40
Iberdrola S.A.	40,570		377
Iberia Lineas Aereas de Espana*	5,920		15
Inditex S.A.	2,431		132
Indra Sistemas S.A.	913		22
Mapfre S.A.	7,520		31
Red Electrica Corp. S.A.	1,158		54
Repsol YPF S.A.	8,138		202
Sacyr Vallehermoso S.A.	963		16
Telefonica S.A.	46,779		1,181
Zardoya Otis S.A.	1,441		31

			4,940

Sweden - 2.5%
Alfa Laval AB†	3,600		40
Assa Abloy AB, Class B	3,800		61
Atlas Copco AB, Class A	7,500		95
Atlas Copco AB, Class B	3,935		44
Electrolux AB, Class B*	2,723		57
Getinge AB, Class B†	2,197		38
Hennes & Mauritz AB, Class B	5,630		312
Holmen AB, Class B	385		11
Husqvarna AB, Class B*†	4,366		31
Investor AB, Class B	5,075		95
Lundin Petroleum AB*†	2,374		22
Millicom International Cellular S.A.*	900		63
Nordea Bank AB	35,550		373
Sandvik AB†	11,246		114
Scania AB, Class B	3,355		41
Securitas AB, Class B	3,876		38
Skandinaviska Enskilda Banken AB, Class A*†	17,482		123
Skanska AB, Class B†	4,500		65
SKF AB, Class B†	4,544		69
SSAB AB, Class A†	1,910		28
SSAB AB, Class B	675		9
Svenska Cellulosa AB, Class B	6,400		84
Svenska Handelsbanken AB, Class A	5,390		142
Swedbank AB, Class A*†	3,783		40
Swedish Match AB	2,900		56
Tele2 AB, Class B	3,310		46
Telefonaktiebolaget LM Ericsson, Class B	32,719		314
TeliaSonera AB	24,461		159
Volvo AB, Class A	4,200		36
Volvo AB, Class B†	12,100		106

			2,712

Switzerland - 7.9%
ABB Ltd. (Registered)*	24,245		468
Actelion Ltd. (Registered)*	1,079		62
Adecco S.A. (Registered)	1,330		64
Aryzta A.G.*	609		23

EQUITY PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
Switzerland - 7.9% continued
Aryzta A.G. - Dublin*	308	$	11
Baloise Holding A.G.	561		51
BKW FMB Energie A.G.	139		11
Compagnie Financiere Richemont S.A., Class A	5,771		158
Credit Suisse Group A.G. (Registered)	12,432		634
Geberit A.G. (Registered)	431		67
Givaudan S.A. (Registered)	81		58
Holcim Ltd. (Registered)*	2,709		183
Julius Baer Holding A.G. (Registered)	2,334		119
Kuehne & Nagel International A.G. (Registered)	604		48
Lindt & Spruengli A.G.	10		21
Lindt & Spruengli A.G. (Registered)†	1		25
Logitech International S.A. (Registered)*	1,957		36
Lonza Group A.G. (Registered)	512		50
Nestle S.A. (Registered)	40,292		1,675
Nobel Biocare Holding A.G. (Registered)*†	1,381		42
Novartis A.G. (Registered)	23,446		1,089
Pargesa Holding S.A.	297		24
Roche Holding A.G. (Genusschein)	7,779		1,238
Schindler Holding A.G.	500		33
Schindler Holding A.G. (Registered)	218		14
SGS S.A. (Registered)	51		63
Sonova Holding A.G. (Registered)	525		50
STMicroelectronics N.V.	7,199		62
Straumann Holding A.G. (Registered)†	94		21
Swatch Group (The) A.G. (Bearer)	343		74
Swatch Group (The) A.G. (Registered)	500		21
Swiss Life Holding (Registered)*	317		36
Swiss Reinsurance Co. Ltd. (Registered)	3,961		184
Swisscom A.G. (Registered)	273		94
Syngenta A.G. (Registered)	1,078		254
Synthes, Inc.	656		77
UBS A.G. (Registered)*	39,300		727
Xstrata PLC	21,451		284
Zurich Financial Services A.G.	1,624		358

			8,509

United Kingdom - 18.3%
3i Group PLC	10,441		51
Admiral Group PLC	2,014		35
Amec PLC	3,650		45
Anglo American PLC*	14,581		465
Antofagasta PLC	4,498		56
Associated British Foods PLC	3,942		51
AstraZeneca PLC	16,013		738
Autonomy Corp. PLC*	2,404		51
Aviva PLC	29,628		194
BAE Systems PLC	39,692		201
Balfour Beatty PLC	5,635		31
Barclays PLC*	121,888		747
Berkeley Group Holdings PLC*	1,007		15
BG Group PLC	37,093		612
BHP Billiton PLC	24,351		629
BP PLC	207,289		1,784
British Airways PLC*	6,341		20
British American Tobacco PLC	22,077		671
British Land Co. PLC	9,713		76
British Sky Broadcasting Group PLC	12,496		111
BT Group PLC	84,399		191
Bunzl PLC	3,258		31
Burberry Group PLC	4,915		38
Cable & Wireless PLC	27,277		66
Cadbury PLC	15,003		141
Cairn Energy PLC*	1,515		62
Capita Group (The) PLC	7,064		78
Carnival PLC	1,887		58
Carphone Warehouse Group PLC	4,464		13
Centrica PLC	57,468		235
Cobham PLC	11,828		39
Compass Group PLC	21,662		115
Diageo PLC	27,674		430
Drax Group PLC	4,045		31
Eurasian Natural Resources Corp.	2,711		38
FirstGroup PLC	4,770		29
Fresnillo PLC	1,644		17
Friends Provident Group PLC	25,457		35
G4S PLC	13,479		49
GlaxoSmithKline PLC	57,374		1,123
Hammerson PLC	7,545		49
Home Retail Group PLC	10,034		51
HSBC Holdings PLC	190,272		2,079
ICAP PLC	5,407		37
Imperial Tobacco Group PLC	11,387		319
Intercontinental Hotels Group PLC	2,783		35
International Power PLC	17,409		79
Invensys PLC	8,699		39
Investec PLC	4,573		32

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 11 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.3% continued
United Kingdom - 18.3% continued
Johnson Matthey PLC	2,515	$	58
Kazakhmys PLC	2,323		37
Kingfisher PLC	27,468		94
Ladbrokes PLC	7,827		25
Land Securities Group PLC	8,851		88
Legal & General Group PLC	68,247		85
Liberty International PLC*†	4,968		42
Lloyds Banking Group PLC*	179,784		325
London Stock Exchange Group PLC†	1,659		22
Lonmin PLC*	1,760		41
Man Group PLC	19,270		83
Marks & Spencer Group PLC	17,300		95
National Grid PLC	27,259		263
Next PLC	2,174		58
Old Mutual PLC	57,872		88
Pearson PLC	8,828		107
Petrofac Ltd.	2,289		32
Prudential PLC†	28,168		246
Randgold Resources Ltd.	906		53
Reckitt Benckiser Group PLC	6,657		308
Reed Elsevier PLC	13,101		95
Rexam PLC	8,938		39
Rio Tinto PLC	15,148		579
Rolls-Royce Group PLC*	21,731		159
Royal Bank of Scotland Group PLC*	183,913		172
RSA Insurance Group PLC	36,622		77
SABMiller PLC	9,996		232
Sage Group (The) PLC	13,622		49
Sainsbury (J.) PLC	12,788		68
Schroders PLC	1,130		20
Scottish & Southern Energy PLC	10,383		189
Segro PLC	8,134		47
Serco Group PLC	5,131		39
Severn Trent PLC	2,723		43
Shire PLC	6,199		103
Smith & Nephew PLC	9,784		83
Smiths Group PLC	3,930		51
Standard Chartered PLC	22,194		504
Standard Life PLC	23,776		76
Tesco PLC	86,838		532
Thomas Cook Group PLC	4,766		18
Thomson Reuters PLC	2,083		65
Tomkins PLC	9,451		27
TUI Travel PLC	5,941		23
Tullow Oil PLC	8,682		151
Unilever PLC	14,088		384
United Utilities Group PLC	7,695		58
Vedanta Resources PLC†	1,587		45
Vodafone Group PLC	580,376		1,251
Whitbread PLC	1,884		32
WM Morrison Supermarkets PLC	23,509		106
Wolseley PLC*	3,266		76
WPP PLC	14,753		124

			19,789

Total Common Stocks (Cost $123,664) ⁽²⁾			105,101


PREFERRED STOCKS - 0.3%
Germany - 0.3%
Bayer Motoren Werknon VTG	561		17
Fresenius S.E.	916		52
Henkel A.G. & Co. KGaA	2,009		79
Porsche Automobil Holding S.E.	996		73
RWE A.G.	405		33
Volkswagen A.G.	1,180		111

			365

Total Preferred Stocks (Cost $463) ⁽²⁾			365


INVESTMENT COMPANIES - 7.7%
Northern Institutional Funds - Liquid Assets Portfolio ⁽³⁾⁽⁴⁾	8,259,638		8,260

Total Investment Companies (Cost $8,260)			8,260

EQUITY PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES		VALUE (000S)
RIGHTS - 0.0%
Australia - 0.0%
Amcor Ltd.		4,361	$	—

Belgium - 0.0%
Fortis*†		20,796		—

Total Rights (Cost $ — ) ⁽²⁾				—


	NUMBER OF WARRANTS		VALUE (000S)
WARRANTS - 0.0%
Japan - 0.0%
Dowa Mining Co. Ltd., Exp. 1/29/10, Strike 1.00 Yen		2,000	$	1
Mauritius - 0.0%
Golden Agri-Resources Ltd., Exp. 7/23/12, Strike 0.54 Singapore Dollar		2,970		—

Total Warrants (Cost $ — )				1


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT- TERM INVESTMENTS - 0.5%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	481	$	481

Total Short-Term Investments (Cost $481)				481

Total Investments - 105.8% (Cost $132,868)				114,208

Liabilities less Other Assets - (5.8)%				(6,213	)

NET ASSETS - 100.0%			$	107,995

(1)

Security has been deemed worthless by the NTGI Valuation Committee.

(2)

In accordance with the Portfolio’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.

At August 31, 2009, the International Equity Index Portfolio had open futures contracts as follows:


TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED GAINS/(LOSSES) (000S)
DJ Euro Stoxx (Euro)	23	$	915	Long	9/09	$	144
FTSE 100 Index (British Pound)	6		480	Long	9/09		74
Hang Seng Index (Hong Kong Dollar)	1		127	Long	9/09		(5	)
SPI 200 (Australian Dollar)	3		283	Long	9/09		36
TOPIX Index (Japanese Yen)	6		620	Long	9/09		44

Total						$	293

Federal Tax Information:

At August 31,2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	124,609

Gross tax appreciation of investments	$	3,056
Gross tax depreciation of investments		(21,717	)

Net tax depreciation of investments	$	(18,661	)

At August 31, 2009, the industry sectors for the International Equity Index Portfolio were:


INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Consumer Discretionary	11.7	%
Consumer Staples	10.5
Energy	3.6
Financials	20.0
Health Care	6.5
Industrials	18.6
Information Technology	5.3
Materials	13.8
Telecommunication Services	5.1
Utilities	4.9

Total	100.0	%

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 13 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

At August 31, 2009, the International Equity Index Portfolio’s investments were denominated in the following currencies :


CONCENTRATION BY CURRENCY	% OF LONG-TERM INVESTMENTS
Euro	33.2	%
Japanese Yen	22.7
British Pound	20.9
Swiss Franc	7.7
Australian Dollar	7.7
All other currencies less than 5%	7.8

Total	100.0	%

At August 31, 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 GAINS/(LOSSES) (000S)
Australian Dollar	87	Australian Dollar	59	09/03/09	$	—
British Pound	111	U.S. Dollar	180	09/04/09		—
Danish Krone	78	U.S. Dollar	15	09/04/09		—
Euro	224	U.S. Dollar	320	09/04/09		—
Japanese Yen	18,596	U.S. Dollar	200	09/04/09		—
Singapore Dollar	231	U.S. Dollar	160	09/04/09		—
Swedish Kronor	50	U.S. Dollar	7	09/04/09		—
Swiss Franc	35	U.S. Dollar	33	09/04/09		—
Australian Dollar	167	U.S. Dollar	130	09/16/09		(11	)
Australian Dollar	214	U.S. Dollar	180	09/16/09		(1	)
British Pound	564	U.S. Dollar	930	09/16/09		12
British Pound	202	U.S. Dollar	330	09/16/09		2
Euro	506	U.S. Dollar	710	09/16/09		(16	)
Euro	925	U.S. Dollar	1,320	09/16/09		(7	)
Euro	395	U.S. Dollar	550	09/16/09		(16	)
Hong Kong Dollar	6,506	U.S. Dollar	840	09/16/09		—
Hong Kong Dollar	1,240	U.S. Dollar	160	09/16/09		—
Japanese Yen	111,643	U.S. Dollar	1,170	09/16/09		(30	)
Japanese Yen	9,297	U.S. Dollar	100	09/16/09		—
U.S. Dollar	219	Australian Dollar	267	09/16/09		6
U.S. Dollar	100	Australian Dollar	127	09/16/09		8
U.S. Dollar	180	British Pound	111	09/16/09		1
U.S. Dollar	350	British Pound	212	09/16/09		(6	)
U.S. Dollar	689	British Pound	421	09/16/09		(3	)
U.S. Dollar	2,429	Euro	1,522	09/16/09		62
U.S. Dollar	740	Hong Kong Dollar	5,731	09/16/09		—
U.S. Dollar	470	Japanese Yen	44,964	09/16/09		13
U.S. Dollar	200	Japanese Yen	18,529	09/16/09		(1	)
U.S. Dollar	808	Japanese Yen	78,238	09/16/09		33
U.S. Dollar	65	Swiss Franc	69	09/16/09		—

Total					$	46

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the International Equity Index Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks
Consumer Discretionary	$	—	$	10,177	$	—	$	10,177
Consumer Staples		—		10,124		—		10,124
Energy		—		8,571		—		8,571
Financials		—		28,046		—		28,046
Health Care		—		8,535		—		8,535
Industrials		—		11,904		—		11,904
Information Technology		—		5,267		—		5,267
Materials		—		9,814		—		9,814
Telecommunication Services		—		6,213		—		6,213
Utilities		—		6,450		—		6,450
Preferred Stocks
Consumer Discretionary		—		201		—		201
Consumer Staples		—		79		—		79
Health Care		—		52		—		52
Utilities		—		33		—		33
Investment Companies		8,260		—		—		8,260
Rights		—		—		—		—
Warrants		—		—		1		1
Short-Term Investments		—		481		—		481

Total Investments	$	8,260	$	105,947	$	1	$	114,208

Other Financial Instruments*	$	667	$	—	$	—	$	667

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

EQUITY PORTFOLIOS 14 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)

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


	BALANCE AS OF 11/30/08(000S)		REALIZED GAIN(LOSS) (000S)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)			NET PURCHASES (SALES) (000S)		TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)		BALANCE AS OF 8/31/09 (000S)
Rights	$	2	$	—	$	(1	)	$	—	$	—	$	1

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 15 EQUITY PORTFOLIOS


		SCHEDULE OF INVESTMENTS

SMALL COMPANY GROWTH PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8%
Banks - 1.0%
Wintrust Financial Corp.	985	$	27

Beverages - 1.0%
Central European Distribution Corp.*†	874		28

Biotechnology - 4.7%
Affymax, Inc.*	878		20
Charles River Laboratories International, Inc.*†	899		31
Enzon Pharmaceuticals, Inc.*†	3,722		27
Regeneron Pharmaceuticals, Inc.*†	1,031		23
Seattle Genetics, Inc.*	1,966		24

			125

Coal - 0.5%
Massey Energy Co.	481		13

Commercial Services - 10.2%
Aaron’s, Inc.†	1,280		33
Dollar Financial Corp.*	1,998		35
Emergency Medical Services Corp., Class A*	762		35
FTI Consulting, Inc.*	785		34
Gartner, Inc.*†	1,897		32
HMS Holdings Corp.*†	426		16
Lincoln Educational Services Corp.*	1,185		26
Monro Muffler Brake, Inc.†	1,066		27
Monster Worldwide, Inc.*†	2,021		33

			271

Computers - 2.7%
Perot Systems Corp., Class A*	1,689		28
Riverbed Technology, Inc.*†	1,225		24
SRA International, Inc., Class A*	968		19

			71

Distribution/Wholesale - 3.4%
Beacon Roofing Supply, Inc.*†	1,799		30
LKQ Corp.*	2,198		38
Owens & Minor, Inc.†	514		23

			91

Diversified Financial Services - 5.1%
GFI Group, Inc.†	2,925		21
Lazard Ltd., Class A	933		36
Portfolio Recovery Associates, Inc.*†	854		38
Stifel Financial Corp.*	733		41

			136

Electrical Components & Equipment - 4.2%
EnerSys*	1,358		27
General Cable Corp.*	428		15
GrafTech International Ltd.*†	1,240		18
Harbin Electric, Inc.*	1,116		14
Littelfuse, Inc.*†	1,532		38

			112

Electronics - 5.1%
American Science & Engineering, Inc.	415		26
Jabil Circuit, Inc.	3,853		42
OSI Systems, Inc.*†	2,268		38
Plexus Corp.*†	1,161		29

			135

Engineering & Construction - 1.8%
Baker (Michael) Corp.*†	610		20
MYR Group, Inc. of Delaware*†	1,404		29

			49

Entertainment - 2.2%
Bally Technologies, Inc.*†	924		37
National CineMedia, Inc.†	1,398		21

			58

Food - 1.3%
TreeHouse Foods, Inc.*†	922		34

Healthcare - Products - 5.9%
Bruker Corp.*†	2,579		26
Conceptus, Inc.*†	1,050		19
ICU Medical, Inc.*†	612		23
NuVasive, Inc.*†	663		26
ResMed, Inc.*†	580		27
SonoSite, Inc.*	805		19
Techne Corp.†	292		18

			158

Healthcare - Services - 3.0%
LifePoint Hospitals, Inc.*†	830		21
Mednax, Inc.*	410		22
RehabCare Group, Inc.*†	1,779		37

			80

Internet - 5.0%
AsiaInfo Holdings, Inc.*†	2,367		41
Perfect World Co. Ltd. ADR*	684		26
Perficient, Inc.*†	3,965		31

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY GROWTH PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8% continued
Internet - 5.0% continued
TIBCO Software, Inc.*†	4,123	$	36

			134

Lodging - 0.9%
Ameristar Casinos, Inc.†	1,472		24

Machinery - Construction & Mining - 0.7%
Bucyrus International, Inc.†	599		18

Machinery - Diversified - 0.9%
Wabtec Corp.†	674		25

Mining - 1.0%
Horsehead Holding Corp.*†	2,325		26

Miscellaneous Manufacturing - 2.9%
AZZ, Inc.*†	978		34
Colfax Corp.*	1,140		12
Hexcel Corp.*†	2,862		31

			77

Oil & Gas - 0.8%
Encore Acquisition Co.*†	559		21

Oil & Gas Services - 1.9%
NATCO Group, Inc., Class A*	643		27
Oil States International, Inc.*†	822		24

			51

Packaging & Containers - 1.4%
Rock-Tenn Co., Class A†	715		37

Pharmaceuticals - 3.8%
Allos Therapeutics, Inc.*†	3,371		25
Catalyst Health Solutions, Inc.*†	1,306		37
Medivation, Inc.*†	729		19
Nektar Therapeutics*†	2,651		22

			103

Retail - 9.6%
Asbury Automotive Group, Inc.*	1,973		25
Big 5 Sporting Goods Corp.	2,062		32
Charming Shoppes, Inc.*	3,636		19
Cheesecake Factory (The), Inc.*†	1,462		27
Cracker Barrel Old Country Store, Inc.†	968		28
Guess?, Inc.	1,182		41
hhgregg, Inc.*†	1,068		18
OfficeMax, Inc.†	2,395		27
World Fuel Services Corp.†	851		38

			255

Semiconductors - 5.8%
Entegris, Inc.*†	9,450		38
Fairchild Semiconductor International, Inc.*	2,945		30
Silicon Laboratories, Inc.*†	677		30
Skyworks Solutions, Inc.*†	2,516		29
Teradyne, Inc.*†	3,223		27

			154

Software - 7.1%
Computer Programs & Systems, Inc.†	361		14
Informatica Corp.*	1,120		20
Longtop Financial Technologies Ltd.*†	953		24
Quality Systems, Inc.†	708		38
Seachange International, Inc.*†	3,202		29
Sybase, Inc.*†	479		17
Synchronoss Technologies, Inc.*†	2,455		26
Taleo Corp., Class A*†	1,238		22

			190

Telecommunications - 2.2%
CommScope, Inc.*†	1,192		32
Starent Networks Corp.*†	1,271		26

			58

Transportation - 2.7%
Con-way, Inc.	955		40
Genesee & Wyoming, Inc., Class A*†	998		31

			71

Total Common Stocks (Cost $2,231)			2,632


INVESTMENT COMPANIES - 51.9%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾	1,381,608		1,382

Total Investment Companies (Cost $1,382)			1,382

EQUITY PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 3.6%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	97	$	97

Total Short-Term Investments (Cost $97)				97

Total Investments - 154.3% (Cost $3,710)				4,111

Liabilities less Other Assets - (54.3)%				(1,447	)

NET ASSETS - 100.0%			$	2,664

(1)

Investment in affiliated portfolio.

(2)

Investment relates to cash collateral received from portfolio securities loaned.

*	Non-Income Producing Security.

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31,2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	3,710

Gross tax appreciation of investments	$	435
Gross tax depreciation of investments		(34	)

Net tax appreciation of investments	$	401

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Small Company Growth Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2009:


	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stock	$	2,632	⁽¹⁾	$	—	$	—	$	2,632
Investment Companies		1,382			—				1,382
Short-Term Investments		—			97		—		97

Total Investments	$	4,014		$	97	$	—	$	4,111

(1)

Classifications as defined in the Schedule of Investments.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 EQUITY PORTFOLIOS


		SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4%
Advertising - 0.1%
APAC Customer Services, Inc.*†	1,486	$	8
Harte-Hanks, Inc.†	2,245		29
inVentiv Health, Inc.*	2,060		33
Marchex, Inc., Class B†	1,300		6

			76

Aerospace/Defense - 1.2%
AAR Corp.*	2,380		40
Aerovironment, Inc.*†	823		23
Argon ST, Inc.*	845		17
Astronics Corp.*†	529		5
Cubic Corp.	963		34
Curtiss-Wright Corp.	2,765		90
Ducommun, Inc.	600		11
Esterline Technologies Corp.*	1,822		56
GenCorp, Inc.*†	3,176		14
HEICO Corp.†	1,415		52
Herley Industries, Inc.*	800		10
Kaman Corp.	1,533		32
LMI Aerospace, Inc.*†	500		5
Moog, Inc., Class A*	2,605		76
National Presto Industries, Inc.	297		25
Orbital Sciences Corp.*	3,457		51
Teledyne Technologies, Inc.*	2,202		74
Triumph Group, Inc.	1,024		45

			660

Agriculture - 0.4%
AgFeed Industries, Inc.*†	1,714		9
Alico, Inc.†	217		6
Alliance One International, Inc.*	5,307		20
Andersons (The), Inc.†	1,118		37
Cadiz, Inc.*†	700		9
Griffin Land & Nurseries, Inc.†	200		6
Star Scientific, Inc.*†	4,200		4
Tejon Ranch Co.*	642		16
Universal Corp. of Virginia†	1,540		57
Vector Group Ltd.†	2,306		36

			200

Airlines - 0.8%
Airtran Holdings, Inc.*†	7,336		49
Alaska Air Group, Inc.*	2,234		56
Allegiant Travel Co.*†	943		37
Hawaiian Holdings, Inc.*	3,199		23
JetBlue Airways Corp.*†	15,213		88
Republic Airways Holdings, Inc.*†	2,000		19
Skywest, Inc.†	3,424		53
UAL Corp.*†	8,852		55
US Airways Group, Inc.*†	8,126		28

			408

Apparel - 1.6%
American Apparel, Inc.*†	1,900		7
Carter’s, Inc.*	3,466		87
Cherokee, Inc.†	423		9
Columbia Sportswear Co.†	718		28
CROCS, Inc.*†	5,160		33
Deckers Outdoor Corp.*	801		55
G-III Apparel Group Ltd.*	766		11
Iconix Brand Group, Inc.*	4,327		74
Jones Apparel Group, Inc.	5,217		81
K-Swiss, Inc., Class A†	1,514		15
Maidenform Brands, Inc.*	1,194		19
Oxford Industries, Inc.†	798		11
Perry Ellis International, Inc.*†	616		8
Quiksilver, Inc.*	7,923		22
Skechers U.S.A., Inc., Class A*	2,048		37
Steven Madden Ltd.*	969		31
Timberland (The) Co., Class A*	2,689		35
True Religion Apparel, Inc.*†	1,554		35
Under Armour, Inc., Class A*†	2,030		49
Unifi, Inc.*†	2,900		7
Volcom, Inc.*†	1,111		16
Warnaco Group (The), Inc.*	2,793		106
Weyco Group, Inc.	404		9
Wolverine World Wide, Inc.	3,011		75

			860

Auto Manufacturers - 0.0%
Force Protection, Inc.*	4,281		23

Auto Parts & Equipment - 0.7%
American Axle & Manufacturing Holdings, Inc.	2,600		16
Amerigon, Inc.*†	1,200		8
ArvinMeritor, Inc.†	4,556		33
ATC Technology Corp.*	1,168		24
Cooper Tire & Rubber Co.	3,612		52
Dana Holding Corp.*	5,873		31
Dorman Products, Inc.*†	661		9
Exide Technologies*	3,194		23

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Auto Parts & Equipment - 0.7% continued
Fuel Systems Solutions, Inc.*†	774	$	26
Miller Industries, Inc. of Tennessee*	561		6
Modine Manufacturing Co.	1,837		16
Spartan Motors, Inc.	1,996		11
Standard Motor Products, Inc.†	902		11
Superior Industries International, Inc.	1,369		19
Tenneco, Inc.*	2,899		45
Titan International, Inc.†	2,181		18
Wonder Auto Technology, Inc.*	862		8

			356

Banks - 5.8%
1st Source Corp.	855		14
Alliance Financial Corp. of New York†	229		6
American National Bankshares, Inc.of Virginia	337		7
Ameris Bancorp	794		5
Ames National Corp.†	400		10
Arrow Financial Corp.	529		14
Bancfirst Corp.	418		15
Banco Latinoamericano de Comercio Exterior S.A., Class E	1,600		23
Bancorp Rhode Island, Inc.	185		5
Bancorp, Inc. of Delaware*	617		4
Bank Mutual Corp.	2,759		24
Bank of Kentucky Financial Corp.†	165		4
Bank of Marin Bancorp of California	292		9
Bank of the Ozarks, Inc.†	818		20
Banner Corp.†	897		3
Bar Harbor Bankshares	154		5
Boston Private Financial Holdings, Inc.†	4,026		20
Bridge Bancorp, Inc.†	357		9
Bryn Mawr Bank Corp.	400		7
Camden National Corp.†	447		15
Capital City Bank Group, Inc.†	691		10
Cardinal Financial Corp.	1,600		13
Cass Information Systems, Inc.†	485		15
Cathay General Bancorp†	3,051		28
Center Bancorp, Inc.†	603		6
Centerstate Banks of Florida, Inc.†	1,115		9
Central Pacific Financial Corp.†	1,597		4
Century Bancorp, Inc. of Massachusetts, Class A	184		4
Chemical Financial Corp.	1,310		27
Citizens & Northern Corp.†	500		9
Citizens Holding Co.†	236		6
Citizens Republic Bancorp, Inc.*	7,004		5
City Holding Co.	953		30
CNB Financial Corp. of Pennsylvania†	488		8
CoBiz Financial, Inc.	1,106		5
Columbia Banking System, Inc.	1,687		28
Community Bank System, Inc.†	2,031		36
Community Trust Bancorp, Inc.	895		24
CVB Financial Corp.†	5,137		36
Eagle Bancorp, Inc.*†	540		5
East-West Bancorp, Inc.⁽¹⁾	5,543		51
Enterprise Bancorp, Inc. of Massachusetts†	266		4
Enterprise Financial Services Corp.†	600		7
Farmers Capital Bank Corp.	400		7
Financial Institutions, Inc.	636		8
First Bancorp of North Carolina†	858		15
First Bancorp of Puerto Rico†	4,789		15
First Bancorp, Inc. of Maine†	500		9
First Busey Corp.†	1,517		9
First California Financial Group, Inc.*	292		2
First Commonwealth Financial Corp.	5,254		32
First Community Bancshares, Inc. of Virginia	552		7
First Financial Bancorp	3,089		26
First Financial Bankshares, Inc.†	1,278		64
First Financial Corp. of Indiana†	698		21
First Financial Service Corp.†	218		3
First Merchants Corp.	1,238		9
First Midwest Bancorp, Inc.†	2,883		30
First of Long Island (The) Corp.†	304		9
First South Bancorp, Inc. of North Carolina†	426		5
FirstMerit Corp.	5,052		91
FNB Corp. of Pennsylvania†	6,932		49
German American Bancorp, Inc.†	630		10
Glacier Bancorp, Inc.†	3,774		56
Great Southern Bancorp, Inc.†	587		12
Guaranty Bancorp*	2,900		5
Hampton Roads Bankshares, Inc.†	1,054		3
Hancock Holding Co.†	1,480		57
Harleysville National Corp.†	2,541		15
Heartland Financial USA, Inc.†	763		11
Heritage Financial Corp. of Washington	297		4
Home Bancshares, Inc.†	817		17
IBERIABANK Corp.	1,248		61
Independent Bank Corp. of Massachusetts	1,241		29

EQUITY PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Banks - 5.8% continued
International Bancshares Corp.†	3,203	$	50
Lakeland Bancorp, Inc.†	1,147		10
Lakeland Financial Corp.	708		14
MainSource Financial Group, Inc.	1,156		8
MB Financial, Inc.†	2,188		30
Merchants Bancshares, Inc.†	263		6
Metro Bancorp, Inc.*†	300		5
Midsouth Bancorp, Inc.†	250		4
Nara Bancorp, Inc.	1,313		12
National Bankshares, Inc.†	396		10
National Penn Bancshares, Inc.†	5,184		29
NBT Bancorp, Inc.	2,110		48
Northrim BanCorp, Inc.	353		5
Norwood Financial Corp.†	94		3
Ohio Valley Banc Corp.†	222		6
Old National Bancorp of Indiana†	4,086		44
Old Point Financial Corp.†	91		2
Old Second Bancorp, Inc.†	730		4
Oriental Financial Group, Inc.	1,498		20
Orrstown Financial Services, Inc.†	295		11
Pacific Capital Bancorp†	2,649		6
Pacific Continental Corp.†	731		7
PacWest Bancorp†	1,531		30
Park National Corp.†	656		39
Peapack Gladstone Financial Corp.†	543		9
Penns Woods Bancorp, Inc.†	213		7
Peoples Bancorp, Inc. of Ohio	609		10
Peoples Financial Corp. of Mississippi	195		4
Pinnacle Financial Partners, Inc.*†	1,998		30
Porter Bancorp, Inc.	124		2
Premierwest Bancorp†	1,155		3
PrivateBancorp, Inc.†	2,140		52
Prosperity Bancshares, Inc.†	2,824		98
Renasant Corp.†	1,243		19
Republic Bancorp, Inc. of Kentucky, Class A†	548		12
Republic First Bancorp, Inc.*	377		2
S&T Bancorp, Inc.†	1,412		20
Sandy Spring Bancorp, Inc.†	974		15
Santander BanCorp*	271		3
SCBT Financial Corp.	772		20
Shore Bancshares, Inc.†	500		9
Sierra Bancorp†	464		6
Signature Bank of New York*	2,438		74
Simmons First National Corp., Class A	826		23
Smithtown Bancorp, Inc.†	854		12
South Financial Group (The), Inc.†	9,700		17
Southside Bancshares, Inc.	773		17
Southwest Bancorp, Inc. of Oklahoma	796		10
State Bancorp, Inc. of New York	800		7
StellarOne Corp.†	1,335		19
Sterling Bancorp of New York	1,042		8
Sterling Bancshares, Inc. of Texas	5,078		40
Sterling Financial Corp. of Washington†	3,022		6
Suffolk Bancorp†	597		17
Sun Bancorp, Inc. of New Jersey*	891		5
Susquehanna Bancshares, Inc.†	5,329		31
SVB Financial Group*	2,019		80
SY Bancorp, Inc.†	728		16
Texas Capital Bancshares, Inc.*	2,196		36
Tompkins Financial Corp.	487		21
Tower Bancorp, Inc.†	194		5
TowneBank of Portsmouth Virginia†	1,241		16
Trico Bancshares†	842		14
Trustco Bank Corp. of New York†	4,526		28
Trustmark Corp.†	3,517		67
UCBH Holdings, Inc.†	7,512		10
UMB Financial Corp.	1,973		79
Umpqua Holdings Corp.	5,213		54
Union Bankshares Corp. of Virginia†	791		13
United Bankshares, Inc.†	2,344		46
United Community Banks, Inc. of Georgia*†	2,536		17
United Security Bancshares/ Thomasville AL†	339		8
Univest Corp. of Pennsylvania	762		16
Washington Banking Co.	517		5
Washington Trust Bancorp, Inc.†	796		14
Webster Financial Corp.	4,092		54
WesBanco, Inc.	1,442		21
West Bancorporation	1,000		6
Westamerica Bancorporation†	1,788		92
Western Alliance Bancorp*†	2,839		21
Wilber Corp.†	300		3
Wilshire Bancorp, Inc.†	1,100		9
Wintrust Financial Corp.	1,483		41
Yadkin Valley Financial Corp.†	900		6

			3,088

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Beverages - 0.2%
Boston Beer Co., Inc., Class A*†	517	$	21
Coca-Cola Bottling Co. Consolidated	265		14
Diedrich Coffee, Inc.*†	167		4
Farmer Bros. Co.†	400		8
Heckmann Corp.*	4,959		21
National Beverage Corp.*†	620		6
Peet’s Coffee & Tea, Inc.*†	718		19

			93

Biotechnology - 2.9%
Acorda Therapeutics, Inc.*†	2,320		52
Affymax, Inc.*	815		19
Alnylam Pharmaceuticals, Inc.*†	2,206		49
AMAG Pharmaceuticals, Inc.*†	1,040		43
American Oriental Bioengineering, Inc.*†	3,814		19
Arena Pharmaceuticals, Inc.*†	5,622		26
Ariad Pharmaceuticals, Inc.*†	5,099		11
Arqule, Inc.*†	2,450		13
ARYx Therapeutics, Inc.*†	1,206		4
BioCryst Pharmaceuticals, Inc.*†	1,359		17
Cambrex Corp.*	1,629		9
Cardium Therapeutics, Inc.*	2,211		4
Celera Corp.*†	5,020		33
Cell Therapeutics, Inc.*†	32,527		54
Celldex Therapeutics, Inc.*†	668		4
Chelsea Therapeutics International, Inc.*†	1,383		8
China-Biotics, Inc.*†	434		6
Clinical Data, Inc.*†	661		10
Cubist Pharmaceuticals, Inc.*	3,527		73
Curis, Inc.*†	3,633		8
Cytokinetics, Inc.*†	2,400		8
Discovery Laboratories, Inc.*†	6,982		3
Emergent Biosolutions, Inc.*†	1,019		19
Enzo Biochem, Inc.*	1,919		10
Enzon Pharmaceuticals, Inc.*†	2,804		20
Exelixis, Inc.*	6,534		37
Facet Biotech Corp.*†	1,450		14
Geron Corp.*†	5,456		39
GTX, Inc.*†	1,100		10
Halozyme Therapeutics, Inc.*†	3,763		28
Harvard Bioscience, Inc.*	1,375		5
Human Genome Sciences, Inc.*†	9,779		193
Idera Pharmaceuticals, Inc.*†	1,200		9
Immunogen, Inc.*†	3,148		23
Immunomedics, Inc.*†	3,838		21
Incyte Corp.*†	4,430		29
Insmed, Inc.*†	7,720		7
InterMune, Inc.*†	2,347		36
Lexicon Pharmaceuticals, Inc.*†	4,500		7
Ligand Pharmaceuticals, Inc., Class B*†	6,761		16
Martek Biosciences Corp.	2,036		50
Maxygen, Inc.*†	1,482		10
Medicines (The) Co.*	3,239		25
Micromet, Inc.*†	3,445		22
Molecular Insight Pharmaceuticals, Inc.*†	1,000		5
Momenta Pharmaceuticals, Inc.*	2,102		21
Nanosphere, Inc.*	700		6
Novavax, Inc.*†	3,846		23
NPS Pharmaceuticals, Inc.*	2,808		12
OncoGenex Pharmaceutical, Inc.*†	254		10
PDL BioPharma, Inc.†	7,318		66
Protalix BioTherapeutics, Inc.*†	2,027		13
Regeneron Pharmaceuticals, Inc.*†	3,853		88
Repligen Corp.*†	1,700		8
RTI Biologics, Inc.*	3,209		15
Sangamo BioSciences, Inc.*†	2,420		17
Seattle Genetics, Inc.*†	4,998		61
Sequenom, Inc.*†	3,780		24
StemCells, Inc.*†	6,064		10
SuperGen, Inc.*†	3,404		10
Vical, Inc.*†	1,879		9
Zymogenetics, Inc.*†	2,113		12

			1,513

Building Materials - 0.8%
AAON, Inc.†	720		15
Apogee Enterprises, Inc.†	1,727		23
Broadwind Energy, Inc.*†	1,866		14
Builders FirstSource, Inc.*†	900		7
Comfort Systems USA, Inc.	2,392		28
Drew Industries, Inc.*	1,180		24
Gibraltar Industries, Inc.	1,540		19
Interline Brands, Inc.*	1,937		32
Louisiana-Pacific Corp.*†	6,392		48
LSI Industries, Inc.	1,038		8
NCI Building Systems, Inc.*†	1,113		3
Quanex Building Products Corp.	2,248		30
Simpson Manufacturing Co., Inc.†	2,340		60
Texas Industries, Inc.†	1,447		58
Trex Co., Inc.*†	910		17

EQUITY PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Building Materials - 0.8% continued
U.S. Concrete, Inc.*†	2,000	$	3
Universal Forest Products, Inc.†	1,178		49

			438

Chemicals - 1.9%
Aceto Corp.	1,400		9
American Vanguard Corp.	1,152		10
Arch Chemicals, Inc.	1,541		45
Balchem Corp.	1,089		27
China Green Agriculture, Inc.*	599		7
Ferro Corp.†	2,493		20
Fuller (H.B.) Co.†	2,979		59
Grace (W.R.) & Co.*†	4,408		74
Hawkins, Inc.†	503		11
ICO, Inc.*	1,500		6
Innophos Holdings, Inc.	1,070		20
Innospec, Inc.	1,360		19
Landec Corp.*	1,523		9
Minerals Technologies, Inc.	1,153		52
NewMarket Corp.	620		52
Olin Corp.†	4,773		80
OM Group, Inc.*	1,873		51
Omnova Solutions, Inc.*	2,566		12
PolyOne Corp.*	5,356		27
Quaker Chemical Corp.	630		13
Rockwood Holdings, Inc.*†	3,018		62
Schulman (A.), Inc.	1,462		29
Sensient Technologies Corp.	2,985		78
ShengdaTech, Inc.*†	1,700		10
Solutia, Inc.*	7,150		88
Spartech Corp.	1,770		20
Stepan Co.	434		24
Symyx Technologies, Inc.*†	2,013		12
Westlake Chemical Corp.†	1,212		29
Zep, Inc.	1,278		20
Zoltek Cos., Inc.*†	1,725		16

			991

Coal - 0.2%
International Coal Group, Inc.*†	5,659		17
James River Coal Co.*	1,697		28
Patriot Coal Corp.*†	3,922		35
Westmoreland Coal Co.*	500		4

			84

Commercial Services - 6.1%
ABM Industries, Inc.†	2,819	$	63
Administaff, Inc.	1,297		31
Advance America Cash Advance Centers, Inc.	2,708		16
Advisory Board (The) Co.*	958		25
Albany Molecular Research, Inc.*	1,369		11
American Caresource Holdings, Inc.*	547		2
American Public Education, Inc.*	1,115		39
AMN Healthcare Services, Inc.*	1,911		19
Arbitron, Inc.†	1,636		30
Asset Acceptance Capital Corp.*†	868		6
Avis Budget Group, Inc.*†	6,224		61
Bankrate, Inc.*	771		22
Barrett Business Services, Inc.†	420		4
Bridgepoint Education, Inc.*†	869		16
Capella Education Co.*†	894		57
Cardtronics, Inc.*	800		6
CBIZ, Inc.*†	2,585		19
CDI Corp.†	664		10
Cenveo, Inc.*	2,770		14
Chemed Corp.	1,385		60
ChinaCast Education Corp.*†	1,800		11
Coinstar, Inc.*	1,849		61
Consolidated Graphics, Inc.*†	584		12
Corinthian Colleges, Inc.*†	4,897		94
Cornell Cos., Inc.*	643		13
Corporate Executive Board (The) Co.†	2,096		50
Corvel Corp.*	486		15
CoStar Group, Inc.*†	1,221		46
CPI Corp.†	289		5
CRA International, Inc.*	644		18
Cross Country Healthcare, Inc.*†	1,814		17
Deluxe Corp.	3,136		52
Diamond Management & Technology Consultants, Inc.†	1,354		8
Dollar Financial Corp.*	1,484		26
Dollar Thrifty Automotive Group, Inc.*	1,327		26
DynCorp International, Inc., Class A*	1,532		26
Electro Rent Corp.	1,170		12
Emergency Medical Services Corp., Class A*	617		28
Euronet Worldwide, Inc.*†	2,974		70
ExlService Holdings, Inc.*†	863		10
First Advantage Corp., Class A*†	632		11
Forrester Research, Inc.*	927		22

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Commercial Services - 6.1% continued
Franklin Covey Co.*†	721	$	4
Gartner, Inc.*	3,628		60
Geo Group (The), Inc.*	3,130		57
Global Cash Access Holdings, Inc.*	2,496		18
Grand Canyon Education, Inc.*†	983		17
Great Lakes Dredge & Dock Corp.	2,300		15
H&E Equipment Services, Inc.*	1,613		16
Hackett Group (The), Inc.*	2,300		6
Healthcare Services Group	2,660		47
Heartland Payment Systems, Inc.†	2,232		28
Heidrick & Struggles International, Inc.	1,054		22
Hill International, Inc.*	1,425		8
HMS Holdings Corp.*	1,584		60
Huron Consulting Group, Inc.*†	1,317		25
ICF International, Inc.*	516		14
ICT Group, Inc.*	500		6
Information Services Group, Inc.*†	1,317		5
Jackson Hewitt Tax Service, Inc.	1,791		10
K12, Inc.*†	1,454		30
Kelly Services, Inc., Class A	1,554		18
Kendle International, Inc.*†	928		12
Kenexa Corp.*	1,315		16
Kforce, Inc.*	1,800		20
Korn/Ferry International*	2,755		38
Landauer, Inc.	557		31
Learning Tree International, Inc.*	500		6
Lincoln Educational Services Corp.*†	610		14
Live Nation, Inc.*	5,142		36
Mac-Gray Corp.*	665		8
MAXIMUS, Inc.	1,068		45
McGrath Rentcorp†	1,399		28
Medifast, Inc.*†	756		14
MedQuist, Inc.*†	491		4
Midas, Inc.*†	796		7
MoneyGram International, Inc.*	4,787		13
Monro Muffler Brake, Inc.†	1,033		27
MPS Group, Inc.*	5,669		56
Multi-Color Corp.	650		9
National Research Corp.	100		2
Navigant Consulting, Inc.*	3,066		39
Net 1 UEPS Technologies, Inc.*	2,354		45
Nobel Learning Communities, Inc.*	202		2
Odyssey Marine Exploration, Inc.*†	2,900		5
On Assignment, Inc.*†	2,000		8
Parexel International Corp.*	3,530		45
PHH Corp.*†	3,320		71
Pre-Paid Legal Services, Inc.*†	435		20
Princeton Review, Inc.*†	797		3
Providence Service (The) Corp.*†	694		8
QC Holdings, Inc.	148		1
Rent-A-Center, Inc.*	4,039		80
Resources Connection, Inc.*	2,766		43
Rewards Network, Inc.*†	357		5
Riskmetrics Group, Inc.*	1,362		21
Rollins, Inc.	2,703		48
RSC Holdings, Inc.*†	2,923		21
Sotheby’s†	4,097		65
Spherion Corp.*	3,070		17
Standard Parking Corp.*	435		7
StarTek, Inc.*†	678		5
Steiner Leisure Ltd.*	900		30
Stewart Enterprises, Inc., Class A†	4,789		25
SuccessFactors, Inc.*†	2,209		26
Team, Inc.*	1,100		19
TeleTech Holdings, Inc.*	2,012		34
Ticketmaster Entertainment, Inc.*	2,236		22
TNS, Inc.*	1,547		40
Transcend Services, Inc.*†	351		6
Tree.com, Inc.*	359		3
TrueBlue, Inc.*	2,574		35
United Rentals, Inc.*†	3,703		34
Universal Technical Institute, Inc.*	1,200		24
Valassis Communications, Inc.*	2,962		47
Viad Corp.	1,200		22
VistaPrint Ltd.*†	2,577		107
Volt Information Sciences, Inc.*	684		7
Watson Wyatt Worldwide, Inc., Class A	2,600		114
Wright Express Corp.*	2,347		74

			3,224

Computers - 2.5%
3D Systems Corp.*	1,000		8
3PAR, Inc.*†	1,703		15
Agilysys, Inc.†	1,012		6
CACI International, Inc., Class A*	1,834		84
CIBER, Inc.*	4,037		16
Cogo Group, Inc.*	1,477		8
Compellent Technologies, Inc.*	992		15
Computer Task Group, Inc.*	833		5

EQUITY PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Computers - 2.5% continued
COMSYS IT Partners, Inc.*	900	$	7
Cray, Inc.*	2,030		15
Dynamics Research Corp.*	478		7
Echelon Corp.*†	1,922		22
Electronics for Imaging, Inc.*	2,939		31
eLoyalty Corp.*†	357		3
Henry (Jack) & Associates, Inc.	5,126		119
iGate Corp.	1,324		9
Imation Corp.	1,700		15
Immersion Corp.*	1,600		6
Insight Enterprises, Inc.*	2,814		32
Integral Systems, Inc. of Maryland*	972		6
Isilon Systems, Inc.*†	1,400		8
LivePerson, Inc.*	2,402		10
Manhattan Associates, Inc.*	1,394		25
Maxwell Technologies, Inc.*	1,300		18
Mentor Graphics Corp.*	5,775		51
Mercury Computer Systems, Inc.*	1,341		13
MTS Systems Corp.	1,026		27
NCI, Inc., Class A*†	400		12
Ness Technologies, Inc.*	2,200		13
Netezza Corp.*†	2,910		28
Netscout Systems, Inc.*	1,545		18
Palm, Inc.*†	8,391		112
PAR Technology Corp.*†	439		3
Perot Systems Corp., Class A*	5,343		89
Quantum Corp.*	11,796		14
Radiant Systems, Inc.*	1,600		17
Radisys Corp.*	1,376		10
Rimage Corp.*	533		9
Riverbed Technology, Inc.*†	3,339		64
Silicon Graphics International Corp.*†	1,700		9
Silicon Storage Technology, Inc.*	4,371		8
Smart Modular Technologies WWH, Inc.*†	2,500		10
SRA International, Inc., Class A*	2,563		51
STEC, Inc.*†	1,518		61
Stratasys, Inc.*†	1,160		17
Super Micro Computer, Inc.*†	1,368		11
SYKES Enterprises, Inc.*	2,133		45
Synaptics, Inc.*†	2,092		54
Syntel, Inc.†	801		32
Tier Technologies, Inc., Class B*†	1,006		8
Unisys Corp.*	22,671		55
Virtusa Corp.*	748		7

			1,338

Cosmetics/Personal Care - 0.3%
Bare Escentuals, Inc.*	4,059		38
Chattem, Inc.*†	1,188		73
Elizabeth Arden, Inc.*	1,410		14
Inter Parfums, Inc.†	750		7
Revlon, Inc., Class A*†	1,114		5

			137

Distribution/Wholesale - 1.2%
Beacon Roofing Supply, Inc.*†	2,770		47
BlueLinx Holdings, Inc.*†	614		3
BMP Sunstone Corp.*†	1,896		7
Brightpoint, Inc.*	3,106		23
Chindex International, Inc.*	782		11
Core-Mark Holding Co., Inc.*†	570		16
FGX International Holdings Ltd.*†	854		12
Fossil, Inc.*†	2,869		73
Houston Wire & Cable Co.	1,038		12
MWI Veterinary Supply, Inc.*	639		24
Owens & Minor, Inc.	2,545		113
Pool Corp.†	2,973		71
Rentrak Corp.*†	546		9
Scansource, Inc.*†	1,631		46
School Specialty, Inc.*	1,162		26
Titan Machinery, Inc.*†	818		10
United Stationers, Inc.*	1,455		66
Watsco, Inc.†	1,597		84

			653

Diversified Financial Services - 2.0%
BGC Partners, Inc., Class A	2,696		12
Broadpoint Gleacher Securities, Inc.*	2,764		21
Calamos Asset Management, Inc., Class A	1,209		14
California First National Bancorp	77		1
Cityscape Financial Corp.⁽²⁾*	2,500		—
Cohen & Steers, Inc.†	1,075		21
CompuCredit Holdings Corp.*†	922		4
Credit Acceptance Corp.*†	375		11
Diamond Hill Investment Group, Inc.*	125		6
Doral Financial Corp.*†	400		1
Duff & Phelps Corp., Class A	1,002		17
ETRADE Financial Corp.†	57,248		101
Encore Capital Group, Inc.*†	800		12

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 7 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Diversified Financial Services - 2.0% continued
Epoch Holding Corp.	723	$	6
Evercore Partners, Inc., Class A	600		15
FBR Capital Markets Corp.*	1,124		6
FCStone Group, Inc.*†	1,633		8
Financial Federal Corp.	1,542		36
First Marblehead (The) Corp.*†	3,800		10
GAMCO Investors, Inc., Class A†	442		20
GFI Group, Inc.	3,995		29
International Assets Holding Corp.*†	300		5
JMP Group, Inc.	835		9
KBW, Inc.*†	2,131		61
Knight Capital Group, Inc., Class A*	5,679		114
LaBranche & Co., Inc.*	3,265		13
MarketAxess Holdings, Inc.*	1,880		21
MF Global Ltd.*†	5,929		42
National Financial Partners Corp.†	2,535		20
Nelnet, Inc., Class A*	1,191		18
NewStar Financial, Inc.*	1,342		4
Ocwen Financial Corp.*	3,426		35
Oppenheimer Holdings, Inc., Class A	551		14
optionsXpress Holdings, Inc.	2,594		43
Penson Worldwide, Inc.*†	1,217		12
Piper Jaffray Cos.*	1,206		61
Portfolio Recovery Associates, Inc.*†	944		41
Pzena Investment Management, Inc., Class A†	400		3
Sanders Morris Harris Group, Inc.	1,039		6
Stifel Financial Corp.*	1,673		94
SWS Group, Inc.	1,424		21
Teton Advisors, Inc.⁽¹⁾*†	8		—
Thomas Weisel Partners Group, Inc.*†	1,197		5
TradeStation Group, Inc.*	1,965		14
US Global Investors, Inc., Class A†	700		8
Virtus Investment Partners, Inc.*†	366		6
Westwood Holdings Group, Inc.	331		13
World Acceptance Corp.*†	993		26

			1,060

Electric - 1.8%
Allete, Inc.	1,640		55
Avista Corp.†	3,366		66
Black Hills Corp.†	2,393		61
Central Vermont Public Service Corp.	674		12
CH Energy Group, Inc.†	939		43
Cleco Corp.†	3,706		91
El Paso Electric Co.*	2,779		47
Empire District Electric (The) Co.†	2,128		39
EnerNOC, Inc.*	735		20
Florida Public Utilities Co.†	325		4
IDACORP, Inc.	2,896		83
MGE Energy, Inc.†	1,375		49
NorthWestern Corp.	2,220		53
Otter Tail Corp.†	2,179		51
Pike Electric Corp.*	1,000		11
PNM Resources, Inc.	5,328		62
PNM Resources, Inc. - Fractional Shares ⁽²⁾*	50,000		—
Portland General Electric Co.	4,607		90
UIL Holdings Corp.	1,816		47
Unisource Energy Corp.†	2,194		64
Unitil Corp.†	600		13
US Geothermal, Inc.*†	3,500		5

			966

Electrical Components & Equipment - 1.1%
Advanced Battery Technologies, Inc.*†	3,011		12
Advanced Energy Industries, Inc.*	1,956		21
American Superconductor Corp.*†	2,651		86
Belden, Inc.	2,853		60
China BAK Battery, Inc.*†	2,181		6
Encore Wire Corp.†	1,126		27
Ener1, Inc.*†	2,840		18
Energy Conversion Devices, Inc.*†	2,799		31
EnerSys*	2,473		49
Evergreen Solar, Inc.*†	11,512		19
Fushi Copperweld, Inc.*	920		7
GrafTech International Ltd.*	7,339		104
Graham Corp.†	585		8
Harbin Electric, Inc.*†	662		8
Insteel Industries, Inc.	1,000		11
Littelfuse, Inc.*†	1,343		34
Orion Energy Systems, Inc.*†	970		3
Powell Industries, Inc.*	483		18
Power-One, Inc.*†	4,446		6
PowerSecure International, Inc.*	900		5
SatCon Technology Corp.*†	2,959		6
Ultralife Corp.*†	700		4
Universal Display Corp.*†	1,701		19
Valence Technology, Inc.*†	3,000		5

EQUITY PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Electrical Components & Equipment - 1.1% continued
Vicor Corp.*†	1,094	$	8

			575

Electronics - 2.5%
American Science & Engineering, Inc.	560		35
Analogic Corp.	788		28
Axsys Technologies, Inc.*	600		32
Badger Meter, Inc.	909		33
Bel Fuse, Inc., Class B	657		11
Benchmark Electronics, Inc.*	4,003		66
Brady Corp., Class A	2,936		87
Checkpoint Systems, Inc.*	2,328		39
China Security & Surveillance Technology, Inc.*†	2,024		13
Cogent, Inc.*†	2,640		28
Coherent, Inc.*	1,348		30
CTS Corp.	1,956		17
Cymer, Inc.*	1,824		64
Daktronics, Inc.†	1,978		16
DDi Corp.*†	775		3
Dionex Corp.*†	1,086		65
Electro Scientific Industries, Inc.*	1,615		20
FARO Technologies, Inc.*†	1,000		17
FEI Co.*	2,293		54
ICx Technologies, Inc.*	700		3
II-VI, Inc.*†	1,534		41
L-1 Identity Solutions, Inc.*	4,592		33
LaBarge, Inc.*	700		7
Measurement Specialties, Inc.*	900		10
MEMSIC, Inc.*†	829		3
Methode Electronics, Inc.	2,237		19
Microvision, Inc.*†	4,012		14
Multi-Fineline Electronix, Inc.*	577		16
Newport Corp.*	2,057		15
NVE Corp.*†	300		16
OSI Systems, Inc.*†	908		15
Park Electrochemical Corp.	1,215		26
Plexus Corp.*	2,415		61
RAE Systems, Inc.*	2,247		3
Rofin-Sinar Technologies, Inc.*	1,778		40
Rogers Corp.*	970		25
Spectrum Control, Inc.*†	718		7
SRS Labs, Inc.*	630		5
Stoneridge, Inc.*	900		5
Taser International, Inc.*†	3,674		17
Technitrol, Inc.	2,445		20
TTM Technologies, Inc.*	2,562		26
Varian, Inc.*	1,763		90
Watts Water Technologies, Inc., Class A	1,805		54
Woodward Governor Co.	3,683		77
X-Rite, Inc.*†	1,391		3
Zygo Corp.*†	800		5

			1,314

Energy - Alternate Sources - 0.2%
Ascent Solar Technologies, Inc.*†	906		5
Clean Energy Fuels Corp.*†	1,865		23
Comverge, Inc.*	1,198		13
Evergreen Energy, Inc.*†	7,026		7
FuelCell Energy, Inc.*†	4,052		15
Green Plains Renewable Energy, Inc.*†	520		4
GT Solar International, Inc.*†	1,974		10
Headwaters, Inc.*†	2,501		10
Syntroleum Corp.*†	3,688		10

			97

Engineering & Construction - 0.8%
Argan, Inc.*†	415		6
Baker (Michael) Corp.*	466		16
Dycom Industries, Inc.*	2,400		27
EMCOR Group, Inc.*	4,020		93
ENGlobal Corp.*	1,201		5
Exponent, Inc.*	803		23
Granite Construction, Inc.†	2,096		67
Insituform Technologies, Inc., Class A*†	2,385		46
Integrated Electrical Services, Inc.*†	400		3
Layne Christensen Co.*	1,200		31
MYR Group, Inc. of Delaware*	1,065		22
Orion Marine Group, Inc.*†	1,607		33
Stanley, Inc.*	713		18
Sterling Construction Co., Inc.*	769		12
Tutor Perini Corp.*†	1,592		31
VSE Corp.†	247		9

			442

Entertainment - 0.8%
Ascent Media Corp., Class A*	838		22
Bally Technologies, Inc.*†	3,321		134
Bluegreen Corp.*†	800		2
Carmike Cinemas, Inc.*	632		6
Churchill Downs, Inc.	593		22

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 9 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Entertainment - 0.8% continued
Cinemark Holdings, Inc.	2,003	$	20
Dover Downs Gaming & Entertainment, Inc.†	817		5
Great Wolf Resorts, Inc.*†	1,490		5
Isle of Capri Casinos, Inc.*†	963		10
Lakes Entertainment, Inc.*	1,036		3
National CineMedia, Inc.	2,586		39
Pinnacle Entertainment, Inc.*	3,680		35
Reading International, Inc., Class A*	951		4
Shuffle Master, Inc.*	3,194		24
Speedway Motorsports, Inc.†	762		12
Vail Resorts, Inc.*†	1,802		60
Youbet.com, Inc.*†	1,732		4

			407

Environmental Control - 0.8%
American Ecology Corp.	1,074		20
Calgon Carbon Corp.*	3,348		48
Clean Harbors, Inc.*	1,247		74
Darling International, Inc.*	5,051		35
Energy Recovery, Inc.*†	1,971		10
EnergySolutions, Inc.	4,623		41
Fuel Tech, Inc.*†	1,085		11
Heritage-Crystal Clean, Inc.*†	113		1
Metalico, Inc.*†	1,581		7
Met-Pro Corp.†	846		8
Mine Safety Appliances Co.†	1,648		44
Perma-Fix Environmental Services*	3,141		8
Tetra Tech, Inc.*	3,676		109
Waste Services, Inc.*	1,189		5

			421

Food - 1.8%
American Dairy, Inc.*†	492		15
American Italian Pasta Co., Class A*†	1,285		39
Arden Group, Inc., Class A†	67		8
B&G Foods, Inc., Class A	1,100		10
Calavo Growers, Inc.†	600		11
Cal-Maine Foods, Inc.†	840		24
Chiquita Brands International, Inc.*	2,739		42
Diamond Foods, Inc.	1,015		28
Fresh Del Monte Produce, Inc.*	2,517		58
Great Atlantic & Pacific Tea Co.*†	2,001		13
Hain Celestial Group (The), Inc.*†	2,503		40
HQ Sustainable Maritime Industries, Inc.*	496		4
Imperial Sugar Co.	700		10
Ingles Markets, Inc., Class A†	739		12
J & J Snack Foods Corp.	843		37
Lancaster Colony Corp.	1,175		59
Lance, Inc.†	1,711		42
Lifeway Foods, Inc.*†	300		4
M & F Worldwide Corp.*†	668		13
Nash Finch Co.	795		22
Overhill Farms, Inc.*	899		5
Ruddick Corp.†	2,638		70
Sanderson Farms, Inc.	1,246		52
Seaboard Corp.	21		23
Seneca Foods Corp., Class A*†	567		15
Smart Balance, Inc.*	3,743		24
Spartan Stores, Inc.	1,379		18
Tootsie Roll Industries, Inc.†	1,422		34
TreeHouse Foods, Inc.*†	1,936		72
United Natural Foods, Inc.*	2,627		71
Village Super Market, Class A†	400		11
Weis Markets, Inc.	648		20
Winn-Dixie Stores, Inc.*	3,337		46
Zhongpin, Inc.*†	1,227		14

			966

Forest Products & Paper - 0.6%
Boise, Inc.*	1,934		8
Buckeye Technologies, Inc.*	2,226		23
Clearwater Paper Corp.*	700		32
Deltic Timber Corp.	653		33
Domtar Corp.*†	2,539		90
Glatfelter	2,707		28
Kapstone Paper and Packaging Corp.*	1,187		8
Neenah Paper, Inc.	800		9
Orchids Paper Products Co.*†	274		6
Schweitzer-Mauduit International, Inc.	947		47
Wausau Paper Corp.	2,558		25

			309

Gas - 1.3%
Chesapeake Utilities Corp.	400		12
Laclede Group (The), Inc.	1,371		45
New Jersey Resources Corp.	2,582		95
Nicor, Inc.	2,770		100
Northwest Natural Gas Co.†	1,628		69
Piedmont Natural Gas Co., Inc.†	4,497		108
South Jersey Industries, Inc.	1,834		64

EQUITY PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Gas - 1.3% continued
Southwest Gas Corp.	2,755	$	67
WGL Holdings, Inc.	3,071		101

			661

Hand/Machine Tools - 0.4%
Baldor Electric Co.†	2,847		80
Franklin Electric Co., Inc.†	1,421		45
K-Tron International, Inc.*	149		12
Regal-Beloit Corp.	2,191		100

			237

Healthcare - Products - 4.0%
Abaxis, Inc.*†	1,352		36
ABIOMED, Inc.*†	1,961		16
Accuray, Inc.*†	2,350		15
Affymetrix, Inc.*†	4,352		34
Align Technology, Inc.*†	3,576		48
Alphatec Holdings, Inc.*	1,600		7
American Medical Systems Holdings, Inc.*†	4,511		69
Angiodynamics, Inc.*	1,452		19
Aspect Medical Systems, Inc.*	986		6
Atrion Corp.†	100		14
ATS Medical, Inc.*	2,736		7
BioMimetic Therapeutics, Inc.*†	793		9
Bovie Medical Corp.*†	983		8
Bruker Corp.*	3,008		31
Cantel Medical Corp.*†	734		10
Cardiac Science Corp.*	1,100		3
CardioNet, Inc.*†	1,466		11
Cardiovascular Systems, Inc.*†	499		4
Cepheid, Inc.*	3,558		43
Conceptus, Inc.*†	1,879		34
Conmed Corp.*	1,793		32
CryoLife, Inc.*	1,600		12
Cutera, Inc.*	756		7
Cyberonics, Inc.*	1,687		25
Cynosure, Inc., Class A*†	500		5
Delcath Systems, Inc.*†	1,293		5
DexCom, Inc.*†	2,742		21
Electro-Optical Sciences, Inc.*†	1,029		10
Endologix, Inc.*	2,549		12
EnteroMedics, Inc.*†	849		3
ev3, Inc.*	4,341		55
Exactech, Inc.*	465		7
Female Health (The) Co.*†	882		6
Genomic Health, Inc.*†	879		18
Greatbatch, Inc.*†	1,431		31
Haemonetics Corp. of Massachusetts*	1,569		83
Hanger Orthopedic Group, Inc.*	1,576		22
Hansen Medical, Inc.*†	1,464		5
HeartWare International, Inc.*†	277		8
Home Diagnostics, Inc.*†	631		4
ICU Medical, Inc.*	784		29
Immucor, Inc.*†	4,305		78
Insulet Corp.*†	1,539		14
Integra LifeSciences Holdings Corp.*†	1,163		39
Invacare Corp.†	1,794		39
IRIS International, Inc.*	1,100		11
Kensey Nash Corp.*	479		13
LCA-Vision, Inc.*	917		5
Luminex Corp.*†	2,543		39
MAKO Surgical Corp.*†	742		6
Masimo Corp.*†	3,098		78
Medical Action Industries, Inc.*	800		10
Merge Healthcare, Inc.*	1,503		5
Meridian Bioscience, Inc.†	2,484		60
Merit Medical Systems, Inc.*	1,669		30
Micrus Endovascular Corp.*†	916		10
Natus Medical, Inc.*	1,663		24
NuVasive, Inc.*†	2,224		89
NxStage Medical, Inc.*†	1,471		9
OraSure Technologies, Inc.*	2,683		7
Orthofix International N.V.*	1,023		28
Orthovita, Inc.*†	4,096		17
Palomar Medical Technologies, Inc.*†	1,121		16
PSS World Medical, Inc.*†	3,635		74
Quidel Corp.*†	1,594		25
Rochester Medical Corp.*	575		7
Rockwell Medical Technologies, Inc.*†	810		6
Sirona Dental Systems, Inc.*	1,051		28
Somanetics Corp.*	700		9
SonoSite, Inc.*	1,020		24
Spectranetics Corp.*	1,800		11
Stereotaxis, Inc.*†	1,697		6
STERIS Corp.	3,572		104
SurModics, Inc.*†	954		22
Symmetry Medical, Inc.*	2,127		23
Synovis Life Technologies, Inc.*	700		11
Thoratec Corp.*	3,447		90

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 11 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Healthcare - Products - 4.0% continued
TomoTherapy, Inc.*†	2,676	$	9
TranS1, Inc.*	700		3
Utah Medical Products, Inc.†	170		5
Vascular Solutions, Inc.*†	932		7
Vital Images, Inc.*	800		10
Volcano Corp.*†	2,964		42
West Pharmaceutical Services, Inc.†	2,007		81
Wright Medical Group, Inc.*†	2,337		38
Young Innovations, Inc.	308		7
Zoll Medical Corp.*	1,302		23

			2,116

Healthcare - Services - 2.1%
Air Methods Corp.*†	673		23
Alliance HealthCare Services, Inc*†	1,536		9
Allied Healthcare International, Inc.*	2,550		6
Almost Family, Inc.*†	449		12
Amedisys, Inc.*†	1,674		75
America Service Group, Inc.†	473		9
American Dental Partners, Inc.*†	732		9
AMERIGROUP Corp.*†	3,230		76
Amsurg Corp.*	1,885		38
Assisted Living Concepts, Inc., Class A*†	600		12
Bio-Reference Labs, Inc.*	734		24
Capital Senior Living Corp.*†	1,200		6
Centene Corp.*	2,639		46
Continucare Corp.*	1,617		5
Emeritus Corp.*†	1,178		21
Ensign Group (The), Inc.	635		9
Genoptix, Inc.*†	1,037		30
Gentiva Health Services, Inc.*	1,784		39
Healthsouth Corp.*	5,391		84
Healthspring, Inc.*	3,004		40
Healthways, Inc.*	2,075		27
IPC The Hospitalist Co., Inc.*†	991		29
Kindred Healthcare, Inc.*	2,400		34
LHC Group, Inc.*†	940		23
Life Sciences Research, Inc.*†	500		4
Magellan Health Services, Inc.*	2,162		69
Medcath Corp.*	900		8
Metropolitan Health Networks, Inc.*	2,254		5
Molina Healthcare, Inc.*†	822		17
National Healthcare Corp.	506		19
Nighthawk Radiology Holdings, Inc.*	1,200		8
NovaMed, Inc.*†	1,111		5
Odyssey HealthCare, Inc.*	1,951		25
Psychiatric Solutions, Inc.*†	3,435		92
RadNet, Inc.*†	1,658		4
RehabCare Group, Inc.*	1,135		24
Res-Care, Inc.*	1,497		22
Skilled Healthcare Group, Inc., Class A*†	1,119		8
Sun Healthcare Group, Inc.*	2,692		22
Sunrise Senior Living, Inc.*	2,640		6
Triple-S Management Corp., Class B*†	1,219		23
U.S. Physical Therapy, Inc.*	700		10
Virtual Radiologic Corp.*†	400		5
WellCare Health Plans, Inc.*	2,582		63

			1,125

Holding Companies - Diversified - 0.0%
Compass Diversified Holdings	1,400		14
Resource America, Inc., Class A	627		3
Zapata Corp.*	471		4

			21

Home Builders - 0.4%
Amrep Corp.*†	100		1
Beazer Homes USA, Inc.*†	2,500		11
Brookfield Homes Corp.*†	521		4
Cavco Industries, Inc.*†	400		13
China Housing & Land Development, Inc.*†	1,500		6
Hovnanian Enterprises, Inc., Class A*†	3,254		17
M/I Homes, Inc.*†	1,142		18
Meritage Homes Corp.*†	1,921		43
Ryland Group, Inc.	2,637		60
Skyline Corp.†	408		10
Standard-Pacific Corp.*	5,989		22
Winnebago Industries, Inc.*†	1,672		20

			225

Home Furnishings - 0.6%
American Woodmark Corp.†	638		13
Audiovox Corp., Class A*	937		6
DTS, Inc.*†	1,069		29
Ethan Allen Interiors, Inc.†	1,533		24
Furniture Brands International, Inc.*	2,500		14
Hooker Furniture Corp.†	619		8
Kimball International, Inc., Class B	1,872		12
La-Z-Boy, Inc.†	3,173		27
Sealy Corp.*	2,644		7

EQUITY PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Home Furnishings - 0.6% continued
Stanley Furniture Co., Inc.	587	$	7
Tempur-Pedic International, Inc.*†	4,576		68
TiVo, Inc.*	6,383		62
Universal Electronics, Inc.*	791		15

			292

Household Products/Wares - 0.7%
ACCO Brands Corp.*	3,242		18
American Greetings Corp., Class A†	2,400		33
Blyth, Inc.†	371		17
Central Garden and Pet Co., Class A*	3,813		42
CSS Industries, Inc.†	432		9
Ennis, Inc.	1,531		21
Helen of Troy Ltd.*	1,836		40
Oil-Dri Corp. of America	271		4
Prestige Brands Holdings, Inc.*	1,994		15
Standard Register (The) Co.†	884		4
Tupperware Brands Corp.	3,820		141
WD-40 Co.	978		26

			370

Insurance - 3.7%
Ambac Financial Group, Inc.†	17,673		31
American Equity Investment Life Holding Co.	3,100		25
American Physicians Capital, Inc.	566		17
American Physicians Service Group, Inc.	357		8
American Safety Insurance Holdings Ltd.*	600		9
Amerisafe, Inc.*	1,100		19
Amtrust Financial Services, Inc.	1,335		17
Argo Group International Holdings Ltd.*	1,894		67
Assured Guaranty Ltd.†	6,288		125
Baldwin & Lyons, Inc., Class B	518		11
Citizens, Inc. of Texas*†	2,111		14
CNA Surety Corp.*	977		16
Conseco, Inc.*†	11,366		49
Crawford & Co., Class B*	1,339		6
Delphi Financial Group, Inc., Class A	2,630		62
Donegal Group, Inc., Class A	698		10
Eastern Insurance Holdings, Inc.†	435		4
eHealth, Inc.*	1,524		28
EMC Insurance Group, Inc.	332		7
Employers Holdings, Inc.†	2,865		43
Enstar Group Ltd.*	411		25
FBL Financial Group, Inc., Class A†	703		12
First Acceptance Corp.*	1,105		3
First Mercury Financial Corp.	829		12
Flagstone Reinsurance Holdings Ltd.	2,316		25
FPIC Insurance Group, Inc.*	434		14
Greenlight Capital Re Ltd., Class A*	1,700		31
Hallmark Financial Services, Inc.*	510		4
Harleysville Group, Inc.	774		25
Horace Mann Educators Corp.	2,329		29
Independence Holding Co.	334		2
Infinity Property & Casualty Corp.	807		36
IPC Holdings Ltd.	3,422		111
Kansas City Life Insurance Co.	279		10
Life Partners Holdings, Inc.†	436		8
Maiden Holdings Ltd.†	2,957		23
Max Capital Group Ltd.	2,833		58
Meadowbrook Insurance Group, Inc.	3,406		27
Mercer Insurance Group, Inc.	303		6
MGIC Investment Corp.*†	7,672		62
Montpelier Re Holdings Ltd.	5,285		85
National Interstate Corp.	334		6
National Western Life Insurance Co., Class A	142		23
Navigators Group, Inc.*	774		40
NYMAGIC, Inc.	300		5
Phoenix Companies (The), Inc.*†	6,855		20
Platinum Underwriters Holdings Ltd.	3,130		113
PMA Capital Corp., Class A*	1,824		10
PMI Group (The), Inc.†	4,500		15
Presidential Life Corp.	1,279		13
Primus Guaranty Ltd.*†	1,300		5
ProAssurance Corp.*	2,026		106
Radian Group, Inc.†	5,089		47
RLI Corp.	1,153		61
Safety Insurance Group, Inc.	833		27
SeaBright Insurance Holdings, Inc.*	1,269		13
Selective Insurance Group, Inc.	3,163		54
State Auto Financial Corp.	835		14
Stewart Information Services Corp.	1,020		14
Tower Group, Inc.	2,476		59
United America Indemnity Ltd., Class A*	2,081		13
United Fire & Casualty Co.	1,352		27
Universal American Corp.*	1,702		16
Universal Insurance Holdings, Inc.†	729		4
Zenith National Insurance Corp.	2,296		62

			1,943

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 13 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Internet - 3.1%
1-800-FLOWERS.COM, Inc., Class A*†	1,426	$	4
AboveNet, Inc.*†	380		35
ActivIdentity Corp.*†	2,599		6
Art Technology Group, Inc.*	7,775		31
AsiaInfo Holdings, Inc.*†	1,798		31
Avocent Corp.*	2,726		44
Blue Coat Systems, Inc.*	2,419		47
Blue Nile, Inc.*	778		43
Chordiant Software, Inc.*	1,751		7
Cogent Communications Group, Inc.*†	2,725		26
comScore, Inc.*	1,284		18
Constant Contact, Inc.*†	1,478		31
CyberSource Corp.*	4,220		65
DealerTrack Holdings, Inc.*	2,309		47
Dice Holdings, Inc.*	963		6
Digital River, Inc.*	2,329		82
Drugstore.com, Inc.*	5,096		12
Earthlink, Inc.*	6,479		54
ePlus, Inc.*†	190		3
eResearch Technology, Inc.*	2,500		16
Global Sources Ltd.*†	918		6
GSI Commerce, Inc.*	1,532		27
Health Grades, Inc.*	1,346		6
i2 Technologies, Inc.*†	948		14
Ibasis, Inc.*	2,000		4
Imergent, Inc.†	431		3
Infospace, Inc.*†	2,073		17
Internap Network Services Corp.*†	2,990		9
Internet Brands, Inc., Class A*†	1,609		12
Internet Capital Group, Inc.*	2,200		15
iPass, Inc.†	2,840		4
j2 Global Communications, Inc.*	2,729		58
Keynote Systems, Inc.*†	800		8
Knot (The), Inc.*	1,781		18
Limelight Networks, Inc.*†	1,920		6
Lionbridge Technologies, Inc.*	3,319		9
Liquidity Services, Inc.*	879		10
LoopNet, Inc.*	1,281		10
MercadoLibre, Inc.*†	1,580		50
ModusLink Global Solutions, Inc.*	2,727		20
Move, Inc.*†	9,222		27
NIC, Inc.	3,000		23
NutriSystem, Inc.†	1,894		27
Online Resources Corp.*	1,600		9
OpenTable, Inc.*†	195		5
Openwave Systems, Inc.*	4,901		14
Orbitz Worldwide, Inc.*†	2,300		14
Overstock.com, Inc.*†	925		12
PC-Tel, Inc.*	1,000		6
Perficient, Inc.*	1,800		14
Rackspace Hosting, Inc.*†	4,058		52
RealNetworks, Inc.*	4,900		17
S1 Corp.*	3,145		20
Saba Software, Inc.*†	1,415		5
Safeguard Scientifics, Inc.*†	1,184		13
Sapient Corp.*	5,200		38
Shutterfly, Inc.*	1,283		19
SonicWALL, Inc.*	3,206		24
Sourcefire, Inc.*	1,375		26
Stamps.com, Inc.*	716		6
Support.com, Inc.*†	2,600		6
TechTarget, Inc.*†	787		5
TeleCommunication Systems, Inc., Class A*	2,375		18
Terremark Worldwide, Inc.*†	3,194		17
TIBCO Software, Inc.*	10,742		95
Travelzoo, Inc.*†	310		4
United Online, Inc.	5,129		36
US Auto Parts Network, Inc.*†	524		3
ValueClick, Inc.*	5,317		54
VASCO Data Security International, Inc.*†	1,572		14
Vocus, Inc.*	1,025		17
Web.com Group, Inc.*	1,600		9
Websense, Inc.*	2,714		41
Zix Corp.*†	3,650		7

			1,611

Investment Companies - 0.8%
Allied Capital Corp.†	10,962		33
American Capital Ltd.†	16,983		42
Ampal-American Israel Corp., Class A*†	1,300		3
Apollo Investment Corp.†	9,786		91
Ares Capital Corp.	5,951		55
BlackRock Kelso Capital Corp.†	706		6
Capital Southwest Corp.	191		14
Fifth Street Finance Corp.†	1,696		17
Gladstone Capital Corp.†	1,223		9
Gladstone Investment Corp.	1,200		6
Harris & Harris Group, Inc.*†	1,501		9

EQUITY PORTFOLIOS 14 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Investment Companies - 0.8% continued
Hercules Technology Growth Capital, Inc.†	2,089	$	19
Kohlberg Capital Corp.†	1,100		5
Main Street Capital Corp.†	421		5
MCG Capital Corp.*	4,190		13
Medallion Financial Corp.	800		7
MVC Capital, Inc.†	1,400		13
NGP Capital Resources Co.	1,200		8
PennantPark Investment Corp.	1,200		10
Prospect Capital Corp.†	2,658		27
TICC Capital Corp.	1,519		8
Triangle Capital Corp.†	442		5

			405

Iron/Steel - 0.1%
China Precision Steel, Inc.*†	1,770		5
General Steel Holdings, Inc.*†	878		3
Olympic Steel, Inc.†	564		15
Sutor Technology Group Ltd.*	500		2
Universal Stainless & Alloy*	400		7

			32

Leisure Time - 0.5%
Ambassadors Group, Inc.†	1,088		17
Brunswick Corp.†	5,420		50
Callaway Golf Co.†	3,999		28
Interval Leisure Group, Inc.*	2,360		25
Life Time Fitness, Inc.*†	2,464		77
Marine Products Corp.	562		3
Multimedia Games, Inc.*	1,547		8
Polaris Industries, Inc.†	1,874		70
Town Sports International Holdings, Inc.*†	1,098		3
Universal Travel Group*†	597		6

			287

Lodging - 0.3%
Ameristar Casinos, Inc.†	1,574		26
Gaylord Entertainment Co.*†	2,139		43
Marcus Corp.	1,177		15
Monarch Casino & Resort, Inc.*	591		6
Morgans Hotel Group Co.*†	1,400		7
Orient-Express Hotels Ltd., Class A†	4,713		47
Red Lion Hotels Corp.*†	729		4

			148

Machinery - Construction & Mining - 0.1%
Astec Industries, Inc.*	1,116		28

Machinery - Diversified - 1.3%
Alamo Group, Inc.	350		5
Albany International Corp., Class A	1,689		29
Altra Holdings, Inc.*	1,571		15
Applied Industrial Technologies, Inc.†	2,594		54
Briggs & Stratton Corp.†	3,061		54
Cascade Corp.†	562		14
Chart Industries, Inc.*	1,743		33
Cognex Corp.	2,444		39
Columbus McKinnon Corp. of New York*	1,100		14
DXP Enterprises, Inc.*†	437		5
Flow International Corp.*	2,100		4
Gorman-Rupp (The) Co.†	837		20
Hurco Cos., Inc.*†	400		7
Intermec, Inc.*	3,806		54
Intevac, Inc.*†	1,284		15
iRobot Corp.*†	1,148		13
Kadant, Inc.*	785		9
Lindsay Corp.†	759		31
Middleby Corp.*†	1,003		47
NACCO Industries, Inc., Class A	338		20
Nordson Corp.†	2,055		110
Raser Technologies, Inc.*†	3,192		7
Robbins & Myers, Inc.	1,618		38
Sauer-Danfoss, Inc.†	717		4
Tecumseh Products Co., Class A*	1,090		10
Tennant Co.	1,107		28
Twin Disc, Inc.	500		6

			685

Media - 0.5%
Acacia Research - Acacia Technologies*	1,888		17
Belo Corp., Class A	5,259		18
CKX, Inc.*†	3,468		22
Courier Corp.†	571		9
Crown Media Holdings, Inc., Class A*†	700		1
DG FastChannel, Inc.*	1,125		19
Dolan Media Co.*	1,793		19
EW Scripps Co., Class A*†	1,567		11
Fisher Communications, Inc.*†	375		8
Journal Communications, Inc., Class A	2,700		10
LIN TV Corp., Class A*†	1,582		5
LodgeNet Entertainment Corp.*	1,166		8

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 15 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Media - 0.5% continued
Martha Stewart Living Omnimedia, Inc., Class A*†	1,502	$	11
Mediacom Communications Corp., Class A*	2,285		11
Outdoor Channel Holdings, Inc.*†	800		5
Playboy Enterprises, Inc., Class B*†	1,295		4
Primedia, Inc.	1,157		3
Scholastic Corp.	1,392		34
Sinclair Broadcast Group, Inc., Class A	2,699		8
Value Line, Inc.	100		3
World Wrestling Entertainment, Inc., Class A†	1,278		18

			244

Metal Fabrication/Hardware - 0.8%
Ampco-Pittsburgh Corp.†	500		12
Castle (A.M.) & Co.	978		11
CIRCOR International, Inc.	1,048		27
Dynamic Materials Corp.†	795		13
Eastern (The) Co.†	336		6
Foster (L.B.) Co., Class A*	600		18
Furmanite Corp.*†	2,144		8
Hawk Corp., Class A*	301		4
Haynes International, Inc.*	714		19
Kaydon Corp.†	2,034		68
Ladish Co., Inc.*	938		14
Lawson Products, Inc.†	220		4
Mueller Industries, Inc.	2,283		55
Mueller Water Products, Inc., Class A	6,940		32
North American Galvanizing & Coating, Inc.*	713		4
Northwest Pipe Co.*	548		18
Omega Flex, Inc.†	200		3
RBC Bearings, Inc.*	1,340		30
RTI International Metals, Inc.*	1,428		27
Sun Hydraulics, Corp.†	726		13
Worthington Industries, Inc.	3,702		49

			435

Mining - 0.7%
Allied Nevada Gold Corp.*†	2,700		22
AMCOL International Corp.†	1,457		32
Brush Engineered Materials, Inc.*	1,173		26
Century Aluminum Co.*†	2,807		29
Coeur d’Alene Mines Corp.*	4,199		64
General Moly, Inc.*	3,747		10
Hecla Mining Co.*†	13,387		40
Horsehead Holding Corp.*	2,093		24
Kaiser Aluminum Corp.	949		31
Paramount Gold and Silver Corp.*†	3,629		4
Stillwater Mining Co.*	2,537		16
U.S. Gold Corp.*†	4,673		13
United States Lime & Minerals, Inc.*†	100		4
Uranerz Energy Corp.*†	2,570		5
Uranium Energy Corp.*†	2,726		7
USEC, Inc.*†	6,893		31

			358

Miscellaneous Manufacturing - 2.1%
Actuant Corp., Class A	4,109		58
Acuity Brands, Inc.†	2,500		80
American Railcar Industries, Inc.	500		5
Ameron International Corp.	570		46
AZZ, Inc.*†	751		26
Barnes Group, Inc.	2,873		42
Blount International, Inc.*†	2,281		21
Ceradyne, Inc.*	1,587		30
Chase Corp.	328		4
China Fire & Security Group, Inc.*†	800		12
CLARCOR, Inc.†	3,114		100
Colfax Corp.*	1,385		15
Eastman Kodak Co.†	16,410		87
EnPro Industries, Inc.*†	1,236		27
ESCO Technologies, Inc.*†	1,603		59
Federal Signal Corp.	2,898		21
Flanders Corp.*	900		5
Freightcar America, Inc.†	700		13
GenTek, Inc.*	500		14
GP Strategies Corp.*	881		7
Griffon Corp.*	2,708		29
Hexcel Corp.*†	5,912		64
John Bean Technologies Corp.	1,639		27
Koppers Holdings, Inc.	1,257		34
LSB Industries, Inc.*	1,069		17
Matthews International Corp., Class A	1,867		65
Metabolix, Inc.*†	1,100		11
Movado Group, Inc.†	949		12
Myers Industries, Inc.	1,870		19
NL Industries, Inc.†	398		3
PMFG, Inc.*†	756		8
Polypore International, Inc.*	1,348		15

EQUITY PORTFOLIOS 16 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Miscellaneous Manufacturing - 2.1% continued
Portec Rail Products, Inc.	362	$	3
Raven Industries, Inc.	951		28
Smith & Wesson Holding Corp.*†	3,279		18
Smith (A.O.) Corp.†	1,352		51
Standex International Corp.	719		12
Sturm Ruger & Co., Inc.†	1,189		16
Tredegar Corp.	1,758		26
Trimas Corp.*†	800		4

			1,134

Office Furnishings - 0.4%
Herman Miller, Inc.	3,298		53
HNI Corp.†	2,749		59
Interface, Inc., Class A	3,018		20
Knoll, Inc.	2,790		27
Steelcase, Inc., Class A	4,252		27

			186

Oil & Gas - 2.0%
Alon USA Energy, Inc.†	540		5
Apco Oil and Gas International, Inc.†	532		12
Approach Resources, Inc.*†	668		5
Arena Resources, Inc.*	2,335		71
Atlas America, Inc.†	2,091		46
ATP Oil & Gas Corp.*†	1,784		20
Berry Petroleum Co., Class A†	2,621		59
Bill Barrett Corp.*†	2,351		69
BPZ Resource, Inc.*†	5,616		34
Brigham Exploration Co.*	5,127		34
Bronco Drilling Co., Inc.*	1,500		6
Carrizo Oil & Gas, Inc.*†	1,717		33
Cheniere Energy, Inc.*†	3,200		9
Clayton Williams Energy, Inc.*†	352		7
Contango Oil & Gas Co.*†	739		33
CREDO Petroleum Corp.*†	376		4
Cubic Energy, Inc.*	1,396		2
CVR Energy, Inc.*	1,300		13
Delek US Holdings, Inc.†	800		7
Delta Petroleum Corp.*	10,909		20
Endeavour International Corp.*	6,702		7
FX Energy, Inc.*†	2,475		8
Georesources, Inc.*	401		4
GMX Resources, Inc.*	1,517		16
Goodrich Petroleum Corp.*†	1,505		36
Gran Tierra Energy, Inc.*†	12,564		50
Gulfport Energy Corp.*†	1,500		11
Harvest Natural Resources, Inc.*†	1,887		10
Hercules Offshore, Inc.*	5,436		25
Isramco, Inc.*	59		10
McMoRan Exploration Co.*†	4,609		38
Northern Oil And Gas, Inc.*†	1,663		11
Oilsands Quest, Inc.*	10,300		9
Panhandle Oil & Gas, Inc., Class A	400		10
Parallel Petroleum Corp.*	2,608		5
Parker Drilling Co.*	7,133		32
Penn Virginia Corp.†	2,782		53
Petroleum Development Corp.*	931		13
Petroquest Energy, Inc.*	2,674		11
Pioneer Drilling Co.*	2,800		16
PrimeEnergy Corp.*	52		1
Rex Energy Corp.*†	1,490		9
Rosetta Resources, Inc.*	3,236		38
Stone Energy Corp.*	2,143		27
Sulphco, Inc.*†	3,400		5
Swift Energy Co.*†	2,246		46
Toreador Resources Corp.	1,190		6
Vaalco Energy, Inc.	3,430		16
Venoco, Inc.*†	1,129		9
W&T Offshore, Inc.†	2,106		21
Warren Resources, Inc.*	3,261		8
Western Refining, Inc.*	1,972		12
Zion Oil & Gas, Inc.*†	673		7

			1,069

Oil & Gas Services - 1.2%
Allis-Chalmers Energy, Inc.*†	3,478		11
Basic Energy Services, Inc.*	1,435		10
Bolt Technology Corp.*	500		6
Boots & Coots , Inc.*	4,516		7
Cal Dive International, Inc.*	2,775		29
CARBO Ceramics, Inc.†	1,189		51
Complete Production Services, Inc.*†	3,596		32
Dawson Geophysical Co.*	500		12
Dril-Quip, Inc.*	1,778		76
Geokinetics, Inc.*	300		5
Global Industries Ltd.*†	6,129		58
Gulf Island Fabrication, Inc.†	696		11
Hornbeck Offshore Services, Inc.*†	1,412		31
ION Geophysical Corp.*	5,554		14
Key Energy Services, Inc.*	7,594		54

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 17 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Oil & Gas Services - 1.2% continued
Lufkin Industries, Inc.	914	$	41
Matrix Service Co.*	1,559		17
NATCO Group, Inc., Class A*	1,225		51
Natural Gas Services Group, Inc.*	700		10
Newpark Resources, Inc.*	5,251		14
OYO Geospace Corp.*†	249		5
RPC, Inc.†	1,655		15
Superior Well Services, Inc.*†	952		9
T-3 Energy Services, Inc.*	735		13
Tetra Technologies, Inc.*†	4,618		41
TGC Industries, Inc.*†	725		3
Union Drilling, Inc.*†	665		4
Willbros Group, Inc.*	2,427		30

			660

Packaging & Containers - 0.4%
AEP Industries, Inc.*†	300		11
Bway Holding Co.*	437		7
Graphic Packaging Holding Co.*†	7,024		15
Rock-Tenn Co., Class A	2,343		120
Silgan Holdings, Inc.	1,639		80

			233

Pharmaceuticals - 3.2%
Acura Pharmaceuticals, Inc.*†	500		3
Adolor Corp.*†	2,600		4
Akorn, Inc.*†	3,200		4
Alkermes, Inc.*†	5,778		52
Allos Therapeutics, Inc.*†	3,838		28
Amicus Therapeutics, Inc.*†	886		9
Ardea Biosciences, Inc.*†	841		15
Array Biopharma, Inc.*†	2,700		11
Auxilium Pharmaceuticals, Inc.*†	2,606		75
AVANIR Pharmaceuticals, Inc., Class A*†	3,560		7
AVI BioPharma, Inc.*†	4,484		8
Biodel, Inc.*†	874		4
BioDelivery Sciences International, Inc.*†	524		3
BioScrip, Inc.*	2,479		15
Biospecifics Technologies Corp.*†	201		5
Cadence Pharmaceuticals, Inc.*†	1,575		17
Caraco Pharmaceutical Laboratories Ltd.*†	697		3
Catalyst Health Solutions, Inc.*	2,250		64
China Sky One Medical, Inc.*†	655		8
Clarient, Inc.*†	1,719		7
Cornerstone Therapeutics, Inc.*†	361		2
Cypress Bioscience, Inc.*	2,353		16
Cytori Therapeutics, Inc.*†	1,578		5
Depomed, Inc.*†	3,004		9
Durect Corp.*	4,869		12
Dyax Corp.*†	3,300		12
Hemispherx Biopharma, Inc.*†	6,828		15
Hi-Tech Pharmacal Co., Inc.*	447		7
Idenix Pharmaceuticals, Inc.*	1,590		5
I-Flow Corp.*†	1,262		11
Impax Laboratories, Inc.*†	3,632		28
Infinity Pharmaceuticals, Inc.*†	1,013		7
Inspire Pharmaceuticals, Inc.*†	3,686		22
Isis Pharmaceuticals, Inc.*†	5,684		92
ISTA Pharmaceuticals, Inc.*†	1,947		11
Javelin Pharmaceuticals, Inc.*†	2,700		5
KV Pharmaceutical Co., Class A*†	2,177		5
Lannett Co., Inc.*†	561		5
Mannatech, Inc.†	900		3
MannKind Corp.*†	3,231		25
MAP Pharmaceuticals, Inc.*†	500		4
Matrixx Initiatives, Inc.*†	669		4
Medarex, Inc.*	7,850		126
Medicis Pharmaceutical Corp., Class A	3,602		67
Medivation, Inc.*†	1,758		45
MiddleBrook Pharmaceuticals, Inc.*†	2,000		2
Myriad Pharmaceuticals, Inc.*†	1,371		6
Nabi Biopharmaceuticals*†	2,993		9
Nektar Therapeutics*†	5,674		47
Neogen Corp.*†	800		22
Neurocrine Biosciences, Inc.*†	2,261		7
NeurogesX, Inc.*†	591		4
Nutraceutical International Corp.*	622		7
Obagi Medical Products, Inc.*	1,000		9
Omega Protein Corp.*†	1,000		4
Onyx Pharmaceuticals, Inc.*†	3,707		119
Opko Health, Inc.*†	2,600		6
Optimer Pharmaceuticals, Inc.*†	1,763		23
Orexigen Therapeutics, Inc.*	1,100		9
Osiris Therapeutics, Inc.*†	987		14
OXiGENE, Inc.*†	1,533		2
Pain Therapeutics, Inc.*†	2,044		10
Par Pharmaceutical Cos., Inc.*	2,139		44
Pharmasset, Inc.*	1,200		22
PharMerica Corp.*	1,875		38

EQUITY PORTFOLIOS 18 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Pharmaceuticals - 3.2% continued
Poniard Pharmaceuticals, Inc.*†	1,338	$	11
Pozen, Inc.*	1,542		10
Progenics Pharmaceuticals, Inc.*	1,486		8
Questcor Pharmaceuticals, Inc.*	3,404		20
Repros Therapeutics, Inc.*†	524		1
Rigel Pharmaceuticals, Inc.*	2,252		16
Salix Pharmaceuticals Ltd.*	2,963		37
Santarus, Inc.*	3,017		10
Savient Pharmaceuticals, Inc.*†	3,718		52
Schiff Nutrition International, Inc.†	604		3
Sciclone Pharmaceuticals, Inc.*	2,031		10
SIGA Technologies, Inc.*†	1,534		11
Spectrum Pharmaceuticals, Inc.*	2,040		17
Sucampo Pharmaceuticals, Inc., Class A*	609		3
Synta Pharmaceuticals Corp.*†	1,000		3
Synutra International, Inc.*†	1,051		16
Theravance, Inc.*†	3,262		51
USANA Health Sciences, Inc.*†	372		12
Vanda Pharmaceuticals, Inc.*†	1,641		22
Viropharma, Inc.*	4,752		38
Vivus, Inc.*†	4,301		27
XenoPort, Inc.*†	1,676		31

			1,698

Pipelines - 0.0%
Crosstex Energy, Inc.†	2,261		9

Real Estate - 0.2%
American Realty Investors, Inc.*†	112		1
Avatar Holdings, Inc.*	389		7
Consolidated-Tomoka Land Co. of Florida†	335		12
Forestar Group, Inc.*†	2,201		32
Hilltop Holdings, Inc.*	2,471		30
Transcontinental Realty Investors, Inc.*†	42		1
United Capital Corp.*†	100		2

			85

Real Estate Investment Trusts - 5.8%
Acadia Realty Trust	2,446		37
Agree Realty Corp.†	485		10
Alexander’s, Inc.†	127		36
American Campus Communities, Inc.	3,194		83
American Capital Agency Corp.†	630		16
Anthracite Capital, Inc.†	3,667		3
Anworth Mortgage Asset Corp.	6,264		47
Ashford Hospitality Trust, Inc.†	3,916		12
Associated Estates Realty Corp.†	800		7
BioMed Realty Trust, Inc.	5,996		81
CapLease, Inc.	2,773		12
Capstead Mortgage Corp.	3,904		53
Care Investment Trust, Inc.	800		6
CBL & Associates Properties, Inc.†	8,285		78
Cedar Shopping Centers, Inc.	2,200		14
Cogdell Spencer, Inc.	1,601		7
Colonial Properties Trust	3,019		27
Cousins Properties, Inc.†	2,428		20
DCT Industrial Trust, Inc.†	12,272		65
Developers Diversified Realty Corp.†	8,431		66
DiamondRock Hospitality Co.*	6,625		45
DuPont Fabros Technology, Inc.	1,642		21
Dynex Capital, Inc.†	611		5
EastGroup Properties, Inc.†	1,553		58
Education Realty Trust, Inc.	3,490		20
Entertainment Properties Trust†	2,147		67
Equity Lifestyle Properties, Inc.	1,533		62
Equity One, Inc.†	2,057		32
Extra Space Storage, Inc.†	5,309		53
FelCor Lodging Trust, Inc.†	3,772		16
First Industrial Realty Trust, Inc.†	2,534		13
First Potomac Realty Trust	1,600		17
Franklin Street Properties Corp.†	3,635		52
Getty Realty Corp.	1,024		24
Gladstone Commercial Corp.†	486		7
Glimcher Realty Trust	2,078		8
Gramercy Capital Corp. of New York*†	2,619		4
Hatteras Financial Corp.†	2,226		67
Healthcare Realty Trust, Inc.	3,642		79
Hersha Hospitality Trust	2,652		8
Highwoods Properties, Inc.	4,331		127
Home Properties, Inc.	2,017		77
Inland Real Estate Corp.†	4,340		36
Investors Real Estate Trust†	3,508		32
iStar Financial, Inc.*†	6,137		13
Kilroy Realty Corp.†	2,592		72
Kite Realty Group Trust	2,671		10
LaSalle Hotel Properties	3,857		64
Lexington Realty Trust†	5,437		25
LTC Properties, Inc.	1,441		37
Medical Properties Trust, Inc.	4,952		37
MFA Financial, Inc.	16,839		133

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 19 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Real Estate Investment Trusts - 5.8% continued
Mid-America Apartment Communities, Inc.	1,731	$	76
Mission West Properties, Inc.	1,200		8
Monmouth Reit, Class A	1,100		8
National Health Investors, Inc.	1,603		53
National Retail Properties, Inc.†	4,891		100
NorthStar Realty Finance Corp.†	3,294		13
OMEGA Healthcare Investors, Inc.	5,048		85
Parkway Properties, Inc. of Maryland	1,271		23
Pennsylvania Real Estate Investment Trust†	2,236		15
Post Properties, Inc.†	2,732		47
Potlatch Corp.†	2,438		71
PS Business Parks, Inc.	1,074		57
RAIT Financial Trust†	3,432		10
Ramco-Gershenson Properties Trust†	917		10
Redwood Trust, Inc.†	4,739		76
Resource Capital Corp.	1,300		6
Saul Centers, Inc.	413		13
Sovran Self Storage, Inc.	1,403		41
Strategic Hotels & Resorts, Inc.	4,187		6
Sun Communities, Inc.	964		17
Sunstone Hotel Investors, Inc.†	4,625		29
Tanger Factory Outlet Centers, Inc.†	2,418		91
UMH Properties, Inc.†	456		4
Universal Health Realty Income Trust	664		22
Urstadt Biddle Properties, Inc., Class A†	1,217		19
U-Store-It Trust	4,780		31
Walter Investment Management Corp.	1,102		16
Washington Real Estate Investment Trust†	3,570		96
Winthrop Realty Trust†	620		6

			3,050

Retail - 5.9%
99 Cents Only Stores*†	2,884		39
AFC Enterprises, Inc.*	1,474		12
Allion Healthcare, Inc.*	1,138		8
America’s Car-Mart, Inc.*†	600		12
AnnTaylor Stores Corp.*†	3,595		51
Asbury Automotive Group, Inc.*	1,981		25
Bebe Stores, Inc.†	1,528		12
Benihana, Inc., Class A*†	740		5
Big 5 Sporting Goods Corp.	1,291		20
BJ’s Restaurants, Inc.*†	1,221		21
Bob Evans Farms, Inc.	1,886		51
Books-A-Million, Inc.†	376		5
Borders Group, Inc.*	3,058		10
Brown Shoe Co., Inc.	2,566		19
Buckle (The), Inc.†	1,563		41
Buffalo Wild Wings, Inc.*†	1,105		46
Build-A-Bear Workshop, Inc.*	900		4
Cabela’s, Inc.*†	2,457		39
California Pizza Kitchen, Inc.*†	1,209		17
Caribou Coffee Co., Inc.*†	363		3
Carrols Restaurant Group, Inc.*	619		5
Casey’s General Stores, Inc.	3,107		86
Cash America International, Inc.	1,811		51
Cato (The) Corp., Class A†	1,712		29
CEC Entertainment, Inc.*	1,418		38
Charlotte Russe Holding, Inc.*	1,248		22
Charming Shoppes, Inc.*	6,947		36
Cheesecake Factory (The), Inc.*†	3,676		68
Children’s Place Retail Stores (The), Inc.*†	1,464		44
Christopher & Banks Corp.†	2,120		15
Citi Trends, Inc.*	904		20
CKE Restaurants, Inc.	3,044		29
Coldwater Creek, Inc.*	3,519		26
Collective Brands, Inc.*†	3,916		62
Conn’s, Inc.*†	600		7
Cracker Barrel Old Country Store, Inc.	1,390		39
Denny’s Corp.*	5,685		15
Destination Maternity Corp.*	268		5
Dillard’s, Inc., Class A	3,157		36
DineEquity, Inc.†	1,067		22
Domino’s Pizza, Inc.*†	2,261		18
Dress Barn, Inc.*†	2,758		45
DSW, Inc., Class A*†	736		11
Einstein Noah Restaurant Group, Inc.*	300		4
Ezcorp, Inc., Class A*	2,788		37
Finish Line (The), Inc., Class A	2,608		22
First Cash Financial Services, Inc.*	1,421		27
Fred’s, Inc., Class A	2,471		32
Frisch’s Restaurants, Inc.	116		3
Fuqi International, Inc.*†	600		16
Gaiam, Inc., Class A*†	1,000		6
Gander Mountain Co.*†	266		2
Genesco, Inc.*	1,187		26
Group 1 Automotive, Inc.	1,479		42
Gymboree Corp.*	1,784		80
Haverty Furniture Cos., Inc.*†	1,040		12
hhgregg, Inc.*†	700		12

EQUITY PORTFOLIOS 20 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Retail - 5.9% continued
Hibbett Sports, Inc.*†	1,759	$	31
HOT Topic, Inc.*†	2,722		19
HSN, Inc.*	2,444		25
J. Crew Group, Inc.*†	3,068		105
Jack in the Box, Inc.*	3,492		71
Jo-Ann Stores, Inc.*	1,627		44
Jos. A. Bank Clothiers, Inc.*†	1,123		49
Kenneth Cole Productions, Inc., Class A†	471		5
Kirkland’s, Inc.*	787		11
Krispy Kreme Doughnuts, Inc.*†	3,447		11
Landry’s Restaurants, Inc.*	492		5
Lithia Motors, Inc., Class A†	979		13
Liz Claiborne, Inc.†	5,866		25
Luby’s, Inc.*†	1,200		5
Lululemon Athletica, Inc.*†	2,493		50
Lumber Liquidators, Inc.*†	901		20
McCormick & Schmick’s Seafood Restaurants, Inc.*†	854		8
Men’s Wearhouse (The), Inc.†	3,185		83
New York & Co., Inc.*	1,300		6
Nu Skin Enterprises, Inc., Class A	3,042		52
O’Charleys, Inc.†	1,036		8
OfficeMax, Inc.†	4,681		53
P.F. Chang’s China Bistro, Inc.*†	1,457		47
Pacific Sunwear of California, Inc.*	4,087		18
Pantry (The), Inc.*	1,388		21
Papa John’s International, Inc.*	1,347		31
PC Connection, Inc.*	600		3
PC Mall, Inc.*	700		5
Pep Boys - Manny, Moe & Jack	2,993		27
PetMed Express, Inc.†	1,447		26
Pier 1 Imports, Inc.*†	5,375		14
Pricesmart, Inc.†	943		17
Red Robin Gourmet Burgers, Inc.*†	962		19
Regis Corp.†	3,466		56
Retail Ventures, Inc.*	1,600		8
Rex Stores Corp.*†	500		5
Ruby Tuesday, Inc.*†	3,947		29
Rush Enterprises, Inc., Class A*	1,950		27
Ruth’s Hospitality Group Inc.*	1,300		5
Saks, Inc.*†	7,280		44
Sally Beauty Holdings, Inc.*†	5,771		41
Shoe Carnival, Inc.*	522		8
Sonic Automotive, Inc., Class A†	1,473		19
Sonic Corp.*†	3,733		43
Sport Supply Group, Inc.	510		5
Stage Stores, Inc.	2,270		30
Steak n Shake (The) Co.*†	1,535		16
Stein Mart, Inc.*†	1,545		19
Steinway Musical Instruments*†	372		4
Susser Holdings Corp.*	400		4
Syms Corp.*†	400		3
Systemax, Inc.*	600		8
Talbots, Inc.†	1,518		9
Texas Roadhouse, Inc., Class A*†	3,084		31
Tractor Supply Co.*†	2,194		103
Tuesday Morning Corp.*	1,930		9
Tween Brands, Inc.*	1,463		11
Ulta Salon Cosmetics & Fragrance, Inc.*	1,637		19
West Marine, Inc.*†	791		7
Wet Seal (The), Inc., Class A*	5,989		21
World Fuel Services Corp.†	1,802		81
Zale Corp.*†	1,538		10
Zumiez, Inc.*†	1,187		15

			3,107

Savings & Loans - 1.1%
Abington Bancorp, Inc.	1,340		11
Astoria Financial Corp.†	5,248		54
BankFinancial Corp.	1,245		12
Beneficial Mutual Bancorp, Inc.*	1,908		17
Berkshire Hills Bancorp, Inc.	834		19
Brookline Bancorp, Inc.	3,665		38
Brooklyn Federal Bancorp, Inc.	200		3
Cape Bancorp, Inc.*†	651		5
Cheviot Financial Corp.	109		1
Chicopee Bancorp, Inc.*	344		4
Clifton Savings Bancorp, Inc.	600		6
Danvers Bancorp, Inc.	1,000		13
Dime Community Bancshares	1,498		17
ESB Financial Corp.†	513		7
ESSA Bancorp, Inc.	900		11
First Defiance Financial Corp.†	453		7
First Financial Holdings, Inc.†	657		12
First Financial Northwest, Inc.	1,200		9
Flagstar Bancorp, Inc.*†	4,573		4
Flushing Financial Corp.	1,267		17
Fox Chase Bancorp, Inc.*	400		4
Heritage Financial Group	62		—
Home Bancorp, Inc.*†	502		6

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 21 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Savings & Loans - 1.1% continued
Home Federal Bancorp, Inc. of Idaho	960	$	11
Investors Bancorp, Inc.*	2,919		27
Kearny Financial Corp.	1,032		11
Kentucky First Federal Bancorp	128		2
K-Fed Bancorp†	190		2
Legacy Bancorp, Inc. of Massachusetts	396		4
Meridian Interstate Bancorp, Inc.*†	600		6
NASB Financial, Inc.†	199		6
NewAlliance Bancshares, Inc.†	6,549		77
Northeast Community Bancorp, Inc.	295		2
Northfield Bancorp, Inc.†	1,132		14
Northwest Bancorp, Inc.†	994		20
OceanFirst Financial Corp.	500		6
Oritani Financial Corp.†	665		9
Provident Financial Services, Inc.	3,695		41
Provident New York Bancorp	2,196		20
Prudential Bancorp, Inc. of Pennsylvania†	193		2
Rockville Financial, Inc.	517		7
Roma Financial Corp.	441		6
United Financial Bancorp, Inc.†	948		12
ViewPoint Financial Group	662		8
Waterstone Financial, Inc.*†	409		2
Westfield Financial, Inc.	1,820		17
WSFS Financial Corp.	357		10

			599

Semiconductors - 3.0%
Actel Corp.*	1,545		17
Advanced Analogic Technologies, Inc.*	2,500		11
Amkor Technology, Inc.*†	6,714		37
Anadigics, Inc.*	3,749		14
Applied Micro Circuits Corp.*	4,064		32
ATMI, Inc.*	1,936		33
Brooks Automation, Inc.*	3,839		25
Cabot Microelectronics Corp.*	1,442		50
Cavium Networks, Inc.*†	2,229		45
Ceva, Inc.*†	1,100		10
Cirrus Logic, Inc.*	3,874		19
Cohu, Inc.	1,369		16
Diodes, Inc.*	1,963		40
DSP Group, Inc.*	1,283		10
EMCORE Corp.*	4,100		4
Emulex Corp.*	5,069		49
Entegris, Inc.*	6,781		27
Entropic Communications, Inc.*	3,101		10
Exar Corp.*	2,120		16
Formfactor, Inc.*†	3,027		66
GSI Technology, Inc.*†	992		4
Hittite Microwave Corp.*	1,318		45
Intellon Corp.*†	1,224		6
IXYS Corp.	1,396		10
Kopin Corp.*†	3,991		15
Kulicke & Soffa Industries, Inc.*†	3,531		19
Lattice Semiconductor Corp.*†	6,739		17
Micrel, Inc.	2,615		20
Microsemi Corp.*	4,962		70
Microtune, Inc.*†	2,977		6
MIPS Technologies, Inc.*	2,636		9
MKS Instruments, Inc.*	3,034		56
Monolithic Power Systems, Inc.*†	2,076		47
Netlogic Microsystems, Inc.*†	1,110		49
Omnivision Technologies, Inc.*	3,076		45
Pericom Semiconductor Corp.*	1,479		13
Photronics, Inc.*	2,485		11
PLX Technology, Inc.*	1,957		7
Power Integrations, Inc.	1,478		48
Rubicon Technology, Inc.*†	800		10
Rudolph Technologies, Inc.*	1,752		11
Semitool, Inc.*†	1,245		8
Semtech Corp.*	3,749		69
Sigma Designs, Inc.*†	1,637		23
Silicon Image, Inc.*	4,385		13
Skyworks Solutions, Inc.*†	10,211		119
Standard Microsystems Corp.*	1,359		32
Supertex, Inc.*†	637		16
Techwell, Inc.*	906		8
Tessera Technologies, Inc.*	2,970		75
TriQuint Semiconductor, Inc.*	9,023		66
Ultratech, Inc.*†	1,367		15
Veeco Instruments, Inc.*†	1,982		43
Virage Logic Corp.*†	879		4
Volterra Semiconductor Corp.*	1,405		25
White Electronic Designs Corp.*†	1,253		5
Zoran Corp.*	3,173		35

			1,605

Shipbuilding - 0.0%
Todd Shipyards Corp.†	319		5

Software - 4.5%
Accelrys, Inc.*	1,500		9

EQUITY PORTFOLIOS 22 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Software - 4.5% continued
ACI Worldwide, Inc.*	2,162	$	29
Actuate Corp.*	2,637		15
Acxiom Corp.*	4,163		38
Advent Software, Inc.*†	941		36
American Reprographics Co.*	2,250		20
American Software, Inc., Class A	1,300		8
AMICAS, Inc.*†	1,986		7
ArcSight, Inc.*	1,136		22
Ariba, Inc.*	5,350		61
Athenahealth, Inc.*†	2,044		82
Avid Technology, Inc.*†	1,700		22
Blackbaud, Inc.	2,628		51
Blackboard, Inc.*†	1,937		67
Bottomline Technologies, Inc.*†	1,472		18
Bowne & Co., Inc.	1,615		11
Callidus Software, Inc.*†	1,700		5
China Information Security Technology, Inc.*†	1,528		6
CommVault Systems, Inc.*	2,553		47
Computer Programs & Systems, Inc.†	605		23
Concur Technologies, Inc.*†	2,434		86
CSG Systems International, Inc.*	2,175		33
Deltek, Inc.*	863		6
DemandTec, Inc.*†	1,200		10
Digi International, Inc.*	1,500		13
DivX, Inc.*	1,889		10
Double-Take Software, Inc.*	1,000		9
Ebix, Inc.*	423		21
Eclipsys Corp.*	3,434		57
Epicor Software Corp.*	2,961		19
EPIQ Systems, Inc.*†	2,015		30
Fair Isaac Corp.	2,998		67
FalconStor Software, Inc.*	2,115		11
GSE Systems, Inc.*†	904		6
inContact, Inc.*†	1,512		5
infoGROUP, Inc.*	2,013		12
Informatica Corp.*	5,324		95
Innerworkings, Inc.*	1,549		9
Innodata Isogen, Inc.*†	1,217		6
Interactive Intelligence, Inc.*	800		14
JDA Software Group, Inc.*	1,639		32
Lawson Software, Inc.*	8,437		52
Mantech International Corp., Class A*	1,343		71
MedAssets, Inc.*†	2,423		54
MicroStrategy, Inc., Class A*	562		35
Monotype Imaging Holdings, Inc.*	1,264		10
MSC.Software Corp.*	2,704		20
NetSuite, Inc.*†	977		13
Omnicell, Inc.*	1,879		21
Omniture, Inc.*†	4,129		59
OpenTV Corp., Class A*	4,800		6
OPNET Technologies, Inc.†	700		7
Parametric Technology Corp.*	7,078		94
Pegasystems, Inc.†	928		28
Pervasive Software, Inc.*	843		4
Phase Forward, Inc.*	2,647		34
Phoenix Technologies Ltd.*†	1,600		6
Progress Software Corp.*	2,450		55
PROS Holdings, Inc.*	1,115		9
QAD, Inc.	675		3
Quality Systems, Inc.†	1,441		77
Quest Software, Inc.*	3,671		60
Renaissance Learning, Inc.†	464		5
RightNow Technologies, Inc.*	1,358		17
Rosetta Stone, Inc.*†	392		9
Schawk, Inc.	896		10
Seachange International, Inc.*	1,877		17
Smith Micro Software, Inc.*	1,800		21
SolarWinds, Inc.*†	771		14
Solera Holdings, Inc.*	4,242		112
SPSS, Inc.*	1,131		56
Synchronoss Technologies, Inc.*	1,200		13
SYNNEX Corp.*†	1,187		35
Take-Two Interactive Software, Inc.†	4,919		52
Taleo Corp., Class A*	1,918		35
THQ, Inc.*†	4,148		23
Trident Microsystems, Inc.*†	3,400		8
Tyler Technologies, Inc.*†	1,945		30
Ultimate Software Group, Inc.*†	1,498		39
Unica Corp.*†	800		6
VeriFone Holdings, Inc.*	4,424		51

			2,399

Storage/Warehousing - 0.1%
Mobile Mini, Inc.*†	2,183		39

Telecommunications - 4.4%
3Com Corp.*	23,620		103
Acme Packet, Inc.*†	2,320		19
Adaptec, Inc.*	7,219		21
ADC Telecommunications, Inc.*†	5,912		50

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 23 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Telecommunications - 4.4% continued
Adtran, Inc.†	3,386	$	77
Advanced Radio Telecom Corp.⁽²⁾*	10,900		—
Airvana, Inc.*†	1,451		9
Alaska Communications Systems Group, Inc.†	2,615		21
Anaren, Inc.*	849		14
Anixter International, Inc.*†	1,821		64
Applied Signal Technology, Inc.	811		21
Arris Group, Inc.*	7,561		100
Aruba Networks, Inc.*	3,614		33
Atheros Communications, Inc.*†	3,733		103
Atlantic Tele-Network, Inc.†	555		26
BigBand Networks, Inc.*†	2,081		8
Black Box Corp.	1,078		27
Cbeyond, Inc.*†	1,433		21
Centennial Communications Corp.*†	5,224		40
Cincinnati Bell, Inc.*	13,179		44
Communications Systems, Inc.†	315		4
Comtech Telecommunications Corp.*†	1,722		59
Consolidated Communications Holdings, Inc.	1,368		19
CPI International, Inc.*	500		5
D&E Communications, Inc.†	838		9
DigitalGlobe, Inc.*	920		18
EMS Technologies, Inc.*	900		17
Extreme Networks, Inc.*	4,955		12
Fairpoint Communications, Inc.†	5,690		5
Fibernet Telecom Group, Inc.*	325		4
General Communication, Inc., Class A*	2,619		17
GeoEye, Inc.*†	1,144		29
Global Crossing Ltd.*	1,718		19
Globecomm Systems, Inc.*	1,204		9
Harmonic, Inc.*	5,868		39
Harris Stratex Networks, Inc., Class A*	3,635		22
Hickory Tech Corp.†	720		6
Hughes Communications, Inc.*	521		14
Infinera Corp.*†	5,161		36
InterDigital, Inc.*†	2,675		56
Iowa Telecommunications Services, Inc.†	2,032		23
iPCS, Inc.*	1,000		16
IPG Photonics Corp.*†	1,362		16
Ixia*	1,998		12
Knology, Inc.*	1,758		13
KVH Industries, Inc.*	789		6
Loral Space & Communications, Inc.*	664		14
MasTec, Inc.*	3,195		30
Netgear, Inc.*	2,116		36
Network Equipment Technologies, Inc.*†	1,666		11
Neutral Tandem, Inc.*†	2,008		50
Novatel Wireless, Inc.*	1,882		18
NTELOS Holdings Corp.	1,865		30
Oplink Communications, Inc.*	1,204		17
Opnext, Inc.*†	1,425		4
PAETEC Holding Corp.*	7,335		21
Parkervision, Inc.*†	1,685		6
Plantronics, Inc.	2,994		71
Polycom, Inc.*	5,117		121
Powerwave Technologies, Inc.*	7,821		10
Preformed Line Products Co.†	147		5
Premiere Global Services, Inc.*	3,725		35
RCN Corp.*†	2,100		20
RF Micro Devices, Inc.*	16,230		76
SAVVIS, Inc.*†	2,200		37
Shenandoah Telecommunications Co.†	1,407		24
ShoreTel, Inc.*†	2,630		17
Sonus Networks, Inc.*	12,280		26
Starent Networks Corp.*†	2,394		48
SureWest Communications*†	819		10
Switch & Data Facilities Co., Inc.*†	1,205		16
Sycamore Networks, Inc.*	11,514		35
Symmetricom, Inc.*†	2,629		14
Syniverse Holdings, Inc.*	4,191		75
Tekelec*	4,078		63
USA Mobility, Inc.	1,329		17
UTStarcom, Inc.*†	6,664		11
Viasat, Inc.*	1,600		39
Virgin Mobile USA, Inc., Class A*†	2,111		10

			2,303

Textiles - 0.1%
G&K Services, Inc., Class A	1,088		25
Unifirst Corp. of Massachusetts	870		35

			60

Toys, Games & Hobbies - 0.1%
Jakks Pacific, Inc.*	1,730		23
Leapfrog Enterprises, Inc.*†	1,800		7
RC2 Corp.*	1,006		16

			46

EQUITY PORTFOLIOS 24 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.4% continued
Transportation - 1.8%
Air Transport Services Group, Inc.*†	3,271	$	10
American Commercial Lines, Inc.*†	529		11
Arkansas Best Corp.†	1,554		49
Atlas Air Worldwide Holdings, Inc.*	1,057		26
Bristow Group, Inc.*†	1,785		52
CAI International, Inc.*†	500		3
Celadon Group, Inc.*	1,292		13
DHT Maritime, Inc.	2,933		15
Dynamex, Inc.*	562		9
Eagle Bulk Shipping, Inc.†	2,922		15
Forward Air Corp.	1,781		41
Genco Shipping & Trading Ltd.†	1,579		31
General Maritime Corp.†	3,006		24
Genesee & Wyoming, Inc., Class A*	2,230		70
Golar LNG Ltd.†	2,000		20
Gulfmark Offshore, Inc.*	1,401		42
Heartland Express, Inc.†	3,109		44
Horizon Lines, Inc., Class A†	1,654		9
HUB Group, Inc., Class A*	2,277		50
International Shipholding Corp.	300		9
Knight Transportation, Inc.	3,508		58
Knightsbridge Tankers Ltd.	1,000		13
Marten Transport Ltd.*	960		16
Nordic American Tanker Shipping†	2,582		77
Old Dominion Freight Line, Inc.*	1,707		61
Pacer International, Inc.	1,946		8
Patriot Transportation Holding, Inc.*	88		7
PHI, Inc.*	800		17
Saia, Inc.*	841		15
Ship Finance International Ltd.†	2,684		34
TBS International Ltd., Class A*†	850		7
Teekay Tankers Ltd., Class A†	697		6
Ultrapetrol Bahamas Ltd.*	1,300		6
Universal Truckload Services, Inc.†	300		5
USA Truck, Inc.*	432		6
Werner Enterprises, Inc.†	2,625		46
YRC Worldwide, Inc.*†	3,754		8

			933

Trucking & Leasing - 0.2%
Aircastle Ltd.	2,795		26
AMERCO, Inc.*	529		24
Greenbrier Cos., Inc.	924		12
TAL International Group, Inc.†	877		11
Textainer Group Holdings Ltd.	500		7
Willis Lease Finance Corp.*†	253		3

			83

Water - 0.4%
American States Water Co.†	1,148		38
Artesian Resources Corp., Class A†	318		6
California Water Service Group†	1,217		45
Connecticut Water Service, Inc.	500		11
Consolidated Water Co., Inc.†	851		16
Middlesex Water Co.†	800		12
Pennichuck Corp.†	226		5
Pico Holdings, Inc.*	1,357		45
SJW Corp.	758		17
Southwest Water Co.†	1,410		6
York Water Co.	637		10

			211

Total Common Stocks (Cost $61,684)			51,436


PREFERRED STOCKS - 0.0%
Healthcare - Products - 0.0%
MEDIQ, Inc., Series A ⁽²⁾*	135		—

Total Preferred Stocks (Cost $ — )			—


INVESTMENT COMPANIES - 40.6%
Kayne Anderson Energy Development Co.	600		7
Northern Institutional Funds - Liquid Assets Portfolio ^(3) (4)	21,423,473		21,423

Total Investment Companies (Cost $21,437)			21,430


OTHER - 0.0%
Escrow DLB Oil & Gas ⁽²⁾*	400		—
Escrow Position PetroCorp.⁽²⁾*	420		—

Total Other (Cost $ — )			—

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 25 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS


SMALL COMPANY INDEX PORTFOLIO continued		AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES		VALUE (000S)
RIGHTS - 0.0%
CSF Holdings, Inc.⁽²⁾*		2,000	$	—

Total Rights (Cost $ — )				—


	NUMBER OF WARRANTS		VALUE (000S)
WARRANTS - 0.0%
American Satellite Network ⁽²⁾*		350	$	—
Krispy Kreme Doughnuts, Inc., Exp. 3/2/12, Strike $12.21*		88		—
Lantronix, Inc., Exp. 2/9/11, Strike $1.00*		152		—

Total Warrants (Cost $ — )				—


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 3.2%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	1,572	$	1,572
U.S. Treasury Bill,
0.40%, 11/19/09⁽⁵⁾		125		125

Total Short-Term Investments (Cost $1,697)				1,697

Total Investments - 141.2% (Cost $84,818)				74,563

Liabilities less Other Assets - (41.2)%				(21,747	)

NET ASSETS - 100.0%			$	52,816

(1)

Restricted security that has been deemed illiquid.

(2)

Security has been deemed worthless by the NTGI Valuation Committee.

(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.

*	Non-Income Producing Security

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31,2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	84,818

Gross tax appreciation of investments	$	3,875
Gross tax depreciation of investments		(14,130	)

Net tax depreciation of investments	$	(10,255	)

At August 31, 2009, the Small Company Index Portfolio had open futures contracts as follows:


TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	UNREALIZED GAINS (000S)
E-Mini Russell 2000	11	629	Long	9/09	$	81

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Small Company Index Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stock	$	51,436	⁽¹⁾	$	—	$	—	$	51,436
Investment Companies		21,430			—				21,430
Short-Term Investments		—			1,697		—		1,697

Total Investments	$	72,866		$	1,697	$	—	$	74,563

Other Financial Instruments*	$	81		$	—	$	—	$	—

(1)

Classifications as defined in the Schedule of Investments.

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

EQUITY PORTFOLIOS 26 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS


MID CAP GROWTH PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.6%
Aerospace/Defense - 2.0%
Elbit Systems Ltd.†	274	$	18
Goodrich Corp.†	772		43

			61

Auto Manufacturers - 0.9%
Navistar International Corp.*	645		28

Auto Parts & Equipment - 0.8%
Goodyear Tire & Rubber (The) Co.*	1,565		26

Banks - 5.2%
Capital One Financial Corp.	1,293		48
City National Corp. of California†	905		36
Credicorp Ltd.	513		37
State Street Corp.	753		39

			160

Beverages - 2.2%
Central European Distribution Corp.*†	994		32
Hansen Natural Corp.*†	1,111		36

			68

Biotechnology - 4.0%
Alexion Pharmaceuticals, Inc.*†	706		32
Charles River Laboratories International, Inc.*†	870		30
Life Technologies Corp.*†	1,370		61

			123

Chemicals - 1.2%
FMC Corp.	799		38

Coal - 0.4%
Massey Energy Co.†	432		12

Commercial Services - 6.0%
Aaron’s, Inc.†	1,092		29
Apollo Group, Inc., Class A*	331		21
FTI Consulting, Inc.*†	671		29
ITT Educational Services, Inc.*†	578		61
Monster Worldwide, Inc.*†	2,748		45

			185

Computers - 6.2%
Brocade Communications Systems, Inc.*†	5,097		37
Micros Systems, Inc.*	715		20
NetApp, Inc.*	1,643		37
Perot Systems Corp., Class A*	1,911		32
Riverbed Technology, Inc.*†	1,233		24
Western Digital Corp.*	1,236		42

			192

Distribution/Wholesale - 1.5%
LKQ Corp.*	2,701		47

Diversified Financial Services - 4.2%
IntercontinentalExchange, Inc.*	322		30
Lazard Ltd., Class A	1,294		51
Stifel Financial Corp.*	874		49

			130

Electrical Components & Equipment - 1.2%
General Cable Corp.*†	496		17
GrafTech International Ltd.*†	1,460		21

			38

Electronics - 2.4%
Amphenol Corp., Class A	747		26
Jabil Circuit, Inc.	4,312		47

			73

Engineering & Construction - 1.2%
Fluor Corp.†	669		35

Entertainment - 1.5%
Bally Technologies, Inc.*†	1,120		45

Food - 2.2%
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Class A ADR†	511		25
TreeHouse Foods, Inc.*†	1,198		44

			69

Healthcare - Products - 4.3%
Henry Schein, Inc.*†	610		32
Inverness Medical Innovations, Inc.*†	1,111		40
NuVasive, Inc.*†	641		26
ResMed, Inc.*	747		34

			132

Healthcare - Services - 2.7%
LifePoint Hospitals, Inc.*†	1,110		28
Mednax, Inc.*	475		25
Quest Diagnostics, Inc.	564		30

			83

Internet - 3.2%
AsiaInfo Holdings, Inc.*†	2,431		42
McAfee, Inc.*	728		29

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

MID CAP GROWTH PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.6% continued
Internet - 3.2% continued
Netease.com*†	691	$	29

			100

Leisure Time - 0.7%
Royal Caribbean Cruises Ltd.	1,115		21

Lodging - 2.0%
Ameristar Casinos, Inc.†	1,583		26
Marriott International, Inc. of Delaware, Class A†	1,500		36

			62

Machinery - Construction & Mining - 0.7%
Joy Global, Inc.†	589		23

Machinery - Diversified - 0.6%
Flowserve Corp.	216		19

Media - 1.3%
Discovery Communications, Inc., Class A*†	1,591		41

Mining - 0.7%
Teck Resources Ltd., Class B*	881		21

Miscellaneous Manufacturing - 1.1%
Hexcel Corp.*†	3,235		35

Oil & Gas - 0.9%
Noble Energy, Inc.	465		28

Oil & Gas Services - 3.0%
Cameron International Corp.*	1,005		36
Oceaneering International, Inc.*	620		32
Oil States International, Inc.*	777		23

			91

Packaging & Containers - 1.8%
Rock-Tenn Co., Class A†	1,078		55

Pharmaceuticals - 2.8%
Express Scripts, Inc.*	662		48
Mylan, Inc.*†	2,659		39

			87

Retail - 9.3%
Advance Auto Parts, Inc.	762		32
Cheesecake Factory (The), Inc.*†	1,595		30
Dollar Tree, Inc.*	643		32
Guess?, Inc.†	1,451		51
Nordstrom, Inc.†	1,640		46
Ross Stores, Inc.†	627		29
Williams-Sonoma, Inc.	1,565		30
World Fuel Services Corp.†	872		39

			289

Semiconductors - 7.1%
Fairchild Semiconductor International, Inc.*†	3,090		31
Marvell Technology Group Ltd.*†	2,818		43
ON Semiconductor Corp.*†	7,819		63
Silicon Laboratories, Inc.*†	571		26
Skyworks Solutions, Inc.*†	2,541		30
Teradyne, Inc.*†	3,341		27

			220

Software - 4.2%
Longtop Financial Technologies Ltd.*†	1,078		27
Quality Systems, Inc.†	932		50
Red Hat, Inc.*†	1,294		30
Sybase, Inc.*†	641		22

			129

Telecommunications - 3.4%
CommScope, Inc.*†	1,485		40
Millicom International Cellular S.A.*†	500		35
Starent Networks Corp.*†	1,447		30

			105

Toys, Games & Hobbies - 0.9%
Marvel Entertainment, Inc.*†	583		28

Transportation - 3.8%
Con-way, Inc.	1,090		45
CSX Corp.†	1,039		44
Hunt (J.B.) Transport Services, Inc.†	1,022		29

			118

Total Common Stocks (Cost $2,549)			3,017


INVESTMENT COMPANIES - 49.8%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾	1,540,685		1,541

Total Investment Companies (Cost $1,541)			1,541

EQUITY PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT- TERM INVESTMENTS - 4.5%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	140	$	140

Total Short-Term Investments (Cost $140)				140

Total Investments - 151.9% (Cost $4,230)				4,698

Liabilities less Other Assets - (51.9)%				(1,605	)

NET ASSETS - 100.0%			$	3,093

(1)

Investment in affiliated portfolio.

(2)

Investment relates to cash collateral received from portfolio securities loaned.

*	Non-Income Producing Security

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31,2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	4,230

Gross tax appreciation of investments	$	491
Gross tax depreciation of investments		(23	)

Net tax appreciation of investments	$	468

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Mid Cap Growth Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stock	$	3,017	⁽¹⁾	$	—	$	—	$	3,017
Investment Companies		1,541			—				1,541
Short-Term Investments		—			140		—		140

Total Investments	$	4,558		$	140	$	—	$	4,698

(1)

Classifications as defined in the Schedule of Investments.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 EQUITY PORTFOLIOS


		SCHEDULE OF INVESTMENTS

FOCUSED GROWTH PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.0%
Aerospace/Defense - 3.8%
Boeing (The) Co.	14,000	$	695
Rockwell Collins, Inc.	15,000		691
United Technologies Corp.	12,600		748

			2,134

Apparel - 1.9%
NIKE, Inc., Class B†	18,900		1,047

Auto Parts & Equipment - 0.3%
Johnson Controls, Inc.†	7,425		184

Banks - 2.4%
Goldman Sachs Group (The), Inc.	3,800		629
JPMorgan Chase & Co.	16,000		695

			1,324

Beverages - 2.2%
PepsiCo, Inc.	21,900		1,241

Biotechnology - 5.2%
Amgen, Inc.*	10,850		648
Celgene Corp.*	9,905		517
Genzyme Corp.*	11,100		618
Gilead Sciences, Inc.*	24,425		1,101

			2,884

Chemicals - 5.3%
Air Products & Chemicals, Inc.	9,100		683
Ecolab, Inc.	14,200		600
Monsanto Co.	10,000		839
Mosaic (The) Co.	16,800		814

			2,936

Commercial Services - 5.1%
Apollo Group, Inc., Class A*	6,800		441
Mastercard, Inc., Class A†	6,420		1,301
SAIC, Inc.*	32,000		592
Western Union (The) Co.	29,800		537

			2,871

Computers - 12.4%
Accenture Ltd., Class A	19,400		640
Apple, Inc.*	14,710		2,474
Cognizant Technology Solutions Corp., Class A*	5,670		198
Hewlett-Packard Co.	20,500		920
International Business Machines Corp.	14,695		1,735
Research In Motion Ltd.*	13,375		977

			6,944

Cosmetics/Personal Care - 2.7%
Avon Products, Inc.	22,300		711
Procter & Gamble (The) Co.	15,100		817

			1,528

Diversified Financial Services - 4.2%
BlackRock, Inc.†	4,700		938
Charles Schwab (The) Corp.	45,400		820
CME Group, Inc.	2,100		611

			2,369

Electric - 1.2%
FPL Group, Inc.	12,400		697

Energy - Alternate Sources - 0.8%
First Solar, Inc.*†	3,600		438

Engineering & Construction - 1.1%
Jacobs Engineering Group, Inc.*	13,900		611

Food - 0.8%
Sysco Corp.	17,500		446

Healthcare - Products - 6.4%
Alcon, Inc.	6,100		790
Baxter International, Inc.	9,800		558
Covidien PLC	17,700		700
Intuitive Surgical, Inc.*†	850		189
Johnson & Johnson	15,300		925
Stryker Corp.†	10,450		433

			3,595

Healthcare - Services - 1.0%
UnitedHealth Group, Inc.	19,800		554

Internet - 5.1%
Amazon.com, Inc.*	9,600		779
Google, Inc., Class A*	4,550		2,101

			2,880

Iron/Steel - 1.2%
ArcelorMittal†	18,500		659

Media - 1.7%
Walt Disney (The) Co.	36,100		940

Mining - 3.0%
BHP Billiton Ltd. ADR†	14,400		897
Freeport-McMoRan Copper & Gold, Inc.	12,600		794

			1,691

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

FOCUSED GROWTH PORTFOLIO continued


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.0% continued
Miscellaneous Manufacturing - 1.5%
Danaher Corp.		13,500	$	820

Oil & Gas - 4.2%
Apache Corp.		10,800		917
Talisman Energy, Inc.†		37,200		597
Transocean Ltd.*		10,700		812

				2,326

Oil & Gas Services - 3.4%
National-Oilwell Varco, Inc.*		20,600		749
Schlumberger Ltd.		20,400		1,146

				1,895

Pharmaceuticals - 2.6%
Abbott Laboratories		17,150		776
Teva Pharmaceutical Industries Ltd. ADR†		13,495		695

				1,471

Retail - 5.5%
Costco Wholesale Corp.†		15,400		785
CVS Caremark Corp.		7,600		285
McDonald’s Corp.		20,100		1,131
Wal-Mart Stores, Inc.		17,260		878

				3,079

Software - 8.9%
Activision Blizzard, Inc.*		36,125		419
Adobe Systems, Inc.*†		31,900		1,002
Cerner Corp.*†		9,000		555
Microsoft Corp.		59,170		1,459
Oracle Corp.		71,030		1,554

				4,989

Telecommunications - 4.1%
Cisco Systems, Inc.*		81,495		1,760
QUALCOMM, Inc.		11,900		553

				2,313

Total Common Stocks (Cost $52,353)				54,866


INVESTMENT COMPANIES - 14.2%
Northern Institutional Funds - Liquid Assets Portfolio ⁽¹⁾⁽²⁾		7,919,286		7,919

Total Investment Companies (Cost $7,919)				7,919


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT- TERM INVESTMENTS - 3.4%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	1,915	$	1,915

Total Short-Term Investments (Cost $1,915)				1,915

Total Investments - 115.6% (Cost $62,187)				64,700

Liabilities less Other Assets - (15.6)%				(8,726	)

NET ASSETS - 100.0%			$	55,974

(1)

Investment in affiliated portfolio.

(2)

Investment relates to cash collateral received from portfolio securities loaned.

*	Non-Income Producing Security

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	54,268

Gross tax appreciation of investments	$	3,211
Gross tax depreciation of investments		(698	)

Net tax appreciation of investments	$	2,513

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

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

EQUITY PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Focused Growth Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks	$	54,866	⁽¹⁾	$	—	$	—	$	54,866
Investment Companies		7,919			—		—		7,919
Short-Term Investments		—			1,915		—		1,915

Total Investments	$	62,785		$	1,915	$	—	$	64,700

(1)

Classifications as defined in the Schedule of Investments.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 EQUITY PORTFOLIOS


		SCHEDULE OF INVESTMENTS

DIVERSIFIED GROWTH PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 99.2%
Aerospace/Defense - 2.9%
L-3 Communications Holdings, Inc.	1,284	$	95
Lockheed Martin Corp.	837		63
Raytheon Co.	2,031		96
Rolls-Royce Group PLC ADR	3,267		121

			375

Apparel - 1.7%
Coach, Inc.	5,556		157
NIKE, Inc., Class B†	1,161		65

			222

Banks - 11.3%
Bank of America Corp.	16,594		292
Citigroup, Inc.⁽¹⁾†	22,413		112
Goldman Sachs Group (The), Inc.	1,205		199
JPMorgan Chase & Co.	5,287		230
Morgan Stanley	5,136		149
State Street Corp.	3,097		162
SunTrust Banks, Inc.⁽¹⁾	4,988		117
Wells Fargo & Co.	7,707		212

			1,473

Beverages - 2.1%
Dr Pepper Snapple Group, Inc.*	4,283		113
Pepsi Bottling Group, Inc.	4,357		156

			269

Biotechnology - 1.6%
Amgen, Inc.*	2,280		136
Biogen Idec, Inc.⁽¹⁾*	1,333		67

			203

Chemicals - 0.9%
Dow Chemical (The) Co.⁽¹⁾	5,252		112

Computers - 7.3%
Accenture Ltd., Class A	1,940		64
Dell, Inc.*	10,261		162
Hewlett-Packard Co.	5,710		256
International Business Machines Corp.†	3,278		387
Micros Systems, Inc.*†	2,926		82

			951

Cosmetics/Personal Care - 0.9%
Procter & Gamble (The) Co.	2,234		121

Diversified Financial Services - 0.9%
Lazard Ltd., Class A	3,199		124

Electric - 3.0%
Entergy Corp.	1,329		105
FPL Group, Inc.†	2,269		127
NRG Energy, Inc.*†	5,992		161

			393

Environmental Control - 0.5%
Waste Management, Inc.†	2,067		62

Food - 3.9%
General Mills, Inc.	2,060		123
Kroger (The) Co.	8,394		181
Sysco Corp.	2,937		75
Unilever PLC ADR†	4,765		131

			510

Healthcare - Products - 3.4%
Covidien PLC	4,717		186
Johnson & Johnson	4,216		255

			441

Healthcare - Services - 2.9%
CIGNA Corp.†	4,948		146
Quest Diagnostics, Inc.†	1,756		95
Tenet Healthcare Corp.*†	29,048		135

			376

Home Builders - 1.6%
Pulte Homes, Inc.⁽¹⁾†	16,068		205

Insurance - 3.3%
Conseco, Inc.*†	21,764		93
MetLife, Inc.	2,730		103
Prudential Financial, Inc.⁽¹⁾	1,759		89
Unum Group†	6,698		151

			436

Iron/Steel - 0.8%
United States Steel Corp.⁽¹⁾†	2,347		103

Machinery - Construction & Mining - 0.8%
Joy Global, Inc.	2,841		110

Machinery - Diversified - 0.5%
Cummins, Inc.†	1,504		68

Media - 1.6%
Time Warner, Inc.†	5,040		140
Walt Disney (The) Co.	2,678		70

			210

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED GROWTH PORTFOLIO continued


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.2% continued
Metal Fabrication/Hardware - 1.1%
Precision Castparts Corp.		1,616	$	148

Mining - 1.4%
Southern Copper Corp.†		3,570		101
Vale S.A. ADR†		4,565		88

				189

Miscellaneous Manufacturing - 2.7%
Dover Corp.		2,626		91
General Electric Co.⁽¹⁾		11,756		163
Parker Hannifin Corp.		1,942		95

				349

Oil & Gas - 12.1%
Chevron Corp.		4,340		304
ENSCO International, Inc.†		3,239		119
Exxon Mobil Corp.		5,727		396
Noble Corp.⁽¹⁾		3,804		133
Occidental Petroleum Corp.		3,538		259
Petroleo Brasileiro S.A. ADR ⁽¹⁾†		3,627		144
Talisman Energy, Inc.†		7,880		127
Valero Energy Corp.		5,356		100

				1,582

Pharmaceuticals - 5.5%
Cephalon, Inc.*†		2,096		119
Forest Laboratories, Inc.*		4,710		138
Schering-Plough Corp.		12,361		349
Teva Pharmaceutical Industries Ltd. ADR†		2,254		116

				722

Real Estate Investment Trusts - 0.8%
Annaly Capital Management, Inc.		6,258		109

Retail - 8.3%
Aeropostale, Inc.*†		1,298		51
Best Buy Co., Inc.		2,172		79
Gap (The), Inc.		8,688		171
McDonald’s Corp.		2,678		150
Nordstrom, Inc.⁽¹⁾†		4,315		121
TJX Cos., Inc.†		4,760		171
Wal-Mart Stores, Inc.		6,692		340

				1,083

Semiconductors - 4.6%
ASML Holding NV (New York Shares)†		5,610		154
Intel Corp.		10,724		218
ON Semiconductor Corp.*†		13,889		112
Texas Instruments, Inc.		4,794		118

				602

Software - 5.2%
BMC Software, Inc.*†		2,812		100
CA, Inc.		7,634		170
Microsoft Corp.		13,749		339
Oracle Corp.		3,514		77

				686

Telecommunications - 4.9%
AT&T, Inc.		4,954		129
Cisco Systems, Inc.*		7,282		157
Nokia OYJ ADR†		6,254		88
Qwest Communications International, Inc.†		31,266		112
Verizon Communications, Inc.		4,861		151

				637

Transportation - 0.7%
Kansas City Southern*†		3,739		89

Total Common Stocks (Cost $10,028)				12,960


INVESTMENT COMPANIES - 29.6%
Northern Institutional Funds - Liquid Assets Portfolio ⁽²⁾⁽³⁾		3,863,893		3,864

Total Investment Companies (Cost $3,864)				3,864


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 0.6%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	79	$	79

Total Short-Term Investments (Cost $79)				79

EQUITY PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


Total Investments - 129.4% (Cost $13,971)		16,903

Liabilities less Other Assets - (29.4)%		(3,843	)

NET ASSETS - 100.0%	$	13,060

(1)

A portion of the security is held to cover open written option contracts.

(2)

Investment in affiliated portfolio.

(3)

Investment relates to cash collateral received from portfolio securities loaned.

*	Non-Income Producing Security

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At August 31, 2009, the Diversified Growth Portfolio had open purchase call options as follows:


TYPE	NUMBER OF CONTRACTS	UNREALIZED GAIN (LOSS) (000S)
Lehman Brothers Holdings, Inc.
Exp. Date 01/16/10, Strike Price $22.50	118	$	(64	)
Lehman Brothers Holdings, Inc.
Exp. Date 01/16/10, Strike Price $20.00	75		(28	)

Total Call Options Contracts (Premiums Received $92)		$	(92	)

At August 31, 2009, the Diversified Growth Portfolio had open written call options as follows:


TYPE	NUMBER OF CONTRACTS		UNREALIZED GAIN (LOSS) (000S)
United States Steel Corp.
Exp. Date 09/19/09, Strike Price $50.00	(7	)	$	—
Pulte Homes, Inc.
Exp. Date 09/19/09, Strike Price $14.00	(21	)		—
General Electric Co.
Exp. Date 09/19/09, Strike Price $15.00	(14	)		—
Citigroup, Inc.
Exp. Date 09/19/09, Strike Price $6.00	(38	)		—
Nordstrom, Inc.
Exp. Date 09/19/09, Strike Price $31.00	(5	)		—
Petroleo Brasileiro S.A. ADR,
Exp. Date 09/19/09, Strike Price $47.00	(3	)		—
Noble Corp.
Exp. Date 09/19/09, Strike Price $39.00	(5	)		—
Biogen Idec, Inc.
Exp. Date 09/19/09, Strike Price $55.00	(2	)		—
Dow Chemical (The) Co.
Exp. Date 09/19/09, Strike Price $24.00	(6	)		—
SunTrust Banks, Inc.
Exp. Date 09/19/09, Strike Price $26.00	(8	)		—
Prudential Financial, Inc.
Exp. Date 09/19/09, Strike Price $55.00	(3	)		—
SunTrust Banks,
Exp. Date 09/19/09, Strike Price $25.00	(6	)		—

Total Written Option Contracts (Premiums Received $2)			$	—

Federal Tax Information:

At August 31,2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	10,197

Gross tax appreciation of investments	$	2,986
Gross tax depreciation of investments		(145	)

Net tax appreciation of investments	$	2,841

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. 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 August 31, 2009:


INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks	$	12,960	⁽¹⁾	$	—	$	—	$	12,960
Investment Companies		3,864			—		—		3,864
Short-Term Investments		—			79		0		79

Total Investments	$	16,824		$	79	$	—	$	16,903

Other Financial Instruments*	$	(92	)	$	—	$	—	$	(92	)

(1)

Classifications as defined in the Schedule of Investments.

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

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 EQUITY PORTFOLIOS


		SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO		AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.1%
Advertising - 0.2%
Interpublic Group of Cos. (The), Inc.*	21,553	$	136
Omnicom Group, Inc.	12,887		468

			604

Aerospace/Defense - 2.2%
Boeing (The) Co.	32,265		1,603
General Dynamics Corp.	16,101		953
Goodrich Corp.	5,233		289
L-3 Communications Holdings, Inc.	4,965		369
Lockheed Martin Corp.	14,731		1,105
Northrop Grumman Corp.	13,506		659
Raytheon Co.	17,132		808
Rockwell Collins, Inc.	6,542		301
United Technologies Corp.	41,578		2,468

			8,555

Agriculture - 1.8%
Altria Group, Inc.	89,067		1,628
Archer-Daniels-Midland Co.	27,444		791
Lorillard, Inc.†	6,937		505
Philip Morris International, Inc.	86,205		3,941
Reynolds American, Inc.	6,987		319

			7,184

Airlines - 0.1%
Southwest Airlines Co.	31,065		254

Apparel - 0.4%
Coach, Inc.	13,505		382
NIKE, Inc., Class B†	17,266		956
Polo Ralph Lauren Corp.	2,450		163
VF Corp.	3,712		258

			1,759

Auto Manufacturers - 0.4%
Ford Motor Co.*†	142,092		1,080
PACCAR, Inc.†	16,012		579

			1,659

Auto Parts & Equipment - 0.2%
Goodyear Tire & Rubber (The) Co.*	9,506		157
Johnson Controls, Inc.†	26,977		668

			825

Banks - 9.4%
Bank of America Corp.	374,843		6,593
Bank of New York Mellon (The) Corp.	52,812		1,564
BB&T Corp.†	29,451		823
Capital One Financial Corp.	20,330		758
Citigroup, Inc.†	491,942		2,460
Comerica, Inc.	6,492		173
Fifth Third Bancorp	30,598		335
First Horizon National Corp.*	7,264		97
First Horizon National Corp. - Fractional Shares*	256,123		—
Goldman Sachs Group (The), Inc.	22,092		3,655
Huntington Bancshares, Inc.†	20,937		95
JPMorgan Chase & Co.	170,215		7,398
KeyCorp	37,459		249
M&T Bank Corp.†	3,267		202
Marshall & Ilsley Corp.	14,960		107
Morgan Stanley	59,505		1,723
Northern Trust Corp.⁽¹⁾	9,941		581
PNC Financial Services Group, Inc.†	20,585		877
Regions Financial Corp.	46,603		273
State Street Corp.	21,836		1,146
SunTrust Banks, Inc.	19,760		462
U.S. Bancorp	83,877		1,897
Wells Fargo & Co.	202,931		5,585
Zions Bancorporation†	4,788		85

			37,138

Beverages - 2.4%
Brown-Forman Corp., Class B	4,121		184
Coca-Cola (The) Co.	87,273		4,256
Coca-Cola Enterprises, Inc.	12,264		248
Constellation Brands, Inc., Class A*†	8,088		119
Dr Pepper Snapple Group, Inc.*	10,923		289
Molson Coors Brewing Co., Class B	6,219		295
Pepsi Bottling Group, Inc.	5,789		207
PepsiCo, Inc.	68,199		3,865

			9,463

Biotechnology - 1.8%
Amgen, Inc.*	44,735		2,672
Biogen Idec, Inc.*	12,121		609
Celgene Corp.*	19,970		1,042
Genzyme Corp.*	11,242		626
Gilead Sciences, Inc.*	40,139		1,809
Life Technologies Corp.*	7,280		324
Millipore Corp.*	2,428		161

			7,243

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.1% continued
Building Materials - 0.1%
Masco Corp.†	15,607	$	226

Chemicals - 2.0%
Air Products & Chemicals, Inc.	8,645		649
CF Industries Holdings, Inc.	2,060		168
Dow Chemical (The) Co.	49,612		1,056
du Pont (E.I.) de Nemours & Co.	40,656		1,298
Eastman Chemical Co.	3,359		175
Ecolab, Inc.	6,915		292
FMC Corp.	3,200		153
International Flavors & Fragrances, Inc.	3,296		117
Monsanto Co.	24,126		2,024
PPG Industries, Inc.	6,875		381
Praxair, Inc.	12,765		978
Sherwin-Williams (The) Co.	4,180		252
Sigma-Aldrich Corp.†	5,168		263

			7,806

Coal - 0.2%
Consol Energy, Inc.	7,759		290
Massey Energy Co.	3,573		97
Peabody Energy Corp.	11,044		361

			748

Commercial Services - 1.2%
Apollo Group, Inc., Class A*	4,763		309
Automatic Data Processing, Inc.†	22,991		882
Convergys Corp.*	5,253		57
DeVry, Inc.	2,654		136
Donnelley (R.R.) & Sons Co.	8,878		158
Equifax, Inc.†	5,467		151
H&R Block, Inc.	13,820		239
Iron Mountain, Inc.*	7,759		227
Mastercard, Inc., Class A	3,273		663
Monster Worldwide, Inc.*†	5,908		96
Moody’s Corp.†	8,026		219
Paychex, Inc.†	13,311		376
Quanta Services, Inc.*	8,371		185
Robert Half International, Inc.†	6,786		178
Total System Services, Inc.†	7,438		113
Washington Post (The), Co., Class B	204		89
Western Union (The) Co.	29,647		535

			4,613

Computers - 5.8%
Affiliated Computer Services, Inc., Class A*	4,186		187
Apple, Inc.*	38,902		6,544
Cognizant Technology Solutions Corp., Class A*	13,748		479
Computer Sciences Corp.*	6,296		308
Dell, Inc.*	73,263		1,160
EMC Corp. of Massachusetts*	84,865		1,349
Hewlett-Packard Co.	104,636		4,697
International Business Machines Corp.	57,688		6,810
Lexmark International, Inc., Class A*†	3,283		62
NetApp, Inc.*	14,165		322
SanDisk Corp.*	10,004		177
Sun Microsystems, Inc.*	31,525		293
Teradata Corp.*	7,239		195
Western Digital Corp.*	9,596		329

			22,912

Cosmetics/Personal Care - 2.3%
Avon Products, Inc.	17,654		562
Colgate-Palmolive Co.	22,268		1,619
Estee Lauder Cos. (The), Inc., Class A	4,900		176
Procter & Gamble (The) Co.	127,402		6,894

			9,251

Distribution/Wholesale - 0.2%
Fastenal Co.†	5,513		200
Genuine Parts Co.	6,782		251
Grainger (W.W.), Inc.†	2,685		235

			686

Diversified Financial Services - 1.7%
American Express Co.	52,329		1,770
Ameriprise Financial, Inc.	10,841		325
Charles Schwab (The) Corp.	39,035		705
CME Group, Inc.	2,939		855
Discover Financial Services	20,484		282
ETRADE Financial Corp.†	48,368		85
Federated Investors, Inc., Class B†	3,687		97
Franklin Resources, Inc.	6,283		586
IntercontinentalExchange, Inc.*	2,970		279
Invesco Ltd.	16,664		346
Janus Capital Group, Inc.†	7,153		91
Legg Mason, Inc.†	6,228		179
Nasdaq OMX Group (The), Inc.*	5,921		130
NYSE Euronext	11,230		318
Price (T. Rowe) Group, Inc.†	10,726		486

EQUITY PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.1% continued
Diversified Financial Services - 1.7% continued
SLM Corp.*	20,911	$	186

			6,720

Electric - 3.4%
AES (The) Corp.*	28,725		393
Allegheny Energy, Inc.	7,233		191
Ameren Corp.†	8,741		236
American Electric Power Co., Inc.	22,365		703
CMS Energy Corp.†	9,391		126
Consolidated Edison, Inc.†	11,557		465
Constellation Energy Group, Inc.	7,678		243
Dominion Resources, Inc.	24,028		795
DTE Energy Co.†	6,920		241
Duke Energy Corp.	56,102		869
Dynegy, Inc., Class A*	18,483		35
Edison International	13,449		449
Entergy Corp.	9,117		720
Exelon Corp.	29,447		1,473
FirstEnergy Corp.	14,353		648
FPL Group, Inc.†	18,590		1,044
Integrys Energy Group, Inc.†	3,267		112
Northeast Utilities	6,431		153
Pepco Holdings, Inc.†	8,984		129
PG&E Corp.	16,672		677
Pinnacle West Capital Corp.†	4,176		137
PPL Corp.†	15,549		457
Progress Energy, Inc.†	11,494		454
Public Service Enterprise Group, Inc.	20,906		662
SCANA Corp.	4,870		169
Southern Co.	35,377		1,104
TECO Energy, Inc.	8,808		117
Wisconsin Energy Corp.†	5,002		227
Xcel Energy, Inc.†	18,609		368

			13,397

Electrical Components & Equipment - 0.3%
Emerson Electric Co.	33,089		1,220
Molex, Inc.†	5,856		107

			1,327

Electronics - 0.5%
Agilent Technologies, Inc.*	14,478		372
Amphenol Corp., Class A	7,228		253
FLIR Systems, Inc.*	6,023		138
Jabil Circuit, Inc.†	10,209		112
PerkinElmer, Inc.†	5,104		93
Thermo Fisher Scientific, Inc.*	18,005		814
Waters Corp.*†	4,265		214

			1,996

Engineering & Construction - 0.2%
Fluor Corp.	8,295		439
Jacobs Engineering Group, Inc.*	5,040		221

			660

Entertainment - 0.1%
International Game Technology	13,108		274

Environmental Control - 0.3%
Republic Services, Inc.†	13,308		341
Stericycle, Inc.*	3,675		182
Waste Management, Inc.	21,545		645

			1,168

Food - 1.9%
Campbell Soup Co.	8,552		268
ConAgra Foods, Inc.	18,509		380
Dean Foods Co.*	7,525		137
General Mills, Inc.	15,082		901
Heinz (H.J.) Co.	12,971		499
Hershey (The) Co.	6,964		273
Hormel Foods Corp.†	2,961		109
JM Smucker (The) Co.	4,916		257
Kellogg Co.	10,395		490
Kraft Foods, Inc., Class A	65,385		1,854
Kroger (The) Co.	28,739		620
McCormick & Co., Inc.†	5,403		176
Safeway, Inc.	17,776		339
Sara Lee Corp.	29,841		289
SUPERVALU, Inc.	9,025		130
Sysco Corp.	24,834		633
Tyson Foods, Inc., Class A	11,740		141
Whole Foods Market, Inc.*†	5,828		169

			7,665

Forest Products & Paper - 0.3%
International Paper Co.	19,138		439
MeadWestvaco Corp.†	7,380		162
Plum Creek Timber Co., Inc.†	7,135		216
Weyerhaeuser Co.	9,054		339

			1,156

Gas - 0.2%
Centerpoint Energy, Inc.	14,963		186

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.1% continued
Gas - 0.2% continued
Nicor, Inc.	1,891	$	68
NiSource, Inc.	11,330		150
Sempra Energy	10,075		505

			909

Hand/Machine Tools - 0.1%
Black & Decker Corp.	2,603		115
Snap-On, Inc.	2,474		92
Stanley Works (The)	3,336		137

			344

Healthcare - Products - 3.8%
Bard (C.R.), Inc.	4,140		334
Baxter International, Inc.	27,112		1,543
Becton, Dickinson & Co.	10,048		699
Boston Scientific Corp.*	62,608		736
DENTSPLY International, Inc.†	6,431		217
Hospira, Inc.*	6,607		258
Intuitive Surgical, Inc.*†	1,633		364
Johnson & Johnson	120,330		7,273
Medtronic, Inc.	49,623		1,900
Patterson Cos., Inc.*†	3,879		106
St. Jude Medical, Inc.*	14,441		556
Stryker Corp.	10,245		425
Varian Medical Systems, Inc.*†	5,411		233
Zimmer Holdings, Inc.*	9,307		441

			15,085

Healthcare - Services - 1.2%
Aetna, Inc.	19,122		545
CIGNA Corp.	11,361		334
Coventry Health Care, Inc.*	6,508		142
DaVita, Inc.*	4,272		221
Humana, Inc.*	7,238		259
Laboratory Corp. of America Holdings*	4,487		313
Quest Diagnostics, Inc.	6,548		353
Tenet Healthcare Corp.*†	17,894		83
UnitedHealth Group, Inc.	52,806		1,479
WellPoint, Inc.*	21,363		1,129

			4,858

Holding Companies - Diversified - 0.0%
Leucadia National Corp.*†	7,759		193

Home Builders - 0.1%
D.R. Horton, Inc.	11,740		157
KB Home†	3,704		68
Lennar Corp., Class A†	6,534		99
Pulte Homes, Inc.†	14,922		191

			515

Home Furnishings - 0.1%
Harman International Industries, Inc.†	2,450		73
Whirlpool Corp.†	3,297		212

			285

Household Products/Wares - 0.4%
Avery Dennison Corp.†	4,531		140
Clorox Co.†	5,936		351
Fortune Brands, Inc.	6,334		252
Kimberly-Clark Corp.	17,117		1,035

			1,778

Housewares - 0.0%
Newell Rubbermaid, Inc.	11,700		163

Insurance - 2.7%
Aflac, Inc.	20,807		845
Allstate (The) Corp.	22,531		662
American International Group, Inc.*†	5,739		260
AON Corp.	11,510		481
Assurant, Inc.	4,083		122
Chubb Corp.	15,750		778
Cincinnati Financial Corp.	6,973		179
Genworth Financial, Inc., Class A	19,601		207
Hartford Financial Services Group, Inc.	16,628		394
Lincoln National Corp.	11,636		294
Loews Corp.	14,985		512
Marsh & McLennan Cos., Inc.	21,313		502
MBIA, Inc.*†	9,866		66
MetLife, Inc.	36,432		1,376
Principal Financial Group, Inc.	13,180		374
Progressive (The) Corp.*	27,917		461
Prudential Financial, Inc.	20,451		1,034
Torchmark Corp.†	3,771		161
Travelers Cos. (The), Inc.	26,418		1,332
Unum Group	13,719		309
XL Capital Ltd., Class A	13,000		226

			10,575

Internet - 2.3%
Akamai Technologies, Inc.*†	6,991		123
Amazon.com, Inc.*	14,026		1,139
eBay, Inc.*	45,222		1,001

EQUITY PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.1% continued
Internet - 2.3% continued
Expedia, Inc.*†	9,349	$	215
Google, Inc., Class A*	10,451		4,825
McAfee, Inc.*	6,355		253
Symantec Corp.*	36,632		554
VeriSign, Inc.*†	8,057		171
Yahoo!, Inc.*	58,867		860

			9,141

Iron/Steel - 0.3%
AK Steel Holding Corp.†	4,798		97
Allegheny Technologies, Inc.†	4,265		129
Nucor Corp.	13,150		586
United States Steel Corp.†	6,779		297

			1,109

Leisure Time - 0.2%
Carnival Corp.	20,156		590
Harley-Davidson, Inc.†	10,238		245

			835

Lodging - 0.2%
Marriott International, Inc., Class A†	12,547		300
Starwood Hotels & Resorts Worldwide, Inc.†	8,280		246
Wyndham Worldwide Corp.	8,623		131
Wynn Resorts Ltd.*†	2,845		154

			831

Machinery - Construction & Mining - 0.3%
Caterpillar, Inc.†	26,165		1,186

Machinery - Diversified - 0.4%
Cummins, Inc.	8,328		378
Deere & Co.	18,337		800
Flowserve Corp.	2,450		211
Rockwell Automation, Inc.†	5,888		246

			1,635

Media - 2.4%
CBS Corp., Class B†	28,136		291
Comcast Corp., Class A	124,277		1,904
DIRECTV Group (The), Inc.*†	24,269		601
Gannett Co., Inc.†	9,847		85
McGraw-Hill Cos. (The), Inc.	13,606		457
Meredith Corp.†	1,874		52
New York Times (The) Co., Class A†	5,093		39
News Corp., Class A	96,240		1,032
Scripps Networks Interactive, Inc., Class A	3,777		122
Time Warner Cable, Inc.	14,797		546
Time Warner, Inc.†	52,160		1,456
Viacom, Inc., Class B*	25,362		635
Walt Disney (The) Co.	81,939		2,134

			9,354

Metal Fabrication/Hardware - 0.1%
Precision Castparts Corp.	5,782		528

Mining - 0.7%
Alcoa, Inc.†	43,405		523
Freeport-McMoRan Copper & Gold, Inc.	18,276		1,151
Newmont Mining Corp.	21,341		858
Titanium Metals Corp.	4,083		33
Vulcan Materials Co.†	4,690		235

			2,800

Miscellaneous Manufacturing - 3.4%
3M Co.	30,881		2,227
Cooper Industries Ltd., Class A	7,204		232
Danaher Corp.	10,792		655
Dover Corp.	7,747		268
Eastman Kodak Co.†	11,267		60
Eaton Corp.	6,775		366
General Electric Co.	462,238		6,425
Honeywell International, Inc.	33,355		1,226
Illinois Tool Works, Inc.	17,582		735
ITT Corp.	7,524		377
Leggett & Platt, Inc.†	6,550		120
Pall Corp.	5,095		151
Parker Hannifin Corp.	6,687		325
Textron, Inc.†	10,676		164

			13,331

Office/Business Equipment - 0.1%
Pitney Bowes, Inc.	8,917		200
Xerox Corp.	35,868		310

			510

Oil & Gas - 9.6%
Anadarko Petroleum Corp.	21,332		1,128
Apache Corp.	14,308		1,216
Cabot Oil & Gas Corp.	4,186		148
Chesapeake Energy Corp.	25,690		587
Chevron Corp.	87,379		6,111
ConocoPhillips	65,104		2,932
Denbury Resources, Inc.*	10,413		159

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.1% continued
Oil & Gas - 9.6% continued
Devon Energy Corp.	19,944	$	1,224
Diamond Offshore Drilling, Inc.†	2,961		265
ENSCO International, Inc.†	5,905		218
EOG Resources, Inc.	10,378		747
EQT Corp.†	5,447		216
Exxon Mobil Corp.	211,732		14,641
Hess Corp.	12,247		620
Marathon Oil Corp.	31,077		959
Murphy Oil Corp.	7,876		449
Nabors Industries Ltd.*†	12,563		222
Noble Energy, Inc.	7,176		434
Occidental Petroleum Corp.	35,772		2,615
Pioneer Natural Resources Co.	5,104		148
Questar Corp.†	7,350		248
Range Resources Corp.	6,390		309
Rowan Cos., Inc.	4,699		97
Southwestern Energy Co.*	14,240		525
Sunoco, Inc.†	5,072		136
Tesoro Corp.†	6,125		86
Valero Energy Corp.	25,530		478
XTO Energy, Inc.	25,752		994

			37,912

Oil & Gas Services - 1.5%
Baker Hughes, Inc.	12,721		438
BJ Services Co.	12,130		195
Cameron International Corp.*	9,050		323
FMC Technologies, Inc.*†	5,309		253
Halliburton Co.	40,475		960
National-Oilwell Varco, Inc.*	18,768		682
Schlumberger Ltd.	52,664		2,960
Smith International, Inc.†	9,276		256

			6,067

Packaging & Containers - 0.2%
Ball Corp.	3,905		189
Bemis Co., Inc.	4,239		113
Owens-Illinois, Inc.*	7,248		246
Pactiv Corp.*	5,475		136
Sealed Air Corp.	6,519		123

			807

Pharmaceuticals - 6.1%
Abbott Laboratories	67,840		3,069
Allergan, Inc.	12,720		711
AmerisourceBergen Corp.	12,869		274
Bristol-Myers Squibb Co.	84,082		1,861
Cardinal Health, Inc.	14,866		514
Cephalon, Inc.*†	2,858		163
Express Scripts, Inc.*	11,514		832
Forest Laboratories, Inc.*	12,510		366
King Pharmaceuticals, Inc.*†	10,220		106
Lilly (Eli) & Co.	42,570		1,424
McKesson Corp.	11,414		649
Medco Health Solutions, Inc.*	20,596		1,137
Merck & Co., Inc.†	92,693		3,006
Mylan, Inc.*†	12,965		190
Pfizer, Inc.	294,870		4,924
Schering-Plough Corp.	70,603		1,990
Watson Pharmaceuticals, Inc.*	4,443		157
Wyeth	58,541		2,801

			24,174

Pipelines - 0.3%
El Paso Corp.	29,991		277
Spectra Energy Corp.	25,783		485
Williams Cos. (The), Inc.	23,994		394

			1,156

Real Estate - 0.0%
CB Richard Ellis Group, Inc., Class A*†	8,489		100

Real Estate Investment Trusts - 1.0%
Apartment Investment & Management Co., Class A†	5,333		65
AvalonBay Communities, Inc.†	3,218		207
Boston Properties, Inc.	6,409		388
Equity Residential	11,635		318
HCP, Inc.†	10,473		298
Health Care REIT, Inc.†	4,492		192
Host Hotels & Resorts, Inc.	25,215		251
Kimco Realty Corp.†	13,067		164
ProLogis	17,594		196
Public Storage†	6,179		436
Simon Property Group, Inc.†	12,839		817
Ventas, Inc.	6,125		240
Vornado Realty Trust†	7,562		435

			4,007

Retail - 6.3%
Abercrombie & Fitch Co., Class A†	3,777		122
AutoNation, Inc.*†	4,605		87
AutoZone, Inc.*	1,551		228

EQUITY PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.1% continued
Retail - 6.3% continued
Bed Bath & Beyond, Inc.*	10,793	$	394
Best Buy Co., Inc.	15,489		562
Big Lots, Inc.*	3,371		86
Costco Wholesale Corp.†	18,880		963
CVS Caremark Corp.	64,356		2,415
Darden Restaurants, Inc.†	5,976		197
Family Dollar Stores, Inc.	5,882		178
GameStop Corp., Class A*†	6,840		163
Gap (The), Inc.	19,755		388
Home Depot (The), Inc.	75,339		2,056
Kohl’s Corp.*	12,577		649
Limited Brands, Inc.†	11,245		168
Lowe’s Cos., Inc.	65,883		1,417
Macy’s, Inc.	17,361		269
McDonald’s Corp.	48,710		2,739
Nordstrom, Inc.†	6,596		185
Office Depot, Inc.*	13,025		68
O’Reilly Automotive, Inc.*†	5,615		215
Penney (J.C.) Co., Inc.	9,186		276
RadioShack Corp.†	5,674		86
Sears Holdings Corp.*†	2,405		153
Staples, Inc.†	29,536		638
Starbucks Corp.*†	32,399		615
Target Corp.	33,536		1,576
Tiffany & Co.†	5,052		184
TJX Cos., Inc.	18,943		681
Walgreen Co.	42,364		1,435
Wal-Mart Stores, Inc.	97,777		4,974
Yum! Brands, Inc.	19,196		657

			24,824

Savings & Loans - 0.1%
Hudson City Bancorp, Inc.	21,576		283
People’s United Financial, Inc.	14,905		239

			522

Semiconductors - 2.6%
Advanced Micro Devices, Inc.*†	23,136		101
Altera Corp.†	12,304		236
Analog Devices, Inc.	12,092		342
Applied Materials, Inc.	55,548		732
Broadcom Corp., Class A*	19,686		560
Intel Corp.	245,120		4,981
Kla-Tencor Corp.	7,259		226
Linear Technology Corp.†	9,162		243
LSI Corp.*	28,422		148
MEMC Electronic Materials, Inc.*	9,698		155
Microchip Technology, Inc.†	7,539		200
Micron Technology, Inc.*†	32,443		239
National Semiconductor Corp.	8,110		123
Novellus Systems, Inc.*	4,062		78
Nvidia Corp.*	22,862		332
QLogic Corp.*	5,059		80
Teradyne, Inc.*†	6,999		58
Texas Instruments, Inc.	57,155		1,405
Xilinx, Inc.†	11,312		252

			10,491

Software - 3.9%
Adobe Systems, Inc.*	21,969		690
Autodesk, Inc.*	9,395		220
BMC Software, Inc.*	7,962		284
CA, Inc.	16,649		371
Citrix Systems, Inc.*	7,829		279
Compuware Corp.*	10,221		74
Dun & Bradstreet Corp.	2,348		172
Electronic Arts, Inc.*	13,300		242
Fidelity National Information Services, Inc.†	7,656		188
Fiserv, Inc.*	6,609		319
IMS Health, Inc.	7,756		108
Intuit, Inc.*	13,473		374
Microsoft Corp.	333,931		8,232
Novell, Inc.*	14,338		62
Oracle Corp.	166,343		3,638
Red Hat, Inc.*†	8,195		188
Salesforce.com, Inc.*†	4,492		233

			15,674

Telecommunications - 6.0%
American Tower Corp., Class A*	17,573		556
AT&T, Inc.	257,106		6,698
CenturyTel, Inc.	12,583		405
Ciena Corp.*†	4,201		56
Cisco Systems, Inc.*	250,454		5,410
Corning, Inc.	68,896		1,039
Frontier Communications Corp.†	13,612		97
Harris Corp.	5,104		177
JDS Uniphase Corp.*	11,018		76
Juniper Networks, Inc.*†	22,357		516
MetroPCS Communications, Inc.*†	11,025		88

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 7 EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued


	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.1% continued
Telecommunications - 6.0% continued
Motorola, Inc.		97,881	$	703
QUALCOMM, Inc.		72,751		3,377
Qwest Communications International, Inc.†		60,609		217
Sprint Nextel Corp.*		124,305		455
Tellabs, Inc.*		16,519		105
Verizon Communications, Inc.		122,324		3,797
Windstream Corp.		18,220		156

				23,928

Textiles - 0.0%
Cintas Corp.†		5,475		150

Toys, Games & Hobbies - 0.1%
Hasbro, Inc.†		5,177		147
Mattel, Inc.		15,024		270

				417

Transportation - 2.0%
Burlington Northern Santa Fe Corp.		11,761		976
C.H. Robinson Worldwide, Inc.†		6,995		394
CSX Corp.		17,314		736
Expeditors International of Washington, Inc.		8,984		294
FedEx Corp.		13,420		922
Norfolk Southern Corp.		15,308		702
Ryder System, Inc.		2,326		88
Union Pacific Corp.		22,600		1,352
United Parcel Service, Inc., Class B		43,927		2,348

				7,812

Total Common Stocks (Cost $467,371)				389,295

INVESTMENT COMPANIES - 9.5%
Northern Institutional Funds - Liquid Assets Portfolio ⁽²⁾⁽³⁾		37,517,017		37,517

Total Investment Companies (Cost $37,517)				37,517


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 1.7%
Societe Generale, Grand Cayman, Eurodollar Time Deposit,
0.18%, 9/1/09	$	5,286	$	5,286
U.S. Treasury Bill,
0.21%, 11/19/09⁽⁴⁾		1,470		1,469

Total Short-Term Investments (Cost $6,755)				6,755

Total Investments - 109.3% (Cost $511,643)				433,567

Liabilities less Other Assets - (9.3)%				(36,721	)

NET ASSETS - 100.0%			$	396,846

(1)

Investment in affiliate.

(2)

Investment in affiliated portfolio.

(3)

Investment relates to cash collateral received from portfolio securities loaned.

(4)

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

*	Non-Income Producing Security

†	Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

At August 31, 2009, the Equity Index Portfolio had open futures contracts as follows:

TYPE

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT
(000S)

CONTRACT
POSITION

CONTRACT
EXP.

UNREALIZED
GAINS
(000S)

E-Mini S&P 500

103

5,251

Long

9/09

667

Federal Tax Information:

At August 31,2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	511,643

Gross tax appreciation of investments	$	19,952
Gross tax depreciation of investments		(98,028	)

Net tax depreciation of investments	$	(78,076	)

EQUITY PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2009 (UNAUDITED)

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Equity Index Portfolio’s investments and other financial instruments which are carried at fair value, as of August 31, 2009:


INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks	$	389,295	⁽¹⁾	$	—	$	—	$	389,295
Investment Companies		37,517	⁽¹⁾		—		—		37,517
Short-Term Investments		—			6,755		—		6,755

Total Investments	$	426,812		$	6,755	$	—	$	433,567

Other Financial Instruments*	$	667		$	—	$	—	$	667

(1)

Classifications as defined in the Schedule of Investments.

*	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		AUGUST 31, 2009 (UNAUDITED)


	NUMBER OF SHARES	VALUE (000S)
FUND ALLOCATION - INVESTMENT COMPANIES - 100.0%
iPath Dow Jones-AIG Commodity Index Total Return ETN	30,163	$	1,141
SPDR Gold Trust ETF	2,495		233
Northern Funds - Bond Index Fund ⁽¹⁾⁽²⁾	382,305		3,957
Northern Funds - Emerging Markets Equity Fund ⁽¹⁾⁽²⁾	110,370		1,048
Northern Funds - Global Real Estate Index Fund ⁽¹⁾⁽²⁾	105,640		698
Northern Funds - High Yield Fixed Income Fund ⁽¹⁾⁽²⁾	248,369		1,629
Northern Funds - Mid Cap Index Fund ⁽¹⁾⁽²⁾	80,540		698
Northern Institutional Funds - Diversified Assets Portfolio ⁽¹⁾⁽²⁾	2,099,012		2,099
Northern Institutional Funds - Equity Index Portfolio ⁽¹⁾⁽²⁾	585,912		5,935
Northern Institutional Funds - International Equity Index Portfolio ⁽¹⁾⁽²⁾	334,418		2,619
Northern Institutional Funds - Short Bond Portfolio ⁽¹⁾⁽²⁾	155,587		2,910
Northern Institutional Funds - Small Company Index Portfolio ⁽¹⁾⁽²⁾	22,764		291

Total Investment Companies (Cost $20,254)			23,258

Total Investments - 100.0% (Cost $20,254)			23,258

Liabilities less Other Assets - 0.0%			(1	)

NET ASSETS - 100.0%		$	23,257

(1)

Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Portfolio and the investment adviser to other Northern Institutional Funds and to the 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 August 31, 2009, the asset class weightings for the Global Tactical Asset Allocation Portfolio were:


ASSET CLASS	WEIGHT		INVESTMENT VEHICLE
U.S. Equity - Large	25.5	%	NIF Equity Index
U.S. Equity - Mid	3.0		NF Mid Cap Index
U.S. Equity - Small	1.3		NIF Small Company Index
Non U.S. Equity - Developed	11.3		NIF International Equity Index
Non U.S. Equity - Emerging Markets	4.5		NF Emerging Markets Equity
Global Real Estate	3.0		NF Global REIT Index
U.S. Bonds - High Yield	7.0		NF High Yield Fixed Income
U.S. Bonds - Intermediate	17.0		NF Bond Index
U.S. Bonds - Short	12.5		NIF Short Bond
Commodities	4.9		iPath Dow Jones-AIG Commodity Index Total Return ETN
	1.0		SPDR Gold Trust ETF
Cash	9.0		NIF Diversified Assets

Total	100.0	%

Federal Tax Information:

At August 31,2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)


Federal tax cost of investments	$	18,155

Gross tax appreciation of investments	$	3,003
Gross tax depreciation of investments		—

Net tax appreciation of investments	$	3,003

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Global Tactical Asset Allocation Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Global Tactical Asset Allocation Portfolio	$	23,258	⁽¹⁾	$	—	$	—	$	23,258

(1)

Classifications as defined in the Schedule of Investments.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 GLOBAL TACTICAL ASSET ALLOCATION PORTFOLIO

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 32.2%
Non-U.S. Depository Institutions - 32.2%
Abbey National PLC, Stamford,
0.26%, 10/5/09	$	75,000	$	75,000
0.27%, 11/20/09		125,000		125,000
Australia & New Zealand Bank, New York,
0.26%, 10/8/09		125,000		125,000
0.27%, 11/20/09		75,000		75,000
Banco Bilbao Vizcaya Argentaria,
0.36%, 9/15/09		55,000		55,000
0.35%, 9/30/09		40,000		40,000
0.41%, 9/30/09		72,000		72,000
0.30%, 10/30/09		65,000		65,000
0.31%, 11/30/09		15,000		15,000
Bank of Nova Scotia, Houston Branch,
0.25%, 10/13/09		50,000		50,000
Bank of Nova Scotia, London Branch,
0.25%, 9/1/09		90,000		90,000
Barclays Bank PLC, New York Branch, FRCD,
0.48%, 9/1/09		75,000		75,000
Barclays Bank, New York Branch,
1.20%, 11/20/09		140,000		140,000
0.83%, 1/11/10		50,000		50,000
BNP Paribas S.A., London Branch,
0.37%, 10/6/09		140,000		140,000
0.34%, 10/16/09		45,000		45,000
0.30%, 11/5/09		100,000		100,000
Commonwealth of Australia,
0.30%, 11/17/09		75,000		75,000
0.26%, 11/30/09		60,000		60,001
Credit Agricole S.A., London Branch,
0.43%, 9/3/09		15,000		15,000
0.35%, 10/20/09		75,000		75,000
0.30%, 11/16/09		50,000		50,000
Deutsche Bank, New York Branch,
0.29%, 10/23/09		75,000		75,000
0.30%, 10/28/09		50,000		50,000
HSBC PLC, London,
0.27%, 11/20/09		60,000		60,000
Lloyds Bank, New York Branch,
1.11%, 11/30/09		53,000		53,000
0.95%, 1/19/10		50,000		50,000
0.75%, 2/22/10		100,000		100,000
0.70%, 2/26/10		40,000		40,000
National Australia Bank, London Branch,
0.36%, 9/24/09		45,000		45,000
0.25%, 12/1/09		50,000		50,000
Nordea Bank Finland, New York Branch,
0.24%, 9/10/09		75,000		75,000
0.23%, 12/2/09		30,000		30,000
Rabobank Nederland, New York Branch,
0.55%, 11/23/09		87,500		87,500
0.55%, 12/1/09		25,000		25,000
0.42%, 1/11/10		50,000		50,000
0.33%, 3/1/10		75,000		75,000

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 32.2% continued
Non-U.S. Depository Institutions - 32.2% continued
Royal Bank of Scotland, New York Branch,
1.27%, 11/27/09	$	47,000	$	47,000
1.21%, 12/29/09		55,000		55,000
1.20%, 12/30/09		95,000		95,000
1.08%, 1/11/10		50,000		50,000
1.00%, 1/13/10		40,000		40,000
Societe Generale, London Branch,
0.28%, 9/1/09		50,000		50,000
0.26%, 9/17/09		40,000		40,000
0.25%, 9/28/09		25,000		25,000
0.39%, 10/1/09		40,000		40,000
0.28%, 11/2/09		50,000		50,000
0.30%, 11/23/09		125,000		125,000
Westpac Banking Corp., New York, FRCD,
0.26%, 9/1/09		150,000		150,000

Total Certificates of Deposit (Cost $3,244,501)				3,244,501


COMMERCIAL PAPER - 14.7%
Chemicals and Allied Products - 0.7%
Pfizer, Inc.,
0.80%, 7/8/10		35,000		34,759
0.80%, 7/16/10		40,000		39,717

				74,476

Multi-Seller Conduits - 11.3%
Amstel Funding Corp., ⁽¹⁾
0.90%, 9/1/09		175,000		175,000
Chariot Funding LLC,
0.23%, 9/11/09		39,500		39,497
0.23%, 9/14/09		100,000		99,992
0.20%, 9/28/09		35,000		34,995
Enterprise Funding LLC,
0.24%, 9/8/09		23,901		23,900
Fairway Finance Corp.,
0.23%, 9/9/09		50,011		50,008
0.22%, 9/15/09		28,532		28,530
Jupiter Securitization Corp.,
0.24%, 9/1/09		60,000		60,000
0.23%, 9/9/09		50,011		50,008
Kitty Hawk Funding Corp.,
0.24%, 9/2/09		84,783		84,782
0.24%, 9/17/09		95,000		94,990
0.24%, 9/25/09		35,000		34,994
Liberty Street Funding Co.,
0.23%, 9/18/09		65,000		64,993
0.23%, 9/25/09		50,000		49,992
Ranger Funding LLC,
0.24%, 9/15/09		130,000		129,988
Sheffield Receivables Corp.,
0.24%, 9/1/09		30,000		30,000
0.25%, 9/14/09		50,000		49,995
Yorktown Capital LLC,
0.23%, 9/21/09		40,000		39,995

				1,141,659

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 14.7% continued
Non-U.S. Bank - Non-U.S. Government - 1.8%
Danske Corp., Sovereign Guaranteed,
0.25%, 9/1/09	$	30,000	$	30,000
0.25%, 9/2/09		40,000		40,000
0.25%, 9/21/09		75,000		74,990
0.25%, 9/28/09		40,000		39,993

				184,983

Non-U.S. Depository Institutions - 0.9%
Australia & New Zealand Banking Group,
0.24%, 11/2/09		50,000		49,979
Westpac Capital Corp.,
0.34%, 9/8/09		35,000		34,998

				84,977

Total Commercial Paper (Cost $1,486,095)				1,486,095


CORPORATE NOTES/BONDS - 4.3%
Non-Depository Personal Credit - 0.8%
General Electric Capital Corp., FRN,
0.32%, 9/24/09		83,000		83,000

Supranational - 1.8%
International Bank for Reconstruction and Development,
0.73%, 6/10/10		80,000		80,000
International Finance Corp.,
0.25%, 10/15/09		71,920		71,898
0.21%, 11/20/09		28,000		27,987

				179,885

U.S. Depository Institutions - 1.7%
Bank of America N.A., FDIC Guaranteed,
0.66%, 9/14/09, FRN		100,000		100,000
1.05%, 1/22/10		75,000		75,000

				175,000

Total Corporate Notes/Bonds (Cost $437,885)				437,885


EURODOLLAR TIME DEPOSITS - 3.3%
Non-U.S. Depository Institutions - 3.3%
BNP Paribas, Paris,
0.21%, 9/1/09		80,000		80,000
UBS AG, Grand Cayman,
0.25%, 9/2/09		250,000		250,000

Total Eurodollar Time Deposits (Cost $330,000)				330,000


PROMISSORY NOTE - 1.4%
Security, Commodity, Brokers/Dealers - 1.4%
Goldman Sachs Group, FDIC Insured,
0.45%, 9/25/09		145,000		145,000

Total Promissory Note (Cost $145,000)				145,000

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 18.2% ⁽²⁾
Federal National Mortgage Association - 1.4%
FNMA Discount Note,
0.61%, 9/8/09	$	40,000	$	39,995
FNMA FRN,
0.40%, 10/13/09		40,000		39,978
0.42%, 11/5/09		40,000		39,981
FNMA Note,
3.00%, 7/12/10		17,000		17,364

				137,318

Federal Farm Credit Bank - 0.7%
FFCB FRN,
0.30%, 9/6/09		70,000		70,034

				70,034

Federal Home Loan Bank - 12.6%
FHLB Bonds,
1.05%, 2/23/10		25,000		24,988
1.10%, 3/10/10		45,000		44,987
4.38%, 3/17/10		47,000		47,800
0.90%, 4/7/10		40,000		39,986
0.88%, 4/15/10		50,000		50,000
0.82%, 4/23/10		25,000		25,000
0.82%, 4/28/10		25,000		24,997
0.80%, 4/30/10		30,000		30,008
0.80%, 5/17/10		30,000		29,987
0.55%, 6/10/10		35,000		34,985
0.70%, 6/23/10		30,000		30,000
0.70%, 6/25/10		40,000		40,000
FHLB Discount Notes,
0.11%, 9/1/09		28,000		28,000
1.12%, 12/4/09		128,000		127,626
0.85%, 12/11/09		75,000		74,821
1.00%, 2/10/10		20,000		19,910
1.00%, 2/23/10		48,000		47,767
1.00%, 3/4/10		40,000		39,796
FHLB FRN,
0.50%, 9/1/09		50,000		50,000
0.62%, 9/1/09		100,000		100,000
0.69%, 9/1/09		40,000		40,000
0.76%, 9/1/09		40,000		40,000
0.79%, 9/1/09		75,000		75,000
0.82%, 9/1/09		60,000		59,994
0.50%, 10/8/09		75,000		75,000
0.45%, 10/28/09		75,000		75,000

				1,275,652

Federal Home Loan Mortgage Corporation - 3.5%
FHLMC Callable Note,
1.25%, 3/23/10		60,000		60,000
FHLMC FRN,
0.63%, 9/3/09		75,000		74,977
0.62%, 9/10/09		75,000		74,969
0.24%, 9/18/09		100,000		100,002
FHLMC Note,
1.45%, 9/10/10		40,000		40,366

				350,314

Total U.S. Government Agencies (Cost $1,833,318)				1,833,318

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 2.3%
U.S. Treasury Bills - 1.5%
0.41%, 10/22/09	$	15,000	$	14,991
0.70%, 12/17/09		45,000		44,906
0.51%, 4/1/10		60,000		59,818
0.50%, 7/1/10		30,000		29,874

				149,589

U.S. Treasury Notes - 0.8%
4.63%, 11/15/09		20,000		20,170
2.38%, 8/31/10		57,000		57,992

				78,162

Total U.S. Government Obligations (Cost $227,751)				227,751

Investments, at Amortized Cost ($7,704,550)				7,704,550


REPURCHASE AGREEMENTS - 27.5%
(Collateralized at a minimum of 102%)
Joint Repurchase Agreements - 2.0% ⁽³⁾
Morgan Stanley & Co., Inc., dated 8/31/09, repurchase price $44,046
0.18%, 9/1/09		44,046		44,046
Societe Generale, New York Branch, dated 8/31/09, repurchase price $88,092
0.19%, 9/1/09		88,091		88,091
UBS Securities LLC, dated 8/31/09, repurchase price $66,069
0.19%, 9/1/09		66,068		66,068

				198,205

(Collateralized at a minimum of 102%)
Repurchase Agreements - 25.5%⁽⁴⁾
Bank of America N.A., dated 8/31/09, repurchase price $900,006
0.22%, 9/1/09		900,000		900,000
BNP Paribas Securities Corp., dated 8/31/09, repurchase price $450,003
0.22%, 9/1/09		450,000		450,000
Citigroup Global Markets, Inc., dated 8/31/09, repurchase price $77,092
0.22%, 9/1/09		77,092		77,092
Societe Generale, New York Branch, dated 8/31/09, repurchase price $1,150,007
0.21%, 9/1/09		1,150,000		1,150,000

				2,577,092

Total Repurchase Agreements (Cost $2,775,297)				2,775,297

Total Investments - 103.9% (Cost $10,479,847) ⁽⁵⁾				10,479,847

Liabilities less Other Assets - (3.9)%				(391,621	)

NET ASSETS - 100.0%			$	10,088,226

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)

(1)

(2)

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

(3)

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


NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	$	112,834	2.38% - 8.88%	8/15/17 - 4/15/28
U.S. Treasury Notes	$	87,930	0.88% - 3.50%	4/15/10 - 7/15/19

(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	$	630,538	2.87% - 7.00%	5/1/15 - 12/1/47
FNMA	$	2,023,866	2.65% - 8.00%	10/1/09 - 12/1/47

(5)

The cost for federal income tax purposes was $10,479,847.

Percentages shown are based on Net Assets.

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. Following is a summary of the inputs used in valuing the Diversified Assets Portfolio’s investments and other financial instruments, which are carried at fair value, as of August, 31, 2009:


Investments	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Diversified Assets Portfolio	$	—	$	10,479,847	⁽¹⁾	$	—	$	10,479,847

(1)

Classifications as defined in the Schedule of Investments.

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


	BALANCE AS OF 11/30/08 (000S)		REALIZED GAIN (LOSS) (000S)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)		NET PURCHASES (SALES) (000S)			TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)			BALANCE AS OF 8/31/09 (000S)
Corporate Notes/Bonds Structured Investment Vehicles	$	39,382	$	(12,462	)	$	—	$	(66,694	)	$	39,774		$	—

Total Investments	$	39,382	$	(12,462	)	$	—	$	(66,694	)	$	39,774		$	—

Other Financial Instruments *	$	29,819	$	12,458		$	—	$	—		$	(42,277	)	$	—

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

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

DIVERSIFIED ASSETS PORTFOLIO continued

AUGUST 31, 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

FDIC Federal Deposit Insurance Corporation

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

FRCD Floating Rate Certificates of Deposit

FRN Floating Rate Notes

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 64.2%⁽¹⁾
Federal Farm Credit Bank - 10.4%
FFCB Discount Notes,
0.08%, 9/1/09	$	11,535	$	11,535
0.23%, 12/29/09		25,000		24,981
0.50%, 3/30/10		25,000		24,927
0.53%, 6/17/10		50,000		49,787
FFCB FRN,
0.24%, 9/1/09		25,000		24,993
0.64%, 9/1/09		35,000		35,000
0.28%, 9/2/09		30,000		29,999
0.57%, 9/15/09		99,000		99,056
0.10%, 9/16/09		25,000		25,000
0.51%, 9/20/09		150,000		149,993
0.19%, 9/22/09		23,500		23,499
0.26%, 9/22/09		50,000		50,000
0.16%, 9/24/09		45,000		44,997
0.26%, 9/25/09		30,000		30,000
0.27%, 9/25/09		5,000		5,001
0.50%, 9/25/09		15,000		15,012
0.26%, 9/27/09		30,000		29,995
0.19%, 9/28/09		45,000		44,997
0.30%, 9/28/09		13,000		13,007

				731,779

Federal Home Loan Bank - 21.0%
FHLB Bonds,
5.00%, 9/18/09		11,620		11,644
4.50%, 10/9/09		94,885		95,257
2.46%, 10/20/09		52,500		52,623
3.22%, 10/30/09		15,000		15,061
5.00%, 12/11/09		50,000		50,646
0.85%, 12/29/09		100,000		99,978
5.00%, 3/12/10		10,000		10,238
0.65%, 6/15/10		100,000		99,954
0.56%, 8/20/10		35,000		34,984
FHLB Discount Notes,
0.08%, 9/1/09		100,000		100,000
0.18%, 9/2/09		80,000		80,000
0.18%, 9/9/09		30,000		29,999
0.20%, 9/9/09		115,000		114,995
0.20%, 9/11/09		30,000		29,998
0.23%, 10/9/09		49,200		49,188
0.19%, 10/16/09		50,000		49,988
0.21%, 10/23/09		20,000		19,994
0.23%, 10/30/09		51,398		51,379
0.78%, 11/23/09		60,000		59,892
0.80%, 12/4/09		40,000		39,916
0.75%, 12/23/09		23,428		23,373
0.51%, 5/27/10		80,000		79,696
0.47%, 7/7/10		10,000		9,960
FHLB FRN,
0.31%, 9/1/09		15,000		15,000
0.54%, 9/1/09		24,500		24,499
0.64%, 9/1/09		30,000		29,996
0.23%, 9/19/09		83,500		83,446
0.18%, 9/30/09		35,000		34,991
0.34%, 10/6/09		6,500		6,494
0.39%, 10/8/09		4,100		4,101
0.28%, 10/9/09		3,200		3,202

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 64.2% ⁽¹⁾continued
Federal Home Loan Bank - 21.0% continued
FHLB FRN, continued
0.39%, 10/9/09	$	25,000	$	25,024
0.41%, 10/14/09		30,000		29,995
0.39%, 11/10/09		10,000		10,010
0.40%, 11/19/09		10,000		10,012

				1,485,533

Federal Home Loan Mortgage Corporation - 15.2%
FHLMC Discount Notes,
0.57%, 9/8/09		50,000		49,994
0.60%, 9/21/09		115,000		114,962
0.62%, 9/22/09		65,000		64,977
0.23%, 9/30/09		20,000		19,996
0.73%, 11/23/09		93,000		92,843
0.74%, 11/23/09		45,000		44,923
0.20%, 11/25/09		12,600		12,594
0.31%, 12/7/09		17,625		17,611
0.76%, 12/7/09		23,815		23,766
0.80%, 12/28/09		70,000		69,816
0.89%, 1/4/10		43,000		42,867
FHLMC FRN,
0.63%, 9/3/09		50,000		49,985
0.20%, 9/8/09		10,000		10,000
0.70%, 9/9/09		30,000		30,098
0.58%, 9/24/09		40,000		40,090
0.58%, 9/30/09		10,000		10,021
0.19%, 9/28/09		60,000		60,000
0.41%, 10/14/09		120,000		119,994
0.39%, 11/24/09		65,000		64,988
FHLMC Notes,
6.63%, 9/15/09		40,000		40,096
2.75%, 11/13/09		5,000		5,024
4.13%, 11/30/09		90,000		90,804

				1,075,449

Federal National Mortgage Association - 17.3%
FNMA Bond,
4.63%, 12/15/09		53,000		53,655
FNMA Discount Notes,
0.50%, 9/1/09		35,000		35,000
0.57%, 9/2/09		40,000		39,999
0.55%, 9/9/09		12,200		12,198
0.20%, 10/21/09		8,529		8,527
1.00%, 12/10/09		70,000		69,805
0.42%, 2/1/10		15,275		15,248
FNMA FRN,
0.45%, 10/21/09		71,000		71,109
0.60%, 10/27/09		15,000		15,013
0.42%, 11/5/09		55,000		55,015
0.40%, 11/12/09		14,000		14,014
FNMA Mortgage Backed Discount Notes,
Pool #462899,
0.25%, 9/1/09		19,537		19,537
Pool #462917,
0.25%, 10/1/09		50,000		49,990
Pool #463089,
0.26%, 11/2/09		127,650		127,593
Pool #463192,
0.25%, 11/2/09		23,863		23,853
Pool #463219,
0.25%, 11/2/09		100,000		99,957

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 64.2% ⁽¹⁾continued
Federal National Mortgage Association - 17.3% continued
FNMA Mortgage Backed Discount Notes, continued
Pool #463231,
0.21%, 10/1/09	$	30,000	$	29,995
Pool #463312,
0.22%, 12/1/09		105,021		104,963
Pool #958433,
0.66%, 9/1/09		37,160		37,160
Pool #958916,
0.24%, 9/1/09		225,000		225,000
FNMA Notes,
4.00%, 9/10/09		10,000		10,009
6.63%, 9/15/09		24,843		24,901
3.88%, 12/10/09		80,238		81,009

				1,223,550

Tennessee Valley Authority - 0.3%
Tennessee Valley Authority Discount Note,
0.13%, 9/24/09		20,000		19,999

				19,999

Total U.S. Government Agencies (Cost $4,536,310)				4,536,310


U.S. GOVERNMENT OBLIGATIONS - 11.5%
U.S. Treasury Bills - 5.5%
0.08%, 9/3/09		25,000		25,000
0.12%, 9/3/09		200,000		199,999
0.08%, 9/17/09		50,000		49,998
0.11%, 9/24/09		65,000		64,995
0.30%, 11/12/09		35,000		34,979
0.44%, 12/17/09		13,500		13,483

				388,454

U.S. Treasury Notes - 6.0%
3.38%, 9/15/09		40,000		40,048
4.00%, 9/30/09		55,000		55,164
3.38%, 10/15/09		25,000		25,093
3.63%, 10/31/09		70,000		70,374
3.50%, 11/15/09		40,000		40,266
4.63%, 11/15/09		40,000		40,356
3.50%, 12/15/09		75,000		75,698
3.25%, 12/31/09		40,000		40,380
6.50%, 2/15/10		35,000		35,960

				423,339

Total U.S. Government Obligations (Cost $811,793)				811,793

Investments, at Amortized Cost ($5,348,103)				5,348,103


REPURCHASE AGREEMENTS - 25.0%
(Collateralized at a minimum of 102%)
Joint Repurchase Agreements - 0.1% ⁽²⁾
Morgan Stanley & Co., Inc., dated 8/31/09, repurchase price $1,743
0.18%, 9/1/09		1,743		1,743
Societe Generale, New York Branch, dated 8/31/09, repurchase price $3,486
0.19%, 9/1/09		3,486		3,486
UBS Securities LLC, dated 8/31/09, repurchase price $2,614
0.19%, 9/1/09		2,614		2,614

				7,843

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 25.0% continued
(Collateralized at a minimum of 102%)
Repurchase Agreements - 24.9% ⁽³⁾
Bank of America N.A., dated 8/31/09, repurchase price $195,001
0.22%, 9/1/09	$	195,000	$	195,000
BNP Paribas Securities Corp., dated 8/31/09, repurchase price $355,002
0.22%, 9/1/09		355,000		355,000
Citigroup Global Markets, Inc., dated 8/31/09, repurchase price $840,951
0.22%, 9/1/09		840,946		840,946
Deutsche Bank Securities, Inc., dated 8/31/09, repurchase price $100,001
0.21%, 9/1/09		100,000		100,000
UBS Securities LLC, dated 8/31/09, repurchase price $270,002
0.21%, 9/1/09		270,000		270,000

				1,760,946

Total Repurchase Agreements (Cost $1,768,789)				1,768,789

Total Investments - 100.7% (Cost $7,116,892) ⁽⁴⁾				7,116,892

Liabilities less Other Assets - (0.7)%				(47,857	)

NET ASSETS - 100.0%			$	7,069,035

(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	$	4,465	2.38% - 8.88%	8/15/17 - 4/15/28
U.S. Treasury Notes	$	3,480	0.88% - 3.50%	4/15/10 - 7/15/19

(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	$	719,234	4.50% - 7.00%	10/1/18 - 12/1/47
FNMA	$	865,049	4.50% - 7.00%	1/1/36 - 11/1/47
GNMA	$	229,492	2.63% - 6.50%	4/20/35 - 8/20/39

(4)

The cost for federal income tax purposes was $7,116,892.

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

AUGUST 31, 2009 (UNAUDITED)

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. Following is a summary of the inputs used in valuing the Government Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	Level 1 (000S)		Level 2 (000S)			Level 3 (000S)		Total (000S)
Government Portfolio	$	—	$	7,116,892	⁽¹⁾	$	—	$	7,116,892

(1)

Classifications as defined in the Schedule of Investments.

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

GOVERNMENT PORTFOLIO continued

AUGUST 31, 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 Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

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

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 84.3%⁽¹⁾
Federal Farm Credit Bank - 19.4%
FFCB Discount Notes,
0.07%, 9/1/09	$	200,000	$	200,000
0.08%, 9/1/09		390,833		390,833
0.09%, 9/1/09		68,000		68,000
0.06%, 9/2/09		200,000		200,000
0.13%, 9/17/09		50,000		49,997
0.14%, 9/23/09		47,000		46,996
0.21%, 11/4/09		15,000		14,994
0.23%, 12/10/09		20,000		19,987
0.23%, 12/11/09		25,000		24,984
0.30%, 1/4/10		26,000		25,973
0.25%, 1/7/10		25,000		24,978
0.25%, 1/8/10		25,000		24,978
0.21%, 1/29/10		25,000		24,978
0.73%, 2/9/10		37,000		36,879
0.50%, 3/30/10		50,000		49,854
0.45%, 4/1/10		40,000		39,894
FFCB FRN,
0.24%, 9/1/09		100,000		99,971
0.35%, 9/1/09		17,300		17,313
0.49%, 9/1/09		20,000		20,018
0.64%, 9/1/09		100,000		100,000
0.69%, 9/1/09		75,000		75,000
0.28%, 9/2/09		45,000		44,998
0.24%, 9/3/09		100,000		99,990
0.48%, 9/3/09		53,000		52,946
0.26%, 9/4/09		35,000		35,004
0.53%, 9/4/09		25,000		25,009
0.28%, 9/6/09		25,000		25,013
0.19%, 9/8/09		14,000		14,001
0.47%, 9/10/09		55,000		55,000
0.57%, 9/15/09		235,000		235,140
0.10%, 9/16/09		60,000		60,000
0.51%, 9/20/09		304,000		303,989
0.26%, 9/22/09		100,000		100,000
0.16%, 9/24/09		165,000		164,985
0.26%, 9/25/09		40,000		40,000
0.26%, 9/27/09		50,000		49,993
0.17%, 9/28/09		15,000		15,001
0.19%, 9/28/09		20,000		19,999

				2,896,695

Federal Home Loan Bank - 60.6%
FHLB Bonds,
5.25%, 9/11/09		30,000		30,037
5.00%, 9/18/09		141,080		141,387
0.50%, 9/25/09		30,000		30,006
2.25%, 10/2/09		64,720		64,807
3.26%, 10/2/09		15,000		15,035
5.00%, 10/2/09		120,000		120,414
4.50%, 10/9/09		85,000		85,364
4.00%, 10/29/09		40,000		40,210
3.50%, 11/3/09		95,000		95,493
0.33%, 11/20/09		40,000		40,000
4.25%, 11/20/09		126,800		127,834
0.45%, 11/24/09		50,000		50,000
1.15%, 12/11/09		60,000		60,023
5.00%, 12/11/09		210,000		212,536
3.38%, 12/18/09		20,000		20,164
0.85%, 12/29/09		100,000		99,978

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 84.3% ⁽¹⁾continued
Federal Home Loan Bank - 60.6% continued
FHLB Bonds, continued
3.50%, 1/6/10	$	40,000	$	40,365
3.75%, 1/8/10		75,000		75,906
3.88%, 1/15/10		70,000		70,917
1.10%, 3/10/10		21,500		21,494
2.75%, 3/12/10		75,000		75,947
5.00%, 3/12/10		35,000		35,835
0.65%, 6/15/10		150,000		149,931
0.60%, 7/12/10		60,000		59,944
0.56%, 8/20/10		100,000		99,954
FHLB Discount Notes,
0.08%, 9/1/09		1,650,000		1,650,000
0.10%, 9/1/09		125,000		125,000
0.22%, 9/1/09		10,000		10,000
0.08%, 9/2/09		21,500		21,500
0.18%, 9/2/09		270,500		270,499
0.19%, 9/2/09		40,000		40,000
0.60%, 9/2/09		25,000		25,000
0.06%, 9/3/09		72,000		72,000
0.12%, 9/4/09		37,775		37,775
0.17%, 9/4/09		40,000		39,999
0.18%, 9/4/09		143,000		142,998
0.10%, 9/9/09		58,093		58,092
0.17%, 9/9/09		75,000		74,997
0.19%, 9/9/09		80,000		79,997
0.12%, 9/11/09		17,500		17,499
0.13%, 9/11/09		40,000		39,999
0.14%, 9/11/09		195,000		194,992
0.15%, 9/11/09		31,100		31,099
0.19%, 9/11/09		23,000		22,999
0.20%, 9/11/09		50,000		49,997
0.12%, 9/14/09		80,000		79,997
0.07%, 9/15/09		19,541		19,540
0.59%, 9/15/09		90,000		89,979
0.13%, 9/16/09		100,000		99,994
0.14%, 9/16/09		100,000		99,994
0.15%, 9/16/09		114,660		114,653
0.21%, 9/16/09		150,000		149,987
0.14%, 9/18/09		80,000		79,995
0.15%, 9/18/09		20,000		19,999
0.10%, 9/21/09		23,897		23,896
0.13%, 9/21/09		66,594		66,589
0.20%, 9/21/09		21,407		21,405
0.71%, 9/22/09		35,000		34,986
0.71%, 9/23/09		60,000		59,974
0.12%, 10/6/09		8,021		8,020
0.23%, 10/7/09		70,000		69,984
0.15%, 10/9/09		10,550		10,548
0.21%, 10/9/09		80,000		79,982
0.18%, 10/14/09		80,000		79,983
0.23%, 10/14/09		55,000		54,985
0.19%, 10/16/09		75,000		74,982
0.20%, 10/28/09		75,871		75,847
0.16%, 11/4/09		56,035		56,020
0.21%, 11/6/09		100,000		99,962
0.29%, 11/6/09		15,910		15,902
0.15%, 11/12/09		36,000		35,989
0.29%, 11/13/09		15,398		15,389
0.54%, 11/16/09		25,750		25,721

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 84.3% ⁽¹⁾continued
Federal Home Loan Bank - 60.6% continued
FHLB Discount Notes, continued
0.19%, 11/18/09	$	25,000	$	24,990
0.75%, 11/18/09		15,023		14,999
0.73%, 11/23/09		25,000		24,958
0.78%, 11/23/09		65,000		64,883
0.67%, 11/24/09		15,000		14,977
0.55%, 12/1/09		16,000		15,978
0.78%, 12/1/09		23,216		23,170
0.76%, 12/4/09		65,000		64,871
0.80%, 12/4/09		40,000		39,916
0.80%, 12/8/09		23,000		22,950
0.80%, 12/9/09		160,000		159,648
0.93%, 12/11/09		100,000		99,739
0.93%, 12/14/09		40,000		39,893
0.30%, 12/15/09		20,000		19,983
0.32%, 12/15/09		25,500		25,476
0.55%, 12/29/09		90,265		90,101
0.88%, 1/4/10		25,000		24,923
0.85%, 1/15/10		55,000		54,823
0.96%, 2/1/10		90,000		89,633
0.47%, 7/9/10		20,000		19,919
FHLB FRN,
0.24%, 9/1/09		75,000		74,973
0.30%, 9/1/09		79,500		79,500
0.31%, 9/1/09		60,000		60,000
0.37%, 9/1/09		80,000		80,000
0.41%, 9/1/09		75,000		75,000
0.54%, 9/1/09		100,000		99,994
0.64%, 9/1/09		130,000		129,994
0.82%, 9/1/09		100,000		100,320
0.50%, 9/6/09		10,000		10,004
0.65%, 9/10/09		85,000		85,008
0.23%, 9/13/09		30,000		29,999
0.45%, 9/15/09		20,000		20,008
0.23%, 9/19/09		100,000		99,933
0.18%, 9/23/09		75,000		74,973
0.18%, 9/30/09		100,000		99,974
0.58%, 10/2/09		27,000		27,007
0.34%, 10/6/09		90,000		89,992
0.28%, 10/9/09		125,000		125,000
0.41%, 10/14/09		50,000		49,991
0.22%, 10/16/09		42,000		41,957
0.55%, 11/18/09		60,000		60,046
0.40%, 11/19/09		12,000		12,021
0.28%, 11/28/09		40,000		39,994

				9,033,843

Tennessee Valley Authority - 4.3%
Tennessee Valley Authority Discount Notes,
0.13%, 9/3/09		60,000		59,999
0.16%, 9/3/09		14,717		14,717
0.10%, 9/10/09		150,000		149,996
0.15%, 9/17/09		80,000		79,994
0.13%, 9/24/09		75,000		74,994
0.11%, 10/1/09		100,000		99,991
0.12%, 10/1/09		51,200		51,195
0.11%, 10/8/09		109,000		108,988

				639,874

Total U.S. Government Agencies (Cost $12,570,412)				12,570,412

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 15.5%
U.S. Treasury Bills - 8.8%
0.04%, 9/3/09	$	200,000	$	200,000
0.08%, 9/3/09		100,000		100,000
0.12%, 9/3/09		155,000		154,999
0.13%, 9/3/09		85,000		84,999
0.08%, 9/17/09		200,000		199,993
0.13%, 9/17/09		140,000		139,992
0.11%, 9/24/09		160,000		159,989
0.30%, 11/12/09		100,000		99,940
0.50%, 4/8/10		125,000		124,618
0.53%, 7/1/10		50,000		49,775

				1,314,305

U.S. Treasury Notes - 6.7%
4.00%, 9/30/09		120,000		120,357
3.38%, 10/15/09		35,000		35,131
3.63%, 10/31/09		305,000		306,638
3.50%, 11/15/09		125,000		125,839
3.50%, 12/15/09		200,000		201,861
6.50%, 2/15/10		100,000		102,740
3.63%, 6/15/10		100,000		102,297

				994,863

Total U.S. Government Obligations (Cost $2,309,168)				2,309,168

Investments, at Amortized Cost ($14,879,580)				14,879,580

Total Investments - 99.8% (Cost $14,879,580) ⁽²⁾				14,879,580

Other Assets less Liabilities - 0.2%				26,406

NET ASSETS - 100.0%			$	14,905,986

(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 $14,879,580.

Percentages shown are based on Net Assets.

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. Following is a summary of the inputs used in valuing the Government Select Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	Level 1 (000S)		Level 2 (000S)			Level 3 (000S)		Total (000S)
Government Select Portfolio	$	—	$	14,879,580	⁽¹⁾	$	—	$	14,879,580

(1)

Classifications as defined in the Schedule of Investments.

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

GOVERNMENT SELECT PORTFOLIO continued

AUGUST 31, 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

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TREASURY PORTFOLIO

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 35.7%
U.S. Treasury Bills - 35.4%
0.33%, 9/15/09	$	20,000	$	19,997
0.18%, 9/24/09		50,000		49,994
0.18%, 10/15/09		20,000		19,996
0.40%, 10/22/09		20,000		19,989
0.30%, 10/29/09		25,000		24,988
0.42%, 11/19/09		10,000		9,991
0.55%, 11/19/09		20,000		19,976
0.56%, 11/19/09		25,000		24,969
0.30%, 11/27/09		40,000		39,971
0.69%, 12/17/09		15,000		14,969
0.42%, 1/14/10		25,000		24,961
0.29%, 2/11/10		50,000		49,936
0.56%, 2/11/10		20,000		19,949
0.25%, 3/4/10		100,000		99,876
0.70%, 3/11/10		15,000		14,944
0.52%, 4/1/10		43,500		43,367
0.47%, 4/8/10		20,000		19,943
0.50%, 4/8/10		10,000		9,970
0.60%, 4/8/10		12,500		12,454
0.50%, 5/6/10		10,000		9,966
0.52%, 5/6/10		10,000		9,964
0.47%, 6/3/10		20,000		19,928
0.48%, 6/3/10		5,000		4,982
0.59%, 6/3/10		5,000		4,977
0.45%, 6/10/10		13,000		12,954
0.45%, 6/17/10		75,000		74,732
0.46%, 7/1/10		13,000		12,950
0.54%, 7/1/10		40,000		39,818
0.40%, 7/15/10		11,000		10,963
0.50%, 7/29/10		20,000		19,909
0.43%, 8/26/10		15,000		14,936

				776,319

U.S. Treasury Note - 0.3%
2.38%, 8/31/10		7,000		7,125

				7,125

Total U.S. Government Obligations (Cost $783,444)				783,444


Investments, at Amortized Cost ($783,444)				783,444


REPURCHASE AGREEMENTS - 69.4%
(Collateralized at a minimum of 102%)
Joint Repurchase Agreements - 2.7% ⁽¹⁾
Morgan Stanley & Co., Inc., dated 8/31/09, repurchase price $12,885 0.18%, 9/1/09		12,885		12,885
Societe Generale, New York Branch, dated 8/31/09, repurchase price $25,770 0.19%, 9/1/09		25,769		25,769
UBS Securities LLC, dated 8/31/09, repurchase price $19,327 0.19%, 9/1/09		19,327		19,327

				57,981

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TREASURY PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 69.4% continued
(Collateralized at a minimum of 102%)
Repurchase Agreements - 66.7% ⁽²⁾
Bank of America Securities LLC, dated 8/31/09, repurchase price $156,717 0.20%, 9/1/09	$	156,716	$	156,716
Barclays Capital, Inc., dated 8/31/09, repurchase price $235,001 0.20%, 9/1/09		235,000		235,000
BNP Paribas Securities Corp., dated 8/31/09, repurchase price $225,001 0.20%, 9/1/09		225,000		225,000
Citigroup Global Markets, Inc., dated 8/31/09, repurchase price $260,001 0.20%, 9/1/09		260,000		260,000
Greenwich Capital Markets, Inc., dated 8/31/09, repurchase price $365,002 0.20%, 9/1/09		365,000		365,000
HSBC Securities (USA), Inc., dated 8/31/09, repurchase price $220,001 0.19%, 9/1/09		220,000		220,000

				1,461,716

Total Repurchase Agreements (Cost $1,519,697)				1,519,697

Total Investments - 105.1% (Cost $2,303,141) ⁽³⁾				2,303,141

Liabilities less Other Assets - (5.1)%				(111,243	)

NET ASSETS - 100.0%			$	2,191,898

(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	$	33,008	2.38% - 8.88	%	8/15/17 - 4/15/28
U.S. Treasury Notes	$	25,722	0.88% - 3.50	%	4/15/10 - 7/15/19

(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	$	60,409	4.75	%	2/15/37
U.S. Treasury Notes	$	1,430,548	0.88% - 5.00	%	12/31/10 - 7/15/19

(3)

The cost for federal income tax purposes was $2,303,141.

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

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TREASURY PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. 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 August 31, 2009:


	Level 1 (000S)		Level 2 (000S)			Level 3 (000S)		Total (000S)
Treasury Portfolio	$	—	$	2,303,141	⁽¹⁾	$	—	$	2,303,141

(1)

Classifications as defined in the Schedule of Investments.

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

OTHER INFORMATION

TREASURY PORTFOLIO continued

AUGUST 31, 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 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0%
Alabama - 1.8%
Chatom IDB Gulf Opportunity Zone Revenue Bonds, Series 2008-A, Powersouth Energy Cooperative Project, 2.85%, 11/15/09	$	5,000	$	5,000
Hoover Multifamily Housing Revenue Refunding VRDB, Series 2004, Royal Oaks Apartment Project (FHLMC Insured), 0.36%, 9/9/09		5,200		5,200
West Jefferson IDB PCR Refunding Bonds, Series 1998, Alabama Power Co. Project, 0.49%, 9/9/09		10,000		10,000

				20,200

Alaska - 0.8%
Valdez Marine Terminal Revenue Refunding VRDB, Series 2003-B, BP Pipelines, Inc. Project (BP PLC Gtd.), 0.08%, 9/1/09		9,400		9,400

Arizona - 2.5%
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-1, The Terraces Project (Lloyds TSB Bank LOC), 0.29%, 9/9/09		6,600		6,600
Arizona Health Facilities Authority Revenue VRDB, Series 2002, Royal Oaks Project (Bank of America N.A. LOC), 0.28%, 9/9/09		3,700		3,700
Arizona School District TANS Financing Program COPS, Series 2009, 2.00%, 7/30/10		5,000		5,066
Arizona State Board of Regents University System Revenue Refunding VRDB, Series 2008-A (Lloyds TSB Bank LOC), 0.18%, 9/9/09		2,540		2,540
Salt River Project Agricultural Improvement and Power District Revenue Bonds, Citigroup Eagle Series 2006-14, ⁽¹⁾ 0.29%, 9/9/09		2,300		2,300
Sun Devil Energy Center LLC Revenue Refunding Bonds, Series 2008, Arizona State University Project (Assured Guaranty Insured), 0.64%, 9/9/09		7,700		7,700

				27,906

California - 3.5%
ABAG Finance Authority for Nonprofit Corp. Revenue VRDB, Series 2004, California Senior Living, Elder Care Alliance (Lloyds TSB Bank LOC), 0.20%, 9/9/09		10,865		10,865
ABAG Finance Authority for Nonprofit Corp. Revenue VRDB, Series A, Elder Care Alliance (Banco Santander Central Hispano LOC), 0.20%, 9/9/09		1,965		1,965
California State Department of Water Resources and Power Supply Revenue VRDB, Series 2002B-2 (BNP Paribas LOC), 0.08%, 9/1/09		8,900		8,900
Series 2002C-7 (FSA Corp. Insured), 0.55%, 9/9/09		900		900
California State Economic Recovery G.O. VRDB, Series 2004C-16 (FSA Corp. Insured), 0.75%, 9/9/09		5,500		5,500
Santa Clara Valley Transportation Authority Sales Tax Revenue Refunding VRDB, Series 2008-A, 0.30%, 9/9/09		11,685		11,685

				39,815

Colorado - 4.3%
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Concordia University Irvine Project (U.S. Bank N.A. LOC), 0.25%, 9/1/09		1,775		1,775

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0% continued
Colorado - 4.3% continued
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Museum of Contemporary Art (KeyBank N.A. LOC), 2.20%, 9/9/09	$	5,100	$	5,100
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Series 2003, Vail Mountain School Project (KeyBank N.A. LOC), 2.50%, 9/9/09		13,775		13,775
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Series 2005, Kent Denver School Project (Bank of New York LOC), 0.27%, 9/9/09		5,600		5,600
Colorado Educational and Cultural Facilities Authority Revenue VRDB, Series 2008, Foundations Academy Project (U.S. Bank N.A. LOC), 0.28%, 9/9/09		4,655		4,655
Colorado Health Facilities Authority Revenue Refunding VRDB, Covenant Retirement (Bank of America N.A. LOC), 0.28%, 9/9/09		5,295		5,295
Colorado Health Facilities Authority Revenue VRDB, Series 2004B, Adventist Health System Sunbelt (SunTrust Bank LOC), 1.30%, 9/9/09		4,320		4,320
Denver City and County Multifamily Housing Revenue Bonds, Series 1985, Ogden Residences Project (CALYON LOC), 0.33%, 9/1/09		1,700		1,700
Traer Creek Metropolitan District Revenue VRDB, Series 2004 (BNP Paribas LOC), 0.45%, 9/9/09		200		200
Triview Metropolitan District G.O. VRDB, Series 2006-A (Compass Bank LOC), 1.19%, 9/9/09		6,745		6,745

				49,165

Connecticut - 1.8%
Connecticut State Health and Educational Facilities Authority Revenue VRDB, Series 2005-F, Wesleyan University, 0.30%, 9/9/09		17,505		17,505
Connecticut State Health and Educational Facilities Authority Revenue VRDB, Series 2008-E, Kent School (Bank of America N.A. LOC), 0.40%, 9/9/09		2,800		2,800

				20,305

District of Columbia - 1.9%
District of Columbia Revenue Bonds, Series 1998-A, Tranche 1 (Wachovia Bank N.A. LOC), 0.13%, 9/1/09		13,875		13,875
District of Columbia Revenue VRDB, Series 2001, Henry J. Kaiser Foundation, 0.39%, 9/9/09		1,200		1,200
District of Columbia Water and Sewer Revenue Bonds, Citicorp Eagle Trust 8121A (FSA Corp. Insured), ⁽¹⁾ 0.39%, 9/9/09		7,000		7,000

				22,075

Florida - 5.1%
Citizens Property Insurance Corp. Revenue Notes, Series 2009 A-2, Senior Secured, 4.50%, 6/1/10		8,500		8,555
Gainesville Utility System Revenue VRDB, Series 2008-B, 0.27%, 9/9/09		7,335		7,335
Highlands County Health Facilities Authority Revenue VRDB, Series C, Adventist (SunTrust Bank LOC), 1.30%, 9/9/09		2,800		2,800

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0% continued
Florida - 5.1% continued
Jacksonville Electric System Revenue VRDB, Series 2008 Three-A, 0.20%, 9/9/09	$	5,600	$	5,600
Jacksonville Health Facilities Authority Hospital Revenue VRDB, Series 2008-B, Baptist Medical (Branch Banking & Trust Co. LOC), 0.28%, 9/9/09		9,500		9,500
Orange County Health Facilities Authority Revenue VRDB, Series 2008-D, Orlando Regional (SunTrust Bank LOC), 0.35%, 9/1/09		1,300		1,300
Orange County School Board COPS VRDB, Series 2008-B (Assured Guaranty Insured), 0.47%, 9/9/09		10,700		10,700
Palm Beach County Health Facilities Authority Revenue VRDB, Series 2001, Bethesda Healthcare System Project (SunTrust Bank LOC), 0.35%, 9/1/09		1,500		1,500
Pinellas County Health Facility Authority Revenue Refunding VRDB, Series 2004, Bayfront Projects (SunTrust Bank LOC), 0.35%, 9/1/09		10,000		10,000

				57,290

Georgia - 7.7%
Burke County Development Authority PCR VRDB, Series 2009, Georgia Power Co., Vogtle, 1st Series, 0.14%, 9/2/09		12,000		12,000
Fulton County Development Authority Revenue Bonds, Series 1999, Alfred and Adele Davis (Branch Banking & Trust Co. LOC), 0.33%, 9/9/09		11,845		11,845
Fulton County Development Authority Revenue VRDB, Series 2004, Holy Innocents Episcopal School Project (SunTrust Bank LOC), 1.40%, 9/9/09		1,350		1,350
Fulton County Residential Care Facilities for the Elderly Authority Revenue VRDB, Series C, Lenbrook Project, First Mortgage (Bank of Scotland PLC LOC), 0.28%, 9/9/09		600		600
Macon-Bibb County Hospital Authority Revenue VRDB, Series 2003, Revenue Anticipation Certificates, Medical Center of Central Georgia (SunTrust Bank LOC), 1.40%, 9/9/09		3,320		3,320
Macon-Bibb County Industrial Authority Revenue Refunding and Improvement Bonds, Series 2009, Bass-Sofkee, 0.49%, 9/9/09		11,500		11,500
Monroe County Development Authority PCR VRDB, Series 2009, Georgia Power Co. - Scherer, 1st Series, 0.14%, 9/2/09		600		600
Municipal Electric Authority of Georgia Revenue VRDB, Series B, Project 1 (Dexia Credit Local LOC), 0.40%, 9/9/09		5,400		5,400
Richmond County Development Authority Revenue Bonds, Series 2008-A, MCG Health, Inc. Project (UBS AG LOC), 0.22%, 9/9/09		7,500		7,500
Richmond County Hospital Authority Revenue Bonds, Series 2003, Revenue Anticipation Certificates, University Health Services, Inc. Project (SunTrust Bank LOC), 1.40%, 9/9/09		6,050		6,050
Smyrna Multifamily Housing Authority Revenue Bonds, Series 1997, F & M Villages Project (FNMA Gtd.), 0.28%, 9/9/09		7,220		7,220
State of Georgia G.O. VRDB, Series 2006 H-1, 0.35%, 9/9/09		20,446		20,446

				87,831

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0% continued
Illinois - 10.0%
Arlington Heights Multifamily Housing Revenue Refunding VRDB, Series 1997, Dunton Tower Apartments Project (Marshall & Ilsley Bank LOC), 2.10%, 9/9/09	$	3,800	$	3,800
Chicago G.O. VRDB, Series B-1, 0.12%, 9/1/09		3,100		3,100
Series B-2, 0.12%, 9/1/09		18,000		18,000
Chicago G.O. VRDB, Series 21-B-3, Neighborhoods Alive (Bank of America N.A. LOC), 0.22%, 9/1/09		8,900		8,900
Chicago Wastewater Transmission Revenue Refunding VRDB, Subseries 2008 C-1 (Harris N.A. LOC), 0.18%, 9/1/09		800		800
Chicago Water Revenue VRDB, Second Lien, Subseries 2000-2, 0.18%, 9/1/09		5,000		5,000
City of Chicago G.O. Refunding VRDB, Series 2005D, Project Refunding (FSA Corp. Insured), 0.53%, 9/9/09		7,000		7,000
City of Chicago G.O. Refunding VRDB, Series 2007-E, 0.13%, 9/1/09		700		700
City of Springfield Community Improvement Revenue VRDB, Series 2007A, Abraham Lincoln (Harris N.A. LOC), 0.36%, 9/9/09		4,700		4,700
Illinois Educational Facilities Authority Revenue Bonds, Series A, Illinois Institute of Technology Student Housing (Harris N.A. LOC), 0.51%, 9/9/09		7,900		7,900
Illinois Finance Authority Revenue Bonds, Put Option, Series 2005, Mercy Alliance Project (Marshall & Ilsley Bank LOC), 1.69%, 9/9/09		5,255		5,255
Illinois Finance Authority Revenue Bonds, Series 2009 B-1, Art Institute of Chicago (JPMorgan Chase Bank LOC), 0.32%, 9/9/09		6,000		6,000
Illinois Finance Authority Revenue VRDB, Series 2004, Central DuPage Health, 0.19%, 9/1/09		9,830		9,830
Illinois Finance Authority Revenue VRDB, Series 2008, Marwen Foundation Project (Bank of New York LOC), 0.33%, 9/9/09		5,080		5,080
Illinois International Port District Revenue Refunding VRDB, Series 2003 (Bank of America N.A. LOC), 0.34%, 9/9/09		3,000		3,000
Illinois State Tollway Highway Authority Revenue VRDB, Series A-1, Senior Priority, 0.33%, 9/9/09		2,300		2,300
Kane County Revenue Bonds, Series 1993, Glenwood School for Boys (Harris N.A. LOC), 0.82%, 9/9/09		6,000		6,000
Morton Grove Cultural Facilities Revenue VRDB, Series 2006, Holocaust Museum (Bank of America N.A. LOC), 0.30%, 9/9/09		9,500		9,500
Peoria IDR Bonds, Series 1997, Peoria Production Shop Project (JPMorgan Chase Bank LOC), 0.82%, 9/9/09		505		505
Will County Revenue VRDB, Series 2004, Joliet Catholic Academy Project (Harris N.A. LOC), 0.36%, 9/9/09		6,250		6,250

				113,620

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0% continued
Indiana - 1.3%
Indiana Bond Bank Revenue Notes, Series 2009-A, Advance Funding Program Notes, 2.00%, 1/5/10	$	5,000	$	5,015
Indiana Finance Authority Health System Revenue Refunding VRDB, Series 2008-I, Sisters of St. Francis (Wells Fargo Bank N.A. LOC), 0.20%, 9/9/09		3,600		3,600
Indiana Finance Authority Health System Revenue VRDB, Series 2008-G, Sisters of St. Francis Health (Bank of New York LOC), 0.23%, 9/9/09		5,250		5,250
Indiana Health Facility Financing Authority Revenue VRDB, Series 2000, Senior Living Greencroft Obligation Project (Bank of America N.A. LOC), 0.31%, 9/9/09		1,131		1,131

				14,996

Iowa - 0.9%
Iowa Finance Authority Revenue VRDB, Series 2000, YMCA and Rehab Center Project (Bank of America N.A. LOC), 0.38%, 9/9/09		2,000		2,000
Iowa Finance Authority Revenue VRDB, Series 2003A, St. Luke’s Health Foundation of Sioux City Project (General Electric Capital Corp. LOC), 0.32%, 9/9/09		3,100		3,100
Iowa Higher Education Loan Authority Revenue Bonds, Series 2002, Luther College Project (U.S. Bank N.A. LOC), 0.28%, 9/9/09		2,810		2,810
Iowa Higher Education Loan Authority Revenue VRDB, Series 2002, Private College Facilities (Bank of America N.A. LOC), 0.15%, 9/1/09		2,000		2,000

				9,910

Kansas - 0.4%
Kansas Development Finance Authority Revenue VRDB, Series 1998BB, Shalom Village Obligation Group (Citibank N.A. LOC), 0.28%, 9/9/09		4,635		4,635

Kentucky - 0.6%
Fort Mitchell League of Cities Revenue VRDB, Series 2002A, Trust Lease Program (U.S. Bank N.A. LOC), 0.19%, 9/9/09		1,950		1,950
Kentucky Economic Development Finance Authority Revenue Refunding VRDB, Series 2008, Retirement Housing Foundation (KBC Bank N.V. LOC), 0.28%, 9/9/09		4,015		4,015
Morehead League of Cities Revenue VRDB, Series 2004A, Trust Lease Program (U.S. Bank N.A. LOC), 0.19%, 9/9/09		440		440

				6,405

Maryland - 4.9%
Maryland State Community Development Administration Department of Housing and Community Development Revenue VRDB, Series 2008-F, Multifamily (FHLMC Insured), 0.28%, 9/9/09		3,100		3,100
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds, Series A, Pooled Loan Program (JPMorgan Chase Bank LOC), 0.30%, 9/9/09		10,000		10,000
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series A, Adventist Healthcare (Manufacturers & Traders Trust Co. LOC), 0.38%, 9/9/09		11,680		11,680
Series 2005A, Adventist Healthcare (Bank of America N.A. LOC), 0.28%, 9/9/09		11,400		11,400
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008, Frederick Memorial Hospital (Branch Banking & Trust Co. LOC), 0.34%, 9/9/09		8,300		8,300

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0% continued
Maryland - 4.9% continued
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008-H, University of Maryland Medical System (Manufacturers & Traders Trust Co. LOC), 0.39%, 9/9/09	$	11,250	$	11,250

				55,730

Massachusetts - 2.6%
Massachusetts State Development Finance Agency Revenue VRDB, Series 2003, Lesley University (Bank of America N.A. LOC), 0.32%, 9/9/09		2,900		2,900
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Northfield Mount Hermon (JPMorgan Chase Bank LOC), 0.29%, 9/9/09		23,355		23,355
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Seashore Port-Deaconess, Inc. (Banco Santander Central Hispano LOC), 0.25%, 9/9/09		800		800
Massachusetts State G.O. VRDB, Series B, Consolidated Loans, 0.15%, 9/1/09		600		600
Massachusetts State Water Resources Authority Revenue Refunding VRDB, Series 2008-F, 0.17%, 9/9/09		1,500		1,500

				29,155

Michigan - 1.4%
Ann Arbor Economic Development Corp. Limited Obligation Revenue Refunding Bonds, Series B, Glacier Hills Project (JPMorgan Chase Bank LOC), 0.28%, 9/9/09		410		410
Kentwood Economic Development Corp. Revenue VRDB, Series 2002B, Limited Obligation, Holland Home (Bank of America N.A. LOC), 0.28%, 9/9/09		1,275		1,275
Michigan Municipal Bond Authority Revenue Notes, Series 2009-C3, State Aid Notes (Bank of Nova Scotia LOC), 2.50%, 8/20/10		4,000		4,063
State of Michigan G.O. RANS, Series 2008-A, 3.00%, 9/30/09		10,000		10,008

				15,756

Minnesota - 2.6%
Minnesota Agricultural and Economic Development Board Revenue VRDB, Series 2008 C-4, Health Care Facilities - Essentia (Assured Guaranty Insured), 0.21%, 9/1/09		3,100		3,100
Minnesota School District Capital Equipment Borrowing Tax and Aid Program COPS, Series 2009, 2.00%, 9/10/10		13,000		13,196
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 2007-6Q, Concordia University St. Paul (U.S. Bank N.A. LOC), 0.25%, 9/1/09		1,175		1,175
University of Minnesota Revenue Bonds, Series 1999-A, 0.20%, 9/9/09		12,500		12,500

				29,971

Mississippi - 1.1%
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007-D, Chevron USA, Inc. Project, 0.59%, 9/1/09		2,900		2,900
Series 2007-E, Chevron USA, Inc. Project, 0.08%, 9/1/09		9,700		9,700

				12,600

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0% continued
Missouri - 1.7%
Chesterfield IDA Educational Facilities Revenue VRDB, Series 2003, Gateway Academy, Inc. Project (U.S. Bank N.A. LOC), 0.20%, 9/1/09	$	370	$	370
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Coach House South Apartments (FHLMC LOC), 0.35%, 9/9/09		1,800		1,800
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 1999B, St. Louis University, 0.18%, 9/1/09		2,415		2,415
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2002, Missouri Baptist College (U.S. Bank N.A. LOC), 0.18%, 9/1/09		2,100		2,100
St. Joseph IDA Health Facilities Revenue VRDB, Series 2009-A, Heartland Regional Medical Center (U.S. Bank N.A. LOC), 0.20%, 9/9/09		6,000		6,000
St. Louis County IDA Revenue Bonds, Series 2008-A, International Lutheran Laymens Project (Fifth Third Bank LOC), 3.10%, 9/1/09		7,055		7,055

				19,740

Nevada - 0.2%
Carson City Hospital Revenue VRDB, Series 2003-B, Carson Tahoe Hospital Project (U.S. Bank N.A. LOC), 0.28%, 9/9/09		2,700		2,700

New Hampshire - 1.5%
New Hampshire Health and Education Facilities Authority Revenue VRDB, Series 2004-B, Kendal at Hanover (FHLB Boston LOC), 0.27%, 9/9/09		2,500		2,500
New Hampshire Health and Education Facilities Authority Revenue VRDB, Series 2008, Riverwoods Exeter (Bank of America N.A. LOC), 0.28%, 9/9/09		14,665		14,665

				17,165

New Mexico - 0.8%
New Mexico Finance Authority Revenue Refunding Bonds, Subseries 2008 B-2, Sub Lien (UBS AG LOC), 0.17%, 9/9/09		9,200		9,200

New York - 4.2%
Metropolitan Transportation Authority Tax Exempt Revenue Bonds, Series 2007-C, Municipal CP Notes (ABN AMRO Bank N.V. LOC), 0.45%, 9/3/09		10,000		10,000
Series 2007-C, Municipal CP Notes (ABN AMRO Bank N.V. LOC), 0.45%, 9/24/09		20,000		20,000
Nassau Health Care Corp. Revenue VRDB, Series 2009, Subseries B-2 (Toronto-Dominion Bank LOC), 0.17%, 9/9/09		10,000		10,000
New York City Industrial Development Agency Civic Revenue VRDB, Sephardic Community Youth Center (Manufacturers & Traders Trust Co. LOC), 0.44%, 9/9/09		7,500		7,500

				47,500

North Carolina - 1.5%
Charlotte G.O. VRDB, 0.33%, 9/9/09		5,400		5,400
North Carolina Medical Care Commission Healthcare Facilities Revenue VRDB, Series 2009-B, Wakemed (Wachovia Bank N.A. LOC), 0.28%, 9/9/09		9,400		9,400
Raleigh COPS VRDB, Series B, Downtown, 0.45%, 9/9/09		900		900

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0% continued
North Carolina - 1.5% continued
University of North Carolina Revenue Bonds, Citigroup Eagle 720053014 Class 2005A, ⁽¹⁾ 0.29%, 9/9/09	$	800	$	800

				16,500

Ohio - 0.8%
Cuyahoga County Revenue VRDB, Subseries 2004-B1, Cleveland Clinic, 0.12%, 9/1/09		5,500		5,500
Franklin County Hospital Revenue Refunding VRDB, Series 1996-B, U.S. Health Corp. of Columbus (U.S. Bank N.A. LOC), 0.20%, 9/9/09		95		95
Middletown Development Revenue Bonds, Series 2003, Bishop Fenwick High School Project (JPMorgan Chase Bank LOC), 0.27%, 9/9/09		2,435		2,435
Ohio State Higher Educational Facilities Revenue VRDB, Series 2007, Ohio Dominican University Project (JPMorgan Chase Bank LOC), 0.28%, 9/9/09		700		700
Warren County Health Care Facilities Revenue Improvement VRDB, Series 1998-B, Otterbein Homes (U.S. Bank N.A. LOC), 0.21%, 9/9/09		600		600

				9,330

Oregon - 1.4%
Medford Hospital Facilities Authority Revenue Refunding VRDB, Series 2009, Rogue Valley Manor Project (Wells Fargo Bank N.A. LOC), 0.18%, 9/1/09		4,900		4,900
Oregon State G.O. TANS, Series 2009A, 2.50%, 6/30/10		11,000		11,184

				16,084

Pennsylvania - 3.1%
Beaver County IDA Revenue VRDB, Series B, First Energy Nuclear (Citibank N.A. LOC), 0.27%, 9/9/09		12,600		12,600
Berks County Municipal Authority Revenue VRDB, Series 2008-A, Phoebe-Devitt Home Project (Banco Santander Central Hispano LOC), 0.28%, 9/9/09		6,000		6,000
Lancaster IDA Revenue VRDB, Series 2007, Mennonite Home Project (Manufacturers & Traders Trust Co. LOC), 0.44%, 9/9/09		9,600		9,600
Ridley School District G.O., Series 2009 (Toronto-Dominion Bank LOC), 0.30%, 9/9/09		3,000		3,000
Southcentral General Authority Revenue VRDB, Series 2008-B, Wellspan Health Obligation Group (RBS Citizens N.A. LOC), 1.62%, 9/9/09		1,800		1,800
Series 2008-D, Wellspan Health Obligation Group (SunTrust Bank LOC), 1.62%, 9/9/09		1,600		1,600

				34,600

South Carolina - 1.2%
Piedmont Municipal Power Agency Revenue VRDB, Series 2008-C (Assured Guaranty Insured), 0.50%, 9/9/09		12,500		12,500
South Carolina Transportation Infrastructure Bank Revenue Refunding VRDB, Series B2 (Branch Banking & Trust Co. LOC), 0.32%, 9/9/09		1,085		1,085

				13,585

Tennessee - 2.5%
Alcoa and Maryville Cities and Blount County IDB Revenue VRDB, Series 2009-A, Local Government Improvement (Branch Banking & Trust Co. LOC), 0.33%, 9/9/09		6,075		6,075

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0% continued
Tennessee - 2.5% continued
Blount County Public Building Authority Revenue VRDB, Series 2008 E-1-A, Local Government Improvement (Branch Banking & Trust Co. LOC), 0.33%, 9/1/09	$	5,500	$	5,500
Clarksville Public Building Authority Revenue Bonds, Series 2003, Pooled Financing Tennessee Municipal Bond Fund (Bank of America N.A. LOC), 0.14%, 9/1/09		1,400		1,400
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board Revenue Refunding VRDB, Series 2002, Timberlake Project, Multifamily (FNMA Insured), 0.34%, 9/9/09		7,450		7,450
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding VRDB, Series 2002, University of Nashville Project (SunTrust Bank LOC), 1.60%, 9/9/09		1,300		1,300
Tennergy Corp. Gas Revenue Bonds, STARS Trust Receipts 1260B (BNP Paribas LOC), ⁽¹⁾ 0.39%, 9/9/09		4,665		4,665
Williamson County IDB Revenue Bonds, Series 2003, Currey Ingram Academy Project (SunTrust Bank LOC), 1.32%, 9/9/09		2,160		2,160

				28,550

Texas - 11.9%
Granbury Independent School District G.O. P-Floats, Series 1999 SG-129 (PSF of Texas Gtd.), ⁽¹⁾ 0.39%, 9/9/09		430		430
Harris County Cultural Education Facilities Finance Corp. Revenue VRDB, Subseries C-1, Methodist Hospital, 0.12%, 9/1/09		55,000		55,000
HFDC of Central Texas, Inc. Retirement Facilities Revenue Bonds, Series 2006B (BNP Paribas LOC), 0.31%, 9/9/09		2,000		2,000
Houston Independent School District G.O. VRDB, Series 2004, Schoolhouse (PSF of Texas Gtd.), 0.25%, 9/9/09		9,215		9,215
Katy Independent School District G.O. VRDB, Series C, Fort Bend, Harris and Waller Counties, CSH Building (PSF of Texas Gtd.), 0.25%, 9/9/09		10,000		10,000
Lufkin Health Facilities Development Corp. Revenue Refunding VRDB, Memorial Health System East Texas (Wachovia Bank N.A. LOC), 0.15%, 9/1/09		3,500		3,500
Northside Independent School District G.O. VRDB, Series 2009, School Building (PSF of Texas Gtd.), 1.20%, 6/1/10		9,000		9,000
Princeton Independent School District G.O., Soc Gen Series 2003 SGB-41 (PSF of Texas Gtd.), ⁽¹⁾ 0.27%, 9/9/09		4,750		4,750
State of Texas TRANS, Series 2009, 2.50%, 8/31/10		20,000		20,407
Texas State Transportation Commission Revenue VRDB, Series B, First Tier, 0.20%, 9/9/09		1,300		1,300
Texas Water Development Board Revenue Refunding VRDB, Series 2007-A, Sub Lien, 0.15%, 9/1/09		14,725		14,725
Waco Educational Finance Corp. Revenue Refunding VRDB, Series 2008-A, Baylor University, 0.19%, 9/9/09		4,400		4,400

				134,727

MONEY MARKET PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0% continued
Utah - 1.1%
Murray City Hospital Revenue VRDB, Series 05-D, IHC Health Services, Inc., 0.20%, 9/1/09	$	5,000	$	5,000
Salt Lake Valley Fire Service Area TRANS, Series 2009, 1.50%, 12/31/09		3,000		3,005
Utah Water Finance Agency Revenue VRDB, Series 2008-B, ⁽¹⁾ 0.32%, 9/9/09		3,900		3,900

				11,905

Virginia - 0.7%
Charlottesville IDA Educational Facilities Revenue Bonds, Series 2006-A, University of Virginia Foundation Projects (Wachovia Bank N.A. LOC), 0.28%, 9/9/09		7,925		7,925

Washington - 5.2%
Energy Northwest Electric Revenue Refunding VRDB, Subseries 2008 F-1, Project 3, 0.40%, 9/9/09		17,000		17,000
Subseries 2008 F-2, Project 3, 0.40%, 9/9/09		5,000		5,000
Washington State Health Care Facilities Authority Revenue Bonds, Series 05-C-1, Overlake Hospital Medical Center (KeyBank N.A. LOC), 2.30%, 9/9/09		10,000		10,000
Washington State Higher Education Facilities Authority Revenue Refunding VRDB, Series 2008, Seattle Pacific University (U.S. Bank N.A. LOC), 0.23%, 9/9/09		13,600		13,600
Washington State Higher Education Facilities Authority Revenue VRDB, Series B, Puget Sound Project (Bank of America N.A. LOC), 0.35%, 9/9/09		6,000		6,000
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB, Series 2003, Emerald Heights Project (Bank of America N.A. LOC), 0.35%, 9/1/09		3,165		3,165
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Series 2000, Living Care Centers Project (Wells Fargo Bank N.A. LOC), 0.27%, 9/9/09		2,045		2,045
Washington State Housing Finance Commission Nonprofit Revenue VRDB, Series 2003, Gonzaga Preparatory School Project (Bank of America N.A. LOC), 0.38%, 9/9/09		1,775		1,775

				58,585

West Virginia - 0.7%
West Virginia State Hospital Finance Authority Revenue Refunding VRDB, Series 2009-A, West Virginia United Health (Branch Banking & Trust Co. LOC), 0.28%, 9/9/09		7,600		7,600

Wisconsin - 2.5%
La Crosse Development Revenue VRDB, Series 2008, University of Wisconsin - La Crosse Foundation (Wells Fargo Bank N.A. LOC), 0.39%, 9/9/09		900		900
Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds, Series 2008 B-3, Marquette University (JPMorgan Chase Bank LOC), 0.39%, 9/9/09		4,100		4,100
Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2009, Goodwill Industries Southeastern Wisconsin (U.S. Bank N.A. LOC), 0.28%, 9/9/09		5,000		5,000
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2005, Lutheran Home, Put Option (Marshall & Ilsley Bank LOC), 1.59%, 9/9/09		4,680		4,680

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 98.0% continued
Wisconsin - 2.5% continued
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2008-B, Medical College (U.S. Bank N.A. LOC), ⁽¹⁾ 0.24%, 9/9/09	$	9,600	$	9,600
Wisconsin Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2009, Lawrence University (JPMorgan Chase Bank LOC), 0.39%, 9/9/09		4,450		4,450

				28,730

Wyoming - 1.8%
Lincoln County PCR Bonds, Series 1984-A, Exxon Project (Exxon Mobil Corp. Gtd.), 0.08%, 9/1/09		10,000		10,000
Series 1984-D, Exxon Project (Exxon Mobil Corp. Gtd.), 0.08%, 9/1/09		6,300		6,300
Lincoln County PCR Bonds, Series 1994, Pacificorp Project (Wells Fargo Bank N.A. LOC), 0.25%, 9/9/09		3,200		3,200
Platte County PCR Bonds, Series 1984A, Tri-State Generation & Transmission (National Rural Utility Cooperative Finance Co. Gtd.), 0.85%, 9/1/09		1,000		1,000

				20,500

Total Municipal Investments (Cost $1,111,691)				1,111,691


EURODOLLAR TIME DEPOSIT - 3.5%
Non-U.S. Depository Institution - 3.5%
Societe Generale, Grand Cayman, 0.18%, 9/1/09		40,000		40,000

Total Eurodollar Time Deposit (Cost $40,000)				40,000

Total Investments - 101.5% (Cost $1,151,691) ⁽²⁾				1,151,691

Liabilities less Other Assets - (1.5)%				(16,559	)

NET ASSETS - 100.0%			$	1,135,132

(1)

(2)

The cost for federal income tax purposes was $1,151,691.

Percentages shown are based on Net Assets.

At August 31, 2009, the industry sectors for the Tax-Exempt Portfolio were:


INDUSTRY SECTOR	% OF NET ASSETS
Air, Transportation, Water Services and Solid Waste Management	6.3	%
Educational Services	18.3
Electric Services, Gas and Combined Utilities	8.0
Executive, Legislative and General Government	15.2
General Medical, Surgical and Nursing and Personal Care	11.2
Health Services and Residential Care	16.7
Urban and Community Development, Housing Programs and Social Services	9.3
All other sectors less than 5%	15.0

Total	100.0	%

MONEY MARKET PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. Following is a summary of the inputs used in valuing the Tax-Exempt Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Tax-Exempt Portfolio	$	—	$	1,151,691	⁽¹⁾	$	—	$	1,151,691

(1)

Classifications as defined in the Schedule of Investments.

MONEY MARKET PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

TAX-EXEMPT PORTFOLIO continued

AUGUST 31, 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

ABAG Association of Bay Area Governments

COPS Certificates of Participation

CP Commercial Paper

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

FSA Financial Security Assurance

G.O. General Obligation

Gtd. Guaranteed

IDA Industrial Development Authority

IDB Industrial Development Board

IDR Industrial Development Revenue

LOC Letter of Credit

P-Floats Puttable Floating Rate Securities

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

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5%
Alabama - 0.8%
Chatom IDB Gulf Opportunity Zone Revenue Bonds, Series 2008-A, Powersouth Energy Cooperative Project, 2.85%, 11/15/09	$	10,000	$	10,000
Columbia IDB PCR Refunding Bonds, Series 1995-C, Alabama Power Co. Project (Alabama Power Gtd.), 0.14%, 9/1/09		10,000		10,000
Montgomery IDB Pollution Control and Solid Waste Disposal Revenue Refunding VRDB, Series 2005, General Electric Co. Project (General Electric Co. Gtd.), 0.11%, 9/1/09		15,000		15,000
West Jefferson IDB PCR Refunding Bonds, Series 1998, Alabama Power Co. Project, 0.49%, 9/9/09		10,000		10,000

				45,000

Arizona - 1.5%
Apache County IDA Revenue Bonds, Series 1983-A, Tucson Electric Power (ABN AMRO Bank N.V. LOC), 0.29%, 9/9/09		24,325		24,325
Arizona Health Facilities Authority Revenue Bonds, Series 2003B-1, The Terraces Project (Lloyds TSB Bank LOC), 0.29%, 9/9/09		3,255		3,255
Arizona Health Facilities Authority Revenue Refunding Bonds, Series 2007, The Terraces Project (Banco Santander Central Hispano LOC), 0.28%, 9/9/09		20,400		20,400
Arizona Health Facilities Authority Revenue VRDB, Series 2002, Royal Oaks Project (Bank of America N.A. LOC), 0.28%, 9/9/09		11,800		11,800
Arizona Health Facilities Authority Revenue VRDB, Series 2008-B, Banner Health (Bank of Nova Scotia LOC), 0.23%, 9/9/09		3,520		3,520
Series 2008-C, Banner Health (Bank of Nova Scotia LOC), 0.28%, 9/9/09		100		100
Arizona State Board of Regents University System Revenue Refunding VRDB, Series 2008-A (Lloyds TSB Bank LOC), 0.18%, 9/9/09		1,600		1,600
Tucson IDA Revenue VRDB, Series 2002A, Family Housing Resources Projects (FNMA LOC), 0.30%, 9/9/09		5,000		5,000
Yuma IDA Hospital Revenue VRDB, Series 2008, Yuma Regional Medical Center (JPMorgan Chase Bank LOC), ⁽¹⁾ 0.28%, 9/9/09		18,100		18,100

				88,100

California - 5.4%
ABAG Finance Authority for Nonprofit Corp. Revenue VRDB, Series 2004, California Senior Living, Elder Care Alliance (Lloyds TSB Bank LOC), 0.20%, 9/9/09		9,585		9,585
ABAG Finance Authority for Nonprofit Corp. Revenue VRDB, Series A, Elder Care Alliance (Banco Santander Central Hispano LOC), 0.20%, 9/9/09		30,000		30,000
Antelope Valley-East Kern Water Agency COPS VRDB, Series 2008 A-2 (Wells Fargo Bank N.A. LOC), 0.18%, 9/9/09		8,150		8,150
Bay Area Toll Authority Toll Bridge Revenue Bonds, Citi ROCS RR-II-R-12019, ⁽¹⁾ 0.29%, 9/9/09		21,000		21,000
California Health Facilities Financing Authority Revenue Bonds, Series B1, Stanford Hospital (FSA Corp. Insured), 0.65%, 9/9/09		12,200		12,200

MONEY MARKET PORTFOLIOS 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
California - 5.4% continued
California State Department of Water Resources and Power Supply Revenue VRDB, Series 2002B-2 (BNP Paribas LOC), 0.08%, 9/1/09	$	47,157	$	47,157
Series 2002C-5 (Dexia Credit Local LOC), 0.35%, 9/9/09		21,000		21,000
Subseries G3 (FSA Corp. Insured), 0.55%, 9/9/09		900		900
California State Economic Recovery G.O. VRDB, Series 2004C-16 (FSA Corp. Insured), 0.75%, 9/9/09		8,410		8,410
California State G.O. VRDB, Series A, Subseries A-3 (Bank of America N.A. LOC), 0.26%, 9/9/09		25,380		25,380
California Statewide Communities Development Authority Revenue VRDB, Series 2007A, Sweep Loan Program (Citibank N.A. LOC), 0.25%, 9/9/09		1,300		1,300
Los Angeles Department of Water and Power Waterworks Revenue VRDB, Subseries 2001B-1, 0.15%, 9/9/09		5,800		5,800
Orange County Sanitation District COPS VRDB, Series 2000-A, 0.18%, 9/1/09		3,000		3,000
Richmond Redevelopment Agency Multifamily Revenue Refunding VRDB, Series A, Summit Hilltop (FNMA Gtd.), 0.24%, 9/9/09		13,380		13,380
Riverside County Community Facilities District Refunding VRDB, Special Tax, Number 88-4, Winchester Ranch (Comerica Bank LOC), 0.28%, 9/9/09		11,300		11,300
Riverside County Multifamily Housing Authority Revenue Refunding VRDB, Series C, Tyler Springs Apartments (FNMA Gtd.), 0.25%, 9/9/09		8,250		8,250
San Diego County Regional Transportation Commission Sales Limited Tax Revenue VRDB, Series 2008-D, 0.40%, 9/9/09		31,100		31,100
San Francisco City and County Redevelopment Agency Multifamily Housing Revenue VRDB, Series 1985B, Bayside Village Project (JPMorgan Chase Bank LOC), 0.21%, 9/9/09		14,200		14,200
San Jose Multifamily Housing Revenue Refunding VRDB, Series A, Kimberly Woods Apartments (FHLMC LOC), 0.23%, 9/9/09		8,100		8,100
Santa Clara Valley Transportation Authority Sales Tax Revenue Refunding VRDB, Series 2008-A, 0.30%, 9/9/09		28,710		28,710
State of California G.O. VRDB, Series 2005, Subseries B-6 (KBC Bank N.V. LOC), 0.18%, 9/1/09		6,900		6,900

				315,822

Colorado - 2.9%
Base Village Metropolitan District Number 2 G.O. VRDB, Limited Tax, Junior Series 2008-B (U.S. Bank N.A. LOC), 0.39%, 9/9/09		6,510		6,510
Castle Pines North Finance Corp. COPS VRDB, Series 2009 (Wells Fargo Bank N.A. LOC), 0.35%, 9/9/09		1,000		1,000
Castle Pines North Metropolitan District G.O. Refunding VRDB, Series 2006-C, Limited Tax (U.S. Bank N.A. LOC), 0.35%, 9/9/09		2,305		2,305

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Colorado - 2.9% continued
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Concordia University Irvine Project (U.S. Bank N.A. LOC), 0.25%, 9/1/09	$	3,755	$	3,755
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Immanuel Lutheran School Project (Bank of America N.A. LOC), 0.25%, 9/1/09		6,240		6,240
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Series 2005, Bear Creek School Project (U.S. Bank N.A. LOC), 0.28%, 9/9/09		6,880		6,880
Colorado Educational and Cultural Facilities Authority Revenue Bonds, Series 2006, Presentation School (U.S. Bank N.A. LOC), 0.28%, 9/9/09		7,250		7,250
Colorado Health Facilities Authority Revenue Refunding VRDB, Series 2008, The Evangelical (U.S. Bank N.A. LOC), 0.32%, 9/9/09		2,300		2,300
Colorado Health Facilities Authority Revenue VRDB, Series 2002, Sisters of Charity Leavenworth Health, 0.30%, 9/9/09		2,500		2,500
Colorado Health Facilities Authority Revenue VRDB, Series 2002, Total Long Term Care Project (U.S. Bank N.A. LOC), 0.32%, 9/9/09		2,780		2,780
Colorado Health Facilities Authority Revenue VRDB, Series 2004B, Adventist Health System Sunbelt (SunTrust Bank LOC), 1.30%, 9/9/09		11,285		11,285
Colorado Health Facilities Authority Revenue VRDB, Series 2006-A, Golden West Manor (U.S. Bank N.A. LOC), 0.35%, 9/9/09		6,480		6,480
Colorado Health Facilities Authority Revenue VRDB, Series 2008, Frasier Meadows Community Project (JPMorgan Chase Bank LOC), 0.28%, 9/9/09		3,200		3,200
Colorado Housing and Finance Authority SFM Revenue Bonds, Series 2006, Class 1-B-2, 0.30%, 9/9/09		9,800		9,800
Colorado Springs School District Number 11 Facilities Corp. Refunding COPS, Series 2004 (FSA Corp. Insured), 0.65%, 9/9/09		3,375		3,375
Colorado Springs Utilities System Revenue VRDB, Series 2007-A, 0.52%, 9/9/09		34,215		34,215
Colorado State Education Loan Program TRANS, Series 2009, 2.00%, 8/12/10		7,000		7,095
Denver City and County Multifamily Housing Revenue Bonds, Series 1985, Ogden Residences Project (CALYON LOC), 0.33%, 9/1/09		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), 0.30%, 9/9/09		800		800
Larkridge G.O. VRDB, Series 2004, Metropolitan District Number 1 (U.S. Bank N.A. LOC), 0.32%, 9/9/09		10,000		10,000
Steamboat Springs Redevelopment Authority Tax Increment Revenue Bonds, Series 2007, Base Area Redevelopment Project (Wells Fargo Bank N.A. LOC), 0.35%, 9/9/09		7,400		7,400
Telluride Excise Tax Revenue VRDB, Series 2007, VY Floor Open Space Project (KeyBank N.A. LOC), 3.55%, 9/9/09		6,460		6,460

MONEY MARKET PORTFOLIOS 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Colorado - 2.9% continued
Traer Creek Metropolitan District Revenue VRDB, Series 2002, Avon (BNP Paribas LOC), 0.45%, 9/9/09	$	13,270	$	13,270
Traer Creek Metropolitan District Revenue VRDB, Series 2004 (BNP Paribas LOC), 0.45%, 9/9/09		10,200		10,200

				166,800

Connecticut - 0.2%
Connecticut State Health and Educational Facilities Authority Revenue VRDB, Series V-1, Yale University, 0.10%, 9/1/09		7,400		7,400
Connecticut State Health and Educational Facilities Authority Revenue VRDB, Series 2005-F, Wesleyan University, 0.30%, 9/9/09		3,160		3,160

				10,560

District of Columbia - 1.2%
District of Columbia G.O., Citi ROCS RR-II-R-11180WF (Wells Fargo & Co. Gtd.), ⁽¹⁾ 0.34%, 9/9/09		16,320		16,320
District of Columbia G.O. Refunding VRDB, Series 2008-C (Dexia Credit Local LOC), 0.55%, 9/9/09		12,000		12,000
Series D (Dexia Credit Local LOC), 0.45%, 9/9/09		20,000		20,000
District of Columbia Revenue VRDB, Series 2000-C, George Washington University (Bank of America N.A. LOC), 0.24%, 9/9/09		7,220		7,220
District of Columbia Revenue VRDB, Series 2001, Henry J. Kaiser Foundation, 0.39%, 9/9/09		4,700		4,700
District of Columbia Revenue VRDB, Series 2003, American Psychological Association Project (Bank of America N.A. LOC), 0.35%, 9/9/09		2,250		2,250
District of Columbia Revenue VRDB, Series 2007, Preparatory Academy (Manufacturers & Traders Trust Co. LOC), 0.44%, 9/9/09		9,580		9,580

				72,070

Florida - 7.8%
Broward County Educational Facilities Authority Revenue Bonds, City College Project (Citibank N.A. LOC), 0.28%, 9/9/09		10,795		10,795
Capital Trust Agency Housing Revenue VRDB, Series 2008-A, Atlantic Housing Foundation (FNMA LOC), 0.35%, 9/9/09		14,470		14,470
Charlotte County Utility Revenue Refunding VRDB, Series 2003A (FSA Corp. Insured), 0.31%, 9/9/09		5,400		5,400
Citizens Property Insurance Corp. Revenue Notes, Series 2009 A-2, Senior Secured, 4.50%, 6/1/10		25,000		25,161
Florida Keys Aqueduct Authority Water Revenue Refunding VRDB, Series 2008 (Toronto-Dominion Bank LOC), 0.20%, 9/9/09		10,500		10,500
Florida Multifamily Housing Finance Agency Revenue Bonds, Series 1985, Huntington (FHLMC Gtd.), 0.28%, 9/9/09		4,000		4,000
Florida Multifamily Housing Finance Agency Revenue Bonds, Series 1985, River Oaks (FHLMC Insured), 0.34%, 9/9/09		4,200		4,200

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Florida - 7.8% continued
Florida Multifamily Housing Finance Corp. Revenue Refunding Bonds, Series 1998, South Pointe Project (FNMA Insured), 0.34%, 9/9/09	$	3,900	$	3,900
Florida Multifamily Housing Finance Corp. Revenue Refunding VRDB, Series 2004, Maitland Apartments (FHLMC Gtd.), 0.35%, 9/9/09		19,375		19,375
Florida Multifamily Housing Finance Corp. Revenue Refunding VRDB, Series C, Monterey Lake (FHLMC LOC), 0.30%, 9/9/09		7,325		7,325
Florida Multifamily Housing Finance Corp. Revenue Refunding VRDB, Series K, Reflections (FHLMC Gtd.), 0.31%, 9/9/09		13,500		13,500
Florida Multifamily Housing Finance Corp. Revenue VRDB, Series 2008 L, Hudson Ridge Apartments (FHLB LOC), 0.38%, 9/9/09		11,250		11,250
Florida State Board of Education G.O., Eagle 720050054 - Class A, ⁽¹⁾ 0.29%, 9/9/09		10,000		10,000
Gainesville Utility System Revenue VRDB, Series 2008-B, 0.27%, 9/9/09		4,430		4,430
Halifax Hospital Medical Center Revenue Refunding VRDB, Series 2008 (Wachovia Bank N.A. LOC), 0.28%, 9/9/09		14,000		14,000
Hernando County IDR VRDB, Series 2008, Goodwill Industries-Suncoast, Inc. (SunTrust Bank LOC), 1.40%, 9/9/09		5,000		5,000
Highlands County Health Facilities Authority Revenue Bonds, Series B, Adventist Health (SunTrust Bank LOC), 1.30%, 9/9/09		85,000		85,000
Highlands County Health Facilities Authority Revenue Refunding VRDB, Series 2006-A, Adventist Health (FSA Corp. Insured), 0.75%, 9/9/09		32,236		32,236
Highlands County Health Facilities Authority Revenue VRDB, Series 2003B, Adventist Health System (SunTrust Bank LOC), 0.45%, 9/9/09		17,450		17,450
Series 2007 A-2, Adventist Health System, 0.25%, 9/9/09		10,000		10,000
Highlands County Health Facilities Authority Revenue VRDB, Series B, Adventist (SunTrust Bank LOC), 1.40%, 9/9/09		2,500		2,500
Series 2, Adventist (SunTrust Bank LOC), 1.30%, 9/9/09		11,200		11,200
Jacksonville Electric System Revenue VRDB, Series 2008 Three-A, 0.20%, 9/9/09		11,000		11,000
JEA Electric System Revenue VRDB, Series Three D-2-A, 0.20%, 9/9/09		9,900		9,900
Lakeland Energy System Revenue Refunding VRDB, Series 2008-A (BNP Paribas LOC), 0.19%, 9/9/09		14,900		14,900
Lee County Multifamily HFA Revenue Refunding Bonds, Series 1995-A, Forestwood Apartments Project (FNMA Gtd.), 0.34%, 9/9/09		11,085		11,085
Miami-Dade County Health Facilities Authority Revenue Bonds, Series 2006 B-2, Miami Children’s Hospital Project (Wachovia Bank N.A. LOC), 0.35%, 9/9/09		19,475		19,475

MONEY MARKET PORTFOLIOS 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Florida - 7.8% continued
Orange County Health Facilities Authority Revenue VRDB, Series 1995, Adventist Health System Group (SunTrust Bank LOC), 1.30%, 9/9/09	$	20,000	$	20,000
Orange County Health Facilities Authority Revenue VRDB, Series 2008-D, Orlando Regional (SunTrust Bank LOC), 0.35%, 9/1/09		2,800		2,800
Orange County Multifamily HFA Revenue Refunding VRDB, Series 1997, Post Fountains Project (FNMA Gtd.), 0.33%, 9/9/09		2,550		2,550
Orange County School Board COPS VRDB, Series 2008-B (Assured Guaranty Insured), 0.47%, 9/9/09		6,300		6,300
Orlando and Orange County Expressway Authority Revenue Refunding VRDB, Subseries 2008-B2 (SunTrust Bank LOC), 1.00%, 9/9/09		20,000		20,000
Palm Beach County School Board COPS, Series 2002B (FSA Corp. Insured), 0.40%, 9/9/09		7,975		7,975
St. Petersburg Health Facilities Authority Revenue VRDB, Series 2005-A-1, Children’s Hospital (Wachovia Bank N.A. LOC), 0.28%, 9/9/09		4,500		4,500
Volusia County Multifamily HFA Revenue Refunding Bonds, Series 2002, Anatole Apartments (FNMA Insured), 0.30%, 9/9/09		3,345		3,345

				455,522

Georgia - 2.1%
Atlanta Revenue TANS, 1.75%, 12/31/09		18,980		19,058
Burke County Development Authority PCR Bonds, Series 1992, First Series, Georgia Power Plant Vogtle Project (Georgia Power Gtd.), 0.11%, 9/1/09		6,300		6,300
Clayton County Housing Authority Revenue Bonds, Series 1985, Rivers Edge Development (FHLMC Gtd.), 0.35%, 9/9/09		1,500		1,500
Clayton County Multifamily Housing Authority Revenue Refunding Bonds, Series 1990-A, Huntington Woods (FSA Corp. Insured), 2.24%, 9/9/09		7,530		7,530
Clayton County Multifamily Housing Authority Revenue Refunding Bonds, Series 1990-F, Ten Oaks Apartments (FSA Corp. Insured), 2.24%, 9/9/09		6,280		6,280
Cobb County Kennestone Hospital Authority Revenue VRDB, Series A (Bank of America N.A. LOC), 0.35%, 9/9/09		7,500		7,500
Cobb County Multifamily Housing Authority Revenue Bonds, Post Mill Project (FNMA Gtd.), 0.28%, 9/9/09		2,000		2,000
Cobb County Multifamily Housing Authority Revenue Refunding VRDB, Series 1999, Six Flags Association (FHLMC LOC), 0.35%, 9/9/09		5,290		5,290
Cobb County Multifamily Housing Authority Revenue VRDB, Series 1996, Post Bridge Project (FNMA Insured), 0.28%, 9/9/09		3,300		3,300
Fulco Hospital Authority Revenue VRDB, Anticipatory Certificates, Series 1997, Shepherd Center, Inc. Project (Branch Banking & Trust Co. LOC), 0.21%, 9/9/09		15,500		15,500
Fulton County Development Authority Revenue VRDB, Series 2004, Holy Innocents Episcopal School Project (SunTrust Bank LOC), 1.40%, 9/9/09		1,500		1,500
Gwinnett County Multifamily Housing Authority Revenue VRDB, Series 1996, Post Corners Project (FNMA Gtd.), 0.34%, 9/9/09		7,400		7,400

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Georgia - 2.1% continued
Monroe Country Development Authority PCR VRDB, Scherer Project, 0.16%, 9/1/09	$	3,900	$	3,900
Monroe County Development Authority PCR VRDB, Series 2009, Georgia Power Co. - Scherer, 1st Series, 0.14%, 9/2/09		7,600		7,600
Richmond County Development Authority Revenue Bonds, Series 2008-A, MCG Health, Inc. Project (UBS AG LOC), 0.22%, 9/9/09		6,800		6,800
Richmond County Hospital Authority Revenue Bonds, Series 2003, Revenue Anticipation Certificates, University Health Services, Inc. Project (SunTrust Bank LOC), 1.40%, 9/9/09		3,750		3,750
Roswell Multifamily Housing Authority Revenue Refunding VRDB, Series 1994, Wood Crossing Project (FHLMC LOC), 0.33%, 9/9/09		3,300		3,300
Roswell Multifamily Housing Authority Revenue Refunding VRDB, Series 1996, Azalea Park Apartments (FNMA Insured), 0.30%, 9/9/09		5,400		5,400
Roswell Multifamily Housing Authority Revenue Refunding VRDB, Series 2002, Chambrel at Roswell Project (FNMA Gtd.), 0.35%, 9/9/09		2,200		2,200
Smyrna Multifamily Housing Authority Revenue Bonds, Series 1997, F & M Villages Project (FNMA Gtd.), 0.28%, 9/9/09		1,450		1,450
State of Georgia G.O. VRDB, Series 2006 H-1, 0.35%, 9/9/09		2,815		2,815

				120,373

Hawaii - 0.2%
Hawaii State Department of Budget and Finance Revenue VRDB, Series 2009-B, The Queens Health (Bank of America N.A. LOC), 0.33%, 9/9/09		5,000		5,000
Hawaii State Multifamily Housing Finance and Development Corp. Revenue VRDB, Series 2008, Lokahi Ka’u (FHLMC LOC), 0.29%, 9/9/09		5,200		5,200

				10,200

Idaho - 0.4%
Idaho Health Facilities Authority Revenue VRDB, Series 2009-A, St. Luke’s Health System Project (Wells Fargo Bank N.A. LOC), 0.23%, 9/9/09		19,000		19,000
Idaho Housing and Finance Association Nonprofit Facilities Revenue VRDB, Series 2008, College of Idaho Project (U.S. Bank N.A. LOC), 0.28%, 9/9/09		4,900		4,900

				23,900

Illinois - 11.9%
Aurora Revenue VRDB, Series 2003, Counseling Center of Fox Valley Project (Harris N.A. LOC), 0.36%, 9/9/09		3,210		3,210
Bridgeview G.O. Refunding VRDB, Series 2008 A-2 (Harris N.A. LOC), 0.37%, 9/9/09		17,500		17,500
Chicago G.O. Refunding VRDB, Series G, 0.13%, 9/1/09		20,000		20,000
Chicago G.O. VRDB, Series 21-B-3, Neighborhoods Alive (Bank of America N.A. LOC), 0.22%, 9/1/09		10,500		10,500
Series 21-B-4, Neighborhoods Alive (Bank of New York LOC), 0.17%, 9/1/09		10,370		10,370

MONEY MARKET PORTFOLIOS 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Illinois - 11.9% continued
Chicago Multifamily Housing Revenue VRDB, Series 2008-B, Hollywood House Apartments (Harris N.A. LOC), 0.48%, 9/9/09	$	3,350	$	3,350
Chicago Wastewater Transmission Revenue Refunding VRDB, Subseries 2008 C-1 (Harris N.A. LOC), 0.18%, 9/1/09		7,400		7,400
Chicago Water Revenue VRDB, Second Lien, Subseries 2000-2, 0.18%, 9/1/09		11,500		11,500
City of Chicago G.O. Refunding VRDB, Series 2005D, Project Refunding (FSA Corp. Insured), 0.53%, 9/9/09		35,190		35,190
City of Chicago G.O. Refunding VRDB, Series 2007-E, 0.13%, 9/1/09		18,300		18,300
Crestwood Revenue VRDB, Series 2007, Trinity Christian College (Fifth Third Bank LOC), 1.85%, 9/9/09		13,000		13,000
Illinois Development Finance Authority Revenue Bonds, Series 1998, Glenwood School for Boys (Harris N.A. LOC), 0.44%, 9/9/09		1,500		1,500
Illinois Development Finance Authority Revenue VRDB, BAPS, Inc. Project (Comerica Bank LOC), 1.11%, 9/9/09		7,985		7,985
Illinois Development Finance Authority Revenue VRDB, Series 2002, Roosevelt University Project (JPMorgan Chase Bank LOC), 0.41%, 9/9/09		10,000		10,000
Illinois Development Finance Authority Revenue VRDB, Series 2003, Mount Carmel High School Project (JPMorgan Chase Bank LOC), 0.30%, 9/9/09		11,800		11,800
Illinois Educational Facilities Authority Revenue Bonds, Citi ROCS RR-II-R-12278, ⁽¹⁾ 0.29%, 9/9/09		10,395		10,395
Illinois Educational Facilities Authority Revenue Bonds, Series 1985, Cultural Pool (JPMorgan Chase Bank LOC), 0.36%, 9/9/09		10,790		10,790
Illinois Educational Facilities Authority Revenue Bonds, Series 2003B, Augustana College (Harris N.A. LOC), 0.30%, 9/9/09		6,790		6,790
Illinois Educational Facilities Authority Revenue VRDB, Series 1999A, National Louis University (JPMorgan Chase Bank LOC), 0.33%, 9/9/09		9,850		9,850
Illinois Finance Authority PCR Refunding VRDB, Series D, Commonwealth Edison (JPMorgan Chase Bank LOC), 0.25%, 9/9/09		7,800		7,800
Illinois Finance Authority Revenue Bonds, Citigroup Eagle 20060115-Class A, Northwestern University, ⁽¹⁾ 0.29%, 9/9/09		8,170		8,170
Illinois Finance Authority Revenue Bonds, Nazareth Academy Project (Harris N.A. LOC), 0.41%, 9/9/09		5,900		5,900
Illinois Finance Authority Revenue Bonds, Put Option, Series 2005, Mercy Alliance Project (Marshall & Ilsley Bank LOC), 1.69%, 9/9/09		11,585		11,585
Illinois Finance Authority Revenue Bonds, Series 2005, Joan W. & Irving B. Dance Project (Bank of America N.A. LOC), 0.46%, 9/9/09		10,300		10,300

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Illinois - 11.9% continued
Illinois Finance Authority Revenue Bonds, Series 2007, Erikson Project (Bank of America N.A. LOC), 0.33%, 9/9/09	$	6,000	$	6,000
Illinois Finance Authority Revenue Bonds, Series 2008, Chicago Horticultural Project (JPMorgan Chase Bank LOC), 0.41%, 9/9/09		9,000		9,000
Illinois Finance Authority Revenue Refunding VRDB, Series 2009 A-1, University of Chicago Medical (Wells Fargo Bank N.A. LOC), 0.27%, 9/9/09		3,200		3,200
Series 2009 A-2, University of Chicago Medical (Wells Fargo Bank N.A. LOC), 0.28%, 9/9/09		4,085		4,085
Series 2009-B-1, University of Chicago Medical (Bank of Montreal LOC), 0.13%, 9/1/09		4,100		4,100
Series 2009 B-2, University of Chicago Medical (Bank of Montreal LOC), 0.31%, 9/9/09		4,600		4,600
Illinois Finance Authority Revenue VRDB, Easter Seals Metropolitan Chicago (Harris N.A. LOC), 0.36%, 9/9/09		7,700		7,700
Illinois Finance Authority Revenue VRDB, Series 2004, Central DuPage Health, 0.19%, 9/1/09		10,000		10,000
Illinois Finance Authority Revenue VRDB, Series 2005C, Friendship Village Schaumburg (Bank of America N.A. LOC), 0.28%, 9/9/09		14,500		14,500
Illinois Finance Authority Revenue VRDB, Series 2006 B, Loyola University Health System (Harris N.A. LOC), 0.22%, 9/9/09		5,500		5,500
Illinois Finance Authority Revenue VRDB, Series 2007, North American Spine Society (Harris N.A. LOC), 0.36%, 9/9/09		12,500		12,500
Illinois Finance Authority Revenue VRDB, Series 2008, Rockford Memorial Hospital (JPMorgan Chase Bank LOC), 0.30%, 9/9/09		20,200		20,200
Illinois Finance Authority Revenue VRDB, Series 2008-A, Community Action Partnership (Harris N.A. LOC), 0.51%, 9/9/09		3,000		3,000
Illinois Finance Authority Revenue VRDB, Series 2009-C, OSF Healthcare System (Wells Fargo Bank N.A. LOC), 0.25%, 9/9/09		5,000		5,000
Illinois Finance Authority Revenue VRDB, Series 2009-C, Provena Health (JPMorgan Chase Bank LOC), 0.32%, 9/9/09		21,000		21,000
Series 2009-D, Provena Health (JPMorgan Chase Bank LOC), 0.32%, 9/9/09		12,500		12,500
Illinois Finance Authority Revenue VRDB, Series 2009D1, University of Chicago Medical Center (Bank of America N.A. LOC), 0.13%, 9/1/09		11,000		11,000
Series 2009E2, University of Chicago Medical Center (JPMorgan Chase Bank LOC), 0.13%, 9/1/09		8,500		8,500
Illinois Finance Authority Revenue VRDB, Series A, Franciscan Communities (Bank of America N.A. LOC), 0.31%, 9/9/09		7,935		7,935
Illinois Finance Authority Revenue VRDB, Series B, Landing at Plymouth (Lloyds TSB Bank LOC), 0.29%, 9/9/09		2,300		2,300
Illinois Finance Authority Revenue VRDB, Series D, The Clare At Water Tower Project (Bank of America N.A. LOC), 0.28%, 9/9/09		68,950		68,950

MONEY MARKET PORTFOLIOS 9 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Illinois - 11.9% continued
Illinois Health Facilities Authority Revenue Refunding Bonds, Series 1996 B, Franciscan Eldercare Village (Bank of America N.A. LOC), 0.30%, 9/9/09	$	2,300	$	2,300
Illinois Health Facilities Authority Revenue VRDB, Series 1985-C, Revolving Fund Pooled (JPMorgan Chase Bank LOC), 0.32%, 9/9/09		6,650		6,650
Illinois Health Facilities Authority Revenue VRDB, Series 2003, Memorial Health System (JPMorgan Chase Bank LOC), 0.20%, 9/1/09		24,300		24,300
Illinois Municipal Electric Agency Power Supply Revenue Bonds, Citigroup ROCS RR-II-R-11185WF (Wells Fargo & Co. Gtd.), ⁽¹⁾ 0.34%, 9/9/09		16,105		16,105
Illinois State Tollway Highway Authority Revenue Refunding VRDB, Series 2008A-2, Senior Priority, 0.45%, 9/9/09		33,300		33,300
Illinois State Tollway Highway Authority Revenue VRDB, Series A-1, Senior Priority, 0.33%, 9/9/09		2,200		2,200
Kane County Revenue Bonds, Series 1993, Glenwood School for Boys (Harris N.A. LOC), 0.82%, 9/9/09		2,000		2,000
Lake County Multifamily Housing Revenue VRDB, Series 2008, Whispering Oak Apartments Project (FHLMC Gtd.), 0.33%, 9/9/09		3,250		3,250
Lisle Multifamily Housing Revenue Refunding VRDB, Series 1996, Four Lakes Phase V (Bank of America N.A. LOC), 0.35%, 9/9/09		20,000		20,000
Lombard Multifamily Housing Revenue Refunding Bonds, Series 2000, Clover Creek Apartments Project (FNMA LOC), 0.29%, 9/9/09		11,915		11,915
Morton Grove Cultural Facilities Revenue VRDB, Series 2006, Holocaust Museum (Bank of America N.A. LOC), 0.30%, 9/9/09		4,750		4,750
Normal G.O. VRDB, Series 2003, McLean County Project, 0.42%, 9/9/09		1,000		1,000
Oak Forest Revenue Bonds, Series 1989, Homewood Pool - South Suburban Mayors and Managers Association Program (Fifth Third Bank LOC), 1.85%, 9/9/09		13,050		13,050
University of Illinois Board of Trustees COPS Refunding VRDB, Series 2009-B, 0.32%, 9/9/09		37,500		37,500
University of Illinois Revenue VRDB, Series 2008, Auxiliary Facilities System, 0.25%, 9/9/09		12,315		12,315

				695,390

Indiana - 2.0%
Daviess County Economic Development Revenue Refunding and Improvement VRDB, Daviess Community (KeyBank N.A. LOC), 2.03%, 9/9/09		9,800		9,800
Elkhart County Multifamily Housing Revenue VRDB, Series 2008 II-A, Ashton Pine Apartments (FHLB Indianapolis LOC), 0.32%, 9/9/09		8,000		8,000
Indiana Bond Bank Revenue Notes, Series 2009-A, Advance Funding Program Notes, 2.00%, 1/5/10		20,000		20,061
Indiana Finance Authority Hospital Revenue Refunding VRDB, Series 2008-A, Clarian Health (Branch Banking & Trust Co. LOC), 0.34%, 9/9/09		14,600		14,600

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Indiana - 2.0% continued
Indiana Finance Authority Hospital Revenue VRDB, Series 2009-D, Parkview Health System (Citibank N.A. LOC), 0.27%, 9/9/09	$	10,000	$	10,000
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Series 2005, Harrison County Hospital Project (JPMorgan Chase Bank LOC), 0.20%, 9/1/09		7,900		7,900
Indiana Health and Educational Facilities Financing Authority Revenue Bonds, Series 2005A, Howard Regional Health System Project (Comerica Bank LOC), 1.62%, 9/1/09		9,500		9,500
Indiana Health Facility Financing Authority Revenue VRDB, Series 2001, Franciscan Eldercare Village Project (Bank of America N.A. LOC), 0.28%, 9/9/09		290		290
Indiana Health Facility Financing Authority Revenue VRDB, Series 2002B Fayette Memorial Hospital Association (U.S. Bank N.A. LOC), 0.20%, 9/1/09		6,615		6,615
Indiana State Development Finance Authority Revenue VRDB, Series 2003, YMCA of Southwest Indiana Project (Wells Fargo Bank N.A. LOC), 0.28%, 9/9/09		2,700		2,700
Indiana State Finance Authority Revenue Refunding VRDB, Series 2008 D-2, Trinity Health, 0.18%, 9/9/09		6,100		6,100
Indianapolis Economic Development Revenue VRDB, Series 2008, Brookhaven County Line Project (FNMA Gtd.), 0.30%, 9/9/09		18,000		18,000
Vincennes Economic Development Revenue VRDB, Knox County Association (Wells Fargo Bank N.A. LOC), 0.28%, 9/9/09		1,900		1,900

				115,466

Iowa - 0.8%
Grinnell Hospital Revenue Refunding VRDB, Series 2001, Grinnell Regional Medical Center Project (U.S. Bank N.A. LOC), 0.18%, 9/1/09		3,200		3,200
Iowa Finance Authority Economic Development Revenue VRDB, Series 2002, Iowa West Foundation Project (U.S. Bank N.A. LOC), 0.39%, 9/9/09		6,100		6,100
Iowa Finance Authority Private College Revenue VRDB, Series 2001, Morningside College Project (U.S. Bank N.A. LOC), 0.18%, 9/1/09		4,300		4,300
Iowa Finance Authority Retirement Community Revenue VRDB, Series 2007-C, Edgewater A Wesley (Banco Santander Central Hispano LOC), 0.30%, 9/9/09		20,000		20,000
Iowa Higher Education Loan Authority Revenue Bonds, Series 2002, Luther College Project (U.S. Bank N.A. LOC), 0.28%, 9/9/09		11,250		11,250
Iowa Higher Education Loan Authority Revenue VRDB, Series 2002, Private College Facilities (Bank of America N.A. LOC), 0.15%, 9/1/09		3,000		3,000

				47,850

Kansas - 1.5%
Kansas Development Finance Authority Multifamily Revenue Refunding VRDB, Chesapeake Apartments Project (FHLMC LOC), 0.35%, 9/9/09		14,800		14,800
Kansas Development Finance Authority Revenue VRDB, Series 1998BB, Shalom Village Obligation Group (Citibank N.A. LOC), 0.28%, 9/9/09		3,360		3,360

MONEY MARKET PORTFOLIOS 11 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Kansas - 1.5% continued
Kansas Development Finance Authority Revenue VRDB, Series 2004C, Adventist Health System/Sunbelt (SunTrust Bank LOC), 0.90%, 9/9/09	$	11,800	$	11,800
Series 2004C, Adventist Health System/Sunbelt (SunTrust Bank LOC), 2.15%, 9/9/09		13,300		13,300
Kansas State Department of Transportation Highway Revenue Bonds, Series 2000B1, 0.13%, 9/1/09		16,885		16,885
Series 2000B2, 0.13%, 9/1/09		18,430		18,430
Olathe Multifamily Housing Revenue Refunding VRDB, Jefferson Place Apartments Project (FHLMC GIC), 0.35%, 9/9/09		7,780		7,780

				86,355

Kentucky - 3.3%
Boone County PCR Refunding Bonds, Series 2008-A, Duke Energy, Inc. Project (Wells Fargo Bank N.A. LOC), 0.25%, 9/9/09		18,000		18,000
City of Danville Municipal League Pooled Program (Fifth Third Bank LOC), 3.00%, 9/3/09		88,375		88,375
Clark County PCR Bonds, Series J-2, East Kentucky Power, 2.80%, 10/15/09		7,215		7,215
Fort Mitchell League of Cities Revenue VRDB, Series 2002A, Trust Lease Program (U.S. Bank N.A. LOC), 0.19%, 9/9/09		7,400		7,400
Jefferson County Multifamily Housing Revenue Refunding VRDB, Series 2002, Camden Meadows Project (FNMA Insured), 0.29%, 9/9/09		8,200		8,200
Kentucky Economic Development Finance Authority Medical Center Revenue VRDB, Series 2008-A, Ashland Hospital Corp. (Branch Banking & Trust Co. LOC), 0.27%, 9/9/09		21,100		21,100
Kentucky Economic Development Finance Authority Revenue VRDB, Series 2007, Adventist Long Term Care (SunTrust Bank LOC), 1.30%, 9/9/09		8,120		8,120
Kentucky Rural Water Finance Corp. Public Project Revenue Construction Notes, Series 2009 B-1, 2.00%, 3/1/10		14,500		14,557
Morehead League of Cities Revenue VRDB, Series 2004A, Trust Lease Program (U.S. Bank N.A. LOC), 0.19%, 9/9/09		9,675		9,675
Warren County Hospital Revenue Refunding VRDB, Series 2008, Bowling Green-Warren (Assured Guaranty Insured), 0.30%, 9/9/09		8,355		8,355
Williamstown League of Cities Funding Trust Lease Revenue VRDB, Series 2009-B (U.S. Bank N.A. LOC), 0.19%, 9/9/09		5,000		5,000

				195,997

Louisiana - 0.8%
Louisiana Public Facilities Authority Multifamily Housing Revenue Refunding VRDB, Linlake Ventures Project (FHLMC LOC), 0.32%, 9/9/09		8,000		8,000
Louisiana Public Facilities Authority Revenue Refunding VRDB, Series 1988, Multifamily (FNMA LOC), 0.29%, 9/9/09		8,900		8,900
Louisiana Public Facilities Authority Revenue VRDB, Series 2007, International Matex Tank Terminals (SunTrust Bank LOC), 1.40%, 9/9/09		10,000		10,000

MONEY MARKET PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Louisiana - 0.8% continued
Louisiana Public Facilities Authority Revenue VRDB, Series 2008, Dynamic Fuels LLC Project (JPMorgan Chase Bank LOC), 0.12%, 9/1/09	$	11,000	$	11,000
Louisiana State Municipal Natural Gas Purchasing and District Authority Revenue Bonds, Series 1411Q, JPMorgan Putters (JPMorgan Chase & Co. LOC), ⁽¹⁾ 0.39%, 9/9/09		10,292		10,292

				48,192

Maryland - 2.5%
Gaithersburg Economic Development Revenue VRDB, Series B, Asbury Maryland Obligation (KBC Bank N.V. LOC), 0.33%, 9/9/09		10,980		10,980
Maryland State Community Development Administration Department of Housing Revenue VRDB, Series 2008-G, Kirkwood Multifamily Housing (FHLMC LOC), 0.27%, 9/9/09		8,000		8,000
Maryland State Community Development Administration Department of Housing Revenue VRDB, Series 2009-A, Multifamily Development - Sharp Apartments (FHLMC Insured), 0.35%, 9/9/09		16,950		16,950
Maryland State Economic Development Corp. Revenue VRDB, Series 2008, Federation Amern Societies (Wachovia Bank N.A. LOC), 0.33%, 9/9/09		15,500		15,500
Maryland State Health and Higher Educational Facilities Authority Revenue Refunding VRDB, Series 2005B, Adventist Healthcare (Manufacturers & Traders Trust Co. LOC), 0.38%, 9/9/09		13,700		13,700
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series A, Adventist Healthcare (Manufacturers & Traders Trust Co. LOC), 0.38%, 9/9/09		9,640		9,640
Series 2005A, Adventist Healthcare (Bank of America N.A. LOC), 0.28%, 9/9/09		22,900		22,900
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008, Frederick Memorial Hospital (Branch Banking & Trust Co. LOC), 0.34%, 9/9/09		8,000		8,000
Maryland State Health and Higher Educational Facilities Authority Revenue VRDB, Series 2008, Suburban Hospital (SunTrust Bank LOC), 1.40%, 9/9/09		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), 1.35%, 9/9/09		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), 0.34%, 9/9/09		11,800		11,800
Montgomery County Economic Development Revenue VRDB, Series 2004, Riderwood Village, Inc. Project (Manufacturers & Traders Trust Co. LOC), 0.38%, 9/9/09		870		870
Prince Georges County Revenue Refunding VRDB, Series A, Collington Episcopal (Bank of America N.A. LOC), 0.28%, 9/9/09		10,000		10,000
Town of Chestertown Revenue Refunding VRDB, Series 2008-A, Economic Development Project, Washington College (RBS Citizens N.A. LOC), 2.00%, 9/9/09		7,000		7,000

				147,340

Massachusetts - 2.5%
Massachusetts State Development Finance Agency Revenue VRDB, Series 2003, Lesley University (Bank of America N.A. LOC), 0.32%, 9/9/09		2,200		2,200
Massachusetts State Development Finance Agency Revenue VRDB, Series 2003, Phillips Academy, 0.25%, 9/9/09		8,000		8,000
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Groton School, 0.29%, 9/9/09		10,000		10,000

MONEY MARKET PORTFOLIOS 13 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Massachusetts - 2.5% continued
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Seashore Port-Deaconess, Inc. (Banco Santander Central Hispano LOC), 0.25%, 9/9/09	$	7,755	$	7,755
Massachusetts State Development Finance Agency Revenue VRDB, Series 2007, Thayer Academy (Assured Guaranty Insured), 0.33%, 9/9/09		9,795		9,795
Massachusetts State G.O. Refunding VRDB, Series 2005-A, 0.32%, 9/9/09		30,000		30,000
Massachusetts State G.O. VRDB, Series 2006 A, Consolidated Loans, 0.17%, 9/1/09		1,000		1,000
Massachusetts State Health and Educational Facilities Authority Revenue Refunding VRDB, Series 2007-B, Suffolk University (JPMorgan Chase Bank LOC), 0.29%, 9/9/09		18,200		18,200
Massachusetts State Health and Educational Facilities Authority Revenue VRDB, Series 2007-A, Suffolk University (RBS Citizens N.A. LOC), 0.40%, 9/3/09		17,010		17,010
Massachusetts State Health and Educational Facilities Authority Revenue VRDB, Series 2008-C, Health System (Bank of America N.A. LOC), 0.23%, 9/9/09		7,890		7,890
Massachusetts State Water Resources Authority Revenue Refunding VRDB, Series 2008-A, 0.55%, 9/9/09		1,200		1,200
Series 2008-F, 0.17%, 9/9/09		1,415		1,415
University of Massachusetts Building Authority Revenue Refunding VRDB, Series 2008-4, Senior Community Gtd., 0.25%, 9/9/09		30,700		30,700

				145,165

Michigan - 2.7%
Ann Arbor Economic Development Corp. Limited Obligation Revenue Bonds, Series 2000A, Glacier Hills, Inc. Project (JPMorgan Chase Bank LOC), 0.28%, 9/9/09		2,160		2,160
Ann Arbor Economic Development Corp. Limited Obligation Revenue Refunding Bonds, Series B, Glacier Hills Project (JPMorgan Chase Bank LOC), 0.28%, 9/9/09		225		225
Grand Rapids Economic Development Corp. Revenue Refunding Bonds, Series 1991A, Amway Hotel (Bank of America N.A. LOC), 0.67%, 9/9/09		3,075		3,075
Jackson County Economic Development Corp. Limited Obligation Revenue Refunding VRDB, Series 2001A, Vista Grande Villa (Bank of America N.A. LOC), 0.25%, 9/1/09		6,500		6,500
Jackson County Hospital Finance Authority Revenue Refunding Bonds, Foote Hospital (Assured Guaranty Insured), 0.48%, 9/9/09		6,300		6,300
Kalamazoo Hospital Finance Authority Facilities Revenue Refunding VRDB, Series 2009-A, Bronson Methodist (JPMorgan Chase Bank LOC), 0.30%, 9/9/09		11,700		11,700
Kentwood Economic Development Corp. Revenue Refunding VRDB, Series 2006B, Limited Obligation, Holland (Bank of America N.A. LOC), 0.28%, 9/9/09		12,525		12,525
Kentwood Economic Development Corp. Revenue VRDB, Series 2002B, Limited Obligation, Holland Home (Bank of America N.A. LOC), 0.28%, 9/9/09		6,030		6,030

MONEY MARKET PORTFOLIOS 14 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Michigan - 2.7% continued
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Series 2007A, Limited Obligation, Calvin (JPMorgan Chase Bank LOC), 0.23%, 9/9/09	$	13,600	$	13,600
Series 2007B, Limited Obligation, Calvin (JPMorgan Chase Bank LOC), 0.23%, 9/9/09		20,000		20,000
Michigan Higher Education Facilities Authority Revenue VRDB, Series 2006, Cleary University Project (Comerica Bank LOC), 0.56%, 9/9/09		4,120		4,120
Michigan Municipal Bond Authority Revenue Notes, Series 2009-C3, State Aid Notes (Bank of Nova Scotia LOC), 2.50%, 8/20/10		15,000		15,237
Michigan State Hospital Finance Authority Revenue VRDB, Marquette General Hospital (Assured Guaranty Insured), 0.33%, 9/9/09		20,000		20,000
Michigan State Hospital Finance Authority Revenue VRDB, Series 2004B, Holland Community Hospital (JPMorgan Chase Bank LOC), 0.31%, 9/9/09		7,900		7,900
State of Michigan G.O. Notes, Series 2008-A, 3.00%, 9/30/09		30,000		30,022

				159,394

Minnesota - 2.9%
Bloomington Port Authority Special Tax Revenue Refunding VRDB, Series 1999-B, Mall of America (FSA Corp. Insured), 1.20%, 9/9/09		11,900		11,900
Maple Grove Economic Development Revenue Bonds, Series 2004, Heritage Christian Academy (U.S. Bank N.A. LOC), 0.28%, 9/9/09		3,445		3,445
Minneapolis and St. Paul Housing and Redevelopment Authority Health Care System Revenue VRDB, Series C2, Allina Health (Wells Fargo Bank N.A. LOC), 0.23%, 9/9/09		21,700		21,700
Minneapolis Health Care System Revenue VRDB, Series 2008-D, Fairview Health Services (Wells Fargo Bank N.A. LOC), 0.22%, 9/9/09		2,300		2,300
Series 2008-E, Fairview Health Services (Wells Fargo Bank N.A. LOC), 0.20%, 9/9/09		6,500		6,500
Minneapolis Revenue Bonds, Series 2003A, Guthrie Theater Project (Wells Fargo Bank N.A. LOC), 0.23%, 9/9/09		400		400
Minneapolis Student Housing Revenue VRDB, Series 2003, Riverton Community Housing Project (Bank of America N.A. LOC), 0.34%, 9/9/09		6,995		6,995
Minnesota Agricultural and Economic Development Board Revenue VRDB, Series 2008 C-4, Health Care Facilities - Essentia (Assured Guaranty Insured), 0.21%, 9/1/09		3,600		3,600
Minnesota Agricultural and Economic Development Board Revenue VRDB, YMCA of Metro Minneapolis Project (U.S. Bank N.A. LOC), 0.28%, 9/9/09		3,000		3,000
Minnesota Rural Water Finance Authority Revenue Notes, Public Project Construction Notes, Series 2009, 2.25%, 5/1/10		6,800		6,856
Minnesota School District Capital Equipment Borrowing Tax and Aid Program COPS, Series 2009, 2.00%, 9/10/10		15,000		15,226
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 2004-A, College Street Scholastica - Six (Marshall & Ilsley Bank LOC), 3.52%, 9/1/09		7,690		7,690

MONEY MARKET PORTFOLIOS 15 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Minnesota - 2.9% continued
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 20045Z, University St. Thomas (U.S. Bank N.A. LOC), 0.32%, 9/9/09	$	9,400	$	9,400
Minnesota State Higher Education Facilities Authority Revenue VRDB, Series 2007-6Q, Concordia University St. Paul (U.S. Bank N.A. LOC), 0.25%, 9/1/09		5,345		5,345
Oak Park Heights Multifamily Housing Revenue Refunding VRDB, Series 2005, Boutwells Landing (FHLMC Gtd.), 0.32%, 9/9/09		7,325		7,325
Robbinsdale Multifamily Housing Revenue Refunding VRDB, Series 2004-C, Copperfield Hill (Bank of America N.A. LOC), 0.34%, 9/9/09		3,500		3,500
Robbinsdale Revenue Refunding VRDB, Series 2008 A-2, North Memorial (Wells Fargo Bank N.A. LOC), 0.18%, 9/1/09		20,250		20,250
Rochester G.O. VRDB, Series 2007-B, Wastewater, 0.26%, 9/9/09		7,100		7,100
Rochester Health Care Facilities Revenue VRDB, Series D, Mayo Clinic, 0.70%, 4/1/10		10,000		10,000
Roseville Senior Housing Revenue Refunding VRDB, Series 2009, Eaglecrest Project (FHLMC LOC), 0.31%, 9/9/09		6,250		6,250
St. Cloud Health Care Revenue Refunding VRDB, Series A, CenraCare Health (Bank of Nova Scotia LOC), 0.22%, 9/9/09		200		200
St. Louis Park Revenue Refunding VRDB, Series 2008-A, Park Nicollet (Wells Fargo Bank N.A. LOC), 0.23%, 9/9/09		10,005		10,005
St. Paul Port Authority District Revenue VRDB, Series 2001-1-M (Dexia Credit Local LOC), 1.23%, 9/1/09		1,200		1,200

				170,187

Mississippi - 2.2%
Jackson County PCR Refunding VRDB, Series 1992, Chevron USA, Inc. Project (Chevron Corp. Gtd.), 0.12%, 9/1/09		4,400		4,400
Jackson County Port Facility Revenue Refunding Bonds, Series 1993, Chevron USA, Inc. Project (Chevron Corp. Gtd.), 0.12%, 9/1/09		15,000		15,000
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007, SG Resources Mississippi LLC Project (SunTrust Bank LOC), 1.40%, 9/9/09		10,000		10,000
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue VRDB, Series 2007-D, Chevron USA, Inc. Project, 0.59%, 9/1/09		20,000		20,000
Series 2007-E, Chevron USA, Inc. Project, 0.08%, 9/1/09		15,500		15,500
Mississippi Business Finance Corp. Revenue VRDB, Series 2007-A, CPX Gulfport OPAG LLC (Wachovia Bank N.A. LOC), 0.29%, 9/9/09		12,935		12,935
Mississippi Business Finance Corp. Revenue VRDB, Series 2008, Promenade D Iberville Project (Wachovia Bank N.A. LOC), 0.28%, 9/9/09		25,000		25,000
Mississippi Development Bank Special Obligation Revenue Refunding VRDB, Series 2009, Magnolia Regional Health Project (FHLB Atlanta LOC), 0.25%, 9/9/09		5,000		5,000

MONEY MARKET PORTFOLIOS 16 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Mississippi - 2.2% continued
Mississippi Hospital Equipment and Facilities Authority Revenue VRDB, Mississippi Health, 0.30%, 9/9/09	$	22,333	$	22,333

				130,168

Missouri - 2.7%
Chesterfield IDA Educational Facilities Revenue VRDB, Series 2003, Gateway Academy, Inc. Project (U.S. Bank N.A. LOC), 0.20%, 9/1/09		4,840		4,840
Independence IDA Multifamily Housing Revenue Refunding VRDB, Series 2005, The Mansions Project (FHLMC LOC), 0.35%, 9/9/09		14,240		14,240
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Series 1995, Willow Creek IV Apartments (FNMA Insured), 0.34%, 9/9/09		8,395		8,395
Kansas City IDA Multifamily Housing Revenue Refunding VRDB, Series 2000, Coach House North Apartments (FHLMC LOC), 0.35%, 9/9/09		8,000		8,000
Kansas City IDA Multifamily Housing Revenue VRDB, Series 2002, Cloverset Apartments Project (FNMA LOC), 0.32%, 9/9/09		2,065		2,065
Missouri Public Utilities Commission Revenue Interim Construction Notes, Series 2009, 2.25%, 8/1/10		8,800		8,900
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 1999B, St. Louis University, 0.18%, 9/1/09		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), 0.32%, 9/9/09		4,365		4,365
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2000, Lutheran Senior Services Project (U.S. Bank N.A. LOC), 0.30%, 9/9/09		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), 0.18%, 9/1/09		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), 0.20%, 9/1/09		4,465		4,465
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2004, Bethesda Health Group Project (U.S. Bank N.A. LOC), 0.18%, 9/1/09		3,295		3,295
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2004-A, Washington University, 0.12%, 9/1/09		8,055		8,055
Series 2004-B, Washington University, 0.16%, 9/1/09		12,740		12,740
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2008, Lutheran Senior Services Project (U.S. Bank N.A. LOC), 0.28%, 9/9/09		9,000		9,000
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series 2008-F, Sisters Mercy Health, 0.24%, 9/9/09		16,600		16,600
Missouri State Health and Educational Facilities Authority Revenue VRDB, Series A, St. Francis Medical Center (Bank of America N.A. LOC), 0.20%, 9/1/09		8,025		8,025

MONEY MARKET PORTFOLIOS 17 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Missouri - 2.7% continued
South Point Hunter Ridge Trust Revenue VRDB Certificate Series Trust Various States, Series 2005A (Wachovia Bank N.A. LOC), ⁽¹⁾ 0.58%, 9/9/09	$	10,575	$	10,575
Series 2005B (Wachovia Bank N.A. LOC),⁽¹⁾ 0.58%, 9/9/09		8,365		8,365
St. Charles County IDA Revenue Refunding VRDB, Country Club Apartments Project (FNMA LOC), 0.39%, 9/9/09		4,000		4,000
St. Louis County IDA Revenue VRDB, Series B, Friendship Village South (Bank of America N.A. LOC), 0.32%, 9/9/09		5,615		5,615

				156,830

Nebraska - 0.1%
Nebraska Elementary and Secondary School Finance Authority Revenue VRDB, Series 2004-A, Lutheran School Project (Fifth Third Bank LOC), 3.10%, 9/1/09		4,550		4,550
Series 2004-B, Lutheran School Project (Fifth Third Bank LOC), 3.10%, 9/1/09		3,270		3,270

				7,820

Nevada - 1.1%
Carson City Hospital Revenue VRDB, Series 2003-B, Carson Tahoe Hospital Project (U.S. Bank N.A. LOC), 0.28%, 9/9/09		9,500		9,500
Carson City Hospital Revenue VRDB, Series 2003-B, Carson Tahoe Regional Medical Center (U.S. Bank N.A. LOC), 0.28%, 9/9/09		5,155		5,155
Las Vegas Economic Development Revenue VRDB, Series A, Keep Memory Alive Project (Bank of New York LOC), 0.31%, 9/9/09		41,700		41,700
Las Vegas Valley Water District G.O., Series B, Water Improvement, 0.30%, 9/1/09		7,000		7,000

				63,355

New Hampshire - 0.7%
New Hampshire Business Finance Authority Revenue VRDB, Series 2008, Alice Peck Day Health System (Toronto-Dominion Bank LOC), 0.20%, 9/1/09		3,000		3,000
New Hampshire Health and Education Facilities Authority Revenue Bonds, Series H-A-1, University System, 0.13%, 9/1/09		3,800		3,800
New Hampshire Health and Education Facilities Authority Revenue VRDB, Riverwoods at Exeter (Bank of America N.A. LOC), 0.31%, 9/9/09		12,360		12,360
New Hampshire Health and Education Facilities Authority Revenue VRDB, Series 2004-B, Kendal at Hanover (FHLB Boston LOC), 0.27%, 9/9/09		7,200		7,200
New Hampshire Health and Education Facilities Authority Revenue VRDB, Series 2006, Tilton School (Bank of Nova Scotia LOC), 0.54%, 9/9/09		8,410		8,410
New Hampshire Health and Education Facilities Authority Revenue VRDB, Series B-1, University System, 0.13%, 9/1/09		5,500		5,500

				40,270

New Jersey - 0.0%
New Jersey EDA Revenue Bonds, Passaic Hebrew Institution (Bank of Nova Scotia LOC), 0.20%, 9/9/09		1,000		1,000

MONEY MARKET PORTFOLIOS 18 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
New Jersey - 0.0% continued
New Jersey EDA Revenue Refunding VRDB, Series 2006-A, Cedar Crest Village, Inc. (Bank of New York LOC), 0.22%, 9/9/09	$	1,300	$	1,300

				2,300

New Mexico - 0.8%
Bernalilo County TRANS, Series 2009, 2.50%, 6/30/10		17,000		17,283
New Mexico Finance Authority Revenue Refunding Bonds, Subseries 2008 A-2, Sub Lien (UBS AG LOC), 0.20%, 9/9/09		8,000		8,000
New Mexico Mortgage Finance Authority Multifamily Housing Revenue VRDB, Series A, Villas San Ignacio (FHLMC LOC), 0.28%, 9/9/09		8,000		8,000
Portales Student Housing Revenue VRDB, Series 2006-A, CHF Portales LLC (Banco Santander Central Hispano LOC), 0.28%, 9/9/09		13,520		13,520

				46,803

New York - 6.5%
Chemung County Industrial Development Agency Revenue VRDB, Series 2007-A, Elmira College Project (JPMorgan Chase Bank LOC), 0.27%, 9/9/09		7,100		7,100
City of New York G.O., Subseries J-10, Fiscal 2008, 0.16%, 9/9/09		10,120		10,120
Metropolitan Transportation Authority Revenue Bonds, CP Notes (ABN AMRO Bank N.V. LOC), 0.40%, 9/2/09		16,500		16,500
(ABN AMRO Bank N.V. LOC), 0.45%, 9/10/09		35,000		35,000
Metropolitan Transportation Authority Tax Exempt Revenue Bonds, Series 2007-C, Municipal CP Notes (ABN AMRO Bank N.V. LOC), 0.45%, 9/3/09		11,000		11,000
Series 2007-C, Municipal CP Notes (ABN AMRO Bank N.V. LOC), 0.45%, 9/21/09		126,000		126,000
Nassau County Interim Finance Authority Revenue Bonds, Series 2009 C, 0.23%, 9/9/09		38,000		38,000
New York City G.O. VRDB, Subseries 2008 L-4 (U.S. Bank N.A. LOC), 0.08%, 9/1/09		8,200		8,200
New York City Housing Development Corp. Multifamily Rent Housing Revenue VRDB, Series A, Gold Street (FNMA Insured), 0.15%, 9/9/09		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), 0.39%, 9/9/09		7,800		7,800
New York City Industrial Development Agency Civic Facilities Revenue VRDB, Series 2008, Congregation Darchei Torah (KeyBank N.A. LOC), 2.00%, 9/9/09		32,000		32,000
New York City Municipal Water Finance Authority Water and Sewer Revenue Bonds, Series 2006-AA-3, 0.52%, 9/9/09		12,300		12,300
New York City Transitional Finance Authority Revenue Bonds, Eagle-20070024-Class A,⁽¹⁾ 0.29%, 9/9/09		22,785		22,785
New York State Dormitory Authority Non State Supported Debt Revenue VRDB, Series 2008, Rochester Friendly Home (Manufacturers & Traders Trust Co. LOC), 0.30%, 9/9/09		2,400		2,400

MONEY MARKET PORTFOLIOS 19 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
New York - 6.5% continued
New York State Dormitory Authority Non State Supported Debt Revenue VRDB, Series 2008-B, Cornell University, 0.09%, 9/1/09	$	20,000	$	20,000
New York State Dormitory Authority State Supported Debt Revenue Bonds, Series 1999-A, New York Library (Toronto-Dominion Bank LOC), 0.17%, 9/9/09		7,320		7,320
New York State Urban Development Corp. Revenue VRDB, Series A3A, State Facilities, 0.30%, 9/9/09		10,500		10,500

				381,725

North Carolina - 4.6%
Charlotte G.O. VRDB, 0.33%, 9/9/09		7,900		7,900
Charlotte Water and Sewer System Revenue Bonds, CP Notes, 0.42%, 10/27/09		11,000		11,000
City of Greensboro Street Improvement G.O. VRDB, 0.33%, 9/9/09		10,000		10,000
Durham Water and Sewer Utility System Revenue VRDB, Series 1994, 0.35%, 9/9/09		200		200
Mecklenburg County COPS VRDB, Series 2006, 0.31%, 9/9/09		9,490		9,490
Mecklenburg County COPS VRDB, Series 2008-A, 1.70%, 9/9/09		38,075		38,075
North Carolina Capital Facilities Finance Agency Revenue VRDB, Elon University (Bank of America N.A. LOC), 0.35%, 9/9/09		8,400		8,400
North Carolina Capital Facilities Finance Agency Revenue VRDB, Series 2007, High Point University Project (Branch Banking & Trust Co. LOC), 0.33%, 9/9/09		10,850		10,850
Series 2008, High Point University Project (Branch Banking & Trust Co. LOC), 0.33%, 9/9/09		10,000		10,000
North Carolina Educational Facilities Finance Agency Revenue VRDB, Series 1999, Charlotte Latin (Wachovia Bank N.A. LOC), 0.33%, 9/9/09		2,920		2,920
North Carolina Medical Care Commission Healthcare Facilities Revenue Refunding Bonds, Series B, Duke University Health System, 0.20%, 9/9/09		50,000		50,000
North Carolina Medical Care Commission Healthcare Facilities Revenue Refunding Bonds, Series 2005-C, Duke University Health System, 0.32%, 9/9/09		11,550		11,550
North Carolina Medical Care Commission Healthcare Facilities Revenue Refunding VRDB, Series 2007, Lutheran Retirement Project (Branch Banking & Trust Co. LOC), 0.33%, 9/9/09		5,000		5,000
North Carolina Medical Care Commission Retirement Facilities Revenue VRDB, Series 2001, Aldersgate Project (Branch Banking & Trust Co. LOC), 0.34%, 9/9/09		14,250		14,250
North Carolina Medical Care Commission Retirement Facilities Revenue VRDB, Series 2007-C, First Mortgage, Southminster (Banco Santander Central Hispano LOC), 0.29%, 9/9/09		2,400		2,400
Raleigh COPS VRDB, Series B, Downtown, 0.45%, 9/9/09		18,000		18,000
University of North Carolina Revenue Bonds, Citigroup Eagle 720053014 Class 2005A, ⁽¹⁾ 0.29%, 9/9/09		18,400		18,400

MONEY MARKET PORTFOLIOS 20 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
North Carolina - 4.6% continued
Wake County G.O. BANS, Series 2008,
3.50%, 10/15/09	$	15,000	$	15,032
Wake County G.O. VRDB, Series 2003C,
Public Improvement Bonds,
0.30%, 9/9/09		9,500		9,500
Winston-Salem Water and Sewer System Revenue VRDB,
Series 2002B,
0.29%, 9/9/09		6,000		6,000
Series 2002C,
0.29%, 9/9/09		11,400		11,400

				270,367

Ohio - 1.6%
Cleveland Airport System Revenue VRDB,
Series 2009-D (KBC Bank N.V. LOC),
0.40%, 9/9/09		9,000		9,000
Cleveland-Cuyahoga County Port Authority Revenue VRDB, Series 2007,
Carnegie/89th Garage Project (JPMorgan Chase Bank LOC),
0.22%, 9/9/09		15,200		15,200
Cuyahoga County Hospital Revenue VRDB,
Series 2003, Metrohealth System Project (KeyBank N.A. LOC),
2.40%, 9/9/09		20,000		20,000
Franklin County Healthcare Facilities Revenue Refunding Bonds, Series 2005,
Chelsea First Community (KBC Bank N.V. LOC),
0.29%, 9/9/09		12,500		12,500
Franklin County Hospital Revenue Refunding VRDB, Series 1996-B,
U.S. Health Corp. of Columbus (U.S. Bank N.A. LOC),
0.20%, 9/9/09		370		370
Hamilton County Hospital Facilities Revenue VRDB, Series 2007-N,
Children’s Hospital Medical Center (JPMorgan Chase Bank LOC),
0.30%, 9/9/09		5,000		5,000
Licking County Health Care Facilities Revenue Refunding VRDB, Series 2003,
Kendal (Bank of Scotland PLC LOC),
0.28%, 9/9/09		19,025		19,025
Ohio State Higher Educational Facility Commission Revenue VRDB, Series 2008-C,
University Hospital Health System (Wells Fargo Bank N.A. LOC),
0.23%, 9/9/09		12,300		12,300
Ohio State University Revenue VRDB,
Series 2008-B, General Receipts,
0.20%, 9/9/09		1,000		1,000
Richland County Health Care Facilities Revenue Refunding Bonds,
Series 2004-A, Wesleyan Senior Living (JPMorgan Chase Bank LOC),
0.28%, 9/9/09		1,455		1,455

				95,850

Oklahoma - 0.4%
Oklahoma State Industrial Authority and Educational Facilities Revenue VRDB,
Oklahoma Christian University Project (Bank of America N.A. LOC),
0.42%, 9/9/09		23,100		23,100
Oklahoma Water Resource Board State Loan Program Revenue VRDB,
1.50%, 9/1/09		2,995		2,995

				26,095

Oregon - 2.4%
Clackamas County Hospital Facility Authority Revenue Refunding VRDB,
Willamette Series A-1 (Bank of New York LOC),
0.28%, 9/9/09		5,200		5,200
Clackamas County Hospital Facility Authority Revenue VRDB,
Series 2008-A, Legacy Health System (U.S. Bank N.A. LOC),
0.20%, 9/9/09		13,700		13,700

MONEY MARKET PORTFOLIOS 21 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Oregon - 2.4% continued
Medford Hospital Facilities Authority Revenue Refunding VRDB,
Series 2009, Rogue Valley Manor Project (Wells Fargo Bank N.A. LOC),
0.18%, 9/1/09	$	12,100	$	12,100
Oregon State G.O. TANS, Series 2009A,
2.50%, 6/30/10		40,000		40,668
Oregon State Facilities Authority Revenue VRDB, Series 2005A,
Quatama Crossing Housing (FNMA LOC),
0.30%, 9/9/09		9,845		9,845
Oregon State Facilities Authority Revenue VRDB,
Series 2008-C, Peacehealth (Wells Fargo Bank N.A. LOC),
0.23%, 9/9/09		54,900		54,900
Salem Hospital Facility Authority Revenue VRDB,
Series 2008-B, Salem Hospital Project (U.S. Bank N.A. LOC),
0.23%, 9/9/09		6,000		6,000

				142,413

Pennsylvania - 2.2%
Allegheny County Hospital Development Authority Revenue VRDB,
Series 2003, UPMC Senior Living Corp. (FNMA LOC),
0.28%, 9/9/09		9,785		9,785
Allegheny County IDA Healthcare Revenue VRDB,
Series 2008-B, Vincentian Collaborative (PNC Bank LOC),
0.29%, 9/9/09		4,725		4,725
Allegheny County IDA Revenue VRDB,
Education Center at the Watson Institute (PNC Bank LOC),
0.29%, 9/9/09		6,000		6,000
Delaware River Joint Toll Bridge Commission Revenue VRDB,
Series B-1 (Dexia Credit Local LOC),
0.40%, 9/9/09		7,800		7,800
Geisinger Authority Health System Revenue VRDB,
Series 2009-C, Geisinger Health,
0.13%, 9/1/09		10,000		10,000
Lancaster County Hospital Authority Revenue VRDB,
Series 2000, Quarryville Presbyterian (Manufacturers & Traders Trust Co. LOC),
0.28%, 9/9/09		14,165		14,165
Lancaster IDA Revenue Bonds,
Series 2009-A, Willow Valley Retirement (PNC Bank LOC),
0.25%, 9/9/09		10,000		10,000
Lancaster IDA Revenue VRDB,
Series 2007, Mennonite Home Project (Manufacturers & Traders Trust Co. LOC),
0.44%, 9/9/09		1,615		1,615
Pennsylvania Economic Development Financing Authority Revenue Bonds, CP Notes
(Wachovia Bank N.A. LOC),
0.90%, 12/10/09		12,500		12,500
Pennsylvania Higher Educational Facilities Authority College and University Revenue VRDB,
Series 2007, Pennsylvania College of Optometry (Wachovia Bank N.A. LOC),
0.33%, 9/9/09		8,095		8,095
Pennsylvania Multifamily Housing Finance Agency Revenue VRDB,
Series 2008, Special Limited Obligation, Foxwood (Bank of America N.A. LOC),
0.28%, 9/9/09		8,000		8,000
Philadelphia Gas Works Revenue Refunding VRDB,
Series 2009-C, 8th Street (Bank of Nova Scotia LOC),
0.26%, 9/9/09		6,700		6,700
Philadelphia Water and Wastewater Revenue Refunding VRDB,
Series 2003 (FSA Corp. Insured),
0.60%, 9/9/09		18,150		18,150
Pittsburgh Urban Redevelopment Authority Water and Sewer System Revenue
Refunding VRDB, Subseries 2008 C-1 (FSA Corp. Insured),
0.60%, 9/9/09		8,910		8,910

MONEY MARKET PORTFOLIOS 22 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Pennsylvania - 2.2% continued
Southcentral General Authority Revenue VRDB,
Series 2008-B, Wellspan Health Obligation Group (RBS Citizens N.A. LOC),
1.62%, 9/9/09	$	100	$	100

				126,545

South Carolina - 1.1%
Charleston Educational Excellence Finance Corp. Revenue Bonds,
Citigroup ROCS RR-II-R-497M,⁽¹⁾
0.59%, 9/9/09		9,115		9,115
Greenville Hospital System Board Facilities Revenue Refunding VRDB,
Series 2008-D (Wachovia Bank N.A. LOC),
0.28%, 9/9/09		7,800		7,800
Piedmont Municipal Power Agency Revenue VRDB,
Series 2008-C (Assured Guaranty Insured),
0.50%, 9/9/09		10,000		10,000
South Carolina Jobs EDA Hospital Revenue Refunding VRDB,
Series 2009-C, Anmed Health (Branch Banking & Trust Co. LOC),
0.21%, 9/9/09		5,000		5,000
South Carolina Jobs EDA Revenue Bonds, Series 2003,
Medical University Facilities Corp. Project (Wachovia Bank N.A. LOC),
0.33%, 9/9/09		4,800		4,800
South Carolina Jobs EDA Revenue Bonds, Series 2003-A,
Presbyterian Home Project (Wachovia Bank N.A. LOC),
0.48%, 9/9/09		3,965		3,965
South Carolina Transportation Infrastructure Bank Revenue Refunding VRDB,
Series B2 (Branch Banking & Trust Co. LOC),
0.32%, 9/9/09		22,000		22,000

				62,680

South Dakota - 0.2%
South Dakota Health and Educational Facilities Authority Revenue VRDB,
Series 2004-B, Sioux Valley Hospital and Health (U.S. Bank N.A. LOC),
0.34%, 9/9/09		4,705		4,705
South Dakota Housing Development Authority Revenue VRDB,
Series 2009-A, Homeownership Mortgage,
0.27%, 9/9/09		5,000		5,000

				9,705

Tennessee - 1.4%
Blount County Public Building Authority Revenue VRDB,
Series 2008 C-1-A, Local Government Public Improvement,
0.33%, 9/9/09		16,950		16,950
Series 2008 C-3-A, Local Government Public Improvement,
0.33%, 9/9/09		8,000		8,000
Hendersonville IDB Multifamily Housing Revenue Refunding VRDB,
Windsor Park (FNMA Insured),
0.30%, 9/9/09		3,095		3,095
Metropolitan Government Nashville and Davidson County Health and Educational Facilities
Board Revenue Refunding VRDB, Series 2009, Belmont University (FHLB of Atlanta LOC),
0.27%, 9/9/09		8,000		8,000
Metropolitan Government Nashville and Davidson County Health and Educational Facilities
Board Revenue Refunding VRDB, Series 2009, Lipscomb University Project (FHLB of Atlanta LOC),
0.27%, 9/9/09		14,560		14,560
Metropolitan Government Nashville and Davidson County IDB Revenue Refunding
VRDB, Series 2002, University of Nashville Project (SunTrust Bank LOC),
1.60%, 9/9/09		400		400
Metropolitan Government Nashville and Davidson County IDB Revenue
Refunding VRDB, Series 2004, Ridgelake Apartments Project (FHLMC Gtd.),
0.35%, 9/9/09		17,029		17,029
Montgomery County Public Building Authority Revenue Bonds,
Series 2002, Tennessee County Loan Pool (Bank of America N.A. LOC),
0.14%, 9/1/09		8,160		8,160

MONEY MARKET PORTFOLIOS 23 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Tennessee - 1.4% continued
Montgomery County Public Building Authority Revenue Bonds,
Tennessee County Loan Pool (Bank of America N.A. LOC),
0.14%, 9/1/09	$	1,000	$	1,000
Shelby County Health, Educational and Housing Facilities Board Revenue VRDB,
Series 2007-B, Trezevant Manor Project (Bank of America N.A. LOC),
0.29%, 9/9/09		6,000		6,000

				83,194

Texas - 5.5%
Atascosa County Industrial Development Corp. PCR Refunding VRDB,
Series 2008, San Miguel Electric Cooperative,
1.08%, 9/9/09		9,600		9,600
Austin Hotel Occupancy Tax Revenue Refunding VRDB,
Subseries 2008-A, Sub Lien (Dexia Credit Local LOC),
0.42%, 9/9/09		6,260		6,260
Austin Independent School District Municipal CP,
Series A,
0.35%, 11/23/09		20,000		20,000
Bexar County and Clear Creek Revenue Bonds,
Series 2007-28, Clipper Tax-Exempt Certificate Trust (U.S. Treasuries Escrowed), ⁽¹⁾
0.42%, 9/9/09		6,255		6,255
Bexar County Housing Finance Corp. Multifamily Housing Revenue Refunding VRDB,
Series 2009, Palisades Park Apartments Project (FHLMC Insured),
0.32%, 9/9/09		2,880		2,880
Bexar County Housing Finance Corp. Multifamily Housing Revenue VRDB,
Series 2005-A, Summit Hills Apartments Project (FHLMC Insured),
0.34%, 9/9/09		3,500		3,500
Brazos County Health Facilities Development Corp. Revenue Refunding VRDB,
Series 2009, Burleson St. Joseph (Wells Fargo Bank N.A. LOC),
0.28%, 9/9/09		8,025		8,025
Brazos Harbor Industrial Development Corp. Revenue Refunding VRDB,
Series 2001, BASF Corp. Project (BASF Corp. Gtd.),
0.73%, 9/9/09		7,700		7,700
Crawford Education Facilities Corp. Revenue Bonds,
Series 2008, Hyde Park Baptist School Project (JPMorgan Chase Bank LOC),
0.28%, 9/9/09		1,225		1,225
Harris County Cultural Education Facilities Finance Corp. Revenue VRDB,
Series 2009 C-2, Methodist Hospital,
0.12%, 9/1/09		15,450		15,450
Harris County Health Facilities Development Corp. Revenue Refunding VRDB,
Series 2008A-1, Methodist Hospital System,
0.12%, 9/1/09		30,100		30,100
HFDC of Central Texas, Inc. Retirement Facilities Revenue VRDB,
Series 2006 C, Village Gleannloch Farms (Citibank N.A. LOC),
0.31%, 9/9/09		5,050		5,050
Houston Independent School District G.O. VRDB,
Series 2004, Schoolhouse (PSF of Texas Gtd.),
0.25%, 9/9/09		27,645		27,645
Katy Independent School District G.O. VRDB, Series C,
Fort Bend, Harris and Waller Counties, CSH Building (PSF of Texas Gtd.),
0.25%, 9/9/09		5,700		5,700
Lovejoy Texas Independent School District G.O., Series DB-514,

Deutsche Bank Spears/Lifers Trust Various States (PSF of Texas Gtd.), ⁽¹⁾
0.34%, 9/9/09		3,275		3,275
Lower Colorado River Authority Revenue Bonds, Series 2994,
JPMorgan Chase Putters, Transmission Contract (Berkshire Hathaway, Inc. Insured), ⁽¹⁾
0.42%, 9/9/09		400		400

MONEY MARKET PORTFOLIOS 24 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Texas - 5.5% continued
Lubbock Independent School District G.O. VRDB,
Series 2004-A, School Building (PSF of Texas Gtd.),
0.25%, 9/9/09	$	300	$	300
Lufkin Health Facilities Development Corp. Revenue Refunding VRDB,
Memorial Health System East Texas (Wachovia Bank N.A. LOC),
0.15%, 9/1/09		6,600		6,600
Northside Independent School District G.O. VRDB,
Series 2009, School Building (PSF of Texas Gtd.),
1.20%, 6/1/10		14,500		14,500
State of Texas TRANS,
Series 2009,
2.50%, 8/31/10		85,000		86,718
Tarrant County Housing Finance Corp. Revenue VRDB,
Series 2003, Gateway Arlington Apartments Project (FNMA Gtd.),
0.31%, 9/9/09		1,465		1,465
Texas State Transportation Commission Revenue VRDB,
Series B, First Tier,
0.20%, 9/9/09		6,950		6,950
Texas Water Development Board Revenue Refunding VRDB,
Series 2007-A, Sub Lien,
0.15%, 9/1/09		22,684		22,684
Travis County Housing Finance Corp. Student Housing Revenue Bonds,
College Houses Project (Wachovia Bank N.A. LOC),
0.28%, 9/9/09		10,850		10,850
University of Texas Revenue VRDB,
Series 2008-B, Financing System,
0.18%, 9/9/09		20,300		20,300

				323,432

Utah - 0.9%
Duchesne County Hospital Development Revenue VRDB,
Series 2007A, Uintah Basin Medical Center (JPMorgan Chase Bank LOC),
0.31%, 9/9/09		9,000		9,000
Utah Housing Corp. Multifamily Housing Revenue VRDB,
Series 2009-A, Timbergate (FHLMC LOC),
0.39%, 9/9/09		3,125		3,125
Utah State Board of Regents Revenue Refunding VRDB,
University of Utah Hospital (Wells Fargo Bank N.A. LOC),
0.30%, 9/9/09		3,100		3,100
Utah Water Finance Agency Revenue VRDB,
Series 2008 B-2,
0.32%, 9/9/09		19,900		19,900
Series 2008 B-3,
0.32%, 9/9/09		14,900		14,900

				50,025

Vermont - 0.2%
Vermont Educational & Health Buildings Financing Agency Revenue Refunding VRDB,
Series 2008-A, Fletcher Allen (Toronto-Dominion Bank LOC),
0.21%, 9/9/09		9,120		9,120

Virginia - 1.6%
Alexandria IDA Revenue Refunding VRDB, Series 2005,
Goodwin House (Wachovia Bank N.A. LOC),
0.15%, 9/1/09		15,000		15,000
Amherst IDA Revenue VRDB,
Series 2008, Educational Facilities - Sweet Briar (Wachovia Bank N.A. LOC),
0.33%, 9/9/09		9,600		9,600
Fairfax County Water Authority Revenue Bonds,
Citigroup Eagle 200691 Class A (U.S. Treasuries Escrowed), ⁽¹⁾
0.29%, 9/9/09		3,000		3,000

MONEY MARKET PORTFOLIOS 25 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Virginia - 1.6% continued
Hampton Redevelopment and Multifamily Housing Authority Revenue Refunding VRDB,
Hampton Center Apartments Project (FHLMC Insured),
0.35%, 9/9/09	$	4,000	$	4,000
Lexington IDA Educational Facilities Revenue Bonds,
Series 2006, VMI Development Board, Inc. Project (Wachovia Bank N.A. LOC),
0.20%, 9/1/09		23,405		23,405
Madison County IDA Educational Facilities Revenue VRDB,
Woodberry Forest School (SunTrust Bank LOC),
0.35%, 9/1/09		4,000		4,000
University of Virginia Revenue Bonds,
Citigroup Eagle 20060017, Class A, ⁽¹⁾
0.29%, 9/9/09		12,000		12,000
Virginia Small Business Financing Authority Revenue VRDB,
Series 2008, Museum Fine Arts Foundation (Wachovia Bank N.A. LOC),
0.30%, 9/9/09		20,000		20,000

				91,005

Washington - 3.2%
Energy Northwest Electric Revenue Refunding VRDB,
Subseries 2008 F-2, Project 3,
0.40%, 9/9/09		61,915		61,915
Everett Washington Public Facilities District Revenue VRDB, Series 2007,
1.23%, 9/1/09		7,050		7,050
Washington State G.O., Series 1993B
Smith Barney, Soc Gen Trust SGB-13, ⁽¹⁾
0.29%, 9/9/09		1,350		1,350
Washington State Healthcare Facilities Authority Revenue Bonds,
Series B, Kadlec Medical Center (Assured Guaranty Insured),
2.25%, 9/9/09		14,000		14,000
Washington State Healthcare Facilities Authority Revenue VRDB, Series 2003,
Association of Community and Migrant Health Centers (U.S. Bank N.A. LOC),
0.37%, 9/9/09		1,105		1,105
Washington State Healthcare Facilities Authority Revenue VRDB,
Series 2008-B, Southwest Washington Medical Center (Bank of America N.A. LOC),
0.24%, 9/9/09		6,870		6,870
Washington State Healthcare Facilities Authority Revenue VRDB,
Series 2009-A, Multicare Health System (Wells Fargo Bank N.A. LOC),
0.23%, 9/9/09		3,500		3,500
Washington State Healthcare Facilities Authority Revenue VRDB,
Series 2009-C, Swedish Health Services (U.S. Bank N.A. LOC),
0.20%, 9/9/09		12,000		12,000
Washington State Healthcare Facilities Authority Revenue VRDB,
Series A, Fred Hutchinson Center (Bank of America N.A. LOC),
0.45%, 9/9/09		22,625		22,625
Washington State Healthcare Facilities Authority Revenue VRDB,
Series B, Catholic Health Initiative,
0.30%, 9/9/09		23,000		23,000
Washington State Higher Education Facilities Authority Revenue Refunding VRDB,
Series A, Gonzaga University Project (Bank of America N.A. LOC),
0.30%, 9/9/09		421		421
Washington State Higher Education Facilities Authority Revenue VRDB,
Series 2003A, Cornish College of Arts Project (Bank of America N.A. LOC),
0.40%, 9/9/09		1,900		1,900
Washington State Higher Education Facilities Authority Revenue VRDB,
Series B, Puget Sound Project (Bank of America N.A. LOC),
0.35%, 9/9/09		6,000		6,000
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB,
Series 2003, Emerald Heights Project (Bank of America N.A. LOC),
0.35%, 9/1/09		4,000		4,000

MONEY MARKET PORTFOLIOS 26 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Washington - 3.2% continued
Washington State Housing Finance Commission Nonprofit Revenue Refunding VRDB,
Series 2005, Antioch University Project (U.S. Bank N.A. LOC),
0.31%, 9/9/09	$	4,055	$	4,055
Washington State Housing Finance Commission Nonprofit Revenue VRDB,
Bertschi School Project (Bank of America N.A. LOC),
0.30%, 9/9/09		5,435		5,435
Washington State Housing Finance Commission Nonprofit Revenue VRDB,
Series 2002, Annie Wright School Project (Bank of America N.A. LOC),
0.20%, 9/1/09		1,695		1,695
Washington State Housing Finance Commission Nonprofit Revenue VRDB,
Series 2008, The Overlake School Project (Wells Fargo Bank N.A. LOC),
0.28%, 9/9/09		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,
0.35%, 9/9/09		2,800		2,800
Series B 1998,
0.35%, 9/9/09		3,535		3,535

				188,256

West Virginia - 0.5%
West Virginia State Hospital Finance Authority Revenue Refunding VRDB,
Series 2008-B, Cabell Hospital (Branch Banking & Trust Co. LOC),
0.28%, 9/9/09		10,000		10,000
West Virginia State Hospital Finance Authority Revenue VRDB,
Series 2008-A, Charleston Area Medical Center (Branch Banking & Trust Co. LOC),
0.23%, 9/9/09		18,250		18,250

				28,250

Wisconsin - 2.3%
La Crosse Development Revenue VRDB, Series 2008,
University of Wisconsin - La Crosse Foundation (Wells Fargo Bank N.A. LOC),
0.39%, 9/9/09		8,100		8,100
Wisconsin Health and Educational Facilities Authority Revenue Bonds,
Oakwood Village (Marshall & Ilsley Bank LOC),
2.50%, 9/9/09		13,200		13,200
Wisconsin Health and Educational Facilities Authority Revenue Bonds,
Series B, Beaver Dam Community Hospital (U.S. Bank N.A. LOC),
0.31%, 9/9/09		3,135		3,135
Wisconsin Health and Educational Facilities Authority Revenue Bonds,
Series 2001B, Newcastle Place Project (Bank of America N.A. LOC),
0.31%, 9/9/09		10,800		10,800
Wisconsin Health and Educational Facilities Authority Revenue Bonds,
Series 2003, Mequon Jewish Project (JPMorgan Chase Bank LOC),
0.45%, 9/9/09		3,295		3,295
Wisconsin Health and Educational Facilities Authority Revenue Bonds,
Series 2003C, Mercy Health Systems (Marshall & Ilsley Bank LOC),
1.69%, 9/9/09		10,200		10,200
Wisconsin Health and Educational Facilities Authority Revenue Bonds,
Series 2004, Wisconsin Institute of Torah Study, Inc. Project (Harris N.A. LOC),
0.28%, 9/9/09		3,045		3,045
Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds,
Series 2007, Mercy Alliance, Inc. (Marshall & Ilsley Bank LOC),
2.50%, 9/9/09		8,500		8,500
Wisconsin Health and Educational Facilities Authority Revenue VRDB,
Goodwill Industries Southeastern (JPMorgan Chase Bank LOC),
0.39%, 9/9/09		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),
0.18%, 9/1/09		1,375		1,375

MONEY MARKET PORTFOLIOS 27 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)			VALUE (000S)
MUNICIPAL INVESTMENTS - 96.5% continued
Wisconsin - 2.3% continued
Wisconsin Health and Educational Facilities Authority Revenue VRDB,
Series 2002 G, Pooled Loan Financing Program (Marshall & Ilsley Bank LOC),
2.55%, 9/9/09	$	750		$	750
Wisconsin Health and Educational Facilities Authority Revenue VRDB,
Series 2003B, Wheaton Franciscan Services (U.S. Bank N.A. LOC),
0.20%, 9/9/09		30,000			30,000
Wisconsin Health and Educational Facilities Authority Revenue VRDB,
Series 2005, Hospice Care Holdings, Inc. Project (Marshall & Ilsley Bank LOC),
2.10%, 9/9/09		640			640
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2008-A,
Meriter Retirement Services (KBC Bank N.V. LOC),
0.37%, 9/9/09		3,150			3,150
Wisconsin Health and Educational Facilities Authority Revenue VRDB, Series 2008-B,
Gundersen Lutheran (Wells Fargo Bank N.A. LOC),
0.23%, 9/9/09		7,500			7,500
Wisconsin Health and Educational Facilities Authority Revenue VRDB,
Series 2009-A, Froedtert and Community Health (U.S. Bank N.A. LOC),
0.27%, 9/9/09		5,000			5,000
Wisconsin School Districts Temporary Borrowing Program COPS TRANS,
Series 2008, Cash Flow Management Program,
3.00%, 9/17/09		25,000			25,013

					135,493

Wyoming - 0.9%
Lincoln County PCR Bonds,
Series 1984-D, Exxon Project (Exxon Mobil Corp. Gtd.),
0.08%, 9/1/09		3,350			3,350
Series B, Exxon Project (Exxon Mobil Corp. Gtd.),
0.08%, 9/1/09		22,590			22,590
Uintah County PCR Refunding Bonds,
Series 1993, Chevron USA, Inc. Project (Chevron Corp. Gtd.),
0.10%, 9/1/09		20,000			20,000
Series 1997, Chevron USA, Inc. Project (Chevron Corp. Gtd.),
0.13%, 9/1/09		4,110			4,110

					50,050

Multiple States Pooled Security - 0.0%
BB&T Municipal Trust,
Floaters Series 5002 (Rabobank Group LOC), ⁽¹⁾
0.59%, 9/9/09		—	⁽²⁾		—	⁽²⁾

Total Municipal Investments (Cost $5,641,434)					5,641,434


EURODOLLAR TIME DEPOSIT - 2.1%
Non-U.S. Depository Institution - 2.1%
Societe Generale, Grand Cayman,
0.18%, 9/1/09		125,000			125,000

Total Eurodollar Time Deposit (Cost $125,000)					125,000


U.S. GOVERNMENT AGENCY - 2.6% ⁽³⁾
Federal Home Loan Bank - 2.6%
FHLB Discount Note,
0.08%, 9/1/09		150,000			150,000

Total U.S. Government Agency (Cost $150,000)					150,000


Total Investments - 101.2% (Cost $5,916,434) ⁽⁴⁾					5,916,434

Liabilities less Other Assets - (1.2)%					(68,518	)

NET ASSETS - 100.0%				$	5,847,916

(1)

MONEY MARKET PORTFOLIOS 28 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)

(2)

The principal amount and value is less than $500.

(3)

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

(4)

The cost for federal income tax purposes was $5,916,434.

Percentages shown are based on Net Assets.

At August 31, 2009, the industry sectors for the Municipal Portfolio were:


INDUSTRY SECTOR	% OF NET ASSETS
Administration of Environment & Housing	5.2	%
Air, Transportation, Water Services and Solid Waste Management	5.9
Educational Services	14.1
Electric Services, Gas and Combined Utilities	5.2
Executive, Legislative and General Government	18.6
General Medical, Surgical and Nursing and Personal Care	12.4
Health Services and Residential Care	17.1
Local Passenger Transportation	5.0
Urban and Community Development, Housing Programs and Social Services	9.6
All other sectors less than 5%	6.9

Total	100.0	%

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. Following is a summary of the inputs used in valuing the Municipal Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Municipal Portfolio	$	—	$	5,916,434	⁽¹⁾	$	—	$	5,916,434

(1)

Classifications as defined in the Schedule of Investments.

MONEY MARKET PORTFOLIOS 29 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

MONEY MARKET PORTFOLIOS

ABBREVIATIONS AND OTHER INFORMATION

MUNICIPAL PORTFOLIO continued

AUGUST 31, 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

ABAG Association of Bay Area Governments

BANS Bond Anticipation Notes

COPS Certificates of Participation

CP Commercial Paper

EDA Economic Development Authority

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

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

ROCS Reset Option Certificates

SFM Single Family Mortgage

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 30 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 32.8%
Non-U.S. Depository Institutions - 32.8%
Abbey National PLC, Stamford, 0.26%, 10/5/09	$	60,000	$	60,000
0.27%, 11/20/09		15,000		15,000
Australia & New Zealand Bank, London Branch, 0.26%, 10/7/09		70,000		70,000
0.27%, 11/20/09		5,000		5,000
Banco Bilbao Vizcaya Argentaria, 0.36%, 9/15/09		10,000		10,000
0.38%, 9/25/09		10,000		10,000
0.41%, 9/30/09		5,000		5,000
0.30%, 10/30/09		40,000		40,000
Banco Bilbao Vizcaya Argentaria, London Branch, 0.31%, 11/30/09		25,000		25,000
Bank of Nova Scotia, Houston Branch, 0.25%, 10/13/09		10,000		10,000
0.23%, 11/30/09		15,000		15,000
Bank of Nova Scotia, London Branch, 0.25%, 9/1/09		10,000		10,000
Bank of Nova Scotia, New York Branch, 0.27%, 10/23/09		45,000		45,000
Barclays Bank, New York Branch, 1.20%, 11/20/09		40,000		40,000
0.83%, 1/11/10		15,000		15,000
Barclays Bank PLC, New York Branch, FRCD, 0.48%, 9/1/09		20,000		20,000
BNP Paribas, Chicago Branch, 0.23%, 10/2/09		15,000		15,000
BNP Paribas S.A., London Branch, 0.37%, 10/6/09		15,000		15,000
0.36%, 10/8/09		30,000		30,000
0.36%, 10/9/09		15,000		15,000
0.34%, 10/16/09		5,000		5,000
0.30%, 11/5/09		15,000		15,000
Commonwealth Bank of Australia, New York Branch, 0.26%, 11/30/09		15,000		15,000
Commonwealth of Australia, 0.35%, 9/25/09		35,000		35,000
0.30%, 11/17/09		40,000		40,000
Credit Agricole S.A., London Branch, 0.43%, 9/3/09		2,000		2,000
0.35%, 10/20/09		50,000		50,000
0.30%, 11/16/09		18,000		18,000
Deutsche Bank, New York Branch, 0.29%, 10/23/09		50,000		50,000
0.30%, 10/28/09		20,000		20,000
HSBC PLC, London, 0.27%, 11/20/09		55,000		55,000
Lloyds Bank, New York, 1.11%, 11/30/09		12,000		12,000
0.95%, 1/19/10		15,000		15,000
0.75%, 2/23/10		35,000		35,000
0.70%, 2/26/10		25,000		25,000
National Australia Bank, London Branch, 0.36%, 9/24/09		5,000		5,000
0.25%, 12/1/09		20,000		20,000
0.51%, 12/18/09		5,000		5,000
0.41%, 1/27/10		30,000		30,001

PRIME OBLIGATIONS PORTFOLIO 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 32.8% continued
Non-U.S. Depository Institutions - 32.8% continued
National Australia Bank, New York Branch, 0.34%, 11/2/09	$	20,000	$	20,000
Nordea Bank Finland, New York Branch, 0.24%, 9/10/09		40,000		40,000
0.23%, 12/2/09		30,000		30,000
Rabobank Nederland, New York Branch, 0.55%, 11/23/09		25,000		25,000
0.55%, 12/1/09		10,000		10,000
0.42%, 1/11/10		25,000		25,000
0.33%, 3/1/10		20,000		20,000
Royal Bank of Scotland, New York Branch, 1.27%, 11/27/09		10,000		10,000
1.21%, 12/29/09		10,000		10,000
1.20%, 12/30/09		30,000		30,000
1.08%, 1/11/10		10,000		10,000
1.00%, 1/13/10		15,000		15,000
0.81%, 3/8/10		20,000		20,000
Societe Generale, London Branch, 0.30%, 9/14/09		50,000		50,000
0.26%, 9/17/09		5,000		5,000
0.25%, 9/28/09		10,000		10,000
0.25%, 10/2/09		25,000		25,000
0.30%, 11/23/09		20,000		20,000
Toronto Dominion Bank, New York Branch, 0.27%, 10/29/09		25,000		25,000
Westpac Banking Corp., New York, FRCD, 0.26%, 9/1/09		60,000		60,000

Total Certificates of Deposit (Cost $1,382,001)				1,382,001


COMMERCIAL PAPER - 16.9%
Chemicals and Allied Products - 0.6%
Pfizer, Inc., 0.80%, 7/8/10		15,000		14,897
0.80%, 7/16/10		10,000		9,929

				24,826

Multi-Seller Conduits - 13.9%
Amstel Funding Corp., ⁽¹⁾ 0.90%, 9/1/09		85,000		85,000
Chariot Funding LLC, 0.23%, 9/10/09		30,000		29,998
0.23%, 9/11/09		10,000		9,999
0.21%, 9/28/09		41,520		41,513
Enterprise Funding LLC, 0.24%, 9/8/09		20,000		19,999
Fairway Finance Corp., 0.24%, 9/8/09		20,000		19,999
0.22%, 9/15/09		70,000		69,994
Jupiter Securitization Corp., 0.24%, 9/1/09		30,000		30,000
0.21%, 9/24/09		10,000		9,999
Kitty Hawk Funding Corp., 0.24%, 9/17/09		20,000		19,998
0.24%, 9/25/09		25,000		24,996
Liberty Street Funding Co., 0.23%, 9/25/09		40,000		39,994
Ranger Funding Co., LLC, 0.24%, 9/15/09		50,000		49,995

PRIME OBLIGATIONS PORTFOLIO 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 16.9% continued
Multi-Seller Conduits - 13.9% continued
Sheffield Receivables Corp., 0.25%, 9/14/09	$	30,000	$	29,997
0.24%, 9/16/09		15,000		14,999
0.23%, 10/19/09		35,000		34,989
Yorktown Capital LLC, 0.24%, 9/15/09		55,356		55,351

				586,820

Non-U.S. Bank - Non-U.S. Government - 1.8%
Danske Corp., Sovereign Guaranteed, 0.25%, 9/1/09		5,000		5,000
0.25%, 9/2/09		40,000		40,000
0.25%, 9/21/09		30,000		29,996

				74,996

Non-U.S. Depository Institutions - 0.6%
Australia & New Zealand Banking Group, 0.24%, 11/2/09		15,000		14,994
Westpac Capital Corp., 0.34%, 9/8/09		10,000		9,999

				24,993

Total Commercial Paper (Cost $711,635)				711,635


CORPORATE NOTES/BONDS - 3.5%
Non-Depository Personal Credit - 0.2%
General Electric Capital Corp., 0.32%, 9/24/09		9,000		9,000

Supranational - 2.5%
International Bank for Reconstruction and Development, 0.73%, 6/10/11		20,000		20,000
International Finance Corp., 0.25%, 10/15/09		65,000		64,980
0.21%, 11/20/09		20,000		19,991

				104,971

U.S. Depository Institutions - 0.8%
Bank of America N.A., FDIC Guaranteed., 0.66%, 9/14/09, FRN		25,000		25,000
1.05%, 1/22/10		10,000		10,000

				35,000

Total Corporate Notes/Bonds (Cost $148,971)				148,971


PROMISSORY NOTE - 0.7%
Security, Commodity, Brokers/Dealers - 0.7%
Goldman Sachs Group, FDIC Insured, 0.45%, 9/25/09		30,000		30,000

Total Promissory Note (Cost $30,000)				30,000


U.S. GOVERNMENT AGENCIES - 16.1% ⁽²⁾
Federal Farm Credit Bank - 1.4%
FFCB Bond, 0.56%, 7/1/10		10,000		10,002
FFCB FRN, 0.30%, 9/6/09		50,000		50,024

				60,026

Federal National Mortgage Association - 1.3%
FNMA Discount Notes, 0.61%, 9/8/09		10,000		9,999
1.00%, 12/1/09		10,000		9,975
1.00%, 12/10/09		2,000		1,994
0.85%, 12/21/09		5,000		4,987

PRIME OBLIGATIONS PORTFOLIO 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 16.1% ⁽²⁾continued
Federal National Mortgage Association - 1.3% continued
FNMA FRN, 0.40%, 10/13/09	$	10,000	$	9,995
0.42%, 11/5/09		10,000		9,996
FNMA Note, 3.00%, 7/12/10		10,000		10,214

				57,160

Federal Home Loan Bank - 9.6%
FHLB Bonds, 1.05%, 2/23/10		5,000		4,998
1.10%, 3/10/10		5,000		4,999
1.10%, 3/16/10		5,000		4,997
4.38%, 3/17/10		5,000		5,085
0.95%, 4/1/10		15,000		14,995
0.90%, 4/7/10		15,000		14,995
0.88%, 4/15/10		15,000		15,000
0.82%, 4/28/10		5,000		4,999
0.80%, 4/30/10		5,000		5,001
0.80%, 5/17/10		10,000		9,999
0.55%, 6/10/10		10,000		9,993
0.56%, 6/25/10		12,000		12,003
0.55%, 7/15/10		5,000		5,000
0.60%, 9/17/10		70,000		70,062
FHLB Callable Bonds, 0.70%, 6/23/10		5,000		5,000
0.70%, 6/25/10		10,000		10,000
0.70%, 8/27/10		7,000		7,000
FHLB Discount Notes, 1.12%, 12/4/09		15,000		14,956
0.92%, 2/1/10		5,000		4,980
1.00%, 2/5/10		5,000		4,978
1.00%, 2/10/10		5,000		4,978
1.00%, 2/23/10		7,000		6,966
1.00%, 3/4/10		7,000		6,964
FHLB FRN, 0.50%, 9/1/09		20,000		20,000
0.62%, 9/1/09		25,000		25,000
0.69%, 9/1/09		15,000		15,000
0.76%, 9/1/09		10,000		10,000
0.79%, 9/1/09		30,000		30,000
0.82%, 9/1/09		30,000		29,997
0.50%, 10/8/09		25,000		25,000

				402,945

Federal Home Loan Mortgage Corporation - 3.8%
FHLMC Bond, 4.88%, 2/9/10		20,000		20,351
FHLMC Callable Note, 1.25%, 3/23/10		10,000		10,000
FHLMC Discount Note, 1.00%, 2/1/10		10,000		9,957
FHLMC FRN, 0.63%, 9/3/09		20,000		19,994
0.62%, 9/10/09		20,000		19,992
0.24%, 9/18/09		55,000		55,001
0.39%, 11/24/09		10,000		9,998
FHLMC Note, 1.45%, 9/10/10		15,000		15,137

				160,430

Total U.S. Government Agencies (Cost $680,561)				680,561

PRIME OBLIGATIONS PORTFOLIO 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 1.7%
U.S. Treasury Bills - 1.2%
0.70%, 12/17/09	$	5,000	$	4,990
0.51%, 4/1/10		30,000		29,909
0.50%, 7/1/10		10,000		9,958
0.50%, 7/29/10		5,000		4,977

				49,834

U.S. Treasury Notes - 0.5%
4.63%, 11/15/09		3,000		3,025
2.38%, 8/31/10		18,000		18,320

				21,345

Total U.S. Government Obligations (Cost $71,179)				71,179

Investments, at Amortized Cost ($3,024,347)				3,024,347


REPURCHASE AGREEMENTS - 30.9%
(Collateralized at a minimum of 102%)
Repurchase Agreements - 30.9% ⁽³⁾
BNP Paribas Securities Corp., dated 8/31/09, repurchase price $360,002 0.22%, 9/1/09		360,000		360,000
Citigroup Global Markets, Inc., dated 8/31/09, repurchase price $485,458 0.22%, 9/1/09		485,455		485,455
Credit Suisse First Boston Corp., dated 8/31/09, repurchase price $255,002 0.22%, 9/1/09		255,000		255,000
JPMorgan Securities, Inc., dated 8/31/09, repurchase price $205,001 0.22%, 9/1/09		205,000		205,000

Total Repurchase Agreements (Cost $1,305,455)				1,305,455

Total Investments - 102.6% (Cost $4,329,802) ⁽⁴⁾				4,329,802

Liabilities less Other Assets - (2.6)%				(109,723	)

NET ASSETS - 100.0%			$	4,220,079

(1)

(2)

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

(3)

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


NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
FHLMC	$	267,458	5.08% - 6.00%	1/1/35 - 12/1/38
FNMA	$	1,077,167	4.00% - 7.50%	1/1/11 - 11/1/48

(4)

The cost for federal income tax purposes was $4,329,802.

Percentages shown are based on Net Assets.

PRIME OBLIGATIONS PORTFOLIO 5 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. Following is a summary of the inputs used in valuing the Prime Obligations Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


Investments	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Prime Obligations Portfolio	$	—	$	4,329,802	⁽¹⁾	$	—	$	4,329,802

(1)

Classifications as defined in the Schedule of Investments.

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


	BALANCE AS OF 11/30/08 (000S)		REALIZED GAIN (LOSS) (000S)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)		NET PURCHASES (SALES) (000S)			TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)			BALANCE AS OF 8/31/09 (000S)
Corporate Notes/Bonds Structured Investment Vehicles	$	13,127	$	(3,459	)	$	—	$	(19,711	)	$	10,043		$	—

Total Investments	$	13,127	$	(3,459	)	$	—	$	(19,711	)	$	10,043		$	—

Other Financial Instruments *	$	9,939	$	4,152		$	—	$	—		$	(14,091	)	$	—

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

PRIME OBLIGATIONS PORTFOLIO 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

ABBREVIATIONS AND OTHER INFORMATION

PRIME OBLIGATIONS PORTFOLIO continued

AUGUST 31, 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 Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

FRCD Floating Rate Certificates of Deposit

FRN Floating Rate Notes

PRIME OBLIGATIONS PORTFOLIO 7 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 27.5%
Non-U.S. Depository Institutions - 27.5%
Abbey National PLC, Stamford,
0.26%, 10/5/09	$	20,000	$	20,000
0.27%, 11/20/09		5,000		5,000
Australia & New Zealand Bank, New York,
0.26%, 10/7/09		22,000		22,000
0.27%, 11/20/09		3,000		3,000
Banco Bilbao Vizcaya Argentaria,
0.38%, 9/25/09		5,000		5,000
0.30%, 10/30/09		10,000		10,000
0.31%, 11/6/09		5,000		5,000
Bank of Nova Scotia, Houston Branch,
0.25%, 10/13/09		5,000		5,000
Bank of Nova Scotia, New York Branch,
0.27%, 10/23/09		20,000		20,000
BNP Paribas S.A., London Branch,
0.37%, 10/6/09		10,000		10,000
0.36%, 10/9/09		10,000		10,000
Commonwealth of Australia,
0.35%, 9/25/09		10,000		10,000
0.30%, 11/17/09		13,000		13,000
Credit Agricole S.A., London Branch,
0.35%, 10/20/09		7,000		7,000
0.30%, 11/16/09		15,000		15,000
Deutsche Bank, New York Branch,
0.29%, 10/23/09		20,000		20,000
0.30%, 10/28/09		5,000		5,000
HSBC PLC, London,
0.27%, 11/20/09		15,000		15,000
National Australia Bank, London Branch,
0.36%, 9/24/09		5,000		5,000
0.25%, 12/1/09		10,000		10,000
Nordea Bank Finland, New York Branch,
0.24%, 9/10/09		7,000		7,000
0.23%, 12/2/09		5,000		5,000
Rabobank Nederland, New York Branch,
0.30%, 10/27/09		25,000		25,000
Royal Bank of Scotland, New York Branch,
1.27%, 11/27/09		3,000		3,000
1.08%, 1/11/10		5,000		5,000
Societe Generale, London Branch,
0.30%, 9/14/09		5,000		5,000
0.26%, 9/17/09		5,000		5,000
0.39%, 10/1/09		5,000		5,000
0.30%, 11/23/09		15,000		15,000
Toronto Dominion Bank, New York Branch,
0.27%, 10/29/09		25,000		25,000

Total Certificates of Deposit (Cost $315,000)				315,000


COMMERCIAL PAPER - 15.1%
Multi-Seller Conduits - 12.0%
Amstel Funding Corp., ⁽¹⁾
0.90%, 9/1/09		25,000		25,000
Enterprise Funding LLC,
0.24%, 9/8/09		10,000		10,000

LIQUID ASSETS PORTFOLIO 1 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 15.1% continued
Multi-Seller Conduits - 12.0% continued
Fairway Finance Corp.,
0.22%, 9/15/09	$	20,000	$	19,998
Jupiter Securitization Corp.,
0.24%, 9/1/09		15,000		15,000
Kitty Hawk Funding Corp.,
0.24%, 9/17/09		15,000		14,998
0.24%, 9/25/09		8,000		7,999
Liberty Street Funding Co.,
0.23%, 9/25/09		10,000		9,998
Ranger Funding LLC,
0.24%, 9/15/09		20,000		19,998
Sheffield Receivables Corp.,
0.24%, 9/16/09		15,000		14,999

				137,990

Non-U.S. Bank - Non-U.S. Government - 2.2%
Danske Corp., Sovereign Guaranteed,
0.25%, 9/2/09		15,000		15,000
0.25%, 9/21/09		5,000		4,999
0.25%, 9/28/09		5,000		4,999

				24,998

Non-U.S. Depository Institutions - 0.9%
Australia & New Zealand Banking Group,
0.24%, 11/2/09		5,000		4,998
Westpac Capital Corp.,
0.34%, 9/8/09		5,000		5,000

				9,998

Total Commercial Paper (Cost $172,986)				172,986


CORPORATE NOTES/BONDS - 4.2%
Non-Depository Personal Credit - 1.6%
General Electric Capital Corp., FRN,
0.32%, 9/24/09		18,000		18,000

Supranational - 1.7%
International Finance Corp.,
0.25%, 10/15/09		20,000		19,994

U.S. Depository Institutions - 0.9%
Bank of America N.A, FDIC Guaranteed, FRN,
0.66%, 9/14/09		10,000		10,000

Total Corporate Notes/Bonds (Cost $47,994)				47,994


EURODOLLAR TIME DEPOSITS - 3.2%
Non-U.S. Depository Institutions - 3.2%
BNP Paribas, Paris,
0.21%, 9/1/09		25,000		25,000
HSBC France, Paris,
0.22%, 9/1/09		12,000		12,000

Total Eurodollar Time Deposits (Cost $37,000)				37,000


U.S. GOVERNMENT AGENCIES - 16.3% ⁽²⁾
Federal Farm Credit Bank - 2.2%
FFCB Bond,
0.56%, 7/1/10		5,000		5,001
FFCB FRN,
0.30%, 9/6/09		20,000		20,010

				25,011

LIQUID ASSETS PORTFOLIO 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 16.3% ⁽²⁾continued
Federal Home Loan Bank - 10.8%
FHLB Bonds,
1.05%, 2/23/10	$	3,000	$	2,999
0.90%, 4/7/10		10,000		9,996
0.88%, 4/15/10		5,000		5,000
0.82%, 4/28/10		5,000		4,999
0.80%, 4/30/10		3,000		3,001
0.55%, 6/10/10		3,000		2,999
0.56%, 6/25/10		5,000		5,001
0.55%, 7/15/10		5,000		5,000
0.55%, 7/20/10		8,000		7,999
0.55%, 7/29/10		7,000		6,998
FHLB Callable Bonds,
0.70%, 6/25/10		3,000		3,000
0.65%, 7/28/10		7,000		7,000
0.70%, 8/27/10		5,000		5,000
FHLB Discount Notes,
1.00%, 2/23/10		5,000		4,976
FHLB FRN,
0.50%, 9/1/09		25,000		25,000
0.62%, 9/1/09		15,000		15,000
0.79%, 9/1/09		10,000		10,000

				123,968

Federal Home Loan Mortgage Corporation - 2.2%
FHLMC Callable Note,
1.25%, 3/23/10		5,000		5,000
FHLMC FRN,
0.63%, 9/3/09		10,000		9,997
0.24%, 9/18/09		10,000		10,000

				24,997

Federal National Mortgage Association - 1.1%
FNMA FRN,
0.40%, 10/13/09		5,000		4,997
0.42%, 11/5/09		5,000		4,998
FNMA Note,
3.00%, 7/12/10		3,000		3,064

				13,059

Total U.S. Government Agencies (Cost $187,035)				187,035


U.S. GOVERNMENT OBLIGATIONS - 3.6%
U.S. Treasury Bills - 1.1%
0.50%, 7/1/10		8,000		7,966
0.50%, 7/29/10		5,000		4,977

				12,943

U.S. Treasury Notes - 2.5%
2.38%, 8/31/10		26,000		26,464
4.63%, 11/15/09		2,000		2,017

				28,481

Total U.S. Government Obligations (Cost $41,424)				41,424


Investments, at Amortized Cost ($801,439)				801,439

LIQUID ASSETS PORTFOLIO 3 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)


	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 31.4%
(Collateralized at a minimum of 102%)
Joint Repurchase Agreements - 5.7% ⁽³⁾
Morgan Stanley & Co., Inc., dated 8/31/09, repurchase price $14,474
0.18%, 9/1/09	$	14,474	$	14,474
Societe Generale, New York Branch, dated 8/31/09, repurchase price $28,947
0.19%, 9/1/09		28,947		28,947
UBS Securities LLC, dated 8/31/09, repurchase price $21,711
0.19%, 9/1/09		21,710		21,710

				65,131

(Collateralized at a minimum of 102%)
Repurchase Agreements - 25.7% ⁽⁴⁾
BNP Paribas Securities Corp., dated 8/31/09, repurchase price $35,000
0.22%, 9/1/09		35,000		35,000
Citigroup Global Markets, Inc., dated 8/31/09, repurchase price $160,001
0.22%, 9/1/09		160,000		160,000
Goldman Sachs & Co., dated 8/31/09, repurchase price $100,001
0.21%, 9/1/09		100,000		100,000

				295,000

Total Repurchase Agreements (Cost $360,131)				360,131


Total Investments - 101.3% (Cost $1,161,570) ⁽⁵⁾				1,161,570

Liabilities less Other Assets - (1.3)%				(15,013	)

NET ASSETS - 100.0%			$	1,146,557

(1)

(2)

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

(3)

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


NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	$	37,078	2.38% - 8.88%	8/15/17 - 4/15/28
U.S. Treasury Notes	$	28,894	0.88% - 3.50%	4/15/10 - 7/15/19

(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	$	8,225	4.50% - 6.50%	1/1/17 - 8/1/39
FNMA	$	155,738	3.77% - 6.50%	4/1/11 - 9/1/39
GNMA	$	139,887	5.00%	8/15/39

(5)

The cost for federal income tax purposes was $1,161,570.

Percentages shown are based on Net Assets.

LIQUID ASSETS PORTFOLIO 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO continued

AUGUST 31, 2009 (UNAUDITED)

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. Following is a summary of the inputs used in valuing the Liquid Assets Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2009:


Investments	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Liquid Assets Portfolio	$	—	$	1,161,570	⁽¹⁾	$	—	$	1,161,570

(1)

Classifications as defined in the Schedule of Investments.

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


	BALANCE AS OF 11/30/08 (000S)		REALIZED GAIN (LOSS) (000S)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)		NET PURCHASES (SALES) (000S)			TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)			BALANCE AS OF 8/31/09
Corporate Notes/Bonds Structured Investment Vehicles	$	10,939	$	(3,461	)	$	—	$	(18,526	)	$	11,048		$	—

Total Investments	$	10,939	$	(3,461	)	$	—	$	(18,526	)	$	11,048		$	—

Other Financial Instruments *	$	7,367	$	(2,637	)	$	—	$	—		$	(4,730	)	$	—

*	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

AUGUST 31, 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 Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

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 (17 CFR 270.30a-3(c))) 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 (17 CFR 270.30a-3(d))) 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 (17 CFR 270.30a-2(a)) 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.


		Northern Institutional Funds

By:		/s/ Lloyd A. Wennlund
		Lloyd A. Wennlund, President
		(Principal Executive Officer)

Date:		October 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:		October 29, 2009

By:		/s/ Randal Rein
		Randal Rein, Treasurer
		(Principal Financial and Accounting Officer)

Date:		October 29, 2009