UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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, 2010

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

INTERNATIONAL GROWTH PORTFOLIO

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.8%
Australia - 1.5%
Computershare Ltd.	97,697	$	829
Myer Holdings Ltd.	491,370		1,611
			2,440
Belgium - 1.9%
Anheuser-Busch InBev N.V.	59,159		3,073
Brazil - 2.2%
Petroleo Brasileiro S.A. ADR†	37,000		1,234
Vale S.A. ADR†	90,628		2,424
			3,658
Canada - 3.0%
Bombardier, Inc., Class B	269,713		1,123
Rogers Communications, Inc., Class B	45,873		1,592
Talisman Energy, Inc.	61,240		963
Trican Well Service Ltd.	95,875		1,280
			4,958
China - 2.6%
Bank of China Ltd., Class H	3,943,000		1,989
China Yurun Food Group Ltd.	643,000		2,336
			4,325
Finland - 1.5%
UPM-Kymmene OYJ	176,009		2,407
France - 6.8%
Air Liquide S.A.	14,735		1,527
BNP Paribas	45,217		2,813
Societe Generale	61,633		3,117
Total S.A.	55,993		2,607
Veolia Environnement†	43,639		1,012
			11,076
Germany - 5.2%
Allianz S.E. (Registered)	21,183		2,172
Deutsche Bank A.G. (Registered)	28,097		1,765
E.ON A.G.	35,777		1,002
GEA Group A.G.	61,042		1,264
Linde A.G.	9,259		1,038
Siemens A.G. (Registered)	13,400		1,215
			8,456
Hong Kong - 2.2%
Esprit Holdings Ltd.	208,982		1,181
Huabao International Holdings Ltd.	1,692,190		2,475
			3,656
India - 0.9%
Sterlite Industries India Ltd. ADR†	112,361		1,447
Ireland - 2.0%
Covidien PLC	12,583		445
WPP PLC	176,193		1,741
XL Group PLC	60,050		1,075
			3,261
Italy - 0.8%
Enel S.p.A.	270,412		1,283
Japan - 20.4%
Canon, Inc.	49,900		2,039
Chiyoda Corp.	216,500		1,493
East Japan Railway Co.	22,400		1,449
Fast Retailing Co. Ltd.	10,400		1,439
Kansai Electric Power (The) Co., Inc.	57,500		1,474
Kawasaki Heavy Industries Ltd.	572,000		1,530
Kinden Corp.	140,000		1,235
Kubota Corp.	205,000		1,639
Mitsubishi UFJ Financial Group, Inc.	671,890		3,201
Mitsui & Co. Ltd.	163,000		2,130
NGK Insulators Ltd.	51,900		787
Nomura Holdings, Inc.	221,600		1,255
NTT DoCoMo, Inc.	1,309		2,210
Shimano, Inc.†	35,128		1,720
Shin-Etsu Chemical Co. Ltd.	29,300		1,353
Sony Corp.	64,500		1,805
Sumitomo Metal Mining Co. Ltd.	90,900		1,163
Tokio Marine Holdings, Inc.	100,800		2,699
Toyota Motor Corp.	84,600		2,871
			33,492
Netherlands - 5.4%
ASML Holding N.V.	61,471		1,527
NXP Semiconductor N.V.†*	74,243		822
QIAGEN N.V.†*	75,141		1,347
Royal Dutch Shell PLC, Class B (London Exchange)	114,064		2,907
Unilever N.V. - CVA	86,333		2,307
			8,910
Norway - 0.8%
Marine Harvest ASA	1,834,951		1,394
Portugal - 1.2%
Jeronimo Martins SGPS S.A.	177,697		1,960

EQUITY PORTFOLIOS    1    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.8% continued
Singapore - 1.4%
DBS Group Holdings Ltd.		226,204	$	2,325
South Korea - 1.7%
Hyundai Motor Co.		23,500		2,769
Spain - 3.0%
Banco Santander S.A.		150,939		1,764
Iberdrola Renovables S.A.		143,397		468
Iberdrola S.A.		169,214		1,186
Telefonica S.A.		67,601		1,491
				4,909
Switzerland - 8.2%
ABB Ltd. (Registered)*		47,251		912
Credit Suisse Group A.G. (Registered)		69,881		3,053
Novartis A.G. (Registered)		76,648		4,020
Roche Holding A.G. (Genusschein)		30,801		4,184
Syngenta A.G. (Registered)		5,295		1,220
				13,389
Taiwan - 0.7%
Hon Hai Precision Industry Co. Ltd.		313,376		1,108
United Kingdom - 20.9%
Autonomy Corp. PLC*		67,460		1,609
BAE Systems PLC		171,671		776
Barclays PLC		437,971		2,013
BP PLC		189,030		1,098
Compass Group PLC		241,350		1,970
GlaxoSmithKline PLC		132,145		2,476
HSBC Holdings PLC		157,615		1,553
ITV PLC*		789,823		676
National Grid PLC		191,149		1,608
Pearson PLC		128,417		1,911
Prudential PLC		372,216		3,235
QinetiQ Group PLC		314,633		519
Reckitt Benckiser Group PLC		50,217		2,515
Rolls-Royce Group PLC*		267,729		2,269
Standard Chartered PLC		135,441		3,614
Vodafone Group PLC		1,504,451		3,633
Weir Group (The) PLC		151,047		2,784
				34,259
United States - 4.5%
Activision Blizzard, Inc.		159,247		1,702
Mead Johnson Nutrition Co.		31,431		1,640
Schlumberger Ltd.		27,454		1,464
Virgin Media, Inc.†		121,891		2,537
				7,343
Total Common Stocks (Cost $157,739)				161,898
INVESTMENT COMPANIES - 5.5%
Northern Institutional Funds - Diversified Assets Portfolio (1) (2)		324,267		324
Northern Institutional Funds - Liquid Assets Portfolio (1) (3)		8,729,734		8,730
Total Investment Companies (Cost $9,054)				9,054
Total Investments - 104.3% (Cost $166,793)				170,952
Liabilities less Other Assets - (4.3)%				(7,036	)
NET ASSETS - 100.0%			$	163,916

(1) Investment in affiliated Portfolio.

(2) The Portfolio had approximately $324,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

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

† Security is either wholly or partially on loan.

* Non-Income Producing Security

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2010, the components of investments for federal income tax purposes were as follows: (Amount in thousands)

Federal tax cost of investments	$	170,187
Gross tax appreciation of investments	$	17,243
Gross tax depreciation of investments		(16,478	)
Net tax appreciation of investments	$	765

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

At August 31, 2010, the industry sectors for the International Growth Portfolio were:

INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Consumer Discretionary		13.7	%
Consumer Staples		9.4
Energy		7.1
Financials		23.4
Health Care		7.7
Industrials		13.0

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    2    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH PORTFOLIO continued AUGUST 31, 2010 (UNAUDITED)

INDUSTRY SECTOR	% OF LONG-TERM INVESTMENTS
Information Technology	5.9
Materials	9.3
Telecommunication Services	5.5
Utilities	5.0
Total	100.0	%

At August 31, 2010, the International Growth Portfolio’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF LONG-TERM INVESTMENTS
British Pound	24.2	%
Euro	23.9
Japanese Yen	20.8
United States Dollar	8.5
Swiss Franc	8.3
Hong Kong Dollar	5.0
All other currencies less than 5%	9.3
Total	100.0	%

At August 31, 2010, the International Growth Portfolio had outstanding forward foreign currency exchange contracts as follows:

CONTRACTS TO DELIVER CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	IN EXCHANGE FOR CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	SETTLEMENT DATE	UNREALIZED GAINS/(LOSSES) (000S)
British Pound	118	United States Dollar	181	9/1/10	$	—	(1)
Euro	147	United States Dollar	186	9/1/10		—	(1)
Hong Kong Dollar	289	United States Dollar	37	9/1/10		—	(1)
Japanese Yen	19,341	United States Dollar	230	9/1/10		—	(1)
Norwegian Krone	40	United States Dollar	6	9/1/10		—	(1)
Singapore Dollar	14	United States Dollar	10	9/1/10		—	(1)
Swiss Franc	65	United States Dollar	64	9/1/10		—	(1)
Australian Dollar	1,185	United States Dollar	1,055	9/3/10		1
Total					$	1

(1) Amount rounds to less than one thousand.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 International Growth Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks
Consumer Discretionary	$	2,537	$	19,695	$	—	$	22,232
Consumer Staples		1,640		13,584		—		15,224
Energy		4,941		6,612		—		11,553
Financials		—		37,643		—		37,643
Health Care		445		12,027		—		12,472
Industrials		1,123		20,002		—		21,125
Information Technology		2,525		7,112		—		9,637
Materials		3,871		11,182		—		15,053
Telecommunication Services		1,592		7,334		—		8,926
Utilities		—		8,033		—		8,033
Investment Companies		9,054		—		—		9,054
Total Investments	$	27,728	$	143,224	$	—	$	170,952
OTHER FINANCIAL INSTRUMENTS
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1	$	—	$	1

EQUITY PORTFOLIOS    3     NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8%
Australia - 8.2%
AGL Energy Ltd.	7,226	$	97
Alumina Ltd.	39,476		60
Amcor Ltd.	19,806		119
AMP Ltd.	33,193		149
Aristocrat Leisure Ltd.†*	5,033		17
Asciano Group†*	47,378		71
ASX Ltd.†	2,788		72
Australia & New Zealand Banking Group Ltd.	41,308		835
AXA Asia Pacific Holdings Ltd.	16,700		82
Bendigo and Adelaide Bank Ltd.†	6,277		47
BGP Holdings PLC*	104,706		—
BHP Billiton Ltd.	54,764		1,819
Billabong International Ltd.†	3,620		24
BlueScope Steel Ltd.*	29,638		57
Boral Ltd.†	12,012		47
Brambles Ltd.	22,864		119
Caltex Australia Ltd.†	1,928		19
CFS Retail Property Trust†	31,595		54
Coca-Cola Amatil Ltd.†	9,066		96
Cochlear Ltd.	911		56
Commonwealth Bank of Australia	25,023		1,123
Computershare Ltd.†	7,140		61
Crown Ltd.	7,347		54
CSL Ltd.†	9,084		267
CSR Ltd.	21,697		33
Dexus Property Group	77,483		57
Energy Resources of Australia Ltd.	1,117		13
Fairfax Media Ltd.†	35,469		45
Fortescue Metals Group Ltd.*	20,219		85
Foster’s Group Ltd.	31,274		169
Goodman Fielder Ltd.	24,621		29
Goodman Group	105,848		60
GPT Group	28,677		76
Harvey Norman Holdings Ltd.	7,669		24
Incitec Pivot Ltd.	26,247		79
Insurance Australia Group Ltd.	33,575		103
Intoll Group	36,395		48
Leighton Holdings Ltd.†	2,151		59
Lend Lease Group	8,705		54
MacArthur Coal Ltd.†	1,827		18
Macquarie Group Ltd.	5,448		182
MAp Group	9,590		25
Metcash Ltd.	13,453		53
Mirvac Group	48,561		58
National Australia Bank Ltd.	34,572		718
Newcrest Mining Ltd.†	12,458		413
OneSteel Ltd.	21,685		56
Orica Ltd.	5,845		131
Origin Energy Ltd.	14,204		193
OZ Minerals Ltd.*	52,870		58
Paladin Energy Ltd.†*	11,711		39
Qantas Airways Ltd.*	19,165		43
QBE Insurance Group Ltd.	16,661		245
Rio Tinto Ltd.	7,105		445
Santos Ltd.	13,323		169
Sims Metal Management Ltd.	2,729		40
Sonic Healthcare Ltd.	5,953		58
SP AusNet	16,302		12
Stockland	38,776		136
Suncorp-Metway Ltd.	20,617		154
TABCORP Holdings Ltd.	9,981		57
Tatts Group Ltd.	20,970		45
Telstra Corp. Ltd.	70,871		174
Toll Holdings Ltd.†	11,190		61
Transurban Group†	20,598		89
Wesfarmers Ltd.	16,379		467
Wesfarmers Ltd. - PPS	2,452		71
Westfield Group	35,761		399
Westpac Banking Corp.	48,546		941
Woodside Petroleum Ltd.	8,798		329
Woolworths Ltd.	20,204		499
WorleyParsons Ltd.	3,085		57
			12,714
Austria - 0.3%
Erste Group Bank A.G.	3,059		110
Immofinanz A.G.*	16,103		53
OMV A.G.	2,402		77
Raiffeisen International Bank Holding A.G.†	898		37
Telekom Austria A.G.	5,335		68
Verbund A.G.†	1,279		45
Vienna Insurance Group A.G.	691		32
Voestalpine A.G.	1,818		54
			476
Belgium - 0.9%
Ageas	36,362		92
Anheuser-Busch InBev N.V.	11,778		612
Belgacom S.A.	2,508		89

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8% continued
Belgium - 0.9% continued
Cie Nationale a Portefeuille	394	$	18
Colruyt S.A.	250		62
Delhaize Group S.A.	1,650		111
Dexia S.A.†*	9,869		41
Groupe Bruxelles Lambert S.A.	1,323		97
KBC Groep N.V.*	2,619		108
Mobistar S.A.	358		20
Solvay S.A.	966		87
UCB S.A.†	1,642		47
Umicore	1,834		63
			1,447
Denmark - 1.0%
A.P. Moller - Maersk A/S, Class A	9		66
A.P. Moller - Maersk A/S, Class B†	21		158
Carlsberg A/S, Class B	1,742		164
Coloplast A/S, Class B	387		41
Danske Bank A/S*	7,396		164
DSV A/S	3,446		54
Novo Nordisk A/S, Class B	7,113		610
Novozymes A/S, Class B†	749		88
Tryg A/S†	462		25
Vestas Wind Systems A/S†*	3,314		123
William Demant Holding A/S†*	347		23
			1,516
Finland - 1.0%
Elisa OYJ*	2,326		46
Fortum OYJ	7,274		167
Kesko OYJ, Class B	1,196		46
Kone OYJ, Class B	2,536		116
Metso OYJ	2,078		76
Neste Oil OYJ†	2,349		32
Nokia OYJ	61,144		523
Nokian Renkaat OYJ	1,759		50
Orion OYJ, Class B	1,307		24
Outokumpu OYJ†	1,797		29
Pohjola Bank PLC	2,005		22
Rautaruukki OYJ†	1,132		20
Sampo OYJ, Class A	6,895		166
Sanoma OYJ	1,156		21
Stora Enso OYJ, Class R	9,544		73
UPM-Kymmene OYJ	8,528		117
Wartsila OYJ†	1,290		69
			1,597
France - 9.1%
Accor S.A.	2,393		73
Aeroports de Paris	517		36
Air France-KLM*	2,342		31
Air Liquide S.A.	4,599		477
Alcatel-Lucent†*	37,631		97
Alstom S.A.	3,348		159
Atos Origin S.A.*	842		32
AXA S.A.	27,991		432
BioMerieux	169		17
BNP Paribas	15,475		963
Bouygues S.A.	3,752		152
Bureau Veritas S.A.	806		49
Cap Gemini S.A.	2,375		100
Carrefour S.A.	9,783		443
Casino Guichard-Perrachon S.A.	903		73
Christian Dior S.A.	1,038		105
Cie de St-Gobain	6,260		229
Cie Generale de Geophysique -Veritas†*	2,424		41
Cie Generale des Establissements Michelin, Class B	2,404		178
Cie Generale d’Optique Essilor International S.A.	3,350		203
CNP Assurances	2,473		42
Credit Agricole S.A.	15,132		189
Danone	9,507		510
Dassault Systemes S.A.	958		58
Edenred†*	2,490		43
EDF S.A.†	4,216		167
Eiffage S.A.	686		31
Eramet	99		25
Eurazeo	426		25
Eutelsat Communications†	1,645		59
Fonciere Des Regions	367		34
France Telecom S.A.	30,303		614
GDF Suez	20,294		626
Gecina S.A.†	319		32
Groupe Eurotunnel S.A. (Registered)	7,972		59
Hermes International†	863		156
ICADE	429		41
Iliad S.A.†	240		22
Imerys S.A.	544		27
Ipsen S.A.	434		15
JC Decaux S.A.†*	950		23
Klepierre†	1,527		46

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8% continued
France - 9.1% continued
Lafarge S.A.†	3,266	$	150
Lagardere S.C.A.	1,937		70
Legrand S.A.†	2,131		65
L’Oreal S.A.	3,914		388
LVMH Moet Hennessy Louis Vuitton S.A.	4,003		463
Metropole Television S.A.	960		20
Natixis*	14,198		77
Neopost S.A.	445		31
PagesJaunes Groupe	1,706		16
Pernod-Ricard S.A.†	3,227		252
Peugeot S.A.*	2,479		65
PPR	1,240		161
Publicis Groupe S.A.	2,113		88
Renault S.A.*	3,127		126
Safran S.A.†	2,694		66
Sanofi-Aventis S.A.	17,088		977
Schneider Electric S.A.	3,854		407
SCOR S.E.	2,738		59
SES S.A.†	4,934		113
Societe BIC S.A.	494		36
Societe Generale	10,260		519
Societe Television Francaise 1	2,035		30
Sodexo	1,555		89
Suez Environnement Co.†	4,379		70
Technip S.A.	1,582		103
Thales S.A.	1,471		47
Total S.A.	34,490		1,606
Unibail-Rodamco S.E.	1,495		281
Vallourec S.A.	1,767		151
Veolia Environnement	5,626		131
Vinci S.A.	7,101		310
Vivendi S.A.	20,118		468
			14,169
Germany - 7.0%
Adidas A.G.	3,409		173
Allianz S.E. (Registered)	7,407		760
BASF S.E.	14,982		784
Bayer A.G.	13,499		820
Bayerische Motoren Werke A.G.	5,397		283
Beiersdorf A.G.	1,647		88
Celesio A.G.†	1,077		22
Commerzbank A.G.*	11,529		90
Continental A.G.*	839		50
Daimler A.G. (Registered)*	14,715		713
Deutsche Bank A.G. (Registered)	10,134		637
Deutsche Boerse A.G.	3,181		194
Deutsche Lufthansa A.G. (Registered)*	3,823		60
Deutsche Post A.G. (Registered)	13,802		224
Deutsche Postbank A.G.*	1,538		47
Deutsche Telekom A.G. (Registered)	46,327		608
E.ON A.G.	29,391		823
Fraport A.G. Frankfurt Airport Services Worldwide	682		35
Fresenius Medical Care A.G. & Co. KGaA	3,190		180
Fresenius S.E.	402		29
GEA Group A.G.	2,670		55
Hannover Rueckversicherung A.G. (Registered)	1,050		47
HeidelbergCement A.G.	2,291		92
HeidelbergCement A.G. (VVPR)*	83		—
Henkel A.G. & Co. KGaA	2,120		85
Hochtief A.G.	789		52
Infineon Technologies A.G.†*	17,668		98
K+S A.G.	2,330		121
Linde A.G.	2,751		308
MAN S.E.	1,714		147
Merck KGaA	1,055		91
Metro A.G.	2,110		107
Muenchener Rueckversicherungs A.G. (Registered)	3,071		390
Puma A.G. Rudolf Dassler Sport	98		26
RWE A.G.	6,834		445
Salzgitter A.G.†	728		44
SAP A.G.	14,000		609
Siemens A.G. (Registered)	13,423		1,217
Suedzucker A.G.	939		17
ThyssenKrupp A.G.	5,491		149
TUI A.G.†*	2,686		27
United Internet A.G. (Registered)	1,783		23
Volkswagen A.G.†	491		44
Wacker Chemie A.G.	269		41
			10,855
Greece - 0.3%
Alpha Bank A.E.*	8,248		53
Bank of Cyprus Public Co. Ltd.	9,449		51
Coca Cola Hellenic Bottling Co. S.A.	2,970		70
EFG Eurobank Ergasias S.A.*	4,599		30
Hellenic Telecommunications Organization S.A.	4,256		29

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8% continued
Greece - 0.3% continued
National Bank of Greece S.A.*	9,880	$	126
OPAP S.A.	3,655		55
Piraeus Bank S.A.*	4,879		25
Public Power Corp. S.A.	2,189		31
			470
Hong Kong - 2.6%
ASM Pacific Technology Ltd.	3,600		29
Bank of East Asia Ltd.†	24,438		92
BOC Hong Kong Holdings Ltd.	60,108		159
Cathay Pacific Airways Ltd.	19,506		48
Cheung Kong Holdings Ltd.	22,729		287
Cheung Kong Infrastructure Holdings Ltd.	8,353		32
CLP Holdings Ltd.	31,021		237
Esprit Holdings Ltd.	18,672		106
Foxconn International Holdings Ltd.†*	41,127		27
Hang Lung Group Ltd.	12,462		75
Hang Lung Properties Ltd.	33,501		150
Hang Seng Bank Ltd.†	12,379		170
Henderson Land Development Co. Ltd.	17,639		109
Hong Kong & China Gas Co. Ltd.	69,249		167
Hong Kong Exchanges and Clearing Ltd.†	16,603		261
Hongkong Electric Holdings Ltd.	22,433		136
Hopewell Holdings Ltd.	8,500		27
Hutchison Whampoa Ltd.	34,698		256
Hysan Development Co. Ltd.	9,473		30
Kerry Properties Ltd.	11,504		58
Li & Fung Ltd.	36,809		187
Lifestyle International Holdings Ltd.	11,953		26
Link REIT (The)	35,664		104
Mongolia Energy Co. Ltd.*	46,000		18
MTR Corp.	23,138		83
New World Development Ltd.	41,244		66
Noble Group Ltd.†	48,326		56
NWS Holdings Ltd.	16,000		29
Orient Overseas International Ltd.	4,000		32
PCCW Ltd.†	45,374		15
Sands China Ltd.*	32,213		50
Shangri-La Asia Ltd.	21,761		48
Sino Land Co. Ltd.	30,322		53
Sun Hung Kai Properties Ltd.	23,136		326
Swire Pacific Ltd., Class A	12,551		151
Television Broadcasts Ltd.	4,000		20
Wharf Holdings Ltd.	22,242		120
Wheelock & Co. Ltd.	16,021		46
Wing Hang Bank Ltd.	3,268		35
Wynn Macau Ltd.*	27,553		48
Yue Yuen Industrial Holdings Ltd.	13,210		43
			4,012
Ireland - 0.6%
Anglo Irish Bank Corp. Ltd.(1) *	6,354		—
CRH PLC	10,390		161
CRH PLC - (London Exchange)	1,004		15
Elan Corp. PLC†*	8,598		39
Experian PLC	16,700		159
Governor & (The) Co. of the Bank of Ireland*	55,253		54
Kerry Group PLC, Class A	2,289		75
Ryanair Holdings PLC*	3,150		15
Shire PLC	9,157		198
WPP PLC	20,495		202
			918
Israel - 0.8%
Bank Hapoalim B.M.*	16,799		69
Bank Leumi Le-Israel B.M.*	19,843		82
Bezeq Israeli Telecommunication Corp. Ltd.	29,325		65
Cellcom Israel Ltd.	664		18
Delek Group Ltd.	55		14
Discount Investment Corp. (Registered)	376		7
Elbit Systems Ltd.	314		16
Israel (The) Corp. Ltd.*	32		26
Israel Chemicals Ltd.	7,313		93
Israel Discount Bank Ltd., Class A*	6,903		12
Makhteshim-Agan Industries Ltd.	3,335		11
Mizrahi Tefahot Bank Ltd.	1,562		13
NICE Systems Ltd.*	1,185		32
Ormat Industries Ltd.	858		6
Partner Communications Co. Ltd.	1,718		29
Teva Pharmaceutical Industries Ltd.	15,223		770
			1,263
Italy - 2.7%
A2A S.p.A.	16,266		23
Assicurazioni Generali S.p.A.	19,007		342
Atlantia S.p.A.	3,902		73
Autogrill S.p.A.*	2,235		26
Banca Carige S.p.A.	6,998		15
Banca Monte dei Paschi di Siena S.p.A.*	38,837		46
Banca Popolare di Milano Scarl	6,960		30

EQUITY PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8% continued
Italy - 2.7% continued
Banco Popolare SC†	10,453	$	58
Enel S.p.A.	107,278		509
ENI S.p.A.	42,419		838
Exor S.p.A.	1,206		22
Fiat S.p.A.	12,447		145
Finmeccanica S.p.A.	6,570		66
Intesa Sanpaolo S.p.A.	125,490		350
Intesa Sanpaolo S.p.A. (RSP)	16,921		38
Luxottica Group S.p.A.	1,917		44
Mediaset S.p.A.	11,555		71
Mediobanca S.p.A.†*	7,687		60
Mediolanum S.p.A.	3,433		13
Parmalat S.p.A.	28,057		67
Pirelli & C S.p.A*	4,372		29
Prysmian S.p.A.	3,067		48
Saipem S.p.A.	4,252		148
Snam Rete Gas S.p.A.†	23,294		108
Telecom Italia S.p.A.	152,591		206
Telecom Italia S.p.A. (RSP)	98,271		108
Tenaris S.A.	7,598		128
Terna - Rete Elettrica Nazionale S.p.A.	21,152		85
UniCredit S.p.A.	219,855		512
Unione di Banche Italiane SCPA	9,863		86
			4,294
Japan - 22.0%
77 Bank (The) Ltd.	5,000		25
ABC-Mart, Inc.	400		12
Acom Co. Ltd.	370		6
Advantest Corp.	2,600		49
Aeon Co. Ltd.	9,800		104
Aeon Credit Service Co. Ltd.	1,000		11
Aeon Mall Co. Ltd.	1,100		25
Air Water, Inc.	2,000		22
Aisin Seiki Co. Ltd.	3,100		80
Ajinomoto Co., Inc.	11,000		108
Alfresa Holdings Corp.†	700		31
All Nippon Airways Co. Ltd.*	14,000		51
Amada Co. Ltd.	6,000		36
Aozora Bank Ltd.	7,000		9
Asahi Breweries Ltd.	6,300		119
Asahi Glass Co. Ltd.	16,000		156
Asahi Kasei Corp.	21,000		103
Asics Corp.	2,000		19
Astellas Pharma, Inc.	7,400		255
Bank of Kyoto (The) Ltd.	5,000		40
Bank of Yokohama (The) Ltd.	20,000		87
Benesse Holdings, Inc.	1,200		54
Bridgestone Corp.	10,600		184
Brother Industries Ltd.	3,800		41
Canon Marketing Japan, Inc.	900		12
Canon, Inc.	18,500		756
Casio Computer Co. Ltd.†	3,400		23
Central Japan Railway Co.	25		202
Chiba Bank (The) Ltd.	12,000		67
Chiyoda Corp.	2,000		14
Chubu Electric Power Co., Inc.	10,800		284
Chugai Pharmaceutical Co. Ltd.	3,700		63
Chugoku Bank (The) Ltd.	3,000		35
Chugoku Electric Power (The) Co., Inc.	4,900		107
Chuo Mitsui Trust Holdings, Inc.	16,000		57
Citizen Holdings Co. Ltd.	4,800		25
Coca-Cola West Co. Ltd.	700		12
Cosmo Oil Co. Ltd.†	8,000		19
Credit Saison Co. Ltd.	2,600		33
Dai Nippon Printing Co. Ltd.	9,000		104
Daicel Chemical Industries Ltd.	4,000		24
Daido Steel Co. Ltd.	4,000		19
Daihatsu Motor Co. Ltd.	3,000		38
Dai-ichi Life Insurance (The) Co. Ltd.	130		154
Daiichi Sankyo Co. Ltd.	11,000		219
Daikin Industries Ltd.	3,800		129
Dainippon Sumitomo Pharma Co. Ltd.	2,000		17
Daito Trust Construction Co. Ltd.	1,300		75
Daiwa House Industry Co. Ltd.	8,000		75
Daiwa Securities Group, Inc.	27,000		110
Dena Co. Ltd.†	1,300		39
Denki Kagaku Kogyo K.K.	8,000		32
Denso Corp.	7,900		214
Dentsu, Inc.	2,700		61
Dowa Holdings Co. Ltd.†	3,100		16
East Japan Railway Co.	5,590		362
Eisai Co. Ltd.	4,100		148
Electric Power Development Co. Ltd.	1,900		61
Elpida Memory, Inc.†*	2,900		35
FamilyMart Co. Ltd.	900		33
Fanuc Ltd.	3,100		334
Fast Retailing Co. Ltd.	900		125
Fuji Electric Holdings Co. Ltd.†	11,000		27

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8% continued
Japan - 22.0% continued
Fuji Heavy Industries Ltd.*	10,000	$	56
Fuji Media Holdings, Inc.	5		7
FUJIFILM Holdings Corp.	7,500		227
Fujitsu Ltd.	30,000		208
Fukuoka Financial Group, Inc.	13,000		52
Furukawa Electric Co. Ltd.	11,000		40
GS Yuasa Corp.†	7,000		41
Gunma Bank (The) Ltd.	7,000		36
Hachijuni Bank (The) Ltd.	7,872		43
Hakuhodo DY Holdings, Inc.	300		14
Hamamatsu Photonics K.K.	1,091		33
Hankyu Hanshin Holdings, Inc.†	19,000		87
Hino Motors Ltd.	5,000		22
Hirose Electric Co. Ltd.	500		48
Hiroshima Bank (The) Ltd.	7,000		28
Hisamitsu Pharmaceutical Co., Inc.	1,200		50
Hitachi Chemical Co. Ltd.	1,900		33
Hitachi Construction Machinery Co. Ltd.†	1,800		36
Hitachi High-Technologies Corp.	1,300		21
Hitachi Ltd.*	74,000		300
Hitachi Metals Ltd.	3,000		32
Hokkaido Electric Power Co., Inc.	3,000		67
Hokuhoku Financial Group, Inc.	22,000		39
Hokuriku Electric Power Co.	2,900		69
Honda Motor Co. Ltd.	27,000		890
Hoya Corp.	7,100		156
Ibiden Co. Ltd.	2,100		50
Idemitsu Kosan Co. Ltd.	300		24
IHI Corp.	19,000		34
INPEX Corp.	35		158
Isetan Mitsukoshi Holdings Ltd.	6,160		65
Isuzu Motors Ltd.	19,000		63
Ito En Ltd.†	700		11
ITOCHU Corp.	24,600		200
Itochu Techno-Solutions Corp.	400		13
Iyo Bank (The) Ltd.	4,000		34
J. Front Retailing Co. Ltd.	6,800		33
Jafco Co. Ltd.	500		11
Japan Petroleum Exploration Co.†	400		14
Japan Prime Realty Investment Corp.	10		22
Japan Real Estate Investment Corp.	8		71
Japan Retail Fund Investment Corp.	28		37
Japan Steel Works (The) Ltd.	5,000		44
Japan Tobacco, Inc.	73		226
JFE Holdings, Inc.	7,600		224
JGC Corp.	3,000		46
Joyo Bank (The) Ltd.	11,000		45
JS Group Corp.	4,100		78
JSR Corp.	2,900		43
JTEKT Corp.	2,800		23
Jupiter Telecommunications Co. Ltd.	42		45
JX Holdings, Inc.*	36,527		185
Kajima Corp.†	15,000		35
Kamigumi Co. Ltd.	4,000		29
Kaneka Corp.	5,000		30
Kansai Electric Power (The) Co., Inc.	12,400		318
Kansai Paint Co. Ltd.	3,000		25
Kao Corp.	8,800		204
Kawasaki Heavy Industries Ltd.	23,000		62
Kawasaki Kisen Kaisha Ltd.*	11,000		41
KDDI Corp.	48		231
Keihin Electric Express Railway Co. Ltd.†	8,000		81
Keio Corp.†	9,000		62
Keisei Electric Railway Co. Ltd.	4,000		26
Keyence Corp.	630		130
Kikkoman Corp.	3,000		30
Kinden Corp.	2,000		18
Kintetsu Corp.†	27,000		90
Kirin Holdings Co. Ltd.	14,000		194
Kobe Steel Ltd.	41,000		85
Koito Manufacturing Co. Ltd.	2,000		28
Komatsu Ltd.	15,500		316
Konami Corp.	1,200		19
Konica Minolta Holdings, Inc.	7,500		65
Kubota Corp.	19,000		152
Kuraray Co. Ltd.	5,600		63
Kurita Water Industries Ltd.	1,900		50
Kyocera Corp.	2,600		220
Kyowa Hakko Kirin Co. Ltd.	4,000		39
Kyushu Electric Power Co., Inc.	6,200		148
Lawson, Inc.	1,000		46
Mabuchi Motor Co. Ltd.	400		19
Makita Corp.	1,800		51
Marubeni Corp.	27,000		139
Marui Group Co. Ltd.	4,200		28
Maruichi Steel Tube Ltd.	700		13
Matsui Securities Co. Ltd.	1,400		8
Mazda Motor Corp.	25,000		56

EQUITY PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8% continued
Japan - 22.0% continued
McDonald’s Holdings Co. Japan Ltd.†	900	$	21
MEDIPAL HOLDINGS Corp.	2,700		34
MEIJI Holdings Co. Ltd.	1,151		54
Minebea Co. Ltd.	5,000		23
Mitsubishi Chemical Holdings Corp.	19,500		92
Mitsubishi Corp.	22,100		475
Mitsubishi Electric Corp.	31,000		248
Mitsubishi Estate Co. Ltd.	19,000		285
Mitsubishi Gas Chemical Co., Inc.	7,000		38
Mitsubishi Heavy Industries Ltd.	49,000		176
Mitsubishi Logistics Corp.	2,000		22
Mitsubishi Materials Corp.*	18,000		48
Mitsubishi Motors Corp.†*	63,000		80
Mitsubishi Tanabe Pharma Corp.	4,000		63
Mitsubishi UFJ Financial Group, Inc.	207,930		991
Mitsubishi UFJ Lease & Finance Co. Ltd.	1,080		39
Mitsui & Co. Ltd.	28,300		370
Mitsui Chemicals, Inc.	15,000		38
Mitsui Engineering & Shipbuilding Co. Ltd.†	10,000		21
Mitsui Fudosan Co. Ltd.	14,000		228
Mitsui Mining & Smelting Co. Ltd.	8,000		22
Mitsui O.S.K. Lines Ltd.	19,000		120
Mitsumi Electric Co. Ltd.	1,200		17
Mizuho Financial Group, Inc.	327,591		502
Mizuho Securities Co. Ltd.	8,000		18
Mizuho Trust & Banking Co. Ltd.*	30,000		24
MS&AD Insurance Group Holdings	8,793		197
Murata Manufacturing Co. Ltd.	3,300		157
Namco Bandai Holdings, Inc.	2,600		25
NEC Corp.	42,000		107
NGK Insulators Ltd.	4,000		61
NGK Spark Plug Co. Ltd.	3,000		35
NHK Spring Co. Ltd.	2,000		17
Nidec Corp.	1,800		159
Nikon Corp.	5,200		87
Nintendo Co. Ltd.	1,600		444
Nippon Building Fund, Inc.	8		68
Nippon Electric Glass Co. Ltd.	6,000		67
Nippon Express Co. Ltd.	14,000		49
Nippon Meat Packers, Inc.	3,000		36
Nippon Paper Group, Inc.	1,700		44
Nippon Sheet Glass Co. Ltd.†	12,000		26
Nippon Steel Corp.	84,000		276
Nippon Telegraph & Telephone Corp.	8,526		367
Nippon Yusen K.K.	25,000		96
Nishi-Nippon City Bank (The) Ltd.	10,000		28
Nissan Chemical Industries Ltd.	2,000		20
Nissan Motor Co. Ltd.*	40,600		309
Nissha Printing Co. Ltd.†	400		9
Nisshin Seifun Group, Inc.	3,500		45
Nisshin Steel Co. Ltd.	9,000		14
Nisshinbo Holdings, Inc.	2,000		19
Nissin Foods Holdings Co. Ltd.	1,200		43
Nitori Holdings Co. Ltd.	600		52
Nitto Denko Corp.	2,700		87
NKSJ Holdings, Inc.*	23,482		132
NOK Corp.	1,900		29
Nomura Holdings, Inc.	57,700		327
Nomura Real Estate Holdings, Inc.	1,300		17
Nomura Real Estate Office Fund, Inc.	4		20
Nomura Research Institute Ltd.	1,800		35
NSK Ltd.	7,000		42
NTN Corp.	8,000		30
NTT Data Corp.	20		62
NTT DoCoMo, Inc.	252		425
NTT Urban Development Corp.	18		14
Obayashi Corp.	11,000		42
Obic Co. Ltd.	130		24
Odakyu Electric Railway Co. Ltd.†	10,000		92
OJI Paper Co. Ltd.	14,000		66
Olympus Corp.†	3,500		83
Omron Corp.	3,300		70
Ono Pharmaceutical Co. Ltd.	1,400		61
Oracle Corp. Japan	700		36
Oriental Land Co. Ltd.	800		71
ORIX Corp.†	1,710		128
Osaka Gas Co. Ltd.	32,000		121
Otsuka Corp.	200		13
Panasonic Corp.	32,100		405
Panasonic Electric Works Co. Ltd.	6,000		79
Rakuten, Inc.†	118		89
Resona Holdings, Inc.†	10,000		99
Ricoh Co. Ltd.	11,000		141
Rinnai Corp.	500		30
Rohm Co. Ltd.	1,600		96
Sankyo Co. Ltd.	900		45
Santen Pharmaceutical Co. Ltd.	1,300		47
Sanyo Electric Co. Ltd.*	30,000		49

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    7    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8% continued
Japan - 22.0% continued
Sapporo Hokuyo Holdings, Inc.	5,900	$	28
Sapporo Holdings Ltd.	5,000		23
SBI Holdings, Inc.	324		40
Secom Co. Ltd.	3,400		148
Sega Sammy Holdings, Inc.	3,400		51
Seiko Epson Corp.	2,500		32
Sekisui Chemical Co. Ltd.	7,000		41
Sekisui House Ltd.	9,000		78
Senshu Ikeda Holdings, Inc.†	8,133		12
Seven & I Holdings Co. Ltd.	12,300		281
Seven Bank Ltd.	9		17
Sharp Corp.†	16,000		153
Shikoku Electric Power Co., Inc.†	2,900		90
Shimadzu Corp.	4,000		27
Shimamura Co. Ltd.	400		36
Shimano, Inc.	1,100		54
Shimizu Corp.	11,000		39
Shin-Etsu Chemical Co. Ltd.	6,700		309
Shinko Electric Industries Co. Ltd.†	800		9
Shinsei Bank Ltd.†*	11,000		8
Shionogi & Co. Ltd.	4,900		85
Shiseido Co. Ltd.	5,700		128
Shizuoka Bank (The) Ltd.	10,000		84
Showa Denko K.K.	24,000		43
Showa Shell Sekiyu K.K.	2,600		19
SMC Corp.	900		111
Softbank Corp.	13,200		378
Sojitz Corp.	22,200		36
Sony Corp.	16,400		459
Sony Financial Holdings, Inc.	14		46
Square Enix Holdings Co. Ltd.	800		16
Stanley Electric Co. Ltd.	2,500		38
Sumco Corp.†*	2,000		34
Sumitomo Chemical Co. Ltd.†	26,000		106
Sumitomo Corp.	18,400		210
Sumitomo Electric Industries Ltd.	12,300		132
Sumitomo Heavy Industries Ltd.	9,000		42
Sumitomo Metal Industries Ltd.	55,000		129
Sumitomo Metal Mining Co. Ltd.	9,000		115
Sumitomo Mitsui Financial Group, Inc.	21,923		651
Sumitomo Realty & Development Co. Ltd.	6,000		115
Sumitomo Rubber Industries Ltd.	2,300		21
Sumitomo Trust & Banking (The) Co. Ltd.	23,000		122
Suruga Bank Ltd.	3,000		26
Suzuken Co. Ltd.	1,200		42
Suzuki Motor Corp.	5,300		105
Sysmex Corp.†	600		38
T&D Holdings, Inc.	4,450		85
Taiheiyo Cement Corp.†*	10,400		12
Taisei Corp.	18,000		35
Taisho Pharmaceutical Co. Ltd.†	2,000		40
Taiyo Nippon Sanso Corp.†	4,000		32
Takashimaya Co. Ltd.	4,000		30
Takeda Pharmaceutical Co. Ltd.	12,300		564
TDK Corp.	2,000		105
Teijin Ltd.	16,000		49
Terumo Corp.	2,800		138
THK Co. Ltd.	2,100		35
Tobu Railway Co. Ltd.†	13,000		74
Toho Co. Ltd.	1,500		24
Toho Gas Co. Ltd.	7,000		36
Tohoku Electric Power Co., Inc.	7,000		162
Tokio Marine Holdings, Inc.	11,800		316
Tokuyama Corp.	6,000		29
Tokyo Electric Power (The) Co., Inc.	19,900		579
Tokyo Electron Ltd.	2,800		132
Tokyo Gas Co. Ltd.	42,000		196
Tokyo Steel Manufacturing Co. Ltd.	1,400		15
Tokyo Tatemono Co. Ltd.	5,000		17
Tokyu Corp.	19,000		87
Tokyu Land Corp.	6,000		24
TonenGeneral Sekiyu K.K.	5,000		45
Toppan Printing Co. Ltd.	9,000		68
Toray Industries, Inc.	23,000		122
Toshiba Corp.*	66,000		312
Tosoh Corp.	10,000		25
TOTO Ltd.†	4,000		25
Toyo Seikan Kaisha Ltd.	2,700		43
Toyo Suisan Kaisha Ltd.	2,000		42
Toyoda Gosei Co. Ltd.	900		18
Toyota Boshoku Corp.	900		13
Toyota Industries Corp.	2,900		73
Toyota Motor Corp.	45,000		1,527
Toyota Tsusho Corp.	3,500		50
Trend Micro, Inc.	1,600		43
Tsumura & Co.†	900		28
Ube Industries Ltd.	17,000		36
Unicharm Corp.	700		85

EQUITY PORTFOLIOS    8    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8% continued
Japan - 22.0% continued
UNY Co. Ltd.	2,600	$	19
Ushio, Inc.	2,000		34
USS Co. Ltd.	320		24
West Japan Railway Co.	28		104
Yahoo! Japan Corp.	237		85
Yakult Honsha Co. Ltd.†	1,600		48
Yamada Denki Co. Ltd.	1,350		84
Yamaguchi Financial Group, Inc.	3,000		28
Yamaha Corp.	2,300		24
Yamaha Motor Co. Ltd.*	4,200		57
Yamato Holdings Co. Ltd.	6,500		76
Yamato Kogyo Co. Ltd.	900		20
Yamazaki Baking Co. Ltd.	2,000		24
Yaskawa Electric Corp.†	4,000		28
Yokogawa Electric Corp.	4,300		27
			34,245
Netherlands - 4.6%
Aegon N.V.*	25,421		130
Akzo Nobel N.V.	3,772		199
ArcelorMittal†	14,034		407
ASML Holding N.V.	7,021		174
Corio N.V.	958		55
Delta Lloyd N.V.†	954		16
European Aeronautic Defence and Space Co. N.V.*	6,642		146
Fugro N.V. - CVA	1,068		60
Heineken Holding N.V.	1,792		69
Heineken N.V.	3,993		178
ING Groep N.V. - CVA*	62,491		553
James Hardie Industries S.E.†*	7,355		35
Koninklijke (Royal) KPN N.V.	26,647		386
Koninklijke Ahold N.V.	19,524		240
Koninklijke Boskalis Westminster N.V.	1,113		41
Koninklijke DSM N.V.	2,512		104
Koninklijke Philips Electronics N.V.	15,835		442
Koninklijke Vopak N.V.	1,231		49
QIAGEN N.V.†*	3,773		68
Randstad Holding N.V.*	1,777		66
Reed Elsevier N.V.	11,286		135
Royal Dutch Shell PLC, Class A	57,853		1,534
Royal Dutch Shell PLC, Class B	43,987		1,121
SBM Offshore N.V.	2,841		43
TNT N.V.	6,045		153
Unilever N.V. - CVA	26,591		710
Wolters Kluwer N.V.	4,831		90
			7,204
New Zealand - 0.1%
Auckland International Airport Ltd.	18,236		25
Contact Energy Ltd.*	3,804		15
Fletcher Building Ltd.	10,089		53
Sky City Entertainment Group Ltd.	8,255		17
Telecom Corp. of New Zealand Ltd.	32,107		46
			156
Norway - 0.7%
Aker Solutions ASA	3,046		33
DnB NOR ASA	15,910		175
Norsk Hydro ASA	14,352		68
Orkla ASA	12,448		104
Renewable Energy Corp. ASA*	9,904		25
Seadrill Ltd.†	4,488		104
Statoil ASA	18,133		340
Telenor ASA	13,486		197
Yara International ASA	3,072		123
			1,169
Portugal - 0.3%
Banco Comercial Portugues S.A. (Registered)	49,598		39
Banco Espirito Santo S.A. (Registered)	9,423		41
Brisa Auto-Estradas de Portugal S.A.	2,657		17
Cimpor Cimentos de Portugal SGPS S.A.	2,806		17
Energias de Portugal S.A.	28,447		86
Galp Energia SGPS S.A., Class B	3,719		60
Jeronimo Martins SGPS S.A.	3,694		41
Portugal Telecom SGPS S.A. (Registered)	9,491		111
			412
Singapore - 1.7%
Ascendas Real Estate Investment Trust	26,666		41
CapitaLand Ltd.	42,250		122
CapitaMall Trust	36,200		52
CapitaMalls Asia Ltd.	23,940		37
City Developments Ltd.	9,000		73
ComfortDelgro Corp. Ltd.	27,000		30
Cosco Corp. Singapore Ltd.†	15,000		17
DBS Group Holdings Ltd.	27,799		286
Fraser and Neave Ltd.	16,348		67
Genting Singapore PLC*	99,000		124
Golden Agri-Resources Ltd.	112,105		46

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    9    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8% continued
Singapore - 1.7% continued
Jardine Cycle & Carriage Ltd.	1,870	$	45
Keppel Corp. Ltd.	20,500		135
Keppel Land Ltd.	12,862		37
Neptune Orient Lines Ltd.†*	17,897		25
Olam International Ltd.†	20,098		40
Oversea-Chinese Banking Corp. Ltd.†	40,210		257
SembCorp Industries Ltd.	17,044		54
SembCorp Marine Ltd.†	14,400		41
Singapore Airlines Ltd.	8,667		96
Singapore Exchange Ltd.†	14,000		78
Singapore Press Holdings Ltd.†	25,295		76
Singapore Technologies Engineering Ltd.	27,000		64
Singapore Telecommunications Ltd.	130,325		297
StarHub Ltd.	8,000		14
United Overseas Bank Ltd.	19,774		274
UOL Group Ltd.	6,039		18
Wilmar International Ltd.	31,000		144
Yangzijiang Shipbuilding Holdings Ltd.†	20,000		23
			2,613
Spain - 3.7%
Abertis Infraestructuras S.A.	4,802		79
Acciona S.A.	445		35
Acerinox S.A.	1,400		22
ACS Actividades de Construccion y Servicios S.A.†	2,309		95
Banco Bilbao Vizcaya Argentaria S.A.	58,078		700
Banco de Sabadell S.A.†	15,671		76
Banco de Valencia S.A.	4,295		23
Banco Popular Espanol S.A.	14,065		84
Banco Santander S.A.	134,317		1,570
Bankinter S.A.	4,866		32
Criteria Caixacorp S.A.	13,892		65
EDP Renovaveis S.A.*	3,122		17
Enagas	2,891		51
Ferrovial S.A.†	7,124		62
Fomento de Construcciones y Contratas S.A.†	801		19
Gamesa Corp. Tecnologica S.A.*	3,563		24
Gas Natural SDG S.A.	3,731		56
Gestevision Telecinco S.A.	1,507		15
Grifols S.A.	2,029		24
Iberdrola Renovables S.A.	14,819		48
Iberdrola S.A.	64,167		450
Iberia Lineas Aereas de Espana S.A.*	7,161		23
Inditex S.A.	3,564		237
Indra Sistemas S.A.	1,271		21
Mapfre S.A.	13,096		37
Red Electrica Corp. S.A.	1,750		72
Repsol YPF S.A.	11,900		270
Telefonica S.A.	67,048		1,479
Zardoya Otis S.A.	2,027		32
			5,718
Sweden - 2.9%
Alfa Laval AB†	5,471		80
Assa Abloy AB, Class B	5,073		101
Atlas Copco AB, Class A	10,904		165
Atlas Copco AB, Class B	6,315		86
Boliden AB	4,589		52
Electrolux AB, Class B	3,904		75
Getinge AB, Class B	3,261		65
Hennes & Mauritz AB, Class B	16,710		544
Hexagon AB, Class B	3,101		51
Holmen AB, Class B	810		21
Husqvarna AB, Class B†	6,785		42
Investor AB, Class B	7,462		129
Kinnevik Investment AB, Class B	3,536		64
Millicom International Cellular S.A. SDR	1,237		113
Modern Times Group AB, Class B	854		49
Nordea Bank AB	52,734		471
Ratos AB, Class B†	1,798		48
Sandvik AB	16,409		194
Scania AB, Class B	5,168		95
Securitas AB, Class B	5,399		50
Skandinaviska Enskilda Banken AB, Class A	22,966		142
Skanska AB, Class B†	6,485		99
SKF AB, Class B†	6,306		113
SSAB AB, Class A	3,051		42
SSAB AB, Class B	1,093		13
Svenska Cellulosa AB, Class B	9,370		124
Svenska Handelsbanken AB, Class A	8,000		208
Swedbank AB, Class A†*	11,489		129
Swedish Match AB	3,892		90
Tele2 AB, Class B	5,067		91
Telefonaktiebolaget LM Ericsson, Class B	49,096		475
TeliaSonera AB	36,688		263
Volvo AB, Class B*	17,700		204
			4,488

EQUITY PORTFOLIOS    10    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.8% continued
Switzerland - 8.4%
ABB Ltd. (Registered)*	35,984	$	694
Actelion Ltd. (Registered)*	1,673		72
Adecco S.A. (Registered)	1,988		93
Aryzta A.G.	1,093		47
Aryzta A.G. - (NASDAQ OMX Exchange)	308		13
Baloise Holding A.G. (Registered)	815		66
Cie Financiere Richemont S.A., Class A (Bearer)	8,512		330
Credit Suisse Group A.G. (Registered)	18,369		803
GAM Holding A.G.*	3,708		46
Geberit A.G. (Registered)	631		101
Givaudan S.A. (Registered)	124		118
Holcim Ltd. (Registered)	4,001		240
Julius Baer Group Ltd.	3,364		118
Kuehne & Nagel International A.G. (Registered)	876		91
Lindt & Spruengli A.G. (Participation Certificates)	15		35
Lindt & Spruengli A.G. (Registered)	2		53
Logitech International S.A. (Registered)†*	3,072		46
Lonza Group A.G. (Registered)	739		61
Nestle S.A. (Registered)	56,506		2,922
Nobel Biocare Holding A.G. (Registered)	2,179		34
Novartis A.G. (Registered)	34,460		1,808
Pargesa Holding S.A. (Bearer)	511		33
Roche Holding A.G. (Genusschein)	11,472		1,558
Schindler Holding A.G. (Participation Certificates)	788		78
Schindler Holding A.G. (Registered)	319		31
SGS S.A. (Registered)	89		129
Sika A.G. (Bearer)	33		58
Sonova Holding A.G. (Registered)	747		96
STMicroelectronics N.V.	10,358		69
Straumann Holding A.G. (Registered)	116		24
Swatch Group (The) A.G. (Bearer)	502		161
Swatch Group (The) A.G. (Registered)	747		44
Swiss Life Holding A.G. (Registered)*	524		55
Swiss Reinsurance Co. Ltd. (Registered)	5,737		238
Swisscom A.G. (Registered)	384		149
Syngenta A.G. (Registered)	1,543		355
Synthes, Inc.	973		107
UBS A.G. (Registered)*	59,393		999
Xstrata PLC	33,564		524
Zurich Financial Services A.G.	2,407		536
			13,035
United Kingdom - 18.9%
3i Group PLC	15,866		63
Admiral Group PLC	3,258		76
Aggreko PLC	4,213		92
AMEC PLC	5,303		74
Anglo American PLC	21,494		768
Antofagasta PLC	6,450		102
ARM Holdings PLC	21,258		118
Associated British Foods PLC	5,797		94
AstraZeneca PLC	23,498		1,161
Autonomy Corp. PLC*	3,513		84
Aviva PLC	45,092		262
Babcock International Group PLC	5,849		45
BAE Systems PLC	56,165		254
Balfour Beatty PLC	11,473		42
Barclays PLC	186,665		858
BG Group PLC	55,037		887
BHP Billiton PLC	36,033		1,008
BP PLC	306,298		1,779
British Airways PLC*	8,026		26
British American Tobacco PLC	32,595		1,108
British Land Co. PLC	14,255		100
British Sky Broadcasting Group PLC	18,618		202
BT Group PLC	126,562		258
Bunzl PLC	5,358		58
Burberry Group PLC	7,071		92
Cable & Wireless Worldwide PLC	45,249		46
Cairn Energy PLC*	22,399		160
Capita Group (The) PLC	10,141		109
Capital Shopping Centres Group PLC	8,369		42
Carnival PLC	2,740		89
Centrica PLC	83,755		418
Cobham PLC	18,704		60
Compass Group PLC	30,545		249
Diageo PLC	40,888		664
Eurasian Natural Resources Corp. PLC	4,187		54
FirstGroup PLC	8,420		45
Fresnillo PLC	3,101		52
G4S PLC	22,971		89
GlaxoSmithKline PLC	84,789		1,589
Hammerson PLC	11,517		63
Home Retail Group PLC	14,374		48
HSBC Holdings PLC	284,400		2,802
ICAP PLC	9,095		57
Imperial Tobacco Group PLC	16,621		459

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    11    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 97.8% continued
United Kingdom - 18.9% continued
Inmarsat PLC		7,090	$	73
Intercontinental Hotels Group PLC		4,234		64
International Power PLC		24,760		141
Intertek Group PLC		2,598		67
Invensys PLC		13,375		47
Investec PLC		7,502		54
ITV PLC*		62,454		53
J. Sainsbury PLC		19,706		110
Johnson Matthey PLC		3,484		85
Kazakhmys PLC		3,474		61
Kingfisher PLC		38,609		121
Land Securities Group PLC		12,417		116
Legal & General Group PLC		95,495		136
Lloyds Banking Group PLC*		655,120		699
London Stock Exchange Group PLC†		2,829		29
Lonmin PLC*		2,566		60
Man Group PLC		27,861		89
Marks & Spencer Group PLC		25,891		137
National Grid PLC		56,517		475
Next PLC		3,089		94
Old Mutual PLC		88,367		172
Pearson PLC		13,295		198
Petrofac Ltd.		4,155		89
Prudential PLC		41,285		359
Randgold Resources Ltd.		1,455		135
Reckitt Benckiser Group PLC		10,005		501
Reed Elsevier PLC		19,892		160
Resolution Ltd.		23,627		92
Rexam PLC		14,363		67
RioTinto PLC		23,648		1,193
Rolls-Royce Group PLC*		30,220		256
Royal Bank of Scotland Group PLC*		275,762		189
RSA Insurance Group PLC		56,055		106
SABMiller PLC		15,468		441
Sage Group (The) PLC		21,375		80
Schroders PLC		1,598		33
Scottish & Southern Energy PLC		15,064		265
Segro PLC		12,005		50
Serco Group PLC		7,975		71
Severn Trent PLC		3,854		77
Smith & Nephew PLC		14,504		121
Smiths Group PLC		6,351		112
Standard Chartered PLC		33,047		882
Standard Life PLC		36,448		114
Tesco PLC		130,427		814
Thomas Cook Group PLC		12,203		34
Tomkins PLC		14,318		71
TUI Travel PLC		7,804		24
Tullow Oil PLC		14,284		266
Unilever PLC		20,955		554
United Utilities Group PLC		11,110		97
Vedanta Resources PLC		1,976		57
Vodafone Group PLC		859,165		2,075
Whitbread PLC		2,878		61
WM Morrison Supermarkets PLC		34,687		154
Wolseley PLC*		4,616		89
				29,476
Total Common Stocks (Cost $160,423)(2)				152,247
PREFERRED STOCKS - 0.4%
Germany - 0.4%
Bayerische Motoren Werke A.G.		771		28
Fresenius S.E.		1,317		94
Henkel A.G. & Co. KGaA		2,905		136
Porsche Automobil Holding S.E.		1,424		66
RWE A.G.†		638		39
Volkswagen A.G.		2,777		276
				639
Total Preferred Stocks (Cost $678)(2)				639

EQUITY PORTFOLIOS    12    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 5.1%
Northern Institutional Funds - Diversified Assets Portfolio (3) (4)		770,216	$	770
Northern Institutional Funds - Liquid Assets Portfolio (3) (5)		7,100,743		7,101
Total Investment Companies (Cost $7,871)				7,871
Total Investments - 103.3% (Cost $168,972)				160,757
Liabilities less Other Assets - (3.3)%				(5,090	)
NET ASSETS - 100.0%			$	155,667

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

(2) In accordance with the Portfolio’s prospectus, adjustment factors were pro-vided by an independent evaluation service to determine the value of certain foreign securities.

(3) Investment in affiliated Portfolio.

(4) The Portfolio had approximately $770,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

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

† Security is either wholly or partially on loan.

* Non-Income Producing Security

Percentages shown are based on Net Assets.

At August 31, 2010, 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)
Euro Stoxx 50 (Euro)		31	$	1,027		Long		9/10	$	—	(1)
FTSE 100 Index (British Pound)		9		718		Long		9/10		15
Hang Seng Index (Hong Kong Dollar)		1		131		Long		9/10		(1	)
SPI 200 (Australian Dollar)		2		195		Long		9/10		6
TOPIX Index (Japanese Yen)		7		667		Long		9/10		(29	)
Total									$	(9	)

(1) Amount rounds to less than one thousand.

Federal Tax Information:

At August 31,2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	185,015
Gross tax appreciation of investments	$	2,656
Gross tax depreciation of investments		(26,914	)
Net tax depreciation of investments	$	(24,258	)

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

At August 31, 2010, the industry sectors for the International Equity Index Portfolio were:

INDUSTRY SECTOR	% OF  LONG-TERM INVESTMENTS
Consumer Discretionary		10.1	%
Consumer Staples		10.5
Energy		7.3
Financials		24.9
Health Care		8.8
Industrials		12.0
Information Technology		4.8
Materials		10.0
Telecommunication Services		6.0
Utilities		5.6
Total		100.0	%

At August 31, 2010, the International Equity Index Portfolio’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF LONG-TERM INVESTMENTS
Euro		29.5	%
Japanese Yen		22.4
British Pound		21.7
Australian Dollar		8.3
Swiss Franc		8.1
All other currencies less than 5%		10.0
Total		100.0	%

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    13    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX PORTFOLIO continued

At August 31, 2010, 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)
Euro	79	United States Dollar	100	9/3/10	$	—	(1)
United States Dollar	150	Australian Dollar	169	9/3/10		—	(1)
United States Dollar	50	British Pound	33	9/3/10		—	(1)
United States Dollar	50	Singapore Dollar	68	9/3/10		—	(1)
Australian Dollar	104	United States Dollar	83	9/15/10		(9	)
British Pound	115	United States Dollar	170	9/15/10		(7	)
British Pound	139	United States Dollar	215	9/15/10		2
British Pound	100	United States Dollar	160	9/15/10		7
Euro	155	United States Dollar	200	9/15/10		4
Euro	180	United States Dollar	240	9/15/10		11
Hong Kong Dollar	3,040	United States Dollar	390	9/15/10		(1	)
Israeli Shekel	348	United States Dollar	90	9/15/10		(1	)
Japanese Yen	10,727	United States Dollar	117	9/15/10		(11	)
Japanese Yen	6,202	United States Dollar	70	9/15/10		(4	)
Swiss Franc	236	United States Dollar	203	9/15/10		(29	)
Swiss franc	83	United States Dollar	80	9/15/10		(2	)
United States Dollar	305	British Pound	210	9/15/10		17
United States Dollar	200	British Pound	137	9/15/10		10
United States Dollar	180	British Pound	119	9/15/10		2
United States Dollar	331	Euro	277	9/15/10		19
United States Dollar	200	Euro	162	9/15/10		6
United States Dollar	220	Euro	177	9/15/10		4
United States Dollar	175	Hong Kong Dollar	1,362	9/15/10		—	(1)
United States Dollar	200	Hong Kong Dollar	1,552	9/15/10		—	(1)
United States Dollar	100	Japanese Yen	9,134	9/15/10		9
United States Dollar	210	Japanese Yen	18,391	9/15/10		9
United States Dollar	105	Japanese Yen	9,137	9/15/10		4
United States Dollar	200	Swiss Franc	228	9/15/10		25
Total					$	65

(1) Amount rounds to less than one thousand.

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 prices provided by the Fund’s Valuation Committee.

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 International Equity Index Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)			LEVEL 3 (000S)			TOTAL (000S)
Common Stocks
Consumer Discretionary	$	—		$	15,084		$	—		$	15,084
Consumer Staples		—			15,995			—			15,995
Energy		—			11,095			—			11,095
Financials		—			38,185			—			38,185
Health Care		—			13,318			—			13,318
Industrials		118			18,264			—			18,382
Information Technology		—			7,329			—			7,329
Materials		—			15,296			—	(1)		15,296
Telecommunication Services		—			9,109			—			9,109
Utilities		—			8,454			—			8,454
Preferred Stocks
Consumer Discretionary		—			370			—			370
Consumer Staples		—			136			—			136
Health Care		—			94			—			94
Utilities		—			39			—			39
Investment Companies		7,871			—			—			7,871
Total Investments	$	7,989		$	152,768		$	—		$	160,757
OTHER FINANCIAL INSTRUMENTS
Assets
Futures Contracts	$	21		$	—		$	—		$	21
Forward Foreign Currency Exchange Contracts		—			129			—			129
Liabilites
Futures Contracts		(30	)		—			—			(30	)
Forward Foreign Currency Exchange Contracts		—			(64	)		—			(64	)
Total Other Financial Instruments	$	(9	)	$	65		$	—		$	56

(1) Amount rounds to less than one thousand.

EQUITY PORTFOLIOS    14    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

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

INVESTMENTS	BALANCE AS OF 11/30/09 (000S)		NET REALIZED GAIN(LOSS) (000S)		NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)		NET PURCHASES (SALES) (000S)			NET TRANSFERS IN  AND/OR OUT OF LEVEL 3 (000S)		BALANCE AS OF 8/31/10 (000S)
Warrants
Materials	$	1	$	—	$	—	$	(1	)	$	—	$	—
Total	$	1	$	—	$	—	$	(1	)	$	—	$	—

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    15    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2%
Advertising - 0.1%
APAC Customer Services, Inc.†*	2,040	$	10
Harte-Hanks, Inc.†	2,115		22
Marchex, Inc., Class B†	1,300		5
			37
Aerospace/Defense -1.3%
AAR Corp.*	2,179		33
Aerovironment, Inc.†*	951		22
Astronics Corp.†*	529		8
Cubic Corp.	877		33
Curtiss-Wright Corp.	2,554		68
Ducommun, Inc.†	601		12
Esterline Technologies Corp.*	1,659		76
GenCorp, Inc.†*	3,511		15
HEICO Corp.†	1,654		69
Herley Industries, Inc.†*	800		12
Kaman Corp.	1,449		31
Kratos Defense & Security Solutions, Inc.†*	809		8
LMI Aerospace, Inc.†*	500		8
Moog, Inc., Class A*	2,559		80
National Presto Industries, Inc.†	267		27
Orbital Sciences Corp.*	3,266		42
Teledyne Technologies, Inc.*	2,023		73
Triumph Group, Inc.†	907		60
			677
Agriculture - 0.4%
Alico, Inc.†	217		5
Alliance One International, Inc.†*	4,965		17
Andersons (The), Inc.†	1,029		37
Cadiz, Inc.†*	674		7
Griffin Land & Nurseries, Inc.†	144		4
Limoneira Co.†	448		7
MGP Ingredients, Inc.†*	683		5
Star Scientific, Inc.†*	5,602		8
Tejon Ranch Co.†*	775		16
Universal Corp.†	1,342		48
Vector Group Ltd.†	2,412		46
			200
Airlines - 0.7%
AirTran Holdings, Inc.†*	7,562		34
Alaska Air Group, Inc.*	2,023		90
Allegiant Travel Co.†	826		31
Hawaiian Holdings, Inc.†*	2,917		14
JetBlue Airways Corp.†*	13,804		79
Pinnacle Airlines Corp.†*	926		4
Republic Airways Holdings, Inc.†*	2,003		14
Skywest, Inc.	3,033		39
US Airways Group, Inc.†*	9,157		83
			388
Apparel - 1.9%
American Apparel, Inc.†*	1,900		2
Carter’s, Inc.*	3,324		74
Cherokee, Inc.†	423		7
Columbia Sportswear Co.†	640		30
CROCS, Inc.*	4,837		61
Deckers Outdoor Corp.*	2,172		94
Delta Apparel, Inc.†*	326		4
G-III Apparel Group Ltd.†*	911		22
Iconix Brand Group, Inc.†*	4,075		62
Joe’s Jeans, Inc.†*	2,358		4
Jones Apparel Group, Inc.	4,899		75
K-Swiss, Inc., Class A†*	1,527		17
Lacrosse Footwear, Inc.†	251		3
Maidenform Brands, Inc.*	1,272		34
Oxford Industries, Inc.†	845		17
Perry Ellis International, Inc.*	628		12
Quiksilver, Inc.*	6,987		25
R. G. Barry Corp.†	430		5
Skechers U.S.A., Inc., Class A†*	1,945		50
Steven Madden Ltd.*	1,375		47
Timberland (The) Co., Class A*	2,393		38
True Religion Apparel, Inc.†*	1,422		25
Under Armour, Inc., Class A†*	1,956		70
Unifi, Inc.†*	2,432		10
Volcom, Inc.†*	1,014		16
Warnaco Group (The), Inc.*	2,482		104
Weyco Group, Inc.	404		10
Wolverine World Wide, Inc.	2,772		70
			988
Auto Manufacturers - 0.1%
Force Protection, Inc.†*	3,922		15
Wabash National Corp.†*	3,133		19
			34
Auto Parts & Equipment - 1.0%
American Axle & Manufacturing Holdings, Inc.†*	3,480		29

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Auto Parts & Equipment - 1.0% continued
Amerigon, Inc.†*	1,242	$	13
ArvinMeritor, Inc.†*	5,333		70
ATC Technology Corp.†*	1,164		28
Commercial Vehicle Group, Inc.*	1,282		12
Cooper Tire & Rubber Co.†	3,432		56
Dana Holding Corp.*	7,923		81
Dorman Products, Inc.†*	661		15
Douglas Dynamics, Inc.*	637		7
Exide Technologies†*	4,474		19
Fuel Systems Solutions, Inc.†*	757		24
Miller Industries, Inc.†	561		7
Modine Manufacturing Co.†*	2,602		26
Spartan Motors, Inc.†	1,996		8
Standard Motor Products, Inc.	1,137		10
Superior Industries International, Inc.†	1,181		17
Tenneco, Inc.*	3,357		83
Titan International, Inc.†	1,866		19
			524
Banks - 5.9%
1st Source Corp.†	769		12
1st United Bancorp, Inc.†*	1,277		8
Alliance Financial Corp.†	229		6
American National Bankshares, Inc.†	400		8
Ameris Bancorp†*	1,390		11
Ames National Corp.†	400		7
Arrow Financial Corp.†	534		12
Bancfirst Corp.†	375		14
Banco Latinoamericano de Comercio Exterior S.A., Class E	1,596		20
Bancorp (The), Inc.†*	1,147		7
Bancorp Rhode Island, Inc.†	204		6
Bank Mutual Corp.†	2,697		14
Bank of Marin Bancorp†	312		10
Bank of the Ozarks, Inc.†	737		27
Boston Private Financial Holdings, Inc.†	4,147		26
Bridge Bancorp, Inc.†	357		8
Bryn Mawr Bank Corp.†	561		9
Camden National Corp.	430		13
Capital City Bank Group, Inc.†	691		8
Cardinal Financial Corp.	1,536		14
Cass Information Systems, Inc.†	485		16
Cathay General Bancorp†	4,436		43
Center Financial Corp.†*	1,991		9
Centerstate Banks, Inc.†	1,455		13
Century Bancorp, Inc., Class A†	164		3
Chemical Financial Corp.	1,353		26
Citizens & Northern Corp.†	710		7
Citizens Republic Bancorp, Inc.*	22,377		17
City Holding Co.†	899		26
CNB Financial Corp.†	737		9
CoBiz Financial, Inc.†	1,760		9
Columbia Banking System, Inc.†	2,196		39
Community Bank System, Inc.†	1,860		42
Community Trust Bancorp, Inc.	777		20
CVB Financial Corp.†	4,912		34
Eagle Bancorp, Inc.†*	996		11
Encore Bancshares, Inc.†*	479		3
Enterprise Financial Services Corp.†	929		8
Financial Institutions, Inc.†	636		9
First Bancorp†	789		10
First BanCorp Puerto Rico*	4,789		2
First Bancorp, Inc.†	500		7
First Busey Corp.†	3,120		13
First Commonwealth Financial Corp.†	5,865		29
First Community Bancshares, Inc.	812		10
First Financial Bancorp†	3,333		53
First Financial Bankshares, Inc.†	1,200		54
First Financial Corp.†	610		18
First Interstate Bancsystem, Inc.†	744		8
First Merchants Corp.	1,584		12
First Midwest Bancorp, Inc.†	4,266		47
First of Long Island (The) Corp.	420		10
First South Bancorp, Inc.†	429		4
FirstMerit Corp.†	5,910		102
FNB Corp.†	6,297		49
German American Bancorp, Inc.†	535		8
Glacier Bancorp, Inc.†	3,967		55
Great Southern Bancorp, Inc.†	587		12
Green Bankshares, Inc.*	646		4
Hancock Holding Co.†	1,637		45
Hanmi Financial Corp.*	5,528		7
Heartland Financial USA, Inc.	718		10
Heritage Financial Corp.†*	514		7
Home Bancshares, Inc.†	1,205		26
Hudson Valley Holding Corp.†	712		12
IBERIABANK Corp.†	1,477		72
Independent Bank Corp.†	1,169		24
International Bancshares Corp.	2,926		46

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Banks - 5.9% continued
Lakeland Bancorp, Inc.†	1,228	$	10
Lakeland Financial Corp.	943		17
MainSource Financial Group, Inc.†	1,156		7
MB Financial, Inc.†	2,911		44
Merchants Bancshares, Inc.†	263		6
Metro Bancorp, Inc.*	856		8
Midsouth Bancorp, Inc.†	480		6
MidWestOne Financial Group, Inc.†	414		5
Nara Bancorp, Inc.*	2,229		13
National Bankshares, Inc.†	345		8
National Penn Bancshares, Inc.	6,957		40
NBT Bancorp, Inc.†	1,989		41
Old National Bancorp†	4,793		44
OmniAmerican Bancorp, Inc.†*	696		8
Oriental Financial Group, Inc.†	2,759		37
Orrstown Financial Services, Inc.†	426		9
Pacific Continental Corp.	967		8
PacWest Bancorp†	1,738		30
Park National Corp.†	708		43
Peapack Gladstone Financial Corp.†	543		6
Penns Woods Bancorp, Inc.†	242		7
Peoples Bancorp, Inc.†	609		7
Pinnacle Financial Partners, Inc.†*	1,775		15
Porter Bancorp, Inc.†	131		1
PrivateBancorp, Inc.	2,997		31
Prosperity Bancshares, Inc.	2,647		75
Renasant Corp.†	1,220		16
Republic Bancorp, Inc., Class A†	548		11
S&T Bancorp, Inc.†	1,423		24
Sandy Spring Bancorp, Inc.†	1,343		20
SCBT Financial Corp.	722		21
Sierra Bancorp	464		5
Signature Bank†*	2,297		84
Simmons First National Corp., Class A†	948		24
Southside Bancshares, Inc.†	812		15
Southwest Bancorp, Inc.	1,003		12
State Bancorp, Inc.†	800		7
StellarOne Corp.	1,287		13
Sterling Bancorp	1,540		13
Sterling Bancshares, Inc.†	5,373		27
Suffolk Bancorp	535		13
Susquehanna Bancshares, Inc.	7,440		59
SVB Financial Group†*	2,340		87
SY Bancorp, Inc.†	647		15
Taylor Capital Group, Inc.†*	540		5
Texas Capital Bancshares, Inc.†*	2,126		33
Tompkins Financial Corp.†	421		15
Tower Bancorp, Inc.†	301		6
TowneBank†	1,241		18
Trico Bancshares†	736		10
TrustCo Bank Corp. NY†	4,401		23
Trustmark Corp.†	3,613		69
UMB Financial Corp.	1,740		55
Umpqua Holdings Corp.†	6,334		66
Union First Market Bankshares Corp.	945		11
United Bankshares, Inc.†	2,203		51
United Community Banks, Inc.†*	5,652		14
Univest Corp. of Pennsylvania†	947		15
Virginia Commerce Bancorp, Inc.†*	1,195		7
Washington Banking Co.	849		10
Washington Trust Bancorp, Inc.†	789		14
Webster Financial Corp.	3,675		59
WesBanco, Inc.†	1,303		20
West Bancorporation, Inc.†*	1,000		6
West Coast Bancorp†*	5,117		12
Westamerica Bancorporation†	1,670		85
Western Alliance Bancorp†*	3,232		20
Whitney Holding Corp.†	5,283		39
Wilshire Bancorp, Inc.†	909		6
Wintrust Financial Corp.†	1,757		51
			3,052
Beverages - 0.2%
Boston Beer Co., Inc., Class A†*	483		32
Coca-Cola Bottling Co. Consolidated†	214		11
Farmer Bros. Co.†	400		6
Heckmann Corp.*	5,066		20
National Beverage Corp.	620		9
Peet’s Coffee & Tea, Inc.†*	683		23
			101
Biotechnology - 2.0%
Acorda Therapeutics, Inc.†*	2,196		66
Affymax, Inc.†*	945		5
Alnylam Pharmaceuticals, Inc.†*	2,010		27
AMAG Pharmaceuticals, Inc.†*	1,189		30
Arena Pharmaceuticals, Inc.†*	6,378		41
Ariad Pharmaceuticals, Inc.†*	6,290		22
Arqule, Inc.†*	2,450		13

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Biotechnology - 2.0% continued
AVEO Pharmaceuticals, Inc.†*	714	$	6
BioCryst Pharmaceuticals, Inc.†*	1,405		7
Biosante Pharmaceuticals, Inc.†*	3,381		4
Biotime, Inc.†*	1,154		5
Cambrex Corp.†*	1,551		6
Celera Corp.†*	4,472		29
Celldex Therapeutics, Inc.†*	1,511		6
Chelsea Therapeutics International, Inc.†*	1,383		6
Clinical Data, Inc.†*	681		10
Cubist Pharmaceuticals, Inc.*	3,229		71
Curis, Inc.†*	3,761		5
Cytokinetics, Inc.†*	2,926		7
CytRx Corp.*	6,177		4
Dynavax Technologies Corp.†*	3,844		6
Emergent Biosolutions, Inc.†*	1,128		20
Enzo Biochem, Inc.†*	1,919		7
Enzon Pharmaceuticals, Inc.†*	2,690		28
Exact Sciences Corp.†*	1,936		9
Exelixis, Inc.†*	5,963		18
Geron Corp.†*	5,216		24
Halozyme Therapeutics, Inc.†*	4,122		31
Immunogen, Inc.*	3,859		21
Immunomedics, Inc.†*	3,838		11
Incyte Corp. Ltd.†*	4,823		60
Inhibitex, Inc.†*	2,648		4
Inovio Pharmaceuticals, Inc.†*	4,587		4
InterMune, Inc.†*	2,503		26
Lexicon Pharmaceuticals, Inc.*	11,484		16
Ligand Pharmaceuticals, Inc., Class B†*	6,761		10
Martek Biosciences Corp.†*	1,860		41
Maxygen, Inc.†*	2,014		11
Medicines (The) Co.*	3,081		35
Micromet, Inc.†*	4,508		28
Momenta Pharmaceuticals, Inc.†*	2,285		33
Nanosphere, Inc.†*	700		2
Neuralstem, Inc.†*	2,294		4
Novavax, Inc.†*	5,270		11
NPS Pharmaceuticals, Inc.*	3,388		22
Nymox Pharmaceutical Corp.†*	1,250		5
Omeros Corp.†*	1,013		6
PDL BioPharma, Inc.†	6,733		38
Peregrine Pharmaceuticals, Inc.†*	2,746		4
RTI Biologics, Inc.†*	3,209		7
Sangamo Biosciences, Inc.†*	2,449		7
Seattle Genetics, Inc.†*	4,556		52
Sequenom, Inc.†*	4,199		26
StemCells, Inc.*	7,651		6
SuperGen, Inc.†*	3,404		7
Transcept Pharmaceuticals, Inc.†*	547		4
Vical, Inc.†*	2,893		9
ZIOPHARM Oncology, Inc.*	2,665		10
Zymogenetics, Inc.†*	3,159		16
			1,049
Building Materials - 0.7%
AAON, Inc.†	722		16
American DG Energy, Inc.†*	1,359		4
Apogee Enterprises, Inc.	1,468		13
Broadwind Energy, Inc.†*	4,771		8
Builders FirstSource, Inc.†*	2,631		5
Comfort Systems USA, Inc.	2,241		23
Drew Industries, Inc.*	1,015		19
Gibraltar Industries, Inc.†*	1,574		12
Interline Brands, Inc.*	1,915		31
Louisiana-Pacific Corp.†*	6,916		46
LSI Industries, Inc.	951		5
NCI Building Systems, Inc.†*	912		8
PGT, Inc.†*	1,603		3
Quanex Building Products Corp.	2,092		33
Simpson Manufacturing Co., Inc.†	2,241		49
Texas Industries, Inc.†	1,183		36
Trex Co., Inc.†*	819		17
Universal Forest Products, Inc.†	1,067		28
			356
Chemicals - 2.1%
A. Schulman, Inc.†	1,749		32
Aceto Corp.†	1,151		7
American Vanguard Corp.†	1,152		8
Arch Chemicals, Inc.	1,282		39
Balchem Corp.†	1,559		38
Codexis, Inc.*	488		4
Ferro Corp.*	4,925		53
Georgia Gulf Corp.†*	1,956		25
H.B. Fuller Co.	2,771		53
Hawkins, Inc.†	500		15
Innophos Holdings, Inc.	1,249		36
KMG Chemicals, Inc.	316		4
Kraton Performance Polymers, Inc.*	579		16

EQUITY PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Chemicals - 2.1% continued
Landec Corp.*	1,523	$	8
Minerals Technologies, Inc.†	1,040		56
NewMarket Corp.†	591		59
Olin Corp.	4,448		80
OM Group, Inc.*	1,676		43
Omnova Solutions, Inc.*	2,338		14
PolyOne Corp.*	5,310		52
Quaker Chemical Corp.	632		19
Rockwood Holdings, Inc.*	2,897		75
Sensient Technologies Corp.	2,772		77
Solutia, Inc.*	6,824		92
Spartech Corp.*	1,767		16
Stepan Co.†	453		25
TPC Group, Inc.†*	408		7
W.R. Grace & Co.†*	4,081		103
Westlake Chemical Corp.†	1,101		29
Zep, Inc.	1,180		20
Zoltek Cos., Inc.†*	1,528		13
			1,118
Coal - 0.3%
Cloud Peak Energy, Inc.†*	1,691		27
Hallador Energy Co.†	342		4
International Coal Group, Inc.†*	7,237		33
James River Coal Co.†*	1,475		23
L&L Energy, Inc.†*	893		8
Patriot Coal Corp.†*	4,418		45
			140
Commercial Services - 5.3%
ABM Industries, Inc.†	2,940		58
Accretive Health, Inc.†*	614		6
Administaff, Inc.	1,257		27
Advance America Cash Advance Centers, Inc.	2,708		9
Advisory Board (The) Co.*	842		34
Albany Molecular Research, Inc.*	1,374		8
American Public Education, Inc.†*	1,021		25
American Reprographics Co.*	2,035		13
AMN Healthcare Services, Inc.*	1,926		9
Arbitron, Inc.	1,495		38
Asset Acceptance Capital Corp.†*	868		3
Avis Budget Group, Inc.†*	5,795		53
Barrett Business Services, Inc.†	420		6
Bridgepoint Education, Inc.†*	1,049		14
Capella Education Co.†*	942		59
Cardtronics, Inc.*	1,449		20
CBIZ, Inc.†*	2,267		13
CDI Corp.†	690		8
Cenveo, Inc.†*	2,904		16
Chemed Corp.	1,290		64
Coinstar, Inc.†*	1,794		78
Consolidated Graphics, Inc.*	546		22
Corinthian Colleges, Inc.†*	4,836		24
Corporate Executive Board (The) Co.†	1,965		55
Corvel Corp.*	423		16
CoStar Group, Inc.†*	1,159		48
CPI Corp.	289		6
CRA International, Inc.*	644		10
Cross Country Healthcare, Inc.†*	1,829		14
Deluxe Corp.†	2,927		49
Diamond Management & Technology Consultants, Inc.†	1,441		18
Dollar Financial Corp.†*	1,337		26
Dollar Thrifty Automotive Group, Inc.*	1,630		77
Electro Rent Corp.	861		10
Euronet Worldwide, Inc.†*	2,747		39
ExlService Holdings, Inc.†*	862		14
Forrester Research, Inc.*	824		25
Franklin Covey Co.†*	721		4
Geo Group (The), Inc.†*	3,612		80
Global Cash Access Holdings, Inc.*	2,644		10
Grand Canyon Education, Inc.*	1,785		30
Great Lakes Dredge & Dock Corp.	3,153		16
H&E Equipment Services, Inc.†*	1,621		11
Hackett Group (The), Inc.†*	1,719		7
Healthcare Services Group, Inc.†	2,449		51
Heartland Payment Systems, Inc.†	2,106		30
Heidrick & Struggles International, Inc.	908		16
Hill International, Inc.†*	1,425		5
HMS Holdings Corp.*	1,525		80
Hudson Highland Group, Inc.†*	1,648		5
Huron Consulting Group, Inc.*	1,210		22
ICF International, Inc.†*	912		19
K12, Inc.†*	1,432		33
Kelly Services, Inc., Class A*	1,406		15
Kendle International, Inc.†*	814		6
Kenexa Corp.†*	1,203		13
Kforce, Inc.*	1,649		17
Korn/Ferry International*	2,512		33
Landauer, Inc.†	519		29

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Commercial Services - 5.3% continued
Learning Tree International, Inc.	500	$	4
LECG Corp.†*	1,479		2
Lincoln Educational Services Corp.†*	851		9
Live Nation Entertainment, Inc.*	7,988		69
Mac-Gray Corp.†	665		7
MAXIMUS, Inc.	1,004		54
McGrath Rentcorp†	1,329		27
Medifast, Inc.†*	718		19
MedQuist, Inc.†	491		4
Midas, Inc.†*	796		6
MoneyGram International, Inc.†*	4,802		10
Monro Muffler Brake, Inc.†	1,136		48
Multi-Color Corp.	650		9
National American University Holdings, Inc.	493		2
National Research Corp.	100		3
Navigant Consulting, Inc.*	2,799		28
On Assignment, Inc.*	2,009		9
Parexel International Corp.*	3,215		64
PDI, Inc.*	553		4
PHH Corp.†*	3,128		58
Pre-Paid Legal Services, Inc.†*	426		23
Princeton Review, Inc.†*	797		1
Prospect Medical Holdings, Inc.*	690		6
Providence Service (The) Corp.†*	791		11
Rent-A-Center, Inc.	3,701		74
Resources Connection, Inc.	2,539		28
Rollins, Inc.†	2,404		49
RSC Holdings, Inc.*	2,656		16
Rural/Metro Corp.†*	1,096		8
SFN Group, Inc.*	2,795		15
Sotheby’s†	3,777		101
Standard Parking Corp.*	800		13
Steiner Leisure Ltd.*	808		29
Stewart Enterprises, Inc., Class A†	4,493		21
SuccessFactors, Inc.†*	3,545		75
Team Health Holdings, Inc.†*	863		11
Team, Inc.†*	1,115		16
TeleTech Holdings, Inc.*	1,721		22
TNS, Inc.*	1,412		21
Transcend Services, Inc.†*	445		6
TrueBlue, Inc.*	2,468		27
United Rentals, Inc.†*	3,397		38
Universal Technical Institute, Inc.	1,117		17
Valassis Communications, Inc.†*	2,803		82
Viad Corp.†	1,109		18
Volt Information Sciences, Inc.*	684		4
Wright Express Corp.*	2,184		70
			2,784
Computers - 2.6%
3D Systems Corp.†*	1,013		13
3PAR, Inc.†*	2,071		67
Agilysys, Inc.†*	839		4
CACI International, Inc., Class A*	1,696		69
CIBER, Inc.*	4,027		11
Compellent Technologies, Inc.†*	1,376		21
Computer Task Group, Inc.†*	674		4
Cray, Inc.†*	2,030		11
Digimarc Corp.†*	355		7
Echelon Corp.†*	1,707		13
Electronics for Imaging, Inc.*	2,521		27
Fortinet, Inc.†*	2,275		46
Hutchinson Technology, Inc.†*	1,153		3
iGate Corp.†	1,324		21
Imation Corp.*	1,700		15
Immersion Corp.†*	1,600		7
Insight Enterprises, Inc.*	2,523		33
Integral Systems, Inc.†*	1,073		7
Isilon Systems, Inc.†*	1,563		31
Jack Henry & Associates, Inc.	4,778		113
LivePerson, Inc.†*	2,417		17
Magma Design Automation, Inc.†*	2,678		8
Manhattan Associates, Inc.†*	1,278		33
Maxwell Technologies, Inc.†*	1,538		17
Mentor Graphics Corp.†*	6,087		55
Mercury Computer Systems, Inc.*	1,341		15
MTS Systems Corp.†	908		24
NCI, Inc., Class A*	400		8
Netezza Corp.†*	2,885		56
Netscout Systems, Inc.*	1,707		27
Quantum Corp.*	11,749		17
Radiant Systems, Inc.*	1,686		30
Radisys Corp.†*	1,376		13
Rimage Corp.*	526		8
Riverbed Technology, Inc.†*	3,550		136
Silicon Graphics International Corp.†*	1,723		10
SMART Modular Technologies WWH, Inc.†*	2,766		13
Spansion, Inc., Class A†*	676		10

EQUITY PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.2% continued
Computers - 2.6% continued
SRA International, Inc., Class A*		2,440	$	47
STEC, Inc.†*		2,355		26
Stratasys, Inc.†*		1,163		27
Super Micro Computer, Inc.†*		1,447		13
SYKES Enterprises, Inc.*		2,343		28
Synaptics, Inc.†*		1,873		50
Syntel, Inc.		717		28
Tier Technologies, Inc.†*		1,006		5
Unisys Corp.*		2,376		53
Virtusa Corp.*		748		7
Wave Systems Corp., Class A†*		4,247		9
Xyratex Ltd.†*		1,606		19
				1,332
Cosmetics/Personal Care - 0.1%
Elizabeth Arden, Inc.*		1,403		23
Inter Parfums, Inc.†		716		12
Revlon, Inc., Class A†*		560		6
				41
Distribution/Wholesale - 1.0%
Beacon Roofing Supply, Inc.†*		2,541		35
BlueLinx Holdings, Inc.*		614		2
BMP Sunstone Corp.†*		1,896		12
Brightpoint, Inc.†*		4,106		25
Chindex International, Inc.†*		782		10
Core-Mark Holding Co., Inc.†*		572		15
Houston Wire & Cable Co.†		1,038		9
MWI Veterinary Supply, Inc.†*		698		37
Owens & Minor, Inc.†		3,556		95
Pool Corp.†		2,804		52
Rentrak Corp.†*		548		12
Scansource, Inc.*		1,494		37
School Specialty, Inc.*		1,082		14
Titan Machinery, Inc.†*		666		10
United Stationers, Inc.*		1,374		62
Watsco, Inc.†		1,554		80
				507
Diversified Financial Services - 1.7%
Artio Global Investors, Inc.		1,537		21
Asta Funding, Inc.		562		5
BGC Partners, Inc., Class A†		3,317		17
Calamos Asset Management, Inc., Class A		1,006		10
California First National Bancorp		77		1
Cityscape Financial Corp.* (1)		2,500		—
Cohen & Steers, Inc.†		946		20
CompuCredit Holdings Corp.†		789		3
Cowen Group, Inc., Class A†*		2,071		7
Credit Acceptance Corp.†*		332		19
Diamond Hill Investment Group, Inc.†		131		7
Doral Financial Corp.†*		1,620		2
Duff & Phelps Corp., Class A		1,443		14
Encore Capital Group, Inc.*		800		16
Epoch Holding Corp.†		723		7
Evercore Partners, Inc., Class A†		908		22
FBR Capital Markets Corp.*		2,594		9
Federal Agricultural Mortgage Corp., Class C†		497		5
Financial Engines, Inc.†*		678		9
First Marblehead (The) Corp.†*		3,800		8
GAMCO Investors, Inc., Class A†		400		14
GFI Group, Inc.		3,632		16
Gleacher & Co., Inc.†*		4,669		8
International Assets Holding Corp.†*		658		11
Investment Technology Group, Inc.†*		2,483		33
JMP Group, Inc.†		835		5
KBW, Inc.†		1,952		43
Knight Capital Group, Inc., Class A†*		5,298		63
LaBranche & Co., Inc.*		2,129		8
Ladenburg Thalmann Financial Services, Inc.†*		4,751		4
MarketAxess Holdings, Inc.†		1,621		25
Marlin Business Services Corp.*		422		4
MF Global Holdings Ltd.†*		5,653		37
National Financial Partners Corp.†*		2,290		24
Nelnet, Inc., Class A		1,541		34
NewStar Financial, Inc.†*		1,376		9
Ocwen Financial Corp.†*		4,221		38
Oppenheimer Holdings, Inc., Class A†		556		13
optionsXpress Holdings, Inc.†*		2,364		34
Penson Worldwide, Inc.†*		1,217		6
Piper Jaffray Cos.*		995		28
Portfolio Recovery Associates, Inc.†*		929		59
Pzena Investment Management, Inc., Class A†		400		3
Rodman & Renshaw Capital Group, Inc.†*		1,592		3
Sanders Morris Harris Group, Inc.†		1,072		6
Stifel Financial Corp.†*		1,918		83
Student Loan (The) Corp.		192		4
SWS Group, Inc.		1,423		10

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    7    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.2% continued
Diversified Financial Services - 1.7% continued
TradeStation Group, Inc.†*		2,434	$	14
Virtus Investment Partners, Inc.†*		366		10
Westwood Holdings Group, Inc.†		331		10
World Acceptance Corp.†*		895		36
				897
Electric - 1.9%
Allete, Inc.		1,728		62
Avista Corp.		3,123		65
Black Hills Corp.†		2,158		66
Central Vermont Public Service Corp.†		646		13
CH Energy Group, Inc.†		886		37
Cleco Corp.		3,426		97
Dynegy, Inc.*		5,569		27
El Paso Electric Co.*		2,452		56
Empire District Electric (The) Co.†		2,286		45
EnerNOC, Inc.†*		1,063		35
IDACORP, Inc.		2,695		95
MGE Energy, Inc.†		1,314		49
NorthWestern Corp.		1,991		56
Otter Tail Corp.†		2,001		37
Pike Electric Corp.*		1,000		8
PNM Resources, Inc.		4,964		57
PNM Resources, Inc. - Fractional Shares* (1)		50,000		—
Portland General Electric Co.		4,240		85
UIL Holdings Corp.†		1,703		45
Unisource Energy Corp.†		1,981		64
Unitil Corp.†		627		13
				1,012
Electrical Components & Equipment - 1.2%
A123 Systems, Inc.†*		4,188		27
Advanced Battery Technologies, Inc.†*		2,957		10
Advanced Energy Industries, Inc.*		2,033		29
American Superconductor Corp.†*		2,514		68
Belden, Inc.		2,571		56
Capstone Turbine Corp.†*		12,694		8
Coleman Cable, Inc.†*		547		3
Encore Wire Corp.		1,018		19
Ener1, Inc.†*		3,538		11
Energy Conversion Devices, Inc.*		2,685		12
EnerSys*		2,705		60
Evergreen Solar, Inc.†*		11,512		8
Generac Holdings, Inc.†*		1,120		13
GrafTech International Ltd.†*		6,834		96
Graham Corp.		589		8
Insteel Industries, Inc.		1,134		9
Littelfuse, Inc.†*		1,225		46
Powell Industries, Inc.†*		518		15
Power-One, Inc.†*		3,908		40
PowerSecure International, Inc.†*		1,003		8
Satcon Technology Corp.†*		4,235		13
Universal Display Corp.†*		1,759		35
Vicor Corp.		1,109		15
				609
Electronics - 2.4%
American Science & Engineering, Inc.		508		36
Analogic Corp.		704		29
Applied Energetics, Inc.†*		3,960		4
Badger Meter, Inc.†		822		31
Ballantyne Strong, Inc.†*		744		6
Bel Fuse, Inc., Class B†		577		11
Benchmark Electronics, Inc.*		3,537		50
Brady Corp., Class A		2,748		71
Checkpoint Systems, Inc.*		2,192		40
Cogent, Inc.†*		2,791		31
Coherent, Inc.*		1,441		53
CTS Corp.		1,981		16
Cymer, Inc.*		1,694		50
Daktronics, Inc.†		1,744		16
DDi Corp.†		775		6
Dionex Corp.†*		981		71
Electro Scientific Industries, Inc.†*		1,447		16
FARO Technologies, Inc.*		906		17
FEI Co.†*		2,093		35
ICx Technologies, Inc.†*		700		5
II-VI, Inc.†*		1,403		48
Keithley Instruments, Inc.†		586		5
L-1 Identity Solutions, Inc.†*		4,161		37
LaBarge, Inc.†*		719		7
Measurement Specialties, Inc.*		784		12
Methode Electronics, Inc.†		2,042		18
Microvision, Inc.†*		4,989		13
Multi-Fineline Electronix, Inc.*		585		12
Newport Corp.*		2,078		20
NVE Corp.†*		260		10
OSI Systems, Inc.†*		951		28
Park Electrochemical Corp.†		1,151		27
Plexus Corp.†*		2,299		53

EQUITY PORTFOLIOS    8    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Electronics - 2.4% continued
Rofin-Sinar Technologies, Inc.†*	1,791	$	37
Rogers Corp.*	858		23
Sanmina-SCI Corp.†*	4,509		41
Sonic Solutions, Inc.†*	1,355		11
Spectrum Control, Inc.†*	718		8
SRS Labs, Inc.*	630		6
Stoneridge, Inc.†*	900		8
Taser International, Inc.†*	3,515		13
Technitrol, Inc.†	2,445		9
TTM Technologies, Inc.†*	4,515		37
UQM Technologies, Inc.†*	1,788		4
Viasystems Group, Inc.†*	300		4
Watts Water Technologies, Inc., Class A	1,689		51
Woodward Governor Co.	3,433		90
X-Rite, Inc.†*	2,202		7
Zygo Corp.†*	1,105		9
			1,242
Energy - Alternate Sources - 0.2%
Clean Energy Fuels Corp.†*	2,244		32
Comverge, Inc.†*	1,551		10
FuelCell Energy, Inc.†*	4,584		5
Green Plains Renewable Energy, Inc.†*	997		9
Headwaters, Inc.*	3,412		11
Hoku Corp.†*	1,420		4
REX American Resources Corp.†*	386		5
Syntroleum Corp.†*	3,688		6
			82
Engineering & Construction - 0.7%
Argan, Inc.†*	422		3
Dycom Industries, Inc.*	2,211		18
EMCOR Group, Inc.*	3,738		85
Exponent, Inc.†*	737		23
Granite Construction, Inc.†	1,900		42
Insituform Technologies, Inc., Class A†*	2,234		46
Layne Christensen Co.†*	1,046		26
MasTec, Inc.†*	2,933		28
Michael Baker Corp.*	408		13
Mistras Group, Inc.†*	939		10
MYR Group, Inc.†*	1,138		16
Orion Marine Group, Inc.†*	1,507		17
Sterling Construction Co., Inc.*	1,012		11
Tutor Perini Corp.†*	1,437		28
VSE Corp.†	247		7
			373
Entertainment - 0.7%
Ascent Media Corp., Class A†*	773		21
Bluegreen Corp.†*	800		2
Carmike Cinemas, Inc.†*	632		4
Churchill Downs, Inc.	641		22
Cinemark Holdings, Inc.†	3,102		45
Empire Resorts, Inc.†*	2,362		2
Isle of Capri Casinos, Inc.†*	778		6
Lions Gate Entertainment Corp.†*	3,673		26
National CineMedia, Inc.	2,384		38
Pinnacle Entertainment, Inc.†*	3,385		33
Scientific Games Corp., Class A†*	3,698		38
Shuffle Master, Inc.†*	2,902		23
Speedway Motorsports, Inc.†	757		10
Vail Resorts, Inc.†*	2,040		67
Warner Music Group Corp.*	2,345		10
			347
Environmental Control - 0.6%
Calgon Carbon Corp.†*	3,186		40
Casella Waste Systems, Inc., Class A†*	1,256		6
Clean Harbors, Inc.†*	1,302		79
Darling International, Inc.†*	4,618		35
Energy Recovery, Inc.†*	2,003		6
EnergySolutions, Inc.†	5,093		23
Fuel Tech, Inc.†*	1,085		6
Metalico, Inc.†*	2,010		6
Met-Pro Corp.†	846		8
Mine Safety Appliances Co.†	1,481		34
Rentech, Inc.†*	11,722		8
Tetra Tech, Inc.*	3,447		63
US Ecology, Inc.	1,074		14
			328
Food - 1.8%
Arden Group, Inc., Class A†	67		6
B&G Foods, Inc., Class A	2,765		29
Calavo Growers, Inc.†	591		12
Cal-Maine Foods, Inc.†	832		25
Chiquita Brands International, Inc.†*	2,508		31
Diamond Foods, Inc.†	1,250		53
Dole Food Co., Inc.*	1,894		16
Fresh Del Monte Produce, Inc.*	2,225		49

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    9    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Food - 1.8% continued
Great Atlantic & Pacific Tea Co.†*	1,848	$	6
Hain Celestial Group (The), Inc.†*	2,263		51
Imperial Sugar Co.†	705		9
Ingles Markets, Inc., Class A†	739		11
J&J Snack Foods Corp.	797		30
John B. Sanfilippo & Son, Inc.†*	447		6
Lancaster Colony Corp.†	1,059		48
Lance, Inc.	1,471		32
Lifeway Foods, Inc.†*	300		3
M&F Worldwide Corp.*	564		13
Nash Finch Co.	687		27
Pilgrim’s Pride Corp.†*	2,641		16
Ruddick Corp.†	2,450		79
Sanderson Farms, Inc.†	1,283		55
Seaboard Corp.†	18		29
Seneca Foods Corp., Class A†*	473		12
Senomyx, Inc.†*	2,102		9
Smart Balance, Inc.†*	3,318		12
Spartan Stores, Inc.†	1,155		15
Tootsie Roll Industries, Inc.†	1,321		31
TreeHouse Foods, Inc.†*	1,949		81
United Natural Foods, Inc.*	2,448		85
Village Super Market, Inc., Class A†	324		8
Weis Markets, Inc.†	605		21
Winn-Dixie Stores, Inc.†*	3,049		20
			930
Forest Products & Paper - 0.7%
Boise, Inc.*	3,737		26
Buckeye Technologies, Inc.	2,078		25
Cellu Tissue Holdings, Inc.†*	505		4
Clearwater Paper Corp.†*	638		43
Deltic Timber Corp.	585		24
KapStone Paper and Packaging Corp.†*	2,229		26
Neenah Paper, Inc.	765		11
P.H. Glatfelter Co.	2,532		26
Potlatch Corp.†	2,265		76
Schweitzer-Mauduit International, Inc.†	1,045		56
Verso Paper Corp.†*	1,013		2
Wausau Paper Corp.†*	2,893		18
Xerium Technologies, Inc.†*	384		4
			341
Gas - 1.3%
Chesapeake Utilities Corp.†	527		18
Laclede Group (The), Inc.	1,224		41
New Jersey Resources Corp.†	2,295		85
Nicor, Inc.†	2,538		107
Northwest Natural Gas Co.†	1,522		69
Piedmont Natural Gas Co., Inc.†	4,022		110
South Jersey Industries, Inc.†	1,707		80
Southwest Gas Corp.	2,565		81
WGL Holdings, Inc.	2,821		100
			691
Hand/Machine Tools - 0.3%
Baldor Electric Co.†	2,644		93
Franklin Electric Co., Inc.	1,298		41
Thermadyne Holdings Corp.†*	453		5
			139
Healthcare - Products - 3.8%
Abaxis, Inc.*	1,186		21
ABIOMED, Inc.†*	1,646		15
Accuray, Inc.†*	3,058		20
Affymetrix, Inc.†*	3,814		16
AGA Medical Holdings, Inc.†*	757		10
Align Technology, Inc.†*	3,353		54
Alphatec Holdings, Inc.*	2,975		6
American Medical Systems
Holdings, Inc.*	4,243		77
Angiodynamics, Inc.*	1,296		20
Arthrocare Corp.†*	1,463		38
Atrion Corp.	89		12
BioMimetic Therapeutics, Inc.†*	1,118		10
Bruker Corp.*	4,177		50
Caliper Life Sciences, Inc.*	2,412		8
Cantel Medical Corp.†	744		11
CardioNet, Inc.*	1,466		6
Cepheid, Inc.†*	3,357		49
Cerus Corp.†*	2,085		6
Conceptus, Inc.†*	1,654		23
Conmed Corp.*	1,627		30
CryoLife, Inc.*	1,873		10
Cutera, Inc.†*	756		5
Cyberonics, Inc.†*	1,620		35
Cynosure, Inc., Class A†*	489		5
Delcath Systems, Inc.†*	2,138		13
DexCom, Inc.*	3,254		40
Endologix, Inc.†*	2,692		11
Exactech, Inc.†*	465		7

EQUITY PORTFOLIOS    10    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Healthcare - Products - 3.8% continued
Female Health (The) Co.†	882	$	4
Genomic Health, Inc.†*	746		11
Greatbatch, Inc.†*	1,272		28
Haemonetics Corp.*	1,390		72
Hanger Orthopedic Group, Inc.†*	1,481		19
Hansen Medical, Inc.†*	3,121		4
HeartWare International, Inc.*	516		33
ICU Medical, Inc.*	641		23
Immucor, Inc.*	3,929		69
Insulet Corp.†*	2,150		28
Integra LifeSciences Holdings Corp.*	1,185		41
Invacare Corp.†	1,635		37
IRIS International, Inc.†*	909		7
Kensey Nash Corp.†*	395		10
LCA-Vision, Inc.†*	917		4
Luminex Corp.†*	2,022		29
MAKO Surgical Corp.†*	1,420		15
Masimo Corp.	2,923		67
Medical Action Industries, Inc.*	768		6
MELA Sciences, Inc.†*	1,316		9
Merge Healthcare, Inc.*	3,024		8
Meridian Bioscience, Inc.	2,280		42
Merit Medical Systems, Inc.*	1,540		24
Micrus Endovascular Corp.*	901		21
Natus Medical, Inc.*	1,515		18
NuVasive, Inc.†*	2,226		65
NxStage Medical, Inc.†*	1,313		21
OraSure Technologies, Inc.†*	2,640		9
Orthofix International N.V.*	966		26
Orthovita, Inc.†*	3,615		6
Palomar Medical Technologies, Inc.*	930		8
PSS World Medical, Inc.†*	3,207		59
Pure Bioscience†*	1,795		3
Quidel Corp.†*	1,300		16
Rochester Medical Corp.†*	575		5
Sirona Dental Systems, Inc.*	1,914		60
Solta Medical, Inc.*	3,189		5
SonoSite, Inc.†*	830		24
Spectranetics Corp.*	1,807		9
Staar Surgical Co.†*	1,927		9
Stereotaxis, Inc.†*	2,135		7
STERIS Corp.	3,319		96
SurModics, Inc.*	1,079		13
Symmetry Medical, Inc.†*	1,910		17
Syneron Medical Ltd.†*	1,934		16
Synovis Life Technologies, Inc.†*	700		10
TomoTherapy, Inc.†*	2,676		8
Unilife Corp.†*	2,622		13
Vascular Solutions, Inc.†*	932		12
Vital Images, Inc.†*	934		12
Volcano Corp.†*	2,836		63
West Pharmaceutical Services, Inc.†	1,886		63
Wright Medical Group, Inc.†*	2,142		28
Young Innovations, Inc.†	308		8
Zoll Medical Corp.*	1,167		31
			1,959
Healthcare - Services - 2.1%
Air Methods Corp.†*	616		22
Alliance HealthCare Services, Inc.†*	1,536		6
Allied Healthcare International, Inc.*	2,555		5
Almost Family, Inc.*	454		11
Amedisys, Inc.†*	1,609		37
America Service Group, Inc.†	473		7
American Dental Partners, Inc.†*	893		10
AMERIGROUP Corp.*	2,892		107
Amsurg Corp.*	1,681		28
Assisted Living Concepts, Inc., Class A†*	541		15
Bio-Reference Labs, Inc.†*	1,420		28
Capital Senior Living Corp.†*	1,245		6
Centene Corp.*	2,706		55
Continucare Corp.*	1,495		5
Emeritus Corp.†*	1,090		17
Ensign Group (The), Inc.	802		13
Five Star Quality Care, Inc.†*	1,796		8
Genoptix, Inc.†*	943		16
Gentiva Health Services, Inc.*	1,568		32
Healthsouth Corp.†*	5,322		87
Healthspring, Inc.†*	3,329		69
Healthways, Inc.*	1,862		23
IPC The Hospitalist Co., Inc.*	870		20
Kindred Healthcare, Inc.*	2,203		26
LHC Group, Inc.†*	837		17
Magellan Health Services, Inc.*	1,904		83
Medcath Corp.†*	1,239		10
Metropolitan Health Networks, Inc.†*	2,555		9
Molina Healthcare, Inc.*	751		19
National Healthcare Corp.†	484		17
Neostem, Inc.†*	2,041		3

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    11    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Healthcare - Services - 2.1% continued
Psychiatric Solutions, Inc.†*	3,195	$	107
RehabCare Group, Inc.*	1,394		23
Res-Care, Inc.†*	1,321		16
Select Medical Holdings Corp.†*	2,801		20
Skilled Healthcare Group, Inc., Class A†*	1,095		4
Sun Healthcare Group, Inc.*	4,184		34
Sunrise Senior Living, Inc.†*	3,643		8
Triple-S Management Corp., Class B†*	1,115		18
U.S. Physical Therapy, Inc.*	570		9
WellCare Health Plans, Inc.†*	2,434		60
			1,110
Holding Companies - Diversified - 0.1%
Compass Diversified Holdings	1,813		25
Harbinger Group, Inc.*	471		3
Primoris Services Corp.†	1,338		8
			36
Home Builders - 0.3%
Beazer Homes USA, Inc.†*	3,995		14
Brookfield Homes Corp.†*	521		3
Cavco Industries, Inc.†*	349		12
Hovnanian Enterprises, Inc., Class A†*	2,969		10
M/I Homes, Inc.†*	1,016		10
Meritage Homes Corp.*	1,764		31
Ryland Group (The), Inc.†	2,418		39
Skyline Corp.†	408		7
Standard Pacific Corp.†*	6,003		21
Winnebago Industries, Inc.†*	1,692		15
			162
Home Furnishings - 0.4%
American Woodmark Corp.†	555		8
Audiovox Corp., Class A†*	784		5
DTS, Inc.†*	957		34
Ethan Allen Interiors, Inc.†	1,296		18
Furniture Brands International, Inc.*	2,226		10
Hooker Furniture Corp.†	619		6
Kimball International, Inc., Class B	1,868		10
La-Z-Boy, Inc.†*	2,889		19
Sealy Corp.†*	2,644		6
Select Comfort Corp.†*	2,930		16
TiVo, Inc.†*	6,545		51
Universal Electronics, Inc.*	790		15
			198
Household Products/Wares - 0.5%
ACCO Brands Corp.*	3,053		18
American Greetings Corp., Class A†	2,216		43
Blyth, Inc.†	334		13
Central Garden and Pet Co., Class A†*	3,274		31
CSS Industries, Inc.†	432		7
Ennis, Inc.†	1,413		22
Helen of Troy Ltd.*	1,735		39
Kid Brands, Inc.†*	648		5
Oil-Dri Corp. of America†	271		6
Prestige Brands Holdings, Inc.†*	2,368		17
Spectrum Brands Holdings, Inc.†*	1,053		27
Standard Register (The) Co.†	1,566		4
Summer Infant, Inc.†*	715		5
WD-40 Co.	923		32
			269
Housewares - 0.0%
Libbey, Inc.†*	858		10
Lifetime Brands, Inc.†*	485		6
			16
Insurance - 3.2%
Alterra Capital Holdings Ltd.	5,399		100
Ambac Financial Group, Inc.†*	16,245		9
American Equity Investment Life Holding Co.	3,174		30
American Physicians Capital, Inc.	411		17
American Physicians Service Group, Inc.	311		8
American Safety Insurance Holdings Ltd.†*	600		9
AMERISAFE, Inc.*	1,098		19
Amtrust Financial Services, Inc.	1,190		16
Argo Group International Holdings Ltd.	1,767		54
Baldwin & Lyons, Inc., Class B†	420		9
Citizens, Inc.†*	2,133		14
CNA Surety Corp.*	976		16
CNO Financial Group, Inc.†*	12,555		59
Crawford & Co., Class B*	1,339		4
Delphi Financial Group, Inc., Class A	2,680		60
Donegal Group, Inc., Class A	698		8
eHealth, Inc.†*	1,357		14
EMC Insurance Group, Inc.†	242		5
Employers Holdings, Inc.	2,409		35
Enstar Group Ltd.*	402		28
FBL Financial Group, Inc., Class A	711		16
First American Financial Corp.	5,828		86

EQUITY PORTFOLIOS    12    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Insurance - 3.2% continued
First Mercury Financial Corp.	825	$	8
Flagstone Reinsurance Holdings S.A.†	2,838		29
FPIC Insurance Group, Inc.*	577		18
Gerova Financial Group Ltd.†*	372		2
Global Indemnity PLC†*	704		12
Greenlight Capital Re Ltd., Class A†*	1,589		37
Hallmark Financial Services, Inc.*	510		4
Harleysville Group, Inc.	652		21
Hilltop Holdings, Inc.†*	2,115		21
Horace Mann Educators Corp.	2,206		36
Infinity Property & Casualty Corp.	733		34
Kansas City Life Insurance Co.	279		9
Life Partners Holdings, Inc.†	436		6
Maiden Holdings Ltd.	2,672		20
Meadowbrook Insurance Group, Inc.	2,942		25
MGIC Investment Corp.†*	11,377		82
Montpelier Re Holdings Ltd.	4,052		64
National Interstate Corp.	334		6
National Western Life Insurance Co., Class A	130		17
Navigators Group (The), Inc.†*	689		29
NYMAGIC, Inc.†	300		8
Phoenix (The) Cos., Inc.†*	6,120		11
Platinum Underwriters Holdings Ltd.	2,291		92
PMA Capital Corp., Class A*	1,662		11
PMI Group (The), Inc.†*	8,033		25
Presidential Life Corp.	1,088		9
Primerica, Inc.†	1,390		29
Primus Guaranty Ltd.†*	786		3
ProAssurance Corp.*	1,798		95
Radian Group, Inc.†	7,617		48
RLI Corp.†	1,006		53
Safety Insurance Group, Inc.†	727		30
SeaBright Holdings, Inc.	1,255		9
Selective Insurance Group, Inc.	3,054		45
State Auto Financial Corp.	833		12
Stewart Information Services Corp.	1,020		11
Tower Group, Inc.	2,321		50
United Fire & Casualty Co.	1,329		27
Universal American Corp.†	1,768		24
Universal Insurance Holdings, Inc.†	729		3
			1,691
Internet - 3.1%
1-800-FLOWERS.COM, Inc., Class A†*	1,426		2
AboveNet, Inc.*	1,282		66
Ancestry.com, Inc.*	1,047		20
Archipelago Learning, Inc.†*	717		8
Art Technology Group, Inc.*	8,877		31
Blue Coat Systems, Inc.*	2,271		43
Blue Nile, Inc.†*	713		29
Cogent Communications Group, Inc.*	2,366		21
comScore, Inc.*	1,341		24
Constant Contact, Inc.†*	1,529		27
DealerTrack Holdings, Inc.†*	2,304		34
Dice Holdings, Inc.†*	963		6
Digital River, Inc.*	2,249		59
Drugstore.Com, Inc.†*	5,096		8
Earthlink, Inc.†	6,182		53
ePlus, Inc.†*	190		3
eResearch Technology, Inc.†*	2,859		21
Global Sources Ltd.†*	1,358		10
GSI Commerce, Inc.†*	3,712		85
Health Grades, Inc.†*	1,346		11
Infospace, Inc.*	1,948		14
Internap Network Services Corp.†*	2,990		12
Internet Brands, Inc., Class A*	1,609		17
Internet Capital Group, Inc.†*	1,967		17
j2 Global Communications, Inc.†*	2,473		53
Keynote Systems, Inc.†	589		6
KIT Digital, Inc.†*	1,098		9
Knot (The), Inc.†*	1,772		13
Limelight Networks, Inc.*	2,626		10
Lionbridge Technologies, Inc.*	3,319		15
Liquidity Services, Inc.*	879		11
Local.com Corp.†*	909		3
LoopNet, Inc.*	1,107		12
ModusLink Global Solutions, Inc.†*	2,516		15
Move, Inc.†*	8,279		16
Network Engines, Inc.†*	1,839		2
NIC, Inc.†	3,160		23
NutriSystem, Inc.†	1,506		26
Online Resources Corp.†*	1,600		6
OpenTable, Inc.†*	872		46
Openwave Systems, Inc.*	4,901		8
Orbitz Worldwide, Inc.*	847		4
Overstock.com, Inc.†*	835		12
PC-Tel, Inc.†*	880		5
Perficient, Inc.†*	1,240		11

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    13    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Internet - 3.1% continued
QuinStreet, Inc.†*	632	$	7
Rackspace Hosting, Inc.†*	5,479		108
ReachLocal, Inc.†*	339		4
RealNetworks, Inc.†*	4,900		13
S1 Corp.†*	2,779		14
Saba Software, Inc.†*	1,415		7
Safeguard Scientifics, Inc.†*	1,185		14
Sapient Corp.	5,789		60
Shutterfly, Inc.*	1,483		33
Sourcefire, Inc.†*	1,543		39
SPS Commerce, Inc.†*	407		4
Stamps.com, Inc.*	518		6
support.com, Inc.†*	2,910		11
TechTarget, Inc.†*	787		4
TeleCommunication Systems, Inc., Class A*	2,367		7
Terremark Worldwide, Inc.†*	3,108		26
TIBCO Software, Inc.*	9,276		134
Travelzoo, Inc.†*	310		6
United Online, Inc.	4,699		23
US Auto Parts Network, Inc.†*	524		4
ValueClick, Inc.†*	4,457		49
VASCO Data Security International, Inc.†*	1,572		9
VirnetX Holding Corp.†	1,737		13
Vitacost.com, Inc.†*	960		5
Vocus, Inc.†*	914		14
Websense, Inc.†*	2,408		47
Zix Corp.†*	3,650		10
			1,598
Investment Companies - 1.0%
American Capital Ltd.†*	19,137		97
Apollo Investment Corp.	10,878		104
Arlington Asset Investment Corp., Class A†	338		7
BlackRock Kelso Capital Corp.†	3,802		41
Capital Southwest Corp.†	166		15
Fifth Street Finance Corp.†	2,935		29
Gladstone Capital Corp.†	1,223		13
Gladstone Investment Corp.†	1,226		7
Golub Capital BDC, Inc.	356		5
Harris & Harris Group, Inc.†*	1,939		7
Hercules Technology Growth Capital, Inc.†	2,123		19
Main Street Capital Corp.†	753		11
MCG Capital Corp.	4,349		23
Medallion Financial Corp.†	893		6
MVC Capital, Inc.†	1,234		16
NGP Capital Resources Co.	1,234		10
PennantPark Investment Corp.†	1,823		18
Prospect Capital Corp.†	4,081		38
Solar Capital Ltd.†	383		8
THL Credit, Inc.	439		5
TICC Capital Corp.†	1,519		14
Triangle Capital Corp.†	663		10
			503
Iron/Steel - 0.0%
Metals USA Holdings Corp.†*	612		7
Shiloh Industries, Inc.†*	512		5
Universal Stainless & Alloy†*	400		8
			20
Leisure Time - 0.6%
Ambassadors Group, Inc.†	1,104		12
Arctic Cat, Inc.†*	571		4
Brunswick Corp.†	5,025		64
Callaway Golf Co.†	3,447		22
Interval Leisure Group, Inc.*	2,221		28
Johnson Outdoors, Inc., Class A†*	356		3
Life Time Fitness, Inc.†*	2,358		80
Marine Products Corp.†*	562		3
Multimedia Games, Inc.†*	1,547		5
Polaris Industries, Inc.†	1,755		94
			315
Lodging - 0.3%
Ameristar Casinos, Inc.†	1,528		25
Boyd Gaming Corp.†*	3,136		22
Gaylord Entertainment Co.†*	1,952		51
Marcus Corp.	1,187		13
Monarch Casino & Resort, Inc.†*	591		6
Morgans Hotel Group Co.†*	1,171		7
Orient-Express Hotels Ltd., Class A†*	4,943		43
Red Lion Hotels Corp.†*	729		4
			171
Machinery - Construction & Mining - 0.1%
Astec Industries, Inc.†*	1,108		28
Machinery - Diversified - 1.3%
Alamo Group, Inc.	375		7
Albany International Corp., Class A	1,527		27
Altra Holdings, Inc.†*	1,419		18

EQUITY PORTFOLIOS    14    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Machinery - Diversified - 1.3% continued
Applied Industrial Technologies, Inc.†	2,373	$	64
Briggs & Stratton Corp.†	2,771		50
Cascade Corp.	474		15
Chart Industries, Inc.†*	1,578		25
Cognex Corp.	2,217		43
Columbus McKinnon Corp.*	1,118		14
DXP Enterprises, Inc.†*	437		8
Flow International Corp.†*	2,457		5
Gerber Scientific, Inc.†*	1,289		7
Gorman-Rupp (The) Co.†	687		18
Intermec, Inc.*	2,836		30
Intevac, Inc.†*	1,284		12
iRobot Corp.†*	1,206		20
Kadant, Inc.*	685		12
Lindsay Corp.†	744		27
Middleby Corp.†*	942		52
NACCO Industries, Inc., Class A	328		26
Nordson Corp.†	1,916		123
Presstek, Inc.†*	1,384		2
Robbins & Myers, Inc.†	1,491		35
Sauer-Danfoss, Inc.†*	584		10
Tecumseh Products Co., Class A*	1,090		13
Tennant Co.	1,056		33
Twin Disc, Inc.†	500		6
			702
Media - 0.7%
Acacia Research - Acacia Technologies†*	1,998		30
AH Belo Corp., Class A†*	894		6
Belo Corp., Class A*	5,047		26
Cambium Learning Group, Inc.*	1,085		3
CKX, Inc.†*	3,058		14
Courier Corp.	571		8
Crown Media Holdings, Inc., Class A†*	2,297		5
Cumulus Media, Inc., Class A†*	1,309		3
Dex One Corp.†*	2,859		24
DG FastChannel, Inc.†*	1,441		23
Dolan (The) Co.*	1,606		15
Entercom Communications Corp., Class A†*	1,187		7
Entravision Communications Corp., Class A*	2,390		4
EW Scripps (The) Co., Class A†*	1,679		11
Fisher Communications, Inc.†*	375		6
Gray Television, Inc.*	2,466		5
Journal Communications, Inc., Class A*	2,341		9
Lee Enterprises, Inc.†*	2,284		5
LIN TV Corp., Class A†*	1,582		6
LodgeNet Interactive Corp.†*	1,166		3
Martha Stewart Living Omnimedia, Inc., Class A†*	1,502		7
McClatchy (The) Co., Class A†*	3,125		8
Media General, Inc., Class A†*	1,126		9
Mediacom Communications Corp., Class A†*	2,285		13
Nexstar Broadcasting Group, Inc., Class A†*	835		3
Outdoor Channel Holdings, Inc.†*	800		4
Playboy Enterprises, Inc., Class B†*	1,295		7
PRIMEDIA, Inc.†	1,157		4
Radio One, Inc., Class D*	2,165		1
Scholastic Corp.†	1,727		41
Sinclair Broadcast Group, Inc., Class A*	2,413		14
SuperMedia, Inc.†*	680		6
Value Line, Inc.†	100		1
Westwood One, Inc.†*	422		3
World Wrestling Entertainment, Inc., Class A†	1,401		20
			354
Metal Fabrication/Hardware - 0.8%
A.M. Castle & Co.†*	978		14
Ampco-Pittsburgh Corp.	500		11
CIRCOR International, Inc.	914		25
Dynamic Materials Corp.†	664		9
Furmanite Corp.†*	2,144		9
Hawk Corp., Class A†*	301		11
Haynes International, Inc.	668		20
Kaydon Corp.	1,892		61
L.B. Foster Co., Class A*	530		14
Ladish Co., Inc.*	850		21
Lawson Products, Inc.†	220		3
Mueller Industries, Inc.†	2,148		51
Mueller Water Products, Inc., Class A†	8,726		21
Northwest Pipe Co.*	552		8
Olympic Steel, Inc.†	479		11
Omega Flex, Inc.†	200		2
RBC Bearings, Inc.*	1,200		35
RTI International Metals, Inc.*	1,696		47
Sun Hydraulics Corp.†	655		15

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    15    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Metal Fabrication/Hardware - 0.8% continued
Worthington Industries, Inc.†	3,482	$	49
			437
Mining - 1.4%
Allied Nevada Gold Corp.†*	4,284		100
AMCOL International Corp.†	1,323		35
Brush Engineered Materials, Inc.†*	1,127		27
Capital Gold Corp.†*	2,670		9
Century Aluminum Co.†*	3,613		36
Coeur d’Alene Mines Corp.†*	5,030		86
General Moly, Inc.†*	3,747		11
Globe Specialty Metals, Inc.*	3,308		36
Golden Star Resources Ltd.*	14,737		70
Hecla Mining Co.†*	14,334		82
Horsehead Holding Corp.*	2,389		19
Jaguar Mining, Inc.†*	4,544		27
Kaiser Aluminum Corp.†	858		32
Noranda Aluminium Holding Corp.†*	644		5
Stillwater Mining Co.†*	2,521		35
Thompson Creek Metals Co., Inc.†*	7,867		67
United States Lime & Minerals, Inc.†*	170		6
Uranium Energy Corp.†*	3,448		9
US Energy Corp.†*	1,418		6
US Gold Corp.†*	4,673		24
USEC, Inc.†*	6,600		31
			753
Miscellaneous Manufacturing - 2.3%
A.O. Smith Corp.	1,383		71
Actuant Corp., Class A†	3,811		75
Acuity Brands, Inc.†	2,456		95
American Railcar Industries, Inc.*	576		7
Ameron International Corp.	515		29
AZZ, Inc.†	677		27
Barnes Group, Inc.†	2,744		42
Blount International, Inc.†*	2,585		30
Brink’s (The) Co.	2,705		51
Ceradyne, Inc.†*	1,425		31
CLARCOR, Inc.	2,807		94
Colfax Corp.†*	1,387		17
Eastman Kodak Co.†*	14,744		51
EnPro Industries, Inc.†*	1,203		33
ESCO Technologies, Inc.†	1,469		46
Federal Signal Corp.	3,550		19
FreightCar America, Inc.†	686		16
GP Strategies Corp.†*	883		7
Griffon Corp.*	2,423		26
Hexcel Corp.†*	5,456		93
John Bean Technologies Corp.	1,531		23
Koppers Holdings, Inc.	1,138		23
LSB Industries, Inc.†*	959		16
Lydall, Inc.†*	878		6
Matthews International Corp., Class A†	1,682		53
Metabolix, Inc.†*	1,548		17
Movado Group, Inc.†*	949		10
Myers Industries, Inc.†	2,016		13
NL Industries, Inc.†	398		3
Park-Ohio Holdings Corp.†*	402		4
PMFG, Inc.†*	769		12
Polypore International, Inc.*	1,253		34
Raven Industries, Inc.	887		30
Smith & Wesson Holding Corp.†*	3,299		12
Standex International Corp.†	716		17
STR Holdings, Inc.†*	1,639		34
Sturm Ruger & Co., Inc.†	1,071		14
Tredegar Corp.	1,291		21
Trimas Corp.†*	902		12
			1,214
Office Furnishings - 0.4%
Herman Miller, Inc.†	3,235		53
HNI Corp.†	2,478		58
Interface, Inc., Class A	2,887		37
Knoll, Inc.†	2,648		36
Steelcase, Inc., Class A†	4,430		27
			211
Oil & Gas - 2.4%
Abraxas Petroleum Corp.†*	3,569		9
Alon USA Energy, Inc.†	540		3
American Oil & Gas, Inc.†*	2,727		19
Apco Oil and Gas International, Inc.†	532		14
Approach Resources, Inc.†*	665		6
ATP Oil & Gas Corp.†*	2,519		29
Berry Petroleum Co., Class A†	2,898		79
Bill Barrett Corp.*	2,570		84
BPZ Resources, Inc.†*	5,252		21
Brigham Exploration Co.*	6,610		101
Callon Petroleum Co.†*	1,521		6
CAMAC Energy, Inc.*	2,543		6

EQUITY PORTFOLIOS    16    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Oil & Gas - 2.4% continued
Carrizo Oil & Gas, Inc.†*	1,808	$	38
Cheniere Energy, Inc.†*	2,824		7
Clayton Williams Energy, Inc.†*	310		14
Contango Oil & Gas Co.†*	687		30
CVR Energy, Inc.†*	1,685		12
Delek US Holdings, Inc.†	800		5
Delta Petroleum Corp.†*	9,170		6
Endeavour International Corp.†*	6,702		8
Energy Partners Ltd.*	1,550		17
Energy XXI Bermuda Ltd.†*	2,914		58
Evolution Petroleum Corp.†*	882		4
FX Energy, Inc.†*	2,475		8
Gastar Exploration Ltd.†*	2,330		7
Georesources, Inc.†*	749		11
GMX Resources, Inc.†*	1,580		7
Goodrich Petroleum Corp.†*	1,295		17
Gulfport Energy Corp.†*	1,526		17
Harvest Natural Resources, Inc.†*	1,907		13
Hercules Offshore, Inc.†*	6,322		13
Houston American Energy Corp.†	976		9
Isramco, Inc.†*	59		3
Kodiak Oil & Gas Corp.*	6,416		16
Magnum Hunter Resources Corp.†*	2,632		10
McMoRan Exploration Co.†*	4,774		68
Miller Petroleum, Inc.†*	955		4
Northern Oil and Gas, Inc.†*	2,471		35
Panhandle Oil and Gas, Inc., Class A†	450		10
Parker Drilling Co.*	6,450		23
Penn Virginia Corp.	2,491		35
Petroleum Development Corp.*	1,122		30
Petroquest Energy, Inc.†*	3,312		20
Pioneer Drilling Co.†*	2,989		16
RAM Energy Resources, Inc.†*	2,953		5
Resolute Energy Corp.†*	2,079		22
Rex Energy Corp.†*	1,950		22
Rosetta Resources, Inc.*	3,031		60
Seahawk Drilling, Inc.†*	559		4
Stone Energy Corp.†*	2,355		27
Swift Energy Co.*	2,176		59
TransAtlantic Petroleum Ltd.†*	7,953		21
Vaalco Energy, Inc.†*	3,089		17
Vantage Drilling Co.†*	7,138		10
Venoco, Inc.†*	1,160		20
W&T Offshore, Inc.†	1,909		17
Warren Resources, Inc.†*	4,145		13
Western Refining, Inc.†*	2,988		13
			1,258
Oil & Gas Services - 1.6%
Allis-Chalmers Energy, Inc.†*	2,499		10
Basic Energy Services, Inc.†*	1,243		9
Boots & Coots, Inc.*	4,516		13
Cal Dive International, Inc.*	5,036		23
CARBO Ceramics, Inc.†	1,046		79
Complete Production Services, Inc.*	4,353		77
Dawson Geophysical Co.†*	460		11
Dril-Quip, Inc.*	1,906		101
Global Geophysical Services, Inc.†*	566		3
Global Industries Ltd.†*	5,648		26
Gulf Island Fabrication, Inc.†	868		13
Helix Energy Solutions Group, Inc.*	5,934		54
Hornbeck Offshore Services, Inc.†*	1,273		20
ION Geophysical Corp.†*	7,214		25
Key Energy Services, Inc.†*	7,151		57
Lufkin Industries, Inc.†	1,718		66
Matrix Service Co.*	1,354		12
Natural Gas Services Group, Inc.†*	707		10
Newpark Resources, Inc.†*	5,013		44
OYO Geospace Corp.†*	249		12
RPC, Inc.†	1,549		25
Superior Well Services, Inc.†*	1,286		28
T-3 Energy Services, Inc.*	792		18
Tesco Corp.†*	1,665		17
Tetra Technologies, Inc.*	4,392		37
Union Drilling, Inc.†*	665		3
Willbros Group, Inc.†*	2,181		17
			810
Packaging & Containers - 0.4%
AEP Industries, Inc.*	269		6
Graham Packaging Co., Inc.†*	881		10
Graphic Packaging Holding Co.†*	5,955		18
Rock-Tenn Co., Class A	2,213		107
Silgan Holdings, Inc.†	3,054		91
			232
Pharmaceuticals - 3.2%
Acura Pharmaceuticals, Inc.†*	500		1
Akorn, Inc.†*	3,200		11
Alexza Pharmaceuticals, Inc.†*	2,090		6

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    17    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Pharmaceuticals - 3.2% continued
Alimera Sciences, Inc.†*	515	$	4
Alkermes, Inc.†*	5,383		71
Allos Therapeutics, Inc.†*	4,580		17
Antares Pharma, Inc.*	3,957		6
Anthera Pharmaceuticals, Inc.†*	558		2
Aoxing Pharmaceutical Co., Inc.†*	1,613		4
Ardea Biosciences, Inc.†*	728		15
Array Biopharma, Inc.†*	2,886		8
Auxilium Pharmaceuticals, Inc.†*	2,395		62
AVANIR Pharmaceuticals, Inc., Class A†*	4,407		12
AVI BioPharma, Inc.†*	6,627		14
Biodel, Inc.†*	874		3
BioScrip, Inc.†*	2,231		11
Biospecifics Technologies Corp.†*	201		5
Cadence Pharmaceuticals, Inc.†*	1,375		11
Caraco Pharmaceutical Laboratories Ltd.†*	697		4
Catalyst Health Solutions, Inc.*	2,135		86
Clarient, Inc.†*	3,311		11
Combinatorx, Inc.†*	3,465		4
Corcept Therapeutics, Inc.†*	1,458		4
Cornerstone Therapeutics, Inc.†*	361		2
Cumberland Pharmaceuticals, Inc.†*	485		2
Cypress Bioscience, Inc.†*	2,353		8
Cytori Therapeutics, Inc.†*	2,406		11
Depomed, Inc.†*	3,004		11
Durect Corp.*	4,193		9
Dyax Corp.*	5,747		13
Eurand N.V.†*	978		9
Furiex Pharmaceuticals, Inc.†*	467		5
Hi-Tech Pharmacal Co., Inc.†*	612		11
Idenix Pharmaceuticals, Inc.†*	2,135		13
Impax Laboratories, Inc.*	3,540		55
Infinity Pharmaceuticals, Inc.†*	1,013		5
Inspire Pharmaceuticals, Inc.†*	3,401		17
Ironwood Pharmaceuticals, Inc.†*	1,193		11
Isis Pharmaceuticals, Inc.†*	5,162		40
Jazz Pharmaceuticals, Inc.†*	796		7
Keryx Biopharmaceuticals, Inc.†*	2,730		10
Lannett Co., Inc.†*	561		2
MannKind Corp.†*	3,546		20
MAP Pharmaceuticals, Inc.†*	893		10
Medicis Pharmaceutical Corp., Class A	3,392		93
Medivation, Inc.†*	2,069		20
Nabi Biopharmaceuticals†*	2,678		13
Nature’s Sunshine Products, Inc.†*	442		4
Nektar Therapeutics*	5,171		66
Neogen Corp.†*	1,269		37
Neurocrine Biosciences, Inc.†*	2,831		15
NeurogesX, Inc.†*	591		3
Nutraceutical International Corp.†*	553		8
Obagi Medical Products, Inc.†*	1,000		11
Onyx Pharmaceuticals, Inc.*	3,548		85
Opko Health, Inc.†*	4,904		10
Optimer Pharmaceuticals, Inc.†*	1,763		14
Orexigen Therapeutics, Inc.†*	1,453		6
Osiris Therapeutics, Inc.†*	987		6
Pain Therapeutics, Inc.†*	2,044		12
Par Pharmaceutical Cos., Inc.*	2,009		53
Pharmacyclics, Inc.*	2,048		14
Pharmasset, Inc.†*	1,591		39
PharMerica Corp.†*	1,691		13
Pozen, Inc.†*	1,542		10
Progenics Pharmaceuticals, Inc.†*	1,780		7
Questcor Pharmaceuticals, Inc.†*	3,190		31
Rigel Pharmaceuticals, Inc.†*	3,056		24
Salix Pharmaceuticals Ltd.†*	3,204		121
Santarus, Inc.†*	2,963		7
Savient Pharmaceuticals, Inc.†*	3,778		54
Schiff Nutrition International, Inc.†	489		4
Sciclone Pharmaceuticals, Inc.†*	2,031		5
SIGA Technologies, Inc.†*	1,593		12
Somaxon Pharmaceuticals, Inc.†*	1,525		6
Spectrum Pharmaceuticals, Inc.†*	2,650		10
Sucampo Pharmaceuticals, Inc., Class A†*	609		2
Synta Pharmaceuticals Corp.†*	1,000		3
Synutra International, Inc.*	1,051		11
Targacept, Inc.†*	1,294		27
Theravance, Inc.†*	3,421		41
USANA Health Sciences, Inc.†*	372		16
Vanda Pharmaceuticals, Inc.†*	1,372		9
Viropharma, Inc.†*	4,377		55
Vivus, Inc.†*	4,404		25
XenoPort, Inc.†*	1,253		7
			1,652
Pipelines - 0.0%
Crosstex Energy, Inc.†*	2,328		17
Real Estate - 0.2%
Avatar Holdings, Inc.†*	546		10

EQUITY PORTFOLIOS    18    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Real Estate - 0.2% continued
Consolidated-Tomoka Land Co.†	335	$	9
Forestar Group, Inc.†*	2,036		30
HFF, Inc., Class A*	980		8
Kennedy-Wilson Holdings, Inc.†*	1,019		10
Retail Opportunity Investments Corp.†	2,423		23
Terreno Realty Corp.†*	426		7
Thomas Properties Group, Inc.†	1,674		5
United Capital Corp.†*	100		2
			104
Real Estate Investment Trusts - 7.5%
Acadia Realty Trust†	2,194		39
Agree Realty Corp.†	539		13
Alexander’s, Inc.†	112		34
American Campus Communities, Inc.	3,654		109
American Capital Agency Corp.†	1,863		51
Anworth Mortgage Asset Corp.†	6,784		46
Apollo Commercial Real Estate Finance, Inc.†	645		11
Ashford Hospitality Trust, Inc.†*	2,385		19
Associated Estates Realty Corp.	1,807		24
BioMed Realty Trust, Inc.†	6,379		109
CapLease, Inc.†	3,230		17
Capstead Mortgage Corp.	3,907		45
CBL & Associates Properties, Inc.†	7,832		96
Cedar Shopping Centers, Inc.	3,229		18
Chatham Lodging Trust†*	474		8
Chesapeake Lodging Trust†*	526		9
Cogdell Spencer, Inc.	2,322		14
Colonial Properties Trust	3,893		62
Colony Financial, Inc.†	882		16
Cousins Properties, Inc.†	4,802		32
CreXus Investment Corp.†	862		10
Cypress Sharpridge Investments, Inc.	1,344		18
DCT Industrial Trust, Inc.†	11,894		55
DiamondRock Hospitality Co.*	8,669		76
DuPont Fabros Technology, Inc.	2,311		57
Dynex Capital, Inc.†	611		6
EastGroup Properties, Inc.†	1,505		53
Education Realty Trust, Inc.	3,212		22
Entertainment Properties Trust†	2,615		113
Equity Lifestyle Properties, Inc.	1,456		75
Equity One, Inc.†	1,970		31
Excel Trust, Inc.†*	796		9
Extra Space Storage, Inc.†	4,972		76
FelCor Lodging Trust, Inc.*	5,228		21
First Industrial Realty Trust, Inc.†*	3,679		16
First Potomac Realty Trust	2,064		31
Franklin Street Properties Corp.†	3,769		44
Getty Realty Corp.	1,175		29
Gladstone Commercial Corp.†	486		8
Glimcher Realty Trust†	4,760		28
Government Properties Income Trust	1,542		40
Hatteras Financial Corp.†	2,010		58
Healthcare Realty Trust, Inc.†	3,482		82
Hersha Hospitality Trust	6,429		30
Highwoods Properties, Inc.†	4,021		126
Home Properties, Inc.†	2,209		112
Inland Real Estate Corp.†	4,217		33
Invesco Mortgage Capital, Inc.	1,446		30
Investors Real Estate Trust†	4,083		33
iStar Financial, Inc.†*	5,186		18
Kilroy Realty Corp.†	3,044		95
Kite Realty Group Trust†	3,193		13
LaSalle Hotel Properties†	3,970		84
Lexington Realty Trust†	5,519		37
LTC Properties, Inc.	1,298		32
Medical Properties Trust, Inc.	6,148		60
MFA Financial, Inc.	15,670		115
Mid-America Apartment Communities, Inc.†	1,835		104
Mission West Properties, Inc.†	1,200		8
Monmouth Real Estate Investment Corp., Class A	1,369		10
MPG Office Trust, Inc.†*	2,501		6
National Health Investors, Inc.†	1,373		58
National Retail Properties, Inc.†	4,633		113
Newcastle Investment Corp.†*	3,239		8
NorthStar Realty Finance Corp.†	4,322		14
Omega Healthcare Investors, Inc.†	5,208		112
One Liberty Properties, Inc.	439		6
Parkway Properties, Inc.†	1,250		18
Pebblebrook Hotel Trust†*	1,844		33
Pennsylvania Real Estate Investment Trust†	3,072		32
Pennymac Mortgage Investment Trust	883		15
Post Properties, Inc.	2,784		71
PS Business Parks, Inc.	1,036		58
RAIT Financial Trust†*	4,222		6
Ramco-Gershenson Properties Trust	2,035		21
Redwood Trust, Inc.†	4,444		61

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    19    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Real Estate Investment Trusts - 7.5% continued
Resource Capital Corp.†	2,556	$	15
Saul Centers, Inc.†	364		15
Sovran Self Storage, Inc.†	1,510		57
Starwood Property Trust, Inc.†	2,620		50
Strategic Hotels & Resorts, Inc.†*	7,940		28
Sun Communities, Inc.†	1,076		31
Sunstone Hotel Investors, Inc.†*	5,393		46
Tanger Factory Outlet Centers, Inc.†	2,283		106
Two Harbors Investment Corp.†	1,394		12
UMH Properties, Inc.†	611		6
Universal Health Realty Income Trust†	664		21
Urstadt Biddle Properties, Inc., Class A†	1,217		22
U-Store-It Trust†	5,406		43
Walter Investment Management Corp.†	1,484		24
Washington Real Estate Investment Trust†	3,405		104
Winthrop Realty Trust†	1,048		14
			3,896
Retail - 6.0%
99 Cents Only Stores*	2,588		45
AFC Enterprises, Inc.†*	1,455		16
America’s Car-Mart, Inc.*	518		13
AnnTaylor Stores Corp.†*	3,220		49
Asbury Automotive Group, Inc.*	1,650		20
Barnes & Noble, Inc.†	2,063		31
Bebe Stores, Inc.	2,087		12
Big 5 Sporting Goods Corp.	1,151		14
Biglari Holdings, Inc.†*	81		23
BJ’s Restaurants, Inc.†*	1,256		30
Bob Evans Farms, Inc.	1,675		43
Bon-Ton Stores (The), Inc.†*	583		4
Books-A-Million, Inc.†	376		2
Borders Group, Inc.†*	3,058		3
Brown Shoe Co., Inc.	2,352		25
Buckle (The), Inc.†	1,420		34
Buffalo Wild Wings, Inc.†*	1,035		43
Build-A-Bear Workshop, Inc.†*	1,086		5
Cabela’s, Inc.†*	2,329		36
California Pizza Kitchen, Inc.*	1,114		17
Caribou Coffee Co., Inc.†*	363		3
Carrols Restaurant Group, Inc.†*	619		3
Casey’s General Stores, Inc.†	2,854		107
Cash America International, Inc.†	1,636		50
Casual Male Retail Group, Inc.†*	2,115		7
Cato (The) Corp., Class A	1,540		35
CEC Entertainment, Inc.*	1,225		38
Charming Shoppes, Inc.†*	6,526		22
Cheesecake Factory (The), Inc.*	3,430		77
Children’s Place Retail Stores (The), Inc.*	1,552		68
Christopher & Banks Corp.	2,085		13
Citi Trends, Inc.†*	876		20
Coldwater Creek, Inc.†*	3,252		14
Collective Brands, Inc.†*	3,701		48
Conn’s, Inc.†*	600		3
Cracker Barrel Old Country Store, Inc.	1,331		59
Denny’s Corp.*	5,534		13
Destination Maternity Corp.†*	268		7
Dillard’s, Inc., Class A†	2,597		57
DineEquity, Inc.†*	1,000		32
Domino’s Pizza, Inc.†*	2,046		26
Dress Barn (The), Inc.*	3,326		69
DSW, Inc., Class A†*	795		19
Einstein Noah Restaurant Group, Inc.†*	300		3
Express, Inc.†*	835		11
Ezcorp, Inc., Class A*	2,551		46
Finish Line (The), Inc., Class A	2,925		39
First Cash Financial Services, Inc.*	1,730		41
Fred’s, Inc., Class A	2,069		23
Gaiam, Inc., Class A†	1,000		5
Genesco, Inc.*	1,397		35
Group 1 Automotive, Inc.†*	1,361		34
Gymboree Corp.†*	1,663		63
Haverty Furniture Cos., Inc.†	917		9
hhgregg, Inc.†*	726		14
Hibbett Sports, Inc.†*	1,606		37
HOT Topic, Inc.†	2,471		13
HSN, Inc.†*	2,177		57
Jack in the Box, Inc.†*	3,061		62
Jamba, Inc.†*	3,225		6
Jo-Ann Stores, Inc.†*	1,545		63
Jos. A. Bank Clothiers, Inc.†*	1,511		55
Kenneth Cole Productions, Inc., Class A*	471		6
Kirkland’s, Inc.†*	978		11
Krispy Kreme Doughnuts, Inc.†*	3,447		14
Landry’s Restaurants, Inc.†*	408		10
Lithia Motors, Inc., Class A†	1,251		10
Liz Claiborne, Inc.†*	5,376		23
Lumber Liquidators Holdings, Inc.†*	1,198		24
MarineMax, Inc.†*	1,070		7

EQUITY PORTFOLIOS    20    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Retail - 6.0% continued
McCormick & Schmick’s Seafood Restaurants, Inc.†*	854	$	5
Men’s Wearhouse (The), Inc.†	2,903		56
New York & Co., Inc.†*	1,439		3
Nu Skin Enterprises, Inc., Class A	2,722		70
O’Charleys, Inc.†*	1,036		6
OfficeMax, Inc.*	4,788		47
P.F. Chang’s China Bistro, Inc.†	1,293		55
Pacific Sunwear of California, Inc.*	3,711		14
Pantry (The), Inc.*	1,266		24
Papa John’s International, Inc.*	1,165		28
PC Connection, Inc.*	600		4
Penske Automotive Group, Inc.†*	2,536		30
Pep Boys - Manny, Moe & Jack (The)	2,980		27
PetMed Express, Inc.†	1,334		21
Pier 1 Imports, Inc.†*	5,978		36
Pricesmart, Inc.†	863		22
Red Robin Gourmet Burgers, Inc.†*	880		16
Regis Corp.†	3,181		53
Retail Ventures, Inc.*	1,424		12
Rite Aid Corp.†*	29,794		26
Ruby Tuesday, Inc.*	3,598		33
Rue21, Inc.†*	875		18
Rush Enterprises, Inc., Class A†*	1,863		24
Ruth’s Hospitality Group, Inc.*	2,005		6
Saks, Inc.†*	7,554		60
Sally Beauty Holdings, Inc.†*	5,205		45
Shoe Carnival, Inc.†*	522		9
Sonic Automotive, Inc., Class A†*	2,309		20
Sonic Corp.†*	3,582		27
Stage Stores, Inc.	2,132		24
Stein Mart, Inc.†*	1,676		12
Steinway Musical Instruments, Inc.†*	236		4
Susser Holdings Corp.†*	400		5
Systemax, Inc.†	600		7
Talbots, Inc.†*	4,025		40
Texas Roadhouse, Inc.†*	3,173		42
Tuesday Morning Corp.†*	1,632		6
Ulta Salon Cosmetics & Fragrance, Inc.*	1,809		41
Vitamin Shoppe, Inc.†*	852		21
West Marine, Inc.*	822		7
Wet Seal (The), Inc., Class A*	5,890		18
Winmark Corp.†	147		5
World Fuel Services Corp.†	3,322		85
Zumiez, Inc.†*	1,104		16
			3,106
Savings & Loans - 1.2%
Abington Bancorp, Inc.	1,106		11
Astoria Financial Corp.†	4,898		59
BankFinancial Corp.†	1,012		9
Beneficial Mutual Bancorp, Inc.†*	2,033		17
Berkshire Hills Bancorp, Inc.	728		13
BofI Holding, Inc.†*	423		5
Brookline Bancorp, Inc.	3,287		31
Clifton Savings Bancorp, Inc.†	600		5
Danvers Bancorp, Inc.†	1,071		16
Dime Community Bancshares	1,495		19
ESB Financial Corp.†	513		6
ESSA Bancorp, Inc.	900		10
First Financial Holdings, Inc.	952		9
Flagstar Bancorp, Inc.†*	2,489		6
Flushing Financial Corp.†	1,672		18
Fox Chase Bancorp, Inc.†*	427		4
Heritage Financial Group†	62		—
Home Bancorp, Inc.†*	502		7
Home Federal Bancorp, Inc.†	961		12
Investors Bancorp, Inc.*	2,769		29
Kearny Financial Corp.†	752		6
K-Fed Bancorp†	190		1
Meridian Interstate Bancorp, Inc.†*	600		6
NASB Financial, Inc.†	199		3
NewAlliance Bancshares, Inc.	6,062		74
Northfield Bancorp, Inc.†	996		11
Northwest Bancshares, Inc.	6,273		67
OceanFirst Financial Corp.†	702		8
Oritani Financial Corp.†	3,043		29
Provident Financial Services, Inc.	3,464		40
Provident New York Bancorp	1,998		16
Rockville Financial, Inc.†	517		6
Roma Financial Corp.	363		4
Territorial Bancorp, Inc.†	733		12
United Financial Bancorp, Inc.†	1,028		14
ViewPoint Financial Group	750		7
Waterstone Financial, Inc.†*	409		2
Westfield Financial, Inc.†	1,552		12
WSFS Financial Corp.	255		9
			613

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    21    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Semiconductors - 3.2%
Actel Corp.*	1,239	$	18
Advanced Analogic Technologies, Inc.†*	2,500		8
Alpha & Omega Semiconductor Ltd.†*	340		4
Amkor Technology, Inc.†*	5,897		30
Anadigics, Inc.†*	3,749		15
Applied Micro Circuits Corp.*	3,634		39
ATMI, Inc.*	1,729		22
Axcelis Technologies, Inc.*	5,393		7
AXT, Inc.†*	1,615		9
Brooks Automation, Inc.†*	3,603		24
Cabot Microelectronics Corp.*	1,317		39
Cavium Networks, Inc.†*	2,504		60
Ceva, Inc.†*	1,255		15
Cirrus Logic, Inc.*	3,672		56
Cohu, Inc.	1,370		16
Conexant Systems, Inc.*	4,256		6
Diodes, Inc.*	1,905		28
DSP Group, Inc.†*	1,412		9
Emulex Corp.*	4,517		43
Entegris, Inc.†*	7,663		30
Entropic Communications, Inc.†*	3,101		24
Exar Corp.†*	2,120		12
Formfactor, Inc.†*	2,779		20
FSI International, Inc.*	2,513		7
GSI Technology, Inc.†*	1,075		6
GT Solar International, Inc.†*	3,286		25
Hittite Microwave Corp.*	1,535		65
Ikanos Communications, Inc.†*	2,809		2
Integrated Device Technology, Inc.*	9,153		47
Integrated Silicon Solution, Inc.*	1,356		9
IXYS Corp.*	1,396		13
Kopin Corp.†*	3,991		11
Kulicke & Soffa Industries, Inc.†*	3,872		22
Lattice Semiconductor Corp.*	6,421		27
LTX-Credence Corp.*	7,893		17
Mattson Technology, Inc.*	2,599		5
MaxLinear, Inc., Class A†*	375		4
Micrel, Inc.†	2,806		25
Microsemi Corp.*	4,624		65
Microtune, Inc.†*	2,977		7
Mindspeed Technologies, Inc.†*	1,697		11
MIPS Technologies, Inc.†*	2,636		17
MKS Instruments, Inc.*	2,826		49
Monolithic Power Systems, Inc.†*	1,893		31
MoSys, Inc.†*	1,396		6
Nanometrics, Inc.†*	953		13
Netlogic Microsystems, Inc.†*	3,502		85
Omnivision Technologies, Inc.†*	2,902		59
Pericom Semiconductor Corp.*	1,469		12
Photronics, Inc.†*	2,803		12
PLX Technology, Inc.†*	2,507		8
Power Integrations, Inc.†	1,377		38
Richardson Electronics Ltd.†	739		7
Rubicon Technology, Inc.†*	926		23
Rudolph Technologies, Inc.†*	1,754		14
Semtech Corp.†*	3,555		59
Sigma Designs, Inc.†*	1,693		16
Silicon Image, Inc.†*	4,385		16
Standard Microsystems Corp.†*	1,318		24
Supertex, Inc.†*	560		12
Tessera Technologies, Inc.*	2,813		43
TriQuint Semiconductor, Inc.*	8,840		61
Ultra Clean Holdings*	1,135		10
Ultratech, Inc.*	1,368		23
Veeco Instruments, Inc.†*	2,297		76
Virage Logic Corp.†*	1,300		16
Volterra Semiconductor Corp.†*	1,330		27
Zoran Corp.*	2,803		23
			1,682
Software - 4.1%
Accelrys, Inc.†*	3,139		19
ACI Worldwide, Inc.*	1,887		36
Actuate Corp.†*	2,637		11
Acxiom Corp.*	3,790		47
Advent Software, Inc.†*	866		43
Allscripts Healthcare Solutions, Inc.*	193		3
American Software, Inc., Class A	1,300		7
ArcSight, Inc.†*	1,319		51
Ariba, Inc.†*	5,033		78
Aspen Technology, Inc.*	3,597		34
athenahealth, Inc.†*	1,821		49
Avid Technology, Inc.†*	1,568		17
Blackbaud, Inc.†	2,545		53
Blackboard, Inc.†*	1,934		64
Bottomline Technologies, Inc.*	1,762		25
Bowne & Co., Inc.†	2,361		26
CDC Corp.†*	1,700		6
CommVault Systems, Inc.*	2,438		60

EQUITY PORTFOLIOS    22    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON S TOCKS - 98.2% continued
Software - 4.1% continued
Computer Programs & Systems, Inc.†		563	$	23
Concur Technologies, Inc.†*		2,265		106
Convio, Inc.†*		560		5
CSG Systems International, Inc.*		1,932		35
Deltek, Inc.†*		1,120		8
DemandTec, Inc.†*		1,200		9
Digi International, Inc.*		1,272		10
DivX, Inc.†*		1,691		13
DynaVox, Inc., Class A†*		511		5
Ebix, Inc.†*		1,590		30
Epicor Software Corp.*		2,720		18
EPIQ Systems, Inc.†		1,869		23
Fair Isaac Corp.†		2,335		52
FalconStor Software, Inc.†*		2,115		7
Global Defense Technology & Systems, Inc.†*		213		2
Guidance Software, Inc.†*		873		4
Innerworkings, Inc.†*		1,252		7
Interactive Intelligence, Inc.†*		705		11
JDA Software Group, Inc.*		2,358		54
Lawson Software, Inc.*		7,917		60
Mantech International Corp., Class A*		1,217		43
MedAssets, Inc.†*		2,353		47
Medidata Solutions, Inc.*		1,006		17
MicroStrategy, Inc., Class A*		512		40
Monotype Imaging Holdings, Inc.*		1,264		9
NetSuite, Inc.†*		974		18
Omnicell, Inc.†*		1,743		19
OPNET Technologies, Inc.†		825		13
Parametric Technology Corp.*		6,549		112
PDF Solutions, Inc.†*		1,119		4
Pegasystems, Inc.†		925		20
Progress Software Corp.*		2,396		64
PROS Holdings, Inc.†*		1,115		9
QAD, Inc.†*		675		3
Quality Systems, Inc.†		1,075		60
Quest Software, Inc.*		3,321		71
Renaissance Learning, Inc.†		701		6
RightNow Technologies, Inc.†*		1,194		20
Rosetta Stone, Inc.†*		541		9
Schawk, Inc.		678		10
Seachange International, Inc.†*		1,627		13
Smith Micro Software, Inc.*		1,606		12
SolarWinds, Inc.†*		1,873		27
SS&C Technologies Holdings, Inc.*		606		9
Synchronoss Technologies, Inc.*		1,088		17
SYNNEX Corp.†*		1,258		29
Take-Two Interactive Software, Inc.†*		4,023		33
Taleo Corp., Class A†*		2,274		58
THQ, Inc.†*		3,832		14
Trident Microsystems, Inc.†*		3,394		5
Tyler Technologies, Inc.†*		1,736		30
Ultimate Software Group, Inc.†*		1,393		46
Unica Corp.†*		800		17
VeriFone Systems, Inc.*		4,815		116
				2,131
Storage/Warehousing - 0.1%
Mobile Mini, Inc.†*		2,101		30
Telecommunications - 3.9%
Acme Packet, Inc.†*		2,472		83
ADC Telecommunications, Inc.†*		5,448		69
ADTRAN, Inc.		3,478		109
Advanced Radio Telecom Corp.* (1)		10,900		—
Alaska Communications Systems Group, Inc.†		2,386		23
Anaren, Inc.*		849		12
Anixter International, Inc.*		1,574		72
Applied Signal Technology, Inc.		710		14
Arris Group, Inc.*		7,154		59
Aruba Networks, Inc.†*		4,139		76
Atlantic Tele-Network, Inc.†		493		21
Aviat Networks, Inc.*		3,353		13
BigBand Networks, Inc.†*		3,043		8
Black Box Corp.†		973		28
Calix, Inc.*		458		6
Cbeyond, Inc.†*		1,570		19
Cincinnati Bell, Inc.*		11,361		27
Comtech Telecommunications Corp.†*		1,585		32
Consolidated Communications Holdings, Inc.†		1,521		26
CPI International, Inc.†*		370		5
DigitalGlobe, Inc.†*		1,571		48
EMS Technologies, Inc.*		900		13
Extreme Networks, Inc.†*		5,579		15
FiberTower Corp.†*		2,330		8
Finisar Corp.†*		4,248		54
General Communication, Inc., Class A†*		2,814		25
GeoEye, Inc.*		1,273		46
Global Crossing Ltd.†*		1,578		19

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    23    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2% continued
Telecommunications - 3.9% continued
Globalstar, Inc.†*	3,430	$	5
Globecomm Systems, Inc.†*	1,204		8
Harmonic, Inc.*	5,324		31
Hughes Communications, Inc.†*	521		12
Hypercom Corp.†*	2,430		8
ICO Global Communications Holdings Ltd.†*	4,710		6
IDT Corp., Class B*	745		11
Infinera Corp.†*	5,053		43
InterDigital, Inc.†*	2,508		62
IPG Photonics Corp.†*	1,477		32
Iridium Communications, Inc.†*	1,744		15
Ixia*	1,856		21
Knology, Inc.†*	1,604		19
KVH Industries, Inc.†*	913		11
LogMeIn, Inc.†*	799		26
Loral Space & Communications, Inc.†*	581		31
Meru Networks, Inc.†*	369		5
Netgear, Inc.*	1,940		41
Network Equipment Technologies, Inc.†*	1,666		5
Neutral Tandem, Inc.†*	1,872		21
Novatel Wireless, Inc.†*	1,527		9
NTELOS Holdings Corp.	1,687		27
Occam Networks, Inc.†*	759		4
Oclaro, Inc.†*	2,654		27
Oplink Communications, Inc.*	1,080		17
Opnext, Inc.†*	3,092		4
PAETEC Holding Corp.†*	6,910		28
Plantronics, Inc.	2,712		74
Powerwave Technologies, Inc.†*	7,821		13
Preformed Line Products Co.†	147		5
Premiere Global Services, Inc.*	3,134		16
RF Micro Devices, Inc.*	15,389		75
SAVVIS, Inc.†*	2,030		36
Shenandoah Telecommunications Co.†	1,271		22
ShoreTel, Inc.†*	2,630		12
Sonus Networks, Inc.*	11,567		34
Sycamore Networks, Inc.†	1,052		23
Symmetricom, Inc.*	2,250		12
Syniverse Holdings, Inc.†*	3,976		82
Tekelec†*	3,722		41
TeleNav, Inc.†*	569		3
Tessco Technologies, Inc.†	294		3
USA Mobility, Inc.†	1,329		19
UTStarcom, Inc.†*	6,664		13
Viasat, Inc.†*	1,832		64
Vonage Holdings Corp.†*	5,659		12
			2,018
Textiles - 0.1%
Culp, Inc.†*	458		4
G&K Services, Inc., Class A	992		20
Unifirst Corp.	794		31
			55
Toys, Games & Hobbies - 0.1%
Jakks Pacific, Inc.†*	1,579		24
Leapfrog Enterprises, Inc.†*	1,651		8
RC2 Corp.*	1,220		22
			54
Transportation - 2.0%
Air Transport Services Group, Inc.†*	2,915		13
American Commercial Lines, Inc.†*	529		15
Arkansas Best Corp.†	1,424		29
Atlas Air Worldwide Holdings, Inc.*	1,461		63
Baltic Trading Ltd.†	805		9
Bristow Group, Inc.*	2,039		67
CAI International, Inc.†*	616		8
Celadon Group, Inc.*	1,159		14
DHT Holdings, Inc.†	2,933		11
Dynamex, Inc.*	562		7
Eagle Bulk Shipping, Inc.†*	3,410		16
Echo Global Logistics, Inc.†*	632		8
Excel Maritime Carriers Ltd.†*	2,034		10
Forward Air Corp.	1,600		38
Genco Shipping & Trading Ltd.†*	1,629		24
General Maritime Corp.†	4,239		19
Genesee & Wyoming, Inc., Class A*	2,165		84
Golar LNG Ltd.†	2,055		21
Gulfmark Offshore, Inc., Class A†*	1,325		36
Heartland Express, Inc.†	2,764		40
Horizon Lines, Inc., Class A†	1,828		7
HUB Group, Inc., Class A†*	2,056		55
International Shipholding Corp.†	301		7
Knight Transportation, Inc.†	3,363		63
Knightsbridge Tankers Ltd.†	966		17
Marten Transport Ltd.	870		17
Nordic American Tanker Shipping†	2,647		70
Old Dominion Freight Line, Inc.†*	2,306		54
Overseas Shipholding Group, Inc.†	1,451		47

EQUITY PORTFOLIOS    24    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.2% continued
Transportation - 2.0% continued
P.A.M. Transportation Services, Inc.†*		319	$	4
Pacer International, Inc.†*		1,946		10
Patriot Transportation Holding, Inc.†*		88		7
PHI, Inc. N.V.†*		686		10
Quality Distribution, Inc.†*		626		3
RailAmerica, Inc.*		1,199		12
Roadrunner Transportation Systems, Inc.†*		520		6
Saia, Inc.†*		841		10
Scorpio Tankers, Inc.†*		604		7
Ship Finance International Ltd.†		2,482		43
Teekay Tankers Ltd., Class A†		1,443		17
Ultrapetrol (Bahamas) Ltd.†*		1,300		7
Universal Truckload Services, Inc.†*		410		6
USA Truck, Inc.*		432		6
Werner Enterprises, Inc.†		2,468		49
				1,066
Trucking & Leasing - 0.2%
Aircastle Ltd.		2,972		23
AMERCO*		498		40
Greenbrier Cos., Inc.*		1,119		13
TAL International Group, Inc.		993		21
Textainer Group Holdings Ltd.†		561		16
				113
Water - 0.4%
American States Water Co.†		1,030		34
Artesian Resources Corp., Class A†		184		3
California Water Service Group†		1,091		38
Connecticut Water Service, Inc.†		500		11
Consolidated Water Co. Ltd.		851		8
Middlesex Water Co.†		800		13
Pico Holdings, Inc.*		1,275		36
SJW Corp.†		676		16
Southwest Water Co.†		1,410		16
York Water Co.†		779		12
				187
Total Common Stocks (Cost $55,611)				51,090
PREFERRED STOCKS - 0.0%
Healthcare - Products - 0.0%
MEDIQ, Inc., Series A* (1)		135		—
Total Preferred Stocks (Cost $ — )				—
INVESTMENT COMPANIES - 52.8%
Kayne Anderson Energy Development Co.		600		9
Northern Institutional Funds - Diversified Assets Portfolio (2) (3)		728,346		728
Northern Institutional Funds - Liquid Assets Portfolio(2) (4)		26,722,701		26,723
Total Investment Companies (Cost $27,464)				27,460
OTHER - 0.0%
Escrow DLB Oil & Gas* (1)		400		—
Escrow Position PetroCorp.* (1)		420		—
Total Other (Cost $ — )				—
RIGHTS - 0.0%
CSF Holdings, Inc.* (1)		2,000		—
Total Rights (Cost $ — )				—
	NUMBER OF WARRANTS		VALUE (000S)
WARRANTS - 0.0%
American Satellite Network* (1)		350	$	—
Krispy Kreme Doughnuts, Inc., Exp. 3/2/12, Strike $12.21*		88		—
Lantronix, Inc., Exp. 2/9/11*		152		—
Total Warrants (Cost $ — )				—

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    25    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

SMALL COMPANY INDEX PORTFOLIO continued AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT - TERM INVESTMENTS - 0.3%
U.S. Treasury Bill,
0.20%, 11/18/10(5)	$	180	$	180
Total Short-Term Investments (Cost $180)				180
Total Investments - 151.3% (Cost $83,255)				78,730
Liabilities less Other Assets - (51.3)%				(26,690	)
NET ASSETS - 100.0%			$	52,040

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

(2) Investment in affiliated Portfolio.

(3) The Portfolio had approximately $728,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

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

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

† Security is either wholly or partially on loan.

* Non-Income Producing Security

Percentages shown are based on Net Assets.

At August 31, 2010, the Small Company Index Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED LOSS (000S)
Russell 2000 Mini		15	$	902	Long	9/10	$	(8	)

Federal Tax Information:

At August 31, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	86,140
Gross tax appreciation of investments	$	5,084
Gross tax depreciation of investments		(12,493	)
Net tax depreciation of investments	$	(7,409	)

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 Small Company Index Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Common Stocks	$	51,090	(1)	$	—		$	—	$	51,090
Investment Companies		27,460			—			—		27,460
Warrants		—			—	(2)		—		—
Short-Term Investments		—			180			—		180
Total Investments	$	78,550		$	180		$	—	$	78,730
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(8	)	$	—		$	—	$	(8	)

(1) Classifications as defined in the Schedule of Investments.

(2) Amount rounds to less than one thousand.

EQUITY PORTFOLIOS     26    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

LARGE CAP GROWTH PORTFOLIO^(A) AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.2%
Aerospace/Defense - 4.3%
Boeing (The) Co.	25,045	$	1,531
Rockwell Collins, Inc.	14,765		796
United Technologies Corp.	16,470		1,074
			3,401
Apparel - 2.4%
NIKE, Inc., Class B	26,510		1,856
Auto Parts & Equipment - 2.0%
Johnson Controls, Inc.	60,725		1,611
Beverages - 2.4%
PepsiCo, Inc.	29,825		1,914
Biotechnology - 3.2%
Alexion Pharmaceuticals, Inc.†*	13,930		787
Celgene Corp.*	13,815		712
Life Technologies Corp.†*	23,550		1,007
			2,506
Chemicals - 2.1%
Air Products & Chemicals, Inc.	10,165		753
Ecolab, Inc.	19,860		941
			1,694
Commercial Services - 1.6%
Mastercard, Inc., Class A	6,215		1,233
Computers - 14.5%
Apple, Inc.*	16,205		3,944
Cognizant Technology Solutions Corp., Class A*	30,890		1,779
EMC Corp.*	70,745		1,290
Hewlett-Packard Co.	19,740		760
International Business Machines Corp.	13,637		1,680
NetApp, Inc.*	47,320		1,914
			11,367
Cosmetics/Personal Care - 1.1%
Avon Products, Inc.	30,225		880
Diversified Financial Services - 2.2%
American Express Co.	42,635		1,700
Electronics - 0.9%
Dolby Laboratories, Inc., Class A*	13,595		753
Food - 2.5%
Sysco Corp.	43,825		1,205
Whole Foods Market, Inc.†*	21,880		761
			1,966
Healthcare - Products - 3.0%
Covidien PLC	21,065		745
Intuitive Surgical, Inc.*	6,049		1,603
			2,348
Internet - 6.0%
Amazon.com, Inc.*	14,665		1,831
F5 Networks, Inc.†*	10,755		940
Google, Inc., Class A*	4,310		1,939
			4,710
Machinery - Diversified - 3.7%
Cummins, Inc.	19,945		1,484
Deere & Co.†	23,050		1,458
			2,942
Media - 2.0%
Walt Disney (The) Co.	47,380		1,544
Metal Fabrication/Hardware - 1.0%
Precision Castparts Corp.	6,856		776
Mining - 3.2%
BHP Billiton Ltd. ADR†	14,490		964
Freeport-McMoRan Copper & Gold, Inc.	14,485		1,043
Titanium Metals Corp.†*	26,176		474
			2,481
Miscellaneous Manufacturing - 2.7%
3M Co.	9,720		764
Danaher Corp.	36,760		1,335
			2,099
Oil & Gas - 4.6%
Apache Corp.	13,562		1,219
Exxon Mobil Corp.	13,330		789
Suncor Energy, Inc.†	26,125		790
Talisman Energy, Inc.	49,770		780
			3,578
Oil & Gas Services - 3.0%
National Oilwell Varco, Inc.	23,050		866
Schlumberger Ltd.	27,595		1,472
			2,338
Pharmaceuticals - 3.0%
Abbott Laboratories	30,325		1,496
Teva Pharmaceutical Industries Ltd. ADR	16,575		839
			2,335

^(A) Formerly known as Focused Growth Portfolio

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

LARGE CAP GROWTH PORTFOLIO^(A) continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.2% continued
Retail - 9.2%
Costco Wholesale Corp.		17,170	$	971
Lululemon Athletica, Inc.†*		16,905		558
McDonald’s Corp.		27,130		1,982
Nordstrom, Inc.†		19,635		568
Starbucks Corp.		41,465		953
Tiffany & Co.†		29,655		1,175
TJX Cos., Inc.		25,890		1,028
				7,235
Software - 10.5%
Autodesk, Inc.*		30,075		835
Cerner Corp.†*		15,525		1,131
Citrix Systems, Inc.*		37,390		2,166
Microsoft Corp.		33,450		785
Oracle Corp.		53,740		1,176
Red Hat, Inc.†*		26,450		914
Salesforce.com, Inc.*		11,020		1,211
				8,218
Telecommunications - 4.9%
Cisco Systems, Inc.*		73,825		1,480
Juniper Networks, Inc.*		42,209		1,148
QUALCOMM, Inc.		30,925		1,185
				3,813
Transportation - 2.2%
FedEx Corp.		11,140		870
Kansas City Southern†*		24,790		832
				1,702
Total Common Stocks (Cost $74,522)				77,000
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 16.7%
Northern Institutional Funds - Diversified Assets Portfolio (1) (2)		2,730,263		2,730
Northern Institutional Funds - Liquid Assets Portfolio (1) (3)		10,373,186		10,373
Total Investment Companies (Cost $13,103)				13,103
Total Investments - 114.9% (Cost $87,625)				90,103
Liabilities less Other Assets - (14.9)%				(11,685	)
NET ASSETS - 100.0%				78,418

(1) Investment in affiliated Portfolio.

(2) The Portfolio had approximately $2,730,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

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

† Security is either wholly or partially on loan.

* Non-Income Producing Security

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	88,700
Gross tax appreciation of investments	$	4,071
Gross tax depreciation of investments		(2,668	)
Net tax appreciation of investments	$	1,403

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

^(A) Formerly known as Focused Growth Portfolio

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 Large Cap Growth Portfolio’s investments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks	$	77,000	(1)	$	—	$	—	$	77,000
Investment Companies		13,103			—		—		13,103
Total Investments	$	90,103		$	—	$	—	$	90,103

(1) Classifications as defined in the Schedule of Investments.

^(A) Formerly known as Focused Growth Portfolio

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

LARGE CAP EQUITY PORTFOLIO^(A) AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 98.9%
Aerospace/Defense - 2.2%
L-3 Communications Holdings, Inc.	804	$	54
Raytheon Co.	2,217		97
United Technologies Corp.	1,540		100
			251
Agriculture - 2.2%
Philip Morris International, Inc.	4,831		249
Apparel - 2.8%
Coach, Inc.†	2,867		103
Polo Ralph Lauren Corp.†	2,784		211
			314
Banks - 9.4%
Bank of America Corp.	11,306		141
Citigroup, Inc.†*	48,066		179
Comerica, Inc.	3,072		106
Goldman Sachs Group (The), Inc.	450		61
JPMorgan Chase & Co.	6,527		237
Morgan Stanley	4,651		115
SunTrust Banks, Inc.	2,065		46
U.S. Bancorp	5,058		105
Wells Fargo & Co.	2,538		60
			1,050
Beverages - 2.3%
Dr Pepper Snapple Group, Inc.	2,879		106
PepsiCo, Inc.	2,367		152
			258
Biotechnology - 1.4%
Alexion Pharmaceuticals, Inc.†*	1,522		86
Amgen, Inc.*	1,494		76
			162
Chemicals - 0.8%
Potash Corp. of Saskatchewan, Inc.	606		89
Coal - 0.8%
Arch Coal, Inc.†	3,928		88
Computers - 8.2%
Apple, Inc.*	951		231
Brocade Communications Systems, Inc.†*	11,175		56
EMC Corp.*	8,800		161
Hewlett-Packard Co.	3,588		138
International Business Machines Corp.	1,395		172
Seagate Technology PLC*	6,972		71
Teradata Corp.*	2,778		91
			920
Cosmetics/Personal Care - 1.6%
Procter & Gamble (The) Co.	3,016		180
Diversified Financial Services - 1.0%
Discover Financial Services	7,750		112
Electric - 2.8%
Entergy Corp.	1,153		91
NRG Energy, Inc.†*	7,130		145
Southern Co.	2,284		84
			320
Food - 2.5%
General Mills, Inc.	4,570		165
Unilever PLC ADR†	4,133		110
			275
Forest Products & Paper - 0.9%
UPM-Kymmene OYJ ADR	7,008		96
Healthcare - Products - 1.8%
Covidien PLC	2,042		72
Johnson & Johnson	2,206		126
			198
Healthcare - Services - 2.8%
Humana, Inc.*	3,956		189
Tenet Healthcare Corp.*	33,324		131
			320
Home Builders - 0.9%
Pulte Group, Inc.†*	12,591		101
Insurance - 5.4%
ACE Ltd.†	1,672		89
CNO Financial Group, Inc.†*	25,319		120
MGIC Investment Corp.†*	16,206		117
Unum Group	4,559		92
XL Group PLC	10,684		191
			609
Internet - 1.4%
AOL, Inc.†*	3,924		87
GSI Commerce, Inc.†*	3,072		70
			157

^(A) Formerly known as Diversified Growth Portfolio

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

LARGE CAP EQUITY PORTFOLIO^(A) continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.9% continued
Machinery - Construction & Mining - 0.9%
Joy Global, Inc.		1,721	$	98
Machinery - Diversified - 0.8%
Cummins, Inc.		1,149		86
Media - 2.2%
Time Warner, Inc.		4,791		143
Walt Disney (The) Co.		3,307		108
				251
Metal Fabrication/Hardware - 1.2%
Precision Castparts Corp.		1,162		132
Mining - 1.1%
Titanium Metals Corp.†*		6,705		121
Miscellaneous Manufacturing - 4.1%
Dover Corp.		1,313		59
General Electric Co.		18,087		262
Parker Hannifin Corp.		2,293		135
				456
Office/Business Equipment - 0.9%
Canon, Inc. ADR†		2,509		103
Oil & Gas - 11.2%
Apache Corp.		1,642		147
Chevron Corp.		3,482		258
Ensco PLC ADR†		2,524		104
Exxon Mobil Corp.		3,610		214
Noble Corp.†		3,623		113
Occidental Petroleum Corp.		3,172		232
Petroleo Brasileiro S.A. ADR†		2,729		91
Talisman Energy, Inc.†		6,072		95
				1,254
Pharmaceuticals - 6.7%
Cephalon, Inc.†*		1,988		113
Forest Laboratories, Inc.*		4,326		118
Mead Johnson Nutrition Co.		2,498		130
Merck & Co., Inc.		9,378		330
Teva Pharmaceutical Industries Ltd. ADR		1,154		58
				749
Retail - 6.5%
Darden Restaurants, Inc.		2,726		113
Gap (The), Inc.		3,264		55
McDonald’s Corp.		1,134		83
Nordstrom, Inc.†		2,723		79
Target Corp.†		2,804		143
TJX Cos., Inc.		2,325		92
Wal-Mart Stores, Inc.		3,239		162
				727
Semiconductors - 2.7%
ASML Holding N.V. (Registered)†		4,604		114
Intel Corp.		2,472		44
NXP Semiconductor N.V.†*		5,138		57
Texas Instruments, Inc.		3,747		86
				301
Software - 3.7%
Activision Blizzard, Inc.		10,296		110
Check Point Software Technologies Ltd.†*		2,683		93
Microsoft Corp.		8,847		208
				411
Telecommunications - 4.3%
AT&T, Inc.		3,877		105
Cisco Systems, Inc.*		6,790		136
Verizon Communications, Inc.		3,404		100
Virgin Media, Inc.†		6,946		145
				486
Transportation - 1.4%
Kansas City Southern†*		4,832		162
Total Common Stocks (Cost $10,314)				11,086
INVESTMENT COMPANIES -29.5%
Northern Institutional Funds - Diversified Assets Portfolio (1) (2)		121,849		122
Northern Institutional Funds - Liquid Assets Portfolio (1) (3)		3,188,692		3,189
Total Investment Companies (Cost $3,311)				3,311
Total Investments - 128.4% (Cost $13,625)				14,397
Liabilities less Other Assets - (28.4)%				(3,188	)
NET ASSETS - 100.0%			$	11,209

(1) Investment in affiliated Portfolio.

(2) The Portfolio had approximately $122,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

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

^(A) Formerly known as Diversified Growth Portfolio

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

† Security is either wholly or partially on loan.

* Non-Income Producing Security

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	14,848
Gross tax appreciation of investments	$	100
Gross tax depreciation of investments		(551	)
Net tax depreciation of investments	$	(451	)

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 Large Cap Equity Portfolio’s investments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks	$	11,086	(1)	$	—	$	—	$	11,086
Investment Companies		3,311			—		—		3,311
Total Investments	$	14,397		$	—	$	—	$	14,397

(1) Classifications as defined in the Schedule of Investments.

^(A) Formerly known as Focused Growth Portfolio

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 97.9%
Advertising - 0.2%
Interpublic Group of (The) Cos., Inc.*		24,789	$	212
Omnicom Group, Inc.		15,597		546
				758
Aerospace/Defense - 2.1%
Boeing (The) Co.		38,551		2,357
General Dynamics Corp.		19,604		1,095
Goodrich Corp.†		6,349		435
L-3 Communications Holdings, Inc.		5,879		392
Lockheed Martin Corp.		15,841		1,101
Northrop Grumman Corp.		15,291		828
Raytheon Co.		19,364		850
Rockwell Collins, Inc.		8,008		432
United Technologies Corp.		47,404		3,091
				10,581
Agriculture - 1.9%
Altria Group, Inc.		105,784		2,361
Archer-Daniels-Midland Co.		32,663		1,005
Lorillard, Inc.		7,768		590
Philip Morris International, Inc.		94,080		4,840
Reynolds American, Inc.		8,593		469
				9,265
Airlines - 0.1%
Southwest Airlines Co.		37,842		418
Apparel - 0.5%
Coach, Inc.		15,490		555
NIKE, Inc., Class B		19,741		1,382
Polo Ralph Lauren Corp.		3,336		253
VF Corp.		4,478		316
				2,506
Auto Manufacturers - 0.6%
Ford Motor Co.†*		172,975		1,953
PACCAR, Inc.		18,544		760
				2,713
Auto Parts & Equipment - 0.2%
Goodyear Tire & Rubber (The) Co.*		12,312		114
Johnson Controls, Inc.		34,166		906
				1,020
Banks - 8.2%
Bank of America Corp.		509,769		6,347
Bank of New York Mellon (The) Corp.		61,894		1,502
BB&T Corp.		35,403		783
Capital One Financial Corp.†		23,204		879
Citigroup, Inc.*		1,148,493		4,272
Comerica, Inc.		9,072		312
Fifth Third Bancorp		40,551		448
First Horizon National Corp.†*		11,876		120
First Horizon National Corp. - (Fractional Shares)*		133,028		—
Goldman Sachs Group (The), Inc.		26,146		3,580
Huntington Bancshares, Inc.		36,696		194
JPMorgan Chase & Co.		202,193		7,352
KeyCorp†		44,879		331
M&T Bank Corp.†		4,304		369
Marshall & Ilsley Corp.		27,055		177
Morgan Stanley		70,977		1,752
Northern Trust Corp.(1) (2)		12,286		567
PNC Financial Services Group, Inc.		26,800		1,366
Regions Financial Corp.		60,789		391
State Street Corp.		25,490		894
SunTrust Banks, Inc.†		25,490		573
U.S. Bancorp		97,726		2,033
Wells Fargo & Co.		264,846		6,237
Zions Bancorporation†		8,827		163
				40,642
Beverages - 2.8%
Brown-Forman Corp., Class B†		5,537		339
Coca-Cola (The) Co.		117,209		6,554
Coca-Cola Enterprises, Inc.		16,499		470
Constellation Brands, Inc., Class A†*		9,696		162
Dr Pepper Snapple Group, Inc.		12,464		459
Molson Coors Brewing Co., Class B†		8,016		349
PepsiCo, Inc.		81,935		5,259
				13,592
Biotechnology - 1.4%
Amgen, Inc.*		48,661		2,484
Biogen Idec, Inc.*		12,292		661
Celgene Corp.*		23,413		1,206
Genzyme Corp.*		13,559		951
Gilead Sciences, Inc.*		42,609		1,358
Life Technologies Corp.†*		9,287		397
				7,057
Building Materials - 0.0%
Masco Corp.†		18,180		191

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.9% continued
Chemicals - 2.0%
Air Products & Chemicals, Inc.	10,797	$	799
Airgas, Inc.	4,232		279
CF Industries Holdings, Inc.†	3,611		334
Dow Chemical (The) Co.	58,646		1,429
E.I. du Pont de Nemours & Co.	46,021		1,876
Eastman Chemical Co.	3,671		226
Ecolab, Inc.	11,868		563
FMC Corp.	3,696		230
International Flavors & Fragrances, Inc.	4,043		185
Monsanto Co.	27,718		1,459
PPG Industries, Inc.	8,443		556
Praxair, Inc.	15,546		1,337
Sherwin-Williams (The) Co.†	4,676		329
Sigma-Aldrich Corp.†	6,183		329
			9,931
Coal - 0.2%
Consol Energy, Inc.	11,465		369
Massey Energy Co.	5,220		150
Peabody Energy Corp.	13,645		584
			1,103
Commercial Services - 1.3%
Apollo Group, Inc., Class A*	6,400		272
Automatic Data Processing, Inc.	25,586		988
DeVry, Inc.	3,153		120
Equifax, Inc.	6,428		190
H&R Block, Inc.†	16,836		216
Iron Mountain, Inc.	9,177		186
Mastercard, Inc., Class A	4,917		975
Monster Worldwide, Inc.†*	6,407		71
Moody’s Corp.†	9,980		211
Paychex, Inc.	16,364		407
Quanta Services, Inc.*	10,715		192
R.R. Donnelley & Sons Co.	10,460		158
Robert Half International, Inc.†	7,612		164
SAIC, Inc.†*	14,862		221
Total System Services, Inc.†	10,054		143
Visa, Inc., Class A†	22,989		1,586
Western Union (The) Co.	34,163		536
			6,636
Computers - 6.0%
Apple, Inc.*	46,219		11,248
Cognizant Technology Solutions Corp., Class A*	15,207		876
Computer Sciences Corp.	7,835		312
Dell, Inc.*	87,544		1,030
EMC Corp.*	104,383		1,904
Hewlett-Packard Co.	118,574		4,563
International Business Machines Corp.	65,140		8,027
Lexmark International, Inc., Class A*	3,969		139
NetApp, Inc.*	17,500		708
SanDisk Corp.*	11,656		387
Teradata Corp.*	8,487		278
Western Digital Corp.*	11,629		281
			29,753
Cosmetics/Personal Care - 2.3%
Avon Products, Inc.	21,781		634
Colgate-Palmolive Co.	24,932		1,841
Estee Lauder (The) Cos., Inc., Class A†	6,080		341
Procter & Gamble (The) Co.	146,299		8,729
			11,545
Distribution/Wholesale - 0.2%
Fastenal Co.†	6,670		302
Genuine Parts Co.†	8,092		339
W.W. Grainger, Inc.	3,153		334
			975
Diversified Financial Services - 1.7%
American Express Co.	61,073		2,435
Ameriprise Financial, Inc.	12,982		566
Charles Schwab (The) Corp.	49,728		635
CME Group, Inc.	3,338		828
Discover Financial Services	27,602		401
E*Trade Financial Corp.*	10,006		124
Federated Investors, Inc., Class B†	4,537		95
Franklin Resources, Inc.	7,514		725
IntercontinentalExchange, Inc.*	3,755		359
Invesco Ltd.	23,724		429
Janus Capital Group, Inc.†	9,309		85
Legg Mason, Inc.	8,341		211
Nasdaq OMX Group (The), Inc.*	7,392		132
NYSE Euronext	13,246		367
SLM Corp.*	24,655		272
T. Rowe Price Group, Inc.†	13,200		578
			8,242
Electric - 3.5%
AES (The) Corp.*	33,943		348
Allegheny Energy, Inc.	8,591		194

EQUITY PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.9% continued
Electric - 3.5% continued
Ameren Corp.	12,085	$	339
American Electric Power Co., Inc.	24,324		861
CMS Energy Corp.†	11,555		202
Consolidated Edison, Inc.	14,323		681
Constellation Energy Group, Inc.†	10,220		300
Dominion Resources, Inc.	30,300		1,296
DTE Energy Co.	8,547		400
Duke Energy Corp.	66,698		1,147
Edison International	16,535		558
Entergy Corp.	9,626		759
Exelon Corp.	33,593		1,368
FirstEnergy Corp.†	15,494		566
Integrys Energy Group, Inc.†	3,908		189
NextEra Energy, Inc.	21,069		1,132
Northeast Utilities	8,918		258
NRG Energy, Inc.†*	12,937		263
Pepco Holdings, Inc.	11,290		203
PG&E Corp.	18,915		884
Pinnacle West Capital Corp.	5,503		219
PPL Corp.	23,850		648
Progress Energy, Inc.	14,572		625
Public Service Enterprise Group, Inc.	25,728		822
SCANA Corp.†	5,783		226
Southern Co.	41,897		1,537
TECO Energy, Inc.	10,822		183
Wisconsin Energy Corp.†	5,948		332
Xcel Energy, Inc.†	23,365		521
			17,061
Electrical Components & Equipment - 0.4%
Emerson Electric Co.	38,260		1,785
Molex, Inc.†	6,894		122
			1,907
Electronics - 0.5%
Agilent Technologies, Inc.*	17,666		476
Amphenol Corp., Class A	8,820		359
FLIR Systems, Inc.*	7,792		196
Jabil Circuit, Inc.	9,787		100
PerkinElmer, Inc.	6,000		126
Thermo Fisher Scientific, Inc.*	20,842		878
Waters Corp.*	4,718		286
			2,421
Energy - Alternate Sources - 0.1%
First Solar, Inc.†*	2,470		316
Engineering & Construction - 0.1%
Fluor Corp.	9,092		406
Jacobs Engineering Group, Inc.*	6,358		221
			627
Entertainment - 0.0%
International Game Technology	15,120		221
Environmental Control - 0.3%
Republic Services, Inc.	16,489		485
Stericycle, Inc.†*	4,304		282
Waste Management, Inc.	24,540		812
			1,579
Food - 2.1%
Campbell Soup Co.	9,538		355
ConAgra Foods, Inc.	22,631		489
Dean Foods Co.*	9,260		95
General Mills, Inc.	33,708		1,219
H.J. Heinz Co.	16,073		743
Hershey (The) Co.†	8,427		392
Hormel Foods Corp.†	3,561		154
J.M. Smucker (The) Co.	6,052		354
Kellogg Co.†	12,969		644
Kraft Foods, Inc., Class A	88,557		2,652
Kroger (The) Co.	32,850		648
McCormick & Co., Inc. (Non Voting)†	6,765		270
Safeway, Inc.	19,732		371
Sara Lee Corp.	33,570		485
SUPERVALU, Inc.	10,734		104
Sysco Corp.	30,072		827
Tyson Foods, Inc., Class A†	15,472		253
Whole Foods Market, Inc.†*	8,711		303
			10,358
Forest Products & Paper - 0.3%
International Paper Co.	22,152		453
MeadWestvaco Corp.	8,678		189
Plum Creek Timber Co., Inc.†	8,310		287
Weyerhaeuser Co.†	23,896		375
			1,304
Gas - 0.3%
CenterPoint Energy, Inc.	21,135		313
Nicor, Inc.†	2,343		99
NiSource, Inc.	14,104		245

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.9% continued
Gas - 0.3% continued
Sempra Energy	12,595	$	641
			1,298
Hand/Machine Tools - 0.1%
Snap-On, Inc.	2,939		121
Stanley Black & Decker, Inc.	8,146		437
			558
Healthcare - Products - 3.3%
Baxter International, Inc.	30,304		1,290
Becton, Dickinson and Co.†	11,858		809
Boston Scientific Corp.*	76,971		399
C.R. Bard, Inc.	4,838		372
CareFusion Corp.*	9,008		194
DENTSPLY International, Inc.†	7,443		207
Hospira, Inc.*	8,420		432
Intuitive Surgical, Inc.*	1,989		527
Johnson & Johnson	140,118		7,990
Medtronic, Inc.	55,968		1,762
Patterson Cos., Inc.	4,757		120
St. Jude Medical, Inc.*	16,604		574
Stryker Corp.	14,308		618
Varian Medical Systems, Inc.*	6,273		334
Zimmer Holdings, Inc.*	10,299		486
			16,114
Healthcare - Services - 1.1%
Aetna, Inc.	21,590		577
CIGNA Corp.	14,058		453
Coventry Health Care, Inc.†*	7,508		145
DaVita, Inc.*	5,278		341
Humana, Inc.*	8,641		413
Laboratory Corp. of America Holdings*	5,293		384
Quest Diagnostics, Inc.	7,698		335
Tenet Healthcare Corp.*	22,075		87
UnitedHealth Group, Inc.	57,740		1,831
WellPoint, Inc.*	20,311		1,009
			5,575
Holding Companies - Diversified - 0.0%
Leucadia National Corp.*	9,634		206
Home Builders - 0.1%
D.R. Horton, Inc.†	13,998		144
Lennar Corp., Class A†	8,233		108
Pulte Group, Inc.†*	16,052		129
			381
Home Furnishings - 0.1%
Harman International Industries, Inc.*	3,556		111
Whirlpool Corp.†	3,811		282
			393
Household Products/Wares - 0.5%
Avery Dennison Corp.†	5,597		182
Clorox Co.	7,142		463
Fortune Brands, Inc.†	7,728		346
Kimberly-Clark Corp.	21,040		1,355
			2,346
Housewares - 0.0%
Newell Rubbermaid, Inc.†	14,102		212
Insurance - 4.0%
ACE Ltd.†	17,078		913
Aflac, Inc.	23,867		1,128
Allstate (The) Corp.	27,333		754
American International Group, Inc.†*	6,849		232
AON Corp.	13,682		496
Assurant, Inc.	5,680		208
Berkshire Hathaway, Inc., Class B*	84,092		6,625
Chubb Corp.	16,627		916
Cincinnati Financial Corp.†	8,280		221
Genworth Financial, Inc., Class A*	24,803		269
Hartford Financial Services Group, Inc.	22,535		454
Lincoln National Corp.	15,362		359
Loews Corp.	17,862		628
Marsh & McLennan Cos., Inc.	27,471		652
MetLife, Inc.	45,480		1,710
Principal Financial Group, Inc.	16,238		374
Progressive (The) Corp.	34,117		675
Prudential Financial, Inc.	23,667		1,197
Torchmark Corp.†	4,208		208
Travelers (The) Cos., Inc.	23,896		1,170
Unum Group	16,879		338
XL Group PLC	17,356		311
			19,838
Internet - 2.5%
Akamai Technologies, Inc.*	8,740		403
Amazon.com, Inc.*	17,434		2,176
eBay, Inc.*	57,771		1,343
Expedia, Inc.†	10,539		241
Google, Inc., Class A*	12,297		5,534
McAfee, Inc.*	7,919		372
priceline.com, Inc.*	2,411		703

EQUITY PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.9% continued
Internet - 2.5% continued
Symantec Corp.*	40,588	$	553
VeriSign, Inc.†*	9,287		270
Yahoo!, Inc.*	59,850		783
			12,378
Iron/Steel - 0.3%
AK Steel Holding Corp.†	6,000		76
Allegheny Technologies, Inc.†	4,990		203
Cliffs Natural Resources, Inc.	6,872		421
Nucor Corp.	15,974		588
United States Steel Corp.†	7,267		309
			1,597
Leisure Time - 0.2%
Carnival Corp.	21,987		686
Harley-Davidson, Inc.†	11,935		290
			976
Lodging - 0.3%
Marriott International, Inc., Class A†	13,031		417
Marriott International, Inc., Class A - (Fractional Shares)†	3,681		—
Starwood Hotels & Resorts Worldwide, Inc.†	9,620		450
Wyndham Worldwide Corp.	9,131		212
Wynn Resorts Ltd.†	3,503		282
			1,361
Machinery - Construction & Mining - 0.4%
Caterpillar, Inc.	31,880		2,077
Machinery - Diversified - 0.6%
Cummins, Inc.	10,185		758
Deere & Co.	21,589		1,366
Flowserve Corp.	2,850		255
Rockwell Automation, Inc.	7,242		370
Roper Industries, Inc.	4,774		277
			3,026
Media - 2.9%
CBS Corp., Class B (Non Voting)	34,479		476
Comcast Corp., Class A	143,294		2,453
DIRECTV, Class A*	46,157		1,750
Discovery Communications, Inc., Class A†*	14,443		545
Gannett Co., Inc.†	12,056		146
McGraw-Hill (The) Cos., Inc.	16,028		443
Meredith Corp.†	2,045		60
New York Times (The) Co., Class A†*	5,093		37
News Corp., Class A	114,454		1,439
Scripps Networks Interactive, Inc., Class A	4,577		184
Time Warner Cable, Inc.	17,950		926
Time Warner, Inc.	57,861		1,735
Viacom, Inc., Class B	30,872		970
Walt Disney (The) Co.	99,498		3,243
Washington Post (The) Co., Class B†	309		111
			14,518
Metal Fabrication/Hardware - 0.2%
Precision Castparts Corp.	7,221		817
Mining - 0.8%
Alcoa, Inc.	51,787		529
Freeport-McMoRan Copper & Gold, Inc.	23,962		1,725
Newmont Mining Corp.	24,962		1,531
Titanium Metals Corp.*	4,263		77
Vulcan Materials Co.†	6,481		238
			4,100
Miscellaneous Manufacturing - 3.6%
3M Co.	36,223		2,845
Danaher Corp.	26,718		971
Dover Corp.	9,490		425
Eastman Kodak Co.†*	15,096		53
Eaton Corp.	8,509		591
General Electric Co.	542,285		7,852
Honeywell International, Inc.	38,920		1,521
Illinois Tool Works, Inc.	19,669		812
ITT Corp.	9,336		397
Leggett & Platt, Inc.	7,524		144
Pall Corp.	5,951		203
Parker Hannifin Corp.	8,180		484
Textron, Inc.†	13,856		236
Tyco International Ltd.†	25,929		967
			17,501
Office/Business Equipment - 0.2%
Pitney Bowes, Inc.†	10,504		202
Xerox Corp.	70,003		591
			793
Oil & Gas - 8.6%
Anadarko Petroleum Corp.	25,127		1,156
Apache Corp.	18,305		1,645
Cabot Oil & Gas Corp.	5,279		147
Chesapeake Energy Corp.	33,041		683

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.9% continued
Oil & Gas - 8.6% continued
Chevron Corp.	102,039	$	7,567
ConocoPhillips	75,591		3,963
Denbury Resources, Inc.*	20,287		299
Devon Energy Corp.	22,693		1,368
Diamond Offshore Drilling, Inc.†	3,535		206
EOG Resources, Inc.†	12,860		1,117
EQT Corp.	7,329		239
Exxon Mobil Corp.	259,696		15,364
Helmerich & Payne, Inc.†	5,370		199
Hess Corp.	14,847		746
Marathon Oil Corp.	36,025		1,098
Murphy Oil Corp.	9,736		522
Nabors Industries Ltd.*	14,468		227
Noble Energy, Inc.	8,875		619
Occidental Petroleum Corp.	41,270		3,016
Pioneer Natural Resources Co.	5,885		340
QEP Resources, Inc.	8,891		258
Range Resources Corp.	8,097		274
Rowan Cos., Inc.*	5,803		149
Southwestern Energy Co.*	17,585		575
Sunoco, Inc.	6,099		205
Tesoro Corp.	7,260		82
Valero Energy Corp.	28,663		452
			42,516
Oil & Gas Services - 1.5%
Baker Hughes, Inc.	21,796		819
Cameron International Corp.*	12,402		456
FMC Technologies, Inc.*	6,179		382
Halliburton Co.	45,980		1,297
National Oilwell Varco, Inc.	21,286		800
Schlumberger Ltd.	69,387		3,701
			7,455
Packaging & Containers - 0.2%
Ball Corp.	4,675		262
Bemis Co., Inc.†	5,546		160
Owens-Illinois, Inc.*	8,352		209
Pactiv Corp.*	6,735		216
Sealed Air Corp.	8,080		166
			1,013
Pharmaceuticals - 5.4%
Abbott Laboratories	78,419		3,869
Allergan, Inc.	15,615		959
AmerisourceBergen Corp.	14,331		391
Bristol-Myers Squibb Co.	87,331		2,278
Cardinal Health, Inc.	18,368		550
Cephalon, Inc.†*	3,798		215
Eli Lilly & Co.	51,558		1,730
Express Scripts, Inc.*	27,847		1,186
Forest Laboratories, Inc.*	15,361		419
King Pharmaceuticals, Inc.*	12,847		112
McKesson Corp.	13,786		800
Mead Johnson Nutrition Co.	10,378		542
Medco Health Solutions, Inc.*	22,049		959
Merck & Co., Inc.	158,391		5,569
Mylan, Inc.†*	15,654		269
Pfizer, Inc.	409,715		6,527
Watson Pharmaceuticals, Inc.†*	5,421		233
			26,608
Pipelines - 0.4%
El Paso Corp.	35,728		407
Oneok, Inc.	5,399		232
Spectra Energy Corp.	32,904		669
Williams (The) Cos., Inc.	29,668		538
			1,846
Real Estate - 0.1%
CB Richard Ellis Group, Inc., Class A*	13,700		225
Real Estate Investment Trusts - 1.4%
Apartment Investment & Management Co., Class A†	5,876		120
AvalonBay Communities, Inc.	4,211		443
Boston Properties, Inc.	7,064		575
Equity Residential	14,355		658
HCP, Inc.†	14,936		526
Health Care REIT, Inc.†	6,328		291
Host Hotels & Resorts, Inc.	33,391		438
Kimco Realty Corp.	20,585		307
ProLogis†	24,161		262
Public Storage	6,917		678
Simon Property Group, Inc.	14,866		1,345
Ventas, Inc.	7,980		403
Vornado Realty Trust	8,035		651
			6,697
Retail - 5.9%
Abercrombie & Fitch Co., Class A†	4,475		155
AutoNation, Inc.†*	4,487		101
AutoZone, Inc.†*	1,482		311

EQUITY PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES	VALUE (000S)
COMMON STOCKS - 97.9% continued
Retail - 5.9% continued
Bed Bath & Beyond, Inc.*	13,377	$	481
Best Buy Co., Inc.	17,572		552
Big Lots, Inc.†*	4,076		127
CarMax, Inc.†*	11,335		226
Costco Wholesale Corp.	22,421		1,268
CVS Caremark Corp.	69,127		1,866
Darden Restaurants, Inc.	7,135		294
Family Dollar Stores, Inc.†	6,847		293
GameStop Corp., Class A†*	7,762		139
Gap (The), Inc.	22,789		385
Home Depot (The), Inc.	85,343		2,373
J.C. Penney Co., Inc.†	11,982		240
Kohl’s Corp.*	15,639		735
Limited Brands, Inc.	13,688		323
Lowe’s Cos., Inc.	72,587		1,474
Macy’s, Inc.	21,406		416
McDonald’s Corp.	54,654		3,993
Nordstrom, Inc.	8,446		244
Office Depot, Inc.*	14,760		50
O’Reilly Automotive, Inc.†*	7,017		332
RadioShack Corp.†	6,351		117
Ross Stores, Inc.	6,226		309
Sears Holdings Corp.†*	2,449		152
Staples, Inc.	37,097		659
Starbucks Corp.	37,859		870
Target Corp.	37,405		1,914
Tiffany & Co.†	6,453		256
TJX Cos., Inc.	20,729		823
Urban Outfitters, Inc.*	6,620		201
Walgreen Co.	49,716		1,336
Wal-Mart Stores, Inc.	105,550		5,292
Yuml Brands, Inc.	23,756		991
			29,298
Savings & Loans - 0.1%
Hudson City Bancorp, Inc.	24,852		286
People’s United Financial, Inc.	19,498		248
			534
Semiconductors - 2.3%
Advanced Micro Devices, Inc.†*	28,617		161
Altera Corp.	15,316		378
Analog Devices, Inc.	15,152		422
Applied Materials, Inc.	68,249		709
Broadcom Corp., Class A	21,922		657
Intel Corp.	282,650		5,009
KLA-Tencor Corp.	8,613		241
Linear Technology Corp.†	11,376		326
LSI Corp.*	33,134		133
MEMC Electronic Materials, Inc.†*	11,541		119
Microchip Technology, Inc.†	9,446		262
Micron Technology, Inc.†*	43,254		280
National Semiconductor Corp.†	12,071		152
Novellus Systems, Inc.*	4,844		113
NVIDIA Corp.*	29,033		271
QLogic Corp.†*	6,011		89
Teradyne, Inc.†*	9,482		85
Texas Instruments, Inc.	62,102		1,430
Xilinx, Inc.†	13,914		336
			11,173
Software -3.8%
Adobe Systems, Inc.*	26,739		742
Autodesk, Inc.*	11,651		323
BMC Software, Inc.*	9,229		333
CA, Inc.	19,843		357
Cerner Corp.†*	3,465		252
Citrix Systems, Inc.*	9,428		546
Compuware Corp.*	12,084		87
Dun & Bradstreet Corp.†	2,563		169
Electronic Arts, Inc.*	16,661		254
Fidelity National Information Services, Inc.	12,992		336
Fiserv, Inc.*	7,758		388
Intuit, Inc.*	15,960		683
Microsoft Corp.	387,333		9,095
Novell, Inc.*	17,661		99
Oracle Corp.	198,869		4,351
Red Hat, Inc.*	9,569		331
Salesforce.com, Inc.†*	5,739		631
			18,977
Telecommunications - 5.7%
American Tower Corp., Class A*	20,486		960
AT&T, Inc.	300,183		8,114
CenturyLink, Inc.†	15,289		553
Cisco Systems, Inc.*	290,094		5,817
Corning, Inc.	79,268		1,243
Frontier Communications Corp.†	50,260		389
Harris Corp.	6,594		278
JDS Uniphase Corp.*	11,368		105

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    7    EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS

EQUITY INDEX PORTFOLIO continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 97.9% continued
Telecommunications - 5.7% continued
Juniper Networks, Inc.*		26,700	$	726
MetroPCS Communications, Inc.†*		13,235		118
Motorola, Inc.*		117,968		888
QUALCOMM, Inc.		83,330		3,192
Qwest Communications International, Inc.†		75,628		427
Sprint Nextel Corp.*		151,277		617
Tellabs, Inc.		19,466		138
Verizon Communications, Inc.		143,623		4,238
Windstream Corp.		24,531		283
				28,086
Textiles - 0.0%
Cintas Corp.		6,680		170
Toys, Games & Hobbies - 0.1%
Hasbro, Inc.		6,622		267
Mattel, Inc.		18,489		388
				655
Transportation - 1.9%
C.H. Robinson Worldwide, Inc.†		8,450		549
CSX Corp.		19,779		987
Expeditors International of Washington, Inc.		10,842		429
FedEx Corp.		15,910		1,242
Norfolk Southern Corp.		18,799		1,009
Ryder System, Inc.		2,687		103
Union Pacific Corp.		25,711		1,875
United Parcel Service, Inc., Class B		50,326		3,211
				9,405
Total Common Stocks (Cost $546,158)				483,445
INVESTMENT COMPANIES - 8.1%
Northern Institutional Funds - Diversified Assets Portfolio (3) (4)		7,008,770		7,009
Northern Institutional Funds - Liquid Assets Portfolio (3) (5)		32,943,860		32,944
Total Investment Companies (Cost $39,953)				39,953
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT - TERM INVESTMENTS - 0.3%
U.S. Treasury Bill,
0.20%, 11/18/10(6)	$	1,469	$	1,469
Total Short-Term Investments (Cost $1,469)				1,469
Total Investments - 106.3% (Cost $587,580)				524,867
Liabilities less Other Assets - (6.3)%				(31,320	)
NET ASSETS - 100.0%			$	493,547

(1) At November 30, 2009, the value of the Portfolio’s investment in Northern Trust Corp. was approximately $517,000. The net change in unrealised appreciation during the nine months ended August 31, 2010, was approximately $50,000.

(2) Investment in affiliate.

(3) Investment in affiliated Portfolio.

(4) The Portfolio had approximately $7,009,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

(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.

* Non-Income Producing Security

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	606,312
Gross tax appreciation of investments	$	21,422
Gross tax depreciation of investments		(102,867	)
Net tax depreciation of investments	$	(81,445	)

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

At August 31, 2010, the Equity Index Portfolio had open futures contracts as follows:

TYPE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	UNREALIZED LOSS (000S)
S&P 500 E-Mini		193	$	10,116	Long	9/10	$	(16	)

EQUITY PORTFOLIOS    8    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 Equity Index Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks	$	483,445	(1)	$	—	$	—	$	483,445
Investment Companies		39,953			—		—		39,953
Short-Term Investments		—			1,469		—		1,469
Total Investments	$	523,398		$	1,469	$	—	$	524,867
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(16	)	$	—	$	—	$	(16	)

(1) Classifications as defined in the Schedule of Investments.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    9    EQUITY PORTFOLIOS

	SCHEDULE OF INVESTMENTS
GLOBAL TACTICAL ASSET ALLOCATION PORTFOLIO	AUGUST 31, 2010 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
FUND ALLOCATION - INVESTMENT COMPANIES - 100.0%
iPath Dow Jones-AIG Commodity Index Total Return ETN		8,308	$	327
iShares Barclays U.S. Treasury Inflation Protected Securities Bond Fund ETF		4,590		496
SPDR Gold Trust ETF		6,830		834
Northern Funds - Bond Index Fund (1) (2)		197,835		2,147
Northern Funds - Emerging Markets Equity Fund (1) (2)		120,525		1,321
Northern Funds - Global Real Estate Index Fund (1) (2)		67,580		495
Northern Funds - High Yield Fixed Income Fund (1) (2)		281,844		1,981
Northern Funds - Mid Cap Index Fund (1) (2)		34,545		330
Northern Institutional Funds - Diversified Assets Portfolio (1) (2)		988,312		988
Northern Institutional Funds - Equity Index Portfolio (1) (2)		300,787		3,137
Northern Institutional Funds - International Equity Index Portfolio (1) (2)		265,248		1,982
Northern Institutional Funds - Short Bond Portfolio (1) (2)		112,557		2,147
Northern Institutional Funds - Small Company Index Portfolio (1) (2)		24,519		330
Total Investment Companies (Cost $16,139)				16,515
Total Investments - 100.0% (Cost $16,139)				16,515
Other Assets less Liabilities - 0.0%				3
NET ASSETS - 100.0%			$	16,518

(1) 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, 2010, the asset class weightings for the Global Tactical Asset Allocation Portfolio were:

ASSET CLASS	WEIGHT			INVESTMENT VEHICLE
U.S. Equity - Large		19.0	%	NIF Equity Index
U.S. Equity - Mid		2.0		NF Mid Cap Index
U.S. Equity - Small		2.0		NIF Small Company Index
Non U.S. Equity - Developed		12.0		NIF International Equity Index
Non U.S. Equity - Emerging Markets		8.0		NF Emerging Markets Equity
Global Real Estate		3.0		NF Global Real Estate Index
U.S. Bonds - High Yield		12.0		NF High Yield Fixed Income
U.S. Bonds - Inflation Protected		3.0		iShares Barclays U.S. Treasury Inflation Protected Securities Bond Fund ETF
U.S. Bonds - Intermediate		13.0		NF Bond Index
U.S. Bonds - Short		13.0		NIF Short Bond
Commodities		2.0		iPath Dow Jones-AIG Commodity Index Total Return ETN
		5.1		SPDR Gold Trust ETF
Cash		5.9		NIF Diversified Assets
Total		100.0	%

Federal Tax Information:

At August 31, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	17,322
Gross tax appreciation of investments	$	—
Gross tax depreciation of investments		(807	)
Net tax depreciation of investments	$	(807	)

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Various Inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 Global Tactical Asset Allocation Portfolio’s investments, which are carried at fair value, as of August 31, 2010:

	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Investments held by Global Tactical Asset Allocation Portfolio	$	16,515	$	—	$	—	$	16,515

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 GLOBAL TACTICAL ASSET ALLOCATION  PORTFOLIO

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET - BACKED SECURITIES - 3.4%
Commercial Mortgage Services - 3.4%
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A2,
5.32%, 9/10/47	$	2,195	$	2,300
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A4,
5.41%, 9/10/47		1,750		1,852
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A4,
5.41%, 12/11/40		1,355		1,475
LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A2,
5.08%, 2/15/31		1,021		1,030
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A2,
5.26%, 9/15/39		1,300		1,334
				7,991
Total Asset-Backed Securities (Cost $7,755)				7,991
CORPORATE BONDS - 24.4%
Aerospace/Defense - 0.7%
Meccanica Holdings USA,
6.25%, 1/15/40(1) (2)		1,555		1,568
Agriculture - 1.2%
Altria Group, Inc.,
10.20%, 2/6/39		535		773
Bunge Ltd. Finance Corp.,
8.50%, 6/15/19		395		478
Lorillard Tobacco Co.,
8.13%, 6/23/19		1,235		1,423
				2,674
Auto Manufacturers - 0.4%
Nissan Motor Acceptance Corp.,
4.50%, 1/30/15(1) (2) †		930		988
Auto Parts & Equipment - 0.3%
Johnson Controls, Inc.,
5.00%, 3/30/20		600		661
Banks - 1.3%
Citigroup, Inc.,
5.38%, 8/9/20		795		802
Goldman Sachs Group (The), Inc.,
3.70%, 8/1/15		1,205		1,220
5.63%, 1/15/17†		840		881
				2,903
Beverages - 0.2%
Dr Pepper Snapple Group, Inc.,
2.35%, 12/21/12		480		489
Biotechnology - 0.4%
Genzyme Corp.,
3.63%, 6/15/15(1) (2)		795		845
5.00%, 6/15/20(1) (2)		145		161
				1,006
Chemicals - 0.4%
Mosaic (The) Co.,
7.63%, 12/1/16(1)		945		1,028
Diversified Financial Services - 3.5%
Capital One Capital V,
10.25%, 8/15/39		625		675
Countrywide Financial Corp.,
6.25%, 5/15/16		740		793
ERAC USA Finance LLC,
5.25%, 10/1/20(1) (2) †		715		765
7.00%, 10/15/37(1) (2)		725		852
FMR LLC,
6.45%, 11/15/39(1) (2)		1,070		1,137
Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
7.75%, 1/15/16†		1,385		1,375
JPMorgan Chase Capital XXVII,
7.00%, 11/1/39		1,095		1,161
Power Receivable Finance LLC,
6.29%, 1/1/12(1) (2)		375		376
TD Ameritrade Holding Corp.,
5.60%, 12/1/19		890		985
				8,119
Electronics - 1.1%
Agilent Technologies, Inc.,
6.50%, 11/1/17		1,380		1,601
Thermo Fisher Scientific, Inc.,
2.15%, 12/28/12		670		682
3.25%, 11/20/14		260		274
				2,557

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 24.4% continued
Food - 0.4%
SUPERVALU, Inc.,
8.00%, 5/1/16†	$	1,015	$	1,018
Insurance - 3.3%
Liberty Mutual Group, Inc.,
5.75%, 3/15/14(1) (2)		565		592
Metropolitan Life Global Funding I,
5.13%, 4/10/13(1) (2)		310		338
5.13%, 6/10/14(1) (2) †		2,185		2,420
New York Life Global Funding,
4.65%, 5/9/13(1) (2)		1,385		1,501
Pricoa Global Funding I,
5.45%, 6/11/14(1) (2)		1,055		1,173
Protective Life Corp.,
8.45%, 10/15/39		1,395		1,545
				7,569
Iron/Steel - 0.4%
Steel Dynamics, Inc.,
7.75%, 4/15/16		1,005		1,035
Leisure Time - 0.5%
Royal Caribbean Cruises Ltd.,
6.88%, 12/1/13†		1,200		1,222
Lodging - 0.6%
Hyatt Hotels Corp.,
6.88%, 8/15/19(1) (2)		1,190		1,319
Media - 0.9%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.,
7.63%, 5/15/16		1,175		1,296
Time Warner, Inc.,
6.10%, 7/15/40		650		707
				2,003
Metal Fabrication/Hardware - 0.6%
Commercial Metals Co.,
7.35%, 8/15/18		1,300		1,409
Office/Business Equipment - 0.4%
Xerox Corp.,
4.25%, 2/15/15		950		1,012
Oil & Gas - 2.2%
Anadarko Petroleum Corp.,
6.20%, 3/15/40		1,065		911
Apache Corp.,
5.10%, 9/1/40		565		582
Chesapeake Energy Corp.,
6.63%, 8/15/20†		470		472
Newfield Exploration Co.,
7.13%, 5/15/18		475		497
6.88%, 2/1/20		355		370
Pioneer Natural Resources Co.,
6.88%, 5/1/18		845		883
Pride International, Inc.,
8.50%, 6/15/19		700		793
XTO Energy, Inc.,
4.63%, 6/15/13		580		638
				5,146
Packaging & Containers - 1.1%
Ball Corp.,
7.13%, 9/1/16		485		520
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu,
7.75%, 10/15/16(1)		680		685
Temple-Inland, Inc.,
6.88%, 1/15/18		1,220		1,338
				2,543
Pharmaceuticals - 0.3%
Express Scripts, Inc.,
5.25%, 6/15/12		700		747
Pipelines - 1.0%
Enterprise Products Operating LLC,
5.00%, 3/1/15		590		644
6.45%, 9/1/40†		920		1,027
Plains All American Pipeline LP/PAA Finance Corp.,
5.63%, 12/15/13		555		607
				2,278
Software - 0.7%
Oracle Corp.,
5.38%, 7/15/40(1) (2) †		1,465		1,588
Telecommunications - 2.5%
CC Holdings GS V LLC/Crown Castle GS III Corp.,
7.75%, 5/1/17(1) (2)		985		1,074
Cellco Partnership/Verizon
Wireless Capital LLC,
8.50%, 11/15/18		450		607

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 24.4% continued
Telecommunications - 2.5% continued
Frontier Communications Corp.,
8.25%, 4/15/17	$	1,675	$	1,771
Qwest Corp.,
7.63%, 6/15/15†		1,225		1,375
Windstream Corp.,
8.13%, 8/1/13		880		938
				5,765
Total Corporate Bonds (Cost $53,924)				56,647
FOREIGN ISSUER BONDS - 7.2%
Banks - 2.0%
Australia & New Zealand Banking Group Ltd.,
2.40%, 1/11/13(1) (2) †		1,965		1,996
Lloyds TSB Bank PLC,
4.38%, 1/12/15(1) (2)		845		868
Toronto-Dominion Bank (The),
2.20%, 7/29/15(1) (2)		975		993
Westpac Banking Corp.,
4.20%, 2/27/15		800		856
				4,713
Beverages - 0.4%
SABMiller PLC,
5.50%, 8/15/13(1) (2)		810		891
Diversified Financial Services - 0.7%
Macquarie Group Ltd.,
6.00%, 1/14/20(1) (2)		1,490		1,565
Electric - 0.3%
TransAlta Corp.,
4.75%, 1/15/15		765		823
Insurance - 1.0%
Allied World Assurance Co. Holdings Ltd.,
7.50%, 8/1/16		845		952
XL Group PLC,
6.50%, 4/15/17		1,735		1,308
				2,260
Miscellaneous Manufacturing - 1.0%
Tyco Electronics Group S.A.,
6.00%, 10/1/12		1,555		1,683
Tyco International Finance S.A.,
4.13%, 10/15/14†		495		536
				2,219
Oil & Gas - 0.9%
Nexen, Inc.,
6.40%, 5/15/37		545		598
Petroleos Mexicanos,
5.50%, 1/21/21(1) (2)		1,020		1,065
Shell International Finance BV,
3.10%, 6/28/15†		485		508
				2,171
Oil & Gas Services - 0.4%
Weatherford International Ltd.,
9.63%, 3/1/19		645		846
Pharmaceuticals - 0.5%
Teva Pharmaceutical Finance II BV/Teva Pharmaceutical Finance III LLC,
3.00%, 6/15/15		1,055		1,099
Total Foreign Issuer Bonds (Cost $16,205)				16,587
U.S. GOVERNMENT AGENCIES - 37.4%(3)
Fannie Mae - 27.6%
Pool #255452,
5.50%, 10/1/19		1,136		1,228
Pool #257314,
5.00%, 8/1/23		620		659
Pool #545437,
7.00%, 2/1/32		8		9
Pool #585617,
7.00%, 5/1/31(4)		—		—
Pool #735893,
5.00%, 10/1/35		2,017		2,154
Pool #829125,
5.50%, 10/1/35		2,279		2,452
Pool #831810,
6.00%, 9/1/36		2,687		2,903
Pool #871232,
6.00%, 4/1/36		1,315		1,420
Pool #888538,
5.50%, 1/1/37		995		1,071
Pool #890001,
5.00%, 2/1/38		4,167		4,449

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 37.4% (3) continued
Fannie Mae - 27.6% continued
Pool #890009,
5.50%, 9/1/36	$	2,787	$	3,012
Pool #893082,
5.82%, 9/1/36		998		1,050
Pool #934476,
4.50%, 3/1/23		1,761		1,867
Pool #946544,
6.00%, 9/1/37		1,275		1,375
Pool #946869,
6.00%, 9/1/37		516		556
Pool #955782,
6.50%, 10/1/37		1,289		1,404
Pool #988916,
5.00%, 8/1/23		999		1,063
Pool #991529,
6.00%, 11/1/38		2,631		2,835
Pool #995672,
4.50%, 4/1/39		1,727		1,816
Pool #995976,
6.00%, 4/1/38		924		996
Pool #AC6767,
4.50%, 1/1/40		284		298
Pool #AC9581,
5.50%, 1/1/40		4,211		4,534
Pool #AD6929,
5.00%, 6/1/40		1,690		1,804
Pool TBA,
4.50%, 9/1/40(5)		18,792		19,732
5.00%, 9/15/40(5)		2,356		2,502
6.00%, 9/15/40(5)		2,575		2,772
				63,961
Freddie Mac - 2.4%
Pool #1B3575,
6.06%, 9/1/37		951		1,022
Pool #1G2296,
6.17%, 11/1/37		1,717		1,850
Pool #1J0365,
5.75%, 4/1/37		609		648
Pool #1J2840,
5.94%, 9/1/37		947		1,010
Pool #848076,
5.52%, 6/1/38		1,039		1,112
				5,642
Freddie Mac Gold - 6.1%
Pool #A61560,
5.50%, 10/1/36		2,505		2,690
Pool #A62213,
6.00%, 6/1/37		1,856		2,024
Pool #A65182,
6.50%, 9/1/37		694		756
Pool #C00910,
7.50%, 1/1/30		403		459
Pool #C02790,
6.50%, 4/1/37		1,206		1,313
Pool #C02838,
5.50%, 5/1/37		1,743		1,862
Pool #G01954,
5.00%, 11/1/35		1,970		2,101
Pool #G02869,
5.00%, 11/1/35		2,666		2,843
				14,048
Government National Mortgage Association - 0.4%
Series 2008, Class 8A,
3.61%, 11/16/27		1,000		1,021
Government National Mortgage Association I - 0.4%
Pool #486873,
6.50%, 1/15/29(4)		—		—
Pool #627123,
5.50%, 3/15/34		878		960
				960
Government National Mortgage Association II - 0.5%
Pool #82581,
4.00%, 7/20/40		1,047		1,106
Total U.S. Government Agencies (Cost $83,215)				86,738
U.S. GOVERNMENT OBLIGATIONS - 18.5%
U.S. Treasury Bonds - 3.8%
4.38%, 5/15/40†		7,539		8,698
U.S. Treasury Notes - 14.7%
0.75%, 8/15/13†		5,317		5,324
1.25%, 8/31/15		5,592		5,568
1.88%, 8/31/17†		12,969		12,924

FIXED INCOME PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 18.5% continued
U.S. Treasury Notes - 14.7% continued
2.63%, 8/15/20†	$	10,233	$	10,364
				34,180
Total U.S. Government Obligations (Cost $42,069)				42,878
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 41.4%
Northern Institutional Funds - Diversified Assets Portfolio(6) (7)		53,336,511	$	53,337
Northern Institutional Funds - Liquid Assets Portfolio(7) (8)		42,760,302		42,760
Total Investment Companies (Cost $96,097)				96,097
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 0.2%
U.S. Treasury Bill,
0.30%, 1/13/11	$	450	$	449
Total Short-Term Investments (Cost $449)				449
Total Investments - 132.5% (Cost $299,714)				307,387
Liabilities less Other Assets - (32.5)%				(75,463	)
NET ASSETS - 100.0%			$	231,924

(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, 2010, the value of these restricted illiquid securities amounted to approximately $24,076,000 or 10.4% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Australia & New Zealand Banking Group Ltd.,
2.40%, 1/11/13	1/29/10	$	1,964
CC Holdings GS V LLC/ Crown Castle GS III Corp.,
7.75%, 5/1/17	1/4/10		1,053
ERAC USA Finance LLC,
5.25%, 10/1/20	6/24/10		711
ERAC USA Finance LLC,
7.00%, 10/15/37	10/10/07		719
FMR LLC,
6.45%, 11/15/39	1/6/10		1,016
Genzyme Corp.,
3.63%, 6/15/15	7/26/10		826
Genzyme Corp.,
5.00%, 6/15/20	6/14/10		144
Hyatt Hotels Corp.,
6.88%, 8/15/19	8/10/09		1,188
Liberty Mutual Group, Inc.,
5.75%, 3/15/14	6/16/09-1/5/10		515
Lloyds TSB Bank PLC
4.38%, 1/12/15	1/5/10		845
Macquarie Group Ltd.,
6.00%, 1/14/20	1/7/10		1,489
Meccanica Holdings USA,
6.25%, 1/15/40	10/20/09-11/17/09		1,561
Metropolitan Life Global Funding I,
5.13%, 4/10/13	11/23/09		331
Metropolitan Life Global Funding I,
5.13%, 6/10/14	6/3/09-1/12/10		2,290
New York Life Global Funding,
4.65%, 5/9/13	10/27/09		1,472
Nissan Motor Acceptance Corp.,
4.50%, 1/30/15	1/20/10		926
Oracle Corp.,
5.38%, 7/15/40	7/12/10		1,448
Petroleos Mexicanos,
5.50%, 1/21/21	7/13/10		1,010
Power Receivable Finance LLC,
6.29%, 1/1/12	9/30/03		375
Pricoa Global Funding I,
5.45%, 6/11/14	6/4/09		1,053
SABMiller PLC,
5.50%, 8/15/13	3/6/09		774
Toronto-Dominion Bank (The),
2.20%, 7/29/15	7/22/10		974

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac in conservatorship. The United States Treasury has put in place a set of financing agreements to ensure that these entities continue to meet their obligations to holders of bonds that they have issued or guaranteed.

(4) Principal amount is less than $500.

(5) When-Issued Security.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT     5     FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

BOND PORTFOLIO continued

(6) The Portfolio had approximately $53,337,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010

(7) Investment in affiliated Portfolio.

(8) 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, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	299,728
Gross tax appreciation of investments	$	8,318
Gross tax depreciation of investments		(659	)
Net tax appreciation of investments	$	7,659

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 Bond Portfolio’s investments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Asset-Backed Securities	$	—	$	7,991		$	—	$	7,991
Corporate Bonds		—		56,647	(1)		—		56,647
Foreign Issuer Bonds		—		16,587	(1)		—		16,587
U.S. Government Agencies		—		86,738	(1)		—		86,738
U.S. Government Obligations		—		42,878	(1)		—		42,878
Investment Companies		96,097		—			—		96,097
Short-Term Investments		—		449			—		449
Total Investments	$	96,097	$	211,290		$	—	$	307,387

(1) Classifications as defined in the Schedule of Investments.

FIXED INCOME PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

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

	BALANCE AS OF 11/30/09 (000S)		NET REALIZED GAIN (LOSS) (000S)			NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)			NET PURCHASES (SALES) (000S)			NET TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)*			BALANCE AS OF 8/31/10 (000S)
Corporate Bonds
Aerospace/Defense	$	3,247	$	104		$	(121	)	$	(1,662	)	$	(1,568	)	$	—
Beverages		1,586		61			(35	)		(1,612	)		—			—
Diversified Financial Services		1,448		(218	)		373			(376	)		(1,227	)		—
Electric		802		21			(25	)		(798	)		—			—
Insurance		5,874		151			18			(356	)		(5,687	)		—
Lodging		1,230		—			89			—			(1,319	)		—
Foreign Issuer Bonds
Beverages		878		—			13			—			(891	)		—
Insurance		927		(235	)		330			(1,022	)		—			—
Mining		911		160			(151	)		(920	)		—			—
Total	$	16,903	$	44		$	491		$	(6,746	)	$	(10,692	)	$	—

* The fair value of Net Transfers In and/or Out of Level 3 was measured using the fair value as of the beginning of the period for transfers in and the fair value as of the end of the period for transfers out in accordance with Accounting Standards Update 2009-12.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    7    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET -BACKED SECURITIES - 2.8%
Commercial Mortgage Services - 2.8%
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A2,
5.32%, 9/10/47	$	700	$	733
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A4,
5.41%, 9/10/47		350		370
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A4,
5.41%, 12/11/40		500		544
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class A3,
5.90%, 9/11/38		250		266
LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A2,
5.08%, 2/15/31		227		229
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A2,
5.26%, 9/15/39		525		539
				2,681
Total Asset-Backed Securities (Cost $2,600)				2,681
CORPORATE BONDS - 19.5%
Aerospace/Defense - 0.5%
Meccanica Holdings USA,
6.25%, 1/15/40(1) (2)		510		514
Agriculture - 1.3%
Altria Group, Inc.,
10.20%, 2/6/39		260		376
Bunge Ltd. Finance Corp.,
8.50%, 6/15/19		235		284
Lorillard Tobacco Co.,
8.13%, 6/23/19†		535		617
				1,277
Auto Manufacturers - 0.3%
Nissan Motor Acceptance Corp.,
4.50%, 1/30/15(1) (2) †		295		313
Auto Parts & Equipment - 0.3%
Johnson Controls, Inc.,
5.00%, 3/30/20		280		308
Banks - 1.4%
Citigroup, Inc.,
5.38%, 8/9/20		330		333
Goldman Sachs Group (The), Inc.,
3.70%, 8/1/15		500		506
5.63%, 1/15/17†		470		493
				1,332
Beverages - 0.2%
Dr Pepper Snapple Group, Inc.,
2.35%, 12/21/12		150		153
Biotechnology - 0.4%
Genzyme Corp.,
3.63%, 6/15/15(1) (2)		325		345
5.00%, 6/15/20(1) (2) †		65		73
				418
Chemicals - 0.5%
Mosaic (The) Co.,
7.63%, 12/1/16(1)		480		522
Diversified Financial Services - 3.2%
Capital One Capital V,
10.25%, 8/15/39		290		313
Countrywide Financial Corp.,
6.25%, 5/15/16		255		273
ERAC USA Finance LLC,
5.25%, 10/1/20(1) (2) †		305		326
7.00%, 10/15/37(1) (2)		455		535
FMR LLC,
6.45%, 11/15/39(1) (2)		570		606
JPMorgan Chase Capital XXVII,
7.00%, 11/1/39		385		408
Power Receivable Finance LLC,
6.29%, 1/1/12(1) (2)		82		82
TD Ameritrade Holding Corp.,
5.60%, 12/1/19		455		504
				3,047
Electronics - 0.7%
Agilent Technologies, Inc.,
6.50%, 11/1/17		325		377
Thermo Fisher Scientific, Inc.,
2.15%, 12/28/12		205		209
3.25%, 11/20/14		85		89
				675
Insurance - 3.0%
Liberty Mutual Group, Inc.,
5.75%, 3/15/14(1) (2)		175		184

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 19.5% continued
Insurance - 3.0% continued
Metropolitan Life Global Funding I,
5.13%, 4/10/13(1) (2)	$	105	$	114
5.13%, 6/10/14(1) (2) †		995		1,102
New York Life Global Funding,
4.65%, 5/9/13(1) (2)		455		493
Pricoa Global Funding I,
5.45%, 6/11/14(1) (2)		360		400
Protective Life Corp.,
8.45%, 10/15/39		555		615
				2,908
Lodging - 0.6%
Hyatt Hotels Corp.,
6.88%, 8/15/19(1) (2)		475		527
Media - 0.9%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.,
7.63%, 5/15/16		480		529
Time Warner, Inc.,
6.10%, 7/15/40		275		299
				828
Metal Fabrication/Hardware - 0.4%
Commercial Metals Co.,
7.35%, 8/15/18†		365		396
Office/Business Equipment - 0.5%
Xerox Corp.,
4.25%, 2/15/15†		435		463
Oil & Gas - 1.1%
Anadarko Petroleum Corp.,
6.20%, 3/15/40		440		377
Apache Corp.,
5.10%, 9/1/40		234		241
Pride International, Inc.,
8.50%, 6/15/19		240		272
XTO Energy, Inc.,
4.63%, 6/15/13†		110		121
				1,011
Packaging & Containers - 0.5%
Temple-Inland, Inc.,
6.88%, 1/15/18		401		440
Pharmaceuticals - 0.3%
Express Scripts, Inc.,
5.25%, 6/15/12		305		325
Pipelines - 1.4%
Enterprise Products Operating LLC,
5.00%, 3/1/15		350		382
6.45%, 9/1/40		390		435
Plains All American Pipeline LP/PAA Finance Corp.,
5.63%, 12/15/13		515		563
				1,380
Software - 0.7%
Oracle Corp.,
5.38%, 7/15/40(1) (2) †		615		667
Telecommunications - 1.3%
CC Holdings GS V LLC/Crown Castle GS III Corp.,
7.75%, 5/1/17(1) (2)		310		338
Cellco Partnership/Verizon Wireless Capital LLC,
8.50%, 11/15/18†		295		398
Qwest Corp.,
7.63%, 6/15/15†		435		488
				1,224
Total Corporate Bonds (Cost $17,751)				18,728
FOREIGN ISSUER BONDS - 6.7%
Banks - 2.0%
Australia & New Zealand Banking Group Ltd.,
2.40%, 1/11/13(1) (2) †		815		828
Lloyds TSB Bank PLC,
4.38%, 1/12/15(1) (2)		360		370
Toronto-Dominion Bank (The),
2.20%, 7/29/15(1) (2)		425		433
Westpac Banking Corp.,
4.20%, 2/27/15		280		299
				1,930
Beverages - 0.2%
SABMiller PLC,
5.50%, 8/15/13(1) (2) †		220		242

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 6.7% continued
Diversified Financial Services - 0.7%
Macquarie Group Ltd.,
6.00%, 1/14/20(1) (2) †	$	645	$	677
Electric - 0.3%
TransAlta Corp.,
4.75%, 1/15/15		240		258
Insurance - 0.8%
Allied World Assurance Co. Holdings Ltd.,
7.50%, 8/1/16		255		288
XL Capital PLC,
6.50%, 4/15/17		625		471
				759
Miscellaneous Manufacturing - 0.9%
Tyco Electronics Group S.A.,
6.00%, 10/1/12		660		714
Tyco International Finance S.A.,
4.13%, 10/15/14†		175		190
				904
Oil & Gas - 1.0%
Nexen, Inc.,
6.40%, 5/15/37		235		258
Petroleos Mexicanos,
5.50%, 1/21/21(1) (2)		430		449
Shell International Finance BV,
3.10%, 6/28/15†		205		214
				921
Oil & Gas Services - 0.3%
Weatherford International Ltd.,
9.63%, 3/1/19†		195		256
Pharmaceuticals - 0.5%
Teva Pharmaceutical Finance II BV/Teva Pharmaceutical Finance III LLC,
3.00%, 6/15/15†		470		490
Total Foreign Issuer Bonds (Cost $6,308)				6,437
U.S. GOVERNMENT AGENCIES - 32.8% (3)
Fannie Mae - 20.8%
Pool #255452,
5.50%, 10/1/19		667		721
Pool #535714,
7.50%, 1/1/31		35		40
Pool #555599,
7.00%, 4/1/33		79		89
Pool #656035,
7.50%, 9/1/32		36		41
Pool #712130,
7.00%, 6/1/33		37		41
Pool #735893,
5.00%, 10/1/35		444		474
Pool #797773,
5.00%, 3/1/20		97		104
Pool #829125,
5.50%, 10/1/35		1,077		1,158
Pool #831810,
6.00%, 9/1/36		1,568		1,694
Pool #845182,
5.50%, 11/1/35		1,116		1,201
Pool #871232,
6.00%, 4/1/36		1,070		1,156
Pool #890001,
5.00%, 2/1/38		1,054		1,126
Pool #890009,
5.50%, 9/1/36		650		703
Pool #893082,
5.82%, 9/1/36		450		474
Pool #934476,
4.50%, 3/1/23		832		882
Pool #995976,
6.00%, 4/1/38		416		448
Pool #AC9581,
5.50%, 1/1/40		483		520
Pool #AD6929,
5.00%, 6/1/40		716		764
Pool TBA,
4.50%, 9/15/40(4)		5,529		5,805
5.00%, 9/15/40(4)		2,005		2,129
6.00%, 9/15/40(4)		425		458
				20,028
Freddie Mac - 2.3%
Pool #1B3575,
6.06%, 9/1/37		409		440
Pool #1G2296,
6.17%, 11/1/37		884		952
Pool #1J0365,
5.77%, 4/1/37		321		341

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 - 32.8% (3) continued
Freddie Mac - 2.3% continued
Pool #1J2840,
5.94%, 9/1/37	$	474	$	505
				2,238
Freddie Mac Gold - 8.3%
Pool #A61560,
5.50%, 10/1/36		814		874
Pool #A62213,
6.00%, 6/1/37		1,237		1,350
Pool #A65182,
6.50%, 9/1/37		1,585		1,725
Pool #C02790,
6.50%, 4/1/37		948		1,032
Pool #C02838,
5.50%, 5/1/37		850		908
Pool #G01954,
5.00%, 11/1/35		1,126		1,200
Pool #G02869,
5.00%, 11/1/35		880		938
				8,027
Government National Mortgage Association - 0.4%
Series 2008, Class 8A,
3.61%, 11/16/27		357		365
Government National Mortgage Association I - 0.5%
Pool #604183,
5.50%, 4/15/33		36		40
Pool #627123,
5.50%, 3/15/34		323		354
Pool #633627,
5.50%, 9/15/34		40		43
				437
Government National Mortgage Association II - 0.5%
Pool #82581,
4.00%, 7/20/40		449		474
Total U.S. Government Agencies (Cost $30,008)				31,569
U.S. GOVERNMENT OBLIGATIONS - 23.6%
U.S. Treasury Bonds - 3.6%
4.38%, 5/15/40†		3,041		3,509
U.S. Treasury Notes - 20.0%
0.75%, 8/15/13†		2,145		2,148
2.63%, 12/31/14†		1,618		1,718
1.25%, 8/31/15		3,941		3,924
1.88%, 8/31/17†		7,253		7,228
2.63%, 8/15/20†		4,161		4,214
				19,232
Total U.S. Government Obligations (Cost $22,335)				22,741

	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 46.8%
Northern Institutional Funds - Diversified Assets Portfolio(5) (6)		24,043,883	$	24,044
Northern Institutional Funds - Liquid Assets Portfolio(5) (7)		20,948,977		20,949
Total Investment Companies (Cost $44,993)				44,993
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 0.3%
U.S. Treasury Bill,
0.30%, 1/13/11	$	300	$	300
Total Short-Term Investments (Cost $300)				300
Total Investments - 132.5% (Cost $124,295)				127,449
Liabilities less Other Assets - (32.5)%				(31,272	)
NET ASSETS - 100.0%			$	96,177

(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, 2010, the value of these restricted illiquid securities amounted to approximately $9,618,000 or 7.6% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE		ACQUISITION COST (000S)
Australia & New Zealand Banking Group Ltd.,
2.40%, 1/11/13		1/29/10-4/30/10	$	816

FIXED INCOME PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

SECURITY	ACQUISITION AND ENFORCEABLE DATE		ACQUISITION COST (000S)
CC Holdings GS V LLC/Crown Castle GS III Corp.,
7.75%, 5/1/17		1/4/10	$	331
ERAC USA Finance LLC,
5.25%, 10/1/20		10/10/07		451
ERAC USA Finance LLC,
7.00%, 10/15/37		6/24/10		303
FMR LLC,
6.45%, 11/15/39		1/6/10-4/30/10		554
Genzyme Corp.,
3.63%, 6/15/15		7/26/10		338
Genzyme Corp.,
5.00%, 6/15/20		6/14/10		64
Hyatt Hotels Corp.,
6.88%, 8/15/19		8/10/09		474
Liberty Mutual Group, Inc.,
5.75%, 3/15/14		6/16/09-1/5/10		153
Lloyds TSB Bank PLC,
4.38%, 1/12/15		1/5/10		360
Macquarie Group Ltd.,
6.00%, 1/14/20		1/7/10-4/30/10		649
Meccanica Holdings USA,
6.25%, 1/15/40		10/20/09-11/17/09		512
Metropolitan Life Global Funding I,
5.13%, 4/10/13		11/23/09		112
Metropolitan Life Global Funding I,
5.13%, 6/10/14		6/3/09-4/30/10		1,055
New York Life Global Funding,
4.65%, 5/9/13		10/27/09		484
Nissan Motor Acceptance Corp.,
4.50%, 1/30/15		1/20/10		294
Oracle Corp.,
5.38%, 7/15/40		7/12/10		608
Petroleos Mexicanos,
5.50%, 1/21/21		7/13/10		426
Power Receivable Finance LLC,
6.29%, 1/1/12		9/30/03		82
Pricoa Global Funding I,
5.45%, 6/11/14		6/4/09		359
SABMiller PLC,
5.50%, 8/15/13		3/6/09		210
Toronto-Dominion Bank (The),
2.20%, 7/29/15		7/22/10		424

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac in conservatorship. The United States Treasury has put in place a set of financing agreements to ensure that these entities continue to meet their obligations to holders of bonds that they have issued or guaranteed.

(4) When-Issued Security.

(5) Investment in affiliated Portfolio.

(6) The Portfolio had approximately $24,044,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

(7) 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, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	124,305
Gross tax appreciation of investments	$	3,394
Gross tax depreciation of investments		(234	)
Net tax appreciation of investments	$	3,160

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 Core Bond Portfolio’s investments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Asset-Backed Securities	$	—	$	2,681		$	—	$	2,681
Corporate Bonds		—		18,728	(1)		—		18,728
Foreign Issuer Bonds		—		6,437	(1)		—		6,437
U.S. Government Agencies		—		31,585	(1)		—		31,585
U.S. Government Obligations		—		22,741	(1)		—		22,741
Investment Companies		44,993		—			—		44,993
Short-Term Investments		—		300			—		300
Total Investments	$	44,993	$	82,472		$	—	$	127,465

(1) Classifications as defined in the Schedule of Investments.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

CORE BOND PORTFOLIO continued AUGUST 31, 2010 (UNAUDITED)

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

	BALANCE AS OF 11/30/09 (000S)		NET REALIZED GAIN (LOSS) (000S)			NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)			NET PURCHASES (SALES) (000S)			NET TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)*			BALANCE AS OF 8/31/10 (000S)
Corporate Bonds
Aerospace/Defense	$	970	$	42		$	(47	)	$	(451	)	$	(514	)	$	—
Beverages		513		19			(11	)		(521	)		—			—
Diversified Financial Services		565		—			89			(38	)		(616	)		—
Electric		268		6			(8	)		(266	)		—			—
Insurance		2,184		70			(8	)		(67	)		(2,179	)		—
Lodging		491		—			36			—			(527	)		—
Real Estate Investment Trusts		90		(106	)		115			(99	)		—			—
Foreign Issuer Bonds
Beverages		239		—			3			—			(242	)		—
Insurance		507		(128	)		180			(559	)		—			—
Mining		282		51			(47	)		(286	)		—			—
Total	$	6,109	$	(46	)	$	302		$	(2,287	)	$	(4,078	)	$	—

* The fair value of Net Transfers In and/or Out of Level 3 was measured using the fair value as of the beginning of the period for transfers in and the fair value as of the end of the period for transfers out in accordance with Accounting Standards Update 2009-12.

FIXED INCOME PORTFOLIOS    6     NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

U.S. TREASURY INDEX PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 99.0%
U.S. Treasury Bonds - 19.5%
7.25%, 5/15/16	$	1,500	$	1,968
8.75%, 5/15/17		300		432
8.88%, 8/15/17		600		875
9.00%, 11/15/18†		1,700		2,594
8.13%, 8/15/19†		400		588
8.75%, 8/15/20†		500		776
8.13%, 5/15/21†		400		607
8.00%, 11/15/21†		800		1,213
7.63%, 11/15/22†		400		601
6.25%, 8/15/23†		700		956
6.88%, 8/15/25†		700		1,029
6.50%, 11/15/26†		900		1,299
6.13%, 11/15/27		1,000		1,401
5.25%, 11/15/28†		1,000		1,285
6.25%, 5/15/30†		700		1,009
4.75%, 2/15/37†		1,250		1,534
5.00%, 5/15/37†		500		637
4.38%, 2/15/38†		1,000		1,157
4.50%, 5/15/38†		1,500		1,771
4.25%, 5/15/39†		500		565
4.50%, 8/15/39†		800		941
4.38%, 11/15/39†		1,200		1,383
4.63%, 2/15/40†		1,550		1,860
4.38%, 5/15/40†		1,250		1,442
3.88%, 8/15/40		650		691
				28,614
U.S. Treasury Notes - 79.5%
1.00%, 9/30/11		3,000		3,022
4.63%, 10/31/11		1,700		1,785
4.50%, 11/30/11		1,800		1,893
1.13%, 12/15/11		2,500		2,524
1.13%, 1/15/12		400		404
0.88%, 1/31/12		2,650		2,668
4.75%, 1/31/12†		1,250		1,328
0.88%, 2/29/12†		1,400		1,410
4.63%, 2/29/12		1,000		1,063
1.00%, 3/31/12		600		606
4.50%, 3/31/12		1,000		1,065
4.50%, 4/30/12		2,000		2,136
1.38%, 5/15/12†		500		508
0.75%, 5/31/12†		750		754
0.63%, 6/30/12		1,300		1,304
4.88%, 6/30/12		1,000		1,081
0.63%, 7/31/12		1,700		1,705
4.63%, 7/31/12		800		864
1.75%, 8/15/12		1,000		1,025
4.13%, 8/31/12†		1,000		1,073
4.25%, 9/30/12		1,200		1,294
3.88%, 10/31/12†		1,300		1,395
1.38%, 11/15/12		1,500		1,527
4.00%, 11/15/12†		950		1,024
1.13%, 12/15/12†		1,000		1,013
3.63%, 12/31/12†		400		429
1.38%, 1/15/13†		900		917
2.88%, 1/31/13		300		317
1.38%, 2/15/13		2,100		2,139
2.75%, 2/28/13		900		949
2.50%, 3/31/13		1,900		1,993
1.75%, 4/15/13†		1,300		1,338
3.63%, 5/15/13		2,500		2,705
1.13%, 6/15/13		600		607
1.00%, 7/15/13†		900		908
0.75%, 8/15/13		1,400		1,402
4.25%, 8/15/13		1,500		1,657
3.13%, 9/30/13†		2,000		2,146
2.75%, 10/31/13†		1,800		1,912
4.25%, 11/15/13†		2,000		2,224
2.00%, 11/30/13†		2,000		2,078
1.75%, 1/31/14†		1,000		1,030
1.88%, 4/30/14†		1,000		1,034
4.75%, 5/15/14†		1,500		1,712
2.63%, 6/30/14		2,200		2,336
4.25%, 8/15/14		500		563
2.38%, 9/30/14†		2,500		2,630
2.38%, 10/31/14†		500		526
4.25%, 11/15/14		2,000		2,262
2.25%, 1/31/15†		1,000		1,046
4.00%, 2/15/15†		300		337
2.38%, 2/28/15		1,900		1,998
2.50%, 3/31/15†		2,000		2,114
2.13%, 5/31/15†		3,250		3,379
1.75%, 7/31/15		500		510
4.25%, 8/15/15		1,000		1,140
1.25%, 8/31/15		250		249
4.50%, 11/15/15†		1,250		1,448
4.50%, 2/15/16		1,000		1,158
2.38%, 3/31/16†		1,600		1,670
3.25%, 6/30/16		2,000		2,181

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

U.S. TREASURY INDEX PORTFOLIO continued AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 99.0% continued
U.S. Treasury Notes - 79.5% continued
4.88%, 8/15/16	$	1,000	$	1,186
3.00%, 9/30/16†		900		967
3.13%, 10/31/16†		1,000		1,082
2.75%, 11/30/16†		2,800		2,964
3.13%, 1/31/17		1,900		2,052
4.63%, 2/15/17†		1,000		1,173
3.00%, 2/28/17		500		536
3.25%, 3/31/17		800		870
2.75%, 5/31/17†		200		211
2.50%, 6/30/17†		700		728
2.38%, 7/31/17†		300		309
1.88%, 8/31/17		800		797
4.25%, 11/15/17†		800		925
3.50%, 2/15/18†		500		552
3.88%, 5/15/18†		3,000		3,392
4.00%, 8/15/18†		1,000		1,139
2.75%, 2/15/19†		3,000		3,118
3.63%, 8/15/19†		2,300		2,536
3.38%, 11/15/19†		650		702
3.63%, 2/15/20†		1,900		2,091
3.50%, 5/15/20†		800		872
2.63%, 8/15/20		800		810
				116,527
Total U.S. Government Obligations (Cost $135,253)				145,141
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 23.5%
Northern Institutional Funds - Government Portfolio(1) (2)		660,447	$	660
Northern Institutional Funds - Liquid Assets Portfolio(1) (3)		33,730,772		33,731
Total Investment Companies (Cost $34,391)				34,391
Total Investments - 122.5% (Cost $169,644)				179,532
Liabilities less Other Assets - (22.5)%				(32,999	)
NET ASSETS - 100.0%			$	146,533

(1) Investment in affiliated Portfolio.

(2) The Portfolio had approximately $660,000 of net purchases in the Government Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

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

† Security is either wholly or partially on loan.

Percentages shown are based on Net Assets.

Federal Tax Information:

At August 31, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	169,722
Gross tax appreciation of investments	$	9,810
Gross tax depreciation of investments		—
Net tax appreciation of investments	$	9,810

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 U.S. Treasury Index Portfolio’s investments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
U.S. Government Obligations	$	—	$	145,141	(1)	$	—	$	145,141
Investment Companies		34,391		—			—		34,391
Total Investments	$	34,391	$	145,141		$	—	$	179,532

(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, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 4.1%
Commercial Mortgage Services - 4.1%
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2,
5.52%, 7/10/46	$	400	$	410
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A2,
5.32%, 9/10/47		420		440
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A4,
5.41%, 9/10/47		175		185
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A4,
5.41%, 12/11/40		350		381
LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A2,
5.08%, 2/15/31		272		275
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A2,
5.26%, 9/15/39		525		539
				2,230
Total Asset-Backed Securities (Cost $2,190)				2,230
CORPORATE BONDS - 24.9%
Aerospace/Defense - 0.3%
BAE Systems Holdings, Inc.,
4.95%, 6/1/14(1) (2)		165		182
Agriculture - 1.2%
Altria Group, Inc.,
9.25%, 8/6/19†		235		308
Bunge Ltd. Finance Corp.,
8.50%, 6/15/19		45		54
Lorillard Tobacco Co.,
8.13%, 6/23/19†		260		300
				662
Auto Manufacturers - 0.3%
Nissan Motor Acceptance Corp.,
4.50%, 1/30/15(1) (2) †		160		170
Auto Parts & Equipment - 0.3%
Johnson Controls, Inc.,
5.00%, 3/30/20		130		143
Banks - 3.3%
Bank of America Corp.,
3.70%, 9/1/15		310		309
Citigroup, Inc.,
5.38%, 8/9/20		175		177
Goldman Sachs Group (The), Inc.,
3.70%, 8/1/15		260		263
5.63%, 1/15/17†		255		267
JPMorgan Chase & Co.,
5.75%, 1/2/13		255		277
JPMorgan Chase Bank N.A.,
6.00%, 10/1/17		440		496
				1,789
Beverages - 0.2%
Dr Pepper Snapple Group, Inc.,
2.35%, 12/21/12		95		97

Biotechnology - 0.4%
Genzyme Corp.,
3.63%, 6/15/15(1) (2)	165	175
5.00%, 6/15/20(1) (2) †	35	39
		214
Chemicals - 0.6%
Mosaic (The) Co.,
7.63%, 12/1/16(2)	125	136
Praxair, Inc.,
3.25%, 9/15/15†	170	180
		316
Computers - 0.3%
Hewlett-Packard Co.,
4.50%, 3/1/13†	130	141
Diversified Financial Services - 3.0%
Capital One Bank USA N.A.,
8.80%, 7/15/19	235	297
Countrywide Financial Corp.,
6.25%, 5/15/16	155	166
ERAC USA Finance LLC,
5.25%, 10/1/20(1) (2) †	155	166
Franklin Resources, Inc.,
3.13%, 5/20/15	310	326
HSBC Finance Corp.,
5.25%, 1/15/14†	270	289
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,
7.75%, 1/15/16†	240	238
Power Receivable Finance LLC,
6.29%, 1/1/12(1) (2)	22	22

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 24.9% continued
Diversified Financial Services - 3.0% continued
TD Ameritrade Holding Corp.,
5.60%, 12/1/19	$	110	$	122
				1,626
Electric - 0.7%
Duke Energy Carolinas LLC,
5.10%, 4/15/18		100		115
Florida Power & Light Co.,
5.55%, 11/1/17		95		111
Florida Power Corp.,
5.65%, 6/15/18		110		131
				357
Electronics - 0.5%
Agilent Technologies, Inc.,
6.50%, 11/1/17		145		168
Thermo Fisher Scientific, Inc.,
2.15%, 12/28/12		60		61
3.25%, 11/20/14†		25		27
				256
Food - 0.3%
SUPERVALU, Inc.,
8.00%, 5/1/16†		175		176
Gas - 0.5%
Consolidated Natural Gas Co.,
5.00%, 3/1/14		275		303
Healthcare - Products - 0.3%
Zimmer Holdings, Inc.,
4.63%, 11/30/19		150		162
Insurance - 1.8%
Liberty Mutual Group, Inc.,
5.75%, 3/15/14(1) (2)		100		105
Metropolitan Life Global Funding I,
5.13%, 4/10/13(1) (2)		30		33
5.13%, 6/10/14(1) (2)		270		299
New York Life Global Funding,
4.65%, 5/9/13(1) (2)		150		162
Pricoa Global Funding I,
5.45%, 6/11/14(1) (2)		175		195
Protective Life Corp.,
7.38%, 10/15/19†		145		165
				959
Iron/Steel - 0.4%
Steel Dynamics, Inc.,
7.75%, 4/15/16		210		216
Lodging - 0.2%
Hyatt Hotels Corp.,
6.88%, 8/15/19(1) (2)		120		133
Media - 0.9%
Comcast Corp.,
5.70%, 7/1/19†		145		165
DirecTV Holdings LLC/DirecTV Financing Co., Inc.,
7.63%, 5/15/16		280		309
				474
Metal Fabrication/Hardware - 0.3%
Commercial Metals Co.,
7.35%, 8/15/18		155		168
Mining - 0.1%
Newmont Mining Corp.,
5.13%, 10/1/19†		75		83
Miscellaneous Manufacturing - 0.3%
General Electric Co.,
5.25%, 12/6/17†		150		168
Office/Business Equipment - 0.2%
Xerox Corp.,
4.25%, 2/15/15†		130		139
Oil & Gas - 2.0%
Chesapeake Energy Corp.,
6.63%, 8/15/20†		100		100
ConocoPhillips,
4.40%, 5/15/13		50		54
EOG Resources, Inc.,
4.40%, 6/1/20†		305		330
Newfield Exploration Co.,
7.13%, 5/15/18		100		105
6.88%, 2/1/20†		85		89
Pioneer Natural Resources Co.,
6.88%, 5/1/18†		150		157
Pride International, Inc.,
8.50%, 6/15/19†		145		164
XTO Energy, Inc.,
4.63%, 6/15/13		60		66
				1,065

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 24.9% continued
Packaging & Containers - 0.9%
Ball Corp.,
7.13%, 9/1/16	$	85	$	91
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu,
7.75%, 10/15/16(2)		140		141
Temple-Inland, Inc.,
6.88%, 1/15/18		245		269
				501
Pharmaceuticals - 1.4%
Abbott Laboratories,
5.60%, 11/30/17†		140		167
Express Scripts, Inc.,
5.25%, 6/15/12		75		80
Merck & Co., Inc.,
6.00%, 9/15/17†		95		116
5.00%, 6/30/19†		145		168
Pfizer, Inc.,
5.35%, 3/15/15		210		242
				773
Pipelines - 1.1%
Enterprise Products Operating LLC,
5.00%, 3/1/15		100		109
Kinder Morgan Energy Partners L.P.,
6.00%, 2/1/17		180		203
Plains All American Pipeline L.P./PAA Finance Corp.,
5.63%, 12/15/13		265		290
				602
Retail - 0.3%
Lowe’s Cos., Inc.,
5.60%, 9/15/12		110		120
Wal-Mart Stores, Inc.,
4.25%, 4/15/13†		60		65
				185
Telecommunications - 2.8%
AT&T, Inc.,
5.60%, 5/15/18		95		110
CC Holdings GS V LLC/Crown Castle GS III Corp.,
7.75%, 5/1/17(1) (2)		170		186
Cellco Partnership/Verizon Wireless Capital LLC,
8.50%, 11/15/18†		170		229
Cisco Systems, Inc.,
4.45%, 1/15/20†		145		160
Frontier Communications Corp.,
8.25%, 4/15/17		350		370
Qwest Corp.,
7.63%, 6/15/15†		255		286
Windstream Corp.,
8.13%, 8/1/13†		150		160
				1,501
Total Corporate Bonds (Cost $12,715)				13,561
FOREIGN ISSUER BONDS - 7.8%
Banks - 3.2%
Australia & New Zealand Banking Group Ltd.,
2.40%, 1/11/13(1) (2) †		420		426
Bank of Nova Scotia,
1.45%, 7/26/13(2) †		750		757
Lloyds TSB Bank PLC,
4.38%, 1/12/15(1) (2)		180		185
Toronto-Dominion Bank (The),
2.20%, 7/29/15(1) (2)		200		204
Westpac Banking Corp.,
4.20%, 2/27/15		175		187
				1,759
Beverages - 0.2%
SABMiller PLC,
5.50%, 8/15/13(1) (2)		100		110
Diversified Financial Services - 0.5%
Macquarie Group Ltd.,
6.00%, 1/14/20(1) (2)		260		273
Electric - 0.2%
TransAlta Corp.,
4.75%, 1/15/15		75		81
Food - 0.3%
Delhaize Group S.A.,
5.88%, 2/1/14		140		158
Insurance - 0.5%
Allied World Assurance Co. Holdings Ltd.,
7.50%, 8/1/16		100		113

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 7.8% continued
Insurance - 0.5% continued
XL Capital PLC,
6.50%, 4/15/17	$	215	$	162
				275
Leisure Time - 0.4%
Royal Caribbean Cruises Ltd.,
6.88%, 12/1/13†		225		229
Miscellaneous Manufacturing - 0.6%
Tyco Electronics Group S.A.,
6.00%, 10/1/12		155		168
Tyco International Finance S.A.,
4.13%, 10/15/14†		165		179
				347
Oil & Gas - 1.1%
Devon Financing Corp. ULC,
6.88%, 9/30/11		90		96
Nexen, Inc.,
5.65%, 5/15/17		160		181
Petroleos Mexicanos,
5.50%, 1/21/21(1) (2)		215		224
Shell International Finance BV,
3.10%, 6/28/15		115		120
				621
Oil & Gas Services - 0.3%
Weatherford International Ltd.,
9.63%, 3/1/19†		110		144
Pharmaceuticals - 0.5%
Teva Pharmaceutical Finance II BV/Teva Pharmaceutical Finance III LLC,
3.00%, 6/15/15		235		245
Total Foreign Issuer Bonds (Cost $4,101)				4,242
U.S. GOVERNMENT AGENCIES - 5.6%(3)
Fannie Mae - 4.6%
Pool #256883,
6.00%, 9/1/37		306		330
Pool #585617,
7.00%, 5/1/31(4)		—		—
Pool #745148,
5.00%, 1/1/36		1,350		1,442
Pool TBA,
5.00%, 9/15/40(5)		694		737
				2,509
Ginnie Mae II Pool - 1.0%
Pool #82581,
4.00%, 7/20/40		499		527
Total U.S. Government Agencies (Cost $3,010)				3,036
U.S. GOVERNMENT OBLIGATIONS - 40.9%
U.S. Treasury Notes - 40.9%
0.38%, 8/31/12		195		194
0.75%, 8/15/13†		7,071		7,080
1.38%, 8/31/15		5,094		5,072
1.88%, 8/31/17†		5,829		5,809
3.50%, 5/15/20†		375		409
2.63%, 8/15/20†		3,656		3,703
				22,267
Total U.S. Government Obligations (Cost $22,128)				22,267
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 58.6%
Northern Institutional Funds - Diversified Assets Portfolio(6) (7)		10,191,734	$	10,192
Northern Institutional Funds - Liquid Assets Portfolio(6) (8)		21,648,683		21,648
Total Investment Companies (Cost $31,840)				31,840

FIXED INCOME PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT - TERM INVESTMENTS - 0.1%
U.S. Treasury Bill,
0.30%, 1/13/11	$	50	$	50
Total Short - Term Investments (Cost $50)				50
Total Investments - 142.0% (Cost $76,034)				77,226
Liabilities less Other Assets - (42.0)%				(22,852	)
NET ASSETS - 100.0%			$	54,374

(1) Restricted security that has been deemed illiquid. At August 31, 2010, the value of these restricted illiquid securities amounted to approximately $3,289,000 or 6.0% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE		ACQUISITION COST (000S)
Australia & New Zealand Banking Group Ltd.,
2.40%, 1/11/13		1/29/10	$	420
BAE Systems Holdings, Inc.,
4.95%, 6/1/14		6/1/09		165
CC Holdings GS V LLC/ Crown Castle GS III Corp.,
7.75%, 5/1/17		1/4/10		182
ERAC USA Finance LLC
5.25%, 10/1/20		6/24/10		154
Genzyme Corp.,
3.63%, 6/15/15		7/26/10		171
Genzyme Corp.,
5.00%, 6/15/20		6/14/10		35
Hyatt Hotels Corp.,
6.88%, 8/15/19		8/14/09		120
Liberty Mutual Group, Inc.,
5.75%, 3/15/14		6/16/09-1/5/10		95
Lloyds TSB Bank PLC,
4.38%, 1/12/15		1/5/10		180
Macquarie Group Ltd.,
6.00%, 1/14/20		1/7/10		260
Metropolitan Life Global Funding I,
5.13%, 4/10/13		11/23/09		32
Metropolitan Life Global Funding I,
5.13%, 6/10/14		6/3/09-1/12/10		283
New York Life Global Funding,
4.65%, 5/9/13		10/27/09		159
Nissan Motor Acceptance Corp.,
4.50%, 1/30/15		1/20/10		159
Petroleos Mexicanos,
5.50%, 1/21/21		7/13/10		213
Power Receivable Finance LLC,
6.29%, 1/1/12		9/30/03-8/24/07		22
Pricoa Global Funding I,
5.45%, 6/11/14		6/4/09		175
SABMiller PLC,
5.50%, 8/15/13		3/6/09		96
Toronto-Dominion Bank (The),
2.20%, 7/29/15		7/22/10		200

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

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac in conservatorship. The United States Treasury has put in place a set of financing agreements to ensure that these entities continue to meet

their obligations to holders of bonds that they have issued or guaranteed.

(4) Principal amount is less than $500.

(5) When-Issued Security.

(6) Investment in affiliated Portfolio.

(7) The Portfolio had approximately $10,192,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

(8) 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, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	76,034
Gross tax appreciation of investments	$	1,258
Gross tax depreciation of investments		(66	)
Net tax appreciation of investments	$	1,192

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

INTERMEDIATE BOND PORTFOLIO continued AUGUST 31, 2010 (UNAUDITED)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 Intermediate Bond Portfolio’s investments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		Total (000S)
Asset-Backed Securities	$	—	$	2,230		$	—	$	2,230
Corporate Bonds		—		13,561	(1)		—		13,561
Foreign Issuer Bonds		—		4,242	(1)		—		4,242
U.S. Government Agencies		—		3,036	(1)		—		3,036
U.S. Government Obligations		—		22,267			—		22,267
Investment Companies		31,840		—			—		31,840
Short-Term Investments		—		50			—		50
Total Investments	$	31,840	$	45,386		$	—	$	77,226

(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 11/30/09 (000S)		NET REALIZED GAIN (LOSS) (000S)			NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)			NET PURCHASES (SALES) (000S)			NET TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)*			BALANCE AS OF 8/31/10 (000S)
Corporate Bonds
Aerospace/Defense	$	345	$	4		$	4		$	(171	)	$	(182	)	$	—
Beverages		165		8			(4	)		(169	)		—			—
Diversified Financial Services		32		—			—			(10	)		(22	)		—
Insurance		685		14			9			53			(761	)		—
Lodging		124		—			9			—			(133	)		—
Real Estate Investment Trusts		21		(25	)		27			(23	)		—			—
Foreign Issuer Bonds
Beverages		108		—			2			—			(110	)		—
Insurance		113		(29	)		41			(125	)		—			—
Mining		108		19			(18	)		(109	)		—			—
Total	$	1,701	$	(9	)	$	70		$	(554	)	$	(1,208	)	$	—

* The fair value of Net Transfers In and/or Out of Level 3 was measured using the fair value as of the beginning of the period for transfers in and the fair value as of the end of the period for transfers out in accordance with Accounting Standards Update 2009-12.

FIXED INCOME PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 9.2%
Commercial Mortgage Services - 8.2%
Banc of America Commercial Mortgage, Inc., Series 2005-2, Class A4,
4.78%, 7/10/43	$	1,107	$	1,157
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2,
5.52%, 7/10/46		1,780		1,826
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A2,
5.32%, 9/10/47		1,445		1,514
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A4,
5.41%, 9/10/47		1,000		1,058
Bear Stearns Commercial Mortgage Securities, Series 2003-PWR2, Class A4,
5.19%, 5/11/39		1,100		1,175
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A4,
5.41%, 12/11/40		950		1,034
LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A2,
5.08%, 2/15/31		1,561		1,575
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A1,
5.23%, 9/15/39		707		708
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A2,
5.26%, 9/15/39		1,790		1,836
				11,883
Utilities - 1.0%
CenterPoint Energy Transition Bond Co. LLC, Series 2009-1, Class A1,
1.83%, 2/15/16		1,467		1,508
Total Asset-Backed Securities (Cost $13,160)				13,391
CORPORATE BONDS - 31.3%
Aerospace/Defense - 1.2%
BAE Systems Holdings, Inc.,
4.95%, 6/1/14(1) (2)		730		806
Northrop Grumman Corp.,
3.70%, 8/1/14		900		962
				1,768
Auto Manufacturers - 0.5%
Nissan Motor Acceptance Corp.,
4.50%, 1/30/15(1) (2) †		660		701
Banks - 3.0%
Bank of America Corp.,
3.70%, 9/1/15		565		564
Goldman Sachs Group (The), Inc.,
5.15%, 1/15/14		770		826
6.00%, 5/1/14		620		687
JPMorgan Chase & Co.,
3.70%, 1/20/15		1,100		1,151
Morgan Stanley,
4.20%, 11/20/14		435		448
Wells Fargo & Co.,
4.38%, 1/31/13		685		731
				4,407
Beverages - 1.2%
Anheuser-Busch InBev Worldwide, Inc.,
5.38%, 11/15/14(1) (2) †		740		829
Dr Pepper Snapple Group, Inc.,
2.35%, 12/21/12		870		886
				1,715
Biotechnology - 1.3%
Genzyme Corp.,
3.63%, 6/15/15(1) (2)		1,745		1,854
Chemicals - 2.6%
Dow Chemical (The) Co.,
7.60%, 5/15/14		845		985
E.I. du Pont de Nemours & Co.,
3.25%, 1/15/15†		1,045		1,110
Praxair, Inc.,
1.75%, 11/15/12		1,700		1,731
				3,826
Diversified Financial Services - 6.1%
BlackRock, Inc.,
3.50%, 12/10/14†		1,505		1,594
Countrywide Home Loans, Inc.,
4.00%, 3/22/11		690		703
ERAC USA Finance LLC,
2.75%, 7/1/13(1)		870		886
Franklin Resources, Inc.,
3.13%, 5/20/15		1,025		1,077

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 31.3% continued
Diversified Financial Services - 6.1% continued
General Electric Capital Corp.,
2.80%, 1/8/13†	$	1,040	$	1,069
3.75%, 11/14/14†		1,040		1,088
John Deere Capital Corp.,
5.25%, 10/1/12		635		688
TD Ameritrade Holding Corp.,
4.15%, 12/1/14		1,670		1,761
				8,866
Electric - 1.2%
Midamerican Energy Holdings Co.,
3.15%, 7/15/12		900		931
PSEG Power LLC,
6.95%, 6/1/12		670		735
				1,666
Electronics - 0.9%
Agilent Technologies, Inc.,
5.50%, 9/14/15		715		801
Thermo Fisher Scientific, Inc.,
2.15%, 12/28/12		320		326
3.25%, 11/20/14		135		142
				1,269
Food - 0.5%
SUPERVALU, Inc.,
8.00%, 5/1/16†		745		747
Healthcare - Products - 0.9%
Boston Scientific Corp.,
4.50%, 1/15/15†		1,000		1,016
Medtronic, Inc.,
3.00%, 3/15/15†		325		344
				1,360
Insurance - 2.5%
Liberty Mutual Group, Inc.,
5.75%, 3/15/14(1) (2)		420		441
Metropolitan Life Global Funding I,
5.13%, 4/10/13(1) (2)		160		174
5.13%, 6/10/14(1) (2) †		1,180		1,307
New York Life Global Funding,
4.65%, 5/9/13(1) (2)		720		780
Pricoa Global Funding I,
5.45%, 6/11/14(1) (2)		780		867
				3,569
Iron/Steel - 0.5%
Steel Dynamics, Inc.,
7.75%, 4/15/16		675		695
Media - 1.9%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.,
7.63%, 5/15/16		1,120		1,235
NBC Universal, Inc.,
3.65%, 4/30/15(1) (2) †		875		918
Time Warner Cable, Inc.,
5.40%, 7/2/12		625		670
				2,823
Office/Business Equipment - 0.7%
Xerox Corp.,
4.25%, 2/15/15		930		990
Oil & Gas - 0.6%
Anadarko Petroleum Corp.,
5.75%, 6/15/14†		900		914
Pharmaceuticals - 0.3%
Express Scripts, Inc.,
5.25%, 6/15/12		350		373
Pipelines - 2.5%
Energy Transfer Partners, L.P.,
5.65%, 8/1/12		900		953
Enterprise Products Operating LLC,
5.00%, 3/1/15		450		491
Plains All American Pipeline, L.P./PAA Finance Corp.,
5.63%, 12/15/13		700		765
Transcontinental Gas Pipe Line Corp LLC,
7.00%, 8/15/11		895		944
Williams Partners L.P.,
3.80%, 2/15/15		455		476
				3,629
Telecommunications - 2.9%
AT&T, Inc.,
4.95%, 1/15/13		775		844
Cellco Partnership/Verizon Wireless Capital LLC,
5.55%, 2/1/14		490		554
Cisco Systems, Inc.,
2.90%, 11/17/14†		520		551
Qwest Corp.,
7.63%, 6/15/15†		935		1,050

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 31.3% continued
Telecommunications - 2.9% continued
Verizon New Jersey, Inc.,
5.88%, 1/17/12	$	400	$	424
Windstream Corp.,
8.13%, 8/1/13†		665		709
				4,132
Total Corporate Bonds (Cost $43,178)				45,304
FOREIGN ISSUER BONDS - 8.7%
Banks - 2.7%
Australia & New Zealand Banking Group Ltd.,
2.40%, 1/11/13(1) (2)		690		701
Bank of Nova Scotia,
1.45%, 7/26/13(1) †		1,250		1,262
Lloyds TSB Bank PLC,
4.38%, 1/12/15(1) (2)		615		632
Toronto-Dominion Bank (The),
2.20%, 7/29/15(1) (2)		650		662
Westpac Banking Corp.,
4.20%, 2/27/15		615		657
				3,914
Chemicals - 0.3%
Potash Corp. of Saskatchewan, Inc.,
5.25%, 5/15/14		425		473
Electric - 0.3%
TransAlta Corp.,
4.75%, 1/15/15		390		420
Food - 0.7%
Delhaize Group S.A.,
5.88%, 2/1/14		895		1,010
Leisure Time - 0.6%
Royal Caribbean Cruises Ltd.,
6.88%, 12/1/13†		885		902
Mining - 0.5%
Teck Resources Ltd.,
9.75%, 5/15/14		544		674
Miscellaneous Manufacturing - 0.2%
Tyco International Finance S.A.,
4.13%, 10/15/14†		245		266
Oil & Gas - 2.3%
Anadarko Finance Co.,
6.75%, 5/1/11†		895		919
Cenovus Energy, Inc.,
4.50%, 9/15/14†		875		959
Shell International Finance B.V.,
3.10%, 6/28/15		385		403
Statoil ASA,
2.90%, 10/15/14		1,025		1,070
				3,351
Pharmaceuticals - 0.5%
Teva Pharmaceutical Finance II B.V./Teva Pharmaceutical Finance III LLC,
3.00%, 6/15/15		710		740
Telecommunications - 0.6%
America Movil S.A.B. de C.V.,
5.75%, 1/15/15†		775		876
Total Foreign Issuer Bonds (Cost $12,006)				12,626
U.S. GOVERNMENT AGENCIES - 21.8%(3)
Fannie Mae - 10.3%
1.88%, 10/29/12		1,705		1,708
2.13%, 1/25/13		1,811		1,820
2.10%, 9/16/13		1,800		1,801
3.13%, 9/29/14		1,250		1,253
Pool #190371,
6.50%, 7/1/36		1,025		1,119
Pool #257042,
6.50%, 1/1/38		608		662
Pool #555649,
7.50%, 10/1/32		107		122
Pool #893082,
5.82%, 9/1/36		691		728
Pool #897243,
6.00%, 11/1/36		1,635		1,766
Pool #988916,
5.00%, 8/1/23		1,474		1,569
Pool TBA,
4.50%, 9/15/25(4)		1,500		1,587
Series 2006-12, Class PB,
5.50%, 8/25/29		800		826
				14,961

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 21.8%(3) continued
Federal Home Loan Bank - 1.3%
2.00%, 10/5/12	$	1,811	$	1,814
Freddie Mac - 6.0%
Pool #1B3617,
5.98%, 10/1/37		771		823
Pool #848076,
5.51%, 6/1/38		1,210		1,294
Series 2668, Class OE,
5.00%, 10/15/28		700		727
Series 2775, Class MD,
5.00%, 10/15/28		500		518
Series 2866, Class TM,
5.00%, 1/15/29		425		442
Series 3070, Class QD,
5.00%, 9/15/28		1,000		1,028
Series 3200, Class ED,
5.00%, 12/15/31		3,745		3,911
				8,743
Freddie Mac Gold - 0.8%
Pool #G13387,
5.00%, 4/1/23		1,081		1,156
Government National Mortgage Association - 2.3%
Series 2007, Class 15A,
4.51%, 10/16/28		1,373		1,420
Series 2007, Class 4A,
4.21%, 6/16/29		905		940
Series 2008, Class 14AC,
4.46%, 12/16/30		234		250
Series 2008, Class 8A,
3.61%, 11/16/27		714		729
				3,339
Government National Mortgage Association II - 1.1%
Pool #82581,
4.00%, 7/20/40		1,496		1,580
Total U.S. Government Agencies (Cost $31,361)				31,593
U.S. GOVERNMENT OBLIGATIONS - 22.6%
U.S. Treasury Notes - 22.6%
0.38%, 8/31/12†		3,264		3,257
1.38%, 9/15/12†		5,877		5,981
1.38%, 11/15/12		4,422		4,502
0.75%, 8/15/13†		11,767		11,782
1.50%, 12/31/13†		7,000		7,159
1.25%, 8/31/15		107		106
				32,787
Total U.S. Government Obligations (Cost $32,510)				32,787
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 31.7%
Northern Institutional Funds - Diversified Assets Portfolio(5) (6)		9,921,860	$	9,922
Northern Institutional Funds - Liquid Assets Portfolio(5) (7)		36,076,712		36,077
Total Investment Companies (Cost $45,999)				45,999
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 0.2%
U.S. Treasury Bill,
0.28%, 1/13/11(8)	$	200	$	200
Total Short-Term Investments (Cost $200)				200
Total Investments - 125.5% (Cost $178,414)				181,900
Liabilities less Other Assets - (25.5)%				(36,943	)
NET ASSETS - 100.0%			$	144,957

(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, 2010, the value of these restricted illiquid securities amounted to approximately $10,673,000 or 7.36% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Anheuser-Busch InBev Worldwide, Inc.,
5.38%, 11/15/14	10/22/09	$	786

FIXED INCOME PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

SECURITY	ACQUISITION AND ENFORCEABLE DATE	ACQUISITION COST (000S)
Australia & New Zealand Banking Group Ltd.,
2.40%, 1/11/13	1/29/10	$	690
BAE Systems Holdings, Inc.,
4.95%, 6/1/14	6/1/09		729
Genzyme Corp.
3.63%, 6/15/15	6/14/10		1,739
Liberty Mutual Group, Inc.,
5.75%, 3/15/14	6/16/09-1/5/10		393
Lloyds TSB Bank PLC,
4.38%, 1/12/15	1/5/10		615
Metropolitian Life Global Funding I,
5.13%, 4/10/13	11/23/09		171
Metropolitian Life Global Funding I,
5.13%, 6/10/14	6/3/09-1/12/10		1,237
NBC Universal, Inc.,
3.65%, 4/30/15	4/27/10		873
New York Life Global Funding,
4.65%, 5/9/13	10/27/09		765
Nissan Motor Acceptance Corp.,
4.50%, 1/30/15	1/20/10		657
Pricoa Global Funding I,
5.45%, 6/11/14	6/4/09		778
Toronto-Dominion Bank (The),
2.20%, 7/29/15	7/22/10		649

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac in conservatorship. The United States Treasury has put in place a set of financing agreements to ensure that these entities continue to meet their obligations to holders of bonds that they have issued or guaranteed.

(4) When-Issued Security.

(5) Investment in affiliated Portfolio.

(6) The Portfolio had approximately $9,922,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

(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.

At August 31, 2010, 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		68	$	8,182		Short		12/10	$	(7	)

Federal Tax Information:

At August 31, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	178,417
Gross tax appreciation of investments	$	3,610
Gross tax depreciation of investments		(127	)
Net tax appreciation of investments	$	3,483

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 Short Bond Portfolio’s investments and other financial instruments, which are carried at fair value, as of August 31, 2010:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Asset-Backed Securities	$	—		$	13,391	(1)	$	—	$	13,391
Corporate Bonds		—			45,304	(1)		—		45,304
Foreign Issuer Bonds		—			12,626	(1)		—		12,626
U.S. Government Agencies		—			31,593	(1)		—		31,593
U.S. Government Obligations		—			32,787			—		32,787
Investment Companies		45,999			—			—		45,999
Short-Term Investments		—			200			—		200
Total Investments	$	45,999		$	135,901		$	—	$	181,900
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(7	)	$	—		$	—	$	(7	)

(1) Classifications as defined in the Schedule of Investments.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

SHORT BOND PORTFOLIO continued AUGUST 31, 2010 (UNAUDITED)

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

	BALANCE AS OF 11/30/09 (000S)		NET REALIZED GAIN(LOSS) (000S)		NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)			NET PURCHASES (SALES) (000S)			NET TRANSFERS IN AND/OR OUT OF LEVEL 3 (000S)*			BALANCE AS OF 8/31/10 (000S)
Asset-Backed Securities
Utilities	$	2,610	$	18	$	41		$	(1,161	)	$	(1,508	)	$	—
Corporate Bonds
Aerospace/Defense		766		—		40			—			(806	)		—
Beverages		802		—		27			—			(829	)		—
Insurance		3,038		57		46			254			(3,395	)		—
Foreign Issuer Bonds
Mining		450		81		(75	)		(456	)		—			—
Oil & Gas		917		—		(43	)		(874	)		—			—
Total	$	8,583	$	156	$	36		$	(2,237	)	$	(6,538	)	$	—

* The fair value of Net Transfers In and/or Out of Level 3 was measured using the fair value as of the beginning of the period for transfers in and the fair value as of the end of the period for transfers out in accordance with Accounting Standards Update 2009-12.

FIXED INCOME PORTFOLIOS    6    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

U.S. GOVERNMENT SECURITIES PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 33.4 %(1)
Fannie Mae - 23.9%
1.88%, 10/29/12	$	364	$	365
2.13%, 1/25/13		700		703
2.00%, 4/15/13		700		706
2.10%, 9/16/13		705		705
3.13%, 9/29/14		870		872
2.63%, 11/20/14		692		731
3.00%, 2/17/15		865		876
2.25%, 3/2/17		800		818
Pool #190371,
6.50%, 7/1/36		615		672
Pool #257042,
6.50%, 1/1/38		598		652
Pool #555649,
7.50%, 10/1/32		77		88
Pool #745148,
5.00%, 1/1/36		1,315		1,404
Pool #893082,
5.82%, 9/1/36		261		274
Pool TBA,
4.50%, 9/15/25(2)		1,427		1,509
4.50%, 9/15/40(2)		1,698		1,783
5.00%, 9/15/40(2)		1,015		1,078
5.50%, 9/15/40(2)		2,860		3,058
Series 2007, Class 26C,
5.50%, 3/25/33		752		790
				17,084
Federal Home Loan Bank - 1.7%
2.00%, 10/5/12		700		701
1.63%, 11/21/12		490		500
				1,201
Freddie Mac - 3.9%
1.40%, 7/26/13		700		702
3.00%, 7/28/14		500		534
Pool #1J0365,
5.75%, 4/1/37		324		345
Pool #1J2840,
5.92%, 9/1/37		659		702
Pool #410092,
2.75%, 11/1/24		6		6
Series 2944, Class WD,
5.50%, 11/15/28		514		523
				2,812
Government National Mortgage Association - 1.9%
Series 2007, Class 4A,
4.21%, 6/16/29		242		252
Series 2007, Class 15A,
4.51%, 10/16/28		481		497
Series 2008, Class 8A,
3.61%, 11/16/27		250		255
Series 2008, Class 14AC,
4.46%, 12/16/30		341		365
				1,369
Government National Mortgage Association I - 1.0%
Pool #737270,
5.00%, 5/15/40(2)		653		703
Government National Mortgage Association II - 1.0%
Pool #82581,
4.00%, 7/20/40		673		711
Total U.S. Government Agencies (Cost $23,633)				23,880
U.S. GOVERNMENT OBLIGATIONS - 60.5 %
U.S. Treasury Notes - 60.5%
0.38%, 8/31/12†		7,632		7,615
0.75%, 8/15/13†		16,995		17,016
2.63%, 7/31/14		3,539		3,759
1.25%, 8/31/15		10,878		10,831
4.50%, 2/15/16†		2,200		2,548
3.00%, 2/28/17		1,436		1,539
				43,308
Total U.S. Government Obligations (Cost $42,972)				43,308
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES - 56.6 %
Northern Institutional Funds - Government Portfolio(3) (4)		14,346,639	$	14,347
Northern Institutional Funds - Liquid Assets Portfolio(4) (5)		26,159,590		26,159
Total Investment Companies (Cost $40,506)				40,506

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    FIXED INCOME PORTFOLIOS

SCHEDULE OF INVESTMENTS

U.S. GOVERNMENT SECURITIES PORTFOLIO continued AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 0.2%
U.S. Treasury Bill,
0.30%, 1/13/11	$	150	$	150
Total Short-Term Investments (Cost $150)				150
Total Investments - 150.7% (Cost $107,261)				107,844
Liabilities less Other Assets - (50.7)%				(36,286	)
NET ASSETS - 100.0%			$	71,558

(1) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac in conservatorship. The United States Treasury has put in place a set of financing agreements to ensure that these entities continue to meet their obligations to holders of bonds that they have issued or guaranteed.

(2) When-Issued Security.

(3) The Fund had approximately $14,347,000 of net purchases in the Government Portfolio of the Northern Institutional Funds during the nine months ended August 31, 2010.

(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, 2010, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

Federal tax cost of investments	$	107,260
Gross tax appreciation of investments	$	604
Gross tax depreciation of investments		(20	)
Net tax appreciation of investments	$	584

Cost of investments on a tax basis includes the adjustments, if any, for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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 U.S. Government Securities Portfolio’s investments, which are carried at fair value, as of August 31, 2010:

	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
U.S. Government Agencies	$	—	$	23,880	(1)	$	—	$	23,880
U.S. Government Obligations		—		43,308			—		43,308
Investment Companies		40,506		—			—		40,506
Short-Term Investments		—		150			—		150
Total Investments	$	40,506	$	67,338		$	—	$	107,844
(1)Classifications as defined in the Schedule of Investments.

FIXED INCOME PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 25.2%
Non-U.S. Depository Institutions - 25.2%
Abbey National Treasury Services, 0.29%, 9/1/10, FRCD	$	75,000	$	75,000
Australia & New Zealand Bank, London, 0.41%, 10/1/10		70,000		70,000
Bank of Montreal, 0.23%, 9/27/10		70,000		70,000
Bank of Nova Scotia, Houston, 0.34%, 10/18/10		15,000		15,000
0.33%, 10/22/10		60,000		60,000
Barclays Bank PLC, 0.29%, 9/13/10, FRCD		42,000		42,000
0.58%, 9/13/10, FRCD		50,000		50,000
BNP Paribas S.A., London Branch, 0.62%, 10/6/10		65,000		65,000
0.36%, 11/12/10		25,000		25,000
BNP Paribas, New York Branch, 0.40%, 10/18/10		65,000		65,000
Commonwealth Bank of Australia, 0.28%, 12/1/10		40,000		40,000
Credit Agricole CIB, New York, 0.46%, 11/2/10		70,000		70,000
Credit Agricole S.A., London Branch, 0.51%, 11/1/10		100,000		100,007
0.45%, 11/5/10		55,000		55,000
Deutsche Bank, New York Branch, 0.29%, 9/21/10, FRCD		60,000		60,000
DNB Norway Bank A.S.A., New York Branch, 0.51%, 9/8/10		70,000		70,000
HSBC Bank PLC, London, 0.39%, 10/8/10		75,000		75,000
LLoyds Bank, New York, 0.30%, 9/1/10		21,615		21,615
National Australia Bank, London Branch, 0.48%, 9/14/10		85,000		85,000
0.46%, 9/21/10		40,000		40,000
0.40%, 10/12/10		40,000		40,000
0.31%, 12/10/10		17,625		17,626
0.36%, 2/9/11		25,000		25,000
National Australia Bank, New York, 0.36%, 9/28/10, FRCD		50,000		50,000
Nordea Bank Finland, New York, 0.28%, 11/3/10		90,000		90,000
Rabobank Nederland N.V., New York Branch, 0.40%, 10/6/10		50,000		50,000
Rabobank Nederland N.V., New York, 0.30%, 9/9/10, FRCD		45,000		45,000
0.27%, 9/20/10, FRCD		65,000		65,000
Royal Bank of Canada, New York Branch, 0.45%, 9/1/10, FRCD		65,000		65,000
Royal Bank of Scotland, New York Branch, 0.60%, 10/1/10		75,000		75,000
0.50%, 10/12/10		52,000		52,000
Royal Bank of Scotland, Stamford CT Branch, 0.54%, 10/21/10		35,000		35,000
Societe Generale, London Branch, 0.29%, 9/20/10		35,195		35,195
0.28%, 9/24/10		80,000		80,000
Societe Generale, New York Branch, 0.31%, 11/26/10		50,000		50,000
Svenska Handelsbanken, New York, 0.27%, 11/30/10		85,000		85,000
Toronto Dominion Bank, 0.32%, 2/16/11		40,330		40,330
Toronto Dominion Bank, London Branch, 0.25%, 9/28/10		44,640		44,640
Toronto Dominion Bank, New York, 0.29%, 9/10/10, FRCD		30,000		30,000
Westpac Banking Corp., New York, 0.27%, 9/1/10, FRCD		45,000		45,000
0.28%, 9/1/10, FRCD		30,000		30,000
0.31%, 9/1/10, FRCD		40,000		40,000
				2,243,413
Total Certificates of Deposit (Cost $2,243,413)				2,243,413
COMMERCIAL PAPER - 19.3 %
Foreign Agency and Regional Governments - 1.5%
Societe De Prise Participation DeL’Etat, 0.46%, 9/23/10		50,000		49,986
0.43%, 9/29/10		40,000		39,987
0.44%, 10/6/10		40,000		39,983
				129,956

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 19.3% continued
Multi-Seller Conduits - 14.3%
Amstel Funding Corp., 0.41%, 9/7/10	$	60,000	$	59,996
Atlantic Asset Securitization Corp., 0.26%, 9/13/10		28,790		28,788
0.25%, 9/20/10		20,000		19,997
0.29%, 11/18/10		26,435		26,418
Charta Corp., 0.38%, 11/3/10		15,000		14,990
0.32%, 11/15/10		30,000		29,980
0.32%, 11/16/10		45,000		44,970
0.32%, 11/18/10		35,000		34,976
Clipper Receivables Corp., 0.37%, 10/14/10		30,000		29,987
0.36%, 11/1/10		35,000		34,979
0.30%, 11/18/10		60,000		59,961
CRC Funding LLC, 0.26%, 10/21/10		13,840		13,835
Gemini Securitization, 0.26%, 9/13/10		16,205		16,204
Gotham Funding Corp., 0.26%, 9/17/10		7,910		7,909
0.26%, 9/20/10		7,380		7,379
0.26%, 9/21/10		28,000		27,996
0.26%, 9/22/10		33,510		33,505
0.26%, 9/27/10		8,965		8,963
Govco LLC, 0.49%, 10/18/10		60,000		59,962
0.43%, 10/22/10		40,000		39,976
0.51%, 10/25/10		16,500		16,489
0.38%, 10/27/10		20,000		19,989
LMA Americas LLC, 0.28%, 9/20/10		75,000		74,988
0.32%, 9/20/10		40,565		40,559
0.31%, 10/8/10		14,820		14,815
Ranger Funding Co. LLC, 0.29%, 10/5/10		16,990		16,985
0.28%, 10/15/10		10,810		10,806
0.28%, 10/19/10		13,415		13,410
0.28%, 10/20/10		43,921		43,904
0.27%, 10/26/10		25,835		25,824
0.27%, 10/27/10		15,510		15,503
Regency Markets, Inc., 0.28%, 9/7/10		45,013		45,011
Sheffield Receivables Corp., 0.32%, 9/17/10		25,000		24,996
0.26%, 10/18/10		30,000		29,990
0.37%, 10/21/10		30,000		29,985
0.27%, 11/17/10		50,000		49,971
0.27%, 11/22/10		35,000		34,978
Straight-A Funding LLC, 0.38%, 10/1/10		56,763		56,746
0.27%, 11/8/10		25,000		24,987
Thames Asset Global Securitization, 0.26%, 9/13/10		17,455		17,454
0.26%, 9/20/10		27,295		27,291
Victory Receivables Corp., 0.26%, 9/14/10		18,870		18,868
0.26%, 9/21/10		8,770		8,769
0.26%, 9/27/10		11,655		11,653
				1,274,742
Non-U.S. Bank - Non-U.S. Government - 0.6%
Danske Corp., Sovereign Gtd., 0.54%, 9/1/10		50,000		50,000
Non-U.S. Depository Institutions - 2.9%
Commonwealth Bank of Australia, 0.30%, 9/9/10		95,000		94,994
Lloyds Bank PLC, 0.43%, 10/29/10		45,000		44,969
0.44%, 10/29/10		80,000		79,945
Westpac Banking Corp., 0.31%, 9/27/10		40,000		40,000
				259,908
Total Commercial Paper (Cost $1,714,606)				1,714,606
CORPORATE NOTES/BONDS - 6.1 %
Foreign Agency and Regional Governments - 0.5%
Eksportfinans, 0.33%, 8/26/11		17,800		17,800
KFW, 1.88%, 3/15/11		23,640		23,828
				41,628
General Merchandise Stores - 1.0%
Wal-Mart Stores, 5.48%, 6/1/11		85,000		88,027

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 6.1% continued
Insurance Carriers - 0.5%
Berkshire Hathaway, Inc., 0.39%, 11/10/10, FRN	$	45,000	$	45,000
Non-Depository Personal Credit - 0.2%
General Electric Capital Corp., 0.62%, 10/21/10, FRN		20,000		20,008
Non-U.S. Depository Institutions - 0.4%
Westpac Banking Corp., 0.35%, 9/2/10, FRN (1)		35,000		35,000
Supranational - 2.4%
European Investment Bank, 3.25%, 2/15/11		2,345		2,376
International Bank for Reconstruction & Development, 0.33%, 9/13/10, FRN		80,000		80,000
International Bank for Reconstruction and Development, 0.73%, 6/10/11		80,000		80,000
International Finance Corp., 0.28%, 9/15/10, FRN		50,000		50,000
				212,376
U.S. Depository Institutions - 1.1%
Bank of America N.A., FDIC Gtd., 0.57%, 9/13/10, FRN (2)		100,000		100,000
Total Corporate Notes/Bonds (Cost $542,039)				542,039
EURODOLLAR TIME DEPOSITS - 4.9%
Non-U.S. Depository Institutions - 3.8%
Ing Bank N.V., Grand Cayman, 0.26%, 9/30/10		85,000		85,000
Svenska Handelsbanken, Cayman Islands, 0.20%, 9/1/10		56,208		56,208
UBS A.G., Cayman Islands, 0.23%, 9/1/10		200,000		200,000
				341,208
U.S. Depository Institutions - 1.1%
Citibank, Nassau, 0.23%, 9/1/10		100,000		100,000
Total Eurodollar Time Deposits (Cost $441,208)				441,208
U.S. GOVERNMENT AGENCIES - 17.9% (3)
Federal Farm Credit Bank - 0.8%
FFCB FRN, 0.19%, 9/1/10		35,000		34,995
0.18%, 9/29/10		40,000		40,000
				74,995
Federal Home Loan Bank - 12.1%
FHLB Bonds, 0.50%, 11/10/10		5,000		5,000
0.50%, 5/5/11		50,000		50,000
0.45%, 8/24/11		15,000		15,000
0.40%, 9/26/11		40,000		40,000
FHLB Callable Bonds, 0.40%, 12/28/10		25,000		25,000
0.45%, 12/29/10		92,000		91,999
0.57%, 4/13/11		60,000		60,000
0.60%, 5/10/11		85,000		85,000
0.70%, 6/16/11		30,000		30,000
0.75%, 6/21/11		45,000		45,000
0.80%, 6/24/11		20,000		20,000
FHLB Discount Notes, 0.51%, 5/17/11		35,000		34,874
FHLB FRN, 0.22%, 9/1/10		25,000		24,995
0.25%, 9/1/10		240,000		239,981
0.30%, 9/1/10		60,000		60,000
0.20%, 9/12/10		45,000		44,983
0.17%, 9/30/10		60,000		59,981
0.48%, 10/8/10		75,000		75,000
0.38%, 11/7/10		65,000		64,969
				1,071,782
Federal Home Loan Mortgage Corporation - 4.2%
FHLMC FRN, 0.52%, 9/3/10		75,000		75,000
0.51%, 9/10/10		75,000		74,999
0.23%, 9/19/10		50,000		49,968
0.23%, 9/26/10		35,000		34,977
0.36%, 11/4/10		60,000		59,996
FHLMC Note, 1.45%, 9/10/10		40,000		40,009
0.29%, 4/26/11		40,000		39,924
				374,873
Federal National Mortgage Association - 0.8%
FNMA Discount Notes, 0.51%, 3/28/11		45,000		44,870

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

DIVERSIFIED ASSETS PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 17.9% (3) continued
Federal National Mortgage Association - 0.8% continued
0.51%, 3/29/11	$	30,000	$	29,913
				74,783
Total U.S. Government Agencies (Cost $1,596,433)				1,596,433
U.S. GOVERNMENT OBLIGATIONS - 6.1%
U.S. Treasury Bills - 0.7%
0.39%, 9/23/10		20,000		19,995
0.43%, 12/16/10		42,000		41,948
				61,943
U.S. Treasury Notes - 5.4%
4.50%, 11/15/10		40,000		40,330
1.25%, 11/30/10		111,000		111,242
0.88%, 1/31/11		85,000		85,113
5.00%, 2/15/11		55,000		56,156
0.88%, 2/28/11		45,000		45,098
0.88%, 3/31/11		30,000		30,072
0.88%, 5/31/11		19,000		19,066
4.88%, 5/31/11		68,000		70,247
1.00%, 8/31/11		20,000		20,131
				477,455
Total U.S. Government Obligations (Cost $539,398)				539,398
Investments, at Amortized Cost ($7,077,097)				7,077,097
REPURCHASE AGREEMENTS - 21.3%
Joint Repurchase Agreements - 3.3% (4)
Bank of America Securities LLC, dated 8/31/10, repurchase price $65,380 0.18%, 9/1/10		65,380		65,380
Morgan Stanley & Co., Inc., dated 8/31/10, repurchase price $65,380 0.22%, 9/1/10		65,380		65,380
Societe Generale, New York Branch, dated 8/31/10, repurchase price $65,380 0.23%, 9/1/10		65,379		65,379
UBS Securities LLC, dated 8/31/10, repurchase price $98,070 0.23%, 9/1/10		98,069		98,069
				294,208
Repurchase Agreements - 18.0% (5)
Bank of America Securities LLC, dated 8/31/10, repurchase price $145,001 0.25%, 9/1/10		145,000		145,000
Deutsche Bank Seurities, Inc., dated 8/31/10, repurchase price $200,001 0.25%, 9/1/10		200,000		200,000
Goldman Sachs & Co., dated 8/31/10 repurchase price $385,003 0.25%, 9/1/10		385,000		385,000
Societe Generale, New York Branch, dated 8/31/10, repurchase price $795,006 0.25%, 9/1/10		795,000		795,000
UBS Securities LLC, dated 8/31/10, repurchase price $75,001 0.25%, 9/1/10		75,000		75,000
				1,600,000
Total Repurchase Agreements (Cost $1,894,208)				1,894,208
Total Investments - 100.8% (Cost $8,971,305) (6)				8,971,305
Liabilities less Other Assets - (0.8)%				(74,618	)
NET ASSETS - 100.0%			$	8,896,687

(1) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly sold without registration under the Securities Act of 1933.

(2) Security issued under the terms of the Temporary Liquidity Guaranty Program by the Federal Deposit Insurance Corp. (“FDIC”). Under the terms of this program, the FDIC guarantees payment of principal and interest.

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed FNMA and FHLMC in conservatorship. The United States Treasury has put in place a set of financing agreements to ensure that these entities continue to meet their obligations to holders of bonds that they have issued or guaranteed.

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

NAME	FAIR  MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	$	88,612	2.38% - 6.25%	8/15/23 - 1/15/27
U.S. Treasury Notes	$	211,600	0.88% - 3.63%	1/31/11 - 8/15/19

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

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

NAME	FAIR  MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
FNMA	$	1,014,043	3.20% - 6.50%	2/1/23 - 11/1/47
FHLMC	$	301,155	2.55% - 6.50%	9/1/29 - 8/1/40
GNMA	$	77,253	4.00% - 5.50%	7/15/40 - 8/20/40
U.S. Treasury Notes	$	253,070	0.75%	11/30/11

(6) The cost for federal income tax purposes was $8,971,305.

Percentages shown are based on Net Assets.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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, which are carried at fair value, as of August 31, 2010:

	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Investments held by Diversified Assets Portfolio	$	—	$	8,971,305	(1)	$	—	$	8,971,305

(1) Classifications as defined in the Schedule of Investments.

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

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

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

EXPLANATION OF ABBREVIATIONS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

FFCB - Federal Farm Credit Bank

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corp.

FNMA - Federal National Mortgage Association

FRCD - Floating Rate Certificate of Deposit

FRN - Floating Rate Notes

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 62.9% (1)
Federal Farm Credit Bank - 17.5%
FFCB Bonds,
5.25%, 9/13/10	$	10,000	$	10,016
0.41%, 10/26/10		20,000		20,002
5.05%, 2/1/11		5,000		5,098
4.88%, 2/18/11		11,350		11,589
6.00%, 3/7/11		14,865		15,302
FFCB Discount Notes, 0.15%, 9/15/10		100,000		99,992
0.24%, 9/15/10		25,000		24,998
0.28%, 9/15/10		75,000		74,994
0.20%, 9/27/10		10,000		9,999
0.20%, 9/28/10		10,000		9,998
0.24%, 10/6/10		25,000		24,994
0.36%, 11/12/10		10,000		9,993
0.28%, 12/1/10		25,000		24,982
0.28%, 12/3/10		25,000		24,982
0.28%, 12/6/10		20,000		19,985
0.28%, 12/7/10		20,000		19,985
0.20%, 3/1/11		20,000		19,980
0.21%, 3/25/11		75,000		74,910
0.30%, 4/25/11		5,000		4,990
0.28%, 5/17/11		45,000		44,910
0.30%, 6/10/11		40,000		39,906
0.28%, 8/10/11		10,000		9,973
FFCB FRN, 0.27%, 9/1/10		15,000		15,000
0.29%, 9/1/10		25,000		24,997
0.70%, 9/1/10		30,000		30,009
0.31%, 9/2/10		30,000		30,000
0.35%, 9/6/10		50,000		50,023
0.23%, 9/9/10		35,000		35,000
0.58%, 9/15/10		99,000		99,010
0.29%, 9/20/10		50,000		49,998
0.51%, 9/20/10		100,000		100,000
0.26%, 9/27/10		30,000		29,999
0.30%, 9/30/10		13,000		13,002
0.85%, 10/24/10		6,000		6,014
				1,084,630
Federal Home Loan Bank - 22.6%
FHLB Bonds, 1.38%, 9/3/10		10,000		10,001
5.13%, 9/10/10		30,000		30,036
0.60%, 9/17/10		20,000		20,003
4.38%, 9/17/10		27,005		27,053
0.50%, 10/18/10		53,120		53,131
3.38%, 10/20/10		3,870		3,886
4.38%, 10/22/10		33,210		33,399
0.48%, 10/25/10		15,000		15,005
0.50%, 10/29/10		53,364		53,389
0.38%, 11/4/10		40,000		40,005
0.38%, 11/16/10		20,300		20,303
0.50%, 11/23/10		15,000		15,009
0.30%, 11/26/10		49,790		49,797
0.31%, 12/9/10		20,000		20,003
3.25%, 12/10/10		34,600		34,880
4.75%, 12/10/10		17,450		17,661
0.38%, 12/14/10		25,000		25,004
0.57%, 12/29/10		23,200		23,217
4.63%, 2/18/11		40,000		40,802
1.63%, 3/16/11		6,000		6,042
0.38%, 3/18/11		10,000		10,003
0.58%, 6/3/11		20,000		19,998
0.56%, 6/7/11		6,000		6,007
3.38%, 6/24/11		5,420		5,555
1.63%, 7/27/11		26,715		27,032
FHLB Discount Notes, 0.10%, 9/1/10		100,000		100,000
0.12%, 9/1/10		100,000		100,000
0.16%, 9/15/10		100,000		99,994
0.19%, 10/27/10		100,000		99,971
FHLB FRN, 0.24%, 9/1/10		11,000		10,998
0.59%, 9/1/10		24,500		24,500
0.69%, 9/1/10		30,000		29,999
0.19%, 9/11/10		25,000		24,994
0.18%, 9/17/10		30,000		30,000
0.17%, 9/20/10		50,000		49,980
0.19%, 9/26/10		40,000		40,003
0.30%, 10/26/10		17,050		17,050
FHLB Notes, 2.63%, 3/11/11		45,000		45,562
2.88%, 3/11/11		14,880		15,080
0.75%, 3/18/11		3,260		3,268
0.70%, 4/18/11		10,000		10,029
0.33%, 4/25/11		3,500		3,502
0.50%, 5/19/11		5,025		5,034
0.54%, 5/24/11		5,000		5,008

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 62.9% (1) continued
Federal Home Loan Bank - 22.6% continued
0.54%, 5/27/11	$	4,650	$	4,658
0.58%, 6/10/11		4,760		4,771
3.13%, 6/10/11		35,570		36,353
5.25%, 6/10/11		15,355		15,943
0.75%, 7/8/11		5,450		5,471
0.76%, 7/19/11		14,500		14,558
				1,403,947
Federal Home Loan Mortgage Corporation - 12.0%
FHLMC Bond, 5.63%, 3/15/11		26,726		27,484
FHLMC Discount Notes, 0.25%, 10/20/10		20,000		19,993
0.29%, 11/1/10		15,000		14,993
0.25%, 12/14/10		60,000		59,957
0.27%, 12/27/10		113,310		113,210
FHLMC FRN, 0.52%, 9/3/10		50,000		50,000
0.61%, 9/9/10		36,090		36,128
0.51%, 9/24/10		100,000		100,008
0.51%, 9/30/10		10,000		10,005
0.53%, 10/30/10		5,327		5,330
0.33%, 11/1/10		25,000		25,005
0.36%, 11/4/10		17,156		17,155
0.37%, 11/5/10		7,997		8,002
FHLMC Notes, 1.45%, 9/10/10		39,900		39,912
6.88%, 9/15/10		12,000		12,030
4.13%, 10/18/10		55,181		55,456
3.13%, 10/25/10		71,100		71,403
2.88%, 11/23/10		23,000		23,132
4.50%, 12/16/10		5,000		5,060
3.25%, 2/25/11		25,000		25,355
5.25%, 7/18/11		27,300		28,474
				748,092
Federal National Mortgage Association - 10.7%
FNMA Discount Notes, 0.17%, 9/1/10		29,236		29,236
0.21%, 9/1/10		74,367		74,367
0.25%, 9/20/10		45,000		44,994
0.19%, 10/1/10		35,377		35,371
0.30%, 10/1/10		40,549		40,538
0.31%, 10/1/10		25,000		24,993
0.32%, 10/1/10		20,000		19,994
0.28%, 10/13/10		8,250		8,247
0.29%, 10/20/10		85,500		85,466
0.30%, 10/25/10		16,200		16,193
0.22%, 11/1/10		39,500		39,485
0.23%, 11/1/10		10,828		10,824
0.29%, 1/18/11		20,000		19,978
0.45%, 8/1/11		16,020		15,953
FNMA Notes, 4.38%, 9/13/10		10,136		10,150
2.88%, 10/12/10		92,295		92,563
4.75%, 12/15/10		27,761		28,113
4.50%, 2/15/11		20,000		20,383
1.75%, 3/23/11		30,000		30,246
1.38%, 4/28/11		4,615		4,645
6.00%, 5/15/11		10,315		10,730
				662,469
Tennessee Valley Authority - 0.1%
Tennessee Valley Authority Bond, 5.63%, 1/18/11		3,500		3,570
Total U.S. Government Agencies (Cost $3,902,708)				3,902,708
U.S. GOVERNMENT OBLIGATIONS - 17.7%
U.S. Treasury Bills - 16.1%
0.09%, 9/2/10		200,000		199,999
0.13%, 9/2/10		185,000		184,999
0.14%, 9/16/10		100,000		99,993
0.16%, 9/16/10		100,000		99,993
0.13%, 9/23/10		40,000		39,996
0.15%, 9/23/10		175,000		174,984
0.10%, 10/7/10		100,000		99,990
0.23%, 11/18/10		50,000		49,975
0.16%, 12/16/10		5,500		5,498
0.20%, 12/23/10		20,000		19,988
0.34%, 1/13/11		25,000		24,969
				1,000,384
U.S. Treasury Notes - 1.6%
2.00%, 9/30/10		45,000		45,061
1.25%, 11/30/10		45,000		45,106
0.88%, 2/28/11		10,000		10,032
				100,199
Total U.S. Government Obligations (Cost $1,100,583)				1,100,583

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
Investments, at Amortized Cost ($5,003,291)			$	5,003,291
REPURCHASE AGREEMENTS - 21.3 %
Joint Repurchase Agreements - 1.2% (2)
Bank of America Securities LLC, dated 8/31/10, repurchase price $16,291 0.18%, 9/1/10	$	16,291		16,291
Morgan Stanley & Co., Inc., dated 8/31/10, repurchase price $16,291 0.22%, 9/1/10		16,291		16,291
Societe Generale, New York Branch, dated 8/31/10, repurchase price $16,291 0.23%, 9/1/10		16,291		16,291
UBS Securities LLC, dated 8/31/10, repurchase price $24,437 0.23%, 9/1/10		24,437		24,437
				73,310
Repurchase Agreements - 20.1% (3)
BNP Paribas Securities Corp., dated 8/31/10, repurchase price $160,001 0.25%, 9/1/10		160,000		160,000
BNP Paribas Securities Corp., dated 8/31/10, repurchase price $500,003 0.24%, 9/1/10		500,000		500,000
Citigroup Global Markets, Inc., dated 8/31/10, repurchase price $27,875 0.26%, 9/1/10		27,875		27,875
Deutsche Bank Seurities, Inc., dated 8/31/10, repurchase price $190,001 0.25%, 9/1/10		190,000		190,000
Goldman Sachs & Co., dated 8/31/10, repurchase price $130,001 0.25%, 9/1/10		130,000		130,000
JPMorgan Securities, dated 8/31/10, repurchase price $95,001 0.25%, 9/1/10		95,000		95,000
UBS Securities LLC, dated 8/31/10, repurchase price $145,001 0.15%, 9/1/10		145,000		145,000
				1,247,875
Total Repurchase Agreements (Cost $1,321,185)				1,321,185
Total Investments - 101.9% (Cost $6,324,476) (4)				6,324,476
Liabilities less Other Assets - (1.9)%				(115,348	)
NET ASSETS - 100.0%			$	6,209,128

(1) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed FNMA and FHLMC in conservatorship. The United States Treasury has put in place a set of financing agreements to ensure that these entities continue to meet their obligations to holders of bonds that they have issued or guaranteed.

(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	$	22,080	2.38% - 6.25%		8/15/23 - 1/15/27
U.S. Treasury Notes	$	52,726	0.88% - 3.63%		1/31/11 - 8/15/19

(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
FNMA	$	736,753	0.63% - 7.00%		9/24/12 - 4/1/40
FHLB	$	265,893	1.82% - 4.88%		12/13/13 - 8/24/15
FHLMC	$	112,896	2.59% - 6.00%		1/5/27 - 4/1/38
GNMA	$	15,421	3.13% - 8.00%		7/20/22 - 8/20/40
U.S. Treasury Notes	$	147,904	0.75%		8/15/13

(4) The cost for federal income tax purposes was $6,324,476.

Percentages shown are based on net assets.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT PORTFOLIO continued AUGUST 31, 2010 (UNAUDITED)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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, which are carried at fair value, as of August 31, 2010:

	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Investments held by Government Portfolio	$	—	$	6,324,476	(1)	$	—	$	6,324,476

(1) Classifications as defined in the Schedule of Investments.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discontinued 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 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 76.9% (1)
Federal Farm Credit Bank - 31.8%
FFCB Bonds, 5.25%, 9/13/10	$	30,000	$	30,049
0.41%, 10/26/10		20,000		20,002
3.75%, 12/6/10		23,135		23,349
0.45%, 1/4/11		15,000		15,004
FFCB Discount Notes, 0.13%, 9/2/10		100,000		100,000
0.14%, 9/2/10		105,000		105,000
0.15%, 9/2/10		20,000		20,000
0.21%, 9/2/10		25,000		25,000
0.21%, 9/3/10		20,000		20,000
0.13%, 9/7/10		75,000		74,998
0.27%, 9/7/10		5,000		5,000
0.27%, 9/8/10		20,000		19,999
0.23%, 9/9/10		20,000		19,999
0.15%, 9/10/10		50,000		49,998
0.24%, 9/15/10		40,000		39,996
0.15%, 9/16/10		50,000		49,997
0.16%, 9/17/10		30,000		29,998
0.25%, 9/20/10		15,000		14,998
0.15%, 9/23/10		30,000		29,997
0.25%, 9/23/10		20,000		19,998
0.15%, 9/27/10		30,000		29,996
0.23%, 9/27/10		35,000		34,995
0.16%, 9/29/10		93,000		92,988
0.20%, 9/29/10		15,000		14,998
0.23%, 9/30/10		20,000		19,996
0.23%, 10/7/10		20,000		19,995
0.20%, 10/8/10		10,000		9,998
0.24%, 10/8/10		20,000		19,995
0.15%, 10/13/10		20,000		19,997
0.17%, 10/15/10		25,000		24,995
0.25%, 10/18/10		20,000		19,993
0.25%, 10/19/10		40,000		39,987
0.26%, 11/10/10		20,000		19,990
0.26%, 11/12/10		20,000		19,988
0.36%, 11/12/10		25,000		24,985
0.16%, 11/15/10		65,000		64,975
0.26%, 11/15/10		20,000		19,992
0.19%, 11/19/10		20,000		19,992
0.29%, 11/23/10		25,000		24,983
0.30%, 12/2/10		10,000		9,992
0.27%, 12/14/10		15,000		14,988
0.36%, 12/21/10		20,000		19,978
0.21%, 12/29/10		10,000		9,993
0.21%, 12/30/10		15,000		14,988
0.26%, 12/30/10		15,000		14,988
0.24%, 1/13/11		20,000		19,982
0.24%, 1/14/11		20,000		19,982
0.23%, 1/24/11		5,000		4,995
0.23%, 1/25/11		20,000		19,980
0.26%, 1/25/11		50,000		49,949
0.21%, 1/26/11		25,000		24,978
0.21%, 1/27/11		25,000		24,978
0.22%, 1/27/11		20,000		19,982
0.21%, 1/31/11		25,000		24,978
0.23%, 2/3/11		40,000		39,960
0.23%, 2/16/11		25,000		24,973
0.22%, 2/17/11		20,000		19,979
0.23%, 2/17/11		25,000		24,974
0.24%, 2/18/11		20,000		19,977
0.23%, 2/22/11		10,000		9,989
0.30%, 3/3/11		10,000		9,985
0.25%, 3/4/11		40,000		39,949
0.23%, 3/14/11		20,000		19,975
0.23%, 3/15/11		20,000		19,975
0.22%, 3/16/11		20,000		19,974
0.25%, 3/16/11		40,000		39,948
0.30%, 3/21/11		75,000		74,874
0.25%, 3/30/11		40,000		39,940
0.26%, 3/30/11		40,000		39,940
0.21%, 4/1/11		20,000		19,975
0.32%, 4/6/11		50,000		49,904
0.28%, 4/18/11		40,000		39,929
0.30%, 5/4/11		40,000		39,918
0.28%, 5/16/11		50,000		49,900
0.28%, 5/20/11		20,000		19,959
0.22%, 5/31/11		20,000		19,967
0.30%, 6/10/11		45,000		44,894
0.42%, 7/14/11		10,000		9,964
0.28%, 8/10/11		20,000		19,947
FFCB FRN, 0.19%, 9/1/10		125,000		125,000
0.29%, 9/1/10		100,000		99,987
0.38%, 9/1/10		17,300		17,306
0.74%, 9/1/10		75,000		75,000
0.31%, 9/2/10		45,000		45,000

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 76.9% (1) continued
Federal Farm Credit Bank - 31.8% continued
0.28%, 9/3/10	$	100,000	$	100,000
0.51%, 9/3/10		53,000		53,000
0.55%, 9/4/10		25,000		25,001
0.20%, 9/7/10		85,000		85,000
0.23%, 9/9/10		65,000		65,000
0.65%, 9/9/10		11,435		11,449
0.22%, 9/14/10		50,000		49,997
0.58%, 9/15/10		235,000		235,024
0.17%, 9/17/10		40,000		40,002
0.21%, 9/17/10		30,000		30,000
0.17%, 9/18/10		100,000		100,001
0.29%, 9/20/10		75,000		74,997
0.51%, 9/20/10		229,000		229,000
0.18%, 9/22/10		75,000		75,000
0.18%, 9/24/10		75,000		75,002
0.26%, 9/27/10		50,000		49,998
FFCB Notes, 5.38%, 7/18/11		10,000		10,443
				3,980,927
Federal Home Loan Bank - 43.5%
FHLB Bonds,
3.00%, 9/10/10		5,900		5,904
4.50%, 9/10/10		24,335		24,359
5.13%, 9/10/10		70,150		70,235
0.60%, 9/17/10		30,000		30,004
4.38%, 9/17/10		79,660		79,805
0.77%, 9/29/10		11,830		11,835
5.13%, 9/29/10		45,845		46,018
1.25%, 10/14/10		10,000		10,011
0.42%, 10/15/10		19,585		19,589
0.50%, 10/18/10		50,000		50,014
0.38%, 10/19/10		6,650		6,651
3.38%, 10/20/10		10,200		10,241
0.48%, 10/25/10		33,225		33,235
0.50%, 10/25/10		49,200		49,218
0.45%, 10/28/10		79,500		79,527
0.50%, 10/29/10		84,500		84,549
4.25%, 11/2/10		15,080		15,182
0.38%, 11/4/10		20,000		20,001
0.38%, 11/5/10		40,000		39,998
6.63%, 11/15/10		5,215		5,283
0.38%, 11/16/10		10,500		10,501
0.28%, 11/17/10		10,000		10,000
0.25%, 11/26/10		40,000		39,995
0.28%, 11/26/10		18,465		18,468
0.85%, 12/3/10		19,750		19,777
3.00%, 12/10/10		5,130		5,168
3.25%, 12/10/10		75,000		75,610
3.50%, 12/10/10		17,480		17,634
4.75%, 12/10/10		31,615		31,995
0.38%, 12/14/10		40,000		40,006
3.63%, 12/17/10		41,940		42,356
0.25%, 12/21/10		13,740		13,737
0.25%, 12/28/10		36,250		36,249
0.57%, 12/29/10		10,000		10,007
0.26%, 1/13/11		78,075		78,075
1.63%, 1/21/11		9,400		9,452
0.35%, 4/1/11		10,000		10,000
0.58%, 6/3/11		75,000		74,993
3.63%, 7/1/11		20,000		20,524
FHLB Discount Notes, 0.10%, 9/1/10		1,468,567		1,468,567
0.13%, 9/1/10		45,400		45,400
0.15%, 9/1/10		17,393		17,393
0.16%, 9/1/10		150,000		150,000
0.16%, 9/3/10		200,000		199,998
0.13%, 9/7/10		75,000		74,998
0.14%, 9/7/10		75,000		74,998
0.14%, 9/8/10		40,000		39,999
0.15%, 9/8/10		55,950		55,948
0.16%, 9/8/10		200,000		199,994
0.14%, 9/10/10		26,000		25,999
0.14%, 9/15/10		75,000		74,995
0.16%, 9/15/10		130,900		130,892
0.19%, 9/15/10		94,603		94,597
0.17%, 9/17/10		20,000		19,999
0.14%, 9/22/10		25,000		24,998
0.17%, 9/24/10		70,000		69,993
0.30%, 9/28/10		60,000		59,986
0.22%, 10/20/10		100,000		99,970
0.36%, 10/25/10		90,000		89,953
0.18%, 10/26/10		100,000		99,972
0.28%, 12/10/10		30,000		29,977
0.27%, 12/27/10		30,000		29,974
FHLB FRN, 0.24%, 9/1/10		16,900		16,896
0.40%, 9/1/10		12,500		12,505
0.46%, 9/1/10		75,000		75,000

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 76.9% (1) continued
Federal Home Loan Bank - 43.5% continued
0.59%, 9/1/10	$	100,000	$	99,999
0.69%, 9/1/10		130,000		129,999
0.39%, 9/6/10		10,000		10,001
0.19%, 9/11/10		195,000		194,952
0.18%, 9/17/10		65,000		65,000
0.19%, 9/26/10		60,000		60,004
0.47%, 10/15/10		25,000		25,006
0.48%, 10/15/10		5,000		5,001
0.47%, 10/19/10		50,000		50,018
FHLB Notes, 0.50%, 10/29/10		13,855		13,862
0.28%, 11/10/10		135,000		135,010
0.33%, 12/10/10		20,000		20,003
0.88%, 1/20/11		8,005		8,024
0.50%, 1/28/11		12,200		12,200
0.75%, 3/18/11		20,000		20,049
0.70%, 4/18/11		5,500		5,516
0.35%, 4/25/11		25,500		25,503
3.13%, 6/10/11		15,000		15,331
5.25%, 6/10/11		5,130		5,323
				5,440,008
Tennessee Valley Authority - 1.6%
Tennessee Valley Authority Bonds, 5.63%, 1/18/11		25,000		25,498
Tennessee Valley Authority Discount Notes, 0.15%, 9/23/10		170,000		169,985
				195,483
Total U.S. Government Agencies (Cost $9,616,418)				9,616,418
U.S. GOVERNMENT OBLIGATIONS - 25.5%
U.S. Treasury Bills - 19.9%
0.06%, 9/2/10		175,000		174,999
0.12%, 9/2/10		325,000		324,999
0.13%, 9/2/10		100,000		100,000
0.14%, 9/2/10		530,000		529,998
0.14%, 9/9/10		75,000		74,998
0.14%, 9/16/10		200,000		199,987
0.15%, 9/16/10		325,000		324,979
0.17%, 9/16/10		12,000		11,999
0.15%, 9/23/10		175,000		174,983
0.14%, 9/30/10		100,000		99,988
0.15%, 9/30/10		75,000		74,991
0.16%, 10/7/10		50,000		49,992
0.15%, 10/14/10		30,000		29,995
0.16%, 10/21/10		25,000		24,995
0.15%, 11/4/10		65,000		64,983
0.16%, 11/4/10		8,000		7,998
0.22%, 11/12/10		22,000		21,990
0.16%, 11/26/10		20,000		19,992
0.43%, 12/16/10		18,000		17,991
0.19%, 1/13/11		45,000		44,968
0.19%, 1/20/11		75,000		74,944
0.19%, 2/3/11		30,000		29,976
				2,479,745
U.S. Treasury Notes - 5.6%
3.88%, 9/15/10		10,000		10,014
2.00%, 9/30/10		195,000		195,265
1.50%, 10/31/10		275,000		275,552
0.88%, 1/31/11		18,000		18,051
0.88%, 2/28/11		20,000		20,065
4.50%, 2/28/11		55,000		56,174
0.88%, 3/31/11		25,000		25,091
4.63%, 8/31/11		100,000		104,288
				704,500
Total U.S. Government Obligations (Cost $3,184,245)				3,184,245
Investments, at Amortized Cost ($12,800,663)				12,800,663
Total Investments - 102.4% (Cost $12,800,663) (2)				12,800,663
Liabilities less Other Assets - (2.4)%				(302,695	)
NET ASSETS - 100.0%			$	12,497,968

(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 incoime tax purposes was $12,800,663.

Percentages shown are based on Net Assets.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

GOVERNMENT SELECT PORTFOLIO continued

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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, which are carried at fair value, as of August 31, 2010:

	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Investments held by Government Select Portfolio	$	—	$	12,800,663	(1)	$	—	$	12,800,663

(1) Classifications as defined in the Schedule of Investments.

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

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

EXPLANATION OF ABBREVIATIONS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

FFCB - Federal Farm Credit Bank

FHLB - Federal Home Loan Bank

FRN - Floating Rate Notes

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TREASURY PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 25.3%
U.S. Treasury Bills - 9.0%
0.23%, 9/23/10	$	30,000	$	29,995
0.41%, 9/23/10		8,000		7,999
0.15%, 10/14/10		1,000		1,000
0.24%, 10/14/10		10,000		9,997
0.37%, 10/21/10		60,000		59,969
0.40%, 12/16/10		45,000		44,946
0.41%, 12/16/10		55,000		54,934
0.45%, 12/16/10		18,000		17,978
0.21%, 1/6/11		100,000		99,926
0.32%, 2/10/11		44,895		44,830
0.38%, 3/10/11		50,000		49,902
				421,476
U.S. Treasury Notes - 16.3%
2.00%, 9/30/10		123,000		123,173
4.50%, 11/15/10		62,000		62,512
1.25%, 11/30/10		210,000		210,492
5.00%, 2/15/11		5,000		5,106
0.88%, 2/28/11		155,000		155,419
4.50%, 2/28/11		70,000		71,452
4.75%, 3/31/11		40,000		40,993
1.13%, 6/30/11		25,000		25,158
5.13%, 6/30/11		25,000		25,969
4.63%, 8/31/11		45,000		46,932
				767,206
Total U.S. Government Obligations (Cost $1,188,682)				1,188,682
Investments, at Amortized Cost ($1,188,682)				1,188,682
REPURCHASE AGREEMENTS - 74.6%
Joint Repurchase Agreements - 2.0% (1)
Bank of America Securities LLC, dated 8/31/10, repurchase price $21,290 0.18%, 9/1/10		21,290		21,290
Morgan Stanley & Co., Inc., dated 8/31/10, repurchase price $21,290 0.22%, 9/1/10		21,290		21,290
Societe Generale, New York Branch, dated 8/31/10, repurchase price $21,290 0.23%, 9/1/10		21,290		21,290
UBS Securities LLC, dated 8/31/10, repurchase price $31,935 0.23%, 9/1/10		31,935		31,935
				95,805
Repurchase Agreements - 72.6% (2)
Bank of America Securities LLC, dated 8/31/10, repurchase price $321,302 0.23%, 9/1/10		321,300		321,300
Barclays Capital, Inc., dated 8/31/10, repurchase price $955,006 0.24%, 9/1/10		955,000		955,000
BNP Paribas Securities Corp., dated 8/31/10, repurchase price $810,005 0.23%, 9/1/10		810,000		810,000
Citigroup Global Markets, Inc., dated 8/31/10, repurchase price $415,003 0.25%, 9/1/10		415,000		415,000
Credit Suisse, dated 8/31/10, repurchase price $65,000 0.24%, 9/1/10		65,000		65,000
HSBC Securities (USA), Inc., dated 8/31/10, repurchase price $205,001 0.23%, 9/1/10		205,000		205,000
RBS Securities, Inc., dated 8/31/10, repurchase price $435,003 0.24%, 9/1/10		435,000		435,000
Societe Generale, New York Branch, dated 8/31/10, repurchase price $200,001 0.23%, 9/1/10		200,000		200,000
				3,406,300
Total Repurchase Agreements (Cost $3,502,105)				3,502,105
Total Investments - 99.9% (Cost $4,690,787) (3)				4,690,787
Other Assets less Liabilities - 0.1%				2,723
NET ASSETS - 100.0%			$	4,693,510

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

NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	$	28,855	2.38% - 6.25%	8/15/23 - 1/15/27
U.S. Treasury Notes	$	68,905	0.88% - 3.63%	1/31/11 - 2/15/19

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TREASURY PORTFOLIO continued AUGUST 31, 2010 (UNAUDITED)

(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 Bills	$	59,653	0.00%	8/15/2011
U.S. Treasury Bonds	$	209,104	7.50% - 8.13%	5/15/21 - 11/15/24
U.S. Treasury Notes	$	2,987,420	0.88% - 5.13%	8/31/11 - 2/15/19
U.S. Treasury Strips	$	221,674	0.00%	8/15/33 - 6/15/40

(3) The cost for federal income tax purposes was $4,690,787.

Percentages shown are based on net assets.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market particpiants 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 Treasury Portfolio’s investments, which are carried at fair value, as of August 31, 2010:

	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Investments held by Treasury Portfolio	$	—	$	4,690,787	(1)	$	—	$	4,690,787

(1) Classifications as defined in the Schedule of Investments.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discontinued 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 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0%
Alabama - 1.8%
Hoover Alabama Multi-family Revenue Refunding VRDB, Housing Royal Oaks Apartments Project, (Federal Home Loan Mortgage Corp. Insured), 0.30%, 9/9/10	$	5,200	$	5,200
Taylor-Ryan Improvement District No. 2 Alabama Special Assessment VRDB, (Wells Fargo & Company LOC), 0.30%, 9/9/10		14,800		14,800
West. Jefferson Alabama Industrial Development Board Pollution Control Revenue Refunding Bonds, Alabama Power Co. Project, 0.25%, 9/9/10		10,000		10,000
				30,000
Arizona - 1.0%
Arizona Health Facilities Authority Revenue VRDB, Health Facilities Royal Oaks Project, (JPMorgan Chase Bank N.A. LOC), 0.28%, 9/9/10		5,485		5,485
Arizona Health Facilities Authority Revenue Bonds, The Terraces Project, Series B-1 (Federal Home Loan Mortgage Co. LOC), 0.30%, 9/9/10		2,055		2,055
Salt River Project Arizona Agriculture Improvement & Power District Electric Systems Revenue Bonds, Salt River Project, Series A 0.30%, 9/9/10 (1)		2,300		2,300
Sun Devil Energy Center LLC Arizona Revenue Refunding Bonds, Arizona St. University Project, (AGM Insured), 0.39%, 9/9/10		7,500		7,500
				17,340
California - 6.8%
California State Department Water Resource Power Supply Revenue VRDB, Series C-17 (Bank of New York Mellon Corp. LOC), 0.24%, 9/9/10		2,600		2,600
California State G.O. Bonds, Series A-3 (Bank of Montreal LOC), 0.25%, 9/1/10		48,100		48,100
California Statewide Communities Development Authority Revenue VRDB, Amern Baptist Homes West, (Bank of New York Mellon Corp. LOC), 0.26%, 9/9/10		5,000		5,000
California Statewide Communities Development Authority Revenue VRDB, Front Porch Communities, Series B (Bank of America Corp. LOC), 0.28%, 9/9/10		1,100		1,100
California Statewide Communities Development Authority Revenue VRDB, Rady Children’s Hospital, Series D (Wachovia Bank N.A. LOC), 0.24%, 9/1/10		33,580		33,580
East. Bay California Municipal Utilities District Water Systems Revenue Refunding VRDB, Series A-2 0.30%, 9/9/10		4,925		4,925
Irvine California Improvement Bond Act 1915 Assessment District, Series A (KBC Groep NV LOC), 0.23%, 9/1/10		7,800		7,800
Los Angeles, California Department Water & Power Revenue VRDB, Power Systems, 0.28%, 9/9/10		5,000		5,000
Los Angeles, California G.O. Bonds, TRANS, 2.00%, 4/21/11		5,000		5,044
Orange County California Housing Authority Apartment Development Revenue Refunding VRDB, Oasis Martinique, Series I (Federal National Mortgage Association Gtd.), 0.27%, 9/9/10		800		800
				113,949
Colorado - 1.4%
Colorado Educational & Cultural Facilities Authority Revenue VRDB, Foundations Academy Project, (US Bancorp LOC), 0.28%, 9/9/10		4,655		4,655

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0% continued
Colorado - 1.4% continued
Colorado Educational & Cultural Facilities Authority Revenue Concordia University Irvine Project, (US Bancorp LOC), 0.25%, 9/1/10	$	1,480	$	1,480
Colorado Health Facilities Authority Revenue Refunding VRDB, Covenant Retirement, (Bank of America Corp. LOC), 0.28%, 9/9/10		5,080		5,080
Colorado Health Facilities Authority Revenue Senior Living Facilities Eaton Terrace, Series A (US Bancorp LOC), 0.28%, 9/9/10		2,155		2,155
Denver, Colorado City & County Multi-Family Housing Revenue Ogden Residences Project, (Credit Agricole Corp. and Investment Bank LOC), 0.36%, 9/1/10		1,700		1,700
Mid-cities Metropolitan District No. 1 Colorado Special Revenue Refunding VRDB, Series B (BNP Paribas LOC), 0.27%, 9/9/10		4,000		4,000
Traer Creek Metropolitan District Colorado Revenue VRDB, (BNP Paribas LOC), 0.50%, 9/9/10		200		200
Westminster, Colorado Economic Development Authority Tax Increment Revenue Refunding VRDB, Mandalay Gardens, (US Bancorp LOC), 0.25%, 9/9/10		4,300		4,300
				23,570
Connecticut - 1.1%
Connecticut State G.O. BANS, 2.00%, 5/19/11		13,885		14,038
Connecticut State Health & Educational Facilities Authority Revenue VRDB, Pierce Memorial Baptist Home, Series A (Bank of America Corp. LOC), 0.26%, 9/9/10		2,000		2,000
Connecticut State Health & Educational Facilities Authority Revenue VRDB, Kent School, Series E (Bank of America Corp. LOC), 0.30%, 9/9/10		2,800		2,800
				18,838
District of Columbia - 2.9%
District Columbia G.O. TANS, 2.50%, 9/30/10		16,400		16,427
District Columbia Hospital Revenue Bonds, Children’s Hospital Obligation, Sub-series 2 (AGM Insured), 0.32%, 9/9/10 (1)		17,585		17,585
District Columbia Revenue VRDB, American Legacy Foundation, 0.29%, 9/9/10		6,000		6,000
District Columbia Revenue VRDB, Henry J Kaiser Foundation, 0.30%, 9/9/10		1,200		1,200
District Columbia Water & Sewer Authority Public Utility Revenue Bonds,
(AGM Insured), 0.31%, 9/9/10 (1)		7,000		7,000
				48,212
Florida - 8.4%
Brevard County Florida Health Facilities Authority Revenue Refunding VRDB, Retirement Housing Foundation, (KBC Groep NV LOC), 0.28%, 9/9/10		6,400		6,400
Citizens Property Insurance Corp. Florida High Risk Senior Secured Notes, Series A 2.00%, 4/21/11		12,000		12,054
Florida Housing Financial Agency VRDB, Multi-family Housing Lakeside, Series B (Federal National Mortgage Association Insured), 0.29%, 9/9/10		4,675		4,675
Gainesville, Florida Utilities Systems Revenue VRDB, Series B 0.26%, 9/9/10		7,335		7,335

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0% continued
Florida - 8.4% continued
Highlands County Florida Health Facilities Authority Revenue VRDB, Adventist/Sunbelt, Series A (Federal Home Loan Bank of Atlanta LOC), 0.26%, 9/9/10	$	15,190	$	15,190
Highlands County Florida Health Facilities Authority Revenue Refunding VRDB, Hospital Adventist Health, Series A (M&T Bank Corp. Insured), 0.28%, 9/9/10		18,755		18,755
Highlands County Florida Health Facilities Authority Revenue VRDB, Hospital Adventist Health Systems, Series C 0.26%, 9/9/10		10,000		10,000
Jacksonville Florida Health Facilities Authority Hospital Revenue VRDB, Baptist Medical, Series B (BB&T Corp. LOC), 0.29%, 9/9/10		14,155		14,155
Lee County Florida Industrial Development Authority Health Care Facilities Revenue VRDB, Shell Point Village Project, Series B (Federal Home Loan Bank of Atlanta LOC), 0.30%, 9/9/10		2,100		2,100
Lee County Florida Industrial Development Authority Health Care Facilities Revenue VRDB, Shell Point Village Project, Series A (Wachovia Bank N.A. LOC), 0.30%, 9/9/10		5,000		5,000
Orange County Florida School Board COPS VRDB, Series B (Federal National Mortgage Association Insured), 0.30%, 9/9/10		10,700		10,700
Orlando Florida Utilities Commission Utilities Systems Revenue VRDB, 0.30%, 9/9/10		10,000		10,000
Pembroke Pines Florida Charter School Revenue VRDB, (AGM Insured), 0.28%, 9/9/10		10,000		10,000
Polk County Florida School Board COPS VRDB, Master Lease Program, Series B (Wells Fargo Bank N.A. LOC), 0.25%, 9/1/10		14,300		14,300
				140,664
Georgia - 2.7%
Fulton County Georgia Development Authority Revenue Bonds, Alfred & Adele Davis, (BB&T Corp. LOC), 0.30%, 9/9/10		11,550		11,550
Fulton County Georgia Residential Care Facilities Elderly Authority Revenue VRDB, First Mortgage Lenbrook Project, Series C (Bank of Scotland PLC LOC), 0.28%, 9/9/10		200		200
Gainesville & Hall County Georgia Development Authority Revenue VRDB, Senior Living Facility Lanier Village, Series B (TD Banknorth Inc. LOC), 0.23%, 9/1/10		5,800		5,800
Macon Bibb County Georgia Industrial Authority Reform & Improvement, Bass-Sofkee, 0.33%, 9/9/10		11,200		11,200
Municipal Electric Authority Georgia VRDB, Project 1, Sub-series B (JPMorgan Chase Bank N.A. LOC), 0.33%, 9/9/10		12,300		12,300
Smyrna Georgia Housing Authority Multifamily Housing Revenue F & M Villages Project, (JPMorgan Chase Bank N.A. Gtd.), 0.30%, 9/9/10		4,920		4,920
				45,970
Illinois - 9.8%
Chicago Illinois G.O. Refunding VRDB, Series D (Federal Home Loan Mortgage Co. Insured), 0.34%, 9/9/10		7,000		7,000
Series E 0.34%, 9/1/10		16,800		16,800
Chicago Illinois G.O. VRDB, Neighborhoods Alive, Series 21-B-3 (Federal National Mortgage Association LOC), 0.29%, 9/1/10		8,900		8,900
Chicago Illinois Wastewater Transmission Revenue Refunding VRDB, Sub-series C-1 (US Bancorp LOC), 0.25%, 9/1/10		2,300		2,300

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0% continued
Illinois - 9.8% continued
Illinois Educational Facilities Authority Revenue The Adler Planetarium, (Federal Home Loan Bank of Boston LOC), 0.28%, 9/9/10	$	12,550	$	12,550
Illinois Educational Facilities Authority Revenues University Chicago, Series B-3 0.46%, 5/4/11		7,000		7,000
Illinois Educational Facilities Authority Student Housing Revenue IIT State, Series A (Harris Bankcorp Inc. LOC), 0.33%, 9/9/10		7,900		7,900
Illinois Financial Authority Revenue Northwestern University, Sub-series B 0.32%, 3/1/11		8,850		8,850
Illinois Financial Authority Revenue VRDB, Marwen Foundation Project, (Bank of New York Mellon Corp. LOC), 0.45%, 9/9/10		5,080		5,080
Illinois Financial Authority Revenue VRDB, The Clare At Water Project, Series D (Bank of America Corp. LOC), 0.32%, 9/9/10		40,000		40,000
Illinois Financial Authority Revenue VRDB, Landing At Plymouth Place, Series C (Bank of America Corp. LOC), 0.28%, 9/9/10		2,450		2,450
Illinois Intl Port District Revenue Refunding VRDB, (Bank of America Corp. LOC), 0.49%, 9/9/10		3,000		3,000
Illinois State Toll Highway Authority Toll Highway Revenue Refunding VRDB, Senior Priority, Series A-2 0.33%, 9/9/10		7,500		7,500
Illinois State Toll Highway Authority Toll Highway Revenue VRDB, Senior Priority, Series A-1 0.31%, 9/9/10		2,300		2,300
Kane County Illinois Revenue Glenwood School For Boys, (Harris Bankcorp Inc. LOC), 0.31%, 9/9/10		5,000		5,000
Morton Grove, Illinois Cultural Facility Revenue VRDB, Illinois Holocaust Museum & Education, (Bank of America Corp. LOC), 0.31%, 9/9/10		9,500		9,500
Oak Forest Illinois Revenue Weekly Mode-Homewood Pool, (Fifth Third Financial Corp LOC), 0.49%, 9/9/10		7,700		7,700
Peoria, Illinois Industrial Development Revenue Peoria Production Shop Project, (JPMorgan Chase Bank N.A. LOC), 0.60%, 9/9/10		450		450
Springfield, Illinois Community Improvement Revenue VRDB, Abraham Lincoln, Series A (Harris Bankcorp Inc. LOC), 0.32%, 9/9/10		4,250		4,250
Will County Illinois Revenue VRDB, Joliet Catholic Academy Project, (Harris Bankcorp Inc. LOC), 0.32%, 9/9/10		6,250		6,250
				164,780
Indiana - 1.9%
Indiana Financial Authority Health Systems Revenue Refunding VRDB, Sisters St. Francis, Series I (Wells Fargo Bank N.A. LOC), 0.26%, 9/9/10		3,600		3,600
Indiana Health Facilities Financing Authority Revenue VRDB, Senior Living-Greencroft Obligation, (Bank of America Corp. LOC), 0.28%, 9/9/10		1,111		1,111
Indiana Health Facility Financing Authority Revenue VRDB, Franciscan Eldercare Project, Series B (Bank of America Corp. LOC), 0.32%, 9/9/10		16,045		16,045
Indiana State Financial Authority Revenue VRDB, Ascension Health, Series E-8 0.26%, 9/9/10		12,000		12,000
				32,756

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0% continued
Iowa - 0.8%
Iowa Financial Authority Health Care Facilities Revenue VRDB, St Lukes Health, Series A (General Electric Capital Corp. LOC), 0.27%, 9/9/10	$	3,100	$	3,100
Iowa Financial Authority Retirement Community Revenue VRDB, Wesley Retirement Services, Series B (Wells Fargo Bank N.A. LOC), 0.28%, 9/9/10		8,000		8,000
Iowa Higher Education Loan Authority Revenue Private College, Luther College Project, (Wachovia Bank N.A. LOC), 0.27%, 9/9/10		2,725		2,725
				13,825
Kentucky - 0.6% Fort Mitchell Kentucky League of Cities Funding Trust. Lease Program VRDB, Series A (US Bancorp LOC), 0.29%, 9/9/10		1,850		1,850
Kentucky Economic Development Financial Authority Revenue Refunding VRDB, Retirement Housing Foundation, (KBC Groep NV LOC), 0.28%, 9/9/10		4,015		4,015
Kentucky Rural Water Financial Corp Public Project Revenue Construction Notes, Series B-2 1.25%, 1/1/11		3,000		3,005
Morehead Kentucky League of Cities Funding Trust. Lease Program Revenue VRDB, Series A (US Bancorp LOC), 0.29%, 9/9/10		426		426
				9,296
Louisiana - 1.3%
Louisiana Public Facilities Authority Revenue VRDB, Tiger Athletic, (Federal Home Loan Bank of Atlanta LOC), 0.28%, 9/9/10		21,300		21,300
Maryland - 3.3%
Baltimore County Maryland Multi-family Refunding VRDB, Housing Lincoln Woods Apartments, (Federal National Mortgage Association Insured), 0.30%, 9/9/10		8,194		8,194
Maryland State Community Development Administration Department Housing & Community Development VRDB, Non-AMT Non-Ace Multi-family, Series F (Federal Home Loan Mortgage Corp. Insured), 0.29%, 9/9/10		3,100		3,100
Maryland State Health & Higher Educational Facilities Authority Revenue VRDB, University of Maryland Medical Systems, Series A (Citizens Bank of Pennsylvania LOC), 0.43%, 9/9/10		6,500		6,500
Series E (Bank of Montreal LOC), 0.27%, 9/9/10		7,500		7,500
Maryland State Health & Higher Educational Facilities Authority Revenue VRDB, Adventist Health Care, Series A (Wachovia Bank N.A. LOC), 0.28%, 9/9/10		10,060		10,060
Maryland State Health & Higher Educational Facilities Authority Revenue VRDB, Adventist Healthcare, Series A (Wachovia Bank N.A. LOC), 0.28%, 9/9/10		11,400		11,400
Maryland State Health & Higher Educational Facilities Authority Revenue VRDB, Frederick Memorial Hospital, (Federal National Mortgage Association LOC), 0.29%, 9/9/10		8,000		8,000
				54,754
Massachusetts - 4.0%
Massachusetts State Department Transportation Metropolitan Highway Systems Revenue VRDB, Series A-1 (Citibank N.A. LOC), 0.25%, 9/9/10		16,000		16,000
Massachusetts State Development Financial Agency Revenue VRDB, Linden Ponds Inc., Series B (Federal Home Loan Mortgage Co. LOC), 0.28%, 9/9/10		18,105		18,105

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0% continued
Massachusetts - 4.0% continued
Massachusetts State Development Financial Agency Revenue VRDB, Northfield Mount Hermon, (JPMorgan Chase Bank N.A. LOC), 0.29%, 9/9/10	$	21,755	$	21,755
Massachusetts State Development Financial Agency Revenue VRDB, Seashore Point-Deaconess Inc., (Credit Agricole Corp. & Investment Bank LOC), 0.28%, 9/9/10		800		800
Massachusetts State Health & Educational Facilities Authority Revenue VRDB, Children’s Hospital, Series N-1 (Toronto-Dominion Bank LOC), 0.24%, 9/9/10		10,000		10,000
				66,660
Michigan - 1.7%
Ann Arbor Michigan Economic Development Corp. Ltd. Obligations Revenue Refunding Bonds, Glacier Hills Project, Series B (JPMorgan Chase Bank N.A. LOC), 0.28%, 9/9/10		385		385
Detroit, Michigan Sewage Disposal Revenue, Series B (AGM Insured), 0.34%, 9/9/10 (1)		5,450		5,450
Michigan Financial Authority St. Aid Notes, Series D-1 2.00%, 8/19/11		3,000		3,034
Series D-3 2.00%, 8/22/11		5,000		5,078
Michigan State G.O. Bonds, 2.00%, 9/30/10		15,000		15,017
				28,964
Minnesota - 1.9%
Mankato Minnesota Multi-family Revenue VRDB, Housing Highland, (Bank of America Corp. LOC), 0.26%, 9/1/10		2,200		2,200
Minneapolis & St. Paul Minnesota Housing & Redevelopment Authority Health Care System VRDB, Children’s Hospital Clinics, Series A (Citibank N.A. Insured), 0.27%, 9/1/10		4,300		4,300
Minnesota School Districts Tax & Aid Antic Borrowing Program COPS, 2.00%, 9/10/10		13,000		13,005
Minnesota State Higher Education Facilities Authority Revenue VRDB, Concordia University St. Paul, Series 6Q (Wells Fargo Bank N.A. LOC), 0.22%, 9/1/10		1,175		1,175
University of Minnesota, Series A 0.31%, 9/9/10		11,500		11,500
				32,180
Mississippi - 0.3%
Jackson County Mississippi G.O. Refunding VRDB, Water System, 0.35%, 2/1/11		4,940		4,940
Missouri - 1.9%
Kansas City Missouri Industrial Development Authority Multifamily Housing Revenue Refunding VRDB, Coach House South Apartments, (Federal Home Loan Mortgage Corp. LOC), 0.30%, 9/9/10		7,800		7,800
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue VRDB, Rockhurst University, (Bank of America Corp. LOC), 0.27%, 9/1/10		4,905		4,905
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue VRDB, Southwest Baptist University Project, (Bank of America Corp. LOC), 0.27%, 9/1/10		4,260		4,260
Missouri State Public Utilities Community Revenue Interim Construction Notes, 2.00%, 8/1/11		5,000		5,057
St. Joseph, Missouri Industrial Development Authority Health Facilities Revenue VRDB, Heartland Regional Medical Center, Series A (US Bancorp LOC), 0.24%, 9/9/10		3,300		3,300

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0% continued
Missouri - 1.9% continued
St. Louis County Missouri Industrial Development Authority Revenue International Lutheran Laymens Project, Series A (Fifth Third Financial Corp LOC), 0.40%, 9/1/10	$	7,055	$	7,055
				32,377
Nebraska - 0.8%
Nebraska Educational Financial Authority Revenue Refunding Bonds, Creighton University Projects, (Motiva LOC), 0.25%, 9/1/10		10,000		10,000
Nebraska Elementary & Secondary School Financial Authority Educational Facilities Revenue VRDB, Lutheran School Project Fund, Series B (Fifth Third Financial Corp LOC), 0.35%, 9/1/10		3,145		3,145
				13,145
Nevada - 0.2%
Carson City Nevada Hospital Revenue VRDB, Carson-Tahoe Hospital Project, Series B (US Bancorp LOC), 0.27%, 9/9/10		2,700		2,700
Las Vegas Valley Nevada Water District Water Improvement, Series C 0.31%, 9/1/10		485		485
				3,185
New Hampshire - 0.9%
New Hampshire Health & Education Facilities Authority Revenue VRDB, Riverwoods-Exeter, (Bank of America Corp. LOC), 0.28%, 9/9/10		7,865		7,865
New Hampshire Health & Education Facilities Authority Revenue VRDB, Southern New Hampshire University, (TD Banknorth Inc. LOC), 0.25%, 9/9/10		2,100		2,100
New Hampshire Health & Education Facilities Authority Revenue VRDB, Kendal At Hanover, Series B (US Bancorp LOC), 0.27%, 9/9/10		2,390		2,390
New Hampshire Health & Education Facilities Authority Revenue VRDB, Tilton School, (Banco Santander S.A. LOC), 0.43%, 9/9/10		3,400		3,400
				15,755
New Jersey - 0.4%
New Jersey Economic Development Authority Revenue VRDB, Cranes Mill Project, Series B (TD Banknorth Inc. LOC), 0.27%, 9/9/10		1,100		1,100
New Jersey Economic Development Authority Economic Development Revenue VRDB, Frisch School Project, (JPMorgan Chase Bank N.A. LOC), 0.27%, 9/9/10		2,700		2,700
New Jersey Health Care Facilities Financing Authority Revenue VRDB, RWJ Health Care Corp., (Toronto-Dominion Bank LOC), 0.25%, 9/9/10		3,000		3,000
				6,800
New York - 11.1%
Metropolitan Transit Authority Revenue BANS, Sub-series A 0.35%, 9/9/10		25,000		25,000
Sub-series C (Royal Bank of Scotland NV LOC), 0.36%, 9/13/10		10,000		10,000
Metropolitan Transportation Authority New York Dedicated Tax Fund Refunding VRDB, Series A 0.32%, 9/9/10		15,000		15,000
Metropolitan Transportation Authority New York Revenue RANS, 2.00%, 12/31/10		10,000		10,053
Metropolitan Transportation Authority New York Revenue VRDB, Sub-Series E-2 (BNP Paribas LOC), 0.26%, 9/9/10		4,690		4,690

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 7 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0% continued
New York - 11.1% continued
New York Liberty Development Corp. Liberty Revenue VRDB, World Trade Center Project, Series A (United States Treasury Escrowed), 0.50%, 1/18/11	$	60,000	$	60,000
New York New York City Municipal Water Financial Authority Water & Sewer Systems Revenue 2nd General Resolution, Series Aa-3 0.38%, 9/9/10		4,750		4,750
New York State Urban Development Corp. Revenue Various State Facilities, Series A3A 0.34%, 9/9/10		8,300		8,300
New York, New York City Transitional Finance Authority Revenue VRDB, Future Tax, Series G-5 0.26%, 9/9/10		30,000		30,000
Ulster County New York Industrial Development Agency Civic Facility Revenue VRDB, Kingston Regional Senior Living, Series C (BB&T Corp. LOC), 0.28%, 9/9/10		7,490		7,490
Warren & Washington Counties New York Industrial Development Agency Civic Facility Revenue VRDB, Glen At Highland Meadows Project, (Banco Santander SA LOC) 0.29%, 9/9/10		11,155		11,155
				186,438
North Carolina - 1.9%
Mecklenburg County North Carolina COPS VRDB, 0.30%, 9/9/10		14,850		14,850
North Carolina Medical Care Community Health Care Facilities Revenue Refunding VRDB, 1st Mortgage Southminster, (Banco Santander S.A. LOC), 0.30%, 9/9/10		6,635		6,635
North Carolina Medical Care Community Health Care Facilities Revenue VRDB, Wakemed, Series B (Wachovia Bank N.A. LOC), 0.29%, 9/9/10		9,400		9,400
Raleigh North, Carolina COPS VRDB, Downtown, Series B 0.36%, 9/9/10		900		900
University of North Carolina Chapel Hill Revenue Refunding Bonds, Series A 0.30%, 9/9/10 (1)		800		800
				32,585
Ohio - 1.3%
Cuyahoga County Ohio Economic Development Revenue Hathaway Brown School Project, (KeyBank LOC), 0.38%, 9/9/10		680		680
Medina County Ohio Health Care Facilities Revenue VRDB, Southwest General Health Center, (Pnc Bancorp Inc. LOC), 0.29%, 9/9/10		7,605		7,605
Parma Ohio Hospital Improvement Revenue VRDB, Parma Community General Hospital, Series C (JPMorgan Chase Bank N.A. LOC), 0.26%, 9/9/10		13,200		13,200
Warren County Ohio Health Care Facilities Revenue VRDB, Improvement Otterbein Homes, Series B (US Bancorp LOC), 0.27%, 9/9/10		600		600
				22,085
Oregon - 1.1%
Clackamas County Oregon Hospital Facility Authority Revenue Refunding VRDB, Willamette, Series A-1 (Banco Santander S.A. LOC), 0.30%, 9/9/10		8,220		8,220
Oregon State G.O. TANS, 2.00%, 6/30/11		10,000		10,133
				18,353

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0% continued
Pennsylvania - 4.3%
Beaver County Pennsylvania Industrial Development Authority Pollution Control Revenue Refunding VRDB, FirstEnergy Generation, (TD Banknorth Inc. LOC), 0.26%, 9/1/10	$	2,000	$	2,000
Beaver County Pennsylvania Industrial Development Authority Pollution Control Revenue VRDB, FirstEnergy Nuclear, Series B (Citibank N.A. LOC), 0.28%, 9/9/10		12,600		12,600
Berks County Pennsylvania Municipal Authority Revenue VRDB, Phoebe-Devitt Homes Project, Series A (Banco Santander S.A. LOC), 0.30%, 9/9/10		6,185		6,185
Cumberland County Pennsylvania Municipal Authority Revenue Refunding VRDB, Asbury Obligated Group, (KBC Groep NV LOC), 0.28%, 9/9/10		21,610		21,610
Delaware County Pennsylvania Authority Revenue VRDB, Riddle Village Project, (Banco Santander S.A. LOC), 0.30%, 9/9/10		9,700		9,700
Lancaster Pennsylvania Industrial Development Authority Revenue VRDB, Mennonite Home Project, (Royal Bank of Scotland NV LOC), 0.35%, 9/9/10		9,600		9,600
Montgomery County Pennsylvania G.O. Bonds, Series A 0.25%, 9/1/10		7,400		7,400
Ridley Pennsylvania School District G.O. Bonds, (TD Banknorth Inc. LOC), 0.30%, 9/9/10		2,900		2,900
				71,995
South Carolina - 1.6%
Columbia, South Carolina Waterworks & Sewer Systems Revenue VRDB, (US Bancorp LOC), 0.24%, 9/1/10		14,900		14,900
Piedmont Municipal Power Agency South Carolina Electric Revenue VRDB, Series C (Comerica Bank Insured), 0.40%, 9/9/10		12,500		12,500
				27,400
South Dakota - 0.2%
South Dakota Housing Development Authority VRDB, Homeownership Mortgage, Series C 0.31%, 9/9/10		4,000		4,000
Tennessee - 3.6%
Blount County Tenn Public Bldg Auth VRDB, Local Government Public Improvement, Series E-5-B (BB&T Corp. LOC), 0.30%, 9/9/10		10,000		10,000
Blount County Tennessee Public Bldg Auth VRDB, Local Government Public Improvement, Series E-1-A (BB&T Corp. LOC), 0.30%, 9/1/10		11,000		11,000
Industrial Development Board Blount County & Cities Alcoa & Maryville VRDB, Local Government Improvement, Series A (BB&T Corp. LOC), 0.30%, 9/9/10		9,065		9,065
Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Facilities Board Revenue Refunding VRDB, Multifamily-Timberlake Project, (Federal National Mortgage Association Insured), 0.30%, 9/9/10		7,450		7,450
Tennergy Corp Tennessee Gas Revenue VRDB, Series B (Dexia Credit Local LOC), 0.32%, 9/9/10 (1)		20,565		20,565
Tennessee State Local Development Authority Revenue Student Loan Program-BANS, Series E 2.00%, 6/24/11		2,000		2,025
				60,105

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 9 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX -EXEMPT PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0% continued
Texas - 11.0%
Austin, Texas Hotel Occupancy Tax Revenue Refunding VRDB, Series A (Dexia Credit Local LOC), 0.32%, 9/9/10	$	10,000	$	10,000
Gulf Coast Waste Disposal Authority Texas Pollution Control Revenue Refunding Bonds, Exxon Project, 0.22%, 9/1/10		24,150		24,150
HFDC Texas Inc. Retirement Facility Revenue VRDB, Village Gleannloch Farms, Series C (Banco Santander S.A. LOC), 0.30%, 9/9/10		4,000		4,000
Houston Texas Independent School District VRDB, Schoolhouse, 0.28%, 9/9/10		4,465		4,465
Houston Texas Water & Sewer Systems Revenue Refunding Bonds, Series B (BB&T Corp. LOC), 0.30%, 9/9/10 (1)		14,625		14,625
Katy Texas Independent School District G.O. VRDB, Cash Building, Series C 0.28%, 9/9/10		22,800		22,800
Lower Neches Valley Authority Texas Pollution Control Revenue Chevron USA Inc. Project, (Chevron Corp Gtd.), 0.35%, 2/14/11		5,000		5,000
Mesquite Texas Health Facilities Development C VRDB, Retirement Facility, Series C (Bank of America Corp. LOC), 0.28%, 9/9/10		6,575		6,575
Nueces County Texas Health Facilities Development Corp. Revenue Driscoll Children’s Foundation, (Royal Bank of Scotland NV LOC), 0.30%, 9/9/10		7,500		7,500
Port Arthur Texas Navigation District Environmental Facilities Revenue VRDB, Motiva Enterprises, Series C (US Bancorp Gtd.), 0.25%, 9/1/10		10,000		10,000
Port Arthur, Texas Navy District Environmental Facilities Revenue Refunding VRDB, Motiva Enterprises, Series C 0.25%, 9/1/10		10,600		10,600
Port Arthur, Texas Navy District Exempt Facilities Revenue VRDB, Total Petrochemicals USA, 0.26%, 9/9/10		12,500		12,500
Princeton, Texas Independent School District G.O. Bonds, 0.27%, 9/9/10 (1)		4,750		4,750
San Antonio, Texas Housing Trust Financial Corp. Multi-family Housing Revenue VRDB, Cevallos Lofts Apartments, (Wachovia Bank N.A. LOC), 0.31%, 9/9/10		10,000		10,000
Texas St. Revenue Bonds, TANS, 2.00%, 8/31/11		10,000		10,164
Texas State Transportation Commission Revenue VRDB, First Tier, Series B 0.33%, 9/9/10		28,600		28,600
				185,729
Utah - 0.6%
Utah Housing Corp. Multi-family Revenue VRDB, Housing Florentine Villas, Series A (Wells Fargo Bank N.A. LOC), 0.34%, 9/9/10		6,100		6,100
Utah Water Financial Agency Revenue VRDB, Series B-1 0.30%, 9/9/10 (1)		3,900		3,900
				10,000
Vermont - 1.0%
Vermont Educational & Health Buildings Financing Agency Revenue VRDB, Norwich University Project, (US Bancorp LOC), 0.26%, 9/9/10		16,845		16,845
Virginia - 0.4%
Charlottesville Virginia Industrial Development Authority Educational Facilities Revenue University Virginia Foundation Projects, Series A (Wachovia Bank N.A. LOC), 0.29%, 9/9/10		6,925		6,925
Washington - 1.9%
Everett Wash Public Facilities District Project Revenue VRDB, 0.50%, 9/1/10		2,000		2,000

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 99.0% continued
Washington - 1.9% continued
Washington State Higher Education Facilities Authority Revenue VRDB, University of Puget Sound Project, Series B (Dexia Credit Local LOC), 0.32%, 9/9/10	$	6,000	$	6,000
Washington State Housing Financial Commission Nonprofit Housing Revenue VRDB, Living Care Center s Project, (Wells Fargo Bank N.A. LOC), 0.28%, 9/9/10		1,995		1,995
Washington State Housing Financial Community Non-profit Revenue Refunding VRDB, Hearthstone Project, (Wells Fargo Bank N.A. LOC), 0.28%, 9/9/10		10,780		10,780
Washington State Housing Financial Community Non-profit Revenue VRDB, Gonzaga Preparatory School Project, (Bank of America Corp. LOC), 0.51%, 9/9/10		1,775		1,775
Wisconsin State G.O. Bonds TANS, 2.00%, 6/15/11		10,000		10,118
				32,668
West Virginia - 0.9%
West Virginia State Hospital Financial Authority Hospital Revenue Refunding VRDB, West Virginia United Health, Series A (BB&T Corp. LOC), 0.29%, 9/9/10		15,200		15,200
Wisconsin - 2.1%
La Crosse Wisconsin Development Revenue VRDB, University Wisconsin-La Crosse Foundation, (Wells Fargo Bank N.A. LOC), 0.39%, 9/9/10		700		700
Milwaukee, Wisconsin G.O. Bonds, Series R4 1.50%, 12/15/10		2,000		2,006
Wisconsin School Districts Cash Flow Administration Program Note Partnership TANS, Series A 1.88%, 10/15/10		2,600		2,604
Wisconsin State Health & Educational Facilities Authority Revenue Beloit College, Series B (JPMorgan Chase Bank N.A. LOC), 0.30%, 9/9/10		7,900		7,900
Wisconsin State Health & Educational Facilities Authority Revenue Goodwill Industries, (US Bancorp LOC), 0.27%, 9/9/10		5,000		5,000
Wisconsin State Health & Educational Facilities Authority Revenue Prohealth Care Inc., Series A (US Bancorp LOC), 0.25%, 9/1/10		6,000		6,000
Wisconsin State Health & Educational Facilities Authority Revenue Refunding VRDB, Concordia University Inc., (JPMorgan Chase Bank N.A. LOC), 0.30%, 9/9/10		2,265		2,265
Wisconsin State Health & Educational Facilities Authority Revenue Refunding VRDB, Lawrence University, (JPMorgan Chase Bank N.A. LOC), 0.30%, 9/9/10		8,390		8,390
				34,865
Wyoming - 0.1%
Platte County Wyoming Poll Control Revenue Tri-State G&T, Series A (National Rural Utilities Cooperative Finance Co. Gtd.), 0.48%, 9/1/10		1,000		1,000
Uinta County Wyoming Pollution Control Revenue Refunding VRDB, Chevron U.S.A. Inc Project, (Chevron Corp Gtd.), 0.23%, 9/1/10		250		250
				1,250
Total Municipal Investments (Cost $1,665,703)				1,665,703
Total Investments - 99.0% (Cost $1,665,703) (2)				1,665,703
Other Assets less Liabilities - 1.0%				16,271
NET ASSETS - 100.0%			$	1,681,974

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

(2) The cost for federal income tax purposes was $1,665,703.

Percentages shown are based on Net Assets.

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 11 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT PORTFOLIO continued AUGUST 31, 2010 (UNAUDITED)

At August 31, 2010, the industry sectors for the Tax-Exempt Portfolio were:

INDUSTRY SECTOR	% OF NET ASSETS
Air, Transportation, Water Services and Solid Waste Mangement	6.3	%
Educational Services	13.6
Electric Services, Gas and Combines Utilities	5.9
Executive, Legislative and General Government	22.4
General Medical, Surgical and Nursing and Personal Care	7.5
Health Services and Residential Care	18.5
Urban and Community Development, Housing Programs and Social Services	12.2
All other sectors less than 5%	13.6
Total	100.0	%

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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, which are carried at fair value, as of August 31, 2010:

	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Investments held by Tax-Exempt Portfolio	$	—	$	1,665,703	(1)	$	—	$	1,665,703

(1) Classifications as defined in the Schedule of Investments.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discontinued 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:

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BANS - Bond Anticipation Notes

COPS - Certificates of Participation

G.O. - General Obligation

Gtd. - Guaranteed

LOC - Letter of Credit

RANS - Revenue Anticipation Notes

TANS - Tax Anticipation Notes

TRANS - Tax and Revenue Anticipation Notes

VRDB - Variable Rate Demand Bonds

MONEY MARKET PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9%
Alabama - 0.4%
Taylor-Ryan Improvement District No. 2 Alabama Special Assessment VRDB, (Wells Fargo & Company LOC), 0.30%, 9/9/10	$	11,800	$	11,800
West. Jefferson Alabama Industrial Development Board Pollution Control Revenue Refunding Bonds, Alabama Power Co. Project, 0.25%, 9/9/10		10,000		10,000
				21,800
Alaska - 1.3%
Valdez, Alaska Marine Term Revenue Refunding Bonds, Exxon Pipeline Co. Project, Series A 0.19%, 9/1/10		36,300		36,300
Series B 0.19%, 9/1/10		27,200		27,200
				63,500
Arizona - 2.0%
Apache County Arizona Industrial Development Authority Industrial Development Revenue Tucson Electric Power, Series 83A (JPMorgan Chase Bank N.A. LOC), 0.28%, 9/9/10		24,325		24,325
Arizona Health Facilities Authority Revenue VRDB, Health Facilities Royal Oaks Project, (JPMorgan Chase Bank N.A. LOC), 0.28%, 9/9/10		11,350		11,350
Arizona Health Facilities Authority Revenue Bonds, The Terraces Project, Series B-1 (Federal Home Loan Mortgage Co. LOC), 0.30%, 9/9/10		6,910		6,910
Arizona Health Facilities Authority Revenue Refunding Bonds, The Terraces, (Federal National Mortgage Association LOC), 0.30%, 9/9/10		11,000		11,000
Arizona Health Facilities Authority Revenue The Terraces Project, Series B-2 (Banco Santander S.A. LOC), 0.30%, 9/9/10		1,960		1,960
Arizona Health Facilities Authority Revenue VRDB, Banner Health, Series B (Wells Fargo Bank N.A. LOC), 0.30%, 9/9/10		8,720		8,720
Arizona Health Facilities Authority Revenue VRDB, Catholic West Loan Program, Series F (US Bancorp LOC), 0.28%, 9/9/10		7,700		7,700
Tucson Arizona Industrial Development Authority VRDB, Housing Family Housing Resource Projects, Series A (Banco Santander S.A. LOC), 0.30%, 9/9/10		7,230		7,230
Yuma Arizona Industrial Development Authority Hospital Revenue VRDB, Yuma Regional Medical Center, (Credit Agricole LOC), 0.31%, 9/9/10 (1)		19,600		19,600
				98,795
California - 3.0%
ABAG Financial Authority For Nonprofit Corp. California Revenue VRDB, Sharp Healthcare, Series D (Wells Fargo Bank N.A. LOC), 0.25%, 9/9/10		19,900		19,900
California State Department of Water Resource Power Supply Revenue VRDB, Series C-7 (Federal Home Loan Bank of Atlanta Insured), 0.30%, 9/9/10		400		400
California State Department of Water Resources Power Supply Revenue VRDB, SubSeries G-3 (BB&T Corp. Insured), 0.28%, 9/9/10		900		900
California State G.O. Bonds, Series A-3 (Bank of Montreal LOC), 0.25%, 9/1/10		14,800		14,800
California Statewide Communities Development Authority Multi-family Housing Revenue VRDB, Claremont Villas, Series A (TD Banknorth Inc. LOC), 0.27%, 9/9/10		6,785		6,785
California Statewide Communities Development Authority Multi-family Housing Revenue VRDB, South Shore Apartments, Series M (TD Banknorth Inc. LOC), 0.27%, 9/9/10		10,290		10,290

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
California - 3.0% continued
California Statewide Communities Development Authority Revenue Refunding VRDB, Retirement Housing Foundation, (JPMorgan Chase Bank N.A. LOC), 0.26%, 9/9/10	$	8,000	$	8,000
California Statewide Communities Development Authority Revenue VRDB, Amern Baptist Homes West, (Bank of New York Mellon Corp. LOC), 0.26%, 9/9/10		25,705		25,705
California Statewide Communities Development Authority Revenue VRDB, Front Porch Communities, Series B (Bank of America Corp. LOC), 0.28%, 9/9/10		2,900		2,900
California Statewide Communities Development Authority Revenue VRDB, John Muir Health, Series A (UBS AG LOC), 0.19%, 9/1/10		10,250		10,250
California Statewide Communities Development Authority Revenue VRDB, Sweep Loan Program, Series A (US Bancorp LOC), 0.25%, 9/9/10		1,500		1,500
Los Angeles, California G.O. Bonds, TRANS, 2.00%, 4/21/11		30,000		30,266
Orange County California Apartment Development Revenue Refunding VRDB, WLCO LF-Issue G, Series 3 (US Bancorp LOC), 0.25%, 9/9/10		12,500		12,500
Riverside County California Housing Authority Multi-Family Housing Revenue Refunding VRDB, Tyler Springs Apartments, Series C (Banco Santander S.A. Gtd.), 0.27%, 9/9/10		850		850
San Francisco California City & County Finance Corp. Lease Revenue Refunding Moscone Center, Series 2008-1 (Harris Bankcorp Inc. LOC), 0.30%, 9/9/10		5,000		5,000
				150,046
Colorado - 2.7%
Base Village Metropolitan District No. 2 Colorado G.O. Revenue VRDB, Ltd. Tax, Series B (Comerica Bank LOC), 0.31%, 9/9/10		6,510		6,510
Castle Pines North Finance Corp. Colorado COPS VRDB, (US Bancorp LOC), 0.25%, 9/9/10		1,000		1,000
Castle Pines North Metropolitan District Colorado G.O. Refunding VRDB, Ltd. Tax, Series C (Wells Fargo Bank N.A. LOC), 0.25%, 9/9/10		1,405		1,405
Colorado Educational & Cultural Facilities Authority Revenue Bear Creek School Project, (Banco Santander S.A. LOC), 0.28%, 9/9/10		6,705		6,705
Colorado Educational & Cultural Facilities Authority Revenue Concordia University Irvine Project, (US Bancorp LOC), 0.25%, 9/1/10		4,360		4,360
Colorado Educational & Cultural Facilities Authority Revenue Immanuel Lutheran School Project, (US Bancorp LOC), 0.25%, 9/1/10		6,150		6,150
Colorado Educational & Cultural Facilities Authority Revenue Presentation School, (Wachovia Bank N.A. LOC), 0.28%, 9/9/10		7,250		7,250
Colorado Educational & Cultural Facilities Authority Revenue VRDB, Valor Christian Schools Project, (Federal Home Loan Bank of Dallas LOC), 0.30%, 9/9/10		20,000		20,000
Colorado Health Facilities Authority Revenue Refunding VRDB, The Evangelical, (US Bancorp LOC), 0.27%, 9/9/10		2,000		2,000
Colorado Health Facilities Authority Revenue VRDB, Fraiser Meadows Community Project, (US Bancorp LOC), 0.28%, 9/9/10		3,200		3,200

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Colorado - 2.7% continued
Colorado Health Facilities Authority Revenue VRDB, Golden West Manor, Series A (US Bancorp LOC), 0.25%, 9/9/10	$	6,480	$	6,480
Colorado Health Facilities Authority Revenue VRDB, Sisters of Charity, 0.27%, 9/9/10		2,400		2,400
Colorado Health Facilities Authority Revenue VRDB, Total Long-term Care Project, (Banco Santander S.A. LOC), 0.28%, 9/9/10		2,290		2,290
Colorado Housing Finance Authority Single Family Mortgage Revenue, Series B-2 0.27%, 9/9/10		14,800		14,800
Denver Colorado Urban Renewal Authority Tax Increment Revenue VRDB, Stapleton, Series A-2 (JPMorgan Chase Bank N.A. LOC), 0.30%, 9/9/10		795		795
Denver, Colorado City & County Multi-Family Housing Revenue Ogden Residences Project, (Credit Agricole Corp. and Investment Bank LOC), 0.36%, 9/1/10		4,300		4,300
Larkridge Metropolitan District No. 1 Colorado VRDB, (Pnc Bancorp Inc. LOC), 0.29%, 9/9/10		9,920		9,920
Traer Creek Metropolitan District Colorado Revenue VRDB, (BNP Paribas LOC), 0.50%, 9/9/10		12,500		12,500
Traer Creek Metropolitan District Colorado Revenue VRDB, Avon, (Bnp Paribas LOC), 0.50%, 9/9/10		13,270		13,270
Westminster, Colorado Economic Development Authority Tax Increment Revenue Refunding VRDB, Mandalay Gardens, (US Bancorp LOC), 0.25%, 9/9/10		7,400		7,400
				132,735
Connecticut - 1.1%
Connecticut St. Development Authority Revenue Refunding VRDB, Pierce Memorial Baptist, (TD Banknorth Inc. LOC), 0.27%, 9/9/10		2,640		2,640
Connecticut State G.O. BANS, 2.00%, 5/19/11		50,000		50,550
				53,190
District of Columbia - 1.7%
District Columbia G.O. TANS, 2.50%, 9/30/10		50,000		50,081
District Columbia Revenue VRDB, Henry J Kaiser Foundation, 0.30%, 9/9/10		4,700		4,700
District of Columbia G.O. Bonds, Series A (Federal Home Loan Mortgage Co. Gtd.), 0.30%, 9/9/10 (1)		16,355		16,355
District of Columbia Revenue VRDB, American Psychiatric Association, (Harris Bankcorp Inc. LOC), 0.33%, 9/9/10		2,145		2,145
District of Columbia Revenue VRDB, DC Preparatory Academy, (JPMorgan Chase Bank N.A. LOC), 0.35%, 9/9/10		9,370		9,370
				82,651
Florida - 7.0%
Broward County Florida Educational Facilities Authority Revenue City College Project, (KBC Groep NV LOC), 0.28%, 9/9/10		10,565		10,565
Capital Trust Agency Florida Housing Revenue VRDB, Atlantic Housing Foundation, Series A (Federal Home Loan Mortgage Co. LOC), 0.30%, 9/9/10		19,470		19,470
Citizens Property Insurance Corp. Florida High Risk Senior Secured Notes, Series A 2.00%, 4/21/11		43,000		43,194
Florida Housing Finance Agency Mult-family Housing Country Club, (Bank of America Corp. Insured), 0.30%, 9/9/10		8,500		8,500

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Florida - 7.0% continued
Florida Housing Finance Agency Multi-family Housing Huntington, (Bank of America Corp. Gtd.), 0.29%, 9/9/10	$	4,100	$	4,100
Florida Housing Finance Agency Multi-family River Oaks, (Federal Home Loan Bank of Des Moines Insured), 0.30%, 9/9/10		6,200		6,200
Florida Housing Finance Corp. Multi-family Mortgage Revenue VRDB, Hudson Ridge Apartments Ser L, Series L (Federal Home Loan Bank of Atlanta LOC), 0.30%, 9/9/10		8,160		8,160
Florida Housing Finance Corp. Multi-family Revenue Refunding Bonds, Housing South Pointe Project, Series J (Comerica Bank Insured), 0.32%, 9/9/10		3,900		3,900
Florida Housing Finance Corp. Multi-family Revenue Refunding VRDB, Mortgage-Maitland Apartments, (JPMorgan Chase Bank N.A. Gtd.), 0.30%, 9/9/10		19,075		19,075
Florida Housing Financial Corp. Multifamily Revenue Refunding VRDB, Mortgage Monterey Lake, Series C (Federal Home Loan Mortgage Co. LOC), 0.30%, 9/9/10		7,325		7,325
Florida Keys Aqueduct Authority Water Revenue Refunding VRDB, (US Bancorp LOC), 0.24%, 9/9/10		10,500		10,500
Florida St. Board of Education Public Education G.O. Bonds, Capital Outlay, Series D 0.30%, 9/9/10 (1)		10,000		10,000
Gainesville, Florida Utilities Systems Revenue VRDB, Series B 0.26%, 9/9/10		6,030		6,030
Halifax Hospital Medical Center Florida Hospital Revenue Refunding VRDB, (Wachovia Bank N.A. LOC), 0.29%, 9/9/10		14,000		14,000
Highlands County Florida Health Facilities Authority Revenue Refunding VRDB, Hospital Adventist Health, Series A (M&T Bank Corp. Insured), 0.28%, 9/9/10		26,300		26,300
Highlands County Florida Health Facilities Authority Revenue VRDB, Adventist/Sunbelt, Series B (Bank of Nova Scotia LOC), 0.27%, 9/9/10		5,825		5,825
Series C (Lloyds Banking Group PLC LOC), 0.26%, 9/9/10		11,000		11,000
Highlands County Florida Health Facilities Authority Revenue VRDB, Hospital Adventist Health System, Series A 0.26%, 9/9/10		10,000		10,000
Highlands County Florida Health Facilities Authority Revenue VRDB, Hospital Adventist Health Systems, Series C 0.26%, 9/9/10		3,000		3,000
Series E (Royal Bank of Canada LOC), 0.29%, 9/9/10		20,000		20,000
Jea, Florida Electric System Revenue VRDB, Series 3-A 0.26%, 9/9/10		23,800		23,800
Series 3-D-2-A 0.27%, 9/9/10		9,840		9,840
Lee County Florida Housing Finance Authority Multi-family Housing Revenue Refunding Bonds, Forestwood Apartments Project, Series A (Federal Home Loan Mortgage Co. Gtd.), 0.30%, 9/9/10		11,485		11,485
Lee County Florida Industrial Development Authority Health Care Facilities Revenue VRDB, Shell Point Village Project, Series B (Federal Home Loan Bank of Atlanta LOC), 0.30%, 9/9/10		6,800		6,800
Lee County Florida Industrial Development Authority Health Care Facilities Revenue VRDB, Shell Point Village Project, Series A (Wachovia Bank N.A. LOC), 0.30%, 9/9/10		1,625		1,625

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Florida - 7.0% continued
Miami-Dade County Florida Health Facilities Authority Hospital Revenue Miami Children’s Hospital Project, (Federal National Mortgage Association LOC), 0.29%, 9/9/10	$	18,925	$	18,925
Orange County Florida School Board COPS VRDB, Series B (Federal National Mortgage Association Insured), 0.30%, 9/9/10		6,300		6,300
Orlando Florida Utilities Commission Utilities Systems Revenue VRDB, 0.30%, 9/9/10		7,200		7,200
Polk County Florida School Board COPS VRDB, Master Lease Program, Series B (Wells Fargo Bank N.A. LOC), 0.25%, 9/1/10		4,400		4,400
St. Petersburg Florida Health Facilities Authority Revenue VRDB, Childrens, Series A-1 (Wachovia Bank N.A. LOC), 0.29%, 9/9/10		4,500		4,500
Volusia County Florida Housing Finance Authority Multi-family Housing Revenue Refunding Bonds, Anatole Apartments, (Pnc Bancorp Inc. Insured), 0.29%, 9/9/10		5,045		5,045
				347,064
Georgia - 3.5%
Clayton County Georgia Housing Authority Multi-family Housing Revenue Refunding Bonds, Huntington Woods, Series A (AGM Insured), 1.10%, 9/9/10		7,530		7,530
Clayton County Georgia Housing Authority Multi-family Housing Revenue Refunding Bonds, Ten Oaks Apartments, Series F (AGM Insured), 1.10%, 9/9/10		6,280		6,280
Clayton County Georgia Housing Authority Multifamily Housing Revenue Rivers Edge Development, (BB&T Corp. Gtd.), 0.30%, 9/9/10		2,500		2,500
Cobb County Georgia Development Authority Revenue VRDB, North Cobb Christian School, (Banco Santander S.A. LOC), 0.30%, 9/9/10		12,700		12,700
Cobb County Georgia Housing Authority Multi-family Housing Revenue Post Mill Project, (BB&T Corp. Gtd.), 0.30%, 9/9/10		2,000		2,000
Cobb County Georgia Housing Authority Multi-family Housing Revenue Refunding VRDB, Cobb-Six Flags Association, (US Bancorp LOC), 0.30%, 9/9/10		5,290		5,290
Cobb County Georgia Housing Authority Multifamily Housing Revenue VRDB, Post Bridge Project, (BB&T Corp. Insured), 0.30%, 9/9/10		3,300		3,300
DeKalb County Georgia Housing Authority Multifamily Housing Revenue VRDB, Post Walk Project, (JPMorgan Chase Bank N.A. Collateralized), 0.30%, 9/9/10		100		100
Fulco, Georgia Hospital Authority Revenue Antic Certificates VRDB, Shepherd Center Inc. Project, (Pnc Bancorp Inc. LOC), 0.26%, 9/9/10		13,900		13,900
Gwinnett County Georgia Housing Authority Multifamily Housing Revenue VRDB, Post Corners Project, (BB&T Corp. Gtd.), 0.30%, 9/9/10		7,400		7,400
Main Street National Gas Inc. Georgia Gas Project Revenue VRDB, Series A 0.28%, 9/9/10		55,000		55,000
Marietta Georgia Housing Authority Multifamily Revenue Refunding Bonds, Housing Wood Glen, (Barclays PLC Insured), 0.26%, 9/9/10		6,665		6,665
Municipal Electric Authority Georgia VRDB, Project 1, Sub-series B (JPMorgan Chase Bank N.A. LOC), 0.33%, 9/9/10		35,150		35,150
Roswell Georgia Housing Authority Multifamily Revenue Refunding VRDB, Housing Chambrel Roswell, (M&T Bank Corp. Gtd.), 0.30%, 9/9/10		3,780		3,780

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Georgia - 3.5% continued
Roswell Georgia Housing Authority Multi-family Revenue Refunding VRDB, Housing Wood Crossing Project, (US Bancorp LOC), 0.30%, 9/9/10	$	5,050	$	5,050
Smyrna Georgia Housing Authority Multifamily Housing Revenue F & M Villages Project, (JPMorgan Chase Bank N.A. Gtd.), 0.30%, 9/9/10		5,350		5,350
				171,995
Hawaii - 0.1%
Hawaii St. Housing Finance & Development Corp. Multi-family Revenue VRDB, Housing Lokahi Kau, (Wachovia Bank N.A. LOC), 0.29%, 9/9/10		5,200		5,200
Idaho - 0.5%
Idaho Health Facilities Authority Revenue VRDB, St. Lukes Health Systems Project, Series A (Wells Fargo Bank N.A. LOC), 0.29%, 9/9/10		19,000		19,000
Idaho Housing & Finance Association Non-profit Facilities Revenue VRDB, College of Idaho Project, (US Bancorp LOC), 0.27%, 9/9/10		4,800		4,800
			23,800
Illinois - 10.5%
Aurora, Ill VRDB, Counseling Center Fox Valley Project, (AGM LOC), 0.32%, 9/9/10		3,210		3,210
Bridgeview, Illinois G.O. Refunding VRDB, Series A-2 (Rabobank Nederland NV LOC), 0.32%, 9/9/10		17,500		17,500
Chicago Illinois G.O. Refunding VRDB, Series D (Federal Home Loan Mortgage Co. Insured), 0.34%, 9/9/10		35,190		35,190
Series E 0.34%, 9/1/10		10,000		10,000
Series F 0.35%, 9/1/10		11,500		11,500
Chicago Illinois G.O. VRDB, Neighborhoods Alive, Series 21-B-3 (Federal National Mortgage Association LOC), 0.29%, 9/1/10		28,980		28,980
Series 21-B-4 (BB&T Corp. LOC), 0.26%, 9/1/10		7,100		7,100
Chicago Illinois Wastewater Transmission Revenue Refunding VRDB, Sub-series C-1 (US Bancorp LOC), 0.25%, 9/1/10		7,900		7,900
Chicago, Illinois Board of Education VRDB, Series D (Federal Home Loan Mortgage Co. Insured), 0.30%, 9/9/10		11,000		11,000
Chicago, Illinois Multi-Family Housing Revenue VRDB, Hollywood House Apartments, Series B (AGM LOC), 0.39%, 9/9/10		3,350		3,350
Chicago, Illinois Transit Authority COPS, Series A (Bnp Paribas Insured), 0.40%, 9/9/10 (1)		5,890		5,890
Illinois Development Finance Authority Revenue Glenwood School For Boys, (Federal Home Loan Mortgage Co. LOC), 0.31%, 9/9/10		1,800		1,800
Illinois Development Finance Authority Revenue VRDB, Amern Youth Hostels Project, (Bank of America Corp. LOC), 0.32%, 9/9/10		6,755		6,755
Illinois Development Finance Authority Revenue VRDB, BAPS Inc. Project, (Rabobank Nederland NV LOC), 0.53%, 9/9/10		7,985		7,985
Illinois Development Finance Authority Revenue VRDB, Mount Carmel High School Project, (JPMorgan Chase Bank N.A. LOC), 0.28%, 9/9/10		14,700		14,700
Illinois Development Financial Authority Revenue VRDB, Evanston Northwestern, Series B 0.25%, 9/1/10		6,220		6,220

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Illinois - 10.5% continued
Illinois Development Financial Authority Revenue VRDB, Jewish Council Youth Services, (Harris Bankcorp Inc. LOC), 0.32%, 9/9/10	$	845	$	845
Illinois Educational Facilities Authority Revenue Augustana College, (Bank of America Corp. LOC), 0.30%, 9/9/10		6,590		6,590
Illinois Educational Facilities Authority Revenue Cultural Pool, (Bnp Paribas LOC), 0.40%, 9/9/10		10,790		10,790
Illinois Educational Facilities Authority Revenue The Adler Planetarium, (Federal Home Loan Bank of Boston LOC), 0.28%, 9/9/10		8,500		8,500
Illinois Educational Facilities Authority Revenue VRDB, National Louis University, Series A (BB&T Corp. LOC), 0.31%, 9/9/10		9,550		9,550
Illinois Educational Facilities Authority Revenues University Chicago, Series B-3 0.46%, 5/4/11		18,565		18,565
Illinois Finance Authority Educational Facility Revenue Erikson Institute Project, (Royal Bank of Scotland NV LOC), 0.31%, 9/9/10		6,000		6,000
Illinois Finance Authority Pollution Control Revenue Refunding VRDB, Commonwealth Edison, Series D (Royal Bank of Canada LOC), 0.29%, 9/9/10		15,600		15,600
Illinois Finance Authority Revenue Chicago Horticultural Project, (AGM LOC), 0.33%, 9/9/10		9,000		9,000
Illinois Finance Authority Revenue Joan W. & Irving B. Dance Project, (AGM LOC), 0.38%, 9/9/10		10,300		10,300
Illinois Finance Authority Revenue Nazareth Academy Project, (Harris Bankcorp Inc. LOC), 0.33%, 9/9/10		5,900		5,900
Illinois Finance Authority Revenue VRDB, Clare Oaks, Series C (Federal Home Loan Mortgage Co. LOC), 0.30%, 9/9/10		10,680		10,680
Illinois Finance Authority Revenue VRDB, Community Action Partnership, Series A (Texas Permanent School Fund LOC), 0.33%, 9/9/10		3,000		3,000
Illinois Finance Authority Revenue VRDB, Easter Seals Metropolitan Chicago, (Harris Bankcorp Inc. LOC), 0.32%, 9/9/10		7,700		7,700
Illinois Finance Authority Revenue VRDB, Franciscan Communities, Series A (National Rural Utilities Cooperative Finance Co. LOC), 0.32%, 9/9/10		7,815		7,815
Illinois Finance Authority Revenue VRDB, North Amern Spine Society, (Bank of America Corp. LOC), 0.31%, 9/9/10		11,800		11,800
Illinois Finance Authority Revenue VRDB, OSF Healthcare System, Series C (BB&T Corp. LOC), 0.29%, 9/9/10		5,000		5,000
Illinois Finance Authority Revenue VRDB, University of Chicago Medical, Series E-2 (Chevron Corp. LOC), 0.24%, 9/1/10		10,000		10,000
Illinois Financial Authority Revenue VRDB, The Clare At Water Project, Series D (Bank of America Corp. LOC), 0.32%, 9/9/10		18,300		18,300
Illinois Financial Authority Revenue Northwestern University, Sub-Series B 0.32%, 3/1/11		20,000		20,000
Illinois Financial Authority Revenue VRDB, Loyola University Health Systems, Series B (Harris Bankcorp Inc. LOC), 0.27%, 9/9/10		52,000		52,000
Illinois Health Facilities Authority Revenue Refunding Bonds, Franciscan Eldercare, Series B (Comerica Bank LOC), 0.31%, 9/9/10		2,300		2,300

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 7 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Illinois - 10.5% continued
Illinois Municipal Electric Agency Power Supply, Series 11185WF (JPMorgan Chase Bank N.A. Gtd.), 0.30%, 9/9/10 (1)	$	16,105	$	16,105
Illinois State Toll Highway Authority Toll Highway Revenue Refunding VRDB, Senior Priority, Series A-1 0.33%, 9/9/10		20,000		20,000
Series A-2 0.33%, 9/9/10		15,400		15,400
Illinois State Toll Highway Authority Toll Highway Revenue VRDB, Senior Priority, Series A-1 0.31%, 9/9/10		2,200		2,200
Kane County Illinois Revenue Glenwood School For Boys, (Harris Bankcorp Inc. LOC), 0.31%, 9/9/10		2,200		2,200
Lake County Illinois Multi-family Housing Revenue VRDB, Whispering Oaks Apartments Project, (AGM Gtd.), 0.31%, 9/9/10		3,250		3,250
Morton Grove, Illinois Cultural Facility Revenue VRDB, Illinois Holocaust Museum & Education, (Bank of America Corp. LOC), 0.31%, 9/9/10		4,750		4,750
University Illinois Board Trustees COPS Refunding VRDB, Series B 0.30%, 9/9/10		15,000		15,000
University Illinois University Revenues VRDB, Auxiliary Facilities Systems, 0.27%, 9/9/10		12,095		12,095
				520,315
Indiana - 1.8%
Elkhart County Indiana Multi-family Revenue VRDB, Housing Ashton Pines Apartments, Series A (Federal Home Loan Bank of Indianapolis LOC), 0.32%, 9/9/10		8,000		8,000
Indiana Bond Book Revenue Advance Funding Program Notes, Series A (Indiana Bond Bank LOC), 2.00%, 1/6/11		25,000		25,136
Indiana Finance Authority Health System Revenue VRDB, Sisters St. Francis Health, Series G (Federal Home Loan Mortgage Co. LOC), 0.30%, 9/9/10		10,000		10,000
Indiana Finance Authority Hospital Revenue Refunding VRDB, Clarian Health, Series A (US Bancorp LOC), 0.29%, 9/9/10		14,200		14,200
Indiana Health & Educational Facility Financing Authority Hospital Revenue Howard Regional Health System Project, Series B (KBC Groep NV LOC), 0.36%, 9/1/10		9,300		9,300
Indiana Health Facility Financing Authority Revenue VRDB, Franciscan Eldercare Project, Series B (Bank of America Corp. LOC), 0.32%, 9/9/10		275		275
Indiana Health Facility Financing Authority Revenue VRDB, Fayette Memorial Hospital Association, Series B (TD Banknorth Inc. LOC), 0.25%, 9/1/10		6,210		6,210
Indiana St. Development Finance Authority Economic Development Revenue VRDB, Young Mens Christian Association, (Banco Santander S.A. LOC), 0.39%, 9/9/10		2,600		2,600
Indianapolis Indiana Economic Development Revenue VRDB, Brookhaven County Line Project, (Federal Home Loan Mortgage Co. Gtd.), 0.30%, 9/9/10		13,000		13,000
Vincennes, Indiana Economic Development Revenue VRDB, Knox County Association, (Banco Santander S.A. LOC), 0.39%, 9/9/10		1,700		1,700
				90,421
Iowa - 1.7%
Grinnell Iowa Hospital Revenue Refunding VRDB, Grinnell Regional Medical Center, (US Bancorp LOC), 0.25%, 9/1/10		3,000		3,000

MONEY MARKET PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Iowa - 1.7% continued
Iowa Finance Authority Retirement Community Revenue VRDB, Edgewater A. Wesley, Series C (Federal Home Loan Bank of Atlanta LOC), 0.30%, 9/9/10	$	20,000	$	20,000
Iowa Finance Authority Revenue VRDB, Museum of Art Foundation, (Pnc Bancorp Inc. LOC), 0.25%, 9/1/10		4,505		4,505
Iowa Financial Authority Economic Development Revenue VRDB, Iowa West Foundation Project, (Federal Home Loan Bank of Atlanta LOC), 0.30%, 9/9/10		6,100		6,100
Iowa Financial Authority Retirement Community Revenue VRDB, Wesley Retirement Services, Series B (Wells Fargo Bank N.A. LOC), 0.28%, 9/9/10		6,500		6,500
Iowa Higher Education Loan Authority Revenue Private College, Luther College Project, (Wachovia Bank N.A. LOC), 0.27%, 9/9/10		10,910		10,910
Iowa Higher Education Loan Authority Revenue VRDB, Private College Facility Loras College Project, (Harris Bankcorp Inc. LOC), 0.25%, 9/1/10		19,000		19,000
0.25%, 9/1/10		11,960		11,960
				81,975
Kansas - 1.0%
Kansas St. Development Finance Authority Multi-family Revenue Refunding VRDB, Housing Chesapeake Apartments Project, (Banco Santander S.A. LOC), 0.30%, 9/9/10		14,800		14,800
Kansas St. Development Finance Authority Revenue VRDB, Village Shalom Obligation Group, (Wells Fargo Bank N.A. LOC), 0.30%, 9/9/10		10,000		10,000
Kansas State Development Financial Authority Hospital Revenue VRDB, Adventist Health-Sunbelt, Series C (Wells Fargo Bank N.A. LOC), 0.29%, 9/9/10		12,670		12,670
Olathe Kans Multi-family Housing Refunding VRDB, Jefferson Place Apartments Project, Series A 0.30%, 9/9/10		7,780		7,780
University Kans Hospital Authority Health Facilities Revenue VRDB, KU Health Systems, (TD Banknorth Inc. LOC), 0.25%, 9/1/10		4,395		4,395
				49,645
Kentucky - 1.3%
Fort Mitchell Kentucky League of Cities Funding Trust. Lease Program VRDB, Series A (US Bancorp LOC), 0.29%, 9/9/10		6,800		6,800
Jefferson County Kentucky Multi-family Revenue Refunding VRDB, Camden Brookside Project, (BB&T Corp. Insured), 0.29%, 9/9/10		8,900		8,900
Jefferson County Kentucky Multi-family Revenue Refunding VRDB, Housing Camden Meadows Project, (BB&T Corp. Insured), 0.29%, 9/9/10		8,200		8,200
Kentucky Economic Development Financial Authority Education Center Revenue VRDB, Ashland Hospital Corp., Series A (Bank of America Corp. LOC), 0.28%, 9/9/10		17,100		17,100
Morehead Kentucky League of Cities Funding Trust. Lease Program Revenue VRDB, Series A (US Bancorp LOC), 0.29%, 9/9/10		8,959		8,959
Warren County Kentucky Hospital Revenue Refunding VRDB, Bowling Green-Warren, (Wells Fargo Bank N.A. Insured), 0.29%, 9/9/10		8,155		8,155
Williamstown Kentucky League of Cities Funding Trust Lease Revenue VRDB, Series B (Bank of America Corp. LOC), 0.29%, 9/9/10		4,900		4,900
				63,014

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 9 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Louisiana - 0.9%
Ascension Parish Louisiana Industrial Development Board Inc. Revenue VRDB, IMTT-Geismar, (JPMorgan Chase Bank N.A. LOC), 0.30%, 9/9/10	$	17,000	$	17,000
Louisiana Local Government Environmental Facilities & Community VRDB, Series B (JPMorgan Chase Bank N.A. LOC), 0.30%, 9/9/10		10,635		10,635
Louisiana Public Facilities Authority Multi-family Housing Revenue Refunding VRDB, Linlake Ventures Project, (Harris Bankcorp Inc. LOC), 0.31%, 9/9/10		8,000		8,000
Louisiana Public Facilities Authority Revenue Refunding VRDB, Multi-family, (Wachovia Bank N.A. LOC), 0.29%, 9/9/10		8,900		8,900
				44,535
Maryland - 2.9%
Maryland St. Community Development Administration Department Housing & Community Development VRDB, Multi-family Development Sharp Apartments, Series A (Bank of Nova Scotia Insured), 0.29%, 9/9/10		16,950		16,950
Maryland St. Community Development Administration Department Housing & Community Development VRDB, Multi-family Kirkwood Housing, Series G (Federal Home Loan Mortgage Co. LOC), 0.28%, 9/9/10		8,000		8,000
Maryland St. Economic Development Corp. Economic Development Revenue VRDB, Federation Amern Societies, (Banco Santander S.A. LOC), 0.29%, 9/9/10		15,500		15,500
Maryland St. Health & Higher Educational Facilities Authority Revenue VRDB, Upper Chesapeake Hospital, Series B (Banco Santander S.A. LOC), 0.29%, 9/9/10		17,305		17,305
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding VRDB, Adventist Healthcare, Series B (Federal National Mortgage Association LOC), 0.28%, 9/9/10		13,700		13,700
Maryland State Health & Higher Educational Facilities Authority Revenue VRDB, Adventist Health Care, Series A (Wachovia Bank N.A. LOC), 0.28%, 9/9/10		8,310		8,310
Maryland State Health & Higher Educational Facilities Authority Revenue VRDB, Adventist Healthcare, Series A (Wachovia Bank N.A. LOC), 0.28%, 9/9/10		39,100		39,100
Maryland State Health & Higher Educational Facilities Authority Revenue VRDB, Frederick Memorial Hospital, (Federal National Mortgage Association LOC), 0.29%, 9/9/10		8,000		8,000
Montgomery County Maryland Economic Development Revenue VRDB, Riderwood Village Inc. Project, (Wells Fargo Bank N.A. LOC), 0.28%, 9/9/10		855		855
Prince Georges County Maryland Revenue Refunding VRDB, Collington Episcopal, Series A (JPMorgan Chase Bank N.A. LOC), 0.28%, 9/9/10		15,000		15,000
				142,720
Massachusetts - 1.8%
Massachusetts St. Development Finance Agency Revenue VRDB, Groton School, 0.28%, 9/9/10		10,000		10,000
Massachusetts St. Development Finance Agency Revenue VRDB, ISO New England Inc., (US Bancorp LOC), 0.27%, 9/9/10		16,010		16,010
Massachusetts St. Development Finance Agency Revenue VRDB, Thayer Academy, (AGM Insured), 0.32%, 9/9/10		9,585		9,585
Massachusetts St. G.O. VRDB, Series A 0.31%, 9/1/10		1,000		1,000

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Massachusetts - 1.8% continued
Massachusetts State Development Financial Agency Revenue VRDB, Groton School, 0.28%, 9/9/10	$	10,000	$	10,000
Massachusetts State Development Financial Agency Revenue VRDB, Linden Ponds Inc., Series B (Federal Home Loan Mortgage Co. LOC), 0.28%, 9/9/10		15,470		15,470
Massachusetts State Development Financial Agency Revenue VRDB, Phillips Academy, 0.28%, 9/9/10		9,600		9,600
Massachusetts State Development Financial Agency Revenue VRDB, Seashore Point-Deaconess Inc., (Credit Agricole Corp. & Investment Bank LOC), 0.28%, 9/9/10		7,755		7,755
Massachusetts State Water Resource Authority Refunding VRDB, Series A 0.31%, 9/9/10		10,000		10,000
				89,420
Michigan - 3.6%
Ann Arbor Michigan Economic Development Corp. Ltd. Obligations Revenue Glacier Hills Inc. Project, Series A (BB&T Corp. LOC), 0.28%, 9/9/10		2,540		2,540
Ann Arbor Michigan Economic Development Corp. Ltd. Obligations Revenue Refunding Bonds, Glacier Hills Project, Series B (JPMorgan Chase Bank N.A. LOC), 0.28%, 9/9/10		1,415		1,415
Grand Rapids Michigan Economic Development Corp. Economic Development Revenue Refunding Bonds, Amway Hotel Corp., Series A (Bank of America Corp. LOC), 0.71%, 9/9/10		3,075		3,075
Jackson County Michigan Hospital Finance Authority Hospital Revenue Refunding Bonds, W.A. Foote Memorial Hospital, Series C (Wells Fargo Bank N.A. Insured), 0.37%, 9/9/10		6,300		6,300
Kalamazoo Michigan Hospital Finance Authority Hospital Facility Revenue Refunding VRDB, Bronson Methodist, (Wells Fargo Bank N.A. LOC), 0.28%, 9/9/10		27,500		27,500
Michigan Financial Authority St. Aid Notes, Series D-1 2.00%, 8/19/11		7,000		7,080
Series D-3 2.00%, 8/22/11		10,000		10,155
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Ltd. Obligation-Calvin, Series A (US Bancorp LOC), 0.26%, 9/9/10		18,800		18,800
Series B (TD Banknorth Inc. LOC), 0.26%, 9/9/10		20,000		20,000
Michigan Higher Education Facilities Authority Revenue Refunding VRDB, Ltd. Obligation-Hope College, (Banco Santander S.A. LOC), 0.29%, 9/9/10		8,400		8,400
Michigan Higher Education Facilities Authority Revenue VRDB, Ltd. Obligation-Cleary University Project, (JPMorgan Chase Bank N.A. LOC), 0.38%, 9/9/10		4,045		4,045
Michigan St. Hospital Finance Authority Revenue VRDB, Holland Community Hospital, Series B (AGM LOC), 0.29%, 9/9/10		7,900		7,900
Michigan St. State Fund Revenue Rest Haven Christian Services, (US Bancorp LOC), 0.30%, 9/9/10		8,780		8,780
Michigan State Fund Ltd. Obligations Revenue VRDB, YMCA Metropolitan Detroit Project, (JPMorgan Chase Bank N.A. LOC), 0.30%, 9/9/10		2,460		2,460
Michigan State G.O. Bonds, 2.00%, 9/30/10		50,000		50,059
				178,509

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 11 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Minnesota - 2.6%
Delaware State Economic Development Authority Revenue VRDB, Peninsula United, Series A (TD Banknorth Inc. LOC), 0.25%, 9/1/10	$	20,100	$	20,100
Maple Grove Minnesota Economic Development Revenue Heritage Christian Academy, (Royal Bank of Scotland NV LOC), 0.27%, 9/9/10		3,320		3,320
Minneapolis & St. Paul Minnesota Housing & Redevelopment Authority Health Care System VRDB, Children’s Hospital Clinics, Series A (Citibank N.A. Insured), 0.27%, 9/1/10		2,000		2,000
Minneapolis Minnesota Health Care Systems Revenue VRDB, Fairview Health Services, Series D (US Bancorp LOC), 0.24%, 9/9/10		9,325		9,325
Minneapolis, Minnesota Student Residence Revenue VRDB, Riverton Community Housing Project, (Wells Fargo Bank N.A. LOC), 0.31%, 9/9/10		6,825		6,825
Minnesota Agriculture & Economic Development Board Revenue VRDB, YMCA Metropolitan Minneapolis Project, (Banco Santander S.A. LOC), 0.29%, 9/9/10		3,000		3,000
Minnesota School Districts Tax & Aid Antic Borrowing Program COPS, 2.00%, 9/10/10		15,000		15,005
Series A 2.00%, 9/10/10		7,200		7,203
Series B 2.00%, 9/10/10		9,000		9,004
Minnesota St. Higher Education Facilities Authority Revenue VRDB, University St. Thomas, Series 5-Z (JPMorgan Chase Bank N.A. LOC), 0.28%, 9/9/10		9,000		9,000
Minnesota State Higher Education Facilities Authority Revenue VRDB, Concordia University St. Paul, Series 6Q (Wells Fargo Bank N.A. LOC), 0.22%, 9/1/10		5,345		5,345
Oak Park Heights Minnesota Multi-Family Revenue Refunding VRDB, Housing Boutwells Landing, (Harris Bankcorp Inc. Gtd.), 0.30%, 9/9/10		7,145		7,145
Robbinsdale Minnesota Multi-family Revenue Refunding VRDB, Housing Copperfield Hill, Series C (Wells Fargo Bank N.A. LOC), 0.31%, 9/9/10		3,500		3,500
Robbinsdale Minnesota Revenue Refunding VRDB, North Memorial, Series A-4 (TD Banknorth Inc. LOC), 0.23%, 9/9/10		10,600		10,600
Rochester Minnesota G.O. VRDB, Waste Water, Series B 0.27%, 9/9/10		7,100		7,100
Roseville Minnesota Senior Housing Revenue Refunding VRDB, Eaglecrest Project, (Federal Home Loan Bank of San Francisco LOC), 0.26%, 9/9/10		6,145		6,145
St. Paul Minnesota Port Authority Revenue VRDB, Amherst H Wilder Foundation, Series 06-3 (Federal National Mortgage Association LOC), 0.26%, 9/1/10		5,640		5,640
				130,257
Mississippi - 1.9%
Jackson County Mississippi Port Facilities Revenue Refunding Bonds, Chevron USA Inc. Project, (Exxon Gtd.), 0.21%, 9/1/10		33,290		33,290
Mississippi Business Finance Corp. Mississippi Gulf Opportunity Zone VRDB, Chevron USA Inc. Project, Series B (Bank of Montreal Gtd.), 0.24%, 9/1/10		10,700		10,700
Mississippi Business Finance Corp. Mississippi Gulf Opportunity Zone VRDB, SG Resources Mississippi LLC, (Bank of America Corp. LOC), 0.30%, 9/9/10		26,400		26,400

MONEY MARKET PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Mississippi - 1.9% continued
Mississippi Business Finance Corp. Mississippi Revenue Refunding VRDB, Renaissance, Series B (Wells Fargo & Company LOC), 0.29%, 9/9/10	$	8,050	$	8,050
Mississippi Business Finance Corp. Mississippi Revenue VRDB, CPX Gulfport OPAG LLC, Series A (US Bancorp LOC), 0.30%, 9/9/10		12,935		12,935
Mississippi Development Bank Special Obligation Refunding VRDB, Magnolia Regional Health Project, (Bank of America Corp. LOC), 0.30%, 9/9/10		5,000		5,000
				96,375
Missouri - 1.9%
Independence, Missouri Industrial Development Authority Multi-family Housing Revenue Refunding VRDB, The Mansions Project, (JPMorgan Chase Bank N.A. LOC), 0.30%, 9/9/10		14,240		14,240
Kansas City Missouri Industrial Development Authority Multi-family Housing Revenue Refunding VRDB, Coach House North Apartments, (Bank of America Corp. LOC), 0.30%, 9/9/10		8,000		8,000
Kansas City Missouri Industrial Development Authority Multifamily Housing Revenue Refunding VRDB, Coach House South Apartments, (Federal Home Loan Mortgage Corp. LOC), 0.30%, 9/9/10		2,500		2,500
Kansas City Missouri Industrial Development Authority Multi-family Housing Revenue Refunding VRDB, Willow Creek Level Apartments, (Harris Bankcorp Inc. Insured), 0.30%, 9/9/10		8,095		8,095
Kansas City, Missouri Industrial Development Authority Multi-family Housing Revenue VRDB, Cloverset Apartments Project, (Federal Home Loan Mortgage Co. LOC), 0.30%, 9/9/10		2,065		2,065
Kansas City, Missouri Industrial Development Authority Revenue VRDB, K.C. Downtown Redevelopment, Series B (Bank of America Corp. LOC), 0.30%, 9/9/10		13,175		13,175
Missouri St. Health & Educational Facilities Authority Educational Facilities Revenue VRDB, Metropolitan Jesuit High School, (US Bancorp LOC), 0.25%, 9/1/10		3,200		3,200
Missouri St. Health & Educational Facilities Authority Health Facilities Revenue VRDB, Pooled Hospital, Series C (KBC Groep NV LOC), 0.32%, 9/9/10		4,245		4,245
Missouri St. Health & Educational Facilities Authority Health Facilities Revenue VRDB, St. Francis Medical Center-Ser A, Series A (AGM LOC), 0.27%, 9/1/10		2,115		2,115
Missouri State Health & Educational Facilities Authority Health Facilities Revenue VRDB, Lutheran Senior Services, (US Bancorp LOC), 0.29%, 9/9/10		9,000		9,000
Missouri State Health & Educational Facilities Authority Revenue VRDB, Lutheran Senior Services Project, (Banco Santander S.A. LOC), 0.27%, 9/9/10		9,000		9,000
St. Charles County Missouri Industrial Development Authority Industrial Revenue Refunding VRDB, Country Club Apartments Project, (Harris Bankcorp Inc. LOC), 0.30%, 9/9/10		4,000		4,000
St. Charles County Missouri Industrial Development Authority Industrial Revenue VRDB, Trinity Manufacturing Project, (Bank of America Corp. LOC), 0.30%, 9/9/10		7,180		7,180
St. Joseph, Missouri Industrial Development Authority Health Facilities Revenue VRDB, Heartland Regional Medical Center, Series A (US Bancorp LOC), 0.24%, 9/9/10		2,700		2,700

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 13 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Missouri - 1.9% continued
St. Louis County Missouri Industrial Development Authority Revenue VRDB, Friendship Village South County, Series B (Federal Home Loan Mortgage Co. LOC), 0.30%, 9/9/10	$	5,615	$	5,615
				95,130
Montana - 0.2%
Montana Facility Finance Authority Revenue VRDB, Sister of Charity-A, Series A 0.26%, 9/1/10		8,380		8,380
Nebraska - 0.6%
Central Plains Energy Project Nebgas Project Revenue VRDB, Project No. 2, 0.30%, 9/9/10		24,900		24,900
Nebraska Educational Financial Authority Revenue Refunding Bonds, Creighton University Projects, (Motiva LOC), 0.25%, 9/1/10		2,400		2,400
				27,300
Nevada - 0.4%
Carson City Nevada Hospital Revenue VRDB, Carson Tahoe Regional Medical Center, (Federal Home Loan Bank of Boston LOC), 0.27%, 9/9/10		5,145		5,145
Carson City Nevada Hospital Revenue VRDB, Carson-Tahoe Hospital Project, Series B (US Bancorp LOC), 0.27%, 9/9/10		9,300		9,300
Las Vegas Valley Nevada Water District Water Improvement, Series B 0.31%, 9/1/10		6,600		6,600
				21,045
New Hampshire - 0.7%
New Hampshire Health & Education Facilities Authority Revenue VRDB, Southern New Hampshire University, (TD Banknorth Inc. LOC), 0.25%, 9/9/10		5,000		5,000
New Hampshire Health & Education Facilities Authority Revenue VRDB, Kendal At Hanover, (US Bancorp LOC), 0.26%, 9/9/10		8,365		8,365
Series B (US Bancorp LOC), 0.27%, 9/9/10		6,880		6,880
New Hampshire Health & Education Facilities Authority Revenue VRDB, Riverwoods At Exeter, (Federal National Mortgage Association LOC), 0.28%, 9/9/10		12,350		12,350
				32,595
New Jersey - 1.1%
New Jersey Economic Development Authority Revenue VRDB, Cranes Mill Project, Series B (TD Banknorth Inc. LOC), 0.27%, 9/9/10		1,100		1,100
New Jersey Economic Development Authority Economic Development Revenue VRDB, Frisch School Project, (JPMorgan Chase Bank N.A. LOC), 0.27%, 9/9/10		1,500		1,500
New Jersey Economic Development Authority Revenue Refunding VRDB, Cranes Mill Project, Series B (AGM LOC), 0.27%, 9/9/10		6,220		6,220
New Jersey Economic Development Authority Revenue VRDB, Presbyterian Homes Assistance, (Motiva LOC), 0.25%, 9/9/10		15,900		15,900
New Jersey Economic Development Authority School Revenue VRDB, Facilities- Construction, Sub-series R-1 (Bank of America Corp. LOC), 0.26%, 9/1/10		25,000		25,000
New Jersey Health Care Facilities Financing Authority Revenue VRDB, Wiley Mission Project, (Wells Fargo Bank N.A. LOC), 0.27%, 9/9/10		5,000		5,000
				54,720

MONEY MARKET PORTFOLIOS 14 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
New Mexico - 1.0%
New Mexico Mortgage Finance Authority Multi-family Housing Revenue VRDB, Villas San Ignacio, (AGM LOC), 0.29%, 9/9/10	$	8,000	$	8,000
New Mexico Municipal Energy Acquisition Authority Gas Supply VRDB, 0.30%, 9/9/10		30,000		30,000
Portales New Mexico Student Housing Revenue VRDB, Portales LLC, Series A (United States Treasury LOC), 0.40%, 9/9/10		13,380		13,380
				51,380
New York - 8.1%
Metropolitan Transit Authority Revenue BANS, Sub-series C (Royal Bank of Scotland NV LOC), 0.36%, 9/13/10		30,000		30,000
Metropolitan Transit Authority, (Wells Fargo Bank N.A. LOC), 0.33%, 9/7/10		15,000		15,000
Metropolitan Transportation Authority New York Dedicated Tax Fund Refunding VRDB, Series A 0.32%, 9/9/10		21,000		21,000
Metropolitan Transportation Authority New York Revenue RANS, 2.00%, 12/31/10		25,000		25,133
New York City New York Industrial Development Agency Civic Facilities Revenue VRDB, Sephardic Community Youth Center, (BB&T Corp. LOC), 0.35%, 9/9/10		7,500		7,500
New York City, New York Industrial Development Agency Civic Facility Revenue VRDB, Cong Machne Chaim Inc., (Bank of America Corp. LOC), 0.43%, 9/9/10		7,800		7,800
New York Liberty Development Corp. Liberty Revenue VRDB, World Trade Center Project, Series A (United States Treasury Escrowed), 0.50%, 1/18/11		182,100		182,103
New York New York City Municipal Water Financial Authority Water & Sewer Systems Revenue 2nd General Resolution, Series Aa-3 0.38%, 9/9/10		12,300		12,300
New York St. Dorm Authority Revenues Non-State Supported Debt VRDB, Rochester Friendly Home, (US Bancorp LOC), 0.26%, 9/9/10		11,745		11,745
New York St. Dorm Authority Revenues St. Supported Debt New York Library, Series A (BB&T Corp. LOC), 0.27%, 9/9/10		3,360		3,360
New York St. Housing Finance Agency Revenue VRDB, 320 West 38Th Street, Series A (US Bancorp LOC), 0.28%, 9/9/10		19,080		19,080
New York State Urban Development Corp. Revenue Various State Facilities, Series A3A 0.34%, 9/9/10		4,000		4,000
New York, New York City Transitional Finance Authority Revenue VRDB, Future Tax, Series G-5 0.26%, 9/9/10		10,000		10,000
Suffolk County New York Industrial Development Agency Civic Facility Revenue VRDB, St. Anthony’s High School Civic, (Federal Home Loan Bank of Atlanta LOC), 0.26%, 9/9/10		15,230		15,230
Ulster County New York Industrial Development Agency Civic Facility Revenue VRDB, Kingston Regional Senior Living, Series C (BB&T Corp. LOC), 0.28%, 9/9/10		8,450		8,450
Warren & Washington Counties New York Industrial Development Agency Civic Facility Revenue VRDB, Glen At Highland Meadows Project, 0.29%, 9/9/10		11,155		11,155

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 15 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
New York - 8.1% continued
Westchester County New York Industrial Development Agency Civic Facility Revenue VRDB, Catharine Field Home, (Federal National Mortgage Association LOC), 0.28%, 9/9/10	$	14,470	$	14,470
				398,326
North Carolina - 4.7%
Charlotte North Carolina Airport Revenue VRDB Charlotte Douglas-C, Series C (Federal Home Loan Mortgage Co. LOC), 0.29%, 9/9/10		6,200		6,200
Cleveland County North Carolina Industrial Facilities Pollution Control Financing Authority Revenue VRDB, Cleveland County Family YMCA, (Federal Home Loan Bank of Indianapolis LOC), 0.30%, 9/9/10		10,540		10,540
Durham North Carolina Water & Sewer Utility System Revenue VRDB, 0.30%, 9/9/10		800		800
Forsyth County North Carolina Industrial Facilities & Pollution Control Financing Authority Revenue VRDB, Recreation Facilities-YMCA Winston, (Bank of America Corp. LOC), 0.30%, 9/9/10		12,600		12,600
Greensboro, North Carolina G.O. VRDB, Street Improvement, 0.31%, 9/9/10		10,000		10,000
Mecklenburg County North Carolina COPS VRDB, 0.30%, 9/9/10		8,890		8,890
Series A 0.60%, 9/9/10		36,125		36,125
North Carolina Capital Facilities Finance Agency Educational Facilities Revenue VRDB, High Point University Project, (Federal Home Loan Mortgage Co. LOC), 0.30%, 9/9/10		10,850		10,850
0.30%, 9/9/10		10,000		10,000
North Carolina Capital Facilities Finance Agency Revenue VRDB, Elon University, (AGM LOC), 0.31%, 9/9/10		8,200		8,200
North Carolina Educational Facilities Finance Agency Revenue VRDB, Educational Facilities-Charlotte Latin, (Federal National Mortgage Association LOC), 0.29%, 9/9/10		2,820		2,820
North Carolina Medical Care Commission Health Care Facilities Revenue VRDB, Novant Health Group, Series A 0.30%, 9/9/10		7,600		7,600
North Carolina Medical Care Community Health Care Facilities Revenue Refunding Bonds, Duke University Health System, Series C 0.30%, 9/9/10		11,550		11,550
North Carolina Medical Care Community Health Care Facilities Revenue Refunding VRDB, Wake Forest University, Series A (US Bancorp LOC), 0.28%, 9/9/10		18,085		18,085
North Carolina Medical Care Community Retirement Facilities Revenue VRDB, First Mortgage-Southminster, Series C (Federal National Mortgage Association LOC), 0.30%, 9/9/10		700		700
North Carolina St. G.O. Refunding VRDB, Series F 0.27%, 9/9/10		8,595		8,595
Raleigh North Carolina Comb Enterprise System Revenue, Series A 0.28%, 9/9/10 (1)		10,545		10,545
University of North Carolina Chapel Hill Revenue Refunding Bonds, Series A 0.30%, 9/9/10 (1)		18,400		18,400
Wake County North Carolina G.O. VRDB, Public Improvement, Series C 0.27%, 9/9/10		9,500		9,500
Winston-Salem North Carolina Water & Sewer System Revenue VRDB, Series B 0.28%, 9/9/10		8,400		8,400

MONEY MARKET PORTFOLIOS 16 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
North Carolina - 4.7% continued
Winston-Salem North Carolina Water & Sewer Systems Revenue Refunding VRDB, Series C 0.28%, 9/9/10	$	21,600	$	21,600
				232,000
Ohio - 1.0%
Butler County Ohio Healthcare Facilities Revenue Reform & Improvement - Lifesphere Project, (Harris Bankcorp Inc. LOC), 0.30%, 9/9/10		9,275		9,275
Cleveland Ohio Airport System Revenue VRDB, Series D (Wells Fargo Bank N.A. LOC), 0.37%, 9/9/10		8,500		8,500
Cleveland-Cuyahoga County Ohio Port Authority Cultural Facility Revenue VRDB, Museum of Art Project, Series B 0.26%, 9/9/10		15,000		15,000
Cuyahoga County Ohio Health Care Facilities Revenue Franciscan Communities, Series E ( LOC), 0.32%, 9/9/10		8,255		8,255
Richland County Ohio Health Care Facilities Revenue Refunding Bonds, Wesleyan Senior Living, Series A (Harris Bankcorp Inc. LOC), 0.30%, 9/9/10		1,625		1,625
Richland County Ohio Health Care-facilities Revenue Refunding Bonds, Wesleyan, Series B (Harris Bankcorp Inc. LOC), 0.30%, 9/9/10		4,555		4,555
				47,210
Oregon - 1.3%
Clackamas County Oregon Hospital Facility Authority Revenue VRDB, Legacy Health Systems, Series A (Banco Santander S.A. LOC), 0.27%, 9/9/10		10,000		10,000
Oregon State Facilities Authority Revenue VRDB, Quatama Crossing Housing, Series A (Federal National Mortgage Association LOC), 0.29%, 9/9/10		9,445		9,445
Oregon State G.O. TANS, 2.00%, 6/30/11		40,000		40,531
Salem, Oregon Hospital Facility Authority Revenue VRDB, Salem Hospital Project, Series B (Bank of America Corp. LOC), 0.30%, 9/9/10		6,000		6,000
				65,976
Pennsylvania - 3.4%
Allegheny County Pennsylvania Hospital Development Authority Revenue VRDB, UPMC Senior Living Corp., (Bank of America Corp. LOC), 0.29%, 9/9/10		10,505		10,505
Allegheny County Pennsylvania Industrial Development Authority Health Care Revenue VRDB, Vincentian Collaborative, Series B (Bank of America Corp. LOC), 0.29%, 9/9/10		2,725		2,725
Allegheny County Pennsylvania Industrial Development Authority Revenue VRDB, Education Center Watson, (Federal Home Loan Mortgage Co. LOC), 0.29%, 9/9/10		6,000		6,000
Beaver County Pennsylvania Industrial Development Authority Pollution Control Revenue Refunding VRDB, FirstEnergy Generation, (TD Banknorth Inc. LOC), 0.26%, 9/1/10		3,000		3,000
Beaver County Pennsylvania Industrial Development Authority Pollution Control Revenue Refunding VRDB, FirstEnergy, Series A (Banco Santander S.A. LOC), 0.27%, 9/9/10		12,500		12,500
Bethlehem, Pennsylvania Area School District Authority School Revenue VRDB, (Federal Home Loan Mortgage Co. LOC), 0.29%, 9/9/10 (1)		5,000		5,000
Cumberland County Pennsylvania Municipal Authority Revenue Refunding VRDB, Asbury Obligated Group, (KBC Groep NV LOC), 0.28%, 9/9/10		13,455		13,455
Delaware River Port Authority Pennsylvania & New Jersey Revenue Refunding VRDB, Series B (AGM LOC), 0.25%, 9/9/10		8,800		8,800

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 17 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Pennsylvania - 3.4% continued
Lancaster County Pennsylvania Hospital Authority Senior Living Facilities Revenue VRDB, Quarryville Presbyterian, (Wachovia Bank N.A. LOC), 0.28%, 9/9/10	$	13,770	$	13,770
Lancaster Pennsylvania Industrial Development Authority Revenue VRDB, Mennonite Home Project, (Royal Bank of Scotland NV LOC), 0.35%, 9/9/10		1,615		1,615
Lancaster Pennsylvania Industrial Development Authority Revenue Willow Valley Retirement, Series A (US Bancorp LOC), 0.26%, 9/9/10		10,000		10,000
Lower Merion Pennsylvania School District VRDB, Capital Project, Series B (BB&T Corp. LOC), 0.28%, 9/9/10		6,000		6,000
Montgomery County Pennsylvania G.O. Bonds, Series A 0.25%, 9/1/10		3,000		3,000
Montgomery County Pennsylvania Industrial Development Authority Retirement Community Revenue VRDB, Acts Retirement Life Community, (JPMorgan Chase Bank N.A. LOC), 0.23%, 9/1/10		3,240		3,240
Pennsylvania Housing Financial Agency Multifamily Housing Revenue VRDB, Special Ltd. Obligation-Foxwood, (Federal Home Loan Bank of San Francisco LOC), 0.29%, 9/9/10		8,000		8,000
Pennsylvania St. Higher Educational Facilities Authority College & University Revenues VRDB, Pennsylvania College Optometry, (Federal Home Loan Mortgage Co. LOC), 0.29%, 9/9/10		7,620		7,620
Pennsylvania St. Higher Educational Facilities Authority Revenue Association Independent Colleges, Series I4 (AGM LOC), 0.30%, 9/9/10		13,600		13,600
Pennsylvania St. Turnpike Community Turnpike Revenue Refunding Bonds, Series A-1 0.30%, 9/9/10		29,500		29,500
Series A-2 0.32%, 9/9/10		6,200		6,200
West Cornwall Township Pennsylvania Municipal Authority Revenue VRDB, Senior Living Facility Lebanon Valley, (JPMorgan Chase Bank N.A. LOC), 0.28%, 9/9/10		4,200		4,200
				168,730
South Carolina - 1.0%
Charleston Educational Excellence Financing Corp. South Carolina Revenue Charleston County School Dist, 0.31%, 9/9/10 (1)		9,115		9,115
Columbia, South Carolina Waterworks & Sewer Systems Revenue VRDB, (US Bancorp LOC), 0.24%, 9/1/10		5,800		5,800
Florence County South Carolina Hospital Revenue VRDB, McLeod Regional Medical Center, Series B (BB&T Corp. LOC), 0.29%, 9/9/10		9,400		9,400
Greenville Hospital System South Carolina Hospital Facilities Revenue Refunding VRDB, Series D (Federal National Mortgage Association LOC), 0.29%, 9/9/10		7,700		7,700
Piedmont Municipal Power Agency South Carolina Electric Revenue VRDB, Series C (Comerica Bank Insured), 0.40%, 9/9/10		10,200		10,200
South Carolina Jobs Economic Development Authority Economic Development Revenue Medical University Facilities Corp. Project, (Federal National Mortgage Association LOC), 0.29%, 9/9/10		4,000		4,000
South Carolina Jobs-Economic Development Authority Hospital Revenue Refunding VRDB, Anmed Health, (AGM LOC), 0.26%, 9/9/10		5,000		5,000
				51,215

MONEY MARKET PORTFOLIOS 18 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
South Dakota - 0.3%
South Dakota Housing Development Authority VRDB, Homeownership Mortgage, Series A 0.27%, 9/9/10	$	5,000	$	5,000
South Dakota St. Health & Educational Facilities Authority Revenue VRDB, Sioux Valley Hospitals & Health, Series B (Banco Santander S.A. LOC), 0.31%, 9/9/10		4,630		4,630
South Dakota State Health & Educational Facilities Authority Revenue VRDB, Regional Health, (US Bancorp LOC), 0.25%, 9/1/10		6,265		6,265
				15,895
Tennessee - 2.4%
Blount County Tennessee Public Building Authority VRDB, Local Government Public Improvement, Series C-1-A 0.30%, 9/9/10		16,650		16,650
Series C-3-A 0.30%, 9/9/10		7,700		7,700
Hendersonville Tennessee Industrial Development Board Multi-family Housing Revenue Refunding VRDB, Windsor Park Project, (Bank of America Corp. Insured), 0.32%, 9/9/10		3,095		3,095
Knox County Tennessee Health & Educational Facilities Board Revenue VRDB, Johnson Bible College Project, 0.30%, 9/9/10		6,570		6,570
Metropolitan Government Nashville & Davidson County Tennessee Health & Education Facilities Board Revenue Refunding VRDB, Belmont University, (Federal National Mortgage Association LOC), 0.30%, 9/9/10		9,010		9,010
Metropolitan Government Nashville & Davidson County Tennessee Health & Education Facilities Board Revenue Refunding VRDB, Lipscomb University Project, (BNP Paribas LOC), 0.30%, 9/9/10		16,960		16,960
Metropolitan Government Nashville & Davidson County Tennessee Industrial Development Board Multifamily Housing Refunding VRDB, Ridgelake Apartments Project, (Bank of America Corp. Gtd.), 0.30%, 9/9/10		17,029		17,029
Shelby County Tennessee Health Educational & Housing Facilities Board Revenue VRDB, Trezevant Manor Project, Series B (Bank of America Corp. LOC), 0.30%, 9/9/10		4,300		4,300
Tennergy Corp Tennessee Gas Revenue VRDB, Series B (Dexia Credit Local LOC), 0.32%, 9/9/10 (1)		27,625		27,625
Tennessee State Local Development Authority Revenue Student Loan Program-BANS, Series E 2.00%, 6/24/11		10,000		10,125
				119,064
Texas - 6.2%
Atascosa County Texas Industrial Development Corp. Pollution Control Revenue Refunding VRDB, San Miguel Electric Cooperative, (AGM Gtd.), 0.60%, 9/9/10		9,600		9,600
Austin, Texas Hotel Occupancy Tax Revenue Refunding VRDB, Series A (Dexia Credit Local LOC), 0.32%, 9/9/10		6,165		6,165
Bexar County Texas Housing Finance Corp. Multi-family Housing Revenue Refunding VRDB, Palisades Park Apartments Project, (Clipper Tax-Exempt Certificate Trust Insured), 0.30%, 9/9/10		2,880		2,880
Bexar County Texas Housing Finance Corp. Multi-family Housing Revenue VRDB, Summit Hills Apartments Project, Series A (Banco Santander S.A. Insured), 0.31%, 9/9/10		3,500		3,500
Bexar County Texas Revenue Venue Project, (M&T Bank Corp. Escrowed), 0.33%, 9/9/10 (1)		2,829		2,829

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 19 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Texas - 6.2% continued
Brazos County Texas Health Facilities Refunding VRDB, Burleson St. Joseph, (Wachovia Bank N.A. LOC), 0.39%, 9/9/10	$	7,740	$	7,740
Brazos Texas Harbor Industrial Development Corp. Revenue Refunding VRDB, BASF Corp. Project, (Wells Fargo Bank N.A. Gtd.), 0.36%, 9/9/10		7,700		7,700
Crawford Texas Education Facilities Corp. Revenue Hyde Park Baptist School Project, (US Bancorp LOC), 0.28%, 9/9/10		1,225		1,225
Harris County Texas Health Facilities Development Corp. Hospital Revenue VRDB, Baylor College of Medicine, Series A1 (Federal Home Loan Mortgage Co. LOC), 0.25%, 9/1/10		9,515		9,515
Houston Texas Independent School District VRDB, Schoolhouse, 0.28%, 9/9/10		27,240		27,240
Houston Texas Utility System Revenue Refunding Bonds, Series P (Federal Home Loan Mortgage Co. LOC), 0.29%, 9/9/10 (1)		25,000		25,000
Katy Texas Independent School District G.O. VRDB, Cash Building, Series C 0.28%, 9/9/10		3,000		3,000
Lovejoy Independent School District Texas G.O. Bonds, School Building, 0.30%, 9/9/10 (1)		3,275		3,275
Lower Neches Valley Authority Texas Pollution Control Revenue Chevron USA Inc. Project, (Chevron Corp Gtd.), 0.35%, 2/14/11		11,805		11,805
Lubbock Texas Independent School District G.O. VRDB, School Building, Series A 0.30%, 9/9/10		300		300
Mansfield Texas Independent School District G.O. VRDB, School Bldg, (M&T Bank Corp. Gtd.), 0.34%, 9/9/10		8,640		8,640
Nueces County Texas Health Facilities Development Corp. Revenue Driscoll Children’s Foundation, (Royal Bank of Scotland NV LOC), 0.30%, 9/9/10		10,100		10,100
Panhandle Texas Regional Housing Finance Corp. Multi-family Housing Revenue VRDB, Jason Ave Residential Apartments, (AGM LOC), 0.30%, 9/9/10		7,500		7,500
Port Arthur Texas Navigation District Environmental Facilities Revenue VRDB, Motiva Enterprises, Series A (Bank of America Corp. Gtd.), 0.25%, 9/1/10		10,000		10,000
Series B (KBC Groep NV Gtd.), 0.25%, 9/1/10		29,900		29,900
Series C (US Bancorp Gtd.), 0.25%, 9/1/10		15,000		15,000
Port Arthur, Texas Navy District Environmental Facilities Revenue Refunding VRDB, Motiva Enterprises, Series C 0.25%, 9/1/10		9,800		9,800
Port Arthur, Texas Navy District Exempt Facilities Revenue VRDB, Total Petrochemicals USA, 0.26%, 9/9/10		12,500		12,500

San Antonio, Texas Housing Trust Financial Corp. Multi-family Housing Revenue VRDB, Cevallos Lofts Apartments, (Wachovia Bank N.A. LOC), 0.31%, 9/9/10	11,250	11,250
Tarrant County Texas Housing Financial Corp. Revenue VRDB, Multifamily Housing Gateway Apartments, (Federal National Mortgage Association Gtd.), 0.29%, 9/9/10	1,465	1,465
Texas St. Department Housing & Community Affairs Multi-family Housing Revenue VRDB, Woodmont Apartments, (Harris Bankcorp Inc. LOC), 0.30%, 9/9/10	15,000	15,000
Texas St. Revenue Bonds, TANS, 2.00%, 8/31/11	35,000	35,578

MONEY MARKET PORTFOLIOS 20 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Texas - 6.2% continued
Travis County Texas Housing Finance Corp. Student Housing Revenue College Houses Project, (JPMorgan Chase Bank N.A. LOC), 0.28%, 9/9/10	$	10,665	$	10,665
Tyler Texas Independent School District G.O. VRDB, School Building, Series A 0.51%, 9/9/10		9,300		9,300
				308,472
Utah - 0.6%
Utah Housing Corp. Multi-family Revenue VRDB, Housing Florentine Villas, Series A (Wells Fargo Bank N.A. LOC), 0.34%, 9/9/10		4,500		4,500
Utah Housing Corp. Multi-family Revenue VRDB, Housing Timbergate, Series A (BNP Paribas LOC), 0.31%, 9/9/10		2,625		2,625
Utah St. Board Regents Revenue Refunding VRDB, Hospital University Utah, (Wachovia Bank N.A. LOC), 0.31%, 9/9/10		2,900		2,900
Utah Water Finance Agency Revenue VRDB, Series B-2 0.30%, 9/9/10		17,300		17,300
				27,325
Vermont - 0.7%
Vermont Educational & Health Buildings Financing Agency Revenue VRDB, Norwich University Project, (US Bancorp LOC), 0.26%, 9/9/10		12,100		12,100
Vermont Educational & Health Buildings Financing Agency Revenue Refunding VRDB, Hospital Fletcher Allen, Series A (Citibank N.A. LOC), 0.24%, 9/9/10		12,240		12,240
Vermont Housing Finance Agency Student Housing Facilities Revenue VRDB, West Block University of Vermont Project, Series A (Rabobank Nederland NV LOC), 0.40%, 9/9/10		8,075		8,075
				32,415
Virginia - 1.5%
Fairfax County Virginia Economic Development Authority Revenue Refunding VRDB, Retirement-Greenspring, Series B (M&T Bank Corp. LOC), 0.27%, 9/9/10		18,050		18,050
Hampton Virginia Redevelopment & Housing Authority Multi-Family Housing Revenue Refunding VRDB, Hampton Center Apartments Project, (Wells Fargo Bank N.A. Insured), 0.30%, 9/9/10		5,100		5,100
Lynchburg, Virginia Industrial Development Authority Revenue VRDB, Hospital Centra Health, Series B (Federal Home Loan Mortgage Co. LOC), 0.29%, 9/9/10		1,750		1,750
Roanoke Virginia Industrial Development Authority Hospital Revenue Carilion Health System, Series A-1 (BB&T Corp. Insured), 0.25%, 9/1/10		5,400		5,400
University Virginia University Revenues, 0.30%, 9/9/10 (1)		12,000		12,000
Virginia College Building Authority Virginia Educational Facilities Revenue VRDB, University of Richmond Virginia, Series A 0.40%, 3/1/11		10,085		10,085
Virginia Small Business Financing Authority Revenue VRDB, Virginia Museum Fine Arts Foundation, (BNP Paribas LOC), 0.31%, 9/9/10		20,000		20,000
				72,385
Washington - 3.0%
Everett Wash Public Facilities District Project Revenue VRDB, 0.50%, 9/1/10		17,015		17,015
Washington St. G.O., Series B 0.30%, 9/9/10 (1)		1,350		1,350
Washington St. Health Care Facilities Authority Revenue Fred Hutchinson, (M&T Bank Corp. LOC), 0.30%, 9/9/10		21,825		21,825

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 21 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Washington - 3.0% continued
Washington St. Health Care Facilities Authority Revenue VRDB, Catholic Health, Series B 0.27%, 9/9/10	$	20,600	$	20,600
Washington St. Health Care Facilities Authority Revenue VRDB, Southwest Wash Medical Center, Series B (United States Treasury LOC), 0.31%, 9/9/10		6,765		6,765
Washington St. Health Care Facilities Authority Revenue VRDB, Swedish Health Services, Series C (Bank of America Corp. LOC), 0.27%, 9/9/10		12,000		12,000
Washington St. Higher Education Facilities Authority Revenue Refunding VRDB, St. Martins University Project,
(Federal National Mortgage Association LOC), 0.29%, 9/9/10		8,600		8,600
Washington St. Housing Finance Community Nonprofit Revenue Refunding VRDB, Antioch University Project,
(M&T Bank Corp. LOC), 0.27%, 9/9/10		4,835		4,835
Washington St. Housing Finance Community Nonprofit Revenue Refunding VRDB, Judson Park Project,
(Federal Home Loan Mortgage Co. LOC), 0.30%, 9/9/10		7,400		7,400
Washington St. Housing Finance Community Nonprofit Revenue VRDB, The Overlake School Project,
(Federal National Mortgage Association LOC), 0.29%, 9/9/10		4,985		4,985
Washington State Health Care Facilities Authority Revenue VRDB, Assn Community Migrant Health,
(Federal Home Loan Mortgage Co. LOC), 0.29%, 9/9/10		1,065		1,065
Washington State Health Care Facilities Authority Revenue VRDB, Multi-care Health Systems, Series A (M&T Bank Corp. LOC), 0.30%, 9/9/10		3,500		3,500
Washington State Higher Education Facilities Authority Revenue VRDB, University of Puget Sound Project, Series B (Dexia Credit Local LOC), 0.32%, 9/9/10		6,000		6,000
Washington State Higher Education Facilities Authority Revenue VRDB, Cornish College Arts Project, Series A (Wells Fargo Bank N.A. LOC), 0.36%, 9/9/10		1,900		1,900
Washington State Housing Financial Commission Nonprofit Revenue VRDB, Skyline At First Hill Project, Series C (Wachovia Bank N.A. LOC), 0.28%, 9/9/10		1,460		1,460
Wisconsin State G.O. Bonds TANS, 2.00%, 6/15/11		30,000		30,354
				149,654
West Virginia - 0.4%
West Virginia St. Hospital Finance Authority Hospital Revenue VRDB, Ref & Improvement -Cabell Hospital, Series A (AGM LOC), 0.29%, 9/9/10		10,000		10,000
Series B (Banco Santander S.A. LOC), 0.29%, 9/9/10		10,000		10,000
				20,000
Wisconsin - 2.5%
La Crosse Wisconsin Development Revenue VRDB, University Wisconsin-La Crosse Foundation,
(Wells Fargo Bank N.A. LOC), 0.39%, 9/9/10		6,800		6,800
Milwaukee, Wisconsin G.O. Bonds, Series R4 1.50%, 12/15/10		20,000		20,065
Wisconsin St. Health & Educational Facilities Authority Revenue Beaver Dam Community Hospitals, Series B (JPMorgan Chase Bank N.A. LOC), 0.27%, 9/9/10		9,010		9,010
Wisconsin St. Health & Educational Facilities Authority Revenue Newcastle Place Project, Series B (Wachovia Bank N.A. LOC), 0.28%, 9/9/10		10,800		10,800

MONEY MARKET PORTFOLIOS 22 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Wisconsin - 2.5% continued
Wisconsin St. Health & Educational Facilities Authority Revenue VRDB, Aurora Health Care, Series C (JPMorgan Chase Bank N.A. LOC), 0.25%, 9/1/10	$	4,800	$	4,800
Wisconsin St. Health & Educational Facilities Authority Revenue VRDB, Froedtert & Community Health, Series B (Wells Fargo Bank N.A. LOC), 0.23%, 9/1/10		22,100		22,100
Wisconsin St. Health & Educational Facilities Authority Revenue VRDB, Goodwill Industries Southeastern, (JPMorgan Chase Bank N.A. LOC), 0.30%, 9/9/10		3,205		3,205
Wisconsin St. Health & Educational Facilities Authority Revenue VRDB, Gundersen Lutheran, Series B (US Bancorp LOC), 0.29%, 9/9/10		7,500		7,500
Wisconsin St. Health & Educational Facilities Authority Revenue VRDB, WHA Capital Access-Vernon, Series B (Bank of New York Mellon Corp. LOC), 0.25%, 9/1/10		1,115		1,115
Wisconsin St. Health & Educational Facilities Authority Revenue Wisconsin Institute Torah Study Inc., (Bank of America Corp. LOC), 0.27%, 9/9/10		2,950		2,950
Wisconsin State Health & Educational Facilities Authority Revenue Refunding VRDB, Concordia University Inc., (JPMorgan Chase Bank N.A. LOC), 0.30%, 9/9/10		3,105		3,105
Wisconsin State Health & Educational Facilities Authority Revenue Mequon Jewish Project, (Bank of America Corp. LOC), 0.35%, 9/9/10		3,240		3,240
Wisconsin State Health & Educational Facilities Authority Revenue Mercy Alliance Inc., (Federal Home Loan Bank of Boston LOC), 0.26%, 9/9/10		22,000		22,000
Wisconsin State Health & Educational Facilities Authority Revenue VRDB, Capital Lakes, Inc., Series A (Federal National Mortgage Association LOC), 0.29%, 9/9/10		3,150		3,150
Wisconsin State Health & Educational Facilities Authority Revenue VRDB, Froedtert & Community Health, Series A (Federal Home Loan Mortgage Co. LOC), 0.28%, 9/9/10		5,000		5,000
				124,840
Wyoming - 0.6%
Kemmerer, Wyoming Pollution Control Revenue Exxon Project, 0.22%, 9/1/10		10,000		10,000
Lincoln County Wyoming Pollution Control Revenue Exxon Project, Series A (US Bancorp Gtd.), 0.22%, 9/1/10		17,200		17,200
				27,200
Municipal States Pooled Securities - 2.7%
BB&T Municipal Trust Various States, Series 1039 (Comerica Bank LOC), 0.36%, 9/9/10		25,000		25,000
Series 52 (AGM LOC), 0.61%, 9/9/10(1) (2)		—		—
Federal Home Loan Mortgage Corp. Multi-family VRDB Rate Certificates, (Federal Home Loan Mortgage Co. Gtd.), 0.35%, 9/9/10		33,900		33,900
Series A (Bank of America Corp. LOC), 0.36%, 9/9/10		38,645		38,645
Series M019 (Comerica Bank Gtd.), 0.35%, 9/9/10		19,103		19,103
Revenue Bond Certificate Series Trust VRDB, South Point Hunters, Series A (Wachovia Bank NA LOC), 0.45%, 9/9/10 (1)		10,575		10,575
Series B (Wachovia Bank NA LOC), 0.45%, 9/9/10 (1)		8,365		8,365
				135,588

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 23 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

MUNICIPAL PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)	VALUE (000S)
MUNICIPAL INVESTMENTS - 96.9% continued
Municipal States Pooled Securities - 2.7%continued
Total Municipal Investments (Cost $4,924,807)			4,924,807
Total Investments - 99.6% (Cost $4,924,807) (3)		$	4,924,807
Other Assets less Liabilities - 0.4%			20,149
NET ASSETS - 100.0%		$	4,944,956

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

(2) The principal amount and value is less than $500.

(3) The cost for federal income tax purposes was $4,924,807.

Percentages shown are based on Net Assets.

At August 31, 2010, the industry sectors for the Municpal Portfolio were:

INDUSTRY SECTOR	% OF NET ASSETS
Educational Services	14.0	%
Electric Services, Gas and Combines Utilities	5.5
Executive, Legislative and General Government	20.7
General Medical, Surgical and Nursing and Personal Care	9.6
Health Services and Residential Care	14.7
Urban and Community Development, Housing Programs and Social Services	15.0
All other sectors less than 5%	20.5
Total	100.0	%

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 price 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 valuatuions based on commonly quoted benchmark interest rates and yield curves, and/or securities indices).

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

The inputs or 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, which are carried at fair value, as of August 31, 2010:

	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Investments held by Municipal Portfolio	$	—	$	4,924,807	(1)	$	—	$	4,924,807

(1) Classifications as defined in the Schedule of Investments.

MONEY MARKET PORTFOLIOS 24 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

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

AGM - Assured Guaranty Municipal Corporation

BANS - Bond Anticipation Notes

COPS - Certificates of Participation

G.O. - General Obligation

Gtd. - Guaranteed

LOC - Letter of Credit

RANS - Revenue Anticipation Notes

TANS - Tax Anticipation Notes

TRANS - Tax and Revenue Anticipation Notes

VRDB - Variable Rate Demand Bonds

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 25 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 24.3%
Non-U.S. Bank - Non-U.S. Government - 0.7%
Deutsche Bank, New York Branch, 0.29%, 9/21/10, FRCD	$	30,000	$	30,000
Non-U.S. Depository Institutions - 23.6%
Abbey National Treasury Services, 0.29%, 9/1/10, FRCD		35,000		35,000
Australia & New Zealand Bank, London, 0.41%, 10/1/10		20,000		20,000
Bank of Montreal, 0.23%, 9/27/10		50,000		50,000
Bank of Nova Scotia, Houston, 0.34%, 10/18/10		15,000		15,000
0.33%, 10/22/10		25,000		25,000
Barclays Bank PLC, 0.58%, 9/13/10, FRCD		25,000		25,000
Barclays Bank PLC, New York Branch, 0.29%, 9/13/10, FRCD		13,000		13,000
BNP Paribas S.A., London Branch, 0.62%, 10/6/10		15,000		15,000
0.36%, 11/12/10		10,000		10,000
BNP Paribas, New York Branch, 0.40%, 10/18/10		40,000		40,000
Commonwealth Bank of Australia, 0.28%, 12/1/10		25,000		25,000
Credit Agricole CIB, New York, 0.46%, 11/2/10		45,000		45,000
Credit Agricole S.A., London Branch, 0.51%, 11/1/10		15,000		15,001
0.45%, 11/5/10		10,000		10,000
DNB Norway Bank A.S.A., New York Branch, 0.51%, 9/8/10		30,000		30,000
HSBC Bank PLC, London, 0.39%, 10/8/10		40,000		40,000
Lloyds Bank PLC, New York, 0.53%, 10/18/10		25,000		25,000
LLoyds Bank, New York Branch, 0.30%, 9/1/10		10,810		10,810
National Australia Bank, London Branch, 0.48%, 9/14/10		35,000		35,000
0.46%, 9/21/10		30,000		30,000
0.40%, 10/12/10		25,000		25,000
0.31%, 12/10/10		8,735		8,736
0.36%, 2/9/11		10,000		10,000
National Australia Bank, New York, 0.36%, 9/28/10, FRCD		10,000		10,000
Nordea Bank Finland PLC, New York Branch, 0.28%, 11/3/10		45,000		45,000
Rabobank Nederland N.V., New York Branch, 0.40%, 10/6/10		15,000		15,000
Rabobank Nederland N.V., New York, 0.30%, 9/9/10, FRCD		35,000		35,000
0.27%, 9/20/10, FRCD		15,000		15,000
Royal Bank of Canada, New York Branch, 0.45%, 9/1/10, FRCD		30,000		30,000
Royal Bank of Scotland, New York Branch, 0.60%, 10/1/10		25,000		25,000
0.50%, 10/12/10		35,000		35,000
Royal Bank of Scotland, Stamford CT Branch, 0.54%, 10/21/10		25,000		25,000
Societe Generale, London Branch, 0.29%, 9/20/10		17,535		17,535
0.28%, 9/24/10		50,000		50,000
Societe Generale, New York Branch, 0.31%, 11/26/10		10,000		10,000
Svenska Handelsbanken, Inc., New York Branch, 0.27%, 11/30/10		40,000		40,000
Toronto Dominion Bank, 0.32%, 2/16/11		20,255		20,255
Toronto Dominion Bank, London Branch, 0.25%, 9/28/10		21,065		21,065
Toronto Dominion Bank, New York, 0.29%, 9/10/10, FRCD		25,000		25,000
Westpac Banking Corp., New York, 0.27%, 9/1/10, FRCD		15,000		15,000
0.28%, 9/1/10, FRCD		15,000		15,000
0.31%, 9/1/10, FRCD		40,000		40,000
				1,046,402
Total Certificates of Deposit (Cost $1,076,402)				1,076,402

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    1    MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 17.7%
Foreign Agency and Regional Governments - 0.8%
Societe De Prise Participation DeL’Etat, 0.43%, 9/29/10	$	15,000	$	14,995
0.44%, 10/6/10		20,000		19,992
				34,987
Multi-Seller Conduits - 14.1%
Amstel Funding Corp., 0.41%, 9/7/10		33,000		32,998
Atlantic Asset Securitization Corp., 0.26%, 9/13/10		14,340		14,339
0.25%, 9/20/10		6,100		6,099
0.38%, 10/25/10		10,000		9,994
0.41%, 11/1/10		15,000		14,990
0.29%, 11/18/10		13,105		13,097
Charta Corp., 0.38%, 11/3/10		10,000		9,994
0.32%, 11/15/10		15,000		14,990
0.32%, 11/16/10		10,000		9,993
0.32%, 11/18/10		20,700		20,686
Clipper Receivables Corp., 0.37%, 10/14/10		45,000		44,980
0.36%, 11/1/10		10,000		9,994
0.30%, 11/18/10		10,000		9,994
CRC Funding LLC, 0.26%, 10/21/10		6,595		6,593
Gemini Securitization, 0.26%, 9/13/10		8,215		8,214
0.34%, 11/5/10		10,000		9,994
Gotham Funding Corp., 0.26%, 9/17/10		4,120		4,120
0.26%, 9/20/10		3,845		3,844
0.26%, 9/22/10		26,570		26,566
0.26%, 9/27/10		4,440		4,439
Govco LLC, 0.49%, 10/18/10		30,000		29,981
0.43%, 10/22/10		10,000		9,994
0.51%, 10/25/10		10,000		9,993
0.38%, 10/26/10		25,000		24,986
LMA Americas LLC, 0.28%, 9/20/10		20,000		19,997
0.32%, 9/20/10		20,205		20,202
0.29%, 10/8/10		15,000		14,995
0.31%, 10/8/10		7,350		7,348
Ranger Funding Co. LLC, 0.29%, 10/5/10		8,815		8,813
0.28%, 10/15/10		5,635		5,633
0.28%, 10/19/10		6,650		6,648
0.28%, 10/20/10		22,892		22,883
0.27%, 10/26/10		12,805		12,800
0.27%, 10/27/10		7,685		7,682
Sheffield Receivables Corp., 0.32%, 9/16/10		15,000		14,998
0.32%, 9/17/10		20,000		19,997
0.26%, 10/18/10		10,000		9,997
0.37%, 10/21/10		12,000		11,994
0.27%, 11/17/10		15,000		14,991
0.27%, 11/22/10		5,000		4,997
Straight-A Funding LLC, 0.27%, 11/8/10		30,000		29,985
Thames Asset Global Securitization, 0.26%, 9/13/10		8,695		8,694
0.26%, 9/20/10		14,225		14,223
Victory Receivables Corp., 0.26%, 9/14/10		9,835		9,834
0.26%, 9/21/10		4,570		4,569
0.26%, 9/27/10		5,775		5,774
				627,926
Non-U.S. Bank - Non-U.S. Government - 0.5%
Danske Corp., Sovereign Gtd., 0.54%, 9/1/10		20,000		20,000
Non-U.S. Depository Institutions - 2.3%
Commonwealth Bank of Australia,
0.30%, 9/9/10		45,000		44,997
Lloyds Bank PLC,
0.43%, 10/29/10		10,000		9,993
0.44%, 10/29/10		30,000		29,979
Westpac Banking Corp.,
0.31%, 9/27/10		15,000		15,000
				99,969
Total Commercial Paper (Cost $782,882)				782,882
CORPORATE NOTES/BONDS - 7.5%
Foreign Agency and Regional Governments - 2.1%
Eksportfinans,
0.33%, 8/26/11		8,800		8,800
KFW,
4.63%, 1/20/11		55,000		55,889

MONEY MARKET PORTFOLIOS    2    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 7.5% continued
Foreign Agency and Regional Governments - 2.1% continued
1.88%, 3/15/11	$	26,920	$	27,127
				91,816
General Merchandise Stores - 1.0%
Wal-Mart Stores, 5.48%, 6/1/11		45,000		46,602
Insurance Carriers - 0.7%
Berkshire Hathaway, Inc., 0.39%, 11/10/10, FRN		30,000		30,000
Non-Depository Personal Credit - 0.3%
General Electric Capital Corp., 0.62%, 10/21/10, FRN		15,000		15,006
Non-U.S. Depository Institutions - 0.4%
Westpac Banking Corp., 0.35%, 9/2/10, FRN (1)		20,000		20,000
Supranational - 2.4%
European Investment Bank, 3.25%, 2/15/11		1,140		1,155
International Bank for Reconstruction & Development, 0.33%, 9/13/10, FRN		45,000		45,000
0.73%, 6/10/11		20,000		20,000
International Finance Corp., 0.28%, 9/15/10, FRN		40,000		40,000
				106,155
U.S. Depository Institutions - 0.6%
Bank of America N.A., FDIC Gtd., 0.57%, 9/13/10, FRN (2)		25,000		25,000
Total Corporate Notes/Bonds (Cost $334,579)				334,579
EURODOLLAR TIME DEPOSITS - 15.0%
Non-U.S. Depository Institutions - 12.9%
Den Norske Bank, Grand Cayman, 0.20%, 9/1/10		180,000		180,000
Ing Bank NV, Grand Cayman, 0.26%, 9/30/10		40,000		40,000
Societe Generale, Cayman Islands, 0.23%, 9/1/10		42,177		42,177
Svenska Handelsbanken, Cayman Islands, 0.20%, 9/1/10		160,000		160,000
UBS AG, Cayman Islands, 0.23%, 9/1/10		150,000		150,000
				572,177
U.S. Depository Institutions - 2.1%
Citibank, Nassau, 0.23%, 9/1/10		94,000		94,000
Total Eurodollar Time Deposits (Cost $666,177)				666,177
U.S. GOVERNMENT AGENCIES - 18.4% (3)
Federal Farm Credit Bank - 1.3%
FFCB FRN, 0.19%, 9/1/10		40,000		39,994
0.18%, 9/29/10		20,000		20,000
				59,994
Federal Home Loan Bank - 12.9%
FHLB Bonds, 0.60%, 9/17/10		20,000		20,001
0.50%, 5/5/11		20,000		19,995
0.45%, 8/24/11		10,000		10,000
0.40%, 9/26/11		15,000		15,000
FHLB Callable Bonds, 0.40%, 12/28/10		10,000		10,000
0.45%, 12/29/10		40,000		39,999
0.55%, 3/23/11		20,000		20,000
0.57%, 4/13/11		30,000		30,000
0.60%, 5/10/11		25,000		25,000
0.70%, 6/16/11		15,000		15,000
0.75%, 6/21/11		15,000		15,000
FHLB Discount Notes, 0.51%, 5/17/11		12,000		11,957
FHLB FRN, 0.22%, 9/1/10		10,000		9,998
0.25%, 9/1/10		175,000		174,988
0.30%, 9/1/10		50,000		50,000
0.20%, 9/12/10		25,000		24,990
0.17%, 9/30/10		30,000		29,990
0.48%, 10/8/10		25,000		25,000
0.38%, 11/7/10		25,000		24,988
				571,906
Federal Home Loan Mortgage Corporation - 3.6%
FHLMC FRN, 0.52%, 9/3/10		20,000		20,000

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    3    MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

PRIME OBLIGATIONS PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 18.4% (3) continued
Federal Home Loan Mortgage Corporation - 3.6% continued
0.51%, 9/10/10	$	20,000	$	20,000
0.23%, 9/19/10		40,000		39,974
0.23%, 9/26/10		20,000		19,987
0.36%, 11/4/10		30,000		29,998
FHLMC Notes, 1.45%, 9/10/10		15,000		15,003
0.29%, 4/26/11		15,000		14,971
				159,933
Federal National Mortgage Association - 0.6%
FNMA FRN, 0.20%, 9/11/10		25,000		24,988
Total U.S. Government Agencies (Cost $816,821)				816,821
U.S. GOVERNMENT OBLIGATIONS - 6.0%
U.S. Treasury Bills - 0.1%
0.45%, 4/7/11		5,000		4,987
U.S. Treasury Notes - 5.9%
1.25%, 11/30/10		50,000		50,111
0.88%, 1/31/11		60,000		60,095
5.00%, 2/15/11		30,000		30,630
0.88%, 2/28/11		25,000		25,055
4.50%, 2/28/11		20,000		20,407
0.88%, 3/31/11		15,000		15,036
0.88%, 5/31/11		8,000		8,028
4.88%, 5/31/11		32,000		33,057
1.00%, 8/31/11		20,000		20,131
				262,550
Total U.S. Government Obligations (Cost $267,537)				267,537
Investments, at Amortized Cost ($3,944,398)				3,944,398
REPURCHASE AGREEMENTS - 11.7%
Repurchase Agreements - 11.7% (4)
Bank of America Securities LLC, dated 8/31/10, repurchase price $140,001 0.25%, 9/1/10		140,000		140,000
BNP Paribas Securities Corp., dated 8/31/10, repurchase price $155,001 0.25%, 9/1/10		155,000		155,000
Citigroup Global Markets, Inc., dated 8/31/10, repurchase price $119,691 0.26%, 9/1/10		119,690		119,690
Deutsche Bank Seurities, Inc., dated 8/31/10, repurchase price $105,001 0.25%, 9/1/10		105,000		105,000
				519,690
Total Repurchase Agreements (Cost $519,690)				519,690
Total Investments - 100.6% (Cost $4,464,088) (5)				4,464,088
Liabilities less Other Assets - (0.6)%				(26,250	)
NET ASSETS - 100.0%			$	4,437,838

(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) Security issued under the terms of the Temporary Liquidity Guaranty Program by the Federal Deposit Insurance Corp. (“FDIC”). Under the terms of this program, the FDIC guarantees payment of principal and interest.

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed FNMA and FHLMC in conservatorship. The United States Treasury has put in place a set of financing agreements to ensure that these entities continue to meet their obligations to holders of bonds that they have issued or guaranteed.

(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
FNMA	$	335,697	1.81% - 6.00%	1/1/19 - 12/1/38
FHLMC	$	142,046	2.38% - 7.00%	11/1/32 - 1/1/40
GNMA	$	57,538	3.50% - 6.00%	5/15/24 - 8/15/40

(5) The cost for federal income tax purposes was $4,464,088.

Percentages shown are based on Net Assets.

MONEY MARKET PORTFOLIOS    4    NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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, which are carried at fair value, as of August 31, 2010:

	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Investments held by Prime Obligations Portfolio	$	—	$	4,464,088	(1)	$	—	$	4,464,088

(1) Classifications as defined in the Schedule of Investments.

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

FFCB - Federal Farm Credit Bank

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

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT    5    MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CERTIFICATES OF DEPOSIT - 22.8%
Non-U.S. Depository Institutions - 22.8%
Abbey National Treasury Services,
0.29%, 9/1/10, FRCD	$	15,000	$	15,000
Australia & New Zealand Bank, London,
0.41%, 10/1/10		20,000		20,000
Bank of Montreal,
0.23%, 9/27/10		15,000		15,000
Bank of Nova Scotia, Houston,
0.34%, 10/18/10		10,000		10,000
0.33%, 10/22/10		5,000		5,000
Barclays Bank PLC,
0.29%, 9/13/10, FRCD		10,000		10,000
BNP Paribas S.A., London Branch,
0.62%, 10/6/10		10,000		10,000
0.36%, 11/12/10		5,000		5,000
Commonwealth Bank of Australia,
0.28%, 12/1/10		10,000		10,000
Credit Agricole CIB, New York,
0.46%, 11/2/10		5,000		5,000
Credit Agricole S.A., London Branch,
0.40%, 9/27/10		5,000		5,000
0.51%, 11/1/10		10,000		10,001
Deutsche Bank, New York Branch,
0.29%, 9/21/10, FRCD		5,000		5,000
HSBC Bank PLC, London,
0.39%, 10/8/10		10,000		10,000
LLoyds Bank, New York,
0.30%, 9/1/10		3,460		3,460
National Australia Bank, London Branch,
0.48%, 9/14/10		5,000		5,000
0.46%, 9/21/10		5,000		5,000
0.44%, 9/30/10		5,000		5,000
0.40%, 10/12/10		10,000		10,000
0.31%, 12/10/10		2,655		2,655
0.36%, 2/9/11		5,000		5,000
Nordea Bank Finland, New York,
0.28%, 11/3/10		10,000		10,000
Rabobank Nederland N.V., New York,
0.30%, 9/9/10, FRCD		5,000		5,000
0.27%, 9/20/10, FRCD		15,000		15,000
Royal Bank of Scotland, New York Branch,
0.60%, 10/1/10		8,000		8,000
0.50%, 10/12/10		3,000		3,000
Royal Bank of Scotland, Stamford CT Branch,
0.54%, 10/21/10		10,000		10,000
Societe Generale, London Branch,
0.29%, 9/20/10		5,095		5,095
0.28%, 9/24/10		10,000		10,000
Societe Generale, New York Branch,
0.31%, 11/26/10		5,000		5,000
Svenska Handelsbanken, New York,
0.27%, 11/30/10		15,000		15,000
Toronto Dominion Bank,
0.32%, 2/16/11		5,705		5,705
Toronto Dominion Bank, London Branch,
0.25%, 9/28/10		6,400		6,400
Toronto Dominion Bank, New York,
0.29%, 9/10/10, FRCD		10,000		10,000
Westpac Banking Corp., New York,
0.28%, 9/1/10, FRCD		5,000		5,000
0.31%, 9/1/10, FRCD		10,000		10,000
				294,316
Total Certificates of Deposit (Cost $294,316)				294,316
COMMERCIAL PAPER - 19.9%
Electronic and Other Electronic Components - 2.1%
General Electric Capital Corp.,
0.20%, 9/1/10		27,550		27,550
Foreign Agency and Regional Governments - 1.6%
Societe De Prise Participation DeL’Etat,
0.46%, 9/23/10		10,000		9,997
0.43%, 9/29/10		5,000		4,998
0.44%, 10/6/10		5,000		4,998
				19,993
Multi-Seller Conduits - 13.9%
Amstel Funding Corp.,
0.41%, 9/7/10		7,000		7,000
Atlantic Asset Securitization Corp.,
0.26%, 9/13/10		4,165		4,165
0.38%, 10/25/10		5,000		4,997
0.41%, 11/1/10		5,000		4,997
0.29%, 11/18/10		3,980		3,977
Charta Corp.,
0.38%, 11/3/10		5,000		4,997
0.32%, 11/15/10		5,000		4,997
0.32%, 11/18/10		5,000		4,997

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 1 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL PAPER - 19.9% continued
Multi-Seller Conduits - 13.9% continued
Clipper Receivables Corp., 0.37%, 10/14/10	$	5,000	$	4,998
0.36%, 11/1/10		5,000		4,997
0.30%, 11/18/10		5,000		4,997
CRC Funding LLC, 0.26%, 10/21/10		1,915		1,914
Gemini Securitization, 0.26%, 9/13/10		2,460		2,460
0.34%, 11/5/10		10,000		9,994
Gotham Funding Corp., 0.26%, 9/17/10		1,210		1,210
0.26%, 9/20/10		1,130		1,130
0.26%, 9/22/10		2,020		2,020
0.26%, 9/27/10		1,220		1,220
Govco LLC, 0.49%, 10/18/10		5,000		4,997
0.51%, 10/25/10		5,000		4,996
0.38%, 10/27/10		5,000		4,997
LMA Americas LLC, 0.28%, 9/20/10		5,000		4,999
0.32%, 9/20/10		5,870		5,869
0.31%, 10/8/10		2,230		2,229
Ranger Funding Co. LLC, 0.29%, 10/5/10		2,435		2,434
0.28%, 10/15/10		1,655		1,654
0.28%, 10/19/10		2,100		2,099
0.28%, 10/20/10		6,730		6,727
0.27%, 10/26/10		3,890		3,888
0.27%, 10/27/10		2,115		2,114
Regency Markets, Inc., 0.28%, 9/7/10		5,000		5,000
Sheffield Receivables Corp., 0.32%, 9/17/10		5,000		4,999
0.26%, 10/18/10		5,000		4,998
0.37%, 10/21/10		3,000		2,999
0.27%, 11/17/10		5,000		4,997
0.27%, 11/22/10		5,000		4,997
Straight-A Funding LLC, 0.38%, 10/1/10		15,000		14,995
0.27%, 11/8/10		2,000		1,999
Thames Asset Global Securitization, 0.26%, 9/13/10		2,525		2,525
0.26%, 9/20/10		4,185		4,184
Victory Receivables Corp., 0.26%, 9/14/10		2,890		2,890
0.26%, 9/21/10		1,345		1,345
0.26%, 9/27/10		1,590		1,590
				179,588
Non-U.S. Depository Institutions - 2.3%
Commonwealth Bank of Australia, 0.30%, 9/9/10		10,000		9,999
Lloyds Bank PLC, 0.43%, 10/29/10		5,000		4,997
0.44%, 10/29/10		10,000		9,993
Westpac Banking Corp., 0.31%, 9/27/10		5,000		5,000
				29,989
Total Commercial Paper (Cost $257,120)				257,120
CORPORATE NOTES/BONDS - 5.1%
Foreign Agency and Regional Governments - 0.7%
Eksportfinans, 0.33%, 8/26/11		2,500		2,500
KFW, 1.88%, 3/15/11		7,070		7,124
				9,624
General Merchandise Stores - 0.8%
Wal-Mart Stores, 5.48%, 6/1/11		10,000		10,356
Insurance Carriers - 0.4%
Berkshire Hathaway, Inc., 0.39%, 11/10/10, FRN		5,000		5,000
Non-Depository Personal Credit - 0.8%
General Electric Capital Corp., 0.62%, 10/21/10, FRN		10,000		10,004
Non-U.S. Depository Institutions - 0.4%
Westpac Banking Corp., 0.35%, 9/2/10, FRN (1)		5,000		5,000
Supranational - 1.2%
European Investment Bank, 3.25%, 2/15/11		350		355
International Bank for Reconstruction & Development, 0.33%, 9/13/10, FRN		5,000		5,000

MONEY MARKET PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE NOTES/BONDS - 5.1% continued
Supranational - 1.2% continued
International Finance Corp., 0.28%, 9/15/10, FRN	$	10,000	$	10,000
				15,355
U.S. Depository Institutions - 0.8%
Bank of America N.A., FDIC Gtd., 0.57%, 9/13/10, FRN (2)		10,000		10,000
Total Corporate Notes/Bonds (Cost $65,339)				65,339
EURODOLLAR TIME DEPOSITS - 11.8%
Non-U.S. Depository Institutions - 11.8%
Citibank, Nassau, 0.23%, 9/1/10		50,000		50,000
Den Norske Bank, Grand Cayman, 0.20%, 9/1/10		30,000		30,000
Ing Bank NV, Grand Cayman, 0.26%, 9/30/10		5,000		5,000
Societe Generale, Cayman Islands, 0.23%, 9/1/10		17,000		17,000
UBS AG, Cayman Islands, 0.23%, 9/1/10		50,000		50,000
				152,000
Total Eurodollar Time Deposits (Cost $152,000)				152,000
U.S. GOVERNMENT AGENCIES - 17.8% (3)
Federal Farm Credit Bank - 1.9%
FFCB FRN, 0.19%, 9/1/10		25,000		24,996
Federal Home Loan Bank - 11.2%
FHLB Bonds, 0.50%, 5/5/11		5,000		4,998
0.45%, 8/24/11		5,000		5,000
0.40%, 9/26/11		10,000		10,000
FHLB Callable Bonds, 0.57%, 4/13/11		10,000		10,000
0.60%, 5/10/11		10,000		10,000
0.75%, 6/21/11		2,000		2,000
FHLB Discount Notes, 0.51%, 5/17/11		3,000		2,989
FHLB FRN, 0.22%, 9/1/10		5,000		4,999
0.25%, 9/1/10		60,000		59,997
0.30%, 9/1/10		10,000		10,000
0.20%, 9/12/10		5,000		4,998
0.17%, 9/30/10		10,000		9,997
0.38%, 11/7/10		10,000		9,995
				144,973
Federal Home Loan Mortgage Corporation - 3.9%
FHLMC FRN, 0.52%, 9/3/10		10,000		10,000
0.23%, 9/19/10		10,000		9,994
0.23%, 9/26/10		10,000		9,994
0.36%, 11/4/10		10,000		9,999
FHLMC Notes, 0.29%, 4/26/11		10,000		9,981
				49,968
Federal National Mortgage Association - 0.8%
FNMA Discount Notes, 0.51%, 3/28/11		5,000		4,986
0.51%, 3/29/11		5,000		4,986
				9,972
Total U.S. Government Agencies (Cost $229,909)				229,909
U.S. GOVERNMENT OBLIGATIONS - 5.4%
U.S. Treasury Bills - 0.2%
0.43%, 12/16/10		3,000		2,996
U.S. Treasury Notes - 5.2%
4.50%, 11/15/10		8,000		8,066
1.25%, 11/30/10		23,000		23,050
0.88%, 1/31/11		5,000		5,006
5.00%, 2/15/11		5,000		5,105
0.88%, 2/28/11		5,000		5,011
0.88%, 3/31/11		5,000		5,012
0.88%, 5/31/11		3,000		3,010
1.00%, 8/31/11		13,000		13,085
				67,345
Total U.S. Government Obligations (Cost $70,341)				70,341
Investments, at Amortized Cost ($1,069,025)				1,069,025

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 3 MONEY MARKET PORTFOLIOS

SCHEDULE OF INVESTMENTS

LIQUID ASSETS PORTFOLIO continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 18.6%
Joint Repurchase Agreements - 3.9% (4)
Bank of America Securities LLC, dated 8/31/10, repurchase price $11,338 0.18%, 9/1/10	$	11,338	$	11,338
Morgan Stanley & Co., Inc., dated 8/31/10, repurchase price $11,338 0.22%, 9/1/10		11,338		11,338
Societe Generale, New York Branch, dated 8/31/10, repurchase price $11,338 0.23%, 9/1/10		11,338		11,338
UBS Securities LLC, dated 8/31/10, repurchase price $17,007 0.23%, 9/1/10		17,007		17,007
				51,021
Repurchase Agreements - 14.7% (5)
Citigroup Global Markets, Inc., dated 8/31/10, repurchase price $105,001 0.26%, 9/1/10		105,000		105,000
Deutsche Bank Securities, Inc., dated 8/31/10, repurchase price $5,000 0.24%, 9/1/10		5,000		5,000
Deutsche Bank Securities, Inc., dated 8/31/10, repurchase price $80,001 0.25%, 9/1/10		80,000		80,000
				190,000
Total Repurchase Agreements (Cost $241,021)				241,021
Total Investments - 101.4% (Cost $1,310,046) (6)				1,310,046
Liabilities less Other Assets - (1.4)%				(18,694	)
NET ASSETS - 100.0%			$	1,291,352

(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) Security issued under the terms of the Temporary Liquidity Guaranty Program by the Federal Deposit Insurance Corp. (“FDIC”). Under the terms of this program, the FDIC guarantees payment of principal and interest.

(3) The obligations of certain U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed FNMA and FHLMC in conservatorship. The United States Treasury has put in place a set of financing agreements to ensure that these entities continue to meet their obligations to holders of bonds that they have issued or guaranteed.

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

NAME	FAIR  MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
U.S. Treasury Bonds	$	15,366	2.38% - 6.25%	8/15/23 - 1/15/27
U.S. Treasury Notes	$	36,695	0.88% - 3.63%	1/31/11 - 2/15/19

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

NAME	FAIR MARKET VALUE (000S)		COUPON RATES	MATURITY DATES
FNMA	$	145,355	2.54% - 7.00%	9/1/15 - 7/1/40
FHLB	$	5,100	0.00%	9/1/10
FHLMC	$	34,917	2.53% - 5.89%	12/1/32 - 7/1/38
GNMA	$	10,278	4.00% - 5.00%	11/15/24 - 4/15/40

(6) The cost for federal income tax purposes was $1,310,046.

Percentages shown are based on Net Assets.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three levels listed below:

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

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

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

The inputs or 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, which are carried at fair value, as of August 31, 2010:

	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Investments held by Liquid Assets Portfolio	$	—	$	1,310,046	(1)	$	—	$	1,310,046

(1) Classifications as defined in the Schedule of Investments.

MONEY MARKET PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT

AUGUST 31, 2010 (UNAUDITED)

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

FFCB - Federal Farm Credit Bank

FHLMC - Federal Home Loan Mortgage Association

FNMA - Federal National Mortgage Association

FRCD - Floating Rate Certificates of Deposit

FRN - Floating Rate Notes

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

NORTHERN INSTITUTIONAL FUNDS QUARTERLY REPORT 5 MONEY MARKET PORTFOLIOS

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 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended, (17 CFR 240.13a-15(b) or 240.15d-15(b)) 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 28, 2010

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 28, 2010
By:	/s/ Randal Rein
	Randal Rein, Treasurer
	(Principal Financial and Accounting Officer)
Date:	October 28, 2010